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Chapter 147 Market Analysis and Entry

Jiang Haoran looked focused, his gaze sweeping over the analysts around the conference table. His questions were clear and well-structured: "Following our analysis of industry trends, specifically at the company level..."

"Which companies are likely to occupy the upstream of the value chain and become the source of a continuous stream of high-quality content? Which companies are likely to evolve into key channels or platforms, gaining control over traffic allocation?"

He paused briefly, then continued, "And which companies are providing the indispensable tools and services for this feast? Most importantly, how do they build logical complementarity and synergy to form an organic combination, thereby systematically capturing the full benefits released by industry trends?"

Once the task was defined, Jiutian Investment's investment research team immediately began operating at high speed and in all aspects, like a tightly wound precision instrument.

The team abandoned traditional report-reading and telephone surveys, completely revolutionizing traditional research methods: some attended game developer conferences, some staked out film and television production crews for interviews, and others, driven by anime and manga enthusiasts, tested various newly launched mobile games and applications, and analyzed video website comment data and user profiles.

With such efficient operation, time seems to be accelerated.

Just two weeks later, a report was produced, embodying countless hours of research, data analysis, and internal debate—

The report, "Investment Strategies and Preliminary Target Pool Analysis Report for the Cultural and Media Industry under the Mobile Internet Wave," was solemnly placed on Jiang Haoran's desk.

The report, exceeding one hundred pages and neatly bound, is significant not only for its thickness but also for the profound insights it contains.

Jiang Haoran opened the heavy cover of the report, his gaze calmly sweeping over the detailed table of contents.

The report begins by outlining a clear and compelling logical framework, depicting the core value chain of the cultural and media industry, which is undergoing profound restructuring driven by both the widespread adoption of smart terminals and the upgrading of network infrastructure.

Content creation (IP/product) → Distribution (platform/channel) → User monetization (paid/GG/derivatives).

For each stage, the core elements and potential variables that may benefit are listed.

The core elements of value creation (such as IP reserves and R&D capabilities in the content stage; user scale, stickiness, and algorithm efficiency in the channel stage) and the key variables driving their change (such as the iteration of technical standards and regulatory policies)

(User habit migration), and the evolution path of the industry landscape that different variables may trigger.

This is not just a list of investment companies, but a dynamic "battle map" of industry evolution.

Following this framework, the report systematically screened and deeply analyzed relevant companies on the ChiNext and SME boards, forming a clear target matrix:

Content/IP source (core attack area):

Huayi Brothers (300027): The report not only analyzes its box office base as a film industry leader, but also deeply assesses the long-term potential of its initial forays into location-based entertainment projects (such as Suzhou Movie World), as well as its intellectual property (IP).

The library's potential for diversified development.

The conclusion is that it is the most brand-driven and ecosystem-ambitious content flagship in the A-share market.

Enlight Media (300251): Focuses on its strong terrestrial distribution network and self-production capabilities for TV festivals, and keenly points out the value of its early investment in Maoyan's online ticketing channel, believing that it is transforming from a pure content direction to "content + light channel".

Ourpalm (300315) and Zhongqingbao (300052): As representatives of mobile game developers, the report devoted a lot of space to analyzing their core team background, product pipeline under development, relationship with mainstream channels (such as Tencent), and the life cycle and payment data of their past products.

The conclusion points directly to these: they are the most direct "warheads" for the mobile game boom, with the greatest growth potential.

Channels/Platforms (High-Risk, High-Potential Area):

LeTV (300104): The report addresses this controversial issue in a separate chapter.

The article objectively lists its copyright pressures and cash flow problems, but focuses more on analyzing its "platform + content + terminal + application" ecosystem concept and its disruptive potential on the eve of the commercialization of 4G and the battle for home Internet access.

The report argues that this is a high-risk bet on the future outcome.

Support Services / "Selling Shovels" App (Stable Investment Area):

Wangsu Science & Technology (300017): The logic is simple and powerful – as a leading CDN service provider, any explosive growth in internet traffic will directly translate into its revenue and profit. Its growth can be seen as a "thermometer" of the overall internet industry's prosperity.

BlueFocus (300058): Demonstrates the advantageous position it holds as a leading domestic digital marketing company amid the irreversible trend of Google's budgets migrating from traditional media to digital media.

In addition, Huace Media (a leading TV drama producer) and New Culture were also listed as supplementary observation targets on the content side in order to build a more comprehensive industry perspective.

In the conference room, Zhao Lei, as the research director, gave a report: "President Jiang, our portfolio construction strategy is to allocate resources across the entire industry value chain."

"With Huayi Brothers, Enlight Media, and Ourpalm (or ZQGame) as the core triangle, we will firmly occupy the commanding heights of content and the points of explosive growth; with LeTV as a strategic surprise weapon on the platform side," we will strive for huge returns from the success of ecological development; at the same time, we will allocate Wangsu Science & Technology and BlueFocus as the ballast of the combination and as a synchronous verification indicator of industry prosperity."

"This creates a dynamic combination with forwards, surprise players, and defenders, allowing for multiple points of attack while mitigating risks."

Jiang Haoran listened very carefully, occasionally asking follow-up questions about specific data of a particular company, details of the team's background, or potential risks.

He asked particularly in-depth questions about the user retention rate of Ourpalm's next flagship product, the actual shipping cost and subsidy details of LeTV Super TV, and the capital expenditure plan for Wangsu Science & Technology's new nodes.

Lin Wei and the researcher in charge answered each question, providing more details from the on-site investigation.

"What are the current market valuations for these companies?" Jiang Haoran closed the report and asked the key question.

Lin Wei pulled up data charts: "The overall sentiment in the ChiNext market remains weak, with the index hovering at low levels. Although these companies have rebounded from their lowest point in 2012, their valuations (whether PE or PEG) are still in the lower end of their historical range."

"More importantly," she emphasized, "if our assessment of industry trends holds true."

"The explosive growth of mobile internet has led to a surge in industry growth and an upgrade in business models. As a result, current valuations completely fail to reflect its potential growth over the next two years. From a risk-reward perspective, it possesses a high margin of safety and significant room for growth."

Jiang Haoran leaned back slightly, his fingers tapping lightly on the polished tabletop—a habit he had when deep in thought. The conference room was so quiet you could hear a pin drop; everyone awaited his decision.