Core Viewpoint - The company is focusing on a "quality over quantity" strategy in its film and television business, aiming to control investment risks and scale while enhancing content quality [1] Group 1: Business Strategy - The company is implementing a "quality over quantity" strategy in its film and television projects [1] - There is a strict control over investment risks associated with film and television projects [1] - The company is adjusting its overall investment scale in the film and television sector in response to market changes [1] Group 2: Content Development - The company is increasing its focus on short-form content to enhance viewer engagement [1] - The aim is to create high-quality content that resonates emotionally with audiences while delivering positive values [1]

Core Viewpoint - Perfect World has significantly increased its mid-year performance, with a focus on the progress of the new game "Yihuan," maintaining a "Buy" rating [1] Group 1: Game Development and Performance - The company has rich experience in overseas markets, with "Persona: Night Shadow" (PX5) achieving top rankings in iOS free game charts and Steam global downloads shortly after its public testing in Japan, Europe, and Southeast Asia [1] - "Zhu Xian 2" topped the iOS free game chart on its launch day, showcasing the company's strong MMO development experience and the deep accumulation of the Zhu Xian IP [1] - "Yihuan" commenced its second domestic test and first overseas test at the end of June, receiving positive feedback from domestic players and enthusiastic responses from overseas players, with a total reach of 1.86 billion views on platforms like YouTube [1] Group 2: Content Strategy and Industry Trends - The company adheres to a "quality over quantity" strategy, focusing on high-quality platform-customized dramas, with several series such as "Thousand Blossoms Blooming in One Life" released in the first half of the year [1] - The short drama business has shown remarkable performance, with "Couple's Spring Festival" being the first micro-drama to surpass 100 million views across the internet in 2025 [1] - The industry is benefiting from the "21 Regulations of Broadcasting and Television," and the company has a substantial reserve of long dramas, while also expanding its short dramas on platforms like Hongguo and Douyin, indicating a positive outlook for its film and television business [1]

Core Insights - The overall performance of the drama market in the first half of 2025 shows a decline compared to the previous year, with a notable drop in the number of high-performing series and overall viewership [1][3][5] - Despite the challenges, platforms and creators are actively seeking ways to adapt and innovate in content delivery and scheduling strategies [1][18][20] Market Performance - In the first half of 2025, 137 new domestic dramas were launched, an increase of 7 compared to the previous year, while the inventory of dramas decreased by 36 to 71 [3][18] - The effective viewership of top dramas has significantly decreased, with the leading series in 2025 achieving 18 billion fewer views than the top series in 2024 [3][5] - The only series to exceed an average of 50 million views per episode in the first half of 2025 was "漂白" with 54.9 million views, compared to three series achieving this in the same period last year [5][14] Audience Reception - Four domestic dramas scored above 8 points on Douban in the first half of 2025, with the highest being 8.3 for "无尽的尽头" and "异人之下之决战！碧游村" [6][8] - The number of high-scoring dramas has not significantly changed, but the highest ratings and number of ratings have decreased compared to the previous year [8][6] Platform Dynamics - The competitive landscape among major platforms has shifted, with Tencent Video's "大奉打更人" leading in total effective views, while iQIYI's "漂白" excelled in average views per episode [10][13][15] - The proportion of exclusive dramas has increased to 87% in the first half of 2025, up 11 percentage points from the previous year [18][20] Content Trends - Historical dramas continue to dominate the market, accounting for 70% of the top 10 dramas by viewership [22][24] - There is a notable trend towards shorter series, with an increase in the number of episodes ranging from 13 to 23, particularly in the suspense genre [27][24]

Core Insights - Tencent Video's recent announcement at the Shanghai Television Festival highlighted a decline in the number of industry projects and productions compared to the previous year, indicating a weakening investment trend [1] - The platform's Chief Content Officer emphasized a shift towards quality over quantity, with a focus on creative and valuable content despite the overall reduction in project numbers [1] Group 1: Industry Trends - From January to March 2025, the National Radio and Television Administration issued licenses for 24 domestic web dramas comprising 559 episodes, a decrease from 37 dramas and 787 episodes in the same period last year [1] - The long video platforms are facing increased competition from short videos, short dramas, and games, raising questions about how to define quality standards for series content and the appropriate number of projects to reduce [1][3] Group 2: Quality Standards - The concept of "quality drama" has become a focal point for long video platforms, balancing artistic value, social impact, and commercial viability [2] - Tencent Video has established clear criteria for defining hit content, focusing on completion rates rather than just view counts, and incorporating internal evaluations from producers [2] Group 3: Challenges in Production - The number of dramas licensed by the National Radio and Television Administration has decreased significantly, from 396 in 2015 to 115 in 2024, reflecting a more than 25% drop from 2023 [3] - The reduction in quality projects is attributed to a scarcity of good scripts and the concentration of investment in top-tier works, highlighting a talent gap in the industry [3][4] - The purchasing power of television stations and online platforms has declined, making it challenging to fund high-quality productions while adhering to cost-cutting strategies [4]