证券代码：002624 证券简称：完美世界 公告编号：2025-038 完美世界股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 完美世界股份有限公司（以下简称"公司"）第六届董事会第十六次会议决定 将于 2025 年 10 月 27 日召开 2025 年第一次临时股东大会，会议有关事项如下： 一、召开会议的基本情况 1、股东大会届次：2025 年第一次临时股东大会 2、股东大会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公 司规范运作》等法律、行政法规、部门规章、规范性文件及《公司章程》的有关 规定。 （1）截至 2025 年 10 月 16 日下午收市时在中国证券登记结算有限责任公司深 圳分公司登记在册的公司全体股东，均有权出席本次会议并行使表决权，股东本人 不能亲自出席本次会议的可以书面委托代理人出席会议并参加表决（授权委托书见 附件），该股东代理人不必是本公司股东； （2）公司董事 ...

完美世界股份有限公司 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 完美世界股份有限公司（以下简称"公司"）第六届监事会第十二次会议于 2025 年 10 月 10 日以现场方式召开。本次会议通知已于 2025 年 9 月 30 日以电 话方式发出，会议应出席监事 3 人，实际出席监事 3 人，会议由监事会主席谢贤 文先生主持。会议的召集、召开及表决程序符合《公司法》和《公司章程》的有 关规定。 二、监事会会议审议情况 会议审议通过了以下议案： 证券代码：002624 证券简称：完美世界 公告编号：2025-037 根据《中华人民共和国公司法》《上市公司章程指引》（2025年修订）及中国 证券监督管理委员会于2024年12月27日发布的《关于新<公司法>配套制度规则 实施相关过渡期安排》等相关法律、法规的规定，结合公司实际情况，公司将不 再设置监事会与监事，免去张丹、韩长艳监事职务，监事会的职权由董事会审计 委员会行使，《监事会议事规则》等监事会相关制度相应废止，同时对《公司章 程》进行修订。 具体内 ...

证券代码：002624 证券简称：完美世界 公告编号：2025-036 完美世界股份有限公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 二、董事会会议审议情况 会议审议通过了以下议案： （一）审议通过《关于修订<公司章程>的议案》 表决结果：5票同意、0票反对、0票弃权 根据《中华人民共和国公司法》《上市公司章程指引》（2025年修订）及中 国证券监督管理委员会于2024年12月27日发布的《关于新<公司法>配套制度规 则实施相关过渡期安排》等相关法律、法规的规定，结合公司实际情况，公司将 不再设置监事会与监事，免去张丹、韩长艳监事职务，监事会的职权由董事会审 计委员会行使，《监事会议事规则》等监事会相关制度相应废止，同时对《公司 章程》进行修订。 公司董事会提请股东大会授权公司管理层办理工商变更登记、章程备案等相 关事宜，授权的有效期限自公司股东大会审议通过之日起至本次相关工商变更登 记事项办理完毕之日止。具体备案登记内容以市场监督管理部门最终核准、登记 的情况为准。 具体内容详见同日刊登于巨潮资讯网www.cninf ...

Core Viewpoint - The gaming sector experienced a significant decline, with a drop of 3.79% on October 10, 2023, led by Kaiying Network, while the Shanghai Composite Index fell by 0.94% and the Shenzhen Component Index decreased by 2.7% [1]. Group 1: Market Performance - The gaming sector's stocks showed mixed performance, with notable gainers such as Mingchen Health, which rose by 9.98%, and ST Dazheng, which increased by 4.93% [1]. - The overall trading volume in the gaming sector was substantial, with Mingchen Health achieving a transaction amount of 280 million yuan and ST Dazheng reaching 157 million yuan [1]. - The main funds in the gaming sector saw a net outflow of 2.347 billion yuan, while retail investors contributed a net inflow of 1.712 billion yuan [2][3]. Group 2: Individual Stock Analysis - Mingchen Health had a net inflow of 73.32 million yuan from main funds, representing 26.23% of its trading volume, while it faced a net outflow from retail investors [3]. - ST Dazheng experienced a net outflow of 2.41 million yuan from main funds but had a net inflow of 3.34 million yuan from speculative funds [3]. - Other stocks like ST Huadao and Perfect World also faced declines, with ST Huadao dropping by 3.83% and Perfect World decreasing by 3.62% [2]. Group 3: ETF Performance - The gaming ETF (product code: 159869) tracking the China Securities Animation and Gaming Index saw a net outflow of 410 million yuan, with a recent increase in shares by 110 million [5]. - The food and beverage ETF (product code: 515170) reported a slight decrease of 0.34% over the past five days, with a net outflow of 20.12 million yuan [5]. - The semiconductor ETF (product code: 588170) showed a positive trend with a 5.26% increase and a net inflow of 38.46 million yuan [6].

| | 国泰海通证券 | | --- | --- | | 1 | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-09-30 09:00——2025-10-09 15:00） 3 | | |  | 宏观周报：《假期消费：表现如何》2025-10-08 | 3 | |  | 宏观周报：《假期期间：海外大事件与全球大类资产》2025-10-08 | 3 | |  宏观专题：《PMI | 边际回升：供给推动》2025-09-30 | 4 | |  | 海外策略研究：《"秋日胜春朝"——四季度港股市场展望》2025-10-07 | 5 | |  | 海外策略研究：《最近一周灵活外资或有明显回流》2025-10-07 | 6 | |  | 行业跟踪报告：纺织服装业《Nike FY26Q1 北美、跑步引领修复趋势，大中华仍需耐心》2025-10-09 | 7 | |  | 行业月报：医药《景气延续，继续推荐创新药械产业链》2025-10-09 | 7 | |  | 行业跟踪报告：半导体设备《自强，先进制 ...

Core Viewpoint - The gaming sector has experienced a significant surge in stock prices this year, with various companies achieving remarkable growth, indicating a potential new phase of high-speed growth in the Chinese gaming industry [3][10]. Group 1: Stock Performance - ST Huatuo (002602) has seen a year-to-date increase of nearly 303%, becoming a leader in the A-share gaming sector with a total market capitalization of 153.8 billion yuan [1]. - Tencent (0700.HK) and NetEase (9999.HK) recorded stock price increases of over 60% and 70% respectively, while Giant Network (002558) surged over 260% [3]. - Other notable performers include G-bits (603444) with a rise of over 166%, Perfect World (002624) with an increase of over 88%, and 37 Interactive Entertainment with a growth of over 46% [6]. Group 2: Reasons for Stock Surge - The stock price increases are attributed to multiple factors, including high certainty in performance growth, improved internal control capabilities, and expectations for future delisting [3][6]. - The gaming industry is shifting from imitation to innovation, focusing on high-quality game development and international expansion, which enhances the industry's outlook [3][10]. - The release of new products exceeding expectations and stable performance from existing products have contributed to significant revenue and profit growth [7][11]. Group 3: Financial Performance - Century Huatuo reported a revenue of 17.2 billion yuan for the first half of the year, a year-on-year increase of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [7]. - G-bits achieved a revenue of 2.518 billion yuan, a growth of 28.49%, with a net profit of 645 million yuan, up 24.5% [7]. - Giant Network's revenue was approximately 1.662 billion yuan, reflecting a growth of 16.47%, while net profit was about 777 million yuan, up 8.27% [7]. Group 4: Policy and Market Dynamics - The issuance of game licenses has been a key driver for the gaming sector, with a significant number of licenses granted this year, indicating a favorable regulatory environment [8][10]. - The total number of game licenses issued in 2025 has reached 1,275, with 1,195 for domestic games and 80 for imported games [8]. - The Chinese gaming market's actual sales revenue grew by 14.08% year-on-year in the first half of the year, marking a historical high [10]. Group 5: Future Outlook - The gaming industry is expected to continue its upward trajectory, supported by policy incentives and technological advancements, particularly in AI and international market expansion [11][14]. - The focus on maintaining IP relevance and leveraging technology for game development is seen as crucial for sustaining growth [11][15].

国泰海通晨报 2025 年 10 月 09 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【海外策略研究】：①年初以来港股表现出色，虽三季度港股阶段性跑输 A 股，但 9 月以来在 科技股驱动下已重拾升势。②当前港股估值仅处历史中位，与 A 股对比性价比仍然突出，其中科 技板块低估优势更加明显。③产业趋势叠加资金面持续改善，港股四季度有望续创新高，结构上 港股科技仍是行情主线。 2、【固定收益研究】：国债发行计划变化、制造业 PMI 成色和海外资产涨跌。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 吴信坤(分析师) 021-23154147 wuxinkun@gtht.com S0880525040061 杨锦(分析师) 021-23185661 yangjin2@gtht.com S0880525040083 陆嘉瑞(研究助理) 021-23185659 lujiarui@gtht.com S0 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the advancements in the AI industry, particularly focusing on AI video generation models like Solo 2 and the strategic collaboration between OpenAI and AMD [1][2][6]. Core Insights and Arguments - **AI Video Generation Breakthroughs**: Solo 2 is recognized as a significant advancement in AI video generation, likened to a "ChatGPT moment" for the industry. It shows potential in script conception, storyboard design, and cinematography, especially for short films, advertisements, and anime [1][3]. - **OpenAI Developer Conference**: The conference highlighted OpenAI's large developer community of 4 million and 800 million weekly active users, indicating ChatGPT's potential as an entry-level operating system. This development is expected to lower the barriers for AI applications, creating opportunities across computing, networking, and storage sectors [2][6][23]. - **Storage Market Dynamics**: The storage market is experiencing a super cycle driven by AI, with high demand for high-end products like DDR5, HBM, and eSSD. Supply constraints are expected to persist into 2025, leading to price increases for products like DDR4 [1][28][30]. - **Transition from Training to Inference**: AI's shift from training to inference is expanding storage needs across various types, including DDR5, SSD, and LPDDR5. Enterprise SSD demand is anticipated to rise, with a potential shortage in the flash memory market by 2026 [1][29]. Additional Important Insights - **User Feedback on Solo 2**: Users have provided mixed feedback on Solo 2, praising its performance and commercial potential but noting limitations in clarity and precision, as well as a high learning curve [5]. - **Market Growth in Animation and Short Films**: The animation and short film sectors are seeing significant growth, with companies like 字节跳动 (ByteDance) reporting a doubling in consumption rates and a surge in new releases [18]. - **AI's Impact on Content Creation**: AI is transforming the content creation landscape, lowering production costs and changing the dynamics of who creates content. However, it raises concerns about authenticity and copyright protection [11][19]. - **Competitive Landscape**: The global competition in AI is primarily between the US and China, with OpenAI and Google leading in the US, while companies like 快手 (Kuaishou) and 字节跳动 (ByteDance) are prominent in China [20][25]. Future Trends and Considerations - **Storage Market Trends**: The storage market is expected to see significant changes, particularly in high-end products, with ongoing high utilization rates and supply constraints [27][32]. - **Beneficiaries of Market Changes**: Companies like 兆易创新 (GigaDevice), 江波龙 (Jiangbo Long), and others in the storage sector are positioned to benefit from rising storage prices and demand [31]. - **Long-term Investment Opportunities**: There are long-term investment opportunities in sectors related to computing and networking as AI continues to drive demand [25][32].

Core Insights - The report highlights a positive outlook for the gaming sector driven by strong performance, favorable policies, and AI advancements, with the gaming sub-sector showing significant growth potential [22][24] - The basic chemical industry has shown slight revenue and profit growth in the first half of 2025, indicating a bottoming recovery trend, with total revenue reaching 13,004.67 billion and net profit at 770.50 billion, reflecting year-on-year increases of 4.70% and 0.40% respectively [15][16] - The photovoltaic industry is experiencing a significant decline in new installation demand, with a 55.29% year-on-year drop in new photovoltaic capacity added in August 2025, while the overall effective capacity is expected to decrease due to stricter energy consumption standards [18][19][20] Domestic Market Performance - The Shanghai Composite Index closed at 3,882.78 with a slight increase of 0.52%, while the Shenzhen Component Index rose by 0.35% to 13,526.51 [3] - The A-share market is characterized by a mixed performance across various sectors, with aerospace and automotive industries leading the gains, while gaming and internet services lagged [7][10] Industry Analysis - The report indicates that the manufacturing PMI for September was at 49.8%, showing a slight increase, while the non-manufacturing PMI was at 50.0%, indicating stable economic activity [4][7] - The basic chemical sector's profitability is stabilizing, with a gross margin of 17.97% and a net margin of 6.16% in Q2 2025, reflecting a recovery from previous declines [16][17] Investment Recommendations - The report suggests focusing on high-growth sectors such as gaming, chemicals, and renewable energy, particularly in light of favorable government policies and market conditions [22][24][10] - For the photovoltaic sector, it is recommended to monitor leading companies in the supply chain, especially those involved in energy-efficient technologies and materials [21][19] Macro Strategy - The report emphasizes the importance of maintaining a supportive policy environment to bolster economic recovery, with ongoing measures to promote consumption and stabilize the real estate market [10][7] - The overall sentiment in the capital markets remains positive, with foreign investment continuing to flow into domestic stocks and bonds, indicating confidence in Chinese assets [10][7]

Core Insights - The Chinese gaming industry is a significant part of the modern cultural industry and digital economy, with numerous listed companies across various segments of the gaming value chain [2][12]. Group 1: Company Overview - Major listed companies in the Chinese gaming industry include Tencent (00700.HK), NetEase (09999.HK), and Bilibili (09626.HK), among others [1][2]. - Tencent is recognized as the largest gaming company in China, contributing over 60% of its revenue from games, with a projected revenue of 197.7 billion yuan in 2024 [13]. - NetEase ranks 19th in the 2024 Hurun China 500 list, with a gaming revenue of 83.6 billion yuan, driven by both PC and mobile games [13]. Group 2: Revenue and Financial Performance - In 2024, Tencent's gaming revenue is expected to reach 1187 billion yuan, while NetEase's is projected at 465.1 billion yuan [16]. - The highest gaming revenue among listed companies is from Tencent, followed by NetEase and Century Huatong, which has a revenue of 164.33 billion yuan [16]. - Three Seven Interactive leads in gaming business gross margin at 77.25%, with its gaming business accounting for 100% of its revenue [16]. Group 3: Business Layout and Market Strategy - Tencent and NetEase have the broadest gaming business layouts, focusing on both domestic and international markets, including North America, Europe, Japan, and Southeast Asia [14]. - Century Huatong has a strong focus on the overseas market, with over 60% of its revenue coming from international operations [15]. - Three Seven Interactive is fully focused on the overseas market, particularly in the SLG segment, with 70% of its revenue from this category [15]. Group 4: New Game Development and Technology Utilization - Tencent and NetEase have the highest new game reserves, with 35 and 28 titles respectively, indicating a trend towards diversification and IP development in their game offerings [17][18]. - Companies are increasingly integrating advanced technologies such as AI and NVIDIA's DLSS to enhance game development and visual quality [16][18]. - The gaming industry is expected to continue evolving with a focus on innovative technologies and diverse game genres, aligning with national cultural industry goals [16][18].