Group 1: Global Esports Industry Development - The "2024 Global Esports Industry Development Report" indicates that Shanghai has become the most influential esports city globally in 2024, with China occupying four of the top ten cities in terms of esports influence [1] - Chinese users show a leading recognition and acceptance of the esports Olympics, which lays a foundation for the commercialization of potential international event IPs [1] - The report highlights a significant increase in female users in the esports sector, with the proportion of female viewers at offline events rising from 36% in 2020 to 71.8% in 2024 [1] Group 2: Game Development and Product Launches - Youzu Interactive has announced the upcoming "group hero test" for its major product "Youth Three Kingdoms 3" in early July, showcasing a rich product pipeline [2] - The launch of "Youth Three Kingdoms 3" reflects the company's innovative approach in game design, combining traditional aesthetics with new gameplay mechanics [2] - Tencent's "Star Resonance" is set for a non-deletion launch in July, enhancing the WeGame platform's content offerings and potentially increasing user engagement [3] Group 3: Market Dynamics and Future Outlook - The growth of female audiences in esports signals a diversification in user demographics, benefiting companies with offline operational capabilities [1] - The performance of new game tests will influence market perceptions of Youzu's development capabilities and the overall growth potential of the gaming sector [2] - The introduction of differentiated gameplay in new titles may lead to a reshaping of the value distribution within the gaming industry [3]

Core Viewpoint - The gaming industry is experiencing a resurgence, driven by favorable policy changes and emerging growth opportunities, despite previous regulatory challenges and market saturation [2][10][13]. Group 1: Market Performance - The gaming index has risen significantly, increasing nearly 2000 points (over 30%) since April [2]. - Several gaming companies have seen substantial stock price increases, with Youzu Network up over 60%, Perfect World up over 50%, and Gigabit up over 40% [2]. - The overall gaming market in China is projected to reach a record revenue of 455.06 billion yuan in 2024, with a compound annual growth rate of 26.8% over the past two decades [14]. Group 2: Regulatory Environment - Recent policy changes, including the introduction of new undergraduate programs like "Game Art Design," indicate a shift in societal perception of gaming [6][8]. - Shenzhen has implemented supportive measures for gaming companies, including one-time rewards of up to 10 million yuan and efficient game license application processes [9][10]. - The gaming industry has seen a significant reduction in company closures compared to previous years, suggesting a more favorable regulatory environment [11][13]. Group 3: Emerging Growth Areas - Mini-games have emerged as a new growth engine, contributing significantly to market revenue, with their market share increasing from less than 1% in 2021 to over 10% in 2024 [21]. - The demand for high-quality gaming hardware is rising, with 78.51% of users considering upgrading their devices due to performance needs [27]. - The IP economy is becoming increasingly important, with successful franchises like "Genshin Impact" generating over $5 billion in revenue in 2024, highlighting the potential for sustained profitability through IP management [38][42]. Group 4: Future Outlook - The gaming industry is expected to see a positive trend with over 30 new games scheduled for release during the summer, indicating a robust pipeline of new content [44]. - Companies with strong IP management capabilities and those focusing on niche markets, such as otome games and party games, may stand out in the evolving landscape [45].

Core Viewpoint - The company celebrated its 16th anniversary and the 9th "6·16 Youth Festival" with a week-long carnival, engaging global players through various game updates and benefits, while also revealing new game developments [2][3]. Group 1: Event Highlights - The "6·16 Youth Festival" welfare activities started on June 6 and will continue until the end of June, facilitating deep interaction between the company and players [2]. - The event attracted over 10 million players, unlocking 6.16 million game gift packages through various updates and activities across popular titles [2]. - During the live broadcast on the festival day, the company provided in-depth insights into game updates and announced new game information, receiving positive feedback from domestic players [2]. Group 2: New Game Developments - The highly anticipated game "Youth Three Kingdoms 3" will begin its "Hero Testing" phase in early July, offering players a new gaming experience that combines traditional aesthetics with innovative card mechanics [3]. - The company has over ten new titles, including "Origin: Endless Land" and "Code: SR2," ready for global release, aiming to expand its international presence [5]. Group 3: Business Strategy and Innovation - The company is strengthening its advantages in card and SLG genres while exploring business innovation and upgrades to meet diverse player needs [5]. - It employs a differentiated game distribution strategy and integrates resources across various sectors to enhance market penetration and reduce user barriers [5]. - The incorporation of AI technology throughout the distribution process has significantly improved efficiency and precision, driving intelligent decision-making and targeted outreach [5]. Group 4: Cultural Engagement - The company emphasizes the promotion of traditional culture, exemplified by a collaboration with a representative of a national intangible cultural heritage project to create new game content inspired by ancient Chinese music [5]. - Employee activities included cultural learning and hands-on experiences related to traditional crafts, further highlighting the company's commitment to cultural heritage [5].

Group 1 - The core theme of the event is "Be YOUTHself," celebrating the 16th anniversary of Youzu Interactive and the 616 Youth Festival, featuring a week-long carnival for global employees and multiple benefits for players, including 6.16 million gift packages [2] - Youzu Interactive aims to enhance the gaming experience for global players, with various titles like "Youth Three Kingdoms," "Youth Journey to the West," and "Game of Thrones: Winter is Coming" offering rich benefits during the festival [2] - Over 10 million global players participated in the event, showcasing Youzu Interactive's strong influence in the global gaming market [2] Group 2 - Youzu Interactive emphasizes its mission of "Technology Transmitting Civilization," integrating traditional Chinese culture into gaming, exemplified by the collaboration of "Youth Three Kingdoms 2" with the national intangible cultural heritage Guangling Qin School [3] - The company plans to continue its dual-driven approach of "Culture + Technology," using gaming as a medium to tell Chinese stories and enhance players' appreciation of Chinese culture [3] - Future product reserves include over ten new titles, such as "Origin: Endless Land" and "Code: SR2," aimed at consolidating and expanding its global presence [2]

| 证券代码：002174 | 证券简称：游族网络 | 公告编号：2025-035 | | --- | --- | --- | | 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"预计触发赎回条件的提示性公告 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。 特别提示： 5、游族网络股份有限公司（以下简称"公司"）股票价格自 2025 年 5 月 28 日至 2025 年 6 月 12 日，已有 10 个交易日的收盘价格不低于当期转股价格 10.10 元/股的 130%，即 13.13 元/股的情形。如后续公司股票收盘价格持续不低于当期转股价格的 130%， 预计将有可能触发"游族转债"的有条件赎回条款。根据《游族网络股份有限公司公开 发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中有条件赎回条款 的相关规定，公司董事会有权决定按照债券面值加当期应计利息的价格赎回全部或部分 未转股的可转换公司债券。敬请广大投资者详细了解可转换公司债券相关规定，并及时 关注公司后续公告，注意投资风险。 一、可转债上市发行 ...

Core Viewpoint - The company, Youzu Interactive (002174), has announced that its stock price has remained above 130% of the current conversion price of 10.1 CNY per share for 10 trading days, triggering a potential redemption of its convertible bonds [1] Group 1 - The stock price has been above 13.13 CNY per share, which is 130% of the conversion price, from May 28, 2025, to June 12, 2025 [1] - The company's board of directors has the authority to redeem all or part of the unconverted convertible bonds at face value plus accrued interest, according to the terms outlined in the bond issuance prospectus [1]

证券代码：002174 证券简称：游族网络 公告编号：2025-034 游族网络股份有限公司 关于持股 5%以上股东持股比例被动稀释 触及 1%整数倍的公告 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。 特别提示： 一、股东及其一致行动人此前权益变动情况 （一）公司原股东梅花实业集团有限公司于 2015 年 8 月 27 日与王卿泳先 生、王卿伟先生分别签署了《股份转让协议》，通过协议转让的方式将其持有的 公司无限售流通股 23,585,546 股（占当时公司总股本的 8.55%）转让至王卿泳 先生、王卿伟先生，其中王卿泳先生受让 11,792,773 股、王卿伟先生受让 11,792,773 股，各占当时公司总股本的 4.28%，并于 2015 年 9 月 16 日完成证券 过户登记手续。 （二）2015 年 12 月 28 日，公司通过非公开发行股份及支付现金购买资产 暨关联交易并募集配套资金，成功收购掌淘科技并募集资金，非公开发行新股数 量 11,395,043 股，公司总股本由 275,709,972 股增加至 287,105,015 股。发行 完成 ...

Core Viewpoint - The IP economy concept stocks are experiencing significant activity, with several companies seeing notable price increases, indicating a potential trend in investor interest in this sector [1] Group 1: Company Performance - Yuanlong Yatu (002878) and Jinhong Group (603518) have reached the daily limit increase in stock price [1] - Xinghui Entertainment (300043), Lisheng Sports (002858), Xiaogoods City (600415), and Youzu Network (002174) are also witnessing upward movement in their stock prices [1] Group 2: Market Activity - There is a notable influx of dark pool capital into these stocks, suggesting increased investor confidence and potential for further price appreciation [1]

Core Viewpoint - The recent significant increase in the stock price of Youzu Interactive (游族网络) is noteworthy, with a rise of 84.97% from a low of 7.65 CNY to a peak of 14.15 CNY, despite the company facing operational challenges and a decline in revenue and profit [4][5]. Company Performance - In 2024, Youzu Interactive reported a revenue of 1.434 billion CNY, a decrease of 11.75% from 1.625 billion CNY in the previous year [5]. - The net profit attributable to shareholders was -386 million CNY, a staggering decline of 522.46% year-on-year [5]. - The company's operating costs increased to 911 million CNY, up 16.80% compared to the previous year, primarily due to rising advertising expenses and game distribution costs [6]. Cost and Expense Analysis - Despite the increase in operating costs, Youzu Interactive managed to reduce its sales expenses by 19.03% to 132 million CNY, management expenses by 15.90% to 257 million CNY, and financial expenses by 16.61% to 22 million CNY [7]. - Research and development (R&D) expenses saw a significant drop of 26.33%, falling from 242 million CNY to 178 million CNY, with a reduction in R&D personnel by 32.72% [7]. Market Context - The domestic gaming market achieved a record high in 2024, with actual sales revenue reaching 325.783 billion CNY, a growth of 7.53% year-on-year, and a user base of 674 million, up 0.94% [8]. - The competitive landscape is characterized by a concentration of resources among leading companies, with Tencent, NetEase, and miHoYo dominating the market [8]. Industry Trends - The issuance of new game licenses increased significantly, with 1,416 licenses granted in 2024, marking a 32% rise from the previous year [8]. - The small program gaming market is experiencing rapid growth, with a revenue increase of 99.18% to 39.836 billion CNY [8]. Other Companies' Performance - Other gaming companies like Iceberg Network and Electric Soul Network also reported varied performance, with Iceberg Network's revenue at 2.788 billion CNY, up 32.04%, while Electric Soul Network's revenue fell to 550 million CNY, down 18.71% [9][10]. - Electric Soul Network's reliance on a single game for 65.27% of its revenue highlights the risks associated with concentrated revenue streams [10].

Core Viewpoint - The cloud gaming sector has shown a positive performance, with a 2.69% increase, ranking fifth among concept sectors, driven by significant gains in several stocks [1][2]. Group 1: Market Performance - As of May 26, the cloud gaming concept rose by 2.69%, with 26 stocks increasing in value, including Youzu Interactive, which hit the daily limit, and others like Sheng Tian Network and Giant Network, which rose by 6.31%, 5.03%, and 5.00% respectively [1]. - The cloud gaming sector attracted a net inflow of 214 million yuan from main funds, with 13 stocks receiving net inflows, and 6 stocks seeing inflows exceeding 30 million yuan [2]. Group 2: Fund Flow Analysis - Youzu Interactive led the net inflow with 109 million yuan, followed by Sheng Tian Network, Giant Network, and ST Huaton with net inflows of 38.95 million yuan, 37.25 million yuan, and 36.32 million yuan respectively [2][3]. - The net inflow ratios for Youzu Interactive, Shunwang Technology, and ST Kevin were 13.70%, 10.44%, and 9.31% respectively, indicating strong investor interest [3][4].