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].

Core Insights - Century Huatong's stock price has increased by 244.75% year-to-date, with a recent drop of 2.05% to 17.72 CNY per share [1] - The company reported a significant revenue growth of 75.31% year-on-year, reaching 27.22 billion CNY for the first nine months of 2025 [2] - The net profit attributable to shareholders surged by 141.65% year-on-year, amounting to 4.36 billion CNY [2] Financial Performance - As of September 30, 2025, Century Huatong's total market capitalization is approximately 131.63 billion CNY [1] - The company has seen a net outflow of 66.49 million CNY in principal funds recently, with large orders showing mixed buying and selling activity [1] - The company has not distributed any dividends in the last three years, with a total payout of 710 million CNY since its A-share listing [3] Shareholder Information - The number of shareholders increased by 48.40% to 159,100 as of September 30, 2025, while the average number of circulating shares per person decreased by 32.85% to 43,073 shares [2] - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 111 million shares, a decrease of 3.31 million shares from the previous period [3] Business Overview - Century Huatong's main business segments include mobile games (84.70% of revenue), PC games (9.85%), and automotive parts (4.11%) [1] - The company operates in the media and gaming industry, with involvement in e-sports, cloud gaming, and mobile gaming concepts [2]

Core Viewpoint - Century Huatong has experienced explosive growth driven by its strong overseas gaming performance, achieving significant revenue and profit increases in recent quarters [4][5]. Financial Performance - In Q3 2023, Century Huatong reported revenue of 10.016 billion yuan, a year-on-year increase of 60.19%, and a net profit of 1.701 billion yuan, up 163.78% [4]. - The company has achieved ten consecutive quarters of revenue growth and has surpassed a market capitalization of 100 billion yuan, positioning itself as a leader in the gaming sector [4]. Business Strategy and Growth Drivers - The rapid growth is primarily attributed to its subsidiary, Diandian Interactive, which contributes two-thirds of the company's profits [5]. - Century Huatong emphasizes the importance of classic long-term products, which continue to perform well and exceed industry averages in user engagement and revenue per user [5]. Game Development Pipeline - The company is developing new games across multiple genres, including casual, SLG, ARPG, MMO, and card games, with a focus on a "blooming period" for SLG and casual games in the coming year [6]. - The impact of changes in Apple's mini-program game revenue share is estimated to affect Century Huatong's income by around 2%, but is expected to improve user retention and payment rates [6]. AI Integration in Gaming - The chairman of Century Huatong, Wang Ji, highlighted the significant role of AI in the gaming industry, viewing it as a key driver for technological advancement and industry upgrades [8][9]. - The company has implemented AI tools in its game production processes, resulting in a 60% to 80% increase in content production efficiency [10]. Market Trends and Future Outlook - The global gaming market is projected to reach 3.58 to 3.6 billion players by 2025, with mobile gaming being the primary growth engine [9]. - AI technology is expected to revolutionize production efficiency and innovate user experiences, leading to personalized gaming experiences [9].

Industry Overview - In November 2025, the National Press and Publication Administration approved a total of 178 domestic online games, including titles from Baidu Duoku and Qunyou Technology [1] - The approval of 6 imported online games was also announced, indicating a continued interest in both domestic and international gaming content [1] - The gaming industry is currently experiencing high market sentiment, with an increase in user ARPU (Average Revenue Per User) contributing to steady market growth [1] Policy Impact - Recent policies such as "Several Policy Measures to Expand Service Consumption" and "Guiding Opinions on Vigorously Developing Digital Consumption" are favorable for industry development [1] - The integration of AI multimodal functions is significantly contributing to cost reduction and efficiency improvements for gaming companies [1] Company Insights - Giant Network focuses on high-quality game development and player-centric approaches, successfully launching multiple titles in both PC and mobile gaming markets, particularly excelling in MMORPG and multiplayer casual competitive genres [1] - Century Huatong has established a complete ecosystem for its gaming business, encompassing research and development, global distribution, and operations, with subsidiaries like Diandian Interactive and Shengqu Games [1]

Core Viewpoint - Century Huatong has made an indirect investment in Moore Threads, holding approximately 0.35806% of the company through its wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., Ltd [1] Group 1 - Century Huatong disclosed its investment in Moore Threads on an interactive platform [1] - The investment was made through an industry fund managed by its subsidiary [1] - The effective shareholding percentage in Moore Threads is approximately 0.35806% after penetration [1]