Core Viewpoint - Recent management changes at Shanghai Die Paper Technology Co., Ltd. reflect routine corporate operations, with COO Yao Fei replacing founder and CEO Yao Runhao as the legal representative [1][4]. Group 1: Company Overview - Shanghai Die Paper Technology Co., Ltd. was established in March 2019 with a registered capital of 100 million RMB, focusing on advertising, clothing retail, and online cultural operations, fully owned by Die Paper Technology [1]. - Yao Runhao retains a 54.74% stake in Die Paper Technology, maintaining control over the company despite the management changes [1]. Group 2: Management Changes - The transition of legal representatives is part of a broader trend, as Yao Runhao has also stepped down from other positions, including as legal representative of Wuhu Die Paper and Shanghai Die Paper Interactive Entertainment [4]. - This year has seen significant personnel changes within the company, marking the most substantial management restructuring in its 12-year history [4]. Group 3: Industry Position - Die Paper Games, founded in 2013, is a leading player in the female-oriented gaming sector in China, known for its core IPs "Warm Warm" and "Love and Production" [9]. - The game "Shining Warm Warm" features 3D clothing dynamic display technology, while "Love and Production" pioneered a fully dynamic Live2D and multi-thread narrative model, enhancing the industrialization of domestic dating simulation games [9]. - The company achieved a 75% month-on-month revenue growth in December 2024, ranking fifth in the "Top 30 Chinese Mobile Game Publishers" [9]. - However, the highly anticipated AAA project "Contract of All Things" faced significant setbacks, with the team size reduced from 120 to about 20 members earlier in 2025 [9].

Core Points - The topic "Yao Runhao resigns from Shanghai Paper Technology Company" has become a trending topic on Weibo [1] - Yao Runhao, the founder of Paper Games, has stepped down as the legal representative and executive director of Shanghai Paper Technology Co., Ltd., with Yao Fei, the co-founder and COO, taking over [1] - The reason for this change has not been disclosed as the company has not responded to inquiries [1] Company Overview - Shanghai Paper Technology Co., Ltd. was established on March 22, 2019, with a registered capital of 100 million RMB, fully owned by Suzhou Paper Network Technology Co., Ltd. [2] - The company specializes in software development, animation design, and online cultural operations, with notable products including the "Nuan Nuan" series of dress-up games and the "Lian Yu" series of dating simulation games [2] Recent Changes - In July, a series of corporate changes occurred within related companies, including Yao Runhao resigning as the legal representative of Wuhu Paper and former president Liu Chenxi stepping down from Shanghai Paper Entertainment and Shanghai Warm Paper, with all positions being transferred to Yao Fei [5]

Core Insights - Shanghai Die Paper Technology Co., Ltd. has undergone a change in its legal representative and executive director, with Yao Fei taking over from Yao Runhao [1] - The company has faced a significant trust crisis due to discrepancies between promotional content and actual game features in its popular mobile game "Love and Deep Space" [1][2] - The game has received over 2000 complaints related to consumer fraud, with individual spending records reaching up to 80,000 yuan [2] Company Overview - Shanghai Die Paper Technology Co., Ltd. was established on March 22, 2019, with a registered capital of 100 million yuan [3] - The company specializes in software development, animation design, and online cultural operations, owning popular game series such as "Warm Warm" and "Love" [3] - The company has nearly 400 million registered users globally and is projected to generate nearly 1 billion USD in revenue for 2024 [3] Recent Developments - The new game activity "The Fallen Crown" launched on July 25, 2025, has led to player dissatisfaction due to missing features that were advertised [1] - A lawyer's letter has been issued, categorizing the situation as "consumer fraud" and citing violations of consumer protection laws [2] - The company has received recognition as a key cultural export enterprise for multiple years and has won various awards for its games [3]

Core Viewpoint - The recent management shake-up at Beijing Zhixing Star Technology Co., Ltd. (Zhixing Star) has significantly impacted the company, which was once a leading player in the mobile gaming industry. The company announced the suspension of President Zhang Lei, indicating a shift in management strategy amidst declining performance metrics [2][7]. Management Changes - On October 10, 2023, Zhixing Star's board of directors decided to suspend President Zhang Lei, with the board taking over his responsibilities. This decision was made as part of a unified management arrangement [2][3]. - In addition to Zhang Lei's suspension, other key executives, including the head of publishing Zhang Jinxin and publishing department head Liu Yuanchang, were also dismissed [3][7]. - The company has experienced a series of management changes, including the resignation of Vice President Peng Xin in September 2023, indicating instability within the core management team [7]. Company Performance - Zhixing Star's financial performance has shown a significant decline, with a 47.15% year-on-year drop in net profit for the first half of 2023, nearly halving compared to the previous year [7][15]. - The company's revenue for the first half of 2023 was reported at 551 million yuan, a decrease of 20.70% year-on-year, while operating cash flow turned negative at -6.51 million yuan [15][17]. - The company has been heavily reliant on its flagship game "Clash of Kings," which has led to structural issues as it has not successfully launched new titles of similar impact since [18][19]. Historical Context - Zhixing Star was established in 2008 and became one of the first Chinese mobile game companies to expand internationally, achieving significant success with "Clash of Kings," which became a benchmark in the strategy game genre [10][13]. - The company was acquired by Chinese Media in 2014 for 2.66 billion yuan, which provided it with capital support for continued operations and development [14]. Industry Challenges - The competitive landscape in the Chinese gaming market has intensified, with major players like Tencent and NetEase dominating due to their strong R&D capabilities and IP reserves. New entrants are also emerging, further fragmenting the market [19]. - The new management faces the challenge of stabilizing team morale and ensuring a smooth transition while also needing to identify new growth opportunities to rebuild core competitiveness in a rapidly changing industry [19].

Game Releases - NetEase's "Marvel Secret War" began its Android paid test on September 15, focusing on team-building strategy and character development in a card RPG format, featuring Marvel superheroes like Doctor Strange and Iron Man [1] - ByteDance's "Shadow Hunter" launched its first domestic test on September 16, achieving over 180,000 concurrent players within 90 minutes and climbing to 7th place on Steam's global sales chart [3] - miHoYo's "Honkai: Origin Spirits" started its first closed test on September 17, combining sprite collection with auto-chess combat mechanics [6] - "Dungeon Castle 4: Knights and the Broken Chronicle" was officially released on September 17, continuing the dark dungeon adventure RPG series with 3D graphics and strategic gameplay [8] - Tencent's "The Finals" (translated as "Ultimate Contest") began its second limited test on September 19, developed by members of Embark Studios, featuring a PVP shooting game set in famous global cities [10] Industry News - Tencent's "Delta Force" celebrated its first anniversary on September 21, reporting a daily active user (DAU) count of 30 million, up from 12 million in April and 20 million in July [11] - McDonald's announced a collaboration with "Black Myth: Wukong" on September 19, launching limited-time meal sets and promotional items for the Mid-Autumn Festival [14] - "Love and Producer" revealed a new voice actor for the character Li Zeyan on September 20, following the departure of the previous actor [16] - Zulong Technology was ordered to pay 150,000 yuan for trademark infringement and unfair competition against Suzhou Die Paper Network Technology, due to improper use of registered trademarks in advertising [20] - miHoYo established two new companies in Shanghai, focusing on software development and AI applications, with a registered capital of 10 million yuan each [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].

Core Insights - The article discusses the phenomenon of "Cos委托" (Cosplay Commission), where clients (referred to as "单主") pay for a "Coser" to portray characters from anime or games, leading to a unique interaction that blends fantasy and reality [1][5][19] - The narrative is centered around the experiences of a part-time Coser who reflects on the emotional complexities and challenges faced in this role, highlighting both the joys and burdens of the job [12][22] Group 1: Industry Overview - "Cos委托" has emerged as a specialized service where clients pay for personalized experiences with Cosers, often involving activities like watching movies or visiting amusement parks [1][5] - The demand for such services is particularly high among female clients who have a deep emotional connection to the characters being portrayed [1][19] Group 2: Personal Experiences and Challenges - The Coser shares initial excitement and subsequent disillusionment with the role, noting that the emotional labor involved can be exhausting and lead to feelings of detachment [4][19] - The Coser's journey includes both successful and challenging commissions, revealing the emotional toll and the need for careful management of client expectations [12][19] Group 3: Emotional Dynamics - The article illustrates the complex emotional dynamics between the Coser and the clients, where clients often project their feelings onto the Coser, leading to blurred lines between professional and personal relationships [16][18] - The Coser experiences a range of emotions, from joy in creating memorable moments to anxiety about meeting client expectations and maintaining boundaries [19][22] Group 4: Industry Implications - The narrative suggests that while "Cos委托" can provide financial benefits and creative fulfillment, it also poses significant emotional risks and challenges that may not be immediately apparent [22][23] - The Coser ultimately decides to leave the industry, indicating a need for self-care and a reevaluation of personal boundaries within this unique service sector [22][23]

Core Insights - The rise of "Z generation" young people engaging in two-dimensional (2D) travel reflects a growing trend in cultural tourism consumption driven by anime and related IPs [1][3][4] - The two-dimensional culture has expanded beyond traditional media to include merchandise, virtual idols, and themed events, indicating a shift in consumer preferences towards emotional and cultural experiences [2][8] Group 1: Market Trends - During the BW2025 event in Shanghai, there was a 35% week-on-week increase in cultural tourism product bookings, and nearly a 50% year-on-year rise in flight bookings to Shanghai [4] - Over 200 anime exhibitions were held across major cities during the recent May Day holiday, with the 21st China International Animation Festival attracting over 1.46 million visitors [6] - Traditional shopping malls are transforming into popular destinations for young people, with over 20 cities featuring 2D-themed malls, and social media posts about these locations garnering 540 million views [6][7] Group 2: Consumer Behavior - The user base for 2D culture in China has reached 526 million, a 150% increase from 210 million in 2017, with "Z generation" being the primary consumers [8] - Young consumers are willing to pay for experiences that provide emotional connections and identity recognition, often traveling to attend events and exhibitions [8][9] Group 3: Cultural Integration - The integration of traditional Chinese culture into 2D content has enhanced cultural recognition and confidence, transforming 2D culture from a niche market to a new consumer highlight [9] - Recent policies from central and local governments aim to promote cultural tourism by supporting the development of original IP brands and integrating traditional culture into product design [10] Group 4: Future Development - To sustain the growth of 2D cultural tourism, there is a need to enhance service quality and diversify experiences, leveraging local cultural resources and developing themed performances and exhibitions [11][13] - Technological innovations, such as AI and AR, can enhance the immersive experience for consumers, making cultural tourism more engaging [15]

Core Insights - Xiaohongshu's recent foray into the ACG (Anime, Comic, and Game) community has not significantly altered the existing landscape, with core players still favoring platforms like Bilibili for in-depth content and Douyin for short videos [1][10] - The RED LAND event in Shanghai, strategically located near Bilibili's headquarters, symbolizes a new round of competition among internet platforms for the youth demographic [1][3] User and Strategic Drivers - Xiaohongshu's RED LAND marks its first large-scale offline event in the gaming and ACG sector, with a 175% increase in ACG content and a 168% rise in gaming content published on the platform over the past year [3][5] - The user demographic has shifted, with 50% of users being post-95s and 35% post-00s, predominantly female, aligning closely with the ACG audience [3][5] - The platform's rebranding from "Your Life Guide" to "Your Life Interest Community" reflects a strategic pivot towards interest-based social engagement, aiming to harness the spending potential of younger users [5][10] 2.5D User Engagement - The concept of 2.5D users, who integrate ACG interests into their daily lives, is crucial for Xiaohongshu's strategy in the ACG space [7][9] - The rise of "Guzi Economy" has facilitated the conversion of ACG enthusiasm into real-world consumption, contrasting with traditional core ACG communities [7][9] - Despite advantages in the otome game sector, Xiaohongshu struggles to attract hardcore gamers focused on in-depth content, indicating a limitation in its appeal to competitive gaming audiences [7][9] Competitive Landscape - The Chinese ACG industry is projected to reach a market size of 221.9 billion yuan in 2023, with the number of ACG users expected to grow from 210 million in 2017 to 526 million by 2025 [10][12] - Bilibili's established community culture and content ecosystem provide a more immersive ACG experience, while Xiaohongshu is still in the early stages of community expansion [12][13] - Other platforms like Douyin and Weibo are also targeting the youth demographic, leveraging their unique strengths to engage with ACG audiences [12][13] Future Challenges - Xiaohongshu's ability to convert the enthusiasm of 100,000 event participants into a sustainable community ecosystem will be critical for its success in the ACG sector [10][13] - The platform's current focus on brand exposure rather than deep partnerships with game developers may limit its long-term growth potential in the ACG market [12][13]