Group 1: Overall Market Performance - Domestic and international toy companies are experiencing a decline in performance due to macroeconomic challenges and tariff uncertainties, with notable declines in sales for major companies like Mattel, SpinMaster, and Jakks [1] - Hasbro managed to achieve an 8% revenue growth, reaching approximately $1.388 billion, through intensive promotion of its "Magic: The Gathering" IP and expansion of licensing [1] Group 2: Domestic IP-Related Companies - Among over 40 domestic IP-related companies listed on A-shares, less than half reported revenue growth, with only six companies achieving over 5% growth, including *ST Mubang, Xinghui Entertainment, Yuanlong Yatu, Chuangyuan Co., Guangbo Co., and Chenguang Co. [3] - Companies like *ST Mubang, Xinghui Entertainment, and Yuanlong Yatu saw significant revenue rebounds (over 30% year-on-year) after restructuring their business models and IP matrices [3] Group 3: Toy and Stationery Companies Performance - Morning Glory Co. reported a revenue of 6.519 billion yuan, a 7.52% increase, and a net profit of 391 million yuan, up 0.63% [4] - Yuanlong Yatu's revenue surged by 41.06% to 823 million yuan, with net profit increasing by 235.80% [4] - Xinghui Entertainment's revenue grew by 41.26% to 592 million yuan, with a net profit increase of 317.56% [4] - Guangbo Co. achieved an 8.71% revenue increase to 667 million yuan, with a net profit rise of 52% [4] Group 4: Film and Cultural Entertainment Companies Performance - Huazhi Shumei's revenue skyrocketed by 2634.01% to 66 million yuan, although it reported a net loss of 295 million yuan [6][18] - Chinese Film's revenue reached 1.212 billion yuan, a 35.61% increase, with net profit soaring nearly 15 times to 177 million yuan [21] - Shanghai Film's revenue doubled to 361 million yuan, with net profit increasing by 123.51% to 86 million yuan [22] - Light Media's revenue grew by 247.54% to 374 million yuan, with net profit increasing approximately tenfold to 106 million yuan [25] Group 5: Strategic Developments and Innovations - Xinghui Entertainment refocused on its core toy business after divesting its football operations, leading to a significant revenue increase [7] - Yuanlong Yatu's growth is attributed to cost reduction and efficiency improvements, alongside a strategic focus on both domestic and international IP collaborations [9] - Morning Glory Co. expanded its retail presence, with over 870 stores nationwide, and launched multiple collaborations with external IPs [12] - Real Rich Culture is emphasizing AI technology as a core innovation driver, planning to launch AI-themed toys in collaboration with Baidu Smart Cloud [16]

Group 1 - The gaming sector is showing strong performance, with the gaming ETF rising nearly 3% and attracting significant capital inflow of 2.921 billion yuan over the last 20 trading days, reaching a total product scale of 11.168 billion yuan [1] - Several gaming companies have reported their Q3 earnings, with 37 Interactive Entertainment achieving a net profit of 2.345 billion yuan, a year-on-year increase of 23.57%, and Giant Network reporting a revenue of 1.71 billion yuan, up 115.6% year-on-year [1] - The report highlights the potential for investment opportunities in leading gaming companies, particularly those exploring AI and new gaming paradigms, which could lead to a revaluation of their stock prices [2] Group 2 - The financial reports indicate a high degree of realization, with major products and new pipeline games expected to enhance revenue stability through frequent content updates [2] - The gaming sector is experiencing multiple catalysts, including AI, content, and commercialization model transformations, which could provide further investment opportunities [2] - The gaming ETF tracks the performance of the A-share listed companies in the animation and gaming industry, suggesting a focus on ETF investment opportunities [2]

Core Insights - Xinghui Entertainment (300043.SZ) reported a total revenue of 1.727 billion yuan and a net profit attributable to shareholders of 268 million yuan for Q3 2025 [1] - The company generated a net cash inflow from operating activities of 408 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 50.46%, ranking 18th among disclosed peers [3] - The gross profit margin is 57.13%, ranking 12th among disclosed peers, with a decrease of 2.10 percentage points from the previous quarter [3] - Return on equity (ROE) is reported at 15.61% [3] - The diluted earnings per share (EPS) is 0.22 yuan [3] - Total asset turnover is 0.48 times [3] - Inventory turnover is 12.32 times, ranking 10th among disclosed peers, with a year-on-year decrease of 0.40 times, reflecting a 3.17% decline compared to the same period last year [3] Shareholder Structure - The number of shareholders is 68,600, with the top ten shareholders holding a total of 527 million shares, accounting for 42.33% of the total share capital [3] - The top ten shareholders and their holdings are as follows: 1. Chen Yansheng - 32.7 million shares 2. Jiangxi Tanwan Information Technology Co., Ltd. - 2.14 million shares 3. China Minsheng Bank Co., Ltd. - 2.01 million shares 4. Chen Dongqiong - 1.85 million shares 5. UBS AG - 0.76 million shares 6. Goldman Sachs LLC - 0.74 million shares 7. Miao Fuzhen - 0.69 million shares 8. Shanghai Pudong Development Bank Co., Ltd. - 0.57 million shares 9. Zhejiang Zhengyou Network Technology Co., Ltd. - 0.40 million shares 10. J.P. Morgan Securities PLC - 0.40 million shares [3]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by the successful performance of its toy and game businesses, as well as the completion of the sale of the Espanyol football club [12][16]. Financial Performance - The total operating revenue for the first three quarters of 2025 reached 1.727 billion yuan, an increase of 67.03% compared to the same period last year [12]. - The net profit attributable to shareholders of the listed company was 268 million yuan, marking a turnaround from a loss in the previous year [12][10]. - The net cash flow from operating activities was 408 million yuan, a substantial increase of 259.78% year-on-year [11]. Toy Business - The toy business achieved steady growth in both revenue and net profit, focusing on product structure upgrades and deepening market channels [13]. - New product launches included high-end remote-controlled cars and bicycles, enhancing the product matrix [13]. - The company received the 2025 Canton Fair Design Innovation Award for its 1:10 Hummer EV remote-controlled building car, showcasing its design and innovation capabilities [13]. Game Business - The game business saw significant revenue contributions from multiple game launches, achieving profitability for the first time [14]. - The game "Ragnarok: Dawn" launched in July 2025 achieved top rankings in various app stores in Taiwan and Hong Kong [14]. - The company is preparing for the release of its self-developed strategy game "Three Kingdoms: Strategy of the Nine Provinces," which has already gained significant attention [15]. Football Club Business - The company completed the sale of 99.66% of its stake in the Espanyol football club, which positively impacted net profit by approximately 47.07 million yuan [16]. - Following the divestment, the company plans to focus resources on its core businesses of toys and games, particularly in overseas markets and emerging technologies [16].

星辉互动娱乐股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为进一步完善星辉互动娱乐股份有限公司（以下简称"公司"）法人治理 结构，规范公司董事、高级管理人员的离职管理，督促上述人员遵守公司治理相关法律 法规规章和公司章程，忠实勤勉地履行职责，维护公司和全体股东的最大利益，根据《中 华人民共和国公司法》《上市公司治理准则》《深圳证券交易所创业板股票上市规则》 等有关规定及公司章程的规定，制定本制度。 第二条 本制度所指离职包括正常离职、引咎辞职和罢免等情形。 第二章 离职情形 第三条 有下列情形之一的，不能担任公司的董事或高级管理人员： (一)无民事行为能力或者限制民事行为能力； (二)因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序，被判处 刑罚，或者因犯罪被剥夺政治权利，执行期满未逾 5 年，被宣告缓刑的，自缓刑考验期 满之日起未逾二年； (三)担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业的破产负 有个人责任的，自该公司、企业破产清算完结之日起未逾 3 年； (四)担任因违法被吊销营业执照、责令关闭的公司、企业的法定代表人，并负有个 人责任的，自该公司、企业 ...

星辉互动娱乐股份有限公司 董事会审计委员会实施细则 第一章 总则 第二条 董事会审计委员会是董事会设立的专门工作机构，主要负责公司内、 外部审计的沟通、监督和核查工作。 第一条 为加强和完善星辉互动娱乐股份有限公司(以下简称"公司")董事会 决策功能，做到事前审计、专业审计，确保董事会对经理层和公司其他高级管理人 员的有效监督，完善公司法人治理结构，根据《中华人民共和国公司法》、公司章 程及其他有关规定，公司设立董事会审计委员会，并制定本实施细则。 第二章 委员会人员组成 第三条 审计委员会成员由三至五名董事组成，应当为不在公司担任高级管理 人员的董事，独立董事应当在委员会成员中占有二分之一以上的比例。委员中至少 有一名独立董事为会计专业人士。董事会成员中的职工代表可以成为审计委员会成 员。 会计专业人士应当具备丰富的会计专业知识和经验，并至少符合下列条件之一： (一)具备注册会计师资格； (二)具有会计、审计或者财务管理专业的高级职称、副教授或以上职称、博士 学位； (三)具有经济管理方面高级职称，且在会计、审计或者财务管理等专业岗位有 五年以上全职工作经验。 第四条 审计委员会委员由董事长、二分之一以上的 ...

第一章 总则 董事会战略委员会实施细则 第一条 为适应星辉互动娱乐股份有限公司（以下简称"公司"）战略发展需要， 制定适合公司发展的长远战略规划，增强公司核心竞争力，健全投资决策程序，加强决 策科学性，提高重大投资决策的效益和决策的质量，完善公司的法人治理结构。根据《中 华人民共和国公司法》、公司章程及其他有关规定，公司设立董事会战略委员会，并制 定本实施细则。 第二条 董事会战略委员会是董事会设立的专门工作机构，主要负责对公司长期发 展战略和重大投资决策进行研究并向董事会提出合理化建议。 第二章 委员会人员组成 星辉互动娱乐股份有限公司 第四条 战略委员会委员由董事长、二分之一以上独立董事或者全体董事的三分之 一提名，并由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，负责主持委员会工作，建议由公 司董事长兼任。 第六条 战略委员会委员的任期与同届董事会成员任期一致，委员任期届满，连选 可以连任。期间如有委员不再担任公司董事职务，自动失去委员资格，并由委员会根据 上述第三至第五条规定补足委员人数。 第七条 总经理办公室为战略委员会的日常办事机构，负责日常工作联络和会议组 织等工作。 第三章 职 ...

星辉互动娱乐股份有限公司 信息披露管理制度 第一章 总则 第一条 为规范星辉互动娱乐股份有限公司(以下简称"公司"或"本公司") 及其他信息披露义务人的信息披露行为，加强公司信息披露事务管理，确保信息 披露真实、准确、完整、及时、公平，以保护投资者利益及公司的长远利益，公 司董事会根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共 和国证券法》(以下简称《证券法》)、《上市公司信息披露管理办法》、《深圳 证券交易所创业板股票上市规则》(以下简称"上市规则")、《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规、规 范性文件及公司章程的规定，制定本制度。 第二条 本制度提及"信息"系指公司已发生的或将要发生的，所有可能对 公司股票及其衍生品种价格产生重大影响的信息，以及相关法律、法规、规章、 规范性文件规定和证券监管部门要求披露的其他信息，主要包括： (一)与公司业绩、利润分配等事项有关的信息，如财务业绩、盈利预测、利 润分配和资本公积金转增股本等； (二)与公司收购兼并、资产重组等事项有关的信息； (三)与公司股票发行、回购、股权激励计划等事项有关的信息； ...

星辉互动娱乐股份有限公司 章程 二〇二五年十月 | | | | 第三节 | 会计师事务所的聘任 ·· | | --- | --- | | 第九章 | 通知、信息披露和公告 50 | | 第一节 | 通知 50 | | 第二节 | 信息披露 51 | | 第三节 | 公告 52 | | 第十章 | 合并、分立、增资、减资、解散和清算 53 | | 第一节 | 合并、分立、增资和减资 | | 第二节 | 解散和清算 ·· | | 第十一章 | 修改章程 . . | | 第十二章 | 附 则 . | 第一章 总则 第一条 为维护星辉互动娱乐股份有限公司(以下简称"公司")、股东、职工和债 权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》(以下简称 《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)和其他有关规定，制 订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。公司由广东 星辉塑胶实业有限公司整体变更发起设立，在汕头市工商行政管理局登记，取得企业法 人营业执照，统一社会信用代码为：91440500708047971Q。 第三条 公司于 2009 年 12 月 ...

星辉互动娱乐股份有限公司 募集资金使用管理制度 第一章 总则 第一条 为规范星辉互动娱乐股份有限公司(下称"公司"或"本公司") 募集资金管理，提高募集资金使用效率，根据《中华人民共和国公司法》《中华 人民共和国证券法》《上市公司募集资金监管规则》《深圳证券交易所创业板股 票上市规则》等相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称募集资金是指公司通过公开发行证券(包括首次公开发 行股票、配股、增发、发行可转换公司债券、发行分离交易的可转换公司债券、 发行权证等)以及向特定对象发行证券向投资者募集并用于特定用途的资金。 第三条 募集资金投资项目(下称"募投项目")通过公司的子公司或公司控 制的其他企业实施的，公司的子公司或受控制的其他企业同样受本制度的约束。 第二章 募集资金专户存储 第四条 公司募集资金应当存放于董事会决定的专项账户集中管理，募集资 金专户数量(包括公司的子公司或公司控制的其他企业设置的专户)原则上不得 超过募投项目的个数。 公司存在两次以上融资的，应当独立设置募集资金专户。 第五条 公司应当在募集资金到账后 1 个月以内与保荐机构或者独立财务 顾问、存放募集资金的商业银行(下 ...