Core Insights - Xinghui Entertainment announced that "Three Kingdoms Heroes: Strategy of the Nine Provinces" will launch a full platform public beta in October 2025, achieving top rankings on various app stores [2] - The game "Ragnarok: Dawn" will be released in Southeast Asia in October 2025, achieving significant rankings on iOS in Thailand, the Philippines, and Malaysia [2] - The company plans to focus on its core business of "toys + games" and will implement operational strategies to enhance management efficiency [2] - Shareholder reductions in holdings are attributed to personal financial arrangements [2]

（记者 胡玲） 星辉娱乐（300043.SZ）12月2日在投资者互动平台表示，《三国群英传：策定九州》于2025年10月开启 全平台公测，最高位列腾讯应用宝飙升榜第1名、华为新游榜第1名、荣耀新游榜第2名、小米飙升榜第1 名、OPPO畅销榜第2名、BiliBili口碑榜第3名；《仙境传说：破晓》于2025年10月在东南亚地区发行， 首日获得iOS泰国免费榜第1名、畅销榜第2名，菲律宾、马来西亚免费榜第2名的成绩。未来，公司进 一步聚焦"玩具+游戏"核心业务，按进度实施经营策略，不断提升经营管理水平。经了解，公司股东减 持系自身资金安排需要。 每经AI快讯，有投资者在投资者互动平台提问：您好，我有三个问题想了解：一是《三国群英传：策 定九州》《仙境传说：破晓》等游戏于2025年10月在境内外上线，目前运作情况如何？ 二是2026年的 经营目标是怎样的？ 三是大股东拟以集中或者大宗减持2.9%，请问大股东具体什么原因要减持？为何 不通过引入一些战略投资者，来实施减持？ ...

星辉娱乐（300043.SZ）12月2日在投资者互动平台表示，《三国群英传：策定九州》于2025年10月开启 全平台公测，最高位列腾讯应用宝飙升榜第1名、华为新游榜第1名、荣耀新游榜第2名、小米飙升榜第1 名、OPPO畅销榜第2名、BiliBili口碑榜第3名；《仙境传说：破晓》于2025年10月在东南亚地区发行， 首日获得iOS泰国免费榜第1名、畅销榜第2名，菲律宾、马来西亚免费榜第2名的成绩。未来，公司进 一步聚焦"玩具+游戏"核心业务，按进度实施经营策略，不断提升经营管理水平。经了解，公司股东减 持系自身资金安排需要。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：您好，我有三个问题想了解：一是《三国群英传：策 定九州》《仙境传说：破晓》等游戏于2025年10月在境内外上线，目前运作情况如何？ 二是2026年的 经营目标是怎样的？ 三是大股东拟以集中或者大宗减持2.9%，请问大股东具体什么原因要减持？为何 不通过引入一些战略投资者，来实施减持？ ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, driven by the successful performance of its toy and game businesses, as well as the completion of the sale of the Espanyol football club [12][16]. Financial Performance - The total operating revenue for the first three quarters of 2025 reached 1.727 billion yuan, an increase of 67.03% compared to the same period last year [12]. - The net profit attributable to shareholders of the listed company was 268 million yuan, marking a turnaround from a loss in the previous year [12][10]. - The net cash flow from operating activities was 408 million yuan, a substantial increase of 259.78% year-on-year [11]. Toy Business - The toy business achieved steady growth in both revenue and net profit, focusing on product structure upgrades and deepening market channels [13]. - New product launches included high-end remote-controlled cars and bicycles, enhancing the product matrix [13]. - The company received the 2025 Canton Fair Design Innovation Award for its 1:10 Hummer EV remote-controlled building car, showcasing its design and innovation capabilities [13]. Game Business - The game business saw significant revenue contributions from multiple game launches, achieving profitability for the first time [14]. - The game "Ragnarok: Dawn" launched in July 2025 achieved top rankings in various app stores in Taiwan and Hong Kong [14]. - The company is preparing for the release of its self-developed strategy game "Three Kingdoms: Strategy of the Nine Provinces," which has already gained significant attention [15]. Football Club Business - The company completed the sale of 99.66% of its stake in the Espanyol football club, which positively impacted net profit by approximately 47.07 million yuan [16]. - Following the divestment, the company plans to focus resources on its core businesses of toys and games, particularly in overseas markets and emerging technologies [16].

Group 1: IP Development and Core Competitiveness - The company has established a rich and complete IP resource reserve, securing over 400 brand authorizations from more than 35 well-known automotive brands, including BMW, Mercedes-Benz, Audi, Ferrari, and Lamborghini [1] - In the gaming sector, the company holds multiple IP authorizations, including titles such as "Three Kingdoms Heroes," "Ragnarok," "Fights Break Sphere," "MapleStory," "Tomb Raider Notes," and "Celebration Year" [2] - The company plans to actively pursue new IP authorization negotiations based on market demand [2] Group 2: Q3 Business Highlights - In Q3 2025, the toy business continued to optimize product structure and channels, launching new products such as the Range Rover Sport SV remote control car, Ferrari Purosangue remote control car, and a 26-inch BMW MINI mountain bike [2] - The gaming business has a rich reserve of new products, including self-developed mobile games and mini-program games. "Ragnarok: Dawn" launched in July 2025, achieving top rankings on both iOS and Google Play in Taiwan, with the highest position being 2nd on iOS and 1st on Google Play for best-selling games [2] - "Tomb Raider Notes" completed the commercialization of the Huawei Harmony version and began full-platform public testing in July 2025, achieving 2nd place on the iOS free chart on the first day [2] Group 3: Information Disclosure Compliance - The company strictly adheres to the "Information Disclosure Management System" regulations, ensuring that information is disclosed truthfully, accurately, completely, timely, and fairly, with no significant undisclosed information leaks [2]

Core Viewpoint - Xinghui Entertainment has transitioned from a peak in its sports business to a challenging phase, with significant losses in its football operations, while relying on its gaming segment for recovery [2][3]. Financial Performance - In the first half of 2025, Xinghui Entertainment reported a revenue of 11.35 billion yuan, a year-on-year increase of 84.58%, primarily driven by player transfer income and increased broadcasting rights, ticketing, and membership revenues following the return of Espanyol to La Liga [3][4]. - The net profit attributable to shareholders reached 1.6 billion yuan, a year-on-year growth of 186.78%, with the second quarter showing even stronger performance [3][4]. - The company achieved a significant cash flow from operations of 374 million yuan, up 737.97% from the previous year [4]. Sports Business Transition - The sale of Espanyol for 1.3 billion euros (approximately 10.88 billion yuan) marked the end of Xinghui's involvement in overseas football, with the company incurring a cumulative net loss of 442 million yuan from its sports business over the past seven years [2][5]. - The transfer fee from player Joan Garcia contributed significantly to the company's profits, with a payment of 26.34 million euros (about 2.19 billion yuan) received in June [5]. Gaming Business Challenges - Despite a rise in gaming revenue, the company faces challenges as the income from its top three games does not cover high promotional costs, indicating a strategy of "losing money for exposure" [9][12]. - The gaming revenue growth rates in domestic and international markets were 28.01% and 74.05%, respectively, attributed to the launch of several new games [7]. - The company is struggling with declining active and paying user numbers, raising concerns about the sustainability of its gaming lifecycle [11][12]. Future Prospects - Xinghui Entertainment is focusing on developing a tiered SLG product reserve system to maintain competitiveness, while also planning to launch new titles that have shown promising test data [12][17]. - The company is exploring the small program gaming sector, which requires purchasing traffic to enhance product visibility and user acquisition [17][18]. - However, the company's cash reserves are limited, with only 1.2 billion yuan available, making it challenging to compete in the high-cost environment of user acquisition [18].