GF SEC: Increase in Game Users' Willingness to Pay, Anticipating Good Performance of "Yi Huan" upon Launch.

GF SEC released a research report stating that the growth in dual-end products and the PC market is essentially due to users' increasing willingness to pay for higher quality and better gaming experience. The market space for top-quality products continues to expand. The space for overseas expansion of second-dimensional games is vast, as second-dimensional culture, as an emerging trend culture, continues to see a growing potential user base overseas. "Yihuan" has shown outstanding performance in testing, providing players with a more immersive gaming experience. The product is expected to achieve outstanding revenue performance upon release, with its developer Perfect World (002624.SZ) being recommended. Attention is also recommended for top companies such as TENCENT (00700) and NTES-S (09999), which have reserves like "Infinite". GF SEC's main points are as follows: The demand in the gaming market continues to grow, and users' willingness to pay for high-quality games continues to increase. According to Gamma data, the actual sales revenue of the domestic gaming market in Q1 2026 was RMB 97.172 billion, an increase of 2.54% quarter-on-quarter and 13.38% year-on-year. Among them, the actual sales revenue of the client-end gaming market was RMB 24.976 billion, an increase of 11.17% quarter-on-quarter and 39.38% year-on-year, outpacing the overall market growth. The increase in market size is mainly attributed to the launch of multiple new dual-end interoperable products during the quarter, such as "Arknights: End of Days", "CounterStrike: Future", "Rock Kingdom: World", etc. The report shows that the increase in market size is mainly due to the launch of multiple new dual-end interoperable products during the quarter, such as "Arknights: End of Days", "CounterStrike: Future", "Rock Kingdom: World", etc. The report shows that the growth in the dual-end products and PC market is essentially due to users' increasing willingness to pay for higher quality and better gaming experience, leading to the continuous expansion of the market space for top-quality products. The second-dimensional track has global attributes, and the performance of overseas expansion is promising. The space for overseas expansion of second-dimensional games is vast, as second-dimensional culture, as an emerging trend culture, continues to see a growing potential user base overseas. The overseas research institution Cognitive Market Research predicts that the compound annual growth rate of the ACGN subculture (i.e. second-dimensional culture) industry market is 11.3% year-on-year, indicating that the second-dimension is an important cultural trend in overseas markets with a wide range of potential audiences. The report believes that "Yihuan" as a core product of second-dimensional games, its overseas expansion space is also worth looking forward to. "Yihuan" opens up a new track of urban open world, expected to provide a different experience from traditional second-dimensional worlds. "Yihuan" has attracted attention as a top second-dimensional game, with over 35 million pre-orders across all channels, over 6 million followers on TapTap, over 8 million PV plays on Bilibili, and over 2 million viewings of the preview program before the open beta. The report considers its attention to be in the top tier of second-dimensional games. After pre-loading was opened, the download volume on TapTap has exceeded 1.2 million, and on Bilibili it has exceeded 900,000 (as of 20:00 on April 21). Based on the download data, the report expects the product to perform well in terms of new user acquisition on the first day. In terms of gameplay, according to the official pre-heating PV of "Yihuan", besides battles, gameplay includes vehicle systems, housing and character interaction, urban tycoon, etc., combining with the player's daily life scenes, the experience includes more accompanying interactive play, enhancing immersion. Overall, "Yihuan" differs from traditional second-dimensional open worlds in gameplay, and is expected to provide players with a different experience through innovation. The report believes that through the differentiation in "urban" theme and gameplay from other second-dimensional games, the product is expected to find new gameplay in the already relatively homogeneous second-dimensional open world, increasing user retention and driving revenue growth. Risk Warning Risks include strengthened regulation in the gaming industry, increased competition risks, and risks of product launches falling below expectations.