Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **media and internet industry**, with a focus on **online music** and the **gaming sector**. The analysis includes insights into the **creator economy** and the impact of **AI** on content creation and consumption. Key Points on Online Music - The **online music sector** is highlighted as a key area of focus, particularly **NetEase Music**, which has been under continuous coverage since its IPO in 2022. The company is expected to achieve profitability and rapid growth in the coming years [20][21][25]. - The online music market is characterized by a **long-term growth potential** and a **volume-price synergy** logic, with platforms like **Spotify** expanding into new markets despite slower growth in the U.S. [21][22]. - **User engagement** is strong, with NetEase Music's monthly active users (MAU) projected to grow from approximately **44 million in 2023** to **53 million in 2024**, and the paid user base expected to increase from **44 million to 53 million** as well [25][26]. - The **paid conversion rate** is anticipated to rise from **21% in 2023** to **24% in 2024**, indicating a positive trend in monetization [25][26]. - The **cost of content** is expected to decrease as the exclusive copyright model evolves, leading to improved gross margins [27]. Key Points on Gaming Sector - The **gaming industry** is experiencing a recovery phase, with expectations of further growth from **2024 to 2025**. The sector is seen as a new consumption model that caters to younger demographics [4][5][6]. - The **supply-demand dynamics** in the gaming market are favorable, with a notable increase in the number of game releases and a healthy competitive landscape among developers [3][6][8]. - The **summer season** is projected to boost gaming engagement, as students have more leisure time, leading to increased user acquisition and revenue [13][17]. - The **AI integration** in gaming is highlighted, with products like **EVE** showcasing the potential for AI to enhance user interaction and expand the gaming audience beyond traditional gamers [10][12][19]. - The **valuation of gaming companies** remains attractive, with many trading at around **20-25 times earnings**, suggesting potential for upward movement as performance improves [18][19]. Additional Insights - The **creator economy** is emphasized, particularly in relation to AI-driven content creation across various formats, including music, video, and gaming [2][30]. - The **live entertainment sector**, including concerts and events, is expected to see increased activity, driven by consumer demand for immersive experiences [34][36]. - The **film industry** is also highlighted, with upcoming releases anticipated to perform well at the box office, potentially revitalizing interest in cinema [39][40]. Conclusion - The overall sentiment is optimistic regarding the **media and internet industry**, particularly in the realms of **online music** and **gaming**, with strong growth prospects driven by user engagement, AI integration, and evolving consumption patterns. The insights provided by the research team are intended to guide investors in identifying opportunities within these sectors [41].

Core Trends - AI programming tools are transforming the traditional "demand to code" process into a single command, significantly impacting traditional programming tools and low-code platforms [2] - The industrialization of embodied intelligence is accelerating, with manufacturing giants investing in embodied intelligent robots to replace traditional labor configurations [2] - The cost of video generation is plummeting, leading to a competitive landscape in the open-source model space, which is reshaping the entire creative ecosystem [2] - The "loneliness economy" is driving demand for AI companionship services, particularly among Generation Z, who show a strong willingness to pay for AI services with biomimetic memory functions [2] Interactive Revolution - New AI programming tools like DeepSeek and Doubao are enabling users to create websites and animations with simple commands, significantly lowering the technical barrier for users [3][4] - The tools feature intuitive interfaces that allow for real-time code generation and modification, making programming more accessible [4] Embodied Intelligence - Galaxy General, a unicorn in the embodied intelligence sector, has secured over 1 billion yuan in funding, led by CATL, marking a record for the sector [6] - Their humanoid robot, Galbot, is already operational in factories, enhancing material sorting and inventory management [6] Product Matrix - Minimax Technology has launched several groundbreaking products, including the world's first open-source large-scale mixed-architecture inference model, which excels in complex scene reasoning [7][8] - The new video generation model, Hailuo 02, has set records for both effectiveness and cost in video creation [7] AI Applications - Global AI application revenue skyrocketed by 179% in 2024, reaching $1.2 billion, with ChatGPT capturing 40% of the market share [9][10] - Productivity tools enhanced by AI, such as CapCut and Canva, have seen a revenue increase of 34.9% [10] Model Capabilities - Kunlun Wanwei has released the Skywork-SWE-32B, achieving top-tier code repair capabilities and setting new records in open-source benchmarks [11] - Midjourney has introduced a video model that dramatically reduces video production costs, revolutionizing the industry [12] Business Events - Yushutech has completed a Series C funding round, achieving a valuation exceeding 10 billion yuan, positioning itself as a leader in the humanoid robot market [13] - The company has maintained profitability since 2020, making it a rare example of a commercially viable robotics firm [13] Emotional AI - LuoBo Intelligent has raised tens of millions in angel funding for its AI pet product, which aims to address emotional needs among Generation Z [15][16] - The product combines multi-modal interaction with a memory system to create a unique companionship experience [15]

Core Viewpoint - The article discusses the challenges and potential of AI content creation, emphasizing that while it may seem lucrative, true success requires balancing the speed of AI production with the depth of human creativity [1][2]. Group 1: Industry Insights - AI content creation is likened to a rapidly growing bamboo, but sustainable success requires deep foundational work [1]. - The current trend favors high-frequency updates, leading to a demand for "handcrafted content" over mass-produced "fast food" content [2]. - The unique manufacturing background in Guangdong provides an advantage for AI applications, but there is a need for professionals who understand both technology and human nuances [2]. Group 2: Financial Viability - AI content creation is seen as a future trend, but it is not a guaranteed quick profit path; it requires human input for final creative processes [2][3]. - Various monetization methods for AI content include platform revenue sharing, advertising, and selling AI courses, but challenges remain in achieving substantial commercial success [3]. - AI-generated content struggles with complex narratives and emotional depth, limiting its ability to produce truly outstanding works [3].

Core Viewpoint - Experts believe that for Wang Ziru to succeed in his new venture, he must find a balance between the "fast" production of AI and the "slow" creation of content [3][4] Group 1: Wang Ziru's New Venture - Wang Ziru announced his return to entrepreneurship in the AI field, focusing on AI content creation, which he claims is a quick way to generate revenue [3] - He previously founded the tech media outlet ZEALER and was involved in digital channel reform at Gree Electric [3] - Wang Ziru faced financial difficulties, including a court-ordered execution of 33.83 million yuan in 2024, leading to his departure from Gree [3] Group 2: Expert Insights on AI Content Creation - Du Lan, former president of the Guangdong AI Industry Association, highlighted that while AI content creation appears to be rapidly growing, sustainable success requires deep foundational work [3][4] - He pointed out three key observations: the importance of lasting value after traffic influx, the need for a competitive edge, and the unique characteristics of the Guangdong manufacturing sector [4] - The current trend in AI content creation resembles the rapid rise of mobile apps, but only creators with core values will survive the eventual market shakeout [4] Group 3: Challenges in AI Content Creation - A senior advertising industry professional noted that while AI can assist in basic advertising tasks, the final creative product still requires human input [4][5] - Limitations of AI in generating continuous content, particularly in short dramas, were emphasized, as AI struggles with maintaining character continuity and emotional depth [5] - Despite some potential for monetization through platform revenue sharing, advertising, and selling AI courses, the overall commercial viability of AI-generated content remains uncertain [6]

Group 1 - The core concept of "highly persuasive digital humans" was introduced by Baidu's founder, Li Yanhong, at the Create 2025 developer conference, aiming to redefine live commerce with intelligent agent technology [1] - The digital humans are developed on Baidu's "Huibo Star" platform, utilizing the Wenxin 4.5 model, enabling capabilities such as script intelligent creation, multi-modal integration, autonomous decision-making, and intelligent agent scheduling [1][2] - The platform has generated over 100,000 digital human hosts, achieving a 31% increase in overall conversion rates, with some live sessions in education and books outperforming real hosts [1] Group 2 - The digital human system features an AI "brain" that allows for autonomous perception and multi-agent collaboration, enabling real-time decision-making during live broadcasts [2] - The system is being extended across various industries, including law, education, finance, and automotive, with applications such as vehicle introductions and personalized health product recommendations [2] - The monthly cost of using the "highly persuasive digital human" for live streaming is kept under 1,000 yuan, representing an 80% cost reduction compared to traditional live streaming methods [2] Group 3 - Baidu's digital human services are offered for free on its own platform, with revenue primarily generated from e-commerce GMV commissions and advertising, rather than relying on SaaS subscription fees [3] - According to IDC's Q2 2025 report, Huibo Star ranks first in the industry across four metrics: technical capability, product performance, platform stability, and service support [3] - The digital human system is also widely used for short video generation within Baidu's content ecosystem, producing an average of one million pieces of content daily, establishing itself as a significant tool for AI content creation [3]

持续加大创作者激励与研发投入。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，LiblibAI-哩布哩布AI日前再次完成数亿元融资，最新两轮融资由渶策资本、顺 为资本领投，明势创投等老股东超额跟投，巨人网络担任本轮产业投资方。 值得一提的是， 短短一年内LiblibAI 已 连续完成四轮融资，创下国内AI应用赛道融资速度新纪录。 顺为合伙人程天先生表示："文生图技术是当前AI技术变革中的重要应用，有潜力向文生视频等更广 泛的领域延伸。随着AI生成能力的提升，专业用户对图像生成的精确控制需求不断增加，促使这一赛 道快速发展。Liblib作为国内领先的图像模型社区，深耕图像模型，凭借精准的市场定位及专业化运 营，已经在短短一年内积累了庞大的用户群体和商业化成果，成功实现了双边效应和稳步增长。期待 看到Liblib在创始团队的带领下，坚持打磨核心技术，持续引领市场创新。" 渶策资本创始合伙人周凌霏表示："作为中国规模最大的专业图像生成模型社区，Liblib凭借其开放 的数据生态和卓越的核心竞争力，在业界树立了良好的口碑。凭借着团队顶尖的技术研发实力和社区 ...