Group 1: Company Acquisition - Longfor Properties (600159) announced a preliminary intention to acquire 60% equity of Beijing Chengzhu Real Estate Development Co., Ltd. from Beijing Shunyi New Town Development Co., Ltd. to supplement its project reserves [1] - The target company was established in March 2025 with a registered capital of 600 million yuan, focusing on real estate development [1] - As of the announcement date, the target company has not generated any operating revenue [1] Group 2: Game Approval and Market Activity - On September 24, the National Press and Publication Administration approved 145 domestic online games, including 93 mobile games and 42 mobile-casual puzzle games [2] - By the end of September, a total of 1,275 game licenses have been issued in 2025, maintaining a high issuance frequency [2] - The regular issuance of game licenses reflects the regulatory support for the gaming industry [2] Group 3: Financing and Performance of Game Stocks - In September, three game stocks saw significant net purchases from financing clients, with Kunlun Wanwei, 37 Interactive Entertainment, and Giant Network receiving net purchases of 760 million yuan, 544 million yuan, and 153 million yuan respectively [3] - Kunlun Wanwei reported a revenue of 3.733 billion yuan in the first half of the year, a year-on-year increase of 49.23% [5] - 37 Interactive Entertainment achieved a revenue of 8.486 billion yuan in the first half, a year-on-year decrease of 8.08%, but its net profit increased by 10.72% to 1.4 billion yuan [5] Group 4: Profitability of Game Stocks - The top net profit earners in the gaming sector for the first half of the year include ST Huaman, 37 Interactive Entertainment, and Kaiying Network, with net profits of 2.656 billion yuan, 1.4 billion yuan, and 950 million yuan respectively [6] - Significant year-on-year profit growth was observed in companies like Sheng Tian Network and Youzu Network, with increases of 1186.02% and 989.31% respectively [6] - Several companies, including Perfect World and Glacier Network, reported a turnaround from losses to profits [6]

Group 1: Game Approval and Market Trends - In September 2025, a total of 145 domestic online games were approved, including 93 mobile games, 42 mobile-casual puzzle games, 7 mobile-client games, 2 client games, and 1 mobile-web game [2] - The cumulative number of game licenses issued by the National Press and Publication Administration in 2025 has reached 1275, maintaining a high issuance frequency [2] - The regular issuance of game licenses reflects the regulatory support for the development of the gaming industry [2] Group 2: Company Performance and Financing - Kunlun Wanwei achieved a revenue of 3.733 billion yuan in the first half of 2025, a year-on-year increase of 49.23%, with ongoing optimization of AI game products [6] - Sanqi Interactive Entertainment reported a revenue of 8.486 billion yuan in the first half of 2025, a year-on-year decrease of 8.08%, but a net profit of 1.4 billion yuan, up 10.72% [6] - Financing net purchases for game stocks in September exceeded 1 billion yuan for three companies: Kunlun Wanwei (760 million yuan), Sanqi Interactive Entertainment (544 million yuan), and Giant Network (153 million yuan) [3] Group 3: Profitability and Growth - The net profit rankings for the first half of 2025 show ST Huatuo, Sanqi Interactive Entertainment, Kaiying Network, Giant Network, and G-bits leading with net profits of 2.656 billion yuan, 1.4 billion yuan, 950 million yuan, 777 million yuan, and 645 million yuan respectively [6] - Significant year-on-year net profit growth was observed in companies such as Shengtian Network (1186.02%), Youzu Network (989.31%), and Zhejiang Shuju Culture (156.26%) [7] - Kaiying Network's game "Black Cat Detective: Guardian" received approval in September, contributing to its overseas revenue of approximately 202 million yuan, a year-on-year increase of 59.57% [6]

Core Points - In September, 145 domestic online games and 11 imported online games received approval from the National Press and Publication Administration [1] - A total of 1,275 games have been approved in 2025, including 1,195 domestic and 80 imported games [1] - Major companies like NetEase and miHoYo have multiple key games approved, including "Starry Friends" and "Honkai: Origin Spirits" [1][2] Industry Summary - The new batch of approved domestic games includes 135 mobile and mobile-casual games, 2 client games, and 1 mobile + web game [1] - The continuous issuance of game approvals has positively impacted the gaming industry, with the Shenwan gaming industry index rising 85% this year, ranking third among all Shenwan secondary industries [2] - On September 24, the Shenwan gaming industry index surged by 3.63%, with several A-share gaming companies, including ST Huayuan and Giant Network, seeing over 100% increase in stock prices [2] Company Summary - A-share companies like Giant Network and 37 Interactive Entertainment have games approved, including "Hot Blood Dynasty: Basketball" and "Endless Night" [1] - Hong Kong-listed companies Tencent and NetEase have also seen significant stock price increases this year, with gains of 56.87% and 76.42% respectively [3]

Core Insights - The National Press and Publication Administration released the approval information for domestic online games in September 2025, granting a total of 156 licenses, including 145 domestic and 11 imported games [1] Group 1: Game Approvals - A total of 156 online games received approval, with significant contributions from major companies such as Tencent, NetEase, miHoYo, Lingxi Interactive, 37 Interactive Entertainment, and Kaiying Network [1] - Notable products that received approval include Tencent's "Return Ring," miHoYo's "Honkai: Inheritance Spirit," and NetEase's "Starry Friends Sunny Day" among others [1] Group 2: Changes in Approval Information - Nine games had changes in their approval information, including Game Science's "Black Myth: Wukong," which received an Xbox version license, and Shanghai Shulong Technology's "Legendary World: Unmatched," which added a client version [1] Group 3: Imported Games - The list of approved imported games includes notable titles such as Hazelight Studios' "It Takes Two," Nexon's "Dave the Diver," and Sony's "Astro Bot" [1]

Core Insights - The signing intention amount for the cultural industry investment conference increased from 2 billion yuan in 2023 to 5.6 billion yuan in 2024, with actual financing reaching 6.387 billion yuan, indicating a growing maturity in the connection between cultural enterprises and capital [2] - The average revenue growth rate of companies participating in the roadshow is 65%, while the average market valuation growth rate is 23.6%, showcasing the potential of the cultural industry [2] - The annual cultural industry investment conference will be held again in Guangzhou from November 26 to 28, aiming to address the challenges of matching cultural enterprises with investment institutions [2] Company Investment Strategy - The investment strategy of the company has evolved through two phases: the 1.0 phase focused on gaming and entertainment content, while the 2.0 phase emphasizes the integration of entertainment with technology, particularly in next-generation hardware and advanced technology trends [3] - Since 2020, the company has made significant investments in XR/AR hardware, including AR devices and upstream components like Micro LED and optical waveguides [3] - The company has invested in various AI-related startups, including "Deep Language Technology" and "Zhipu AI," focusing on AI large models and applications [3][4] Future Investment Focus - The company is particularly interested in innovations in productivity tools and new paradigms in AI and content production, aiming for "leading investments and forward-looking layouts" [4] - The investment portfolio includes long-term projects, focusing on top-tier computing power companies and excellent firms in XR, intelligent cockpits, and sensory interaction [4] Cultural and Technological Integration - The cultural investment conference serves as a platform for integrating culture and technology, providing not just capital but also resource integration, business collaboration, and policy support [6] - The conference has proven its value by facilitating high-quality capital influx and enabling participating companies to achieve significant business growth post-event [6] Regional Advantages - The Guangdong-Hong Kong-Macao Greater Bay Area is highlighted for its unique advantages, including a global supply chain and manufacturing logic, which supports the integration of cultural and technological industries [8] - The company aims to leverage the regional advantages to connect global ecosystems, benefiting from the area's industrial cluster effects [8]

Group 1 - The core point of the news is that Sanqi Interactive Entertainment experienced a decline of 5.04% in its stock price, reaching 21.12 CNY per share, with a trading volume of 2.192 billion CNY and a turnover rate of 6.30%, resulting in a total market capitalization of 46.722 billion CNY [1] - Sanqi Interactive Entertainment, established on May 26, 1995, and listed on March 2, 2011, is primarily engaged in the research, development, publishing, and operation of mobile and web games [1] - The company's revenue composition is heavily weighted towards mobile games, accounting for 97.09%, while web games contribute 2.08%, and other sources make up 0.83% [1] Group 2 - From the perspective of fund holdings, one fund under Yinhua Fund has a significant position in Sanqi Interactive Entertainment, specifically the Yinhua Internet Theme Flexible Allocation Mixed A fund, which held 146,600 shares in the second quarter, representing 4.03% of the fund's net value, making it the eighth-largest holding [2] - The Yinhua Internet Theme Flexible Allocation Mixed A fund, established on November 18, 2015, has a latest scale of 62.055 million CNY, with a year-to-date return of 64.8%, ranking 443 out of 8,172 in its category, and a one-year return of 101.13%, ranking 605 out of 7,995 [2] - The fund manager, Wang Hao, has been in position for 9 years and 313 days, overseeing total assets of 1.973 billion CNY, with the best fund return during his tenure being 109.1% and the worst being -23.29% [2]

Core Viewpoint - The company, 37 Interactive Entertainment, has approved an indirect investment in SX Global Flagship Fund II L.P. through its wholly-owned subsidiary, 37 Starseek Co., Limited, with a total investment not exceeding $10 million [1][8]. Group 1: Investment Details - The investment structure involves the company's chairman, Li Weiwei, and former deputy general manager, Yang Jun, also participating as limited partners, contributing $2 million and $1 million respectively [2][9]. - The total expected scale of the target fund is up to $300 million, with the connection fund's total scale not exceeding $30 million after the contributions from Li Weiwei and Yang Jun [19][28]. - The investment aims to target high-quality projects in frontier technology, software as a service (SaaS), and other tech sectors [28][27]. Group 2: Governance and Approval Process - The board meeting held on September 22, 2025, included all nine directors, and the proposal was approved with eight votes in favor [5][31]. - Independent directors reviewed the transaction and confirmed that it adheres to fair pricing and does not harm the interests of the company or its shareholders [30][31]. - The transaction does not constitute a major asset restructuring and does not require approval from relevant authorities [12][28]. Group 3: Related Party Transactions - The investment is classified as a related party transaction, with Li Weiwei and Yang Jun being related natural persons of the company [10][11]. - The transaction complies with the Shenzhen Stock Exchange's regulations regarding related party transactions [10][11]. - No other shareholders or executives holding more than 5% of the company participated in the investment [25].

Group 1 - The stock of Sanqi Interactive Entertainment (002555) closed at 22.24 yuan on September 22, 2025, down 5.52% from the previous trading day, with a total market capitalization of 49.2 billion yuan [1] - On the same day, the stock opened at 23.68 yuan, reached a high of 23.8 yuan, and a low of 21.9 yuan, with a trading volume of 3.588 billion yuan and a turnover rate of 9.95% [1] Group 2 - The company announced that its seventh board of directors held its third meeting on September 22, 2025, where it approved a proposal regarding indirect investment in SX Global Flagship Fund II L.P. by related parties [2] - The company's wholly-owned subsidiary, 37 Starseek Co., Limited, signed an agreement on July 31, 2025, to invest up to 10 million USD as a limited partner in SX Global Flagship Fund II L.P. [2] - The controlling shareholder and chairman, Li Weiwei, plans to invest 2 million USD, while Yang Jun, who served as a director and deputy general manager in the past twelve months, intends to invest 1 million USD, both through indirect investment in the same fund [2] - The transaction pricing is fair and does not affect the company's independence or ongoing viability, with independent directors approving the proposal [2]

Group 1 - The core announcement is that 37 Starseek, a wholly-owned subsidiary of the company, has signed a subscription agreement to invest up to $10 million in SX Global as a limited partner [1] - The controlling shareholder Li Weiwei and former director Yang Jun plan to invest $2 million and $1 million respectively, representing 0.67% and 0.33% of the target fund's total size [1] - The target fund is expected to have a total size of no more than $300 million, with the connected fund reaching no more than $30 million after the contributions from Li Weiwei and Yang Jun [1] Group 2 - The investment aims to focus on cutting-edge technology, software as a service (SaaS), and other technology-related fields [1] - For the first half of 2025, the company reported revenue of 8.486 billion yuan and a net profit attributable to shareholders of 1.4 billion yuan [1]

Group 1 - The company’s controlling shareholder and chairman, Li Weiwei, plans to invest $2 million, while former director and vice president Yang Jun intends to invest $1 million in the SX Global Flagship Fund II L.P. [2] - The investment structure involves indirect ownership of the target fund through the SX Global Flagship Feeder II L.P., representing 0.67% and 0.33% of the total fund size, respectively [2] - The target fund is expected to have a total size of no more than $300 million, focusing on cutting-edge technology, Software as a Service (SaaS), and broader technology sectors [2] Group 2 - The board of directors approved the investment on September 22, 2025, with related director Li Weiwei abstaining from the vote [2] - Independent directors opined that the transaction pricing is fair and reasonable, not harming the company's interests [2] - The transaction amount falls within the board's approval authority, thus not requiring a shareholders' meeting for further approval [2]