The protagonist of "A Record of a Mortal’s Journey to Immortality" engages in a life-or-death battle on screen, where every finger movement, energy ripple, and fabric fold must be digitally rendered with millimeter precision. This isn’t hand-drawn artistry but the result of an industrial pipeline by Jiangsu Original Force Digital Technology Co., Ltd. ("Original Force Digital"), now vying for a Beijing Stock Exchange (BSE) listing. As the full-service animation producer for this benchmark Chinese anime, Original Force Digital handled everything from character design to final 3D rendering.

Beyond "A Record of a Mortal’s Journey to Immortality," the company contributed to films like "Nezha 2" and games including "Honor of Kings." It has now reached a critical juncture, facing BSE review on December 12 for its IPO application.

**1. Behind the Scenes of "Nezha 2" and "Honor of Kings"** As a 3D digital content producer, Original Force Digital has worked on major animation projects like "Nezha 2," "Monster Hunt 2," and "A Record of a Mortal’s Journey to Immortality," as well as games such as "Honor of Kings," "Delta Force," "Onmyoji," "Naraka: Bladepoint," "Identity V," and "Baldur’s Gate 3."

"Games + animation" form its core revenue streams. Animation-related income grew steadily from 2022 to H1 2025, reaching ¥183 million, ¥232 million, ¥224 million, and ¥120 million, respectively. However, game 3D content production remains its primary revenue driver, serving clients like Tencent, NetEase, Sony, and Alibaba. This segment contributed ¥269 million, ¥275 million, ¥299 million, and ¥154 million during the same period, accounting for 53.78%, 52.34%, 54.85%, and 54.1% of total revenue.

Original Force Digital also provides 3D services for other industries, including AI digital models for SPD Bank, virtual Lunar New Year campaigns for Alipay, and avatar design for China Mobile’s virtual spokespersons. Overall revenue rose from ¥501 million in 2022 to ¥545 million in 2024, with net profits of ¥68 million, ¥83.88 million, ¥85.38 million, and ¥46.68 million (H1 2025).

A 2018 setback came with its original animated film "Duck Duck Goose," whose box-office failure led to a ¥286 million annual loss. After a failed 2021 ChiNext IPO attempt, the company pivoted to the BSE, submitting its prospectus in late 2024.

**2. Tencent: Client and Shareholder Under Scrutiny** Original Force Digital’s deep ties with Tencent span equity and business. Tencent-backed Linzhi Lichuang holds a 12.13% stake, making it the fourth-largest shareholder. Transactions with Tencent grew from ¥66.86 million in 2022 to ¥88.5 million in H1 2025, representing 13.22%–31% of revenue. A 2025 forecast anticipates ¥101 million in ongoing deals, mainly for 3D content production.

The BSE questioned毛利率 disparities: Tencent-related game projects averaged higher fees (¥210,600–¥530,300 per project) and longer cycles (2.97–5.09 months) than NetEase’s (¥171,700–¥230,400; 2.25–2.69 months). Original Force Digital attributed this to Tencent’s planned, larger-scale projects enabling better resource allocation, while NetEase’s reduced outsourcing volume demanded higher per-project投入. Specific毛利率数据 were redacted.

**3. Past Bet Failures and Insider Loans** Founder Zhao Rui, a former AgBank engineer, controls Original Force Digital. The prospectus reveals his brother-in-law Zhou Jie, a high-school graduate turned board secretary, borrowed ¥5.26 million and ¥6.81 million from the company in 2018–2019 (repaid by 2020). Zhou’s ex-wife’s firm also did ¥2 million in business with Original Force Digital.

A failed 2020 IPO赌协议 forced Zhao to transfer 2.2% equity (530,000 shares) to investor Shanghai Hanfa. To fund this, Zhao borrowed ¥11.47 million interest-free from individuals, with ¥9.47 million due by 2026. The company asserts these loans pose no material risk to Zhao’s股权 stability.

Original Force Digital’s journey reflects both the boom in Chinese digital content and the sector’s financial growing pains as it steps back into the IPO arena.