三七互娱再遭指数“除名”，董事长李卫伟薪酬逆势暴涨

Core Viewpoint - The recent removal of 37 Interactive Entertainment from major indices like the CSI 300 and the Shenzhen 100 highlights the company's struggles with market performance, including stagnant revenue growth and increasing financial risks [2][3][34]. Group 1: Company Performance - 37 Interactive Entertainment has faced significant challenges, including stagnant revenue between 16.5 billion and 17 billion yuan from 2021 to 2023, with a slight increase to 17.44 billion yuan in 2024, representing a 5.4% year-on-year growth [5][10]. - The company's net profit has remained in the range of 2.5 billion to 3 billion yuan, with a reported net profit of 2.673 billion yuan in 2024, showing only a 0.54% increase [5][10]. - In Q1 2025, the company reported a revenue decline of 10.67% to 4.243 billion yuan and a net profit drop of 10.87% to 549 million yuan [10][13]. Group 2: Financial Health - The company's cash flow from operating activities decreased by 4.74% in 2024, leading to a net cash flow of approximately 2.998 billion yuan [9]. - Short-term borrowings surged by 71% to 2.654 billion yuan by the end of 2024, raising concerns about liquidity despite having over 10 billion yuan in cash and cash equivalents [8][20]. - The company has seen a significant increase in restricted assets, totaling 2.905 billion yuan, primarily due to pledged deposits [21]. Group 3: Management and Governance - High executive compensation has raised concerns, with several executives receiving substantial salary increases, while employee compensation has decreased [14][18]. - The company has been under investigation by the China Securities Regulatory Commission for alleged information disclosure violations, which has affected its financial reporting [29][32]. Group 4: Market Position and Strategy - 37 Interactive Entertainment has struggled to produce hit games, leading to a "hit drought" in 2024, despite having over 20 games in development [23][34]. - The company's R&D expenditures have decreased significantly, from 9.05 billion yuan in 2022 to 6.46 billion yuan in 2024, which may impact its competitive edge [24]. - The company is attempting to leverage AI for growth, but its current applications have not led to significant innovation breakthroughs [33][34].