Core Viewpoint - Feiyu Technology has entered a significant partnership with Tencent to develop a new mini-game based on Tencent's IP, with a production cost of 12.5 million yuan, marking a new phase in their collaboration [1][2]. Group 1: Partnership Details - The agreement requires Feiyu Technology to meet tight deadlines: a game development plan in one month, a test version in three months, and a commercial version in seven months [1]. - The payment structure is linked to project milestones: 30% upon signing, 40% after the development plan, and the final 30% after the commercial version is delivered [1]. - Tencent indirectly holds approximately 14.97% of Feiyu Technology's issued share capital, establishing a strong capital foundation for the partnership [2]. Group 2: Strategic Implications - This collaboration allows Feiyu Technology to learn from Tencent's development processes, enhancing its technical capabilities and experience in mini-game development [2][5]. - The partnership is expected to improve Feiyu Technology's reputation in the industry and foster long-term collaboration opportunities with Tencent [2][4]. - Feiyu Technology's recent success with its mini-game "One Step Two Steps," which reached the 8th position on the WeChat mini-game sales chart, demonstrates its potential in this market [1]. Group 3: Market Reaction - Following the announcement, Feiyu Technology's stock price surged over 10%, indicating strong investor confidence in the partnership's long-term value [3]. - The market's positive response reflects optimism regarding Feiyu Technology's mini-game strategy and future performance [4]. Group 4: Future Prospects - The collaboration may lead to more projects between Feiyu Technology and Tencent, enhancing Feiyu's position as a stable partner for future opportunities [5]. - Feiyu Technology plans to extend product lifecycles and initiate overseas promotion starting in Southeast Asia, leveraging the experience gained from this partnership [4].

Core Viewpoint - The company, Feiyu Technology (01022.HK), has entered into a game development agreement with Tencent Computer to develop a mini-game based on Tencent's intellectual property, reflecting its strategic focus on the mini-game market and enhancing its technical capabilities [1] Group 1: Strategic Decisions - In 2024, the company decided to invest in mini-games to capitalize on emerging market trends, leading to successful launches that received positive feedback from players [1] - The success of the mini-games has reinforced the company's confidence in their potential, allowing for a simultaneous development strategy across web games, mobile games, PC games, and console games [1] Group 2: Partnership and Development - The game development agreement aligns with the company's business strategy regarding mini-games and serves as a key component of its growth plan [1] - Developing the mini-game under Tencent's guidance will enable the company to understand the standard development processes of major tech giants, thereby enhancing its team's technical skills and experience in mini-game development [1] - Tencent holds a strong position in the Chinese mini-game market, and the collaboration is expected to help the company build industry reputation and foster long-term cooperation with Tencent [1]