Wanlian Securities: Continue to focus on leading positioning opportunities in the pet-catching track, and value the long-term value of platform-based content companies.

Wanlian Securities released a research report stating that, from a medium-to-long-term perspective, it recommends continued attention to leading manufacturers' positioning opportunities as the pet-catching track evolves from gameplay elements into an independent category, as well as the pace at which AI film and television industrialization dividends are realized under Mango's dual-track push of "content foundation + AIGC production capacity," while also valuing the long-term value of platform-based content companies in IP matrix management and the release of commercialization flexibility. Wanlian Securities' main views are as follows: Industry Dynamics (1) Games: The new pet-catching track game "Yimo" officially launched on PC; (2) Video: The 2027 Mango Co-creation Ecosystem Conference was held, continuing to increase ecosystem openness; (3) Audiovisual: The National Radio and Television Administration emphasized that radio, television, and audiovisual programs using AI must add content labels. New pet-catching track game "Yimo" officially launched on PC As of now, the game's overall evaluation is "Mixed," with an approval rating of about 67%. Negative reviews mainly focus on optimization, servers, modeling, and payment design. The game's Steam first-day concurrent online players exceeded 100,000 within one hour of launch and peaked at more than 120,000, a strong performance, but subsequent player feedback still needs attention. Compared with "Roco Kingdom: World," "Yimo" has taken a differentiated path in core gameplay. "Roco Kingdom: World" centers on spirit cultivation, turn-based strategy, and social confrontation, with a strong sense of nostalgia and strategy; "Yimo" focuses on a "bond" mechanism, allowing players to merge with Yimo and explore, solve puzzles, and battle from Yimo's perspective, leaning toward an anime-style open-world exploration model. At the same time, the pet-catching track is ushering in dense product supply, with miHoYo's "Honkai: Nexus Spirits," Manjuu Network's "Azur Promilia," and other games set to launch successively. The pet-catching track is expected to become another direction in which a segmented category takes shape, and competitive barriers are shifting from "capture gameplay innovation" to "long-term operational stability." It is recommended to pay attention to leading manufacturers with differentiated gameplay design and long-term operational capabilities amid the dense supply in the pet-catching track, while continuously tracking the user retention and commercialization performance of subsequent new products to verify the pace at which this segmented category takes shape. 2027 Mango Co-creation Ecosystem Conference held The bank believes that this conference reflects the company's systematic advancement in three dimensions: content reserves, technological integration, and ecosystem expansion. In terms of content reserves, the conference released 89 major dramas, multiple sequels to leading IP variety shows, and innovative programs, with rich drama and variety reserves and an optimized structure. In terms of technological integration, the company is accelerating the industrialization of AIGC content. The AI long-form drama "Post-Journey to the West" "War in Heaven Chapter" is scheduled for the National Day holiday. Mango Lingchuang Theater plans three major tracks: premium female-oriented medium- and long-form dramas, rejuvenation of classic guofeng IP, and children's animation. AIGC content has become independently orderable across 28 works, moving from single-point experimentation into a stage of scaled output, and the depth of technology embedded in content production has strengthened. In terms of ecosystem expansion, the company is opening content IP, platform matrices, and new technological capabilities to external partners, laying out new artist business formats such as offline concerts and music festivals, and attempting to extend from self-produced content to a resource integration platform. It is recommended to continuously track market feedback after AIGC content is broadcast, the pace of brand cooperation implementation, and progress in introducing partners after ecosystem opening, and to pay attention to the verification of its content-technology integration capabilities, full-cycle IP operational efficiency, and commercialization monetization paths. Risk warnings: changes in the policy environment; consumption recovery falling short of expectations; intensifying market competition; innovative technology applications falling short of expectations; AI application infringement risks; goodwill impairment risks.