Core Viewpoint - The company is facing significant challenges in its performance, with a notable decline in revenue and profit, while also undergoing management changes. The gaming and digital marketing sectors are under pressure, prompting the company to explore new growth avenues such as short video and short drama production [1][2][4]. Financial Performance - In the third quarter of this year, the company's revenue was 6.7 billion yuan, a year-on-year decrease of 23.95%, and the net profit attributable to shareholders was 1.34 billion yuan, down 3.98% [2]. - For the first three quarters of this year, the total revenue was 21.08 billion yuan, reflecting a 24.42% decline compared to the previous year, with a net profit of 3.9 billion yuan, down 8% [2]. - The company's gaming revenue from 2019 to 2023 was 10.18 billion yuan, 12.14 billion yuan, 12.22 billion yuan, 12.02 billion yuan, and 12.26 billion yuan respectively, indicating a plateau in growth [2][3]. Gaming Business Challenges - The gaming sector, particularly the fishing game segment, is facing intense competition and user retention issues, with a significant reliance on a few key products [3]. - The gaming revenue for the previous year was 10.15 billion yuan, which represented a 17.2% decline year-on-year [3]. Digital Marketing Sector - The digital marketing business has shown unstable gross margins, with figures from 2020 to 2024 being 9.56%, 6.92%, 4.74%, 5.46%, and 7.76% respectively [4]. - The company’s bargaining power is limited due to a fixed customer structure primarily consisting of large companies, compounded by increased competition in the digital marketing space [4]. New Growth Initiatives - The company is actively seeking new growth points, particularly through the establishment of the Shanghai International Short Video Center, focusing on short video and short drama production [6]. - The company aims to leverage its digital marketing experience to integrate short drama marketing with existing channels, although it currently lacks content production experience [7].

Core Viewpoint - The company is facing significant challenges in its performance, with a notable decline in revenue and net profit, while also undergoing management changes. The gaming and digital marketing sectors are under pressure, prompting the company to seek new growth opportunities through short video and short drama initiatives [1][2][3]. Financial Performance - In the third quarter of this year, the company's revenue was 6.7 billion, a year-on-year decrease of 23.95%, and the net profit attributable to the parent company was 1.34 billion, down 3.98% [2]. - For the first three quarters of this year, the total revenue was 21.08 billion, reflecting a 24.42% decline compared to the previous year, with a net profit of 3.9 billion, down 8% [2]. - The company's gaming revenue from 2019 to 2023 was 10.18 billion, 12.14 billion, 12.22 billion, 12.02 billion, and 12.26 billion respectively, indicating a relatively stable performance despite recent challenges [2][3]. Gaming Business Challenges - The gaming sector, particularly the fishing game segment, is facing intense competition and a saturation of user traffic, which could hinder user retention if product iterations are insufficient [3]. - The company has launched new games like "Fishing New Era" but is still primarily reliant on its fishing game series, which may limit its growth potential [3]. Digital Marketing Sector - The digital marketing business has experienced unstable gross margins, with figures from 2020 to 2024 showing 9.56%, 6.92%, 4.74%, 5.46%, and 7.76% respectively [4]. - The company’s bargaining power is perceived to be weak due to a fixed customer structure primarily consisting of large companies, compounded by increased competition in the digital marketing space [4]. New Growth Initiatives - The company is exploring new growth avenues through short video and short drama production, leveraging its experience in digital marketing to create a full industry chain ecosystem [6][7]. - The Shanghai International Short Video Center, established in late 2020, focuses on short video and short drama production, with over 200 indoor scenes completed [6]. Management Changes - Following the resignation of Liang Meifeng, the company appointed Ji Wenjun as a non-independent director, indicating a shift in management amidst ongoing performance challenges [1][2].

Core Viewpoint - The company is experiencing significant revenue declines in its core business areas, prompting a leadership change and a search for new growth opportunities through diversification into short video and short drama production [1][2][8]. Financial Performance - In 2024, the company's revenue decreased by 24.04% year-on-year, while the third quarter of 2025 saw a revenue drop of 23.95% [1][2]. - For the third quarter of 2025, the company reported a revenue of 670 million yuan and a net profit attributable to shareholders of 134 million yuan, reflecting a decline of 3.98% [2][3]. - The first three quarters of 2025 showed a total revenue of 2.108 billion yuan, down 24.42% year-on-year, with a net profit of 390 million yuan, down 8.0% [2][3]. Business Segments - The poker business remains stable, but the company is facing challenges in its gaming segment, which has seen a revenue decline of 17.20% to 1.015 billion yuan in 2024 [4][5]. - The gaming segment, which includes products like "Fishing New Era," has been a key growth driver since 2018, but is now facing intense competition and user retention issues [4][5]. - The digital marketing segment has shown unstable gross margins, with rates fluctuating from 9.56% in 2020 to 7.76% in 2024, attributed to a fixed client structure and increased competition [6]. Strategic Initiatives - The company is actively seeking new growth points, particularly through its short video and short drama initiatives, leveraging its existing digital marketing experience [8][9]. - The establishment of the Shanghai International Short Video Center aims to enhance capabilities in short video and drama production, with over 200 indoor scenes completed [8]. - The company plans to integrate short drama marketing with its digital marketing channels to drive traffic, although it faces challenges in content quality and expertise [9].

Group 1 - The 18th China-EU Investment Trade and Technology Cooperation Fair will be held in Chengdu from November 19 to 21, focusing on bilateral economic and trade relations, industrial chain, and supply chain cooperation [1] Group 2 - A total of 7 companies will have their restricted shares unlocked today, with a total unlock volume of 5.5992 million shares, amounting to a market value of 225 million yuan [3] - The companies with the highest unlock volumes are Haishike, Taili Technology, and Weigao Blood Products, with unlock shares of 1.74 million, 1.2639 million, and 1.2547 million respectively [3] - In terms of market value, Haishike, Weigao Blood Products, and Taili Technology lead with unlock values of 95.1606 million yuan, 51.6328 million yuan, and 48.7358 million yuan respectively [3] Group 3 - 15 companies have disclosed their stock repurchase progress, with 2 companies announcing new repurchase plans, 2 companies having their plans approved by shareholders, and 8 companies completing their repurchase plans [4] - Midea Group and Hualu Hengsheng have announced new repurchase plans of up to 5.3696 million yuan and 542,400 yuan respectively [4] - Meizhi Gao and Yaoji Technology have plans approved for repurchase of up to 24.763 million yuan and 290,500 yuan respectively [4]

Core Points - The company held its first extraordinary general meeting of shareholders in 2025 on November 18, where several resolutions were passed, including changes to the company's registered capital and amendments to the articles of association [1][3][36] Meeting Details - The meeting was held at 14:30 on November 18, 2025, at the company's headquarters in Shanghai, utilizing both on-site and online voting methods [3][4] - A total of 282 shareholders and representatives attended the meeting, representing 112,727,925 voting shares, which is approximately 26.99% of the total voting shares [4][5] Resolutions Passed - The resolution to change the registered capital and amend the articles of association was approved with 99.73% of the votes in favor, representing 112,423,025 shares [9] - Other resolutions included amendments to various company regulations, all of which received significant support, with approval rates generally above 98% [10][11][12][14][16] - A resolution to add a new director, Ms. Ji Wenjun, was also passed, with 99.38% of the votes in favor [18][32] Stock Repurchase Announcement - The company announced a plan to repurchase and cancel 50,000 restricted shares due to the departure of an incentive object, which will reduce the total number of shares and registered capital by 5,000 RMB [27][28] Legal Compliance - The meeting was witnessed by lawyers from Shanghai Tongli Law Firm, who confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [23]

Core Viewpoint - Yaoji Technology announced the appointment of Ji Wenjun as a non-independent director of the sixth board of directors, effective from the date of approval by the shareholders' meeting until the board's term ends [1] Summary by Relevant Sections - **Appointment Details** - Ji Wenjun has been appointed as a non-independent director of Yaoji Technology's sixth board of directors [1] - The term will last until the sixth board of directors is completed [1] - **Professional Background** - Ji Wenjun previously worked at Ernst & Young Hua Ming Accounting Firm, China Minsheng Investment Co., Ltd., and Shanghai Nassen Automotive Electronics Co., Ltd. [1] - Currently serves as a director, member of the strategic committee, deputy general manager, and financial director at Yaoji Technology [1] - **Shareholding and Relationships** - Ji Wenjun does not hold shares in Yaoji Technology [1] - There are no related party relationships with shareholders holding more than 5% of the company, actual controllers, other directors, or senior management [1] - Ji Wenjun has not been subject to administrative penalties from the China Securities Regulatory Commission or other relevant authorities [1]

Core Viewpoint - The company announced the convening of its first extraordinary shareholders' meeting for 2025 on November 18, 2025, to review a proposal for changing registered capital and amending the articles of association [1] Group 1 - The company will cancel its supervisory board and supervisors, transferring the supervisory responsibilities to the audit committee of the board of directors [1] - The current supervisory board members, including Wang Qinfang, Bian Guohua, and Jiang Yuying, will have their positions naturally terminated, with their original term set to expire on May 10, 2026 [1] - After their departure from the supervisory roles, the aforementioned individuals will continue to hold other positions within the company [1]

Group 1 - The company announced the convening of its first extraordinary general meeting of shareholders for 2025 on November 18, 2025 [1] - The meeting will review and approve the proposal to add a director to the board [1] - The company has appointed Ms. Ji Wenjun as a non-independent director of the sixth board of directors [1]

Core Viewpoint - Yaoji Technology (SZ 002605) announced the appointment of Ms. Ji Wenjun as a non-independent director in its sixth board meeting, reflecting ongoing governance changes within the company [1] Company Summary - Yaoji Technology's revenue composition for the first half of 2025 is as follows: Internet marketing accounts for 36.19%, entertainment for 33.44%, cultural and sports entertainment for 29.8%, and other businesses for 0.58% [1] - As of the report, Yaoji Technology has a market capitalization of 10.6 billion yuan [1]

南财智讯11月18日电，姚记科技公告，公司于2025年11月18日召开2025年第一次临时股东会，会议审议 通过了《关于变更注册资本并修订的议案》。根据相关法律法规及修订后的《公司章程》，公司取消监 事会及监事，由董事会审计委员会行使《公司法》规定的监事会职权。第六届监事会主席王琴芳女士、 监事卞国华先生和蒋钰莹女士所担任的监事职务自然免除，三位监事的原定任期届满日为2026年5月10 日。离任后，王琴芳女士、卞国华先生和蒋钰莹女士仍在公司担任其他职务。截至本公告披露日，上述 离任的监事未持有公司股票，不存在应当履行而未履行的承诺事项。 ...