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 ...

Core Viewpoint - The lawsuit regarding the matchmaking mechanism of "Honor of Kings" has sparked significant debate about the transparency of game algorithms and their impact on player experience, with the plaintiff seeking to compel Tencent to disclose specific details of the matchmaking algorithm [1][2][4]. Group 1: Lawsuit Details - The plaintiff, Ms. Sun, claims that the matchmaking mechanism controls game outcomes, keeping her win rate around 50%, and demands the disclosure of the algorithm's details [2][4]. - Tencent presented evidence during the trial showing that many players had win rates exceeding 70%, countering the claim that the algorithm controls win rates [4]. - The court did not issue a ruling immediately after the trial, which lasted approximately five hours [1]. Group 2: Arguments from Both Sides - Ms. Sun argues that the matchmaking mechanism contributes to player addiction, violating laws aimed at protecting minors, while Tencent asserts that it has implemented measures to prevent underage gaming addiction and allows adults to manage their gaming time [5]. - Tencent maintains that the matchmaking algorithm is a trade secret and should not be disclosed, citing concerns over potential exploitation by malicious players [4][15]. Group 3: Legal and Ethical Considerations - The court questioned the legal basis for Ms. Sun's demand for algorithm disclosure, with references to existing laws that protect trade secrets and consumer rights [20][23]. - Legal experts argue that while consumers have a right to know certain information, this does not extend to proprietary algorithms or business strategies [23][25]. - The case raises broader questions about the balance between consumer rights and the protection of intellectual property in the gaming industry [25][27].

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].

Core Insights - Tencent's Q2 revenue reached 184.5 billion RMB, a 15% year-on-year increase, with gaming revenue at 59.2 billion RMB, averaging approximately 650 million RMB daily [2][5] - The game "Honor of Kings" continues to be a significant revenue driver, generating nearly 1.2 billion RMB monthly in the first half of the year [2][5] - The ongoing legal dispute regarding the game's matchmaking algorithm has raised concerns about transparency and player rights [3][4] Financial Performance - Tencent's Q2 revenue was 184.5 billion RMB, up 15% year-on-year, with a net profit attributable to shareholders of 55.6 billion RMB, a 17% increase [5][6] - The gross margin improved from 53% to 57% year-on-year [5] - Domestic gaming revenue was 40.4 billion RMB, a 17% increase, while international gaming revenue reached 18.8 billion RMB, growing 35% [5][6] Game Performance - "Honor of Kings" remains Tencent's top-performing game, achieving over 10 billion USD in revenue in the first half of the year, maintaining a monthly income of approximately 11.95 billion RMB [5][6] - The game has shown a remarkable growth rate, with a 26% year-on-year increase in revenue despite no new commercial products launched in December [5][6] - Other long-standing games like "Peacekeeper Elite" also reported revenue growth, contributing to the overall success of Tencent's gaming portfolio [6] Legal and Social Issues - The legal case regarding the matchmaking algorithm of "Honor of Kings" has sparked significant public interest and debate about player rights and transparency [3][4] - The case highlights a conflict between Tencent's claims of having fulfilled its obligation to disclose algorithm details and the plaintiff's assertion that this does not constitute true transparency [3][4] - Social media discussions have intensified around the fairness of the game's matchmaking system, especially following incidents involving professional players [4] Game Development Challenges - Despite the success of "Honor of Kings," several derivative games have struggled to gain traction, with no new titles mentioned in Tencent's Q2 report [7][8] - The anticipated game "Honor of Kings: World" has faced delays and criticism regarding its development and potential market competitiveness [9] - Industry analysts suggest that the pressure to maintain the integrity of the "Honor of Kings" IP complicates the development of new games, as any perceived failure could tarnish the brand [9]

成都佳驰电子科技股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总则 第一条 为规范成都佳驰电子科技股份有限公司（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依法合规履行信息披露义 务，根据《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》（ 以下简称《科创板上市规则》）、《上海证券交易所科创板上市公司自律监管指 引第1号——规范运作》（以下简称《规范运作指引》）等法律、行政法规、规 范性文件和《成都佳驰电子科技股份有限公司章程》（以下简称《公司章程》） 、《成都佳驰电子科技股份有限公司信息披露管理制度》等公司制度，结合公司 实际情况，制定《成都佳驰电子科技股份有限公司信息披露暂缓与豁免业务管理 制度》（以下简称"本制度"）。 第二章 信息披露暂缓与豁免的适用情形 第四条 公司及相关信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下 统称国家秘密），依法豁免披露。 第 1 页 共 8 页 第五条 公司拟披露的商业秘密属于下列情形之一的，且尚未公开或者泄露 的，可以暂缓或者豁免披露： （一）属于核心 ...

第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证券监督管理委员会和上海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规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 上海交大昂立股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范上海交大昂立股份有限公司（以下简称"公司"）信息披露 暂缓、豁免行为，加强信息披露管理，保护投资者的合法权益，根据《中华人民 共和国保守国家秘密法》《中华人民共和国证券法》《上市公司信息披露管理办 法》《上市公司信息披露暂缓与豁免管理规定》《上海证券交易所股票上市规则》 《上海交大昂立股份有限公司章程》（以下简称"《公司章程》"）以及公司《信 息披露事务管理制度》等规定，制定本制度。 第二章 暂缓、豁免披露信息的范围 第五条 公司及相关信息披露义务人有确实充分的证据证明拟披露的信息 涉及国家秘密或者其 ...

（文/陈济深 编辑/张广凯） 作为一款日活峰值破亿的产品，腾讯天美旗下现象级手游《王者荣耀》匹配算法曾困扰过无数玩家。诸如连胜之后就有连败、手感火热时匹配到奇葩队友的 游戏体验让大量玩家共鸣，认为王者荣耀的匹配机制可能存在控制游戏对局胜率的隐藏机制。 为了解开心底多年的疑虑，《王者荣耀》玩家、青岛律师孙千和女士诉诸法庭，希望《王者荣耀》能够公开游戏匹配算法机制，被称为"中国游戏算法诉讼 第一案"。 在庭审中，腾讯表示《王者荣耀》不存在所谓的控制玩家胜率的行为。《王者荣耀》一直以来都在公开匹配机制，而算法涉及商业秘密，公开算法会成为黑 产的"作弊说明书"，最终损害广大玩家的利益。 对于腾讯的表态，孙千和律师对观察者网表示："无论是游戏版本更新后的介绍，还是游戏策划的口头的答复，并不是算法公开，更像是一种'会改进'的承 诺。" 游戏算法是否应该被认定为商业秘密，目前法律界也没有定论，有学者对观察者网表示，算法是否应该公开取决于算法的应用是否可能会直接涉及公共利益 和公共安全，对于游戏匹配机制，则是游戏企业自主经营的应有之义，不宜受到过多的行政干预。 针对本次庭审和后续的发展，孙千和律师对观察者网坦言没有想到会受到 ...

Core Viewpoint - The lawsuit filed by a player against Tencent seeks to make the matchmaking mechanism of "Honor of Kings" public, focusing on the factors influencing player matchups and their respective weights in different game modes, raising concerns about whether game outcomes are manipulated by the matchmaking system [1][3]. Group 1: Legal Proceedings - The court hearing has concluded, and the next steps await notification from the court [1]. - The main dispute centers on whether the matchmaking mechanism can determine game outcomes and whether it should be made public [3]. - Tencent argues that the claim of controlling player win rates to maintain a 50% win rate is unfounded, providing examples of player win rates that vary significantly from 50% [3]. Group 2: Consumer Rights and Transparency - Tencent's defense cites the Consumer Rights Protection Law, stating that the law does not require the disclosure of technical details behind services, and previous cases have established boundaries for consumer rights [4]. - The court was informed that Tencent has provided information about the matchmaking mechanism through official channels, but the plaintiff believes this is insufficient and more of a promise than true transparency [4][5]. Group 3: Comparison with Other Platforms - The plaintiff argues that other large apps like Douyin and Weibo disclose their algorithms without claiming commercial secrets, questioning why Tencent does not do the same for its matchmaking mechanism [7]. - Tencent maintains that the matchmaking mechanism is a commercial secret and that its disclosure could lead to exploitation of the system, harming the gaming experience [10][11]. Group 4: Technical Aspects of Matchmaking - The matchmaking mechanism is described as a complex system that balances speed, fairness, and game quality, with the Elo rating system being used to match players of similar skill levels [12][13]. - Tencent emphasizes that the matchmaking system is a proprietary technology developed to create fair competition and that its disclosure could undermine market fairness and innovation [13].

Core Viewpoint - The lawsuit against Tencent regarding the public disclosure of the matchmaking mechanism in "Honor of Kings" has garnered significant attention, being referred to as the "first case of game algorithm in China" [1][2]. Group 1: Lawsuit Details - The court hearing focused on whether the matchmaking mechanism of "Honor of Kings" should be made public, with the plaintiff arguing for transparency based on consumer rights [2][3]. - The plaintiff, Sun Qianhe, claims that the matchmaking algorithm is unfair, leading to inconsistent win rates for players [2][3]. - The defendant, Tencent, argues that disclosing the matchmaking details could lead to negative consequences, citing examples where public disclosure has harmed game fairness [1][3]. Group 2: Arguments Presented - The plaintiff demands specific details about the factors influencing matchmaking, including their weight in different game modes [3][4]. - The defendant contends that the matchmaking mechanism does not control match outcomes, which are influenced by various factors such as team coordination and player skill [7][8]. - The defendant also emphasizes that the matchmaking mechanism is a technical secret that provides a competitive advantage and should not be disclosed [8][9]. Group 3: Public Interest and Consumer Rights - The debate includes whether consumer rights should extend to the disclosure of technical secrets, with experts suggesting that not all service details need to be public [4][9]. - The plaintiff argues that public interest should be prioritized, drawing parallels with other industries where algorithms have been made public for fairness [10][11]. - However, experts assert that the matchmaking mechanism in gaming is primarily for enhancing user experience and does not directly relate to public interest [11].