Core Insights - The low-altitude industry in Sichuan is experiencing explosive growth driven by policy guidance and technological innovation [2] Group 1: Industry Development - Sichuan has established a low-altitude logistics channel for medical supplies, significantly reducing delivery time from 15 minutes to 8 minutes using drones [1] - Since becoming the first national pilot province for low-altitude airspace management in 2017, Sichuan has attracted over 200 low-altitude equipment manufacturers, 69 general aviation companies, and 1,419 drone operating companies, with a trial airspace covering over 90,000 square kilometers [1] Group 2: Technological Integration - The integration of 5G technology enables automated drone operations for delivery and inspection, enhancing efficiency in urban management and emergency response [3] - The "Zhongyi Lingyun" platform developed by China Mobile Sichuan utilizes AI algorithms for real-time analysis of aerial data, improving the identification of urban anomalies [3] Group 3: Project Implementation - Sichuan Mobile has signed 23 low-altitude projects with a total contract value of 71 million yuan, including key projects in Chengdu and Mianyang [4] - The "Low Altitude Intelligent Operation" platform allows for efficient forest inspections, reducing the time taken from 2 hours to 30 minutes and costs from 400 yuan to 50 yuan [5] Group 4: Service Diversification - The "Low Altitude Intelligent Operation" platform offers various services, including agricultural pest control and aerial photography, enhancing productivity and reducing labor costs for farmers [5][6] - The platform supports third-party applications, fostering a collaborative ecosystem for the low-altitude industry [6]

Core Insights - The development of low-altitude economy in Shangluo is marked by the integration of various applications of drones, including forest fire prevention, agricultural assistance, and logistics delivery [1][2][3] Group 1: Drone Applications - Drones are utilized in forest fire prevention as "eyes in the sky" and for agricultural harvesting in Shangluo [1] - The local company, Shaanxi Zhongtian Yuchen Aviation Intelligent Technology Co., has developed over 200 small fixed-wing drones for remote sensing operations in forestry [1] - The company has over 60 national patents and has established itself as an industry benchmark by participating in the formulation of national drone identification code standards in 2023 [1] Group 2: Industrial Ecosystem - Danfeng County has built a comprehensive ecosystem focused on innovative application scenarios, integrating research, manufacturing, operation, and service in the drone industry [2] - The establishment of a complete industrial drone chain has been recognized with Shangluo being awarded the title of "Low-altitude Economy Demonstration City" [2] - The local company, Shaanxi Guofei Lingyi Technology Co., has developed drones for various applications, including fire prevention and emergency response, and plans to expand its product line to 13 models with an expected annual output value exceeding 300 million yuan [2] Group 3: Logistics and Delivery - Drone logistics delivery has emerged as a representative application in Shangluo, significantly reducing delivery times in mountainous areas [3][4] - A recent trial demonstrated a drone delivering packages over a distance of 5.3 kilometers in just 7 minutes, compared to 7 hours for manual delivery [4] - This innovation in logistics is seen as a means to enhance rural revitalization and provide technological benefits to local communities [5] Group 4: Future Developments - Shangluo has been approved to establish the province's first key laboratory focused on drone research and application in mountainous environments [6] - The local government aims to continuously expand low-altitude economic applications and improve supporting guarantees to stimulate market potential [6]

Core Viewpoint - The competition in the low-altitude economy is shifting from merely achieving flight to focusing on long-distance and heavy-load capabilities, with the market experiencing a growth rate exceeding 30% annually [1][2]. Group 1: Market Development - The low-altitude economy in China is rapidly developing, with a market growth rate exceeding 30% annually as highlighted in the "Low Altitude Economy Blue Book: Development Report (2025)" [1]. - The introduction of heavy-load drones and long-range aircraft is marking the transition to a "ton-level" era in the low-altitude economy, with several products being launched and delivered [2]. Group 2: Product Innovations - The Platinum T1400 drone, developed by United Aircraft Group, has a maximum takeoff weight of 1,400 kg and a payload capacity of 650 kg, showcasing impressive endurance of over 8 hours [2]. - The AR-E800 eVTOL, developed by China Aviation Industry Group, has secured 20 confirmed orders and 140 intended orders, indicating strong market interest [2]. - The VT35, launched by EHang, has a maximum takeoff weight of 950 kg and aims to create an "air traffic one-hour" living circle in major urban areas [4]. Group 3: Application Scenarios - Current low-altitude aircraft are increasingly being designed for practical applications in logistics and inspection, particularly in extreme environments [3][4]. - The AR-E800 features a modular cargo bay and can operate in various environments, including scenic area support and short-distance cargo transport [3]. Group 4: Industry Support and Policy - The semiconductor industry is experiencing growth in design orders for specialized SoC chips due to the demand for lightweight and low-power drones [6]. - Policies from local governments, such as those in Guangzhou and Chongqing, are supporting the development of the low-altitude economy through financial incentives and strategic planning [7].

Core Viewpoint - The competition in the low-altitude economy is shifting from merely achieving flight to focusing on long-distance and heavy-load capabilities, with the market experiencing a growth rate exceeding 30% annually [1] Group 1: Market Development - The low-altitude economy in China is rapidly developing, with a market scale growth rate exceeding 30% annually [1] - The introduction of heavy-load drones, such as the T1400 with a maximum takeoff weight of 1400 kg and a payload capacity of 650 kg, signifies a transition to a "ton-level" era in the low-altitude economy [2] - The recent launch of various long-distance, heavy-load products indicates a competitive landscape where companies are focusing on logistics and inspection applications that require higher payload and range [2] Group 2: Technological Advancements - The AR-E800 drone features a distributed six-rotor design and can operate in various modes, making it suitable for complex terrain and short-distance cargo transport [3] - The T1400 drone is designed to withstand extreme temperatures and has a high operational capacity, simplifying complex flight operations [3] - The VT35 drone from EHang has a range exceeding 200 km, aiming to create "one-hour air traffic" living circles in major urban areas [3] Group 3: Industry Impact - The launch of heavy-load drones is expected to drive technological upgrades in low-altitude manufacturing and expand product application scenarios [4] - The demand for lightweight and low-power solutions in drones is increasing orders for specialized SoC chips in the semiconductor industry [4] - Companies in the cybersecurity sector are focusing on new applications related to the low-altitude economy, indicating a broader industry impact [4] Group 4: Policy Support - The Guangzhou Tianhe District has issued policies to support the development of the low-altitude economy, with subsidies up to 20 million yuan for various initiatives [5] - The Chongqing Yuzhong District has outlined a three-year action plan to establish a high-quality low-altitude economy, focusing on infrastructure and application scenarios [6]

Core Viewpoint - Company has signed an investment agreement to acquire 51% of Sanzuwu's expanded registered capital, making it a non-wholly owned subsidiary, which enhances its strategic positioning in the AI and drone sectors [1][2] Group 1: Investment and Acquisition - Company’s wholly-owned subsidiary, Beijing Lianzhong Interactive Network Co., Ltd., will invest in Sanzuwu Consulting Co., Ltd. [1] - Post-transaction, Sanzuwu will become a non-wholly owned subsidiary of the company [1] Group 2: Strategic Development - The investment aims to deepen the company's strategic layout in AI and integrate resources from both parties [2] - Company plans to build an esports entertainment venue at Sanzuwu's training base, leveraging Sanzuwu's expertise in low-altitude economy and drone applications [2] Group 3: Innovation and Ecosystem - The collaboration will create a multi-dimensional ecosystem based on AI, combining content, technology, users, and scenarios [2] - Company and Sanzuwu will co-develop AI drone intelligence competitions, establishing a benchmark for "new intelligence sports" [2] - Plans include launching technical training courses and an information-based examination system to foster an innovative talent ecosystem [2] Group 4: Long-term Value Creation - Company aims to enhance its core competitiveness in AI technology through investments and partnerships with industry leaders [2] - The strategy is focused on embracing innovative technology to create long-term value for shareholders [2]

Core Viewpoint - The company has signed an investment agreement to acquire a 51% stake in Sanzuwu, which will become a non-wholly owned subsidiary, enhancing its strategic positioning in the AI and drone sectors [1][2] Group 1: Investment Agreement - The company’s wholly-owned subsidiary, Beijing Lianzhong Interactive Network Co., Ltd., will invest in Sanzuwu, expanding its registered capital [1] - Following the completion of the transaction, Sanzuwu will become a non-wholly owned subsidiary of the company [1] Group 2: Sanzuwu's Strengths - Sanzuwu has a strong core team, including world champions in model aircraft, certified experts, and experienced engineers [1] - The company holds multiple patents and software copyrights, and operates the largest drone pilot training base in China, covering over 200 acres [1] - Sanzuwu possesses rare qualifications, including certification from the Civil Aviation Administration of China and a drone flight training license [1] Group 3: Strategic Plans - The company plans to build an esports entertainment venue at Sanzuwu's training base, further integrating AI technology into its strategic layout [2] - The collaboration aims to create a multi-dimensional ecosystem based on AI, combining content, technology, users, and scenarios [2] - The company will co-develop AI drone intelligence competitions, establishing a professional platform and standardized competition system [2] Group 4: Talent Development - The company intends to launch technical training courses and an information-based examination system, fostering an innovative talent ecosystem through competitions and training [2] - Continuous investment and deep collaboration with industry leaders will enhance the company's core competitiveness in AI technology [2] - The strategic focus on innovation technology aims to create long-term value for shareholders [2]

Core Viewpoint - Company, through its wholly-owned subsidiary Beijing Lianzhong, has entered into an investment agreement to subscribe for 51% of the expanded registered capital of Beijing Sanzu Wu Consulting Co., Ltd. for RMB 31.2 million, which constitutes a discloseable transaction under the listing rules [1][2] Group 1 - The target company was established in 2009 and has developed the first unmanned airport in Southwest China and the largest drone pilot training base in the country, covering over 200 acres [1] - The target group has built a complete drone industry ecosystem, including eVTOL (electric vertical takeoff and landing) R&D and manufacturing, talent training and examination, AI system integration, low-altitude application services, and event and base operations, aligning with national strategic directions [1][2] - The target group has received strong support from local governments, indicating a favorable regulatory environment for its operations [1] Group 2 - The core team of the target group includes world champions in model aircraft, industry-certified experts, and senior engineers, holding multiple patents and software copyrights, as well as key qualifications from the Civil Aviation Administration of China [2] - The target group has established a leading position in the government and enterprise B-end market, suggesting significant growth potential [2] - The board believes that participating in the investment at this stage will help the company maintain financial flexibility while securing potential high-quality asset investment opportunities and valuation benefits [2]

Group 1 - The company, through its wholly-owned subsidiary Beijing Lianzhong, has entered into an investment agreement to acquire 51% of Beijing Sanzuwu Consulting Co., Ltd. for RMB 31.2 million [1] - The target group is primarily engaged in drone research and development, AI technology development and market application, human-computer interaction technology development, certification testing, and comprehensive talent training [1] - Following the completion of the transaction, the company plans to build an esports entertainment venue at the target group's base and further deepen its strategic layout in the AI field [1] Group 2 - The company aims to reshape its core businesses in leisure gaming, cultural entertainment, and sports competition, driven by AI technology, blockchain innovation, and the construction of a Web 3.0 ecosystem [2] - The company is actively expanding its "IP influence + new retail" incremental business, focusing on providing sustainable emotional value and immersive experiences for global users [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 – 1 – OURGAME INTERNATIONAL HOLDINGS LIMITED 聯 眾 國 際 控 股 有 限 公 司* （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 深化AI戰略佈局 拓展AI競技與低空經濟生態 本公告乃由聯眾國際控股有限公司（「本公司」）自願刊發。 本公司欣然宣佈，本公司全資附屬公司北京聯眾互動網絡股份有限公司（「北京聯眾」）已與 北京三足烏諮詢有限公司（「三足烏」）簽署投資協議。根據投資協議，北京聯眾將認繳三足 烏經擴大註冊資本的51%。於交割後，三足烏將成為本公司的非全資附屬公司。有關詳細 條款載於本公司同日刊發之《須予披露交易—認繳目標公司註冊資本》公告。 三足烏核心團隊實力雄厚，包括航模世界冠軍、行業認證專家及資深工程師，擁有多項發 明及實用新型專利、軟件著作權，在成都擁有西南地區首家無人機場和全國最大的無人機 駕駛考試及培訓基地（ 佔 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 59.27 CNY [5][7]. Core Insights - The company experienced a significant revenue increase of 319.0% year-on-year, achieving 1.548 billion CNY in revenue for the first three quarters of 2025, with a net profit of 34 million CNY compared to a loss of 83 million CNY in the same period last year [1]. - In Q3 2025, the company reached a revenue turning point with a year-on-year growth of 1039%, totaling 1.109 billion CNY, and a net profit of 2.07 million CNY, reversing a loss of 44.36 million CNY from the previous year [2]. - The company successfully completed the maiden flight of a warning-type drone and is continuously enhancing its full-spectrum drone system, covering a range from 10 kg to 6 tons, thus establishing a comprehensive product lineup [3]. - As of the end of Q3 2025, the company's inventory increased by 22.88% to 3.219 billion CNY, indicating proactive production and stockpiling in anticipation of demand recovery [4]. Financial Projections - The projected net profits for the company are 225 million CNY, 324 million CNY, and 427 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of turning profitable, 43.98%, and 31.91% [5]. - The company is expected to achieve a revenue of 2.015 billion CNY in 2025, with a significant increase to 2.946 billion CNY in 2026 and 3.864 billion CNY in 2027 [10].