Group 1 - The core point of the article highlights the recent stock performance of Zhangqu Technology, which closed at 5.52 yuan, reflecting a decline of 3.16% [1] - On June 28, 2023, Zhangqu Technology's stock price reached a peak of 8.30 yuan, marking the highest point since October 2020 [2] - A research report published by Zhongyou Securities on July 4, 2023, rated Zhangqu Technology as "buy," emphasizing its development of an AI + UGC game creation platform and indicating that profitability is entering an upward channel [2]

Group 1: Company Overview and Strategy - The company has accumulated a significant cash reserve due to a focused product strategy and stringent project approval standards in previous years [3] - The company maintains a positive but cautious attitude towards future investment and acquisition opportunities, emphasizing the importance of investment returns [3] Group 2: Innovation and Market Adaptation - The company is actively monitoring industry trends and exploring innovative applications while balancing innovation with cost-effectiveness [4] - There is a focus on both conceptual and practical innovations, with ongoing observation and tracking of industry developments [4] Group 3: Revenue and Market Impact - In 2024, the company's overseas revenue accounted for 43.74%, with significant market presence in Europe, the United States, Japan, South Korea, and Southeast Asia [5] - The company's overseas gaming business is classified as "cross-border digital services," which are not subject to current U.S. tariff policies, thus minimizing direct negative impacts from trade tensions [5] Group 4: Investment in Animoca Group - The company invested in Animoca Group in 2015, holding 14,783,714 shares, with Animoca's total shares issued reaching 1,943,673,633 as of March 2025 [6][7] - The investment is accounted for under financial instruments, with recognized fair value losses recorded in other comprehensive income, which cannot be reclassified to profit or loss [7]

Group 1 - The valuation of core companies in the gaming sector is currently between 15-20x, which is significantly lower than that of core companies in the new consumption sector, indicating a positive outlook for the gaming sector [1][3] - On June 24, the gaming sector showed strong performance, with notable stock price increases: Glacier Network up 20%, Electric Soul Network up 10%, and other companies like Changqu Technology and Sheng Tian Network also seeing gains [1][2] - Recent policies from the Beijing Municipal Committee for Propaganda aim to promote high-quality development in the gaming and esports industry, emphasizing the integration of technology such as AI and AIGC into game development and operations [2][3] Group 2 - The policy document supports enterprises in the gaming and esports sector to invest in related fields such as artificial intelligence, game engines, and interactive streaming, encouraging the establishment of key laboratories and core technology breakthroughs [3] - The report from CITIC Securities highlights that gaming is an important yet overlooked aspect of new consumption, characterized by high frequency and cost-effectiveness, and the potential for generating original game IPs [3] - Huaxi Securities' research indicates that the industry is experiencing steady growth, with leading companies leveraging long-term IP operations and technological innovation to enhance user value, while the resilience of the overseas market is becoming a core competitive barrier [3]

Group 1 - The gaming sector is experiencing a significant rally, with stocks such as Dianhun Network (603258) hitting the daily limit, and Bingchuan Network (300533) rising over 15% [1] - Other companies in the sector, including Zhangqu Technology (300315), Shengtian Network (300494), and Giant Network (002558), are also seeing notable increases in their stock prices [1] - There is a noticeable influx of dark pool capital into these stocks, indicating strong investor interest [1]

Group 1 - The A-share gaming sector showed strong performance at the beginning of trading, with Glacier Network rising over 10% and Zhangqu Technology increasing over 5% [1] - Other companies such as Dihun Network, Fuchun Co., Giant Network, Xinghui Entertainment, Shengtian Network, Xunyou Technology, and Youzu Network also experienced gains [1] - According to Gamma Data's recent report, the Chinese gaming market size reached 28.051 billion yuan in May 2025, representing a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [1]

Core Viewpoint - The China Securities Animation and Game Index has shown a recent upward trend, indicating a positive performance in the animation and gaming sector despite some fluctuations over the past months [2]. Group 1: Index Performance - The China Securities Animation and Game Index increased by 0.37% to 1741.71 points with a trading volume of 12.752 billion yuan [1]. - Over the past month, the index has risen by 6.34%, while it has decreased by 2.44% over the last three months. Year-to-date, the index has increased by 16.76% [2]. Group 2: Index Composition - The index comprises companies primarily engaged in animation, comics, and gaming, reflecting the overall performance of the listed companies in the animation and gaming industry [2]. - The top ten weighted companies in the index include: Giant Network (10.64%), Kaiying Network (10.51%), Light Media (10.3%), 37 Interactive Entertainment (9.45%), Shenzhou Taiyue (7.73%), Perfect World (7.39%), ZQ Technology (5.59%), G-bits (4.42%), Youzu Interactive (4.03%), and Zhejiang Shuju Culture (3.55%) [2]. Group 3: Industry Breakdown - The index's holdings are predominantly in the communication services sector, accounting for 91.74%, followed by information technology at 4.49% and consumer discretionary at 3.77% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the animation and gaming index include various ETFs from Guotai, Huaxia, and Haitai Baipin [3].

Market Overview - The Shanghai Composite Index fell by 0.79% on June 19, with only one industry showing an increase, specifically the oil and petrochemical sector, which rose by 0.86% [1] - The textile and apparel, as well as beauty and personal care sectors, experienced the largest declines, with drops of 2.36% and 2.28% respectively [1] - Overall, the media industry saw a decrease of 0.48% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 51.66 billion yuan, with only three sectors experiencing net inflows [1] - The media industry had a net inflow of 182 million yuan, while the oil and petrochemical sector saw a net inflow of 133 million yuan, and the home appliance sector had a net inflow of 295.15 thousand yuan [1] - The electronic sector led the capital outflow with a net outflow of 5.408 billion yuan, followed by the non-bank financial sector with 4.807 billion yuan [1] Media Industry Performance - In the media sector, 130 stocks were tracked, with 42 stocks rising and 4 hitting the daily limit up, while 83 stocks declined [2] - The top three stocks with the highest net inflow were Zhangyue Technology (4.15 billion yuan), Baida Qiancheng (2.13 billion yuan), and Ciwen Media (1.91 billion yuan) [2] - The stocks with the largest capital outflow included Light Media (-3.22 billion yuan), Zhangqu Technology (-582.36 million yuan), and Zhejiang Wen Interactive (-576.95 million yuan) [2][4] Capital Inflow and Outflow Rankings - The top stocks in terms of capital inflow included: - Zhangyue Technology: +10.02% with a turnover rate of 11.63% and a main capital flow of 414.83 million yuan [3] - Baida Qiancheng: +19.92% with a turnover rate of 19.98% and a main capital flow of 212.99 million yuan [3] - Ciwen Media: +10.05% with a turnover rate of 19.70% and a main capital flow of 190.71 million yuan [3] - The top stocks in terms of capital outflow included: - Light Media: -3.87% with a turnover rate of 4.48% and a main capital flow of -322.11 million yuan [4] - Zhangqu Technology: -1.96% with a turnover rate of 7.79% and a main capital flow of -58.24 million yuan [4] - Zhejiang Wen Interactive: -1.90% with a turnover rate of 2.89% and a main capital flow of -57.70 million yuan [4]

证券代码：300315 证券简称：掌趣科技 公告编号：2025-030 北京掌趣科技股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、北京掌趣科技股份有限公司（以下简称"公司"）本次回购注销的限制性 股票数量为12,557,245股，占回购注销前公司总股本的0.46%，回购价格为1.388 元/股，系授予价格加上银行同期定期存款利息之和。本次回购资金总额为 17,429,456.06元，回购资金来源为公司自有资金。 2、公司已于2025年6月16日在中国证券登记结算有限责任公司深圳分公司办 理完成了上述限制性股票的回购注销手续。本次回购注销完成后，公司总股本由 2,720,168,248股减至2,707,611,003股。 一、本激励计划已履行的相关审批程序及信息披露情况 1、2022 年 9 月 5 日，公司第四届董事会第二十七次会议审议通过了《关于 公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2022 年限制性股票激励计划实施考核管理办法>的议案》及《关于提请股 ...

Core Insights - 2024 is seen as a pivotal year for the gaming industry, with companies facing challenges due to market shifts and increased competition [1] - A total of 30 publicly listed gaming companies reported impairment losses, indicating significant operational issues and reduced goodwill [1] - The trend of startups heavily investing in single products has led to many failures, particularly among newer companies [2] Group 1: Impairment Losses and Company Performance - Guangzhou Zhuoyou reported an impairment loss of approximately 26.66 million yuan due to poor performance of its game "One Piece: Dream Pointer," which was launched in April 2023 and subsequently taken down [3][5] - Chengdu Fanpas faced an impairment loss of about 4.31 million yuan, primarily due to the failure of its second game "Leap Rainbow Mirror," which was released in June 2023 [7][9] - Shanghai Mumu reported an impairment loss of approximately 16.79 million yuan, attributed to the underperformance of its game "Galaxy Explorers: New Home" [10][11] Group 2: Market Challenges and Competitive Landscape - The gaming market is increasingly saturated, making it difficult for new entrants to compete against established products, even with strong backing from major investors [18][26] - Companies like Shanghai Wuwei and Shanghai Yuelong Zhiyu are struggling due to poor performance of their flagship titles, leading to significant impairment losses [19][24] - The report highlights that many companies are facing a lack of clear financing plans and ongoing losses, which complicates their ability to recover [9][10] Group 3: Investment Trends and Strategic Shifts - Investment strategies among listed companies are shifting, with some focusing on expanding their strengths while others are exploring new areas [47][48] - Companies like Perfect World and Ke Ying Network are adjusting their investment approaches in response to market conditions, indicating a cautious outlook [48][49] - The overall trend suggests a cooling investment climate, impacting both established and emerging companies in the gaming sector [48]

Market Overview - The net inflow of large orders in the two markets reached 4.413 billion yuan, with 16 stocks seeing net inflows exceeding 200 million yuan, led by Lepu Medical with a net inflow of 381 million yuan [1][2] - The Shanghai Composite Index closed up 0.42% today, with a total of 2,162 stocks experiencing net inflows and 2,424 stocks seeing net outflows [1] Industry Performance - Among the 20 industries with net inflows, the electronics sector led with a net inflow of 1.963 billion yuan and an index increase of 1.17%, followed by non-bank financials with a net inflow of 1.319 billion yuan and a 0.99% increase [1] - The automotive industry experienced the highest net outflow of 1.336 billion yuan, followed by defense and military with a net outflow of 1.017 billion yuan [1] Individual Stock Performance - Lepu Medical topped the list of net inflows with 381 million yuan, followed by Dongfang Caifu with 339 million yuan [2] - Stocks with net inflows exceeding 200 million yuan saw an average increase of 7.11%, outperforming the Shanghai Composite Index [2] - Notable stocks with significant net outflows include Zhangqu Technology with a net outflow of 427 million yuan, and Qianhong Pharmaceutical and Yunnei Power, both with net outflows of 251 million yuan [2][4] Detailed Stock Data Top Net Inflow Stocks | Code | Name | Closing Price (Yuan) | Change (%) | Net Inflow (Billion Yuan) | Industry | |------|--------------|----------------------|------------|----------------------------|-----------------| | 300003 | Lepu Medical | 14.11 | 19.98 | 0.381 | Medical Biology | | 300059 | Dongfang Caifu | 20.94 | 1.36 | 0.339 | Non-bank Finance | | 002657 | Zhongke Jin Cai | 26.14 | 10.02 | 0.332 | Computer | | 002342 | Juyi Suojun | 6.37 | 10.02 | 0.310 | Machinery | | 688256 | Hanwujing | 607.50 | 1.95 | 0.309 | Electronics | [2] Top Net Outflow Stocks | Code | Name | Closing Price (Yuan) | Change (%) | Net Outflow (Billion Yuan) | Industry | |------|--------------|----------------------|------------|-----------------------------|-----------------| | 300315 | Zhangqu Technology | 5.39 | -6.26 | -0.427 | Media | | 002550 | Qianhong Pharmaceutical | 9.01 | 5.50 | -0.251 | Medical Biology | | 000903 | Yunnei Power | 4.68 | -4.10 | -0.251 | Automotive | [4]