Core Insights - The company is enhancing its AI infrastructure with the "Haina" MCP Server, which has released two new interfaces and expanded capabilities [1] - The "What Worth Buying" GEN2 has shown significant improvements in user experience and consumer decision-making efficiency, leading to increased sales [2] Group 1: AI Infrastructure Development - The "Haina" MCP Server has introduced two major interfaces: Content Search Pro and Image Search capabilities, with the relevance of search results improving from 90% to 95% [1] - The Image Search API now supports 20 million product images across 16 major categories and 1,700 subcategories, facilitating more precise product searches for users [1] - In June, the overall content and product output from the "Haina" MCP Server exceeded 8 million, marking a nearly 80% increase compared to May [1] Group 2: Performance Metrics of GEN2 - The "What Worth Buying" GEN2 has enhanced product functionality and user experience, significantly improving consumer decision-making efficiency [2] - During the "6·18" shopping festival, the average GMV per user on the GEN2 platform increased by 15.1% year-on-year [2] - The order conversion rate achieved through the platform's AI shopping assistant rose by 162.6% year-on-year [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Core Insights - The core business of the company, "What Worth Buying," has facilitated 42 brands to achieve over 10 million GMV (Gross Merchandise Volume) during the 618 shopping festival, with content publication volume increasing by 17.28% year-on-year [1] - The 618 shopping festival this year, which started on May 13, is the longest in history, focusing on long-term operations and easing shopping pressure, reflecting a shift towards quality and interest-driven consumption [1][2] Group 1: Sales Performance - The top five GMV categories on the "What Worth Buying" platform during the 618 period were mobile communication, home appliances, computer systems, household electrical appliances, and computer accessories [1] - The fastest-growing categories in terms of GMV year-on-year were gaming hardware (180.18%), dining and food (91.37%), office equipment (35.04%), electronic education (33.11%), and smart devices (24.60%) [1] Group 2: Consumer Trends - Consumers are increasingly opting for "upgrading" products with better features and specifications, driven by government subsidies and promotional events [2] - The "old for new" program has significantly boosted sales in categories like computers, home appliances, and home decor, with a year-on-year GMV increase of 12.82% [2] Group 3: Brand Engagement - The LABUBU brand saw a GMV increase of 53.60% on the "What Worth Buying" platform during the 618 period, with a notable spike of 231.91% in interest following a viral auction event [3] - The 618 shopping festival serves as a critical platform for brands and platforms to deepen user connections and test their comprehensive capabilities [3][4] Group 4: Market Outlook - The 618 festival is viewed as a key indicator of consumer resilience and innovation in China, with the explosive growth of interest-driven consumption highlighting the ongoing demand for new business models [4]

Group 1 - The core viewpoint of the report indicates that consumers are willing to pay a premium for products that genuinely meet their needs, while rejecting gimmicks or redundant features [1] - The report reveals that nearly 70% of the surveyed population is willing to reserve "consumption elasticity" for happiness, with over 20% willing to spend on happiness, indicating a shift in emotional value from luxury to necessity [1] - The demographic breakdown of the surveyed group shows a balanced gender representation with 49% male and 51% female, and age distribution with 13% aged 20-29, 56% aged 30-39, and 30% aged 40 and above [1] Group 2 - The report highlights a multi-faceted decision-making path in interest consumption, with 75% of consumers making impulsive purchases during promotional events and 35% influenced by friend recommendations [1] - In terms of purchasing channels, 92% of consumers prefer mainstream e-commerce platforms for quick satisfaction, while 30% enjoy exploring the second-hand market and 24% seek niche products in interest communities, showcasing a new consumption philosophy of "omni-channel comparison + emotional premium" [1] - The report notes that smart technology products have evolved from mere tools to mediums of self-expression, with young consumers using smartwatches not only for health monitoring but also for the sense of achievement from data visualization [1] Group 3 - In the AI performance consumption sector, the trend of "lightweight omnipotence" reflects consumers' dual pursuit of device portability and comprehensive functionality [2] - The "senseless ecological immersion" trend has sparked discussions on the "What Worth Buying" platform, highlighting user expectations for AI experiences [2] - The trend of "technological faith pursuit" showcases consumers' admiration for cutting-edge technology, forming a unique cultural phenomenon in consumption [2]

Group 1 - Consumers are overwhelmed by numerous promotional strategies during major sales events, requiring more decision-making effort to find the best deals [1] - The shift in consumer behavior shows that users are increasingly using natural language queries instead of keyword searches, indicating a change in decision-making logic [2] - AI Agents are emerging as a solution to assist consumers by providing quick, tailored shopping recommendations based on real-time data [4] Group 2 - The implementation of AI in consumer search faces challenges due to the need for real-time data processing and accurate product information [5][6] - New hardware developments, such as smart glasses and in-car shopping assistants, are transforming the way consumers interact with shopping platforms [7] - The commercial ecosystem is evolving as AI Agents become new entry points for consumer engagement, prompting e-commerce platforms to explore collaborative models [8]

6月11日至6月15日，2025国际计算机视觉与模式识别会议（CVPR2025）召开。北京值得买科技股份有 限公司（以下简称"值得买"）与中国人民大学高瓴人工智能学院在多模态领域的最新联合研究成果《图 像转有声视频》（《Animate and Sound an Image》）成功入选。 该成果首次提出了一种从静态图像直接生成同步音视频内容的生成框架JointDiT（Joint Diffusion Transformer），实现了从图像到"动态视频+声音"的高质量联合生成。这不仅展现了双方在AIGC领域的 技术创新突破，也为AI多模态的高质量发展提供了新的思路与启发。 据介绍，《图像转有声视频》首次提出并系统定义了图像到有声视频生成（Image-to-Sounding-Video， I2SV）这一新任务：让静态图像"动"起来的同时，生成与之语义匹配、时间同步的音频内容。同时还提 出了一种新颖的内容生成框架JointDiT（Joint Diffusion Transformer），并具体阐述了如何利用两个强大 的单模态预训练扩散模型（一个视频生成器，一个音频生成器），构建统一的联合生成框架，实现多模 态协同生成。 ...

Group 1 - The "618" shopping festival has shown strong growth in pet consumption, with live e-commerce playing a significant role in driving sales [1][2] - In the Li Jiaqi live stream, pet product sales increased by 73% year-on-year, with cat and dog food accounting for 92% of total pet product sales [1] - Traditional e-commerce platforms also reported impressive pet category performance, with JD's pet business user transactions up 23% and high-value user activity increasing by 78% [1] Group 2 - Tmall's "618" event saw pet brand transactions double within the first hour, with over 1,000 new brands participating [2] - The pet economy is rapidly expanding, with the market size expected to reach 5,928 billion yuan in 2023, growing by 20.1% year-on-year, and projected to reach 11,500 billion yuan by 2028 [2] - Investment firms are optimistic about the pet sector, with East China Securities forecasting a 7.5% growth in the urban pet market to reach 3,002 billion yuan by 2024 [3] Group 3 - The pet industry is experiencing a trend towards product premiumization and differentiation, benefiting companies with first-mover advantages [3] - The emotional connection of pets as family members is driving younger generations to become pet owners, leading to increased pet ownership and spending [3] - The pet sector's growth potential remains significant compared to overseas markets, indicating further opportunities for expansion [3]

Core Insights - The release of Veo 3 has generated significant buzz on social media platforms, indicating a growing interest in AI-generated content, with even established platforms like Instagram and TikTok being affected [1][2] - The domestic internet landscape shows a different response to AI, with platforms like Kuaishou leading in usage but not experiencing the same viral spread of AI content as seen abroad [1][2] - Companies are shifting focus from merely showcasing AI capabilities to making AI more accessible and understandable for the general public [2][3] Group 1: AI Application and Industry Trends - The application of AI in niche markets is accelerating, with more consumer-grade products emerging, mirroring the development patterns of mobile internet [2][3] - Worthbuy Technology's strategic embrace of AI is evident in its recent developments, aiming to transform user shopping decision-making processes [2][3] - The contrasting approaches of major e-commerce platforms like Alibaba and Pinduoduo highlight the diverse strategies within the industry regarding AI integration [3][5] Group 2: Worthbuy Technology's AI Strategy - Worthbuy Technology's AI strategy focuses on enhancing the efficiency of connections between B-end and C-end users, reflecting a commitment to improving user experience [6][10] - The "Fire Eye" AIUC engine is central to Worthbuy's AI efforts, enhancing the understanding and extraction of product and content information, thereby streamlining user decision-making [7][8] - The introduction of the MCP Server aims to standardize interactions between AI agents and tools, facilitating a more integrated AI ecosystem within the e-commerce sector [11][14] Group 3: User-Centric Approach - Worthbuy's commitment to user engagement is evident in its product upgrades and the development of its agent "Zhang Dama," which reflects the company's historical focus on user needs [16] - The company's strategy emphasizes the importance of community and user feedback, which has been a consistent theme throughout its evolution in the e-commerce landscape [16]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across social, publishing, and e-commerce sectors, with significant advancements in AI models and their commercial potential [4] - The gaming sector is experiencing a surge with new game launches and IP releases, suggesting a positive outlook for related companies [5] - The report emphasizes the importance of AI in enhancing productivity and efficiency in various industries, particularly in content creation and consumer engagement [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free chart, while "王者荣耀" topped the iOS revenue chart as of May 31, 2025 [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the cinema sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting robust market conditions [9] Industry News Summary - AI continues to evolve with breakthroughs in generative content creation (AIGC), enhancing user engagement and content diversity [32] - The gaming industry is set to benefit from multiple new game launches and IP expansions, with companies like 心动公司 and 吉比特 being highlighted as key players [5][9] - The report discusses the increasing popularity of AI-driven applications, such as AI music and publishing tools, which are expected to drive further commercialization [4][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]