2015，Aofei Entertainment teamed up with Shanda Network and others to acquire 188bet online casino games platform Youyaoqi at a valuation of 900 million，This is an acquisition that is considered to change the Chinese 188bet online casino games industry，It was also the largest acquisition in the 188bet online casino games industry at that time；In addition to completing this transaction，The status of the acquirer Aofei Entertainment as the number one domestic 188bet online casino games stock is also considered to be more stable...;…From 2015 to 2022，The Youyouqi who joined Aofei did not survive the seven-year itch，Acquired by Station B，A match made in heaven，Now it seems there are some“Wishful thinking”。

February 18, 2022，Aofei Entertainment Announcement，It said that it has completed the asset delivery matters as agreed and“There is evil spirit”Change of equity of the main company，Received a total of 600 million yuan from the acquirer Shanghai Huandian (a subsidiary of Bilibili)。But through the acquisition and sale of Aofei, there is a demonic process，You can see how a vibrant 188bet online casino games website fell into mediocrity，You can also see a dream to become China“Disney”How the listed companies came out of fantasy step by step。Just like what some netizens commented，“Content industry these days，Without a platform, there is no way to survive in this world”。

As the earliest pioneer of Chinese original 188bet online casino games，The story of evil spirits can be told from two perspectives。

One is from the founder“There is a demon king”Speaking of Zhou Jingqi，2006，He and several friends founded an 188bet online casino games exchange website similar to the 2D forum，It is the predecessor with evil spirit，At first it was mainly transportation，Gradually attracted many original authors，And popular works such as "One Hundred Thousand Bad Jokes" and "Zhenhun Street" that are well-known to the public have emerged。

Another angle，In fact, it is the early capital’s occupation of the content industry。According to data，In 2009, Shanda Literature invested 8 million yuan in Youyaoqi，Not required to make a profit，The one who took the money has an 188bet online casino games and starts from“Website communication platform”becomes“188bet online casino games·China Original Comics Dream Factory”。

Tencent 188bet online casino games、Watch anime、NetEase 188bet online casino games and others have not yet been born，Domestic 188bet online casino games website、Forum，Most of them mainly transport Japanese comics

To this point，The evil spirit begins to complete its self-transformation，Became one of the most important bases for early domestic original 188bet online casino games，And soon many high-quality 188bet online casino games works emerged。According to introduction，At that time, Youyouqi had a reward system for new cartoonists，High degree of creative freedom，So much so that there are always high-quality comics on the newcomer comics list on the platform。

From the serialization of "One Hundred Thousand Bad Jokes" in 2010 to the serialization of "Duannao" in 2011，Then serialize "Zhenhun Street" in 2012，Many classic comic IP prototypes that are familiar to 188bet online casino games fans were born on the demonic platform……After 2010，China’s 188bet online casino games market has also entered the fast lane，188bet online casino games is considered an incremental market for film and television content，Seize the opportunity if you have evil spirit，2012，The animated version of "One Hundred Thousand Bad Jokes" became an instant hit，2014 movie version of "One Hundred Thousand Jokes" is online，Harvested 1.200 million yuan box office。

From 188bet online casino games to 188bet online casino games，From 188bet online casino games to movie，There is a demonic spirit that has opened up the second line of Ren and Du in the anime IP，Not only greatly enhances its own commercial value and influence，It also proves the gold content of original 188bet online casino games IP——From this point of view，There is evil in the development process of Chinese original 188bet online casino games，Played a very key role。

Same period，The domestic entertainment industry has set off a vigorous IP craze，All kinds of capital have joined in，It is not uncommon to spend a lot of money for IP。Youyaoqi, who has proven his worth, also ushered in the ";Finance Owner”，It is Aofei Entertainment, which is known as the number one 188bet online casino games stock in China。

Aofei Entertainment，One of the legendary companies in China’s 188bet online casino games industry and content。

Before starting an 188bet online casino games company，Its founder Cai Dongqing has been deeply involved in the toy industry for many years，Classic cases in his early years，Just to sell four-wheel drive toy cars，Hold a four-wheel drive competition and introduce the Japanese cartoon "4WD Boy"——This cartoon has become the childhood memories of many people born in the 80s and 90s，Four-wheel drive toys are still a favorite of many children.。

Back in 2004， Aofei Entertainment has launched its first original 188bet online casino games work "The King of Firepower"，Enabled“Anime+Toys”'s first business model。Afterwards，Aofei Entertainment is committed to creating its own IP brand as its main theme，We have successively developed well-known IPs such as "Armor Warrior", "Balala Little Demon Fairy" and "Super Wings"。Especially "Super Wings"，Broadcast in more than 130 countries and regions around the world，Also landed in Times Square, New York，International Emmy Children’s Award nomination and more。Also，"Super Wings" related derivatives such as books、Toys, etc. are sold in more than 70 countries and regions around the world，More than 350 contracted licensees worldwide。

The success of transformation，Also makes Aofei Entertainment a lucky one in the capital market。2009，Aofei Entertainment is known as “The first domestic 188bet online casino games toy stock”’s identity is listed on the A-share market，The highest market value was once as high as 80 billion yuan。

2015，188bet online casino games’s acquisition is evil，Very favored by the comics industry at that time。At that time, Youyaoqi owned 40,000 comic copyrights and multiple classic comic IPs，Even the comic "One Hundred Thousand Bad Jokes" has taken a big step towards commercial realization，188bet online casino games is also highly recognized by the market，The stock price is always at a high level。

The press conference for the completion of the acquisition，The person in charge of Aofei Entertainment once said that demons are the gold mine of Chinese 188bet online casino games，Because of the demonic originality，Is the mainstream of pan-entertainment consumption in the future；The second is the platform，It can continuously produce works and IP；The last is benchmarking，It is a place that retains authors and fans，Able to allow fans to participate in creation，In this way, we can continue to produce high-quality products，Continuously hatching phenomenal IP。So，If you feel evil after the acquisition, you need to invest more，Encourage originality，It was also announced that "Duannao", "Zhenhun Street" and "Hive" will be made into live-action movies。

Everything looks great.

If you have evil spirits, you want to use Aofei，Consolidating the road to platform；Aofei hopes to use the evil IP，Turn 188bet online casino games IP into movies and develop derivatives——This was considered by many comments at the time，It is a merger and acquisition in the direction of China Disney。

But between reality and planning，188bet online casino games always a huge gap，Neither of the two wishes seems to have been realized after the merger。

Judging from the results，The seven-year integration between 188bet online casino games and Youyouqi basically has no results。

From the perspective of diversified development of IP，The plan to make "Duannao", "Zhenhun Street" and "Hive" into live-action movies has come to nothing。But in the field of online dramas，You still gain something despite your 188bet online casino games，The online drama "Duannao" in cooperation with Sohu was launched in 2017，The online drama "Zhenhun Street" co-operated with Youku also received a good reputation in 2017………In addition, the box office of the movie "One Hundred Thousand Jokes 2" reached 1.3.3 billion，Lower than expected。

Overall view，There is evil in the system of 188bet online casino games，Unsatisfactory in the film and television development of IP，Neither quantity nor quality has achieved the expected results。

But a bigger challenge，Yaoqi’s dominant position as a platform is still being eroded step by step。After 2010，Tencent 188bet online casino games、Internet giants such as NetEase 188bet online casino games have begun to deploy comic platforms，The Kuaikan 188bet online casino games launched in 2014 has attracted the favor of creators and netizens。As the saying goes，Sail against the current，If you don’t advance, you will retreat，Perhaps Youyouqi and Aofei Entertainment did nothing wrong，But competing products are more competitive，make“There is evil spirit”’s market share、The number of authors and the magnitude of IPs have all declined。

Data analysis，In addition to changes in the market environment，188bet online casino games’s integration of Youyao Qi doesn’t seem to go smoothly either。Data display，September 2017，There is a demonic founder、CEO Zhou Jingqi and Youyouqi co-founder and COO Dong Zhiling resigned successively，Afterwards，It is always difficult to stabilize a management with demonic tendencies，Insiders who have worked in evil spirits told the media，7 leaders changed in 6 years，“I didn’t expect it at all，188bet online casino games will appoint an HR (Shen Can) to manage the evil spirit。”

Some analysts believe，Large-scale acquisitions and layout，And poor integration，Due to the decline in performance of 188bet online casino games、Unfavorable subsequent investment，This is also one of the reasons why Yaoqi and other M&A targets perform poorly。Data display，2016，Aofei net profit 3.39.3 billion yuan，First loss since listing in 2018，Net loss reaches 16.300 million yuan，June 2018，188bet online casino games’s debt scale reaches 34.7.6 billion yuan，71% of net assets.08%，Short-term borrowing 17.1.8 billion yuan。2019 to 2020，The net profits are 73.45 million yuan and -4 respectively.67.6 billion yuan，2021 Preliminary Loss 3.500 million-3.9.8 billion yuan。

Loss of the parent company，The influence on demonic spirits is obvious。Its competitors from 188bet online casino games to 188bet online casino games film and television except Tencent, Netease, Kuaikan, etc.，There are also more stations B, A, even iQiyi Youku, etc.，Especially the comics，It has replaced Youyaoqi and become the leader of independent 188bet online casino games platforms，as of today，Kuaikan already has 8 rounds of financing，Latest financing was August 23, 2021，Kuaikan announced the completion of 2.USD 400 million financing，By CCB International、One Store、Tencent、Coatue、Tiantu Capital and other investments——Refreshed the comic industry financing record。

The opponents have enough food and grass，188bet online casino games insufficient reserve of demon energy，Naturally at a disadvantage in competition。

But the bigger change comes from the transformation of the two-dimensional market from 188bet online casino games to 188bet online casino games。Video platforms have an increasingly strong voice in the 188bet online casino games market，188bet online casino games platforms are also making efforts in the field of 188bet online casino games，At this time, the protagonist of the industry has begun to become a video platform with stronger capital and traffic——Tencent Station B and iQiyi，already called anime、The 188bet online casino games market“vc”，From 188bet online casino games creation to 188bet online casino games production，Inseparable from the platform’s gaze。

Xi’s literary and martial arts，Sold to the Imperial Family，Should be“There is evil spirit”’s destiny。November 2021，188bet online casino games announced that it agreed to transfer 100% equity of its wholly-owned subsidiary Beijing April Star Network Technology Co., Ltd. to Shanghai Huandian Information Technology Co., Ltd.，Transfer price is 600 million yuan。When being interviewed by the media，Stated by the relevant person in charge of 188bet online casino games，The valuation method of 600 million is different from the calculation method of 900 million，But its sales are also based on the company's strategy。

2015—2022，The demons who joined Aofei did not survive“The seven-year itch”。For Aofei，Big acquisition、The dream of becoming Disney has actually been shattered，The future belongs to platform-level players。But Aofei Entertainment’s market value is still nearly 8 billion，Annual revenue in billions，Still has many valuable animated IPs，It has also achieved good results in 188bet online casino games derivative development——The giant’s dream is broken，But there is still much to be done by maintaining the backbone，Animations and big movies such as "Super Wings" and "Ji Yang Yang" are still very tempting for platforms。

For those with evil spirits，As an ancient 188bet online casino games platform，Joining hands with Station B, the largest two-dimensional platform in China，Maybe it can boost the morale of his company。After solving the funding and management issues，There is still a lot to be done if there is evil spirit。After all，The two-dimensional market is still in an explosive period，A market worth tens of billions or even hundreds of billions，The chance of getting a piece of the pie is not low。