Core Viewpoint - The article discusses the upcoming court hearing for Zhongqingbao (300052) regarding investor claims due to false statements made in financial reports from 2019 to 2021, which resulted in inflated revenue and profits [1][2]. Summary by Sections Legal Proceedings - Zhongqingbao has received a subpoena, and the investor compensation case will be heard in Shenzhen Intermediate People's Court on October 28, 2025 [1]. - The law firm, led by attorney Xu Feng, is continuing to accept claims from other investors and has already filed several cases [1]. Financial Misconduct - From 2019 to 2021, Zhongqingbao's subsidiary, Shenzhen Baoteng Internet Technology Co., Ltd., engaged in fictitious business activities that inflated revenue and costs [1]. - Specific financial discrepancies include: - 2019: Revenue inflated by 33.61 million yuan (7.17% of reported revenue), costs inflated by 25.28 million yuan, and profit inflated by 8.33 million yuan (14.96% of reported profit) [2]. - 2020: Revenue inflated by 28.09 million yuan (9.56%), costs inflated by 21.11 million yuan, and profit inflated by 6.98 million yuan (5.45%) [2]. - 2021: Revenue inflated by 17.88 million yuan (5.03%), costs inflated by 25.09 million yuan, and profit reduced by 7.21 million yuan (13.17%) [2]. Investor Claims - Investors who purchased Zhongqingbao shares between January 4, 2024, and July 27, 2024, and sold or held them after July 27, 2024, are eligible to file claims [3]. - Additionally, investors who bought shares between March 27, 2020, and April 29, 2023, and sold or held them after April 29, 2023, can also initiate claims [3]. Related Cases - The article also mentions a similar case involving Huichen Co. (688500), where investors have already seen successful outcomes [3]. - Huichen Co. was found to have inflated revenue and profits through fictitious business dealings and improper revenue recognition, leading to false disclosures in their financial reports [4].

Group 1 - The National Press and Publication Administration approved 145 domestic online games in September 2025, including titles from NetEase and Zhongqingbao [1] - Notable games approved include NetEase's "Starry Friends" and Zhongqingbao's "Open Party Ancestor" [1] Group 2 - The approval list includes various game types, primarily mobile games, with a focus on casual and puzzle genres [2][3] - The approval date for all listed games is September 24, 2025 [2][3] Group 3 - The list features games from multiple publishers and developers, indicating a diverse gaming market in China [4][5] - The presence of established companies like NetEase and emerging developers suggests a competitive landscape [5][6]

Core Viewpoint - The National Press and Publication Administration announced the approval of 145 domestic online games on September 24, 2025, including titles from NetEase and Zhongqingbao [1]. Group 1: Game Approvals - A total of 145 games received approval from the National Press and Publication Administration [1]. - Notable titles include NetEase's "Starry Friends" and Zhongqingbao's "Open Party Master" [1]. Group 2: Game Details - The list includes various game genres, primarily focusing on mobile and casual games [3][4][5]. - Each game is assigned an ISBN and a unique approval number, indicating regulatory compliance [6][7].

Market Overview - On September 22, the gaming sector rose by 0.16% compared to the previous trading day, with ST Huatuo leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - ST Huatuo (002602) closed at 19.81, with a gain of 4.98% and a trading volume of 1.495 million shares, amounting to a transaction value of 2.924 billion [1] - Other notable gainers included *ST Dazheng (600892) with a 4.08% increase and ST Kaiwen (002425) with a 3.33% increase [1] - Conversely, 37 Interactive Entertainment (002555) saw a decline of 5.52%, closing at 22.24, with a trading volume of 1.5908 million shares and a transaction value of 3.588 billion [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.484 billion from institutional investors, while retail investors saw a net inflow of 1.582 billion [2][3] - ST Huatuo had a net inflow of 2.26 billion from institutional investors, while retail investors had a net outflow of 960.133 million [3] ETF Performance - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index increased by 3.64% over the past five days, with a net inflow of 17.632 million [5] - The food and beverage ETF (product code: 515170) decreased by 2.31%, with a net outflow of 24.043 million [5]

Market Overview - On September 18, the gaming sector declined by 1.56%, with Xinghui Entertainment leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Xinghui Entertainment (300043) closed at 7.17, down 6.88%, with a trading volume of 2.0662 million shares and a turnover of 1.518 billion yuan [2] - Other notable declines include: - Shenzhou Taiyue (300002) down 4.95% to 14.20 with a turnover of 1.763 billion yuan [2] - Bingchuan Network (300533) down 4.55% to 40.52 with a turnover of 994 million yuan [2] - Conversely, Xunyou Technology (300467) saw an increase of 5.61%, closing at 27.10 with a turnover of 927 million yuan [1] Capital Flow Analysis - The gaming sector experienced a net outflow of 1.72 billion yuan from major funds, while retail investors contributed a net inflow of 1.439 billion yuan [2] - Speculative funds saw a net inflow of 281 million yuan into the gaming sector [2]

Group 1: Industry Performance - The gaming industry index closed up 2.13% on September 17, with key stocks like Kaiying Network rising by 9.01% and others like Giant Network and Xunyou Technology increasing by over 4% [1] - Year-to-date, the gaming industry index has increased by 82.61%, ranking third among all Shenwan secondary industries, making it one of the best-performing sectors this year [1] - Six gaming stocks have doubled in price compared to the end of last year, with ST Huatuo, Giant Network, and 37 Interactive Entertainment showing significant cumulative increases of 286.19%, 261.23%, and 157.39% respectively [1] Group 2: Market Growth - The gaming market revenue reached 1970.84 billion yuan from January to July 2025, marking a year-on-year growth of 12.58% [2] - Projected revenues for the gaming market from 2022 to 2024 are 2658.84 billion yuan, 3029.64 billion yuan, and 3257.83 billion yuan respectively, indicating robust growth potential [2] Group 3: Esports Development - The esports industry in China generated 127.61 billion yuan in revenue from January to June 2025, reflecting a year-on-year increase of 6.1% [4] - The Chinese esports industry is expanding its influence overseas, particularly in regions like Latin America, alongside traditional markets in East and Southeast Asia [4] Group 4: Supply and User Growth - The steady growth in industry revenue is attributed to the continuous release of new games, with a noticeable reduction in the approval cycle for game licenses [5] - As of June 2025, the number of online game users in China reached 584 million, an increase of 26.92 million from December 2024, representing 52% of the total internet users [7] - The proportion of female gamers has risen to 48%, up by 3.1 percentage points from the end of 2024, contributing to market expansion and innovation [7] Group 5: International Expansion - The overseas business revenue of 20 A-share gaming companies reached 21.823 billion yuan in the first half of 2025, a year-on-year increase of 30.43% [9] - Notably, ST Huatuo, Kunlun Wanwei, and 37 Interactive Entertainment reported overseas revenues exceeding 1 billion yuan, with ST Huatuo achieving 89.58 billion yuan, accounting for 52.06% of its total revenue [10]

Core Viewpoint - ST Zhongqingbao (300052.SZ) is actively expanding its cloud computing business, focusing on building high-quality cloud data centers and exploring new revenue streams through its intelligent computing services [1] Group 1: Cloud Computing Business - The company has established self-built high-quality cloud data centers in Shenzhen, Chengdu, and Leshan [1] - It provides basic IDC services such as cabinet rental and bandwidth rental, along with value-added services like network security [1] Group 2: Intelligent Computing Services - During the reporting period, the company launched its intelligent computing business, integrating resources from computing equipment manufacturers, business expansion channels, and industry application developers [1] - The intelligent computing business is currently in the market expansion and model exploration phase, with a small revenue scale [1] - There is uncertainty regarding the maturity of its business model and the profitability cycle [1]

Core Viewpoint - The article discusses the evolution and significance of video games themed around the Chinese Anti-Japanese War, highlighting their role in cultural expression and historical memory, while also addressing the challenges and opportunities within this genre [2][3][4]. Group 1: Historical Context and Development - The development of Anti-Japanese War video games began in the 1990s, reflecting a growing national sentiment and the desire for cultural representation in the gaming industry [5][6]. - Early games like "Tunnel Warfare" and "Mine Warfare" incorporated historical narratives and aimed to educate players about the sacrifices made during the war [8][10]. - The emergence of games such as "Blood Lion: Defend China" showcased a commercial path that combined popular gameplay with nationalistic themes, despite often lacking in quality [7][8]. Group 2: Cultural and Ideological Significance - Video games serve as a unique medium for constructing historical memory and disseminating ideological narratives, with the potential to influence cultural identity [4][5]. - The rise of serious games and historical games has prompted scholars to explore the interplay between narrative and education within the gaming context [4][5]. - The incorporation of national sentiment in game design has been a driving force in the creation of domestic titles, reflecting broader societal values and historical consciousness [6][9]. Group 3: Challenges and Critiques - Many contemporary Anti-Japanese War games have shifted towards a focus on simplistic enjoyment rather than historical accuracy, leading to a dilution of the serious themes originally intended [11][15]. - The commercialization of gaming has resulted in a trend where historical narratives are often overshadowed by gameplay mechanics aimed at maximizing player engagement and revenue [16][17]. - Criticism has emerged regarding the exploitation of national sentiment for profit, raising concerns about the integrity of historical representation in games [17][18]. Group 4: New Directions and Innovations - Recent titles like "The Hidden Guardian" and "Easy Red 2" have demonstrated a shift towards more nuanced storytelling and player engagement, allowing for deeper exploration of historical themes [18][20][23]. - These games challenge the notion of "player victory" by incorporating complex narratives that require players to confront historical realities rather than simply achieving success through gameplay [19][23]. - The potential for video games to serve as a medium for serious historical reflection and education is increasingly recognized, suggesting a path forward for the genre [23][24].

Market Overview - On August 29, the gaming sector rose by 1.54%, led by Xinghui Entertainment, while the Shanghai Composite Index closed at 3857.93, up 0.37% [1] - The Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Gaming Sector - Xinghui Entertainment (300043) closed at 5.25, up 5.85% with a trading volume of 2.2598 million shares and a transaction value of 1.194 billion [1] - ST Huaton (002602) closed at 15.53, up 5.00% with a trading volume of 1.6222 million shares and a transaction value of 2.476 billion [1] - Youzu Interactive (002174) closed at 66.91, up 4.55% with a trading volume of 670,000 shares and a transaction value of 1.133 billion [1] Top Losers in Gaming Sector - Glacier Network (300533) closed at 43.45, down 4.84% with a trading volume of 253,100 shares [2] - Shengtian Network (300494) closed at 15.10, down 3.64% with a trading volume of 482,400 shares [2] - Fuchun Co. (300299) closed at 6.96, down 3.33% with a trading volume of 441,500 shares [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 481 million from major funds, while retail investors saw a net inflow of 505 million [2] - The net outflow from speculative funds was 24.3461 million [2] Individual Stock Capital Flow - Kunlun Wanwei (300418) had a net inflow of 330 million from major funds, but a net outflow of 1.57 billion from speculative funds [3] - ST Huaton (002602) saw a net inflow of 180 million from major funds, with a net outflow of 1.27 billion from speculative funds [3] - Youzu Interactive (002174) had a net inflow of 133 million from major funds, but a net outflow of 48.7022 million from speculative funds [3]

Core Viewpoint - ST Zhongqingbao (300052) reported a narrowing loss in its 2025 mid-year financial results, with total revenue declining and a slight improvement in net profit loss compared to the previous year [1] Financial Performance Summary - Total revenue for the period was 97.9464 million yuan, a year-on-year decrease of 19.19% [1] - Net profit attributable to shareholders was -24.6458 million yuan, showing a year-on-year improvement of 1.45% [1] - In Q2, total revenue was 48.6697 million yuan, reflecting a year-on-year increase of 5.04% [1] - Q2 net profit attributable to shareholders was -12.9112 million yuan, with a year-on-year improvement of 7.87% [1] - Gross margin stood at 28.73%, up 32.86% year-on-year, while net margin was -25.27%, down 25.27% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 40.5026 million yuan, accounting for 41.35% of revenue, an increase of 27.5% year-on-year [1] - Earnings per share were -0.09 yuan, a year-on-year increase of 10.0% [1] Key Financial Changes - Cash and cash equivalents increased by 143.77%, attributed to reduced short-term loan repayments and new intelligent computing business collections [9] - Contract liabilities rose by 32.87% due to pre-received contract payments [3] - Financial expenses increased by 27.48% due to higher financing lease costs [7] - Research and development expenses decreased by 30.65% due to project adjustments and reduced personnel costs [9] - Operating cash flow decreased by 38.76% due to lower sales collections from decreased revenue [9] Business Evaluation - The company's historical financial performance has been generally poor, with a median Return on Invested Capital (ROIC) of -4.79% over the past decade [9] - The company has reported losses in 7 out of 14 annual reports since its listing, indicating a lack of investor interest without significant restructuring or shell acquisition [9] - Current cash flow situation is concerning, with cash and cash equivalents only covering 16.99% of current liabilities [9]