Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated excellent profit performance with a rich reserve of new games [1] - For the first three quarters of 2025, the company achieved revenue of 12.46 billion yuan, a year-over-year decrease of 6.59%, and a net profit attributable to shareholders of 2.34 billion yuan, a year-over-year increase of 23.57% [4] - The company continues its dividend strategy, proposing a cash dividend of 2.10 yuan per 10 shares (including tax) [4] Financial Performance - In Q3 2025, the company reported revenue of 3.97 billion yuan, a year-over-year decrease of 3.23%, and a net profit of 940 million yuan, a year-over-year increase of 49.24% [4] - The company’s sales expenses for the first three quarters of 2025 were 6.2 billion yuan, a year-over-year decrease of 19.5% [5] New Game Performance - New games such as "Time Explosion" and "Heroes Don't Flash" have performed exceptionally well, with "Heroes Don't Flash" reaching the top of the WeChat mini-game sales chart [5] - The new game "Douluo Dalu: Hunting Soul World" launched in July 2025, topping the iOS free chart on its public test day, with a cumulative download of 1.51 million and estimated revenue of 12 million yuan within 8 days [5] Game Portfolio and AI Integration - The company has a diverse portfolio of new games across various genres, including MMORPG, SLG, and card games, with titles like "The Son-in-Law" and "Code MLK" [6] - The company has deepened its AI integration, utilizing its self-developed industry model "Xiao Qi" across multiple business areas, with over 80% of 3D art resources generated by AI [7] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 3.05 billion yuan, 3.30 billion yuan, and 3.57 billion yuan for the years 2025, 2026, and 2027, respectively [8] - The corresponding price-to-earnings ratios for these years are projected to be 15.06, 13.90, and 12.87 times [8]

A股上市公司三季报披露结束，市场的结构机会如何变化？ "高低切换"成为最近市场热议的话题。上周五，算力龙头股集体大涨。今天上午，新能源、有色金属等板块的龙头股调整，宁德时代、紫金矿业、先导智 能、华友钴业等个股下跌。 今天上午，权重拉升，"大象起舞"。高股息资产走强，银行股全线上涨。其中，工商银行上涨1.8%，农业银行上涨1.13%，目前总市值均接近3万亿元。 煤炭、油气开采、公路铁路运输等板块上涨，"三桶油"、中国神华等龙头股上涨。 截至上午收盘，上证指数上涨0.05%，深证成指下跌1.06%，创业板指下跌1.37%。 采掘板块走强 今天上午，采掘板块走强，油气开采、煤炭等板块涨幅居前。油气开采板块中，"三桶油"集体上涨，中国石油、中国海油分别上涨4.15%、4.94%，中国 石化上涨1.83%。 光大证券表示，在2023年以来的新一轮油价波动周期中，得益于产量持续上升和优异的成本控制能力，中国石油、中国海油当期业绩水平高于历史油价水 平接近时期，利润同比水平也好于海外石油巨头，"三桶油"在油价下行期的业绩韧性凸显。展望2026年，"三桶油"将继续维持高资本开支，不断加强天然 气市场开拓，加快中下游炼化业务 ...

Core Viewpoint - The gaming sector shows resilience with strong performance from leading companies, supported by favorable market conditions and growth in the gaming ETF. Group 1: Market Performance - On November 3, the three major indices opened lower, with the Shanghai Composite Index down 0.02%, the Shenzhen Component down 0.1%, and the ChiNext Index down 0.26% [1] - Gaming concept stocks showed strength at the market open, with 37 Interactive Entertainment hitting the daily limit, and other companies like Xinghui Entertainment, Kaiying Network, and Kunlun Wanwei also rising [1] - The gaming ETF (159869) rose over 3%, with a product scale reaching 11.168 billion yuan as of October 31, allowing investors to easily invest in leading A-share gaming companies [1] Group 2: Company Performance - 37 Interactive Entertainment reported its Q3 2025 results on October 28, achieving revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan for the first nine months, marking a year-on-year growth of 23.57% [1] - In Q3 alone, the company generated revenue of 3.975 billion yuan and a net profit of 944 million yuan, reflecting a year-on-year growth of 49.24% [1] Group 3: Industry Insights - According to the recent report by Gamma Data, the actual sales revenue of China's gaming market for Q3 2025 was 88.026 billion yuan, showing a quarter-on-quarter growth of 6.96% but a year-on-year decline of 4.08% [1] - The performance metrics exceeded market expectations, indicating strong resilience in the Chinese gaming market, with certain leading companies demonstrating stable performance amidst overall industry stability [1] Group 4: Investment Opportunities - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations, making the gaming ETF (159869) an attractive investment opportunity [2]

经中国证监会查明，涉嫌违法的事实如下：（一）2014年至2020年年报披露的股东持股情况存在虚假记载。（二）2018年年度报告未披露收购江苏极光股权事项为关联交易，存在重大遗漏。 之前，2023年6月28日，三七互娱发布《关于收到中国证券监督管理委员会立案告知书的公告》。 根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投 由于三七互娱涉嫌信息披露违法违规，被中国证监会预处罚，为维护证券投资者合法权益，上海汉联律师事务所宋一欣律师向曾经购买过三七互娱的证券投资者展开诉讼代理征集，代理投资者索 宋一欣律师认为，三七互娱案的索赔条件为：2015年3月31日至2023年6月27日间买入三七互娱股票或债券等证券市场公开发行产品，并在2023年6月28日及之后卖出或继续持有的受损投资者 ★（律师对本案的提示与说明） 1．上述提示的索赔条件仅供参考，不涉及投资者任何证券投资决策和证券买卖建议。索赔的最终条件将根据中国证监会行政处罚的结论进一步调整，并以相关法院最终生效的判决所认定的法律 2．以行政处罚决 ...

【导读】 短剧游戏概念股快速拉升！ 三七互娱开盘不到一分钟，直线拉涨停！ 中国基金报记者 李智 一起来看下最新的市场情况及资讯。 11 月 3 日开盘， A 股市场震荡调整，创业板指一度跌逾 1% 。 | 深证成指 | 上证指数 | 北证50 | | | --- | --- | --- | --- | | 13274.55 | 3947.94 | 1593.46 | | | -6.85 -0.17% -103.67 -0.77% +10.75 +0.68% | | | | | 科创50 创业板指 | | 万得全A | | | 3161.30 6320.48 | 1390.13 | | | | -25.39 -1.79% -26.23 -0.82% -26.14 -0.41% | | | | | 中证500 | 沪深300 | 中证A500 | | | 7276.33 | 4618.30 | 5553.40 | | | -22.37 -0.48% -54.67 -0.75% -30.32 -30.32 -0.54% | | | | | 深证100 | 中证1000 | 中证红利 | | | 5830.14 | ...

Core Viewpoint - The company reported a mixed financial performance for the first three quarters of 2025, with a decline in revenue but a significant increase in net profit, driven by cost optimization and increased investment income [1][2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 13.461 billion (down 6.59% year-on-year) and a net profit attributable to shareholders of 2.345 billion (up 23.57% year-on-year) [1]. - In Q3 alone, the company reported a revenue of 3.975 billion (down 3.23% year-on-year, down 6.32% quarter-on-quarter) and a net profit of 944 million (up 49.24% year-on-year, up 10.97% quarter-on-quarter) [1]. - The company plans to distribute a cash dividend of 2.10 per 10 shares (tax included) for Q3, with a total dividend of 1.386 billion for the first three quarters, resulting in a cumulative dividend payout ratio of approximately 59% [1]. Cost and Profitability Analysis - The profit growth in Q3 significantly outpaced revenue growth, primarily due to optimized sales expenses and increased investment income, with a notable decrease in the sales expense ratio [1]. - The gross profit margin for the first three quarters was 76.76% (down 2.4 percentage points year-on-year), while the net profit margin was 18.82% (up 4.6 percentage points year-on-year) [1]. - The sales expense ratio for the first three quarters was 49.75% (down 8.0 percentage points year-on-year), with a Q3 sales expense ratio of 45.0% (down 12.0 percentage points year-on-year) [1]. Product Development and Market Position - The company has been enhancing its product matrix with successful new game launches in 2025, including titles like "Time Explosion" and "Heroes Have No Flash," which have significantly contributed to revenue growth [2]. - The company has a rich pipeline of new games across various genres, including MMORPG, SLG, and card games, with several mobile games already receiving domestic game licenses [2]. - The focus on AI technology is expected to improve the efficiency of user acquisition, further supporting the company's growth trajectory [2]. Investment Outlook - The company is expected to maintain a stable performance, with existing products generating increased profits and new game launches on the horizon [2]. - Projected net profits for 2025-2027 are estimated at 2.979 billion, 3.279 billion, and 3.622 billion, corresponding to price-to-earnings ratios of 15, 14, and 13, respectively [2].

Group 1 - The gaming sector is showing strong performance, with the gaming ETF rising nearly 3% and attracting significant capital inflow of 2.921 billion yuan over the last 20 trading days, reaching a total product scale of 11.168 billion yuan [1] - Several gaming companies have reported their Q3 earnings, with 37 Interactive Entertainment achieving a net profit of 2.345 billion yuan, a year-on-year increase of 23.57%, and Giant Network reporting a revenue of 1.71 billion yuan, up 115.6% year-on-year [1] - The report highlights the potential for investment opportunities in leading gaming companies, particularly those exploring AI and new gaming paradigms, which could lead to a revaluation of their stock prices [2] Group 2 - The financial reports indicate a high degree of realization, with major products and new pipeline games expected to enhance revenue stability through frequent content updates [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, which could provide further investment opportunities [2] - The gaming ETF tracks the performance of the A-share listed companies in the animation and gaming industry, suggesting a focus on ETF investment opportunities [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年11月1日，三七互娱（维权）网络科技集团股份有限公司（简称：三七互娱，代码：002555）发 布《关于公司及相关责任人收到行政处罚事先告知书的公告》。 （律师对本案的提示与说明） 1．上述提示的索赔条件仅供参考，不涉及投资者任何证券投资决策和证券买卖建议。索赔的最终条件 将根据中国证监会行政处罚的结论进一步调整，并以相关法院最终生效的判决所认定的法律时点、赔付 对象、赔付范围、赔付标准、会计计算方式为准。 2．以行政处罚决定为特征的前置条件取消后，投资者虽然可以直接诉讼，但由于调查手段有限，以立 案调查通知或行政监管措施决定作为直接诉讼的依据起诉存在败诉的风险，所以，我作为专业律师提示 投资者：行政处罚决定仍然应当作为提起诉讼的必要前提之一。 3．在拟提起的民事侵权诉讼案件中，上市公司退市与否，都不影响民事索赔侵权诉讼的进程，但有可 能会影响诉讼的进度。而进入破产程序（包括重整、预重整或清算），则影响诉讼进度的可能会较大。 如发生代表人诉讼，您可以选择参加或不参加、加入或退出。 4．投资者索赔登记或预登记应提供下列材料：（1）《身份证》复印件。（2） ...

Market Overview - The Shenzhen Component Index decreased by 1.07% to 13,235.11, while the Shanghai Composite Index fell by 0.34% to 3,941.43. The ChiNext Index also dropped by 1.03% to 3,154.64 [1]. Short Drama Concept Stocks - Short drama concept stocks surged at the market open, with several stocks hitting the daily limit, including Yingxin Development (+10.08%), Jishi Media (+10.00%), and Dongfang Mingzhu (+10.00%) [2][3]. - The short drama game sector consists of 62 stocks, with significant net inflows into leading stocks such as Yingxin Development (¥200 million) and Jishi Media (¥435 million) [3]. Coal Sector Activity - The coal sector remained active, with Antai Group hitting the daily limit (+9.97%), and other companies like Jinkong Coal Industry (+6.25%) and Lu'an Environmental Energy (+5.68%) also seeing gains [4]. - The demand for coal is expected to rise as the peak season approaches, driven by high demand from steel mills and thermal power companies. The long-term trend indicates a fundamental shift in the coal supply-demand balance since May, suggesting a sustained upward trend in coal prices [4]. AI Application Sector - The AI application sector continued its strong performance, with stocks like Fushi Holdings achieving a "20cm" limit-up. Other notable gainers included Jishi Media and Sanqi Interactive Entertainment [5]. Gold Stocks in Hong Kong - Gold stocks in Hong Kong experienced a downturn, with companies like Laopuyin and Chow Tai Fook dropping over 7%. The market is closely watching new tax policies on gold set to take effect in November 2025 [6][8]. New Energy Vehicle Market - New energy vehicle stocks generally rose, with NIO and Xpeng both increasing by nearly 3%. October saw record-high delivery numbers for several companies, with Leap Motor delivering 70,289 vehicles (up 84% year-on-year) and NIO achieving 40,397 vehicles (up 92.6%) [9]. AI Application User Growth - According to a report by QuestMobile, the number of active mobile users in China's AI application sector has surpassed 700 million, reaching 729 million as of September 2025 [10].

AI应用概念3日盘中再度活跃，截至发稿，福石控股涨超12%，神州信息、三七互娱、吉视传媒、欢瑞 世纪等涨停，天下秀、三六零、中文在线等涨约7%。 机构表示，AI漫剧供需双驱动产业高增长，建议关注AI底层技术持续迭新下，AI应用创新落地进度。 平台方持续投入创新内容形态，优质内容供给增加有望带来产业链交易机会。同时，建议重视团播等新 业态推动传统产业模式升级中的高成长机遇。 （文章来源：证券时报网） 据中国新闻出版广播报和巨量引擎，2025年上半年漫剧上线超3000部作品，供给复合增速83%，流水增 长12倍。全年市场规模预计将突破200亿元，相关企业数量高速增长，预计将突破数十万家。大部分漫 剧都用AI制作，最起码起到辅助作用。漫剧兼具短剧低成本、快速度等特点。据行业专家，漫剧制作 周期10-13天，平均每部漫剧100分钟，制作时长1500-2500元/分钟，即制作成本15万-25万/部。 ...