Core Viewpoint - The company, formerly known as Zhongxu Future, is rebranding back to its original name "Tanwan" to better reflect its brand value and market recognition, especially in the gaming sector [1]. Group 1: Company Background - Tanwan Games was established in May 2015 and initially focused on the agency and operation of legendary games [4]. - The company underwent a brand upgrade to Zhongxu Future in early 2022 to pursue a public listing and expanded its business into food and trendy products [4]. - In September 2023, Zhongxu Future successfully listed in Hong Kong, with its stock price rising from an initial HKD 14 to a historical high of HKD 72.45 per share by January 2024 [4]. Group 2: Financial Performance - From 2020 to 2022, the company's revenue increased from RMB 2.872 billion to RMB 8.817 billion, but it has been declining since 2023, with projected revenue of RMB 5.58 billion in 2024, a year-on-year decrease of 14.34% [4]. - Net profit peaked at RMB 616 million in 2021 but fell sharply to RMB 44 million in 2024, representing a significant year-on-year decline of 83.89% [4]. - The decline in profit was attributed to a decrease in revenue outpacing cost reductions and a significant drop in other income, particularly from financial asset investments [4]. Group 3: Future Outlook - The company is expected to experience a turnaround in performance due to stable game license approvals and supportive policies for the gaming industry and AI technology integration [5]. - For the first half of 2025, the company anticipates a net profit of approximately RMB 600 million to RMB 700 million, a substantial recovery from a net loss of RMB 385 million in the same period last year [6]. - The profit increase is attributed to higher fair value gains from financial assets, a mature game product portfolio reducing customer acquisition costs, and improved marketing efficiency through AI technology [6].

Core Viewpoint - The company, formerly known as Zhongxu Future, is rebranding back to its original name "Tanwan" to better reflect its brand value and market recognition, especially in the gaming sector [2]. Group 1: Company Background and Rebranding - Zhongxu Future, established in 2015, initially operated under the name Tanwan Games, focusing on the agency and operation of legendary games [2]. - The company had previously rebranded to Zhongxu Future in early 2022 in pursuit of an IPO, but is now reverting to the Tanwan name to leverage its established brand recognition in the gaming industry [2]. - The company has a history of popular games, including "Original Legend" and "Blood of Heroes," which have contributed to its brand identity [2]. Group 2: Financial Performance - The company's revenue increased from 2.872 billion RMB in 2020 to 8.817 billion RMB in 2022, but has since declined, with projected revenue of 5.58 billion RMB in 2024, a year-on-year decrease of 14.34% [3]. - Net profit peaked at 616 million RMB in 2021 but fell drastically to 44 million RMB in 2024, representing an 83.89% decline year-on-year [3]. - The decline in profit is attributed to a decrease in revenue outpacing cost reductions and significant drops in other income, particularly from financial asset investments [3]. Group 3: Future Outlook - The company anticipates a potential turnaround in performance due to stable game license approvals and supportive policies for the gaming industry and AI technology integration [3]. - Preliminary assessments suggest that the company could achieve a net profit of approximately 600 million to 700 million RMB in the first half of 2025, marking a significant recovery from a net loss of 385 million RMB in the previous year [3][4]. - Factors contributing to the expected profit growth include increased fair value gains from financial assets, a mature game product portfolio reducing customer acquisition costs, and enhanced profitability from overseas game distribution [4].

（文章来源：广州日报） 首先，游戏业务精益运营。随着部分游戏产品组合推广周期日趋成熟，形成了强大的品牌势能，游戏产 品的品牌效应有效降低了获客成本。同时，叠加本集团在AI技术层面的投入，AI技术在素材生成与投 放优化中的深度应用，游戏发行营销效率获得显著改善。 其次，游戏出海高歌猛进。具有较高经营利润率的境外游戏发行业务产生的收入增加，全球化布局成效 凸显；此外，金融资产价值释放，为业绩注入强劲动力。 值得关注的是，"中旭未来"更名"贪玩"，是集团品牌焕新的最新动作，背后颇有深意。据悉，自成立以 来，"贪玩"始终是中旭未来旗下游戏发行与运营的核心品牌，旗下多款游戏长期占据各大排行榜前列。 经过多年深耕，该品牌已在游戏玩家中建立起出色的知名度，其标志性的市场影响力与玩家口碑，早已 成为璀璨符号。 这家来自广州的游戏企业表示，在坚持为用户创造乐趣的主题下，未来将提供丰富的"食玩+潮玩"产 品："从'中旭未来'到'贪玩'，变的是名称，不变的是对游戏的热爱与对卓越的追求。'贪玩'不仅是一个 名字，更是一份承诺，指引我们继续以匠心打磨游戏产品，用科技赋能体验，为全球玩家带来更多精品 游戏。" 今年上半年广州游戏企业表现 ...

Core Viewpoint - Zhongxu Future (09890) has released a positive profit forecast, indicating significant growth in performance for the first half of 2025, with expected net profits of approximately RMB 600 million to 700 million, marking a substantial year-on-year turnaround to profitability [1][2] Group 1: Financial Performance - The company anticipates net profits of around RMB 600 million to 700 million for the six months ending June 30, 2025, achieving a significant year-on-year turnaround [1] - The strong growth in performance is attributed to three main factors: increased fair value gains from financial assets related to shares in other listed companies, a mature game product portfolio reducing customer acquisition costs, and increased revenue from high-margin overseas game publishing operations [1] Group 2: Brand and Corporate Identity - Zhongxu Future plans to change its company name from "Zhongxu Future" to the more recognizable "Tanwan," reflecting its established brand in the gaming industry [2] - The name change is intended to enhance brand value and align with the company's overall interests, coinciding with the company's tenth anniversary in 2025 [2]

Summary of Key Points Core Viewpoint - On June 25, 28 Hong Kong-listed companies conducted share buybacks totaling 31.02 million shares, with a total buyback amount of 708 million HKD [1][2]. Group 1: Major Buybacks - Tencent Holdings repurchased 979,000 shares for 500 million HKD, with a highest price of 514.50 HKD and a lowest price of 508.50 HKD, bringing its total buyback amount for the year to 35.04 billion HKD [1][2]. - AIA Group repurchased 2.5 million shares for 177 million HKD, with a highest price of 71.70 HKD and a lowest price of 70.05 HKD, totaling 14.54 billion HKD in buybacks for the year [1][2]. - Andeli Juice repurchased 500,000 shares for 8.73 million HKD, with a highest price of 17.50 HKD and a lowest price of 17.22 HKD, totaling 7.50 million HKD in buybacks for the year [1][2]. Group 2: Buyback Statistics - The highest buyback amount on June 25 was from Tencent Holdings at 500 million HKD, followed by AIA Group at 177 million HKD [1][2]. - In terms of share quantity, Youzan had the highest buyback volume with 13 million shares, followed by Ying Group and China Electric Power with 5 million shares and 3.8 million shares, respectively [1][2]. - Notably, companies like Dexin Services and Jinyong Investment conducted their first buybacks of the year on this date [2].

Summary of Key Points Core Viewpoint - On June 18, 35 Hong Kong-listed companies conducted share buybacks, totaling 26.35 million shares and an aggregate amount of HKD 938 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 990,000 shares for HKD 501 million, with a highest price of HKD 510.00 and a lowest price of HKD 503.50, bringing its total buyback amount for the year to HKD 32.54 billion [1][2]. - AIA Group repurchased 5.21 million shares for HKD 354 million, with a highest price of HKD 68.65 and a lowest price of HKD 67.70, totaling HKD 13.64 billion in buybacks for the year [1][2]. - Techtronic Industries repurchased 250,000 shares for HKD 21.77 million, with a highest price of HKD 87.60 and a lowest price of HKD 86.60, totaling HKD 99.37 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on June 18 was from Tencent Holdings at HKD 501 million, followed by AIA Group at HKD 354 million [1][2]. - In terms of share quantity, the most shares repurchased on June 18 were by Pacific Basin Shipping at 6 million shares, followed by AIA Group and COSCO Shipping at 5.21 million and 5 million shares, respectively [1][2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company is recognized as a leading developer of classic IP games, with a new product cycle expected to begin after the second half of 2025, which is anticipated to drive revenue and profit growth [1]. - The company has recently announced a share buyback plan, intending to repurchase HK$300 million worth of shares over the next 12 months, with 1 million shares already repurchased as of May 29 [1]. - A strategic investment in Century Huatong is expected to significantly boost profits by 2025, as the company has acquired 8 million shares, representing 1.1% of Century Huatong's total shares [2]. - The company has established a joint venture with Century Huatong to manage the distribution of certain "Legend" IP games, leveraging Century Huatong's successful titles like "Whiteout Survival" and "Kingshot" [2]. - The company's classic IP games, including "Legend," "Miracle," and "Hot Blood Legend," provide a solid foundation, with new games expected to gradually gain traction starting in 2026 [3]. Financial Projections - The company is projected to achieve revenues of HK$58.4 billion, HK$74.3 billion, and HK$90.2 billion for the years 2025, 2026, and 2027, respectively, with corresponding net profits of HK$8.15 billion, HK$7.07 billion, and HK$8.92 billion [4]. - The current price-to-earnings (P/E) ratios are estimated to be 10, 11, and 9 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation [4]. - The financial summary indicates a revenue growth of 4.71% in 2025, followed by 27.11% in 2026 and 21.40% in 2027, with net profit margins improving over the forecast period [12].

Market Overview - The Hang Seng Index fell by 0.21%, down 49 points, closing at 23,857 points, while the Hang Seng Tech Index decreased by 0.59% [1] - The early trading volume in the Hong Kong stock market reached HKD 102.1 billion [1] Sector Performance - The non-ferrous metal sector showed strong performance, with institutions optimistic about sustained profitability; Luoyang Molybdenum Co. rose by 4% and Jiangxi Copper Co. increased by 3.11% [1] - The three major telecom operators in Hong Kong experienced gains, with China Unicom, China Mobile, and China Telecom all rising over 2% [1] Notable Stock Movements - China Silver Group surged over 23%, with spot silver prices reaching nearly USD 36, marking a 13-year high [1] - Longpan Technology saw a rise of 3.35% after signing a large order for 150,000 tons of lithium iron phosphate, indicating a boost in solid-state battery production [1] - Dongyue Group increased by 1.54% as prices for third-generation refrigerants continued to rise, positioning the company as a leader in R22 and R32 quotas [1] - Youjia Innovation rose by 7% after securing a key model for a new energy brand under Changan Automobile [1] - Shijiazhuang Pharmaceutical Group increased by 4.27% after obtaining production registration for calcium gluconate and sodium chloride injection [1] - Zhongxu Future surged over 11% as the issuance of domestic game licenses reached a new high, with multiple new titles planned for release within the year [1] Company-Specific Challenges - Dongfeng Group's stock fell over 3% amid clarification from its controlling shareholder that there are no current restructuring plans, with a reported 17.1% year-on-year decline in vehicle sales for the first five months [2] - Alibaba Health dropped by 3.46% as its profits for the fiscal year 2025 fell short of expectations, with UBS suggesting the company may struggle to maintain its current valuation [3] - The automotive sector faced renewed declines, with analysts predicting an unavoidable new round of price wars, leading to a trend of increased revenue without profit growth; XPeng Motors fell by 2.9% and Li Auto decreased by 1.46% [3]

Summary of Key Points Core Viewpoint - A total of 36 companies conducted share buybacks on June 2, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 1.013 million shares for a total of 501 million CNY, with a year-to-date cumulative buyback of 10.797 million shares, representing 0.118% of its total share capital [1][2] - AIA Group (01299) repurchased 5.448 million shares for 354 million CNY, with a cumulative buyback of 29.266 million shares, accounting for 0.274% of its total share capital [2] - Kuaishou-W (01024) repurchased 6 million shares for 312 million CNY, with a cumulative buyback of 12.3 million shares, representing 2.826% of its total share capital [2] Group 2: Other Notable Buybacks - Times Electric (03898) repurchased 320,700 shares for 10.528 million CNY, with a cumulative buyback of 53.301 million shares, accounting for 9.823% of its total share capital [2] - Stone Four Pharmaceutical Group (02005) repurchased 7.55 million shares for approximately 20.984 million CNY, with a cumulative buyback of 7.55 million shares, representing 0.263% of its total share capital [2] - Modern Dental Group (03600) repurchased 100,000 shares for 4.181 million CNY, with a cumulative buyback of 200,000 shares, accounting for 0.021% of its total share capital [3] Group 3: Additional Companies - China Eastern Airlines (00670) repurchased 2 million shares for 596,650 CNY, with a cumulative buyback of 66.088 million shares, representing 1.277% of its total share capital [2] - Mengniu Dairy (02319) repurchased 300,000 shares for 5.225 million CNY, with a cumulative buyback of 24.596 million shares, accounting for 0.625% of its total share capital [2] - Huazheng Medical (01931) repurchased 20,000 shares for 4.260 million CNY, with a cumulative buyback of 1.824 million shares, representing 0.135% of its total share capital [3]

Summary of Key Points Core Viewpoint - On May 27, 36 Hong Kong-listed companies conducted share buybacks totaling 25.22 million shares, with a total buyback amount of 1.047 billion HKD [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 979,000 shares for 500 million HKD, with a highest price of 514.000 HKD and a lowest price of 507.000 HKD, bringing its total buyback amount for the year to 24.53 billion HKD [1][2]. - Meituan-W repurchased 3.02 million shares for 392 million HKD, with a highest price of 132.400 HKD and a lowest price of 122.600 HKD, totaling 392 million HKD in buybacks for the year [1][2]. - China COSCO Shipping repurchased 6.17 million shares for 89.84 million HKD, with a highest price of 14.820 HKD and a lowest price of 14.280 HKD, accumulating 4.41 billion HKD in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 27 was from Tencent Holdings at 500 million HKD, followed by Meituan-W at 392 million HKD [1][2]. - In terms of buyback volume, China COSCO Shipping led with 6.17 million shares, followed by NetEase Technology and Meituan-W with 5 million shares and 3.02 million shares, respectively [1][2]. Group 3: First-Time Buybacks - Notably, Meituan-W and Zhongxu Future conducted their first buybacks of the year on this date [2].