登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002602 证券简称：世纪华通 公告编号：2026-001 浙江世纪华通集团股份有限公司 关于以集中竞价交易方式回购公司 股份的回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1、回购股份的种类：浙江世纪华通集团股份有限公司（以下简称"公司"）发行的人民币普通股（A 股）股票。 2、回购股份的用途：本次回购的股份将用于股权激励或员工持股计划。 3、回购股份的价格：不超过董事会通过回购股份决议前30个交易日公司股票交易均价的150%，即不超 过人民币25.97元/股（含）。 4、回购股份的资金总额：不低于人民币30,000.00万元（含），不超过人民币60,000.00万元（含）。 5、回购资金来源：公司自有资金或自筹资金。 6、回购期限：自公司董事会审议通过本回购方案之日起12个月内。 7、回购股份的数量及占公司总股本的比例：按照回购金额上限60,000.00万元、回购价格上限25.97元/ 股测算，预计回购股份数量约为23,103,581股，约占公司目前已发行总股本的0 ...

3、回购股份的价格：不超过董事会通过回购股份决议前 30 个交易日公司股 票交易均价的 150%，即不超过人民币 25.97 元/股（含）。 4、回购股份的资金总额：不低于人民币 30,000.00 万元（含），不超过人民 币 60,000.00 万元（含）。 证券代码：002602 证券简称：世纪华通 公告编号：2026-001 浙江世纪华通集团股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、回购股份的种类：浙江世纪华通集团股份有限公司（以下简称"公司"） 发行的人民币普通股（A股）股票。 2、回购股份的用途：本次回购的股份将用于股权激励或员工持股计划。 （一）回购股份的目的 5、回购资金来源：公司自有资金或自筹资金。 基于对公司未来发展前景的信心和对公司价值的认可，结合公司目前的财务 状况、经营情况、估值水平等因素，为进一步完善公司管理团队和核心员工持股 的长效激励与约束机制，确保公司长期经营目标的实现，同时为增强投资者对公 司的投资信心，树立公司良好的资本市场形象，公司拟使 ...

根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等有关规定，现将公司披露董事会公告回购股份决议的前一 个交易日（2025 年 12 月 31 日）登记在册的前十名股东和前十名无限售条件股 东的名称、持股数量及持股比例情况公告如下： 证券代码：002602 证券简称：世纪华通 公告编号：2026-002 浙江世纪华通集团股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 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。 浙江世纪华通集团股份有限公司（以下简称"公司"）于 2025 年 12 月 31 日召开的第六届董事会第十七次会议，审议通过了《关于以集中竞价交易方式回 购公司股份预案的议案》，具体内容详见公司于 2026 年 1 月 5 日披露的《关于以 集中竞价交易方式回购公司股份的预案》（公告编号：2025-090）。 二、公司 2025 年 12 月 31 日登记在册前十名无限售条件股东持股情况 序号 股东名称 持股数量（股） 占无限售股份 的比例（％） 1 林芝腾讯科技有限公司 745, ...

Core Viewpoint - Century Huatong is positioned as a leader in mobile game globalization, driven by innovation and high growth [1] Group 1: Company Overview - Century Huatong's subsidiary, Diandian Interactive, has gained extensive global marketing, community operation, and publishing experience through the agency distribution of KingsGroup's hit games, "King of Avalon" and "Gunfire Reborn" [1] - The company has transitioned from agency publishing to self-research and self-publishing from 2019 to 2022, employing a multi-track "trial and error" approach to expand its game categories and solidify its methodologies [1] Group 2: Growth Strategy - The company has clarified its positioning and strategy, believing that a mature framework can reduce development costs and trial risks for new projects, thereby improving product ROI [1] - Century Huatong is deeply engaged in the global market, continuously iterating and expanding its game categories, with the dual hit games validating its framework and marking its entry into a new growth phase [1] Group 3: Financial Projections - Comparable companies are projected to have average P/E ratios of 31.6, 19.7, and 17.3 times for the years 2025 to 2027 respectively [1] - The company is expected to gradually release profits as the user acquisition phase for its hit games concludes, while continuing to drive category breakthroughs through innovation [1] - The initial coverage of the company has been rated as "Buy" [1]

Core Viewpoint - Century Huatong's share buyback demonstrates confidence, with strong revenue growth expected in 2025 and profit release in 2026, supported by a rich pipeline of new products [1] Group 1: Company Overview - Century Huatong is a leading global mobile game company, primarily focused on the SLG (Simulation and Strategy Game) sector while also expanding into the casual gaming segment, creating a "dual-track" growth strategy [1] - The company has released several blockbuster mobile games in recent years, contributing to its increasing scale and performance [1] Group 2: Financial Outlook - The research report highlights the robust operation of existing products and the growth potential of upcoming new products, indicating a positive outlook for the company's financial performance [1] - The report initiates coverage with a "buy" rating based on the company's strong operational and research capabilities [1]

Citi Research Jan 5, 2026 Pan-Asia Internet Pan-Asia Internet Analysts | | Country | Contact Details | | | --- | --- | --- | --- | | Asia Pacific | | | | | Alicia Yap | Head of Pan Asia Internet Research | +852 2501 2773 | alicia.yap@citi.com | | Brian Gong | China Internet | +852 2501 2747 | brian.gong@citi.com | | Vicky Wei | China Internet | +852 2501 2489 | vicky.wei@citi.com | | Nelson Cheung | China Internet | +852 2501 2728 | nelson.cheung@citi.com | | Ferry Wong | Asean Internet | +62 21 2924 9213 | ...

Group 1 - The report highlights that the company plans to issue convertible bonds to raise up to 878 million RMB for investment in new projects, including a 5000 tons/year vitamin K3 and 74,000 tons/year chromium green project, and a 500,000 tons/year sulfuric acid and 50,000 tons/year chromium powder project [3][5] - The innovative "vitamin K3 co-production chromium green" process is expected to break the production bottleneck of chromium green, utilizing chromium-containing waste from vitamin K3 production to create high-quality chromium green, thus enhancing environmental performance and operational results [5][6] - The company has successfully acquired land for the new project in Chongqing, with a total investment of approximately 3 billion RMB, which will significantly drive long-term growth [7][8] Group 2 - The report indicates that the chromium market is experiencing a bullish cycle, with the average price of metallic chromium rising from 67,500 RMB/ton to 82,000 RMB/ton, and chromium oxide green prices increasing from 29,500 RMB/ton to 36,500 RMB/ton [9][10] - The downstream demand for chromium is expected to grow due to the increasing needs in high-temperature alloys used in military and civilian aircraft, gas turbines, and other high-end equipment, which will further boost the market demand for chromium and its raw materials [5][10] - The company is projected to benefit from the chromium market cycle, with revenue forecasts for 2025, 2026, and 2027 estimated at 43.63 billion RMB, 66.42 billion RMB, and 72.52 billion RMB, respectively, alongside net profits of 6.04 billion RMB, 11.96 billion RMB, and 13.70 billion RMB [11]

Core Viewpoint - The A-share market has seen a significant rise, particularly in the gaming sector, driven by the upgraded incentive policies for WeChat mini-games, which are expected to enhance developer returns and promote the growth of high-quality content in the industry [2][3][4]. Group 1: Market Performance - On the first trading day of 2026, gaming stocks experienced a notable increase, with companies like Sanqi Interactive Entertainment hitting the daily limit, and Century Huatong and Giant Network also seeing substantial gains [3]. - The mini-game market in China generated revenues of 53.535 billion yuan in 2025, marking a year-on-year growth of 34.39%, and accounting for 15% of the overall gaming market revenue [2][7]. Group 2: WeChat Mini-Game Policy Changes - Starting January 1, 2026, WeChat mini-games will benefit from a dual incentive system for new games, with a total incentive exceeding 100%, including a maximum of 4 million yuan for new game launch incentives [3]. - The new policy includes a "launch growth incentive," providing additional cash rewards for games that achieve certain revenue milestones within their first month [3][4]. Group 3: Company Strategies and Developments - Century Huatong plans to leverage the new WeChat mini-game policies to enhance its development in the mini-game sector, aiming to explore more niche categories beyond its current offerings [4]. - Sanqi Interactive Entertainment's mini-game "Survival for 33 Days" has topped the WeChat mini-game sales chart, showcasing the company's successful strategy in this segment [3]. Group 4: Industry Trends and Future Outlook - Analysts note that the growth of mini-games is a significant factor in the overall revenue and user base expansion in the Chinese gaming market, with Tencent's proactive measures to increase incentives reflecting the competitive landscape [7][8]. - The mini-game sector is expected to continue its rapid growth, with predictions of maintaining a medium to high-speed development trajectory in 2026, driven by the lightweight nature and diverse content of mini-games [8].

Core Viewpoint - The article discusses the progress of Blue Arrow Aerospace's IPO on the STAR Market, highlighting its significance as a potential leader in China's commercial space sector and the impact on related A-share companies [1][19]. Group 1: IPO Progress and Financials - Blue Arrow Aerospace's IPO application has been accepted, aiming to raise 7.5 billion yuan, with 2.77 billion yuan allocated for reusable rocket capacity enhancement and 4.73 billion yuan for technology upgrades [2][14]. - The company has experienced rapid development, with its IPO process taking only five months from the start of guidance to acceptance [3]. - Despite the rapid growth, Blue Arrow Aerospace has faced significant financial losses, with cumulative losses of 3.8 billion yuan over three and a half years, and projected losses of 5.97 billion yuan in the first half of 2025 [12][13]. Group 2: Company Background and Technology - Founded in 2015, Blue Arrow Aerospace is recognized as the first private rocket company to successfully launch a liquid oxygen-methane rocket into orbit, often referred to as the "Chinese version of SpaceX" [3][7]. - The company has developed the Zhuque series of rockets, with the Zhuque-2 being the first liquid-fueled rocket to enter mass production and commercial use in China [3][10]. - Blue Arrow's focus on liquid oxygen-methane technology allows for significant cost reductions in launches, as the fuel is one-third the cost of kerosene and has advantages for multiple ignitions [8][9]. Group 3: Market Impact and Investor Interest - The acceptance of Blue Arrow's IPO has led to a surge in stock prices for several A-share companies that have invested in it, including Jin Feng Technology and Nova Star Cloud [1][19]. - Various A-share companies, such as Lu Xin Investment and Century Huatu, have disclosed their equity stakes in Blue Arrow, indicating a growing interest in the commercial space sector [20][21]. - The company has attracted significant investment from major venture capital firms, with early investors betting on the potential of the founder's unique background in finance and aerospace [16][18].

Core Insights - The report by Games Industry.biz highlights significant changes in the global mobile gaming industry, with Century Games rising to the third position among mobile game publishers in 2025, a notable leap from its previous unranked status in 2024 [1][5] - Century Games' strategy game "Kingshot" has been recognized as the "2025 Global New Mobile Game Revenue Champion," showcasing strong market performance since its launch [1][3] Company Performance - Century Games achieved a revenue of $2.73 billion in 2025, placing it third in the global mobile game publisher rankings, supported by the success of "Whiteout Survival," which has become a growth leader in the $1 billion revenue tier with an annual growth rate of approximately 50% [2][7] - "Whiteout Survival" ranks fourth in global mobile game revenue, demonstrating consistent performance in the SLG segment and contributing significantly to Century Games' overall revenue growth [7] Product Highlights - "Kingshot," launched in February of the previous year, has maintained a strong growth trajectory, achieving nine consecutive months of revenue growth and ranking 14th in global mobile game revenue [3][7] - The success of these games reflects Century Games' commitment to innovation and technology, which has been integral to its product development and market strategy [4][8] Strategic Vision - Century Games operates under a development philosophy that emphasizes responsibility, technological innovation, and a commitment to cultural exchange through gaming [8][9] - The company plans to deepen its global research and development efforts, increase investment in technological innovation, and enhance its IP ecosystem while continuing to fulfill its social responsibilities [9]