Core conclusion
In 2021, the growth of China's mobile game IP market slowed down, the novel IP continued to grow at a high rate, the development potential of end game IP and RPG play method was great, and the demand for long-term IP operation was obvious. Recently, Gamma data released the 20212022 mobile game IP market development report. The report shows that the revenue of China's IP adapted mobile game market is 129.77 billion yuan, with the growth rate falling below 5%. From the perspective of IP type, the novel IP has increased by 40% for three consecutive years. In recent years, many novel IP have been film and television, animation and game. The joint action of multiple terminals has amplified the commercial value of novel IP. In terms of revenue share, end game IP is still the revenue support in the field of IP adapted mobile games. Subsequent works such as dungeon and warrior mobile games and black desert mobile games are expected to further boost the revenue of end game IP adapted mobile games.
From the perspective of game types, heavy RPG play is the main direction of IP adapted mobile games. From the perspective of game life cycle, except for Harry Potter: Magic awakening launched in 3q21 and Tianya Mingyue Dao launched in 4q20, other products have been launched for more than two years, with clear demands for long-term operation. We believe that at present, China's IP adaptation game market requires enterprises to improve their IP in-depth operation ability, have IP originality ability and high-quality IP mining ability, and even have more advantages for enterprises that layout the cultural and creative fields such as film and television, animation and open up long-term cooperation channels. We recommend paying attention to Tencent Holdings (0700. HK), netease-s (9999. HK) and bilibili-sw (9626. HK).
The China Consumer Association said that the phenomenon of consumption infringement in key areas should not be ignored. On April 22, the China Consumer Association released the annual report on the protection of consumers' rights and interests in China (2021) in Beijing. The report points out that the phenomenon of consumption infringement in key areas still can not be ignored. Consumption infringement phenomena such as excessive collection and use of personal information, production and sales of food that does not meet safety standards, quality defects of automobile products, default and running away of prepaid consumption, false publicity of out of school education and training, inducing minors to spend too much, "big data killing ripe" and so on need to be paid special attention. Consumer protection in online transactions faces new problems and challenges. The implementation of the main responsibilities of the platform needs to be improved. The application and governance of consumer protection system under new business forms and modes such as social sharing marketing, blind box marketing, independent station cross-border e-commerce, second-hand trading platform and immersive consumption face new challenges. In recent years, the legal system of consumer protection has been further improved, the administrative protection of consumer rights and interests has been strengthened, and the judicial protection of consumer rights and interests has been strengthened. We expect that the protection of consumer rights and interests will also be strengthened in the future. It is recommended that we focus on the consumer and consumer platform businesses that have fully assessed and managed their platform risks in the strict regulatory trend, such as 9992.HK, -W, 3690.HK and Kwai -W (1024.HK).
Industry performance in one week:
The Shanghai Composite Index fell 3.87%, the Shenzhen composite index fell 4.95%, and the media (Shenwan) closed at 520.12 points, down 5.36%, underperforming the Shanghai Composite Index by 1.49 percentage points. Within the industry, the film and television index fell by 4.97%, the animation index fell by 4.46%, the game index fell by 4.78%, the publishing index fell by 5.02%, the radio and television index fell by 5.09%, and the advertising and marketing index fell by 6.22%.
Risk tip: policy risk, intensified competition, and the flow of the game does not meet expectations
