展厅内，太仓中科信息技术研究院的数字文旅品牌"云境游"颇受瞩目：实景飞行互动剧场、动物灵 慧世界、文化活化VLOG（视频日志）系统、历史重建互动剧场、奥视佳虚实影像生产平台等一系列创 新产品，构建了"云境游"全景会客厅，为观众带来全方位的数字文旅体验。 运河特色文旅产业展是本届运博会五大主题展之一，相关展馆面积达11500平方米，展位总数90 个，其中特装展位有33个。围绕"多产业融合、多场景消费"主题，本届产业展设置了运河科技文旅产 品、运河旅游产品交易、运河农文体旅交易、运河影视风物交易四大专区，集中呈现了文旅机器人首 秀、微短剧首发、县域旅游首展、免税退税专区首办等一批特色活动和创新产品。 152家参展商中，既有云幕智造、山东魔法未来、科大讯飞等智能制造企业，金匮之翼通用航空、 大漠大智控等低空文旅企业，也有深湖科技"天问灵境"、有维文化"法老的宝藏"等XR（扩展现实）、 VR（虚拟现实）沉浸式体验品牌，还有视达坦诚、原力数字等数字内容制作公司，上海梦先生影业、 新未名数字科技等影视出品公司，以及太湖雪等免税店国货"潮品"品牌和洲际酒店集团、携程集团、同 程集团等旅游企业。 昨天（8月15日）开幕的第七 ...

Core Viewpoint - The company Original Force is gaining attention in the capital market due to its involvement in the production of the "Nezha" series and its recent updates regarding the listing process on the Beijing Stock Exchange [1][2]. Company Overview - Original Force was established on December 22, 2010, and focuses on 3D digital content production services, including game and animation content outsourcing [2]. - The company plans to go public on the Beijing Stock Exchange, with its IPO application accepted on December 31, 2024 [2][6]. Client Relationships - The "Nezha" series production entities have become Original Force's fifth-largest client, with significant collaboration since 2019 [2][3]. - Sales to the companies controlled by Yang Yu, which include the production of "Nezha 2," amounted to approximately 10.06 million yuan in 2023 and 7.71 million yuan in 2024 [3]. Revenue and Business Growth - Original Force's revenue from animation 3D content outsourcing has shown consistent growth, with figures of approximately 124 million yuan, 183 million yuan, 232 million yuan, and 104 million yuan for the years 2021 to 2024 (first half) respectively [5]. - The proportion of animation 3D content outsourcing revenue to total revenue has increased from 31.22% in 2021 to 42.63% in the first half of 2024 [5]. Research and Development - The company has seen a decline in R&D investment as a percentage of revenue from 5.55% in 2021 to 4.78% in 2023, but has increased its R&D investment in 2024 to 5.18% [6]. Market Context - The Chinese gaming market reached a scale of 302.96 billion yuan in 2023, with a compound annual growth rate of 11.42% from 2014 to 2023, indicating a robust growth trend in the industry [9]. - Original Force aims to raise 488 million yuan through its IPO, primarily for projects related to technological innovation and digital content development [9].

Core Insights - The company Jiangsu Yuanli Digital Technology Co., Ltd. (referred to as "Yuanli Digital") is under scrutiny regarding its financial aspects in the prospectus, particularly its revenue from 3D content production services for games [2] - Yuanli Digital's revenue from game 3D content production for the years 2021 to June 30, 2024, was reported as 255 million, 269 million, 275 million, and 138 million yuan, representing a significant portion of its main business revenue [4] - The company has invested in R&D, with total expenditures of approximately 22.84 million, 24.83 million, 25.17 million, and 12.70 million yuan over the reporting period, averaging 24.28 million yuan annually, which constitutes 5.07% of its operating income [5] Business Overview - Yuanli Digital specializes in 3D digital content production services, including commissioned production for games, animations, and other industries, utilizing digital information technology to transform designs into 3D images and animations [6] - The company is recognized for its role in the special effects production of the film "Ne Zha," which has contributed to renewed market interest in its IPO plans [6] Ownership and Control - The actual controller of Yuanli Digital, Zhao Rui, holds 12.14% of the shares directly and controls an additional 18.12% indirectly, totaling 30.26% of the company. Post-IPO, his voting power will decrease to 22.69% [5] - To maintain control stability, the company has implemented measures such as optimizing the equity structure and securing commitments from financial investors [5]

Core Viewpoint - Yuanli Digital is pursuing an IPO on the Beijing Stock Exchange, aiming to raise 488 million yuan for three projects, primarily focusing on 3D digital content production services [1][4]. Group 1: IPO Details - Yuanli Digital previously attempted an IPO on the ChiNext board in 2021 [1]. - The company plans to invest 364 million yuan in the "Yuanli Digital Technology Innovation Industrial Base Project," which has a total investment of 557 million yuan [1][2]. - The total investment for all three projects is 688.36 million yuan, with 487.96 million yuan planned to be raised through the IPO [2]. Group 2: Project Progress - The "Yuanli Digital Technology Innovation Industrial Base Project" is being constructed by a wholly-owned subsidiary, Nanjing Ruiyou, located in Nanjing, Jiangsu Province [5]. - As of the end of the reporting period, the construction in progress increased from 16.79 million yuan to 218 million yuan [4][13]. - The project has received necessary approvals, including the Jiangsu Province Investment Project Filing Certificate [5]. Group 3: Financial Considerations - The company has been investing in the project for several years, with previous amounts reported at 208,500 yuan and 595,430 yuan at the end of 2019 and 2020, respectively [13]. - The Beijing Stock Exchange has inquired about potential delays in project completion and the status of asset capitalization [15]. Group 4: Market Context - The company has successfully completed parts of the project, with reports confirming the completion of the "Yuanli Digital Technology Innovation Industrial Base Project" [12]. - The company has relocated its main office to a new facility, indicating operational readiness [6].