SANQI HUYU(SZ:002555) Ge Long Hui·2025-10-31 13:19Core 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 revenue of 3.975 billion yuan and a net profit of 944 million yuan, marking a year-on-year increase of 49.24%, surpassing previous expectations [2] - For the first three quarters, the company reported total revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan, reflecting a year-on-year growth of 23.57% [2] - The growth is attributed to both new and existing products, with several new games performing exceptionally well, validating the company's strong game development capabilities [2] Cost Efficiency - Sales expenses decreased significantly, with a year-on-year decline of 24%, leading to a corresponding drop in the sales expense ratio by 12.0 percentage points [3] - This reduction indicates a growing emphasis on return on investment (ROI) in marketing, suggesting potential for continued profit expansion [3] Dividend Policy - Sanqi Interactive maintains a high dividend payout, proposing a cash dividend of 2.10 yuan per 10 shares for Q3, totaling approximately 462 million yuan [4] - Combined with previous dividends, the total payout for the year is expected to reach 1.386 billion yuan, representing 59% of net profit, significantly above the industry average [4] - This commitment to dividends reflects the company's focus on investor returns and solidifies its position as a high-dividend stock [4] Technological Advancements - The company is actively integrating AI technology into game development and operations, enhancing its core competitiveness and efficiency [6] - Sanqi Interactive has developed over 40 AI capabilities through its proprietary model "Xiao Qi," covering various business areas such as market analysis and product development [6][7] Strategic Investments - Sanqi Interactive is expanding its investment in the entertainment and technology sectors, focusing on building a comprehensive ecosystem that enhances its competitive edge [8] - Recent investments include a $20 million stake in brain-computer interface company Qiangna Technology and a multi-million yuan investment in AI search service provider Zhitu Shidai, which positions the company favorably in the evolving tech landscape [8][9] - This strategic approach aims to create a value loop where high profits support substantial dividends, while technological investments drive further profitability [9]