Core Viewpoint - Guangzhou Qingyou Network Technology Co., Ltd. has been established, focusing on digital cultural creative software development, animation and game development, and professional design services, with full ownership by 37 Interactive Entertainment [1] Company Summary - The legal representative of Guangzhou Qingyou Network Technology Co., Ltd. is Li He [1] - The company is indirectly wholly owned by 37 Interactive Entertainment (stock code: 002555) [1]

Mergers & Acquisitions - Saudi Arabia 将以 550 亿美元的价格收购 Electronic Arts，这是有史以来规模最大的杠杆收购 [1] - 游戏开发商 Electronic Arts 的估值看起来很高 [1]

Core Viewpoint - The Stockholm Stock Exchange is currently the leading market in Europe for initial public offerings (IPOs), raising nearly $2 billion in 2025, significantly outperforming other major financial hubs like London, Frankfurt, and Madrid [1][2]. Group 1: Market Performance - Companies listed in Sweden have raised nearly $2 billion in 2025, which is more than eight times the volume seen in London [1]. - The IPO activity in Sweden is highlighted by upcoming high-profile listings from Verisure and NOBA, indicating a robust market environment [2]. - Despite the current boom, the amount raised in 2025 is still far from the all-time peak of over $11.5 billion achieved in 2021 [17]. Group 2: Investment Culture - Sweden's success in the IPO market is largely attributed to a strong national "equity culture," with about 70% of household wealth held in equity, compared to the EU average of 59% [5]. - A significant portion of the population, approximately seven in ten residents, hold investment funds directly, with only about 10% of their financial assets in cash or bank deposits, the lowest in Europe [5][6]. - The cultural acceptance of equity investment is supported by decades of government policy and regulation, fostering a mature investment ecosystem [6][7]. Group 3: Ecosystem and Support - The local capital ecosystem in Sweden is characterized by a high participation of retail and family office investors, as well as institutional capital managing savings and pension assets [8]. - The efficient IPO process benefits from a consistent deal flow and the involvement of "cornerstone" investors, which provides early quality assurance for new public offerings [10][11]. - A steady supply of companies backed by private equity and venture capital is contributing to the pipeline of potential IPOs, with private equity firms ensuring their portfolio companies are "IPO-ready" [12][14]. Group 4: Future Outlook - The outlook for the IPO market in Sweden remains positive, with expectations for a significant increase in activity in 2026 across the Nordics [18]. - Investors are currently selective, focusing on track records and prospects for profitable growth, but confidence in the upcoming pipeline is strong [17][18].

Company Strategy - Razer is preparing to release cutting-edge AI tools [1] - The AI tools aim to help game developers produce games faster and cheaper [1] - The AI tools also aim to coach players to sharpen their skills [1] Leadership - Razer has been founded and run by Min-Liang Tan for two decades [1]

Core Viewpoint - The performance issues faced by games developed using Unreal Engine 5 are attributed to developers' insufficient optimization efforts, particularly delaying optimization until the end of the development process [3][5]. Group 1: Unreal Engine 5 Features and Adoption - Unreal Engine 5 showcases advanced technologies such as Lumen global illumination and Nanite virtual micro-polygon technology, which have made it a preferred platform for game development across various teams [1]. - The engine has gained popularity with the rise of next-gen consoles like PlayStation 5 and Xbox Series X|S, as well as new GeForce RTX graphics cards [1]. Group 2: Performance Issues and Developer Challenges - Many high-profile games developed with Unreal Engine 5, including titles like "Stalker 2" and "Silent Hill 2 Remake," have been criticized for performance issues such as low frame rates and stuttering [3][5]. - Tim Sweeney, CEO of Epic Games, emphasized that the core issue lies in the development sequence, where studios often prioritize high-end hardware development and postpone optimization for lower-end devices [5]. Group 3: Solutions and Future Directions - Epic Games is taking steps to address performance challenges by enhancing engine support and providing more automated optimization tools for cross-platform development [7]. - The company is also focusing on training developers to adopt early optimization as a standard practice, recognizing the increasing complexity of modern games [7]. - Epic is integrating optimization experiences from "Fortnite" into Unreal Engine 5 to help improve performance on lower-end PCs [7].

Core Viewpoint - The article highlights the importance of legal cross-border evidence collection for companies facing intellectual property infringement abroad, emphasizing the role of notary services in facilitating this process [1][2]. Group 1: Company Insights - A game development company based in Wuhan successfully utilized the services of Wuhan Shangxin Notary Office to collect evidence against an overseas infringement of its game software [1]. - The company discovered that a game product on a foreign platform closely resembled its own, prompting the need for legal evidence to support its claims [1]. - The notary office provided a legal framework for evidence collection, ensuring that the evidence gathered would be recognized by judicial authorities [1]. Group 2: Industry Developments - The Shangxin Notary Office has introduced online professional cross-border evidence collection services, allowing for the rapid and legal fixation of key evidence globally [2]. - In the first half of 2025, Hubei province notary institutions handled 40,478 cases of foreign-related notarization, supporting various sectors including cross-border e-commerce and overseas intellectual property protection [2]. - Future plans include the development of self-service cross-border evidence collection services, enhancing convenience for parties involved [2].

AI Adoption in Game Development - The game development industry is widely adopting AI agents [1] - AI agents are being used to reduce costs [1] - AI agents are being used to speed up production [1] - AI agents are being used to interact with players in real time [1] Source of Information - The information is based on a Google study [1]

Group 1: Reddit - Reddit has shown strong revenue growth post-IPO, with Q1 ad revenue increasing by 61% to $359 million and daily active unique users rising 31% year-over-year to 108 million [3][4] - The company is introducing new AI-powered ad tools to enhance advertising demand, providing marketers with real-time insights into discussions on its platform [4] - Reddit's AI features, such as Reddit Answers, have gained traction, reaching 1 million weekly users in Q1, and the company is monetizing its valuable data by licensing it to AI firms [5] - Despite a 50% rebound from recent lows, Reddit's stock is still 36% below its all-time high, with analysts projecting a 51% year-over-year revenue growth for Q2 [6][7] Group 2: Unity Software - Unity is a leading game engine provider, experiencing significant growth with over 20% quarterly revenue growth until recently, but its stock has fallen 86% from previous highs due to high valuation and declining revenue [9][10] - The company is undergoing a "portfolio reset," which led to a 6% year-over-year revenue decline last quarter, but management's focus on high-growth and high-margin opportunities may unlock Unity's potential [11] - Unity has migrated its advertising business to the AI-powered Unity Vector platform, which is expected to enhance advertising results and drive long-term growth in its Grow Solutions segment [12] - The Create Solutions segment saw an 8% year-over-year revenue decline, but upcoming updates to Unity 6, including AI features, could stimulate demand for its software [13][14] - Analysts expect Unity's revenue to decline 2% in 2025 before growing 9% to $1.9 billion in 2026, with adjusted earnings per share projected to reach $2.34 by 2029 [15] - The stock is currently trading at 13 times 2029 earnings estimates, indicating potential for significant price appreciation [16]

Core Viewpoint - The article discusses the launch of "Mirage," the world's first AI-native game engine driven by real-time world models, which allows users to create and experience game worlds dynamically and interactively [2][16]. Group 1: Product Features - Mirage is designed for building dynamic, interactive, and continuously evolving gaming experiences, enabling players to generate and modify entire game worlds in real-time using natural language, keyboard, or controllers [3][4]. - The engine has released two playable game demos: "Urban Chaos" (GTA-style) and "Coastal Drift" (extreme racing style), showcasing its capabilities [5][6]. - All scenes in Mirage are generated dynamically in real-time, rather than being pre-scripted, creating an interactive and evolving simulation world [6][18]. - Players can use natural language commands to reshape the environment, triggering immediate world updates, which allows for a unique gaming experience every time [19][26]. Group 2: Technological Innovations - Mirage utilizes a large-scale autoregressive diffusion model based on Transformer architecture, enabling the generation of controllable, high-fidelity video game sequences [21][28]. - The system integrates frame-level prompt processing, allowing for real-time interaction where player commands are interpreted instantly during gameplay [25]. - The engine supports cloud gaming, enabling users to play anytime and anywhere without the need for downloads, and it features low-latency processing for player inputs [26][27]. Group 3: Market Position and Future Outlook - Compared to other recent AI gaming projects like Google's AI Doom/Genie and Microsoft's AI version of "Quake II," Mirage offers significant advantages such as real-time user-generated content creation, cinematic-quality visuals, and extended interactive experiences [13][14]. - The development team believes that continuous breakthroughs in real-time generation technology will reshape the future landscape of the gaming industry [16][34]. - The team behind Mirage consists of experienced professionals from major tech companies and universities, emphasizing a strong foundation in AI research and game design [32][33].

Core Viewpoint - Unity's Q1 2025 performance exceeded expectations, particularly in the Grow segment, but the new advertising model's impact is still uncertain and may not significantly boost revenue in the near term [1][2][17]. Financial Performance - Unity reported total revenues of $435 million for Q1 2025, a year-over-year decline of 5.5%, but above company guidance and market expectations [4][17]. - The Create segment saw an 8% year-over-year decline, slightly below market expectations, while the core subscription revenue grew by 13% [2][17]. - The Grow segment's revenue decreased by 4%, which was better than market expectations [19]. Operational Metrics - The net expansion rate improved to 97%, but still fell short of market expectations, indicating a slight decline in revenue from existing customers [21]. - The number of large customers (paying over $100,000 annually) increased to 1,260, reflecting a modest recovery [22]. - Deferred revenue remained stable, suggesting ongoing revenue challenges [24]. Cost Management - Operating expenses decreased by 35% year-over-year, with significant reductions in stock-based compensation [28]. - GAAP operating loss was $128 million, while adjusted EBITDA reached $84 million, exceeding both company guidance and market expectations [28]. Future Outlook - Management's guidance for Q2 2025 indicates expected revenues between $415 million and $425 million, reflecting a year-over-year decline of 5.3% to 7.5% [27]. - The transition to the new advertising model is anticipated to take longer than previously expected, with potential for a gradual recovery in the second half of the year [6][13].