SANQI HUYU(SZ:002555) Ge Long Hui·2025-10-31 13:17Core Viewpoint - The recent quarterly report from Sanqi Interactive Entertainment demonstrates strong financial performance and strategic investments, leading to a significant positive market response, highlighting the company's unique value narrative of high-quality growth, substantial dividends, and hard technology layout [1] Financial Performance - In Q3, Sanqi Interactive achieved a revenue of 3.975 billion yuan and a net profit of 944 million yuan, marking a year-on-year growth of 49.24%, surpassing previous expectations [2] - For the first three quarters, the company reported a total revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, reflecting a year-on-year increase of 23.57% [2] - The growth is attributed to both new and existing products, with several new games performing exceptionally well, showcasing the company's strong game development capabilities [2] Cost Efficiency - Sales expenses significantly decreased, with a year-on-year decline of 24%, leading to an improved profit margin [3] - The sales expense ratio dropped by 12.0 percentage points year-on-year and further decreased by 1.9 percentage points compared to Q2, indicating a focus on optimizing return on investment in marketing [3] Dividend Policy - Sanqi Interactive continues to maintain a high dividend payout, proposing a cash dividend of 2.10 yuan per 10 shares for Q3, totaling an expected cash distribution of 462 million yuan [4] - Combined with previous dividends, the total payout for the year is projected to reach 1.386 billion yuan, representing 59% of the net profit, significantly higher than the industry average [4] Technological Advancements - The company is enhancing its core competitiveness through AI integration in game development and operations, utilizing its proprietary industry model "Xiao Qi" to explore AI capabilities across various business functions [6][7] - Sanqi Interactive is also investing in a comprehensive entertainment and technology ecosystem, focusing on next-generation human-computer interaction, which includes investments in brain-computer interface technology and AI-driven marketing services [8][9]