Group 1: Game Approval and Market Trends - In September 2025, a total of 145 domestic online games were approved, including 93 mobile games, 42 mobile-casual puzzle games, 7 mobile-client games, 2 client games, and 1 mobile-web game [2] - The cumulative number of game licenses issued by the National Press and Publication Administration in 2025 has reached 1275, maintaining a high issuance frequency [2] - The regular issuance of game licenses reflects the regulatory support for the development of the gaming industry [2] Group 2: Company Performance and Financing - Kunlun Wanwei achieved a revenue of 3.733 billion yuan in the first half of 2025, a year-on-year increase of 49.23%, with ongoing optimization of AI game products [6] - Sanqi Interactive Entertainment reported a revenue of 8.486 billion yuan in the first half of 2025, a year-on-year decrease of 8.08%, but a net profit of 1.4 billion yuan, up 10.72% [6] - Financing net purchases for game stocks in September exceeded 1 billion yuan for three companies: Kunlun Wanwei (760 million yuan), Sanqi Interactive Entertainment (544 million yuan), and Giant Network (153 million yuan) [3] Group 3: Profitability and Growth - The net profit rankings for the first half of 2025 show ST Huatuo, Sanqi Interactive Entertainment, Kaiying Network, Giant Network, and G-bits leading with net profits of 2.656 billion yuan, 1.4 billion yuan, 950 million yuan, 777 million yuan, and 645 million yuan respectively [6] - Significant year-on-year net profit growth was observed in companies such as Shengtian Network (1186.02%), Youzu Network (989.31%), and Zhejiang Shuju Culture (156.26%) [7] - Kaiying Network's game "Black Cat Detective: Guardian" received approval in September, contributing to its overseas revenue of approximately 202 million yuan, a year-on-year increase of 59.57% [6]

Core Viewpoint - Youzu Interactive's stock price has shown volatility, with a year-to-date increase of 23.74% but a recent decline over various trading periods, indicating potential market fluctuations and investor sentiment changes [1][2]. Financial Performance - For the first half of 2025, Youzu Interactive reported revenue of 688 million yuan, a year-on-year decrease of 1.93%, while net profit attributable to shareholders was 50.16 million yuan, reflecting a significant increase of 989.31% [2]. - The company has distributed a total of 368 million yuan in dividends since its A-share listing, with 46.53 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Youzu Interactive had 52,900 shareholders, a decrease of 10.38% from the previous period, with an average of 17,629 circulating shares per shareholder, an increase of 13.77% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 30.63 million shares, and Huaxia CSI Animation Game ETF, which also saw an increase in holdings [3]. Market Activity - On September 24, Youzu Interactive's stock rose by 2.03%, with a trading volume of 356 million yuan and a turnover rate of 3.17%, leading to a total market capitalization of 11.377 billion yuan [1]. - The stock has experienced significant trading activity, with net outflows of 10.89 million yuan from main funds and notable buying and selling by large orders [1].

Market Overview - On September 22, the gaming sector rose by 0.16% compared to the previous trading day, with ST Huatuo leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - ST Huatuo (002602) closed at 19.81, with a gain of 4.98% and a trading volume of 1.495 million shares, amounting to a transaction value of 2.924 billion [1] - Other notable gainers included *ST Dazheng (600892) with a 4.08% increase and ST Kaiwen (002425) with a 3.33% increase [1] - Conversely, 37 Interactive Entertainment (002555) saw a decline of 5.52%, closing at 22.24, with a trading volume of 1.5908 million shares and a transaction value of 3.588 billion [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.484 billion from institutional investors, while retail investors saw a net inflow of 1.582 billion [2][3] - ST Huatuo had a net inflow of 2.26 billion from institutional investors, while retail investors had a net outflow of 960.133 million [3] ETF Performance - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index increased by 3.64% over the past five days, with a net inflow of 17.632 million [5] - The food and beverage ETF (product code: 515170) decreased by 2.31%, with a net outflow of 24.043 million [5]

Group 1 - The company, Youzu Interactive, stated on September 22 that it is not required to disclose quarterly performance forecasts according to regulations from the Shenzhen Stock Exchange [2] - Investors are advised to pay attention to the company's upcoming periodic reports for the performance situation in the first three quarters [2]

9月19日，第二届上海国际光影节重磅开幕，本次盛会设有主会场和16个分会场，为上海市民及全球游客带来融合了文化与科技的多层次、多维度丰富 体验。游族网络在主会场特别打造的创意光影互动装置成为全场亮点之一，其旗下人气游戏角色Coser与观众的零距离互动也在现场引发了热烈反响。 活动现场照片 游族网络作为全球化的互动娱乐科技企业，将游戏中的虚拟角色带入现实，打造了一场融合中华文化与数字创意的视觉盛宴。现场大型光影装置充分 应用《少年三国志2》中的视觉元素，以三扇卡牌造型的"时空穿梭门"作为视觉核心，背景中宇宙星河动态流转，象征游戏作为载体跨越时空、连接传 统与现代。更引人注目的是，三只造型各具特色、软萌可爱的"吕布喵"借助卡牌媒介穿梭次元、惊喜现身，其中最高一只达5米，吸引大量观众驻足合 照。 上海国际光影节是上海市级重大公益性活动，由上海市绿化市容局、市商务委、市文化旅游局、市体育局、上海广播电视台联合打造。该活动去年首 次举办便展现出了超强影响力——首届活动共吸引1620余万人次参与，全媒体传播量突破30亿次。 活动现场照片 活动现场照片 开幕式当晚，来自游族网络旗下游戏《少年三国志2》《少年三国志》《绯色回 ...

Core Viewpoint - Youzu Interactive's stock price has experienced fluctuations, with a year-to-date increase of 27.06% but a recent decline in the last five trading days by 5.41% and 27.91% over the last 20 days [1] Group 1: Stock Performance - As of September 22, Youzu Interactive's stock price was 11.88 CNY per share, with a market capitalization of 11.682 billion CNY [1] - The stock has seen a net outflow of 59.4729 million CNY from major funds, with significant selling pressure observed [1] - The company has appeared on the trading leaderboard once this year, with the last appearance on September 11, showing a net buy of -22.4926 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Youzu Interactive reported a revenue of 688 million CNY, a year-on-year decrease of 1.93%, while net profit attributable to shareholders was 50.1553 million CNY, reflecting a significant increase of 989.31% [2] - Cumulative cash dividends since the company's A-share listing amount to 368 million CNY, with 46.5307 million CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of June 30, 2025, Youzu Interactive had 52,900 shareholders, a decrease of 10.38% from the previous period, with an average of 17,629 shares held per shareholder, an increase of 13.77% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 30.6286 million shares, and the Huaxia CSI Animation Game ETF, which also saw an increase in shares [3]

Core Viewpoint - The second Shanghai International Light and Shadow Festival opened on September 19, showcasing a giant interactive light installation created by the gaming company Youzu Interactive, which also featured popular game characters from its titles [1] Company Overview - Youzu Interactive has developed numerous game products, including the "Youth Three Kingdoms" series, "Goddess Alliance" series, "New Tomb Raider Notes," "Game of Thrones: Winter is Coming," and "Saint Seiya Awakening: Knights of the Zodiac," among others [1] - The company has accumulated over 1 billion global users across its game portfolio [1] Future Goals - The company aims to build a symbiotic mechanism between gaming and culture, leveraging its strengths in technology, IP culture, and resource integration [1]

Core Viewpoint - The second Shanghai International Light and Shadow Festival officially opened on September 19, showcasing unique interactive light installations by Youzu Network that blend Eastern aesthetics with futuristic visuals [1] Group 1: Event Highlights - Youzu Network made a prominent appearance at the main venue during the opening night, attracting numerous visitors for photo opportunities with its large-scale interactive installations [1] - Popular characters from Youzu Network's games, including "少年三国志2," "少年三国志," "绯色回响," and "少年西游记2," were present at the event, along with exclusive gifts for attendees [1] Group 2: Company Mission and Future Plans - Youzu Network emphasized its commitment to the mission of "Technology Promoting Civilization," aiming to leverage its strengths in technology, IP culture, and resource integration [1] - The company plans to actively fulfill its social responsibilities by providing the public with richer digital cultural innovation experiences [1]

Core Viewpoint - The second Shanghai International Light and Shadow Festival commenced on September 19, showcasing a blend of virtual and real-world experiences through interactive installations and popular game characters [1] Group 1: Event Overview - The event features a main venue and 16 sub-venues, highlighting its extensive scale [1] - Yozu Network created a giant interactive light and shadow installation, enhancing the festival's appeal [1] Group 2: Company Involvement - Yozu Network, a global interactive entertainment technology company, brought virtual game characters into reality, merging Eastern aesthetics with futuristic visual effects [1] - The company engaged audiences with popular game character cosplayers from titles such as "少年三国志," "少年三国志2," "绯色回响," and "少年西游记2," resulting in a vibrant atmosphere [1]

Group 1 - The second Shanghai International Light and Shadow Festival will officially commence on September 19, themed "Light Up Shanghai," aiming to activate urban spaces through light and shadow art, showcase city vitality, promote commercial prosperity, disseminate urban culture, and highlight city spirit [1] - The festival is organized by multiple Shanghai municipal departments and will feature one main venue and 16 sub-venues, planning to host 177 themed events [1] - The first edition of the festival attracted over 16.2 million participants and achieved a media reach exceeding 3 billion, establishing itself as a significant platform for promoting the integration of urban culture and tourism [1] Group 2 - Youzu Interactive, the parent company of several well-known game products including the "Youth Three Kingdoms" series, has over 1 billion global users [2] - The second Shanghai International Light and Shadow Festival aims to leverage the interconnectedness of various sectors such as commerce, tourism, culture, art, and exhibitions to inject new momentum into the high-quality development of Shanghai's cultural tourism industry [2] - Youzu Interactive is focused on building a symbiotic mechanism between games and culture, enhancing the cultural dissemination value of games, and encouraging young people to inherit and promote excellent traditional Chinese culture through various means, including collaboration with intangible cultural heritage IPs [2]