Core Viewpoint - Century Huatong has successfully removed its risk warning status, leading to a significant increase in its market capitalization to 130.8 billion yuan [1] Financial Performance - For the first three quarters of 2025, Century Huatong achieved revenue of 27.223 billion yuan, net profit of 4.357 billion yuan, and operating cash flow of 6.278 billion yuan, surpassing the total figures for 2024 and setting a historical record [1] - In Q3 2025, Century Huatong's revenue exceeded 10 billion yuan for the first time, marking ten consecutive quarters of revenue growth, with net profit also reaching a new record [1] Stock Market Impact - Following the removal of the risk warning, the trading limit for Century Huatong's stock will increase from 5% to 10% [1] - The stock will be suspended for one day on November 11, 2025, and will resume trading on November 12, 2025, with the stock name changing from "ST Huatong" back to "Century Huatong" [1] Company Strategy - Century Huatong views the "delisting of risk warning" as a new starting point and aims to maintain strict management while focusing on development to reward the market and investors with stable performance [2]

Core Viewpoint - Century Huatong Group has successfully applied to remove the risk warning on its stock, which will be lifted on November 12, 2025, following a series of corrective measures and improvements in corporate governance and financial performance [2][4][3]. Financial Performance - In Q3 2025, Century Huatong achieved a quarterly revenue of over 10 billion yuan, marking a 60.19% increase compared to the same period last year [5]. - For the first nine months of 2025, the total revenue reached 27.22 billion yuan, surpassing the entire revenue of the previous year [4][5]. - The net profit for the same period was 4.36 billion yuan, reflecting a year-on-year growth of 141.65% [4][5]. - The operating cash flow for the first nine months was 6.28 billion yuan, an increase of 81.33% year-on-year [4]. Corporate Governance and Compliance - Century Huatong has implemented 23 revised regulations across six categories to enhance corporate governance and risk management in response to previous regulatory penalties [4]. - The company has completed the rectification of issues identified by regulatory authorities and received an audit report confirming the correction of prior accounting errors [4]. Market Position - As of November 10, 2025, Century Huatong's market capitalization reached 130.8 billion yuan, more than tripling from 38 billion yuan in the same period last year [6]. - The company ranks first among A-share gaming companies in terms of revenue and profit for the first three quarters of 2025, driven by strong growth in overseas gaming business and stable domestic performance [5].

大信会计师事务所对公司2018年度至2023年度前期会计差错更正及追溯调整事项出具了《前期会计差错 更正情况审核报告》。 ST华通（002602）即将"摘帽"，回归"世纪华通"。 11月10日晚，A股游戏龙头ST华通公告，公司股票将于2025年11月11日开市起停牌一天，并于11月12日 开市起复牌。 复牌的同时，公司股票自开市起撤销其他风险警示，证券简称由"ST华通"变更为"世纪华通"，撤销其他 风险警示后，其股票交易的日涨跌幅限制由5%变为10%。 ST华通于2024年11月6日收到中国证监会下发的《行政处罚决定书》，公司股票于2024年11月8日起被 实施其他风险警示。 今年11月7日晚，ST华通曾公告，公司对照《深圳证券交易所股票上市规则（2025年修订）》逐项排 查，不存在9.8.1条所列示的其他风险警示的情形，同时也符合9.8.8条关于申请撤销其他风险警示的条 件。公司向深交所申请撤销其他风险警示。 ST华通在公告中表示，公司根据《决定书》所认定的情况，对相关年度的财务报告数据进行了严格自 查，并针对《决定书》中涉及的事项进行自查整改工作。 今年4月底，公司披露《关于前期会计差错更正及追溯调整的公 ...

Core Viewpoint - Century Huatong has successfully applied to revoke the other risk warning on its stock, which will be effective from November 12, 2025, marking a significant milestone for the company [1]. Group 1: Stock and Market Impact - The Shenzhen Stock Exchange has approved Century Huatong's application to remove the other risk warning, allowing the stock to resume trading under its original name "Century Huatong" from November 12, 2025 [1]. - Following the removal of the risk warning, the daily price fluctuation limit for the company's stock will increase from 5% to 10% [1]. - As of November 10, 2025, Century Huatong's stock price was 17.61 yuan per share, with its market capitalization rising from 38.2 billion yuan to 130.8 billion yuan compared to the same period last year [1]. Group 2: Financial Performance - For the first three quarters of 2025, Century Huatong reported revenue of 27.223 billion yuan, net profit of 4.357 billion yuan, and operating cash flow of 6.278 billion yuan, surpassing the total figures for the entire year of 2024 and setting a historical record [1]. - In the third quarter of 2025, Century Huatong achieved a quarterly revenue exceeding 10 billion yuan, marking ten consecutive quarters of revenue growth and a record net profit [1]. Group 3: Company Strategy - Century Huatong views the "delisting of risk warning" as a new starting point and is committed to strict management and focused development, aiming to reward the market and investors with stable performance [2].

Focus Events - Mindray Medical has submitted an application for H-share listing on the Hong Kong Stock Exchange, with a market capitalization of 253.8 billion yuan as of November 10 [1] - Real Bio has made its third attempt to list on the Hong Kong Stock Exchange, with CICC as its sole sponsor [3] - ST Huaxi received a public reprimand from the Shenzhen Stock Exchange for significant discrepancies in its profit forecasts, leading to a stock price drop [4][6] Industry Dynamics - The State Council has issued measures to promote private investment, including encouraging private capital participation in key sectors like railways and nuclear power [7] - The National Development and Reform Commission emphasized fair participation in market scenarios to avoid mismatched partnerships [9] - The market regulatory authority has issued compliance guidelines for e-commerce platforms during the "Double 11" shopping festival to protect consumer rights [10] Company Focus - Shandong Gold Mining announced a tax payment of approximately 738 million yuan due from its subsidiary [23] - CPE Yuanfeng will invest $350 million in a joint venture with Burger King to expand its operations in China [19] - Super Electronics plans to invest 1.468 billion yuan in expanding AI computing circuit board production in Thailand [20] - Shangtai Technology has signed an investment agreement for a project to produce 200,000 tons of lithium-ion battery anode materials, with an estimated investment of 4.07 billion yuan [21][30] - Jiangnan Chemical successfully acquired 100% of Chongqing Shun'an Explosive Materials Co., enhancing its market presence in Southwest China [32]

Market Overview - The A-share market is expected to experience a balanced market style, with the Shanghai Composite Index likely consolidating around the 4000-point level [1][9]. - The long-term positive trend of the A-share market remains unchanged, with attention on themes such as anti-involution and dividends during sector rotations [9]. Economic Policies - The State Council has issued measures to promote private investment, including 13 targeted policy initiatives aimed at encouraging private capital participation in key sectors like railways and nuclear power [5]. - The National Development and Reform Commission and the National Energy Administration have released guidelines to enhance the consumption and regulation of renewable energy, aiming for a multi-layered system by 2030 [6]. Corporate Developments - Ganfeng Lithium has made significant progress in developing the PPGS lithium salt lake project in collaboration with LAR [9]. - A major asset sale by Wingtech Technology has been completed, although some payments remain outstanding [9]. - Shandong Gold's subsidiary is required to pay back taxes amounting to 738 million yuan, which is expected to impact the company's net profit for 2025 by 230 million yuan [8]. Stock Market Movements - The U.S. stock market saw significant gains, with the Dow Jones Industrial Average rising by 0.81%, the Nasdaq by 2.27%, and the S&P 500 by 1.54% [4]. - Notable technology stocks performed well, with Nvidia increasing by 5.8% and Google by 3.9% [4]. Commodity Prices - International oil prices have risen, with WTI crude oil increasing by 0.64% to $60.13 per barrel and Brent crude by 0.68% to $64.06 per barrel [4]. - Gold prices surged, with COMEX gold futures for November delivery rising by 2.81% to $4111.80 per ounce [4].

Core Viewpoint - ST Huatuo (002602) will be delisted from the "ST" designation, with its stock trading resuming on November 12, 2025, and the daily price fluctuation limit increasing from 5% to 10% after the removal of risk warnings [1][3]. Financial Performance - For the first three quarters of the year, the company achieved operating revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit attributable to shareholders of 4.357 billion yuan, up 141.65% [5][6]. - The company reported a significant increase in earnings per share, reaching 0.24 yuan, compared to 0.09 yuan in the same period last year, marking a growth of 166.67% [6]. Business Segments - ST Huatuo focuses on three main business segments: internet gaming, artificial intelligence cloud data, and automotive parts manufacturing, with internet gaming being the core segment driving revenue growth [6]. - The internet gaming segment generated revenue of 16.433 billion yuan in the first half of the year, reflecting a year-on-year growth of 93.06%, with mobile games accounting for 88.69% of this revenue [7]. Stock Market Activity - Since the second half of last year, ST Huatuo's stock price has surged, with a maximum increase of over 650% from its low point [4]. - The stock is heavily held by several funds, including Yongying Fund and Rongtong Fund, with significant positions in multiple products [4].

◎记者 罗茂林 最新财报显示：2025年第三季度，公司营收首次突破百亿大关，实现季度营收"十连升"，净利润同步刷 新纪录；2025年前三季度达成营收272.23亿元、净利润43.57亿元、经营性现金流62.78亿元——核心财 务数据不仅超越2024年全年水平，更创下历史新高，展现出强劲且可持续的发展态势。而对比去年同 期，公司市值也由382亿元提升至1308亿元（截至11月10日收盘）。 11月10日晚间，ST华通发布公告称，公司关于撤销其他风险警示的申请已获得深圳证券交易所审核同 意。11月7日，世纪华通在对照《股票上市规则》逐项自查后，确认符合申请撤销公司股票其他风险警 示的条件，已向深交所提交了"摘帽"申请。 根据深交所规定，公司股票将于2025年11月11日停牌1天，11月12日开市起复牌并撤销其他风险警示， 股票简称将由"ST华通"变更恢复为"世纪华通"，证券代码仍为"002602"。撤销其他风险警示后，公司股 票交易的日涨跌幅限制由5%变为10%。 为消除风险警示，公司在自查期间针对监管部门处罚决定书中的相关认定事项，逐一落实整改并完成差 错更正。大信会计师事务所对公司2018年度至2023年度前 ...

Core Viewpoint - Century Huatong, the largest gaming company by market capitalization in A-shares, has received approval from the Shenzhen Stock Exchange to withdraw its other risk warnings, allowing its stock to resume trading under its original name and increase the daily price fluctuation limit from 5% to 10% [2][4]. Group 1: Company Actions and Financial Adjustments - The company was previously under risk warnings due to false financial reporting, including improper goodwill impairment testing and fictitious software copyright transaction revenues [5]. - To achieve the removal of risk warnings, Century Huatong has restated its financial reports for the relevant years and received an audit report from Da Xin Accounting Firm regarding prior accounting errors [5]. - As of November 10, the company has received 80 investor claims totaling approximately 73.16 million yuan, with all cases filed in the Shaoxing Intermediate People's Court [5]. Group 2: Stock Performance and Market Position - Despite being labeled "ST" last year, Century Huatong's stock price has increased significantly, with a year-to-date rise of over 200%, reaching 17.61 yuan per share and a total market capitalization of 130.8 billion yuan [6]. - The company's third-quarter revenue surpassed 10 billion yuan for the first time, reaching 10.02 billion yuan, a year-on-year increase of 60.2%, with a net profit of 1.7 billion yuan, up 163.8% [6]. - For the first three quarters of the year, Century Huatong's total revenue reached 27.22 billion yuan, exceeding the total revenue of the previous year [6]. Group 3: Game Performance and Industry Standing - The company's game "Whiteout Survival" has been a major success, leading the revenue charts for Chinese mobile games overseas for 15 consecutive months, with global revenue exceeding 3.5 billion USD (approximately 24.9 billion yuan) [7]. - Another game, "Kingshot," has also performed well, generating over 400 million USD (approximately 2.8 billion yuan) since its launch in February [7]. - According to SensorTower, Century Huatong's subsidiary, Diandian Interactive, ranks second in global revenue among Chinese mobile game publishers, only behind Tencent [7].

Core Viewpoint - Century Huatong, the largest gaming company by market capitalization in A-shares, has received approval from the Shenzhen Stock Exchange to revoke its other risk warnings, transitioning from "ST Huatong" back to "Century Huatong" [3][6]. Group 1: Company Developments - Century Huatong will be suspended for one day on November 11 and will resume trading on November 12, with the stock's daily price fluctuation limit increasing from 5% to 10% after the revocation of risk warnings [6]. - The company faced administrative penalties from the China Securities Regulatory Commission last year due to false financial reporting, which included improper goodwill impairment testing and fictitious software copyright transaction revenues [6]. - To achieve the revocation of risk warnings, Century Huatong has restated its financial reports for the relevant years and received an audit report from Da Xin Accounting Firm regarding prior accounting errors from 2018 to 2023 [6]. Group 2: Financial Performance - As of November 10, Century Huatong has received 80 investor claims totaling approximately 73.16 million yuan, with all cases filed in the Intermediate People's Court of Shaoxing City, Zhejiang Province [7]. - Despite being labeled "ST" last year, Century Huatong's stock price has increased significantly, with a year-to-date rise of over 200%. The stock price rose from 5.13 yuan per share at the time of the administrative penalty to 17.61 yuan per share at the time of the revocation announcement, resulting in a market capitalization increase from 38.23 billion yuan to 130.8 billion yuan [8]. - The company's third-quarter financial report shows a record revenue of 10.02 billion yuan, a year-on-year increase of 60.2%, and a net profit of 1.7 billion yuan, up 163.8% [8]. - For the first three quarters of the year, Century Huatong's total revenue reached 27.22 billion yuan, surpassing the total revenue of the previous year [8]. Group 3: Game Performance - Century Huatong's subsidiary, Diandian Interactive, has seen significant success with the game "Whiteout Survival," which has topped the revenue charts for Chinese mobile games overseas for 15 consecutive months, with global revenue exceeding 3.5 billion USD (approximately 24.9 billion yuan) as of September [9]. - Another successful title, "Kingshot," has generated over 400 million USD (approximately 2.8 billion yuan) since its launch in February, ranking second in the overseas revenue charts for September [9]. - According to SensorTower's report, Diandian Interactive ranks second in global revenue among Chinese mobile game publishers, surpassing NetEase and only behind Tencent [9].