Core Viewpoint - The year 2025 marks a milestone for the company, achieving a significant turnaround with a net profit of RMB 650 million in the first half, compared to a net loss of RMB 385 million in the same period last year, indicating robust business fundamentals and a successful strategic transition [1][2]. Group 1: AI+Game Strategy - The company has fully implemented its "AI+Game" strategy, enhancing marketing and operational efficiency through deep integration of AI technology across the game distribution and operation chain [2]. - The self-developed intelligent advertising system "Luoshu" and analysis system "Hetu" have significantly improved advertising precision and resource utilization [2]. - AI applications extend to user operations and customer service, optimizing user retention and payment conversion through behavior prediction and personalized recommendations [2]. Group 2: Overseas Market Growth - The rapid expansion of high-margin overseas business has become a new highlight for the company's performance, with successful game launches in various international markets [3]. - The company has successfully launched over 30 multilingual products in regions such as Southeast Asia, Hong Kong, Macau, Taiwan, Japan, South Korea, Europe, and the Middle East [3]. - Recent game releases, such as "Hot Blood Jianghu: Return," have achieved top rankings in multiple countries, showcasing the company's adaptability and global influence [3]. Group 3: Core Product Maturity - The company has developed a portfolio of mature products that provide stable revenue and user bases, significantly reducing customer acquisition costs [4]. - Classic game titles like "Legend," "Miracle MU," and "Hot Blood Jianghu" continue to contribute stable revenue streams and user engagement [4]. Group 4: Strategic Investments and Collaborations - The company enhances ecological synergy and resource integration through financial asset investments and strategic collaborations, focusing on deep cooperation within the gaming industry, IP development, and AI technology [6]. - The company has accumulated a substantial IP reserve, including over ten major IPs, ensuring a continuous pipeline of new game releases and maintaining brand relevance [6]. Group 5: Brand and Strategic Transformation - The company has officially changed its name from "Zhongxu Future" to "Tanwan," aligning its brand with market recognition and enhancing brand value [7]. - This rebranding reflects a strategic transformation aimed at improving competitiveness in both domestic and international markets [7]. - The company has established a clear and sustainable growth model through AI empowerment, overseas expansion, core business optimization, and strategic investments [7].

此外，中旭未来近日发布中期业绩，上半年收入20.25亿元人民币；毛利12.14亿元；股东应占溢利6.02 亿元，上年同期股东应占亏损3.83亿元，同比扭亏为盈。值得注意的是，上半年境外游戏业务营业收入 为3.135亿元，较2024年同期2.87亿元同比增长9.2%；占报告期间总营业收入比率由2024年同期的8.9% 上升6.7个百分点至15.6%。 消息面上，中旭未来此前公布，公司于联交所买卖股份的英文股份简称将由"ZXINC"更改 为"TANWAN"，中文股份简称将由"中旭未来"更改为"贪玩"，自2025年9月2日上午九时正起生效。公司 于联交所买卖股份的股份代号"9890"将维持不变。 贪玩(09890)早盘涨超4%，截至发稿，涨1.66%，报15.32港元，成交额4430.31万港元。 ...

消息面上，中旭未来此前公布，公司于联交所买卖股份的英文股份简称将由"ZXINC"更改 为"TANWAN"，中文股份简称将由"中旭未来"更改为"贪玩"，自2025年9月2日上午九时正起生效。公司 于联交所买卖股份的股份代号"9890"将维持不变。 此外，中旭未来近日发布中期业绩，上半年收入20.25亿元人民币；毛利12.14亿元；股东应占溢利6.02 亿元，上年同期股东应占亏损3.83亿元，同比扭亏为盈。值得注意的是，上半年境外游戏业务营业收入 为3.135亿元，较2024年同期2.87亿元同比增长9.2%；占报告期间总营业收入比率由2024年同期的8.9% 上升6.7个百分点至15.6%。 智通财经APP获悉，贪玩(09890)早盘涨超4%，截至发稿，涨1.66%，报15.32港元，成交额4430.31万港 元。 ...

Summary of Key Points Core Viewpoint - The company has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [1] Share Buyback Details - On September 1, the company repurchased 570,600 shares at prices ranging from HKD 14.910 to HKD 15.460, totaling HKD 8.6438 million [1] - The stock closed at HKD 15.070 on the same day, reflecting a decrease of 2.08%, with total trading volume of HKD 91.2646 million [1] - Since August 29, the company has conducted buybacks for two consecutive days, acquiring a total of 1,234,800 shares for a cumulative amount of HKD 18.6464 million, with the stock experiencing a total decline of 2.14% during this period [1] Year-to-Date Buyback Activity - Year-to-date, the company has executed 18 buyback transactions, acquiring a total of 3,421,200 shares for a total expenditure of HKD 43.9733 million [1] Buyback Transaction Breakdown - A detailed breakdown of recent buyback transactions shows varying amounts and prices, with the highest buyback price recorded at HKD 15.460 on September 1 [1]

中旭未来(09890)发布公告，于2025年9月1日斥资864.38万股回购股份57.06万股，每股回购价格为14.91- 15.46港元。 ...

智通财经APP讯，中旭未来(09890)发布公告，于2025年9月1日斥资864.38万股回购股份57.06万股，每股 回购价格为14.91-15.46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 ...

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].

| 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | (股) | 股本 | | 腾讯控股(00700) | 91.90 万 | 5.50 亿 | 4666.10 万 | 0.508% | | 潍柴动力(02338) | 1641.70 万 | 2.50 亿 | 3914.25 万 | 0.449% | | 中国宏桥(01378) | 892.35 万 | 2.27 亿 | 8867.00 万 | 0.950% | | 恒生银行(00011) | 21.00 万 | 2351.69 万 | 423.00 万 | 0.225% | | 美高梅中国(02282) | 100.00 万 | 1606.02 万 | 1062.74 万 | 0.280% | | 中旭未来(09890) | 66.42 万 | 1000.26 万 | 146.92 万 | 2.760% | | 威高股份(01066) | 126.00 万 | 744.79 万 | 432.00 万 | 0.957% | | 贝壳-W(02423 ...

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。 ...