Wanlian Securities: Continue to pay attention to leading card opportunities on the pet catcher circuit and focus on the long-term value of platform-based content companies
The Zhitong Finance App learned that in the medium to long term, Wanlian Securities released a research report saying that in the medium to long term, it is recommended to continue to pay attention to card opportunities for leading manufacturers in the process of evolving from gameplay elements to independent categories, and the pace of realizing the dividends of AI film and television industrialization under Mango's “basic content platform+AIGC production capacity” promotion, while also focusing on the long-term value of platform-based content companies in IP matrix management and flexible commercial release.
The main views of Wanlian Securities are as follows:
Industry News
(1) Game: “Imo”, a new game on the pet catcher circuit, is officially launched on PC; (2) Video: The 2027 Mango Co-Creation Ecological Conference was held to continue to increase ecological openness; (3) Audiovisual: The State Administration of Radio, Film, and Television emphasizes that content logos must be added to broadcast TV programs using AI.
The new pet game “Imo” is officially launched on PC
Up to now, the overall evaluation of the game is “mixed”, with a positive review rate of about 67%. Negative reviews mainly focus on optimization, servers, modeling, and paid design. On the first day of the game Steam, the number of people online at the same time surpassed 100,000 in an hour, and the peak surpassed 120,000. The performance was impressive, but we still need to pay attention to feedback from subsequent players. Compared to “Kingdom of Rock: World”, “Imo” has taken a differentiated path in terms of core gameplay. “Rock Kingdom: World” focuses on elven development, turn-based strategy, and social confrontation, and has a strong sense of emotion and strategy; “Imo” focuses on a “connection” mechanism, where players can join forces with Emo to explore, solve puzzles, and fight from an Imo's perspective, favoring a two-dimensional big world exploration mode. At the same time, the Pet Catcher Circuit is facing an intensive supply of products. Games such as Miha Tour's “Collapse: The Genie of Origin” and Manjiu Network's “Blue Star Song” will be launched one after another. Pet Catching Raceway is expected to become another segmented direction, and competitive barriers are shifting from “capturing gameplay innovation” to “long-term operational stability.” It is recommended to focus on leading manufacturers with differentiated gameplay design and long-term operation capabilities under the intensive supply of pet catching tracks, while continuously tracking the user retention and commercialization performance of subsequent new products to verify the pace of molding in this segment.
2027 Mango Co-Creation Ecological Conference Held
The bank believes that this conference reflects the company's systematic progress in the three dimensions of content reserve, technology integration, and ecological expansion. In terms of content reserve, 89 major dramas, multiple major IP variety sequels, and innovative programs were released at the conference. The drama reserve was rich and the structure was optimized. In terms of technology integration, the company accelerated the industrialization of AIGC content. The AI long drama “Journey to the West” and “Battlefield” was scheduled for National Day, and the Mango Lingchuang Theatre planned three major tracks for premium female medium and long dramas, classical Chinese style IP renewal, and children's animation. AIGC content covered 28 works independently. From a single point of testing to large-scale production, the depth of technology embedded content production was strengthened. In terms of ecological expansion, the company opens up content IP, platform matrices and new technology capabilities to external partners, and lays out new business formats for artists such as offline concerts and music festivals, in an attempt to expand from content creation to a resource integration platform. It is recommended to continue to track market feedback after AIGC content is broadcast, the pace of implementation of brand cooperation, and the progress of partner introduction after the opening of the ecosystem, and pay attention to the verification of its content technology integration capabilities, IP full-cycle operation efficiency, and commercial monetization path.
Risk warning: changes in the policy environment; consumption recovery falls short of expectations; market competition intensifies; application of innovative technology falls short of expectations; risk of infringement of AI applications; risk of impairment of goodwill.