Group 1: Industry Performance - The gaming industry index closed up 2.13% on September 17, with key stocks like Kaiying Network rising by 9.01% and others like Giant Network and Xunyou Technology increasing by over 4% [1] - Year-to-date, the gaming industry index has increased by 82.61%, ranking third among all Shenwan secondary industries, making it one of the best-performing sectors this year [1] - Six gaming stocks have doubled in price compared to the end of last year, with ST Huatuo, Giant Network, and G-bits showing significant increases of 286.19%, 261.23%, and 157.39% respectively [1] Group 2: Market Growth - The gaming market revenue showed significant growth, reaching 197.08 billion yuan from January to July 2025, a year-on-year increase of 12.58% [2] - Projected revenues for the gaming market are 265.88 billion yuan in 2022, 302.96 billion yuan in 2023, and 325.78 billion yuan in 2024, indicating robust industry vitality [2] Group 3: Esports Development - The esports industry in China generated 12.76 billion yuan in revenue from January to June 2025, reflecting a year-on-year growth of 6.1% [3] - The Chinese esports industry is expanding its influence overseas, particularly in regions like Latin America, in addition to traditional markets in East and Southeast Asia [3] Group 4: Supply and User Growth - The steady growth in industry revenue is attributed to the continuous release of new games, with a notable increase in the number of game approvals [4] - As of June 2025, the number of online game users in China reached 584 million, an increase of 26.92 million from December 2024, representing 52% of the total internet users [5] - The proportion of female gamers has risen to 48%, up 3.1 percentage points from the end of 2024, contributing to market expansion and innovation [5] Group 5: International Expansion - The gaming industry's international business has become a significant growth point, with 20 A-share gaming companies reporting overseas revenue of 21.82 billion yuan in the first half of 2025, a year-on-year increase of 30.43% [6] - ST Huatuo reported overseas revenue of 8.96 billion yuan, accounting for 52.06% of its total revenue, highlighting its strong international presence [6] Group 6: Institutional Investment - Five gaming stocks received significant QFII holdings by the end of the first half of the year, with Xunyou Technology, ST Zhongqingbao, and Iceberg Network leading in QFII market value [7]

Core Points - The 14th DOTA2 International Invitational (TI2025) concluded with Team Falcons winning the championship and Xtreme Gaming securing the runner-up position, marking a return to the top tier for Chinese teams [1][3] - Valve announced that the 2026 International Invitational will be held in Shanghai, China, making it the second time the city will host the event since 2019 [1][6] Industry Overview - DOTA2 International Invitational has been a benchmark event in the esports industry since its inception in 2011, with a total prize pool record of over $40.01 million, showcasing its commercial potential and ecosystem vitality [3][6] - The Chinese esports industry has seen a revenue of 12.761 billion yuan in the first half of 2025, reflecting a year-on-year growth of 6.10%, with a user base nearing 493 million [6][7] - The successful hosting of international esports events in China is a result of a well-established ecosystem and continuous innovation within the industry [6][7] Event and Ecosystem Development - Perfect World has been instrumental in building the DOTA2 ecosystem in China, organizing various events and supporting the growth of local esports [4][6] - Shanghai has become a prominent city for hosting DOTA2 events, having previously hosted multiple high-level international competitions, including TI9 in 2019 [6][7] - The Shanghai government is actively promoting the esports industry through supportive policies, enhancing the infrastructure and ecosystem for esports [7] Future Prospects - Perfect World aims to leverage its resources and past experiences to prepare for the 2026 TI, collaborating with government, Valve, and industry partners to deliver a high-quality esports event [7] - The recognition of esports in society is expected to further unlock the potential of DOTA2 and similar projects in China, enhancing the global influence of Chinese esports [7]

Group 1 - The esports sector saw a rise of 2.53%, ranking third among concept sectors, with 26 stocks increasing in value [1][2] - Notable gainers included Xinghui Entertainment, which hit a 20% limit up, and other companies like AOC Technology, Perfect World, and ST Huaton also reached their limit up [1] - The top gainers in percentage terms were Sanqi Interactive Entertainment, Giant Network, and Kaiying Network, with increases of 6.41%, 6.14%, and 4.82% respectively [1] Group 2 - The esports concept attracted a net inflow of 1.621 billion yuan, with 20 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflow [2] - Xinghui Entertainment led the net inflow with 384 million yuan, followed by Perfect World, Sanqi Interactive Entertainment, and ST Huaton with net inflows of 362 million yuan, 271 million yuan, and 257 million yuan respectively [2][3] - In terms of net inflow ratio, AOC Technology, Xinghui Entertainment, and Perfect World had the highest ratios at 27.71%, 25.83%, and 22.08% respectively [3] Group 3 - The overall performance of the esports sector was supported by significant trading volumes, with Xinghui Entertainment achieving a turnover rate of 19.11% and Perfect World at 4.94% [3] - Other companies like Sanqi Interactive Entertainment and ST Huaton also showed notable trading activity with turnover rates of 10.31% and 2.16% respectively [3] - Conversely, companies such as Yuntu Holdings and Manboer experienced declines of 2.70% and 0.98% respectively, indicating some volatility within the sector [1][5]

Group 1 - The 14th Dota 2 International (TI2025) concluded in Hamburg, Germany, with Team Falcons winning the championship and Xtreme Gaming securing the runner-up position, marking a return to the top tier of global teams [1] - Valve announced that the 2026 International will be held in Shanghai, China, making it the second time the city has hosted the event since 2019, with top teams from around the world expected to participate [1] - The Dota 2 International series has been a benchmark in the esports industry since its inception in 2011, with a total prize pool record of $40.01 million, showcasing its significant commercial potential and ecosystem vitality [1] Group 2 - Dota 2 has developed a strong user base and competitive culture in China over the past decade, supported by Perfect World and various clubs, streaming platforms, and sponsors [2] - Perfect World, the exclusive operator of Dota 2 in China, announced plans to integrate resources and collaborate with government, Valve, industry partners, and community players for the upcoming event, aiming to deliver a higher quality esports experience [2] - The Chinese esports industry reported a revenue of 12.761 billion yuan in the first half of 2025, a year-on-year increase of 6.10%, with a user base nearing 493 million, indicating growth in market revenue, new product launches, and international events [2] Group 3 - Shanghai has successfully secured the hosting rights for the 2026 Dota 2 International, becoming the only city besides Seattle to host the event multiple times [3] - As a prominent esports hub, Shanghai is recognized for its rich esports culture, complete industry chain, and innovative policy environment, driving the growth of the Chinese esports sector [3] - The Shanghai government actively supports the esports industry through policies like "Cultural and Creative 50 Articles" and "Esports 20 Articles," providing robust support across various dimensions such as venue facilities and event execution [3]

Group 1 - The provincial government emphasizes the importance of high-quality development in the service industry, aiming to strengthen innovation, optimize service supply, and enhance mechanisms to support the modern industrial system and high-quality growth [1][3] - Jiangsu Runhe Software Company is encouraged to increase R&D investment and build a self-controlled software technology ecosystem to empower various industries [2] - The government highlights the need for logistics companies to improve operational efficiency and service levels, promoting deep integration with manufacturing and supply chains to reduce overall logistics costs [2][3] Group 2 - The service industry is recognized as a crucial support for the modern industrial system, contributing to economic growth, job creation, investment expansion, consumption promotion, and improved living standards [3] - There is a focus on quality positioning, emphasizing the development of standards, quality, and brand core competitive advantages in the service consumption market [3] - The government advocates for the integration of digital technology in financial services, modern logistics, and R&D design to reshape service industry formats and models [3]

Group 1 - The provincial government emphasizes the importance of high-quality development in the service industry, aligning with Xi Jinping's important discussions on service industry development [1][3] - Jiangsu Runhe Software Company is encouraged to increase R&D investment and strengthen technology layout to empower various industries [2] - The government aims to enhance logistics efficiency and service levels, promoting deep integration between logistics and manufacturing industries [2] Group 2 - The service industry is recognized as a crucial support for the modern industrial system, contributing to economic growth, job creation, investment expansion, consumption promotion, and improving people's livelihoods [3] - There is a focus on quality positioning, emphasizing standards, quality, and brand core competitiveness to optimize the service consumption market environment [3] - The government promotes digital empowerment and the integration of smart technologies in financial services, modern logistics, and R&D design [3]

Core Viewpoint - The collaboration between Gaotu and Wolves Esports aims to cultivate global esports talent and enhance the international presence of Chinese esports through an innovative "education + esports" model [1] Group 1: Partnership Details - Gaotu has officially become the official learning partner of Wolves Esports, focusing on deep collaboration to break industry barriers [1] - The partnership introduces a new international talent cultivation model that includes language training and cross-cultural exchange guidance [1] Group 2: Talent Development Initiatives - The collaboration has launched the TAS esports talent assessment system, creating an integrated pathway for measurement, training, and education [1] - The initiative aims to provide diverse educational services and support talent throughout their entire development cycle [1] Group 3: Future Prospects - This partnership is one of the first projects to be implemented, with plans to deliver more specialized talent in the future [1] - Gaotu will continue to expand the boundaries of the "education +" ecosystem, promoting high-quality development in esports [1]

Core Insights - The "Lángyá Cup" esports event successfully integrated local culture with esports, showcasing a new model of "government-led + platform-enabled" innovation [1][3] - The Qingdao team won the championship, receiving a prize of 100,000 yuan, demonstrating high-level tactical execution and teamwork [1][3] Event Overview - The event was guided by the Shandong Provincial Sports Center and organized by various local government and sports associations [3] - The knockout stage began on September 5, featuring intense matches, including a decisive 2-0 victory for the Dezhou team over Qingdao in the initial round [3] - The finals took place on September 7, where Qingdao defeated Dezhou with a score of 4-1 in a best-of-seven format [3] Innovation and Impact - The event introduced the "Esports Lángyá Ranking" dynamic scoring system, merging competitive outcomes with regional culture [5] - This initiative aims to elevate esports from a mere competitive activity to a digital infrastructure for rural revitalization, contributing to local economic development [5]

Core Points - Recently, two equity freeze notices were added for Shangrao Leyou Network Technology Co., Ltd., with the individuals involved being RNG owners Yao Jincheng and Wang Junhong, freezing amounts of 35 million RMB and 15 million RMB respectively, both for a period of three years, enforced by the Shanghai First Intermediate People's Court [1][4]. Company Information - Shangrao Leyou Network Technology Co., Ltd. is associated with the well-known esports club RNG, which was established in May 2012 and has multiple game divisions including League of Legends and Honor of Kings [4][5]. - RNG's League of Legends division has achieved five LPL league championships, three MSI Mid-Season Invitational championships, and two runner-up finishes at the League of Legends World Championship [5].

Core Viewpoint - The company reported a year-on-year decline in total revenue of approximately 2.9% to about HKD 27.461 million for the first half of 2025, primarily due to decreased sales in the home products segment and the absence of contributions from the Metasens project [1] Group 1: Financial Performance - The company's revenue from the esports segment increased compared to the first half of 2024 [1] - The loss attributable to shareholders was approximately HKD 20.046 million, a decrease from HKD 26.039 million in the first half of 2024, mainly due to reduced R&D costs for Holosens [1] Group 2: Business Strategy and Focus - Since 2018, the company has transformed into a leading enterprise in online game publishing, cloud computing services, and esports [1] - The company's success is based on a steadfast commitment to innovation and development [1] - The company aims to create breakthrough products and service combinations by leveraging cutting-edge technology and deep understanding of consumer behavior [1] - The company will continue to develop Metasens, particularly the Holosens project, to realize its vision [1] - The company has accumulated valuable experience and business networks in the rapidly growing field, which is expected to remain a key driver of economic growth in the near future [1]