Group 1 - The core viewpoint of the news is that Glacier Network's stock has shown significant performance, with a year-to-date increase of 85.61% and a recent trading volume indicating active investor interest [1] - As of December 23, Glacier Network's stock price reached 34.82 yuan per share, with a total market capitalization of 8.164 billion yuan [1] - The company has experienced a net inflow of main funds amounting to 2.81 million yuan, with large orders contributing significantly to the trading activity [1] Group 2 - Glacier Network, established on January 21, 2008, specializes in developing large-scale multiplayer online games based on its proprietary engine technology, with 99.32% of its revenue coming from game recharge [2] - As of September 30, 2025, Glacier Network reported a revenue of 1.876 billion yuan, a year-on-year decrease of 5.39%, while its net profit attributable to shareholders increased by 207.49% to 502 million yuan [2] - The company has distributed a total of 1.075 billion yuan in dividends since its A-share listing, with 817 million yuan distributed over the past three years [3] Group 3 - As of September 30, 2025, the number of shareholders in Glacier Network decreased by 18.02% to 36,200, while the average number of tradable shares per person increased by 21.97% to 4,555 shares [2] - The top circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diversified institutional interest in the company [3]

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

证券代码：300533 证券简称：冰川网络 公告编号：2025-079 深圳冰川网络股份有限公司 关于与专业投资机构共同投资深圳南海成长湾科私募股权 投资基金合伙企业（有限合伙）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。 一、与专业投资机构共同投资的概述 深圳冰川网络股份有限公司（以下简称"公司"）于 2023 年 4 月 19 日召 开了第四届董事会第十四次会议和第四届监事会第十二次会议，审议通过了《关 于与专业投资机构共同投资深圳南海成长湾科私募股权投资基金合伙企业（有 限合伙）的议案》，公司作为有限合伙人以自有资金人民币 5,000.00 万元参与认 购深圳同创锦绣资产管理有限公司设立的深圳南海成长湾科私募股权投资基金 合伙企业（有限合伙）（以下简称"南海成长湾科"或"合伙企业"）的部分份 额，并拟与基金管理人暨普通合伙人同创锦绣及其他有限合伙人签署《深圳南 海成长湾科私募股权投资基金合伙企业（有限合伙）合伙协议》，截至目前，南 海成长湾科已募集完毕。 | 深圳市宝安区产业投资引导基金 | 有限合伙人 | 43,300.00 | 10.8 ...

Core Insights - The report highlights the performance of Chinese mobile games in overseas markets for November 2025, showcasing significant revenue growth driven by seasonal events and promotional activities. Group 1: Top Performing Games - Point Interactive's leading titles, "Whiteout Survival" and "Kingshot," secured the top two positions in overseas mobile game revenue rankings, benefiting from Halloween and Thanksgiving events [1] - "Whiteout Survival" maintained its number one position in revenue due to successful seasonal activities and player engagement [1] - "Kingshot" achieved the second position, driven by promotional events during Double 11 and Thanksgiving [1] Group 2: Notable Revenue Growth - Lemon Micro's "Gossip Harbor" continued to show stable revenue growth, ranking third in the revenue chart, thanks to Thanksgiving and New Year events [2] - Florere Game's "Last Z: Survival Shooter" experienced an 11% revenue increase in November, reaching a total of over $400 million, with the U.S. and South Korea as key markets [2] - miHoYo's "Honkai: Star Rail" saw a 130% surge in overseas revenue following a major update, climbing to the sixth position in the revenue rankings [3] Group 3: New Game Launches - ByteDance's new 3D ARPG "BLEACH: Soul Resonance" launched on November 21, quickly topping download charts in multiple markets and ranking fifth in revenue growth within ten days [4] - Glacier Network's SLG game "X-Clash" reported a 200% revenue increase, marking its debut in the growth rankings at sixth place [4] - Lingxi Interactive's strategy game "Nobunaga's Ambition: True War" entered the growth rankings at ninth place, leveraging its strong IP appeal in the Taiwan, Hong Kong, and Macau markets [5] Group 4: Emerging Titles - New entries in the growth rankings include "Lootfiend: Idle Dungeons," "Blue Planet: The King is Busy," "Kaitian," and "Duet Night Abyss" [6] - Hungry Studio's puzzle game "Block Blast!" achieved a 4% increase in downloads, leading the overseas mobile game download rankings [6] - Glacier Network's "X-Clash" maintained its position as the second most downloaded game in November, with nearly 35 million downloads [6]

Core Viewpoint - Ice Glacier Network's stock price has shown significant volatility, with a year-to-date increase of 79.53% but recent declines in the short term [1] Group 1: Stock Performance - On December 3, Ice Glacier Network's stock fell by 2.04%, trading at 33.68 yuan per share, with a total market capitalization of 7.897 billion yuan [1] - The stock has experienced a 4.10% decline over the last five trading days, a 12.47% decline over the last 20 days, and a 13.24% decline over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 201 million yuan on June 24 [1] Group 2: Financial Performance - For the period from January to September 2025, Ice Glacier Network reported revenue of 1.876 billion yuan, a year-on-year decrease of 5.39%, while net profit attributable to shareholders increased by 207.49% to 502 million yuan [2] - The company's main revenue source is from online game recharge income, accounting for 99.32% of total revenue [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 18.02% to 36,200, with an average of 4,555 shares held per shareholder, an increase of 21.97% [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs focused on animation and gaming [3]

Group 1 - The core viewpoint of the article is that Glacier Network's stock price fluctuations in the secondary market are influenced by multiple factors, but the company's controlling shareholders and management team remain confident about its future development [2] Group 2 - Glacier Network responded to investor inquiries on an interactive platform, indicating that they are aware of the stock price volatility [2] - The company emphasizes the confidence of its controlling shareholders and management regarding future growth prospects [2]

证券代码：300533 证券简称：冰川网络 公告编号：2025-078 深圳冰川网络股份有限公司 关于部分理财产品到期赎回及继续使用部分闲置自有资金 购买理财产品的公告 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。 深圳冰川网络股份有限公司（以下简称"公司"）第五届董事会第六次会议、 第五届监事会第五次会议及 2024 年年度股东大会审议通过了《关于使用闲置自 有资金进行现金管理的议案》，鉴于公司目前经营情况稳定，财务状况稳健，根 据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等相关规定，为提高公司资金使用效 率，在保证公司主营业务正常经营和资金安全的情况下，同意公司及子公司使用 闲置自有资金不超过人民币 30 亿元进行现金管理，用于购买安全性高、流动性 好且投资期限最长不超过 12 个月的现金管理产品或理财产品，购买渠道包括但 不限于银行、证券公司等金融机构，自公司股东大会审议通过之日起一年内有效， 在上述使用期限及额度范围内，资金可循环滚动使用。公司授权董事长最终审定 并签署相关实施协议 ...

Major Announcements - Glacier Network plans to sign an exclusive overseas agency agreement with Chengdu Time Race Technology Co., Ltd., a 14% owned affiliate, for the promotion and operation of "Magic War" [3] - Nairui Radar intends to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. through a combination of share issuance and cash payment [4] - Howie Group's wholly-owned subsidiary, Shaoxing Wehao, plans to invest 200 million yuan in a private equity fund, holding an 18.39% stake [5] - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [6] - Yanzhou Coal Mining plans to acquire 100% equity of a high-end support manufacturing company for 345 million yuan, constituting a related party transaction [7] Termination of Cooperation - Jincheng Pharmaceutical has decided to terminate its intention to cooperate with Dutch company Giskit regarding the exclusive commercialization rights of ExEm® Foam in China due to lack of substantial progress in negotiations [9] Mining License Acquisition - Hunan Gold's subsidiary Xinshao Siwei has obtained a mining license for the Xinshao County Tanxi Tungsten Mine, with an annual production capacity of 990,000 tons [10] Share Buybacks - Visionox has initiated a share buyback of 1.6607 million shares for approximately 15 million yuan, with a maximum price of 14.8 yuan per share [11] - Koli completed a share buyback amounting to 10.9949 million yuan, acquiring 845,700 shares at prices between 12.89 and 13.13 yuan per share [12] - Maide Medical's chairman proposed a share buyback plan with a total amount between 20 million and 40 million yuan [13] Shareholding Changes - Funeng Technology's shareholder plans to reduce its stake by up to 1.6816%, totaling no more than 20.551 million shares [14] - Aerospace Hongtu's director intends to sell up to 5,000 shares due to personal financial needs [15] Project Wins - Anhui Construction has won two projects with a total bid price of 2.603 billion yuan, with the company's share being approximately 600 million yuan [16][17]

Major Events - Glacier Network plans to sign an exclusive overseas agency agreement with Chengdu Time Race Technology Co., Ltd., a company in which it holds a 14% stake, for the promotion and operation of "Magic War" [4] - Nairui Radar intends to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. through a combination of issuing shares and cash [5] - Howey Group's wholly-owned subsidiary, Shaoxing Wehao, plans to invest 200 million yuan in a private equity fund [6][7] - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [8] - Yanzhou Coal Mining plans to acquire 100% equity of a high-end support manufacturing company for 345 million yuan, constituting a related party transaction [9] - Jincheng Pharmaceutical has decided to terminate its intention to cooperate with Dutch company Giskit regarding exclusive commercialization rights for a drug in China due to lack of substantial progress [10] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver with an annual production capacity of 990,000 tons [11] Share Buybacks - Visionox completed its first share buyback of 1.6607 million shares for approximately 15 million yuan, with a maximum price of 14.8 yuan per share [12] - Koli completed a share buyback of 10.9949 million yuan, acquiring 845,700 shares at prices between 12.89 and 13.13 yuan per share [13][14] - Maide Medical's chairman proposed a share buyback plan with a total amount between 20 million and 40 million yuan [15] Shareholding Changes - Funeng Technology's shareholder plans to reduce its stake by up to 1.6816%, totaling approximately 20.551 million shares [16] - Aerospace Hongtu's director plans to reduce his holdings by 5,000 shares due to personal financial needs [17] Major Contracts - Anhui Construction won two projects with a total bid price of 2.603 billion yuan, with the company's share being approximately 600 million yuan for each project [18]

Core Viewpoint - In November 2025, the National Press and Publication Administration approved a total of 178 domestic online games, including titles such as "Hero's Path," "Dream of Journey to the West: The Calamity of Li You," "Dark Blade," "Starry Ideal Country," and "True Dragon War Record" [1]. Group 1: Game Approval Details - A total of 178 games were approved in November 2025 [1]. - Notable approved games include "Dark Blade," "Shadow Miracle," and "Pride of the World" [1][3]. - The approval date for these games is November 26, 2025 [3]. Group 2: Publisher and Developer Information - Various publishers and developers are involved, such as Shanghai Sound and Image Electronic Publishing and Beijing Baidu Duokoo Technology [3][4]. - The games span multiple categories, primarily mobile and mobile casual puzzle games [3][4]. Group 3: ISBN and Approval Codes - Each approved game is assigned an ISBN, with examples including ISBN 978-7-498-15877-2 for "Dark Blade" [3]. - Approval codes are also provided, such as "Guoxin Chuan Shen (2025) 2213" for "Dark Blade" [3]. Group 4: Game Categories - The approved games include various genres, with a significant number categorized as mobile and mobile casual puzzle games [3][4]. - The diversity in game types indicates a broadening of the gaming market in China [1].