Group 1 - The core viewpoint of the report is that China Ruyi (00136) is given a "recommended" rating, with projected adjusted net profits of 2.157 billion, 2.447 billion, and 2.850 billion yuan for 2025-2027, corresponding to PE ratios of 19, 16, and 14 times respectively [1] - The company is expected to benefit from the AI wave reshaping content production and distribution, positioning itself as a new leader in the film and television industry [1] - The company has strong capabilities in high-quality content development and production, with a focus on premium IP development and collaboration with major domestic video platforms while also expanding into overseas markets [1] Group 2 - The gaming business maintains high-level growth through strategies such as premium operation, deepening synergy between film and games, and AI-enabled efficiency improvements [2] - Investment and mergers and acquisitions are crucial for the company in becoming an industry leader, focusing on core sectors such as the acquisition of Wanda Film for strategic synergy and investment in 52TOYS for IP derivative business [2] - The company has initiated a 30% stake acquisition in Kuaiqian to deepen its "culture + technology + finance" strategic layout [2]