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]

Group 1 - The gaming sector experienced a decline at the beginning of trading, with companies such as Gigabit, Xinghui Entertainment falling over 5% [1] - Other companies like Xunyou Technology, 37 Interactive Entertainment, and Shenzhou Taiyue saw declines of over 3% [1] - Additional companies including Dihun Network, Kaiying Network, and Tom Cat also faced downward movement in their stock prices [1]

Core Insights - The article highlights the stable approval process for domestic game licenses in China, with a significant increase in the number of licenses issued in 2025 compared to the previous year [1][3] - The gaming market in August 2025 showed stable performance, with notable revenue contributions from high-quality products, indicating a positive outlook for game development companies [2][3] Group 1: License Approval and Supply - On September 24, 2025, the National Press and Publication Administration approved 145 domestic games and 11 imported games, indicating a robust supply of game licenses [1] - The total number of domestic game licenses issued in 2025 has reached 1,195, significantly higher than the 959 licenses issued in the same period last year, with an average monthly issuance of 132.8 licenses [1] Group 2: Market Performance - In August 2025, the domestic gaming market generated revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% due to a high base from the previous year [2] - Mobile game revenue was 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decrease of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decline of 1.11% but a year-on-year increase of 17.59% [2] Group 3: Investment Outlook - The stable approval rhythm for game licenses and the rich supply of game products lead to a favorable investment outlook for companies with strong content reserves and solid fundamentals [3]

Core Viewpoint - The gaming sector in A-shares has seen significant gains following the approval of multiple domestic and imported game licenses, indicating a positive trend for the industry [1][3]. Group 1: Market Performance - On September 25, several gaming stocks surged over 5%, including Kunlun Wanwei (300418.SZ), Icefire Network (300533.SZ), and Gigabit (603444.SH) [1]. - The gaming sector's valuation recovery is attributed to various factors, including the continuous issuance of game licenses, with 145 domestic games and 11 imported games approved recently [1][3]. - As of September 25, 2025, the A-share gaming sector comprises 24 listed companies, with some stocks achieving remarkable performance this year [7][8]. Group 2: Regulatory Environment - The National Press and Publication Administration has approved a total of 1,275 games in 2025, significantly higher than the 959 games approved in the same period last year, with an average monthly issuance increasing from 88.8 in 2023 to 132.8 in 2025 [3]. Group 3: Financial Performance - The domestic gaming market's actual sales revenue reached 168 billion yuan in the first half of 2025, marking a 14.08% year-on-year increase, setting a historical record [5]. - The A-share gaming sector reported a 22.8% year-on-year revenue growth in the first half of 2025, indicating a strong industry fundamental [5]. Group 4: Company Highlights - ST Huatuo's stock price has increased over 300% this year, making it the highest market cap company in the A-share media sector, with a total market value exceeding 160 billion yuan [9]. - Gigabit's stock rose by 5.67%, with a market value of approximately 47.69 billion yuan, and the company reported a 28.49% year-on-year revenue growth in the first half of 2025 [10][11].

Market Overview - On September 25, the gaming sector rose by 3.38%, led by Kunlun Wanwei, while the Shanghai Composite Index closed at 3853.3, down 0.01% [1] - The Shenzhen Component Index closed at 13445.9, up 0.67% [1] Gaming Sector Performance - Key stocks in the gaming sector showed significant gains, with Kunlun Wanwei closing at 48.77, up 7.40%, and trading volume of 205.78 million shares [1] - Other notable performers included: - Ice Age Network: 41.11, up 6.92%, trading volume of 29.21 million shares [1] - Shunwang Technology: 26.18, up 5.95%, trading volume of 49.97 million shares [1] - Gigabit: 662.01, up 5.67%, trading volume of 2.19 million shares [1] - Star Entertainment: 7.03, up 5.08%, trading volume of 266.15 million shares [1] Capital Flow Analysis - The gaming sector experienced a net inflow of 249 million yuan from institutional investors, while retail investors contributed a net inflow of 182 million yuan [2] - However, speculative funds saw a net outflow of 431 million yuan [2] Individual Stock Capital Flow - Major stocks with significant capital flow included: - Giant Network: 239 million yuan net inflow from institutional investors, with a 11.02% share [3] - Star Entertainment: 140 million yuan net inflow from institutional investors, with a 7.42% share [3] - Three Seven Interactive: 123 million yuan net inflow from institutional investors, with a 5.09% share [3] ETF Performance - Gaming ETF (Product Code: 159869) tracked the China Animation and Gaming Index, with a recent five-day decline of 1.25% and a price-to-earnings ratio of 45.91 [5] - The ETF saw a net inflow of 120 million yuan, with total shares increasing to 5.85 billion [5]

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].