Market Overview - The Hong Kong stock market opened higher on February 27, with the Hang Seng Index rising by 0.25% to 26,447.05 points, the Hang Seng Tech Index up by 0.15% to 5,117.24 points, and the National Enterprises Index increasing by 0.04% to 8,817.53 points. The Red Chip Index fell by 0.06% to 4,409.07 points [1] Company Performance - Baidu Group-SW reported a total revenue of 32.7 billion yuan for Q4 2025, a 5% quarter-on-quarter increase, with a NON-GAAP net profit of 3.9 billion yuan. The smart cloud infrastructure revenue reached 5.8 billion yuan, and AI high-performance computing subscription revenue grew by 143% year-on-year [2] - Galaxy Entertainment's net income for 2025 was 49.2 billion HKD, a 13% year-on-year increase, with a net profit of 10.7 billion HKD, up 22% year-on-year [2] - Hong Kong Exchanges and Clearing reported total revenue of 29.161 billion HKD for 2025, a 30% year-on-year increase, with a net profit of 17.754 billion HKD, up 36% year-on-year [2] - New World Development announced a revenue of 52.705 billion HKD for the six months ending December 31, 2025, a 31.98% year-on-year increase, with a profit of 10.247 billion HKD, up 36.21% year-on-year [2] - Chow Tai Fook reported a revenue of 10.485 billion HKD for the six months ending December 31, 2025, with a net profit growth of 15% to 1.3343 billion HKD [3] - Jiangnan Buyi's total revenue for the same period was approximately 3.376 billion yuan, a 7% year-on-year increase, with a profit of 676 million yuan, up 11.9% year-on-year [3] - Biotech company Kangsino Biologics reported total revenue of 1.068 billion yuan for 2025, a 26.18% year-on-year increase, with a net profit of 27.827 million yuan, turning profitable [3] Earnings Forecasts - Zhenhua Education Group expects 2025 revenue to be between 1.8 billion and 2.0 billion yuan, a year-on-year growth of approximately 63.3% to 81.5%, with net profit expected between 260 million and 340 million yuan, a year-on-year increase of approximately 35.2% to 76.8% [4] - Feida Holdings anticipates a net profit of no less than 100 million HKD for the year [4] Strategic Developments - NIO's subsidiary Shenji has entered into a final agreement for a 2.257 billion yuan investment related to NIO's smart driving chip business, maintaining a 62.7% indirect stake post-transaction [5] - MIRES-B has signed a memorandum of understanding with AHLL for strategic cooperation [5] - Several companies, including ZTO Express, Xiaomi Group, and NetEase Cloud Music, have initiated stock buybacks, indicating confidence in their future development [5] Market Insights - According to Ping An International, the current macro data vacuum and policy expectations around the National People's Congress may lead to continued appreciation of the RMB and increased foreign capital inflow, which could strengthen the spring market [6] - China Galaxy Securities highlights three key areas for future investment focus: rising geopolitical risks in the Middle East benefiting precious metals and energy sectors, consumer sector valuations at relatively low levels with potential for growth, and the technology sector as a long-term investment focus amid ongoing AI advancements [6]

Group 1 - The core viewpoint of the news is that Jiangxi Tanwan has completed a strategic investment in the game development company of "Tianlong Babu 2: Feilong Zhantian" and obtained exclusive operating rights for the app version in mainland China [1][2] - Jiangxi Tanwan acquired a 35% stake in Shanghai Yuelong for RMB 15 million and paid RMB 30 million to the developer for exclusive operating rights [1] - The game is based on Jin Yong's classic martial arts novel and aims to provide an immersive experience with a vast open world and deep storyline [2] Group 2 - The acquisition is part of Jiangxi Tanwan's strategy to deepen its "premium IP + multi-terminal layout," enhancing its product matrix and competitiveness in the martial arts RPG segment [2] - The company has successfully operated and reserved several top martial arts IP resources, including "Tianlong Babu," "Xiao Ao Jiang Hu," and "She Diao San Bu Qu" [2] - The strategic investment allows Jiangxi Tanwan to extend its value chain from distribution to upstream development, solidifying its long-term supply of premium IP game products [3] Group 3 - Looking ahead, Jiangxi Tanwan aims to focus on "long-term operation of premium IP," promoting product diversification and global market expansion [4] - The company plans to strengthen its distribution and refined operation systems while deepening the integration of IP and user ecosystems [4] - The goal is to provide a more immersive gaming experience for global players and create sustainable, high-quality long-term returns for investors [4]

Group 1 - The core viewpoint of the news is that Ganwan (09890) has secured exclusive operational rights for the game "Tianlong Babu 2: Feilong Zhantian" and acquired a 35% stake in the game developer Shanghai Yuelong [1][2] - Ganwan has paid RMB 15 million to acquire the 35% equity stake in Shanghai Yuelong, and has also signed an agreement to obtain exclusive operational rights for the App version of the game [1] - The company has further signed an exclusive agency cooperation agreement and a network game cooperation agreement with Shanghai Yuelong to gain exclusive agency rights for the H5 version of the game, which is a mini-program version [1][2] Group 2 - The strategic investment in Shanghai Yuelong allows the company to extend its operations from the distribution end to the upstream development end, enhancing its ability to supply stable premium IP products [3] - The acquisition of exclusive operational rights for both the App and mini-program versions of "Tianlong Babu 2: Feilong Zhantian" is a significant step in the company's strategy to build a "Jin Yong martial arts IP game matrix" by 2025 [2] - The company has successfully operated and reserved other Jin Yong martial arts IP games, including "Tianlong Babu 2: Feilong Zhantian," "Xiao Ao Jiang Hu," and "She Diao San Bu Qu" [2]

Group 1 - The core viewpoint of the news is that Tanwan's subsidiary, Jiangxi Tanwan, has completed a strategic investment in the game development company of "Tianlong Babu 2: Feilong Zhantian" and obtained exclusive operating rights for the app version in mainland China [1][2] - Jiangxi Tanwan acquired a 35% stake in Shanghai Yuelong from Perfect World for RMB 15 million and paid RMB 30 million to the developer for exclusive operating rights [1] - The game is based on Jin Yong's classic martial arts novel and aims to provide an immersive experience with a vast open world and restored original plot [2] Group 2 - The acquisition of exclusive operating rights is part of Tanwan's strategy to deepen its "premium IP + multi-terminal layout," enhancing its product matrix and competitiveness in the martial arts RPG segment [2] - Tanwan has successfully operated and reserved several top martial arts IP resources, including "Tianlong Babu," "Xiao Ao Jiang Hu," and "The Legend of the Condor Heroes" trilogy [2] - The strategic investment allows Tanwan to extend its value chain from distribution to upstream development, creating a robust supply system for high-quality IP games [3] Group 3 - Looking ahead, Tanwan aims to focus on long-term value through "premium IP long-term operation," promoting product diversification and global market expansion [4] - The company plans to strengthen its distribution and refined operation systems while integrating IP and user ecosystems to enhance player experience [4] - Tanwan is committed to providing sustainable, high-quality long-term returns for investors [4]

Group 1 - The company Jiangxi Ganwan Information Technology Co., Ltd. has signed a share transfer agreement with Shanghai Yuelong Zhiyu Culture Technology Co., Ltd. and a subsidiary of Perfect World, acquiring 35% equity in Shanghai Yuelong for a payment of RMB 15 million [1] - Jiangxi Ganwan has obtained exclusive operational rights for the game "Tianlong Babu 2: Feilong Zhantian" App version, previously held by Perfect World, through a game operation rights transfer agreement [1] - The company has also signed an exclusive agency cooperation agreement and a network game cooperation agreement with Shanghai Yuelong for the H5 version of the authorized game, securing exclusive agency rights for this version [1] Group 2 - Shanghai Yuelong is a leading game developer in China, legally established and focused on high-quality multiplayer online game development, with rights to adapt and operate games based on Jin Yong's novel "Tianlong Babu" [2] - The acquisition of exclusive operational rights for both the App and mini-program versions of "Tianlong Babu 2: Feilong Zhantian" is a significant step in the company's strategy to build a "Jin Yong martial arts IP game matrix" by 2025 [2] - The strategic investment in Shanghai Yuelong allows the company to extend its operations from the distribution end to the upstream development end, enhancing its ability to supply high-quality IP products and supporting the long-term operation of IP value [2]

（股份代號：9890） 自願公告 投資遊戲研發公司及最新業務發展之遊戲產品 《天龍八部2：飛龍戰天》 本公告由貪玩（「本公司」，連同其附屬公司及中國經營實體，統稱為「本集團」） 自願刊發，旨在知會本公司股東及有意投資者有關本集團之最新業務發展。 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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Tanwan Inc. （ 於 開 曼 群 島 貪玩 註 冊 成 立 的 有 限 公 司 ） 收購事項 1. 簽訂股權轉讓協議 本公司董事（「董事」）會（「董事會」）欣然宣佈，江西貪玩信息技術有限公 司（由本集團通過合約安排控制之中國經營實體）（「江西貪玩」）與上海閱 龍智娛文化科技有限公司（「上海閱龍」、「項目公司」）、完美世界股份有 限公司之附屬公司（「完美世界」）簽訂《股權轉讓協議》。據此，江西貪玩支 付對價人民幣1,500萬元獲得上海閱龍35%的股權（「收購事項」）。 – 1 – 2. 簽訂授權遊戲App版本運營權交接協議 與此同時，上海閱龍、江西貪玩與完美世 ...

Core Viewpoint - The company, Tanwan (09890), has successfully completed a convertible bond issuance of HKD 468 million and has historically surpassed a market capitalization of HKD 10 billion, indicating strong market confidence and a strategic shift towards a comprehensive entertainment ecosystem driven by AI technology [1][2][3]. Group 1: Market Signals and Financial Performance - The successful issuance of convertible bonds at a premium price of HKD 23.5 reflects a significant market response, with a premium of approximately 38.24% over the previous trading day's closing price [2]. - The company's stock price has shown a steady upward trend since the announcement of the capital operation, indicating a positive market perception of its intrinsic value [1][2]. - The entry of LMR Partners, a well-known investment management fund, has enhanced the company's strategic positioning in the global capital market [2][3]. Group 2: AI Integration and Business Strategy - The net proceeds from the convertible bond issuance will be fully allocated to AI-related business investments, demonstrating the company's commitment to integrating AI deeply into its operational framework [4][5]. - The company has developed a comprehensive AI technology base that covers the entire lifecycle of game development, enhancing operational efficiency and profitability [5]. - Collaborations with industry leaders and investments in AI models signify the company's ambition to explore the boundaries of AI applications in gaming [5][6]. Group 3: Future Outlook and Product Development - The company is poised for future growth with a lineup of major IPs, leveraging AI to enhance game experiences and player services [6]. - The vision of evolving from a game publisher to a comprehensive entertainment platform reflects the company's long-term strategic goals [6].

Core Viewpoint - The company 贪玩 (09890) has seen a significant stock increase of over 9%, currently trading at 15.7 HKD with a transaction volume of 172 million HKD, following the announcement of a five-year collaboration with COEXIST Group for artist work development [1] Group 1: Partnership and Collaboration - The partnership with COEXIST Group involves a comprehensive collaboration with over 200 top-tier, mid-tier, and emerging trendy art artists for the development, sales, and promotion of derivative art products [1] - The collaboration is formalized through a long-term agreement titled "Artist Work Development Cooperation Agreement" [1] Group 2: Product Launch and IP Resources - The company has launched a mini-game based on the licensed IP of Jin Yong's "The Legend of the Condor Heroes 2: Flying Dragon in the Sky," which went live on November 13 [1] - The company holds multiple classic game IPs, including "Legend," "Douluo Continent," and "Blood Legend," and has been actively expanding into new tracks and new IPs in recent years [1] Group 3: Future Growth Potential - The company has a substantial product reserve in classic IPs such as "Legend," "Miracle," "Blood Jianghu," "Douluo Continent," and Jin Yong's martial arts, which are expected to contribute to future performance growth [1]