Core Viewpoint - The recent administrative penalty notice from the China Securities Regulatory Commission (CSRC) against 37 Interactive Entertainment reveals multiple violations related to false shareholder records, undisclosed related party transactions, and misleading announcements from 2014 to 2021 [2][3] Summary by Sections Regulatory Actions - The CSRC has proposed to order 37 Interactive Entertainment to rectify its actions and issue warnings, with a total fine of 32.55 million yuan imposed on the company and six related individuals, including 14 million yuan on the current chairman Li Weiwei [3] Violations Details - The violations include false records of shareholder holdings in annual reports from 2014 to 2020, failure to disclose related party transactions in the 2018 annual report, and omissions in the 2020 interim announcement and annual report regarding related party transactions [2][4] Company Background - 37 Interactive Entertainment transitioned from an automotive parts company to a gaming company after acquiring 100% of the game company "Shanghai 37 Play" in 2014 and subsequently changing its name [3][4] Financial Performance - In the first three quarters of the year, the company reported revenue of 12.461 billion yuan, a year-on-year decrease of 6.59%, while net profit attributable to shareholders was 2.345 billion yuan, an increase of 23.57% [5] - The third quarter alone saw revenue of 3.975 billion yuan, down 3.23%, but net profit rose by 49.24% to 944 million yuan [5] Game Performance and Market Reception - The company attributed its performance growth to effective long-term operations of existing products and the successful launch of new games such as "Time Explosion" and "Douluo Dalu: Soul World" [5] - However, player ratings on TapTap for these games were relatively low, with scores of 4.5, 6.1, and 6.8, indicating dissatisfaction with aspects like server management and monetization strategies [6] Cost Management - Despite a 19.53% decrease in sales expenses to 6.199 billion yuan, these costs still accounted for nearly 50% of total revenue, while research and development investment was only 512 million yuan [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance in the mobile gaming sector and information services [4]. Core Views - The company's contract liabilities have significantly increased, providing a solid foundation for future growth. As of the first three quarters, contract liabilities amounted to approximately 351 million yuan, a year-on-year increase of 94.78%, primarily due to the rise in deferred revenue [2]. - The company has successfully obtained licenses for three games and launched multiple titles, including "荒野守则," "熊猫大作战," and "黑猫警长：守护," which have performed well in various markets [2]. - Progress in the company's gaming box initiative is promising, with over 25 high-quality games entering the platform, and plans to introduce over 100 more, enhancing the content ecosystem [3]. Financial Performance Summary - For the first three quarters, the company reported a revenue of 4.075 billion yuan, a year-on-year increase of 3.75%, and a net profit attributable to shareholders of 1.583 billion yuan, up 23.7% [1]. - The third quarter alone saw revenues of 1.497 billion yuan, reflecting a 9.08% year-on-year growth, with net profit reaching 633 million yuan, a 34.51% increase [1]. - The company forecasts net profits for 2025-2027 to be approximately 1.967 billion yuan, 2.362 billion yuan, and 2.725 billion yuan, respectively, with corresponding P/E ratios of 25.58, 21.30, and 18.46 [4][6].

Core Viewpoint - The recent administrative penalty notice from the China Securities Regulatory Commission (CSRC) reveals multiple violations by 37 Interactive Entertainment from 2014 to 2021, including false shareholder records and undisclosed related party transactions [1][3]. Summary by Sections Regulatory Actions - 37 Interactive Entertainment received an administrative penalty notice from the CSRC, which has been pending for over two years [1]. - The violations include false records of shareholder holdings from 2014 to 2020, failure to disclose related party transactions in the 2018 annual report, and omissions in the 2020 temporary announcements and annual report [3][5]. - The CSRC plans to impose a fine totaling 32.55 million yuan on the company and its key executives, with the chairman facing a personal fine of 14 million yuan [3][5]. Company Background - The company's issues trace back to its transformation from an automotive parts company to a gaming company after acquiring "Shanghai 37 Play" in 2014 and 2015 [5]. - Key executives utilized funds from the acquisition to purchase shares, leading to undisclosed shareholding arrangements that violated disclosure requirements [5]. Financial Performance - In the first three quarters of the year, the company reported revenue of 12.461 billion yuan, a year-on-year decrease of 6.59%, while net profit attributable to shareholders increased by 23.57% to 2.345 billion yuan [6]. - The third quarter alone saw revenue of 3.975 billion yuan, down 3.23%, but net profit rose by 49.24% to 944 million yuan [6]. Game Performance and Market Position - The company has launched several successful games, including "Time Explosion" and "Douluo Continent: Soul World," which contributed to revenue growth [6]. - Despite the financial performance, the games received mixed reviews, with ratings of 4.5, 6.1, and 6.8 on TapTap, indicating potential issues with player satisfaction [6][7]. - Players have expressed dissatisfaction with game mechanics, including server management and low drop rates for in-game items [7]. Cost Management - Sales expenses decreased by 19.53% to 6.199 billion yuan, accounting for nearly 50% of total revenue, while research and development investment was only 512 million yuan [8].

Core Viewpoint - Company has signed an investment agreement to acquire 51% of Sanzuwu's expanded registered capital, making it a non-wholly owned subsidiary, which enhances its strategic positioning in the AI and drone sectors [1][2] Group 1: Investment and Acquisition - Company’s wholly-owned subsidiary, Beijing Lianzhong Interactive Network Co., Ltd., will invest in Sanzuwu Consulting Co., Ltd. [1] - Post-transaction, Sanzuwu will become a non-wholly owned subsidiary of the company [1] Group 2: Strategic Development - The investment aims to deepen the company's strategic layout in AI and integrate resources from both parties [2] - Company plans to build an esports entertainment venue at Sanzuwu's training base, leveraging Sanzuwu's expertise in low-altitude economy and drone applications [2] Group 3: Innovation and Ecosystem - The collaboration will create a multi-dimensional ecosystem based on AI, combining content, technology, users, and scenarios [2] - Company and Sanzuwu will co-develop AI drone intelligence competitions, establishing a benchmark for "new intelligence sports" [2] - Plans include launching technical training courses and an information-based examination system to foster an innovative talent ecosystem [2] Group 4: Long-term Value Creation - Company aims to enhance its core competitiveness in AI technology through investments and partnerships with industry leaders [2] - The strategy is focused on embracing innovative technology to create long-term value for shareholders [2]

Core Viewpoint - The company has signed an investment agreement to acquire a 51% stake in Sanzuwu, which will become a non-wholly owned subsidiary, enhancing its strategic positioning in the AI and drone sectors [1][2] Group 1: Investment Agreement - The company’s wholly-owned subsidiary, Beijing Lianzhong Interactive Network Co., Ltd., will invest in Sanzuwu, expanding its registered capital [1] - Following the completion of the transaction, Sanzuwu will become a non-wholly owned subsidiary of the company [1] Group 2: Sanzuwu's Strengths - Sanzuwu has a strong core team, including world champions in model aircraft, certified experts, and experienced engineers [1] - The company holds multiple patents and software copyrights, and operates the largest drone pilot training base in China, covering over 200 acres [1] - Sanzuwu possesses rare qualifications, including certification from the Civil Aviation Administration of China and a drone flight training license [1] Group 3: Strategic Plans - The company plans to build an esports entertainment venue at Sanzuwu's training base, further integrating AI technology into its strategic layout [2] - The collaboration aims to create a multi-dimensional ecosystem based on AI, combining content, technology, users, and scenarios [2] - The company will co-develop AI drone intelligence competitions, establishing a professional platform and standardized competition system [2] Group 4: Talent Development - The company intends to launch technical training courses and an information-based examination system, fostering an innovative talent ecosystem through competitions and training [2] - Continuous investment and deep collaboration with industry leaders will enhance the company's core competitiveness in AI technology [2] - The strategic focus on innovation technology aims to create long-term value for shareholders [2]

Group 1 - The company, through its wholly-owned subsidiary Beijing Lianzhong, has entered into an investment agreement to acquire 51% of Beijing Sanzuwu Consulting Co., Ltd. for RMB 31.2 million [1] - The target group is primarily engaged in drone research and development, AI technology development and market application, human-computer interaction technology development, certification testing, and comprehensive talent training [1] - Following the completion of the transaction, the company plans to build an esports entertainment venue at the target group's base and further deepen its strategic layout in the AI field [1] Group 2 - The company aims to reshape its core businesses in leisure gaming, cultural entertainment, and sports competition, driven by AI technology, blockchain innovation, and the construction of a Web 3.0 ecosystem [2] - The company is actively expanding its "IP influence + new retail" incremental business, focusing on providing sustainable emotional value and immersive experiences for global users [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 – 1 – OURGAME INTERNATIONAL HOLDINGS LIMITED 聯 眾 國 際 控 股 有 限 公 司* （ 根據開曼群島法律註冊成立之有限公司） （股份代號：6899） 自願公告 深化AI戰略佈局 拓展AI競技與低空經濟生態 本公告乃由聯眾國際控股有限公司（「本公司」）自願刊發。 本公司欣然宣佈，本公司全資附屬公司北京聯眾互動網絡股份有限公司（「北京聯眾」）已與 北京三足烏諮詢有限公司（「三足烏」）簽署投資協議。根據投資協議，北京聯眾將認繳三足 烏經擴大註冊資本的51%。於交割後，三足烏將成為本公司的非全資附屬公司。有關詳細 條款載於本公司同日刊發之《須予披露交易—認繳目標公司註冊資本》公告。 三足烏核心團隊實力雄厚，包括航模世界冠軍、行業認證專家及資深工程師，擁有多項發 明及實用新型專利、軟件著作權，在成都擁有西南地區首家無人機場和全國最大的無人機 駕駛考試及培訓基地（ 佔 ...

中 泰证 券研 究所 专 业｜ 领先 ｜深 度｜ 诚信 ｜ 证 券 研 究 报 告 ｜ 3Q25游戏财报总结 ——收入加速上扬，现金流充沛 分析师：康雅雯 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 分析师：朱骎楠 执业证书编号：S0740523080003 Email：zhuqn01@zts.com.cn 2025 . 1 1 . 0 3 ⚫ 3Q25收入与毛利持续攀升，行业盈利能力显著增强。3Q25实现总收入245.8亿，同比增长30.5%，环比增长10.8%，收 入端为连续第7个季度实现环比正增长，毛利率跟随收入攀升，预计传统渠道向官服与TapTap等第三方非抽成平台集中 趋势明显，自研游戏收入占比进一步提升。3Q25实现整体归母净利润为51.8亿，较去年同期27.4亿继续大幅提升，单 季度净利率21.1%，在绝对额创新高的情况下，净利率也突破20%，是近7年Q3业绩表现最佳的一个季度，板块持续表 现出了强劲的盈利上升趋势。 ⚫ 研发投入拐头向上，费用率依旧在低位。从季度数据看，3Q25研发投入环比有明显增长，达到25.3亿元，相较于Q2的 20.1亿元， ...

Market Overview - On November 3, the A-share market experienced a rebound after an initial decline, with all three major indices closing in the green [1] - The market saw rapid rotation of hotspots, particularly in the photovoltaic sector, which strengthened in the afternoon, leading to significant gains in related ETFs [1] ETF Trading Activity - The total trading volume of ETFs exceeded 550 billion yuan on November 3, with three ETFs surpassing 15 billion yuan in trading volume [2] - Recently, broad-based ETFs have become the main attraction for capital inflow, with six out of the top ten ETFs by net inflow being broad-based ETFs as of October 31 [3] Sector Performance - The photovoltaic sector saw notable gains, with companies like Arctech and Haimo Star rising over 10%. Leading photovoltaic ETFs also performed well, with the top ETF gaining 4.55% [4][5] - The media and entertainment sector experienced a collective surge, driven by strong quarterly reports from gaming and film companies, as well as favorable policy changes from Tencent [7] ETF Performance Highlights - The top-performing ETFs on November 3 included: - Semiconductor ETF: +4.62% - Leading Photovoltaic ETF: +4.55% - Biotech ETF: +4.42% - Film and Television ETF: +4.38% [5] - Conversely, gold-related ETFs faced declines, with five of the ten ETFs with the largest drops being gold-related [8][9] Continued Interest in Innovation - The trading activity in the innovation bond ETFs remained robust, with six innovation bond ETFs exceeding 9 billion yuan in trading volume on November 3 [10] - The short-term bond ETF had the highest trading volume at 37.56 billion yuan, although it saw a slight decrease from the previous trading day [11] Investment Strategy Insights - Analysts suggest that the market's short-term rotation does not alter the overall positive trend, with a focus on technology-related growth stocks and value recovery opportunities [14]

Core Viewpoint - Glacier Network (300533) has no current plans to acquire a self-research chip company, as stated in a response to investor inquiries on November 3 [1] Company Summary - The company clarified its position regarding potential acquisitions in the chip sector, specifically denying any plans to acquire a self-research chip company [1]