Group 1 - The gaming sector is experiencing fluctuations, but there is a trend of increasing investment as evidenced by a net inflow of 734 million yuan into the gaming ETF (159869) over the last five trading days, reaching a total product scale of 11.568 billion yuan [1] - The flagship open-world mobile game "Infinite Warmth" by Paper Games is set to launch its 2.0 version in late December 2025, with over 500,000 pre-registrations within the first hour, indicating strong market interest and performance potential [1] - The media and internet industry, particularly the gaming sector, is expected to maintain high growth, driven by AI technology innovations and successful new game releases such as "Delta Action" and "Valorant" [1] Group 2 - The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, highlighting investment opportunities in this sector [2]

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 Insights - The rapid growth of the "Guzi economy" is leading to a surge in group purchases and collaborations with game IPs, creating a unique consumer culture among young people [1][33][36] - Despite the booming market, the actual spending on game content remains low, indicating a disconnect between merchandise purchases and in-game spending [40][41][52] Group 1: Guzi Economy Dynamics - The Guzi economy is projected to reach a market size of 168.9 billion RMB in 2024, with expectations to exceed 300 billion RMB by 2029 [33] - The rise of group purchases has led to a specialized language within the Guzi community, making it difficult for outsiders to understand [3][5] - Players are increasingly engaging in blind box purchases, which creates a gamble-like experience, leading to mixed feelings among consumers [9][10][18] Group 2: Consumer Behavior and Preferences - Many consumers prefer to buy merchandise rather than invest in game content, with some spending limits set at around 30 RMB for in-game purchases [41][42] - The popularity of certain characters influences pricing, with rare characters commanding higher prices while less popular ones are sold at lower rates [14][15][17] - The community dynamics show that group leaders often face challenges in managing group purchases, including dealing with cancellations and ensuring successful transactions [24][31][32] Group 3: Market Trends and Challenges - The frequency of collaborations between game IPs and merchandise brands has increased, but this has led to consumer fatigue and heightened expectations [42][48] - Recent collaborations have sparked debates within the community, indicating a growing divide among players regarding the value of merchandise versus in-game content [44][51] - The sustainability of the Guzi economy is questioned as the novelty of collaborations wears off, emphasizing the need for game developers to focus on enhancing the core gameplay experience [52]

Core Insights - The recent account theft incident in the game "Love and Deep Space" has highlighted long-standing dissatisfaction among players, particularly regarding gameplay design and monetization strategies [1][11] Group 1: Incident Overview - A wave of account thefts has affected players of "Love and Deep Space," with reports of stolen accounts being sold online for prices ranging from a few yuan to hundreds of yuan [1] - Players have expressed concerns that accounts linked to the same phone number across different games by the developer, Paper Games, have also been compromised [1] Group 2: Player Reactions - Players are increasingly anxious about account security, leading many to frequently change passwords and unlink associated phone numbers [6] - The emotional investment in their accounts, which includes both financial and sentimental value, has intensified the backlash against the developer [6] Group 3: Financial Performance - "Love and Deep Space" has achieved significant financial success, with monthly revenues reaching over 100 million yuan [7] - In July 2025, the estimated revenue for the game on iOS was approximately 158 million yuan, averaging over 5 million yuan daily [8] Group 4: Developer Response - In response to the complaints, Paper Games stated that their account system is secure and urged players to avoid account trading and using the same password across platforms [5] - Despite these assurances, players remain dissatisfied, feeling that the company has not taken adequate measures to prevent further incidents [5] Group 5: Monetization Issues - Players have criticized the game's aggressive monetization strategies, including frequent new card pools and events that pressure players to spend money to keep up [12] - A controversy arose in July 2025 regarding a limited-time outfit that was marketed with misleading claims about its features, leading to accusations of false advertising and consumer fraud [12] Group 6: Community Dynamics - The game's community has experienced tensions among different fan groups, leading to conflicts over resource allocation and perceived favoritism by the developers [14] - The lack of effective community management by Paper Games has contributed to player dissatisfaction and some users have begun to leave the game [15] Group 7: Future Considerations - As competition in the female-oriented gaming market intensifies, Paper Games must prioritize player feedback and respect to maintain its success [16] - The essence of female-oriented games lies in emotional connection rather than aggressive monetization, and the company needs to realign its strategies accordingly [19]

Core Insights - The rise of Chinese gaming is no longer a mere aspiration but a clear reality, with Chinese companies like Paper Games taking center stage at major gaming events like TGS [1][3][30] Group 1: Company Achievements - Paper Games showcased its flagship products, "Love and Deep Space" and "Infinite Warmth," at TGS, attracting significant attention and player engagement [9][12] - "Love and Deep Space" won the Best Mobile Game award at the Cologne Game Show, breaking stereotypes about female-oriented games [6][19] - The company is recognized as one of the "Shanghai Four Little Dragons," representing a significant force in Shanghai's content industry [8] Group 2: Market Trends - The female-oriented gaming market in China is projected to reach 8 billion RMB in 2024, with a year-on-year growth of 124.1% [18][19] - Emotional value and companionship are the primary motivations for female players, accounting for 50.8% of their spending [18][19] Group 3: Cultural Impact - Paper Games has successfully integrated Chinese cultural elements into its games, enhancing their appeal to international audiences [11][16] - The company's approach to game design emphasizes emotional connections and cultural narratives, which resonate with a diverse player base [16][19] Group 4: Game Design Philosophy - The company aims to create high-quality games that appeal to both female and male players, challenging the notion that games must be gender-specific [21][25] - Paper Games invests heavily in immersive experiences, utilizing advanced technology to enhance character realism and player engagement [26][27]

新浪科技讯 9月26日下午消息，昨日，东京电玩展（TGS）盛大开幕，中国游戏企业叠纸携《无限暖 暖》《恋与深空》两大自研新品亮相主展厅核心展台。 据介绍，此次是叠纸旗下两大头部IP首次联合参展TGS。其中，《恋与深空》继上月斩获科隆游戏 展"最佳移动游戏奖"后再度登上国际舞台。据悉，该作在日本已形成破圈级文化现象，被当地媒体称 为"中国恋爱游戏热潮"的代表。 另一参展作品《无限暖暖》作为全球首款UE5引擎打造的多平台开放世界游戏，首次将国内好评如潮 的"世界名画墙"搬至海外。这款"暖暖"IP第五代作品延续治愈美学风格，此前不仅斩获苹果设计大 奖"视觉与图像"奖项，并获日本《Fami通》授予的"黄金殿堂奖"。 责任编辑：江钰涵 ...

Core Insights - The Tokyo Game Show (TGS) 2025 has set a record with over 1,100 exhibitors and more than 4,100 booths, marking the largest scale in its history [3] - Chinese game developers showcased significant advancements, with many titles gaining attention even before reaching the main venue [5][6] - The event highlighted the growing competitiveness of Chinese games in the global market, particularly in the anime-style game sector [9][10] Group 1: Event Scale and Attendance - TGS 2025 is the largest ever, with over 1,100 exhibitors and 4,100 booths, indicating a substantial increase in participation [3] - The number of attendees has also surged, with long queues observed before the event's opening [3] Group 2: Chinese Game Developers' Performance - Chinese games have made a strong impression at TGS 2025, with titles like "Endless Winter" and "Infinite" prominently displayed [5][6] - The success at both TGS and Gamescom 2025 suggests that Chinese developers are now capable of competing on a global scale [8][9] Group 3: Upcoming Titles and Market Trends - Many new titles are set to launch in 2026, indicating a potentially explosive year for the anime game market [10][11] - Notable games like NetEase's "Infinite" generated significant interest, with long wait times for hands-on experiences [13][15] Group 4: Diverse Game Offerings - The event featured a variety of genres beyond anime games, with Tencent showcasing titles like "Fate Trigger" and "Chasing Kaleido" [25][27] - Other popular titles included "Tomorrow's Ark: End of the World" and "Dual Spiral," which also attracted considerable attention [19][23] Group 5: Cultural Impact and Market Penetration - The presence of Chinese games at TGS reflects a broader trend of increasing cultural exchange and market penetration in Japan [45][47] - The success of titles like "Nirvana in Fire" and "Fifth Personality" demonstrates the appeal of Chinese games to Japanese audiences [41][43]

Core Insights - The Tokyo Game Show (TGS) opened on September 25, showcasing Chinese game developer Paper Games prominently with its self-developed titles "Infinite Warmth" and "Love in Deep Space" [1][3] - "Love in Deep Space" recently won the "Best Mobile Game" award at the Cologne Game Show, highlighting its popularity and success in the global gaming market [3][5] - "Infinite Warmth," built on the UE5 engine, is the fifth installment of the "Warmth" IP and has received positive feedback since its launch in December last year, emphasizing its appeal to players [3][5] Company Highlights - Paper Games' booth at TGS featured a "World Famous Painting Wall," which was well-received domestically and is now presented to a global audience [3] - "Infinite Warmth" has been recognized for its stunning visuals and gameplay, winning the Apple Design Award for "Visual and Graphics" in June [5] - "Love in Deep Space" offers an immersive 3D romantic experience, redefining standards for female-oriented games and becoming a cultural phenomenon in Japan [5][7] Industry Trends - The female gaming market in China is experiencing significant growth, with projections estimating a market size of approximately 8 billion yuan in 2024, reflecting a year-on-year growth rate of 124.1% [7] - Emotional value and companionship are identified as the primary motivations for female players, accounting for 50.8% of their spending [7] - Companies like Paper Games are leveraging long-term strategies to tap into the "she economy," driving global interest in female-oriented gaming [7]

Core Insights - Chinese gaming companies have become a focal point at the 2025 Gamescom in Cologne, with over 50 companies participating, marking a 32% increase from the previous year [1] - Paper Games' titles, "Infinite Warmth" and "Love in Deep Space," received significant attention, with "Love in Deep Space" winning the "Best Mobile Game" award, making it the first female-oriented game to achieve this honor at the event [1][3] - The success of Paper Games highlights the growing importance of Chinese games and aesthetics in the global gaming industry [3] Company Highlights - Paper Games has won two international awards within a year, showcasing its strong performance and recognition in the industry [3] - The booth of Paper Games attracted a large number of visitors, with "Love in Deep Space" having the longest queue at the event, indicating high player interest [3][7] - A collaboration was announced between "Infinite Warmth" and the independent game "Stardew Valley," marking the first partnership of its kind between a Chinese game and "Stardew Valley," driven by mutual recognition rather than commercial motives [5] Industry Impact - The achievements of Paper Games at Gamescom represent a significant milestone for Chinese culture and the international competitiveness of domestically developed games [7] - The event underscores the potential for more Chinese games and intellectual properties to shine on the global stage [7]

Core Insights - The 2025 Cologne Game Show highlighted a significant shift in the gaming industry, particularly showcasing the rising prominence of Chinese games despite ongoing global market challenges [1][3][32] - The event demonstrated a strong presence of Chinese developers, with notable titles like "Black Myth: Zhong Kui" and "Shadow Blade Zero" receiving international acclaim, indicating a growing recognition of Chinese gaming quality [4][6][31] Industry Trends - The gaming industry continues to face a downturn, with discussions at the Devcom conference reflecting concerns over mental health and industry failures, yet positive changes are emerging [3][16] - Chinese game developers are increasingly taking bold steps by introducing original titles rather than relying solely on sequels, contrasting with the cautious strategies of many Western developers [17][22] Market Dynamics - The Cologne Game Show attracted over 1,500 exhibitors from 72 countries, emphasizing the global scale of the event and the competitive landscape for game developers [4][10] - Chinese companies like Tencent showcased their extensive portfolios, with significant foot traffic at their booths, indicating a robust engagement with international audiences [8][12] Cultural Impact - The success of titles like "Shadow Blade Zero" and "Black Myth: Zhong Kui" reflects a shift in cultural perception, with international players expressing excitement about Chinese mythology and storytelling [24][26] - The proactive cultural output from Chinese games is reshaping global perceptions, moving from passive reception to active exploration of new themes and gameplay experiences [22][27] Future Outlook - The increasing presence and success of Chinese games at international events suggest a potential shift in the global gaming market, with Chinese developers poised to lead in innovation and creativity [32][35] - The industry's evolution indicates a growing recognition of the Chinese market's importance, prompting international developers to adapt their strategies and engage more deeply with Chinese players [35][37]