题图 / 江山北望 "不务正业"的影视公司们 11月21日至26日，上市影视公司欢瑞世纪的股价连收四个涨停板，盘中股价9.75元达近八年新高。这一表现，得益于该公司在AI+短剧+游戏方面的探索。 欢瑞世纪旗下凤麟互娱主投并出品的互动影游《江山北望》于11月20日上线，3个小时冲进国区畅销榜前十，后续最高同时在线人数突破1万。第三方分析 平台Gamalytic统计，Steam预估销量约13万套，销售额120万美元，尽管从销量来看该作并非大爆款，可93%的玩家好评率足以说明现有玩家对作品的高度 认可。 作为典型的互动影游，《江山北望》集真人影视的叙事属性、游戏的交互属性于一体，而且据主创采访，AI技术为梳理剧情逻辑提供了帮助。可以说， 这一娱乐内容形态集结当下几大行业热点，推动欢瑞股价连续涨停。而欢瑞显然已经将互动影游视为新的业务方向，此前它投资过《完蛋！我被美女包围 了》续作，接下来还有《我的机器人女友》等待发售。 未来押注互动影游的影视公司也不只是欢瑞一家，《江山北望》导演执导的《绍宋》已经开机，剧情改编自阅文头部IP，出品方为打造《凡人修仙传》的 万维猫动画。看好互动影游影视公司越来越多，这里既展现出技术融 ...

Core Insights - The interactive game "盛世天下" has achieved significant success in both sales and quality since its launch on September 9, with over 1 million copies sold and nearly 400 million yuan in revenue [2][10] - The game has topped various app store charts in China and received positive reviews on platforms like Steam and TapTap, indicating strong market reception [2][3] Sales Performance - "盛世天下" ranks first in paid applications and entertainment categories on iOS in mainland China [2] - The game has generated approximately 400 million yuan in revenue based on its selling price of 39 yuan per copy [2] Market Context - The success of "盛世天下" follows the popularity of another interactive game, "完蛋！我被美女包围了," which previously dominated the Steam sales charts [3] - The interactive film game genre has seen a rise in interest, with "盛世天下" providing a new path for domestic interactive film works [3][10] Production Quality - The game has improved upon previous interactive titles in terms of production quality, featuring a well-structured narrative and engaging visuals [5][6] - The script, developed over a year, consists of over 300,000 words and offers approximately 1200 minutes of gameplay [6] Marketing Strategy - "盛世天下" has employed a comprehensive marketing strategy across multiple platforms, including social media and partnerships with brands, leading to significant online engagement [8][9] - The game has achieved over 1.2 billion in topic heat across various platforms, indicating a successful promotional campaign [8] Industry Outlook - The interactive film game sector is gaining traction in China, with "盛世天下" contributing to a growing market presence [10] - The game's profitability and the increasing number of interactive titles suggest a promising future for the genre in the domestic market [10]

Core Viewpoint - The article discusses the success of the interactive film game "盛世天下" (Shengshi Tianxia), highlighting its sales achievements and the innovative approach it brings to the domestic interactive film game market [3][14]. Sales Performance - Since its launch on September 9, "盛世天下" has become the top paid application on iOS in mainland China, with total sales exceeding 1 million units by September 22, generating nearly 40 million yuan in revenue based on a price of 39 yuan per unit [3][14]. - The game has also topped paid entertainment charts in regions like Hong Kong, Macau, and Singapore, and received "very positive" reviews on Steam with over 5,000 comments [3]. Industry Context - Prior to "盛世天下," the interactive film game "完蛋！我被美女包围了" (Wandaan) gained significant attention, leading to a surge of similar male-oriented titles [4][6]. - The article notes that while interactive film games have gained popularity in recent years, they are not new, with successful examples like "暴雨" (Heavy Rain) and "底特律：成为人类" (Detroit: Become Human) existing since 2010 and 2018 respectively [8]. Production Quality - "盛世天下" has improved upon its predecessor "隐形守护者" (The Invisible Guardian) in terms of production quality, featuring a well-structured narrative and engaging gameplay [9]. - The game’s script, developed over a year, consists of over 300,000 words and offers approximately 1200 minutes of content, showcasing a significant investment in storytelling [9][10]. Marketing Strategy - The marketing strategy for "盛世天下" has been described as mature, utilizing various platforms such as Xiaohongshu, Weibo, and Tencent Video for promotion, resulting in over 1.2 billion views across social media [14][15]. - Collaborations with other popular games and brands have further enhanced its visibility, contributing to its breakout success [15][16]. Financial Viability - The game has reportedly achieved profitability, although the sales volume has yet to meet broader industry expectations for revenue in this sector [16]. - The article emphasizes that the interactive film game market in China is still in its early stages, with "盛世天下" paving the way for future developments and opportunities [16].

Core Insights - The article discusses the significant impact of the interactive game "The Queen's Game: Prosperous World" on the female-oriented gaming market in China, highlighting its commercial success and the challenges it faces due to player backlash and historical controversies [1][3][5]. Sales Performance - As of September 30, "The Queen's Game" achieved an 83% positive rating on Steam and topped the Apple iOS entertainment paid chart since its launch on September 9. By September 22, it sold over 1 million copies across all platforms, generating over 39 million yuan in revenue based on its official price of 39 yuan per copy [1][3]. Market Dynamics - The game represents a milestone in the female-oriented interactive gaming sector, which has historically been dominated by male-oriented products. Prior to "The Queen's Game," attempts to create female-oriented interactive games often resulted in low-quality, low-cost productions that failed to resonate with players [5][7][11]. Industry Trends - The male-oriented interactive game market has seen significant success, with titles like "I'm Surrounded by Beauties" selling 2 million copies and generating over 300 million yuan in revenue. In contrast, the female-oriented market has struggled to produce similar hits, with many products failing to meet player expectations [7][11][15]. Content Quality - "The Queen's Game" has been noted for its high production quality, including well-crafted narratives and character development, which contrasts with the generally low-quality offerings in the female-oriented interactive game space. The game consists of 16 episodes, each designed to keep players engaged with cliffhangers and strong female character portrayals [16][18][20]. Future Prospects - The article suggests that the future of female-oriented interactive games hinges on balancing narrative depth with gameplay mechanics. The success of "The Queen's Game" could pave the way for more innovative and engaging content in this genre, provided that developers focus on creating high-quality narratives rather than merely replicating male-oriented gameplay formulas [20][21][25].

Core Insights - The article discusses the impact of the interactive film game "盛世天下" (Shengshi Tianxia) on the gaming industry, highlighting its unique approach to storytelling and gameplay mechanics [1][3][32] - The game has achieved significant commercial success, selling over 1 million copies within 12 days of its release, indicating a strong market demand for interactive film products [32][33] Group 1: Game Overview - "盛世天下" is an interactive film game that allows players to control a female protagonist based on the historical figure Wu Zetian, focusing on her rise in the imperial court [3][7] - The game emphasizes a survival theme within an ancient workplace setting, contrasting with typical action or adventure games [7][9] - Players experience a high level of difficulty, with frequent character deaths and the need for strategic decision-making, which enhances the game's challenge [10][12] Group 2: Production Quality - The production team, New One Studio, is recognized for its previous work on "隐形守护者" (Invisible Guardian), which sets a high standard for quality in interactive films [1][27] - The game features impressive costume and set design that reflects the Tang Dynasty, contributing to an immersive experience for players [21][27] - While the game has some minor bugs and inconsistencies, the overall quality of cinematography and acting is praised, indicating a commitment to high production values [23][28] Group 3: Market Position and Future Prospects - "盛世天下" has entered a market where interactive film products are often viewed as declining, yet it has managed to stand out and attract a diverse audience [39][40] - The game's success may influence the future of interactive films, as it demonstrates that there is still a viable market for well-developed content in this genre [39][40] - The anticipation for the upcoming "女帝篇" (Empress Chapter) suggests that the studio is planning to expand the narrative, which could further enhance player engagement and sales [28][33]

Summary of Short Drama Industry Conference Call Industry Overview - The short drama industry is projected to reach a total revenue of 50 billion yuan in 2024, surpassing the box office revenue of the entire film industry, with an expected annual growth rate of over 30% in the coming years [1][3] - The industry is currently in an exploratory phase, with various business models and monetization paths evolving [7][20] Key Points on Business Model Changes - The business model has shifted from paid short dramas (IAP) to free short dramas (AA), with free content relying on advertising for monetization [1][4] - Free short dramas require high-quality content to attract and retain users, as their monetization is directly linked to user engagement and ad loading [6][9] - The relationship between production companies and platforms has evolved from a distant one to a closer partnership, with both parties sharing responsibilities for user acquisition and content distribution [5][12] Quality and Monetization - The quality of free short drama content significantly impacts its monetization ability, necessitating more engaging and sticky narratives to ensure prolonged user engagement [6][9] - Currently, free short dramas account for over 50% of the industry's revenue, primarily through ad monetization [9] Competitive Landscape - Leading platforms like Hongguo and ByteDance's Tomato Novel are effectively monetizing through ads by providing engaging content that keeps users watching longer [14][15] - Traditional film companies, such as Bona Film Group and Huace Film & TV, are adapting to the short drama market by creating interactive products and utilizing AI technology to reduce costs and improve efficiency [12][17] Future Trends - The industry is expected to see a dual structure of paid and free models coexisting, with each having its advantages and contributing to overall market growth [11][13] - The success of the web literature industry serves as a reference for the short drama sector, indicating potential paths for monetization and user engagement [10] International Expansion - Chinese Online has successfully expanded into overseas markets, with its product RealShort ranking among the top free apps on iOS in the U.S., indicating a growing user base and potential for profit [18] Challenges and Opportunities - Despite reduced pressure on user acquisition costs, many production companies still struggle to achieve profitability, as most revenue is reinvested into user acquisition [8][20] - The transition from paid to free models may enhance profitability as some user acquisition costs shift to platforms, but the industry remains in a phase of exploration [20]

Group 1 - The gaming sector is experiencing fluctuations, with the gaming ETF (159869) down nearly 1.5% in early trading on September 23, but has seen a net inflow of 898 million yuan over the past five trading days, indicating strong investor interest [1] - The interactive film game "Shengshi Tianxia" has surpassed one million units in total sales across all platforms, including overseas, as of September 22, with sales revenue exceeding 39 million yuan based on the official price of 39 yuan per unit [1] - The mobile version of "Shengshi Tianxia" has consistently ranked first on the Apple iOS entertainment paid chart since its launch on September 9, and its popularity is reflected in over 260 million views of related topics on Xiaohongshu [1] Group 2 - "Shengshi Tianxia" is inspired by the Tang Dynasty and produced by NewOneStudio, which previously created the successful interactive film game "Invisible Guardian" in 2019, showcasing China's cultural advantages in the gaming industry [2] - The game's detailed representation of Tang Dynasty costumes and props highlights the maturity of China's game production capabilities, contributing to the industry's growth [2] - The gaming sector is undergoing transformations driven by AI, content, and commercialization models, with the gaming ETF (159869) tracking the performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [2]

Core Insights - The article discusses the uneven development of interactive narrative games in the gaming industry, particularly highlighting the disparity between male-oriented and female-oriented games. While male-oriented games have seen significant success, female-oriented games have struggled until the release of "The Queen's Game: Prosperous World" [1][6][7]. Group 1: Market Dynamics - The male-oriented interactive narrative games have evolved from initial explorations to a peak, with titles like "The Invisible Guardian" and "I'm Surrounded by Beauties!" leading the charge. The market is now experiencing a rapid expansion and adjustment phase, with a diverse range of themes emerging [21][22]. - In contrast, the female-oriented segment has been largely vacant, with "The Queen's Game" marking a significant breakthrough by achieving high sales rankings on platforms like Steam and App Store [1][7]. Group 2: Game Features and Innovations - "The Queen's Game" offers an immersive experience with a focus on decision-making that impacts the storyline, allowing players to experience a sense of agency in historical narratives [3][9]. - The game features a well-crafted script and high production quality, with a significant increase in the narrative length from 200,000 to 300,000 words and 1,200 minutes of 4K footage, enhancing the visual and emotional engagement [15][18]. Group 3: Audience Engagement - The game successfully incorporates humor and emotional tension, creating a balance that keeps players engaged. The use of callbacks and clever writing adds depth to the gameplay experience [13][18]. - The decision-making mechanics are designed to create real survival pressure, with options that can lead to immediate consequences, enhancing the thrill of gameplay [9][11]. Group 4: Future Prospects - The article suggests that while the female-oriented interactive narrative game market is a blue ocean, it faces limitations due to strong competition from established genres like乙女向手游, which offer deeper emotional engagement and long-term relationship building [27][30]. - The future of female-oriented interactive games may hinge on three key strategies: deepening narrative complexity, differentiating from male-oriented approaches, and focusing on high-quality production [30][32].

Core Viewpoint - The gaming sector continues to show strong performance, with significant gains in stock prices and a robust increase in game approvals, indicating a positive outlook for the industry. Group 1: Stock Performance - The gaming sector saw notable stock price increases, with companies like Xinghui Entertainment and Perfect World hitting the daily limit up, while others like 37 Interactive Entertainment and Giant Network also experienced gains [1] - The gaming ETF rose over 4%, with the Huatai-PB gaming ETF increasing by 3.5%, and both ETFs showing over 58% growth year-to-date [2][4] Group 2: Game Approvals and Market Growth - From January to August, the National Press and Publication Administration reported a 23.53% year-on-year increase in the issuance of domestic online game licenses, reflecting ongoing regulatory support for the gaming industry [6] - In August, a record number of 166 domestic games and 7 imported games were approved, contributing to a total of 1,119 game licenses issued from January to August, marking a 20.8% year-on-year increase [9][10] Group 3: Game Releases and Performance - Domestic mobile games are thriving, with the upcoming launch of "Iser" by Xindong Company generating significant anticipation, ranking 4th on Taptap's reservation list [7] - Giant Network's "Supernatural Action Group" has seen a rise in rankings and revenue following the introduction of new gameplay features, indicating strong ongoing performance [7] - Several mobile games from Century Huatong's subsidiary, including "Whiteout Survival," achieved record revenues in August, contributing to a 11% month-on-month increase in global revenue for the subsidiary [8] Group 4: Industry Outlook - Open Source Securities suggests that the gaming industry will continue to experience high demand and a favorable supply-demand dynamic, with the current valuation offering attractive investment opportunities [9] - Guoxin Securities highlights that the gaming market's revenue grew steadily in the first seven months, with a positive outlook driven by policy support, market conditions, and AI applications [9][10]

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The gaming industry continues to thrive with high demand for new releases and strong performance in both domestic and international markets. Notable upcoming games include "Etheria: Restart" by Xindong Company and "Supernatural Action Group" by Giant Network, both expected to drive revenue growth [3][33]. - The AI sector is witnessing rapid advancements, with companies like Alibaba and ByteDance leading in AI application commercialization. The launch of new models and tools is expected to enhance efficiency and reduce costs significantly [3][30][32]. Industry Overview - The gaming sector shows robust performance, with "Wilderness Contract" topping the iOS free games chart and "Honor of Kings" leading the iOS revenue chart as of September 13, 2025 [10][14]. - In August 2025, Chinese mobile game publishers collectively generated $2.04 billion, accounting for 35.1% of the global top 100 mobile game publishers' revenue [34]. - The film industry also performed well, with the movie "Chasing the Wind" achieving a weekly box office of 1.13 billion yuan, contributing to a cumulative box office of 11.14 billion yuan [25]. Game Sector Highlights - Upcoming game releases include "Greedy Land" on September 16 and "Pocket: Douluo Continent" on September 17, with significant anticipation from the gaming community [24]. - The "Supernatural Action Group" game features a new asymmetric gameplay mode, which has been well-received since its launch on September 11, 2025 [33]. AI Sector Highlights - The AI application landscape is evolving rapidly, with significant growth in products like Zhizhu Z.AI and Alibaba's WanAI, which ranked first and fourth respectively in global growth rates for AI applications [29]. - Alibaba's new model, Qwen3-Next-80B-A3B, has shown a 90% reduction in training costs and a tenfold increase in inference efficiency, marking a significant advancement in AI technology [31].