According to the Zhitong Finance APP, GF Securities has released a research report stating that Party Game is a growing dividend track, representing a new growth opportunity released after the perfect coupling of mature operational commercialization capabilities and creative gameplay of Chinese gaming teams. It is worth mentioning that the firm also believes that the long-term operation of mobile games in the Party Game sector is a path that is easy to understand but difficult to implement, and companies with mature product methodologies and insights are actually scarce. Currently, it recommends companies with rich Party Game operational experience, such as NetEase-S (09999), which has outstanding performance in multiple products like &#34;Party Animals,&#34; and Tencent Holdings (00700), which has rich experience in operating high DAU products; it also pays attention to Giant Network (002558.SZ), which has the potential to successfully implement the Party Game methodology.
<h2>GF Securities' main viewpoints are as follows:</h2>
Party Game: Originating from gameplay innovation, attracting users with casual creativity; flourishing through social and long-term gameplay loops
The core viewpoint of the firm is that the long-term mobile game segment of Party Game presents a growth opportunity. In the past buyout game market, Party Game games like &#34;Super Mario Party&#34; and &#34;Fall Guys&#34; stood out with their gameplay, showcasing strong user acquisition capabilities, but their long-term operation and commercialization were somewhat lacking. In recent years, a significant trend observed by the firm is that Chinese game developers skilled in long-term operations are amplifying the dissemination leverage of Party Games through social fission (with clear effects during summer and Spring Festival), and through competitive/UGC content long-term gameplay, products like &#34;Party Animals,&#34; &#34;Identity V,&#34; &#34;Supernatural Action,&#34; &#34;Yuanmeng Star,&#34; &#34;Heartbeat Town,&#34; and &#34;Violent Chef&#34; have emerged as commercially successful products, opening up new commercialization ceilings.
Success in Party Game is not simple
On the front end, behaviors like live streaming drive user fission, while the long-term test involves UGC + competitive loops. Party Game is not a new concept but has been developing globally for a long time; however, the buyout framework of Party Games in the past has struggled to achieve long-term viability. The firm believes that the revitalization of Party Game in China is due to the chemical reaction resulting from the combination of commercialization and operations that Chinese game developers excel at. However, achieving such results is not an easy task. The firm believes that the currently popular Party Game methodology can be broken down into front-end social acquisition, amplifying the core advantages of casual gameplay. The back-end long-term operation aims to deeply explore gameplay potential through UGC and competitive long-term goals. Once successfully coupled, it gives birth to highly commercialized breakout products like &#34;Party Animals.&#34;
&#34;Supernatural Action Group&#34; is growing rapidly, another new star in Party Game
As a team-based product, &#34;Supernatural Action Group&#34; possesses typical core characteristics of Party Games, namely multiplayer collaborative social fission, low-threshold casual entertainment, and strong content consumption potential, with a rapid growth trend that deserves close attention. The firm believes that the explosive growth of Party Games highly relies on social scenarios such as summer and Spring Festival, and &#34;Supernatural Action Group&#34; naturally forms a social dissemination chain through its &#34;four-person team adventure&#34; mode. If it can create &#34;explosive points&#34; on platforms like Douyin/Bilibili, it will achieve game diffusion
Expected to further expand product influence and achieve high user growth. This product has high potential and is worth paying close attention to during this summer period.
Risk Warning
User retention is below expectations, regulatory policies are tightening, IP linkage effects are diverging, and competitors are squeezing the market

NTES

09999

lilith

miHoYo

Guangfa Securities released a research report, stating that Party Game is a new opportunity for Chinese game manufacturers to combine commercialization and operations, recommending companies like NetEase-S that have rich operational experience. Party Game shows growth potential in social and long-term gameplay, and although long-term operations are challenging, Chinese manufacturers promote its dissemination through social fission and UGC content loops. The firm pointed out that the success of Party Game relies on the combination of user fission and long-term operations

- Guangfa Securities reports that Party Games represent a growing opportunity in China's gaming sector, merging mature operational capabilities with innovative gameplay.  
- The firm highlights the challenges of long-term mobile operation in this genre, noting that companies with established methodologies are rare.  
- Key players like NetEase and Tencent are recommended for their experience, while the new title "Supernatural Action Group" shows potential for rapid growth, especially during social events like summer and Spring Festival.

Guangfa Securities: Long-term operations unlock commercialization potential, overall recommendation for Party Game track including NetEase-S, etc