Core Viewpoint - Sanqi Interactive Entertainment (002555.SZ) has seen a significant stock price increase, nearing the daily limit, driven by multiple positive news, with a current price of 21.28 yuan and a total market capitalization of 47 billion yuan [1] Financial Performance - In Q3 2025, Sanqi Interactive achieved an operating revenue of 3.975 billion yuan and a net profit attributable to shareholders of 944 million yuan, representing a year-on-year growth of 49.24% [1] - The successful launch of several games this year, including "Time Explosion," "Heroes Don't Flash," and "Douluo Continent: Soul Hunting World," has significantly contributed to the company's revenue growth [1] Analyst Commentary - CICC commented that the company's profits exceeded expectations and highlighted a rich reserve of new products. They raised the target price by 6.8% to 25.1 yuan while maintaining an "outperforming the industry" rating [1] Strategic Investment - Recently, Sanqi Interactive completed a $20 million investment in Strong Brain Technology, which is recognized for its leading capabilities in the global brain-computer interface industry. This investment is seen as a key move for the company in the brain-computer interface sector and an important practice in exploring a positive cycle of "technology research and development - scenario implementation - ecosystem empowerment" [1]

Group 1: Gaming Industry - The gaming sector showed strong performance with stocks like G-bits hitting the limit up, and others like 37 Interactive Entertainment, Kying Network, and Perfect World also rising, while the gaming ETF (159869) increased by 2.80% [1] - As of October 28, the gaming ETF (159869) reached a product scale of 11.005 billion yuan, facilitating investors in easily allocating to A-share gaming leaders [1] - The National Press and Publication Administration announced the approval of 159 domestic games and 7 imported games as of October 22, maintaining a high issuance level, second only to August's 173 games, indicating a positive trend in the gaming industry supported by policies [1] - The gaming industry is experiencing an upward trend in prosperity due to policy support, with an increase in quality supply boosting market confidence in the sector's development [1] - Several A-share gaming companies reported significant growth in performance or turned losses into profits in the first three quarters, driven by AI empowerment, content supply, and operational model adjustments [1] Group 2: Film and Television Industry - The television industry is benefiting from policy reversals that create trading opportunities, with the National Radio and Television Administration issuing 21 reform measures aimed at enhancing content supply [2] - The "21 Measures" reflect the government's emphasis on quality content supply, supporting the production of long-form content to improve capital efficiency and optimize video platform business models [2] - The ongoing upgrade of large model capabilities in AI allows for rapid generation and intelligent optimization of script drafts based on keywords, enhancing production efficiency while reducing costs [2]

Summary of Earnings Preview for China Internet and Other Services Industry Overview - The report focuses on the China Internet and Other Services sector, particularly highlighting companies involved in gaming and entertainment, such as Damai Entertainment, 37 Interactive Entertainment, G-bits, Perfect World, IQIYI, JOYY, Huya, and Focus Media [2][10]. Key Company Insights Damai Entertainment (1060.HK) - Forecasted 27% YoY total revenue growth in 1HF26, driven by 90% growth in IP business and 13% growth in offline entertainment [3]. - Expected net profit growth of 45% YoY [3]. 37 Interactive Entertainment (002555.SZ) - Anticipated 14% YoY revenue growth and 30% YoY adjusted net profit growth, attributed to new game releases [4]. G-bits (603444.SS) - Forecast aligns with preliminary announcements, with a focus on deferred revenue and 2026 pipelines [4]. Perfect World (002624.SZ) - Expected 34% revenue growth with a shift from a net loss of Rmb189 in 3Q24 to a net profit of Rmb326 in 3Q25 [5]. IQIYI (IQ.O) - Total revenue expected to be largely flat QoQ (-7% YoY), with a forecasted non-GAAP operating loss of Rmb23 million [6]. - Membership revenue projected to increase by 3% QoQ [6]. JOYY (JOYY.O) - Total revenue expected to grow 6% QoQ (-4% YoY), with net income remaining flat [7]. - Focus on advertising revenue and expense control [7]. Huya (HUYA.N) - Anticipated total revenue rebound in 3Q25 with an 11% YoY increase and a narrowing net loss [7]. Focus Media (002027.SZ) - Forecasted revenue growth of 4% YoY, driven by stronger demand from internet advertisers [8]. - Expected net profit growth of 10% YoY [8]. Financial Metrics and Projections - **Damai Entertainment**: Total revenue projected at Rmb3,879 million for 1HF26, with a normalized net profit margin of 12.8% [14]. - **37IE**: Revenue expected at Rmb4,674 million for 3Q25, with a gross margin of 79% [15]. - **G-bits**: Revenue forecasted at Rmb1,631 million for 3Q25, with a gross margin of 92% [17]. - **Perfect World**: Revenue expected at Rmb1,766 million for 3Q25, with a gross margin of 65% [18]. - **IQIYI**: Total revenues projected at Rmb6,688 million for 3Q25, with a gross profit margin of 18% [20]. - **Huya**: Total revenues expected at USD 1,710 million for 3Q25, with a gross profit margin of 13% [21]. - **JOYY**: Total revenues projected at USD 537 million for 3Q25, with a gross margin of 36% [24]. Additional Insights - The report emphasizes the importance of management comments on revenue growth momentum and normalized margin levels across companies [3][4][5]. - The potential for upside surprises in revenue growth for several companies, particularly in the context of new game releases and advertising demand, is highlighted [12][13]. - The overall industry view remains attractive, with a focus on the evolving landscape and potential regulatory impacts [10]. This summary encapsulates the key points from the earnings preview, providing a comprehensive overview of the anticipated performance and strategic focus of the highlighted companies within the China Internet and Other Services sector.

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company has shown strong performance with new game releases such as "Douluo Dalu: Hunting Soul World" and "Guangda Dazha," which have significantly contributed to revenue growth [2][4] - The company is enhancing its operational efficiency through refined long-term product management and marketing strategies, leading to improved resource allocation [3] - The integration of AI capabilities into game development and operations is a key focus, with the development of over 40 AI functionalities through its proprietary model "Xiao Qi" [4] Financial Overview - For the first three quarters of 2025, the company reported a revenue of 12.461 billion yuan, a year-on-year decline of 6.59%, while the net profit attributable to shareholders was 2.345 billion yuan, an increase of 23.57% [1] - The third quarter of 2025 saw a revenue of 3.975 billion yuan, down 3.23% year-on-year, but net profit rose by 49.24% to 944 million yuan [1] - The profit distribution plan for Q3 2025 proposes a dividend of 2.1 yuan per 10 shares [1] Product Development and Strategy - The company is focusing on long-term operations of existing products and has developed a diverse product matrix with over 20 quality games across various genres [3] - The successful launch of "Douluo Dalu: Hunting Soul World" as a 3D MMORPG has been a significant milestone, achieving over 10 million player reservations prior to its release [2][4] Profit Forecast - The profit forecast has been adjusted upwards, with expected net profits of 3.069 billion yuan, 3.308 billion yuan, and 3.579 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 14.8%, 7.8%, and 8.2% [4]

新华财经查阅三季报预约时间表发现，市值较大的游戏股中，ST华通、恺英网络的2025三季报预约披露时间则分别为2025年10月31日和2025年10月30日。 在净利润大幅增长的同时，吉比特与三七互娱继续"慷慨"分红。吉比特第三季度拟每10股派60.00元（含税），合计拟派现约4.305亿元，前三季度现金分红 总额预计为9.041亿元，占前三季度归母净利润的74.47%。三七互娱第三季度拟每10股派2.10元（含税），合计拟派现约4.619亿元。2025年第一季度和半年 度，三七互娱也均每10股派2.10元（含税），相关权益分派的除权除息日分别为2025 年5月27日和2025年9月4日。 需要留意的是，游戏股近期持续跑输大盘，2025年9月30日至10月28日的15个交易日期间，巨人网络股价累计下跌18.12%，吉比特股价累计下跌22.11%，三 七互娱股价累计下跌9.20%，ST华通股价累计下跌15.62%，恺英网络股价累计下跌14.55%。 | 证券代码 | 证券简称 | 定期报告预计披露日期 [报告期] 今年三季 | 单季度. 归属母公司 [报告期] | | --- | --- | --- | --- ...

Core Insights - The company reported a total revenue of 12.461 billion yuan for Q3 2025, a decrease of 879 million yuan compared to the same period last year, representing a year-on-year decline of 6.59% [1] - The net profit attributable to shareholders was 2.345 billion yuan, with net cash inflow from operating activities amounting to 2.967 billion yuan [1] Financial Performance - The latest debt-to-asset ratio stands at 36.29%, an increase of 0.11 percentage points from the previous quarter and an increase of 1.68 percentage points from the same period last year [3] - The gross profit margin is reported at 76.76%, down by 2.36 percentage points compared to the same period last year [3] - The return on equity (ROE) is recorded at 17.42% [3] Earnings and Ratios - The diluted earnings per share (EPS) is 1.07 yuan [4] - The total asset turnover ratio is 0.61 times, a decrease of 0.08 times, reflecting an 11.87% year-on-year decline [4] - The inventory turnover ratio is reported at 6.26 times [4] Shareholder Information - The number of shareholders is 159,300, with the top ten shareholders holding a total of 1.089 billion shares, accounting for 49.22% of the total share capital [4] - The largest shareholder is Li Weiwei, holding 14.61% of the shares, followed by Zeng Kaitian at 11.14% and Hu Yuhang at 9.11% [4]

格隆汇10月29日｜近日，三七互娱正式完成对强脑科技2000万美元的投资。强脑科技成立于2015年2 月，是国内首个脑机接口领域独角兽企业，也是首家入选哈佛大学创新实验室(Harvard Innovation Lab) 的中国团队。目前，强脑科技的技术能力在全球脑机接口行业内处于领先地位，在脑机接口领域具备稀 缺的技术壁垒和商业化能力。公司核心团队多数来自哈佛、MIT等顶尖院校，目前已获授权专利480余 项，核心产品通过FDA、CE等国际认证，并广泛应用康复、消费健康、人机交互等多个领域。其创始 人兼CEO韩璧丞更以专业能力，获任香港特别行政区行政长官"创新与创业"领域顾问，成为政商学界认 可的行业领军者。 三七互娱选择投资强脑科技，不仅是财务投资，更是其在脑机接口领域布局的关键 举措，也是其探索"技术研发－场景落地－生态赋能"正向循环的重要实践。 未来，三七互娱将持续探 索脑机接口技术在文娱、教育以及医疗等领域的多元应用，推动技术与产业融合创新，通过构建全新交 互范式，为用户创造更沉浸式体验与更高维度的价值，为不同人群提供个性化服务，为文娱及相关领域 注入新动能，让科技创新真正造福人类。 ...

Group 1: Sanqi Interactive Entertainment - The company reported a net profit of 944 million yuan in Q3 2025, with a proposed cash dividend of 462 million yuan [1] - For the first nine months of 2025, the company achieved a revenue of 12.461 billion yuan, a year-on-year decrease of 6.59%, while net profit increased by 23.57% to 2.345 billion yuan [1] - The growth in Q3 was attributed to the long-term operation of existing products and the successful launch of new games such as "Time Explosion" and "Heroes Without Flash" [1] Group 2: Gigabit Network - The company reported a net profit growth of 307.70% in Q3 2025, reaching 569 million yuan, with a revenue of 1.968 billion yuan, up 129.19% year-on-year [2] - For the first three quarters of 2025, the company achieved a revenue of 4.486 billion yuan, a year-on-year increase of 59.17%, and a net profit of 1.214 billion yuan, up 84.66% [2] - The significant growth was driven by new game launches and a 59.46% increase in overseas business revenue [2] Group 3: Giant Network - The company reported a revenue of 1.706 billion yuan in Q3 2025, a year-on-year increase of 115.63%, with a net profit of 640 million yuan, up 81.19% [3] - For the first three quarters of 2025, the company achieved a revenue of 3.368 billion yuan, a year-on-year increase of 51.84%, and a net profit of 1.417 billion yuan, up 32.31% [3] - The growth was primarily due to an increase in game revenue, indicating the effectiveness of its product line operation strategy [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002555 证券简称：三七互娱 公告编号：2025-052 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信 息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 报告期内，公司一如既往地推进战略目标的实施，坚持研运一体战略，进一步深化产品精品化、多元化 和市场全球化布局，战略实施成效稳步显现。2025年第三季度公司实现营业收入39.75亿元，归属于上 市公司股东的净利润9.44亿元，同比增长49.24%；2025年1-9月，公司实现营业收入124.61亿元，归属于 上市公司股东的净利润23.45亿元，同比增长23.57%，整体业绩呈现良 ...

Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant year-on-year growth in both revenue and net profit, alongside a robust dividend distribution plan for shareholders [2][3]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, representing a year-on-year growth 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 year-on-year increase of 49.24% [2]. Dividend Distribution - The company proposed a cash dividend of 2.10 yuan per 10 shares for Q3 2025, with an expected total cash dividend amount of 462 million yuan, bringing the total dividends for the year to 1.386 billion yuan, which is approximately 59% of the net profit [2]. - The company has consistently increased its dividend payout, raising the distribution from 5.2 yuan per 10 shares in 2021 to 10 yuan per 10 shares by 2024, and has shifted from biannual to quarterly dividends [3]. Shareholder Return Strategy - The company has demonstrated a commitment to enhancing shareholder returns, with cumulative cash dividends of 1.772 billion yuan, 1.806 billion yuan, and 2.2 billion yuan for the years 2022 to 2024, totaling 5.778 billion yuan over three years [3]. - The company's focus on shareholder returns aligns with market expectations and enhances its attractiveness to investors, reflecting a strategy of long-term value creation [3].