What Kaiser does

Kaiser Culture (凯撒文化, SZSE: 002425) is a Shenzhen-headquartered, publicly listed pan-entertainment company that acquires premium intellectual property licenses and develops them across mobile games, animation, comics, and film/TV formats. Founded in 1994 as an apparel manufacturer and listed on the Shenzhen Stock Exchange in 2010, the company pivoted to entertainment in 2014-2015 via three transformative acquisitions: Sichuan Tiankang Youjia Network Technology (1.215 billion RMB, 400+ R&D staff focused on anime/game IP adaptation), Hangzhou Huanwen Technology (540 million RMB, IP acquisition and operations), and Shenzhen Kuniu Interactive (750 million RMB, web-novel IP mobile gaming). Its IP library combines licensed Japanese properties (Saint Seiya from Toei Animation, Romance of the Three Kingdoms from Koei Tecmo, Fairy Tail and Yu Yu Hakusho from Shueisha) with Chinese web-novel and comic IPs from Tencent Comics.

The company's products are commercialized through platform publishing partners rather than direct-to-consumer channels: Tencent Games handles mainland China distribution of flagship titles such as Romance of the Three Kingdoms 2017 (which surpassed 100 million RMB monthly revenue within 25 days of launch), Saint Seiya: Rebirth, and Honor of New Three Kingdoms; Alibaba Games publishes into Hong Kong, Macau, Taiwan, and Korea; and Hero Entertainment covers Japan. Animation content is co-produced with Youku (Young Jin Yi Wei Guard) and Shanghai Animation Film Studio (New Gourd Brothers), while film/TV investment includes projects based on Wen Ruian's wuxia novels and Tang Jia San Shao's web-novel IPs. Core operations span three subsidiaries in Chengdu, Shenzhen, and Hangzhou, with the legacy Kaiser Dress (凯撒服饰) apparel business maintained as a residual line.

Revenue mechanics combine one-time game licensing/publishing deals (via Tiankang Youjia and Kuniu Interactive), ongoing IP royalty streams from multi-format adaptation, and co-production economics from animation and film/TV projects. The company monetizes primarily through B2B publishing agreements with major Chinese platform partners, supplemented by IP licensing fees paid to and from Japanese and Chinese rights holders. Customer concentration is high, with Tencent Games serving as the principal distribution channel for flagship titles; geographic reach spans mainland China, Hong Kong, Macau, Taiwan, Japan, Korea, Singapore, Malaysia, and Thailand. The company employs 501-1,000 staff across its Shenzhen headquarters and subsidiary offices.

Name

Kaiser

Legal name

凯撒（中国）文化股份有限公司

Website

https://kaiser.com.cn

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Kaiser Culture is a Shenzhen-listed Chinese entertainment company (SZSE: 002425) that licenses premium Japanese and Chinese IPs and develops them into mobile games, animation, and film/TV via publishing partners Tencent Games, Alibaba Games, and Hero Entertainment.

Ownership category

akta.pro rank

Product category

IP-based Mobile Gaming and Entertainment

NAICS

Software Publishers (51321)

SIC

Services-Motion Picture & Video Tape Distribution (7822)

akta.pro primary industry

Merchandising, Character & Brand Licensing (MPADALAF)

akta.pro secondary industry

Adult/Seinen/Josei Comics Publishing (MPAJAGAJ)

Keywords

• Mobile game development
• IP licensing operations
• Anime adaptation
• Animation production
• Pan-entertainment media

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Digital Commerce or Content

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Game Development and Publishing: Mobile game development through subsidiaries Tian Shang You Jia and Ku Niu Interactive, with publishing through major platforms like Tencent Games, Alibaba Games, and Hero Entertainment
2. IP Licensing and Operation: Acquisition and licensing of domestic and international IPs including manga, novels, and classic game IPs for multi-format adaptation
3. Apparel Business (Historical): Original clothing brand operations (凯撒服饰), transitioned from traditional apparel manufacturing to entertainment
4. Animation and Film/TV Production: Investment and co-production of anime series and television/film projects based on owned IPs

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

Kaiser (China) Culture Co., Ltd. (凯撒文化) is a Shenzhen Stock Exchange-listed (002425) entertainment company that acquires premium intellectual property (IP) licenses and develops them across multiple formats including mobile games, animation, comics, and film/TV productions. The company partners with rights holders such as Tencent Comics, Shueisha, Toei Animation, and Koei Tecmo to license Japanese and Chinese IPs, then produces IP-based mobile games and animation content distributed through major Chinese platforms including Tencent Games, Alibaba Games, Youku, and iQiyi. The company also retains a legacy apparel business under the Kaiser Dress sub-brand.

Product overview

Kaiser (China) Culture Co., Ltd. is a Shenzhen Stock Exchange listed (002425) pan-entertainment company with a diversified portfolio spanning IP operations, mobile games, animation, and film/TV production. The company operates through three main subsidiaries: Tiankong Youjia (specializing in premium anime/game IP adaptations like Saint Seiya and Romance of the Three Kingdoms), Kuniu Interactive (focused on web novel IP mobile games), and Huanwen Technology (IP acquisition and operations). The company also maintains a legacy apparel business. Kaiser Culture's business model centers on acquiring premium IP licenses from partners like Tencent Comics, Shueisha, and Toei Animation, then developing them across multiple entertainment formats including games, anime, comics, and live-action adaptations.

Differentiator

Problem solved

Functional benefit

Brands

• 凯撒服饰: Kaiser Apparel - a clothing/apparel sub-brand under Kaiser Culture Group
• 天上友嘉 (Tiankang Youjia)
• 酷牛互动 (Kuniu Interactive)

Products and services

• Mobile Games Portfolio (IP-based mobile games) Collection of mobile games developed and published by Kaiser based on licensed IPs, targeting Chinese mobile gamers with titles adapted from Japanese anime (Saint Seiya, Dragon Ball), classic Chinese games (Romance of the Three Kingdoms, Chinese Paladin), and web novel IPs. Distributed through Tencent Games, Alibaba Games, and other publishing partners.
• Animation and Comics Productions Animation and comic content produced or co-produced by Kaiser, including the 3D martial arts animation series Young Imperial Guards (少年锦衣卫) co-produced with Youku and Baiyan Film, and the classic IP animation New Gourd Brothers (新葫芦兄弟) co-produced with Shanghai Animation Film Studio. Also includes original comics such as Gate of the Setting Sun (玄界之门).
• Film and Television Productions Web dramas, TV series, and films produced or invested in by Kaiser based on its pan-entertainment IP strategy. Includes adaptations of wuxia novelist IPs such as The Legend of Detective Di (说英雄谁是英雄) in development.
• IP Operations and Licensing Core IP operations business including acquisition, screening, evaluation, contracting, and operating premium intellectual property rights across multiple entertainment formats. Includes licensed portfolios from Tencent Comics (Chinese IPs such as Spirit Blade Mountain, Tomb of Silver), Shueisha (Fairy Tail, Yu Yu Hakusho), Toei Animation (Saint Seiya), and Koei Tecmo (Romance of the Three Kingdoms).
• Kaiser Dress Apparel Brand (凯撒服饰) Legacy fashion and apparel brand (凯撒服饰) operated as a sub-brand under Kaiser Culture, representing the company's original clothing business that has transitioned to a secondary role as the company focuses on entertainment.

Quantifiable outcome

• 《三国志2017》月流水破亿 (Monthly revenue exceeded 100M RMB)
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Huawei Cloud (华为云)coreStrategic or Co-development Partner · 1 January 20195G cloud gaming strategic cooperation to explore cloud gaming technology and content distribution opportunities leveraging company's IP library.
• Baiyan Film (柏言映画)minorStrategic or Co-development Partner · 1 January 2019Animation production partner for original 3D martial arts animation projects.
• Tencent Comics (腾讯动漫)coreStrategic or Co-development Partner · 1 January 2016Strategic IP licensing partnership with Tencent Comics for 10 premium anime IPs including 从前有座灵剑山, 银之守墓人, 我的天劫女友 etc. This is a core partnership providing the company's major anime IP resource library.
• Shueisha (日本集英社)coreStrategic or Co-development Partner · 1 January 2016Japanese manga publisher providing IP licensing for major anime series including Fairy Tail (妖精的尾巴) and Yu Yu Hakusho (幽游白书) for mobile game adaptations.
• Toei Animation (日本东映动画)coreStrategic or Co-development Partner · 1 January 2016Japanese animation studio partnership for IP licensing including Saint Seiya (圣斗士星矢) anniversary title development.
• Koei Tecmo (日本光荣特库摩)coreStrategic or Co-development Partner · 1 January 2016Japanese game developer providing official IP licensing for Romance of the Three Kingdoms (三国志) series. Core partnership enabling 三国志2017 development.
• Taiwan Dady (台湾大宇)minorStrategic or Co-development Partner · 1 January 2016Taiwanese game company partnership for IP licensing of classic Chinese RPG titles.
• Youku (优酷土豆)coreStrategic or Co-development Partner · 1 January 2016Video platform partner for co-producing 3D martial arts animation series Young Jin Yi Wei Guard (少年锦衣卫) with third season production ongoing.
• Shanghai Animation Film Studio (上海美术电影制片厂)coreStrategic or Co-development Partner · 1 January 2016Co-production of classic IP animation 新葫芦兄弟 - 30-year classic IP animation produced and distributed.
• Wen Ruian (温瑞安)minorStrategic or Co-development PartnerWuxia novelist licensing martial arts novels including 说英雄谁是英雄 for anime, film and mobile game adaptations.
• Tang Jia San Shao (唐家三少)minorStrategic or Co-development PartnerFamous Chinese web novelist whose IP Tang Men World (唐门世界) achieved 50 million revenue milestone.
• Kaiser PermanenteminorOthersSeparate healthcare company - Kaiser Permanente agreed to pay $556 million to resolve False Claims Act allegations regarding Medicare Advantage diagnosis coding.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Shanda Games: Historic Chinese game publisher with IP-based mobile games and online game legacy. Comparable Chinese gaming peer with similar IP adaptation strategy and history of A-share/HK listing.
• Kingsoft Games / Seasun: Chinese gaming company with established PC and mobile franchises (JX3) and active IP-based mobile game development. Comparable as a publicly listed Chinese gaming company with IP-based multi-format strategy.
• Lilith Games: Chinese mobile game developer with titles like AFK Arena and Rise of Kingdoms. Comparable Chinese mobile game studio pursuing international markets with Tencent-style publishing relationships and ACG-adjacent gameplay.
• Zulong Entertainment: Chinese mobile game developer known for anime-style and IP-based titles including food-themed games. Comparable as a China-based mobile gaming company focused on anime and ACG audience with Tencent distribution relationships.
• Perfect World Games: Chinese A-share listed game publisher with strong portfolio in IP-based MMORPGs and mobile games, including adaptation of major Asian IPs. Most direct comparable in terms of being a publicly listed pan-entertainment Chinese gaming company targeting anime/IP audiences.

Broad incumbents

• Tencent Games: China's largest game publisher and Kaiser's primary distribution partner. Both operate in mobile game publishing with anime/IP-based titles, though Tencent operates at vastly larger scale across first-party studios, publishing platform, and original IP.
• NetEase Games: Major Chinese game developer and publisher with both original IP and licensed franchise titles. Comparable in mobile game development pipeline, multi-format IP exploitation, and international publishing partnerships, though at much larger scale.

Emerging players

• miHoYo / HoYoverse: Chinese game developer behind Genshin Impact and Honkai series. Competes for the same anime/ACG gaming audience in China and globally, though differentiated by owning original IP rather than licensing, and operating at premium-tier scale.

Others

• Shanghai Animation Film Studio: Historic Chinese animation studio and Kaiser's co-production partner on the New Gourd Brothers animation. Comparable as a Chinese animation production company operating in the same IP adaptation and animation co-production ecosystem.

Regional players

• Yostar Limited: Asian mobile game publisher specializing in anime IP adaptations (Arknights, Azur Lane) with strong Japan and China market presence. Comparable in anime IP mobile gaming strategy, though primarily operating through publishing deals rather than first-party development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kaiser