KINGSOFT(HK:03888) Feng Huang Wang·2025-09-28 08:47Core Insights - The article discusses the transformation of Kingsoft's gaming division, Kingsoft Game, which has recently become an independent entity from the Kingsoft Group, aiming for a differentiated market position compared to its sister company, Xishanju [1][2]. Group 1: Company Structure and Strategy - Kingsoft Game is defined as a startup within the Kingsoft ecosystem, emphasizing its independent operational approach while still being part of the Kingsoft Group [1]. - The split from Xishanju was initiated to create distinct management structures and allow for focused growth in different gaming segments, with Xishanju concentrating on traditional game development and Kingsoft Game leaning towards international and trendy content [2]. - The company aims to shift from a single-game release strategy to a long-term IP operation model, focusing on building valuable IPs rather than just individual game titles [2][3]. Group 2: IP Operation Focus - Kingsoft Game's strategy centers on IP operation, leveraging the emotional connection and commercial potential of IPs, which can be effectively monetized through gaming [3]. - The company has established a strategic partnership with Rovio to reintroduce the Angry Birds IP to the Chinese market, indicating a focus on leveraging existing popular IPs [2]. - The upcoming game "Goose Duck" is designed with an IP-centric approach, aiming to create a unique user experience that resonates with current cultural trends among younger audiences [4][5]. Group 3: Project Development and Market Positioning - "Goose Duck" is positioned as a social deduction game with a strong emphasis on entertainment value, aligning with the preferences of the younger demographic [5]. - The game has already garnered significant interest, with over 600,000 pre-registrations, and is expected to reach 1 million shortly after testing [5]. - Kingsoft Game plans to develop "Goose Duck" through multiple channels, including gaming, online variety shows, and offline experiences, creating a comprehensive ecosystem around the IP [5][6]. Group 4: Performance Metrics and Future Outlook - The company aims for "Goose Duck" to achieve a stable daily active user (DAU) count of over 1 million, with aspirations for further growth [7]. - Success in IP operation will be measured by the ability to create independent revenue streams from various content extensions, ensuring a sustainable business model [7].