Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

Core Viewpoint - The company Sanqi Interactive Entertainment (002555.SZ) announced an investment plan through its wholly-owned subsidiary Anhui Taiyun Investment Management Co., Ltd. into the Di'ao Weihu Shan (Jiaxing) Equity Investment Partnership (Limited Partnership), which will focus on the AI industry chain [1] Group 1 - Anhui Taiyun plans to invest up to 50 million RMB in the Di'ao Weihu Shan Fund, which has a target subscription scale of 300 million RMB, not exceeding 400 million RMB [1] - The remaining capital will be contributed by other partners, with the final amount depending on actual fundraising conditions [1] - The fund is managed by Shanghai Hushan Investment Management Co., Ltd., appointed by the general partner Suzhou Hushan Investment Center [1]

Core Viewpoint - The 2025 China Digital Entertainment Conference will be held in Tianhe District, Guangzhou, focusing on the integration of digital culture and industry development [1][6]. Group 1: Conference Structure and Goals - The conference adopts an "One Conference, One Exhibition, One Carnival" model, aiming to create a platform for high-quality industry development [2][4]. - The main forum will feature discussions on digital entertainment industry trends, technological innovations, and development opportunities, involving government officials, industry leaders, and experts [2]. - The event aims to establish a comprehensive system for industry leadership, resource connection, and industrial empowerment, promoting a transition from scale growth to high-quality development in the digital entertainment sector [6]. Group 2: Industry Ecosystem in Tianhe District - Tianhe District is recognized for its robust digital culture industry ecosystem, with notable companies like NetEase and 37 Interactive Entertainment thriving in the area [7]. - The district has launched the "Coder Square" theme block to enhance the integration of culture and technology, transforming the area into a refined space for the animation and gaming industry [9]. Group 3: Economic Impact and Achievements - In 2024, Tianhe District is expected to have 1,164 cultural enterprises, generating revenue of 226.66 billion yuan, accounting for 37.5% of Guangzhou's total [10]. - The gaming sector alone achieved revenues of 65.35 billion yuan, reflecting a year-on-year growth of 10.1% [10]. - Local companies are leveraging digital technologies to enhance major sporting events, showcasing the integration of digital culture and social development [12]. Group 4: Global Recognition and Cultural Export - The game "Ming Chao" developed by Kuro Game won the "Players' Voice" award at TGA2025, highlighting the growing global influence of Chinese gaming [15][17]. - Tianhe District has been recognized as a national cultural export base, fostering key enterprises and projects that enhance cultural exports [17][18]. - The Guangdong government has introduced a comprehensive policy package to support high-quality development in the cultural industry, covering various sectors including film, animation, and gaming [20].

证券代码：002555 证券简称：三七互娱 公告编号：2025-060 三七互娱网络科技集团股份有限公司 关于拟向帝奥微湖杉（嘉兴）股权投资合伙企业（有限合伙） 投资的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 二、主要拟合作方基本情况介绍 1、普通合伙人：苏州湖杉投资中心（有限合伙） 企业名称：苏州湖杉投资中心（有限合伙） 1 一、本次对外投资概述 1、三七互娱网络科技集团股份有限公司（以下简称"公司"、"本公司"或"三七互 娱"）之全资子公司安徽泰运投资管理有限公司（以下简称"安徽泰运"）拟向帝奥微湖杉 （嘉兴）股权投资合伙企业（有限合伙）（以下简称"帝奥微湖杉基金"、"本合伙企业"、 "本基金"）进行投资，帝奥微湖杉基金是由苏州湖杉投资中心（有限合伙）（以下简称"苏 州湖杉"）发起设立，普通合伙人苏州湖杉委托上海湖杉投资管理有限公司（以下简称"上 海湖杉"）为帝奥微湖杉基金管理人。 2、帝奥微湖杉基金目标认缴总规模为人民币3亿元，但不超过4亿元，最终以实际募集 情况为准。公司全资子公司安徽泰运拟作为有限合伙人以自有资金出资不超过5,000万元， ...

三七互娱(002555.SZ)公告，公司全资子公司安徽泰运投资管理有限公司("安徽泰运")拟向帝奥微湖杉(嘉 兴)股权投资合伙企业(有限合伙)("帝奥微湖杉基金")进行投资，帝奥微湖杉基金目标认缴总规模为3亿 元，但不超过4亿元，公司全资子公司安徽泰运拟作为有限合伙人以自有资金出资不超过5000万元。本 次投资帝奥微湖杉基金后，帝奥微湖杉基金将投资于AI产业链相关企业。 ...

Group 1 - The core point of the article is that Sanqi Interactive Entertainment (002555.SZ) announced an investment by its wholly-owned subsidiary Anhui Taiyun Investment Management Co., Ltd. into the Diao Wei Hu Shan (Jiaxing) Equity Investment Partnership (Limited Partnership) with a target subscription scale of 300 million yuan, not exceeding 400 million yuan [1] - Anhui Taiyun plans to invest up to 50 million yuan as a limited partner using its own funds [1] - The Diao Wei Hu Shan Fund will focus on investing in companies related to the AI industry chain [1]

Core Viewpoint - The company, Sanqi Interactive Entertainment, announced an investment plan through its wholly-owned subsidiary, Anhui Taiyun Investment Management Co., Ltd., into the Di'ao Weihu Shan (Jiaxing) Equity Investment Partnership, which will focus on the AI industry chain [1] Group 1: Investment Details - Anhui Taiyun plans to invest up to 50 million RMB in the Di'ao Weihu Shan Fund, which has a target subscription scale of 300 million RMB, not exceeding 400 million RMB [1] - The remaining capital will be contributed by other partners, with the final amount depending on actual fundraising conditions [1] Group 2: Fund Management - The Di'ao Weihu Shan Fund is initiated by Suzhou Hushan Investment Center, with Shanghai Hushan Investment Management Co., Ltd. acting as the fund manager [1] - The fund aims to invest in companies related to the AI industry chain [1]

Core Viewpoint - Company plans to invest up to 50 million yuan in the AI industry through a partnership with the Di'ao Weihu Shan Fund [1] Group 1: Investment Details - The investment will be made by the company's wholly-owned subsidiary, Anhui Taiyun [1] - The Di'ao Weihu Shan Fund has a target total subscription scale of 300 million yuan, with a maximum of 400 million yuan, depending on actual fundraising conditions [1] - The fund will focus on investing in companies related to the AI industry chain [1]

Group 1 - The core point of the article is that Sanqi Interactive Entertainment (002555.SZ) announced an investment by its wholly-owned subsidiary Anhui Taiyun into a fund focused on the AI industry, with a maximum contribution of 50 million yuan [1] - The target total scale of the fund is set between 300 million to 400 million yuan, aimed at investing in companies related to the AI industry chain [1] - This investment does not involve fundraising, nor does it constitute a related party transaction or a major asset restructuring [1]

Group 1 - The core viewpoint of the articles highlights the rapid growth of the Chinese mini-game market, which achieved a sales revenue of 23.276 billion yuan with a year-on-year growth rate of 40.2%, significantly outpacing the mobile game market's growth of 16.55% [1] - The company, 37 Interactive Entertainment, is diversifying its business model beyond traditional gaming by focusing on "technological innovation, quality development, and brand value enhancement" to build a sustainable entertainment technology ecosystem [1] - The company is reducing its reliance on traditional user acquisition methods and is leveraging technology to enhance content efficiency through AI models and automated tools, aiming for intelligent marketing and cost reduction [2] Group 2 - The long-term operational capabilities of existing games are being strengthened, with titles like "Seeking the Path of the Universe" and "Time Grocery Store" effectively extending game lifecycles through various engagement strategies [3] - New products are achieving impressive results, with "Time Explosion" reaching the top of the iOS free chart upon launch, and "Heroes Have No Flash" quickly entering the top five of the iOS sales chart [4] - The company is expanding its self-developed capabilities and forming a rich external development reserve by collaborating with high-quality developers across various genres [5] Group 3 - The company has received multiple national and industry honors, including being recognized as a key enterprise for cultural exports and a model base for cultural industries, reflecting its leadership in internationalization and social responsibility [6] - The company emphasizes ESG (Environmental, Social, and Governance) principles to empower sustainable development, showcasing its commitment to social responsibility [7] Group 4 - The company has established a top-tier research and development system, utilizing advanced technologies such as next-generation 3D engines and AI to enhance game development and operational efficiency [8] - 37 Interactive Entertainment has been a pioneer in overseas game publishing, successfully distributing games in over 200 countries and regions, thereby contributing to the global cultural narrative [9] Group 5 - The company has implemented a robust talent strategy that includes enhanced employee benefits, such as additional insurance and housing loans, to attract and retain talent [10][14] - The company promotes a balanced work-life culture with policies that support employee well-being, including flexible working hours and generous leave policies [13][17] - The company offers competitive salaries for new graduates, with technical positions reaching up to 800,000 yuan annually, and provides performance-based bonuses and long-term incentives [23][26] Group 6 - The company's future strategy focuses on deepening global expansion and diversification, leveraging technology and quality products to maintain leadership in the global entertainment sector while achieving a balance between commercial success and social responsibility [27]