Group 1 - The micro-short drama market in China is projected to reach 50.5 billion yuan in 2024, surpassing the total annual box office revenue for the first time [1] - Hengdian Film and Television City, with over 100 studios and more than 2,000 shooting locations, is recognized as the most mature and complete film shooting base in China, becoming a "production factory" for micro-short dramas [1] - Currently, there are approximately 150 production teams filming short dramas in Hengdian, with a significant increase in the number of micro-short drama teams, which reached over 1,190 in 2024 [1] Group 2 - A director noted that most micro-short dramas are completed within a week, with a total runtime of around 120 minutes [1] - In 2024, Hengdian hosted 523 long drama production teams and over 1,190 vertical screen micro-short drama teams, indicating a growing trend in this segment [1] - In the first seven months of this year, the number of vertical screen micro-short drama teams in Hengdian exceeded 2,300, nearly double the expected total for 2024 [1]

Group 1 - The short drama industry has seen a significant transformation, with increased production quality and a larger workforce, moving from small teams to crews exceeding 100 people [1][6] - The competition in the short drama market has intensified, leading to more refined content that balances story and emotional value, resulting in average viewing times and seven-day retention rates being 2 to 3 times higher than regular series [8][6] - The market for micro short dramas in China has grown rapidly, with projected market sizes of 3.68 billion yuan in 2021, 101.7 billion yuan in 2022, 373.9 billion yuan in 2023, and an expected 505 billion yuan in 2024, attracting significant capital investment [10] Group 2 - The shift from paid to free viewing models has expanded the audience base, with free short dramas generating revenue primarily through mid-roll advertisements, surpassing previous paid revenue [8][10] - New trends in the short drama market include the development of comic short dramas, AI elements, and IP collaborations, indicating a diversification of content and revenue streams [8][10] - The production costs for short dramas have increased due to the demand for higher quality, with producers now able to afford more elaborate setups and multiple scenes [6][5]

Core Insights - The short drama industry has gained significant traction, transitioning from a previously undervalued format to a highly sought-after investment opportunity due to impressive production efficiency and viewer engagement [1][11]. Industry Developments - The production of short dramas has evolved, with crews now often exceeding 100 members, indicating a shift towards higher production values and more complex storytelling [1][7]. - The market is experiencing intense competition, with a leading short video platform releasing approximately 2,000 new short dramas each month [9]. - The quality of short dramas has improved, with a focus on diverse and refined content, moving away from simplistic, attention-grabbing plots [11]. Financial Trends - The average viewing duration and seven-day retention rates for high-quality short dramas are reported to be 2 to 3 times higher than those of standard series, highlighting their growing popularity [11]. - The revenue model is shifting from paid to free viewing, resulting in a rapid expansion of the audience base, with some producers noting that free content can generate higher revenues than paid content [13].

Core Insights - The company has confirmed its investment in the production of the movie "Angry Birds 3" through its associate Allied Gaming & Entertainment, Inc. (AGAE) [1] - The investment aligns with the company's global strategic plan to expand the cultural and entertainment industry value chain by focusing on high-quality intellectual properties (IP) [1] - "Angry Birds 3" is scheduled to premiere on January 29, 2027, with Paramount Pictures handling global distribution across over 100 countries and regions, including key markets like mainland China, North America, and Europe [1] - The previous two films in the "Angry Birds" series have grossed over $500 million globally, providing a solid foundation for the third installment [1] - AGAE's investment enhances the company's resource integration and synergy capabilities in the pan-entertainment sector, laying the groundwork for future IP derivative businesses such as game collaborations [1] - The box office revenue generated from the film is expected to positively impact AGAE and the company's future financial performance, creating synergistic value for its gaming, digital entertainment, and offline derivative businesses [1] Strategic Alignment - The board believes that AGAE's investment is in line with the company's global strategic direction of "Entertainment + IP Ecosystem," which is expected to enhance long-term shareholder value [2] - The AGAE team will continue to monitor the project's progress and adhere to risk management mechanisms [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 OURGAME INTERNATIONAL HOLDINGS LIMITED 聯 眾 國 際 控 股 有 限 公 司* （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 聯營公司參與投資電影《憤怒的小鳥3》 本公告乃由聯眾國際控股有限公司（「本公司」，連同其附屬公司稱為「本集團」）自願作出， 目的是讓本公司股東和潛在投資者了解本集團的最新發展。 本 公 司 董 事（「 董 事 」）會（「 董 事 會 」）欣 然 宣 佈 ， 本 公 司 之 聯 營 公 司 Allied Gaming & Entertainment, Inc.（「AGAE」）已正式確認，通過Flywheel Media參與投資電影《憤怒的小鳥3》 的製作，Flywheel Media是一家致力於創作能在全球範圍內為觀眾帶來娛樂和啟發的電影作 品 的 電 影 製 作 公 司 。 本 次 投 資 符 合 本 公 司 ...

Group 1 - The company, China Creative Holdings (08368), expects to incur a loss of approximately 6 million in the first half of 2025, compared to a profit of about 1 million in the first half of 2024 [1] - The decline in performance is primarily attributed to a decrease in revenue from the segments of television/film production, related services, and film copyright investments [1]

Group 1 - The drama "Sweeping Drug Storm" has achieved significant viewership success, with a peak rating of 2.8568% on CCTV and over 700 million total views across platforms, indicating its status as a phenomenon in the summer drama market [2] - The series has maintained high engagement on social media, with viewers expressing excitement and discussing its intricate plot twists, particularly the significance of a candy wrapper in the storyline [2][3] - The character of Lu Shaohua, a high-IQ criminal, is portrayed as a complex individual, with his love for a specific candy, "Da Xia Su," serving as a key narrative element that humanizes him [5][6] Group 2 - The series conveys a strong message about the triumph of justice over evil, emphasizing the importance of quality in storytelling and production within the film industry [6][8] - The backdrop of the story, set in 1995, coincides with a flourishing period for the Chinese candy industry, highlighting the cultural significance of products like "Da Xia Su" during that time [11] - The company behind "Da Xia Su," Ma Dajie Foods, has established itself as a leader in the candy market, achieving nationwide sales recognition and innovating through a combination of traditional craftsmanship and modern technology [11][13]

Core Insights - The integration of AI technology in the micro-drama industry is revolutionizing content creation, allowing for seamless transitions between various genres such as romance, sci-fi, and comedy, as demonstrated by the AI unit short drama collection "New World Loading" which achieved over 1.37 billion views [1] - The emergence of generative AI (AIGC) is expanding the creative boundaries of micro-dramas, with notable projects like "Mountain and Sea Mirror" achieving over 50 million views and being praised for its special effects [2] - Despite the advantages, the industry faces challenges such as the limitations of AI in capturing nuanced human expressions and movements, leading to a perception of "AI feeling" in performances [2] - Ethical concerns are also prevalent, as AI-generated content may inadvertently incorporate biased elements from its training data, necessitating careful oversight [3] - The industry is moving towards a "human-machine collaboration" model, where AI handles standardized production tasks while humans focus on creativity and emotional depth [3] - Initiatives like the establishment of the micro-drama incubation base in Guangxi highlight the ongoing efforts to merge digital content with cultural tourism, aiming to enhance local visibility and attractiveness [3] - The adoption of AI is expected to lower production costs and shorten production cycles, accelerating the industrialization of the film and television sector [3]

Group 1 - The stock of Huaxi Media (01003) has fallen over 10%, with a cumulative decline of more than 50% since the end of July, reaching a low of 0.223 HKD [1] - The company announced the resignation of Dong Ping as executive director effective July 27, while Hu Hui has been appointed as the new executive director [1] - Hu Hui has been with the company since 2014 and is familiar with its operations, having produced several films including "The Stage" and "The Sauce Garden Case" [1] Group 2 - The film "The Sauce Garden Case," featuring top stars like Zhang Ziyi and Yang Mi, was released on June 21 and has grossed 375 million HKD to date, but has a low Douban rating of 5.7 [1] - Another film, "The Stage," was released on July 25 and has currently grossed 389 million HKD [1]

Core Viewpoint - The stock price of Huaxi Media (01003) has dropped over 10%, with a cumulative decline of more than 50% since the end of July, reaching a new low of 0.223 HKD [1] Group 1: Stock Performance - As of the latest update, Huaxi Media's stock is down 10.08%, trading at 0.223 HKD, with a trading volume of 4.8648 million HKD [1] Group 2: Management Changes - On July 27, Huaxi Media announced the resignation of Dong Ping as an executive director due to personal matters, effective immediately, while he will continue to serve as the chairman of the Group's Director and Art Guidance Committee [1] - The company appointed Hu Hui, the producer of recent major films "The Stage" and "The Sauce Garden Case," as the new executive director. Hu Hui has been the general manager of Beijing Huaxi Premier Culture since 2014 and is familiar with the Group's operations [1] Group 3: Film Performance - The film "The Sauce Garden Case," featuring top stars such as Zhang Ziyi, Lei Jiayin, Yang Mi, and Zhao Liying, was released on June 21 and has achieved a cumulative box office of 375 million [1] - The current Douban rating for "The Sauce Garden Case" is 5.7 [1] - Another film produced by the company, "The Stage," was released on July 25 and has a current total box office of 389 million [1]