Core Viewpoint - The MMORPG genre is experiencing a decline in popularity, with significant cancellations and layoffs in the industry, yet market data suggests a steady growth in the PC MMORPG segment, leading to a paradoxical situation where the genre appears both alive and struggling [1][3][6]. Market Trends - According to Archive Market Research, the global market size for PC MMORPGs is projected to grow from $4.063 billion in 2024 to $5.066 billion in 2025, indicating a positive revenue trend despite player sentiment [6]. - The MMORPG community shows nostalgia for older games, with titles like "Dream of the Red Chamber" (2001) and "RuneScape" (2001) still attracting significant player bases, suggesting a disconnect between market data and player engagement [7][11]. Player Demographics - The 18-34 age group represents 48.62% of the MMORPG market in 2024, with the under-18 demographic growing rapidly, projected to have a compound annual growth rate of 11.43% by 2030 [12]. - Despite perceptions that MMORPG players are aging, the data indicates a substantial presence of younger players, challenging the narrative of a declining player base [11][12]. Development Challenges - MMORPGs face high development costs, with projects like "Star Wars: The Old Republic" costing $200 million, while many developers struggle to replicate the success of landmark titles like "World of Warcraft" [19][21]. - The genre's inherent design requires significant time investment from players, leading to a perception of MMORPGs as outdated and not aligned with modern gaming preferences [27][30]. Industry Sentiment - Reports indicate a structural decline in the MMORPG market, with a decrease in new game launches and a sentiment among developers that the genre is becoming a trap [36][37]. - The success of "Yan Yun Sixteen Sounds," which is perceived as an MMORPG despite not being marketed as one, highlights the potential for innovation within the genre, suggesting that new approaches may be necessary for revitalization [37][38].

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Core Viewpoint - The company has over twenty key products in development across various gaming genres, including MMORPG, SLG, card games, and simulation management, and plans to update investors on these products in future reports [2] Group 1 - The company has disclosed its product reserve situation in the 2024 annual report [2] - The company is focusing on market dynamics and player demands while ensuring product quality [2] - The company has scheduled the disclosure date for its 2025 semi-annual report as August 26, 2025 [2] Group 2 - The company will continue to update relevant information in its semi-annual reports and other regular disclosures [2] - The company is actively promoting the launch of its reserve products while planning their release schedule [2] - Investors are encouraged to follow the company's announcements in designated information disclosure media for product updates [2]

Group 1 - The company has not launched new games in the past month since the release of "Douluo Dalu" in July, which has raised questions among investors about whether this is a normal occurrence [2] - The company stated that it has disclosed its product reserves in the "2024 Annual Report," focusing on MMORPG, SLG, card games, and simulation management, with over twenty key products in reserve [2] - The company plans to update information on product launches in its semi-annual reports, with the next report scheduled for August 26, 2025, in accordance with the Shenzhen Stock Exchange regulations [2] Group 2 - The company is actively monitoring market trends and player demands, ensuring product quality while strategically planning the launch schedule for each product [2] - Investors are encouraged to follow the company's announcements and official news published in designated information disclosure media for updates on product information [2]

Core Viewpoint - The company has a strong pipeline of over twenty key products in various gaming genres and is focused on enhancing profit growth and valuation through strategic product launches [1] Group 1: Product Pipeline - The company has disclosed in its 2024 annual report that it has over twenty key products in development, focusing on MMORPG, SLG, card games, and simulation management genres [1] - The company plans to update information on product launches in its semi-annual reports, with the next report scheduled for August 26, 2025 [1] Group 2: Market Strategy - The company is committed to monitoring market trends and player demands while ensuring product quality [1] - The company aims to rationally plan the launch schedule for each product and actively promote the release of its reserve products [1] Group 3: Future Outlook - The company expresses confidence in its future, focusing on enhancing competitiveness and operational quality to improve market recognition of its intrinsic value [1] - The company aims to boost investor confidence through its strategic initiatives [1]