证券代码：300043 证券简称：星辉娱乐 公告编号：2025-041 星辉互动娱乐股份有限公司 第六届董事会第十四次会议决议公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 星辉互动娱乐股份有限公司（以下简称"公司"）第六届董事会第十四次会议 于2025年10月29日上午10:30在公司会议室以现场结合通讯方式召开，会议通知已以 专人送达、邮件、传真等方式送达全体董事和监事，与会的各位董事已经知悉与所 议事项相关的必要信息。本次董事会会议应出席董事7名，实际出席会议董事7名。 公司监事及相关高管人员列席了本次会议。会议由董事长陈创煌先生主持，会议的 召集和召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《公司 章程》的有关规定。 二、董事会会议审议情况 会议采用记名投票的方式进行表决，经与会的董事表决，审议通过了以下决议： （一）审议通过《2025 年第三季度报告》； 公司《2025 年第三季度报告》的具体内容详见同日刊登在中国证监会指定的创 业板信息披露网站上的公告。 本议案已经公司董事会审计委员会审议通过。 表决 ...

Financial Performance - Revenue for Q3 2025 reached ¥591,804,525.96, an increase of 41.26% year-over-year, and total revenue for the year-to-date is ¥1,726,836,067.21, up 67.03% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2025 was ¥113,148,380.58, a significant increase of 317.56% year-over-year, with year-to-date net profit at ¥268,201,511.54, up 216.26%[4] - Basic earnings per share for Q3 2025 was ¥0.09, reflecting a growth of 280.00% year-over-year, while diluted earnings per share also stood at ¥0.09[4] - The company reported a significant reduction in intangible assets by 91.05% to 45,045.16 million, primarily due to the sale of the Espanyol Club[7] - The net profit for the current period is CNY 268,501,323.43, a significant recovery from a net loss of CNY 231,513,811.78 in the previous period[32] - The company reported a total comprehensive income of CNY 284,244,546.45, recovering from a loss of CNY 240,099,609.40 in the prior period[33] Cash Flow and Assets - Cash flow from operating activities for the year-to-date was ¥408,266,801.22, a substantial increase of 259.78% compared to the previous year[4] - Cash and cash equivalents increased by 251.48% to 68,994,572.62 compared to the previous year[43] - The company's current assets totaled RMB 1.12 billion, a substantial increase from RMB 475.20 million at the beginning of the period, representing a growth of approximately 135%[29] - The company's cash and cash equivalents increased to RMB 194.23 million from RMB 92.44 million, marking a growth of approximately 109%[28] - The cash and cash equivalents at the end of the period amounted to CNY 125,029,288.88, compared to CNY 121,281,631.19 at the end of the previous period[36] Liabilities and Equity - The company's total assets decreased by 8.71% from the end of the previous year, amounting to ¥3,460,323,143.65[5] - Shareholders' equity attributable to the parent company increased by 18.93% year-over-year, reaching ¥1,717,990,579.98[5] - The company's total liabilities decreased to RMB 1.75 billion from RMB 2.35 billion, showing a reduction of about 25.6%[30] - Total liabilities decreased significantly, with contract liabilities down by 64.99% and employee compensation payable down by 83.47% due to the sale of the Espanyol Club[11] Research and Development - Research and development expenses decreased by 50.07% year-over-year to ¥39,589,790.32, indicating a strategic shift in investment[8] - Research and development expenses decreased to CNY 39,589,790.32 from CNY 79,283,377.87, a reduction of about 50%[32] Business Segments and Operations - The toy business maintained stable growth in both revenue and net profit, driven by product structure upgrades and deep channel development[22] - New products launched in the toy segment included high-end remote-controlled cars and bicycles, enhancing the product matrix[22] - The game business saw significant revenue contributions from multiple game launches, achieving profitability for the first three quarters[23] - The game "Ragnarok: Dawn" topped the iOS free charts in Taiwan on its launch day, achieving high rankings in various regions[23] - The self-developed strategy game "Three Kingdoms: Strategy in the Nine Provinces" began full-platform public testing in October 2025, ranking first on several app store charts[24] - The company continues to explore deep cooperation opportunities with international IPs to support long-term growth in the toy business[22] Investment and Gains - Non-recurring gains and losses for Q3 2025 totaled ¥50,592,110.32, with significant contributions from asset disposal gains and government subsidies[6] - Investment income increased by 11,806.25% to 5,300.81 million, resulting from the recognition of investment gains from the sale of the Espanyol Club[30] - The company achieved an investment income of CNY 52,559,136.89, a significant improvement from a loss of CNY 448,983.72 in the previous period[32]

Core Viewpoint - The integration of AI into toys is rapidly transforming the industry, with AI-enabled toys becoming a core development direction for the next decade, enhancing product lifecycles and creating new business models focused on continuous service rather than one-time purchases [3][4][14]. Group 1: AI Toy Market Trends - AI toys have gained significant attention in the secondary market, with the Shantou International Toy and Gift Expo showcasing a variety of AI-enabled products, including smart companion robots and AI story machines [3][4]. - The primary consumer demographic for AI toys consists of parents of children aged 3-12, particularly those from the 80s and 90s who prioritize educational investments and technological trends [4][15]. - The current leading category in AI toys is plush toys, which are perceived as more relatable for children [5][7]. Group 2: Technological Integration and Challenges - The integration of AI into toys has enhanced their emotional value and companionship attributes, with products like the AI Magic Star allowing for interactive experiences with plush toys [4][9]. - Despite the rapid advancement of AI technology, challenges remain in fully integrating AI capabilities into toy functionalities, with many products still relying on AI as an add-on rather than a core feature [7][15]. - The industry is witnessing a shift from traditional toy functionalities to more interactive and emotionally engaging experiences, although some products still face limitations in AI capabilities, such as dialogue accuracy and contextual understanding [15][16]. Group 3: Policy and Ecosystem Support - The Guangdong provincial government has initiated policies to accelerate the integration of AI into the toy industry, aiming to redefine toy forms and functions and explore new market opportunities [14][15]. - The Shantou toy industry, which accounts for 55% of China's toy production and 33% of global capacity, is transitioning from manufacturing to intelligent manufacturing, aligning with government initiatives [14]. - The introduction of AI technologies is improving production efficiency, with reports indicating a 30%-50% increase in efficiency for some toy production lines [16]. Group 4: Market Performance and Future Outlook - The AI toy market is projected to see significant growth, with sales expected to exceed 30 billion yuan in the first half of 2025, reflecting a 65% year-on-year increase [16]. - Major brands with strong AI functionalities are experiencing rapid sales growth, indicating a bright future for AI toys, although the market is still in its early stages of development [16]. - Companies are adjusting pricing strategies to make AI toys more accessible to consumers, aiming to reduce costs while maintaining product quality [16].

Core Viewpoint - The gaming sector experienced a rise of 1.19% on October 22, with ST Huatuo leading the gains, while the overall Shanghai Composite Index fell by 0.07% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% [1]. - The Shenzhen Component Index closed at 12996.61, down 0.62% [1]. - ST Huatuo's stock price increased by 5.00%, closing at 19.10, with a trading volume of 1.7468 million shares and a transaction value of 3.319 billion [1]. Group 2: Individual Stock Performance - Yozu Network's stock rose by 4.59%, closing at 12.98, with a trading volume of 0.955 million shares and a transaction value of 1.223 billion [1]. - Shunwang Technology's stock increased by 3.95%, closing at 24.49, with a trading volume of 0.2432 million shares [1]. - Star Shine Entertainment's stock rose by 2.74%, closing at 6.38, with a trading volume of 0.6328 million shares and a transaction value of 0.401 billion [1]. Group 3: Capital Flow - The gaming sector saw a net inflow of 397 million in main funds, while retail investors experienced a net outflow of 334 million [2]. - Major stocks like Yozu Network and Jibite experienced significant net inflows of 143 million and 107 million respectively [3]. - Conversely, stocks like ST Huatuo and ST Kevin saw net outflows from retail investors, indicating a shift in investor sentiment [3]. Group 4: ETF Performance - The gaming ETF (product code: 159869) tracked the China Securities Animation and Gaming Index and saw a decline of 4.44% over the past five days, with a net outflow of 459 million [5]. - The food and beverage ETF (product code: 515170) remained stable with no change over the past five days, but experienced a slight net outflow of 0.5925 million [5].

Core Viewpoint - The Spanish football club Espanyol has officially changed ownership, with the transaction involving a total consideration of €130 million (approximately ¥1.08 billion) [2]. Group 1: Ownership Change - Starry Entertainment's subsidiary, Starry Sports (Hong Kong), has completed the registration change for the sale of Espanyol to VELOCITY SPORTS LTD, receiving €65 million in cash and 38.26 million A-class shares valued at €65 million, representing 16.45% of VELOCITY's total equity [1]. - Following the completion of the equity transfer, Espanyol will no longer be included in Starry Entertainment's consolidated financial statements [1]. Group 2: Financial Impact - The transaction is expected to increase Starry Entertainment's net profit attributable to shareholders by approximately ¥47.07 million, based on the exchange rate as of September 30 [1]. - Starry Entertainment previously estimated that the transaction would increase net profit by about ¥150 million, with the difference attributed to operational profits generated from player sales and other activities during the period from the audit report cutoff date to the equity transfer date [1]. Group 3: Historical Context - Starry Entertainment acquired a 50.1% stake in Espanyol in 2015 for approximately €65 million, becoming the first A-share listed company to control a top European football club [2]. - The company increased its stake to 99.35% in 2016 by investing an additional €40 million [2]. Group 4: Recent Performance - Starry Entertainment's revenue in 2024 was ¥1.36 billion, a decrease of 21.49% year-on-year, with a net loss of ¥458 million, largely due to a 52.36% decline in football-related revenue [3]. - In the first half of 2025, the company reported revenue of ¥1.135 billion, a year-on-year increase of 84.58%, with net profit turning positive at ¥155 million, attributed to player transfer income and increased broadcasting and ticketing revenues [3].

Core Points - The company announced the sale of 99.66% equity in REIAL CLUB DEPORTIU ESPANYOL DE BARCELONA, S.A.D. to VELOCITY SPORTS LTD [1] - The transaction includes a cash payment of €65 million and the transfer of shares valued at €25 million and €40 million from VELOCITY to its subsidiaries [1] Group 1 - The company held its sixth board meeting and first extraordinary shareholders meeting on July 14 and July 30, 2025, respectively, to approve the sale [1] - The registration procedures for the equity transfer have been completed as of the announcement date [1] - The equity sale involves the transfer of 14.72 A-class shares (6.33% of VELOCITY's total equity) and 23.54 A-class shares (10.12% of VELOCITY's total equity) [1]

Core Points - The core announcement is that Xinghui Entertainment has completed the registration changes related to the sale of its stake in the Espanyol Football Club, marking a significant shift in its business focus [1][4][7]. Financial Performance - For the first half of 2025, Xinghui Entertainment reported a revenue of 1.135 billion yuan, an increase of 84.58% compared to the same period last year [8]. - The net profit attributable to shareholders was 155 million yuan, indicating a turnaround from a loss of 458 million yuan in 2024 [8]. - The net cash flow from operating activities reached 374 million yuan, a significant increase of 737.97% year-on-year [8]. - Basic and diluted earnings per share improved to 0.13 yuan, compared to a loss of 0.14 yuan in the previous year [8]. Share Transfer Details - Xinghui Sports (Hong Kong) received 65 million euros in cash from VELOCITY, which corresponds to a 14.72% stake valued at 25 million euros and a 23.54% stake valued at 40 million euros in VELOCITY [4]. - The total profit generated from operational activities, including player sales, is estimated to contribute approximately 10.3 million yuan to the net profit attributable to shareholders [4][7]. Business Strategy - Following the completion of the share transfer, Xinghui Entertainment will no longer consolidate the Espanyol Football Club into its financial statements, effectively divesting from its football club operations [7]. - This strategic move is expected to enhance the company's cash flow and positively impact its financial and operational status [7]. Company Background - Xinghui Entertainment, established in 2000 and listed on the A-share market in 2010, has diversified its business across football clubs, gaming, and toys [9]. - The company became the first A-share listed company to control a top club in one of Europe's five major leagues when it acquired a controlling stake in Espanyol in 2015 [9].

Core Viewpoint - The completion of the equity transfer of the Spanish football club by Xinghui Entertainment is expected to positively impact the company's financial and operational status due to increased cash flow [1] Group 1: Equity Transfer Details - Xinghui Sports (Hong Kong) has received €65 million in cash from VELOCITY as part of the equity transfer [1] - VELOCITY has delivered 14.72 A-class shares valued at €25 million, representing 6.33% of its total share capital, to Xinghui Sports (Hong Kong) [1] - VELOCITY has also delivered 23.54 A-class shares valued at €40 million, representing 10.12% of its total share capital, to Xinghui Games (Hong Kong) [1] Group 2: Impact on Financials - The completion of the equity transfer means that the Spanish football club will no longer be included in the company's consolidated financial statements [1] - The equity transfer is expected to have a positive effect on the company's cash flow and overall financial condition [1]

证券代码：300043 证券简称：星辉娱乐 公告编号：2025-040 星辉互动娱乐股份有限公司 关于出售皇家西班牙人足球俱乐部股权完成交割的公告 本公司及董事会全体人员保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、交易概述 星辉互动娱乐股份有限公司（以下简称"公司"）分别于 2025 年 7 月 14 日、 2025 年 7 月 30 日召开了第六届董事会第十二次会议、2025 年第一次临时股东大 会，审议通过了《关于同意全资子公司出售 REIAL CLUB DEPORTIU ESPANYOL DE BARCELONA, S.A.D. 99.66%股权的议案》，同意公司全资子公司星辉体育（香港） 有限公司（以下简称"星辉体育（香港）"）、星辉游戏（香港）有限公司（以 下简称"星辉游戏（香港）"）向 VELOCITY SPORTS LTD（以下简称"VELOCITY"） 出售合计持有的 REIAL CLUB DEPORTIU ESPANYOL DE BARCELONA, S.A.D.（以下 简称"西班牙人俱乐部"）99.66%股权，具体内容详见公司于 2025 年 7 月 ...

Market Overview - The gaming sector experienced a decline of 0.23% on September 30, with G-bits leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Kunlun Wanwei (300418) saw a significant increase of 7.40%, closing at 48.59 with a trading volume of 1.2963 million shares and a transaction value of 6.222 billion [1] - ST Dazheng (600892) increased by 5.03%, closing at 4.18 with a trading volume of 168,400 shares [1] - G-bits (603444) led the decline with a drop of 3.43%, closing at 568.00 with a trading volume of 24,900 shares and a transaction value of 1.403 billion [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 252 million from institutional investors, while retail investors saw a net inflow of 294 million [2] - Major stocks like Kunlun Wanwei and Starry Entertainment had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] Notable Stock Movements - Starry Entertainment (300043) had a net inflow of 27.34 million from institutional investors but a net outflow of 49.14 million from retail investors [3] - The overall capital flow indicates a cautious approach from institutional investors while retail investors showed more activity in certain stocks [3]