Core Viewpoint - The A-share market exhibited a trend of rising and then retreating, with all three major indices closing higher after an initial surge in the morning session [1] Market Performance - The Shanghai Composite Index closed at 3870.02 points, up 0.87% - The Shenzhen Component Index closed at 12777.31 points, up 1.53% - The ChiNext Index closed at 2980.93 points, up 1.77% [1] Sector Performance - The gaming sector saw a short-term surge, with Giant Network hitting the daily limit - The Hainan sector experienced a late rally, with Hainan Ruize and Hainan Haiyao also hitting the daily limit - The computing hardware stocks remained strong throughout the day, with Dekeli and Changguang Huaxin both reaching the daily limit [1] Declining Sectors - The China Shipbuilding Industry faced collective adjustments, with China Shipbuilding Han Guang leading the declines - The aquaculture sector showed weak fluctuations, particularly in the aquatic products direction, with Zhongshui Fishery and Zangzi Island hitting the daily limit [1] Overall Market Sentiment - The overall market sentiment was positive, with 4300 stocks rising [1]

Core Viewpoint - The article discusses the unveiling of miHoYo's new game "Varsapura," highlighting its development under the leadership of founder Cai Haoyu and the integration of AI technology into gameplay [5][10][30]. Group 1: Game Development and Features - "Varsapura" is being developed with a focus on immersive storytelling, featuring a hyper-realistic art style and vehicle gameplay, utilizing the UE5 engine [10][30]. - The game aims to integrate AI deeply into its mechanics, allowing player choices to dynamically influence relationships and events within the game world [10][30]. - The development team is globally distributed, with talent from Shanghai, Singapore, Los Angeles, and Montreal, indicating a significant investment in diverse expertise [10][30]. Group 2: Market Context and Competition - The gaming industry is experiencing a shift towards gameplay innovation, with players increasingly favoring gameplay mechanics over narrative content, as evidenced by the success of games like "Endless Winter" [27]. - miHoYo has faced challenges in maintaining its market position, having dropped out of the top three global mobile game publishers and seeing a decline in revenue from its previous hits [24][25]. - The overall market for two-dimensional games in China has contracted, with a reported 7.44% decrease in actual revenue [23]. Group 3: Strategic Implications - "Varsapura" represents a significant gamble for miHoYo, with the potential to restore its status among top gaming companies if successful [30]. - The game is part of miHoYo's broader ambition to create a "virtual world for a billion people," indicating a long-term strategic vision [30]. - The company is also exploring another project using UE5 technology, emphasizing large-scale boss battles, which reflects its commitment to high-quality game development [30].

Core Insights - Live Ops has become the "central nervous system" for long-term operations in mobile F2P games, evolving from simple event scheduling to a complex, data-driven ecosystem that supports player engagement and monetization [3][4] - There is a noticeable trend of convergence in Live Ops strategies among leading games in the casual puzzle genre, indicating a unified and efficient approach [4][9] - Key performance indicators such as D90/D1 retention rates and average daily playtime are converging around 25% and 38 minutes, respectively, across major titles in the casual puzzle category [9][10] Live Ops Strategy Trends - Leading casual puzzle games are adopting similar Live Ops strategies, reflecting a high level of efficiency and effectiveness [4][9] - Daily prize events have become a standard feature in casual puzzle games, designed to attract daily logins through significant rewards [15][19] - A shift from purely competitive events to a hybrid model that includes personal achievement has been observed, enhancing participation among a broader player base [21][23] Key Live Ops Features - The introduction of an "infinite album" collection system has replaced traditional seasonal collection models, allowing for continuous engagement and completion motivation among players [29][30][34] - Live Ops strategies are increasingly designed to cater to diverse player segments, balancing engagement and monetization without compromising the gaming experience [35][36] - The dual focus on achievement/completion and social/competitive motivations is crucial for driving player retention and monetization [38][41] Conclusion - A robust Live Ops strategy is essential for success in the casual puzzle game market, as it not only meets the needs of key player segments but also drives fundamental business metrics [43]

Core Insights - Tencent and ByteDance are intensifying their efforts in the advertising mini-game sector, with Tencent launching over 10 mini-games and ByteDance's "Dream Sudoku" reaching over 5.5 million users [1][14] - The rise of lightweight entertainment products like mini-games is becoming a new battleground for major companies to capture user attention and engagement [1][22] Tencent's Strategy - Tencent is significantly increasing its self-developed mini-games and also acquiring third-party games for further development, showcasing a well-planned product strategy [3][9] - The company has launched 9 mini-games across various genres, including brick-breaking and card strategy, to avoid internal competition and maintain user interest through rapid iteration [3][10] Revenue Generation - The core model of mini-games involves watching ads to unlock features, with top games reportedly generating over 1 million in daily ad revenue [2][22] - Users typically engage with ads 5-10 times per day, making this a low-cost, high-return investment for major companies [2][22] ByteDance's Approach - ByteDance's "Dream Sudoku" simplifies traditional Sudoku gameplay, attracting a large user base through its low entry barrier and social features [14][19] - The game integrates ads and payment options seamlessly within the Douyin ecosystem, enhancing user experience and ad conversion rates [19][20] Market Dynamics - The competition among major players is driven by the need to convert traffic into revenue, with mini-games effectively bridging the gap between user engagement and monetization [22][23] - However, the market faces challenges such as content homogeneity and potential user fatigue from excessive ad placements [22][23] Future Outlook - The sustainability of the mini-game trend will depend on companies' ability to innovate and differentiate their offerings, potentially by integrating popular IPs or enhancing user experience through technology [23][24] - The current industry excitement reflects a rush to capitalize on traffic opportunities, but long-term success will hinge on overcoming the challenges of content saturation and user retention [23][24]

As filed with the U.S. Securities and Exchange Commission on November 24, 2025. Registration No. 333-290165 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _____________________________________ Daedalus Special Acquisition Corp. (Exact name of registrant as specified in its charter) _____________________________________ Cayman Islands 6770 N/A (State or other jurisdiction of incorporation or organizat ...

Core Insights - BIGBEN INTERACTIVE confirms its annual targets with consolidated half-year results for the 2025-2026 financial year, reporting a slight decrease in sales but improvements in gross margin and operating profitability [1][3][18] Financial Performance - Sales for the first half of 2025-2026 reached €135.4 million, a decrease of 0.3% compared to €135.9 million in the same period of 2024-2025 [2] - Gross margin increased by 5.8% to €73.5 million, with a gross margin rate of 54.3%, up from 51.2% [2][3] - EBITDA rose by 17.5% to €36.5 million, representing 27% of sales, an increase of nearly 4 percentage points [2][4] - Operating income improved by 24.7% to €4.7 million, accounting for 3.5% of sales [2][4] - Net income for the period was €3.7 million, down 16.3% from €4.4 million [2][4] Business Segment Analysis - NACON generated sales of €78.1 million, up 1.4% from €77.0 million, with a gross margin rate of 69.7% [5][8] - BIGBEN – Audio-Video/Telco reported sales of €57.4 million, a decrease of 2.5% from €58.9 million, with a gross margin rate of 33.3% [5][10] Balance Sheet and Debt Management - As of September 30, 2025, BIGBEN had equity of €340.9 million and available cash of €23.8 million, with net debt standing at €183.3 million [12] - The company has secured a refinancing agreement for €43 million to manage bonds exchangeable into Nacon shares maturing in February 2026 [13] Future Outlook - The second half of 2025-2026 is expected to see continued strong performance from NACON, with several game releases planned and a positive outlook for the Accessories business [15][16] - BIGBEN anticipates a more dynamic second half for its Audio-Video business, driven by seasonal sales events [17][18]

Group 1: Company Performance - Roku has returned 25.5% year-to-date, significantly outperforming the average loss of 14.8% in the Consumer Discretionary sector [4] - The Zacks Consensus Estimate for Roku's full-year earnings has increased by 182.1% over the past 90 days, indicating improved analyst sentiment and a stronger earnings outlook [4] - Roku holds a Zacks Rank of 2 (Buy), suggesting it has characteristics that may lead to outperformance in the market over the next one to three months [3] Group 2: Industry Context - Roku is part of the Broadcast Radio and Television industry, which has seen an average loss of 60.1% this year, indicating that Roku is performing better than its industry peers [6] - The Consumer Discretionary sector, which includes Roku, ranks 13 in the Zacks Sector Rank, reflecting a mixed performance among its constituents [2] - Another stock in the Consumer Discretionary sector, Super Group (SGHC) Limited, has achieved a year-to-date return of 92% and also holds a Zacks Rank of 2 (Buy) [5]

Core Insights - The article compiles significant research calls from Wall Street, highlighting upgrades and downgrades of various companies that investors should be aware of [1] Upgrades - Wells Fargo upgraded Merck (MRK) to Overweight from Equal Weight with a price target of $125, increased from $90, citing business development and pipeline progress as key factors for revenue growth in the early 2030s [2] - Wolfe Research upgraded Morgan Stanley (MS) to Outperform from Peer Perform with a price target of $198, anticipating accelerated revenue growth from investment banking share gains and organic growth in wealth management [3] - HSBC upgraded Flutter Entertainment (FLUT) to Buy from Hold with a price target of $228, reduced from $265, viewing the recent share selloff as a buying opportunity [3] - BofA upgraded Booking Holdings (BKNG) to Buy from Neutral with an unchanged price target of $6,000, believing that concerns regarding disintermediation risks from Google and OpenAI are overstated [4] - Wedbush upgraded Carvana (CVNA) to Outperform from Neutral with a price target of $400, increased from $380, suggesting that the recent share pullback is overdone [5] Downgrades - UBS downgraded JFrog (FROG) to Neutral from Buy with a price target of $65, up from $48, indicating that while AI-related benefits are significant, the larger revenue impact is likely 12-18 months away [6] - Jefferies downgraded Exact Sciences (EXAS) to Hold from Buy with a price target of $105, up from $90, due to the pending acquisition by Abbott, which is seen as a win for Exact Sciences [6] - Evercore ISI downgraded QuantumScape (QS) to In Line from Outperform with a price target of $12, up from $8, citing valuation concerns as shares have risen 200% year-to-date [6] - UBS downgraded Jazz Pharmaceuticals (JAZZ) to Neutral from Buy with a price target of $188, up from $163, stating that the stock appears fairly valued after a strong Phase 3 GEA update and a 25% stock increase [6] - TD Cowen downgraded PureCycle Technologies (PCT) to Hold from Buy with a price target of $9, down from $16, due to delays in orders and growth plans, prompting a more cautious stance [6]

Group 1 - The core viewpoint of the article is that the gaming industry has significant potential for innovation, particularly in creating "living narrative experiences," despite the commercial pressures that can influence artistic direction [3][4]. - Dan Houser, co-founder of Rockstar and current producer at Absurd Ventures, emphasizes the dual nature of new developments in the gaming industry, which can either lead to exciting advancements or become mere cash cows [3]. - The new project from Absurd Ventures, titled "Absurdaverse," integrates both gaming and novel storytelling, showcasing a unified worldview while narrating different stories [4]. Group 2 - Houser indicates that their studio's new game will take several years to complete and highlights ongoing efforts to incorporate AI into gaming [6]. - He expresses skepticism about the current capabilities of AI, stating that it does not perform as well as large companies claim and cannot solve all problems [6]. - Houser notes that while AI can excel in certain tasks, many challenges remain, and the true potential of AI in gaming will require time to fully realize [6].

Core Insights - NetEase, Inc. reported fiscal Q3 2025 revenue of RMB28.4 billion ($4.0 billion), an 8.2% year-over-year increase, but below analysts' expectations of $4.10 billion [1] - The company's EPS of $2.09 met consensus estimates [1] Revenue Breakdown - Revenue growth was primarily driven by Games and related value-added services, which accounted for 97.6% of total revenue, growing 11.8% year-over-year to RMB23.3 billion ($3.3 billion) [2] - The increase in gaming revenue was attributed to higher earnings from self-developed games, including Fantasy Westward Journey Online and Sword of Justice, as well as certain licensed games [2] - Fantasy Westward Journey Online achieved a record concurrent player count of 3.58 million for the fourth consecutive quarter in Q3 2025 [2] Analyst Ratings - UBS maintained a Buy rating on NetEase, Inc. with a price target of HK$302.64 [3] - NetEase is recognized as a leading Chinese internet technology corporation focused on gaming, education, music, and e-commerce, with a diverse portfolio of popular mobile and PC games [3]