Zhongjin: The current application of world models in game production is still in its early stages. Top game companies still have strong content moats.

The Zhongjin Research Report states that the current application of world models in game production is still in its early stages, playing a role in partial empowerment by significantly improving efficiency in pre-research and 3D asset production. In the future, it is more likely to be used as a single scene generation tool rather than a comprehensive game base. Zhongjin believes that the most direct impact will be on the highly standardized outsourcing services in the industry chain, mainly including art asset production, basic audio recording, and some code writing. One direction of the profit pool migration is the creative and management aspects of the upstream of the game industry chain. Zhongjin believes that top game companies still have strong content moats. In the medium to long term, companies that are good at utilizing AI to empower creation, tapping into the potential of AI, and continuously consolidating IP and gameplay advantages are expected to have sustained advantages in the current transformation. The "ecosystem platform" aggregating creators and tools is expected to embrace AI, innovate tools to control new production and distribution entrances, and gain incremental benefits in the transformation. Mid-game engines have high barriers due to pipeline data construction, making them difficult to be replaced in the short term, but the long-term reconstruction of business models still needs to be verified. Small and medium-sized companies and studios face both the opportunity of lowering the threshold for creation and the challenge of the surge in homogeneous content.