Group 1 - The core viewpoint of the news is that Century Huatong's stock has experienced significant fluctuations, with a year-to-date increase of 232.88% but a recent decline in the last 20 and 60 days [1] - As of December 24, Century Huatong's stock price is reported at 17.11 yuan per share, with a total market capitalization of 126.134 billion yuan [1] - The company has seen a net outflow of 131 million yuan in principal funds, with large orders showing mixed buying and selling activity [1] Group 2 - Century Huatong's main business involves the development and operation of online games, as well as the research, manufacturing, and sales of various automotive parts and related molds [1] - The revenue composition of Century Huatong includes 84.70% from mobile games, 9.85% from computer games, 4.11% from automotive parts, 0.76% from web games, 0.55% from other sources, and 0.04% from cloud data services [1] - As of September 30, Century Huatong reported a revenue of 27.223 billion yuan for the first nine months of 2025, representing a year-on-year growth of 75.31%, and a net profit of 4.357 billion yuan, up 141.65% year-on-year [2] Group 3 - Century Huatong has cumulatively distributed 710 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] - As of September 30, 2025, the number of shareholders has increased by 48.40% to 159,100, while the average circulating shares per person have decreased by 32.85% to 43,073 shares [2]

Core Insights - Century Huatong has been recognized as a "Globalization Pioneer" at the 2025 EDGE AWARDS for its outstanding performance in overseas markets, reflecting its global achievements and innovative capabilities [1][6][9] Group 1: Globalization Achievements - The company has established a dual-core driving model that balances both domestic and international markets, leading to significant growth in overseas revenues [3][9] - In 2024, Century Huatong's overseas revenue reached 11.368 billion yuan, accounting for over 50% of total revenue for the first time [3][9] - By the first half of 2025, overseas revenue further increased to 8.958 billion yuan, maintaining its leadership among gaming companies venturing abroad [3][9] Group 2: Product Innovation and Market Strategy - The company emphasizes a "global R&D and dual-channel distribution" approach, ensuring localized operations while maintaining a global perspective [4][10] - It focuses on strategic market insights, particularly in SLG and casual gaming genres, and avoids reliance on a single market segment [4][10] - Data-driven decision-making is central to its operations, with extensive A/B testing and ROI analysis guiding game updates and marketing strategies [4][10] Group 3: Successful Game Releases - The company achieved significant success with its games, including "Whiteout Survival" and "Kingshot," which dominated the iOS free game charts shortly after launch [5][11] - Both titles have consistently ranked at the top of the Chinese mobile game revenue list, showcasing a strong dual-product strategy [5][11] - The casual game "Tasty Travels: Merge Game" also saw a 10% revenue increase in November, further diversifying the company's growth engines [5][11] Group 4: Future Outlook - Century Huatong plans to deepen its globalization efforts by launching more high-quality products to expand its global market share [5][11] - The company aims to enhance the international presence of Chinese brands while driving innovation and ecological development in the global gaming industry [5][11]

Core Insights - The report highlights the significant growth of Chinese self-developed games in overseas markets, with Century Games being a notable example of success in this sector [1][7]. Industry Overview - The global video game market is expected to exhibit characteristics of accelerated technological integration and diverse content supply by 2025 [3][10]. - Chinese game brands are increasingly applying AI technology across the entire development and operational chain, enhancing efficiency and localization [3][10]. - In the first half of 2025, actual sales revenue from Chinese self-developed games in overseas markets increased by 11.07% year-on-year, with the top 30 products generating a total of $5.8 billion [3][10]. Company Performance - Century Games, a subsidiary of Century Huatuo, has achieved over 100 million downloads for its game "Whiteout Survival," maintaining the top position in China's mobile game overseas revenue rankings for over ten months [3][10]. - The company has established itself among the top 10 global publishers, with a strategy that balances stable revenue from existing products and growth from new releases [3][10]. - Century Games has integrated AI deeply into its operations, significantly improving production efficiency in art asset creation by 60% to 80% [5][12]. Competitive Position - Century Huatuo's competitive advantage lies in its data-driven methodology, which includes low-cost experimentation, large-scale promotion, rapid iteration, and strong collaborative efforts [5][12]. - Despite strong performance and core competencies, Century Huatuo's current valuation is below the industry average, indicating potential for recovery [6][13]. - The chairman of the company identified three key reasons for the undervaluation: unrecognized valuation premiums for overseas leaders, insufficient recognition of the mobile gaming sector's importance, and overlooked scarcity of scale and growth [6][13].

Industry Core Viewpoints - The media industry achieved a revenue of 387.48 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 5.90%, with net profit attributable to shareholders increasing by 36.80% to 32.097 billion yuan, indicating overall positive performance [1][7] - The gross profit margin remained stable, slightly increasing by 1.34 percentage points to 32.81%, while the net profit margin rose by 1.94 percentage points to 8.44% [1][7] - In Q3 2025, the media industry saw a revenue increase of 9.20% year-on-year to 132.625 billion yuan, with net profit attributable to shareholders surging by 57.00% to 10.316 billion yuan [1][7] Investment Highlights Gaming Sector - The gaming sector reported a revenue of 84.814 billion yuan in Q1-Q3 2025, a year-on-year increase of 24.40%, with net profit attributable to shareholders rebounding by 88.61% to 13.829 billion yuan [2][8] - In Q3 2025, the gaming sector's revenue reached 30.362 billion yuan, up 28.61% year-on-year, with net profit soaring by 111.65% to 5.777 billion yuan, driven primarily by strong performance from leading companies [2][8] Film and Television Sector - The film and television sector achieved a revenue of 28.301 billion yuan in Q1-Q3 2025, a year-on-year increase of 9.31%, with net profit rising to 1.862 billion yuan, largely due to the success of the film "Nezha" [3][9] - In Q3 2025, the sector experienced a slight revenue decline of 2.19% to 8.612 billion yuan, but net profit turned positive at 0.086 billion yuan [3][9] Digital Media Sector - The digital media sector generated a revenue of 18.407 billion yuan in Q1-Q3 2025, a slight decrease of 0.26%, with net profit dropping significantly by 27.57% to 1.084 billion yuan [4][10] - In Q3 2025, revenue grew slightly by 7.60% to 6.469 billion yuan, but net profit fell by 28.02% to 0.316 billion yuan [4][10] Advertising and Marketing Sector - The advertising and marketing sector reported a revenue of 129.158 billion yuan in Q1-Q3 2025, a year-on-year increase of 6.95%, with net profit rising by 1.68% to 4.610 billion yuan [5][11] - In Q3 2025, the sector's revenue increased by 8.75% to 45.303 billion yuan, with net profit rising by 13.92% to 1.626 billion yuan, primarily driven by BlueFocus's performance [5][11] Broadcasting and Television Sector - The broadcasting and television sector achieved a revenue of 32.890 billion yuan in Q1-Q3 2025, a year-on-year increase of 5.30%, with net loss narrowing to 0.167 billion yuan [6][12] - In Q3 2025, revenue grew by 17.94% to 12.043 billion yuan, with net profit turning positive at 0.046 billion yuan [6][12] Publishing Sector - The publishing sector reported a revenue of 93.911 billion yuan in Q1-Q3 2025, a year-on-year decline of 7.37%, while net profit increased by 15.48% to 10.878 billion yuan [6][13] - In Q3 2025, revenue decreased by 5.00% to 29.836 billion yuan, but net profit grew by 12.66% to 2.465 billion yuan [6][13] Investment Recommendations - The overall performance of the media sector in the first three quarters of 2025 shows a recovery, with notable performance in the gaming sector in Q3 2025 [6] - It is recommended to focus on companies in the film and television and gaming sectors that have shown strong performance, as well as those involved in digital assets and AIGC-related technologies [6]

Core Insights - The Chinese gaming industry is experiencing steady growth, with historical highs in core metrics, including an expected actual sales revenue of 350.79 billion yuan in 2025, representing a year-on-year increase of 7.68%, and a user base growth to 683 million, up 1.35% [1] Industry Performance - The console gaming market continues its rapid growth, with actual sales revenue reaching 8.362 billion yuan, a staggering year-on-year increase of 86.33%, marking three consecutive years of explosive growth [1] - Mini-program games have emerged as a significant highlight, generating revenue of 53.535 billion yuan, up 34.39%, driven by dual monetization through in-app purchases and advertising [1] - The overseas market for self-developed games also performed well, with actual sales revenue reaching 20.455 billion USD, a year-on-year increase of 10.23%, maintaining a scale of over 100 billion yuan for six consecutive years [1] Policy and Support - The "Game Shanghai Ten Measures" was officially released, introducing systematic support policies in key areas of industry development, with an annual support fund totaling 50 million yuan, aimed at building a globally influential gaming and esports industry ecosystem [1] Technological Integration - The gaming industry is evolving beyond mere entertainment, integrating with traditional sectors such as healthcare, education, and manufacturing, thus reshaping perceptions and opening new growth avenues [2] - Game companies are increasingly demanding AI technology, which is accelerating the application of AI in the industry and creating a value leap through the integration of digital and physical realms [2] Market Trends - The gaming industry is expected to maintain a high level of prosperity, with new products being launched and cross-platform connectivity contributing to growth, while seasonal activities are likely to enhance user engagement and average revenue per user (ARPU) [2] - The mini-program gaming sector is anticipated to exhibit characteristics of sustained high prosperity, stable growth rates, and optimized profit structures, supported by collaborations between WeChat and Apple [2] Stock Market Performance - Leading gaming stocks have shown strong performance in the A-share market, with an average increase of nearly 44% this year, and three stocks, including Giant Network, Century Huatong, and G-bits, have doubled in price [3] - Giant Network's stock has surged over 260% this year, driven by the integration of AI technology into core gaming operations and innovative product offerings [3] - As of December 19, three gaming stocks, including Giant Network, Zhejiang Shuju, and G-bits, saw net purchases exceeding 50 million yuan in December, with net buying amounts of 263 million yuan, 66 million yuan, and 58 million yuan respectively [3]

Core Viewpoint - Shanghai has introduced significant policy measures to support the gaming and esports industry, aiming to create a robust ecosystem and enhance technological and capital empowerment, with annual special funding from the government [1][11]. Group 1: Industry Growth and Economic Impact - The overall contribution of China's gaming and related industries is expected to exceed 1.2 trillion yuan in 2025, with a core layer generating 497.2 billion yuan, an associated layer of 554.8 billion yuan, and a radiation layer of 173 billion yuan [12]. - Shanghai's online gaming industry is projected to achieve sales revenue of 170.7 billion yuan in 2025, marking a year-on-year growth of 9.57%, with overseas revenue expected to reach 30.3 billion yuan, growing by 13.7% [14]. Group 2: Technological Innovation - The policy emphasizes strengthening technological empowerment, particularly in AI and game development tools, aligning with the company's long-term technological strategies [15]. - The company has integrated AI technology into approximately 80% of its game development processes, significantly enhancing production efficiency by 60% to 80% [15][16]. Group 3: Cultural Integration and IP Development - The policy encourages the integration of game IP with traditional culture and local brands, fostering a new model of cultural and commercial synergy [17]. - The company has successfully leveraged its classic IPs, such as "Legend World" and "Dragon Valley," to create immersive cultural experiences, exemplified by collaborations during events like ChinaJoy [20]. Group 4: Collaborative Ecosystem and Future Prospects - The company recognizes the long-term value of the policy as a catalyst for sustained growth, emphasizing the synergy between policy support and corporate innovation [21]. - The upcoming relocation of the company and its partners to the Shanghai Technology Innovation Building is expected to enhance collaboration with leading research institutions, further driving innovation and resource aggregation [16][18].

证券代码：002602 证券简称：世纪华通 公告编号：2025-086 浙江世纪华通集团股份有限公司关于变更 二、债权人通知 基于上述情况，相应股份将予以依法注销，同时公司注册资本将相应减少， 根据《公司法》《上市公司股份回购规则》及《深圳证券交易所上市公司自律监 管指引第 9 号——回购股份》等相关法律法规的规定，公司特此通知债权人，公 司债权人自接到公司通知起三十日内、未接到通知者自本通知公告之日起四十五 日内，均有权凭有效债权证明文件及凭证向公司要求清偿债务或提供相应担保。 债权人如逾期未向公司申报上述要求，不会因此影响其债权的有效性，相关债务 （义务）将由公司根据原债权文件的约定继续履行。 债权人可采用邮寄或电子邮件的方式申报，具体如下： 1、申报时间：2025 年 12 月 23 日至 2026 年 2 月 5 日 10：00-12：00，14： 00-17：00（周末及法定节假日除外） 2、申报债权登记地点及申报材料送达地点：上海市浦东新区海趣路 58 号 1 号楼 联系人：董事会秘书办公室 回购股份用途为注销并减少注册资本暨通知债权人的公告 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 ...

证券代码：002602 证券简称：世纪华通 公告编号：2025-085 浙江世纪华通集团股份有限公司 2025 年第六次临时股东会决议公告 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。 特别提示： 1、本次股东会无否决议案的情况。 2、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》的有关规定，上市公司回购专用账户中的股份不享有股 东会表决权，在计算股东会股权登记日的总股本时应扣减已回购股份，并以此为 准计算股东会决议的表决结果。截至股权登记日，公司回购股份专用证券账户内 存有 13,338,500 股股票，故本次股东会表决权总股数为 7,358,623,822 股。 3、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、召开时间： 现场会议时间：2025 年 12 月 22 日（星期一）下午 14:30； 网络投票时间：2025 年 12 月 22 日；其中通过深圳证券交易所交易系统进 行网络投票的具体时间为 2025 年 12 月 22 日上午 9:15-9:25，9:30-11:30 和下午 ...

法律意见书 浙江天册律师事务所 关于 浙江世纪华通集团股份有限公司 2025 年第六次临时股东会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 浙江世纪华通集团股份有限公司 2025 年第六次临时股东会的 法律意见书 编号：TCYJS2025H2202 号 致: 浙江世纪华通集团股份有限公司 浙江天册律师事务所（以下简称"本所"）接受浙江世纪华通集团股份有限公 司（以下简称"世纪华通"或"公司"）的委托，指派本所律师参加公司 2025 年第 六次临时股东会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求出具 本法律意见书。 在本法律意见书中，本所律师仅对本次股东会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所 审议的议案内容和该等议案中所表述的事实或数据的真实 ...

Core Insights - The 2025 China Game Industry Conference held in Shanghai revealed that the Chinese game industry is experiencing steady growth, with core data reaching historical highs [1] Industry Overview - The domestic game market's actual sales revenue is expected to reach 350.79 billion yuan in 2025, representing a year-on-year growth of 7.68% [1] - The user base is projected to increase to 683 million, reflecting a year-on-year growth of 1.35% [1] Market Performance - First Capital Securities anticipates that the gaming industry will likely maintain a high prosperity status, driven by the launch of key new products and the continued contribution of multi-platform connectivity [1] - Seasonal activities are expected to boost user engagement and Average Revenue Per User (ARPU), with the mobile segment likely to recover on a month-on-month basis while the client segment remains strong [1] - Game stocks have shown robust performance this year, with an average increase of 44.36% as of December 19 [1] - Three game stocks have doubled in value this year: Giant Network, Century Huatong, and 37 Interactive Entertainment [1]