Core Insights - The female-oriented gaming market in China, particularly the "national乙" (Guo Yi) segment, has seen a decline in performance after a strong start with new titles like "Love and Deep Space," "World Beyond," and "Like a Kite" pushing market share to over 10 billion yuan [1][4] - The current market dynamics have shifted from "one strong and many strong" to "one strong and many weak," indicating a significant change in competition and user engagement [4] - "Love and Deep Space" remains the leading title but struggles to maintain its previous high rankings against competitors like "King of Glory" and "Douyin" [6][12] Market Performance - "Love and Deep Space" has consistently generated over 100 million yuan monthly, but its ability to top charts has diminished due to the increasing strength of platforms like Douyin [6][12] - "Like a Kite" initially performed well but faced backlash due to narrative issues, leading to a more subdued marketing approach while maintaining stable revenue [8][10] - "World Beyond" has suffered from a significant drop in revenue, with October earnings at only 23.1 million yuan, attributed to internal company turmoil and pricing issues [10][11] User Engagement and Community Dynamics - The user base for "Love and Deep Space" is notably diverse, including many older female players who are less influenced by online community discussions, contributing to its stable revenue [12][22] - The concept of "乙游原教旨" (originalist乙 game) is debated, with some players feeling that current titles deviate from traditional aesthetics and gameplay, which may limit their appeal to broader audiences [16][18] - The potential for growth lies in attracting a larger, less engaged user base, particularly those outside the traditional二次元 (2D) gaming community [23][31] Future Trends and Industry Movements - Companies are increasingly recognizing the purchasing power of the "现充" (active social players) demographic, which could lead to new marketing strategies and game designs aimed at this group [25][31] - Upcoming projects like Tencent's "Heart of the King" and new titles in development may signal a shift in focus towards appealing to a broader audience within the female-oriented gaming market [27][29] - The balance between catering to core users and attracting new players will be crucial for the sustainability and growth of titles in the national乙 market [33]

Performance Overview - In the first three quarters of 2025, the company achieved revenue of 9.787 billion (yoy -0.61%) and a net profit attributable to shareholders of 708 million (yoy +319.92%), with a non-recurring net profit of 611 million (yoy +641.09%) [1] - In Q3 2025, the company reported revenue of 3.098 billion (yoy -14.63%), a net profit of 173 million (yoy +212.04%), and a non-recurring net profit of 131 million [1] Box Office Performance - The total box office in China for Q3 2025 reached 12.72 billion (yoy +17.2%), with 340 million moviegoers (yoy +29.8%) [2] - The company's domestic cinemas generated box office revenue of 1.88 billion, with 45.05 million attendees, capturing a market share of 14.8% [2] - Notable films released include "Nanjing Photo Studio" with a box office of 3.02 billion, and "The Lychee of Chang'an" with 690 million, the latter receiving six nominations at the 38th China Golden Rooster Awards [2] Strategic Initiatives - The company is advancing its "Super Entertainment Space" strategy, exploring diverse business growth through a "1+2+5" strategic framework [3] - The company launched themed marketing activities such as the "Super Entertainment Animation Market" during the summer season, integrating IP, scenes, and demographics to enhance customer loyalty [3] - IP products like "Light and Night Love," "Lanruo Temple," and "Cute Town" are aimed at increasing young user engagement and enhancing user experience, creating a supportive ecosystem for box office and non-box office revenue [3] Investment Outlook - The company has a rich content pipeline and stable release schedule, with projected revenues of 14.038 billion, 15.206 billion, and 16.292 billion for 2025E-2027E, and net profits of 976 million, 1.227 billion, and 1.454 billion respectively [4] - The investment rating is maintained at "Buy" [4]

Group 1: Krafton and "幻兽帕鲁" - Krafton announced that the mobile game "幻兽帕鲁" will begin testing in Q4 2025, developed in collaboration with Japanese developer Pocketpair, featuring core gameplay elements from the PC version [1] - The success of "幻兽帕鲁" in 2024 led to a surge in similar game development by domestic companies, but many faced market rejection due to lack of official licensing and poor gameplay integration [1] - The entry of Krafton with an official mobile version shifts the competitive focus in the pet-catching genre from gameplay imitation to a combination of IP management and development strength [1] Group 2: Tencent and "终极角逐" - Tencent confirmed that the first-person shooter game "终极角逐" will officially launch on November 18, 2025, with players able to register through Tencent's cloud gaming platform [2] - The game, a domestic version of the overseas hit "THE FINALS," features a unique terrain destruction system that allows players to create tactical advantages through environmental manipulation [2] - The public release of "终极角逐" is expected to be a significant catalyst for market sentiment, as shooting games are a core revenue pillar for Tencent, which has faced growth pressures due to insufficient new product iterations [2] Group 3: "光与夜之恋" Voice Actor Change - Tencent's "光与夜之恋" announced a change in the voice actor for the character "查理苏" due to the health issues of the current actor, 吴磊, prompting a search for a replacement [3] - The project team is focusing on character compatibility in the selection process, which has garnered significant attention from both players and the capital market [3] - Companies with risk mitigation mechanisms, such as multiple voice actor reserves or advanced AI voice technology, may achieve higher valuation premiums, while those relying on a single actor without contingency plans may face increased valuation risks [3]

Group 1 - Capcom announced the pre-order for "Monster Hunter Stories 3: Fate of the Twin Dragons," set to release on March 13, 2026, across multiple platforms including PlayStation 5, Xbox Series X|S, Nintendo Switch 2, and PC, reflecting strong confidence in the "Monster Hunter" IP [1] - The game is priced at 298 yuan for the standard edition, 388 yuan for the deluxe edition, and 428 yuan for the premium deluxe edition, indicating the company's deep exploration of the IP's value [1] - The cross-platform release strategy aims to maximize user coverage and may set a benchmark for the industry, promoting the trend of multi-platform releases for high-quality content [1] Group 2 - Eagle Horn announced that "Arknights: End of the World" will enter a comprehensive testing phase on November 28 for PC and mobile, with recruitment for testers now open [2] - This testing phase is a paid test, which will help validate the game's core gameplay and monetization model ahead of its official launch [2] - The testing dynamics from leading companies are crucial for observing market trends, and feedback may influence investor sentiment towards the two-dimensional and strategy game sectors [2] Group 3 - Tencent's "Light and Night of Love" has launched its HarmonyOS version, supporting devices with HarmonyOS 5 and above, allowing players to retain their account data from the Android version [3] - This launch positions Tencent's game as a benchmark for female-oriented games adapting to the Harmony ecosystem, supporting the development of the Harmony system [3] - The move is expected to accelerate the migration of other game developers to the Harmony ecosystem, reshaping the application distribution landscape [3]

Core Insights - The film market in October 2023 generated a total box office of 2.574 billion yuan, reflecting a month-on-month decline of 3% and a year-on-year decline of 29% [1] - The performance during the "Double Festival" period (National Day and Mid-Autumn Festival) was disappointing, with box office earnings of 1.835 billion yuan, significantly lower than the expected 2.105 billion yuan for 2024 [1] Group 1: Company Performance - Beijing Enlight Media reported record-high revenue and net profit for the first three quarters of 2023, with revenue reaching 3.616 billion yuan, a year-on-year increase of 150.81%, and net profit of 2.336 billion yuan, up 406.78% [2] - Hengdian Film's revenue for the same period was 1.895 billion yuan, a year-on-year growth of 17.28%, with net profit soaring to 206 million yuan, marking an increase of 1084.80% [2] Group 2: Business Strategy - Companies are increasingly focusing on enhancing IP derivative income as a strategy to mitigate market risks, with many executives emphasizing the importance of IP development [3][4] - Disney's financial report indicated a decline in traditional entertainment profits, yet overall revenue grew by 2.1% due to gains in other business segments, highlighting the potential of diversified revenue streams [3] Group 3: IP Derivative Potential - The potential for IP derivatives is significant, with Enlight Media's "Nezha" series generating over 10 billion yuan in derivative income, and projections suggesting total sales could exceed 100 billion yuan [4] - The commercial value of the animated film "Wang Wang Mountain Little Monster" is estimated to exceed 1 billion yuan, with over 400 licensed derivative products launched simultaneously [4] Group 4: Industry Trends - Companies like Wanda Film are exploring integration with ACG (Animation, Comics, Games) to enhance derivative income, showcasing various IP resources at industry events [5] - The concept of "super entertainment space" proposed by Wanda Film aims to cultivate super IPs and brands, indicating a shift towards creating a new industry ecosystem [5] Group 5: Challenges and Opportunities - The success of IP integration relies on achieving a unified core narrative across different media, rather than mere licensing, to fully unlock the potential of cross-media collaborations [6]

Core Viewpoint - The interactive game "The Queen's Game: The Prosperous World" has gained significant popularity but has faced backlash due to its historical inaccuracies and heavy focus on romantic narratives, leading to widespread criticism and the closure of comments across platforms [1][20]. Summary by Sections Game Overview - "The Queen's Game: The Prosperous World" is based on Wu Zetian, China's only female emperor, and incorporates elements of interactive storytelling and palace intrigue from the Tang Dynasty [2]. Controversy and Criticism - The game has been criticized for deviating from historical facts, particularly in its portrayal of romantic relationships that overshadow the main narrative of a female power figure's rise [3][6]. - The emotional narrative, especially the love story between the protagonist and the princes, has sparked debates about the representation of female empowerment [9][10]. Audience Reception - Players' reactions are polarized, with some appreciating the creative liberties taken in the game, while others argue that it undermines the significance of Wu Zetian as a symbol of female power [8][9]. - The competition between the two male leads, referred to as "95CP" and "45CP," has attracted a large female audience, indicating a preference for emotional engagement over historical accuracy [14][15][16]. Market Dynamics - The game reflects a broader trend in the female-oriented gaming market, where emotional narratives often take precedence over career-focused storylines, aligning with consumer preferences [12][19]. - The success of similar games suggests that emotional storytelling is a key driver in the female gaming segment, despite the potential for backlash when historical figures are involved [18][19]. Themes of Freedom and Choice - The narrative raises questions about the nature of freedom for women, particularly in the context of choosing between love and power, which has led to significant public discourse [21][22]. - The debate centers on whether sacrificing power for love represents true freedom or a regression in women's rights, highlighting the complexities of female empowerment in storytelling [24][25][27].

Core Insights - Wanda Film is launching a large-scale collaboration with the popular game IP "Love and Deep Space" during the National Day holiday, offering an immersive cinema experience themed around "the story of a movie's birth" [1] - The event will take place in over 700 theaters across more than 200 cities in China, featuring various interactive experiences for participants [1][2] Group 1 - The collaboration allows players to step into the role of "Hunter Miss" and engage in the entire movie-making process alongside the male lead, creating a unique transition from audience to participant [1] - Participants will be addressed as "Hunter Miss" by staff and can engage in interactive activities such as "receiving meals on set" [1] - The initiative aims to resonate with Generation Z's growing cultural consumption power, emphasizing emotional recognition and self-construction through content like anime and games [1] Group 2 - This is not Wanda Film's first foray into IP collaborations; previous partnerships with popular games like "Genshin Impact" and "Identity V" have successfully attracted a significant number of young consumers [2] - Data indicates that some collaboration events have achieved a viewing conversion rate of 30%, with 85.5% of users being under 25 years old, highlighting the strong appeal to the younger demographic [2]

Core Insights - A new emotional consumption model called "Cos委托" is emerging among young women, where they pay to hire Coser (usually female) to role-play as virtual game "lovers" for a carefully designed date [1][21] - This model reflects a pursuit of ideal intimate relationships and self-affirmation in a world where maintaining real-life relationships has become increasingly costly [1][21] Group 1: Emotional Consumption Model - "Cos委托" allows individuals (referred to as "单主") to hire female Cosers to embody male characters from otome games for a day [5][21] - The pricing for these services varies widely, ranging from 300 to 2000 yuan for a full day, with an average service duration of six to eight hours [9][21] - The emotional value derived from these experiences often outweighs the financial costs for participants, with some individuals spending over 100,000 yuan on such services [9][21] Group 2: Participant Experiences - Participants often report feelings of hope and emotional fulfillment after these experiences, which can help alleviate feelings of loneliness and despair [17][21] - The interactions during these dates are designed to simulate genuine romantic experiences, with Cosers paying close attention to the emotional needs of their clients [19][21] - Many participants express that the companionship provided during these dates is more valuable than the extravagant experiences themselves [20][21] Group 3: Industry Dynamics - The industry is still relatively niche, with most Cosers initially engaging in this work part-time or as a hobby before transitioning to paid services [5][21] - As the industry grows, issues such as pricing disputes and quality of service have emerged, leading to a rise in consumer complaints and "挂条" (warning notes) on social media platforms [25][29] - The majority of Cosers are female, and there is a notable preference among female clients for female Cosers due to safety concerns and a better understanding of emotional needs [29][21]

Core Insights - The article discusses the changing dynamics between voice actors (CVs), players, and game developers in the gaming industry, particularly in the context of character voice changes and player expectations [1][2][3] Group 1: Voice Actor Changes - The recent departure of CV Wu Lei from the game "Love and Producer" has been met with mixed reactions, with some players celebrating the change while others express dissatisfaction with current CV performances [1][2] - The industry has seen a trend of CV replacements due to various issues, including personal controversies and declining performance, leading to a more cautious approach from developers when selecting voice actors [2][7][11] - Players are increasingly vocal about their expectations for CV performances, leading to significant backlash against CVs who do not meet these standards, as seen in the cases of Zhao Yang and Wu Lei [11][15][17] Group 2: Industry Dynamics - The relationship between CVs, players, and developers has shifted from a mutually beneficial arrangement to a more adversarial one, where each party holds the other accountable for quality and performance [18][20] - Developers are now more inclined to keep CV identities hidden to mitigate backlash and player dissatisfaction, reflecting a broader trend in the industry [26][28] - The introduction of AI technology in voice acting is becoming a consideration for developers, as it offers a potential solution to the challenges posed by human voice actors, although concerns about authenticity and emotional connection remain [30][32][34] Group 3: Market Trends - The gaming market is witnessing a decline in the willingness to invest in high-profile CVs, as seen in the case of "Shining Nikki," where a CV was replaced without prior notice, leading to player protests [22][24] - The pricing structure for CVs remains relatively stable, with rates ranging from 100 to 500 per line, but the overall market dynamics are shifting as developers seek cost-effective solutions [24] - The industry's future may hinge on how well it adapts to these changes, particularly in balancing player expectations with the realities of voice acting performance and the potential integration of AI [34]

Core Viewpoint - The article discusses the evolving relationship between voice actors (CVs), players, and game developers in the gaming industry, highlighting recent controversies surrounding voice actor changes and the impact on player satisfaction and brand reputation [1][4][27]. Group 1: Voice Actor Changes - The recent departure of CV Wu Lei from the game "Love and Producer" has been met with mixed reactions, with some players celebrating the change while others express dissatisfaction with current CV performances [1][2][21]. - The industry has seen multiple instances of CV changes due to various reasons, including personal issues affecting performance, leading to a shift in how players perceive and react to these changes [5][20][29]. - The relationship between CVs and game developers has become more complex, with developers now more cautious about publicizing CV identities due to potential backlash from players [41][55]. Group 2: Player Expectations and Reactions - Players have become increasingly critical of CV performances, demanding higher standards and expressing dissatisfaction when they feel a CV does not match the character's persona [20][24][48]. - The emotional connection players have with characters is significant, making it challenging for new CVs to replace established ones without losing the original character's essence [48][49]. - Players' reactions to CV changes can lead to significant backlash against both the CVs and the game developers, as seen in the cases of "Overwatch" and "Honor of Kings" [15][17][43]. Group 3: Industry Trends and Future Directions - The rise of AI technology in voice acting is becoming a consideration for game developers, with discussions around its potential to replace human CVs in the future [55]. - Developers are exploring new methods to manage CV relationships, including keeping CV identities confidential and utilizing AI to mitigate risks associated with human performance variability [41][55]. - The industry is at a crossroads, where the traditional model of CVs being integral to character identity is being challenged by technological advancements and changing player expectations [54][56].