Core Viewpoint - The classic game IP "Angry Birds" is making a comeback in the Chinese market through a collaboration between Kingsoft Game, Sega, and Rovio, marking its return after nearly four years [1][3]. Group 1: Market Impact - "Angry Birds" has surpassed 5 billion downloads globally as of 2022, indicating its immense popularity and brand recognition [3]. - The reintroduction of "Angry Birds" in China is expected to further enhance its market influence, leveraging its existing loyal fan base [3]. Group 2: Strategic Collaboration - The partnership signifies a deepening of long-term strategic collaboration between Kingsoft Game and top international IP holders, focusing on localized operations and global IP management [3][4]. - Kingsoft Game aims to utilize its insights into Chinese player demands and its operational capabilities to drive the development of "Angry Birds" in the Chinese market [3]. Group 3: IP Strategy - Kingsoft Game views this collaboration as a significant step in its "IP strategy," aiming to create sustainable cultural assets through the introduction and operation of quality IPs [4]. - The company has prior experience in IP operations, having launched successful titles like "全民泡泡超人" and "猫咪和汤," aligning with its strategic direction [3].

Group 1 - The company's game business performance was below expectations, particularly the game "解限机," leading to a downward revision of revenue and net profit forecasts for 2025-2027 [1][2] - Revenue projections for 2025, 2026, and 2027 are estimated at 10.62 billion, 11.96 billion, and 13.38 billion yuan, reflecting year-on-year growth of 2.9%, 12.7%, and 11.8% respectively [1] - The company reported a Q2 2025 revenue of 2.307 billion yuan, which was below the Bloomberg consensus estimate of 2.456 billion yuan, representing a year-on-year decline of 6.7% [1][2] Group 2 - The company's net profit for Q2 2025 was 532 million yuan, showing a year-on-year increase of 35.4%, but operational profit was lower than expected at 383 million yuan [1][2] - The gross margin for Q2 2025 was 80.3%, down 2.2 percentage points year-on-year, attributed to reduced scale effects in the gaming sector and increased costs in WPS computing power leasing and bandwidth [1][2] - The WPS B-end business showed strong performance, with a year-on-year growth of 14%, and the AI monthly active users increased by 50% to 29.51 million [2]

Core Viewpoint - The 2025 ChinaJoy will be held from August 1 to August 4 in Shanghai, showcasing a significant number of exhibitors and events focused on digital interactive entertainment and gaming industry advancements [1][10]. Exhibition Aspects: Major Works and Technological Innovations - The theme for this year's ChinaJoy is "Gathering What You Love," with 743 companies registered to participate, including 237 foreign enterprises from 37 countries, representing 31.8% of total exhibitors [10][11]. - The BTOC Interactive Entertainment Hall will feature over 283 companies, while the BTOB Business Negotiation Hall will host more than 460 companies, with foreign enterprises making up 45.2% of the latter [11]. - Notable exhibitors include Tencent, NetEase, and Perfect World, showcasing popular games and new releases, with many offering on-site play experiences [13][15][16]. Conference Aspects: Industry Leaders and Global Collaboration - The event will host several key conferences, including the China International Digital Entertainment Industry Conference (CDEC) and the China Game Developers Conference (CGDC), featuring hundreds of industry leaders and experts [19][20]. - CDEC will focus on new directions for industry development, with over 100 industry leaders expected to participate [19]. Event Activities: Engaging Competitions and Performances - The Cosplay Super League will cover 12 regions with nearly 30,000 participants, while the National Dance Group Ceremony will feature over 300 competitors [21]. Highlights of the Exhibition - The event will emphasize AI technology innovation and new consumer experiences, including a "Creator Zone" aimed at engaging younger audiences [22][23]. - The international presence is expected to increase, with foreign exhibitors making up 46.5% of the BTOB Business Negotiation Hall, marking a historical high [25]. Safety Measures: Ensuring a Secure Environment - A comprehensive safety management system will be implemented, including content review processes and on-site management protocols to ensure a safe and orderly event [31][33]. Ticketing Information: Early Bird Pricing - Early bird tickets for ChinaJoy will be available through various platforms starting July 2, with different phases for ticket sales [35].