2025年11月底，瑞典游戏巨头Embracer Group宣布将旗下Arc Games与Cryptic Studios以3000万美元净收 益出售给新成立的Project Golden Arc公司。这笔看似普通的资产剥离交易，因中国游戏公司心动网络的 深度介入而引发市场关注——心动通过子公司向收购方提供4000万美元融资贷款，以6%的年利率撬动 了一场涉及经典IP、全球市场与战略转型的资本博弈。 Embracer的"断臂求生"与管理层的回归 心动网络的战略布局：债权投资背后的IP野心 心动网络在此次交易中扮演了"战略金主"角色。其全资子公司XD Entertainment向Project Golden Arc提 供4000万美元贷款，其中2500万美元为1年期短期贷款，1500万美元为5年期长期贷款，年利率均为 6%。尽管这一利率在高风险高回报的游戏行业堪称"地板价"，但心动网络的真正目标远非利息收入。 协议中隐藏的关键条款揭示了心动的深层意图：优先合作权与资产控制权。若Project Golden Arc未来开 展新游戏合作或转让IP，心动享有独家优先磋商权；同时，心动还获得Project Golden ...

[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 周度涨跌情况（2025.12.6-2025.12.12）：传媒行业（申万）上涨 0.26%， 排名行业第 8 名。博纳影业、广西广电、北京文化、三人行和华策影 视表现较优，恒生科技成分股中传媒行业本周百度集团-SW（周涨幅 3.62%）和腾讯控股（周涨幅 0.98%）表现较好。 行业重点数据及动态更新 AI 应用：AI 产品榜发布 11 月 AI 网页访问量数据，ChatGPT、Gemini、 New Bing、Deepseek、Shop 排名全球前五。Deepseek 为国产网页 端访问量首位，11 月实现月访问量 3.46 亿次，环比下降 2.95%，国 内第二位是纳米 AI 搜索，月访问量达 2.60 亿，环比基本持平，第三 位纳米搜索 Agent 产品，访问量 1.69 亿次，国内第四名的豆包月度 访问量 9271 万次，第五为百度 AI 搜索，月度访问量 5263 万次，阿 里旗下千问网页版 11 月访问量为 3604 万次，环比增长 20.67%。 媒体Ⅱ行业周报、月报 2025 年 12 月 16 日 [Table_Title] ...

(3) 自主可控的弹性标的：阿里巴巴、百度集团、中芯国际、华虹半导体 (4)AI弹性标的：快手、哔哩哔哩、金蝶国际、地平线机器人、小鹏汽车、阅文集团、网易、舜宇光学 科技、优必选 财通证券郝艳辉发布互联网年度策略报告，认为寻找下一个有短期或者长期业绩预期差、或者AI进展 可能有惊喜的标的，是2026年的核心任务。 在操作建议上，该报告认为，恒生科技价值投资是主线。基于前面对恒生科技指数的判断和产业的判 断，叠加港股分母端带来的波动性，以及可做空机制带来的操作空间，操作的关键在于选到基本面真正 优秀且可持续性发展能力的标的。 2026年，以下标的值得关注： (1) 当前在底部或股价还在调整、且2026年基本面有很大可能反转的标的：美团、小米集团(布局下一款 车)、比亚迪电子 (2)赚EPS收益+EPS或超预期带来估值提升机会的标的：腾讯控股、携程集团、京东健康、联想集团 (5) 有潜力的小市值公司：浪潮数字企业、心动公司、汇量科技 个股推荐理由： 重点标的观点展望：快手、哔哩哔哩、地平线机器人、小鹏汽车、舜宇光学科技、优必选 重点优质中小市值标的观点展望：浪潮数字企业、汇量科技 腾讯控股：研究框架与要点，为什么 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

Summary of Key Points from the Conference Call Industry Overview - The gaming sector's valuation has reached a lower limit of 15 times, with expectations of maintaining high prosperity and performance growth certainty through 2026, making it an attractive investment opportunity [1][3][25] - The A-share market recommends a "3+2" combination: Giant Network, Kaiying Network, and Century Huatong as stable fundamentals; Gibit and 37 Interactive are positioned lower but showing recent improvements [1][4] Company-Specific Insights Tencent - Expected to launch multiple mid-sized new games in 2026, with a diverse range of genres [7] - Notable titles include "Under One Person," "Rock Kingdom World," and "Monster Hunter Traveler" [7] NetEase - Anticipates additional revenue of 2-3 billion from international IP adaptations and domestic MMO games [2][24] - Key upcoming titles include "Forgotten Sea" and "Infinite," with the former developed by the team behind "Identity V" [7][24] Giant Network - "Famous General Kill" is expected to contribute 200-300 million in profit, with "Supernatural Action Group" potentially increasing annual revenue to 7-8 billion if successful during the Spring Festival [10][12] Kaiying Network - The "Legend Box" platform is driving growth, with DAU expected to reach 650,000 to 700,000 by the end of 2026, and annual advertising revenue projected at around 2.4 billion [10][13] Bilibili - Strong growth in advertising business, with expectations to outperform the overall internet advertising growth rate [21] - Anticipated game revenue growth in the low double digits, with "Three Kingdoms Hundred Generals Card" projected to generate 1-1.5 billion [21] Gibit - Recent performance impacted by a decline in revenue from "Sword of the World," but new game "Nine Mu of the Wild" expected to contribute 1-1.5 billion [19][20] Heart Company - Facing stock price pressure but has potential due to rapid progress in programmatic advertising, with profits expected to reach 150-200 million in 2026 [22] Market Trends and Predictions - The gaming sector is expected to maintain strong growth certainty compared to other sectors, with a focus on identifying high-certainty investment targets [25] - The first quarter of 2026 is anticipated to be stable, with significant product launches concentrated in the summer [11][25] Additional Insights - The competitive landscape is expected to increase in 2026, but companies will focus on their strengths without excessive suppression of smaller firms [11] - The overall sentiment is optimistic for the gaming industry, with a recommendation for investors to strategically select stocks based on performance certainty and market conditions [25]

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 | | | | | | | | 公司名稱: | 心动有限公司 | | | | | | | 呈交日期: | 2025年12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) | 02400 | 說明 | | | | | 本月底法定/註冊股本總額： USD 100,000 第 1 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 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 | | | --- | --- | --- ...

Group 1: Stock Movements and Market Reactions - Hengdeli (03389) resumed trading and rose over 10% after announcing a voluntary cash offer at HKD 0.14 per share for all issued shares, excluding those already owned by the offeror and Mr. Feng Jiaqiao [1] - Anjuke Food (02648) increased nearly 5% following a report from Huachuang Securities after attending its 2025 first extraordinary general meeting, where management addressed operational and product channel strategies [1] - Copper stocks collectively surged, with Jiangxi Copper (00358) up 8.08%, China Daye Nonferrous Metals (00661) up 8.6%, and others, driven by a significant rise in LME copper futures, which exceeded USD 11,200, marking a historical high [1] Group 2: Industry-Specific Developments - Lichun Resources (02245) rose over 3% as reports indicated a major Chinese-controlled nickel smelter in Indonesia is cutting production due to tailings management issues [2] - Yuhua Education (06169) saw a nearly 1.89% increase after reporting a revenue of RMB 2.497 billion for the year ending August 31, 2025, a 5.4% year-on-year increase, with adjusted net profit rising 95.6% to RMB 914 million [2] - Jiantao Laminates (01888) increased nearly 7% as AI-driven demand for high-end PCBs surged, leading to price increases for key materials [2] Group 3: Strategic Partnerships and Collaborations - ZTE Corporation (00763) rose over 11% following reports of an upcoming AI phone launch in collaboration with ByteDance [2] - JD Health (06618) increased nearly 4% as demand for respiratory disease testing kits surged with the flu season, indicating a growing market for health-related products [3] - Xindong Company (02400) rose over 3% after announcing a strategic cooperation agreement with Golden Arc, including a financing agreement for USD 40 million [3] Group 4: Financial Performance Highlights - Bawang Tea (CHA.US) rose 6.09% after reporting Q3 results with a total GMV of RMB 7.93 billion and net income of RMB 3.208 billion, with overseas GMV increasing by 75.3% year-on-year [7]

公告称，目标集团亦拥有一系列知名的游戏知识产权。融资协议为订约方建立长期业务关系奠下基础， 促进未来商机的探索，而本公司认为此对本公司及股东整体有利。因此，本公司认为，根据融资协议向 Golden Arc提供融资为提升公司于海外游戏行业的投资的方法之一，有助于公司日后探索商机，故订立 融资协议乃属于本公司日常业务过程。 本文源自：智通财经网 智通财经获悉，心动公司(02400)早盘涨超6%，截至发稿，涨7.13%，报123.2港元，成交额2.02亿港 元。 消息面上，心动公司发布公告，于2025年11月26日，XD Entertainment(为本公司的间接全资附属公司)与 Golden Arc订立战略合作协议，XD Entertainment与 Golden Arc同意建立战略合作关系;及与Golden Arc订 立融资协议，XD Entertainment同意向Golden Arc提供合共4000万美元的定期贷款融资。融资协议的条 款(包括适用利率)乃由本公司与Golden Arc经计及现行市场条款后公平磋商厘定。 ...

Core Viewpoint - Xindong Company (02400.HK) experienced a significant increase in stock price, rising over 7% in early trading, indicating positive market sentiment towards the company [1] Group 1 - The stock price of Xindong Company rose by 7.13%, reaching 123.2 HKD [1] - The trading volume amounted to 202 million HKD, reflecting strong investor interest [1]

Core Viewpoint - Xindong Company (02400) experienced a significant stock price increase of over 6%, reaching a rise of 7.13% to HKD 123.2, with a trading volume of HKD 202 million, following the announcement of a strategic cooperation agreement with Golden Arc [1] Group 1: Strategic Cooperation - Xindong Company announced a strategic cooperation agreement between its indirect wholly-owned subsidiary, XD Entertainment, and Golden Arc, aimed at establishing a long-term business relationship [1] - The agreement includes a financing arrangement where XD Entertainment will provide a total of USD 40 million in term loan financing to Golden Arc [1] Group 2: Business Implications - The financing agreement is expected to lay the foundation for a long-term business relationship and promote the exploration of future business opportunities [1] - The target group possesses a range of well-known gaming intellectual properties, which may enhance Xindong Company's position in the overseas gaming industry [1] - The company views this financing as a method to enhance its investment in the overseas gaming sector and facilitate future business exploration [1]