Core Insights - The A-share gaming sector has shown mixed performance in Q3 2025, with leading companies like Century Huatong, 37 Interactive Entertainment, and Perfect World reporting significant revenue and profit growth despite a declining overall market [1][2]. Group 1: Company Performance - Century Huatong reported a revenue of 27.223 billion yuan and a net profit of 4.357 billion yuan for the first three quarters, marking a 141.65% year-on-year increase in net profit [1]. - 37 Interactive Entertainment achieved a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, with a net profit growth of 23.57% [2]. - Perfect World generated a revenue of 5.417 billion yuan, with a net profit of 666 million yuan, indicating a turnaround from losses in the previous year [3]. Group 2: Market Trends - The Chinese gaming market's actual sales revenue in Q3 2025 was 88.026 billion yuan, reflecting a year-on-year decline of 4.08% [1]. - The mini-game market is experiencing significant growth, with a 40.2% year-on-year increase in revenue, projected to exceed 60 billion yuan in 2025 [2]. - The esports sector continues to grow for Perfect World, with stable revenue from key products like "Counter-Strike: Global Offensive" and "DOTA 2" [3].

本文字数：966，阅读时长大约2分钟 2025.10. 31 作者 | 第一财经 刘晓洁 10月31日，A股游戏厂商三七互娱(002555.SZ)发布公告，提及公司及相关责任人收到《行政处罚事先告知 书》，因股东持股存在虚假记载、未披露关联交易、存在重大遗漏，对三七互娱及其相关责任人给予警告，共计 罚款约3255万元。 时隔两年多，这一立案调查终于有了结果。公告显示，涉嫌违法的事实包括四项：2014年至2020年年报披露的 股东持股情况存在虚假记载；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；三七互 娱2020年间接收购广州三七股权事项为关联交易，披露的临时公告虚假记载、2020年年度报告存在重大遗漏； 2018年至2021年年报未披露与海南力源等公司发生的关联交易，存在重大遗漏。 中国证监会拟决定：对三七互娱责令改正，给予警告，并处以900万元罚款，并对相关责任人给予警告，并处以 相应罚款。其中三七互娱现任董事长李卫伟罚款1400万元，现任副董事长、总经理曾开天罚款350万元，现任董 事、副总经理杨军罚款350万元，现任副董事长胡宇航罚款80万元，现任董事、董事会秘书叶威罚款150 ...

Group 1 - The core point of the article is that Sanqi Interactive Entertainment has received an administrative penalty notice, with fines totaling approximately 32.55 million yuan due to violations related to information disclosure and related party transactions [1] - The penalty is a result of an investigation initiated by the China Securities Regulatory Commission (CSRC) in June 2023, which found that the company and its executives had committed multiple violations over several years [1] - Specific violations include false records of shareholder holdings from 2014 to 2020, failure to disclose related party transactions in the 2018 annual report, and significant omissions in various annual reports from 2018 to 2021 [1] Group 2 - The company’s actual controller and chairman, Li Weiwei, along with vice chairman Zeng Kaitian, are also implicated in the violations and have received warnings [1] - The investigation and subsequent penalties highlight ongoing regulatory scrutiny in the gaming industry, particularly regarding transparency and compliance with disclosure requirements [1] - The case underscores the importance of accurate reporting and the potential financial repercussions for companies that fail to adhere to regulatory standards [1]

中国证监会拟决定：对三七互娱责令改正，给予警告，并处以900万元罚款，并对相关责任人给予警 告，并处以相应罚款。其中三七互娱现任董事长李卫伟罚款1400万元，现任副董事长、总经理曾开天罚 款350万元，现任董事、副总经理杨军罚款350万元，现任副董事长胡宇航罚款80万元，现任董事、董事 会秘书叶威罚款150 万元，吴卫红罚款25万元。 这一处罚源于2023年6月，当时三七互娱公告收到证监会下发的立案告知书，因涉嫌信息披露违法违 规，证监会决定对公司、公司实际控制人兼董事长李卫伟和公司副董事长曾开天立案。 时隔两年多，这一立案调查终于有了结果。公告显示，涉嫌违法的事实包括四项：2014年至2020年年报 披露的股东持股情况存在虚假记载；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；三七互娱2020年间接收购广州三七股权事项为关联交易，披露的临时公告虚假记载、2020年年 度报告存在重大遗漏；2018年至2021年年报未披露与海南力源等公司发生的关联交易，存在重大遗漏。 10月31日，A股游戏厂商三七互娱(002555.SZ)发布公告，提及公司及相关责任人收到《行政处罚事先告 知书》，因 ...

Core Insights - The company reported a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan for the first nine months of 2025, marking a year-on-year growth of 23.57% [2] - In Q3 2025, the company achieved a revenue of 3.975 billion yuan and a net profit of 944 million yuan, reflecting a significant year-on-year increase of 49.24% [2] Financial Performance - For the first nine months of 2025, the company’s revenue reached 12.461 billion yuan, with a net profit of 2.345 billion yuan, indicating a 23.57% increase compared to the previous year [2] - In Q3 2025, the company’s revenue was 3.975 billion yuan, and the net profit was 944 million yuan, showing a robust growth of 49.24% year-on-year [2] Shareholder Returns - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares (including tax) to all shareholders in Q3, amounting to an estimated total of 462 million yuan [2] - The total dividend for the year, including two previous quarterly distributions, will reach 1.386 billion yuan, representing approximately 59% of the net profit attributable to shareholders, significantly higher than the industry average [2][3] Product Development and Strategy - The company is focusing on long-term operations and scientific marketing strategies for existing products, optimizing resource allocation to enhance operational efficiency [2] - New game launches such as "Time Explosion," "Heroes Without Flash," and "Douluo Continent: Soul Hunting World" have performed well, contributing significantly to revenue growth [2] - The company is developing a diverse product matrix with over 20 high-quality games across various genres, including MMORPG, SLG, and card games, utilizing both self-developed and agency models [2] AI and Technology Investments - The company is integrating AI technology into game development and operations, with the proprietary industry model "Xiao Qi" offering over 40 AI capabilities across various business areas [3] - The company has invested in hard technology sectors, including computing power, optical display, XR hardware, and AI applications, aiming to build a complete industry chain from computing infrastructure to AI applications [3] Recent Investments - The company has completed a $20 million investment in Qiangnao Technology, which holds a leading position in the global brain-computer interface industry, showcasing its commitment to advancing technology [4]

Core Viewpoint - The company Sanqi Interactive Entertainment (三七互娱) has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to multiple violations related to false disclosures and omissions in financial reports from 2014 to 2021 [1] Summary by Relevant Sections - **Violations Identified** - The company reported false information regarding shareholder holdings in annual reports from 2014 to 2020 [1] - The 2018 annual report failed to disclose the acquisition of Jiangsu Aurora's equity as a related party transaction, representing a significant omission [1] - The indirect acquisition of Guangzhou Sanqi's equity in 2020 was also classified as a related party transaction, with false information in the temporary announcement on December 7, 2020, and significant omissions in the 2020 annual report [1] - Annual reports from 2018 to 2021 did not disclose related party transactions with Hainan Liyuan and other companies, indicating major omissions [1] - **Penalties Imposed** - The CSRC plans to order the company to rectify the issues, issue a warning, and impose a fine of 9 million yuan [1] - Related responsible individuals will also receive warnings and corresponding fines [1]

Core Viewpoint - The article discusses the investment by 37 Interactive Entertainment in Qiangnao Technology, focusing on the commercialization of brain-computer interface (BCI) technology and its applications in entertainment, education, and healthcare sectors [2]. Investment Overview - 37 Interactive Entertainment has invested $20 million in Qiangnao Technology, aiming to explore the commercialization of BCI technology while enhancing user experiences in the entertainment industry [2]. - Qiangnao Technology, established in February 2015, is recognized as China's first unicorn in the BCI field and has over 480 authorized patents, showcasing its technological leadership [2][4]. Technology Pathways - The BCI industry has three main technical routes: invasive, semi-invasive, and non-invasive. Qiangnao Technology specializes in non-invasive technology, which is more suitable for large-scale commercialization [4]. - The company has developed a range of products, including the world's first mass-produced intuitive control bionic hand, which is priced at 1/5 to 1/7 of international competitors and has received FDA and CE certifications [4][5]. Product Applications - In the field of neurological disease intervention, Qiangnao Technology has launched the "KXG Social Communication Training System," which enhances rehabilitation training for children with autism through AI algorithms and EEG signal analysis [5]. - The company also introduced the Revo 2, a lightweight professional dexterous hand that supports precision operations and is integrated into various applications, including robotics and industrial quality inspection [5]. Strategic Focus - 37 Interactive Entertainment recognizes the potential of BCI technology as a core entry point for the next generation of human-computer interaction, aiming to transform user experiences in the entertainment industry [6]. - The company has previously integrated BCI technology into its game "Star Life Paradise," designed for children with autism, providing a new training environment that combines fun and rehabilitation [6]. Broader Investment Strategy - The company is expanding its investment strategy from entertainment to hard technology, focusing on building a complete industrial chain that includes computing infrastructure, large model algorithms, and AI applications [6][7]. - Recent investments include a focus on XR hardware and AI search optimization services, indicating a comprehensive approach to enhancing technological capabilities [7].

Core Viewpoint - The company Sanqi Interactive Entertainment (三七互娱) has received a notice of administrative penalty from the China Securities Regulatory Commission (CSRC) due to multiple violations related to false disclosures and omissions in financial reports from 2014 to 2021 [1] Summary by Relevant Sections - **Violations Identified** - The company reported false information regarding shareholder holdings in annual reports from 2014 to 2020 [1] - The 2018 annual report failed to disclose the acquisition of Jiangsu Aurora's equity as a related party transaction, representing a significant omission [1] - The indirect acquisition of Guangzhou Sanqi's equity in 2020 was also classified as a related party transaction, with false information in the temporary announcement on December 7, 2020, and significant omissions in the 2020 annual report [1] - Annual reports from 2018 to 2021 did not disclose related party transactions with Hainan Liyuan and other companies, indicating major omissions [1] - **Penalties Imposed** - The CSRC plans to order the company to rectify the issues, issue a warning, and impose a fine of 9 million yuan [1] - Relevant responsible individuals will also receive warnings and corresponding fines [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a notice of administrative penalty to 37 Interactive Entertainment, indicating serious violations in financial disclosures from 2014 to 2020, including false records of shareholder holdings and undisclosed related party transactions [2][3][4] Group 1: Regulatory Actions - The CSRC plans to impose a fine of 9 million yuan on 37 Interactive Entertainment and issue a warning for the violations [3] - Specific penalties for key individuals include: - Li Weiwei (Chairman): 14 million yuan fine (5 million as a responsible supervisor, 9 million as the actual controller) [3] - Yang Jun (former Vice President): 350,000 yuan fine [3] - Zeng Kaitian (Vice Chairman and General Manager): 350,000 yuan fine [3] - Ye Wei (Board Secretary and CFO): 150,000 yuan fine [3] - Hu Yuhang (Vice Chairman): 80,000 yuan fine [3] - Wu Weihong (Board Member): 25,000 yuan fine [4] Group 2: Company Operations and Financial Performance - The company asserts that the penalties will not significantly impact its operations, which remain normal [4] - As of the latest financial report for Q3 2025, the company reported revenue of 3.975 billion yuan, a year-on-year decrease of 3.23%, while net profit increased by 49.24% to 944 million yuan [5] - For the first three quarters of 2025, total revenue was 12.461 billion yuan, down 6.59%, but net profit rose by 23.57% to 2.345 billion yuan [5]

Core Viewpoint - Sanqi Interactive Entertainment has been fined a total of 32.55 million yuan due to violations of securities laws, including false reporting in annual reports from 2014 to 2020 and undisclosed related party transactions from 2018 to 2020. The company asserts that this will not have a significant impact on its operations [1]. Summary by Relevant Sections - **Fines Imposed**: The company has been fined 9 million yuan, while its actual controller, Li Weiwei, has been fined 14 million yuan, leading to a total penalty of 32.55 million yuan for the company and related parties [1]. - **Regulatory Compliance**: The company has stated its commitment to strictly adhere to regulatory requirements and improve operational standards [1]. - **Operational Impact**: The company claims that its production and operations remain normal and that the penalties will not significantly affect its business activities [1].