同时，游族网络销售、研发等费用实现同比下降。现金流方面，公司上半年经营活动产生的现金流量净额为同比由正转负，主要系本期经营活 动现金流出较上年同期增加所致。此外，报告期内，非经常性损益同比上升，主要是本报告期公司持有的金融资产公允价值变动所致。 | 项目 | 金额 | 说明 | | --- | --- | --- | | 非流动性资产处置损益(包括已计提资产减值准备的冲 销部分) | -1. 494. 703. 99 | 主要系资产处置损益 | | 计入当期损益的政府补助(与公司正常经营业务密切相 关、符合国家政策规定、按照确定的标准享有、对公司 | 156, 472. 80 | 主要系增值税即征即退以外的其 他政府补助 | | 损益产生持续影响的政府补助除外) | | | | 除同公司正常经营业务相关的有效套期保值业务外,非 金融企业持有金融资产和金融负债产生的公允价值变动 | 34, 974, 108. 28 | 主要系其他非流动金融资产的公 允价值变动、持有期间取得的投 | | 损益以及处置金融资产和金融负债产生的损益 | | 资收益等 | | 单独进行减值测试的应收款项减值准备转回 | 562, 53 ...

Group 1: Market Growth and Trends - The Chinese self-developed games' overseas market achieved actual sales revenue of $9.501 billion (approximately 68.341 billion RMB), marking an 11.07% year-on-year growth, the highest in nearly five years [1] - The global mobile game market size grew by 4.8% to 635.57 billion RMB, indicating a recovery in the market, with overseas markets remaining a key area for Chinese game companies [3] - Major game companies like Tencent, NetEase, and others are increasingly entering overseas markets through gameplay integration and innovative themes, enhancing market scale and creating opportunities for blockbuster games [3] Group 2: AI Technology in Game Development - AI technology is providing new opportunities for game companies to expand overseas, with foreign companies already integrating AI deeply into game development [4] - 37 Interactive Entertainment has developed over 40 AI capabilities, including AI translation technology, which is used in over 60% of its overseas games with a 95% accuracy rate [4] - Companies like Youzu Network are leveraging AI and big data to enhance their global game operations, aiming to break down language and cultural barriers [4][5] Group 3: Cultural Export and Localization - Cultural export has evolved from simple product output to deeper cultural integration and localization, facilitating two-way cultural exchange [7] - The success of the game "Black Myth: Wukong," which incorporates rich Chinese cultural elements, has sparked global interest in Chinese culture [7] - Companies are increasingly using games as a medium for cultural dialogue, with Youzu Network and others integrating traditional Chinese culture into their products [9][10] Group 4: Future of the Gaming Industry - The gaming industry is seen as a key driver of economic growth, evolving from mere entertainment to a significant economic force [11] - The industry's evolution is expected to release substantial potential, reshaping economic and cultural landscapes as it aligns with technological advancements and cultural prosperity [11]

Core Viewpoint - The gaming industry in China is experiencing a significant recovery in the first half of the year, as evidenced by the performance forecasts of several A-share gaming companies, with many reporting substantial profit growth or turning losses into profits [1][2]. Financial Performance - ST华通 (Century Huatong) is expected to achieve a net profit of 2.4 billion to 3 billion yuan, representing a growth of 107.20% to 158.00% [2] - 浙数文化 (ZheShu Culture) anticipates a net profit of 330 million to 390 million yuan, with a growth of 124% to 165% [2] - 游族网络 (Youzu Network) forecasts a net profit of 40 million to 60 million yuan, marking an increase of 768.75% to 1203.13% [2] - 完美世界 (Perfect World) and 冰川网络 (Icefire Network) are expected to turn losses into profits, with 完美世界 projecting a profit of 480 million to 520 million yuan [2][6] - ST凯文 (ST Kevin) expects to maintain a loss level similar to last year, with a projected loss of 65 million to 48 million yuan [2] - 电魂网络 (Dianhun Network) anticipates a loss of 11 million to 7.5 million yuan, indicating a shift from profit to loss [2] Cost Control as a Key Factor - Cost control has emerged as a critical factor for gaming companies to avoid losses, with companies like 完美世界 and 冰川网络 attributing their turnaround to reduced investment in underperforming projects [1][4] - High distribution costs have made it challenging for gaming companies to maintain profitability [2][3] Market Environment - The number of game licenses issued in the first half of the year has significantly increased compared to last year, with the domestic mobile game market growing by 20% year-on-year [1][7] - The gaming market is characterized by intense competition, with a focus on product quality as a determinant of success [1][8] Long-term Products and New Releases - Long-standing products are crucial for the stability of gaming companies, providing a solid revenue base amid market growth [7] - New blockbuster games remain essential for driving rapid revenue growth, as seen with ST华通's new release, which has performed exceptionally well in the market [9][10] Industry Trends - The gaming industry is witnessing a recovery in market sentiment, with a notable increase in the issuance of domestic game licenses and the integration of AI technology enhancing operational efficiency [8] - The upcoming release of major titles from leading companies is expected to intensify market competition [10]

Core Viewpoint - The company, Youzu Interactive, is expected to report a significant increase in net profit for the first half of 2025, driven by strategic initiatives in user engagement and cultural integration [1]. Financial Performance - The projected net profit attributable to shareholders is between 40 million to 60 million yuan, representing a year-on-year increase of 768.75% to 1203.13% [1]. - The expected net profit after deducting non-recurring gains and losses is between 10 million to 15 million yuan [1]. User Engagement and Cultural Integration - The company has enhanced user engagement through various online and offline activities, including the 10th anniversary celebration of "少年三国志" and the 16th anniversary of Youzu Network [1]. - Collaborations with cultural entities, such as the partnership with the 1994 CCTV version of "三国演义" and the Yichang Museum, have deepened emotional connections with players [1]. Technological Integration - Youzu Network is committed to a "cultural + technology" dual-drive strategy, integrating cutting-edge technologies like AI into game development [2]. - The AI Innovation Institute has established an AI empowerment system that spans the entire game development and publishing process, enhancing automation and standardization [2]. Product Development and Future Plans - The company plans to launch over ten new products, including "少年三国志3," "援军来了," and "代号：Ball," to diversify its product matrix [3]. - "少年三国志3" has already entered group testing, featuring innovations in core combat and gameplay to realize a "global card+" concept [3].

Group 1 - The core theme of the event is "Be YOUTHself," celebrating the 16th anniversary of Youzu Interactive and the 616 Youth Festival, featuring a week-long carnival for global employees and multiple benefits for players, including 6.16 million gift packages [2] - Youzu Interactive aims to enhance the gaming experience for global players, with various titles like "Youth Three Kingdoms," "Youth Journey to the West," and "Game of Thrones: Winter is Coming" offering rich benefits during the festival [2] - Over 10 million global players participated in the event, showcasing Youzu Interactive's strong influence in the global gaming market [2] Group 2 - Youzu Interactive emphasizes its mission of "Technology Transmitting Civilization," integrating traditional Chinese culture into gaming, exemplified by the collaboration of "Youth Three Kingdoms 2" with the national intangible cultural heritage Guangling Qin School [3] - The company plans to continue its dual-driven approach of "Culture + Technology," using gaming as a medium to tell Chinese stories and enhance players' appreciation of Chinese culture [3] - Future product reserves include over ten new titles, such as "Origin: Endless Land" and "Code: SR2," aimed at consolidating and expanding its global presence [2]