证券代码：002174 证券简称：游族网络 公告编号：2023-088 游族网络股份有限公司 监事会关于 2023 年股票期权激励计划首次授予 激励对象名单的审核意见及公示情况说明 5、公示结果：截至 2023 年 9 月 8 日公示期满，公司监事会未收到任何异 议，无反馈记录。 二、监事会核查方式 公司监事会核查了本次拟首次授予激励对象的名单、身份证件、拟首次 授予激励对象与公司（或子公司）签订的劳动合同（或聘用合同）、拟首次授 予激励对象在公司（或子公司）担任的职务及任职文件等。 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2023 年 8 月 29 日，游族网络股份有限公司（以下简称"公司"）召开第六 届董事会第二十次会议和第六届监事会第十五次会议，审议通过了《关于公司 <2023 年股票期权激励计划（草案）>及其摘要的议案》等相关议案。根据《上市 公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，公司对《2023 年股票期权激励计划（草案）》（以下简称"《激励计划（草案）》"）首次授予部分 激励对象的姓名和职务在公司内部进行了公示，公司 ...

User Base and Market Presence - The company has established a global user base of nearly 1 billion, with operations spanning over 200 countries and regions[13]. - The game "少年三国志" has surpassed 150 million registered users and generated over 6.9 billion CNY in total revenue since its launch in February 2015[53]. - The game "Hui Se Huan Xiang" achieved top rankings in various app stores, including a debut at number one on the App Store and Google Play in Hong Kong and Taiwan[25]. - The game "圣斗士星矢觉醒：十二宫骑士" has topped the sales charts in 23 countries and regions, achieving a Top 5 ranking in over 40 countries[54]. Game Development and Innovation - The company plans to launch multiple new games, including a 3D turn-based RPG mobile game based on "Shan Hai Jing" and a new card mobile game "Shan Yao Xi You Ji 2" within the year[16]. - The company has upgraded its "AI Innovation Institute," focusing on AIGC and AI-enabled game globalization, enhancing research efficiency and market competitiveness[14]. - The company has implemented a modular approach to game development, ensuring quality through a structured review process[30]. - The company is exploring strategic partnerships with external tech firms to advance research in game-specific large language models[14]. - The first official game based on the "Three-Body Problem" IP is expected to enter user testing in the second half of the year, with plans for a 2024 launch[16]. - The company has integrated AI technology in its game design, notably in the recent collaboration with the Dunhuang Museum for the game "少年三国志"[53]. - The company is actively exploring innovative distribution methods to enhance its product competitiveness and reduce customer acquisition costs[59]. - The company plans to enhance its research and development efforts to adapt to changing player preferences and improve game quality amid increasing market competition[108]. - The company is collaborating with external tech firms like CloudWalk Technology to customize solutions for specific applications of AI in gaming, enhancing overall R&D capabilities and market competitiveness[85]. Financial Performance - The company reported a total revenue of 2,028,356,002.25 HKD, with a net profit of 125,991,498.57 HKD, representing a profit margin of 44.92%[39]. - Total operating revenue decreased by 17.42% to ¥845,439,392.18 compared to ¥1,023,753,826.62 in the same period last year[62]. - The net profit attributable to shareholders of the listed company was -¥52,042,484.37, representing a decline of 173.36% from ¥70,941,303.60 in the previous year[196]. - The net profit after deducting non-recurring gains and losses was -¥120,232,941.72, a decrease of 360.44% compared to ¥46,166,043.78 in the same period last year[196]. - Net cash flow from operating activities decreased significantly by 331.68% to -¥326,719,926.62, down from ¥141,019,724.38 in the same period last year[62]. - The company reported a decrease in accounts payable by 2.65% compared to the previous period, primarily due to payments for advertising and commission costs[38]. - Financial expenses decreased by 62.38% to ¥23,941,092.98, primarily due to reduced exchange losses compared to the previous year[62]. - The company’s income tax expenses decreased by 40.11% to ¥5,301,570.56, attributed to lower tax payments this period[62]. - Other income decreased by 23.16% to ¥10,825,999.71, mainly due to government subsidies and VAT refunds[64]. Organizational Changes and Strategy - The company has restructured its organization to enhance operational efficiency and support its "globalization card+" strategy, aiming for high-quality game development[29]. - The company has established a technical expert management committee to enhance technical capabilities and promote innovation[30]. - The company's strategic direction remains focused on "globalization of card games" and aims to enhance operational efficiency through organizational adjustments[174]. - The company has been recognized as one of the "Top 15 Competitive Listed Game Companies in China" based on its strategic, research, product, brand, and marketing capabilities[57]. - The company’s employee stock ownership plan has undergone changes, impacting its financial implications and accounting treatment[128]. Stock Options and Incentives - The actual number of stock options granted was adjusted to 9,145,000, with an exercise price of 12.25 yuan per share, after some incentive targets lost their qualification due to resignation[119]. - The company will cancel a total of 2.674 million stock options from the first exercise period of the 2021 stock option incentive plan due to unmet exercise conditions[120]. - The company approved the grant of 16.792 million stock options to 145 incentive objects at an exercise price of 9.11 RMB per option under the adjusted 2022 stock option incentive plan[122]. - A total of 4.8105 million stock options will be canceled due to 36 incentive objects from the 2022 stock option incentive plan and 10 reserved grant objects no longer meeting incentive conditions[123]. - The company granted 3.94035 million reserved stock options to 54 incentive objects on December 19, 2022, as the conditions for reserved grants were met[134]. - The company’s stock option incentive plans are aimed at middle management and core personnel, excluding directors and senior management[133]. Miscellaneous - The company will not distribute cash dividends or bonus shares for the semi-annual period[116]. - The report period covers January 1, 2023, to June 30, 2023, providing insights into the company's performance during this timeframe[148]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[143]. - The company’s total investment cash flow increased by 27.23% to ¥161,045,031.94, compared to ¥126,577,171.30 in the same period last year[62]. - The total assets at the end of the reporting period were ¥6,264,148,090.87, a slight decrease of 0.23% from ¥6,278,703,876.42 at the end of the previous year[196].

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、股东权益变动基本情况 2020年12月25日，游族网络股份有限公司（以下简称"公司"）原控股股东、 实际控制人林奇先生不幸逝世，林奇先生生前直接持有公司股票219,702,005股， 占公司当时总股本的23.99%。上述股票经公证由其未成年子女林小溪、林芮璟及 林漓三人共同继承，即上述游族网络股份合计219,702,005股，林小溪、林芮璟 各继承其中的73,234,002股，林漓继承其中的73,234,001股；许芬芬女士是未成 年人林小溪、林芮璟及林漓三人之母亲，系其三人的法定监护人，其未成年子女 持有的公司股票之股东权益统一由其法定监护人许芬芬女士代为行使。具体内容 详见公司于2021年1月12日在巨潮资讯网刊登的《详式权益变动报告书》及相关 公告。 2021年6月29日及6月30日，林奇先生名下持有的90,802,837股公司无限售流 通股份、22,239,996股公司无限售流通股份分别已通过继承非交易过户方式分别 过户至三位继承人名下。具体内容详见公司在巨潮资讯网刊登的《关于原控股股 东股份过户事项 ...

游族网络股份有限公司 简式权益变动报告书 上市公司名称：游族网络股份有限公司 股票上市地点：深圳证券交易所 股票简称：游族网络 股票代码：002174 信息披露义务人一：林小溪 住所及通讯地址：上海市徐汇区宜山路711号2号楼游族大厦 信息披露义务人二：林芮璟 住所及通讯地址：上海市徐汇区宜山路711号2号楼游族大厦 信息披露义务人三：林漓 住所及通讯地址：上海市徐汇区宜山路711号2号楼游族大厦 信息披露义务人四：XU FENFEN（中文名：许芬芬） 住所及通讯地址：上海市徐汇区宜山路711号2号楼游族大厦 股份变动性质：继承 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通过任何其他方 式增加或减少其在游族网络股份有限公司中拥有权益的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。除本信息披露义务人外，没有 委托或者授权任何其他人提供未在本报告书中列载的信息和对本报告书做出任何解释或者说 明。 五、本次权益变动尚需在中国证券登记结算有限责任公司深圳分公司办理非交易过户相 关手续。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗漏，并对其真 实性、准确性、完整性承 ...

证券代码：002174 证券简称：游族网络 公告编号：2023-079 游族网络股份有限公司 关于股东权益变动的提示性公告 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： 1. 本次权益变动未触及要约收购。 2. 本次权益变动不会使公司控股股东、实际控制人发生变化。 3. 本次权益变动完成后，信息披露义务人林小溪、林芮璟、林漓合计持有公司股 份 71,099,037 股，占公司总股本的 7.76%，成为公司 5%以上股份权益的主体。 游族网络股份有限公司（以下简称"公司"或"游族网络"）于近日收到 林小溪、林芮璟、林漓和 XU FENFEN（中文名：许芬芬）女士（以下统称"信 息披露义务人"）的通知，林小溪、林芮璟、林漓将继续继承公司原控股股东 林奇先生名下剩余股份，并已于近日取得福建省厦门市鹭江公证处出具的最新 《公证书》和《协议书》。 截至2023年8月24日，林奇先生名下原持有 219,702,005股股票中的 113,042,833股已通过继承非交易过户方式分别过户至林小溪、林芮璟、林漓三 位继承人名下。林奇先生名下原持有的游族网络219, ...

证券代码：002174 证券简称：游族网络 公告编号：2023-077 游族网络股份有限公司 关于公司股东股份解除质押的公告 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。 游族网络股份有限公司（以下简称"公司"）近日通过中国证券登记结算有 限责任公司深圳分公司系统查询，获悉公司股东林奇先生所持有的公司股份办理 了解除质押的手续，具体事项如下： 二、股东股份累计质押基本情况 截至公告披露日，林奇先生所持质押股份情况如下： | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 合计 | 合计 | 情况 | | 情况 | | | 股东 | 持股数量 | 持股 | 累计被质押 | 占其 | 占公 | 已质押股 | 占已 | 未质押股 | 占未 | | 名称 | （股） | 比例 | 数量（股） | 所持 | 司总 | 份限售和 | 质押 | 份限售和 | 质押 | | | | | | 股份 | 股本 | 冻结、 ...

证券代码：002174 证券简称：游族网络 | --- | --- | --- | |----------------|----------------------------------------|----------------| | | | 编号：20230515 | | 投资者关系活动 | □特定对象调研 | | | 类别 | □媒体采访 | | | | □新闻发布会 | | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 通过全景网参与公司 2022 | 2023 年福建辖 | | 人员姓名 | 区上市公司投资者网上集体接待日的投资者 | | | 时间 | 2023 年 5 月 15 日 | | | 地点 | "全景•路演天下"（ | | | 形式 | 线上 | | | 上市公司接待人 | 董事兼总经理 陈芳先生 | | | 员姓名 | 独立董事 张子君女士 | | | | 董事兼财务总监 沙庆钦先生 | | | | 董事会秘书 卢易女士 | | | | Q1：公司今年还有哪些自研新产品会上线？ | | | | A | | | | | 行者》、 | | | 《代号 | ...

证券代码：002174 证券简称：游族网络 公告编号：2023-056 游族网络股份有限公司 关于召开 2022 年度业绩说明会暨参加 2023 年福建辖区上 市公司投资者网上集体接待日的公告 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。 为了充分尊重投资者，提升交流的针对性，现就公司2022年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议，投资者可于2023年5 月12日（星期五）17:00前将有关问题通过电子邮件的形式发送至公司邮箱 ir@yoozoo.com。 公司将在线就2022年度业绩、公司治理、发展战略、经营状况等投资者关心 的问题，在信息披露允许的范围内，与投资者进行沟通与交流，欢迎广大投资者 踊跃参与！ 一、本次活动相关安排 1、召开时间：2023年5月15日（星期一）下午16:00-17:30 2、召开方式：网络远程 3、参与方式：投资者可登录"全景路演"网站（https://rs.p5w.net）， 或关注微信公众号：全景财经，或下载全景路演APP，参与本次互动交流。 4、参会人员：董事兼总经理陈芳先生、独立董事张子君 ...

证券代码：002174 证券简称：游族网络 编号：20230506 投资者关系活 □特定对象调研 □分析师会议 动类别 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 （电话会议） 安信基金、博时基金、财通基金、创金合信基金、大成基金、 参与单位名称 东方基金、东海基金、东吴基金、方正富邦基金、富安达基 及人员姓名 金、富国基金、工银瑞信、光大保德信、广发基金、国联安 基金、国泰基金、华安基金、华泰柏瑞、华夏基金、汇泉基 金、汇添富基金、嘉实基金、建信基金、交银施罗德、九泰 基金、南方基金、农银汇理、诺安基金、鹏华基金、平安基 金、浦银安盛基金、银华基金、招商基金、中邮创业基金、 清和泉资本、星石投资、衍航投资、冲击资产、玖歌投资、 聚鸣投资、利幄私募、趣时资产、同犇投资、运舟私募、财 通证券、德邦证券、东北证券、东方证券、东吴证券、东兴 证券、方正证券、广发证券、国海证券、国联证券、国盛证 券、国泰君安、国信证券、海通证券、华创证券、华西证券、 开源证券、信达证券、中金证券、中信建投证券、中原证券 等 时间 2023 年 5 月 6 日 16:00 -17:00 地点 上海市徐汇区宜山 ...

Revenue and Profit Performance - Revenue in 2022 decreased by 38.19% to 1.98 billion RMB compared to 3.20 billion RMB in 2021[20] - Net profit attributable to shareholders in 2022 was -634.83 million RMB, a decrease of 478.16% from 167.87 million RMB in 2021[20] - Revenue for 2022 was RMB 1.98 billion, a decrease of 38.2% compared to RMB 3.20 billion in 2021[41] - Main business revenue (after deducting other income) for 2022 was RMB 1.98 billion, down 38.2% from RMB 3.20 billion in 2021[41] - The company's revenue in 2022 was 1.981 billion yuan, a year-on-year decrease of 38.19%, with a net loss attributable to shareholders of 635 million yuan[159] - Total revenue from software and IT services was RMB 1.975 billion, down 38.23% YoY, with mobile games contributing 74.84% of revenue[183] - Domestic revenue was RMB 711.76 million, down 40.44% YoY, while overseas revenue was RMB 1.269 billion, down 36.86% YoY[183] Cash Flow and Financial Position - Operating cash flow in 2022 decreased by 51.76% to 157.52 million RMB compared to 326.52 million RMB in 2021[21] - Total assets at the end of 2022 decreased by 9.56% to 6.28 billion RMB compared to 6.94 billion RMB at the end of 2021[21] - Shareholders' equity at the end of 2022 decreased by 11.60% to 4.54 billion RMB compared to 5.14 billion RMB at the end of 2021[21] - As of the reporting period, the company's debt-to-asset ratio was 27.69%, with a quick ratio of 2.32. Bank debt decreased by 50 million yuan, and cash and cash equivalents stood at 1.506 billion yuan[135] - Operating cash flow decreased by 51.76% YoY, mainly due to reduced cash received from sales[199] - Financing cash flow outflow increased by 85.41% YoY due to reduced loan repayments[200] Earnings and Shareholder Metrics - Basic earnings per share in 2022 were -0.72 RMB, a decrease of 478.95% from 0.19 RMB in 2021[21] - Weighted average return on equity in 2022 was -13.12%, a decrease of 16.41 percentage points from 3.29% in 2021[21] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[25] Non-Recurring Gains and Losses - Non-recurring gains and losses for 2022 totaled RMB 458.59 million, a significant increase from RMB 173.88 million in 2021[46] - The company received RMB 17.06 million in VAT refunds, which were classified as recurring gains due to the sustainable nature of the tax policy[46] - The company's non-recurring gains included RMB 410.59 million from financial asset transactions and investments, a significant increase from RMB 98.15 million in 2021[46] - Non-current asset disposal gains and losses in 2022 were -82.1 million RMB, compared to 48.7 million RMB in 2021 and 43.4 million RMB in 2020[59] - Net profit attributable to shareholders decreased due to a RMB 330 million fair value loss on financial assets and a RMB 106 million asset disposal loss from discontinued game projects[180] Quarterly Performance - Q1 revenue was 544.7 million RMB, Q2 was 479.1 million RMB, Q3 was 437.8 million RMB, and Q4 was 519.0 million RMB[59] - Net profit attributable to shareholders in Q1 was 79.9 million RMB, Q2 was -9.0 million RMB, Q3 was 3.1 million RMB, and Q4 was -708.9 million RMB[59] - Net cash flow from operating activities in Q1 was 142.0 million RMB, Q2 was -1.0 million RMB, Q3 was 53.1 million RMB, and Q4 was -36.6 million RMB[59] Market and Industry Trends - China's game market actual sales revenue in 2022 was 265.884 billion yuan, a decrease of 10.33% year-on-year[79] - The number of game players in China decreased to 664 million in 2022, a year-on-year decline of 0.33%[79] - The actual sales revenue of self-developed games in the domestic market was 222.377 billion yuan, a year-on-year decrease of 13.07%[79] - The actual sales revenue of self-developed games in overseas markets was 17.346 billion USD, a year-on-year decrease of 3.70%[79] - Newzoo predicts that the global number of game players will grow to 3.6 billion by 2025, with game revenue reaching 210.2 billion USD[81] - The global gaming market size declined by 4.3% in 2022 to $1,844 billion, with the mobile gaming market experiencing the largest drop of 6.4% to $922 billion[102] Company Strategy and Operations - The company has accumulated over 1,000 overseas partners and operates in over 200 countries and regions, with nearly 1 billion global users[64] - The company's "Global Card+" strategy focuses on card games and fusion innovations like card+SLG, aiming to lower barriers for global users[65] - The company was ranked among the top 25 Chinese companies in the global mobile game market competitiveness report by Gamma Data in 2022[65] - The company's main business remained unchanged during the reporting period[39] - The company's financial indicators for 2022 showed no significant differences compared to previously disclosed quarterly and semi-annual reports[45] - The company has been experiencing negative net profits for three consecutive years, with the latest audit report indicating uncertainty in its ability to continue operations[57] - The company's financial reports showed no differences between Chinese and international accounting standards[44] - The company's R&D investment reached 555 million yuan during the reporting period, focusing on building an industrial production line and enhancing product quality and competitiveness[138] - The company's revenue declined due to a focus on precision and efficiency in product launches and advertising. Future product releases are expected to gradually increase revenue[134] - The company optimized its GR and PR processes and established a technical expert management committee to enhance technical capabilities and production efficiency[176] - The company's top five suppliers accounted for 45.09% of total annual procurement, with no related party transactions[173] Game Launches and Performance - The company's self-developed SLG mobile game "Infinity Kingdom" (War and Eternity) launched a full-platform public beta in Japan, and the agency product "Goddess Alliance: Chaos" landed in Europe, America, and Southeast Asia, receiving heavy recommendations from iOS and Google Play in multiple countries[97] - The company launched "Echocalypse -緋紅の神約-" (Scarlet Covenant) in Japan and Southeast Asia, which topped the free charts on both App Store and Google Play in Japan for multiple days and entered the top 10 best-selling charts in Japan, Thailand, and Singapore[97] - The company plans to launch several new games in 2023, including the innovative card game "Code: Walker," the card+SLG game "War and Eternity," and the turn-based card game "Shan Hai Jing Hua (Restart)"[98] - The company is developing a series of games based on the "Three-Body" IP, which are expected to be released to the market within the next 5 years[100] - The company's self-developed card game "少年三国志：零" (Young Three Kingdoms: Zero) was selected for the "2022 Shanghai Cultural and Creative Fund Project"[107] - The company successfully launched "Echocalypse -緋紅の神約-" (Scarlet Covenant) in Japan and Southeast Asia, which entered the top 10 best-selling charts on the App Store in Japan, Thailand, and Singapore, contributing to revenue growth in the fourth quarter[113] - The company's "新盗墓笔记" (New Tomb Raider) was launched in Europe, America, and Southeast Asia, receiving recommendations from App Store, Google Play, and App Gallery[113] - 《Echocalypse - 緋紅の神約-》 ranked in the top 10 of the Taiwan App Store bestseller list and won multiple awards including "GTA2022 Best Overseas Game" and "Top 10 Overseas Performance Game" in 2022. It successfully launched in Hong Kong and Taiwan markets in January 2023 and plans to expand to South Korea and欧美 markets in the future[121] - 《少年三国志：零》 launched in November 2020 and expanded to Hong Kong, Macau, Taiwan, Japan, South Korea, and欧美 in 2021. The game released 12 new versions during the reporting period and collaborated with intangible cultural heritage projects, earning recognition in the "2022 Shanghai Cultural and Creative Fund Project"[121] - 《Saint Seiya Awakening: Knights of the Zodiac》 updated over 50 times during the reporting period, introducing 12 new cards and hosting 6 major tournaments. The game's Creator Team generated nearly 50 million video views, contributing to player retention and new user acquisition[122] - 《Game of Thrones Winter is Coming》 received 6 Facebook recommendations since its launch in 2019 and was featured in Steam's Summer Sale. The game won the "Best Game 3D (Character/Scene) Art Design Award" at the 2022 CGDA and officially launched in China on February 17, 2023[123] - 《Infinity Kingdom》 received Google recommendations in over 160 countries and regions. It achieved top 3 in the iOS free chart during its full platform launch in Japan and is planned for a domestic launch in 2023[124] - 《新盗墓笔记》 maintained monthly major updates since its launch in September 2021. It conducted nearly 300 live streams and expanded to欧美 and Southeast Asia in October 2022, receiving recommendations from Apple and Google[126] - 《成 り上がり～華と武の戦国》 updated over 50 times during the reporting period, launching 10 new operational activities and expanding to欧美, South Korea, and Hong Kong/Taiwan in 2022[127] - The company launched "Goddess Alliance: Chaos" in the European and American markets, receiving significant recommendations on iOS and Google Play[142] - "少年三国志" (Young Three Kingdoms) has accumulated over 140 million registered users and generated over 6.6 billion yuan in global revenue[145] - "少年三国志 2" (Young Three Kingdoms 2) launched 11 major updates during the reporting period and won multiple awards, including "Players' Favorite Mobile Online Game"[146] - "Echocalypse -緋紅の神約-" (Echocalypse: Crimson Covenant) achieved the company's highest ranking on Japan's bestseller list and entered multiple regional markets[147] Corporate Governance and Management - Total compensation for directors, supervisors, and senior management in 2022 was 2.26 million RMB[70] - New appointments in 2023 include Wan Zheng as Chairman and Non-independent Director, and Sha Qingqin as CFO and Non-independent Director[70] - The company's board of directors has established a compensation and assessment committee to manage and evaluate the remuneration of directors, supervisors, and senior management[90] Policy and Regulatory Environment - The company has implemented strict measures for minor protection and anti-addiction, including real-name authentication and consumption limits[83] - The company has received policy support for game出海 (game going global) as part of cultural export initiatives[84] Financial Disposals and Deregistrations - The company disposed of Shenzhen Xiyu Graphic Design Co., Ltd. in November 2022[188] - The company deregistered Nanjing Youzu Information Technology Co., Ltd. in June 2022[189] - The company deregistered Shanghai Donglianbo Data Technology Co., Ltd. in January 2022[190] R&D and Innovation - The company was ranked among the "Top 20 Chinese Game Companies in R&D Competitiveness" for 2022, highlighting its strong R&D capabilities[156] - The company's software and information technology services segment achieved a gross margin of 40.12%, with mobile games contributing 1.482 billion yuan in revenue[163] Expenses and Cost Management - Sales expenses decreased by 25.01% to RMB 276.06 million, and R&D expenses decreased by 25.91% to RMB 302.93 million[194]