11月12日，浙江世纪华通集团股份有限公司（以下简称"世纪华通"）开市起撤销其他风险警示，证券简 称由"ST华通"变更为"世纪华通"。2024年11月6日，世纪华通发布关于收到《行政处罚决定书》的公 告，相关年报、关于业绩承诺完成情况的临时报告存在虚假记载，收到中国证券监督管理委员会的处 罚。在过去的12个月里，世纪华通的业绩保持增长。据世纪华通2024年年度财务报告，营业收入同比增 长70.27%，归母净利润同比增长131.51%；另据世纪华通2025年三季度财报，前三季度营业收入同比增 长75.31%，归母净利润同比增长141.65%。有业内人士认为，尽管世纪华通业绩持续增长，但仍存在爆 款依赖和超百亿商誉的潜在风险。 2024年11月6日，世纪华通发布关于收到《行政处罚决定书》的公告，相关年报存在虚假记载；虚构软 件著作权转让业务或提前确认收入，导致相关年报、关于业绩承诺完成情况的临时报告存在虚假记载， 对世纪华通责令改正，给予警告，并处以800万元罚款；对世纪华通现任董事长王佶、2008年9月至2021 年8月任世纪华通董事长的王苗通、现任财务总监钱昊等人给予警告，并处以罚款。 时隔一年，11月7日， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 16.20 CNY, based on a 20x PE ratio for 2026 [3][5]. Core Insights - The company's core game "Yihuan" is expected to launch in 2026, contributing to revenue growth. The projected net profits for 2025-2027 are 780 million, 1.571 billion, and 1.607 billion CNY respectively [3]. - The company reported a Q3 revenue of 1.73 billion CNY, a year-on-year increase of 31%, primarily driven by the growth of "Zhu Xian World" [8]. - The film and television segment has turned profitable, with a revenue of 920 million CNY in the first three quarters of 2025, a year-on-year increase of 433% [8]. Financial Summary - Revenue for 2023 is projected at 7.791 billion CNY, with a year-on-year growth of 1.6%. For 2024, revenue is expected to decline by 28.5% to 5.570 billion CNY [4]. - The gross margin for Q3 2025 was reported at 64.8%, an increase of 13.1 percentage points year-on-year, attributed to improved margins in the film and television sector [8]. - The net profit attributable to the parent company for Q3 2025 was 160 million CNY, compared to a loss of 210 million CNY in the same period last year [8].

在访谈中，他还讲到自己如何从"看不懂图形"到"看懂企业文化"，从网易、苹果、茅台到腾讯，串起了他三十年来的投资底层逻辑：投资，不是押注市 场，而是对企业的认知。 IT之家 11 月 12 日消息，雪球对话访谈节目《方略》昨晚发布了第三季第一期，雪球创始人方三文与步步高创始人、知名投资人段永平，围绕投资理念、 企业文化与长期主义展开了一场对话。 在节目中，段永平反复强调"懂公司"这件事有多难。他直言："能真正懂'买股票就是买公司'这句话的人，不到 1%。" IT之家注意到，他们在节目中还谈到了马斯克及特斯拉投资相关的问题。段永平在被问及对于特斯拉公司的看法是否有转变时表示： 没有什么本质的变，但确实觉得埃隆・马斯克这个人是厉害，他有很多想法也确实是很先进，但是投资我觉得我比较难，个人的角度来讲，我 不是很喜欢这个人的品行，你投资实际上你在跟他做朋友，我不想跟他做朋友，哪怕给我钱我也不干，所以我没有那么喜欢这件事情，但是我 认识到他确实是厉害，而且他的东西，有很多东西很有道理，有些东西很没道理，你不知道他哪一条先出来。 上述回答主要是关于马斯克这个人的看法，那么对于他的生意是什么看法呢？段永平则回答称： 电动车生 ...

抢先剧透！"百 万英才汇南粤 文化产业人才 荟"活动11月15 日开幕_南方+_ 南方plus 招聘对接、成果 展示、智慧论 剑、文创互 动......为发挥广 东新一轮文化产 业高质量发 展"政策包"政策 效能，吸引更多 优秀文化产业人 才扎根南粤， 2025年11月15 日，"百万英才 汇南粤——文化 产业人才荟"活 动将在粤港澳大 湾区（广东）人 才港正式开幕。 本次活动由广东 省委宣传部、广 东省人力资源和 社会保障厅联合 主办，广东省人 才服务局、南方 都市报社承办。 活动集专场招聘 会、人才港大讲 堂、政策成果展 与创意市集、广 图分馆开馆于一 体，将为青年人 才打造一场融合 科技、非遗、潮 玩、影视、动漫 的"可逛可玩可 听可投"创意嘉 年华，夯实文化 产业高质量发展 人才底座，吸引 更多文化英才来 广东，到广东。 百企汇聚，上万 好岗虚位以待 活动聚焦文化内 容、文化新业 态、文化科技、 文化创意、文化 制造五大领域， 南方报业、羊城 晚报、广东广播 电视台等主流媒 体将到场揽才， 腾讯、网易、三 七互娱等头部大 厂释放多个高含 金量岗位，包括 游戏体验设计、 用户体验研究、 AIGC产品交互 ...

证券日报网讯11月12日晚间，世纪华通（002602）发布公告称，公司拟使用自有资金或自筹资金以集中 竞价方式回购公司股份，本次回购的股份将全部注销并减少公司注册资本。回购股份的资金总额：不低 于人民币50，000.00万元(含)，不超过人民币100，000.00万元(含)。 ...

（文章来源：证券日报） 证券日报网讯 11月12日晚间，世纪华通发布公告称，公司董事会于2025年11月7日收到公司董事长王佶 先生出具的《关于提议浙江世纪华通集团股份有限公司回购股份的函》。王佶先生提议公司通过集中竞 价交易方式回购部分公司已发行的人民币普通股（A股）股票。 ...

经济观察网2025年11月12日，世纪华通（002602）发布公告，公司拟5亿元至10亿元回购股份，回购价 格不超过28.77元/股。 ...

本报记者 吴文婧 11月12日，浙江世纪华通集团股份有限公司（以下简称"世纪华通"）开市正式撤销其他风险警示，股票简称由"ST华通"变 更为"世纪华通"，日涨跌幅限制由5%恢复为10%。这标志着在历经一年多系统整改与治理优化后，世纪华通正式迈入发展新阶 段。 企业治理与内控体系全面重塑 根据公告，为消除风险警示，公司在自查期间对监管部门处罚决定书中的相关认定事项进行了逐一落实整改，并完成前期 会计差错的更正。大信会计师事务所出具了《前期会计差错更正情况审核报告》，确认公司2018年至2023年度相关差错已纠正 并追溯调整完毕。 据了解，为消除警示，世纪华通在自查期间针对监管部门处罚决定书中的相关认定事项，逐一落实整改并完成差错更正。 大信会计师事务所对公司2018年度至2023年度前期会计差错更正及追溯调整事项出具了《前期会计差错更正情况审核报告》。 整改不仅限于财务领域。世纪华通将此次监管事件作为全面自我革新的契机，从制度层面夯实公司治理基础。 世纪华通相关负责人向《证券日报》记者表示，公司过去一年修订了企业治理、风险防控等6大类23项章程制度，持续开 展制度优化、人事调整、业务聚焦等经营管理措施的规范，全 ...

Financial Data and Key Metrics Changes - Total net revenues for Q3 reached approximately RMB 1.7 billion, marking a year-over-year growth of about 10%, the highest level in the past nine quarters [3][12] - Non-GAAP operating profit was approximately RMB 6.3 million, reflecting a meaningful improvement over the same period last year [3][12] - Live streaming revenues increased by about 3% year-over-year to RMB 1.16 billion, while game-related services, advertising, and other revenues grew around 30% year-over-year to RMB 532 million, accounting for 31.5% of total net revenues [12][13] Business Line Data and Key Metrics Changes - Revenues from game-related services, advertising, and other segments grew 30% year-over-year, reaching RMB 532 million, driven by strong in-game item sales and advertising [4][12] - In-game item sales revenue grew by more than 200% year-over-year in Q3, supported by collaborations with flagship titles [5][21] - Live streaming revenues resumed growth for the first time since Q3 2021, with a more balanced content mix and solid gains in outdoor live streaming [7][12] Market Data and Key Metrics Changes - The platform ecosystem and user base remained resilient, with total monthly active users (MAUs) stable at around 162 million [3][29] - The company estimates that through top creators, it can reach over 100 million users across other platforms, expanding audience influence [4][29] Company Strategy and Development Direction - The company aims to deepen collaboration with game developers, expand SKU offerings, and enhance operations in game item sales [5][22] - A focus on diversifying into game publishing is evident, with the upcoming launch of "Goose Goose Duck Mobile" seen as a key step [6][30] - The strategy includes improving monetization efficiency, enhancing product experience, and expanding internationally for sustainable growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust growth momentum in game item sales and expects live streaming revenues to remain stable [5][26] - The company anticipates overall revenue growth to accelerate in 2026, driven primarily by game-related services, advertising, and other revenues [26] Other Important Information - Cost of revenues increased by 10% to RMB 1.46 billion, primarily due to increased revenue sharing fees and content costs [14] - Gross profit was RMB 227 million for Q3, with a gross margin of 13.4%, an improvement from the previous year [14][16] Q&A Session Summary Question: Updates on in-game item sales business - In-game item sales revenue grew over 200% year-over-year, supported by strong live streaming ecosystem and deeper partnerships with flagship titles [21][22] Question: Future growth of live streaming and non-live stream business - Live streaming revenue has returned to growth, while non-live streaming businesses are expected to continue growing strongly, driven by in-game item sales and deeper collaborations [26] Question: Strategy and outlook for Goose Goose Duck Mobile and game publishing - The mobile version of Goose Goose Duck is the first full-fledged publishing effort, with pre-registrations surpassing 10 million [30] - The strategy focuses on a content-driven approach, leveraging the streamer network and e-sports presence [31] Question: Ongoing partnership with Delta Force - The company is building a vibrant community engagement and e-sports tournament ecosystem for Delta Force, with successful events planned [34] Question: Financial impact of new business on profitability - Gross profit grew over RMB 23 million, leading to further improvement at the operating level, with expectations for gradual margin improvement over time [37]

Financial Data and Key Metrics Changes - Total net revenues for Q3 2025 reached approximately RMB 1.7 billion, marking a year-over-year growth of around 10%, the highest level in the past nine quarters [3][12] - Non-GAAP operating profit was approximately RMB 6.3 million, showing significant improvement compared to the same period last year [3][12] - Live streaming revenues increased by 3% year-over-year to RMB 1.16 billion, while game-related services, advertising, and other revenues grew around 30% year-over-year to RMB 532 million, accounting for 31.5% of total net revenues [12][14] Business Line Data and Key Metrics Changes - Game-related services, advertising, and other revenues reached RMB 532 million, driven by strong growth in in-game item sales, which grew over 200% year-over-year [5][14] - Live streaming revenues resumed growth for the first time since Q3 2021, with a stable number of domestic paying users at 4.4 million [12][13] - Research and development expenses decreased by 3% year-over-year to RMB 122 million, while sales and marketing expenses decreased by 4% to RMB 70 million [15][16] Market Data and Key Metrics Changes - The platform maintained a stable user base with total monthly active users (MAUs) around 162 million [3][30] - The company estimates that through top creators, it can reach over 100 million users across other platforms, enhancing audience influence and monetization opportunities [4][30] Company Strategy and Development Direction - The company aims to deepen collaboration with game developers, expand SKU offerings, and enhance operations in game item sales, which is seen as a significant growth driver [5][7] - The launch of Goose Goose Duck Mobile is a key step in diversifying into game publishing, with a focus on leveraging the streamer ecosystem and content-driven marketing [6][31] - The company plans to enhance monetization efficiency and product experience while expanding internationally to achieve sustainable growth [11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining robust growth momentum in game item sales and expects live streaming revenues to remain stable while non-live streaming businesses will continue to grow strongly [5][27] - The company anticipates overall revenue growth to accelerate in 2026, driven primarily by game-related services, advertising, and other segments [27] Other Important Information - Gross profit for Q3 was RMB 227 million, with a gross margin of 13.4%, showing improvement from the previous year [15] - Interest income decreased significantly to RMB 35 million due to a lower time deposit balance following special dividends [17] Q&A Session Summary Question: Updates on in-game item sales business - In-game item sales revenue grew over 200% year-over-year, supported by strong live streaming and partnerships with flagship titles [20][21] - Future focus includes enriching item categories, expanding game partnerships, and improving the purchase experience [23] Question: Overall revenue growth outlook - Live streaming revenue has returned to growth, while non-live streaming businesses are expected to continue strong growth driven by in-game item sales [26][27] Question: Publishing strategy for Goose Goose Duck Mobile - The game has surpassed 10 million pre-registrations and is seen as a milestone in the company's publishing strategy [31] - The strategy will focus on content-driven publishing leveraging the streamer network and e-sports presence [32] Question: Financial impact of new business segments - Gross margin remains stable, with expectations for gradual improvement as game-related services scale [38]