Industry Overview - The gaming industry in China showed an overall growth trend in the first half of 2025, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users in China approached 679 million, reflecting a slight growth of 0.72% year-on-year [1] - The mobile gaming market generated 125.31 billion yuan in revenue, up 16.55% year-on-year, while the client game market saw revenue of 35.40 billion yuan, increasing by 4.86% [1] Company Performance - Among the 17 listed gaming companies that disclosed their semi-annual reports, 7 reported profit growth, 1 turned a profit, and 2 reduced losses [1] - Hubei Sheng Tian Network Technology Co., Ltd. reported a net profit of 52.30 million yuan, a staggering increase of 1186.02% year-on-year [2] - Youzu Interactive Co., Ltd. achieved a net profit of 50.16 million yuan, up 989.31% year-on-year, while Zhejiang Publishing Culture Group Co., Ltd. reported a net profit of 377 million yuan, a growth of 156.26% [2] Regulatory Environment - The National Press and Publication Administration issued 757 domestic game licenses in the first half of 2025, marking an increase compared to the same period in 2024 [2] - June 2025 saw a record issuance of 147 game licenses, the highest monthly figure since 2022 [2] Technological Advancements - Companies are increasingly leveraging AI technology in their operations, with significant developments reported in AI applications for game development and marketing [3][4] - Sheng Tian Network is expanding its overseas market presence, with notable revenue growth from its game "Star Wings," launched in South Korea and Southeast Asia [3] - Youzu Interactive has established an AI empowerment system that covers the entire game development and distribution process, enhancing player engagement [4] - Perfect World is collaborating with NVIDIA to integrate advanced AI technologies into game development, enhancing content creation and gameplay optimization [5] Future Outlook - The gaming industry is expected to continue evolving with the integration of AI and cloud computing technologies, potentially leading to new game types and business models [5] - The ongoing advancements in AI are anticipated to reshape the gaming landscape, creating opportunities for companies to achieve both cultural and commercial value in domestic and international markets [5]

证券代码：002174 证券简称：游族网络 公告编号：2025-068 游族网络股份有限公司 关于公司股东减持计划时间届满暨减持股份结果的公告 本公司股东王卿伟先生、王卿泳先生保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 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"或"本公司"）于 2025 年 5 月 7 日在巨潮资讯网（http://www.cninfo.com.cn）及《证券时报》《证券日报》 《上海证券报》《中国证券报》披露了《关于公司股东减持股份预披露公告》（公 告编号：2025-030），公司股东王卿泳先生、王卿伟先生计划在上述公告披露之 日起 15 个交易日后的三个月内以集中竞价方式或大宗交易方式减持公司股份合 计不超过 27,380,000 股，占当时公司总股本比例 2.99%（占当时公司剔除回购 股份后总股本的 3.00%）。 公司于 2025 年 8 月 28 日收到王卿泳先生、王卿伟先生出具的《关于股份减 持计划期限届满暨实施结果的告知函》，根据《上市公司股东 ...

Core Viewpoint - Youzu Interactive reported a significant increase in revenue and net profit for the first half of 2025, driven by a robust global strategy and AI integration in its operations [1][2][3]. Financial Performance - The company achieved a revenue of 688 million yuan and a net profit attributable to shareholders of 50.1553 million yuan, marking a year-on-year growth of 989.31% [1]. - The net profit excluding non-recurring items was 13.7433 million yuan [1]. - Overseas revenue reached 444 million yuan, accounting for 64.47% of total revenue, continuing a trend of surpassing domestic revenue for ten consecutive years [2]. Strategic Initiatives - Youzu Interactive is advancing its "Global Card+" strategy, enhancing global distribution efficiency and operational precision through AI technology [1][2]. - The company is focusing on long-term product operation and exploring diverse channels for new growth, with several products like "Youth Three Kingdoms" and "Game of Thrones: Winter is Coming" showing stable revenue streams [1][2]. AI Integration - The company has developed the "YOOZOO.AI" integrated intelligent platform, which supports various processes including art asset generation, code development, and market promotion, significantly improving operational efficiency [3]. - AI applications have enhanced player experience, with features like AI companions and intelligent NPCs in games, leading to increased player engagement [4]. Cultural and Collaborative Efforts - Youzu Interactive is actively engaging in cultural integration by collaborating with various institutions to promote cultural values through gaming [2][5]. - The company has signed strategic partnerships to build a robust AI-enabled gaming development infrastructure, focusing on high-performance computing solutions [5]. Future Outlook - The company plans to continue leveraging technology and culture to drive global business development, aiming to enhance the gaming experience for players worldwide [6][7].

Core Viewpoint - YOOZOO Network reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by AI integration, long-term product development, and overseas expansion [1] Financial Performance - In the first half of 2025, YOOZOO Network achieved operating revenue of 688 million yuan and net profit of 50.16 million yuan, marking a year-on-year increase of 989.31% [1] - The company's non-recurring net profit was 13.74 million yuan, reflecting a growth of 0.85% year-on-year [1] AI Integration - The AI industry in China is projected to exceed 700 billion yuan by 2024, with a growth rate of over 20% annually [2] - YOOZOO Network has established an AI Innovation Institute to promote deep integration of AI in gaming [2] - The company launched the AI companion product "Xiao Youjiang," providing personalized services and enhancing player interaction [2][4] - YOOZOO Network's "YOOZOO.AI" platform supports various game development processes, significantly improving efficiency in testing and localization [3] Product Development - YOOZOO Network is focused on extending the lifecycle of classic games through resource integration and AI technology [8] - The company has successfully maintained stable revenue from its existing products, with notable performance from "Sh少年三国志" series, generating over 50 million yuan in revenue during the reporting period [8][10] Overseas Expansion - In the first half of 2025, YOOZOO Network's overseas revenue reached 444 million yuan, accounting for 64.47% of total revenue, marking a year-on-year increase of 11.12% [14] - The company has maintained a competitive edge in global markets, with a gross margin of 51.56% from overseas operations [14] - YOOZOO Network's global product lineup includes successful titles like "War and Eternity," which saw a 225% increase in revenue [16]

Financial Performance - The company reported a net profit growth of 989.31% year-on-year, with a net profit of 50.1553 million yuan [1] - Total operating revenue for the period was 688 million yuan, a decrease of 1.93% year-on-year [1] - The gross margin was 39.69%, down 4.94% year-on-year, while the net profit margin increased by 1007.44% to 7.29% [1] - In Q2, total operating revenue was 329 million yuan, a decline of 10.35% year-on-year, but net profit rose by 302.29% to 25.4519 million yuan [1] Cash Flow and Financial Activities - The net cash flow from financing activities decreased by 90.07% due to reduced new bank loans and increased cash payments for debt repayment [2] - The net cash flow from operating activities dropped by 163.12%, indicating increased cash outflows compared to the previous year [3] - The net increase in cash and cash equivalents fell by 111.91%, attributed to reduced cash flows from operating, investing, and financing activities [4] Asset and Liability Changes - Investment properties increased by 77.5% due to the conversion of self-used properties to rental [3] - Lease liabilities rose by 126.99% as the company increased its leased properties [3] - Accounts payable decreased by 51.11% due to payments for advertising and outsourcing services [3] Fund Holdings - The largest fund holding in the company is the Huaxia CSI Animation Game ETF, with a scale of 7.073 billion yuan and a recent net value increase of 2.33% [4] - Other funds that have newly entered the top ten holdings include the Guotai CSI Animation Game ETF and the Huatai-PineBridge CSI Animation Game ETF [4] Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.83% over the past decade and a worst year ROIC of -10.5% in 2022 [5] - The company has experienced three years of losses since its listing, indicating a fragile business model [5] - The company maintains a healthy cash asset position, but the average operating cash flow over the past three years has been negative [5]

Core Viewpoint - YooZoo Network Co., Ltd. is set to redeem its convertible bonds ("YooZoo Convertible Bonds") due to the stock price meeting the redemption conditions, with the last trading day for conversion approaching [1][2][6]. Summary by Sections Important Announcement - The announcement highlights that there is only half a trading day left before the "YooZoo Convertible Bonds" stop conversion, and remaining bonds will be forcibly redeemed at a price of 101.8575 CNY per bond [1]. Convertible Bond Issuance - The company issued 11,500,000 convertible bonds on September 23, 2019, with a total amount of 115 million CNY, and the bonds were listed for trading on October 21, 2019 [2][3]. Conversion and Price Adjustment - The initial conversion price was set at 17.06 CNY per share, with the conversion period from March 27, 2020, to September 23, 2025. The conversion price has been adjusted multiple times, with the latest adjustment bringing it down to 10.10 CNY per share effective March 7, 2025 [3][4][5]. Conditional Redemption - The redemption conditions were triggered as the stock price was above 130% of the conversion price for 15 out of 30 trading days from July 17 to August 6, 2025. The board approved the early redemption of the bonds [2][6]. Redemption Price and Process - The redemption price is calculated to be 101.8575 CNY per bond, which includes accrued interest. The redemption will be executed for all bondholders registered by the redemption date of August 27, 2025 [7][8]. Other Important Information - Bondholders must process conversion through their securities company, and the minimum conversion unit is one bond. Any unconverted bond balance will be paid in cash within five trading days after the conversion [9].

Core Viewpoint - Youzu Interactive (002174) announced that the "Youzu Convertible Bonds" will stop conversion after the trading session on August 27, with remaining bonds being forcibly redeemed at a price of 101.8575 yuan per bond, potentially leading to losses for investors [1] Group 1 - The announcement was made on August 27, indicating that there is only half a trading day left for the conversion of the bonds [1] - After the close of trading on August 27, any unconverted "Youzu Convertible Bonds" will be forcibly redeemed [1] - The redemption price is set at 101.8575 yuan per bond, which may result in financial losses for investors who have not converted their bonds [1]

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。 | 证券代码：002174 | 证券简称：游族网络 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：128074 | 债券简称：游族转债 | | 游族网络股份有限公司 关于游族转债即将停止转股暨赎回前最后半个交易日的重 要提示性公告 重要内容提示： 1、最后转股日：2025 年 8 月 27 日 截止本公告披露时，距离"游族转债"停止转股仅剩最后半个交易日（即 2025 年 8 月 27 日下午交易时段），2025 年 8 月 27 日收市后，未转股的"游族转债"将停止转 股，剩余可转债将按照 101.8575 元/张的价格被强制赎回。若被强制赎回，投资者可能 面临损失。 2、投资者如未及时转股，可能面临损失。敬请投资者仔细阅读本公告内容，关注 相关风险。 特别提示： 1、可转债赎回条件满足日：2025 年 8 月 6 日 2、可转债赎回价格：101.8575 元/张（含息税），扣税后的赎回价格以中国证券登 记结算有限责任公司深圳分公司（以下简称"中国结算"）核准的价格为 ...

Core Viewpoint - YOOZOO Network reported a strong performance in the first half of 2025, with significant revenue growth and a robust business model [1] Financial Performance - The company achieved an operating income of 688 million yuan in the first half of 2025 [1] - Net profit attributable to shareholders reached 50.1553 million yuan, marking a year-on-year increase of 989.31% [1] AI Empowerment and Innovation - YOOZOO Network is deepening its AI-enabled business through the development of the "YOOZOO.AI" integrated intelligent platform, which supports a comprehensive range of tools for game development and publishing [1] - The platform includes features such as art asset generation, code-assisted development, TTS voice synthesis, localization, game testing, version release, marketing, and content risk control [1] Strategic Collaborations - The company has formed a strategic partnership with Xiwang to create an innovative ecosystem for AI-powered game development [1] - Collaborations with Great Wall Technology and Shenzhen Confidential Computing aim to provide secure cross-border computing solutions for key industry sectors [1] Industry Recognition - YOOZOO Network was elected as the vice president unit of the Shanghai Artificial Intelligence Industry Association [1] - The company was also recognized as one of the "Top 10 Transformation Models" in the 2025 Corpus Wind and Cloud List [1]

Core Viewpoint - Youzu Interactive (游族网络) reported a significant increase in net profit for the first half of 2025, with a year-on-year growth of 989.31%, despite a slight decline in total revenue [1] Financial Performance Summary - Total revenue for the first half of 2025 was 688 million yuan, a decrease of 1.93% compared to 702 million yuan in the same period of 2024 [1] - Net profit attributable to shareholders reached 50.16 million yuan, up from 4.60 million yuan in the previous year, marking a growth of 989.31% [1] - Gross margin stood at 39.69%, down 4.94% year-on-year, while net margin increased to 7.29%, a rise of 1007.44% [1] - Total expenses (selling, administrative, and financial) amounted to 160 million yuan, accounting for 23.32% of revenue, a decrease of 13.61% [1] - Earnings per share (EPS) increased to 0.06 yuan, up 1053.85% from 0.01 yuan [1] Cash Flow and Asset Changes - Operating cash flow per share was -0.1 yuan, a decrease of 161.9% year-on-year [1] - Cash and cash equivalents decreased significantly, with a net increase of -111.91% in cash and cash equivalents due to reduced cash flow from operating, investing, and financing activities [4] - The company saw a 20.46% decrease in cash funds, dropping from 1.939 billion yuan to 1.542 billion yuan [1] Liabilities and Investments - Interest-bearing liabilities decreased by 21.83%, from 1.238 billion yuan to 968 million yuan [1] - The company reported a 45.01% increase in right-of-use assets due to an increase in leased properties [2] - The fair value of trading financial assets rose by 53.28%, indicating a positive market adjustment [2] Fund Holdings - The largest fund holding Youzu Interactive is the Huaxia CSI Animation Game ETF, with a scale of 7.073 billion yuan and a recent net value increase of 2.33% [6]