Core Viewpoint - Zhejiang Century Huatong Group Co., Ltd. plans to repurchase its A-shares to enhance shareholder value and stabilize the company's stock price, with a total repurchase amount ranging from RMB 500 million to RMB 1 billion [1][2][5]. Group 1: Repurchase Plan Details - The repurchased shares will be fully canceled, leading to a reduction in the company's registered capital [1][5]. - The maximum repurchase price is set at RMB 28.77 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][7]. - The total repurchase amount will not be less than RMB 500 million and not exceed RMB 1 billion [2][5]. Group 2: Funding and Duration - The funding for the repurchase will come from the company's own funds and a special loan for share repurchase [3][5]. - The repurchase period is set for 12 months from the date of approval by the shareholders' meeting [6][9]. Group 3: Expected Impact on Share Capital Structure - Based on the upper limit of the repurchase amount, approximately 34,758,428 shares will be repurchased, accounting for about 0.4679% of the total issued share capital [4][13]. - If the lower limit is used, around 17,379,215 shares will be repurchased, representing about 0.2340% of the total issued share capital [4][13]. Group 4: Compliance and Governance - The repurchase plan complies with relevant regulations, including the Company Law and the rules of the Shenzhen Stock Exchange [5][7]. - The board of directors and all members guarantee the accuracy and completeness of the information disclosed [1][27]. Group 5: Shareholder Engagement - As of the announcement date, there are no plans for share reduction from major shareholders or management within the next six months [4][17]. - The proposal for the repurchase was initiated by the chairman, who expressed confidence in the company's long-term value [17][27].

Core Insights - Institutional research activity remains high, with 254 listed companies disclosing investor research records this week, and over 80% of these companies achieved positive returns [1] - Notable performers include Hai Xin Food with a 45.4% increase, Tongyu Communication with a 39.1% increase, and several others exceeding 20% [1] Group 1: Jerry Holdings - Jerry Holdings received attention from 168 institutions this week, focusing on its gas power generation business and competitive advantages in the field [2] - The company has developed a comprehensive product system for gas power generation, including gas turbine generator sets and energy storage equipment, and has secured over $100 million in sales orders for data center generator sets in North America [2] - Jerry Holdings aims to expand its application areas and secure new orders to meet diverse global energy demands [2] Group 2: Fule New Materials - Fule New Materials attracted 106 institutional inquiries regarding its third-generation electronic skin, which integrates flexible materials, chips, algorithms, and large models [3] - The company has transitioned from a material supplier to a provider of intelligent sensing solutions, achieving significant advancements in tactile sensing technology [3][4] - The third-generation system features ultra-high resolution and advanced algorithms that enable it to interpret tactile information intelligently [3] Group 3: Century Huatong and Kaiying Network - Century Huatong received inquiries from 96 institutions, with a focus on its outlook for the gaming industry and core competitiveness [5] - The company emphasizes the importance of gaming in driving technological advancements and aims to connect a broader digital world through its products [5][6] - Kaiying Network engaged with 87 institutions, discussing its strategic investment in Century Huatong and the financial implications of its stock holdings [6] - The company plans to maintain its investment in Century Huatong to enhance collaboration in IP and brand development, without short-term plans to sell its shares [6]

Core Points - Century Huatong announced a share repurchase plan to buy back A-shares worth between 500 million and 1 billion RMB, which will be canceled after completion, leading to a reduction in registered capital [1][2] - The repurchase price is capped at 28.77 RMB per share, with a buyback period lasting up to 12 months from the approval date [2] - The company will notify creditors as required by law, allowing them to claim debts within specified timeframes [3][4] Group 1 - The share repurchase plan was approved by the board and shareholders on November 12 and November 28, 2025, respectively [2] - The total repurchase amount is set between 500 million and 1 billion RMB, with a maximum price of 28.77 RMB per share [2] - The repurchase will be conducted through the Shenzhen Stock Exchange via centralized bidding [2] Group 2 - Upon completion of the repurchase, the shares will be canceled, resulting in a corresponding decrease in registered capital [3] - Creditors have 30 days from notification or 45 days from the announcement date to claim their debts [3] - The company will ensure the protection of creditors' rights and will disclose information regarding the repurchase progress [4]

回购股份报告书 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。 证券代码：002602 证券简称：世纪华通 公告编号：2025-075 浙江世纪华通集团股份有限公司 重要内容提示： 6、回购期限：自公司股东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 100,000.00 万元、回购价格上限 28.77 元/股测算，预计回购股份数量约为 34,758,428 股，约 占公司目前已发行总股本的 0.4679%；若以回购金额下限人民币 50,000.00 万元、 回购价格上限 28.77 元/股测算，预计回购股份数量约为 17,379,215 股，约占公司 目前已发行总股本的 0.2340%。具体回购股份的数量以回购期满时或回购方案完 成时公司实际回购的股份数量为准。 8、相关股东是否存在减持计划：截至本公告披露日，公司未收到公司董事、 高级管理人员，控股股东、实际控制人及其一致行动人、持股 5%以上股东及其 一致行动人未来六个月内减持公司股份的计划。若未来相关股东实施减持股份计 划，公司将严格按照相关规定及 ...

证券代码：002602 证券简称：世纪华通 公告编号：2025-076 浙江世纪华通集团股份有限公司 关于回购股份注销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"）分别于 2025 年 11 月 12 日、2025 年 11 月 28 日召开公司第六届董事会第十五次会议、2025 年第五 次临时股东会，审议通过了《关于回购公司股份方案的议案》，具体内容详见刊 载于巨潮资讯网的《第六届董事会第十五次会议决议公告》《关于回购公司股份 方案的公告》《2025 年第五次临时股东会决议公告》《回购股份报告书》。 根据回购方案，公司拟通过深圳证券交易所交易系统以集中竞价交易方式回 购公司部分已在境内发行的人民币普通股（A 股）股票。回购资金总额不超过人 民币 10 亿元（含），不低于人民币 5 亿元（含），回购价格不超过人民币 28.77 元/股（含）。回购期限为自公司股东会审议通过回购股份方案之日起不超过十 二个月。 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 ...

证券代码：002602 证券简称：世纪华通 公告编号：2025-074 浙江世纪华通集团股份有限公司 2025 年第五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 7,414,744,618 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 11 月 28 日（星期五）下午 14:30； 网络投票时间：2025 年 11 月 28 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 11 月 28 日上午 9:15-9:25，9:30-11:30 和下午 ...

关于 浙江世纪华通集团股份有限公司 2025 年第五次临时股东会的 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 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 年第五次临时股东会的 法律意见书 编号：TCYJS2025H1968 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 五次临时股东会，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 "Shulong Cup" Global AI Game and Application Innovation Competition initiated by Century Huatong aims to deepen the penetration of AI technology in game development and application scenarios, accelerating its popularity in the interactive entertainment industry and beyond [1][2] - The competition attracted 151 teams globally, with 20 teams reaching the finals, showcasing the potential of AI in gaming and other fields [1][4] Group 1: Competition Structure and Goals - The competition is divided into two main tracks: AI games and AI applications, focusing on three core directions: exploring AI innovations in gaming, discovering outstanding AI talent, and promoting collaboration across the industry [2][4] - The event includes a structured timeline with a two-month registration period, a one-and-a-half-month review phase, and a final presentation on July 23, culminating in an award ceremony on August 1 [2][4] Group 2: Industry Engagement and Outreach - Century Huatong organized four online thematic salons, attracting over 40,000 viewers, to raise awareness about AI and engage more developers [2][4] - The competition generated over 3,800 pieces of information and more than 1,200 news reports, significantly increasing visibility across various media platforms [4] Group 3: Outcomes and Future Prospects - The competition's economic value continues to grow, with two sponsors committing to support future editions, and some finalist teams attracting media attention and investment opportunities, with amounts reaching tens of millions [11] - The event serves as a bridge between cutting-edge technology and practical applications, highlighting AI's potential in gaming and other sectors, while fostering a prosperous AI industry ecosystem [11]

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]

Core Viewpoint - Century Huatong held its first investor communication meeting after "removing the hat" on November 25, discussing key issues such as product lifecycle, team equity incentives, and rising user acquisition costs [2][3]. Group 1: Company Performance and Growth - Century Huatong expects to exceed 10 billion in revenue by Q3 2025, positioning itself as the sixth largest gaming company globally, close to Electronic Arts (EA) [2]. - The company reported that approximately two-thirds of its profits currently come from its subsidiary, Diandian Interactive, with significant growth in R&D expenses attributed to expanding its overseas operations [5]. Group 2: Key Products - The flagship products, "Whiteout Survival" and "Kingshot," are crucial growth drivers, with "Whiteout Survival" breaking multiple records since its overseas launch this year [3]. - The overlap in users between "Whiteout Survival" and "Kingshot" is about 20% in overseas markets, indicating that the market does not perceive these products as overly similar [3]. Group 3: Future Strategies - The company prioritizes the casual gaming sector for future product development, with plans to test multiple products within the same category using a fast and low-cost approach [4]. - Century Huatong aims to optimize its incentive mechanisms for the Diandian team, combining cash and equity incentives to ensure team stability [5]. Group 4: Market Dynamics - The recent changes in Apple's payment policies for mini-programs are expected to enhance user payment rates, as the previous system negatively impacted user experience [6]. - Rising user acquisition costs are a concern, with increased competition leading to higher expenses in both domestic and international markets [6]. Group 5: Industry Outlook - The "14th Five-Year Plan" has explicitly recognized the cultural and industrial value of online gaming, suggesting a favorable policy environment for the industry [7].