Core Viewpoint - Feiyu Technology has entered a significant partnership with Tencent to develop a new mini-game based on Tencent's IP, with a production cost of 12.5 million yuan, marking a new phase in their collaboration [1][2]. Group 1: Partnership Details - The agreement requires Feiyu Technology to meet tight deadlines: a game development plan in one month, a test version in three months, and a commercial version in seven months [1]. - The payment structure is linked to project milestones: 30% upon signing, 40% after the development plan, and the final 30% after the commercial version is delivered [1]. - Tencent indirectly holds approximately 14.97% of Feiyu Technology's issued share capital, establishing a strong capital foundation for the partnership [2]. Group 2: Strategic Implications - This collaboration allows Feiyu Technology to learn from Tencent's development processes, enhancing its technical capabilities and experience in mini-game development [2][5]. - The partnership is expected to improve Feiyu Technology's reputation in the industry and foster long-term collaboration opportunities with Tencent [2][4]. - Feiyu Technology's recent success with its mini-game "One Step Two Steps," which reached the 8th position on the WeChat mini-game sales chart, demonstrates its potential in this market [1]. Group 3: Market Reaction - Following the announcement, Feiyu Technology's stock price surged over 10%, indicating strong investor confidence in the partnership's long-term value [3]. - The market's positive response reflects optimism regarding Feiyu Technology's mini-game strategy and future performance [4]. Group 4: Future Prospects - The collaboration may lead to more projects between Feiyu Technology and Tencent, enhancing Feiyu's position as a stable partner for future opportunities [5]. - Feiyu Technology plans to extend product lifecycles and initiate overseas promotion starting in Southeast Asia, leveraging the experience gained from this partnership [4].