Investment Rating - The report assigns a rating of "Buy" to the company [6][20]. Core Views - The company is expected to enter a new product cycle in 2025, with significant performance improvements anticipated due to AI optimization in marketing materials and advertising algorithms for its games [2][20]. - The company has a rich reserve of new games and is leveraging AI and overseas expansion for long-term growth [20][46]. Financial Summary - Total revenue projections (in million RMB): - 2023A: 6,514.59 - 2024A: 5,580.11 - 2025E: 5,863.55 - 2026E: 7,373.20 - 2027E: 8,434.64 - Net profit projections (in million RMB): - 2023A: 235.49 - 2024A: -3.62 - 2025E: 988.53 - 2026E: 967.14 - 2027E: 1,112.63 - The company is expected to achieve an EPS of 1.85, 1.81, and 2.08 for the years 2025-2027, respectively [4][11][16]. Business Overview - The company, established in 2015, is a leading internet enterprise in China that integrates research, operation, and promotion, with over 380 game products and more than 600 million registered users [21][24]. - The company has a strong focus on classic IP long-term operations and is continuously exploring new IPs and game genres [32][36]. AI and Efficiency - The company emphasizes the application of AI technology in game development and distribution, utilizing self-developed systems to enhance operational efficiency [39][40]. - A recent investment in an AI technology company aims to optimize the entire game development and operation process [42][43]. New Game Pipeline - The company has a robust pipeline of new games, including titles based on popular IPs such as "Legend," "Miracle," and "Douluo Dalu," which are expected to drive revenue growth in the coming years [47][48].

Core Viewpoint - Multiple companies conducted share buybacks on August 29, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1][2]. Group 1: Company Buyback Details - Tencent Holdings (00700) repurchased 919,000 shares for a total of 550 million [2]. - Weichai Power (02338) repurchased 16.42 million shares for 250 million [2]. - China Hongqiao (01378) repurchased 8.92 million shares for 227 million [2]. - Hang Seng Bank (00011) repurchased 210,000 shares for 23.52 million [2]. - MGM China (02282) repurchased 1 million shares for 16.06 million [2]. - Other notable buybacks include Zhongxu Future (09890) with 664,200 shares for 10 million and Weigao Group (01066) with 1.26 million shares for 7.45 million [2]. Group 2: Cumulative Buyback Data - Tencent Holdings has a cumulative buyback of 46.66 million shares, representing 0.508% of its total share capital [2]. - Weichai Power's cumulative buyback stands at 39.14 million shares, accounting for 0.449% of its total share capital [2]. - China Hongqiao's cumulative buyback is 88.67 million shares, which is 0.950% of its total share capital [2]. - Other companies like YUM China (09987) and IGG (00799) have cumulative buybacks of 545.32 million shares (1.460%) and 13.60 million shares (1.166%), respectively [2].

格隆汇8月29日丨中旭未来(09890.HK)公告，8月29日耗资1000.26万港元回购66.42万股，每股回购价 14.8-15.4港元。 ...

中旭未来(09890)发布公告，该公司于2025年8月29日斥资1000.26万港元回购66.42万股股份，每股回购 价格为14.8-15.4港元。 ...

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： 贪玩（於開曼群島注冊成立的有限公司） 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) | 09890 | 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 | | 佔有關事件前的現有已發 ...

中旭未来发布截至2025年6月30日的六个月中期业绩，实现收入20.25亿元人民币，股东应占溢利6.02亿 元，同比扭亏为盈，每股基本盈利1.14元。 报告期内，境外游戏业务营业收入同比增长9.2%至3.135亿元，占总收入比重上升至15.6%。公司通过持 续迭代经典IP和引入新精品IP，并借助AI技术提升发行效率和营销精准度，深化了其在精准营销和长周 期运营方面的优势，从而提升了利润率。 ...

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

Core Viewpoint - The company Zhongxu Future (09890) announced the operation and release of a new mobile game titled "New Moon Continent," based on the classic game IP "Miracle MU" [1] Group 1: Game Development and Strategy - "New Moon Continent" is a new mobile game developed from the classic IP "Miracle MU," which was launched in 2002 by the South Korean company Webzen and has gained global popularity [1] - The "Miracle MU" IP has evolved beyond a single game, becoming a super IP that carries deep emotional connections for players and holds significant commercial potential [1] - The new game design does not merely replicate traditional gameplay but retains classic elements of the "Miracle MU" IP while introducing a unique "box-opening" gameplay mechanic as a core driving element [1] Group 2: Market Positioning and Future Outlook - The launch of "New Moon Continent" highlights the company's strategic commitment to high-quality game publishing and its proactive approach to globalizing its IP products [1] - The "Miracle MU" IP is a crucial part of the company's classic IP product strategy, indicating a focus on expanding its portfolio and enhancing its market presence [1]

Core Viewpoint - Zhongxu Future (09890) announced the operation and release of a new mobile game "New Moon Continent" based on the classic game IP "Miracle MU" [1] Group 1: Game Development and Strategy - "New Moon Continent" is a new mobile game developed from the classic IP "Miracle MU," which was launched in 2002 by Korean company Webzen and has gained global popularity [1] - The "Miracle MU" IP has evolved beyond a single game, becoming a super IP with deep emotional connections among players and significant commercial potential [1] - The new game features a unique "open-box-like" gameplay mechanic, retaining classic Western fantasy elements of "Miracle MU" while offering a fresh gaming experience [1] Group 2: Market Positioning and Future Outlook - The launch of "New Moon Continent" highlights the company's commitment to high-quality game publishing and its strategic focus on the global distribution and operation of IP products [1] - The continuous innovation of the "Miracle MU" IP, extending from PC games to web games and mobile games, has resulted in multiple successful derivative products in the market [1]

Group 1 - The company reported a revenue of 2.025 billion RMB for the six months ending June 30, 2025, with a gross profit of 1.214 billion RMB and a net profit attributable to shareholders of 602 million RMB, compared to a loss of 383 million RMB in the same period last year, indicating a turnaround to profitability [1] - The group's profit for the period was 650 million RMB, a significant improvement from a net loss of 385 million RMB in the same period of 2024, primarily due to the fair value of FVTPL financial assets turning from loss to gain, a mature game product portfolio reducing customer acquisition costs, and lower marketing expenses from AI technology [1] - The overseas game business generated revenue of 313.5 million RMB, a 9.2% increase from 287 million RMB in the same period of 2024, and its contribution to total revenue rose from 8.9% to 15.6% [1] Group 2 - The company focused on the global distribution and operation of IP products, continuously iterating classic game IPs and actively introducing new premium IP game products, leading to dual business growth [2] - The integration of AI technology in game distribution material generation and optimization of advertising models has enhanced the company's precision marketing and long-term operational advantages, contributing to improved profit margins [2]