I'm using US version of the game with r1945 (Ignore invalid memory access and umapped imports, Use media engine and decode with SonicStage) and your launcher 1.4.0.3 (MaxPermSize 128 MB).
About 80% of a time I get the same as you - unfinished rendering on title screen and black screen right after. But sometimes (usually when I skip company logos quick enough) title screen will render fully with all fonts properly displayed and difficulty screen will actually be visible. The fist scene will then start as "normal" with music missing and "streaming" text glitching a bit. Once you reach a point where Freya restores Lenneth's powers, the scene will get stuck.
Logger shows countless "sceAudioOutputPlannedBlocking delaying current thread" at that point so my guess is the problem lies with the audio decoder.
About 80% of a time I get the same as you - unfinished rendering on title screen and black screen right after. But sometimes (usually when I skip company logos quick enough) title screen will render fully with all fonts properly displayed and difficulty screen will actually be visible. The fist scene will then start as "normal" with music missing and "streaming" text glitching a bit. Once you reach a point where Freya restores Lenneth's powers, the scene will get stuck.
Logger shows countless "sceAudioOutputPlannedBlocking delaying current thread" at that point so my guess is the problem lies with the audio decoder.