Dream World (01119) deepens cooperative business collaboration with Tencent and extends to AI and cloud services
The cooperation between Chuangmeng Tiandi and Tencent is showing a clearer business progression path
Zhitong Finance App learned that according to the company's announcement, from 2027 to 2029, Chuangmeng Tiandi (01119) plans to provide AI model transfer, tokens and other cloud technology services to Tencent Group (00700). The recommended annual upper limit for related supply transactions is RMB 420 million. The specific scope of cooperation includes AI model calling services and cloud computing infrastructure such as tokens, cloud servers, storage, networks and databases, as well as technical support, operation and interface integration services.
In addition, the company simultaneously announced a token partnership with Tencent worth approximately 26 million yuan. The former is an ongoing related transaction arrangement for the next three years, while the latter is a specific project that has already been disclosed. The two announcements were released one after another, which also means that the cooperation between the two sides is extending from traditional game business to AI model application, cloud computing, and related technical services.
From the perspective of business fundamentals, Dream World's AI strategy is based on player data, game scenarios, and IP assets accumulated by itself, and progresses along the two main lines of “AI for Game” and “AI in Game”, and lays out efficiency agents and IP character agents respectively. While serving internal game development, operation and player experience, the company is also trying to extend some AI and cloud service capabilities to external customers with cloud service resale qualifications, technology intermediaries, token supplier channels, and procurement coordination resources.
Tencent is the largest institutional shareholder of Chuangmengtiandi, with a shareholding ratio of about 11.18%. The two sides have cooperated in the past in the fields of game distribution, product promotion, and user ecology. This round of the framework agreement is a continuation and expansion of the existing cooperative relationship. The scope of cooperation between Chuangmeng Tiandi and Tencent is expanding and is beginning to involve external supply of AI services.
From 26 million yuan token cooperation to an annual AI related transaction limit of 420 million yuan
A token is the basic unit of measurement for measuring input and output usage of generative AI models. In the game industry, its applications can cover scenarios such as intelligent customer service, content generation, character interaction, code assistance, art production, and operation analysis.
Previously, Chuangmeng Tiandi has gradually applied AI to processes such as game R&D, content production, customer service, launch and operation, and internal collaboration, and has formed three types of products: customer service agents, Camena content agents, and Metis data agents, which serve customer service, content production, and operation decisions, respectively.
According to the company's 2026 interim results report, its monthly token calls have exceeded 500 billion dollars. In the customer service scenario, the robot's independent reception rate reached 89.90%, and the problem solving rate was 85.84%. To a certain extent, these data indicate that the company's AI applications have begun to expand from single-point tool use to process-based and large-scale applications.
In this context, the “Related Transaction: Cloud Service Agreement” signed with Tencent can be regarded as a concrete implementation of Chuangmeng Tiandi to provide AI-related services to the outside world. What is more noteworthy is that AI model calls and token services have begun to enter a clear procurement, use and settlement process, providing a business foundation for the two sides to expand the scope of cooperation in the future.
Game cooperation is still the foundation of cooperation between the two parties, and mini-games provide new expansion scenarios
In addition to AI and cloud services, game cooperation is still an important part of transactions related to this announcement.
According to the announcement, the two sides will continue to cooperate on game promotion, distribution, licensing and operation. The maximum annual transaction limits for distribution fees and license fees paid by Chuangmengtiandi to Tencent from 2027 to 2029 are $156 million, $179 million, and $182 million respectively; the yearly limits of game distribution license fees paid by Tencent to Chuangmengtiandi in the form of revenue sharing are $23.06 million, $23.94 million, and $24.94 million, respectively.
Among existing partnerships, Tencent has platform, channel, and game operation capabilities, while Dream World has experience in game R&D, distribution, and product operation. Through game distribution and licensing, both parties can use their respective strengths in different products and regions. As lightweight game forms such as WeChat mini games continue to develop, channel and product cooperation between the two sides also has the opportunity to extend to more scenarios that reach users.
Dream World has made initial progress in the mini-game channel. According to the company's 2026 interim report, the “Subway Parkour” WeChat game was launched during the reporting period, contributing 15% of the product's total platform turnover in the first half of the year. This data shows that the small game channel has brought an observable increase in traffic to mature products, and it also verifies the possibility that Evergreen products can reach new users through lightweight versions.
In addition to “Subway Parkour,” products such as “Dream Garden” under Chuangmengtiandi also have a long-term operating foundation and a mature content update system. The phased performance of “Subway Parkour” has provided a reference for other mature products to explore mini-games and multi-terminal layouts.
According to the “2025 China Game Industry Report”, the domestic applet game market revenue reached 53,535 billion yuan in 2025, an increase of 34.39% over the previous year. As the market size continues to expand, mini-games may become a new channel for Dream World to revitalize Evergreen products, expand user reach and extend the product life cycle, and also provide new incremental space for game cooperation between the company and Tencent.
From “AI user” to “AI service provider”
In recent years, Dream World has continued to advance its AI strategy. Following the two paths of “AI for Game” and “AI in Game”, it has laid out efficiency agents and IP role agents respectively.
“AI for Game” mainly uses AI as a productivity tool and is applied to game R&D, content production, distribution, and customer service. For example, AI assists in the generation of art and marketing materials, code development, localization, and user services to shorten production cycles, reduce repetitive work costs, and improve product operation efficiency. “AI in Game” further embeds AI into game content and player experience. The company tries to use capabilities such as large models, voice interaction, and long-term memory to enable game characters to understand players' intentions and respond continuously, and enhance the personalization and emotional connection of character interactions. Currently, related abilities have been explored in scenes such as the “Carapicchu” AI lounge.
Looking at capital investment, Chuangmeng Tiandi's recent placement announcement also shows that the company is preparing to continue investing in AI-related businesses. According to the announcement, more than half of the proceeds from the placement are planned to be used in fields related to AI character agents, mainly to support AI technology research and development, infrastructure and related business development. This means that AI is not only an auxiliary tool for the existing game business, but is becoming an important direction for the company's medium- to long-term resource allocation.
The continuous release of these two announcements further shows that the company wants to extend AI capabilities from internal production tools to external technical services. If businesses such as token, cloud services, and interface integration can form stable orders, Dream World's AI layout will not only optimize costs, but may also add new sources of service revenue.