Core Viewpoint - The company, Xuanji Technology, has received approval for its listing application on the National Equities Exchange and Quotations, marking a significant step in its capital market strategy after years of preparation [1] Group 1: Business Overview - Xuanji Technology has been deeply involved in the animation industry for nearly 20 years, focusing on both animation outsourcing and original animation creation [1][2] - The company’s revenue is projected to be between 260 million to 320 million yuan from 2022 to 2024, with net profit ranging from 37 million to 80 million yuan [2] - The main business segments include digital content creation and licensing, digital content production services, and merchandise sales [2] Group 2: Original IP and Licensing - The company has invested significantly in acquiring original IPs, including a permanent license for the novel "Qin Shi Ming Yue" at a cost of 30.5 million yuan [4] - Xuanji Technology has a diverse portfolio of IPs, including "Qin Shi Ming Yue," "Wu Geng Ji," and others, which are crucial for generating animation and game adaptation licensing revenue [4][5] - The company’s IP licensing revenue has been stable, contributing around 10% to total revenue during the reporting period [7] Group 3: Revenue Breakdown - In 2024, the digital content production service accounted for 88.05% of total revenue, while digital content creation and licensing contributed 9.15% [6] - The company generated over 200 million yuan from major projects like "Douluo Dalu" and "Tian Bao Fu Yao Lu," highlighting the success of its production services [9][11] - Merchandise sales from its original IPs generated between 4 million to 9 million yuan, representing a smaller portion of total revenue [11] Group 4: Client Relationships - The company has established long-term relationships with major clients, including Tencent, Youku, and Bilibili, which account for approximately 90% of total revenue [17] - Tencent is the largest client, contributing between 170 million to 210 million yuan annually, representing 56% to 77% of total revenue [17] - The company has also collaborated with various game developers for IP licensing, with notable clients including NetEase and Shanghai Junmeng [20][21] Group 5: Talent and Operational Structure - The company employs around 768 staff, with a significant portion being production personnel, reflecting the labor-intensive nature of the animation industry [13] - Direct labor costs account for over 70% of operational expenses, with average salaries for production staff exceeding industry averages [14][15] - The company has invested in office and accommodation facilities to attract and retain talent, which is critical for maintaining its competitive edge [13] Group 6: Financial Performance and Future Outlook - The company reported a revenue of 63.37 million yuan in early 2025, a 134% increase year-on-year, with a net profit of approximately 18.69 million yuan [25] - Xuanji Technology holds contracts worth 580 million yuan for ongoing projects, indicating a strong pipeline for future revenue [25] - The company remains optimistic about its future performance, supported by a solid order backlog and ongoing client relationships [25]

"广州作为广东省游戏产业的核心城市，在游戏产业发展上起步较早，历经多年的发展与沉淀，已形成 庞大的产业规模和众多的企业集群"，广州市游戏行业协会会长王娟介绍。 2025年，游戏产业迎来新一轮政策红利，广州游戏又如何抓住机遇，继续强化产业优势？打造大湾 区"游戏谷"，做大做强广州游戏产业第三极，是广州开发区、黄埔区游戏产业重要的布局。 广州"游戏谷"位于广州人工智能与数字经济试验区（鱼珠片区），目前已建设"六横四纵两地铁两总 站"的综合交通体系，辖内国际港航中心、保利鱼珠港、鱼珠AI智慧港等聚集了近百家游戏企业，形成 包括研发、制作、发行在内的游戏制作全产业链。 据透露，新一轮产业扶持政策有望出台，将支持建设鱼珠游戏小镇和文冲电竞小镇，建设广州首个专业 化电竞场馆。 全要素集聚：超200家企业进驻 "乘着黄埔对游戏产业支持的东风，我们计划将全产业链向黄埔迁移"，神起集团副总裁兼秒乐游戏总经 理卢伟告诉记者。 今年，秒乐游戏成立恰逢十周年。在"精品化发行+精细化运营"双轮驱动下，过去三年实现年复合增长 率超50%，爆款率超30%，累计用户规模突破千万。比如，《幻世九歌》为以东方仙侠世界为背景的角 色扮演游戏，首月 ...