Core Insights - Jiangsu Province has 35 enterprises and 8 projects selected for the "2025-2026 National Key Cultural Export Enterprises and Projects" list, showcasing the province's diverse cultural industry and its evolution from "product output" to "value recognition" [1][5] Group 1: Selected Enterprises - Jiangsu Broadcasting International Communication Co., a subsidiary of Jiangsu Radio and Television, leads in international film and television copyright operations, ranking among the top in copyright export volume nationally, with a global distribution network covering over 60 countries [1] - Jiangsu Yuanli Digital Technology Co., a high-tech enterprise in 3D digital content production, has provided services for over 1800 projects to major clients like DreamWorks and Tencent, maintaining a strong presence in the industry for ten consecutive years [2] - Ruotai Technology Co., based in Suzhou Industrial Park, has developed over 100 patents and plans to open 10 specialty stores in the US, Thailand, and Singapore in 2024, with annual sales growth of approximately 30% [3] Group 2: Key Projects - The "Brilliant China (Qinhuai) Lantern Festival" will be held in France from November 15, 2024, to February 16, 2025, showcasing Chinese intangible cultural heritage and attracting tens of thousands of visitors [4] - Suzhou Yige Network Technology's mobile game "Floating Life: Memories of Linglong" incorporates elements of traditional Chinese aesthetics and has multiple overseas versions, contributing to cultural export [4] - The Yixing Cultural Export Base has evolved from a single "ceramics export" model to a comprehensive cultural trade ecosystem, with an expected export value of $1.5 million in 2024 and over 40 million RMB in the first quarter of this year [4] Group 3: Policy Support and Industry Development - Jiangsu has prioritized the development of foreign cultural trade, issuing 22 specific measures to support cultural enterprises in expanding overseas markets [5] - The cultural export journey reflects not only the competitiveness of enterprises but also the enhancement of China's cultural international discourse power, with 3,329 enterprises and 1,298 projects recognized since 2007 [5] - Continuous technological innovation in cultural enterprises is driving the global recognition of Chinese culture, transitioning from being "seen" to "recognized" on the international stage [5]

Core Insights - Jiangsu province has 38 enterprises and 7 projects listed as key cultural export entities for 2025-2026, covering various fields such as film, animation, gaming, music, and arts and crafts [1] - The province is leveraging a "traditional culture + digital technology" dual-drive model to enhance cultural exports, focusing on three innovative modes: an animation and gaming "new fleet," platform aggregation to build an ecosystem, and digital empowerment of traditional culture [1] Group 1: Animation and Gaming Cluster - Animation and gaming enterprises account for nearly half of the 38 key cultural export companies, with 18 firms primarily located in Suzhou, Wuxi, and Changzhou [2] - Wuxi has developed a complete animation and gaming industry chain, with leading companies like Wuxi Beishi participating in over 70 international films, including "Captain America: Civil War" and "Star Wars: The Force Awakens" [2] - Technological innovation is becoming the core competitive advantage for Jiangsu's animation companies, with firms like Yuanli Animation utilizing advanced systems for high-precision digital content creation [2][3] Group 2: Digital Content Industry - Suzhou Industrial Park has established a digital content industry cluster focused on gaming and animation, with notable achievements from companies like Ailuo Information and Snail Digital [3] - The immersive experience and interactivity of games serve as new cultural carriers, enhancing the international visibility of Chinese culture [3] Group 3: Platform Aggregation - The Yixing Cultural Export Promotion Platform has successfully transformed from a single exporter to a collective platform, integrating over 20 local SMEs to promote "Yixing ceramics" [4] - This platform approach reduces costs and enhances the overall impression of "Eastern aesthetics" in international markets [4] Group 4: Policy Support - Suzhou Industrial Park has implemented targeted support policies for the animation and gaming industry, providing financial incentives for award-winning original works and subsidies for participation in international events [5] - The National Cultural Trade Base in Nanjing has created a one-stop service system for cultural export enterprises, with over 600 companies registered and significant revenue growth [5] Group 5: Cultural Exchange and Innovation - Nanjing is actively expanding its international connections, having established friendly city relationships with 25 countries, facilitating cultural exchanges that benefit enterprises [6] - The integration of traditional culture with digital technology is exemplified by projects like the Jiangsu Women's Ethnic Orchestra's use of 3D holographic projection to create immersive experiences [8] Group 6: Globalization of Cultural Expression - Jiangsu enterprises are exploring ways to break cultural barriers and achieve resonance in global markets, with successful examples in both traditional and digital sectors [8][9] - The gaming industry demonstrates strong cultural transformation capabilities, with companies like Suzhou Lezhi Software and Huanta Network incorporating local cultural elements into their products [8][9]

Core Viewpoint - The company possesses a unique ability to create hit products in the traditional advantageous ancient-style RPG female-oriented game sector, while maintaining a long-term operational strategy, resulting in stable revenue performance from titles like "Floating Life for the Emperor" and "Lingyun Nuo" [1][2] Game Performance - The recent game "Violent Chef" has shown impressive performance, currently ranking first on the iOS free game chart, with plans for increased user acquisition to enhance its long-term development and contribution to revenue and profit [1][3] - The game features a differentiated cooking gameplay combining "Chinese cuisine kitchen party + restaurant casual management," appealing to a broad audience [1][3] Product Pipeline and Market Expansion - The company is actively expanding its product categories, including male-oriented games and overseas markets, with a rich pipeline expected to yield multiple game tests in Q3/Q4 [2][5] - The company has improved its publishing system, focusing on ROI in project initiation and distribution, leading to successful low-cost, high-return games like "Ink Sword Jianghu" and "Lingyun Nuo" [2][5] Cultural and Brand Integration - The company has successfully enhanced market penetration and user engagement through diverse brand collaboration strategies, creating a unique "culture + consumption" ecosystem [2] - Collaborations with cultural landmarks and consumer brands have strengthened the cultural depth of its IPs and increased foot traffic to physical locations [2] Financial Forecast - Revenue is projected to improve gradually, with expected revenues of 1.45 billion and 1.76 billion yuan for 2025 and 2026, respectively, reflecting year-on-year growth of 25% and 21% [5] - Adjusted net profits are forecasted to be 85 million and 175 million yuan for the same years, indicating stable profitability [5]

Group 1: Investment and Strategic Partnerships - Tencent's investment of €1.16 billion will strengthen Ubisoft's balance sheet, including debt repayment and supporting new operations, while Ubisoft retains full creative control, IP ownership, and business decision-making rights [1] - Gaggle Studios announced a strategic partnership with Kingsoft Game, making Kingsoft the exclusive agent for "Goose Goose Duck" in mainland China, responsible for localization and mobile development, with the mobile version expected to begin testing in May 2025 [4] - NEKCOM announced a strategic investment agreement with GCL Global Holdings, with GCL acquiring 20% of NEKCOM's shares for the global distribution of the upcoming RPG "Showa America Story" [17] Group 2: Financial Performance and Market Trends - Friendship Time reported a revenue of ¥1.162 billion for the year ending December 31, 2024, a 10.1% increase from ¥1.056 billion in 2023, with a significant reduction in adjusted annual losses by 67.8% [6] - Heartbeat Company achieved a revenue of ¥5.012 billion, a 47.9% year-on-year increase, with game business revenue growing by 64.2% [6][7] - Qingci Games reported a revenue of ¥628 million, turning a profit of ¥51.12 million, with overseas market revenue increasing from 28.47% to 43.93% of total revenue [8] - Zulong Entertainment's revenue reached ¥1.141 billion, a 25.6% increase, driven by the success of "Dragon Tribe: Cassel's Gate" and sustained popularity of "Shining Name" [9] - IGG's total revenue was HK$5.737 billion (approximately ¥5.357 billion), a 9% increase, with net profit soaring by 697% to HK$580 million (approximately ¥541 million) [10][11] Group 3: Game Releases and Market Performance - Ubisoft's latest title "Assassin's Creed: Shadow" attracted over 3 million players within a week of release, setting a record for first-day sales in the franchise [20][21] - The game "NIKKE: Goddess of Victory" has generated over $1 billion in revenue since its launch in 2022, indicating strong market performance prior to its domestic release [12] - The gaming industry is seeing a trend where over 67% of PC players' time in 2024 is spent on games older than six years, highlighting a shift in player engagement towards established titles [5]