Core Viewpoint - The article discusses the viral phenomenon of the "Hong Xuan Ye" meme, exploring its roots in internet culture and the changing perceptions of historical figures, particularly during the Qing Dynasty and the Three Kingdoms period [5][8]. Group 1: Internet Meme and Cultural Shifts - The "Hong Xuan Ye" meme gained widespread popularity, reflecting a significant shift in public sentiment towards the Qing Dynasty, with users expressing disdain for historical figures like Kangxi [5][8]. - The meme's success is attributed to its sensational nature, tapping into human curiosity about historical gossip, which resonates even with those indifferent to history [11][12]. - The article notes that the meme serves as a vehicle for users to vent their frustrations with the Qing Dynasty, indicating a broader trend of negative sentiment towards this historical period [8][10]. Group 2: Historical Representation in Media - The failure of the animated film "The Stars of the Three Kingdoms" is analyzed, suggesting that its portrayal of Cao Cao as a positive character clashed with current audience preferences, leading to poor box office performance [6][7]. - The article argues that if the film had focused on Liu Bei instead, it could have significantly improved its reception and financial success, highlighting the importance of aligning historical narratives with contemporary audience sentiments [7][8]. - The changing perceptions of historical figures, such as the rise of support for the Shu Han faction over the Wei faction, illustrate the evolving landscape of historical interpretation in popular media [10][12]. Group 3: Audience Engagement and Market Dynamics - The article emphasizes that creators must adapt to the rapidly changing opinions of internet users, as the current environment is characterized by a "fandom culture" where loyalty to specific historical narratives is paramount [12][14]. - It suggests that attempts to alter public perception through artistic works are often futile, as audiences seek content that reflects their existing beliefs rather than challenges them [14]. - The need for creators to navigate these dynamics carefully is underscored, as failure to do so can result in commercial failure and negative reception [13][14].

Group 1: Ice and Snow Industry - The scale of China's ice and snow industry is projected to exceed 1 trillion yuan, reaching 100.53 billion yuan by 2025, driven by major events like the 15th National Winter Games [1] Group 2: Gold Market - The World Gold Council indicates that gold prices have reached historical highs 45 times this year, yet the market remains unsaturated, with speculative positions not at peak levels [1] Group 3: AI Market - A report by Bain & Company and Amazon Web Services forecasts that the AI software and hardware market will reach between $780 billion and $990 billion by 2027, with an average growth rate of 40%-55% [1] Group 4: Microsoft and Domestic Software Companies - Reports suggest that Microsoft plans to move most of its new product production outside of China starting in 2026, leading to a surge in domestic software company stock prices [2] Group 5: Nestlé's Restructuring - Nestlé plans to lay off approximately 16,000 employees globally over the next two years, aiming for annual cost savings of 1 billion Swiss francs by 2027 [2] Group 6: ByteDance's Model Usage - ByteDance's Doubao model has seen a dramatic increase in usage, with daily token usage rising from 120 billion to over 30 trillion tokens in a span of 16 months [3] Group 7: NIO's Legal Issues - NIO faces a lawsuit from Singapore's sovereign wealth fund, GIC, over allegations of inflated revenue and profits, stemming from a report by a short-seller in 2022 [5] Group 8: Financial Performance of Companies - Xinjiang Communications Construction reported new signed project contracts worth 1.413 billion yuan in Q3 [6] - Tongyuan Petroleum won a $126 million oil and gas service project in Algeria [8] - Guosen Securities received approval to issue short-term corporate bonds up to 15 billion yuan [9] - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income for the first three quarters [11] - Jinmo Co. achieved a 4.03% increase in profit for the first three quarters [12] - Chunfeng Power reported a 30.89% year-on-year increase in net profit for the first three quarters [13] - Guobang Pharmaceutical's net profit increased by 15.78% year-on-year for the first three quarters [14]

Summary of Guomai Culture's Conference Call Industry and Company Overview - **Company**: Guomai Culture - **Industry**: Animation Film and Publishing Key Points and Arguments Performance of "The Stars of the Three Kingdoms" - The film "The Stars of the Three Kingdoms" performed below expectations during the National Day holiday, with a total box office of 1.8 billion yuan, while the anticipated total was around 2 billion yuan [2][3] - Despite the lower box office, the film received good reviews, with a Maoyan score of 9.4 and a Douban score of 7.2, indicating audience recognition of the film's quality [2][3] Lessons Learned from the Release - **Timing Issues**: The film's target audience primarily consists of middle and primary school students, suggesting that a summer release would have been more effective [4] - **Promotion Cycle**: The promotional period was too short, starting only in September, which was insufficient for a new animated film without a prior installment [8] - **Content Quality**: The film's story was considered conventional and lacked standout features, which may be attributed to the team's inexperience and the choice of subject matter [8] Future Plans for "The Stars of the Three Kingdoms" - Guomai Culture plans to re-release, supplement, or even remake "The Stars of the Three Kingdoms" in summer 2026 to enhance product quality and market interest [6] - The company aims to explore various formats, including online versions, streaming, and overseas revenue, to fully leverage the IP's value [6] Financial Performance and Growth - Guomai Culture's main business has shown high growth, with Q1 and H1 reports indicating growth rates of 33% and nearly 30%, respectively [5][7] - Despite high growth, profit growth did not meet some investors' expectations due to high personnel and administrative costs during the investment phase [7] - The company has entered a cost-reduction and efficiency-improvement phase, with expectations of significant cost and expense reductions starting in Q4 2025 [12] AI Initiatives and Technological Advancements - Guomai Culture has established an AI publishing platform, "Book World Intelligent Publishing Platform," achieving 80% of the creative process through AI, significantly reducing costs and improving efficiency [9][10] - The company has launched "AI Proofreading King," generating several million yuan in revenue through localized deployments in government and state-owned enterprises [9] - The ERP system integrated with AI has been sold externally, with some publishing groups making collective purchases [10] Highlights in the Publishing Sector - In 2025, Guomai Culture's publishing sector has performed well, with successful products like "Improvement Notes" and G.E.M.'s "Revelation" driving revenue growth [11] - The company expects to maintain high revenue growth in Q3, although human resources and business investments may impact net profit [11] Revenue and Cost Projections - Guomai Culture achieved a 25% revenue growth in 2024 and aims to sustain this high growth for at least the next two years [12] - With the introduction of "Proofreading King" and the "Number World" closed-loop system, labor costs have begun to decline, and the company anticipates significant reductions in overall costs and expenses starting in Q4 2025 [12]

Core Viewpoint - The animated film "The Stars of the Three Kingdoms," as China's first Three Kingdoms-themed animation, faced a significant box office failure during the 2025 National Day holiday, leading to a sharp decline in the stock price of its main investor, Guomai Culture, which has seen its market value nearly halved since reaching a record high last month [1][2]. Group 1: Box Office Performance - The box office for the 2025 National Day holiday dropped by 13% year-on-year to 1.835 billion yuan, marking a stark contrast to previous years where box office figures were 4.388 billion yuan in 2021, 1.497 billion yuan in 2022, 2.735 billion yuan in 2023, and 2.105 billion yuan in 2024 [1]. - The total number of moviegoers during this period was 50.079 million, a decrease of 4% year-on-year, with the average number of attendees per screening falling by 15% to 13.7 [1]. Group 2: Company Financials and Market Reaction - Guomai Culture invested 40 million yuan in "The Stars of the Three Kingdoms," but as of October 11, the film's box office revenue was only over 76 million yuan, ranking sixth among National Day films, with a projected total box office of 82 million yuan, significantly below market expectations [2]. - Following the film's release, Guomai Culture's stock price dropped over 19% in two days, resulting in a market value loss of several billion yuan. On October 10, the stock price hit a low of 49.46 yuan, representing a 46.74% decline from its historical high on September 24 [2]. Group 3: Risks and Challenges - Prior to the stock price drop, Guomai Culture had seen a year-to-date increase of 267.77%, with a price-to-earnings ratio exceeding 100. However, the company's net profit for the first half of 2025 was only 5.66 million yuan, indicating a lack of solid earnings support for its high valuation [3]. - The company's cash flow situation is concerning, with a net cash flow from operating activities of -27.06 million yuan, which has worsened by 73.22% year-on-year [3]. - Guomai Culture's revenue remains heavily reliant on traditional book planning and publishing, accounting for over 92% of its income, while new business ventures like AI have contributed minimally to revenue [3]. Group 4: Future Outlook - Plans for a sequel to "The Stars of the Three Kingdoms" are reportedly in preparation, but the poor performance of the first film casts a shadow over its prospects [4]. - The content industry will always have space for sincere, innovative, and skillfully crafted stories, suggesting that companies that prioritize content quality and understand audience needs will be better positioned to thrive in the long term [4].

Core Viewpoint - The article discusses the historical inaccuracies and creative liberties taken in the animated film "The Stars of the Three Kingdoms," particularly regarding the relationship between Emperor Xian of Han and Cao Cao, which may mislead audiences about historical events [4][12][19]. Summary by Sections Historical Context - The film is based on the historical backdrop of the Three Kingdoms period, focusing on the relationship between Cao Cao and Yuan Shao, culminating in the Battle of Guandu [1]. - The narrative introduces the controversial "clothing edict" incident, where Emperor Xian allegedly issued a secret edict to assassinate Cao Cao, which is depicted in a way that suggests a close alliance between the two [4][10]. Analysis of Historical Sources - The article references key historical texts, including "Records of the Three Kingdoms," "Book of the Later Han," "Comprehensive Mirror in Aid of Governance," and "Chronicles of Huayang," to analyze the authenticity of the clothing edict [5][7]. - It highlights that while some texts suggest the edict's existence, others imply it may have been fabricated by Dong Cheng, leading to ambiguity about Emperor Xian's intentions [9][10]. Critique of the Film's Portrayal - The film's portrayal of a close friendship between Emperor Xian and Cao Cao is criticized as historically implausible, given the documented animosity and political tension between them [12][15]. - The article argues that the film's attempt to "whitewash" Cao Cao's character contradicts historical accounts of his violent actions, which have shaped his reputation as a ruthless leader [19]. Implications for Future Productions - The article warns that misrepresenting historical figures can lead to audience dissatisfaction and market rejection, suggesting that creators should approach historical narratives with caution and respect for the source material [20][19].

Core Viewpoint - The 2023 National Day film season has experienced an unprecedented downturn, with no films meeting expectations, leading to significant losses across the board [5][25]. Group 1: Reasons for the Failure of the National Day Film Season - Despite having decent genres, casts, and reviews, the National Day film season has failed to produce any highlights, with films quickly overshadowed by "731" [6][7]. - "The Volunteer Army 3" achieved average standards for the series but suffered from viewer fatigue due to the repetitive nature of the franchise, leading to an expected box office of 600 million, resulting in inevitable losses [10]. - "Assassination Novelist 2" continued the issues of its predecessor, with a significant drop in box office performance, losing about half of its earnings compared to the first film [14]. - "The Sound of Thunder" is noted as the best-reviewed film of the season, with a score of 7.6 and an expected box office of 300 million, indicating a potential for recouping costs [24]. Group 2: Industry Insights - The 2023 National Day film season is characterized by a diverse range of genres, yet none of the films managed to break through, marking a historical low for the industry [25][26]. - The disconnect between filmmakers and audience preferences has been highlighted as a critical issue, with filmmakers often being the least aware of market demands, leading to financial failures [27]. - The industry must adapt to audience needs and preferences, moving towards a more accessible form of art to avoid future losses [27].

Core Viewpoint - The animated film "The Stars of the Three Kingdoms" presents a unique interpretation of the Three Kingdoms story, focusing primarily on the character of Cao Cao, portraying him as a virtuous figure amidst complex relationships with other characters, particularly Yuan Shao and Emperor Liu Xie [10][11][12]. Summary by Sections Character Development - The film emphasizes a fair portrayal of classic Three Kingdoms characters, notably excluding prominent figures like Liu Bei and Guan Yu, which allows for a concentrated narrative on Cao Cao's character [7][8][9]. - Cao Cao is depicted as a "perfect saint" and the central figure of virtue, with all negative actions attributed to others, creating a narrative where he is either loved or envied by those around him [13][14][15]. Plot Overview - The story begins with a youthful Cao Cao and Yuan Shao engaging in petty theft, leading to a long-standing emotional conflict between them [16][18][20]. - The narrative skips significant historical events, such as Cao Cao's famous exploits, to focus on his emotional journey and decisions, including his choice to pursue the rescue of Emperor Liu Xie [22][24][26]. Relationship Dynamics - The film explores the evolving relationship between Cao Cao and Liu Xie, highlighting misunderstandings and emotional turmoil, particularly influenced by the scheming of characters like Dong Cheng [51][56]. - A significant turning point occurs when Liu Xie, after a year of hardship, encounters Cao Cao, leading to a moment of reconciliation and shared aspirations [44][46][68]. Conflict and Resolution - The film culminates in the conflict of the Battle of Guandu, where Cao Cao faces challenges both from Yuan Shao and internal strife, ultimately leading to a resolution of misunderstandings with Liu Xie [62][64][66]. - The narrative concludes with a poignant moment between Cao Cao and Yuan Shao, reflecting on their past and the complexities of their relationship, leaving the audience with an ambiguous sense of closure [74][75].

Core Viewpoint - The article discusses the animated film "The Three Kingdoms: Starry Sky," highlighting its unique portrayal of historical characters, particularly focusing on Cao Cao's character development and relationships, which are presented in a romanticized manner rather than a traditional historical narrative [4][5][6]. Summary by Sections Character Portrayal - The film reimagines classic characters from the Three Kingdoms, notably excluding prominent figures like Liu Bei and Guan Yu, and centers on the complex emotional dynamics between Cao Cao, Yuan Shao, and Liu Xie [4][5]. - Cao Cao is depicted as a virtuous figure, often referred to as a "perfect saint," while other characters are shown as either loving or envious of him, creating a narrative that elevates his moral standing [4]. Plot Development - The story begins with a childhood incident between Cao Cao and Yuan Shao, leading to a long-standing emotional conflict that mirrors romantic misunderstandings [5][6]. - The narrative skips over significant historical events, focusing instead on personal relationships and emotional journeys, such as Cao Cao's decision to rescue a dog, which symbolizes deeper themes of loyalty and purpose [6][8]. Conflict and Resolution - As the plot progresses, misunderstandings arise, particularly involving Liu Xie, who is manipulated by a scheming advisor, leading to a pivotal moment where he mistakenly believes Cao Cao has ulterior motives [8][10]. - The climax involves a reconciliation between Cao Cao and Liu Xie, where they unite against Yuan Shao, showcasing themes of trust and partnership despite previous conflicts [10][11].

Core Insights - The National Day box office performance has significantly declined, with a first-day revenue of 330 million, representing a 33% drop compared to last year, and only reaching the level of 2016 when excluding the exceptional year of 2022 [2][3] Group 1: Box Office Performance - The first day of the National Day box office achieved 330 million, indicating a poor performance and a notable decline from previous years [2] - The lack of blockbuster films this year has contributed to a "sea of films" strategy, leading to a fragmented market where no standout films are present [2][3] - The absence of strong headliners in the National Day lineup has resulted in a diminished status compared to other holiday periods like the Spring Festival [2] Group 2: Film Analysis - "The Volunteer Army 3" opened with 96 million, a 37% decrease compared to its predecessor, indicating audience fatigue with the series [4][7] - "Assassination Novelist 2" grossed 64 million on its opening day, struggling to surpass the original's box office due to polarized audience reception [9] - "731" performed well with 60 million on its first day, suggesting either its strength or the overall weakness of other films in the lineup [11] - "Wandering Life" earned 36 million, lacking a clear genre or standout quality, resulting in a mediocre performance [16] - "Wind Forest Fire Mountain" and "Three Kingdoms' Starry Sky" had poor openings, with 2.08 million and 2.05 million respectively, indicating limited market appeal [19][22] - "Bi Zhengming's Proof" garnered 850,000, showing potential for growth if other films underperform [25]

Summary of Guomai Culture Conference Call Company Overview - Guomai Culture focuses on integrating high-quality IP with companies that lack operational expertise, employing a reverse topic selection strategy to enhance influence, exemplified by the success of the Chinese version of "Diary of a Wimpy Kid" selling over 1 million copies and the book "Beyond the Notes" related to Lin Junjie [2][5] Core Business Insights - The company operates as an internet-plus publishing entity, concentrating on best-selling books and new sales channels like short video e-commerce, maintaining steady growth in book publishing despite offline market challenges [2][6] - Operating performance, particularly gross margin, remains relatively stable, although net profit attributable to shareholders fluctuates due to offline impacts and investment losses [2][6] AI Technology Development - Guomai Culture is advancing AI proofreading technology, utilizing a fee-based model for publishers and localized deployment for projects like military websites, enhancing production efficiency and labor liberation [2][7][8] - The company has initiated commercial monetization in AI proofreading, showcasing its capabilities through partnerships with publishers and military projects [3][7] Animation Film IP Monetization - Animation film IP monetization is a key strategic direction, with upcoming releases like "Wang Wang Mountain" and "Three Kingdoms Starry Sky" expected to significantly boost profits [2][9] - The collaboration with Light Media for "Three Kingdoms Starry Sky," which has a 30% stake and is responsible for promotion, is anticipated to yield strong box office results, potentially exceeding 2 billion [2][11][14] Market Performance and Expectations - The 2025 summer film market has shown strong performance, with films like "Wang Wang Mountain" exceeding expectations, creating a favorable environment for the upcoming National Day release of "Three Kingdoms Starry Sky" [4][13] - The film's success is projected to contribute significantly to the company's profits, with expectations of a box office performance above 2 billion, supported by a strong promotional strategy and audience continuity [4][14] Additional Insights - The reverse topic selection model enhances the accuracy and stability of the company's selections, ensuring steady revenue and profit growth [4][5] - The company is also exploring AI applications in areas like AI comics and topic selection, indicating a commitment to expanding its AI capabilities [8]