Juli Culture(SZ:002247)2022-12-06 09:06Group 1: Company Overview and Strategy - Zhejiang Dilong New Material Co., Ltd. aims to maintain its leading position in the decorative paper industry while expanding into game development and publishing after the acquisition of Meishengyuan as a wholly-owned subsidiary [1][3]. - The company plans to enhance its brand influence and product quality to increase market share in its existing new decorative materials business [3]. Group 2: Impact of Regulatory Policies - The recent cross-industry policy has not been officially communicated, and the company has not received any notifications regarding it. The restructuring has already been approved by the CSRC and asset transfer was completed on May 12 [3]. Group 3: Business Performance and Client Dynamics - Meishengyuan's major client changes are attributed to the payment capabilities and revenue-sharing ratios with telecom operators, affecting client rankings [3]. - The company maintains a stable business model with a diversified game publishing strategy, reducing reliance on single games, which enhances stability [3]. Group 4: Revenue Sharing Model - The revenue-sharing model for mobile single-player games involves multiple stakeholders, with telecom operators taking 15%-40% of the information fee, SP service providers taking 10%-30%, and publishers receiving 70%-90% after deductions [4][5]. Group 5: Market Relationships and Partnerships - Meishengyuan has established partnerships with 175 channel merchants, including online channels and mobile manufacturers, enhancing its distribution capabilities [5]. - The company collaborates with Hangzhou Zhexin, which holds an 8.6% stake, to develop a comprehensive management platform for game publishing [6].