行 华福证券 游戏Ⅱ 2026 年 02 月 10 日 业 研 究 游戏Ⅱ 叠纸：不靠沉迷的《恋与》为何留存稳定？ 投资要点： 摘要核心句 行 业 专 题 报 告 我们认为，"恋与"系列的成功并非传统意义上的内容爆款或沉 迷型设计，而是通过"关系连续性 + 陪伴系统 + 关键情绪节点付费" 重构了手游留存与变现范式：其用户粘性并不依赖高频在线，而建立 在长期情感关系之上，从而形成"DAU 不极端、但收入长期稳定"的 反直觉结构。该模式本质是一种低频但可反复激活的内容消费模型， 使产品生命周期显著长于行业平均，并为女性向及情绪价值型游戏打 开了可复制的商业路径。 投资建议 我们建议重点关注具备以下能力的厂商： 该类公司具备更长生命周期、更平滑收入曲线及更高低频用户价 值，对应估值应从"爆款概率模型"转向"关系资产复利模型"。建 议中长期关注女性向、陪伴型互动内容及情绪消费赛道中已完成产品 验证、且具备持续内容供给能力的头部厂商。 风险提示 内容节奏与情绪节点失误，可能削弱用户长期陪伴感。 新品复制难度与单 IP 依赖，可能导致新品表现不稳定。 用户偏好变化风险，边际吸引力可能逐步下降。 行业与政策环境收紧，或抬 ...

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]