世纪华通“摘帽” 超百亿商誉待解

Core Viewpoint - Century Huatong has successfully removed risk warnings and changed its stock abbreviation back to "Century Huatong" after a year of continuous performance growth, despite facing regulatory penalties for false reporting [1][2][3]. Financial Performance - In the 2024 annual financial report, Century Huatong reported a revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit attributable to shareholders of 1.213 billion yuan, up 131.51% [3]. - For the first three quarters of 2025, the company reported a revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit of 4.357 billion yuan, up 141.65% [3]. Business Drivers - The growth in performance is attributed to successful game titles, particularly in the domestic and overseas markets, with notable contributions from "Endless Winter" and "Whiteout Survival" [4][5]. - The overseas gaming business has shown rapid growth, with "Kingshot" and "Whiteout Survival" leading the mobile game revenue charts [4]. Risks and Concerns - Despite strong performance, there are concerns regarding reliance on blockbuster games and the potential risk associated with over 10 billion yuan in goodwill [6][7]. - As of the end of 2024, goodwill accounted for 98.11% of current assets, raising concerns about potential impairment risks if the performance of key subsidiaries declines [7].