Group 1 - The company held an investor communication meeting on January 19, 2026, attended by 25 institutions, including major securities and investment firms [1] - Key topics discussed included the performance of core gaming products, new product incubation mechanisms, resource allocation strategies, cost control, and industry development prospects [2] Group 2 - Core products such as "Whiteout Survival" and "Endless Winter" are performing steadily, while "Kingshot" is in a rapid growth phase; the company has sufficient resource reserves [3] - The company employs a "horse racing mechanism" for new product incubation, ensuring efficient recovery of R&D pipelines and deepening its presence in the casual gaming sector [3][4] - The company has accumulated substantial R&D and user acquisition experience in casual and SLG games, with a focus on integrating these strengths to enhance competitive advantages [3][4] Group 3 - The company maintains a cautious approach to team expansion while optimizing financial expenses, having reduced financial costs through debt repayment [4] - The company plans to continue optimizing its financial structure and strengthening financial management in 2026 [4] Group 4 - The gaming industry is experiencing multiple favorable conditions, including improved policy environments, increased focus among game developers, and significant enhancements from AI technology [5] - The company emphasizes that the gaming industry operates on a supply-driven demand model, expressing confidence in its future prospects [5] - Despite competition from product and user acquisition material plagiarism, the company has established significant product barriers and user differentiation, prioritizing the quality of its own products [5][6] Group 5 - The company showcased clear strategies regarding product layout, operational capabilities, and industry insights during the investor communication, indicating potential opportunities in high-quality development within the gaming industry [7]

Core Viewpoint - The company, Century Huatong, is focusing on sustainable high-quality business development and has made progress in debt repayment, which has effectively reduced financial expenses [1] Financial Management - The company has cleared some past debts, leading to a reduction in financial costs [1] - In 2026, the company plans to continue optimizing its financial structure and strengthen financial management to enhance overall financial health [1]

Group 1: Product Development and Strategy - Both "Whiteout Survival" and "Endless Winter" are performing steadily, with "Kingshot" in a rapid growth phase. The company has sufficient resources, ensuring no single product faces resource allocation issues [1] - The company employs a "horse racing" mechanism for new product incubation, enhancing recovery efficiency and success rates [1] - The company has accumulated substantial R&D and user acquisition experience in the casual gaming and SLG sectors, with successful integration of SLG+X products reinforcing its competitive edge [1] Group 2: Financial Management and Personnel Expansion - The company has expanded its personnel in response to rapid business growth, maintaining a balance between cautious expansion and efficiency [2] - Financial expenses are expected to improve as the company continues to optimize its financial structure and manage past debts effectively [2] Group 3: Market Insights and Competitive Landscape - There is little difference in overseas user acquisition channels for casual and SLG games, although content and frequency may vary based on target demographics. Casual games are projected to have longer lifecycles and more stable customer bases [2] - The impact of product imitation exists, but the company has established significant product barriers and user depth differences, alongside strong user acquisition and operational capabilities [2] - The gaming industry is experiencing multiple favorable factors, including supportive policies, focused industry professionals, and AI enhancements, indicating a supply-driven demand model [2]

Core Insights - The article highlights the impressive performance of "Whiteout Survival," developed by Century Huatong, which has risen from eighth to fourth place in the global mobile game revenue rankings for 2025, with a revenue nearing $1 billion in 2024 and a projected annual growth rate of approximately 50% for 2025 [1][4]. Group 1: Game Performance - "Whiteout Survival" is recognized as the world's first ice and snow survival-themed SLG game, achieving significant revenue growth and becoming the champion of growth within the $1 billion revenue tier [1][4]. - The game has a broad market presence, with the United States, Japan, South Korea, and Taiwan being the top four revenue-generating markets, showcasing a doubling of revenue in Japan and a 70% increase in South Korea [1][4]. Group 2: Market Trends - The success of "Whiteout Survival" aligns with the explosive growth of the strategy game genre, which is projected to generate $13 billion in in-app purchase revenue in 2025, making it the highest-grossing game type globally [2][5]. - The game contributes significantly to the SLG segment and utilizes a "SLG+X" fusion gameplay approach, breaking user barriers and driving market growth [2][5]. Group 3: Company Strategy - Century Huatong's systematic capabilities support the game's success, leveraging a data-driven "research, operation, and development" collaborative system to create a competitive and differentiated product matrix [3][6]. - The company employs deep localization strategies to tailor activities and marketing content to regional player needs, enhancing user engagement in key overseas markets [3][6]. - The rise of "Whiteout Survival" reflects Century Huatong's leading position in the global mobile gaming sector, with a dual strategy of "strong leadership and multi-category collaboration" [3][6].

Core Viewpoint - The 9th World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting highlighted the theme of "running forward," exploring new development paths amid global economic changes and technological revolutions. Century Huatong was awarded the "Flowing Global Award" for its outstanding performance in globalization, industrial innovation, and high-quality development [1][6]. Group 1: Award Significance - The "Golden Name Card" award aims to recognize member enterprises that excel in innovation, craftsmanship, quality leadership, and globalization, reflecting the spirit and responsibility of Zhejiang merchants [2][8]. - Century Huatong's focus on the core gaming industry and its active expansion into international markets have established a global distribution system, contributing to global industrial upgrades [2][8]. Group 2: Financial Performance - Century Huatong reported a revenue of 27.223 billion yuan and a net profit of 4.357 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 141.65% [2][8]. - The company's net profit after deducting non-recurring items reached 4.294 billion yuan, also reflecting a year-on-year growth of 140.98%, with operating cash flow increasing by 81.33% to 6.278 billion yuan [2][8]. Group 3: Market Position - In the competitive global gaming market, Century Huatong's overseas gaming business has become a key growth driver, ranking second among Chinese mobile game publishers globally [5][10]. - The company's game "Whiteout Survival" topped the overseas mobile game revenue list, while "Kingshot" and "Tasty Travels: Merge Game" also achieved significant rankings [5][10]. - The "Flowing Global Award" acknowledges Century Huatong's commitment to global market development and its embodiment of the Zhejiang merchant spirit [5][10].

Group 1 - A-shares financing balance has reached a new high of 27,012.4 billion yuan, with a net buy of 1,006.51 billion yuan this week [2][20] - The electronics and computer sectors saw net purchases exceeding 10 billion yuan, with amounts of 16.445 billion yuan and 11.438 billion yuan respectively [2][20] - The power equipment sector is expected to benefit from increased fixed asset investments by the State Grid Corporation, projected to reach 400 billion yuan during the 14th Five-Year Plan, a 40% increase from the previous plan [4][21] Group 2 - Notable stocks with significant net purchases include China Ping An (3.343 billion yuan), TBEA (2.279 billion yuan), and Zhongji Xuchuang (1.979 billion yuan) [4][24] - The storage chip sector is experiencing a "super bull market," with DDR5 memory prices rising over 300% since September 2025, and DDR4 prices increasing over 150% [23] - Investors are optimistic about the power sector, with 9% of surveyed investors expressing confidence in this area, driven by the anticipated investments in the power grid [15][33]

Core Viewpoint - Century Huatong is facing legal claims from investors due to false statements in its financial reports, particularly regarding goodwill impairment and revenue recognition issues [2][5][6] Group 1: Legal Proceedings and Investor Claims - Shanghai Jiucheng Law Firm is actively pursuing claims for investors affected by Century Huatong's false statements, with some cases already resulting in compensation [1][4] - Investors who purchased Century Huatong shares between April 27, 2019, and July 25, 2023, are eligible to file claims, even if they sold their shares for a profit after the disclosure date [1][6] Group 2: Regulatory Findings - On November 6, 2024, Century Huatong received an administrative penalty from the China Securities Regulatory Commission (CSRC) for false records in its annual reports from 2018 to 2022 [2][5] - The company failed to conduct goodwill impairment tests as required, resulting in an underreporting of goodwill impairment provisions by 62.363 million yuan in 2018 [5] - There were errors in the disclosure of goodwill values and segment reporting in annual reports from 2019 to 2022, which did not comply with accounting standards [6] Group 3: Revenue Recognition Issues - Century Huatong is accused of fabricating software copyright transfer transactions and prematurely recognizing revenue, leading to inflated revenues in 2020 and 2021 [6] - The company falsely reported the completion of performance commitments related to its software transactions, further misleading investors [6]

Summary of Key Points from Conference Call Records Industry Overview - The media industry is currently experiencing overall weak performance, with the media index declining over 2.5% despite some segments showing investment potential [4][6] - Official media and state-owned enterprises, such as People’s Daily and Xinhua News, are gaining importance due to their high content weight, making them worthy of attention [4][12] Investment Opportunities - The gaming sector is expected to thrive in 2026, driven by multi-modal AI advancements. Companies like Kaixin Network and Century Huatong are anticipated to realize profits in 2026 [4][5] - The issuance of game licenses is expected to increase significantly in 2025, providing ample supply for the gaming industry. The total number of licenses issued in 2025 is projected to exceed 1,711, a 25% year-on-year increase [5][6] - Low-valuation gaming companies with solid fundamentals, such as Perfect World, Century Huatong, and Giant Network, are recommended for continued observation [4][5] Market Projections - The gaming market is projected to reach a peak of over 90 billion yuan in the third quarter of 2026, with an annual market size expected to hit 357 billion yuan [6] - The two-dimensional game market is anticipated to grow rapidly, potentially reaching 84.5 billion yuan by 2030, driven by a strong consumer base among post-2000 players [7] Performance of Chinese Companies - Chinese companies hold a significant position in the global mobile gaming market, with Tencent's Honor of Kings leading in revenue. Century Huatong's Endless Winter has seen explosive growth [6][8] - Chinese firms are achieving notable success in the two-dimensional game market, with several top titles developed or managed by them, such as "崩铁" and "恋与深空" [8] Trends in Game Development - The SLG (Strategy Game) category is performing well, particularly with the SLG + X model, which combines secondary gameplay to attract users. This trend is expected to continue [9] - The hybrid casual gaming segment has shown significant growth, with revenues doubling year-on-year in Q2 2025 and a staggering 114% increase in Q3 [9] Key Products and Companies to Watch - Notable upcoming products include new titles from Century Huatong, Shenzhou, Giant Network, and others, with significant IP launches expected in 2026 [10][11] Importance of Authoritative Media - In the current SEO to GO era, the reliability and accuracy of authoritative media have become crucial. The penetration rate of AI-generated content increases by 80% when information is cited by three or more authoritative sources [12] Risks for Investors - Investors should be aware of potential risks, including delays or quality issues with new game launches, international trade risks, industry regulatory risks, and the underperformance of AI technology implementation [13]

Group 1 - Zhongyuan Neipei plans to acquire 59% stake in Zhongyuan Jikean for 143 million yuan, making it a wholly-owned subsidiary [1] - HNA Holding reports a 2.8% year-on-year increase in passenger transport volume for December 2025, with international passenger transport volume up by 21.95% [2] - Haolai Ke expects a net profit decrease of 75.16% to 83.23% for 2025, projecting a profit of 13.5 million to 20 million yuan [3] Group 2 - Chengdu Investment Holdings reports a 71.41% year-on-year decrease in signed sales amount for Q4 2025, totaling 2.318 billion yuan [4] - Zhong Rare Metals signs a strategic cooperation agreement with Xian Dao Group to enhance market share in rare metals [5] - Bofei Electric plans to invest 23.38 million yuan in Haining Qiyuan alongside its controlling shareholder [6] Group 3 - Rongchang Bio plans to increase the maximum repurchase price to 116 yuan per share [7] - Filihua's controlling shareholders and executives plan to reduce their holdings by up to 1.05% of the company's shares [8] - Jiu Zhi Tang's general manager plans to reduce holdings by up to 2% of the company's shares [10] Group 4 - Aerospace Development's controlling shareholder reduced 12.26 million shares during stock trading fluctuations [11] - Nong Shang Environment's subsidiary faces delays in a computing infrastructure project due to funding issues [12] - Xinhua Department Store denies rumors of injecting semiconductor assets into the company [13] Group 5 - Jin Ao Bo expects a net profit increase of 40.24% to 59.58% for 2025, projecting a profit of 174 million to 198 million yuan [21] - Zhejing Pharmaceutical receives approval for clinical trials of ZGGS18 and ZG005 for advanced solid tumors [22] - Guangdong Hongtu anticipates a net profit decrease of 7.99% to 17.87% for 2025, projecting a profit of 341 million to 382 million yuan [23] Group 6 - Aijian Group expects to report a net loss for 2025 [24] - Shuangliang Energy also anticipates a net loss for 2025 [25] - Jia Mei Packaging announces early redemption of convertible bonds due to stock price conditions [26] Group 7 - Jindao Technology plans to issue convertible bonds to raise up to 306 million yuan for various projects [27] - Xinlei Co. extends the lock-up period for shares held by its controlling shareholder and actual controllers until January 19, 2027 [28] - Genesis expects a net profit decrease of 30% to 45% for 2025, projecting a profit of 131 million to 166 million yuan [29] Group 8 - Defu Technology plans to repurchase shares for employee stock ownership plans, with a budget of 75 million to 150 million yuan [30] - Huasheng Tiancheng states that AI-related revenue is currently a small portion of overall revenue [32] - Hongchuan Wisdom's shareholder plans to reduce holdings by up to 2% of the company's shares [33] Group 9 - Century Huatong's subsidiary plans to invest 50 million yuan in a financial development fund [34] - Liou shares will be suspended for trading due to significant stock price fluctuations [35] - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD [36] Group 10 - Mountain Outside Mountain's shareholder plans to reduce holdings by up to 1% of the company's shares [37] - Keheng Co. plans to sign a cooperation framework agreement with Gree Supply Chain for procurement [38] - Tian Sheng New Materials announces a change in actual controller and resumes trading [40] Group 11 - Xinghua New Materials plans to acquire at least 51% of Tian Kuan Technology for cash [41] - Rongbai Technology continues to delay responses to the Shanghai Stock Exchange's inquiries, leading to ongoing stock suspension [42] - Longxin Zhongke's shareholders plan to reduce holdings by up to 3.03% of the company's shares [43]

Core Viewpoint - Century Huatong's subsidiary is investing 50 million RMB in the second phase of the Shanghai Financial Development Investment Fund, focusing on high-end equipment manufacturing, new energy, and high-tech sectors [1] Group 1: Investment Details - Century Huatong announced that its wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., Ltd., has signed a partnership agreement to invest in the second phase of the Shanghai Financial Development Investment Fund [1] - The company has appointed Shanghai Jinpu Investment Management Co., Ltd. as the fund manager responsible for investment, management, and operations [1] - Shengqu Shuming will contribute 50 million RMB, representing 41.12% of the total capital commitment of the partnership [1] Group 2: Fund Focus - The second phase of the fund primarily targets investments in high-end equipment intelligent manufacturing, new energy, and high-tech industries [1]