Core Viewpoint - Company Dreamland Technology has issued a positive profit forecast, expecting a net profit between 20 million and 50 million RMB for the first half of 2025, a significant turnaround from a net loss of approximately 109 million RMB in the same period last year, primarily driven by the launch of self-developed products and new offerings [1][3]. Group 1: Financial Performance - In 2024, Dreamland Technology reported total revenue of 1.51 billion RMB, a year-on-year decline of 21%, with an adjusted net loss of 30 million RMB, marking the fifth consecutive year of performance pressure [3]. - The gaming sector remains the primary revenue source, contributing 96.2% to total revenue, although gaming revenue fell by 21.3% from 1.849 billion RMB to 1.456 billion RMB [3]. - Operating cash flow turned positive in 2024, reaching 150 million RMB, indicating a positive feedback loop [3]. Group 2: Strategic Initiatives - The company is focusing on two main strategies: introducing overseas premium games and expanding self-developed games globally [3]. - The game "Metro Surfers" has maintained a top-ten position across multiple channels, with a version payment rate increasing by 40%, reaching a five-year high [3]. - The newly launched game "Mecha Squad" achieved impressive performance in the domestic market, ranking among the top five in global revenue for mecha shooting games [3]. Group 3: Future Outlook - The game "Kara Bichu" is expected to play a crucial role in the company's turnaround, with the management expressing high hopes for its performance in 2025 [3][4]. - The company regained the publishing rights for "Kara Bichu" from Tencent in February, allowing for integrated development and operation [3]. - A recent share placement raised approximately 72 million HKD, with proceeds primarily allocated to the global strategy for "Kara Bichu," focusing on mobile and console version development to ensure a multi-platform launch in 2025 [4].

Group 1 - Tencent's new MMO game "Star Resonance" officially launched on July 17, based on the IP "Blue Protocol" from Bandai Namco, which ceased operations earlier this year. This launch may inject new vitality into the domestic ACG (Anime, Comic, and Game) market and strengthen Tencent's competitive advantage in this segment [1] Group 2 - Nintendo's new game "Donkey Kong: Bananapocalypse" was released on July 17, receiving an average score of 91 from 87 media outlets on Metacritic, with IGN giving it a perfect score. As a Switch 2 exclusive, this high rating may enhance Nintendo's competitiveness in the console gaming market and boost confidence in the monetization potential of its IPs [2] Group 3 - Chuangmeng Tiandi's tactical shooting game "Kara Bichu" mobile version began a limited paid testing phase on July 17, lasting until July 26, exclusively for Android. The original PC version performed well in Japan, indicating potential for monetization in the mobile market. Positive test results could enhance market perception of the company's game development capabilities, particularly in the niche of ACG and tactical shooting [3]

Core Insights - The Chinese gaming industry is increasingly successful in overseas markets, with actual sales revenue from self-developed games reaching $18.557 billion in 2024, a year-on-year increase of 13.39% [1][6] - Various provinces, particularly Guangdong and Zhejiang, are implementing new policies to support the gaming industry's expansion into international markets [10][12] Group 1: Market Performance - The actual sales revenue of the national gaming market in China was approximately 325.78 billion yuan in 2024, showing a recovery from previous years [4] - Guangdong's gaming industry revenue reached 260.43 billion yuan in 2024, with overseas revenue hitting 42.36 billion yuan, a 9.9% increase [7][6] Group 2: Policy Support - Multiple government departments have released policies since 2025 to promote the development of gaming exports and international cooperation [10] - Guangdong and Zhejiang provinces are focusing on collaborative strategies for gaming companies to share resources and reduce costs when entering overseas markets [12][13] Group 3: Company Strategies - Companies like Chuangmeng Tiandi have successfully launched games internationally, achieving significant user engagement and revenue growth [5] - Tencent is committed to an internationalization strategy, aiming to integrate resources from large and small companies to enhance overseas market penetration [14] Group 4: Industry Collaboration - The establishment of "Guangdong Gaming Export Matrix" and "Gaming Enterprise Export Alliance" allows small and medium-sized enterprises to share resources and better manage risks in international markets [13] - The gaming industry is encouraged to consider cultural differences and local market needs when developing strategies for overseas expansion [8][9]

Core Viewpoint - Company Dreamland Technology (创梦天地) successfully raised approximately HKD 72 million by placing around 100 million shares at HKD 0.72 per share, with funds primarily allocated for the global multi-platform development and release of its self-developed game "Kara Bichu" [1][2] Group 1: Financing and Development - The funds raised will accelerate the development and launch of the mobile and console versions of "Kara Bichu," aiming for a global release by the second half of 2025 [1][2] - The company has a strong focus on its gaming business, continuously introducing overseas premium games while actively advancing its self-developed games [1][2] - The financing is expected to inject strong momentum into the company's performance in the second half of the year, coinciding with a period of intensive product launches [1][2] Group 2: Market Position and Growth - Dreamland Technology has been operating in the overseas premium game distribution sector for 15 years, successfully managing long-lifecycle products like "Subway Surfers" and "Garden of Dreams" [1] - The company plans to release 2-3 overseas premium games annually in China, with several titles, including "Chong Chong Qibing" and "He Le Ge Hua Yuan," set to launch in the second half of 2025 [1] - The release of "Kara Bichu" on PC in November 2024 has validated its core competitiveness and user engagement, with a 50% increase in daily active users (DAU) following the introduction of a new gameplay mode [2] Group 3: Investor Confidence - The successful placement reflects market recognition of Dreamland Technology's long-term value and provides funding assurance for R&D and new product launches in the second half of the year [2] - The management believes that the multi-platform launch of "Kara Bichu" and the concentrated release of overseas premium games will likely lead to an accelerated performance release, further solidifying the company's global competitiveness [2]

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating a growing focus on well-being and life quality, which is expected to benefit the media sector [5][17]. - The report emphasizes the importance of domestic demand and the dual nature of media as both a technology and consumer sector, suggesting that the integration of technology and content can stimulate curiosity-driven consumption [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes that the cinema content sector is still in a "low valley" and is expected to benefit from upcoming releases and policy support [18][19]. Key Recommended Stocks and Logic - The report recommends several stocks within the media sector, including: - Windy Zhi (603466) focusing on experience economy - Mango Super Media (300413) with upcoming variety shows - BlueFocus Communication (300058) as a leading digital marketing firm [6][10]. Game Industry Progress - In April 2025, Chinese mobile game publishers generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue, with Tencent leading the market [20]. Film Market - The report highlights the upcoming film "冲·撞" set to release on May 17, which is based on a true story, indicating a focus on culturally relevant content [29]. Television Market - The report provides insights into the television ratings, with "成家" leading the viewership, showcasing the competitive landscape in the drama sector [35]. Variety Show Market - The report mentions popular variety shows such as "哈哈哈哈哈 第五季," indicating strong viewer engagement in the entertainment sector [37].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][10][22] Core Viewpoints - The media sector is expected to benefit from AI applications, with policies supporting the development of AI technologies [5][20] - The first quarter of 2025 shows a recovery trend in the media sector, with a significant year-on-year increase in net profit [16][18] - The film market is projected to face challenges, with lower ticket sales compared to previous years, emphasizing the need for quality content to drive audience engagement [17][31] Summary by Sections Industry Overview and Dynamics - The media industry has experienced a mixed performance, with the AI wearable device index showing significant gains while the Disney index has declined [15] - The overall net profit for the A-share media and internet sector decreased by 57% in 2024, but a 46% increase was observed in the first quarter of 2025 [16] Key Recommendations - Specific stocks recommended include: - Windy Zhi (603466) - Strong performance in Q1 2025 - Mango Super Media (300413) - Upcoming show "Singer 2025" scheduled for May 16 - BlueFocus Communication Group (300058) - Benefiting from Microsoft's digital marketing initiatives [6][10] Film Market Insights - The film market's performance during the May Day holiday showed a significant decline in both box office revenue and ticket sales compared to the previous year [17][31] - The report highlights the importance of quality content in driving audience demand, with upcoming summer releases being crucial for recovery [17] Game Industry Progress - The Chinese gaming market generated revenues of 857.04 billion yuan in Q1 2025, with a year-on-year growth of 17.99% [21] - New game releases are expected to contribute positively to market growth [21] AI Applications in Media - The integration of AI technologies is seen as a transformative factor for various sectors, including digital marketing and content creation [20] - Companies like Tencent and Alibaba are heavily investing in AI, which is expected to enhance their operational capabilities [20]

Group 1 - The stock price of Chuangmeng Tiandi (01119.HK) closed at HKD 0.730 on April 7, down 21.5% from the previous trading day, reaching a new low of HKD 0.720 during the day [1] - The net capital outflow on that day was HKD 255.11 million, with inflows of HKD 4.90928 million and outflows of HKD 7.46040 million [1] - Chuangmeng Tiandi Technology Co., Ltd. was established in 2009 and listed on the Hong Kong Stock Exchange in 2018, aiming to become the most creative technology company [1] Group 2 - The company focuses on the development and operation of premium IPs, with popular games such as "Dream Garden," "Dream Home," "Subway Surfers," and "Temple Run," which have long lifecycles and high user engagement [1] - Chuangmeng Tiandi is committed to self-developed games, having launched titles like "Honor All-Stars" and "Karabichu" for PC, with plans to release mobile and console versions in 2024 [1] - The company has deployed a community user management tool called Fanbook, which aims to enhance brand-user management and community growth [2] Group 3 - Chuangmeng Tiandi is recognized as a national high-tech enterprise, with over 1,000 intellectual property rights, including nearly 30 invention patents [2] - The company has participated in the formulation of five national technical cultural standards and has undertaken nearly 20 government-funded R&D projects at various levels [2]