掌趣科技成立于2004年8月2日，于2012年5月11日在深圳证券交易所上市，注册地址和办公地址均位于北 京市。它是国内领先的游戏研发与发行企业，拥有强大的游戏研发能力和丰富的IP储备。 掌趣科技所属申万行业为传媒 - 游戏Ⅱ - 游戏Ⅲ，所属概念板块包括职业教育、IP概念（谷子经济）、手 游核聚变、超导概念、核电等。其主营业务为游戏的开发、发行与运营，涵盖移动终端游戏、互联网页面 游戏及其周边产品的开发、发行推广和运营维护。 经营业绩：营收行业第十九，净利润第十四 2025年三季度，掌趣科技营业收入为5.34亿元，在行业26家公司中排名第19，远低于行业第一名ST华通 （维权）的272.23亿元、第二名三七互娱（维权）的124.61亿元，也低于行业平均数32.62亿元和中位数 16.18亿元。主营业务构成中，移动终端游戏收入3.3亿元，占比92.08%；互联网页面游戏收入2721.28万 元，占比7.60%；其他收入115.53万元，占比0.32%。当期净利润为7656.12万元，行业排名第14，同样远低 于第一名ST华通的44.42亿元、第二名三七互娱的23.45亿元，低于行业平均数5.31亿元和中位数1 ...

Core Viewpoint - WenTou Holdings is a significant player in the domestic cultural and entertainment industry, with a focus on film, gaming, and related sectors, but it faces challenges in revenue and profitability compared to industry leaders [1][2]. Group 1: Business Performance - For Q3 2025, WenTou Holdings reported revenue of 255 million, ranking 23rd among 26 companies in the industry, significantly lower than the top performer ST Huatong at 27.22 billion and second-place Sanqi Interactive Entertainment at 12.46 billion [2]. - The company's net profit for the same period was 4.14 million, placing it 19th in the industry, again far behind ST Huatong's 4.44 billion and Sanqi Interactive's 2.35 billion [2]. Group 2: Financial Ratios - As of Q3 2025, WenTou Holdings had a debt-to-asset ratio of 30.70%, which is above the industry average of 29.04%, although it has significantly decreased from 159.33% in the previous year [3]. - The gross profit margin for Q3 2025 was 33.32%, an improvement from 22.71% year-on-year, but still below the industry average of 58.35% [3]. Group 3: Management and Shareholder Information - The total compensation for General Manager Jin Qinghai in 2024 was 588,300, an increase of 340,600 from 2023 [4]. - As of September 30, 2025, the number of A-share shareholders increased by 52.31% to 55,500, while the average number of circulating A-shares held per shareholder decreased by 34.34% [5].

Core Viewpoint - Kaiying Network is a leading game development and publishing company in China, with strong technical capabilities and a rich IP reserve, ranking sixth in revenue among 26 companies in the industry for Q3 2025 [1][2]. Group 1: Business Performance - In Q3 2025, Kaiying Network achieved a revenue of 40.75 billion yuan, ranking sixth in the industry, with the top company, ST Huatuo, generating 272.23 billion yuan [2]. - The revenue composition includes mobile games at 18.83 billion yuan (73.03%), information services at 6.57 billion yuan (25.47%), web games at 3.88 million yuan (1.50%), and other businesses at 49.5 thousand yuan (0.00%) [2]. - The net profit for the same period was 15.83 billion yuan, ranking third in the industry, with the top company generating 44.42 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio for Kaiying Network was 22.43%, lower than the industry average of 29.04% [3]. - The gross profit margin was 83.04%, higher than the industry average of 58.35% [3]. Group 3: Executive Compensation - The chairman, Jin Feng, received a salary of 2.3692 million yuan in 2024, a decrease of 94,300 yuan from 2023 [4]. - The general manager, Shen Jun, received a salary of 1.9072 million yuan in 2024, an increase of 103,700 yuan from 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.00% to 61,300 [5]. - The average number of circulating A-shares held per shareholder decreased by 3.85% to 30,800 [5]. Group 5: Future Outlook - According to Guosheng Securities, Kaiying Network is expected to achieve revenues of 61.42 billion, 69.40 billion, and 77.04 billion yuan from 2025 to 2027, with corresponding year-on-year growth rates of 20%, 13%, and 11% [6]. - The projected net profits for the same period are 21.05 billion, 24.11 billion, and 27.07 billion yuan, with year-on-year growth rates of 29.3%, 14.5%, and 12.3% [6].