Core Viewpoint - Bilibili has regained confidence in its gaming business with the launch of a new game, "Three Kingdoms: Hundred Generals Card" (referred to as "Hundred Generals"), which is expected to build on the success of its previous game "Three Kingdoms: Strategize the World" [2][4][41] Group 1: Game Launch and Expectations - Bilibili's new game "Hundred Generals" is the second title based on the Three Kingdoms IP, following the successful launch of "Strategize the World" [2][4] - CEO Chen Rui highlighted the importance of targeting younger users and diversifying game genres during a recent earnings call, indicating that several new attempts in this direction will be revealed soon [3][4] - "Strategize the World" achieved remarkable success, topping the iOS free game chart on its launch day and generating over 838.3 million yuan in revenue within the first five days [3][4] Group 2: Financial Performance and Market Position - "Strategize the World" has shown consistent growth, with revenue increasing by 84%, 79%, 76%, and 60% year-over-year over four consecutive quarters, indicating a strong market position for Bilibili's gaming business [7] - The success of "Strategize the World" has boosted the morale of Bilibili's gaming division and demonstrated the company's ability to diversify beyond its traditional focus on anime and two-dimensional games [4][7] Group 3: Gameplay and Innovation - "Hundred Generals" features innovative gameplay that combines classic card game mechanics with competitive elements, aiming to attract a broader audience [10][11] - The game is designed for quick play sessions of about three minutes, making it suitable for casual gamers and those who enjoy traditional card games [12][13] - The introduction of 11 ability tags and various gameplay mechanics aims to enhance user experience and engagement, balancing casual and competitive play [16][17] Group 4: Market Trends and Strategic Positioning - The gaming industry is experiencing a shift towards card games, with recent successes indicating a growing audience for this genre [20][22] - Bilibili's strategy to launch "Hundred Generals" aligns with current market trends and aims to leverage the popularity of the Three Kingdoms IP while filling the user ecosystem established by "Strategize the World" [23][24] - The company is positioned to capitalize on its community and channel advantages, as it is recognized as one of the best gaming communities in China [38][40]

Group 1 - The mobile game "Code: Football Restart" by Ruyi Jingshou is set to begin Android platform testing from September 10 to September 24, targeting sports enthusiasts and simulation game players [1] - The successful launch and market acceptance of "Code: Football Restart" could significantly enhance Ruyi Jingshou's game product line, attract more users, and increase market share, thereby driving revenue growth for the company [1] - The game business has become a crucial growth point for Ruyi Jingshou and its parent company, China Ruyi, indicating strong potential for future performance [1] Group 2 - The highly anticipated martial arts game "Shadow Blade Zero" by Lingyoufang revealed a new video at the Future Game Show, with the producer confirming that a release date will be announced within the year [2] - If "Shadow Blade Zero" successfully launches, it is expected to achieve considerable sales in the global gaming market, enhancing Lingyoufang's revenue and brand recognition [2] - A successful project will also improve the investment return rate for Lingyoufang's investors, boosting market confidence in their investment acumen and project management capabilities [2] Group 3 - Tencent's popular tactical shooting mobile game "Dark Zone Breakout" announced the development of a new "Zombie Mode," which has generated significant player interest [3] - The game has attracted a large player base, with global registered users reaching 180 million by April 2025, indicating its strong market presence [3] - The introduction of the new mode is expected to enhance user engagement and retention, potentially attracting new players and positively impacting Tencent's market performance [3]

Group 1: Company Overview and Strategy - The company has accumulated a significant cash reserve due to a focused product strategy and stringent project approval standards in previous years [3] - The company maintains a positive but cautious attitude towards future investment and acquisition opportunities, emphasizing the importance of investment returns [3] Group 2: Innovation and Market Adaptation - The company is actively monitoring industry trends and exploring innovative applications while balancing innovation with cost-effectiveness [4] - There is a focus on both conceptual and practical innovations, with ongoing observation and tracking of industry developments [4] Group 3: Revenue and Market Impact - In 2024, the company's overseas revenue accounted for 43.74%, with significant market presence in Europe, the United States, Japan, South Korea, and Southeast Asia [5] - The company's overseas gaming business is classified as "cross-border digital services," which are not subject to current U.S. tariff policies, thus minimizing direct negative impacts from trade tensions [5] Group 4: Investment in Animoca Group - The company invested in Animoca Group in 2015, holding 14,783,714 shares, with Animoca's total shares issued reaching 1,943,673,633 as of March 2025 [6][7] - The investment is accounted for under financial instruments, with recognized fair value losses recorded in other comprehensive income, which cannot be reclassified to profit or loss [7]