Core Viewpoint - Zhangqu Technology is a leading game development and publishing company in China, with strong R&D capabilities and a rich IP reserve, but its financial performance lags behind industry leaders [1][2]. Financial Performance - For Q3 2025, Zhangqu Technology reported revenue of 534 million yuan, ranking 19th among 26 companies in the industry, significantly lower than the top performer ST Huatong at 27.22 billion yuan and the industry average of 3.26 billion yuan [2]. - The company's net profit for the same period was 76.56 million yuan, ranking 14th, again far below ST Huatong's 4.44 billion yuan and the industry average of 531 million yuan [2]. Profitability and Debt Management - As of Q3 2025, Zhangqu Technology's debt-to-asset ratio was 7.73%, down from 8.31% year-on-year, and significantly lower than the industry average of 29.04%, indicating strong debt repayment capability [3]. - The gross profit margin for the period was 73.48%, a decrease from 77.50% year-on-year but still above the industry average of 58.35% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.66% to 172,600, while the average number of circulating A-shares held per shareholder increased by 14.50% to 15,000 [5]. - The largest circulating shareholder is the Huaxia CSI Animation Game ETF, holding 78.21 million shares, an increase of 13.32 million shares from the previous period [5]. Management Compensation - The chairman, Liu Zhigang, has maintained a salary of 100,000 yuan for both 2023 and 2024 [4].

Core Insights - On October 15, Zhangqu Technology's stock rose by 0.96%, with a trading volume of 279 million yuan. The company experienced a net financing outflow of 19.65 million yuan on that day [1] Financing Overview - On October 15, the financing buy-in amount for Zhangqu Technology was 40.56 million yuan, while the financing repayment was 60.21 million yuan, resulting in a net financing buy-in of -19.65 million yuan. The total financing and securities balance reached 1.213 billion yuan [1] - The current financing balance of 1.209 billion yuan accounts for 8.49% of the circulating market value, which is below the 30th percentile level over the past year, indicating a low position [1] Securities Lending Overview - On October 15, Zhangqu Technology repaid 1,500 shares in securities lending and sold 13,800 shares, amounting to 72,600 yuan based on the closing price. The remaining securities lending volume was 920,500 shares, with a balance of 4.8418 million yuan, which exceeds the 90th percentile level over the past year, indicating a high position [1] Company Profile - Beijing Zhangqu Technology Co., Ltd. was established on August 2, 2004, and listed on May 11, 2012. The company's main business involves the development, publishing, and operation of games, primarily focusing on mobile terminal games (92.08% of revenue), internet webpage games (7.60%), and other products (0.32%) [1] Financial Performance - As of June 30, the number of shareholders for Zhangqu Technology was 197,600, an increase of 11.69% from the previous period. The average circulating shares per person decreased by 10.46% to 13,073 shares [2] - For the first half of 2025, Zhangqu Technology reported a revenue of 358 million yuan, a year-on-year decrease of 23.44%. The net profit attributable to the parent company was 47.79 million yuan, down 65.58% year-on-year [2] Dividend Information - Since its A-share listing, Zhangqu Technology has distributed a total of 249 million yuan in dividends. However, there have been no dividend distributions in the past three years [3] Institutional Holdings - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 66.08 million shares, a decrease of 27.65 million shares from the previous period. Other notable shareholders include various ETFs, with some increasing their holdings [3]

Core Viewpoint - The stock of Zhangqu Technology has shown fluctuations, with a recent increase of 2.07% and a total market capitalization of 14.702 billion yuan, despite a year-to-date decline of 1.27% [1] Financial Performance - For the first half of 2025, Zhangqu Technology reported a revenue of 358 million yuan, representing a year-on-year decrease of 23.44%, and a net profit attributable to shareholders of 47.7873 million yuan, down 65.58% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 249 million yuan, with no dividends distributed in the past three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 197,600, up 11.69% from the previous period, while the average circulating shares per person decreased by 10.46% to 13,073 shares [2] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 66.077 million shares, a decrease of 27.6511 million shares from the previous period [3] - Other notable shareholders include various ETFs, with significant increases in holdings for some, indicating a shift in institutional investment [3] Business Overview - Zhangqu Technology, established on August 2, 2004, and listed on May 11, 2012, primarily engages in the development, publishing, and operation of games, with mobile games accounting for 92.08% of its revenue [1] - The company operates within the media and gaming industry, with its business segments including mobile terminal games, web games, and related products [1]

Company Overview - Zhangqu Technology Co., Ltd. is located in Haidian District, Beijing, and was established on August 2, 2004. The company was listed on May 11, 2012. Its main business involves the development, publishing, and operation of games, primarily focusing on mobile terminal games (92.08% of revenue) and internet webpage games (7.60%) [1][2]. Financial Performance - As of June 30, 2025, Zhangqu Technology reported a revenue of 358 million yuan, a year-on-year decrease of 23.44%. The net profit attributable to shareholders was 47.79 million yuan, down 65.58% year-on-year [2]. - The company has cumulatively distributed 249 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 197,600, up 11.69% from the previous period. The average number of tradable shares per shareholder decreased by 10.46% to 13,073 shares [2]. - The largest shareholder, Hong Kong Central Clearing Limited, held 66.08 million shares, a decrease of 27.65 million shares compared to the previous period. Other notable shareholders include various ETFs, with some increasing their holdings [3]. Stock Performance - On September 5, the stock price of Zhangqu Technology rose by 2.00% to 5.61 yuan per share, with a trading volume of 309 million yuan and a turnover rate of 2.16%. The total market capitalization reached 15.19 billion yuan [1]. - Year-to-date, the stock price has increased by 2.00%, but it has decreased by 4.43% over the last five trading days and 6.81% over the last 20 days [1].