Group 1: Anji Technology - The company serves clients primarily in the wafer manufacturing and advanced packaging sectors, maintaining a healthy development phase with active capacity expansion [1] - AI-driven DRAM demand is a significant growth driver for the storage sector, with the global and particularly Chinese storage industry remaining active in technology R&D and capacity expansion [1] - The company’s core strategy is "rooted in China, facing the world," with steady progress in overseas expansion [1] - Increased R&D expenses are attributed to a higher number of projects, frequent activities, and increased share-based payment amortization [1] - The Ningbo Anji small loan fundraising project is over 80% complete and is expected to conclude on schedule [1] - The company aims to manage the gross margins of various product lines to maintain a healthy and sustainable overall gross margin [1] - Business trends are expected to remain stable, with normal progress anticipated in Q4 and beyond [1] Group 2: Perfect World - The company emphasizes long-term operation and value cultivation of older games, maintaining vitality through content iteration and refined operations [2] - It enhances its self-publishing capabilities through projects like "Honkai: Star Rail" and "Persona 5: The Phantom X," with "The Ring" set to launch globally across PC, mobile, and console [2] - The esports business is developing steadily, with the successful hosting of the 2025 Counter-Strike Asia Invitational and the 2026 DOTA2 International in Shanghai [2] - The film and television business focuses on "quality over quantity," controlling investment scale while increasing efforts in the short drama sector [2] - For the first nine months of the year, the company reported a net cash inflow from operating activities of 88.89 million, a turnaround from negative to positive, driven by increased game revenue and cost reduction [2] Group 3: Huaxia Fund - As of now, the total asset management scale of Huaxia Fund is 2,105.83 billion, ranking 2nd out of 211 [3] - The asset management scale for non-monetary public funds is 1,261.34 billion, also ranking 2nd out of 211 [3] - The number of managed public funds is 938, ranking 1st out of 211 [3] - The fund has 137 public fund managers, ranking 1st out of 211 [3] - The best-performing public fund product in the past year is Huaxia Digital Industry Mixed A, with a latest unit net value of 2.36, reflecting a growth of 109.95% over the past year [3] - The latest public fund product launched is Huaxia CSI Electric Grid Equipment Theme ETF, which is an index-type stock fund with a subscription period from October 27, 2025, to November 21, 2025 [3]

Group 1: Perfect World - The company emphasizes long-term operation and value cultivation of old games, maintaining vitality through content iteration and refined operations [1] - The overseas publishing capabilities are enhanced through projects like "Honkai: Star Rail" and "Persona 5: The Phantom X," with the game "Eternal Ring" set for global launch on PC, mobile, and console [1] - The esports business is developing steadily, with the successful hosting of the 2025 Counter-Strike Asia Invitational and the 2026 DOTA2 International in Shanghai [1] - The film and television business focuses on "quality over quantity," controlling investment scale and increasing efforts in the short drama sector [1] - The net cash inflow from operating activities for the first nine months reached 888.99 million yuan, turning positive year-on-year due to increased game revenue and cost reduction [1] Group 2: YH Tech - The company is increasing investment in software development and platform services, gradually raising the proportion of software and service revenue [2] - Overseas business contributes over 55% of revenue, with a production base in Canada, forming a "China R&D + overseas production + regional stocking" system [2] - The smart retail and power AI applications are scaled up, while industrial and automotive AI are in the promotion phase [2] - The gross margin declined in the first three quarters mainly due to the growth of low-margin intelligent vending system revenue [2] - The automotive business generated approximately 74 million yuan in revenue in the first three quarters, a year-on-year increase of 187% [2] - The IWOS market share is about 40%, with multiple new product trials and promotions underway [2] Group 3: Zhongyou Fund - Zhongyou Fund was established in 2006, with total assets under management of 75.82 billion yuan, ranking 73rd among 211 [2] - The fund's non-monetary public fund assets under management are 71.88 billion yuan, ranking 59th among 211 [2] - The fund manages 104 public funds, ranking 72nd among 211, with 23 fund managers, ranking 61st among 211 [2] - The best-performing public fund product in the past year is Zhongyou Health and Entertainment Flexible Allocation Mixed A, with a latest unit net value of 3.88 and a growth of 90.44% in the past year [2]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Xinda Australia Fund on a listed company, Perfect World, emphasizing its focus on long-term operation and value cultivation of older games [1] - Perfect World is enhancing its game offerings through content iteration and refined operations, ensuring the longevity of products like "Perfect World Classic Edition" [1] - The company is improving its self-publishing capabilities with projects such as "Huan Tower" and "Persona 5: The Phantom X," with "Yihuan" set for global launch across PC, mobile, and console platforms [1] - Perfect World has successfully completed domestic and overseas testing phases for "Yihuan," showcasing it at major gaming events like the 2025 Cologne Exhibition and Tokyo Game Show [1] - The esports business is developing steadily, with the successful hosting of the 2025 Counter-Strike Asia Invitational and plans for the 2026 DOTA2 International Invitational in Shanghai [1] - In the film and television sector, the company is focusing on "quality over quantity," controlling investment scale while increasing efforts in the short drama segment [1] - For the first nine months of the year, Perfect World reported a net cash inflow from operating activities of 888.99 million yuan, a significant turnaround from negative to positive, attributed to increased game revenue and cost reduction efforts [1] Group 2 - Xinda Australia Fund, established in 2006, has an asset management scale of 110.04 billion yuan, ranking 56th out of 211 [2] - The fund's non-monetary public fund management scale is 64.37 billion yuan, ranking 66th out of 211 [2] - The fund manages 186 public funds, ranking 37th out of 211, with 38 fund managers, ranking 33rd out of 211 [2] - The best-performing public fund product in the past year is Xinao Performance-Driven Mixed A, with a latest unit net value of 1.64, reflecting a growth of 135.44% over the past year [2] - The latest public fund product launched by Xinda Australia Fund is Xinao High-End Equipment Mixed A, which is a mixed-type equity fund with a subscription period from October 27, 2025, to November 7, 2025 [2]