H&R(SZ:000892) 3 6 Ke·2025-12-01 23:47Core Viewpoint - The successful launch of the interactive game "江山北望" (Looking North) by Huayi Century's subsidiary has revitalized interest in the interactive film and game sector, demonstrating a viable growth avenue for traditional film companies amid a challenging market environment [1][3][20]. Company Performance - "江山北望" achieved significant success on Steam, reaching the top ten in the sales chart within three hours and peaking at sixth place, with a stable approval rating of around 94% [1][3]. - Following the game's launch, Huayi Century's stock price experienced a four-day limit-up streak, reaching a nearly eight-year high of 9.75 yuan [3]. Industry Insights - The game was developed without extensive marketing or celebrity endorsements, relying instead on organic word-of-mouth from players, which highlights a shift in how interactive films and games can succeed [4]. - "江山北望" is notable for being a solid success case for traditional film companies venturing into the interactive game space, marking a significant milestone in the industry [4][14]. Market Trends - The interactive film and game sector has shown a pattern of successful releases, with other titles like "完蛋！我被美女包围了！" and "女王的游戏：盛世天下" also achieving impressive sales figures [5][6]. - The commercial viability of interactive films and games is underscored by their lower production costs and shorter development cycles compared to traditional long-form dramas, making them more appealing for film companies [14][16]. Financial Performance - Huayi Century reported a revenue of 342 million yuan for the first three quarters of 2023, a year-on-year increase of 123.3%, with a narrowed net loss of 35.06% [16]. - The company's shift towards short dramas and interactive games has been a key factor in its financial recovery, aligning with industry trends towards lighter content production [16][19]. Future Outlook - The success of "江山北望" is seen as a starting point for Huayi Century, indicating potential for further growth in the interactive film and game sector [20].