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]

Group 1 - The second Shanghai International Light and Shadow Festival opened on September 19, featuring a main venue and 16 sub-venues, providing a rich experience that integrates culture and technology for both local citizens and global visitors [1][4] - Youzu Interactive, a global interactive entertainment technology company, showcased a creative light and shadow interactive installation at the main venue, which became one of the highlights of the event [1][3] - The festival aims to inject new momentum into the high-quality development of Shanghai's cultural tourism industry by leveraging diverse sectors such as commerce, tourism, culture, art, and exhibitions [6] Group 2 - The first edition of the festival attracted over 16.2 million participants and achieved a media reach of over 3 billion times, demonstrating its strong influence [4] - Youzu Interactive's popular game characters from titles like "Youth Three Kingdoms 2" and "Youth Three Kingdoms" were present at the event, enhancing the immersive experience for attendees [6] - The company emphasizes the construction of a symbiotic mechanism between games and culture, aiming to activate the cultural dissemination value of games and encourage young people to inherit and promote traditional Chinese culture [6]

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]

Core Insights - The second Shanghai International Light and Shadow Festival opened on September 19, featuring a main venue and 16 sub-venues [1] - Youzu Interactive's creative light and shadow interactive installation became one of the highlights of the event, showcasing popular game characters in close interaction with the audience [1] Company Highlights - Youzu Interactive created a large-scale light and shadow installation that incorporates visual elements from its game "少年三国志2" (Youth Three Kingdoms 2), with a central visual feature being a "time-space shuttle door" designed in the shape of three cards [1] - The installation includes three uniquely designed, cute characters known as "吕布喵" (Lü Bu Meow), with the tallest reaching 5 meters, enhancing the interactive experience for attendees [1] Industry Impact - 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 [1] - By aligning with the interests of younger demographics through interactive formats, Youzu Interactive not only enriched the cultural event with diverse experiences but also expanded the public's access to and perception of urban culture [1]

Core Insights - The core focus of the article is the fourth anniversary celebration of the MMO mobile game "New Tomb Raider Notes," developed by Youzu Interactive and authorized by Nanpai Sanshu, highlighting the launch of an AI partner system that enhances player interaction and immersion [1][6]. Game Features - The AI partner system allows players to engage with iconic characters like Zhang Qiling and Wu Xie, enhancing combat strategy and enjoyment through dynamic skill releases and combo formations [2][6]. - Players can experience personalized interactions with AI partners, which generate responses based on character traits and player dialogue, creating a deeper emotional connection [2][3]. - The game introduces a new main storyline that continues the "Ten-Year Agreement" theme, featuring new gameplay modes and celebratory events to enhance player engagement [6]. Technological Innovation - The development of the AI partner system is a significant technical challenge, requiring deep learning from the original work and extensive tuning to ensure character fidelity [6]. - Youzu Interactive aims to integrate AI technology across various aspects of game development and distribution, enhancing operational efficiency and elevating the gaming experience to new levels of intelligence and personalization [6]. Marketing and Community Engagement - The fourth anniversary celebration includes extensive promotional strategies and welfare activities designed to create an immersive experience for both new and returning players, showcasing the synergy between IP and technology [7].