Core Viewpoint - The domestic cultural and tourism market is experiencing significant growth during the summer, driven by innovative consumption scenarios and events, such as sports and movies, which are becoming key engines for consumer spending [1]. Group 1: Sports and Events - The "Su Super" league in Jiangsu has gained popularity, with venues like the Changzhou Olympic Sports Center accommodating up to 41,000 spectators, and single matches attracting over 60,000 attendees since its launch in May [3]. - The integration of sports events with local tourism has led to a surge in visitor numbers and revenue for attractions, with places like the China Dinosaur Park seeing an 80% increase in visitor traffic and revenue in July [5]. - The "Su Super" league is projected to generate over 300 million yuan in economic benefits throughout the season, with each city in Jiangsu expected to earn an additional 20 million yuan [9]. Group 2: Cultural Integration - The success of the animated film "Ne Zha" has not only achieved a box office of 15.9 billion yuan globally but has also stimulated the sales of related merchandise, reaching hundreds of billions in sales [13]. - The concept of "ticket root economy" has emerged, where a movie ticket can unlock discounts at various attractions, restaurants, and performances, creating new consumption models in the cultural tourism sector [13]. - The trend of integrating intangible cultural heritage into tourism has seen significant growth, with a 40% increase in "heritage tourism" during the Spring Festival and a threefold increase in related online searches during the Dragon Boat Festival [21]. Group 3: Market Potential - The combination of sports, movies, and cultural heritage showcases the vast potential of the cultural tourism market, emphasizing the need for continuous innovation and the integration of various sectors to transform cultural flow into tangible consumer growth [23].

Group 1 - The domestic cultural and tourism market has seen innovative and diverse consumption scenarios in the first half of the year [1] - The "Su Super" football league has gained significant popularity since May, with single-match attendance exceeding 60,000, transforming football venues into urban "meeting places" [1] - The "Su Super" has become a powerful engine for connecting cultural and tourism resources across 13 cities in Jiangsu, stimulating consumption potential [1] Group 2 - The Jiangsu Sports Industry Group predicts that the entire "Su Super" season will generate over 300 million RMB in comprehensive economic benefits, with an average revenue increase of over 20 million RMB per city in Jiangsu [1] - The animated film "Ne Zha" achieved a global box office of 15.9 billion RMB, contributing to the best overseas performance of Chinese films in nearly 20 years [1] - During the Spring Festival, which marked the first "intangible cultural heritage Spring Festival" after successful application for heritage status, many regions experienced a significant increase in tourism orders [1]

Core Viewpoint - Xinghui Entertainment is shifting its focus entirely to AI games and toys after selling its stake in the Espanyol football club, marking a strategic pivot from its previous investments in sports [1][3]. Group 1: Transaction Details - Xinghui Entertainment's subsidiary signed an agreement to sell 99.66% of Espanyol for €130 million, with €65 million in cash and €65 million in shares of VELOCITY SPORTS LTD [1]. - Post-transaction, Xinghui will hold a 16.45% stake in VELOCITY, aligning Espanyol with Burnley under the same ownership group [1]. - The sale is expected to generate approximately ¥150 million in net profit for Xinghui Entertainment [1]. Group 2: Historical Context - Xinghui Entertainment acquired a controlling stake in Espanyol in 2015 for up to €64.34 million and increased its ownership to 99.35% in 2016 [1]. - During its peak, Espanyol achieved a 7th place finish in La Liga in the 2018-2019 season and signed Chinese forward Wu Lei for €1.5 million, marking a significant moment for Chinese investment in football [2]. Group 3: Financial Performance - The football club business generated ¥789 million in revenue in 2023, accounting for 45.52% of the company's total revenue [2]. - Despite revenue contributions, Espanyol reported a net loss of ¥33.83 million in 2023, continuing to impact the overall performance of Xinghui Entertainment [2]. - Xinghui's financial trajectory from 2022 to 2024 shows revenues of ¥1.606 billion, ¥1.733 billion, and ¥1.36 billion, with net profits of -¥310 million, ¥27.71 million, and -¥458 million, indicating significant volatility [2]. Group 4: Strategic Focus Post-Transaction - Following the sale, Xinghui Entertainment will concentrate on game development, toy branding, and AI technology applications, which are seen as core growth drivers [3]. - The funds from the sale will be allocated to AI game and toy innovation, cloud gaming platform development, and international market expansion [3]. - The success of this strategic shift will depend on the company's ability to leverage its existing IPs and integrate AI technology into its gaming and toy offerings [3].

Core Viewpoint - The company, Xinghui Entertainment, is selling 99.66% of its stake in the Spanish football club, Espanyol, to VELOCITY SPORTS LTD for a total consideration of €130 million (approximately RMB 1.088 billion), with half paid in cash and half in shares [1][4]. Group 1: Transaction Overview - The transaction involves the sale of 99.66% of the shares of REIAL CLUB DEPORTIU ESPANYOL DE BARCELONA, S.A.D. (Espanyol) from Xinghui's subsidiaries to VELOCITY [4]. - The deal is not classified as a related party transaction or a major asset restructuring under the relevant regulations [4]. - Following the completion of this transaction, Espanyol will no longer be included in the company's consolidated financial statements [2]. Group 2: Financial Performance and Recent Developments - Espanyol successfully avoided relegation in the 2024/25 season and achieved positive results from player transfer activities [7]. - The club received a breach of contract compensation of €26.34 million from player Joan García Pons, contributing approximately RMB 163 million to the company's net profit [7]. - In 2024, Xinghui Entertainment reported a total revenue of RMB 1.36 billion, a year-on-year decrease of 21.49%, and a net loss of RMB 458 million, a significant decline of 1751.93% [8]. Group 3: Ownership and Historical Context - The controlling figure behind Xinghui Entertainment is Chen Yansheng, who holds 32.77% of the shares directly, with his wife holding an additional 1.85% [9]. - The company initially gained success through toy manufacturing, particularly in toy football and car models, before diversifying into the gaming sector and acquiring Espanyol [9][10]. - Xinghui Entertainment became the first Chinese company to control a football club in one of Europe's top five leagues when it acquired a majority stake in Espanyol in 2015 [9].

Core Viewpoint - The sale of 99.66% of the Spanish football club Espanyol by Xinghui Entertainment marks the end of a 10-year investment journey in football, as the company aims to refocus on its core business after the football venture has become a burden [1][4]. Group 1: Sale Details - Xinghui Entertainment announced the sale of its stake in Espanyol for €130 million, with €65 million paid in cash and the remaining €65 million in shares of the buyer, VELOCITY SPORTS LTD [1]. - Post-transaction, Espanyol will no longer be included in Xinghui's consolidated financial statements, and the company will hold 38.26 million Class A shares of VELOCITY, representing 16.45% of its total equity [1]. Group 2: Historical Performance - Since acquiring control of Espanyol in 2015, Xinghui's sports business revenue peaked at ¥1.212 billion in 2019, accounting for over 46% of total revenue, largely due to the signing of Chinese player Wu Lei [2]. - However, the club's inconsistent performance and Wu Lei's return to China have led to a decline in revenue, with the sports business revenue dropping to ¥376 million in 2024, representing only 27.62% of total revenue [3]. Group 3: Business Focus and Future Outlook - The core objective of the sale is to shed the burden of the football club and concentrate on the main business areas of gaming, sports, and toys, which have historically contributed over 25% to the company's revenue [4]. - The gaming and related business has seen stagnant revenue below ¥500 million from 2022 to 2024, while the toy segment has shown promise with a 20.28% year-on-year revenue growth in 2024, reaching ¥465 million [4].

Core Insights - Immersive interaction is a technology-driven experience that enhances user engagement through various modalities, tracing its roots back to the 1960s with the development of the first computer graphics-driven head-mounted display [2] - The concept of the metaverse in 2021 led to a surge in global shipments of head-mounted devices, surpassing 10 million units for the first time, marking a significant industry trend [2] - The launch of Apple Vision Pro in 2023 represents a major breakthrough in spatial computing technology, attracting widespread industry attention [2] - In China, competitive head-mounted device manufacturers like PICO and DPVR have emerged, and VR large spaces are set to become a new offline entertainment method by 2024, integrating immersive experiences with cultural IP [2] Group 1: Key Technologies of Immersive Interaction - Extended Reality (XR) technology, encompassing VR, AR, and MR, is a crucial driving force in the development of immersive interaction [4] - The four core elements of XR technology are undergoing significant upgrades: - Display technology is evolving towards thinner, lighter devices with improved clarity [7] - Chip technology is advancing towards high computing power, low power consumption, and multifunctionality [7] - Interaction technology is integrating gesture recognition, eye tracking, voice interaction, and brain-computer interfaces for a multimodal experience [7] - Acoustic technology is enhancing sound source localization and creating a multi-sensory immersive experience [8] Group 2: Industry Applications of Immersive Interaction - XR technology has matured in various sectors in China, with active applications in entertainment, sports, cultural tourism, and industrial fields [8] - In the entertainment sector, XR technology is being integrated into gaming, live streaming, and film, with over 21,000 content pieces available on major VR platforms by the end of 2024 [11] - The sports industry is leveraging XR technology to innovate sports experiences, enhancing audience engagement through interactive viewing platforms [14] - In cultural tourism, XR technology is being used for smart guiding, immersive space creation, and digital preservation of cultural heritage, aligning with consumer demand for deep experiences [17] - The industrial sector is utilizing XR technology across various stages, including R&D design, production assembly, quality inspection, and maintenance, improving efficiency and reducing costs [20] Group 3: Future Trends - Generative AI is revolutionizing 3D content production, enabling efficient creation of models, scenes, and animations, and enhancing interactive capabilities [21] - Brain-computer interfaces are expected to deepen immersive experiences by allowing direct communication between the brain and external devices [24] - Spatial computing is emerging as a new paradigm, merging physical and virtual worlds to create seamless interactions and expand user experiences [25][27]

证券代码：300043 证券简称：星辉娱乐 公告编号：2025-029 星辉互动娱乐股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 星辉互动娱乐股份有限公司（以下简称"公司"）根据公司第六届董事会第十 二次会议决议,决定于2025年7月30日下午3:00召开公司2025年第一次临时股东大 会，现将有关事项通知如下： 一、召开会议的基本情况 公司于2025年7月14日召开的第六届董事会第十二次会议及第六届监事会第十 一次会议审议通过了本次提交股东大会审议的相关议案，本次会议的召集和召开符 合有关法律、行政法规、部门规章、规范性文件和《公司章程》的相关规定。 现场会议召开时间：2025年7月30日下午3:00； 网络投票时间：2025年7月30日。其中，通过交易系统进行网络投票的时间为2025 年7月30日9:15-9:25，9:30-11:30和13:00-15:00；通过互联网系统投票的具体时间 为2025年7月30日9:15-15:00的任意时间。 选择现场投票、网络投票中的一种方式，如果同一表决权出现重复投票表决的，以 第一次投票表决结果为准 ...

Core Insights - The "Su Super IP" has gained significant popularity and is being explored for its potential to create sustainable industrial value through cultural, tourism, and micro-short drama sectors [1][3][6] Group 1: Cultural and Creative Development - Only two entities have received official authorization for "Su Super" cultural and creative products, with Xinhua Daily being one of them [2] - Xinhua Daily's e-commerce department showcased various cultural products, including bags, T-shirts, plush toys, and ice cream, emphasizing a new model of "events + culture + e-commerce" [2] - The launch of the first official "Su Super" flagship store on JD.com achieved 4.305 million searches on its first day [2] Group 2: Tourism Integration - Nanjing Tourism Group is leveraging "Su Super" to enhance cultural tourism consumption through various activities, including themed events and promotions [4] - The group has integrated "Su Super" elements into events like the Ice Cream Carnival and summer night economy activities, creating an immersive experience for participants [4] - Over 20 attractions and hotels under Nanjing Tourism Group are offering discounts to visitors holding tickets from local matches [4] Group 3: Micro-Short Drama Collaboration - There is potential for collaboration between micro-short dramas and sports IP, as both share common audience traits such as social attributes and emotional release [5] - A micro-short drama company has rapidly expanded, producing nearly 200 works in a year, with one recent release achieving over 500 million views in 24 hours [5] - The need for deeper storytelling and communication with players is emphasized to enhance the narrative around "Su Super" [5] Group 4: Industry Insights and Future Directions - The success of "Su Super" is attributed to its pure football spirit, and there is a call for balancing commercial development with the core values of sports [6] - The event aims to foster new ideas for integrating "Su Super" with the micro-short drama industry, promoting innovation in local economic development [7] - The "Jin Wutong Cultural Industry Series Salon" serves as a platform for cultural industry exchange, covering various themes including tourism and digital culture [7]

Core Viewpoint - Chengdu has launched a new cultural tourism consumption brand "Park City · Happy Chengdu" to enhance its competitiveness in the cultural, commercial, tourism, and sports sectors, signaling a strategic push for integrated development in these areas [1][2][3] Group 1: Brand Development - The brand "Park City · Happy Chengdu" aims to leverage Chengdu's cultural heritage, commercial strength, and tourism potential, with the city being one of the seven trillion-yuan consumption cities in China [2][3] - Chengdu's cultural industry is rapidly developing, exemplified by the success of the "Nezha" film series, while the city ranks third nationally in the number of Black Pearl restaurants and fifth in Michelin-starred restaurants [2] - In the first half of this year, Chengdu received over 160 million tourists and hosted more than 14,000 commercial performances, generating a comprehensive consumption of 3.15 billion yuan from performance tickets [2] Group 2: Integration and Government Role - The integration of culture, commerce, tourism, and sports is expected to enhance investment efficiency and consumer potential, with a projected multiplier effect of 3-5 times on related industries [3] - The government plays a crucial role as a planner, resource integrator, and environment creator, ensuring coordinated development and optimizing resource allocation across sectors [4] Group 3: Technological and Structural Support - Chengdu plans to strengthen technological support by exploring the integration of cultural and technological industries, focusing on innovations in artificial intelligence and the metaverse [5][6] - The city aims to enhance its investment and financing systems to support the integration of cultural, commercial, tourism, and sports sectors, while also improving talent development in these areas [6] Group 4: Consumer Market Dynamics - In the first half of 2025, Chengdu's consumer market showed simultaneous growth in scale and quality, driven by the introduction of new international brands and various events [7] - The city has become a significant destination for cultural tourism consumption, with innovative consumption scenarios extending visitor stays and boosting overnight spending [7] Group 5: Internationalization and High-End Consumption - Chengdu aims to enhance its international consumption capacity by attracting international brand flagship stores and improving the global recognition of local brands [9] - The city is focused on optimizing services for international visitors, enhancing high-end customized services, and enriching the high-end consumption supply system to meet diverse global consumer needs [9]

Core Viewpoint - Chengdu is accelerating its development as a world cultural tourism city and an international consumption center, focusing on the deep integration of culture, commerce, tourism, and sports [3][23]. Group 1: Cultural and Tourism Development - Chengdu has been designated as a key player in building a "world-class cultural tourism destination" as per the Sichuan Provincial Committee's decisions [6]. - The city boasts a rich cultural heritage, with a history of over 4,500 years and a unique blend of local cultures such as tea culture, hot pot culture, and Sichuan opera [6][4]. - Chengdu aims to create a vibrant urban lifestyle that attracts global tourists by offering immersive experiences that combine history, present-day culture, and future aspirations [7][8]. Group 2: International Consumption Center - To establish itself as an international consumption center, Chengdu is enhancing its consumer environment to be more accessible and convenient for international visitors [11][13]. - The city has implemented a comprehensive plan to ensure 100% foreign language service coverage in key commercial areas by 2025, aiming for 90% coverage of foreign residents within a 15-minute living radius [13][14]. - Chengdu has introduced advanced payment systems, including 42,000 smart payment terminals supporting 40 languages, and has achieved 100% coverage of foreign card POS machines in major shopping districts [15][16]. Group 3: Youth Engagement and Global Sharing - Chengdu is increasingly appealing to the younger generation, with 45.87% of its population aged between 14 and 45, fostering a vibrant and dynamic urban atmosphere [20]. - The city is leveraging cultural innovation to promote local products globally, exemplified by the successful showcasing of traditional crafts at international events [18][19]. - The upcoming World Games in Chengdu will serve as a platform to further promote the city as a cultural tourism hub and an international consumption center [21][22].