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]