Core Viewpoint - Shenwan Hongyuan's research report indicates that Sanqi Interactive Entertainment is undervalued with high dividends and significant growth potential, especially following the recent fine resolution [1] Company Performance - The company's long-standing product has maintained stability, while the new self-developed MMO "Douluo Dalu: Hunting Soul World," launched in July, has met expectations but has not contributed significantly in the short term [1] - The new RPG mini-game "Survival for 33 Days" has quickly entered the top 25-30 of WeChat mini-game sales charts [1] - Continuous improvement in profitability is primarily attributed to the profit release from mini-games, including new products launched in the first half of the year [1] Product Pipeline and Strategy - The product pipeline is rich but expectations are low, with 2026 being a year for new product validation [1] - The company is enhancing its capabilities through investments and team acquisitions, such as investing in former Funplus producer Cui Bing's Happy Ark [1] - Direct or indirect investments have been made in companies like Zhipu Huazhang, Moon's Dark Side, and Starry Sky Technology, establishing a comprehensive industrial chain layout from "computing power infrastructure to large model algorithms to AI applications" [1] Dividend and Investment Outlook - The company continues to show impressive dividends, and considering the positive trend in marginal profit release, the dividend yield is notable, maintaining a "buy" rating [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed administrative penalties on Sanqi Interactive Entertainment (stock code: 002555) for violations related to false disclosures and significant omissions in financial reports from 2014 to 2021 [1][5]. Summary by Relevant Sections Administrative Penalties - Sanqi Interactive Entertainment has been found to have false records regarding shareholder holdings in annual reports from 2014 to 2020 [5]. - The 2018 annual report failed to disclose the acquisition of Jiangsu Aurora's equity as a related party transaction, constituting a significant omission [5]. - The indirect acquisition of Guangzhou Sanqi's equity in 2020 was also not properly disclosed as a related party transaction, leading to false records in a temporary announcement and the 2020 annual report [5]. - Related party transactions with Hainan Liyuan and others were not disclosed in annual reports from 2018 to 2021, resulting in significant omissions [5]. - The CSRC has ordered Sanqi Interactive and its actual controller, Li Weiwei, to correct these issues, issue warnings, and impose fines [1][5]. Legal Implications for Investors - Investors who suffered losses due to the company's false disclosures can seek civil compensation under the Civil Code and Securities Law, which includes recovery of investment differences, commissions, stamp duties, and interest losses [2][5]. - A lawyer from Shanghai Hanlian Law Firm is collecting claims from affected investors who purchased Sanqi Interactive's securities between March 31, 2015, and June 27, 2023, and sold or held them after June 28, 2023 [6][2]. - The conditions for claims may be adjusted based on the final conclusions of the CSRC's administrative penalties and court rulings [6][2]. Litigation Considerations - While investors can file lawsuits without the prerequisite of an administrative penalty decision, relying solely on investigation notices or administrative measures may carry risks of losing the case [7]. - The status of the company, such as delisting or entering bankruptcy, may affect the progress of civil claims but not the right to file [7]. - Investors must provide specific documentation for claims registration, including identification, securities account confirmation, and transaction records [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 受损股民可至新浪股民维权平台登记该公司维权：http://wq.finance.sina.com.cn/ 关注@新浪证券、微信关注新浪券商基金、百度搜索新浪股民维权、访问新浪财经客户端、 新浪财经首页都能找到我们！ 中国证监会对游戏巨头三七互娱（维权）开出三千多万元的罚单，这份行政处罚决定书揭露了长达七年 的虚假记载和关联交易隐瞒。 一、监管下发正式处罚 2025年12月5日，三七互娱披露公告称收到监管的行政处罚决定。 调查发现，从2014年到2021年间，三七互娱在信息披露方面存在多项违规行为。 除了这张来自证监会的罚单，同一天，安徽证监局也对13名时任公司董监高人员出具了警示函，深交所 则对公司和多名责任人员给予了公开谴责或通报批评的纪律处分。 三七互娱接受监管部门调查的时间线跨度两年。2023年6月27日，因涉嫌信息披露违法违规，证监会对 公司、实际控制人兼董事长李卫伟和副董事长曾开天立案。 2020年12月7日，公司公告间接收购广州三七20%股权，交易金额28.8亿元，占公司2019年经审计净资 产的39.48%。相关临时公告存在虚假记载，2020年年 ...

近日，MSCI发表最新研究显示，中国正在持续推进脱碳进程，企业的气候信息披露水平日益上升，气 候目标设定更为广泛，清洁技术创新进一步增长。然而，基于MSCI能源转型框架（ETF）的分析凸显 了中国企业在转型准备度方面与全球同行之间的差距，尤其是在目标全面性和转型技术部署方面。 12月5日，三七互娱公告称，公司及相关责任人李卫伟、曾开天、胡宇航、杨军、叶威、吴卫红收到中 国证监会下发的《行政处罚决定书》。从上市公司，到董事长、副董事长、副总经理、董秘、财务总 监，一张处罚单，公司核心高管全部被罚，合计被罚超3255万。 经查明，三七互娱存在以下违法事实：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；2020年间接收购广州三七股权事项 为关联交易，2020年12月7日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。对三七互娱责令改正，给予警告，并 处以900万元罚款；对李卫伟给予警告，并处以1400万元罚款；对杨军给予警告，并处以350万元罚款 ...

三七互娱（002555）(002555.SZ)处罚落地：核心高管"全军覆没"，合计被罚超3225万元 12月5日，三七互娱公告称，公司及相关责任人李卫伟、曾开天、胡宇航、杨军、叶威、吴卫红收到中 国证监会下发的《行政处罚决定书》。从上市公司，到董事长、副董事长、副总经理、董秘、财务总 监，一张处罚单，公司核心高管全部被罚，合计被罚超3255万。 经查明，三七互娱存在以下违法事实：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；2020年间接收购广州三七股权事项 为关联交易，2020年12月7日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。对三七互娱责令改正，给予警告，并 处以900万元罚款；对李卫伟给予警告，并处以1400万元罚款；对杨军给予警告，并处以350万元罚款； 对曾开天给予警告，并处以350万元罚款；对叶威给予警告，并处以150万元罚款；对胡宇航给予警告， 并处以80万元罚款；对吴卫红给予警告，并处以25万元罚款。 造纸企业又现E ...

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Core Insights - The company has received an administrative penalty notice related to false records of shareholder holdings and significant omissions in disclosing related transactions, resulting in fines for the company and responsible individuals. However, it does not trigger any major illegal delisting situations or other risk warnings [1] Group 1: Financial Performance - The company has shown significant improvement in profitability driven by mini-games, with a notable expansion in mini-game revenue since 2023, although profits were initially reinvested for scale [1] - In Q2 and Q3 of 2025, the company’s profit margins continued to rise, with Q3 net profit margin reaching 23.8%, an increase of 8.4 percentage points year-on-year and 3.7 percentage points quarter-on-quarter [1] - The company distributed dividends of 4.62 billion in Q3, totaling 13.86 billion for the first three quarters, with a dividend payout ratio of 59% [2] Group 2: Product Pipeline and Innovation - The company has a robust pipeline with over 20 titles, focusing on MMO and SLG genres, with expectations set for 2026 as a year for new product validation [1] - The company is leveraging AI to enhance production efficiency across various aspects, including art asset generation and localization, while also investing in companies to strengthen its AI capabilities [2] Group 3: Future Projections - The company maintains its revenue forecasts, expecting revenues of 16.4 billion, 19 billion, and 20.3 billion for 2025-2027, with net profits projected at 3.21 billion, 3.53 billion, and 3.70 billion respectively [2] - The current price corresponds to a PE ratio of 14x for 2026 and 13x for 2027, indicating a positive trend in marginal profit release [2]

传媒 2025 年 12 月 08 日 三七互娱 (002555) ——罚款靴子落地，低估值高分红，具备较大成长潜力 报告原因：有信息公布需要点评 买入（维持） | 市场数据： 2025 年 12 月 05 日 | | | --- | --- | | 收盘价（元） | 20.04 | | 一年内最高/最低（元） | 24.35/13.11 | | 市净率 | 3.3 | | 股息率%（分红/股价） | 4.99 | | 流通 A 股市值（百万元） | 32,043 | | 上证指数/深证成指 3,902.81/13,147.68 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.08 | | 资产负债率% | 36.29 | | 总股本/流通 A 股（百万） | 2,212/1,599 | | 流通 B 股/H 股（百万） | -/- | 联系人 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 一年内股价与大盘对比走势： -20% 0% 20% 40 ...

【环球网科技综合报道】12月5日，由江苏省委宣传部、中国音像与数字出版协会指导，中国音像与数字出版协会游戏工委、凤凰出版传媒集团等主办的"江 苏游戏产业高质量发展大会"在江苏常州圆满举办。中宣部网络出版处副处长徐硕、中国音像与数字出版协会理事长敖然等主管部门领导，携全国头部数字 文化企业代表齐聚一堂，共绘产业高质量发展新蓝图。会上，企业代表围绕"新趋势新机遇——融合创新，驱动产业蝶变升级"核心议题，展开主旨分享，凝 聚行业共识、捕捉发展机遇、促成项目合作,推动产业集聚，提升文化新产能。 在文旅融合层面，三七互娱更是打造了"科技+文化+体育"的多元实践样本。自2025年6月正式以"超级合伙人"身份成为首批广州"城市合伙人"以来，公司以 与湾区合伙，与城市合伙为方向，充分发挥AI、游戏、数字技术等领域的优势，打造了覆盖数字宣传、智慧服务、全民体育的科技赋能矩阵，深度参与全 运会筹备、宣传和广州城市产业发展工作。具体而言，公司打造了全运主题城市宣传片《广州，有运行》，以"迎全运 接好运"为创意内核，将运动激情、 广府韵味、广州美景和游戏奇趣揉成一团"好运球"，通过"AI科技+名人跨界"模式引爆传播；在全球发行的《叫 ...

信息披露违法违规，三七互娱（002555.SZ）及核心高管全部被罚。 12月5日晚，三七互娱发布公告，公司及相关责任人收到了中国证监会的《行政处罚决定书》。 证监会认定，三七互娱存在股权代持、关联交易未披露的违法行为，且在年度报告中也未予以披露，时 间跨度从2014年至2021年。 据此，证监会对三七互娱及相关责任人李卫伟、曾开天等核心高管做出行政处罚，合计罚款3255万元。 长江商报记者注意到，三七互娱是一家靠买流量而生的公司。公司销售费用中的核心构成是互联网流量 费用，2022年至2024年分别为81.70亿元、84.66亿元、91.51亿元，三年累计257.87亿元。 与之对应的是，三七互娱研发投入持续缩水。2021年，公司研发投入为12.50亿元，2022年至2024年分 别为9.05亿元、7.14亿元、6.46亿元。 信披违法违规被罚900万 历时两年多的立案调查，中国证监会对三七互娱及相关责任人的处罚终于落地。 长江商报消息●长江商报记者 沈右荣 基于上述违法违规行为，证监会决定，对三七互娱责令改正，给予警告，并处以900 万元罚款；对李卫 伟给予警告，并处以1400万元罚款；对曾开天、杨军、叶威 ...