Company Overview - As of June 6, 2025, Unisplendour Corporation (000938) closed at 24.74 CNY, up 2.95% from the previous week's 24.03 CNY [1] - The stock reached a high of 24.8 CNY and a low of 23.81 CNY during the week [1] - The current market capitalization is 70.758 billion CNY, ranking 2nd in the IT services sector out of 119 companies and 197th in the A-share market out of 5148 companies [1] Profit Distribution Plan - The profit distribution plan for the fiscal year 2024 has been approved by the shareholders' meeting held on May 20, 2025 [1] - The plan includes a cash dividend of 0.75 CNY per share (before tax), totaling approximately 214.51 million CNY, based on a total share count of 2,860,079,874 shares as of the end of 2024 [1] - No bonus shares or capital reserve transfers will be issued for the 2024 fiscal year [1] - The record date for the dividend distribution is June 12, 2025, and the ex-dividend date is June 13, 2025 [1] - The cash dividends will be directly credited to the accounts of shareholders through their custodial brokerage firms on the ex-dividend date [1]

Core Viewpoint - The article discusses the controversy surrounding certain food products that use misleading branding and labeling, leading to consumer backlash and questions about the legality and ethics of such practices [1][2][3] Group 1: Misleading Branding - Several food products, such as "壹号土猪肉" and "千禾0酱油," have been criticized for using ambiguous terms that mislead consumers about their true nature [1] - The recent case of "多半袋面" and "多半桶面" highlights how consumers felt deceived when they discovered that the products did not contain the expected quantity [1] - Companies involved, like 壹号食品 and 白象集团, defended their practices by stating that they do not deceive consumers and that their products meet certain standards [1][2] Group 2: Legal and Regulatory Aspects - Experts indicate that the registration of such trademarks may not have been thoroughly scrutinized, as the concept of "土" (earthy) has gained popularity over time [2] - The legality of using these trademarks depends on the context and manner of their use, and even registered trademarks can be declared invalid if they violate legal standards [2] - The article emphasizes that companies must be cautious, as consumer protection laws can lead to penalties if products do not align with consumer expectations [2] Group 3: Consumer Trust and Perception - Consumer trust is crucial, as brands serve as a quick reference for product quality and origin; misleading branding can erode this trust [3] - When brands deviate from consumer understanding, they risk criticism and damage to their reputation, questioning the value of their branding strategies [3] - The article uses a humorous analogy to illustrate the absurdity of misleading branding, suggesting that companies should avoid becoming a joke in the eyes of consumers [3]

证券代码：300940 证券简称：南极光 深圳市南极光电子科技股份有限公司 投资者关系活动记录表 3、任天堂 Switch2 预售情况良好，公司作为背光模组供应商， 业绩如何展望? （1）经过数年磨合，南极光率先满足了任天堂对 0.3x 毫 米超薄导光板、功率下降 25%及通过 6000 次微跌测试的极限 要求。目前，公司配套的 Switch 2 背光源模组产品已实现规 模化稳定交付；（2）凭借多年针对性开发的高难度技术，公 司在供应链中占据较高地位。产品将根据下游生产节奏放量， 并能维持合理利润水平；（3）基于与头部客户的良好合作及 超薄工艺开发成果，公司已在业内形成影响力，正进一步开拓 其他高端客户及产品；（4）Switch 2 预售情况良好（详见公 开数据）。 4、份额持续性。 （1）公司高度重视技术迭代，凭借技术优势，获取与头 部客户的稳定合作关系、巩固供应链地位，并保持合理利润水 平。任天堂 Switch 2 已于 2025 年 6 月 5 日全球发售，公司相 关订单将根据客户终端销售情况逐步放量；（2）日本客户高 度重视供应链稳定性，通常会给予长期合作伙伴合理的利润水 平以及稳定的合作地位。 投资 ...

Core Viewpoint - Meituan's CEO Wang Xing emphasized the company's commitment to winning the competitive landscape of food delivery, stating that the winner will be highly valuable, indicating a shift from a previous focus on long-term growth to a more aggressive competitive stance [1][4]. Group 1: Meituan's Current Situation - Meituan has evolved from a startup focused on "boundaryless expansion" to a dominant player willing to "spare no effort" to win in the competitive market [4][12]. - The entry of JD.com into the food delivery market has significantly challenged Meituan's established position, highlighting the competitive pressures it faces [6][11]. - Meituan's first-quarter revenue reached 86.5 billion, a year-on-year increase of 18%, with adjusted net profit of 10.9 billion, up 46% [8]. Group 2: Competitive Landscape - JD.com has adopted a strategic approach by implementing strict merchant entry standards, hiring full-time delivery riders, and offering brand subsidies to enhance consumer recognition [7][22]. - JD.com has quickly gained traction, achieving a daily order volume of 25 million and plans to expand its full-time rider base to 150,000 [23]. - The competitive dynamics have shifted public sentiment towards JD.com, as it presents itself as a viable alternative to Meituan, which has faced criticism for its operational practices [11][24]. Group 3: Historical Context and Challenges - Meituan's history includes significant battles, such as the "group-buying war," which established its market dominance, but it now faces a more formidable competitor in JD.com [14][18]. - The company has struggled with public perception and internal coherence, leading to challenges in addressing key issues like rider welfare and merchant complaints about high commissions [16][19]. - The current competitive environment reflects a broader shift towards high-quality development, contrasting with Meituan's aggressive rhetoric [17][20].

Core Insights - The establishment of a formal game design major in Chinese higher education marks a significant shift in the academic landscape, with 29 new programs added, including "Game Art Design" [1][14] - The increasing number of students pursuing game-related degrees reflects a growing interest in the gaming industry, although concerns about job placement and industry readiness persist [2][15] Group 1: Industry Trends - The game design major is now recognized as an independent discipline in China, with only three universities currently offering such programs [1][14] - Internationally, universities like NYU and USC have established comprehensive game design programs, but there are concerns about the practical applicability of the curriculum to industry needs [4][5] - The gaming industry is perceived as experience-driven, making internships and project work crucial for job placement [15][17] Group 2: Educational Gaps - Many graduates from game design programs report a disconnect between academic training and industry requirements, with some courses focusing more on theory than practical skills [8][9] - The curriculum in some institutions lacks direct relevance to industry practices, leading to a need for students to self-educate and seek additional experiences [9][13] - There is a notable difference in the effectiveness of game programs between domestic and international institutions, with some foreign programs offering more hands-on experience and better job placement rates [13][14] Group 3: Employment Landscape - The job market for game design graduates is competitive, with many students feeling pressure to gain relevant experience early in their academic careers [15][17] - Graduates from game design programs often find themselves competing with candidates from other backgrounds, as many industry roles do not require a specific degree in game design [13][15] - The employment rates for graduates vary significantly by program, with technical roles generally having higher placement rates compared to artistic roles [18][22]

Core Insights - In 2025, NetEase Games is facing an unprecedented anti-corruption storm, revealing deep-seated issues such as stagnating growth, ineffective blockbuster game production methods, and intense internal factional struggles [3] - Founder Ding Lei has taken control to dismantle the entrenched factional culture and has introduced complex management processes, which have increased employee pressure and marginalized projects [3][4] Financial Performance - In Q3 2024, revenue from games and related value-added services was 201 billion yuan, accounting for nearly 80% of NetEase's total revenue, but this represented a year-on-year decrease of 4.2% [3] - In Q1 2025, revenue increased to 209 billion yuan, but net profit is expected to be between 68.86 billion yuan and 75.67 billion yuan, down from 78.86 billion yuan in the same period last year, indicating weak growth [3] Internal Issues - Multiple executives and employees have been criminally investigated for corruption, with the involved contract amounts reaching 2 billion yuan, and actual amounts estimated between 800 million yuan and 1 billion yuan [3] - Corruption in the game marketing sector has been exposed, with advertising agents engaging in kickbacks and rebates, creating an environment conducive to corruption [3] Management Changes - Ding Lei has returned to frontline management since 2023, actively participating in daily operations to combat internal factionalism and corruption [4] - Organizational restructuring has occurred, including the splitting of the Tianxia division into three and the establishment of the Xingjian studio to enhance investment in female-oriented games [4] Employee Impact - New management processes have led to increased employee burdens, with staff required to work at least 10 hours a day or face warnings [4] - Project deadlines have intensified, with projects being halted if they do not show potential for blockbuster success, leading to many projects failing before launch [4]

Core Insights - The gaming companies in Shanghai appear to be recovering, signaling a potential new phase for the industry [1][26] Group 1: Company Performance - Eagle's new game "Pom Pom" has achieved significant success, ranking Top 3 in China and Top 10 globally on Steam with an 88% approval rating [1][2][3] - Paper Games has seen a remarkable turnaround, with its flagship store topping the sales chart on Tmall during the "618" shopping festival [5][6] - The game "Love and Deep Space" has shown strong performance, with projected revenue exceeding 6 billion yuan across all platforms in 2024 [6][7] - Heartbeat Games has reported a nearly 70% year-on-year revenue increase, reaching 3.3 billion yuan in 2024, driven by successful titles [10][12] Group 2: Industry Trends - The gaming industry in Shanghai is experiencing a collective improvement, which may indicate the beginning of a recovery cycle [26] - Despite the positive trends, many companies remain cautious regarding project launches and hiring, with a significant oversupply of talent in the job market [24][25] - The past two years saw a wave of layoffs and project cancellations across the industry, but the current signs of recovery suggest a potential shift in the market dynamics [23][26]

Core Viewpoint - The revival of the classic game "Thunder Warplane" by Aileyou in the mini-game market demonstrates the cyclical nature of trends in the gaming industry, highlighting the potential for classic designs to regain popularity [1][5][22]. Group 1: Game Performance and Market Position - "Thunder Warplane: Gathering" reached the top of the WeChat mini-game sales chart, achieving the number one position shortly after its release [1][3]. - The game has maintained a strong presence, remaining in the top four of the rankings even days after its initial success [3]. - The original "Thunder Warplane" was a significant contributor to Tencent's success in the mobile gaming market, generating substantial revenue during its peak [2][18]. Group 2: Game Features and Mechanics - The gameplay of "Thunder Warplane: Gathering" retains the core mechanics of the original game, featuring simple controls and classic bullet-hell gameplay [6][17]. - Players can enhance their experience through various upgrades and character development systems, including weapon upgrades and pilot training [10][13]. - The game offers multiple modes, including endless mode and PVP, while maintaining a focus on the classic bullet-hell experience [17][26]. Group 3: Company Strategy and Market Trends - Aileyou's shift to the mini-game market represents a strategic pivot after experiencing a decline in the mobile gaming sector, aiming to capitalize on emerging opportunities [22][30]. - The mini-game market is characterized by a growing user base, with nearly 50% overlap with mobile game users, indicating a significant potential for new player acquisition [23][30]. - The revival of "Thunder Warplane" aligns with the current trend of simple, engaging gameplay that appeals to both nostalgic players and new users [26][30]. Group 4: Future Outlook - The mini-game market is projected to grow significantly, with a compound annual growth rate of 182.3% from 2022 to 2024, suggesting a favorable environment for Aileyou's continued success [27]. - The company aims to leverage lessons learned from past experiences in the mobile gaming market to enhance long-term operations and player engagement in the mini-game sector [29][30].

Core Insights - The article discusses the transition of Lilith Games with its new game "Farlight 84," which is seen as a crucial response to the company's shift towards achieving a high Daily Active User (DAU) count after the failure of "Party Life" [1] - "Farlight 84" is an export-to-domestic game that has undergone significant adjustments and is expected to launch in the summer, marking the final sprint phase [1] Industry Context - The current leading trend in the domestic FPS market is the "mole digging" gameplay, with "Delta Force" continuing to dominate [2] - "Farlight 84" focuses on the battle royale genre, which was once the most popular direction six years ago but has since evolved significantly, as seen with games like "Peace Elite" that maintain longevity through fresh content [2] Challenges and Adjustments - The FPS genre is seen as a double-edged sword, offering substantial returns due to its global user base while also demanding high standards in design, technology, art, operations, and user ecology [3] - Lilith Games has faced challenges in its transition, having to adjust its direction multiple times, which has extended the development cycle of "Farlight 84" [4] - The game underwent a "reconstruction-level" change in systems and art resources after shifting focus from overseas to the domestic market, contributing to the prolonged development timeline [4] Market Strategy - The current market landscape for FPS games has limited competition for new products, allowing "Farlight 84" to adopt a strategy of competing against established titles [6] - Lilith Games aims to leverage design to break into the market while learning from the operational failures of "APEX," particularly regarding anti-cheat measures [6] - The company has implemented a self-developed anti-cheat system that can quickly respond to reports of cheating, which is crucial for maintaining game quality [6] User Engagement and Growth - "Farlight 84" has reportedly achieved over 1 million daily active users and 50 million registered users through natural growth during its overseas testing phase [9] - However, the game's overseas popularity may not significantly aid its domestic launch, as the PC gaming experience is generally superior, and mobile users tend to engage more with paid content [9] Future Outlook - Lilith Games is attempting to distance itself from a reliance on paid user acquisition, which has characterized its previous successes in card and SLG games [10] - The company is focused on creating a differentiated product through design, but faces challenges in execution, user engagement, and competition from established giants in the FPS market [12] - The upcoming summer launch of "Farlight 84" represents a critical moment for Lilith Games as it seeks to establish itself in a highly competitive environment [12]

[Table_Reportdate] 2025年06月06日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 花雨欣 hyx@longone.com.cn [晨会纪要 Table_NewTitle] 20250606 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.若有效上破3418点压力位，指数或有进一步盘升动能——技术分析上证指数简评 ➢ 2.端午旅游增速放缓——端午消费数据点评 ➢ 1.国家主席习近平同美国总统特朗普通电话 ➢ 2.央行发布1万亿买断式逆回购操作 ➢ 3.税务总局表示前四月民营经济活力持续提升 ➢ 4.中国人民银行副行长陶玲：构建与科技创新相适应的科技金融体制，加强银行信贷服务 能力 ➢ ...