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]

Core Viewpoint - The issuance of game licenses in August 2025 reached a record high, with 166 domestic games and 7 imported games approved, indicating a stable trend in the normalization of license issuance and ongoing industry recovery [1][2]. Group 1: Game License Issuance - A total of 1,050 domestic games have been approved since the beginning of the year, with 166 games approved in August alone, marking a month-on-month increase of 39 games [2]. - The approved domestic games include titles from well-known companies such as NetEase, Bilibili, and others, showcasing a diverse range of products [2]. - For imported games, 69 have been approved this year, with 7 approved in August, including Tencent's "Kaeas Dreamland" [2]. Group 2: Notable Game Titles - "Kaeas Dreamland," developed by South Korea's Smilegate, is expected to perform well due to its unique gameplay mechanics and high-quality 2D animation [3]. - "Escape from Duckov," developed by Bilibili's "Carbonated Squad," has received positive feedback during its Steam testing phase, with over 200,000 players and a 93% "very positive" rating [4]. - The game combines tactical gameplay with a cute art style, filling a niche in the "light tactical game" market [4].

深圳中青宝互动网络股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：人民币万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 会计科目 | 2025年期初占用 资金余额 | 2025年半年度占用 累计发生金额 | 2025年半年度占 用资金的利息(如 | 2025年半年度偿 还累计发生金额 | 2025年半年度期 末占用资金余额 占用形成原因 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） | 有) | | | | | | 控股股东、实际控制人 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 其他 ...

Group 1 - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [4] - The company has no preferred shareholders or related holdings during the reporting period [4] Group 2 - All directors attended the board meeting that reviewed the report [1] - The report is a summary derived from the full semi-annual report, and investors are encouraged to read the full report for comprehensive understanding [1] - There are no significant matters reported during the period [4]

| 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联关系 | 上市公司核算的 | 2024年期初占用 | 2024年半年度占 用累计发生金额 | 2024年半年度占 用资金的利息(如 | 2024年半年度偿 | 2024年6月30日占 | 占用形成原因 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 会计科目 | 资金余额 | | | 还累计发生金额 | 用资金余额 | | 占用性质 | | | | | | | （不含利息） | 有) | | | | | | 控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 前控股股东、实际控制人 | | | | | | | | | | | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | - | - | | 其他关联方及其附属 ...