Performance Overview - In Q1-Q3 2025, the company achieved operating revenue of 4.068 billion yuan, a year-on-year decline of 9.86% [1] - The net profit attributable to shareholders was 724 million yuan, down 33.77% year-on-year [1] - The net profit excluding non-recurring items was 696 million yuan, a decrease of 16.42% year-on-year [1] - In Q3 2025, the operating revenue was 1.384 billion yuan, a year-on-year decline of 5.29% [1] - The net profit attributable to shareholders in Q3 was 215 million yuan, down 53.55% year-on-year [1] - The net profit excluding non-recurring items in Q3 was 208 million yuan, a decrease of 3.20% year-on-year [1] Game Development and Strategy - The new game "Stellar Sanctuary" was launched on the US App Store, while existing games continue to undergo frequent iterations [2] - The company’s subsidiary, Shellwood Games, adheres to a "diversification + quality" strategy, continuously innovating in game themes and gameplay [2] - "Age of Origins" maintained high-frequency updates in Q3, introducing new systems and celebrating its seventh anniversary with various activities [2] - "War and Order" also received multiple updates to enhance user experience [2] - Both "Age of Origins" and "War and Order" ranked in the top 20 of the "2025 Q3 China Game Overseas Evergreen List" [2] - The company is actively integrating with the Hongmeng ecosystem, with two strategy games already adapted for the Hongmeng system [2] AI and Digital Solutions - The "Yueqing" large model passed authoritative testing by the China Academy of Information and Communications Technology, marking a significant breakthrough in AI technology integration [3] - The "Yueqing" model is built on the "Taiyue Lighthouse" AI model application capability system, featuring a dual-core intelligent agent collaborative architecture [3] - The company joined the "Agent Qizhi" application research promotion plan initiated by the China Academy of Information and Communications Technology [3] - The company launched the voice digital employee "avavox," which includes over 200 industry templates to enhance operational efficiency [4] - "avavox" can complete tasks in 10 minutes that would take human agents half a day, achieving a 95% accuracy rate in problem identification [4] - The new knowledge management agent "UltraTalk" integrates generative AI capabilities and is adaptable to various industry scenarios [4] Profit Forecast - Due to the current product launch being in the investment phase, the profit forecast has been adjusted [5] - The company is expected to achieve net profits attributable to shareholders of 1.015 billion, 1.250 billion, and 1.437 billion yuan for 2025-2027, with corresponding P/E ratios of 23, 19, and 16 times [5] - The investment rating is maintained as "Buy" [5]