Core Insights - The new "Qianxing Qiyu" feature in Genshin Impact has generated significant community engagement and discussion since its launch, allowing players to create and share user-generated content (UGC) [1][20] - The current state of "Qianxing Qiyu" is still in the early stages of development, with players primarily replicating existing game mechanics, but there is potential for creativity to flourish as more content is added [6][21] Summary by Sections Player Engagement and Content Creation - "Qianxing Qiyu" has sparked a vibrant community discussion, with players producing various "Qiyu" creations that are gaining popularity [1] - The most popular creations fall into two categories: simple, casual gameplay experiences and those resembling small indie games, with examples like "Teyvat World Cup" and "Back Alley" [3][4] Popularity Metrics - "Teyvat World Cup" has reached a popularity score of 394,000 and an 80.9% player approval rating, featuring a 3v3 team football format [4] - "Back Alley" has over 100,000 in popularity and a nearly 90% approval rating, incorporating elements of horror and narrative [4] Creative Development and Community Interaction - Current creators are mainly focused on replicating established gameplay styles, but those with strong creative skills are beginning to stand out [6] - The interaction between players and creators is robust, with many players providing feedback and suggestions, fostering a collaborative environment [10][11] Tools and Support for Creators - MiHoYo has provided extensive support for new creators, including tutorials and a user-friendly editor, with plans for a "Creator Training Camp" in future updates [13] - The "Qiyu Doll" feature allows players to customize their avatars, enhancing personalization within the game [15][19] Long-term Potential and Industry Context - The introduction of "Qianxing Qiyu" is seen as a strategic move to enhance player retention and community involvement, crucial for sustaining the game's ecosystem [20] - The competitive gaming landscape necessitates the development of UGC ecosystems, with Genshin Impact leveraging its rich narrative and active community to differentiate itself [20][21]

Core Viewpoint - The essence of UGC (User Generated Content) is not merely tools and gameplay, but rather the ecosystem it creates [1]. Group 1: UGC Implementation in Genshin Impact - The recent update of Genshin Impact introduced the UGC module "Qianxing Qiyu," which has contributed to the game's rise to the second position on the iOS sales chart [2]. - The "Qianxing Qiyu" module consists of three main components: UGC gameplay content, a creator-oriented editor, and "Qiou" characters [3]. - The pricing for in-game appearances starts at 96 RMB per set, with the most rare five-star appearances requiring significant in-game purchases, potentially costing around 4000 RMB for full collection [3]. Group 2: Industry Expectations and Comparisons - UGC gameplay has become a standard feature in heavy mobile games, primarily aimed at enhancing player retention and community engagement [4]. - The current implementation of "Qianxing Qiyu" does not significantly differ from similar UGC modules in Tencent and NetEase games, which raises concerns about MiHoYo's position as an industry innovator [4]. - Despite having a development team of over 200 people, the output of MiHoYo's UGC module does not show a substantial advantage over Tencent's smaller team, which has only about 40 members [4]. Group 3: Monetization and Future Potential - A significant aspect of UGC is to provide financial incentives for active creators, as seen in NetEase's "Egg Party," which allows top creators to earn revenue [5]. - MiHoYo's approach to monetization, which centralizes all commercial aspects in its appearance shop, may hinder the effectiveness of the UGC module in enhancing player engagement [5]. - "Qianxing Qiyu" is still in its initial version, indicating that there is considerable growth potential, and it could evolve into a significant content engine for Genshin Impact in the future [5].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report analyzes the social media response to the "Genshin Impact: Song of the Moon Reenactment" version PV, highlighting significant engagement and community mobilization around the game's content release [3][6][39] Summary by Sections Game Overview and Audience Characteristics - "Genshin Impact" is an open-world RPG developed by miHoYo, where players explore the fantasy world of Teyvat, encountering unique characters and challenges [3] - The core audience is predominantly young, with 41.3% aged 18-24 and 34.7% aged 25-34, while male players make up over 70% of the user base [5][5][5] Social Media Heat Analysis - The social media heat around the PV showed a clear double peak pattern, indicating effective community mobilization [7] - Douyin and Bilibili were the primary platforms for interaction, with Douyin seeing an interaction surge to 246,000 during the first peak [12][16] User Sentiment and Emotional Insights - Overall sentiment towards the new version PV was predominantly neutral and positive, with negative emotions being minimal [23] - The return of the character "Servant" after 532 days generated significant excitement among players [27] Core Discussion Themes - The introduction of new characters and gameplay features, particularly the UGC mode "Thousand Star Realm," sparked extensive discussions about the game's future [34] - Players expressed high expectations for the new content while also raising concerns about commercialization and content quality [36][41] Version Analysis and Evaluation - The success of the PV is attributed to miHoYo's precise control over content, community engagement, and promotional strategies [39] - The introduction of the UGC mode is seen as a strategic move to transition from content consumption to content creation, enhancing user engagement and extending the game's lifecycle [43] Opportunities and Challenges - The new version presents growth opportunities while also posing challenges related to content management and user experience [44][48]

Core Insights - Genshin Impact is undergoing significant changes in its commercialization strategy, including the development of a new UGC gameplay mode called "Qianxing Qiyu" [1][4][19] - The game has reached a critical point in its lifecycle, having been active for nearly five years, and is facing challenges related to long-term player engagement and monetization [1][19] - Recent updates and new gameplay features have sparked mixed reactions from players, highlighting a growing tension between monetization efforts and player experience [10][19] Group 1: Commercialization and Gameplay Changes - The upcoming "Kongyue Zhi Ge" version is a signal of Genshin Impact's shift in gameplay planning, featuring a complex narrative involving multiple factions [5][19] - The new UGC mode "Qianxing Qiyu" is being developed by miHoYo's Singapore team and is expected to introduce independent gameplay mechanics and monetization opportunities [7][9] - The introduction of new gameplay features, such as the card battle mode "Qisheng Zhaohuan," has received a lukewarm response, indicating potential misalignment with player expectations [10][11] Group 2: Player Reactions and Challenges - Players have expressed dissatisfaction with the high requirements for character diversity in new gameplay modes, which they feel pressures them to spend more money [12][14] - The ongoing tension between monetization strategies and player enjoyment has led to a decline in player engagement and trust [17][19] - The company faces the challenge of balancing commercial goals with maintaining a positive player experience, as evidenced by the backlash against certain gameplay mechanics [19] Group 3: Future Developments and New Projects - miHoYo is diversifying its portfolio by developing new games, including "Xingbugudi" and "Honkai: Twine Anima," to explore new growth opportunities [18][19] - The return of "Genshin's father," Cai Haoyu, to miHoYo has generated interest in the potential for innovative game development [18][19] - The company is at a crossroads, needing to find a new balance between its established IP and new ventures to ensure sustainable growth [19]