Market Overview - The gaming sector increased by 2.53% on October 29, with Jibite leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Gaming Sector - Jibite (603444) closed at 503.95, up 10.00% with a trading volume of 24,200 lots and a transaction value of 1.2 billion [1] - Sanqi Interactive Entertainment (002555) closed at 21.18, up 7.29% with a trading volume of 1,254,200 lots and a transaction value of 2.642 billion [1] - Kaiying Network (002517) closed at 24.99, up 4.78% with a trading volume of 441,200 lots and a transaction value of 1.092 billion [1] Other Notable Stocks - Perfect World (002624) closed at 17.57, up 3.72% with a trading volume of 389,900 lots and a transaction value of 681 million [1] - Xinghui Entertainment (300043) closed at 6.26, up 2.96% with a trading volume of 770,900 lots and a transaction value of 476 million [1] Market Capital Flow - The gaming sector saw a net inflow of 451 million from institutional investors, while retail investors experienced a net outflow of 91.375 million [2] - The main stocks with significant capital inflow included Jibite with a net inflow of 1.82 billion, accounting for 15.18% of the total [3] - Perfect World had a net inflow of 1.11 billion, representing 16.28% of its total [3]

Group 1 - The 2025 Hurun Rich List features 1,434 individuals with wealth exceeding 5 billion yuan, totaling nearly 30 trillion yuan [1] - Four entrepreneurs from Huangshi are listed, with He Xiaopeng leading at 48 billion yuan, followed by Wu Shaoxun at 17.5 billion yuan [1][4] - Lei Jun, from Hubei, ranks first among Hubei entrepreneurs with a wealth of 326 billion yuan, marking a 151% increase from the previous year [4] Group 2 - Huang Li and Huang Sheng, with a combined wealth of 34.5 billion yuan, have seen a 103% increase, ranking 176th overall [4] - The list indicates significant wealth growth among Hubei entrepreneurs, with many experiencing substantial increases in their rankings and wealth [3][4] - The overall trend shows a rise in the number of billionaires and their total wealth in the region, reflecting economic growth [1][3]

Group 1: Gaming Industry - The gaming sector showed strong performance with stocks like G-bits hitting the limit up, and others like 37 Interactive Entertainment, Kying Network, and Perfect World also rising, while the gaming ETF (159869) increased by 2.80% [1] - As of October 28, the gaming ETF (159869) reached a product scale of 11.005 billion yuan, facilitating investors in easily allocating to A-share gaming leaders [1] - The National Press and Publication Administration announced the approval of 159 domestic games and 7 imported games as of October 22, maintaining a high issuance level, second only to August's 173 games, indicating a positive trend in the gaming industry supported by policies [1] - The gaming industry is experiencing an upward trend in prosperity due to policy support, with an increase in quality supply boosting market confidence in the sector's development [1] - Several A-share gaming companies reported significant growth in performance or turned losses into profits in the first three quarters, driven by AI empowerment, content supply, and operational model adjustments [1] Group 2: Film and Television Industry - The television industry is benefiting from policy reversals that create trading opportunities, with the National Radio and Television Administration issuing 21 reform measures aimed at enhancing content supply [2] - The "21 Measures" reflect the government's emphasis on quality content supply, supporting the production of long-form content to improve capital efficiency and optimize video platform business models [2] - The ongoing upgrade of large model capabilities in AI allows for rapid generation and intelligent optimization of script drafts based on keywords, enhancing production efficiency while reducing costs [2]

Summary of Earnings Preview for China Internet and Other Services Industry Overview - The report focuses on the China Internet and Other Services sector, particularly highlighting companies involved in gaming and entertainment, such as Damai Entertainment, 37 Interactive Entertainment, G-bits, Perfect World, IQIYI, JOYY, Huya, and Focus Media [2][10]. Key Company Insights Damai Entertainment (1060.HK) - Forecasted 27% YoY total revenue growth in 1HF26, driven by 90% growth in IP business and 13% growth in offline entertainment [3]. - Expected net profit growth of 45% YoY [3]. 37 Interactive Entertainment (002555.SZ) - Anticipated 14% YoY revenue growth and 30% YoY adjusted net profit growth, attributed to new game releases [4]. G-bits (603444.SS) - Forecast aligns with preliminary announcements, with a focus on deferred revenue and 2026 pipelines [4]. Perfect World (002624.SZ) - Expected 34% revenue growth with a shift from a net loss of Rmb189 in 3Q24 to a net profit of Rmb326 in 3Q25 [5]. IQIYI (IQ.O) - Total revenue expected to be largely flat QoQ (-7% YoY), with a forecasted non-GAAP operating loss of Rmb23 million [6]. - Membership revenue projected to increase by 3% QoQ [6]. JOYY (JOYY.O) - Total revenue expected to grow 6% QoQ (-4% YoY), with net income remaining flat [7]. - Focus on advertising revenue and expense control [7]. Huya (HUYA.N) - Anticipated total revenue rebound in 3Q25 with an 11% YoY increase and a narrowing net loss [7]. Focus Media (002027.SZ) - Forecasted revenue growth of 4% YoY, driven by stronger demand from internet advertisers [8]. - Expected net profit growth of 10% YoY [8]. Financial Metrics and Projections - **Damai Entertainment**: Total revenue projected at Rmb3,879 million for 1HF26, with a normalized net profit margin of 12.8% [14]. - **37IE**: Revenue expected at Rmb4,674 million for 3Q25, with a gross margin of 79% [15]. - **G-bits**: Revenue forecasted at Rmb1,631 million for 3Q25, with a gross margin of 92% [17]. - **Perfect World**: Revenue expected at Rmb1,766 million for 3Q25, with a gross margin of 65% [18]. - **IQIYI**: Total revenues projected at Rmb6,688 million for 3Q25, with a gross profit margin of 18% [20]. - **Huya**: Total revenues expected at USD 1,710 million for 3Q25, with a gross profit margin of 13% [21]. - **JOYY**: Total revenues projected at USD 537 million for 3Q25, with a gross margin of 36% [24]. Additional Insights - The report emphasizes the importance of management comments on revenue growth momentum and normalized margin levels across companies [3][4][5]. - The potential for upside surprises in revenue growth for several companies, particularly in the context of new game releases and advertising demand, is highlighted [12][13]. - The overall industry view remains attractive, with a focus on the evolving landscape and potential regulatory impacts [10]. This summary encapsulates the key points from the earnings preview, providing a comprehensive overview of the anticipated performance and strategic focus of the highlighted companies within the China Internet and Other Services sector.

Meeting Overview - The first extraordinary general meeting of shareholders for 2025 was held on October 27, 2025, at 14:30, combining on-site and online voting [3][4] - A total of 532 shareholders attended, representing 896,145,286 shares, which is 46.1938% of the total shares [5] Voting Results - The following proposals were approved during the meeting: - Amendment to the Articles of Association: 751,894,867 shares in favor (83.9032%), 133,309,949 against (14.8759%), 10,940,470 abstained (1.2208%) [12] - Amendment to the Rules of Procedure for Shareholders' Meetings: 752,036,701 shares in favor (83.9191%), 143,953,135 against (16.0636%), 155,450 abstained (0.0173%) [14] - Amendment to the Rules of Procedure for Board Meetings: 752,073,701 shares in favor (83.9232%), 143,922,135 against (16.0601%), 149,450 abstained (0.0167%) [16] - Amendment to the Independent Director Work Rules: 752,072,501 shares in favor (83.9231%), 143,923,335 against (16.0603%), 149,450 abstained (0.0167%) [18] - Amendment to the Related Party Transaction Management System: 752,043,201 shares in favor (83.9198%), 143,957,935 against (16.0641%), 144,150 abstained (0.0161%) [21] - Amendment to the External Guarantee Management System: 752,032,701 shares in favor (83.9186%), 143,959,535 against (16.0643%), 153,050 abstained (0.0171%) [23] - Establishment of the External Investment Management System: 895,485,236 shares in favor (99.9263%), 502,500 against (0.0561%), 157,550 abstained (0.0176%) [25] - Amendment to the Fundraising Management System: 752,076,101 shares in favor (83.9235%), 143,911,635 against (16.0590%), 157,550 abstained (0.0176%) [27] - Establishment of the Management System for Resignation of Directors and Senior Management: 895,458,436 shares in favor (99.9234%), 540,300 against (0.0603%), 146,550 abstained (0.0164%) [29] - Establishment of the Salary Management System for Directors and Senior Management: 895,420,236 shares in favor (99.9191%), 580,100 against (0.0647%), 144,950 abstained (0.0162%) [31] - Amendment to the External Financial Assistance Management Measures: 752,060,801 shares in favor (83.9217%), 143,933,535 against (16.0614%), 150,950 abstained (0.0168%) [33] - Amendment to the Management System for Preventing Fund Occupation by Controlling Shareholders: 752,082,101 shares in favor (83.9241%), 143,921,635 against (16.0601%), 141,550 abstained (0.0158%) [35] Legal Opinion - The legal opinion provided by Beijing Zhonglun Law Firm confirmed that the meeting's procedures, qualifications of the conveners, and voting results complied with legal and regulatory requirements [38] Board Meeting Decisions - The 18th meeting of the sixth board of directors was held on October 27, 2025, where the following decisions were made: - Election of the representative director for company affairs: Pool Yu Feng was elected as the representative director [49] - Confirmation of the audit committee members and chairperson: Wang Dou Dou, Sun Zi Qiang, and Pool Yu Feng were confirmed as members [51]

Group 1 - The core viewpoint of the article is the performance update of the Xingquan Helun Mixed Fund, which reported a net value growth rate of 37.98% over the past year [1] - The fund's top ten holdings saw the addition of new stocks including Zhongji Xuchuang, Lanke Technology, Beifang Huachuang, and Dongshan Precision, while stocks like Haida Group, Perfect World, Pengding Holdings, and Meihua Biotechnology were removed from the list [1] - The largest holding in the fund is Luxshare Precision, which has a holding ratio of 8.41% and a market value of 21.01 billion [1] Group 2 - The fund's adjustments in holdings include a reduction of 15.38% in Luxshare Precision, a decrease of 6.69% in Jingchen Co., and a reduction of 3.47% in Juhua Co. [1] - New entries in the top ten holdings include Zhongji Xuchuang with 3.9096 million shares valued at 1.578 billion, and Lanke Technology with 8.9494 million shares valued at 1.385 billion [1] - The detailed changes in the top ten holdings reflect strategic shifts in the fund's investment approach, indicating a focus on emerging technology and precision manufacturing sectors [1]

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