Core Viewpoint - The gaming sector continues to strengthen, with notable stock performances from various companies [1] Group 1: Company Performance - Xinghui Entertainment reached a 20% limit-up [1] - Perfect World previously hit a limit-up [1] - Other companies such as 37 Interactive Entertainment, Giant Network, Iceberg Network, Shenzhou Taiyue, and Kaiying Network also experienced gains [1] Group 2: ETF Performance - The gaming ETF Huatai Bairui (516770) increased by 3.83% [1] - The trading volume for the ETF was 30.11 million yuan [1]

Core Viewpoint - The gaming sector continues to strengthen, with notable stock performances from various companies and related ETFs showing positive trends [1] Group 1: Company Performance - Xinghui Entertainment reached a daily limit increase of 20% [1] - Perfect World previously hit a daily limit increase [1] - Other companies such as 37 Interactive Entertainment, Giant Network, Iceberg Network, Shenzhou Taiyue, and Kaiying Network also experienced upward movement [1] Group 2: ETF Performance - The Huatai-PB Gaming ETF (516770) rose by 3.83% [1] - The trading volume for the ETF was 30.11 million yuan [1]

（文章来源：每日经济新闻） 每经AI快讯，9月15日，游戏板块拉升，巨人网络涨超7%，完美世界、星辉娱乐涨超5%，三七互娱、 吉比特、恺英网络跟涨。 ...

Group 1 - The company reported a 10.72% year-on-year increase in net profit for the first half of 2025, reaching 1.4 billion yuan, despite an 8.08% decline in revenue to 8.486 billion yuan [1] - In Q2 2025, the company achieved a net profit of 851 million yuan, marking a significant 31.24% year-on-year increase and a 54.97% quarter-on-quarter increase, while revenue was 4.243 billion yuan, down 5.33% year-on-year [1] - The company plans to distribute a cash dividend of 2.10 yuan per 10 shares, totaling 465 million yuan, which represents 33.18% of the net profit for H1 2025 [1] Group 2 - The company is leveraging multi-IP collaborations to extend the lifecycle of existing games, with titles like "Seeking the Great Thousand" and "Time Grocery Store" showing effective engagement strategies [2] - New game releases such as "Time Explosion" and "Heroes Have No Flash" have quickly climbed to the top of the iOS and WeChat mini-game charts, indicating strong market reception [2] - The company has a diverse product line, with ongoing development in various genres including MMORPG, SLG, and card games, and has secured rights for multiple popular IP adaptations [3] Group 3 - The company is expected to see revenue growth from 17.589 billion yuan in 2025 to 18.765 billion yuan in 2027, with net profit projected to increase from 2.917 billion yuan to 3.208 billion yuan during the same period [3] - The company's current valuation does not fully reflect its earnings recovery potential and long-term growth prospects, suggesting room for revaluation [3] - The company is rated as a "buy" based on its performance and growth outlook [3]

Investment Rating - The report upgrades the investment rating for the media sector to "Outperform" [1] Core Insights - The media sector shows significant revenue growth with a notable divergence among sub-sectors. The overall revenue for the media sector reached 272.89 billion yuan in H1 2025, marking a year-on-year increase of 2.91%, while the net profit attributable to shareholders surged by 38.08% to 22.27 billion yuan [7][14] - The gaming sector exhibits high market vitality and robust fundamentals, with a year-on-year revenue increase of 23.78% in H1 2025, reaching 47.90 billion yuan, and a net profit increase of 74.54% to 8.22 billion yuan [27][38] - The film sector experienced a significant drop in performance in Q2 2025 after a strong Q1, with total box office revenue for H1 2025 at 29.23 billion yuan, up 22.29% year-on-year, primarily driven by the Spring Festival [58][60] - The publishing sector faced revenue declines due to changes in educational book ordering policies, but profit growth was supported by favorable tax policies [27][60] - The advertising sector showed steady revenue growth, with a focus on the recovery of advertising demand driven by improvements in the economic and consumer environment [5][27] Summary by Sections Overview - The media sector's overall revenue reached 2728.86 billion yuan in H1 2025, a record high, with a net profit of 222.74 billion yuan, marking a significant recovery from the previous year [14][7] Gaming - The gaming market size reached 1680 billion yuan in H1 2025, with a user base of approximately 679 million, reflecting a year-on-year growth of 14.08% [29][32] - The gaming sector's revenue for H1 2025 was 478.98 billion yuan, with a net profit of 82.20 billion yuan, indicating strong growth potential [38][40] Film - The film sector's revenue for H1 2025 was 184.39 billion yuan, with a net profit of 17.24 billion yuan, showing a year-on-year increase of 17.16% and 120.85% respectively [60][64] - The film market saw a significant decline in Q2 2025, with box office revenue dropping to 4.84 billion yuan, a decrease of 34.71% year-on-year [58][59] Publishing - The publishing sector's revenue was 664.72 billion yuan in H1 2025, down 8.19% year-on-year, but net profit increased due to tax policy changes [27][60] Advertising - The advertising sector's revenue reached 1021.16 billion yuan in H1 2025, with a net profit of 36.88 billion yuan, reflecting a year-on-year increase of 2.34% [28][5] Broadcasting - The broadcasting sector continues to face challenges, with ongoing losses for eight consecutive quarters [27][5] Internet Media - The internet media sector's performance is heavily influenced by individual company results, with varying degrees of success across the board [27][5]

Group 1 - The mobile gaming sector saw an increase of 1.76% as of the market close on September 10, ranking 9th among concept sectors, with 48 stocks rising, including Giant Network, Wolong New Energy, and ST Kevin hitting the daily limit up [1] - Notable gainers in the mobile gaming sector included Xinghui Entertainment, Mango Super Media, and Kunlun Wanwei, which rose by 9.25%, 5.52%, and 4.71% respectively [1] - The sector experienced a net inflow of 785 million yuan from major funds, with 34 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow, led by Mango Super Media with 188 million yuan [2][3] Group 2 - The top stocks by net inflow ratio included Mango Super Media, Perfect World, and Shengtian Network, with net inflow ratios of 14.34%, 11.84%, and 11.12% respectively [3] - The mobile gaming concept's net inflow rankings showed Mango Super Media leading with a net inflow of 188 million yuan, followed by Perfect World and Tianyu Digital Science with 165 million yuan and 153 million yuan respectively [2][3] - Stocks such as Giant Network and ST Kevin also showed significant performance, with Giant Network increasing by 10.01% and ST Kevin by 4.91% [1][6]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of Sanqi Interactive Entertainment, indicating a significant increase in stock price and trading activity [1][2] - As of September 10, the stock price of Sanqi Interactive Entertainment was 22.28 CNY per share, with a year-to-date increase of 49.99% and a 14.49% rise over the past five trading days [1] - The company has a market capitalization of 49.29 billion CNY and has seen a net outflow of 3.46 million CNY in principal funds recently [1] Group 2 - Sanqi Interactive Entertainment's main business involves the development, publishing, and operation of mobile and web games, with mobile games accounting for 97.09% of its revenue [1][2] - For the first half of 2025, the company reported a revenue of 8.49 billion CNY, a year-on-year decrease of 8.08%, while the net profit attributable to shareholders was 1.40 billion CNY, reflecting a year-on-year growth of 10.72% [2] - The company has distributed a total of 11.04 billion CNY in dividends since its A-share listing, with 6.70 billion CNY distributed in the last three years [3]

分红方面，三七互娱A股上市后累计派现110.38亿元。近三年，累计派现67.02亿元。 机构持仓方面，截止2025年6月30日，三七互娱十大流通股东中，香港中央结算有限公司位居第一大流 通股东，持股1.33亿股，相比上期增加6212.90万股。华夏中证动漫游戏ETF（159869）位居第六大流通 股东，持股3693.69万股，相比上期增加687.78万股。华泰柏瑞沪深300ETF（510300）、易方达沪深 300ETF（510310）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，三七互娱9月9日融券偿还2300.00股，融券卖出3.53万股，按当日收盘价计算，卖出金额 80.27万元；融券余量6.66万股，融券余额151.45万元，超过近一年80%分位水平，处于高位。 资料显示，三七互娱网络科技集团股份有限公司位于安徽省芜湖市瑞祥路88号皖江财富广场B1座7层 7001号，成立日期1995年5月26日，上市日期2011年3月2日，公司主营业务涉及手机游戏和网页游戏的 研发、发行和运营。主营业务收入构成为：移动游戏97.09%，网页游戏2.08%，其他0.83%。 截至6月30日，三七互娱股东户数15 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信 公众号：全景财经，或下载全景路演APP，参与本次互动交流，活动时间为2025年9月15日（周一） 15:00-17:00。届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况和可持续发展等投资者 关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 本公司及董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。 为进一步加强与投资者的互动交流，三七互娱网络科技集团股份有限公司（以下简称"公司"）将参加由 安徽证监局指导，安徽上市公司协会与深圳市全景网络有限公司联合举办的"2025年安徽上市公司投资 者网上集体接待日"活动，现将相关事项公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 三七互娱网络科技集团股份有限公司 证券代码：002555 证券简称：三七互娱 公告编号：2025-048 三七互娱网络科技集团股份有限公司关于参加2025年安徽辖区上市公司投资者网上集体接待日活动的公 告 董 事 会 二〇二五年九月九日 ...

Summary of the Conference Call for Sanqi Interactive Entertainment Company Overview - **Company**: Sanqi Interactive Entertainment - **Industry**: Gaming Key Points and Arguments 1. **Revenue Performance**: Sanqi Interactive Entertainment experienced a slight decline in revenue in the first half of the year but maintained overall stability, showcasing solid fundamentals and forward-looking strategic planning. The removal of valuation suppression factors presents a good opportunity for attention [2][3] 2. **Market Growth**: The gaming market is experiencing considerable growth, particularly when excluding Tencent and NetEase from market share calculations. Sanqi has a long-standing accumulation in category cycles and regional markets, demonstrating sensitivity to market opportunities [2][5] 3. **Strong Performance in SLG Segment**: Sanqi has shown strong performance in the SLG (Simulation and Strategy Game) segment, with a rich reserve of products including five self-developed and five agency products. Future products will focus on high user volume themes, which are crucial for market growth [2][6] 4. **Globalization and Diversification Strategy**: The company has made significant progress in its globalization, diversification, and premiumization strategies. Despite a decline in domestic market share, it still holds a high overseas market share, with domestic mobile game market share reaching 13% and overseas market share peaking at 7.4% [2][7] 5. **Mini Games Market**: The mini games market is large and continues to grow, with projections indicating a market size of 40 billion in 2024. Sanqi remains a leading player in this field, having accumulated deep methodologies in self-developed mini games, which may lead to breakthroughs in the future [2][8][9] 6. **Q2 Performance**: The company exceeded expectations in Q2, primarily due to reduced marketing expenses leading to significant profit release elasticity. Optimized marketing strategies, especially in advertising spending, contributed to profit growth despite revenue pressures from older products [2][10] 7. **AI Technology in Advertising**: Sanqi has introduced an AI advertising system in 2023, with plans for further application in 2025 for SLG and other high-volume products. AI-generated materials have improved efficiency and effectiveness in advertising, benefiting major products [2][11] 8. **Future Opportunities**: Sanqi is currently at the left side of the product cycle bottom. The upcoming year (2025) is expected to bring significant opportunities due to the resonance of product cycle upturns and category cycle upturns, supported by a solid accumulation in profitable categories and a rich product reserve [2][12] Other Important Insights - **Valuation Recovery**: The gradual removal of stock price suppression factors is likely to lead to valuation recovery opportunities for Sanqi [3] - **Marketing Strategy Optimization**: The company has successfully optimized its marketing strategies, particularly in advertising buy volume, which has yielded positive results [4][10] This summary encapsulates the essential insights from the conference call, highlighting the company's current status, strategic direction, and future potential in the gaming industry.