Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In Q1 2025, the company achieved revenue of 4.243 billion yuan, a year-on-year decrease of 10.67% but a quarter-on-quarter increase of 3.45%. The net profit attributable to the parent company was 549 million yuan, down 10.87% year-on-year and down 29.19% quarter-on-quarter. The net profit excluding non-recurring items was 536 million yuan, a year-on-year decrease of 12.90% and a quarter-on-quarter decrease of 24.90% [2][4]. - The performance of several new games, such as "Time Explosion" and "Heroes Don't Flash," has been strong, driving a quarter-on-quarter revenue increase. However, the revenue declined year-on-year due to the natural decline in existing game revenue and a high base effect. Increased expenses from new game launches have led to a decline in performance, and future attention will be on the recovery of initial investments [2][4]. - The company has a rich pipeline of upcoming products, and attention should be paid to the testing and launch progress of key new games [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 4.243 billion yuan, a year-on-year decline of 10.67% and a quarter-on-quarter increase of 3.45%. The net profit attributable to the parent company was 549 million yuan, down 10.87% year-on-year and down 29.19% quarter-on-quarter. The net profit excluding non-recurring items was 536 million yuan, a year-on-year decrease of 12.90% and a quarter-on-quarter decrease of 24.90% [2][4]. New Game Performance - Several new games launched in early 2025, including "Time Explosion" and "Heroes Don't Flash," have shown strong performance, with "Time Explosion" ranking in the top 4 of the WeChat mini-game sales list and "Heroes Don't Flash" entering the top 5 of the iOS sales list [2][4]. - The increase in sales expenses due to new game promotions has led to a sales expense ratio of 57% in Q1 2025, resulting in temporary losses for the issuing entities of these new games. As the initial investments for these new games are recovered, profit margins are expected to improve [2][4]. Product Pipeline - The company has a diverse pipeline of new games, including MMORPG, SLG, card games, and simulation management genres, which may continue to contribute to revenue growth. Notable upcoming titles include "Douluo Dalu: Hunting Soul World" and "Zhui Xu," which have already received approval for release [2][4]. - The company expects net profits attributable to the parent company to be 2.84 billion yuan and 3.09 billion yuan for 2025 and 2026, respectively, corresponding to PE ratios of 11.8 and 10.9 times [2][4].

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of May 2, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - Alibaba ranks first with a market capitalization of $287.81 billion [3]. - Xiaomi Group follows in second place with a market capitalization of $174.25 billion [3]. - Pinduoduo is in third place with a market capitalization of $150.44 billion [3]. - Meituan ranks fourth with a market capitalization of $103.72 billion [3]. - NetEase holds the fifth position with a market capitalization of $67.61 billion [3]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) ranks eighth with a market capitalization of $48.79 billion [4]. - JD.com is in ninth place with a market capitalization of $47.74 billion [4]. - Baidu ranks eleventh with a market capitalization of $30.22 billion [4]. - Kuaishou is in twelfth place with a market capitalization of $29.56 billion [4]. - Li Auto ranks thirteenth with a market capitalization of $26.28 billion [4]. Group 3: Companies with Lower Market Capitalization - Xpeng Motors ranks seventeenth with a market capitalization of $17.77 billion [5]. - NIO is in twenty-second place with a market capitalization of $8.90 billion [5]. - Bilibili ranks twenty-fourth with a market capitalization of $7.34 billion [5]. - Kingsoft has a market capitalization of $6.98 billion, ranking twenty-fifth [5]. - 37 Interactive Entertainment ranks forty-second with a market capitalization of $4.62 billion [6].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.243 billion yuan, a year-over-year decrease of 10.67% and a quarter-over-quarter increase of 3.45% [1] - The net profit attributable to the parent company was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1] - The non-recurring net profit was 536 million yuan, reflecting a year-over-year decline of 12.90% and a quarter-over-quarter decline of 24.90% [1] Group 2: Product Development and Pipeline - The key product "Time Explosion" ranked 4th in the WeChat mini-game sales list, while "Heroes Have No Flash" entered the iOS sales top five upon launch and topped the WeChat mini-game sales list in April [2] - The company has built a comprehensive pipeline with key products like "Douluo Dalu: Hunting Soul World," "The Son-in-Law," and "Code MLK" all obtaining domestic game licenses, indicating a potential for sustained product cycles [2] - The company is implementing refined operational strategies to extend the lifecycle of mature products like "Seeking the Way to the Universe" and "Douluo Dalu: Soul Master Showdown," which may enhance operational performance stability [2] Group 3: AI Technology Integration - The company has developed an in-house game industry large model "Xiao Qi" and an external advanced model cluster, creating a complete technical system with over 40 AI capabilities, significantly improving R&D efficiency and operational precision [3] - AI technology has been applied to achieve intelligent production and application of various content forms, which may become a core competitive advantage in the new industry landscape [3] - Continuous investment in AI is expected to enhance the company's ability to commercialize AI products and provide solid support for medium to long-term performance growth [3] Group 4: Profit Forecast and Valuation - The company forecasts net profit attributable to the parent company for 2025-2027 to be 2.85 billion, 3.18 billion, and 3.48 billion yuan, respectively, with slight downward adjustments of 1%-2% due to product revenue instability [4] - The average PE ratio for comparable companies in 2025 is expected to be 17 times, while the company is assigned a PE of 15 times for 2025, maintaining a target price of 19.33 yuan, slightly down from the previous 19.53 yuan [4] - The company maintains a "buy" rating based on its future product launch uncertainties [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company has launched multiple new products in Q1 2025, enhancing its long-term operational capabilities and showing strong growth potential with titles like "Time Explosion" and "Heroes No Flash" [2][3]. - The company is actively building a diverse product reserve matrix aimed at global markets, with significant upcoming releases [3]. - The AI capability system has been upgraded to create a comprehensive AI-enabled ecosystem, enhancing the industrialization level of game research and operations [4]. Financial Overview - In Q1 2025, the company reported revenue of 4.243 billion yuan, a year-over-year decrease of 10.67%, but a quarter-over-quarter increase of 3.45%. The net profit attributable to shareholders was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1]. - The company expects to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 5.6%, 6.0%, and 7.0% [4][6]. - The projected net profit attributable to shareholders for the same years is 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan, with growth rates of 5.1%, 7.9%, and 8.5% respectively [4][6].

Core Viewpoint - The company reported a decline in revenue and net profit for the first quarter of 2025 compared to the same period last year, attributed to the early promotional stages of new games and the natural decline in revenue from mature products [3][4]. Financial Performance - The company achieved operating revenue of 4.243 billion yuan in Q1 2025, a quarter-on-quarter increase of 3.45%, but a year-on-year decrease of 10.67% [3]. - The net profit attributable to shareholders was 549 million yuan, reflecting a year-on-year decline of 10.87% [3]. - Cash flow from operating activities decreased by 50.20% year-on-year, amounting to a reduction of 587 million yuan, primarily due to lower cash inflows from sales [8]. Product Development and Strategy - The company continues to implement its strategic goals, focusing on product quality, diversification, and global market expansion [3][4]. - New games such as "Time Explosion" and "Heroes No Flash" have shown strong market performance, with "Time Explosion" ranking 4th in the WeChat mini-game sales chart [4]. - The company has a diverse product pipeline, including various genres and themes, and is actively working on launching new titles to enhance player experience [4]. Financial Position Changes - The company's cash and cash equivalents increased by 12.12%, adding 613 million yuan, mainly due to increased net cash inflows from operating activities [7]. - Prepaid accounts increased by 47.50%, reflecting higher prepayments for revenue sharing and internet traffic purchases for new games [7]. - Deferred tax assets rose by 81.80%, attributed to temporary losses from new game promotions [7]. Shareholder Information - The company completed the cancellation of 5,626,600 shares, reducing the total share capital from 2,217,864,281 shares to 2,212,237,681 shares [10].

Group 1 - Tencent's game "Dark Zone Breakthrough: Infinite" officially launched its domestic server, filling a gap in the hardcore military online game segment and enhancing Tencent's shooting game portfolio [1] - The game adopts a free-to-play model and emphasizes "extraction-style shooting" gameplay, which may increase the revenue share from online games for Tencent [1] - The successful operation of this game could positively influence investors' assessment of Tencent's "studio group" technical synergy [1] Group 2 - Century Huatong reported a net profit of 1.213 billion yuan for 2024, a year-on-year increase of 131.51%, with revenue reaching 22.62 billion yuan [2] - In Q1 2025, the company achieved revenue of 8.145 billion yuan, a 91.12% year-on-year growth, and a net profit of 1.35 billion yuan, up 107.2% [2] - The strong performance in financial metrics suggests potential stock price strength, while long-term performance will depend on new product market performance and AI technology commercialization [2] Group 3 - Sanqi Interactive Entertainment reported Q1 2025 revenue of approximately 4.243 billion yuan, a decrease of 10.67% year-on-year, and a net profit of about 549 million yuan, down 10.87% [3] - The basic earnings per share were 0.25 yuan, reflecting a 10.71% year-on-year decline [3] - The short-term decline in performance may suppress stock price, while long-term trends will depend on product pipeline execution and industry recovery [3]

证券代码：002555 证券简称：三七互娱 公告编号：2025-023 三七互娱网络科技集团股份有限公司 第六届监事会第二十次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司（以下简称"公司"）第六届监事会第二十次会议 通知于 2025 年 4 月 23 日以专人送达、电子邮件、电话方式发出，会议于 2025 年 4 月 29 日在公司会议室以现场与通讯结合的方式召开，本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席何洋先生主持。本次会议的召集、召开和表决程序及出席会议的监事 人数符合法律、法规和公司章程等有关规定，经与会监事审议表决，形成如下决议： 一、审议通过《2025 年第一季度报告》 监事会对公司《2025 年第一季度报告》进行了专项审核，认为：董事会编制和审核公 司《2025 年第一季度报告》的程序符合法律、行政法规和中国证监会的规定，报告内容真 实、准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 公司全体监事确认：公司及时、公平地披露了信息，所披露的信息 ...

证券代码：002555 证券简称：三七互娱 公告编号：2025-022 三七互娱网络科技集团股份有限公司 董 事 会 二〇二五年四月二十九日 三七互娱网络科技集团股份有限公司（下称"公司"或"本公司"）第六届董事会第二 十四次会议通知于 2025 年 4 月 23 日以专人送达、电子邮件、电话方式发出，会议于 2025 年 4 月 29 日在公司会议室以现场与通讯结合的方式召开。本次会议应到董事 9 位，实到董 事 9 位。会议由董事长李卫伟主持。会议的召集和召开符合法律、法规及《三七互娱网络科 技集团股份有限公司章程》（下称"《公司章程》"）的有关规定。本次会议作出了如下决 议： 一、审议通过《2025 年第一季度报告》 公司全体董事确认：公司及时、公平地披露了信息，所披露的信息真实、准确、完整。 表决结果：同意 9 票、弃权 0 票、反对 0 票。 公司《2025 年第一季度报告》详见《中国证券报》《上海证券报》《证券时报》《证 券日报》和巨潮资讯网（http://www.cninfo.com.cn）。 特此公告。 三七互娱网络科技集团股份有限公司 第六届董事会第二十四次会议决议公告 本公司及董事会全体成 ...

Financial Performance - In Q1 2025, the company reported revenue of CNY 4.24 billion, a decrease of 10.67% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 549.18 million, down 10.87% year-over-year[4] - The net cash flow from operating activities was CNY 582.70 million, a significant decline of 50.20% compared to the previous year[4] - Total operating revenue for the current period is ¥4,243,286,846.87, a decrease of 10.65% from ¥4,750,141,063.60 in the previous period[20] - Net profit for the current period is ¥549,325,738.15, a decline of 10.79% compared to ¥615,998,053.17 in the previous period[21] - Comprehensive income for the current period totaled ¥546,985,150.78, down from ¥618,056,372.44 in the previous period, a decrease of 11.51%[21] - Basic and diluted earnings per share are both ¥0.25, down from ¥0.28 in the previous period[21] Cash Flow Analysis - The net cash flow from operating activities decreased by 50.20% compared to the same period last year, a decrease of 587 million RMB, primarily due to a decline in operating income leading to reduced cash inflows from sales of goods and services[12] - The net cash flow from investing activities increased by 56.88% compared to the same period last year, an increase of 544 million RMB, mainly due to increased cash inflows from the purchase and redemption of financial products and time deposits during the reporting period[12] - The net cash flow from financing activities decreased by 119.59% compared to the same period last year, a decrease of 895 million RMB, primarily due to increased cash payments for repaying bank loans during the reporting period[12] - Cash flow from operating activities generated a net amount of ¥582,696,083.65, significantly lower than ¥1,170,121,295.13 in the previous period[22] - Net cash flow from financing activities was negative at -146,564,034.51, compared to a positive 748,287,286.43 in the previous period[23] - The net increase in cash and cash equivalents was 26,291,358.61, a decrease from 944,285,311.88 in the previous period[23] Asset and Liability Overview - The total assets as of March 31, 2025, amounted to 20.34 billion RMB, an increase from 19.58 billion RMB at the beginning of the period[18] - The total liabilities as of March 31, 2025, amounted to 6.77 billion RMB, an increase from 6.57 billion RMB at the beginning of the period[18] - The total equity as of March 31, 2025, amounted to 13.56 billion RMB, an increase from 13.02 billion RMB at the beginning of the period[18] - Total assets and equity attributable to the parent company increased to ¥13,442,635,397.76 from ¥12,920,729,844.38, reflecting a growth of 4.02%[19] - The total liabilities and equity reached ¥20,335,553,936.11, up from ¥19,582,691,938.40, indicating an increase of 3.84%[19] Game Development and Strategy - The company launched several new games, including "Time Grocery Store" and "Heroes Don't Flash," which are in the early promotion stage[5] - "Time Explosion" ranked 4th in the WeChat mini-game bestseller list, while "Heroes Don't Flash" quickly entered the top five on iOS and topped the WeChat mini-game bestseller list in April[6] - The company has a diverse product pipeline, including titles like "Douluo Continent: Hunting World" and "Code MLK," covering various genres and themes[6] - The company continues to focus on a strategy of "premium, diversified, and global" game offerings to enhance product quality and market share[6] Changes in Financial Position - Cash and cash equivalents increased by 12.12%, adding CNY 613 million, mainly due to increased net cash inflow from operating activities[9] - Prepaid accounts increased by 47.50%, adding CNY 347 million, due to new game launches and increased internet traffic procurement[9] - Deferred tax assets rose by 81.80%, adding CNY 37 million, primarily due to temporary losses from new game launches[9] - Other current liabilities increased by 55.15% compared to the beginning of the period, an increase of 27 million RMB, primarily due to the increase in estimated sales tax at the end of the reporting period[12] - Other income decreased by 74.14% compared to the same period last year, a reduction of 22 million RMB, mainly due to a decrease in government subsidies during the reporting period[12] - Investment income rose to ¥33,190,476.14, compared to ¥29,083,195.25 in the previous period, marking an increase of 14.51%[20] Accounting and Reporting Changes - The company did not have an audited first-quarter report for 2025[24] - The company will implement new accounting standards starting from 2025[24]