星辉娱乐，十年足球一朝“梦醒”

Core Viewpoint - The sale of 99.66% of the Spanish football club Espanyol by Xinghui Entertainment marks the end of a 10-year investment journey in football, as the company aims to refocus on its core business after the football venture has become a burden [1][4]. Group 1: Sale Details - Xinghui Entertainment announced the sale of its stake in Espanyol for €130 million, with €65 million paid in cash and the remaining €65 million in shares of the buyer, VELOCITY SPORTS LTD [1]. - Post-transaction, Espanyol will no longer be included in Xinghui's consolidated financial statements, and the company will hold 38.26 million Class A shares of VELOCITY, representing 16.45% of its total equity [1]. Group 2: Historical Performance - Since acquiring control of Espanyol in 2015, Xinghui's sports business revenue peaked at ¥1.212 billion in 2019, accounting for over 46% of total revenue, largely due to the signing of Chinese player Wu Lei [2]. - However, the club's inconsistent performance and Wu Lei's return to China have led to a decline in revenue, with the sports business revenue dropping to ¥376 million in 2024, representing only 27.62% of total revenue [3]. Group 3: Business Focus and Future Outlook - The core objective of the sale is to shed the burden of the football club and concentrate on the main business areas of gaming, sports, and toys, which have historically contributed over 25% to the company's revenue [4]. - The gaming and related business has seen stagnant revenue below ¥500 million from 2022 to 2024, while the toy segment has shown promise with a 20.28% year-on-year revenue growth in 2024, reaching ¥465 million [4].