Summary of Conference Call Notes Industry or Company Involved - The discussion revolves around the gaming industry, specifically focusing on open-world games and player engagement strategies. Core Points and Arguments 1. **Player Engagement Strategies** The company recognizes the diverse needs of players, with some preferring social interaction and others favoring single-player experiences. The company aims to balance these preferences through gameplay design [1][2][3]. 2. **Open World Gameplay Expectations** There is a high demand for freedom and depth in open-world games. Successful products in the market have set a precedent for player expectations, leading to a need for innovative gameplay that allows for exploration and team-based activities [2][3]. 3. **Development Challenges** Creating open-world games requires significant breadth and depth, which poses challenges in development and post-launch updates. The company emphasizes the importance of refining these aspects to achieve market success [3]. 4. **Testing and Feedback** The company has conducted multiple paid tests, which have met expectations regarding player retention and monetization. The ongoing testing phase aims to provide players with extended experiences to gather comprehensive feedback [4]. 5. **IP Development and Marketing** The company has successfully developed both licensed and original IPs. While immediate revenue from these IPs may not be substantial, they are expected to enhance user engagement and brand awareness over time [5]. 6. **Regulatory Considerations** The company is currently navigating the approval process for game releases in China, with potential changes in strategy for the domestic market as overseas investments are not being pursued further [6]. Other Important but Possibly Overlooked Content - The company is actively engaging with investors through various communication channels, indicating a commitment to transparency and ongoing dialogue regarding game development and market strategies [4][6].

Summary of the Conference Call Company Overview - The conference call involved **Zulong Entertainment**, focusing on their recent developments and product updates [1][2]. Industry Insights - The company is actively engaged in the **gaming industry**, particularly in the **MMORPG** (Massively Multiplayer Online Role-Playing Game) and **card game** segments [3][4]. Key Points and Arguments 1. **Product Development and Innovation**: - The company is leveraging its experience with the **Unreal Engine** to enhance mobile game performance, aiming to match console quality [2]. - Continuous integration of **AI** technologies to improve creative processes, user interaction, and cost management [2]. 2. **Game Portfolio and Performance**: - The company has established a strong position in **female-oriented games** and has successfully launched new titles in the **SLG** (Simulation Game) and **strategy card game** categories [3]. - The game **"Shining in the Name"** has maintained a strong performance, achieving over **16 million users** and consistently ranking in the top ten of the iOS sales charts [4][5]. 3. **User Engagement and Retention**: - The company has implemented various marketing strategies, including collaboration between development and publishing teams, to build a loyal fan base for female-oriented games [3]. - The recent launch of **"Dragon Tribe: Castle Gate"** has received positive feedback, with strong sales performance shortly after its release [5][10]. 4. **Talent and Resource Management**: - As of mid-2020, the company had approximately **1,000 employees**, with **80%** in R&D and **12%** in publishing and operations [4]. 5. **Market Trends and User Behavior**: - The company is observing changes in consumer spending habits due to macroeconomic factors but believes that the gaming sector remains resilient in terms of user engagement and spending [19][20]. - The company is adapting its strategies to maintain user interest and revenue stability amidst these changes [19]. 6. **Financial Performance**: - The company reported a revenue increase from **CNY 170 million** in the first half of last year to **CNY 240 million** in the first half of this year, indicating a healthy growth trajectory [21][22]. - The company is also focusing on cost management and marketing investments to ensure sustainable growth [22]. 7. **Future Outlook**: - The company plans to continue expanding its game portfolio, with upcoming titles in the MMORPG and card game genres, and is optimistic about their long-term performance [8][14]. - There are plans for further product testing and updates, with a commitment to share timely information with investors [24]. Additional Important Content - The company is considering share buyback plans to reinforce market confidence and demonstrate commitment to its business strategy [23]. - The management team expressed gratitude for investor support and emphasized ongoing communication regarding future developments [24].

Summary of the Conference Call for Zulong Entertainment Company Overview - **Company**: Zulong Entertainment - **Industry**: Gaming and Entertainment Key Points and Arguments Recent Developments - Zulong Entertainment has been actively updating its product offerings and strategies, focusing on innovative gameplay and technology integration, particularly in mobile gaming [1][2] - The company is advancing the application of the U15 engine in 2D projects, aiming to enhance mobile game performance to match that of console games [2] Product Performance - The MMORPG segment remains a core strength, with successful launches in various game categories, including SLG and card games [2][3] - The game "Shining" has achieved over 16 million global users and continues to show strong performance with consistent updates and user engagement strategies [4][5] - The newly launched game "Dragon Tribe: The Gate of Cards" has performed well, quickly climbing the charts in the free and sales categories shortly after its release [5][19] User Engagement and Marketing Strategies - The company has implemented a comprehensive marketing strategy that includes user-generated content (UGC) to enhance player engagement and retention [8][9] - Continuous updates and new content releases are planned to maintain user interest and attract new players [10][20] Future Product Pipeline - Upcoming projects include "Odin," a next-generation MMORPG, which is expected to launch in 2025-2026, leveraging popular IPs to enhance market appeal [7][26] - The company is also focusing on developing a diverse product lineup that includes both mobile and PC games, ensuring a broad market reach [27][29] Market Trends and Insights - The gaming industry is witnessing a shift towards more immersive and interactive experiences, with AI integration being explored for enhancing player interactions [16][17] - The demand for female-oriented games is on the rise, indicating a shift in player demographics and preferences [15][16] Financial Performance - The company reported a stable revenue stream from existing titles, with a focus on maintaining long-term player engagement through regular updates and community interaction [4][9] - The profitability and lifecycle of games are being closely monitored, with strategies in place to extend the longevity of new releases [19][20] Additional Important Content - The company is committed to refining its game development processes based on player feedback and market analysis, ensuring that new titles meet evolving consumer expectations [24][30] - Zulong Entertainment is also exploring cross-platform capabilities to enhance user experience and accessibility [26][27] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Zulong Entertainment's strategic direction and market positioning within the gaming industry.

Financial Performance - Archosaur Games reported a revenue of approximately $50 million for the first half of 2024, representing a year-over-year increase of 25%[1]. - Revenue for the six months ended June 30, 2024, was RMB 439.4 million, representing a 9.2% increase from RMB 402.3 million in the same period of 2023[17]. - Gross profit increased to RMB 321.7 million, up 8.1% from RMB 297.7 million year-on-year[17]. - Operating loss improved to RMB 154.0 million, a 36.3% reduction compared to RMB 241.9 million in the prior year[17]. - Net loss for the period was RMB 134.0 million, down 42.5% from RMB 233.0 million in the same period of 2023[17]. - Adjusted net loss for the six months ended June 30, 2024, was RMB 120.4 million, a decrease from RMB 214.9 million in the same period of 2023, reflecting improved total revenue and controlled R&D costs[42]. - The company reported a total comprehensive loss for the six months ended June 30, 2024, was RMB 116,623 thousand, compared to RMB 163,798 thousand for the same period in 2023, showing an improvement of approximately 29%[99]. User Growth and Market Expansion - The company achieved a user base growth of 15%, reaching 10 million active users across its gaming platforms[1]. - Archosaur Games plans to expand its market presence in Southeast Asia, targeting a 30% increase in user acquisition in that region by the end of 2024[1]. - As of June 30, 2024, the global cumulative user count for "In the Name of the Shining" exceeded 16 million[21]. Game Development and Launches - Archosaur Games is actively developing two new titles expected to launch in Q4 2024, which are projected to contribute an additional $10 million in revenue[1]. - The company plans to launch two new games, "Dragon Tribe: Castle Gate" and "Step Wind," in September 2024, aiming to enhance its product matrix and growth opportunities[19]. - The company plans to launch seven new game products globally from the second half of 2024 to 2026, including "Dragon Tribe: Kassel Gate" and "Treading Wind" in 2024[23]. - The game "Dragon Tribe: Kassel Gate" launched on September 12, 2024, topped the iOS App Store free game chart on its first day and remained in the top ten for several days[25]. Financial Management and Cost Control - The company reported a gross margin of 60% for the first half of 2024, indicating strong cost management and operational efficiency[1]. - Research and development expenses decreased by 11.7% to RMB 264.1 million from RMB 299.2 million in the previous year[17]. - Sales and marketing expenses increased by 5.0% to RMB 172.7 million, compared to RMB 164.4 million in the same period of 2023[35]. - The total expenses for the six months ended June 30, 2024, were RMB 598,955,000, a decrease from RMB 620,571,000 in 2023, indicating a reduction of 3.5%[136]. Strategic Initiatives - The company has allocated $5 million for research and development of new gaming technologies, focusing on enhancing user experience and engagement[1]. - Archosaur Games is exploring potential acquisition opportunities to bolster its portfolio and expand its market share in the gaming industry[1]. - The company is committed to sustainability initiatives, aiming to reduce its carbon footprint by 10% by the end of 2024 through various operational improvements[1]. Shareholder Information and Corporate Governance - The company’s major shareholders include Mr. Li Qing, holding 35.35% of the issued share capital, and Mr. Bai Wei, holding 1.93%[60]. - The company has complied with all applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO[78]. - The audit committee consists of three members, including independent directors, ensuring oversight of financial reporting[89]. Cash Flow and Financial Position - Cash used in operating activities for the six months ended June 30, 2024, was RMB 68.3 million, down 57.5% from RMB 160.6 million in the same period of 2023, primarily due to increased cash inflows from gaming operations[45]. - Cash generated from investing activities for the six months ended June 30, 2024, was RMB 112.7 million, compared to cash used of RMB 336.5 million in the same period of 2023, mainly due to the maturity of previously purchased financial assets[46]. - The company’s total liabilities increased to RMB 5,359,684 thousand as of June 30, 2024, compared to RMB 5,200,000 thousand as of January 1, 2024, reflecting an increase of approximately 3.1%[98]. Employee and Compensation Information - The company employed approximately 1,017 full-time employees as of June 30, 2024, with about 77.58% being R&D personnel[53]. - The total employee compensation and benefits cost for the six months ended June 30, 2024, was approximately RMB 274.6 million, down from RMB 303.2 million in the same period of 2023[53]. - Total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 11,272 thousand, a decrease of 23.0% from RMB 14,785 thousand in the same period of 2023[194]. Financial Risks and Management - The group faces various financial risks, including market risk, credit risk, and liquidity risk, which should be considered alongside the 2023 financial statements[110]. - The management team is closely monitoring foreign exchange risk exposure and will take prudent measures as necessary[54]. - The company has not incurred any significant foreign exchange losses, indicating effective management of currency risk[54].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 439.4 million, representing a 9.2% increase from RMB 402.3 million in the same period of 2023[2] - Gross profit for the same period was RMB 321.7 million, up 8.1% from RMB 297.7 million year-on-year[2] - Revenue from game publishing and operations was RMB 376.5 million, a 25.0% increase compared to RMB 301.2 million in the same period of 2023[10] - Revenue from the development and licensing segment decreased by 38.5% to RMB 62.0 million from RMB 100.8 million in the same period of 2023[10] - Revenue generated from the mainland China market was RMB 304.0 million, a 27.6% increase from RMB 238.3 million in the same period of 2023[12] - Revenue from regions outside mainland China was RMB 135.4 million, a 17.4% decrease from RMB 164.0 million in the same period of 2023[12] - The company reported a net loss attributable to owners of RMB (134,041) thousand for the six months ended June 30, 2024, compared to a loss of RMB (233,023) thousand in the same period of 2023, showing an improvement[66] - The operating loss for the six months ended June 30, 2024, was RMB 134.0 million, a 42.5% improvement compared to RMB 233.0 million in the same period of 2023[2] - Adjusted net loss decreased from RMB 214.9 million in 2023 to RMB 120.4 million in 2024, mainly due to increased total revenue and controlled R&D costs[22] Expenses and Cost Management - Research and development expenses decreased by 11.7% to RMB 264.1 million from RMB 299.2 million in the previous year[2] - Administrative expenses decreased by 9.3% to RMB 47.0 million from RMB 51.8 million year-on-year[2] - Sales and marketing expenses increased by 5.0% from RMB 164.4 million in 2023 to RMB 172.7 million in 2024, driven by higher promotional and advertising costs for self-developed games[16] - Revenue cost increased from RMB 104.6 million in the six months ended June 30, 2023, to RMB 117.7 million in the same period of 2024, primarily due to increased commissions from distribution and payment channels[13] - Employee benefit expenses decreased to RMB 274,568 thousand from RMB 303,213 thousand, a reduction of 9.4%[60] User Engagement and Game Development - The number of global users for the game "以閃亮之名" exceeded 16 million as of June 30, 2024[4] - The company plans to launch two major new games, "龍族：卡塞爾之門" and "踏風行," in the second half of 2024, aiming to enhance its product matrix and growth opportunities[3] - The company plans to launch seven new game products globally between the second half of 2024 and 2026, enhancing its diverse game portfolio[6] - The game "Three Kingdoms: Honghu Dominance" was launched on July 13, 2024, and is expected to show steady growth due to its long-term operational characteristics[5] - The company continues to invest in existing games like "Dragon Tribe Fantasy" and "Dreaming of the Immortal" to maintain a healthy long-term ecosystem[5] - The company has received positive user feedback from paid tests for new games like "Dragon Tribe: Kassel Gate" and "Treading the Wind" which are set to launch in 2024[8] Cash Flow and Investments - Cash used in operating activities improved from RMB 160.6 million in 2023 to RMB 68.3 million in 2024, a reduction of 57.5%[26] - For the six months ended June 30, 2024, net cash used in investing activities was RMB 112.7 million, a decrease from RMB 336.5 million in the same period of 2023, primarily due to the maturity of previously purchased financial assets and reduced cash outflows for time deposits[27] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 43.5 million, an increase of 94.2% from RMB 22.4 million in the same period of 2023, mainly due to prepayments for share repurchase to stock brokers[28] - As of June 30, 2024, cash and cash equivalents at the end of the period decreased by 23.4% from RMB 728.9 million in 2023 to RMB 558.5 million in 2024[25] Corporate Governance and Structure - The company has established an audit committee consisting of three members, which reviewed the unaudited interim financial information for the period[38] - The company continues to evaluate the effectiveness of its corporate governance structure, particularly regarding the separation of the roles of Chairman and CEO[36] - The board of directors includes Chairman and Executive Director Li Qing, Executive Director Bai Wei, and several non-executive and independent directors[79] Market and Strategic Outlook - The company is focusing on technological innovation, including breakthroughs in dynamic lighting and self-developed global illumination for mobile games[3] - Approximately RMB 2,097.8 million of the net proceeds from the global offering has been utilized as of June 30, 2024, with the remaining funds expected to be used for strategic acquisitions and investments in the entertainment and technology sectors by July 2024[34] - The company operates primarily in the mobile game development and operation sector, with most non-current assets located in China[52]

Summary of the Conference Call Company and Industry Involved - The conference call is related to **Zulong Entertainment**, a company in the **media and entertainment industry** [1]. Core Points and Arguments - The call is hosted by **Debon Securities Research Institute**, indicating a focus on investment strategies and market analysis [1]. - A disclaimer is provided stating that the call serves only Debon Securities Research Institute clients and does not constitute investment advice, emphasizing the importance of independent investment decisions and risk management [1]. Other Important but Possibly Overlooked Content - All participants are muted at the beginning of the call, which suggests a structured format for the presentation [1].

Summary of the Conference Call Company and Industry Involved - The conference call is related to **Zulong Entertainment** and the **media and internet industry**. Core Points and Arguments - The call began with a **disclaimer** stating that the meeting is intended for **Debon Securities Research clients** and does not constitute investment advice, emphasizing the need for participants to make their own investment decisions and bear the associated risks [1]. Other Important but Possibly Overlooked Content - The call was initiated with participants in a **mute state**, indicating a structured approach to the meeting [1].

Summary of the Conference Call Company and Industry Involved - The conference call is related to **Zulong Entertainment**, a company in the **media and entertainment industry**. Core Points and Arguments - The call began with a **disclaimer** stating that the meeting is intended for **Debon Securities Research clients** and does not constitute investment advice, emphasizing that participants should make their own investment decisions and bear the associated risks [1]. Other Important but Possibly Overlooked Content - The call was initiated with all participants on **mute**, indicating a structured approach to the meeting [1].

Corporate Governance - The company has established four main board committees: Audit Committee, Nomination Committee, Remuneration Committee, and Risk Management Committee, each operating according to its terms of reference[17] - The Audit Committee consists of three members, with Mr. Zhu Lin serving as the chairman, responsible for reviewing financial statements and overseeing internal controls and risk management systems[17] - The Nomination Committee evaluates candidates for board appointments based on diversity factors such as gender, age, cultural background, and professional expertise[18] - As of December 31, 2023, the board comprises six male members and one female member, with no quantifiable diversity targets set[21] - The company ensures the independence of the board by establishing mechanisms to convey independent opinions and recommendations for objective decision-making[12] - The chairman holds annual meetings with independent non-executive directors without the presence of executive and non-executive directors[14] - The company has obtained an exemption from strict compliance with Listing Rules 3.28 and 8.17 for its co-company secretary, Ms. Hao Lili[25] - The board reviews and oversees compliance with the company's whistleblowing policy as part of its corporate governance responsibilities[9] - The company has adopted a shareholder communication policy to ensure timely and equal access to relevant information, encouraging shareholder participation in annual general meetings[36][37] Financial Performance and Risk Management - The company has adopted a financial risk management policy to control risks such as tax, currency, and financial reporting risks[28] - The board monitors financial performance and key operational statistics monthly with the assistance of the internal financial reporting department[28] - The company has implemented strict internal procedures to ensure compliance with relevant laws and regulations, continuously reviewing risk management policies and measures[32] - The company's risk management and internal control systems are designed to ensure effective and adequate policy implementation[32] - Revenue for 2023 increased to RMB 908,489 thousand, up 55.5% from RMB 584,121 thousand in 2022[58] - Gross profit for 2023 was RMB 650,407 thousand, a 53.5% increase from RMB 423,620 thousand in 2022[58] - Operating loss for 2023 decreased to RMB 357,029 thousand, a 53.7% improvement from RMB 771,437 thousand in 2022[58] - Net loss for 2023 was RMB 315,561 thousand, a 58.9% improvement from RMB 768,547 thousand in 2022[58] - R&D expenses for 2023 decreased to RMB 582,208 thousand, down 22.0% from RMB 746,364 thousand in 2022[58] - Cash and cash equivalents at the end of 2023 were RMB 555,033 thousand, a 55.0% decrease from RMB 1,232,999 thousand at the end of 2022[71] - The company received RMB 35,800 thousand from borrowings and repaid the same amount in 2023[71] - The company's financial income for 2023 was RMB 51,561 thousand, a 119.2% increase from RMB 23,524 thousand in 2022[58] - The company's financial costs for 2023 decreased to RMB 4,271 thousand, down 33.7% from RMB 6,438 thousand in 2022[58] - The company's net financial income for 2023 was RMB 47,290 thousand, a 176.8% increase from RMB 17,086 thousand in 2022[58] - Adjusted net loss for 2023 was RMB 282.9 million, an improvement from RMB 731.9 million in 2022[107] Revenue and Game Operations - The company's consolidated game publishing and operating revenue for the year ended December 31, 2023, was approximately RMB 709 million, primarily from the sale of in-game virtual items[47] - Revenue from consumable in-game virtual items is recognized upon consumption or expiration, while revenue from durable in-game virtual items is recognized proportionally over the expected player relationship period[47] - The company's independent auditor identified the determination of the expected player relationship period as a key audit matter due to significant judgment and estimation involved[48] - The auditor assessed the accuracy and completeness of key input data used to determine the expected player relationship period, including historical player behavior and churn rates[48] Subsidiaries and Investments - The company holds 100% equity in multiple subsidiaries, including Finger Games Pte. Ltd. (Singapore), Dream Cube Games Limited (Dubai), and Archosaur Games Japan Ltd. (Japan), all established in 2021[75] - The registered capital of Shanghai Huanzhimeng Technology Co., Ltd. is RMB 10,000,000, and it is fully owned by the company, focusing on mobile game development in China[75] - The company's financial products investment increased significantly from RMB 151,115 thousand in 2022 to RMB 433,293 thousand in 2023, with an expected return rate ranging from 2.14% to 6.00%[83] - Preferred stock investments decreased from RMB 14,349 thousand in 2022 to RMB 2,868 thousand in 2023, with expected volatility ranging from 35.80% to 38.89%[83] - Other common stock investments remained stable at around RMB 3,526 thousand in 2022 and RMB 3,528 thousand in 2023, with expected volatility between 51.77% and 54.88%[83] - Private equity and venture capital fund investments decreased from RMB 163,435 thousand in 2022 to RMB 135,935 thousand in 2023[83] - Other fund investments increased slightly from RMB 157,664 thousand in 2022 to RMB 165,176 thousand in 2023[83] - Structural investments decreased from RMB 239,406 thousand in 2022 to RMB 199,617 thousand in 2023[83] - The company controls subsidiaries through contractual arrangements, allowing it to influence variable returns and consolidate financial statements[91] - The company uses the acquisition method to account for business combinations, measuring identifiable assets and liabilities at fair value at the acquisition date[92] - The company has a subsidiary, Tianjin Zulong Technology Co., Ltd., which is consolidated under contractual arrangements[94] Financial Reporting and Accounting Standards - The company's financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and the Hong Kong Companies Ordinance[78] - New accounting standards, including IFRS 17 Insurance Contracts and amendments to IAS 1 and IAS 8, became effective from January 1, 2023[80] - The company will adopt new accounting standards and interpretations, including amendments to IAS 1, IFRS 16, and IAS 21, effective from January 1, 2024, and January 1, 2025[87] - The company's financial statements are audited by PricewaterhouseCoopers, a registered public interest entity auditor[102] - The company's financial assets are classified into categories measured at fair value, with changes recognized in other comprehensive income or profit or loss[144] Financial Assets and Valuation - Financial assets measured at fair value totaled RMB 940.4 million as of December 31, 2023[116] - The company had no financial liabilities measured at fair value as of December 31, 2023[115] - Total fair value of financial assets categorized as Level 3 instruments amounted to RMB 729,495 thousand as of December 31, 2022[118] - The company's financial assets include investments in wealth management products (RMB 151,115 thousand), other fund investments (RMB 149,439 thousand), and structured investments (RMB 140,107 thousand) under Level 3 instruments[118] - Non-current financial assets under Level 3 instruments include private equity and venture capital fund investments (RMB 163,435 thousand), structured investments (RMB 99,299 thousand), and preferred stock investments (RMB 14,349 thousand)[118] - The company uses specific valuation techniques such as market quotes, net asset value of investments, and discounted cash flow analysis to determine the fair value of financial instruments[119] Shareholder Information and Company Details - The company's headquarters are located in Beijing, China, with a principal place of business in Hong Kong[105] - The company's shares are traded under the stock code 9990[105] - The company's website is www.zulong.com[105] - Tencent held a 17.23% stake in the company as of December 31, 2023[132] Intangible Assets and Amortization - The company capitalizes costs related to purchased computer software and amortizes them over an estimated useful life of 3 to 15 years[139] - Trademarks and domain names are amortized over an estimated useful life of 5 to 10 years[143] Dividend Policy - The company's dividend payments are determined by the board of directors, considering factors such as actual and expected operating performance, cash flow, financial condition, and future expansion plans[33] Financial Position - Total assets decreased to RMB 2,743.6 million in 2023 from RMB 2,953.3 million in 2022[110] - Total liabilities increased to RMB 409.7 million in 2023 from RMB 363.1 million in 2022[110] - Total equity decreased to RMB 2,333.9 million in 2023 from RMB 2,590.2 million in 2022[110] Revenue and Profit Details - Revenue for 2023 was RMB 908.5 million, a 55.5% increase from RMB 584.1 million in 2022[107] - Gross profit for 2023 was RMB 650.4 million, up 53.5% from RMB 423.6 million in 2022[107] - R&D expenses decreased to RMB 582.2 million in 2023 from RMB 746.3 million in 2022, a 22% reduction[107] - Operating loss improved to RMB 357.0 million in 2023 from RMB 771.4 million in 2022[107]

[Table_Summary] [Table_Title] 大单品驱动增长，关注老牌硬核研发商业务模式升级 [Table_ReportDate] 祖龙娱乐（9990.HK）公司简评报告 | 2024.04.08 [Table_Rank] 评级：买入 核心观点 [Table_Authors] 王建会 传媒互联网首席分析师 SAC 执证编号：S0110522050001 wangjianhui2@sczq.com.cn 李甜露 传媒互联网联席首席分析师 SAC 执证编号：S0110516090001 litianlu@sczq.com.cn 电话：86-10-8115 2690 辛迪 传媒互联网行业分析师 SAC 执证编号：S0110522110003 xindi2022@sczq.com.cn 电话：86-10-8115 2690 [Table_Chart] 市场指数走势（最近 1 年） 祖龙娱乐 恒生指数 -100% -80% -60% -40% -20% 0% 20% 23-0423-0523-0623-0723-0823-0923-1023-1123-1224-0124-0224-03 资料来源：聚源数据 ...