According to a research report from GF Securities, a review of the anime-style game market over the past five years reveals a typical industry characteristic where supply creates demand. In years when major titles were released, the market size showed significant growth. "Arknights: Endfield" continues to demonstrate the commercial potential of anime-style open-world games. Currently, "Different Ring" is showing outstanding performance in testing, offering players a more immersive gaming experience. Upon its official launch, the product is expected to achieve remarkable revenue performance. The report core recommends game developers with anime-style products, primarily recommending Perfect World (002624.SZ), and suggests paying attention to leading companies such as Tencent Holdings (00700) and NetEase-S (09999), which has "Infinity" in its pipeline. Key views from GF Securities are as follows:

The anime-style game market may be poised for a recovery. The successful launch of "Arknights: Endfield" continues to validate market demand. According to Gamma Data, the market size has seen significant growth in years when key products were released. According to a release from Shanghai Xuhui, Eagle Horn Network's new title "Arknights: Endfield" achieved cumulative global revenue exceeding 1.2 billion yuan across all platforms within two weeks of launch. In the domestic market, the PC version contributed nearly 60% of revenue, while overseas, PC and PS platforms combined accounted for 70%, indicating that global demand in the anime-style market remains untapped.

Why is "Different Ring" expected to succeed? GF Securities believes the core of "Different Ring" lies in strengthening player agency, creating a novel experience for anime-style open-world games. Specifically, in terms of controls, an optional first-person perspective offers stronger immersion. In gameplay, multi-branch side quest designs allow players' active choices to significantly alter the progression and outcomes, transforming them from "readers" of the story into "drivers" of the content.

"Different Ring" has high visibility, a solid user base, and rich gameplay experiences: (1) Solid user base and high market popularity. According to official website data, pre-registrations for the game have exceeded 20 million; its third test PV garnered over 7 million views on Bilibili, reflecting substantial attention and a foundational user base built through early promotion. (2) It achieves innovation in gameplay compared to traditional anime-style games, significantly enhancing player agency. In traditional anime-style open worlds, players often occupy a passive, "camera-like" observer role, primarily viewing predetermined content rather than actively driving the narrative. "Different Ring" greatly strengthens non-main story narratives and environmental interactions in its third test, granting players more possibilities for action and shifting their role from "content experiencer" to "plot driver," substantially boosting player agency and immersion. (3) The game offers rich companionship experiences and upgraded character interactions, redefining companionship in anime-style games by moving from providing "dialogue options" to managing "a relationship." According to an evaluation from Game Teahouse, the depth of interaction was significantly enhanced in the third test. The game uses affinity building as a core thread, linking a series of highly realistic social behaviors—from holding hands and hugging to inviting characters for car rides, and ultimately having characters move into the player's apartment as roommates. This design extends the connection between player and character beyond scripted moments into everyday scenarios. Through this sustained cohabitation, characters are imbued with social and emotional value beyond the script, making "companionship" itself a growable, immersive core gameplay mechanic.

Risk warnings include potential tightening of game industry regulations, intensifying industry competition, and the risk of a product's performance upon launch falling short of expectations.