Core Viewpoint - The company has signed a framework agreement to establish a technology sports industry investment fund with a total scale of 100 million RMB, aiming to enhance its industry influence and market competitiveness [3][9]. Group 1: Overview of the Cooperation Agreement - The cooperation involves the company, Shenzhen Guarantee Group, Shenzhen Guangming Science City Industrial Development Group, and Shenzhen Sports Industry Group, focusing on joint development and long-term cooperation [3]. - The fund will primarily invest in areas such as artificial intelligence, high-end sports equipment, virtual events, and digital culture [9]. - The company will participate as a limited partner, with specific investment amounts and timelines to be determined in future agreements [3][12]. Group 2: Basic Information of Transaction Parties - Shenzhen Guarantee Group was established on December 24, 2007, with a registered capital of approximately 1.4 billion RMB and has no existing relationships with the company or its major shareholders [4][5]. - Shenzhen Guangming Science City Industrial Development Group, established on February 8, 1996, has a registered capital of 500 million RMB and is also free from any related party transactions with the company [6]. - Shenzhen Sports Industry Group, founded on February 21, 2022, has a registered capital of 100 million RMB and similarly has no connections with the company or its major stakeholders [7][8]. Group 3: Main Content of the Cooperation Agreement - The agreement outlines that the fund's investment decisions will follow a market-oriented and legal framework, with profit distribution and exit mechanisms to be negotiated among the parties [10][11]. - The agreement is a preliminary framework and does not impose binding obligations on the parties until formal contracts are signed [11]. Group 4: Impact of the Cooperation Agreement on the Company - The investment will be funded by the company's own resources, and the framework agreement does not guarantee the signing of formal agreements or the completion of the transaction, leading to uncertainty regarding its impact on the company's financial status [12].

Core Insights - Shenzhen is taking significant steps to enhance its sports industry, including the establishment of the Shenzhen Technology Sports Industry Innovation Collaborative Strategic Alliance and the signing of a cooperation agreement for the Shenzhen Technology Sports Industry Fund [1][2] Group 1: Strategic Developments - The Shenzhen Technology Sports Industry Innovation Collaborative Strategic Alliance was formed by seven entities, including Shenzhen Sports Industry Group and Shenzhen Guarantee Group, focusing on various aspects of the sports industry [1] - The Chinese government has issued guidelines to support private enterprises in investing in the sports industry, aiming to strengthen the industry’s supply chain [1][2] Group 2: Financial Initiatives - The Shenzhen Technology Sports Industry Fund, with a scale of 100 million yuan, is the first technology sports industry fund in the country, targeting investments in AI, high-end sports equipment, and digital entertainment [2] - Shenzhen Guarantee Group has introduced two financial products to support the upcoming 15th National Games, including "Sports Industry Leap Loan" for small enterprises and a knowledge property ABS product for tech sports companies [2] Group 3: Industry Growth Metrics - The total output of Shenzhen's sports industry is projected to exceed 200 billion yuan in 2024, with an annual growth rate of 20% [3] - Shenzhen has 18 enterprises recognized as national-level "specialized, refined, distinctive, and innovative" small giants, accounting for 60% of the total in the province [3]