智通财经APP获悉，开源证券发布研报称，脑机接口是将人脑与外部设备连接实现信息交互的硬件，其 可用于让运动失能患者等过去难以体验游戏乐趣的群体实现"脑控"游戏，亦可配合游戏用于神经相关疾 病的康复训练，三七互娱(002555.SZ)、汤姆猫(300459.SZ)等国内游戏厂商均有积极布局脑机接口领域 研究或产学研工作。硬件的规模量产降本及植入过程的简便化，有望加速游戏、医疗等各类应用场景的 成熟；随技术进一步发展，脑机接口有望带来新的游戏控制交互体验，为游戏行业培育新增长点。 开源证券主要观点如下： 脑机接口或步入规模量产阶段，游戏作为重要应用场景有望持续受益 建议关注新游上线及老游运营活动，积极把握供需共振下景气度向上、且即将迎来寒假春节旺季、估值 性价比突出的游戏板块投资机会，标的上，重点推荐巨人网络(002558.SZ)、心动公司(02400)、恺英网 络(002517.SZ)、吉比特(603444.SH)、哔哩哔哩-W(09626)、神州泰岳(300002.SZ)、腾讯控股(00700)，受 益标的包括金山软件(03888)、世纪华通(002602.SZ)、三七互娱(002555.SZ)、汤姆猫(30 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The brain-computer interface (BCI) technology is entering a phase of large-scale production, with gaming as a significant application area, expected to benefit continuously [3] - The integration of AI in gaming is enhancing multi-modal capabilities and innovative forms, potentially opening up new industry spaces [3] - The upcoming gaming season, with new game launches and updates to existing games, is anticipated to drive revenue growth [4] Summary by Sections Brain-Computer Interface Developments - BCI technology connects the human brain with external devices for information exchange, enabling previously disabled individuals to engage in gaming through "brain-controlled" interfaces [3] - The launch of China's first fully implanted, wireless BCI product by Shanghai Brain Tiger Technology marks a significant breakthrough in core technology [3] - Companies like 37 Interactive Entertainment and Century Huatong are actively investing in BCI-related projects, indicating a growing interest in this field [3] AI Integration in Gaming - AI is enhancing various aspects of game development, from art resource generation to core creative areas like gameplay design and narrative structure [3] - Tencent reported a 40% reduction in animation production time due to AI integration, showcasing efficiency gains [3] - The number of games utilizing generative AI on the Steam platform has increased significantly, indicating a trend towards AI-enhanced gaming experiences [3] Upcoming Gaming Season - Major game releases and updates are scheduled for January, including anniversary events and new collaborations with popular IPs [4] - The report suggests focusing on the gaming sector due to its favorable valuation and expected demand surge during the holiday season [4] - Recommended companies include Giant Network, Xindong Company, and Tencent Holdings, among others, as potential beneficiaries of this trend [4]

致：香港交易及結算所有限公司 公司名稱: 百奧家庭互動有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02100 | 說明 | 百奧家庭互動 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | USD | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 | USD | 0.0000005 | USD | | 50,000 | FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 ...

格隆汇以"全球视野，下注中国"为初衷，本次评选旨在打造出投资圈中最具参考价值的上市公司及独角 兽公司排行榜。此次"金格奖"上市公司评选覆盖港交所、上交所、深交所、纽交所、美国证券交易所、 纳斯达克证券交易所挂牌上市的全部上市公司及独角兽公司。 | 11 | | 2025年度卓越公司评选榜单 | B | | --- | --- | --- | --- | | | | B OLTSTANDING COMPANIES LI | | | 公司名称 | 公司代码: | 公司名称 | 公司代码 | | 百奥家庭互动 | 02100.HK | 首程控股 | 00697.HK | | 港华智慧能源 | 01083.HK | 天工国际 | 00826.HK | | 归创通桥 | 02190.HK | 途虎-W | 09690.HK | | 来凯医药-B | 02105.HK | 药师帮 | 09885.HK | | 龙蟠科技 | 603906.SH/02465.HK | 优然牧业 | 09858.HK | | | | 排名不分先后 | | "年度投资价值奖（中小市值）"奖项重点考察上市公司的营收以及净利润增长，并从公司规模、商 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02100 | 說明 | | 百奧家庭互動 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 2,867,174,000 | | 0 | | 2,867,174,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 2,867,174,000 | | 0 | | 2,867,174,000 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 百奧家庭互動有限公司 (於開曼群島 ...

Core Viewpoint - The main contract for lithium carbonate has seen a price increase of 4%, currently reported at 102,100 yuan per ton [1] Group 1 - The price of lithium carbonate has rebounded, indicating a potential recovery in the market [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百奧家庭互動有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02100 | 說明 | 百奧家庭互動 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 100,000,000,000 USD | | 0.0000005 | USD | | ...

Core Viewpoint - The stock price of Bai Ao Family Interactive (2100.HK) surged by 7.84% to HKD 0.55, reaching a one-month high since September 25, with a year-to-date increase of 126%, significantly outperforming the Hang Seng Index, which rose by 30% during the same period [1] Group 1: Financial Performance - In Q3 2025, the company reported 10.2 million quarterly active accounts, a quarter-on-quarter increase of 29.1% and a year-on-year increase of 37.8% [1] - The number of quarterly paying accounts reached 1.1 million, reflecting a quarter-on-quarter and year-on-year growth of 22.2% [1] Group 2: Strategic Focus - The growth in user accounts is attributed to the launch of new games in Q3 2025, along with the sustained performance of existing games [1] - The company plans to continue focusing on its advantageous niche segments, increasing investment in cutting-edge technology and self-developed products to build a diverse product matrix [1] - Bai Ao aims to accelerate its expansion into overseas markets while deepening its presence in the domestic market, adapting global research and development to regional cultures and user needs [1] - The strategy includes launching customized differentiated products to fill gaps in overseas niche markets, enhancing international influence and brand recognition, and solidifying its leading position in niche segments and global competitiveness [1]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Insights - The company reported a significant increase in active accounts and paying accounts in Q3 2025, driven by the launch of new games and sustained performance of existing titles [1] - The average revenue per paying account decreased both quarter-on-quarter and year-on-year, attributed to the user growth structure and initial payment behaviors of new users [1] - The company is focusing on user-centric IP operations and enhancing community engagement through high-quality content and events [2] - Future plans include launching two self-developed games and expanding into international markets to enhance brand recognition and competitive advantage [3] Group 1 - The quarterly active accounts reached 10.2 million, a 29.1% increase from the previous quarter and a 37.8% increase year-on-year [1] - The quarterly paying accounts totaled 1.1 million, reflecting a 22.2% increase both quarter-on-quarter and year-on-year [1] - The average revenue per paying account was RMB 141.2, showing a 19.2% decrease from the previous quarter and a 13.2% decrease year-on-year [1] Group 2 - The company emphasized user demand in its IP operations, achieving notable results with core products like "Aoqi Legend Mobile" and "Aola Star Mobile" [2] - The "Aola Star Mobile" game received positive feedback through collaborations with popular IPs and community engagement initiatives [2] - The company plans to launch two self-developed games, "Chaos Color World" and "Under the Night," which are in the later stages of development [3] Group 3 - The company aims to accelerate its overseas market expansion while deepening its presence in the domestic market [3] - It plans to adapt its IP for global markets and create customized products for niche segments [3] - The focus is on building a diverse product matrix through innovative gameplay and quality content [3]