近日，三七互娱发布2024年度财报及ESG报告，为我们观察其基本面和价值逻辑提供了新鲜且全面的窗 口。 从财报中看，三七互娱业绩与分红表现均较为亮眼，延续"稳增长+高回报"的特征。 三七互娱继成为国内传媒娱乐行业首家获评明晟MSCI ESG评级 AA级的企业后，连续两年保持此评 级。同时，其相关布局新呈现出三大亮点，进一步释放可持续发展、长期价值创造的信号，这也是值得 重点关注的地方。 1、战略进化，目标扩容+价值穿透 数据显示，2024年三七互娱实现营收174.41亿元，归母净利润26.73亿元，同比双增，在行业业绩整体分 化、下滑普遍的背景再次验证经营韧性。分红方面，三七互娱全年现金分红金额将达22亿元，再创新 高，同比增加22%，占归母净利润比例将达82.29%，2025年也将坚持连续季度分红计划。这不仅体现其 财务健康，也反映了其对股东回报的高度重视和对未来发展的较强信心。 从ESG报告中看，三七互娱ESG实践继续走深，无论在成效还是布局上均得到体现。 一方面，三七互娱邀请了国际权威测试、检测和认证机构SGS对2024年度ESG报告进行第三方鉴证，进 一步提升ESG信披的透明度和公信力。 首先，很重要 ...

尽管AI布局者众，但真正将AI深融进业务/投资的企业，可谓屈指可数。 导语 ：当AI+游戏必选项，从工具应用到产业投资，体系化的AI布局，将带来新一轮价值重估。 一个被称为"互联网下个世代的钥匙"，另一个被称为"第九艺术"——AI与游戏，正以高居不下的热度，碰撞出改变行 业的火花。 稳健的业绩已是三七互娱的基本操作，从这份报告中，我们更应该去看到三七互娱对AI的应用与投资，其并非简单地 追热点、造事件，而是借前瞻布局眼光，在这场生产力变革的浪潮中，讲出了一个估值重构的新故事。 三七互娱全球总部大厦，图片来源：三七互娱官网 "AI，让游戏再次伟大" 在这场AI重塑浪潮里，三七互娱（002555.SZ）不是最惹人关注的，但实力则是不容小觑。近日，三七互娱发布了 2024年度报告，报告期内，公司实现营业收入174.41亿元，同比增长5.4%，实现归属于上市公司股东的净利润26.73亿 元，同比增长0.54%。 近年来，"AI，让游戏再次伟大"的论调此起彼伏，其核心论点之一，在于AI对代码生成、美术/音频制作开发、运营、 服务、营销等"人力黑洞"环节的解放。 许多游戏厂商对AI工具的使用在近一两年呈现大幅增长。以St ...

Core Viewpoint - Global investors are increasingly focusing on companies' sustainability capabilities and social responsibility, with ESG performance becoming a key factor in assessing long-term corporate value [1] ESG Governance and Reporting - On April 18, the company released its 2024 ESG report, verified by SGS, enhancing transparency and credibility in ESG disclosures [1] - The report is the first to follow the Shenzhen Stock Exchange's guidelines and ISSB's standards, detailing the company's sustainability goals and analyzing risks, opportunities, and their financial and social impacts [1] Sustainable Development Goals - The company upgraded its "Eight Social Responsibility Goals" to nine "Sustainable Development Goals" for 2024, reflecting a deeper understanding and commitment to sustainability [3] - The new goals focus on responsible business practices, content creation, technological innovation, human capital, cybersecurity, protection of minors online, strategic philanthropy, collaborative responsibility, and ecological conservation [3] Human Capital and Employee Welfare - The company aims to attract and retain talent, enhancing its competitive edge in human capital [3] - Initiatives include a global headquarters for a comfortable work environment, a budget of over 10 million yuan for the "New Generation Fund," and a report on the fifth anniversary of the "Empower Women Principles" [3] Responsible Business Practices - The company plans to implement a cash dividend of 2.2 billion yuan for the 2024 fiscal year, becoming the first A-share company to propose continuous quarterly dividends [4] - It has conducted 40 compliance training sessions to foster a culture of integrity and compliance [4] Environmental Initiatives - The company aims for carbon neutrality within its operational boundaries by 2025 and a 50% reduction in carbon emissions across its value chain by 2032 [4] - It achieved a 73.98% reduction in greenhouse gas emissions compared to the 2019 baseline and 91.51% of its electricity from renewable sources [4] Industry Recognition - The company is the first internet entertainment enterprise in China to achieve an MSCI ESG rating of AA and has maintained this rating for two consecutive years [5] - It has been included in several important ESG indices and awards, showcasing its leadership in ESG practices [5] Technological Innovation - The company has integrated AI technologies into its operations, developing a game industry model called "Xiao Qi" to enhance productivity and decision-making [7][8] - It encourages employees to improve their AI application skills and has established a patent management system, with 182 authorized patents and 737 pending applications as of the end of 2024 [8] Philanthropy and Community Engagement - The company supports rural education through its "Youxin Public Welfare Foundation," providing assistance to over 6,138 high school students in underdeveloped areas [10] - It has initiated various community service projects, including digital literacy programs for children and support for vulnerable groups [10] Conclusion - The company is actively exploring and implementing innovative practices in ESG governance, establishing a robust ESG framework that not only supports its sustainable development but also sets a positive example for the industry [11]

Revenue and Profit - The total revenue for the year 2024 was 17.441 billion yuan, an increase of 5.4% year-on-year [1] - The net profit attributable to shareholders was 2.673 billion yuan, up 0.54% year-on-year [1] - The non-recurring net profit was 2.591 billion yuan, reflecting a year-on-year increase of 3.76% [1] - In Q4, total revenue was 4.102 billion yuan, a decrease of 8.93% year-on-year, while net profit attributable to shareholders rose by 66.33% to 777 million yuan [1] Financial Indicators - Operating cash flow decreased significantly, with net cash flow from investing activities down 135.71% due to increased cash outflows from financial products and time deposits [2] - Cash flow from financing activities increased by 65.33%, primarily due to reduced cash outflows from bank loans and pledged financial products [2] Main Business Composition - Revenue from mobile games was 16.882 billion yuan, accounting for 96.80% of total revenue, with a gross margin of 79.96% [3] - Revenue from web games and other businesses contributed 410 million yuan and 14.8 million yuan, with gross margins of 43.61% and 24.13% respectively [3] - Domestic revenue was 11.719 billion yuan, representing 67.19% of total revenue, while overseas revenue was 5.722 billion yuan, accounting for 32.81% [3] Development Review and Future Outlook - The company is focusing on high-quality game creation and the integration of culture and gaming, launching several new titles [4] - The company is enhancing its long-term operational capabilities and exploring AI technology to improve research and development efficiency [4] - Future strategies include promoting "quality, diversification, and globalization" to enhance operational quality and sustainability [5] Profitability Metrics - Gross margin was 78.63%, a decrease of 1.09% year-on-year, indicating potential market competition or rising costs [6] - Net margin was 15.28%, down 4.02% year-on-year, suggesting pressure on cost control [6] - The ratio of operating expenses to revenue was 57.72%, an increase of 0.94% year-on-year, impacting profitability [6]

Core Viewpoint - Sanqi Interactive Entertainment (002555.SZ) has become the first listed company in A-shares to achieve continuous quarterly cash dividends, announcing a significant increase in its annual cash dividend plan for 2024 [2][9]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 17.441 billion yuan, representing a year-on-year growth of 5.4%, and a net profit attributable to shareholders of 2.673 billion yuan, up by 0.54% [2]. - The total cash dividend for 2024 is set to reach 2.2 billion yuan, marking a 22% increase compared to the previous year [2][9]. Dividend Strategy - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares (tax included) for the fiscal year 2024, leading to a total cash dividend of 10 yuan per 10 shares when combined with the dividends from the first three quarters [8][9]. - Sanqi Interactive will continue its quarterly dividend plan into 2025, with a proposed total cash dividend not exceeding 1.5 billion yuan for the year [9]. Business Strategy - The company is focusing on an "excellence, diversification, and globalization" strategy, achieving growth in both revenue and net profit [4]. - Sanqi Interactive is expanding its game portfolio by exploring various genres, including MMORPG, SLG, card games, and simulation management, while also introducing lighter game types [4][5]. AI Integration - The company has established a comprehensive AI-enabled ecosystem, enhancing its game development and operational efficiency through AI capabilities [6][7]. - Sanqi Interactive has developed its own industry model "Xiao Qi," which includes over 40 AI capabilities, and is upgrading existing digital products to more automated and intelligent AI agents [7]. Product Development - The company has over 20 games in development and is collaborating with several high-quality developers to diversify its product offerings [5]. - Notable games such as "Douluo Dalu: Soul Master Showdown" and "Puzzles & Survival" continue to perform well, contributing to the company's long-term operational success [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% year-on-year [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new versions of existing games [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company reported a revenue of 17.441 billion yuan and a net profit of 2.673 billion yuan, with projections for 2025-2027 indicating continued growth in both revenue and profit [6]. - The company's earnings per share (EPS) for 2024 is projected at 1.21 yuan, with a P/E ratio of 12.6 [6][7]. - The company maintains a strong return on equity (ROE) of 20.7% in 2024, with expectations for gradual improvement in subsequent years [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown excellent performance with new game releases and has maintained high dividend payouts for consecutive quarters [1] - The company reported a total revenue of 17,441 million yuan for 2024, representing a year-on-year growth of 5.40% [8] - The net profit attributable to the parent company for 2024 is projected at 2,673 million yuan, with a slight increase of 0.54% year-on-year [8] - The company has a robust pipeline of over 10 self-developed and 14 licensed games, with recent releases performing well in the market [8] - The company is actively integrating AI capabilities into its operations, enhancing game development and user experience [8] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 1.25, 1.28, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12, 12, and 11 [8] Financial Summary - Total revenue is projected to grow from 17,441 million yuan in 2024 to 19,410 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 2.10% [1][9] - The net profit is expected to increase from 2,673 million yuan in 2024 to 2,928 million yuan in 2027, reflecting a steady growth trajectory [1][9] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 33.53% [6][9] - The company plans to distribute a total cash dividend of 22 million yuan for 2024, which is 82% of the net profit attributable to the parent company [8]

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Viewpoints - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.40%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new game versions [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The company’s game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company’s operating income was 17.441 billion yuan, with a year-on-year growth rate of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, reflecting a growth rate of 0.5% [6]. - The projected financials for 2025 to 2027 indicate a steady growth trajectory, with revenues increasing by 5.6%, 6.0%, and 7.0% respectively, and net profits growing by 5.1%, 7.9%, and 8.5% [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown excellent performance in new game releases and has maintained high dividend payouts for consecutive quarters [1] - The company reported a total revenue of 17,441 million yuan for 2024, representing a year-on-year growth of 5.40%, while the net profit attributable to the parent company was 2,673 million yuan, with a slight increase of 0.54% year-on-year [8] - The company has a robust pipeline of over 10 self-developed and 14 licensed games, with recent successful launches contributing significantly to revenue [8] - The company is actively embracing AI technology to enhance its game development and operational efficiency, aiming to create more immersive and personalized gaming experiences [8] - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 1.25, 1.28, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12, 12, and 11 times [8] Financial Summary - Total revenue is projected to grow from 17,441 million yuan in 2024 to 19,410 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 2.10% [1] - The net profit attributable to the parent company is expected to increase from 2,673 million yuan in 2024 to 2,928 million yuan in 2027, reflecting a steady growth trajectory [1] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 33.53% and a net asset value per share of 5.83 yuan [6][9]

Core Viewpoint - The mini-game sector is emerging as a new battleground for major companies, with established IPs being revitalized and new entrants rapidly expanding their market presence. The industry leader, 37 Interactive Entertainment, is actively launching new titles to strengthen its competitive edge [1]. Financial Performance - In the 2024 fiscal year, 37 Interactive Entertainment reported a revenue of 17.441 billion yuan, representing a year-on-year growth of 5.40%. The net profit attributable to shareholders was 2.673 billion yuan, up 0.54% year-on-year. The company achieved a net profit of 776 million yuan in the fourth quarter, reflecting a quarter-on-quarter increase of 23% [1]. - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares (tax included) for the 2024 fiscal year, totaling an estimated cash dividend of 2.2 billion yuan, which accounts for 82.29% of the net profit [1]. Market Trends - The mini-game market in China is experiencing rapid growth, with a revenue of 39.836 billion yuan in 2024, marking a year-on-year increase of 99.18%. However, the sector faces challenges such as content homogenization and rising user acquisition costs [2]. - 37 Interactive Entertainment's global mobile game revenue peaked at over 2.3 billion yuan in a month during the reporting period, driven by the sustained operation of hit games and a strong product pipeline [2]. Product Strategy - The company is implementing a diversification strategy to meet the needs of various user segments, expanding its game offerings beyond traditional MMORPGs and SLGs to include lighter, more diverse game types [3]. - A total of over twenty new products are in the pipeline, including self-developed titles like "Douluo Dalu: Hunting World," which is currently available for pre-registration [2][4]. Competitive Landscape - The mini-game sector is characterized by intense competition and a tendency towards similar game types, making it challenging for new titles to stand out [6]. - As competition intensifies, 37 Interactive Entertainment's sales expenses rose to 9.712 billion yuan in 2024, an increase of 6.84% year-on-year, indicating higher user acquisition costs [7]. IP Utilization - The company is leveraging its IP assets, including "Doupo Cangqiong" and "Douluo Dalu," to create a diverse product matrix and enhance long-term operational strategies [8]. - In 2024, domestic revenue accounted for 67.19% of total revenue, while overseas revenue was 32.81%, slightly down from the previous year [8]. AI Integration - 37 Interactive Entertainment is actively investing in AI technologies, with a focus on building an AI-enabled ecosystem that enhances game development and operations. AI-generated assets accounted for over 80% of 2D art and 30% of 3D models [10]. - The company aims to develop AI assistants to improve efficiency across various business functions, indicating a strategic shift towards integrating AI as a core component of its operations [9][10].