Core Viewpoint - Shenwan Hongyuan's report indicates that the second half of the year will see a richer array of IP projects for Yuewen Group, highlighting the company's positive progress in its IP business [1] Group 1: IP Projects and Collaborations - The authorized game "Douluo Dalu: Hunter's World" by 37 Interactive Entertainment was launched on July 10, with future reserves including Tencent's "Under the Human" which has already obtained a license [1] - A strategic cooperation plan for national creation content was established with "Honor of Kings" on August 14, allowing for more IP character interactions in the game [1] - The collaboration with "The Mysterious Master" has led to the launch of themed skins, with exclusive merchandise available in both Yuewen's official flagship store and the Honor of Kings official mall [1] Group 2: Media and Animation Projects - New media projects from New Classics Media are being rolled out [1] - The adaptation of the IP "A Mortal's Journey to Immortality" into both animation and live-action series has gained significant popularity during the summer, effectively enhancing the IP's influence and enabling more monetization through licensing [1] Group 3: Financial Projections - The company maintains a "Buy" rating, with adjusted net profit forecasts for 2025 to 2027 raised to 1.376 billion, 1.495 billion, and 1.702 billion respectively, compared to previous estimates of 1.28 billion, 1.416 billion, and 1.556 billion [1]