浙江世纪华通集团股份有限公司 关于 2022 年员工持股计划 证券代码：002602 证券简称：ST 华通 公告编号：2025-057 第二个锁定期届满暨解锁条件成就的提示性公告 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 2022 年 8 月 18 日召开了第五届董事会第九次会议、第五届监事会第八次会议，并于 2022 年 9 月 5 日召开 2022 年第三次临时股东大会，审议通过了《关于<浙江世纪华通集团 股份有限公司 2022 年员工持股计划（草案）>及其摘要的议案》，同意公司实施 2022 年员工持股计划（以下简称"本员工持股计划"），同时股东大会授权董 事会办理与本员工持股计划相关的事宜。具体内容详见公司在指定信息披露媒体 及巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 公司本员工持股计划所持有的公司股票第二个锁定期将于 2025 年 9 月 14 日届满，根据《关于上市公司实施员工持股计划试点的指导意见》《深圳证券交 易所上市公司自律监管指引第 1 号——主板上市公司规 ...

Group 1 - The report highlights investment opportunities in AI applications, particularly in the midstream data services and downstream sectors like AI+Media, AI+IT software, and AI+Healthcare, which show structural growth potential [3][4] - The domestic AI application market is shifting towards a focus on fundamentals, emphasizing actual returns, with potential catalysts for growth including new model releases and decreasing computing costs [4][3] - The report indicates that the overall market trend for domestic AI applications is weaker than computing power, but there are still structural opportunities in individual stocks [4] Group 2 - The report on Xingfa Group indicates a stable performance in Q2 2025, with revenue reaching 14.62 billion yuan, a year-on-year increase of 9.07%, despite a decline in net profit [6][7] - The company has a strong position in the phosphate market, with high prices maintained and a significant increase in revenue from mining operations [8][9] - The acquisition of a 50% stake in Qiaogou Mining is expected to enhance the company's phosphate resource advantages, increasing its total mining rights to 58 million tons [12][13] Group 3 - The report on General Motors shows that the company is advancing mixed-ownership reforms, with a significant increase in revenue to 4 billion yuan in H1 2025, despite a sharp decline in net profit due to international trade barriers [16][17] - The company is expanding its international presence with projects in Thailand and Cambodia, which are expected to enhance its competitive edge in the global market [19] Group 4 - The report on Stanley indicates a dual increase in volume and profit, with revenue of 6.39 billion yuan in H1 2025, a year-on-year increase of 12.66%, driven by phosphate exports [21][22] - The company is focusing on optimizing its product structure and expanding its online retail presence, which has seen significant growth [23][24] Group 5 - The report on New Mile shows a significant decline in revenue to 1.588 billion yuan in H1 2025, primarily due to the impact of medical insurance and centralized procurement policies [28][29] - The company anticipates a recovery in growth in the second half of 2025, supported by strategic restructuring and operational efficiency improvements [30] Group 6 - The report on Hualu Hengsheng indicates a decline in revenue to 15.764 billion yuan in H1 2025, with a focus on innovation and cost reduction to navigate a challenging market environment [31][32] - The company is actively pursuing new projects to enhance production efficiency and market competitiveness [37]

Group 1: Mobile Game Publisher Revenue Rankings - The global revenue ranking for Chinese mobile game publishers in August 2025 shows Tencent, DianDian Interactive, and NetEase in the top three positions [1] - Tencent's game "Peacekeeper Elite" saw a 28% month-on-month increase in in-game purchases due to a collaboration with the popular movie "Nezha: Birth of the Demon Child" [1] - DianDian Interactive achieved record global revenue with an 11% month-on-month growth, with "Whiteout Survival" and "Kingshot" generating cumulative revenues of $3.3 billion and $300 million respectively [1] Group 2: Perfect World's "Honkai: Star Rail" Test Launch - Perfect World launched a limited test for its game "Honkai: Star Rail," focusing on MMO gameplay and experience, with significant adjustments in payment models and resource acquisition [2] - The test version eliminates the weapon and willpower gacha systems, providing all weapons and basic skins for free [2] - The introduction of a player trading mechanism allows items to circulate in trading and auction houses, potentially enhancing user retention and activity [2] Group 3: Tencent's "Honor of Kings" New Gameplay Feature - Tencent's "Honor of Kings" announced a new limited-time 6v6v6 naval battle mode called "Starfire Chibi," set to launch on September 11 [3] - The new gameplay emphasizes social cooperation and strategic depth, allowing players to drive and shoot in pairs while upgrading their ships [3] - This innovation is expected to enhance user engagement and willingness to pay, reinforcing Tencent's leading position in the market [3]

| 企名 | 总营收 | 同比变化 | 游戏营收 | la H | 游戏 务 | | --- | --- | --- | --- | --- | --- | | | (1/70) | | (1670) | 421 | 营收占比 | | 世纪华通 | 172.07 | 85.50% | 163.99 | 93.60% | 95.30% | | 三七互娱 | 84.86 | -8.08% | 84.15 | -8.26% | 99.17% | | 昆仑万维 | 37.33 | 49.23% | 2.39 | -0.82% | 6.40% | | 完美世界 | 36.91 | 33.74% | 29.06 | 9.67% | 78.74% | | 神州泰岳 | 26.85 | -12.05% | 20.28 | -16.41% | 75.53% | | 恺英网络 | 25.78 | 0.89% | 19.21 | -10.96% | 74.53% | | 吉比特 | 25.18 | 28.49% | 25.08 | 28.51% | 99.62% | | 巨人网络 | 16.62 | 16.47% | 16.57 ...

Summary of Conference Call Records Industry Overview - The gaming industry is expected to see significant growth in 2025, with an estimated increase of approximately 14% in the first half of the year, and mobile gaming growth at 19%, surpassing the 7.5% growth in 2024 [1][2] - The valuation of the gaming sector has shifted from a range of 15-20 times PE to 20-25 times PE, with leading companies nearing a valuation of 25 times [1][2] Key Points and Arguments - Major companies have exceeded market expectations in product revenue, leading to upward revisions in EPS forecasts for 2025 and 2026, with many companies experiencing growth rates of over 20%, and some even doubling their performance [1][2] - The gaming sector's valuation is expected to transition to 25 times by 2026, driven by clear revenue contributions from single products and sustained high growth [1][5] - The third quarter of 2025 is anticipated to show significant growth, with some companies expected to double their revenue, supported by major product contributions [6][7] Company-Specific Insights - **Giant Network**: The core product "Supernatural Action" is expected to maintain stable revenue post-summer, with Q3 performance projected to at least double compared to Q2. The company is also expected to see close to double growth in 2026, with a valuation of 20-25 times [3][10] - **G-bits**: The company has shown the highest year-on-year growth in Q3, driven by the new game "Sword" and a low base from the previous year. The overseas market performance has also been strong [11][12] - **Century Huatong**: The company has maintained stable revenue levels, with significant contributions from both new and existing products [8][13] Policy and Market Environment - There is a noticeable upward trend in policy support for the gaming industry, with an increase in the number of game approvals and local incentives for game development [4][5] - The market sentiment is optimistic, with a bullish atmosphere contributing to the early transition of valuations towards 2026 [5][6] Emerging Trends - The gaming industry has experienced four significant changes in 2025: improved product quality, increased net profit margins, expanded user demographics, and a shift in business models from project-based to platform-based operations [15] - Companies like Kaiyin Network and Xindong have successfully transitioned to platform-based models, resulting in substantial revenue and profit margin improvements [16][17] Conclusion - The gaming sector is poised for continued growth, with strong performances from leading companies and supportive market conditions. The anticipated changes in valuation and business models suggest a robust future for the industry, with significant opportunities for investment in key players.

证券代码：002602 证券简称：ST 华通 公告编号：2025-056 浙江世纪华通集团股份有限公司 关于公司股票交易异常波动的公告 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。 一、公司股票交易异常波动的情况 浙江世纪华通集团股份有限公司（以下简称"公司"）股票（证券简称：ST 华通，证券代码：002602）于 2025 年 9 月 5 日、9 月 8 日、9 月 9 日连续三个交 易日收盘价格涨幅偏离值累计超过 12%，根据深圳证券交易所相关规定，属于股 票交易异常波动的情况。 二、公司关注并核实情况的说明 针对公司股票交易异常波动情况，公司董事会通过电话及现场询问等方式， 对公司第一大股东、全体董事、监事及高级管理人员就相关问题进行了核实，现 就相关情况说明如下： 1、经自查，公司未发现存在对公司股价可能产生重大影响的媒体报道及市 场传闻。公司不存在违反信息公平披露的情形。 2、公司新品游戏《奔奔王国》IOS 及安卓客户端 APP 于近日正式上线，目 前公司的经营情况及内外部经营环境未发生重大变化。 3、公司、第一大股东不存在关于公司应披露而未披露的 ...

Investment Rating - The report does not provide a specific investment rating for the company ST Huatuo (002602) [1] Core Insights - The company's mid-year performance aligns with the forecast, with all business lines showing positive development trends. For H1 2025, the company achieved a net profit attributable to shareholders of 26.56 billion yuan, which is within the expected range of 24-30 billion yuan [4][6] - The launch of the new game "Benben Kingdom" on September 8, 2025, is anticipated to inject new growth momentum into the domestic market for H2 2025 [5][6] Summary by Relevant Sections Performance Overview - For H1 2025, the company reported operating revenue of 172.07 billion yuan, a year-on-year increase of 85.50%, and a net profit of 26.56 billion yuan, up 129.33% year-on-year. The net profit excluding non-recurring items was 25.86 billion yuan, reflecting a year-on-year increase of 124.43% [6] - In Q2 2025, the company achieved operating revenue of 90.62 billion yuan, a year-on-year increase of 80.73% and a quarter-on-quarter increase of 11.27%. The net profit for Q2 was 13.06 billion yuan, up 157.79% year-on-year but down 3.22% quarter-on-quarter [6] Business Development - The company has seen significant growth driven by successful game releases such as "Whiteout Survival," "Kingshot," and "Endless Winter," which have contributed to its rise to the second position in the "Top 80 Mobile Game Publishers in China H1 2025" ranking [4][6] - The collaboration with Shengqu Games continues to provide a stable revenue stream, ensuring sustained performance growth through high user engagement and consistent income from multiple games [4]

Core Insights - Chengdu is emerging as a new hub for China's cultural and creative industries, characterized by a unique blend of traditional and modern elements, creating a vibrant cultural landscape [1][15] Group 1: Industry Growth and Development - Chengdu's cultural and creative industry has seen rapid growth, with the industry's added value reaching 287.6 billion yuan in 2024, marking an 11.69% year-on-year increase [4] - The number of digital cultural enterprises in Chengdu has surpassed 6,000, contributing to a robust industrial ecosystem [4] Group 2: Investment Promotion Activities - The "2025 Chengdu Cultural and Creative Industry 'Li Yuan Man Yuan' Investment Promotion Inspection Activity" focused on the gaming and esports sector, attracting representatives from over ten well-known companies [1][16] - The event highlighted the city's commitment to fostering collaboration and exploring new opportunities in the gaming and esports fields [1][16] Group 3: Key Locations and Transformations - The inspection included visits to three major cultural and creative parks in Chengdu, showcasing the transformation of old industrial sites into vibrant cultural hubs [4][9][13] - The East Eight District Film and Cultural Park, a former industrial site, has been revitalized into a comprehensive ecosystem for film production, digital creation, and commercial activities [4][9] Group 4: Esports Industry Insights - Chengdu's esports industry is thriving, having produced hit games like "Honor of Kings" and hosted major tournaments, including the League of Legends Mid-Season Invitational [16] - The city aims to establish itself as an "Esports Cultural Capital," supported by government policies promoting high-quality development in the gaming and esports sectors [16][17] Group 5: Company Engagement and Future Plans - Companies like SNK and Shanghai Giant Network expressed strong interest in collaborating with Chengdu, citing the city's supportive environment and strategic planning for the gaming industry [20][23] - The event also focused on talent acquisition and collaboration opportunities, with local companies eager to engage in projects that promote the development of the digital cultural sector [24]

Core Insights - The Chinese gaming industry showed strong growth in the first half of 2025, with total revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1][3] - A total of 23 A-share listed gaming companies reported a combined revenue of 53.84 billion yuan, up 22.78% year-on-year, with gaming revenue specifically increasing by 21.87% to 41.48 billion yuan [3][4] - The market is witnessing a polarization where leading companies are outperforming others, indicating a "stronger getting stronger" trend [2][8] Revenue Performance - Century Huatong led the A-share gaming companies with a revenue of 17.207 billion yuan, a remarkable increase of 85.50%, and gaming revenue of 16.399 billion yuan, up 93.60% [4][6] - 14 out of 23 companies reported revenue growth, with 10 companies seeing an increase in gaming revenue [3][4] - Companies like Kunlun Wanwei and Perfect World also showed significant growth, with Kunlun's revenue at 3.733 billion yuan (up 49.23%) and Perfect World's gaming revenue at 2.906 billion yuan (up 9.67%) [7][8] Profitability Trends - The net profit for 23 A-share gaming companies reached 8.027 billion yuan, significantly higher than the previous year's 4.758 billion yuan [14][15] - Century Huatong's net profit surged to 2.656 billion yuan, marking a 129.33% increase, while Perfect World returned to profitability with a net profit of 503 million yuan [15][17] - However, several companies, including Kunlun Wanwei, reported substantial losses, with a net profit decline of 110.90%, resulting in a loss of 859 million yuan [19][18] International Revenue - The overseas revenue for 15 companies with over 30% gaming revenue share reached 17.950 billion yuan, a 34.59% increase year-on-year [11][12] - Century Huatong was the standout performer with overseas revenue of 8.958 billion yuan, up 78.49%, primarily driven by successful game titles [12][13] - Other companies like Star Shine Entertainment also reported significant growth in overseas revenue, with a 139.83% increase [13][14] Cost and Investment Trends - The overall operating costs for the 23 companies increased by 22.02% to 17.368 billion yuan, while sales expenses rose by 18.84% to 17.847 billion yuan [24][25] - Research and development investment saw a modest increase of 2.36%, totaling 5.427 billion yuan, indicating a continued focus on marketing over R&D [24][26] - Companies like Century Huatong and Kunlun Wanwei experienced the highest increases in operating costs, with Century Huatong's costs reaching 5.249 billion yuan [23][25] Dividend Distribution - Among the 23 A-share gaming companies, only 5 announced mid-term cash dividends, with Jibite leading with a proposed dividend of 6.6 yuan per 10 shares [27][28] - Sanqi Interactive Entertainment has maintained a consistent dividend policy, proposing a cash dividend of 2.10 yuan per 10 shares for the eighth consecutive year [27]

Core Insights - The domestic gaming industry in China has shown a strong recovery in the first half of the year, with actual sales revenue reaching 168 billion yuan, a year-on-year increase of 14.08% [1] - The number of gaming users has also reached a historical high of 679 million, growing by 0.72% year-on-year [1] - The issuance of gaming licenses remains high, with 766 domestic online games approved in the first half of the year, a 21.97% increase compared to the same period in 2024 [2] Industry Performance - The gaming market is entering a phase of stock competition, with a significant disparity between companies holding popular products and those facing revenue pressures [2] - Among A-share and Hong Kong-listed gaming companies, 10 reported declines in both revenue and profit, while several others faced revenue declines or "increased revenue without increased profit" [2] Company Performance - Century Huatong leads the A-share gaming companies with a revenue of 17.2 billion yuan, up 85.5%, and a net profit of 2.656 billion yuan, up 129.33% [7] - Tencent and NetEase continue to dominate the market, with Tencent's domestic gaming revenue at 83.3 billion yuan and NetEase's at 51.6 billion yuan in the first half of the year [5] - 37 Interactive Entertainment reported a revenue decline of 8.08% to 8.486 billion yuan, but its net profit increased by 10.72% to 1.4 billion yuan [9][10] - Perfect World achieved a revenue of 3.691 billion yuan, a 33.74% increase, and turned a profit with a net profit of 503 million yuan [15][17] - Kunlun Wanwei's revenue reached 3.733 billion yuan, a 49.23% increase, but it reported a net loss of 856 million yuan [14] - G-bits reported a revenue of 2.518 billion yuan, up 28.49%, and a net profit of 645 million yuan, up 24.5% [18] Market Trends - The gaming industry is shifting towards high-quality game development and international expansion, moving away from imitation and low-quality products [4] - Companies are focusing on cost reduction and efficiency improvements to enhance profitability amid rising sales costs and market competition [18]