一、摩尔线程上市情况概述 证券代码：002602 证券简称：世纪华通 公告编号：2025-082 浙江世纪华通集团股份有限公司关于 间接参股公司首次公开发行股票并在科创板上市的公告 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。 重要内容提示： 浙江世纪华通集团股份有限公司（以下简称"公司"或"世纪华通"）全资 子公司上海盛趣数盟企业管理有限公司（以下简称"盛趣数盟"）持有盛芯启程 私募投资基金（上海）合伙企业（有限合伙）（以下简称"国盛资本"）7.3121% 的份额。国盛资本持有摩尔线程智能科技（北京）股份有限公司（以下简称"摩 尔线程"）1,958.8689 万股。摩尔线程已于 2025 年 12 月 5 日在上海证券交易所 科创板上市。 摩尔线程智能科技（北京）股份有限公司于 2025 年 12 月 5 日在上海证券交 易所科创板上市，股票简称：摩尔线程，股票代码：688795，发行价格为 114.28 元/股，具体内容详见摩尔线程在上海证券交易所网站（https://www.sse.com.cn） 公告的《摩尔线程首次公开发行股票科创板上市公告书》。 ...

Core Insights - The global mobile gaming market revenue has only slightly increased by 3.4%, with growth concentrated in specific segments such as strategy, simulation, and hybrid casual games, indicating a structural transformation in the industry [1][19]. Market Trends - The revenue trend for leading store platforms from 2023 to 2025 shows that developed markets like the US, Europe, and Japan are experiencing growth slowdowns, yet they maintain high average revenue per paying user (ARPPU), which is crucial for industry revenue stability [3][19]. - The industry is witnessing a Matthew effect, where over 40% of revenue comes from the top five paid packages or top ten games, highlighting the increasing market concentration [3][19]. Strategy Game Growth - Strategy games are identified as a significant growth engine, with a stable and strong growth trend since mid-2024. The total revenue for strategy games is projected to grow from $10.8 billion to $13.5 billion from October 2024 to September 2025, reflecting a year-on-year increase of 25.55%, significantly surpassing the global market average [4][20]. - Within the strategy game segment, the 4X strategy (SLG) category shows remarkable performance, with revenue increasing from $5.4 billion to $6.9 billion, marking a 25.84% growth [5][21]. Player Spending Behavior - Players of strategy games exhibit exceptional spending capabilities, with US strategy game players spending twice as much as those in gambling games within the first 90 days of gameplay. The ARPPU for strategy games on the App Store is eight times that of Google Play, indicating high user value and engagement [6][22]. Company Performance - Century Games has effectively leveraged industry trends with its innovative "SLG+X" strategy, creating a competitive advantage by aligning with mobile users' preferences for lightweight experiences and enhancing user spending willingness [8][24]. - The company has launched successful titles like "Whiteout Survival" and "Kingshot," which have rapidly gained traction in the global market, establishing a positive cycle of hit iterations and new product reserves [8][24]. Puzzle and Casual Game Growth - The puzzle and casual gaming market is also experiencing steady growth, with an overall revenue increase of 14.72% projected for 2025. The App Store is expected to see an 18.54% increase, driven by strong performances in T1 markets like the UK and Ireland [9][25]. - Merge games within the puzzle segment have shown a significant revenue increase of 61.36%, growing from $898 million to $1.5 billion, appealing to a broad user base due to their accessibility and engaging gameplay [11][27]. Long-term Strategy - Century Games recognizes the strategic value of the casual gaming segment, having explored various approaches since "Family Farm Adventure," which has led to valuable user insights and operational experience [13][29]. - The upcoming release of "Tasty Travels: Merge Game" is expected to drive growth, with the company preparing multiple products for a concentrated launch cycle, aiming to create a new growth cluster alongside the SLG segment [15][31]. Data-Driven Decision Making - The company has established a data-driven "research, operation, and development" collaborative system, ensuring that all decisions are based on extensive A/B testing and ROI analysis, which has led to growth exceeding industry averages [16][32]. - Century Games ranks second in global mobile publisher revenue, with flagship titles consistently topping revenue charts, demonstrating a strong dual-driver growth model [16][32]. Market Valuation - Recent reports suggest that the market should view Century Games beyond traditional gaming company metrics, focusing on its high certainty of performance growth and the scarcity of its global market position, justifying a valuation of 23 times the 2026E P/E ratio [17][33].

Core Insights - The A-share gaming index has surged over 60% this year, indicating that the value of gaming companies is supported by solid growth fundamentals rather than just a temporary boost from the "stay-at-home economy" [1] - The domestic gaming market achieved actual sales revenue of 168 billion yuan in the first half of the year, a year-on-year increase of 14.08%, with user numbers reaching nearly 679 million, marking historical highs for both market size and user base [1] - The third quarter has been a landmark period for the gaming industry, with leading companies experiencing explosive growth in profits, driving the entire sector to a strong performance [1] Group 1: Industry Performance - The top three gaming companies, 37 Interactive Entertainment, Century Huatong, and Perfect World, continue to dominate the market [2] - 37 Interactive Entertainment reported a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.57% [2] - Century Huatong's revenue reached 27.223 billion yuan, a 75.31% increase year-on-year, with a net profit of 4.357 billion yuan, up 141.65% [2] - Perfect World achieved a revenue of 5.417 billion yuan, a 33% increase, and a net profit of 666 million yuan, growing by 271.17% [2] Group 2: Driving Forces Behind Growth - The industry's growth is attributed to a combination of favorable policy environments, technological advancements, and global market expansion [3][4] - Stable policy expectations have provided a solid foundation, with consistent issuance of game licenses and supportive measures from various cities [3] - AI technology is becoming a core driver of industry evolution, significantly enhancing efficiency and reducing costs in game development [4][6] - The deepening of overseas expansion is crucial for unlocking growth potential, moving beyond simple product transfers to localized and innovative offerings [4][11] Group 3: AI Integration - AI is recognized as a key variable in the gaming industry, with applications in game design, development, and player experience [6][10] - 37 Interactive Entertainment has developed a vertical AI model, "Xiao Qi," which encompasses over 40 AI capabilities, enhancing the entire game development process [7] - By the third quarter of 2025, AI-assisted generation accounted for over 80% of 2D art assets and over 30% of 3D art resources in 37 Interactive Entertainment [9] Group 4: International Expansion - The "going global" trend in the gaming industry has shifted from a spontaneous choice to a determined direction, significantly altering the competitive landscape [11] - The Chinese government's support for game exports has provided a boost to the industry's global ambitions [11] - Century Huatong's game "Endless Winter" has surpassed 200 million global downloads, contributing significantly to the company's revenue [11] - 37 Interactive Entertainment has adopted a strategy of maintaining domestic stability while achieving breakthroughs in overseas markets [11] Group 5: Industry Reassessment - The gaming industry is characterized as a "non-typical" cyclical industry, influenced by product life cycles, technological revolutions, and global market opportunities [17] - The current performance surge is likely indicative of a clear upward cycle, with companies focusing on high-quality content and efficiency improvements [17][18] - Successful companies are expected to emerge as winners in this new normal, driven by their ability to produce quality products and optimize operations [18]

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [2][40]. Core Views - The media sector is anticipated to experience a rebound, particularly in gaming and AI applications, with significant growth potential in these areas. The report emphasizes the importance of both sharpness and allocation in the current market environment [3][6]. - The gaming market is highlighted as entering a favorable valuation zone, with specific companies like Giant Network and Century Huatong recommended for investment [6][16]. - The film market is recovering, with the total box office reaching approximately 437.06 billion yuan, which is about 78% of the 2019 level, indicating a strong recovery trajectory [19][20]. Market Performance Review - The media sector index fell by 3.86% last week, underperforming the CSI 300 index, which rose by 1.28%, resulting in a relative underperformance of 5.14% [9][10]. - The total market capitalization of the media sector is approximately 19,595.28 billion yuan, with a circulating market value of 17,850.96 billion yuan [3]. Gaming Market Insights - Tencent's products dominate the iOS gaming market, with titles like "Peace Elite" and "Love and Deep Space" performing strongly [16]. - Upcoming game releases include "Rust" and "PUBG: BLACK BUDGET," which are expected to generate significant interest [18]. Film Market Overview - The film "Zootopia 2" has achieved a box office of nearly 23 billion yuan within six days, with projections suggesting it could help the total annual box office exceed 500 billion yuan [27]. - The total box office for the year has reached 437.06 billion yuan, with a recovery rate of approximately 78% compared to 2019 [19][22]. Important News and Company Announcements - The establishment of the first micro-short drama export base in Shanghai marks a significant development in the media industry [27]. - Tencent's Magic Cube Studio celebrated its 15th anniversary, announcing major updates for several IP titles, indicating ongoing innovation in the gaming sector [28].

Group 1 - The core viewpoint of the news is that A-share listed companies have shown a strong willingness and implementation of share buybacks, driven by policy support and market optimization, with over 1,400 companies having repurchased shares totaling over 130 billion yuan by the end of November, marking the second-highest annual buyback amount in A-share history [1][16] - In November alone, 22 companies announced new buyback plans, with notable actions from companies like Guizhou Moutai and Century Huatong, the latter executing a rapid buyback of 1 billion yuan in just two days [2][16] - The buyback plans of state-owned enterprises like Energy Conservation and Environmental Protection Group faced challenges, as their proposals were rejected by shareholders, highlighting the importance of market conditions and shareholder sentiment in the buyback process [3][6] Group 2 - The buyback proposals from 22 companies in November had a total proposed amount of approximately 6.81 billion yuan, a slight increase from October's 6.65 billion yuan, with 12 companies planning to repurchase over 100 million yuan [2] - Guizhou Moutai's buyback plan of 1.5 to 3 billion yuan was approved by shareholders, while Energy Conservation and Environmental Protection Group's plan was rejected due to insufficient shareholder support [3][6] - Companies like Industrial Fulian and Jingxing Paper adjusted their buyback plans in response to stock price changes, with Industrial Fulian increasing its buyback price limit by over 280% [8][12] Group 3 - Over 40 companies have adjusted their buyback plans this year, with many citing stock price increases as the reason for adjustments [9][11] - The adjustments include raising buyback price limits and extending buyback periods, as seen with companies like Industrial Fulian and Jingxing Paper [11][12] - Some companies, such as Zhezhong Co., chose to terminate their buyback plans due to stock price constraints and operational challenges [14][16]

Market Performance - On December 8, A-shares saw a positive trend with the Shanghai Composite Index rising by 0.54% to 3924.08 points, the Shenzhen Component Index increasing by 1.39% to 13329.99 points, and the ChiNext Index climbing by 2.6% to 3190.27 points [1] Fund Manager Changes - From December 6 to December 8, a total of 43 fund managers changed positions, impacting 67 fund products [3] - In the past 30 days (November 8 to December 8), 710 fund products experienced manager changes, with 23 managers involved in the recent announcements [3] - The reasons for the changes included 13 managers leaving due to job changes and 10 managers departing as a result of product expirations [3] Fund Manager Performance - Zhang Lei, a fund manager at Southern Fund, currently manages assets totaling 912 million yuan, with the highest return product being Southern High-end Equipment Mixed A, which achieved a 101.03% return over 5 years and 306 days [4] - Lei Zhi Yong from Morgan Stanley Fund manages assets of 6.281 billion yuan, with the top-performing product being Morgan Stanley Technology Leading Mixed A, which returned 131.00% over 6 years and 234 days [5] Fund Research Activity - In the past month, Huaxia Fund conducted the most company research, engaging with 44 listed companies, followed by Bosera Fund and Guotai Fund, each with 43 companies [6] - The consumer electronics sector was the most researched, with 249 instances, followed by specialized equipment with 215 instances [6] Recent Fund Research Focus - In the last week (December 1 to December 8), the most researched company was Jereh Group, with 66 fund institutions participating in the research [8] - Other companies with significant research attention included Tianhua New Energy and Sanchuan Tourism, with 41 and 36 institutions respectively [8]

Group 1 - Century Huatong plans to change the use of 1.28 million repurchased shares from equity incentive plans to cancellation, reducing total share capital from 7.428 billion to 7.427 billion shares [2] - Wuliangye adjusts its 2025 investment plan, increasing the number of projects from 19 to 22 and changing the investment amount from 2.586 billion to 2.207 billion yuan [3] - Qingyue Technology is under investigation for suspected financial data fraud, with the possibility of forced delisting if found guilty [4] Group 2 - Kang Enbei's chairman and legal representative resigns due to work adjustments, along with another board member [5] - Tianshan Co. expects a tax payment of approximately 61.86 million yuan to impact its 2025 net profit [6] - Muyuan Foods reports a 20.43% year-on-year decline in November sales revenue from live pigs, totaling 9.39 billion yuan [7] Group 3 - GAC Group's November automobile sales decreased by 9.72% year-on-year, with total sales of 1.797 million vehicles [8] - Western Pastoral's fresh milk production in November increased by 6.3% month-on-month but decreased by 6.47% year-on-year [9] - Gemdale Group's November contracted area fell by 58.50% year-on-year, with a total contracted amount of 1.52 billion yuan [10] Group 4 - Zhenghong Technology reports November sales revenue of 4.5196 million yuan from live pigs, with a year-on-year decline of 21.83% [11] - Wens Foodstuff's November chicken sales reached 118 million birds, generating 3.324 billion yuan in revenue [12] - Meilixin's controlling shareholder plans to increase holdings by no less than 50 million yuan [13] Group 5 - Hongcheng Environment's subsidiary wins an 853 million yuan sewage treatment project [14] - Dongzhu Ecology wins a 397 million yuan environmental project [15] - Xindian Software secures a 54 million yuan project for digital community construction [16] Group 6 - China Chemical announces that its nylon new material project has reached full production [17] - Jiaojian Co. is in discussions regarding overdue payments related to financial products, clarifying that it bears no responsibility for these products [18] - Micron Biotech's product is included in the 2025 National Medical Insurance Directory [19] Group 7 - Yitian Intelligent plans to sell 600 smart computing machines for a total of 1.56 billion yuan [20] - First Venture's subsidiary receives an administrative penalty notice from Jiangsu Securities Regulatory Bureau [21] - China Insurance's vice president is under investigation for serious violations [22] Group 8 - Zhixiang Jintai's monoclonal antibody injection is included in the 2025 National Medical Insurance Directory [23] - Haichuang Pharmaceutical's drug is also included in the National Medical Insurance Directory [24] - Yuanli Co. plans to acquire 49% of Clarimex for 25.56 million USD [25] Group 9 - Betta Pharmaceuticals' products are included in the National Medical Insurance Directory [26] - Tianci Materials' controlling shareholder commits to not reducing holdings for six months [27] - Guanglian Aviation's actual controller has had a detention measure lifted [28] Group 10 - Annie Co. announces a share transfer agreement that will make Shengshi Tianan the controlling shareholder [29] - Double Star New Materials notes uncertainty regarding the sustainability of long-term price increases [30] - ST Tianrui terminates plans for a change in control and resumes trading [31] Group 11 - Guao Technology is planning a change in control, leading to a temporary suspension of its stock [32] - Guangqi Technology's subsidiary signs contracts worth 696 million yuan for the production of metamaterials [33] - Shuoshi Biotech's monkeypox virus detection kit is included in the WHO emergency use list [34]

Core Viewpoint - The media sector is expected to experience an overall upward trend in 2025, driven by favorable policies, new product cycles, and the expansion of Chinese cultural content overseas, alongside the growing demand for IP economy and advancements in AI technology [2][3] Group 1: Policy and Content Cycle - The gaming industry is benefiting from the normalization of license issuance, leading to a significant recovery in supply, while the video series industry is entering a critical window for content innovation and mechanism optimization due to the gradual implementation of new broadcasting regulations [3][9] - The AI development is entering a new phase, with expectations that by 2026, AI-native applications will expand further, transitioning from auxiliary tools to creative subjects, enhancing the production capacity of web literature and IP adaptation into films [3][12] - The trend of cultural content going overseas is maturing, with a shift from broad output to a focus on high-quality cultural core and localized adaptation, particularly in gaming, web literature, and short dramas [3][20] Group 2: IP Economy and Industry Trends - The IP economy is expected to flourish in 2026, with multiple commercialization paths for domestic IP content, consumer products, and services, leading to scaled growth and systematic value reassessment as the industry matures [3][19] - Leading companies in the media sector are positioned to benefit first from industry trends due to their advantages in business scale, technological reserves, and capital operations, particularly in digital media and gaming [4][19] - The film industry is projected to see box office revenues of 520 billion yuan in 2026 under neutral conditions, with expectations of recovery driven by quality content [35] Group 3: Social Community and AI Integration - Social community platforms are increasingly integrating AI to enhance efficiency and reduce costs across content interaction processes, with a focus on user engagement and monetization [22][25] - The advertising sector is witnessing rapid AI penetration, optimizing content production processes and reducing costs, with a shift towards automated and personalized advertising strategies [30][31] Group 4: Music and Publishing Industry Insights - The music industry is expected to maintain a stable structure, with Tencent Music and NetEase Cloud Music continuing to dominate, while exploring deeper value extraction from the industry chain [17][19] - The publishing industry is adapting to regulatory changes while focusing on the resilience of educational materials and the potential for IP-driven sales growth, with leading companies maintaining strong dividend yields [39][41]

Group 1: Major Transactions - Bohai Chemical is planning to sell 100% equity of Tianjin Bohai Petrochemical and acquire control of Anhui Taida New Materials through a combination of share issuance and cash payment, leading to a significant asset restructuring [1] - Zhongneng Electric is set to acquire 65% equity and debt from three companies, which may constitute a major asset restructuring but will not involve share issuance or change in control [4] - Hai Tai Development has decided to terminate the acquisition of controlling interest in Zhixueyun Technology due to disagreements on key terms, ensuring no adverse impact on normal business operations [5] Group 2: Performance Updates - Wen's shares reported a sales revenue of 3.324 billion yuan from meat chickens in November, marking a year-on-year increase of 10.18% [6] - Shuguang shares saw a 71.07% year-on-year increase in vehicle sales, totaling 207 units in November [6] - Muyuan shares experienced a decline in sales revenue from commodity pigs, reporting 9.39 billion yuan, a decrease of 20.43% year-on-year [6] - Pengding Holdings reported a 5.58% year-on-year decrease in consolidated revenue for November [6] Group 3: Industry Developments - Xiangxi Dairy reported a 6.3% month-on-month increase in fresh milk production in November, although it saw a year-on-year decline of 6.47% [7] - Baisheng Intelligent plans to acquire 51% equity in Zhongke Shengu, which focuses on the research and application of core technologies for embodied intelligent robots [7]

Core Insights - Century Huatong has won four significant industry awards at the 10th Golden Glove Awards, including "Annual Influential Game Company Award" and "Annual Excellent Overseas Company Award" for its subsidiary Century Games, along with product awards for "Annual Wind and Cloud Mini Game Award" for "Bun Bun Kingdom" and "Annual Wind and Cloud Mobile Game Award" for "Dragon Valley World" [1][10] Group 1: Awards and Recognition - The Golden Glove Awards are recognized as one of the most influential comprehensive awards in China's TMT sector, with a strong expert review panel and evaluation process, establishing its authority as an industry benchmark [3][13] - Century Huatong's achievements reflect not only individual product success but also a demonstration of systematic competitiveness and strategic foresight in a highly competitive environment [3][13] - The company has consistently excelled in the awards over the years, indicating sustained industry recognition [1][10] Group 2: Product Performance - "Bun Bun Kingdom," awarded "Annual Wind and Cloud Mini Game Award," launched on August 28, 2025, and has quickly gained market recognition due to its innovative gameplay and strong user retention, maintaining a top position in the mini-game sales rankings [5][15] - "Dragon Valley World," awarded "Annual Wind and Cloud Mobile Game Award," successfully transformed classic content into a mobile format, achieving strong initial performance by topping the iOS free chart and entering the top 10 in sales [7][17] - Both products exemplify the company's strategic focus on lightweight and high-quality gaming, showcasing its ability to cater to a broad user base and manage diverse product development and operations [3][10] Group 3: Global Expansion and Market Impact - Century Games, recognized as "Annual Excellent Overseas Company," is a key player in the company's global strategy, with hit overseas products like "Whiteout Survival" and "Kingshot" dominating the Chinese mobile game overseas revenue rankings [9][18] - The company has successfully created a healthy product ecosystem with various titles like "Family Farm Adventure" and "Tasty Travels: Merge Game" gaining popularity in overseas markets, reflecting a "flagship leading, diversified approach" [9][18] - Century Games has risen to the top position among global mobile game publishers according to Pocket Gamer, achieving record growth in its ranking [9][18] Group 4: Corporate Strength and Future Outlook - The "Annual Influential Game Company Award" acknowledges Century Huatong's significant position in the domestic gaming industry, evaluating its R&D capabilities, industry contributions, and social responsibilities [10][19] - The company has established a multi-layered, systematic advantage and aims to continue its commitment to R&D innovation, global operations, and industry responsibility, ensuring quality content production and steady growth [10][19]