Market Performance - Major market indices opened with mixed results, with the Shanghai Composite Index down 0.16% at 3806.06 points, the Shenzhen Component Index up 0.11% at 12570.87 points, and the ChiNext Index up 0.46% at 2917.77 points [1] Individual Stock Performance - A total of 1482 stocks rose at the opening, with 7 stocks hitting the daily limit up. Notable performers included *ST Weier with 13 consecutive limit ups, Qingshan Paper with 8 consecutive limit ups, and *ST Yatai with 4 consecutive limit ups [1] - Conversely, 3048 stocks declined at the opening, with 6 stocks hitting the daily limit down, including Youzu Network and Huaguang Huaneng [1] Continuity of Stock Prices - Among the stocks that hit the limit up yesterday, those that continued to hit the limit up today included Qingshan Paper and Xinju Network, among others [1] - Stocks that opened lower included Hezhan Energy, Sijuan New Materials, and Zhaoyan New Drug, with opening declines of 9.89%, 4.91%, and 4.37% respectively [1] - Among the stocks that hit the limit down yesterday, *ST Yuancheng and *ST Gaohong continued to hit the limit down today [1]

China Chengxin International Credit Rating Co.,Ltd. [2025]300 中诚信国际关于终止游族网络股份有限公司 主体和相关债项信用评级的公告 游族网络股份有限公司（以下简称"游族网络"或"公司"）于 2019 年 9 月 发行的"游族转债"由中诚信国际信用评级有限责任公司（以下简称"中诚信国 际"）进行相关信用评级工作。2025 年 6 月 23 日，中诚信国际出具了《游族网 络股份有限公司公开发行可转换公司债券 2025 年度跟踪评级报告》，维持游族 网络主体信用等级为 AA-，评级展望为稳定；维持"游族转债"的债项信用等级 为 AA-。 2025 年 9 月 5 日，公司发布《游族网络股份有限公司关于"游族转债"赎 回结果的公告》称，公司行使"游族转债"的提前赎回权，对赎回登记日登记在 册的"游族转债"全部赎回。截至 2025 年 8 月 27 日（赎回登记日）收市，"游 族转债"余额为 529,200.00 元（5,292 张），占可转债发行总额的 0.05%；共计支 付赎回款 539,029.89 元（不含赎回手续费），赎回款发放日为 2025 年 ...

Group 1 - The core point of the news is that Youzu Interactive experienced a 5.03% decline in stock price, reaching 13.78 CNY per share, with a trading volume of 631 million CNY and a turnover rate of 4.49%, resulting in a total market capitalization of 13.551 billion CNY [1] - Youzu Interactive, established on September 22, 1995, and listed on September 25, 2007, is primarily engaged in the development and operation of web and mobile games, with mobile games accounting for 70.51% of revenue, PC games 28.93%, and other sources 0.57% [1] Group 2 - The top circulating shareholder of Youzu Interactive is the Huaxia CSI Animation Game ETF (159869), which increased its holdings by 4.1186 million shares in the second quarter, bringing its total to 21.8475 million shares, representing 2.34% of circulating shares [2] - The Huaxia CSI Animation Game ETF has a current scale of 7.073 billion CNY, with a year-to-date return of 46.87%, ranking 339 out of 4222 in its category, and a one-year return of 90.28%, ranking 373 out of 3795 [2] Group 3 - The fund manager of Huaxia CSI Animation Game ETF is Lu Yayun, who has been in the position for 3 years and 92 days, managing a total asset size of 18.062 billion CNY, with the best fund return during his tenure being 67.58% and the worst being -31.74% [3] Group 4 - Huaxia CSI Animation Game ETF holds Youzu Interactive as its ninth-largest heavy stock, with 21.8475 million shares, accounting for 3.75% of the fund's net value, and the estimated floating loss today is approximately 15.9487 million CNY [4]

Group 1 - The company Youzu Interactive announced that its issued bond "Youzu Convertible Bond" (bond code: 128074) will be delisted from the Shenzhen Stock Exchange starting from September 8, 2025 [2]

Core Insights - The domestic gaming industry in China has shown a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users has also reached a historical high of 679 million, growing by 0.72% year-on-year [1] - The issuance of gaming licenses remains high, with 766 domestic online games approved in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Industry Performance - The gaming market is entering a phase of stock competition, with a significant disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong leads the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continue to dominate the market, with Tencent's domestic gaming revenue at 83.3 billion yuan and NetEase's at 51.6 billion yuan in the first half of the year [5] - 37 Interactive Entertainment reported a revenue decline of 8.08% to 8.486 billion yuan, but its net profit increased by 10.72% to 1.4 billion yuan [9][10] - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and turned a profit with a net profit of 503 million yuan [15][17] - Kunlun Wanwei's revenue reached 3.733 billion yuan, a 49.23% increase, but it reported a net loss of 856 million yuan [14] - G-bits reported a revenue of 2.518 billion yuan, up 28.49%, and a net profit of 645 million yuan, up 24.5% [18] Market Trends - The gaming industry is shifting towards high-quality game development and international expansion, moving away from imitation and low-quality products [4] - Companies are focusing on cost reduction and efficiency improvements to enhance profitability amid rising sales costs and market competition [18]

Key Points - The company issued 11,500,000 convertible bonds with a total amount of 115 million yuan, approved by the China Securities Regulatory Commission on September 23, 2019 [1] - The convertible bonds were listed and began trading on the Shenzhen Stock Exchange on October 21, 2019, under the code 128074 [1] - The initial conversion price was set at 17.06 yuan per share, effective from March 27, 2020, until September 23, 2025 [2] - The conversion price was adjusted to 16.97 yuan per share after a cash dividend distribution on August 25, 2020 [2] - Following another dividend distribution, the conversion price was further adjusted to 16.92 yuan per share, effective from August 2, 2024 [3] - The board proposed to lower the conversion price to 10.10 yuan per share, effective from March 7, 2025 [4] - The convertible bonds have conditional redemption clauses triggered if the company's stock price meets certain criteria, including a closing price above 130% of the conversion price for at least 15 trading days [5] - The redemption price is set at 101.8575 yuan per bond, including accrued interest, with a redemption date scheduled for August 28, 2025 [6][7] - A total of 5,292 bonds will be redeemed, amounting to a total payment of approximately 539,029.89 yuan [8] - Following the redemption, the bonds will be delisted from the Shenzhen Stock Exchange on September 8, 2025 [8]

Group 1 - The company issued 11,500,000 convertible bonds with a total amount of 115,000 million yuan, which began trading on October 21, 2019 [1] - The initial conversion price for the bonds was set at 17.06 yuan per share, valid from March 27, 2020, to September 23, 2025 [2] - The conversion price was adjusted to 16.97 yuan per share effective from August 25, 2020, following a cash dividend distribution [2] Group 2 - The conversion price was further adjusted to 16.92 yuan per share effective from August 2, 2024, due to another cash dividend distribution [3] - The board proposed to lower the conversion price to 10.10 yuan per share, effective from March 7, 2025 [4] Group 3 - The company has conditional redemption terms for the convertible bonds, which can be triggered if the stock price remains above 130% of the conversion price for 15 out of 30 trading days [5] - The redemption price is set at 101.8575 yuan per bond, including accrued interest, with a current annual interest rate of 2% [6] Group 4 - As of the redemption registration date on August 27, 2025, there were 5,292 bonds remaining unconverted, and the total redemption amount will be 539,029.89 yuan [8] - The total face value of the redeemed bonds is 529,200.00 yuan, which represents a portion of the total issuance [8] Group 5 - Following the conversion of bonds, the company's total share capital increased by 94,887,294 shares, leading to a dilution of earnings per share in the short term [8] - The convertible bonds will be delisted from the Shenzhen Stock Exchange starting September 8, 2025 [8]

| 证券代码：002174 | 证券简称：游族网络 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：128074 | 债券简称：游族转债 | | 游族网络股份有限公司 关于游族转债摘牌的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、"游族转债"赎回日：2025 年 8 月 28 日 2、"游族转债"摘牌日：2025 年 9 月 8 日 3、"游族转债"摘牌原因：存续期内可转债全部赎回 一、可转债上市发行基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准游族网络股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2019〕1560 号）核准，公司于 2019 年 9 月 23 日公开发行了 11,500,000 张可转债，每张面值 100 元，发行总额 115,000.00 万元。本次公开发行的可转债向公司在股权登记日收市后登记在册的原股东优先 配售，原股东优先配售后余额部分（含原股东放弃优先配售部分）采用网上向社 会公众投资者通过深交所交易系统发售的方式进行。对认购金额不 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、可转债上市发行基本情况 | 证券代码：002174 | 证券简称：游族网络 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：128074 | 债券简称：游族转债 | | 游族网络股份有限公司 关于游族转债赎回结果的公告 （一）可转债发行情况 经中国证券监督管理委员会《关于核准游族网络股份有限公司公开发行可转 换公司债券的批复》（证监许可〔2019〕1560 号）核准，公司于 2019 年 9 月 23 日公开发行了 11,500,000 张可转债，每张面值 100 元，发行总额 115,000.00 万元。本次公开发行的可转债向公司在股权登记日收市后登记在册的原股东优先 配售，原股东优先配售后余额部分（含原股东放弃优先配售部分）采用网上向社 会公众投资者通过深交所交易系统发售的方式进行。对认购金额不足 115,000.00 万元的部分由主承销商包销。 （二）可转债上市情况 经深交所"深证上〔2019〕640 号"文同意，公司 1,150,000,000.00 元可 转 ...

证券之星消息，9月2日游戏板块较上一交易日下跌0.17%，游族网络领跌。当日上证指数报收于3858.13，下跌0.45%。深证成指报收于12553.84， 下跌2.14%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002558 | 巨人网络 | 32.91 | 5.38% | 51.45万 | | 16.54亿 | | 300418 | 昆仑万维 | 43.47 | 4.32% | 183.73万 | | 80.95亿 | | 002602 | ST华通 | 16.00 | 2.63% | 149.67万 | | 23.72亿 | | 002517 | 恺英网络 | 22.55 | 1.12% | - 58.63万 | | 13.38亿 | | 002425 | ST凯文 | 3.90 | 1.04% | 30.04万 | | 1.16亿 | | 600715 | 文投控股 | 2.94 | 0.34% | 231.76万 | | 7.01亿 | ...