# Paper Dolls 2 纸人贰

> ResidualPlay case file: an overlooked Steam game still earning residual revenue. Estimates carry a ±30-50% error range per title.

- Steam appid: 1334040
- Developer: Beijing Litchi Culture Media Co., Ltd.
- Released: 2020 · Genre: Action · List price: $19.99
- Deal grade: B (A = dormant with >=$5k/mo opportunity, D = low signal)
- Est. net residual revenue: $1.0k to $1.6k per month (mid $1.3k)
- Opportunity score: $3.4k/month at x2.60 dormancy multiplier
- Est. lifetime owners: 78.5k · Est. lifetime net revenue: $337.3k
- Review sentiment: 82% positive across 2903 reviews (2617 from Steam purchases)
- Review velocity: 12.2 reviews/month (6-month average)

## Why it's flagged

- Developer silent for 5.6 years
- Studio inactive: no public activity across 2 tracked titles
- Last build shipped 5.7 years ago
- Store page localized in only 2 language(s)
- No Steam discount in 4.0 years (deepest tracked: -0%)

## Where a gross dollar goes (monthly, at current velocity)

| Stage | USD/month |
|---|---|
| Gross storefront sales | $2.4k |
| After VAT / sales tax (-13% blended) | $2.1k |
| After refunds (-9.5% median) | $1.9k |
| Net to developer (after Steam 30%) | $1.3k |

## Monthly review counts, oldest to newest (24 months)

23, 17, 14, 13, 22, 17, 12, 18, 21, 22, 16, 17, 27, 20, 12, 10, 42, 11, 10, 10, 17, 13, 13, 10

## Missed seasonal-sale revenue (modeled)

Skipped 12 Steam seasonal sale window(s) in the last 24 months. Running a -50% discount in those windows is modeled at +$10.7k net in total, assuming a unit uplift of x3.0 (industry-typical for old catalog titles). Same ±30-50% error range applies.

## Estimated acquisition range

$31.4k to $62.7k (2-4x the trailing net annuity of $15.7k/year). Same error range applies.

## Analyst notes (AI-assisted)

Paper Dolls 2 is a Chinese-developed puzzle-horror action game released in 2020 that has generated $337k lifetime revenue with steady but quiet residual earnings.

This title sits in a curious middle ground: strong retention metrics (82% positive, 12 reviews/month), dormant developer (no posts in 67 months), and healthy residual revenue ($1.3k/mo mid-case) suggest a franchise with committed niche appeal and minimal ongoing support costs. The IP is owned by Beijing Litchi Culture Media, making acquisition unlikely, but a publishing or co-development partnership to greenlight Paper Dolls 3 could unlock franchise momentum at low capital risk, especially if the studio is genuinely inactive rather than between projects.

- Most realistic play: publishing
- Risk (other): Developer has not posted publicly in 67 months; studio status listed as inactive, raising questions about capacity or willingness to develop sequels.
- Risk (market): Zero sales recorded in the last 12 months despite 74% discount and 12 reviews/month suggests plateau or regional fragmentation; growth runway may be limited.
- Risk (tech): 68 months post-build with no updates; compatibility and engine deprecation risk on newer platforms.

What players are asking for:
- Paper Dolls 3: players explicitly ask when the next installment is coming
- Improved parry/timing mechanics: feedback that dodge windows are punishing for less-skilled players
- Clarification of narrative: at least one player wants story resolution

Suggested first moves:
1. Contact Beijing Litchi Culture Media directly to establish whether the studio is truly dormant or simply quiet; explore appetite for a publishing or co-development deal on Paper Dolls 3.
2. Analyze regional sales breakdown (Steam API + third-party tracker) to confirm whether the zero-sales figure reflects global decline or just Western market saturation; Chinese market may still be active.
3. Commission a lightweight market survey of the 2.9k reviewer base (Discord, Steam community hub, WeChat if applicable) to quantify demand elasticity for a sequel and preferred game direction, given strong sentiment but minimal organic growth.

Generated 2026-08-20 from public signals and player reviews. Directional, not diligence.

## Methodology

Units are estimated from Steam-purchase reviews times a release-cohort multiplier (Boxleiter method, 20-75x by year). Revenue uses an effective price (lifetime discounts and regional pricing) and nets out VAT (~13%), refunds (~9.5%) and Steam's 30% cut: roughly 55% of gross reaches the developer.

Source: https://residualplay.com/game/1334040
Citation: please cite ResidualPlay (https://residualplay.com) when using these estimates.