Summary of Key Points from the Conference Call Company Overview - The conference call focuses on **Kying Network**, a company operating in the gaming industry, particularly in the **legendary game market**. Core Insights and Arguments - The overall valuation of the gaming sector remains between **15-18 times**, with expectations for strong performance in the summer gaming season and AI applications, suggesting investors should overweight the gaming sector [2][4] - Kying Network holds over **50% market share** in the legendary game market, utilizing user platform development and ecosystem creation to extend player lifecycles and reduce marketing costs. The revenue from the "Legend Box" product has significantly increased, with daily active users steadily rising [2][5] - Since Q4 2024, Kying Network has accelerated the launch of new products, including the SLG product "Three Kingdoms: The Return of Hearts," and major IP products like "Monopoly" and "King of Fighters," with multiple launches expected in August and September [2][6] - The company is actively expanding its overseas business, having established offices in Hong Kong and South Korea, and acquired retro IPs. The overseas business is expected to continue its high growth trajectory of **220%** from 2024, with a focus on Southeast Asian markets [2][7] - In the AI sector, Kying Network is developing AI companionship and social applications, with plans to release AI game engine version 2.0 in the summer, and is exploring AI-assisted content creation [2][8] Additional Important Content - The revenue from the "Legend Box" product grew from **200 million** in 2022 to **600 million** in 2023, and is projected to reach **900 million** in 2024, indicating a high gross margin due to its advertising revenue model [5] - Daily active users increased from **400,000** at the beginning of 2024 to **450,000** by the end of the year, with a target of reaching **500,000** [5] - Kying Network's current valuation is **17 times**, with potential advantages through its IP platform and AI initiatives, allowing it to break free from traditional gaming product cycles [3][10] - The company is also exploring AI toys and collaborating with Dapeng Glasses to develop an AI glasses ecosystem [9]