China Ruyi (00136) surged over 6% in late trading. As of press time, the stock was up 5.09% to HK$2.89, with a trading volume of HK$418 million. Guohai Securities released a research report stating that China Ruyi successively acquired 100% equity of ByteDance's subsidiary Youai Interactive Entertainment and 30% equity of Tencent's subsidiary Yonghang Technology, 30% equity of Kuaiqian, and invested in 52Toys during 2024-2025, obtaining IP series including "Red Alert OL" and "QQ Dazzle Dance". These multiple acquisitions have helped the company strengthen its game development and distribution capabilities, forming new growth drivers, and strategically positioning in blue ocean sectors such as IP derivatives, cross-border payments, and digital RMB. Tianfeng Securities research report pointed out that the film industry shows a steady recovery trend in 2025. Against this backdrop, the competitive advantages and market share of high-quality film industry leaders are expected to further improve, combined with the orderly launch of gaming projects contributing performance flexibility, Pumpkin Movies streaming platform achieving incremental film and television channels, and AI film and television cost reduction and efficiency improvement. China Ruyi is expected to achieve revenues of RMB 48.4/58.9 billion in 2025-2026 respectively, with year-on-year growth rates of 32%/22% respectively, and net profits of RMB 16.4/20.3 billion respectively, maintaining a "Buy" rating.