Core Viewpoint - Beijing Zhangqu Technology Co., Ltd. (referred to as "Zhangqu Technology") expects a net profit of -90 million to -180 million yuan for the year 2025, primarily due to the decline in performance of its associate company Webzen Inc. leading to the provision for long-term equity investment impairment [1] Group 1: Financial Performance - Zhangqu Technology anticipates a net profit excluding non-recurring gains and losses of -100 million to -200 million yuan for 2025 [1] - The company is entering a critical phase of performance recovery, supported by the acceleration of new product launches and deepening AI industry layout [1] Group 2: Business Development - The company has established a dual-line development pattern of "mature product long-cycle operation + breakthrough in emerging tracks," covering various game categories such as SLG, card games, MMO, and mini-games [1] - Zhangqu Technology has three self-developed SLG games and one exclusive agency SLG game currently undergoing paid testing, with plans for further adjustments based on testing results [2] Group 3: AI Integration - Zhangqu Technology is intensifying its "AI + gaming" strategy by collaborating with top AI companies to integrate AI technology into game development [3] - The launch of the 3D game AIGC development tool "LayaIdea" in partnership with Lanya Box is expected to significantly reduce production costs and development cycles for 3D games [3] - The company’s investment in MiniMax Group Inc., which is set to impact the 2026 net profit by approximately 23.26 million yuan, represents a new growth driver for the company's performance [3]

Core Viewpoint - The company expects a net profit loss of between -90 million to -180 million yuan for the year 2025, primarily due to the decline in performance of its associate company Webzen Inc., leading to the provision for long-term equity investment impairment [1] Group 1: Financial Performance - The company forecasts a net profit loss of -90 million to -180 million yuan for 2025, with a net profit loss of -100 million to -200 million yuan after excluding non-recurring gains and losses [1] - The decline in performance is attributed to the impairment provision related to the company's investment in Webzen Inc. [1] Group 2: Business Development - The company is conducting paid tests for multiple SLG games (codenamed H, LS, QS, and F3) and is developing several mini-program games [1][2] - The company has established a dual-line development pattern of "mature product long-cycle operation + emerging track breakthroughs," covering various game categories such as SLG, card games, MMO, and mini-games [1] - The company aims to enhance its game business by focusing on the domestic mini-game market and the overseas SLG market, with plans for further commercialization based on testing results [2] Group 3: AI Integration - The company is intensifying its "AI + gaming" strategy by collaborating with top AI firms to integrate AI technology into game development [3] - The launch of the 3D game AIGC development tool "LayaIdea" in partnership with Lanya Box is expected to significantly reduce production costs and development cycles for 3D games [3] - The company’s long-term investments in the AI industry chain are beginning to yield returns, with an expected profit impact of 23.26 million yuan from its investment in MiniMax Group Inc. [3] Group 4: Market Outlook - Despite short-term performance challenges, the company is well-positioned for business recovery due to stable support from mature products and a robust global operational system [4] - The dual-track growth strategy, deep integration of AI and game development, and the ongoing recovery of the gaming industry policy environment are expected to drive the company's performance recovery [4]

证券代码：300315 证券简称：掌趣科技 公告编号：2026-003 北京掌趣科技股份有限公司 2025年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务 所审计。公司已就业绩预告有关重大事项与年报审计会计师事务所进行了预沟 通，公司与会计师事务所在本报告期的业绩预告方面不存在重大分歧。 三、业绩变动原因说明 公司预计净利润出现亏损，主要由于公司重要参股公司 Webzen Inc.业务下 滑，并出现减值迹象，预计将对该项长期股权投资计提减值准备共计 1.5 亿元 ~2.5 亿元（最终减值金额以中介机构评估、审计为准）；此外，受成熟游戏项 目流水随产品生命周期影响而下滑、新研发的 SLG 游戏尚未正式大规模上线推 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为负值 | 项 | 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603444 | 吉比特 | 475.50 | 6.61% | 3.36万 | | 15.90 Z | | 300418 | 昆仑万维 | 56.61 | 6.05% | 169.47万 | | 97.34亿 | | 600633 | 浙数文化 | 15.91 | 5.43% | 116.55万 | | 18.72亿 | | 300315 | 掌趣科技 | 6.12 | 3.73% | 368.12万 | | 22.68亿 | | 002624 | 完美世界 | 18.77 | 3.42% | 66.96万 | | 12.59亿 | | 300459 | 汤姆猫 | 5.25 | 2.94% | 364.95万 | | 19.34亿 | | 300043 | 量辉娱乐 | 6.46 | 2.70% | 103.83万 | | 6.76亿 | | 002605 | 姚记科技 | 26.81 | 1.94% | 19.87万 | | 5 ...

1月21日掌趣科技大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 40.70 | 264.14 | 6.49 | 10.00 | 浙商证券股份有限公司天 | 方正证券股份有限公司成 | | | | | | 津六纬路证券营业部 | 都抚琴西路证券营业部 | （文章来源：证券时报网） 两融数据显示，该股最新融资余额为14.46亿元，近5日增加8586.19万元，增幅为6.31%。 据天眼查APP显示，北京掌趣科技股份有限公司成立于2004年08月02日，注册资本270761.1003万人民 币。（数据宝） 掌趣科技1月21日大宗交易平台出现一笔成交，成交量40.70万股，成交金额264.14万元，大宗交易成交 价为6.49元，相对今日收盘价溢价10.00%。该笔交易的买方营业部为浙商证券股份有限公司天津六纬路 证券营业部，卖方营业部为方正证券股份有限公司成都抚琴西路证券营业部 ...

Summary of Key Points Core Viewpoint - On January 21, 2026, Zhangqu Technology executed a block trade involving 407,000 shares at a transaction price of 6.49 yuan, representing a 10% premium over the market closing price of 5.9 yuan [1]. Group 1: Transaction Details - The total transaction amount for the block trade was 2.6414 million yuan, accounting for 0.32% of the total trading volume on that day [1]. - The buyer of the shares was Zheshang Securities Co., Ltd., while the seller was Founder Securities Co., Ltd. [2].

Market Overview - On January 15, the gaming sector declined by 0.27%, with Zhangqu Technology leading the drop. The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1]. Individual Stock Performance - Notable gainers included: - Mingchen Health (002919) with a closing price of 25.72, up 10.01% and a trading volume of 217,700 shares, totaling 540 million yuan - Kaiying Network (002517) closed at 27.51, up 5.48% with a trading volume of 939,500 shares, totaling 2.576 billion yuan - Shiji Weitong (002602) closed at 19.83, up 2.75% with a trading volume of 1,484,700 shares, totaling 2.925 billion yuan [1]. - Notable decliners included: - Naqu Technology (300315) closed at 6.55, down 8.01% with a trading volume of 4,937,800 shares, totaling 3.251 billion yuan - Tom Cat (300459) closed at 5.72, down 5.30% with a trading volume of 4,958,200 shares, totaling 2.839 billion yuan - Zhejiang Shuculture (600633) closed at 16.73, down 3.80% with a trading volume of 1,179,100 shares, totaling 1.959 billion yuan [2]. Capital Flow Analysis - The gaming sector experienced a net outflow of 2.6 billion yuan from institutional investors, while retail investors saw a net inflow of 2.502 billion yuan. Speculative funds had a net inflow of approximately 98.549 million yuan [2]. Stock-Specific Capital Flow - Key stocks with significant capital flow include: - Shiji Weitong (002602) with a net inflow of 45.4996 million yuan from institutional investors, but a net outflow of 67.3594 million yuan from speculative funds - Mingchen Health (002919) had a net inflow of 38.9524 million yuan from institutional investors, with a net outflow from speculative and retail investors [3]. ETF Performance - The Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a 5-day decline of 10.84%, with a current PE ratio of 43.58 and a net redemption of 180 million yuan [5]. - The Food and Beverage ETF (product code: 515170) experienced a 5-day decline of 0.71%, with a PE ratio of 20.06 and a net redemption of 40.358 million yuan [5].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - "鹅鸭杀" (Goose Duck Kill) has become a phenomenon in the gaming industry, particularly on the Steam platform, gaining immense popularity in China due to the influence of top gaming streamers [2][3]. - The mobile version of "鹅鸭杀," co-published by Kingsoft and Huya, saw over 5 million new registered users within 24 hours of its public launch on January 7, and surpassed 10 million new users within 6 days [3]. - The game features over 30 different roles, enhancing its gameplay beyond traditional social deduction games like Werewolf, allowing up to 16 players to participate simultaneously [4]. - The mobile version has optimized network access and connection delays, addressing issues faced by the Steam version, and introduced innovative gameplay modes to enhance user experience [5]. Company Recommendations - The report suggests focusing on several gaming companies, including Kingsoft, 37 Interactive Entertainment, Kying Network, Shenzhou Taiyue, Giant Network, G-bits, Perfect World, Yaoji Technology, and Zhangqu Technology, as potential investment opportunities in the gaming sector [5].

Group 1 - The gaming sector continues to rise, with Yaoji Technology hitting the daily limit, and Zhangqu Technology increasing by over 10% [1] - Other companies such as Caesar Culture, Baotong Technology, Kunlun Wanwei, Xinghui Entertainment, and Tom Cat also experienced gains [1]

Market Overview - On January 13, major indices in China experienced collective adjustments, with the Shenzhen Component Index falling over 1% and the ChiNext Index dropping nearly 2%. The Shanghai Composite Index closed down 0.64%, the Shenzhen Component Index down 1.37%, and the ChiNext Index down 1.96%. The total trading volume in the Shanghai and Shenzhen markets reached 3.65 trillion yuan, an increase of 49.6 billion yuan compared to the previous trading day [1] - In the U.S. stock market, the three major indices also declined on January 13. The Dow Jones Industrial Average fell by 398.21 points to close at 49,191.99, a decrease of 0.80%. The S&P 500 Index dropped by 13.53 points to 6,963.74, down 0.19%, while the Nasdaq Composite Index decreased by 24.03 points to 23,709.87, a decline of 0.10% [1] Sector Performance - In the Chinese market, over 3,700 stocks declined, with the AI application concept sector rising against the trend, seeing over ten constituent stocks hitting the daily limit up. The AI medical concept remained active, while the power grid equipment sector strengthened in the afternoon. The retail sector also showed active performance. Conversely, the commercial aerospace and controllable nuclear fusion sectors experienced significant declines [1] - In the U.S., the performance of major indices reflected a general downward trend, indicating a cautious market sentiment [1] Commodity Prices - International oil prices rose on January 13. The price of light crude oil futures for February delivery on the New York Mercantile Exchange increased by $1.65 to $61.15 per barrel, a rise of 2.77%. The March delivery Brent crude oil futures price rose by $1.60 to $65.47 per barrel, an increase of 2.51% [2] Policy and Regulatory Updates - The Ministry of Commerce of China announced the continuation of anti-dumping duties on imported solar-grade polysilicon from the U.S. and South Korea, effective from January 14, 2026, for a period of five years [2] - The Ministry of Industry and Information Technology issued an action plan for the high-quality development of industrial internet platforms from 2026 to 2028, aiming for significant progress in platform development and resource connectivity by 2028 [3][4] Company-Specific Developments - The approval of NVIDIA to export its H200 AI chips to China is expected to restart shipments to Chinese customers. This decision will be overseen by the U.S. Department of Commerce, which will also impose a fee of approximately 25% on the related transactions [7]