Core Viewpoint - Wanda Film's gaming business is performing well, with the upcoming release of "Transformers: New Era" expected in Q4 after obtaining its license on June 23 [1] Group 1: Business Performance - The gaming business of the company is reported to be in good operational condition [1] - "Transformers: New Era" has received its license and is currently undergoing testing and adjustments [1] Group 2: Future Projects - The company has several upcoming projects in the pipeline, including "JoJo's Bizarre Adventure," "Full-Time Mage" from Yuewen, "I Am a Singer: Melody Reboot" adapted from Shanghai Animation Film Studio, and an arcade adaptation of "Cai Jing" [1] - All these projects are progressing as planned and are expected to launch both domestically and internationally [1]

Industry Summary - In June, 11 imported games were approved, including "Transformers: New Era" and "Crossfire: Rainbow," bringing the total to 55 imported games approved this year [1] - Domestic game approvals reached a new monthly high with 147 games approved in June, an increase of 17 from the previous month [1] - The domestic game market's actual sales revenue in Q1 2025 was 857 billion yuan, a year-on-year increase of 18%, with mobile game revenue at 636 billion yuan, up 20% [1] - The gaming industry is experiencing a recovery driven by favorable policies, including subsidies for R&D and overseas expansion starting in 2024 [1] - The approval frequency for imported game licenses is increasing, indicating a positive trend for the gaming industry [1] - The upcoming summer season is expected to improve the competitive landscape of the industry, with a good release schedule for new games [1] - The gaming industry appears attractive in terms of valuation, with potential cost reduction and revenue increase opportunities driven by AI applications [1] Company Summary - ShengTian Network reported a return to growth in Q1, with the self-developed IP fighting game "True: Three Kingdoms Unmatched" expected to launch within the year [2] - The company has developed an AI mini-game "Word Spirit Legend" and completed internal testing for the AI social reasoning mini-game "Secret Bomb" based on the DeepSeek model [2] - Zhangqu Technology is focusing on the SLG sector, actively advancing the development of "Code S" and "Code H" to accelerate their launch [2] - As of Q1 2025, Zhangqu Technology operates 20 games and has a stable cash reserve of 2.4 billion yuan [2]