11月13日，深圳市举行文化产业推进会。21世纪经济报道记者现场获悉，广东（深圳）游戏企业服务中心、广东（深圳）游戏 出海服务中心正式揭牌成立，均落地南山区。 其中，广东（深圳）游戏企业服务中心重点围绕资源对接、政策梳理、版号咨询和合规服务四大方向开展工作：依托南山在创 新、高校、资本等方面的集聚优势，搭建技术、人才与融资对接平台，推动区内优质资源向全省游戏企业开放共享；系统梳理 各级产业政策，为企业量身定制政策包，推动政策红利"应享尽享"；在上级主管部门指导下，联动广东网络游戏出版联盟等资 源，提供从版号申报、防沉迷系统接入到网络文化经营备案的全流程"一对一"咨询服务，提升运营效率；联合专业法律机构， 提供针对内容审核、数据出海等领域的合规咨询，助力企业规避前端风险。 广东（深圳）游戏出海服务中心落地前海深港现代服务业合作区内的南山街道辖区，将打造集市场研究、政策咨询、创业孵 化、发行运营、人才赋能等功能于一体的士游戏出海服务平台，构建专业化、标准化出海服务模式，为企业提供适配的解决方 案，推动出海企业数量与规模稳步增长，争取游戏出海成为区域经济潜在的新增长点。 21世纪经济报道记者 陈思琦 深圳报道 会上 ...

Market Overview - The gaming sector experienced a decline of 0.98% on November 10, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Individual Stock Performance - Notable gainers included: - Mingchen Health (002919) with a closing price of 19.50, up 6.50% and a trading volume of 134,300 shares, totaling 259 million yuan [1] - Wento Holdings (600715) closed at 2.61, up 2.76% with a trading volume of 604,500 shares, totaling 156 million yuan [1] - Fuchun Co. (300299) closed at 6.81, up 2.71% with a trading volume of 311,400 shares, totaling 211 million yuan [1] - Major decliners included: - ST Huadao (002602) closed at 17.61, down 3.72% with a trading volume of 1,174,300 shares, totaling 2.093 billion yuan [2] - Xinying Network (002517) closed at 22.50, down 2.17% with a trading volume of 421,600 shares, totaling 957 million yuan [2] - Giant Network (002558) closed at 35.50, down 1.63% with a trading volume of 292,700 shares, totaling 1.034 billion yuan [2] Capital Flow Analysis - The gaming sector saw a net outflow of 646 million yuan from institutional investors, while retail investors contributed a net inflow of 358 million yuan [2] - Key stocks with significant capital flow include: - Starry Entertainment (300043) with a net inflow of 47.54 million yuan from institutional investors [3] - Fuchun Co. (300299) with a net outflow of 10.19 million yuan from retail investors [3] - Mingchen Health (002919) with a net inflow of 30.79 million yuan from institutional investors [3] ETF Performance - Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a 2.11% increase over the last five days, with a net outflow of 110 million yuan [5] - Food and Beverage ETF (product code: 515170) experienced a decline of 1.38% over the last five days, with a net outflow of 1.385 million yuan [5]

Core Viewpoint - Hubei Shengtian Network Technology Co., Ltd. has announced the progress of its share repurchase plan, indicating that as of October 31, 2025, it has repurchased 2.9477 million shares, accounting for 0.60% of its total share capital, with a total expenditure of 31.8269 million yuan, nearing the lower limit of its repurchase plan [1][3]. Summary by Sections Repurchase Plan Overview - The company approved a share repurchase plan on April 7, 2025, intending to use self-owned or raised funds to repurchase part of the public shares through centralized bidding, with a total repurchase fund range of no less than 35 million yuan and no more than 50 million yuan, and a maximum repurchase price of 20 yuan per share [2]. Specific Data as of End of October - As of October 31, 2025, the company has repurchased 2,947,660 shares, representing 0.60% of the total share capital. The highest transaction price during the repurchase was 13.27 yuan per share, while the lowest was 9.52 yuan per share, with a total transaction amount of 31,826,927 yuan (excluding transaction fees) [3]. Compliance and Future Arrangements - The company stated that the timing, quantity, price, and commission period of the share repurchase comply with relevant laws and regulations. The company plans to continue the repurchase according to market conditions and will fulfill its information disclosure obligations in a timely manner. The funds used for repurchase have approached the lower limit of 35 million yuan, and if the remaining funds are utilized as planned, the total repurchase amount will fall within the range of 35 million to 50 million yuan [4].

Group 1 - The core announcement is that ShengTian Network has repurchased a total of 2,947,660 shares, which represents 0.60% of the company's current total share capital [2] Group 2 - The repurchase was conducted through a dedicated securities account via centralized bidding transactions [2] - The repurchase is set to be completed by October 31, 2025 [2]

Core Viewpoint - The company, ShengTian Network, has conducted a share buyback, acquiring a total of 2,947,660 shares, which represents 0.60% of its current total share capital [1] Summary by Categories Share Buyback Details - The share buyback was executed through a dedicated repurchase securities account via centralized bidding [1] - The highest transaction price for the shares was 13.27 CNY per share, while the lowest was 9.52 CNY per share [1] - The total amount spent on the buyback was 31,826,927.00 CNY, excluding transaction fees [1]

证券代码：300494 证券简称：盛天网络 公告编号：2025-049 湖北盛天网络技术股份有限公司 关于回购公司股份的进展公告 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。 湖北盛天网络技术股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开 第五届董事会第七次会议，审议通过了《关于回购公司股份方案的议案》，公司拟使 用自有或自筹资金以集中竞价交易方式回购公司部分社会公众股股份。本次回购价格 的上限为人民币 20 元/股，本次用于回购的资金总额不低于人民币 3,500 万元且不超 过人民币 5,000 万元（均含本数），本次具体回购资金总额以实际使用的资金总额为 准。本次回购股份的用途为实施股权激励或员工持股计划，若公司未能在股份回购完 成后的 36 个月内用于上述用途，未使用部分将予以注销。具体内容详见于公司于 2025 年 4 月 7 日、2025 年 4 月 10 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于 回购股份方案的公告》（公告编号：2025-004）、《回购报告书》（公告编号：2025-006）。 根据 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 938 million yuan for the first three quarters of 2025, representing a year-on-year increase of 10.03%. The net profit attributable to the parent company reached 31 million yuan, a significant increase of 1155.49% year-on-year. The net profit after deducting non-recurring items was 17 million yuan, up 361.55% year-on-year. However, in Q3 2025, the company experienced a revenue decline of 2.38% year-on-year, with a net loss attributable to the parent company of 22 million yuan and a net loss after deducting non-recurring items of 33 million yuan [3][4][9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 938 million yuan, with a year-on-year growth of 10.03%. The net profit attributable to the parent company was 31 million yuan, reflecting a year-on-year increase of 1155.49%. The net profit after deducting non-recurring items was 17 million yuan, up 361.55% year-on-year. In Q3 2025, the company reported a revenue of 305 million yuan, down 2.38% year-on-year, with a net loss of 22 million yuan and a net loss after deducting non-recurring items of 33 million yuan [3][4][9]. Key Events - The termination of the contract for "Three Kingdoms: Strategy Edition" has negatively impacted profits. In the first three quarters of 2025, this game accounted for 50.12% of revenue and 61.20% of gross profit. The contract was terminated in September 2025, leading to a goodwill impairment provision of 47.5084 million yuan in Q3 2025, which pressured the company's profit [9]. Future Prospects - The company is focusing on new game launches to drive future performance. The independent game "Huo Xia Chuan" received a significant update at the end of August, and a new action game based on "True Three Kingdoms Warriors 8" is in the review stage. Additionally, the game "Magic Bobo" has obtained a license and is expected to launch soon [9]. AI Strategy - The company is actively advancing its AI strategy, showcasing the AI virtual character "Qiu Yu" at the Qingdao Copyright Expo. The company aims to integrate AI capabilities into social products and has established collaborations across various sectors to enhance the commercial value of its IP [9]. Earnings Forecast - The company is projected to achieve net profits of 70 million yuan and 150 million yuan for 2025 and 2026, respectively, with corresponding earnings per share (EPS) of 0.15 yuan and 0.30 yuan [9].

Core Viewpoint - The stock price of ShengTian Network has shown fluctuations, with a year-to-date increase of 14.59% but a recent decline over various trading periods, indicating potential volatility in the market [2]. Group 1: Stock Performance - On October 31, ShengTian Network's stock rose by 2.06%, reaching a price of 12.88 CNY per share, with a trading volume of 1.49 billion CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 63.18 billion CNY [1]. - Year-to-date, the stock has increased by 14.59%, but it has decreased by 3.52% over the last five trading days, 12.02% over the last 20 days, and 10.93% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, ShengTian Network reported a revenue of 938 million CNY, reflecting a year-on-year growth of 10.03%. The net profit attributable to shareholders was 30.71 million CNY, showing a significant increase of 1155.49% [2]. - The company's main revenue sources include network advertising and value-added services (78.71%), game operation (14.49%), IP operation (6.33%), and other services (0.47%) [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for ShengTian Network was 48,700, a decrease of 10.71% from the previous period, while the average number of circulating shares per person increased by 11.99% to 8,172 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited as the second-largest shareholder, increasing its holdings by 13.33 million shares [4].

Core Insights - The company, ShengTian Network, is a leading internet entertainment platform established in 2009 and listed on the Shenzhen Stock Exchange in 2015, focusing on internet entertainment services and game joint operations [1] Financial Performance - For Q3 2025, ShengTian Network reported revenue of 938 million yuan, ranking 17th out of 26 in the industry, significantly lower than the top competitors ST Huatuo (27.22 billion yuan) and Sanqi Interactive Entertainment (12.46 billion yuan) [2] - The company's net profit for the same period was 30.71 million yuan, also ranking 17th, far below the industry average of 531 million yuan [2] Business Composition - The main business segments include network advertising and value-added services (497.8 million yuan, 78.71%), game operation (91.65 million yuan, 14.49%), and IP operation (40.03 million yuan, 6.33%) [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 8.68%, lower than the industry average of 29.04%, indicating lower debt pressure [3] - The gross profit margin was 20.40%, which, while improved from 15.11% year-on-year, remains significantly below the industry average of 58.35% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.71% to 48,700, while the average number of circulating A-shares held per shareholder increased by 11.99% to 8,172.42 shares [5] - Notable changes in major shareholders include an increase in holdings by Hong Kong Central Clearing Limited and Huaxia CSI Animation Game ETF [5] Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 1.533 billion yuan in 2025, 1.809 billion yuan in 2026, and 1.990 billion yuan in 2027, alongside net profits of 141 million yuan, 166 million yuan, and 192 million yuan respectively [7] - The company is focusing on expanding its game offerings and enhancing its AI capabilities in social products, with new game releases and updates planned for the near future [6]

Market Overview - The gaming sector experienced a decline of 3.61% on October 30, with ShengTian Network leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Notable gainers included ST Kaiwen, which rose by 3.02% to a closing price of 4.09, and ST Zhongqingbao, which increased by 1.42% to 12.14 [1] - Major decliners included ShengTian Network, which fell by 7.68% to 12.62, and Shunwang Technology, down 7.60% to 21.76 [2] Trading Volume and Capital Flow - The gaming sector saw a net outflow of 1.79 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.12 billion yuan [2] - The trading volume for individual stocks varied, with significant transactions noted for companies like ST Kaiwen and ST Zhongqingbao [1][2] Capital Inflow Analysis - Key stocks with notable capital inflow included Kaiying Network, which saw a net inflow of 1.14 billion yuan from institutional investors, and ST Zhongqingbao with 15.59 million yuan [3] - Conversely, stocks like JiBit experienced a net outflow of 8.81 million yuan from institutional investors [3]