Core Insights - The company reported a significant decline in revenue for 2024, with total revenue at 5.57 billion yuan, a year-on-year decrease of 28.50% [1] - The net profit attributable to shareholders turned into a loss of 1.288 billion yuan, compared to a profit in the previous year [1] - In Q1 2025, the company achieved revenue of 2.023 billion yuan, a year-on-year increase of 52.22%, and a net profit of 302 million yuan, which includes a non-recurring gain from the sale of a studio [1] Financial Performance - 2024 total revenue: 5.57 billion yuan, down 28.50% year-on-year [1] - 2024 net profit: loss of 1.288 billion yuan, compared to profit in the previous year [1] - Q1 2025 revenue: 2.023 billion yuan, up 52.22% year-on-year [1] - Q1 2025 net profit: 302 million yuan, with a non-recurring gain of 120 million yuan [1] - Adjusted net profit (excluding non-recurring items): 163 million yuan, turning from loss to profit year-on-year [1] Business Developments - The company is seeing early results from business adjustments, with Q1 2025 performance showing improvement [1] - New games launched in 2024 did not meet expectations, contributing to losses, while older games were shut down [1] - The gaming and film sectors are both contributing positively in Q1 2025, with significant revenue from new titles and film projects [1] - The upcoming game "Zhu Xian World" is expected to drive performance, alongside the film sector's multiple revenue-generating projects [1] Strategic Initiatives - The company is actively preparing for future game launches, including "Zhu Xian 2" and "Persona: Nightfall" [1] - The company is enhancing its competitiveness in various sectors beyond gaming, including esports and film [2] - Plans for hosting a world-class esports event, CS Asia Invitational (CAC2025), are underway to boost brand influence [2] - The film sector is also expanding, with several custom dramas and a successful short drama contributing to viewership [2] Investment Outlook - The company is expected to stabilize and improve its performance, with a focus on high-profile game developments [2] - Adjusted net profit forecasts for 2025-2027 are set at 616 million, 1.266 billion, and 1.411 billion yuan, with corresponding PE ratios of 40x, 20x, and 18x [2]

Core Viewpoint - The Jinan Tianqiao District is actively promoting consumption through a series of initiatives, including the introduction of new commercial stores and a variety of consumer activities aimed at enhancing market vitality and transforming the local economy [1][3][5]. Group 1: Consumption Promotion Activities - Tianqiao District plans to conduct 60 consumption promotion events this year, with a focus on introducing 8 new commercial flagship stores [1][6]. - The district aims to create a vibrant consumption environment by organizing monthly themed activities that encompass shopping, cultural tourism, food, sports, and night economy [8]. Group 2: Economic Transformation Strategies - The district is transitioning from a trade hub to a strong trade area by implementing policies that support market expansion and quality improvement, with nearly 200,000 market entities currently operating [3][5]. - The "Traditional Industry +" strategy is being deepened to enhance consumer experiences through technology, culture, and cross-industry integration [5][6]. Group 3: New Consumption Ecosystems - The 1922 eSports New Media Industrial Park is being developed as a new consumption ecosystem, expected to attract over 500,000 participants through various events [4]. - The integration of home furnishing, sports, and business at the Jinniu Building Materials Home Expo Center is creating a new sports consumption scene with regular events [4]. Group 4: Supportive Policies and Infrastructure - Comprehensive support policies have been introduced to benefit over 500 commercial enterprises in the district, with promotional activities leading to a consumption boost of over 30 million yuan in the first quarter [6][7]. - The district has established a "one-stop rights protection service area" to enhance consumer protection and improve the efficiency of complaint resolution [7].

Core Viewpoint - The indefinite suspension of Uzi, a prominent League of Legends player and streamer, has sparked significant public interest, with analysts suggesting it may be a strategic move for future esports content development [1][2]. Group 1: Uzi's Suspension Announcement - Uzi announced his temporary suspension from streaming on April 28, stating he needs to take a break and will inform fans before returning [2]. - The announcement quickly gained traction on social media, with related topics reaching nearly 30 million views on Weibo by the afternoon of the same day [2]. Group 2: Background and Context - Signs of Uzi's suspension were evident as early as March, when he expressed dissatisfaction with his streaming content, describing it as "boring" and indicating he would stop streaming after his contract expired in April [4]. - Uzi, born on April 5, 1997, in Yichang, Hubei, is a well-known figure in the esports community, having represented China in the 2018 Asian Games and won a gold medal [4]. Group 3: Industry Analysis - Industry analysts highlight three main issues related to Uzi's suspension: the health and longevity of esports professionals, the unreasonable KPIs set by streaming platforms, and the potential for personal career transitions among top streamers [5]. - The esports industry is noted for its demanding physical and mental health requirements, leading to shorter career spans compared to other professions [5]. - Analysts suggest that Uzi's decision to suspend streaming may also reflect broader trends in the esports industry, where well-known players might explore cross-industry collaborations as esports gains mainstream attention [5].

工程已经延迟了大半年，中间有几个月的时间不允许施工。应书岭感到焦虑。这位 80 后企业家是英 雄游戏、英雄体育 VSPO 两家公司的董事长。英雄体育占据中国电竞市场超 7 成份额，但在地产行 业，应书岭是个新人。这是他第三次从零开始做一件事。 他等了三年，才抓住机会，按自己的想法在上海市中心打造一个地标性建筑。他想在那里办更大规 模的电竞比赛，用一处开阔空间承接瞬发的人流。 2021 年初，应书岭打电话给他心目中的项目联合创始人人选，比他小十二岁的真格基金投资人关山 行："兄弟，我最近拿了一栋楼。咱们琢磨琢磨干点啥。" "全世界那么多体育活动，去看世界杯的用户体验像过节一样，你飞去那个城市看三五场比赛，它是 一个目的地消费。我希望电竞比赛也能变成那样的体验。" 他说。 开发一处商业地产不能只靠电竞比赛。不办比赛的间歇里，需要填充别的业态来挣钱。他们最终琢 磨出的方案，多少违背了行业的传统做法。 现在人们看到，这是一栋位于上海黄浦区核心地段的综合体，包含了 B 级电竞场馆、七家夜店、 live house、 喜剧剧场和一些餐厅酒吧。整幢楼摒弃了零售空间，只有娱乐和餐饮业态。 应书岭和他的 INS 新乐园。 文丨 ...