Core Viewpoint - *ST Xinchao reported a decline in stock price and faced regulatory penalties due to delayed financial disclosures, despite achieving significant revenue and profit growth in 2024 [1][2][3] Company Announcements - For the fiscal year 2024, *ST Xinchao achieved a revenue of 8.362 billion yuan and a net profit of 2.036 billion yuan, with a basic earnings per share of 0.2993 yuan [1][3] - The company produced 22.681 million barrels of oil equivalent, marking a year-on-year increase of 1.88%, with a 3.22% decrease in crude oil production and a 15.14% increase in natural gas production [1] - The company reported a year-end debt-to-asset ratio of 36.92%, a decrease of 3.20 percentage points from the previous year, and a reduction of 5.98 percentage points in the proportion of interest-bearing debt [1] - The company’s U.S. subsidiary completed a $750 million high-yield bond issuance to repay $999 million in existing debt, aimed at reducing interest-bearing debt levels [1] - The company received an audit report from Lixin Accounting Firm expressing an inability to provide an opinion on the 2024 financial statements, concerning oil and gas assets, employee compensation, and revenue matters [1][3] - The board proposed not to distribute profits for 2024 due to negative retained earnings at the parent company level [1][3] Regulatory Issues - On September 12, 2025, *ST Xinchao received a notice from the Shandong Regulatory Bureau of the China Securities Regulatory Commission regarding administrative penalties for failing to disclose the 2024 annual report within the legal timeframe, constituting a violation of the Securities Law [2] - The company had announced on April 28, 2025, that it would be unable to disclose the annual report on time, leading to a suspension of trading from May 6 until the report was finally disclosed on July 4 [2] - The regulatory authority proposed a fine of 3 million yuan for the company, along with individual fines of 1.2 million yuan for the chairman and general manager, and 800,000 yuan for the finance director [2]

Core Viewpoint - NetDragon's subsidiary Mynd.ai has completed a strategic acquisition of Merlyn Mind, enhancing its AI-driven educational technology solutions [1] Group 1: Acquisition Details - Mynd.ai acquired software solutions, patents, trademarks, proprietary technologies, and other intellectual properties related to AI voice and remote control technology from Merlyn Mind, Inc. [1] - The acquired technology enables seamless voice and remote control operations for PCs and Macs, compatible with various teaching display devices [1] Group 2: Product Integration and Benefits - The integration of this innovative technology into Mynd.ai's Prometheus ActivSuite® and Explain Everything® platforms opens new possibilities for AI-driven classroom experiences [1] - This technology upgrade is expected to save time for customers and provide deeper insights into teaching data, facilitating more interactive and impactful content delivery [1] Group 3: Strategic Commitment - The acquisition reinforces Mynd.ai's commitment to providing innovative solutions for global educators and learners [1] - Mynd.ai aims to maintain its industry-leading position in the AI educational technology sector through this strategic move [1]

Core Insights - NetDragon's subsidiary Mynd.ai has completed a strategic acquisition of Merlyn Mind, Inc., which includes AI voice and remote control technology solutions, patents, trademarks, proprietary technology, and other intellectual property [1] - The acquired technology enables seamless voice and remote control operations for PCs and Macs, enhancing compatibility with various teaching display devices, thus providing educators with greater mobility, operational flexibility, and teaching control [1] - Mynd.ai aims to integrate this innovative technology into its Prometheus ActivSuite and Explain Everything platforms, opening new possibilities for AI-driven classroom experiences [1] Company Developments - The acquisition reinforces Mynd.ai's commitment to providing innovative solutions for global educators and learners, maintaining its industry-leading position in AI educational technology [1] - Mynd's Chief Product Officer, Lance Solomon, emphasized that the technology upgrade will save customers time and provide deeper insights into teaching data, facilitating more interactive and impactful content delivery [1]

Group 1 - The core theme of the 2025 Digital Learning Week organized by UNESCO is "The Future of Education with Artificial Intelligence" [1] - NetDragon participated as the only corporate representative in significant events, including the opening ceremony and ministerial roundtable discussions with over 30 education ministers from various countries [5][4] - Dr. Liang Nianjian, Vice Chairman of NetDragon, emphasized the importance of collaboration across academic and national boundaries in the future of education, enabled by technology [1][4] Group 2 - NetDragon showcased its "AI + Education" business achievements and received recognition for its AI digital human technology during the event [8][11] - The company has developed an "AI Production Center" to address global educational resource shortages and imbalances, aiming to produce scalable and culturally adaptable educational content [14][18] - NetDragon has partnered with Thailand's Ministry of Higher Education to launch an AI education platform, supporting the country's "Education 6.0" strategy [15][17] Group 3 - The company has established collaborations with various UN organizations, including the UNESCO IITE, to enhance educational resources and technology [17][18] - NetDragon's initiatives include the development of a national smart education platform in China, collaboration with Belgrade University in Serbia, and digital transformation projects in Cameroon [17][18] - The company aims to continue leveraging its AI Production Center to foster international cooperation and build a global educational community [18]

Summary of Key Points Core Viewpoint - Multiple companies conducted share buybacks on September 11, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1][2]. Company Buyback Details - Tencent Holdings (00700) repurchased 874,000 shares for a total of 550 million, with a year-to-date total of 54.758 million shares, representing 0.596% of its total share capital [2]. - Hang Seng Bank (00011) repurchased 210,000 shares for 24.882 million, with a year-to-date total of 6.12 million shares, representing 0.325% of its total share capital [2]. - Stone Four Pharmaceutical Group (02005) repurchased 6 million shares for 18.1433 million, with a year-to-date total of 22.6 million shares, representing 0.766% of its total share capital [2]. - MGM China (02282) repurchased 1 million shares for 16.2463 million, with a year-to-date total of 18.6274 million shares, representing 0.490% of its total share capital [2]. - Other notable companies include: - China Hongqiao (01378) with 100,500 shares repurchased for 2.4636 million, totaling 149 million shares, representing 1.590% of its total share capital [2]. - Weigao Group (01066) with 429,200 shares repurchased for 2.4248 million, totaling 10.4532 million shares, representing 2.315% of its total share capital [2]. - Coolpad Group (02369) with 924,000 shares repurchased for 1.2036 million, totaling 1.2519 million shares, representing 3.057% of its total share capital [2].

Group 1 - Company NetDragon (00777) announced a share buyback on September 11, 2025, spending HKD 503,300 to repurchase 46,000 shares [1] - The buyback price ranged from HKD 10.77 to HKD 11.00 per share [1]

网龙(00777)发布公告，于2025年9月11日该公司斥资50.33万港元回购4.6万股，回购价格为每股10.77- 11.00港元。 ...

第 1 頁 共 6 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 網龍網絡控股有限公司 呈交日期： 2025年9月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00777 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | 佔 ...

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Hang Seng Bank, conducted share buybacks on September 10, 2025, with Tencent leading in both the number of shares repurchased and the total amount spent [1]. Company-Specific Summaries - **Tencent Holdings (00700)**: - Repurchased 866,000 shares for a total of 550 million [2]. - Year-to-date total repurchased shares reached 53.884 million, accounting for 0.586% of total shares [2]. - **Hang Seng Bank (00011)**: - Repurchased 210,000 shares for a total of 24.8171 million [2]. - Year-to-date total repurchased shares reached 5.91 million, accounting for 0.314% of total shares [2]. - **China Hongqiao (01378)**: - Repurchased 980,000 shares for a total of 23.7363 million [2]. - Year-to-date total repurchased shares reached 149 million, accounting for 1.590% of total shares [2]. - **MGM China (02282)**: - Repurchased 1 million shares for a total of 16.0869 million [2]. - Year-to-date total repurchased shares reached 17.6274 million, accounting for 0.464% of total shares [2]. - **COSCO Shipping (02039)**: - Repurchased 742,900 shares for a total of 5.9284 million [2]. - Year-to-date total repurchased shares reached 11.2407 million, accounting for 0.360% of total shares [2]. - **Coolpad Group (02369)**: - Repurchased 1,036,000 shares for a total of 1.3156 million [2]. - Year-to-date total repurchased shares reached 11.595 million, accounting for 2.831% of total shares [2]. - **Other Notable Companies**: - Various companies such as Weigao Group, Mengniu Dairy, and others also participated in share buybacks, with amounts and shares varying significantly [2].

Core Viewpoint - The company is experiencing a decline in revenue and profit for the first half of 2025, but shows signs of operational improvement and cost optimization, particularly in its gaming segment, while the education business faces short-term challenges [1][2][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 2.38 billion RMB, a year-on-year decline of 28%, with a gross profit of 1.7 billion RMB, down 24.7% [1] - The gross margin improved by 2.9 percentage points to 69.5%, indicating enhanced overall profitability [1] - Operating expenses decreased by 15.6% to 1.35 billion RMB, reflecting the effectiveness of cost optimization measures [1] - The company maintains a solid financial position with net cash of approximately 1.5 billion RMB and holds 12,000 Ethereum as digital asset reserves [1] - A mid-term dividend of 0.5 HKD per share has been announced, with a commitment to return at least 600 million HKD to shareholders through dividends and share buybacks over the next year [1] Group 2: Business Segments - The gaming and other businesses generated revenue of 1.74 billion RMB in the first half of 2025, down 18% year-on-year, but only a slight decline of 4% compared to the second half of 2024, indicating signs of stabilization [2] - The monthly active users (MAU) of "Magic Domain" increased by 11% year-on-year, and mobile revenue showed a quarter-on-quarter increase, reflecting improved user engagement and retention [2] - The operating profit margin for the gaming business rebounded to 28.8%, nearing historical normal levels [2] - New product developments include "Code MY" which began small-scale testing in August, and plans to launch "Magic Domain" and "Code Alpha" in overseas markets [2] - The education segment, Mynd.ai, reported revenue of 640 million RMB, impacted by tightened customer budgets, with ongoing efforts to optimize costs and explore emerging markets for growth [2] Group 3: Investment Outlook - The target price has been adjusted to 17.27 HKD, maintaining a buy rating based on the robust performance of the gaming business and the potential market space in education [3] - The steady development of gaming IPs and expansion into overseas markets, along with successful tablet product promotions, are expected to drive future growth [3] - The valuation method remains unchanged, with a projected 55% upside from the last closing price [3]