记者丨吴立洋 实习生涂玥 编辑丨肖潇 11月10日晚间，ST华通发布公告称，公司关于撤销其他风险警示的申请已获得深圳证券交易 所审核同意。此前在11月7日，世纪华通在对照《股票上市规则》逐项自查后，确认符合申请 撤销公司股票其他风险警示的条件， 已向深交所提交了"摘帽"申请。 根据深交所规定，公司股票将于2025年11月11日停牌1天，2025年11月12日开市起复牌并撤销 其他风险警示，股票简称将由"ST华通"变更恢复为"世纪华通"，证券代码仍为"002602"。撤 销其他风险警示后，公司股票交易的日涨跌幅限制由5%变为10%。 为期一年的风险警示，终以"合规整改到位+业绩持续高增"的双重达标画上句号。 2024年11月，世纪华通（002602.SZ）因财务造假被证监会责令整改，并罚款800万元，5名高 管被罚，公司就此"戴帽"，股票名称变为"ST华通"。 然而，ST华通的发展并没有就此阻滞，反而在随后一年里走出了一条逆势增长曲线。数据显 示，2025年第三季度，ST华通营收首次突破百亿元大关，达到100.2亿元，同比增长60.2%。 作为A股游戏板块龙头企业，ST华通的摘帽历程不仅折射出监管层对上市公司财 ...

Core Viewpoint - ST Huatuo has successfully applied to remove the risk warning label, reflecting its compliance and significant revenue growth, marking a turnaround after facing regulatory scrutiny for financial misconduct [1][2][4]. Group 1: Company Background and Transformation - Century Huatuo, originally an auto parts manufacturer, transitioned to the internet gaming industry starting in 2014 through multiple acquisitions, becoming a leading player in the A-share cultural media sector [3]. - The company faced challenges due to high goodwill accumulation from frequent acquisitions, which led to financial reporting issues [3]. Group 2: Financial Misconduct and Regulatory Actions - The company was penalized by the China Securities Regulatory Commission (CSRC) for financial misconduct, including failing to conduct goodwill impairment tests and overstating goodwill [4][5]. - In November 2024, the CSRC imposed an 8 million yuan fine and mandated corrective actions, resulting in the company's stock being labeled as "ST Huatuo" [5][6]. Group 3: Recovery and Performance Post-Regulation - Despite the regulatory challenges, Century Huatuo's revenue surged, achieving 226.20 billion yuan in 2024, a 70.27% increase year-on-year, and a net profit of 12.13 billion yuan, up 131.51% [6][7]. - In the first three quarters of 2025, the company reported total revenue of 272.23 billion yuan, a 75.31% increase, and a net profit of 43.57 billion yuan, up 141.65% [7]. Group 4: Key Products and Market Strategy - The success of the games "Whiteout Survival" and "Kingshot" has been pivotal, with "Whiteout Survival" achieving over 200 million downloads and topping revenue charts [7][8]. - The company has optimized its market channels, benefiting from early investments from Tencent, which provided credibility and distribution support [9]. Group 5: Future Outlook and Strategic Focus - Century Huatuo aims to continue developing high-quality games and exploring new IPs while maintaining a cautious approach to investment risks [10][11]. - The company plans to leverage AI in gaming and is optimistic about future growth, focusing on producing blockbuster titles to sustain its competitive edge [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported strong performance in Q3 2025, achieving revenue of 1.706 billion yuan, a year-on-year increase of 115.6%, and a net profit attributable to shareholders of 640 million yuan, up 81.2% year-on-year [3][10]. - The success of the game "Supernatural Action Group" significantly contributed to revenue growth, and the company anticipates continued profit release in Q4 2025 [10]. - The company is optimistic about the long-term potential and overseas expansion of "Supernatural Action Group," along with the ongoing development of new games [10]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 1.706 billion yuan, a 115.6% increase year-on-year, and a net profit of 640 million yuan, reflecting an 81.2% year-on-year growth [3][10]. - The deferred revenue increased significantly, with contract liabilities reaching 1.33 billion yuan as of September 30, 2025, compared to 890 million yuan on June 30, 2025, and 490 million yuan in the same period of the previous year [10]. Game Performance and Development - "Supernatural Action Group" was the main contributor to revenue growth in Q3, with strong performance noted during the traditionally slower months of September and October [10]. - The company plans to launch versions of "Supernatural Action Group" in Hong Kong, Macau, and overseas markets, which is expected to drive significant incremental revenue [10]. - New games such as "Famous Generals Kill," "Five Thousand Years," and "Pocket Fighting" are in continuous development, with recent testing phases initiated [10]. Cost and Profitability - The company's gross margin improved to 90.5% in Q3 2025, driven by the increased contribution from self-developed products [10]. - Sales expenses rose to 630 million yuan in Q3, with a slight increase in the sales expense ratio to 36.6% [10]. - Research and development expenses also saw a significant increase, although the R&D expense ratio decreased compared to previous quarters [10].

Core Viewpoint - The article discusses the impressive financial performance of Century Huatong Group Co., Ltd. (ST Huatong) in Q3 2025, driven primarily by its subsidiary, Diandian Interactive, but raises concerns about the sustainability of this growth and the potential limitations in future revenue generation [2][6]. Financial Performance - In the first three quarters of 2025, Century Huatong achieved a revenue of 27.223 billion yuan, a year-on-year increase of 75.31%, and a net profit attributable to shareholders of 4.357 billion yuan, up 141.65% [2]. - For Q3 alone, the company reported a revenue of 10.016 billion yuan, reflecting a 60.19% year-on-year growth, and a net profit of 1.701 billion yuan, which is a 163.78% increase [2]. Contribution of Diandian Interactive - Diandian Interactive was the main contributor to the revenue and profit, with key products like "Endless Winter" and "Bouncing Kingdom" performing exceptionally well globally [2]. - In August, three games from Diandian Interactive achieved their highest monthly revenue ever, with "Whiteout Survival" and "Kingshot" leading the overseas mobile game revenue rankings [3]. Market Reaction and Future Prospects - Despite the record financial results, the market's reaction has been less enthusiastic, possibly due to concerns over the sustainability of revenue from new titles like "Kingshot" and "Tasty Travels: Merge Game" [6]. - The article suggests that while "Endless Winter" has shown stable performance, the newer titles have not yet matched its revenue success [6]. User Engagement and Monetization - The article highlights a disparity in user engagement and monetization between "Endless Winter" and "Kingshot," with "Kingshot" having a higher average revenue per paying user (ARPPU) but lower overall user retention [7]. - The monetization strategy employed by Diandian Interactive, which focuses on aggressive user acquisition, may have a limited lifecycle, raising questions about long-term profitability [8]. Valuation and Future Growth - Current estimates place Diandian Interactive's valuation at approximately 130.5 billion yuan, with market expectations for Century Huatong and Diandian Interactive to reach around 200 billion yuan in valuation, translating to a price-to-earnings ratio (PE) of 20-25 times [8]. - The article concludes that for Century Huatong to achieve further growth, it must develop another blockbuster product akin to "Endless Winter" after the removal of its ST designation [8].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by the successful performance of its toy and game businesses, as well as the completion of the sale of the Espanyol football club [12][16]. Financial Performance - The total operating revenue for the first three quarters of 2025 reached 1.727 billion yuan, an increase of 67.03% compared to the same period last year [12]. - The net profit attributable to shareholders of the listed company was 268 million yuan, marking a turnaround from a loss in the previous year [12][10]. - The net cash flow from operating activities was 408 million yuan, a substantial increase of 259.78% year-on-year [11]. Toy Business - The toy business achieved steady growth in both revenue and net profit, focusing on product structure upgrades and deepening market channels [13]. - New product launches included high-end remote-controlled cars and bicycles, enhancing the product matrix [13]. - The company received the 2025 Canton Fair Design Innovation Award for its 1:10 Hummer EV remote-controlled building car, showcasing its design and innovation capabilities [13]. Game Business - The game business saw significant revenue contributions from multiple game launches, achieving profitability for the first time [14]. - The game "Ragnarok: Dawn" launched in July 2025 achieved top rankings in various app stores in Taiwan and Hong Kong [14]. - The company is preparing for the release of its self-developed strategy game "Three Kingdoms: Strategy of the Nine Provinces," which has already gained significant attention [15]. Football Club Business - The company completed the sale of 99.66% of its stake in the Espanyol football club, which positively impacted net profit by approximately 47.07 million yuan [16]. - Following the divestment, the company plans to focus resources on its core businesses of toys and games, particularly in overseas markets and emerging technologies [16].

Company Performance - G-bits reported a significant increase in Q3 revenue, reaching 1.968 billion yuan, a year-on-year growth of 129.19% [4][5] - The net profit for Q3 was 569 million yuan, showing a remarkable year-on-year increase of 307.70% [4][3] - For the first three quarters of the year, cumulative revenue reached 4.486 billion yuan, up 59.17% year-on-year, while cumulative net profit was 1.214 billion yuan, reflecting an 84.66% increase [4][5] Game Titles Contribution - The revenue growth was primarily driven by several new game releases, including "The Legend of the Staff," "Sword of the Immortal," "Treasure Hunter," and "Fengshen Fantasy World" [5] - "The Legend of the Staff" generated a total revenue of 1.166 billion yuan for its mainland version and 478 million yuan for its overseas version in Q3 [5][6] - "Sword of the Immortal" achieved a total revenue of 713 million yuan for its mainland version [5][6] Dividend and Shareholder Returns - G-bits announced a cash dividend plan, proposing to distribute 60 yuan per 10 shares (including tax), totaling 431 million yuan [6] - The company expects total cash dividends for the first three quarters to be 904 million yuan, accounting for 74.47% of the net profit [7] - Since its listing, G-bits has implemented dividends 14 times, with cumulative cash dividends reaching 6.919 billion yuan [8] Industry Trends - The gaming sector has shown strong performance this year, supported by favorable policies, AI technology advancements, and accelerated overseas expansion [10][11] - The Chinese gaming market generated 168 billion yuan in revenue in the first half of the year, marking a 14.08% year-on-year increase [10] - The approval of 166 new game licenses in October, including 159 domestic games, reflects ongoing policy support for the industry [11]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 48.54 [1]. Core Insights - The company reported strong Q3 results with revenue of RMB 1.706 billion, a year-over-year increase of 115.63% and a quarter-over-quarter increase of 81.83%. The net profit attributable to shareholders was RMB 640 million, up 81.19% year-over-year and 49.07% quarter-over-quarter [1]. - The deferred revenue from the game "Supernatural" is expected to continue growing, alongside the company's ongoing AI game initiatives [1]. - The management has shifted focus towards attracting younger talent, which is anticipated to inject vitality into the company [2]. Revenue and Profitability - For the first three quarters of 2025, the company achieved a total revenue of RMB 3.368 billion, reflecting a year-over-year growth of 51.84%. The net profit attributable to shareholders was RMB 1.417 billion, up 32.31% year-over-year [1]. - The company’s Q3 gross margin was stable at 90.46%, with a slight increase of 0.64 percentage points. The sales expense ratio rose to 36.65%, an increase of 1.41 percentage points [4]. Product Development and Market Position - The company has a rich pipeline of new products, including the strategy card game "Ming Jiang Sha" and the SLG game "Five Thousand Years," which are expected to contribute to future revenue growth [3]. - Existing products like the "Journey" series and "Ball Battle" continue to perform well, with the latter expanding its user base through platforms like Douyin and WeChat [3]. Financial Forecast and Valuation - The net profit forecast for 2025 is maintained at RMB 2.26 billion, with upward adjustments for 2026 and 2027 to RMB 4.08 billion and RMB 5.07 billion, respectively [5]. - The target price has been adjusted to RMB 48.54, reflecting a 23X PE for 2026, based on the company's strong product performance and integration of AI [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.48 CNY, reflecting a positive outlook on the company's growth potential and performance [14][20]. Core Insights - The "996 Legend Box" is identified as a rare platform business with both stability and growth potential, driven by established IP licensing, increased market penetration, and enhanced bargaining power [2][14]. - The company is expected to see significant earnings per share (EPS) growth from 1.11 CNY in 2025 to 1.65 CNY in 2027, with an upward revision in forecasts due to positive developments in the Legend Box business [14][16]. Financial Summary - Total revenue projections for the company are as follows: - 2023: 4,295 million CNY - 2024: 5,118 million CNY - 2025: 6,111 million CNY - 2026: 7,769 million CNY - 2027: 8,994 million CNY - The revenue growth rates are projected at 15.3% for 2023, 19.2% for 2024, 19.4% for 2025, 27.1% for 2026, and 15.8% for 2027 [4][16]. - Net profit attributable to the parent company is forecasted to grow from 1,462 million CNY in 2023 to 3,533 million CNY in 2027, with a notable increase of 42.6% in 2024 [4][16]. Business Segmentation - The report outlines three main business segments: 1. **Mobile Games**: Expected revenue growth of 10% in 2025 and 20% in 2026, with stable gross margins [15]. 2. **Information Services**: Revenue from the 996 Legend Box is projected to grow by 65% to 15.5 billion CNY in 2025, continuing to grow by 50% and 30% in the following years [15][16]. 3. **Web Games**: This segment is expected to decline, with revenue decreasing by 20% in 2025 and 10% in the subsequent years [15]. Market Positioning - The "996 Legend Box" serves as a unique platform connecting players and content providers, generating revenue through advertising, platform features, live streaming, and transaction fees [30][33]. - The platform is positioned as a "Legend Application Store," catering to diverse player needs and providing a centralized selection of game versions [36][37]. - The report highlights the potential for horizontal expansion into more IPs and vertical exploration of industry chain value, leveraging the company's existing IP portfolio [14][24].

Core Insights - AI is emerging as a significant variable in the gaming industry, with rapid advancements since the launch of ChatGPT in late 2022, expanding from dialogue capabilities to generating images, audio, video, and programs [1] - A report from GDC indicates that 49% of game developers have started using generative AI in their work, highlighting its widespread application in production processes [1] - Despite efficiency gains, the impact of AI on gameplay and player experience remains limited, leading to skepticism about the concept of "AI-native games" [1] - A recent seminar focused on how AI can change gameplay experiences rather than just cost reduction [1] Group 1: AI's Impact on Gaming - Many industry experts feel that AI's progress in gaming has not met expectations, particularly regarding its decisive influence on gameplay and player experience [4] - AI is viewed as a groundbreaking technology that requires time to mature, with current applications primarily enhancing traditional gameplay rather than creating entirely new experiences [4][5] - The transition to AI-native games is likened to the shift from 2D to 3D gaming, suggesting that true innovation will take time to develop [4][5] Group 2: Challenges and Opportunities - The complexity of game engineering and high costs have hindered the rapid integration of AI in gaming, although costs have significantly decreased in 2023, allowing for broader adoption [5][8] - Examples of AI applications include character interactions and narrative generation, which are beginning to address issues like player engagement and goal orientation [7][8] - The gaming industry is currently in an acceleration phase for AI integration, with expectations for significant advancements in the coming years [10] Group 3: Future of AI in Gaming - Experts predict that in 5 to 10 years, AI will be seamlessly integrated into all games, making the term "AI games" obsolete as it becomes a standard aspect of game design [24][41] - The concept of "bounded infinity" is discussed, suggesting that while AI can generate vast amounts of content, it must still operate within certain creative boundaries to be meaningful [12][18] - The future gaming landscape may see a blurring of lines between creators and consumers, with players actively participating in content generation alongside AI [42]

Core Viewpoint - The gaming sector is experiencing a rebound, with the gaming ETF (159869) showing signs of recovery after a brief decline, indicating strong investor interest and support for the industry [1] Group 1: Market Performance - The gaming ETF (159869) saw a net inflow of 2.423 billion yuan over the past 10 trading days, reflecting significant investor interest [1] - As of October 14, the total scale of the gaming ETF reached 10.612 billion yuan, facilitating easy access for investors to A-share gaming leaders [1] Group 2: Regulatory Environment - From January to September 2025, the National Press and Publication Administration issued 1,195 domestic online game licenses, a year-on-year increase of 24.61% compared to 959 licenses in the same period of 2024 [1] - The normalization of game license issuance indicates ongoing regulatory support for the gaming industry [1] Group 3: Industry Outlook - The gaming sector is characterized by strong cash flow, increasing policy support, and deepening AI game development [1] - Recent adjustments in the gaming sector have made valuations more attractive, leading to a positive outlook for investment opportunities [1] - The gaming sector is catalyzed by multiple factors including AI, content, and commercialization model transformations [1]