"Defending Radish 4" has coexisted with the heat and controversy. Can Feiyu Technology usher in a transfer of new IP works in ten years?

Picture source: Oriental IC

A few days ago, the sequel of "Defending Radish" IP "Defending Radish 4" was launched, and it has received the attention of many players. In the App Store free game list, "Defending Radish 4" was the first to airborne, and from June 30th to July 4th, it was always in the first place.

Many users are familiar with the game, which has been launched for 10 years since the original version. The latest data shows that the "Defense Radish" series of games currently have more than 600 million registered users.

The opposite of the new tour is that the developer Feiyu Technology has continued to sluggish in the secondary market recently. The company's stock price ushered in the highlight of this year due to "Defending Radish 4", and the closing price rose by more than 121%on June 7. However, its stock price showed a downward trend, and it has now fallen to the price near the rise.

"Defending Radish 4" is online, and the feelings of the feelings and controversy coexist

In early June, "Defending Radish 4" was officially settled on June 30, and received TODAY recommendation from the App Store. The number of appointments has exceeded 10 million.

On the day of the launch of June 30, according to the data of the Weibo platform, the reading volume of "Defending Radish 4" exceeded 70 million times, and the number of discussions was nearly 30,000. 10 bits.

However, on the second day of the launch, the game had a problem of slow network and network connection failure. In response, the game officer had an emergency apology, saying that the technicians were repairing the server, and the completion time and game compensation would be announced in the game.

According to reports, "Defending Radish 4" continues the style of "defending radish" in the past, and the game style of fresh Q cute, as well as the gameplay of leisure tower defense, but also adds a lot of new content.

Specifically, including the plot settings that increase the film production, players will encounter different styles of NPCs (non -player characters) in the game. Through the enhancement of the plot, compared with the previous simple customs clearance settings, users have enhanced users to a certain extent. Curiosity.

At the same time, "Defending Radish 4" also added social and developing modules this time. Users can use the tokens obtained by customs clearance to buy furniture, so as to gradually dress up virtual homes. After reaching a certain level, they can also make the door with friends.

From the perspective of the experience of Blue Whale Finance reporter, the difficulty of the entire game has increased with the number of levels, but the game experience is easier and easier to have a sense of "accomplishment." The newly added social and developmentplay is relatively simple, and the overall is relatively casual.

As for these new settings, some old players are more dissatisfied, thinking that the game "plot is more embarrassing", "animation of rabbits can not skip waste time", "expensive physical value", "too much social elements" and so on.

This time, to welcome the tenth anniversary, led by "Defending Radish", many old games include "Metro Parkour", "Temple Escape", "Tom Cat", "Fantasy Garden", "Fantasy Home", "Monument Valley" , "Crazy Zoo" and other joint announcements have been jointly launched. Under the blessing of feelings, it has attracted a lot of attention.

Qi Mai data shows that from June 30th to July 5th, the ranking of free game lists, free leisure game lists, and free strategy game lists of "Defending Radish 4" mobile games fluctuated. The ranking of the free game list has fallen to seventh.

The 10th anniversary of the first -generation mobile game, what is the IP effect?

"Defending radish" IP is also a pillar of Feiyu Technology.

According to Feiyu Technology's 2021 annual report, the first three games of the "Defending Radish" series as the company's iconic popular products, they have recorded growth in income, MAU, ARPPU and advertising income. At present, the cumulative registered users exceed 600 million.

In 2021, the earnings of Feiyu Technology Game operations was about 70.5 million yuan, an increase of about 7.2%year -on -year. The growth rate is mainly due to the update of the "Defending Radish" series, and retains existing players and attract new players with new features, driving the income from leisure games.

It can be seen that the "defending radish" IP series products still have certain competitiveness so far.

Feiyu Technology stated in the 2021 annual report that with the "defense radish" game series IP, the group is in a favorable position in the intellectual property authorization business. Specific business development dynamics include authorized the role and image of "defending radish" in various categories of products in various categories of products, including creative home products, 3C (computers, communication and consumption) product accessories, pet supplies, food and tables tour. And establish a partnership, facilitate the company and opponents to jointly develop the "defending radish" theme beverage shops, and so on.

In the industry, Zhang Shule, a reporter from Blue Whale Finance that as a leisure game, "defending radish" as the main type of the initial stage of mobile games (originally leisure, post -card, PVP ...), keep keeping low -key red fire, it has a low -key red fire. IP also has a considerable popularity, but the derivative of IP has not broke the circle of leisure games, and the limitations are relatively obvious.

It can be said that compared with other well -known IPs, the "defending radish" suction power is slightly inferior.

"Leisure games have gradually changed from the first card of the mobile game to a niche category. In this category, Feiyu Technology is just a competitive but no domineering company, especially the entry of some independent games is also the category. Competition added variables, "Zhang Shule analyzed.

According to the "Gaming Industry Report, January to March 2022" released by Gamma data, the number of downloads of super casual games that entered the iOS download TOP20 from January to March 2022 declined; Total downloads have increased year -on -year. It can be seen that leisure and super casual games still have markets, but under fierce competition, Feiyu Technology needs to cultivate internal skills.

Feiyu Technology has lost six years in a row, and has been increased twice in 2021 to increase its holdings twice

Contrary to the performance of the new tour, Feiyu Technology has continued to sluggish in the secondary market recently.

After the "Defending Radish 4" was fixed, the stock price of Feiyu Technology ushered in this year's highlights. On June 7, the closing price rose exceeding 121%to HK $ 0.73/share. However, its stock price showed a downward trend, and on July 11, the stock price had fallen to a price close to the rise.

Regarding this phenomenon, Zhang Shule believes that "defending radish 4" as a continuous work is still inevitable. However, the innovation of Xinyou is not strong, and it is more similar to a routine iteration, which also gives the capital market a sense of "lying flat and winning" for flying fish technology.

You know, Feiyu Technology knocked on the door of listing with the IP of "defending radish" and "fairy road".

At the end of 2014, Feiyu Technology was listed on the Hong Kong Stock Exchange. On the same day, it opened 2.26 Hong Kong dollars/share, an increase of 2.7%from the issuance price, and the market value was about 3.5 billion Hong Kong dollars. However, the company's stock price has been relatively sluggish since then, and the operating conditions are not satisfactory. Financial data shows that, except for 2015, Feiyu Technology has lost money for 6 consecutive years, of which the net loss of mother -in -law in 2017 was as high as 380 million yuan.

According to Feiyu Technology ’s fiscal annual report of 2021, operating income was 105 million yuan in 2021, a year-on-year decrease of 10.44%, and the net loss attributable to the parent company was 78.103 million yuan.

Regarding the reasons for the year -on -year decline in revenue, Feiyu Technology stated that the group made strategic decisions, and the additional development time and resources were invested to improve the quality of the main new game and the approval of the new game license approval, which caused delay to launch new games.

However, from the company's financial data over the years, it can also be seen that from 2017 to 2021, its revenue generally showed a trend of shocks. At the same time, the R & D cost of Feiyu Technology has declined since 2016. In 2016, the R & D cost of Feiyu Technology was 180 million yuan, and the revenue of that year was 188 million yuan, which was flat; in 2018, its research and development costs fell to 93.63 million yuan, and the revenue was only 83.25 million; in 2021, the company's research and development The cost is 83.6 million yuan.

In general, the Flying Fish Technology, which is caught in a losing vortex, has gradually entered the end of the life cycle in the late life cycle, and the new game performance is not good, and it also imprisons its development.

However, it is worth noting that from April to May 2021, THL H Limited, a wholly-owned subsidiary of Tencent, twice increased its holdings of Flying Fish Technology twice, subscribing for a total of 262 million shares, and about the issuance of Flying Fish Technology has been issued. The total number of equity is 15.24%.

"Tencent Games has a home leisure game (PC and mobile games), so this can be regarded as a strategic reserve. Tencent needs to maintain share in the field of leisure games to prepare for the new game platform that may appear." Zhang Shule analyzed analysis think.

Tencent's holdings are undoubtedly a great benefit for Flying Fish Technology.

Feiyu Technology plans to launch 5 to 6 new mobile games for domestic and international markets in 2022. In addition to the launch of "Defending Radish 4", it is also worthy of attention.

Under a variety of new travels, whether the Flying Fish Technology can usher in a transfer, and the reporter will continue to pay attention.

- END -