北京商报讯（记者 和岳）1月30日，完美世界发布2025年全年业绩预告。报告期内，公司预计全年实现 归母净利润7.2亿元至7.6亿元，扣非净利润5.6亿元至6亿元，同比扭亏为盈。 2025年，完美世界影视业务预计实现归母净利润约2000万元，预计实现扣非净利润约4000万元。公司出 品的《千朵桃花一世开》《只此江湖梦》《嘘，国王在冬眠》《有你的时光里》《绝密较量》《爱上海 军蓝》《夜色正浓》等平台定制剧相继播出。目前储备的《何不同舟渡》《芳名三九》《云雀叫天录》 《云襄传之将进酒》等影视作品正在拍摄、后期制作、排播过程中；同时，完美世界将继续深耕短剧赛 道，助力影视业务健康发展。 2025年，完美世界游戏业务预计实现归母净利润8.3亿元至8.7亿元，预计实现扣非净利润6.5亿元至6.9亿 元。其中，端游《诛仙世界》于2024年12月正式上线，《诛仙2》于2025年8月初公测，《女神异闻录： 夜幕魅影》于2025年6月底至7月初登陆日本、欧美等海外市场。 ...

发行债券的所得款项总额为25.74亿港元。扣除费用、佣金及其他相关开支后，发行债券的所得款项净 额预计合共约为25.48亿港元，按初步换股价计算，相当于净发行价每股换股股份约2.574港元。公司拟 将债券的所得款项净额按以下方式使用：(i)约23.27%用于偿还集团债务;(ii)约14.36%用作购买北京永航 科技有限公司30%股权的部分代价;(iii)约20.02%用于战略投资及收购，以扩展集团业务;(iv)约15.31%用 于集团游戏业务的营运需要;及(v)约27.04%用于流媒体平台的剧集。 中国儒意(00136)发布公告，于2026年1月26日(交易时段后)，公司与独家牵头经办人订立认购协议，据 此(其中包括)独家牵头经办人已同意认购及支付或促使认购及支付公司将予发行之本金总额25.74亿港元 的债券，惟须遵守认购协议所载的条款及条件。根据初始换股价每股2.6港元及假设债券按初始换股价 悉数转换，债券将可转换为约9.9亿股股份，相当于公司于本公告日期现有已发行股本的约5.89%。 ...

在岁末年初，我们大抵有一个相通的感觉，世界已行至多重临界点。 当曾被膜拜的"灯塔"失色，后发赶超的终点线愈来愈近，世界体系将向何处去？ 当告别短缺的一代新人成为社会中坚，我们的文化自信该如何建构？ 当人工智能开始大规模应用，安全与伦理的边界该怎样划定？ 现实正在失重，未来正在成形，我们有太多的问题亟待解答。 在这一关键的历史临界点上，2026年1月17日和18日两天，观察者网2026答案秀开启线上直播， 与战略合作伙伴：上海市漕河泾新兴技术开发区发展总公司， 思想共创伙伴：66度探险邮轮， 出行合作伙伴：腾势， 科技同行伙伴：小米， 精选民宿伙伴：乡伴集团， 生态合作伙伴：日产中国， 活动指定酒店：锦江酒店， 活动指定航空公司：吉祥航空， 观察者网董事长、风险投资人李世默主持了本版块的圆桌对话，与上海外国语大学杰出教授黄靖、俄罗 斯国立高等经济研究大学国际关系学系主任亚历山大·卢金、萨仁山等纵论"新世界开场"，深入探讨全 球南方如何书写人类文明下一章。 灯塔重构:世界体系的 "操作系统 正在重装 在追问中前行 图 答案 | 观察者网 特别支持：快手， 共同为观众们带来一场思想者春晚，让来自世界各地的思考者与行 ...

Group 1 - The short drama game index rose over 2% during the trading session, indicating a positive market trend in this sector [1] - Component stocks showed a widespread increase, with notable performances from companies such as Baina Qiancheng, which hit the daily limit, and others like Happiness Blue Ocean, Hengdian Film, 37 Interactive Entertainment, and Kunlun Wanwei showing significant gains [1]

Core Viewpoint - The company is focusing on improving management and upgrading its existing cinema and gaming businesses while exploring new business models, leading to positive operational results in the first three quarters of 2025 [1] Financial Performance - Management expenses were approximately 57.23 million, a significant decrease of 31.07% compared to the same period last year [1] - Research and development expenses were around 29.49 million, showing a slight decrease from the previous year, but overall research efficiency has improved [1] Business Development - The company has added new gaming products to its pipeline, including "Attack City" mini-program version, "Time Adventurer," and "Fantasy Brigade," which are planned for release by the end of the year and in subsequent years [1] - The company anticipates entering a stable, healthy, and sustainable development phase as existing businesses grow steadily and new initiatives are implemented [1]

Group 1 - The market experienced a decline, particularly in the Hong Kong stock market, which fell below the 25,000-point mark, indicating liquidity issues as the year-end approaches [1] - The focus for December is on the upcoming economic work conference, with key messages indicating continued active fiscal policies to stimulate domestic consumption, extending beyond durable goods to general consumer goods and services [1] - The emphasis for 2026 is on stability, with the phrase "seeking progress while maintaining stability," highlighting anticipated economic challenges and a focus on steady growth [1] Group 2 - The term "economic and trade struggle" has emerged, indicating ongoing uncertainties in foreign trade relations, despite recent improvements in foreign trade data due to favorable outcomes in the US-China tariff negotiations [2] - The policy reiterates the importance of domestic demand, particularly in the service consumption sector, which is expected to benefit various industries, including retail, general goods manufacturing, and entertainment [4] - The upcoming Federal Reserve interest rate cut is anticipated to positively impact commodity prices, particularly for gold, silver, copper, and energy metals, while oil prices remain weak due to global energy transition [4] Group 3 - The ongoing tension between "big shorts" and AI companies like OpenAI is highlighted, with concerns about the sustainability of AI companies' revenue in relation to their operational costs [6] - The current market environment, characterized by a loose monetary policy, has historically supported technology companies, reducing the likelihood of financial distress for these firms [6] - The potential for a decline in computing costs due to advancements in semiconductor technology is noted, suggesting a long-term positive outlook for AI development despite current challenges [6]

Macro Policy and Global Market - The Federal Reserve is expected to implement a "rate cut + balance sheet reduction" strategy, with a 25 basis point rate cut anticipated at the December FOMC meeting, supported by softening inflation data and weak labor market indicators [2][3] - The probability of a 25 basis point rate cut by the Federal Reserve has risen to 89% as of December 4, 2023, indicating a shift in monetary policy that may weaken the dollar's long-term strength and benefit non-USD assets [2] - The launch of the Hainan Free Trade Port on December 18 is a significant event for China's opening-up strategy, expected to release policy dividends that will benefit industries such as duty-free consumption and cross-border trade [3] Industry and Sector - The AI industry is entering a critical phase of application explosion, with significant advancements in robotics, computing power, AI chips, and brain-computer interfaces [5] - The penetration of smart technology in the automotive sector continues to rise, with companies like Leap Motor being recognized in major indices, indicating market confidence in smart electric vehicle manufacturers [6] - AI is significantly lowering content creation costs in the film and gaming industries, with several major releases scheduled for December, showcasing the transformative impact of AI on creative processes [6] - The biopharmaceutical sector is focusing on innovation and integration, with key conferences scheduled to discuss advancements in oncology and high-end manufacturing technologies [6] Company Analysis - Certain companies are positioned to benefit from recent market events, such as the listing of a domestic AI chip company on December 5, which marks a milestone in the domestic GPU/AI chip sector [8] - Leap Motor's inclusion in the Hang Seng Technology Index on December 8 is expected to enhance liquidity and market attention, affirming the company's fundamentals and growth prospects [8] - The R&D day for a biopharmaceutical company on December 8 serves as a critical window to showcase pipeline progress and technological capabilities [8] - A company is set to release a co-branded AI glasses product on December 29, indicating a shift from concept to consumer-grade AI hardware, which will be closely monitored for product performance and sales [8]

Core Insights - Nearly 80% of listed companies in China's stock market reported profits, indicating a stabilization and recovery in overall performance, with a clear trend of structural optimization and quality improvement [1][2] Group 1: Overall Performance - In the first three quarters, listed companies achieved a total operating revenue of 53.46 trillion yuan and a net profit of 4.7 trillion yuan, representing year-on-year growth of 1.36% and 5.5% respectively [2] - The number of companies with positive revenue growth reached 3,182, while 2,467 companies reported positive net profit growth, with 1,957 companies achieving growth in both metrics [2] - In Q3 alone, revenue and net profit grew by 3.82% and 11.45% year-on-year, with quarter-on-quarter growth of 2.4% and 14.12%, indicating a significant improvement compared to the first half of the year [2] Group 2: Industry Trends - High-end manufacturing, new energy, digital economy, smart terminals, and healthcare sectors showed rapid growth and high prosperity, reflecting an upgrade in industrial structure [2][4] - The total market capitalization reached 107.32 trillion yuan, with the electronics sector surpassing the banking sector to become the largest, accounting for 12.42% of the total market [4] Group 3: R&D and Innovation - R&D investment by listed companies reached 1.16 trillion yuan, marking a 3.88% year-on-year increase, with the R&D intensity of the ChiNext, STAR Market, and Beijing Stock Exchange at 4.54%, 11.22%, and 4.42% respectively [4] - The semiconductor industry saw net profit growth of 82% driven by artificial intelligence, while companies in the storage chip sector reported revenue growth of 16.08% and net profit growth of 26.44% [6][7] Group 4: Consumer Market Dynamics - The consumer market is showing signs of recovery, with significant growth in optional and service consumption, as evidenced by a 9.31% increase in film box office revenue and a 24.4% increase in the gaming sector [8] - The precious metals sector experienced a revenue increase of 22.36% and a net profit increase of 55.96%, reflecting rising risk aversion among investors [8] Group 5: Cash Flow and Dividends - A total of 1,033 companies announced cash dividend plans, with a total cash dividend amounting to 734.9 billion yuan, indicating a steady increase in dividend frequency [9] - The market saw 1,195 companies publish 1,525 share repurchase plans, with a total repurchase amount of 92.3 billion yuan, highlighting a trend towards optimizing capital structure [9] Group 6: Policy and Market Outlook - The coordinated efforts of various policies aimed at stabilizing growth and promoting reforms have laid a solid foundation for high-quality development among listed companies [10] - The capital market reforms are expected to enhance the adaptability and inclusiveness of the market, fostering a positive environment for long-term investments [10]

Core Viewpoint - The company has established a game development company with partners and is currently working on its first AAA game, which is expected to be launched in approximately three years [1] Group 1 - The company has formed a partnership to create a game company [1] - The first AAA game is already in production [1] - The planned release timeline for the game is around three years [1]

Core Insights - On October 16, Aofei Entertainment's stock fell by 1.14%, with a trading volume of 155 million yuan, indicating a decline in market interest [1] - The company reported a net financing purchase of 2.447 million yuan on the same day, with a total financing and securities balance of 526 million yuan, reflecting a low financing level compared to the past year [1] - Aofei Entertainment's main business segments include children's products (49%), toy sales (38.3%), and film and television (11.8%), with a minor contribution from games [1] Financing and Securities - On October 16, Aofei Entertainment had a financing purchase of 17.6497 million yuan, with a current financing balance of 524 million yuan, accounting for 4.1% of the circulating market value [1] - The company’s financing balance is below the 50th percentile level over the past year, indicating a low financing position [1] - In terms of securities lending, Aofei Entertainment repaid 7,000 shares and sold 200 shares, with a lending balance of 2.6957 million yuan, which is above the 80th percentile level over the past year, indicating a high lending position [1] Shareholder and Financial Performance - As of June 30, Aofei Entertainment had 144,900 shareholders, an increase of 5.28%, while the average circulating shares per person decreased by 5.01% [2] - For the first half of 2025, the company reported a revenue of 1.198 billion yuan, a year-on-year decrease of 8.17%, and a net profit attributable to shareholders of 37.0094 million yuan, down 32.71% year-on-year [2] - Since its A-share listing, Aofei Entertainment has distributed a total of 396 million yuan in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 39.0675 million shares, a decrease of 4.6494 million shares from the previous period [3] - The Huaxia CSI Animation Game ETF increased its holdings to 21.1582 million shares, while the Southern CSI 1000 ETF and Guotai CSI Animation Game ETF entered the top ten circulating shareholders as new investors [3] - The Huaxia Media Internet Mixed A fund reduced its holdings by 24.1958 million shares, indicating a shift in institutional investment [3]