Core Viewpoint - The company Original Force is gaining attention in the capital market due to its involvement in the production of the "Nezha" series and its recent updates regarding the listing process on the Beijing Stock Exchange [1][2]. Company Overview - Original Force was established on December 22, 2010, and focuses on 3D digital content production services, including game and animation content outsourcing [2]. - The company plans to go public on the Beijing Stock Exchange, with its IPO application accepted on December 31, 2024 [2][6]. Client Relationships - The "Nezha" series production entities have become Original Force's fifth-largest client, with significant collaboration since 2019 [2][3]. - Sales to the companies controlled by Yang Yu, which include the production of "Nezha 2," amounted to approximately 10.06 million yuan in 2023 and 7.71 million yuan in 2024 [3]. Revenue and Business Growth - Original Force's revenue from animation 3D content outsourcing has shown consistent growth, with figures of approximately 124 million yuan, 183 million yuan, 232 million yuan, and 104 million yuan for the years 2021 to 2024 (first half) respectively [5]. - The proportion of animation 3D content outsourcing revenue to total revenue has increased from 31.22% in 2021 to 42.63% in the first half of 2024 [5]. Research and Development - The company has seen a decline in R&D investment as a percentage of revenue from 5.55% in 2021 to 4.78% in 2023, but has increased its R&D investment in 2024 to 5.18% [6]. Market Context - The Chinese gaming market reached a scale of 302.96 billion yuan in 2023, with a compound annual growth rate of 11.42% from 2014 to 2023, indicating a robust growth trend in the industry [9]. - Original Force aims to raise 488 million yuan through its IPO, primarily for projects related to technological innovation and digital content development [9].

Core Viewpoint - Yuanli Digital is pursuing an IPO on the Beijing Stock Exchange, aiming to raise 488 million yuan for three projects, primarily focusing on 3D digital content production services [1][4]. Group 1: IPO Details - Yuanli Digital previously attempted an IPO on the ChiNext board in 2021 [1]. - The company plans to invest 364 million yuan in the "Yuanli Digital Technology Innovation Industrial Base Project," which has a total investment of 557 million yuan [1][2]. - The total investment for all three projects is 688.36 million yuan, with 487.96 million yuan planned to be raised through the IPO [2]. Group 2: Project Progress - The "Yuanli Digital Technology Innovation Industrial Base Project" is being constructed by a wholly-owned subsidiary, Nanjing Ruiyou, located in Nanjing, Jiangsu Province [5]. - As of the end of the reporting period, the construction in progress increased from 16.79 million yuan to 218 million yuan [4][13]. - The project has received necessary approvals, including the Jiangsu Province Investment Project Filing Certificate [5]. Group 3: Financial Considerations - The company has been investing in the project for several years, with previous amounts reported at 208,500 yuan and 595,430 yuan at the end of 2019 and 2020, respectively [13]. - The Beijing Stock Exchange has inquired about potential delays in project completion and the status of asset capitalization [15]. Group 4: Market Context - The company has successfully completed parts of the project, with reports confirming the completion of the "Yuanli Digital Technology Innovation Industrial Base Project" [12]. - The company has relocated its main office to a new facility, indicating operational readiness [6].