Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The impact of educational materials reform is gradually being digested, and performance is expected to recover [6] - The company reported a revenue of 1.76 billion yuan for Q3 2025, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 109 million yuan, a year-on-year decrease of 5.4% [2] - The company achieved a revenue of 5.29 billion yuan in the first three quarters of 2025, a year-on-year decrease of 26.5%, with a net profit of 399 million yuan, down 49.1% [3] - The game subsidiary, Zhixing Tong, is undergoing significant personnel changes, which may reshape its business [4] - The company is actively embracing technological changes and diversifying its business to enhance performance [5] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and net profit due to changes in the educational materials subscription and distribution model in Jiangxi Province [3] - The revenue for 2025-2027 is projected to be 7.3 billion, 12 billion, and 12.5 billion yuan, respectively, with net profits of 732 million, 1.204 billion, and 1.248 billion yuan [6][10] - The earnings per share (EPS) for the same period are expected to be 0.54, 0.88, and 0.91 yuan [6][10] Business Outlook - The core business position is stable, and if the new procurement policies in Jiangxi are streamlined, the main publishing and distribution revenue is expected to stabilize [3] - The game business is currently in a transitional phase, but with personnel restructuring and cost reductions, it is anticipated to stabilize and lay the foundation for future performance recovery [4] - The company is focusing on nurturing digital and emerging businesses as future growth points, including IP development and AI-driven marketing solutions [5]

Core Viewpoint - ASUS Computer (Chongqing) Co., Ltd. issued an apology to Tencent Game Security ACE for a misleading video that raised concerns about software safety and computer performance among players [1][4] Group 1: Apology and Response - ASUS has removed the controversial video and is conducting an internal investigation and process review [2] - The company acknowledged that the incident stemmed from management oversights regarding the supplier team and a lack of strict content review processes [4] - Tencent Game Security expressed gratitude for ASUS's sincerity and looks forward to future collaboration to promote a healthy gaming industry and public opinion environment [4] Group 2: Product Background - Tencent Game Security ACE is a self-developed game security product focusing on comprehensive safety protection throughout the game lifecycle, serving hundreds of games and over 700 million players [6] - ACE evolved from Tencent's early anti-cheat systems and was officially launched in November 2021, transitioning into a comprehensive security solution covering anti-cheat, content security, and economic safety [6] - The controversial video claimed that the ACE anti-cheat system excessively scans the hard drive, leading to memory usage issues and performance drops in games [6] Group 3: Ongoing Issues - Despite the removal of the original video by ASUS, copies have been circulated on Bilibili, and various user-uploaded tutorials on disabling ACE continue to appear [7] - As of the report, Tencent Game Security has not provided further responses regarding the issues mentioned in the video [7]

Core Viewpoint - The company is integrating AI technology into its game development process to enhance art design and improve user interaction experiences [1] Group 1 - The company has multiple game products that utilize AI-generated tools for optimizing art design workflows [1] - AI assistants are being introduced to enhance the interactive experience in the company's games [1]

Core Insights - "Honor of Kings" by Tencent returns to the top of the revenue chart with $134.1 million in October, showing a significant increase of nearly $20 million from September, although still below the peak of approximately $180 million in January and February [2] - "LastWar: Survival" sees a slight revenue increase from $112 million in September to $125 million in October, maintaining levels similar to earlier this spring [2] - "Roblox" ranks third with October revenue of $121.9 million, remaining stable compared to September but significantly lower than its summer peak of over $150 million [3] Revenue Performance - "Monopoly Go" and "Royal Match" maintain regular performance with revenues of $117.5 million and $106.6 million respectively in October [3] - "Whiteout Survival" experiences a decline, falling below $100 million for the first time since September 2024, with a drop in revenue after two consecutive months of decline [3] - "Candy Crush Saga" continues to show stable performance, maintaining around $80 million in revenue [4] Rankings and Changes - "Kingshot" achieves a new record high with October revenue of $66.8 million, while "Gossip Harbor" surpasses $60 million [4] - "Clash Royale" sees a revenue decrease to approximately $58.6 million, down nearly $10 million from the previous month, but still significantly higher than its spring levels of around $13 million [4] - The global revenue rankings for mobile games in October show "Delta Force" by Tencent at 11th place with $48.3 million, while "Pokémon TCG Pocket" rises significantly to 13th place with $44 million, boosted by a new card pack release [5] Notable Declines - "PUBG Mobile" experiences a revenue drop from $131 million in August to $41.9 million in October [6] - "Genshin Impact" and "Royal Kingdom" see notable rank increases, while other titles like "Honkai: Star Rail" and "Crossfire" show significant declines in the top 50 rankings [6]

"未来，我们会进一步优化平台，开发数据收益权质押、IP证券化等产品，完善文化数据与资本市场的 对接通道。"项目负责人刘天骄表示，团队将继续以文化为内核、以科技为引擎、以金融为动能，为数 字中国建设注入更多"文化数据"的力量。 （编辑：卢志坤 审核：童海华 校对：张国刚） 依托COG平台，四川数字世界联合中国银行、建设银行、新网银行等11家金融机构，组建起游戏资产 投融资联合体，推出"星游宝""好游通"等专属金融产品，总授信规模达600亿元。 自2025年5月在深圳文博会发布以来，平台已为32家游戏企业注入5.3亿元资金支持——这意味着，曾经 躺在服务器里的"闲置数据"，真正转化成了企业发展的"真金白银"。从数据资源到数据资产，再到数据 资本，COG平台打通了关键转化通道，也为金融机构开辟了"文化数据风控+投资"的新赛道。 中经记者 陈雪波卢志坤成都报道 近日，由国家数据局联合中央网信办、工业和信息化部、金融监管总局、中国人民银行、中国证监会等 20多个部委共同主办的"数据要素X"大赛全国总决赛公示结果——四川数字世界文化科技有限公司（以 下简称"四川数字世界"），作为金融赛道唯一的文化企业，凭自主研发的"CO ...

声明显示，目前，华硕已第一时间下架了该视频。经内部严肃调查，确认事件原因如下：公司对于相关 供应商团队管理存在疏漏，未有建立严格的内容审核流程。相关人员在内容创作过程中，在未经任何事 实查证的情况下，根据网络相关不实信息制作内容并发布。 华硕官旗 2025年11月05日 00:08 致歉声明 ⊙ 收起 Q 童看大图 ○ 向左旋转 C 向右旋转 华硕品质 ·坚若磐石 致歉声明 近期,华硕官旗账号发布的《关闭ACE反作弊系统,保护你的电脑性能》视频存在错 误描述和不实评价,对腾讯游戏安全ACE造成不良影响，引发玩家们对软件安全及电 脑性能稳定性上的担忧,在此华硕深表歉意。 目前,华硕已第一时间下架了该视频,并正在内部进行严肃核查与流程梳理。 经内部严肃调查,确认事件原因如下: 我司对于相关供应商团队管理存在疏漏,未有建立严格的内容审核流程。相关人员在内 容创作过程中,在未经任何事实查证的情况下,根据网络相关不实信息制作内容并发布。 为避免后续同类问题发生,我司将采取以下措施： 1、对内部相关失职人员进行严肃处理。 2、开展内部整改,建立更严格的多层级内容审核机制,确保所发布内容真实、准确, 杜绝此类事件再次发生。 ...

Core Viewpoint - The ongoing conflict between game developers and distribution channels, particularly regarding the withdrawal of multiple NetEase games from the OPPO platform, highlights a significant shift in the gaming industry dynamics, driven by cost issues associated with Android distribution channels [1][2][3] Group 1: Game Withdrawals - Multiple NetEase games have been removed from the OPPO channel, including titles like "Onmyoji: Yokai House" and "Onmyoji: Card Game," with the latest being "Nirvana in Fire" and "Pro Evolution Soccer" [2] - The trend of withdrawing games from OPPO has escalated from smaller titles last year to major flagship products this year, indicating a broader industry shift [2] Group 2: Industry Dynamics - Analysts suggest that the era of distribution channels charging exorbitant fees is coming to an end, as game developers seek to optimize their operational strategies [3] - The situation reflects a growing trend in the gaming industry where developers are reassessing their partnerships with distribution platforms due to financial pressures [2][3]

同期，Switch 2的软件销量达到2062万套，其中，《马力欧卡丁车：世界》已售出957万份，《咚奇刚 蕉力全开》销量349万份。 图片来源：任天堂官方网站 任天堂近日公布的2025-26财年（自然年第三季度）最新财报显示，截至2025年9月30日，两个财季总收 入达10995亿日元，同比增长110%；营业利润达1451亿日元，同比增长19.5%。其中，第二财季营收 5272亿日元，经营利润882.5亿日元。分地区看，日本与北美地区贡献了超过60%的销售收入，亚太在 内的其他地区收入占比为14.8%。 其业绩的显著增长主要得益于Switch游戏机及其软件的强劲市场表现。 最新的财报显示，截至2025年9月30日，Switch 2游戏机全球累计销量已达1036万台。初代Switch的全球 总销量则攀升至1.54亿台，作为史上最畅销游戏机之一的地位越发巩固。与此同时，Switch的全球软件 总销量达14.5亿份。 8月1日，任天堂宣布，自8月3日起，美国地区Switch系列主机及产品的定价将根据市场状况进行调整， 包括Switch主机、Switch OLED机型、Switch Lite以及部分Switch配件。 ...

Core Viewpoint - The recent trend of multiple NetEase games ceasing operations on OPPO's platform reflects a broader shift in the gaming industry, driven by high channel fees and changing market dynamics [2][3][5]. Group 1: Game Operations and Partnerships - Several NetEase games, including "逆水寒" (Naraka: Bladepoint), have stopped operations on OPPO's platform due to "operational strategy adjustments" by NetEase [2]. - OPPO's customer service confirmed the cessation of services but could not provide information on future collaborations with NetEase [2]. - The trend of NetEase withdrawing games from OPPO began last year and has continued into 2025, with multiple titles announcing their exit from the platform [2]. Group 2: Industry Trends and Analysis - Industry analysts suggest that the withdrawal of games from Android channels is a response to high fees imposed by these platforms, indicating a shift away from reliance on channel distribution [3][5]. - The gaming industry is witnessing a decline in profit margins, which exacerbates tensions between game developers and distribution channels [5]. - The emergence of high-quality games allows developers to attract users through direct downloads, reducing dependency on traditional app stores [5]. Group 3: Historical Context and Changes - The gaming industry previously relied heavily on app stores for user acquisition, but this model is becoming less effective as the market evolves [4]. - The "hardcore alliance" formed in 2014, which established a 50-50 revenue split between game companies and mobile manufacturers, is being challenged as developers seek more favorable terms [3].

Core Viewpoint - The recent trend of multiple NetEase games ceasing operations on OPPO's platform reflects a broader shift in the gaming industry, driven by high channel fees and changing market dynamics [2][3][4]. Group 1: Game Cessation on OPPO - Several NetEase games, including "逆水寒" (Nirvana in Fire), have stopped operations on OPPO's platform due to "operational strategy adjustments" by NetEase [2][3]. - This trend is not new; multiple titles have previously announced their exit from OPPO, including "阴阳师：妖怪屋" (Onmyoji: Yokai House) and "梦幻西游" (Fantasy Westward Journey) [3][4]. - Analysts suggest that more prominent titles from NetEase may also follow suit, indicating a significant shift in the gaming landscape [3][4]. Group 2: Industry Dynamics - The gaming industry is witnessing a decline in the relevance of Android channels, with companies increasingly opting to withdraw from these platforms due to high revenue-sharing demands [4][5]. - The "hardcore alliance" formed by major players like Tencent has also contributed to this shift, as it established a 50/50 revenue-sharing model that is now being challenged [4][5]. - The contribution of channels to user acquisition is diminishing, while the revenue-sharing ratios remain high, leading to increased tension between game developers and platform providers [5][6]. Group 3: Strategic Shifts - Companies like NetEase and Tencent are confident in their games' appeal, believing that withdrawing from channel servers will not significantly impact user retention and may even enhance user migration to official servers [6]. - The industry is moving towards a model where high-quality games attract users directly, reducing reliance on traditional channel distribution methods [5][6].