Core Viewpoint - Duoyi is a non-typical game company that has been operating in Guangzhou for over 18 years, known for its unique positioning and controversies, despite a decline in its previous glory in the mobile gaming market [1][3]. Group 1: Company Background and Historical Performance - Duoyi initially thrived during the PC gaming era, generating a net profit of 1 billion yuan annually from titles like "Fantasy World" and "Dream World," ranking among the top five game companies in China [1]. - The company has a strong financial foundation, with the 2019 release "Fantasy World: The Legend of the Wandering" generating nearly 600 million yuan in revenue on iOS last year [1]. - Despite past successes, Duoyi has struggled to keep pace with the mobile gaming market, leading to a perception of the company as "living off its past" [3]. Group 2: Recent Developments and New Releases - In recent years, Duoyi has attempted to diversify its game offerings, exploring genres such as roguelike, SLG, simulation, sports, and action-adventure, with limited success [3]. - The company has recently announced new titles, including "Dream World: Long Wind and Sword Record," which features familiar elements from the IP but has received mixed reactions regarding its graphics [3][5]. - Upcoming games include the roguelike "Narrow Path Heroes," which incorporates a chase mechanic and random map generation, and the SLG "Wang Yu Xing Shi," set to launch on June 6 [9][13]. Group 3: Financial Performance and Market Position - "Fantasy World: The Legend of the Wandering" remains the company's main revenue driver, contributing over 7 billion yuan on iOS, although its revenue has been declining since 2021 [23]. - Other titles that previously performed well have seen significant revenue drops, with only "Dream World 3" maintaining a stable income [25]. - Duoyi's market presence has diminished, as evidenced by its absence from the "2024 Hurun China 500" list, following a previous valuation of 27 billion yuan in 2023 [25][26].