Summary of Zhejiang Shuju Culture Conference Call Company Overview - **Company**: Zhejiang Shuju Culture - **Period**: First three quarters of 2025 Financial Performance - **Revenue**: 2.152 billion CNY, a slight decrease of 0.79% year-on-year [2][3] - **Net Profit**: 535 million CNY, an increase of 12.65% year-on-year [3] - **Net Profit (Excluding Non-recurring Items)**: 340 million CNY, a growth of 6% year-on-year [3] - **Operating Cash Flow**: Improved from a negative 182 million CNY to a positive 324 million CNY [3] - **R&D Investment**: Increased by 20 million CNY to 268 million CNY, representing 12.5% of revenue [2][3] Business Segments Gaming Sector - **Peak Games**: Maintained steady growth despite no new game licenses; strong performance from popular games like "Doudizhu" [2][4] - **Innovation Team**: Established to explore mobile games and other categories [4] - **Profit Growth**: Driven by enhanced traffic effects from premium games [6] Digital Marketing - **Contribution to Profit**: Digital marketing segments like Jiutian Interactive and Taotian Media contributed to net profit growth [6] IP Economy - **Focus Area**: IP economy is a key growth area with multiple products launched in September and October, including toys and collectibles [7] - **Future Plans**: More products expected in Q4 and next year, with resource integration from previous investments anticipated to positively impact financials [7] Digital Technology (AIDC) - **Stability**: The AIDC segment remains stable, with plans for collaboration with leading computing card manufacturers in Beijing [8] - **Growth Potential**: The Dajiangdong area shows potential for growth, supported by Alibaba's significant investment in AI [8] Strategic Partnerships - **Collaboration with Alibaba Cloud**: A strategic framework agreement signed to upgrade computing power at the Fuyang base and deepen cooperation on the Dajiangdong project [9] - **AI Infrastructure**: Plans to enhance AI industry infrastructure through collaboration [9] AI Applications - **AI Development**: Formation of AI models and algorithms aimed at various sectors including smart cities and digital media [10] - **Commercialization**: Existing R&D outcomes are being transformed into competitive products for commercial value [10] Data Trading Center - **Growth in Trading Volume**: Expected to double in 2025, surpassing 100 million CNY [11] - **Future Potential**: Current trading volume is only 2%, with significant growth potential as national policies promote data trading [12] Investment Activities - **IPO Projects**: Investments in companies like Haima Cloud and Tongshifu are expected to yield returns upon their IPOs [13] - **Stock Holdings**: Company holds shares in Huatuo, with partial reductions noted; further details pending in the upcoming quarterly report [13] Collaboration with Alibaba - **Equity and Business Cooperation**: Includes joint ventures and strategic projects aimed at leveraging shared resources for mutual growth [14] - **Investment in Media**: Significant investment in media ventures to enhance collaborative business models [14] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segments, strategic partnerships, and future outlook for Zhejiang Shuju Culture.

中证报中证网讯(记者葛瑶)10月28日，由社会价值投资联盟(深圳)主办的"2025湾区可持续绿色金融论 坛"于深圳国际低碳城启幕。 本次论坛由社投盟秘书长王思主持，以"金融向绿，世界同行"为主题，广泛邀请政府代表、行业领袖、 企业高管、专家学者出席，并联合合作伙伴ACCA(特许公认会计师公会)、中国高端时装品牌 ELLASSAY歌力思（603808）及同名男装品牌ELLASSAY HOMME歌力思男装、盟浪可持续数字科技 (深圳)有限责任公司，支持单位深圳高等金融研究院、深圳市社会组织总会、香港大学中国商业学院、 华南环境及安全管理协会，与社投盟会员及各界盟友共创共享，为湾区乃至全国的双碳转型注入新动 能。 "可持续金融是实现'双碳'目标的重要引擎，更是湾区协同发展的关键纽带。"深圳市发展和改革委员会 绿色发展处处长陈兴在开幕致辞中表示，深圳作为全国首批碳达峰试点城市，持续在能源、城建、交通 等多领域加快绿色转型步伐，并积极探索绿色金融创新路径。截至2024年末，深圳银行业绿色信贷余额 首次突破万亿元大关，达10230.91亿元，增速高于各项贷款17.99个百分点。在深交所发行的绿色债券累 计规模达1883. ...

Macro Perspective - The "15th Five-Year Plan" serves as a crucial transitional phase towards achieving the 2035 modernization goals, with a target GDP growth rate of approximately 4.4% annually from 2026 to 2035 to double the economic output compared to 2020 levels [3][4] - The new environment presents several changes, including breakthroughs in technological innovation, a downward adjustment in financial cycles, and increased geopolitical conflicts, necessitating a focus on supply-side optimization and domestic demand [4][5] Technological Innovation and Industrial Development - The construction of a modern industrial system is emphasized as the material and technical foundation for Chinese-style modernization, with a focus on enhancing efficiency and security within the industrial chain [5][6] - The plan highlights the importance of traditional industries while also fostering emerging sectors such as new energy, aerospace, and advanced manufacturing, with specific attention to future industries like quantum technology and hydrogen energy [6][7] Domestic Demand and Consumption - The plan aims to significantly increase the resident consumption rate, focusing on both supply-side and demand-side measures to stimulate consumption [9][10] - Key policies include improving the consumption system, enhancing infrastructure for consumer services, and expanding the supply of quality consumer goods and services [9][10] Open Economy and International Cooperation - The "15th Five-Year Plan" emphasizes a more proactive and autonomous approach to opening up the economy, with a focus on expanding market access and promoting balanced trade development [12][13] - Financial openness is highlighted as a critical area, with a goal to enhance the international status of the Chinese currency and improve the capital account [13][14] Green Transition and Carbon Neutrality - The plan identifies the "15th Five-Year Plan" period as critical for achieving carbon peak goals, with a focus on controlling coal and oil consumption and implementing a dual control system for carbon emissions [16][17] - The expansion of the national carbon market and promotion of green consumption are also key components of the strategy [17][18] Fiscal and Tax Reforms - Fiscal reforms during the "15th Five-Year Plan" will focus on enhancing sustainability and the effectiveness of active fiscal policies, including optimizing the tax structure and increasing public service spending [18][19] - The plan aims to improve the social security system and reduce reliance on general budget subsidies, thereby enhancing fiscal sustainability [19][20] Capital Market Outlook - The capital market is expected to exhibit a "long-term" and "steady" trend during the "15th Five-Year Plan," supported by government emphasis on market development and favorable economic conditions [37] - Key sectors to watch include digital technology, high-end manufacturing, and consumer sectors, with a focus on innovation and quality upgrades [38]

Core Viewpoint - The forum focused on the digitalization of physical assets, launching China's first eRWA product, MiWan.LOVE, aimed at exploring a new path for RWA in China, emphasizing compliance and technology support for high-value industry digital transformation [1][2] Group 1: eRWA Product Launch - The MiWan.LOVE product represents the practical implementation of the eRWA model, linking digital rights directly to physical sugarcane assets, ensuring authenticity and traceability [2] - The product is backed by a high-standard sugarcane plantation in Guangxi, utilizing advanced technology to convert real-time data into immutable digital rights on the blockchain [2] Group 2: Compliance and Technology - The eRWA compliance development model involves a platform that guarantees a direct correspondence between digital rights and physical assets, distinguishing it from traditional digitalization attempts that focus more on technology than on physical assets [1][2] - The use of decentralized continuous bookkeeping allows for complete digitalization of asset management, replacing traditional credit systems with data representing real-world assets [3] Group 3: Future Applications - The successful implementation of MiWan.LOVE validates a replicable path for digital rights issuance and physical asset delivery, which can be applied across various sectors such as agriculture, mining, and manufacturing [3] - This approach aims to provide new solutions for the digital transformation of numerous industries, ensuring that digital rights are always grounded in and serve the physical industry [3]

Core Insights - The Chongqing Sensor Industrial Park is a collaborative project between China Railway Construction Corporation and the Beibei District of Chongqing, utilizing a PPP model to foster new productive forces in the industry [1][4] - Yuan San Digital Technology Co., a key player in the park, focuses on digital twin technology and educational integration, providing tailored digital solutions across various sectors [2][4] - The park has seen significant investment and development, with a total investment of approximately 2.693 billion yuan, and has attracted 32 enterprises, contributing to the local economy and industry growth [6][7] Investment and Development - The park has completed an investment of about 2.693 billion yuan, accounting for approximately 57% of the total planned investment [6] - It has established a strong ecosystem, with 32 companies currently operating within the park, enhancing collaboration and order generation among businesses [2][6] - The park aims to align with national strategies, focusing on three main industries: intelligent connected new energy vehicles, next-generation electronic information technology, and medical and biological technology [6][7] Industry Performance - Chongqing has been recognized as a "Motorcycle Capital," with motorcycle exports reaching 19.86 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 37.9% [4][6] - Yuan San Digital has completed numerous digital twin applications in sectors such as smart city management and agriculture, indicating a growing demand for digital transformation solutions [2][4] - The park's strategic location and infrastructure are conducive to attracting more industry-related enterprises, further enhancing its operational efficiency and reducing transaction costs [6][7]

Group 1 - China's agricultural modernization is crucial for the overall modernization of the country, with significant achievements made during the "14th Five-Year Plan" period [1][6] - The logistics sector in China has shown remarkable growth, enhancing economic vitality through improved speed and connectivity during the "14th Five-Year Plan" [2][6] - The industrial economy in China has demonstrated steady growth in the first three quarters of the year, supported by proactive macroeconomic policies [5][6] Group 2 - The civil aviation industry in China has experienced steady growth in transportation production, with significant increases in total turnover, passenger transport, and cargo volume in the first three quarters [7] - The water conservancy sector has achieved significant advancements, establishing the world's largest and most comprehensive water infrastructure system during the "14th Five-Year Plan" [4][6] - The international community is closely monitoring China's high-quality development, viewing it as a source of stability and positive energy for the world [6]

Core Insights - The investment promotion conference in Xiamen showcased the unique appeal of Chengdu's Qingbaijiang District as a gateway for external cooperation and resource sharing, aiming to deepen collaboration between Fujian and Chengdu [1][3] - Qingbaijiang District is positioned as a significant hub for international logistics and trade, benefiting from national strategies such as the Belt and Road Initiative and the Yangtze River Economic Belt [5][6] Investment Opportunities - Qingbaijiang serves as the starting point for the China-Europe Railway Express and is recognized as a world-class land port hub, with over 36,000 trains connecting to 156 global cities, enabling rapid delivery of goods [5][7] - The district has been awarded titles such as "Top Ten County Economic Development Areas in the Province" and "Top Ten Investment Environment Quality Areas in China," indicating a favorable business climate [7][8] Collaboration and Networking - The conference facilitated connections between local businesses and potential investors, highlighting the importance of leveraging local government resources to enhance investment opportunities [6][7] - Companies such as Tailu Fu Cold Chain Logistics and Shengjiang Group expressed interest in collaborating with Qingbaijiang, indicating a strong potential for future partnerships [8] Future Directions - Qingbaijiang aims to convert collaboration intentions into tangible investment outcomes, focusing on high-quality economic development and enhancing its role in Eurasian trade [8]

Core Insights - A new digital technology company, Liaoning Lanhua Zhichuang Digital Technology Co., Ltd., has been established with a registered capital of 10 million yuan, focusing on internet data services and AI applications [1] Company Summary - The new company is co-owned by Kelong Software (300663) and others, indicating a strategic move into the AI sector [1] - The business scope includes AI industry application system integration services, AI hardware sales, and technical consulting for AI public service platforms [1]

Core Insights - The application of VR and AR technologies in the archaeological site of Liangzhu transforms visitors from mere observers into active participants, allowing them to engage with the 5,000-year-old Liangzhu civilization in a more immersive way [1] - The integration of technology enhances the breadth and depth of the content provided, shifting from merely conveying knowledge to stimulating humanistic thinking and boosting cultural confidence, thus accelerating the evolution of cultural dissemination towards a more diverse and profound direction [1] - The continuous upgrade and widespread application of technology support the revitalization of history and the enhancement of visitor experiences, with expectations for digital technology to reach more relics and artifacts, breathing new life into them in the modern era [1]

Core Points - The event "‘京’彩文化 青春绽放" 2025 Park Tour was organized to showcase the transformation of the Dahongmen area from a clothing wholesale market to a cultural and technological hub [2][4] - The South Central Axis International Cultural Technology Park has undergone significant renovations since October 2022, evolving into a multifunctional cultural industry park [2][4] - The park integrates modern office spaces, commercial facilities, and talent apartments, emphasizing a blend of culture and technology [4][8] Group 1 - The park is located at 15 Nanyuan Road, Fengtai District, and was previously known as the Dahongmen Clothing Trade City, the largest wholesale market in the area [2][4] - The renovation includes the removal of illegal constructions and the addition of interactive spaces like indoor courtyards and outdoor rooftop gardens [2][4] - The park aims to create a vibrant waterfront architectural interface that harmonizes with the surrounding environment, attracting local residents and enhancing commercial vitality [4] Group 2 - Students from three universities participated in the event, experiencing advanced technologies such as digital humans and XR technology [1][6] - The XR Cloud Performing Arts Center showcased real-time rendering technology, allowing students to see how backgrounds can be automatically synthesized without the need for green screens [6] - The event provided students with insights into the integration of culture and technology, enhancing their understanding of modern industries [7][8]