Summary of Conference Call Records Industry Overview - The conference call discusses the **Chinese IP gaming market**, highlighting that **82%** of the actual sales revenue from January to September 2024 is derived from IP products [1] - The market size for original IP games in China reached **945.8 billion** in the same period, with the overall gaming market projected to exceed **245.9 billion** for the full year 2023 [2] Key Insights and Arguments - The company emphasizes the importance of **self-developed and co-developed IP**, aiming for global promotion and sustainable operations through acquisitions like **Xianjian Yaozhuan** [1] - Original IP games are characterized by high **freedom and potential cost-effectiveness**, as they represent assets that can be continuously developed and accumulated [3] - The company has successfully launched popular IP games, such as **One Piece: Bloodline**, which generated over **400 million** in monthly revenue, and **Xianjian Qixia Zhuan**, which has a user base exceeding **60 million** [9][10] - The company has established deep collaborations with various IP rights holders, including **Chinese and Japanese anime**, and has over **128 IP cooperation resources** [8] Trends and Market Dynamics - There is a growing trend of **cross-platform releases**, with simultaneous launches on PC and mobile to capture a larger user base [2] - The integration of **traditional culture** into games, such as **Nezha** and **Black Monkey Flower**, positively impacts the cultural tourism industry [3] - The company notes the increasing importance of **quality and innovation** in IP development, with a formula for success based on IP popularity, gameplay compatibility, and fan emotional connection [6] Potential Risks and Considerations - Despite the high value of IP, there is a need to avoid over-reliance on IP alone, as quality and innovation are critical for success [6] - The company is cautious about selecting IPs for collaboration, focusing on those with high potential and low competition [7] Future Plans and Developments - The company plans to continue expanding its IP portfolio, with upcoming projects including **Disney Speed Legends** and **DreamWorks All-Stars** [11] - There are plans for new **single-player games** and various **animation projects** in collaboration with platforms like **Bilibili** [16] - The company aims to leverage its IPs for broader engagement, including community-building platforms and derivative products [14][15] Conclusion - The conference call highlights the robust growth and potential of the Chinese IP gaming market, with the company positioning itself as a leader in IP development and collaboration, while also addressing the challenges and strategies for future success.