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 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 59.27 CNY [5][7]. Core Insights - The company experienced a significant revenue increase of 319.0% year-on-year, achieving 1.548 billion CNY in revenue for the first three quarters of 2025, with a net profit of 34 million CNY compared to a loss of 83 million CNY in the same period last year [1]. - In Q3 2025, the company reached a revenue turning point with a year-on-year growth of 1039%, totaling 1.109 billion CNY, and a net profit of 2.07 million CNY, reversing a loss of 44.36 million CNY from the previous year [2]. - The company successfully completed the maiden flight of a warning-type drone and is continuously enhancing its full-spectrum drone system, covering a range from 10 kg to 6 tons, thus establishing a comprehensive product lineup [3]. - As of the end of Q3 2025, the company's inventory increased by 22.88% to 3.219 billion CNY, indicating proactive production and stockpiling in anticipation of demand recovery [4]. Financial Projections - The projected net profits for the company are 225 million CNY, 324 million CNY, and 427 million CNY for the years 2025, 2026, and 2027, respectively, with growth rates of turning profitable, 43.98%, and 31.91% [5]. - The company is expected to achieve a revenue of 2.015 billion CNY in 2025, with a significant increase to 2.946 billion CNY in 2026 and 3.864 billion CNY in 2027 [10].

Core Insights - The "Double Hundred Action" initiative has successfully incubated the Shaoguan Yunke Low-altitude Economy Co., Ltd., injecting strong momentum into the low-altitude economic development of Lechang City [1][2][3] Group 1: Initiative and Collaboration - The "Double Hundred Action" aims to implement the provincial government's "1310" deployment and the 2025 State Council's call to cultivate and expand the low-altitude economy, leveraging the strengths of the Guangdong Academy of Sciences and Guangdong Vocational College of Arts [2] - The initiative focuses on resource integration, platform building, and enterprise incubation to help Lechang City seize new opportunities in the low-altitude economy [2] Group 2: Company Development - Shaoguan Yunke Low-altitude Economy Co., Ltd. specializes in drone technology research and application services, aiming to create a comprehensive low-altitude economic ecosystem that includes production, training, inspection, and maintenance [3] - The establishment of Yunke fills a gap in Lechang's low-altitude economy sector and serves as a new engine for local industrial chain development [3] Group 3: Talent Development - To address the shortage of professional talent in the low-altitude economy, the Guangdong Academy of Sciences and Guangdong Vocational College of Arts are collaborating to provide training in drone operation and application skills [3] - The training program includes theoretical learning, practical training, and skill certification, aiming to cultivate a skilled workforce to support applications in logistics, agricultural protection, and emergency surveying [3] Group 4: Future Outlook - The Guangdong Academy of Sciences and Guangdong Vocational College of Arts plan to deepen the impact of the "Double Hundred Action" by expanding the low-altitude economic industry chain and integrating drone technology with agriculture, tourism, and emergency services in Lechang City [4] - Continuous efforts will be made to enhance talent cultivation, ensuring a steady supply of skilled professionals to support the high-quality development of Lechang's low-altitude economy [4]

Core Viewpoint - The rapid development of drone technology has led to significant applications in aerial photography, logistics, and rescue operations, but it has also raised concerns about illegal drone flights, known as "black flights," which disrupt public order and violate legal and safety standards [1]. Regulatory Framework - The revised Public Security Administration Punishment Law of the People's Republic of China explicitly categorizes "black flight" activities as a violation of public safety, providing a legal basis for regulation [1]. - Collaboration among law enforcement agencies, including cyber police, air traffic control, and market regulation, is essential to enhance monitoring networks and ensure proactive risk management [1]. Technical Prevention - Companies are responsible for upgrading encryption algorithms and establishing early warning mechanisms for flight control system tampering to prevent illegal modifications [1]. - Utilizing big data and artificial intelligence for monitoring abnormal flights can facilitate timely remote interventions, helping to curb "black flight" activities at an early stage [1]. Behavioral Norms - Every drone operator should cultivate a "compliance flying" awareness, strictly adhering to real-name registration and flight reporting systems to promote lawful and safe flying as an industry consensus [2]. Safety Importance - Safety is deemed the lifeline of the low-altitude economy, necessitating multiple measures to create a robust safety defense that ensures drones can fly effectively and safely [3].

Core Viewpoint - The rapid development of drone technology has led to significant applications in various fields, but it has also resulted in increasing concerns over illegal drone activities, known as "black flying," which disrupt public order and violate legal and safety boundaries [1][2]. Regulatory Framework - The revised Public Security Administration Punishment Law of the People's Republic of China has explicitly categorized "black flying" as a behavior that endangers public safety, providing a legal basis for regulation [1]. - Collaboration among law enforcement agencies, including cyber police, air traffic control, and market regulation, is essential to enhance monitoring networks and ensure proactive risk management [1]. Technical Prevention - Companies are responsible for upgrading encryption algorithms and establishing early warning mechanisms for flight control system tampering to prevent illegal modifications [2]. - Utilizing big data and artificial intelligence for monitoring abnormal flight activities can help intervene early and curb potential "black flying" incidents [2]. Behavioral Norms - Every drone operator must cultivate a sense of responsibility for compliant flying, adhering to real-name registration and flight reporting systems to promote lawful and safe flying practices within the industry [2]. Safety Importance - Ensuring safety is crucial for the low-altitude economy, necessitating a multi-faceted approach to create a robust safety framework that allows drones to operate effectively and securely [3].

Core Insights - The successful maiden flight of the T1400 unmanned helicopter, developed by Harbin United Aircraft Technology Co., marks a significant advancement in industrial-grade drone capabilities, particularly in the low-altitude economy of China [1][2] Group 1: Product Features - The T1400 has a maximum takeoff weight of 1400 kg and a maximum payload of 650 kg, with a flight endurance exceeding 8 hours, enabling it to perform cross-regional material delivery and extensive inspection tasks [1] - Designed for extreme environments, the T1400 can operate in temperatures ranging from -40°C to 55°C and has a service ceiling of 6500 meters, making it suitable for high-altitude operations [1] - The helicopter features a 130 kW engine that allows for continued operation even if one engine fails, along with a redundant flight control system and intelligent obstacle avoidance technology for enhanced safety [1] Group 2: Market Applications - The T1400 has demonstrated high efficiency in various sectors, achieving a crop protection work rate of 2000 acres per hour, which is nearly a thousand times more efficient than traditional methods [2] - In logistics, it can transport 3 tons of goods within a 5 km radius per hour, effectively serving remote areas such as highland pastoral regions and isolated villages [2] - The helicopter can also be utilized in emergency rescue operations, capable of extinguishing fires over an area exceeding 1000 square meters and equipped to assist in medical emergencies during disasters [2] Group 3: Cost Efficiency and Orders - The T1400's production costs are significantly lower than similar products due to advanced manufacturing processes and collaborative design optimization with suppliers, enhancing production efficiency [2] - At the "2025 Global Investment Conference" held concurrently, the T1400 secured a total of 500 million yuan in orders, with 1300 units ordered at the 2025 World Drone Conference [2]

Core Viewpoint - The company achieved a significant revenue increase of 92.64% year-on-year in Q3 2025, reaching 2.94 billion yuan, driven by market expansion, new product launches, and growth in online and offline sales [1] Revenue Performance - In Q3 2025, the company's revenue was 2.94 billion yuan, marking a 92.64% increase compared to the same period last year [1] Research and Development - The company places a strong emphasis on R&D investment and business diversification, leading to fluctuations in net profit due to substantial investments in customized chips and strategic projects [1] Profitability - Excluding the impact of R&D investments, the company's profit indicators for Q3 2025 showed improvement compared to the same period last year [1] Drone Business Development - The company's drone business is progressing as planned, with a joint venture project for panoramic drones nearing the end of its public testing phase [1] Product Launch Timeline - The panoramic drone product is expected to enter trial sales in certain regional markets in Q4 2025, although actual launch dates may be subject to uncertainties related to supply chain, international logistics, market conditions, and optimization of testing results [1]

Core Insights - The article highlights the rapid growth and opportunities in the drone power system sector, particularly focusing on the company Haoying Technology, which is preparing for an IPO to raise 1.96 billion yuan [3][4]. Company Overview - Haoying Technology, founded in 2005, has evolved from a model car power system provider to a key supplier of drone power systems, with products distributed in over 120 countries. The company aims for a revenue of 738 million yuan and a net profit of 152 million yuan in 2024, with drone power systems accounting for over 50% of its revenue [3][12]. - The founder, Zhang Jie, identified a gap in the market for domestic high-end brushless power systems, leading to the establishment of Haoying Technology [9][10]. Market Opportunities - **Scene Demand Explosion**: There is a significant increase in demand for high-capacity and long-endurance power systems in logistics, emergency response, and power inspection sectors, with a projected annual growth rate exceeding 45% over the next three years [5][15]. - **Core Technology Breakthrough**: The integration of AI with adaptive power systems is a key direction, potentially enhancing endurance by 20%-30% and reducing failure risks. The current technology conversion rate is below 30%, indicating substantial room for growth [6][15]. - **Policy Benefits**: The gradual relaxation of airspace regulations and simplified flight approvals are expected to boost the adoption of drones, thereby increasing the demand for power systems [7][15]. - **Market Structure Opportunities**: The global drone power market is still fragmented, with Haoying's market share at only 4.12% in 2024. Companies with comprehensive self-research capabilities and stable supply chains are positioned to capture more market share [8][14]. Industry Growth - The global civil drone market is projected to grow from 30.9 billion yuan in 2019 to 110.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 24.14%. The industry-level drone segment is expected to grow even faster at a CAGR of 33.33% [13]. - The drone power system market in China is anticipated to expand from 4.3 billion yuan in 2019 to 10.3 billion yuan in 2024, with a CAGR of 19.05% [13]. Competitive Landscape - The drone power system market consists of both integrated manufacturers like DJI and specialized third-party suppliers such as Haoying Technology. The market remains competitive with high entry barriers for new players [14].

Core Insights - The article highlights the rapid advancements in drone technology in China during the "14th Five-Year Plan" period, showcasing its integration into various industries and the significant improvements in performance and applications [1][2][4]. Group 1: Drone Technology Advancements - Drones have evolved to perform inspections efficiently, with capabilities to detect even minor cracks in structures like the Aizhai Bridge, demonstrating their adaptability to harsh weather conditions [1]. - The integration of AI, 5G, and new energy technologies has accelerated the iteration of drone models, leading to a product system that is low-cost, reliable, high-performance, and safe [2]. - High-energy lithium-ion batteries have significantly improved drone performance, enhancing flight duration by 20% to 40% and enabling stable operation in extreme temperatures [2]. Group 2: Autonomous Capabilities - Drones are transitioning from passive executors to autonomous decision-makers, capable of planning flight routes and avoiding obstacles independently [3]. - The development of miniaturized gas sensing modules has equipped drones with the ability to detect environmental changes, such as carbon monoxide levels, enhancing their operational intelligence [3]. Group 3: Industry Integration - Drones are transforming traditional industries by providing innovative solutions, such as autonomous exploration in hazardous mining environments, which improves safety and efficiency [4]. - In logistics, drones are effectively handling an average of 20,000 packages daily in Shenzhen, indicating technological maturity and the viability of the business model [5]. Group 4: Economic Impact - The growth of the drone industry is contributing to the development of China's low-altitude economy, with projections indicating over 2.726 million registered drones by mid-2025, a net increase of 513,000 from the previous year [5].