Core Points - The document outlines the information disclosure policy of Shanghai Huitong Energy Co., Ltd, focusing on the conditions under which the company can defer or exempt information disclosure to protect commercial secrets and national security [1][2][3] Group 1: Information Disclosure Conditions - The company can defer or exempt disclosure of information that involves commercial secrets if it meets specific criteria, such as potential harm to competitive advantage or violation of others' commercial secrets [1][2] - Information can also be exempted if it is proven to involve state secrets that could violate national confidentiality regulations [2] - The definition of "commercial secrets" includes non-public technical and operational information that provides economic benefits and is protected by confidentiality measures [2][3] Group 2: Internal Review Procedures - The company must conduct a careful assessment to determine if the information qualifies for deferral or exemption, ensuring that it has not been leaked and that insiders have committed to confidentiality [3][4] - The board secretary is responsible for reviewing and documenting the information that qualifies for deferral or exemption within two trading days [3][4] - Documentation must include the type of report, nature of the information, and internal review procedures, with a retention period of ten years for such records [4][5] Group 3: Disclosure Obligations - If the reasons for deferral or exemption are no longer valid, or if the information becomes difficult to keep confidential, the company must disclose the information promptly [4][5] - The company is required to submit relevant registration materials regarding deferred or exempted disclosures to regulatory authorities within ten days after the publication of annual, semi-annual, or quarterly reports [4][5] Group 4: Responsibilities and Penalties - The chairman of the board is directly responsible for the implementation of this disclosure policy, while department heads are accountable for managing and reporting related matters [5] - Failure to report relevant matters that lead to significant errors in information disclosure may result in administrative and financial penalties for responsible individuals [5]

Core Viewpoint - The article outlines the information disclosure deferral and exemption management system of Zhejiang Hengtong Holdings Co., Ltd, aiming to ensure compliance with relevant laws and regulations while protecting sensitive information [2][3]. Group 1: General Provisions - The system is established to regulate the deferral and exemption of information disclosure by the company and related information disclosure obligors, in accordance with the Securities Law and other relevant regulations [2]. - The company can autonomously determine whether to defer or exempt disclosure without applying to the Shanghai Stock Exchange, provided that the circumstances meet the criteria set forth in the relevant rules [2][3]. Group 2: Scope of Deferral and Exemption - Information can be exempted from disclosure if it involves state secrets or other matters that may violate confidentiality regulations [3]. - Commercial secrets can be deferred or exempted from disclosure if they meet specific conditions, such as potential unfair competition or significant harm to the company or others [3]. Group 3: Approval Process - The company must carefully determine the deferral or exemption of information disclosure and take effective measures to prevent leaks [4]. - Relevant departments must fill out a registration form for deferral or exemption and submit it to the board office for review within two trading days [4][5]. Group 4: Penalties - The company has established a responsibility accountability mechanism for information disclosure deferral and exemption, with corresponding disciplinary measures for violations of the system [5][6]. Group 5: Supplementary Provisions - Any inconsistencies between this system and other company regulations regarding information disclosure deferral and exemption will be governed by this system [6].

Core Points - The document outlines the management system for the deferral and exemption of information disclosure for Chongqing Qin'an Electromechanical Co., Ltd. and other obligated parties, ensuring compliance with legal requirements and protecting investors' rights [1][6] - The system specifies the conditions under which information can be deferred or exempted from disclosure, particularly concerning state secrets and commercial secrets [2][3] Group 1: General Provisions - The purpose of the system is to regulate the deferral and exemption of information disclosure, ensuring compliance with relevant laws and protecting investors' rights [1] - The system applies to both regular and temporary reports where disclosure is deferred or exempted as per the requirements of the China Securities Regulatory Commission and the Shanghai Stock Exchange [1] Group 2: Scope of Deferral and Exemption - Information can be exempted from disclosure if it involves state secrets or other matters that may violate confidentiality regulations [2] - Commercial secrets can be deferred or exempted from disclosure if they meet specific criteria, such as potential harm from disclosure or infringement of others' commercial secrets [2][3] Group 3: Internal Management Procedures - The board of directors is responsible for the management of deferral and exemption of information disclosure, with the board secretary coordinating the specific tasks [3][4] - Departments and subsidiaries can apply for deferral or exemption by submitting a request to the board office, which will review and determine the appropriateness of the request [4] Group 4: Documentation and Record-Keeping - The company must maintain records of all deferrals and exemptions, including the type of information, the reason for deferral, and the internal review process [4][5] - If information is deferred due to commercial secrets, additional documentation is required, including the impact of disclosure and a list of insiders [5] Group 5: Compliance and Enforcement - The company must ensure that all disclosures are truthful, accurate, complete, timely, and fair, and must not misuse the deferral or exemption provisions to evade disclosure obligations [5] - The system will be effective upon approval by the board of directors and will be subject to interpretation and revision by the board [6]

Core Viewpoint - The document outlines the management system for the temporary suspension and exemption of information disclosure by Shanghai Aopumai Biotechnology Co., Ltd, ensuring compliance with relevant laws and regulations [1][2]. Group 1: General Provisions - The purpose of the system is to regulate the handling of temporary suspension and exemption of information disclosure, urging the company and related parties to fulfill their disclosure obligations in accordance with the law [1]. - The system applies to the handling of temporary suspension and exemption of information disclosure as per the Securities Law, the listing rules of the Science and Technology Innovation Board, and other relevant regulations [1][2]. Group 2: Scope of Temporary Suspension and Exemption - Information that involves trade secrets or confidential business information may be temporarily suspended or exempted from disclosure if it meets certain conditions, such as potential harm to the company or others' interests [2][3]. - If there is sufficient evidence that the information involves state secrets, it may be exempted from disclosure in accordance with the law [2][3]. Group 3: Procedures for Temporary Suspension and Exemption - The company’s board secretary is responsible for organizing and coordinating matters related to the temporary suspension and exemption of information disclosure [4]. - Relevant departments must submit written materials regarding the reasons for suspension or exemption, ensuring the accuracy and completeness of the information [4][5]. Group 4: Internal Review Process - The internal review process for temporary suspension or exemption involves submitting applications to the securities affairs department, which are then reviewed by the board secretary and approved by the chairman [6]. - If the application for suspension or exemption is not approved, the company must disclose the information in accordance with regulatory requirements [6]. Group 5: Accountability and Penalties - The company has established a mechanism for accountability regarding the temporary suspension and exemption of information disclosure, with potential penalties for those responsible for non-compliance [7]. - The company reserves the right to pursue responsibility against consultants or intermediaries who disclose company information without authorization, leading to losses [7]. Group 6: Miscellaneous Provisions - Other matters related to the temporary suspension and exemption of information disclosure must comply with the relevant rules and regulations of the Science and Technology Innovation Board and other applicable laws [9]. - The system will take effect upon approval by the company's board of directors and will be revised as necessary [9].

General Principles - The company establishes a system for the temporary suspension and exemption of information disclosure to ensure compliance with legal obligations and protect investors' rights [1] - The company and related parties must disclose information truthfully, accurately, completely, timely, and fairly, without abusing the suspension or exemption to evade disclosure obligations or mislead investors [1][2] Scope of Suspension and Exemption - Information can be exempted from disclosure if it involves state secrets or other matters that may violate confidentiality regulations [2] - Business secrets can be temporarily suspended or exempted from disclosure if they meet specific criteria, such as core technology information that could lead to unfair competition or information that could severely harm the interests of the company or others [2][3] Approval Procedures - The company must carefully determine matters related to the suspension and exemption of information disclosure and take effective measures to prevent leaks [4] - The board of directors leads and manages the suspension and exemption matters, with the board secretary responsible for organizing and coordinating the process [4] Registration and Reporting - The company must register details of the suspension or exemption, including the type of documents involved and the internal review process [5] - Relevant registration materials must be submitted to the Shenzhen Securities Regulatory Bureau and the Shenzhen Stock Exchange within ten days after the announcement of periodic reports [5] Accountability - The company establishes a responsibility accountability mechanism for improper handling of suspension or exemption of disclosure, holding responsible personnel accountable for any adverse effects caused [5]

Core Points - The company has established a system for the deferral and exemption of information disclosure to ensure compliance with legal obligations and protect its interests [1][2] - The system applies to all departments, branches, and subsidiaries of the company, requiring careful judgment on deferral or exemption matters [1][2] - Information can be deferred if it involves uncertainties or temporary business secrets that could harm the company or mislead investors [1][2][3] Summary by Sections General Provisions - The company aims to regulate the deferral and exemption of information disclosure in accordance with relevant laws and regulations [1] - The company must prudently assess whether to defer or exempt disclosure and is subject to post-regulation by the Shanghai Stock Exchange [1][2] Applicable Situations and Conditions - Information that is classified as state secrets or business secrets may be exempted from disclosure if it could violate confidentiality laws or harm the company and investors [2] - Business secrets are defined as non-public information that provides economic benefits and has been kept confidential [2] - Specific conditions for deferral or exemption include potential harm to the company or others if disclosed [2][3] Application and Approval - The company must establish an internal approval process for deferring or exempting disclosures, ensuring that relevant information is communicated to the securities affairs department [4][5] - The secretary of the board is responsible for documenting deferral or exemption matters, which must be retained for at least ten years [4][5] - Any deferral or exemption must be reported to the relevant regulatory bodies within ten days after the publication of periodic reports [5] Final Provisions - The system will be interpreted by the company's board of directors and will take effect upon approval [6]

信息披露暂缓与豁免业务管理制度 第一章 总 则 第一条 为加强中南红文化集团股份有限公司（以下简称"公 司"）信息披露暂缓与豁免行为，确保公司及相关信息披露义务 人（以下简称"信息披露义务人"）依法合规地履行信息披露义 务，根据《中华人民共和国证券法》《深圳证券交易所股票上市 规则》 （以下简称"《上市规则》 中南红文化集团股份有限公司 "）、 《上市公司信息披露暂缓与豁 免管理规定》 （以下简称" 《信息披露暂缓与豁免规定》" ）等法律、 法规、部门规章、规范性文件，及《中南红文化集团股份有限公 司章程》 （以下简称"《公司章程》 "）、 《中南红文化集团股份有限 公司信息披露事务管理制度》等规定，结合公司实际情况，制定 本制度。 （一）属于核心技术信息等，披露后可能引致不正当竞争的； 第二条 公司和信息披露义务人按照《上市规则》 《规范运作 指引》《信息披露暂缓与豁免规定》及其他相关法律、法规、规 范性文件的规定，在定期报告、临时报告中豁免披露中国证监会 和证券交易所规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、 及时、公平地披露信息，不得滥用暂缓或者豁免披露 ...

8月12日，被称为「中国游戏算法诉讼第一案」的「王者荣耀》匹配机制案」在深圳市南山区人民法院进行开庭审理。庭审持续约5小时，于当日19时30分 左右结束，法院未当庭宣判。 庭审结束后，孙女士在接受多家媒体采访时表示，双方存在较大分歧，但双方均同意在尝试找到合理诉求的平衡点。 庭审回顾：50%胜率不符事实，原告要求对成年人防沉迷 根据此前的信息显示，发起诉讼的孙女士作为一名律师，同时也是《王者荣耀》老玩家的她对于《王者荣耀》的匹配机制存在一定疑问，感觉「匹配机制 控制了她的游戏胜负，将游戏的胜率控制在50%左右」。 因此，孙女士向《王者荣耀》提起诉讼，「要求官方公开匹配机制的具体细节(包括匹配队友和对手的因素、各因素权重等)」。 而根据南方都市报的报道，腾讯在庭审现场展示了随机抽取的多位玩家胜率情况，这些玩家的总游戏场次在500-2500左右不等，胜率超过70%。以此证明 「控制玩家胜率在50%」的描述与事实不符。 另外，根据新浪科技的报道，在庭审后接受媒体采访时，孙女士表示，「腾讯认为《王者荣耀》的匹配算法属于技术秘密，不宜公开，并指出已在多个公 开渠道对匹配机制进行了说明。他们担心算法公开可能导致黑产滥用， ...

Financial Performance - Tencent reported Q2 revenue of 184.5 billion RMB, a 15% year-on-year increase [13] - The company's net profit attributable to shareholders was 55.6 billion RMB, up 17% from the previous year [13] - Gross margin improved from 53% to 57% year-on-year [13] - Domestic game revenue reached 40.4 billion RMB, a 17% increase, while international game revenue grew by 35% to 18.8 billion RMB [14] Game Business Highlights - The game segment generated 59.2 billion RMB in revenue for the quarter, averaging approximately 6.5 million RMB per day [1] - "Honor of Kings" has consistently performed well, generating nearly 1.2 billion RMB monthly in the first half of the year [2] - The game has maintained its status as a top revenue generator, with an estimated income of 11.95 billion RMB per month [10] Legal and Social Issues - A lawsuit regarding the game's matchmaking algorithm has raised concerns about transparency and player rights [4][6] - The ongoing legal case has sparked discussions on the fairness of the game's matchmaking system, with players expressing dissatisfaction [8] - The case's outcome may impact Tencent's approach to handling game algorithms and player information rights [7] Industry Trends - "Honor of Kings" has achieved global revenue leadership for three consecutive years from 2022 to 2024, with a 26% year-on-year growth expected in 2024 [11] - The game remains a dominant force in the MOBA genre, with no significant competitors threatening its position [14] - Despite the success of "Honor of Kings," several derivative games have struggled to gain traction, raising concerns about the sustainability of the IP [16][18]

Core Viewpoint - The article discusses a legal case involving the game "Honor of Kings," where a player, Sun Qianhe, is suing Tencent, claiming that the game's matchmaking system is flawed and manipulates player win rates to maintain engagement [2][18]. Group 1: Legal Case Overview - Sun Qianhe, a player and lawyer, has raised concerns about the matchmaking mechanism in "Honor of Kings," alleging that it intentionally arranges matches to control player win rates around 50% [2][9]. - The court case has attracted attention, with Tencent presenting over 1,000 pages of evidence to counter Sun's claims, arguing that the matchmaking system is not designed to manipulate win rates [11][16]. - The court has yet to deliver a verdict on the case, and legal experts suggest that Sun's claims may face significant challenges [18][30]. Group 2: Matchmaking Mechanism - Sun Qianhe's main argument is based on her personal experiences of inconsistent matchmaking, where she feels that winning streaks lead to poor teammates and losing streaks lead to easy opponents [4][9]. - Tencent has defended its matchmaking system, stating that it does not aim to control win rates and has provided evidence of various players achieving win rates significantly above 50% [16][17]. - The company emphasizes that revealing the specific details of the matchmaking algorithm could harm the game's integrity and lead to exploitation by malicious players [16][22]. Group 3: Legal and Ethical Considerations - The case raises questions about the balance between players' right to know and the protection of commercial secrets, with legal experts debating the definition of "commercial secrets" in this context [20][22]. - Sun Qianhe's request for transparency in the matchmaking algorithm is seen as a challenge to the boundaries of commercial confidentiality, with some lawyers arguing that the algorithm qualifies as a protected secret [20][22]. - The article highlights the broader implications of the case for the gaming industry, particularly regarding how player engagement and fairness are managed within competitive gaming environments [27][28].