Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7][10]. Core Insights - The media industry has shown a weekly increase of 4.30%, ranking 6th among various sectors, with notable performances from companies like Rongxin Culture and Fantou Digital [13][20]. - AI applications and cultural exports are highlighted as key themes for investment, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [5][39]. - The short drama segment, particularly AI-enabled comic dramas, is experiencing explosive growth, with a projected market size exceeding 20 billion [38]. Summary by Sections Market Performance - The media industry (Shenwan) increased by 4.30% from October 18 to October 24, 2025, outperforming the Shanghai Composite Index, which rose by 2.88% [13][14]. - Notable stocks include Bilibili-W and Reading Group, which saw weekly increases of 11.24% and 9.88%, respectively [20]. Key Industry Data AI Application Data - Estimated iOS downloads for AI applications from October 17 to October 23 were 47.29K for Deepseek, 209.80K for Doubao, 69.49K for Quark, and 104.38K for Tencent Yuanbao, with respective week-over-week changes of -4.11%, -0.04%, -7.29%, and -10.96% [24]. Gaming Data - The National Press and Publication Administration issued 159 domestic and 7 imported game licenses in October. The top three iOS games as of October 23 were "Honor of Kings," "Genshin Impact: Sky Moon Song," and "Dungeon and Fighter: Origin" [25][28]. Film Data - The total box office for the week of October 18-24 was 230 million yuan, with "The Wandering Earth" leading at 47 million yuan, accounting for 20.4% of the weekly total [36]. Investment Recommendations - The report recommends focusing on AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing sectors. Key companies to watch include Giant Network, Kyeing Network, and Perfect World [5][39].

Core Viewpoint - Sanqi Interactive Entertainment (002555.SZ) reported strong financial performance in Q3 2025, with revenue of 3.975 billion yuan and net profit of 944 million yuan, marking a year-on-year growth of 49.24% [1] Financial Performance - In the first nine months of 2025, the company achieved a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, reflecting a year-on-year increase of 23.57% [1] - The growth in performance is attributed to the refined long-term operation of existing products and the successful launch of new games [1] Strategic Implementation - The company continues to implement its strategy of integration of research and operations, focusing on product refinement, diversification, and global market expansion [1] - New game titles such as "Time Big Bang," "Heroes Without Flash," and "Douluo Continent: Soul Hunting World" have significantly contributed to the company's revenue growth [1] Product Development - The company has a rich portfolio in various game categories including MMORPG, SLG, card games, and simulation management, with titles like "The Son-in-Law" and "Code MLK" [2] - The diverse product layout includes themes from Western fantasy, Eastern fantasy, Three Kingdoms, modern, and ancient styles, with multiple mobile games already obtaining domestic game licenses [2] Future Outlook - The company plans to continue its strategy of "refinement, diversification, and globalization" by enhancing research and development capabilities and improving operational levels [2] - The goal is to further elevate game quality, expand game categories, and increase market share, ultimately providing more high-quality games for players and creating greater value for shareholders [2]

Core Viewpoint - Sanqi Interactive Entertainment reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, reflecting the company's robust operational strategy and commitment to shareholder returns [2][3]. Financial Performance - For the first nine months of 2025, the company achieved a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, marking a year-on-year increase of 23.57% [2]. - In Q3 2025 alone, the company generated a revenue of 3.975 billion yuan and a net profit of 944 million yuan, with a remarkable year-on-year growth of 49.24% [2]. Dividend Policy - The company announced a cash dividend distribution plan for Q3 2025, proposing a payout of 2.10 yuan per 10 shares, which translates to an expected total cash dividend of 462 million yuan [2]. - Cumulatively, the total dividend amount for the year is projected to reach 1.386 billion yuan, representing approximately 59% of the net profit attributable to shareholders, significantly higher than the industry average [2]. - The company has progressively increased its dividend payout ratio from 5.2 yuan per 10 shares in 2021 to 10 yuan per 10 shares in 2024, and has shifted from biannual to quarterly dividend distributions [3]. Shareholder Engagement - The company’s commitment to enhancing shareholder returns is evident through its consistent increase in dividend amounts, with total cash dividends of 1.772 billion yuan, 1.806 billion yuan, and 2.200 billion yuan for the years 2022 to 2024, respectively, totaling 5.778 billion yuan over three years [3]. - This focus on shareholder returns aligns with the broader market trend where dividend policies are a key metric for investors assessing the investment value of listed companies [3].

Core Insights - The company reported a revenue of 3.975 billion yuan for Q3 2025, representing a year-on-year decline of 3.23% [2] - Net profit attributable to shareholders reached 944 million yuan, showing a significant year-on-year increase of 49.24% [2] - Basic earnings per share (EPS) for Q3 2025 was 0.43 yuan [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 12.461 billion yuan, which is a year-on-year decrease of 6.59% [2] - The net profit attributable to shareholders for the first three quarters was 2.345 billion yuan, reflecting a year-on-year growth of 23.57% [2] - Basic EPS for the first three quarters stood at 1.07 yuan [2]

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% [1] - 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% [1] - The company announced a cash dividend of 2.10 yuan per 10 shares for Q3, with a total expected cash distribution of 462 million yuan, resulting in a total dividend payout of 1.386 billion yuan for the year, which is 59% of the net profit attributable to shareholders [1] Dividend Policy and Shareholder Returns - The company has consistently increased its dividend payout ratio, from 5.2 yuan per 10 shares in 2021 to 10 yuan per 10 shares in 2024, demonstrating a commitment to enhancing shareholder returns [2] - The frequency of dividends has been raised from twice a year to quarterly, allowing shareholders to receive returns more frequently and showcasing the company's focus on long-term value creation [2] - Cumulative cash dividends from 2022 to 2024 amounted to 1.772 billion yuan, 1.806 billion yuan, and 2.200 billion yuan respectively, totaling 5.778 billion yuan over three years, indicating a steady increase in shareholder returns [2] Market Position and Investor Confidence - The company's robust dividend policy is a key factor for investors when assessing the investment value of listed companies in the A-share market [2] - By continuously launching high-quality gaming products and maintaining strong profitability, the company enhances its attractiveness in the capital market, thereby gaining more investor interest [2]

Group 1 - The core point of the article is that Sanqi Interactive Entertainment (SZ 002555) held its fourth board meeting of the seventh session on October 28, 2025, to review proposals regarding the revision and abolition of certain company systems [1] - For the first half of 2025, the company's revenue composition shows that the online gaming sector accounted for 99.17%, while other businesses contributed 0.83% [1] - As of the report date, Sanqi Interactive Entertainment has a market capitalization of 43.7 billion yuan [1] Group 2 - The A-share market has surpassed 4,000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation and a new "slow bull" pattern emerging [1]

三七互娱网络科技集团股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为规范三七互娱网络科技集团股份有限公司（以下简称"公司"）的内幕 信息管理，加强内幕信息保密工作，以维护信息披露的公平原则，根据《中华人民共 和国证券法》《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上市公 司内幕信息知情人登记管理制度》《深圳证券交易所上市公司自律监管指引第 5 号— —信息披露事务管理》等有关法律、法规和《三七互娱网络科技集团股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 公司董事会是内幕信息的管理机构，负责信息披露的统一领导和管理。 第三条 董事会应当保证内幕信息知情人档案真实、准确和完整，董事长为主要责 任人，董事会秘书负责办理公司内幕信息知情人的登记入档和报送事宜。董事长与董 事会秘书应当对内幕信息知情人档案的真实、准确和完整签署书面确认意见。 第四条 董事会秘书和董事会秘书办公室统一负责证券监管机构、证券交易所、证 券公司等机构及新闻媒体、股东的接待、咨询（质询）、服务等工作。未经董事会批 准同意或授权，公司任何部门和个人不得向外界泄露、报道、传送有关 ...

三七互娱网络科技集团股份有限公司 内部审计制度 第一章 总则 第一条 为充分发挥内部审计的监督管理作用，有效开展内部审计工作，独 立监督和评估公司内部控制体系的完整性、有效性，保证公司财务收支、经济 活动的真实、合法和有效，根据《中华人民共和国审计法》《审计署关于内部审 计工作的规定》《中国内部审计准则》《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》，结合三七互娱网络科技集团股份有限公司 （以下简称"公司"）的实际情况，制定本制度。 第二条 本制度所称内部审计，是指公司内部审计机构或人员对公司及所属 单位财务收支、经济活动、内部控制、风险管理实施独立、客观的监督、评价 和建议，以促进单位完善治理、实现目标的活动。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （四）确保公司财务报告及相关信息披露的真实、准确、完整和公平； （五）促进公司实现发展战略。 第四条 公司依照本规定接受审计监督。 第五条 公司各内部机构或者职能部门、控股子公司以及对公司具有重大影 响的参股公司应当 ...

三七互娱外汇套期保值业务管理制度 三七互娱网络科技集团股份有限公司 外汇套期保值业务管理制度 第一章 总则 第一条 为进一步规范三七互娱网络科技集团股份有限公司（以下简称"公 司"）外汇套期保值业务及相关信息披露工作，加强对外汇套期保值业务的管理， 防范投资风险，健全和完善公司外汇套期保值业务管理机制，确保公司资产安全， 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所股 票上市规则》《上市公司信息披露管理办法》《深圳证券交易所上市公司自律监 管指引第 1 号——主板上市公司规范运作》《深圳证券交易所上市公司自律监管 指引第 7 号——交易与关联交易》等有关法律、法规、规范性文件以及《公司章 程》的有关规定，结合公司的实际情况，特制定本制度。 第二条 套期保值业务，是指为管理外汇风险、价格风险、利率风险、信用 风险等特定风险而达成与上述风险基本吻合的期货和衍生品交易的活动。本制度 所称外汇套期保值业务是指为满足正常生产经营需要，与具备相关业务经营资质 的银行等金融机构进行的用于规避和防范外汇汇率或利率风险的外汇套期保值 业务。外汇套期保值业务品种具体包括远期结售汇、外汇互换、外汇期货、外汇 ...

三七互娱网络科技集团股份有限公司 信息披露事务管理制度 第一章 总则 第一条 为了规范三七互娱网络科技集团股份有限公司（以下简称"公司"） 的信息披露行为，加强信息披露事务管理，确保信息披露的公平性，保护投资者合 法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信 息披露管理办法》《深圳证券交易所股票上市规则》（以下简称"《上市规 则》"）、《深圳证券交易所上市公司自律监管指引第 5 号——信息披露事务管理》 等相关法律、法规、规范性文件和《三七互娱网络科技集团股份有限公司章程》 （以下简称"《公司章程》"），并结合公司实际情况，特制定本制度。 第二条 本制度所指"信息"是指所有可能对公司证券及其衍生品种交易价格 产生重大影响的信息以及证券监管部门要求或公司主动披露的信息。信息披露文件 的形式主要包括：招股说明书、募集说明书、上市公告书、收购报告书、定期报告 和临时报告等。 第三条 本制度适用于如下机构和人员： （一）公司董事会； （二）公司董事、董事会秘书和公司其他高级管理人员； （三）公司各部门、各控股子公司（包括直接控股和间接控股）及其主要负责 人； （四）公司控股股东、实际控制人 ...