Core Viewpoint - The article discusses the criminal case of Xu Yao, former CEO of San Ti Company, who was sentenced to death for intentional homicide and the use of dangerous substances, highlighting the intricate details of the case and the background of the involved parties [4][6][75]. Group 1: Background of the Case - Xu Yao was convicted for poisoning his boss, Lin Qi, the chairman of Youzu Network, leading to Lin's death, and for poisoning four others [9][66]. - The poisoning incident occurred in December 2020, and Xu Yao was arrested shortly after Lin's hospitalization [12][57]. - Xu Yao's actions included purchasing various toxic substances online and conducting experiments in a rented warehouse [9][42]. Group 2: Xu Yao's Professional Background - Xu Yao was born in 1981 and graduated from prestigious universities, including Southwest University of Political Science and Law and the University of Michigan [13]. - He worked at Dewey & LeBoeuf LLP and later joined Fosun Group, where he quickly rose to a prominent position in the legal department [13][14]. - Xu Yao was recognized for his contributions to international legal affairs, overseeing significant transactions valued at approximately $142.6 billion [14]. Group 3: Lin Qi and Youzu Network - Lin Qi, also born in 1981, founded Youzu Network, which became a leading player in the gaming industry after its successful IPO in 2014 [16][17]. - Lin was a fan of the "Three-Body Problem" series and sought to develop related media products, including films and games [18][19]. - The company faced challenges in successfully launching adaptations of the "Three-Body Problem," which Lin had invested in heavily [19][21]. Group 4: The Poisoning Incident - On December 16, 2020, Lin Qi consumed a product recommended by Xu Yao, which was later found to be contaminated with lethal toxins [50][66]. - Following Lin's hospitalization, investigations revealed the presence of "pufferfish toxin" and "a-agaritine" in his system, leading to his death on December 25, 2020 [66][67]. - The stock price of Youzu Network dropped significantly following the news of Lin's hospitalization and subsequent death, reflecting investor concerns [65][68]. Group 5: Legal Proceedings - Xu Yao was arrested on December 18, 2020, and faced charges of intentional homicide and the use of dangerous substances [75]. - Despite his claims of innocence and attempts to argue that Lin's death was due to other causes, the court upheld the charges against him [76][78]. - The case has drawn significant media attention due to its dramatic nature and the high-profile individuals involved [4][8].

实施投毒之前，许垚多次踩点位于上海及北京的办公室，并向林奇推荐益生菌类药物"培菲康"，以做日 后他灌入致命毒素的载体。许垚先对有竞争关系的同事赵宇尧、赵骥龙等人进行"缓慢式投毒"，又对已 通知他离职的老板林奇，投放见效迅猛的致死毒素，最终导致林奇死亡。 在林奇就医抢救期间，许垚向游族网络公司联合创始人建议，成立管理委员会和监督委员会，并自荐可 以牵头监督委员会。警方在接到报警后不到一日便锁定许垚为犯罪嫌疑人并抓获。 从2020年12月案发至2025年11月，在近5年的时间里，许垚从未有认罪，且一直喊冤。对于大量购买毒 药等行为，许垚辩称是自己曾试图自杀，进而发展成研究毒素上瘾。其辩护律师则提出，不排除林奇是 因脑梗而死亡的可能。 （来源：经济观察报） （原标题：三体公司CEO毒杀游族董事长林奇案始末） 三体宇宙公司原CEO许垚因涉嫌毒杀游族董事长林奇，于2024年3月被上海市第一中级人民法院判处死 刑，剥夺政治权利终身。许垚不服，提起上诉后，日前，上海市高级人民法院二审裁定，驳回上诉，维 持其死刑原判。 据经济观察报，在投毒准备阶段，许垚通过伪造印章、租用库房等方式，冒用大学医学部及生物技术公 司的身份，耗资 ...

Core Points - The case of Xu Yao, former CEO of San Ti Company, involves his conviction for intentional homicide and the use of dangerous substances, leading to a death sentence upheld by the Shanghai High Court [1][2][4] - Xu Yao's actions included multiple instances of poisoning, resulting in the death of Lin Qi, the chairman of Youzu Network, and poisoning four others [4][5][6] - The investigation revealed Xu Yao's extensive planning and execution of the poisoning, including the purchase of various toxic substances and the use of forged documents [4][41][42] - Lin Qi's death was confirmed to be caused by poisoning with pufferfish toxin and other lethal substances, leading to significant media and market reactions [66][67][69] Group 1 - Xu Yao was sentenced to death for intentional homicide and a six-year prison term for the use of dangerous substances, with the death sentence upheld by the appellate court [1][4][5] - The poisoning incident occurred in December 2020, with Xu Yao being arrested shortly after Lin Qi's hospitalization [2][55] - Xu Yao's background includes a law degree and experience in high-profile legal positions, which may have contributed to his ability to execute the crime [8][9][10] Group 2 - Lin Qi was a prominent figure in the gaming industry, having founded Youzu Network and acquired the rights to adapt the "Three-Body" series into various media [12][14][15] - The "Three-Body" IP was highly valued, and Xu Yao played a significant role in securing its rights for Youzu, which later became a point of contention between him and Lin Qi [16][18][20] - The financial performance of San Ti Company, which Xu Yao led, was reportedly poor, leading to tensions with Lin Qi and contributing to the motive for the crime [20][21][22] Group 3 - Xu Yao's relationship with Lin Qi deteriorated over time, particularly as Lin Qi sought to consolidate control over the company and its subsidiaries [22][24][30] - Evidence indicated that Xu Yao conducted extensive research on toxic substances and even rented a warehouse to facilitate his plans [25][26][41] - The investigation revealed that Xu Yao had been purchasing toxic substances online, using forged documents to bypass regulations [41][42][60]

从2020年12月至2025年11月，经济观察报记者通过近5年时 间的调查走访，试图揭开这一惊天大案里诸多鲜为人知的内 幕。 作者：李微敖 封图：本报资料室 在案发被捕近5年后，44岁的许垚在等待着法律的最后裁决。 这位三体宇宙（上海）文化发展有限公司（下称"三体公司"）原CEO（即"首席执行官"），于 2024年3月被上海市第一中级人民法院，以犯故意杀人罪判处死刑，剥夺政治权利终身；以犯投 放危险物质罪判处有期徒刑六年。两罪并罚，决定对他执行死刑，并剥夺政治权利终身。 许垚不服，提起上诉。 日前，上海市高级人民法院二审裁定，驳回上诉，维持其死刑原判。 这一裁定已报请最高人民法院进行核准，至2025年11月20日12时，尚未有结果。 许垚一案，发生于2020年12月。 从2020年12月至2025年11月，经济观察报记者通过近5年时间的调查走访，试图揭开这一惊天 大案里诸多鲜为人知的内幕。 被司法认定的投毒杀人者许垚，与中毒死亡者游族网络时任董事长兼总经理林奇、另一位受害者三体公 司候任CEO赵宇尧，此前均在位于上海市徐汇区宜山路的游族大厦上班。图：李微敖 其中包括： 司法机关认定，许垚故意多次投毒，致死亡一 ...

Core Points - The case of Xu Yao, former CEO of San Ti Company, involves his conviction for intentional homicide and the use of dangerous substances, leading to a death sentence upheld by the Shanghai High Court [2][3][86] - Xu Yao's actions included the poisoning of Lin Qi, the chairman of Youzu Network, and the attempted poisoning of several colleagues, which was motivated by internal corporate conflicts and personal ambitions [7][8][24][29] Group 1: Legal Proceedings - Xu Yao was sentenced to death for intentional homicide and received a six-year prison term for the crime of using dangerous substances, with both sentences to be served concurrently [2][3] - The case has been submitted for review by the Supreme People's Court, with a decision pending until November 20, 2025 [3] - Xu Yao has consistently denied the charges and claimed innocence throughout the legal proceedings [11][86] Group 2: Background of Xu Yao - Xu Yao, born in March 1981, has a background in law, having studied at prestigious universities in France and the United States before working at Dewey & LeBoeuf LLP and later at Fosun Group [11][12] - He was known for his formal attire and strong interpersonal skills, quickly rising to a prominent position within Fosun's legal department [12][13] - Xu Yao's ambition led to internal conflicts at Fosun, ultimately resulting in his departure to Youzu Network, where he became the Chief Risk Officer [21][22] Group 3: Background of Lin Qi - Lin Qi, born in 1981, was a prominent figure in the gaming industry, founding Youzu Network and becoming its youngest chairman after a successful IPO [16][17] - He was a fan of the "Three-Body Problem" series and sought to develop related media products, including films and games [19][20] - Lin Qi's death on December 25, 2020, was attributed to poisoning, with toxic substances found in his body post-mortem [78][80] Group 4: Events Leading to the Crime - Tensions between Xu Yao and Lin Qi escalated due to poor financial performance at San Ti Company and Xu's desire for equity in the company [24][27] - Xu Yao began researching toxic substances and renting a warehouse to prepare for the poisoning, indicating premeditation [32][33][49] - The poisoning incident occurred on December 16, 2020, during a company lunch, where Lin Qi ingested a tainted product recommended by Xu Yao [57][60] Group 5: Aftermath and Impact on Youzu Network - Following Lin Qi's hospitalization and subsequent death, Youzu Network's stock price experienced significant declines, reflecting investor concerns over the incident [77][81] - The company faced scrutiny and legal challenges as investigations revealed the extent of Xu Yao's actions and the toxic substances involved [84][86] - The case has drawn attention to corporate governance and the potential for internal conflicts to escalate into criminal behavior within high-stakes business environments [7][8][24]

Core Insights - The gaming industry has emerged as a new focal point during the Double Eleven shopping festival, alongside traditional e-commerce platforms and apparel brands [1][2] - Various gaming companies, including Tencent, NetEase, and miHoYo, have adopted diverse strategies for live-streaming sales, moving beyond traditional discounting to engage players more interactively [1][3] Group 1: Marketing Strategies - Live-streaming sales have become a new extension of the gaming industry's content ecosystem and business model [2] - Companies are utilizing live-streaming to create entertaining consumption scenarios and transactional content, enhancing player engagement [3][16] - Tencent's games focus on resource leverage and limited-time offers, with high DAU products like "Escape from Tarkov" achieving over 10 million DAU [3][9] Group 2: Player Engagement - Live-streaming sessions serve as platforms for player interaction, allowing them to express concerns and ask questions about game balance and updates [10][28] - The live-streaming format has transformed into a space for both sales and community engagement, fostering trust and loyalty among players [10][27] Group 3: Sales Performance - NetEase's "Nirvana in Fire" mobile game achieved significant sales during its live-streaming event, ranking first on the sales leaderboard [7][9] - The "Nirvana in Fire" game previously generated over 25 million yuan in sales during a four-hour live-stream in August [9] Group 4: Industry Trends - The rise of live-streaming sales reflects a broader trend in the gaming industry, driven by increasing advertising costs and the need for more efficient growth strategies [28][30] - The gaming live-streaming market has seen a 56% increase in consumption scale compared to early 2024, with mobile game live-streaming accounting for over 30% of total ad spending [30]

Core Insights - The gaming industry has experienced explosive growth over the past decade, and the future direction for gaming companies is increasingly focused on new technologies like artificial intelligence (AI) and cloud computing, which are expected to reshape the industry's value chain [1] - A significant number of A-share gaming companies reported a decrease in sales expenses year-on-year in the first three quarters of this year, indicating a shift in strategy away from traditional user acquisition methods [1][12] Company Performance - Youzu Interactive has seen substantial profit growth this year, with a reported revenue of 1.019 billion yuan, a year-on-year increase of 2.2%, and a net profit of 76.36 million yuan, reflecting a staggering year-on-year growth of 1374.6%, ranking first among 23 companies [2][3] - Kunlun Wanwei has adopted an aggressive AI strategy, investing 970 million yuan in 2023 and planning to increase this to 1.543 billion yuan in 2024. The company reported a revenue of 2.072 billion yuan in Q3, a 56.16% increase year-on-year, but still faced a net loss of 666 million yuan [6][7] - Century Huatong has established an AI Development and Management Committee to systematically integrate AI technology across all business areas, aiming to enhance operational efficiency and user experience [8] Strategic Shifts - The traditional "buying traffic" strategy is becoming less effective, with many companies realizing that retaining users relies more on game quality than on advertising alone. This shift is evident as over half of the gaming companies reported a decrease in sales expenses [12] - Companies like Youzu Interactive and Kunlun Wanwei are focusing on AI as a second growth engine, with Youzu launching its AI tool platform "YOOZOO.AI" to enhance operational efficiency and user experience [3][5] Market Trends - The gaming industry is witnessing a trend where companies are moving away from heavy reliance on user acquisition through advertising, as exemplified by the reduction in sales expenses by major players like Sanqi Interactive [12] - Despite the overall decline in sales expenses for many companies, some, such as Century Huatong, continue to increase their marketing expenditures significantly, indicating a divergence in strategies within the industry [12]

Market Overview - The gaming sector experienced a decline of 0.98% on November 10, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Notable gainers included: - Mingchen Health (002919) with a closing price of 19.50, up 6.50% and a trading volume of 134,300 shares, totaling 259 million yuan [1] - Wento Holdings (600715) closed at 2.61, up 2.76% with a trading volume of 604,500 shares, totaling 156 million yuan [1] - Fuchun Co. (300299) closed at 6.81, up 2.71% with a trading volume of 311,400 shares, totaling 211 million yuan [1] - Major decliners included: - ST Huadao (002602) closed at 17.61, down 3.72% with a trading volume of 1,174,300 shares, totaling 2.093 billion yuan [2] - Xinying Network (002517) closed at 22.50, down 2.17% with a trading volume of 421,600 shares, totaling 957 million yuan [2] - Giant Network (002558) closed at 35.50, down 1.63% with a trading volume of 292,700 shares, totaling 1.034 billion yuan [2] Capital Flow Analysis - The gaming sector saw a net outflow of 646 million yuan from institutional investors, while retail investors contributed a net inflow of 358 million yuan [2] - Key stocks with significant capital flow include: - Starry Entertainment (300043) with a net inflow of 47.54 million yuan from institutional investors [3] - Fuchun Co. (300299) with a net outflow of 10.19 million yuan from retail investors [3] - Mingchen Health (002919) with a net inflow of 30.79 million yuan from institutional investors [3] ETF Performance - Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a 2.11% increase over the last five days, with a net outflow of 110 million yuan [5] - Food and Beverage ETF (product code: 515170) experienced a decline of 1.38% over the last five days, with a net outflow of 1.385 million yuan [5]

Core Viewpoint - The stock of Youzu Interactive experienced a decline of 2.06% on November 10, with a current price of 12.38 CNY per share and a total market capitalization of 12.174 billion CNY [1] Financial Performance - For the period from January to September 2025, Youzu Interactive reported a revenue of 1.019 billion CNY, representing a year-on-year growth of 2.20% [2] - The net profit attributable to shareholders for the same period was 76.3552 million CNY, showing a significant year-on-year increase of 1374.60% [2] Stock Market Activity - Year-to-date, Youzu Interactive's stock price has increased by 32.41%, but it has seen a decline of 3.96% over the last five trading days [1] - The stock has been on the "龙虎榜" (a trading list for stocks with significant trading activity) once this year, with the last appearance on September 11, where it recorded a net buy of -22.4926 million CNY [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Youzu Interactive increased by 44.26% to 76,400, while the average number of circulating shares per person decreased by 27.01% to 12,867 shares [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3] Dividend Distribution - Since its A-share listing, Youzu Interactive has distributed a total of 368 million CNY in dividends, with 46.5307 million CNY distributed over the past three years [3]

Core Viewpoint - The article discusses the tumultuous history and recent financial performance of Youzu Interactive, highlighting its dramatic profit fluctuations and a significant investment in AI technology as a potential turning point for the company [2][4][25]. Financial Performance - Youzu Interactive reported a staggering 1374.6% year-on-year increase in net profit for the third quarter of 2025, following a 989% increase in the first half of the year [6][8]. - However, the company's non-recurring net profit showed only a slight increase of 0.85%, indicating that the profit surge may not be driven by core gaming operations but rather by investment income [7][8]. - The company's operating cash flow was negative, with a net cash outflow of 90.44 million, representing a 163% year-on-year decline [8]. Historical Context - The company's troubles began in 2020 when founder Lin Qi died under suspicious circumstances, leading to a protracted legal battle and significant operational disruptions [10][11]. - Following Lin's death, a complex inheritance dispute arose, resulting in the transfer of 11.72% of the company's shares to a new entity, Shanghai Jiayou, effectively leaving Youzu without a controlling shareholder [13][14][18]. Strategic Moves - Youzu has made significant workforce reductions, cutting 34.9% of its total staff in 2023, and has appointed new executives to revitalize the company [20][21]. - The company is focusing on its core gaming business, particularly on long-term product development, but faces challenges in launching new successful titles [21][22]. - The anticipated game adaptation of the popular IP "The Three-Body Problem" has faced delays and financial strain, prompting the company to halt two game development projects to bolster liquidity [23][24]. AI Investment - Youzu announced a plan to invest up to 1 billion in the "Wuxi Cloud Star Intelligent Computing" partnership, positioning this move as a strategic pivot towards AI technology [2][25]. - The company aims to leverage AI as a new growth narrative amidst declining performance in its traditional gaming business [24][25].