据介绍，Moonit将推出行业首创的AI Meme Money Markets，让用户即时将热门Meme代币化，将文化资 产转化为链上资产。迷策略将为平台提供技术顾问服务和策略指导，并为Moonit物色和推荐知名创作者 及9GAG等具有庞大创作者网络的数字平台，壮大项目发展。 智通财经APP获悉，迷策略(02440)涨超9%，截至发稿，涨9.04%，报3.86港元，成交额645万港元。 消息面上，近日，迷策略宣布与加密货币及稳定币平台MoonPay旗下公司Helio达成战略合作协议。双 方将共同支持由Helio开发的新一代发行平台及代币交易系统Moonit，通过以迷因(Meme)和代币化为核 心的Web3解决方案，积极推动创作者经济革新。 ...

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].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The return of everyday dining and the rise of home-cooked meals are significant trends, with the market for casual dining exceeding 1.2 trillion RMB, emphasizing high cost-performance [5][58] - The creator economy, particularly in the music streaming sector, is experiencing stable growth, with platforms enhancing their bargaining power through non-music content [22][24] - The casual dining market is projected to grow at a compound annual growth rate (CAGR) of 9.1% from 2023 to 2028, reaching 55.87 billion RMB by 2028 [56][58] Summary by Sections 1. Trend in Casual Dining - The average spending on Chinese dining has decreased from 87.6 RMB in 2023 to 79.2 RMB in 2024, a decline of 9.6% [53][55] - The casual dining market is characterized by a shift towards high cost-performance and practicality, with a significant increase in home cooking frequency [53][56] - The market for affordable casual dining (under 100 RMB per meal) is the largest segment, accounting for 88.7% of the total dining market, with a current size of 36.18 billion RMB [56][58] 2. Creator Economy and Music Streaming - The global music streaming market is projected to reach over 20.4 billion USD in 2024, with a year-on-year growth of 7.3% [27][30] - Subscription users in the music streaming sector are expected to grow to 263 million in 2024, reflecting an increase of 11% year-on-year [30] - Spotify's market penetration in emerging markets is driving user growth, with a CAGR of 35% from 2021 to 2025 [26][30] 3. Trends in Toy and Creator Economy - The online sales of trendy toys in June 2025 reached 1.348 billion RMB, with a year-on-year growth of 16% [12][14] - The sales of blind boxes and plush toys showed strong performance, with blind boxes growing by 109% year-on-year [12][13] - The creator economy is bolstered by the growth of non-music content, enhancing platforms' bargaining power [22][24] 4. Beauty and Personal Care Market - The skincare market on Tmall has seen a concentration increase, with the top 20 brands accounting for 46.2% of the total GMV [66] - Domestic brands have seen a decline in both quantity and market share, while international brands have experienced double-digit growth [66][67]

Core Viewpoint - The event hosted by Wanjing Technology and Dongfang Caifu Securities highlighted the company's strategic positioning and innovations in the AIGC era, attracting significant investor interest [1][3]. Group 1: Company Strategy and Innovations - Wanjing Technology is focusing on the transition from PGC, UGC, AIGC to AI Agents, aiming to democratize content creation and enhance user engagement through innovative AI tools [3]. - The company has established a strategic partnership with Huawei Cloud and launched the Wanjing Tianmu Multimedia Model 2.0, which shows a 90% performance improvement over version 1.0, offering differentiated advantages in various creative aspects [3][5]. - Wanjing Technology is expanding its product ecosystem with a layered product matrix and has opened public testing for its Tianmu Creation Square, targeting both individual creators and enterprise users [3][5]. Group 2: Global Expansion and Market Position - The company is actively expanding its global footprint with subsidiaries in North America, Japan, and South Korea, focusing on multilingual and multicultural talent acquisition to penetrate non-English markets [5]. - Wanjing Technology's business model primarily revolves around online software sales, which mitigates risks associated with geopolitical tensions [5]. - The company has a user base exceeding 1.5 billion across over 200 countries, positioning itself as a leading player in the digital creative software sector, often referred to as the "Chinese version of Adobe" [6]. Group 3: Talent Acquisition and Future Plans - Wanjing Technology has initiated a recruitment plan targeting 2026 graduates, offering competitive salaries and a pathway for internships to transition into full-time roles [6]. - The company plans to enhance its AI application development and marketing efforts in 2024, aiming to increase social media exposure and brand influence globally [5][6]. - Management emphasizes ongoing cost control and operational efficiency improvements to deliver better results for investors [5].

Group 1: Product Development and Innovation - The company launched the Wankang Tianmu 2.0 model in April 2025, in collaboration with Huawei Cloud, focusing on audio and video applications [2][3] - Wankang Tianmu 2.0 achieved over 90% performance improvement compared to version 1.0, enhancing capabilities in professional-level shooting design and multi-layered audio effects [3] - The product ecosystem includes a public beta for professional creators and an upcoming mobile app for general users, aiming to democratize AI video creation [3][4] Group 2: AI Technology Strategy - The company embraces AIGC (AI-Generated Content) and aims to lower content creation barriers, fostering a creator economy [4][5] - It maintains an open approach to integrating cutting-edge AI technologies and optimizing its multimedia models based on user feedback [4][5] Group 3: Global Operations and Market Expansion - The company operates in over 200 countries, with subsidiaries in key markets like North America, Japan, and Singapore [6][7] - It focuses on localized marketing strategies to cater to diverse regional demands, enhancing brand recognition and sales in non-English markets [7] Group 4: Marketing and Financial Performance - Marketing expenses increased due to investments in mobile and cloud AI applications, with social media exposure rising over 70% year-on-year [8][9] - In Q1 2025, sales expenses decreased by approximately 9% compared to Q4 2024, while revenue grew by 6.06% year-on-year [8][9] Group 5: Geopolitical Risks and Business Resilience - The company’s digital creative software sales are primarily online, minimizing the impact of geopolitical risks associated with physical goods [10] - It continues to strengthen its global business layout and localization strategies to ensure sustainable growth [10]

User Growth and Engagement - Bilibili's daily active users surpassed 107 million in Q1, with monthly active users reaching 368 million, indicating a continuous expansion of its user base [1] - The average age of users is 26, with over 70% coming from universities, and an impressive 82% coverage from 985 universities [1] - User engagement is strong, with 16 million users logging in more than 360 days a year and 26 million logging in every month, reflecting year-on-year increases of 60% and 30% respectively [1] - Daily average usage time exceeds 108 minutes, showcasing deep user affection for the platform [1] - Retention rates are high, with 80% of users retained after 12 months, 84% for those over 10 years, and 90% for users registered for over 15 years [1] Creator Economy - In 2024, over 3.1 million creators (UP主) earned income on Bilibili, with monthly average transaction volume per creator increasing by 28% and monthly average charging income rising by 122% [2] Personal Connection and Community - The CEO shared personal experiences with Bilibili, highlighting the joy of interests and community, which resonate with users regardless of age or income [5] - Notable creators include "-Lks-", who has been active for over 10 years and has diversified content across various fields, and "小潮院长", who transitioned from gaming to becoming a well-known director on the platform [5] - "小透明明TM" experienced significant growth after returning to his passion for art and history, with a video on "清明上河图" achieving over 7 million views and his art book selling over 20,000 copies [6] Future Outlook - The CEO emphasized that the commonality among Bilibili users is their passion for interests, which is fundamental to the platform's community and future development [9]

Core Insights - Douyin is transforming from a mere entertainment platform to a significant avenue for entrepreneurship, allowing ordinary individuals to pursue a "second career" through content creation [2][4] - The platform's inclusivity and fairness have enabled a diverse range of small and medium creators to thrive, contributing significantly to the live-streaming sales market [4][6] Group 1: Douyin's Impact on Creators - Data shows that 50% of live-stream sales on Douyin come from creators with fewer than 300,000 followers, highlighting the potential for smaller creators to drive significant sales [2][6] - In 2024, live-stream sales from these smaller creators grew by 58% year-over-year, indicating their increasing importance in the market [2] - The number of young e-commerce creators aged 18-25 on Douyin exceeded 2 million, with over 7.53 million new e-commerce creators joining the platform [6][8] Group 2: Creator Economy and Professionalization - The creator economy is evolving, with live-streaming e-commerce creators showing the highest level of professionalization, becoming key players in retail [6][8] - Douyin's algorithm effectively matches creators with niche audiences, allowing them to build trust and drive sales through specialized content [14][25] - The rise of creators like @沂蒙二姐 and @清华妈妈马兰花 illustrates how individuals can leverage their unique perspectives and experiences to engage audiences and promote products [11][14] Group 3: Market Opportunities for Niche Products - Douyin's platform has enabled niche products and regional specialties to gain visibility, breaking through traditional marketing barriers [23][25] - Creators and small businesses are finding success by focusing on quality content and product offerings, with Douyin's recommendation system facilitating connections with targeted consumers [23][25] - The success stories of creators selling unique products, such as handmade fans and organic fertilizers, demonstrate the platform's ability to support small businesses in reaching specific customer segments [18][22] Group 4: Future of Interest-Based E-commerce - The trend of interest-based e-commerce is expected to deepen, providing more opportunities for ordinary individuals to create value through Douyin [25] - As the platform continues to evolve, it will offer consumers a wider array of personalized choices, enhancing their shopping experience [25]

Core Insights - The market for action cameras and panoramic cameras is experiencing unprecedented growth, transitioning from a niche segment to a broader consumer base driven by the "experience economy" and the rise of the "creator economy" [4][5][8] - The global action camera market is projected to grow from 31.44 billion yuan in 2023 to 51.35 billion yuan by 2027, with a CAGR of 13.0%, while the panoramic camera market is expected to increase from 5.03 billion yuan to 7.85 billion yuan in the same period [4] - The competitive landscape is shifting, with Chinese manufacturers like Insta360 and DJI challenging the traditional leader GoPro, as competition evolves from hardware specifications to AI and software ecosystems [4][8][16] Market Dynamics - The user demographics for action and panoramic cameras are expanding, targeting not only extreme sports enthusiasts but also travelers, vloggers, and families, thus redefining their market boundaries [5][6] - Current market penetration rates for these products remain low, indicating significant growth potential, with action camera shipments expected to rise from 14.1 million units in 2017 to 69.1 million units by 2027, and panoramic camera shipments from 0.882 million to 3.16 million units [6][8] Competitive Landscape - The market is currently dominated by three players: GoPro, Insta360, and DJI, with GoPro's market share declining due to slow innovation and a lack of responsiveness to emerging consumer needs [12][14] - Insta360 has achieved a leading position in the panoramic camera market with a 67.2% global market share and 86.5% in China, driven by a diverse product line and strong AI capabilities [13][14] - DJI has entered the action camera market leveraging its imaging technology from the drone sector, positioning itself as a significant competitor to GoPro [14] Future Trends - The integration of AI and software ecosystems is becoming a critical competitive factor, with features like smart recognition, automated editing, and personalized functionalities gaining importance [16][17] - The future of action and panoramic cameras may involve a shift towards "all-in-one" personal imaging devices, with cloud workflows and 3D sensing technologies expanding market opportunities [15][17] - The industry's focus is moving from hardware sales to high-value services, including cloud storage, AI processing, and content distribution, which will redefine how value is measured in this sector [16][17]

Group 1 - The creator economy is projected to contribute over $55 billion to the US GDP in 2024, supporting more than 490,000 full-time jobs [1][3] - The creator ecosystem includes not only content creators but also various personnel such as video editors, assistants, public relations staff, and platform employees from services like Patreon, Spotter, and Linktree [1] - From 2022 to 2024, the creator economy has seen an increase of 100,000 jobs and a $20 billion rise in GDP contribution, growing from approximately $35 billion and 390,000 jobs [3] Group 2 - YouTube provides a stable and substantial revenue stream for creators, allowing them to earn 55% of advertising revenue through the YouTube Partner Program [3] - Many mid-tier creators can earn thousands of dollars monthly, even if they are not top influencers like MrBeast [3] - Despite attempts by TikTok and YouTube Shorts to monetize their platforms, the industry has yet to establish a stable short video advertising revenue-sharing mechanism [3]

Core Insights - Bitget is promoting its affiliate program aimed at content creators, educators, and the crypto community to provide an efficient monetization path, converting user engagement into actual revenue [2] - The affiliate program offers generous commissions, tiered rewards, and practical tools to help partners expand their influence and earn cryptocurrency [2][3] - Affiliates can earn up to 50% commission from the trading fees of referred users, with additional rewards for achieving specific milestones or outstanding performance [2][3] Group 1 - In 2025, Bitget launched an on-chain affiliate program, providing unprecedented transparency and control for partners [3] - The system uses on-chain data to verify referral relationships and track revenue distribution, eliminating uncertainty and enhancing partners' confidence in their earnings [3] - Affiliates can access real-time data through smart contracts, managing everything from wallet interactions to revenue settlements [3] Group 2 - The affiliate program is deeply integrated with Bitget's broader ecosystem, including copy trading, high liquidity markets, advanced API capabilities, and localized support [3] - This integration allows partners to easily customize promotional activities, reach target audiences, and grow alongside the platform [3] - Bitget's COO emphasized that the creator economy in the crypto space is rapidly evolving, and the affiliate program aims to transform influence into sustainable and scalable income sources [3] Group 3 - Bitget, established in 2018, is a leading cryptocurrency exchange and Web3 company serving over 120 million users across more than 150 countries [4] - The platform is known for its innovative copy trading features and provides real-time pricing information for Bitcoin, Ethereum, and other cryptocurrencies [4] - Bitget Wallet, formerly known as BitKeep, offers a comprehensive suite of Web3 solutions, including wallet functionalities, token swaps, NFT marketplace, and DApp browser [4]