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]

Core Viewpoint - The China Securities Elderly Consumption Theme Index has shown a decline of 4.38% over the past month, while it has increased by 1.14% over the last three months and decreased by 2.70% year-to-date [1] Group 1: Index Performance - The China Securities Elderly Consumption Theme Index is currently at 1560.86 points, with a base date of December 31, 2009, set at 1000.0 points [1] - The index's top ten holdings include companies such as Kaiying Network (6.62%), 37 Interactive Entertainment (5.37%), and New China Life Insurance (5.2%) [1] Group 2: Market Composition - The index's holdings are primarily listed on the Shenzhen Stock Exchange (62.02%) and the Shanghai Stock Exchange (37.98%) [1] - The industry composition of the index includes Communication Services (41.10%), Consumer Discretionary (27.49%), and Healthcare (13.49%) [2] Group 3: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

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]

Core Insights - Century Huatong and 37 Interactive Entertainment are the top two revenue earners in the A-share gaming industry for 2024, both exceeding 10 billion yuan in revenue [1][2] - Century Huatong reported a revenue increase of 70.3% to 22.62 billion yuan and a net profit increase of 131.5% to 1.21 billion yuan for 2024 [1][2] - 37 Interactive Entertainment achieved a revenue of 17.44 billion yuan, a growth of 5.4%, with a net profit of 2.67 billion yuan, up 0.5% [2][3] Company Performance - Century Huatong's internet gaming business generated 20.97 billion yuan in revenue, an 85.9% increase, with its subsidiary, Point Interactive, contributing approximately 15 billion yuan, a 155% increase [2][4] - The game "Whiteout Survival" from Point Interactive has been a significant revenue driver, ranking first in China's mobile game overseas revenue for 10 consecutive months [1][2] - 37 Interactive Entertainment's growth is attributed to its overseas and mini-game businesses, with notable titles contributing to its revenue [3][4] Market Position - Shenzhou Taiyue ranks third in A-share gaming revenue with 6.45 billion yuan, an 8.22% increase, and a net profit of 1.43 billion yuan, up 60.92% [3][4] - Perfect World faced a decline in revenue to 5.57 billion yuan, a decrease of 28.5%, and reported a net loss of 1.288 billion yuan [4][5] - Humming Network achieved a revenue of 5.12 billion yuan, a growth of 19.2%, with a net profit of 1.63 billion yuan, up 11.4% [5][6] Industry Trends - The gaming industry's overseas expansion has been a key growth factor for major companies, with government support for developing overseas gaming businesses [6] - Recent government initiatives aim to enhance the gaming industry's global competitiveness, indicating potential for a new product cycle [6]

Core Viewpoint - The performance of major A-share gaming companies in 2024 shows a significant disparity, with Perfect World maintaining the third position in revenue but suffering substantial losses, while other companies like Shenzhou Taiyue and Kaixin Network are showing better profitability and growth [1][17]. Company Performance Summary Perfect World - In 2024, Perfect World reported a revenue of 5.57 billion yuan, a decrease of 28.50% year-on-year, and a net loss of 1.29 billion yuan, marking a shift from profit to loss [2][3]. - The gaming business revenue was 5.18 billion yuan, down 23.32% from the previous year, attributed to project adjustments and underperforming game launches [2][3]. - The company underwent significant layoffs, reducing its workforce by 32% to 3,905 employees, impacting various expense categories [4][5]. Shenzhou Taiyue - Shenzhou Taiyue achieved a revenue of 6.45 billion yuan in 2024, an increase of 8.22%, with a net profit of 1.43 billion yuan, up 60.92% [10][11]. - The gaming segment generated 4.66 billion yuan, a growth of 3.66%, primarily driven by overseas player spending on the game "Age of Origins" [8][10]. Kaixin Network - Kaixin Network reported a revenue of 5.12 billion yuan, a year-on-year increase of 19.16%, and a net profit of 1.63 billion yuan, up 11.41% [12][13]. - The company saw a significant increase in overseas revenue, which grew by 221.48% to 375 million yuan, driven by successful game launches in various markets [14]. Industry Ranking - The ranking of A-share gaming companies shows that 37 Interactive Entertainment and Century Huatong remain the top two, while Perfect World, despite its revenue position, is the only major company reporting losses [16][17]. - Perfect World has been surpassed in overall revenue by Shenzhou Taiyue and is at risk of being overtaken by Kaixin Network in the near future [17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 17.44 billion yuan for 2024, representing a year-on-year increase of 5.4%. The net profit attributable to the parent company was 2.67 billion yuan, up 0.5% year-on-year, while the net profit excluding non-recurring items was 2.59 billion yuan, an increase of 3.8% year-on-year [2][5]. - The company plans to distribute dividends with a payout ratio of 82.3%, corresponding to a dividend yield of approximately 6.3% based on the closing price of 4.22 yuan [2][5]. - Several new games, including "Time Explosion" and "Heroes Don't Flash," have shown strong performance in early 2025, with a rich pipeline of upcoming products [2][5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.1 billion yuan, which is a decrease of 8.9% year-on-year and a slight decrease of 0.1% quarter-on-quarter. The net profit for the same quarter was 780 million yuan, reflecting a significant year-on-year increase of 66.3% and a quarter-on-quarter increase of 22.6% [2][5]. - The company’s sales expenses in Q4 2024 decreased by 26.4% year-on-year and 14.3% quarter-on-quarter to 2.01 billion yuan, resulting in a sales expense ratio of 49.0% [2][5]. Product Development and Market Position - The company has upgraded its AI capabilities, enhancing various business applications. The self-developed game industry model "Xiao Qi" has significantly improved the quality and efficiency of game production [2][5]. - The company has a diverse pipeline of new games across various genres, including MMORPG, SLG, and card games, which are expected to contribute to revenue growth [2][5]. Future Outlook - The company forecasts net profits of 2.84 billion yuan and 3.09 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 12.5 and 11.5 times [2][5].

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