Core Viewpoint - The company is focusing on its core gaming business and is accelerating the construction of a diversified ecosystem centered around gaming, while exploring new growth opportunities [2][3]. Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 4.075 billion yuan, representing a year-on-year growth of 3.75% - The net profit attributable to shareholders reached 1.583 billion yuan, an increase of 23.70% year-on-year, with a gross margin stable at over 83% and a net profit margin further improved to 38.86% [2]. - As of November 27, 2025, the company's market capitalization rose to 46.9 billion yuan [2]. Corporate Governance - The company is enhancing its governance capabilities through optimizing its governance structure, stock incentive plans, investment relationship management, and cash dividends [3]. - The largest shareholder and actual controller holds a 20.00% stake, with commitments to not reduce their holdings in the next five years and to continue cash dividends in 2024 and 2025 [3]. - Since 2023, the company has distributed over 800 million yuan in cash dividends and has repurchased shares totaling 800 million yuan since 2020 [3]. Business Development - In the first half of the year, the company's overseas revenue reached 202 million yuan, a year-on-year increase of 59.57%, with strong performance in markets like South Korea and Europe [3]. - The "996 Legend Box" platform has nearly 500,000 daily active users, driving rapid expansion of the platform's business scale [3]. - The company has made significant progress in AI applications, including the emotional companion application EVE and the AI toy brand "Warm Star Valley Dream Journey," opening new avenues for future business expansion [3]. Future Strategy - In 2026, the company will focus on product development strategies that deepen retro-themed and expand innovative premium products [4]. - The publishing business will enhance global publishing capabilities through a reasonable layout of game publishing cycles [4]. - The investment and IP layout will focus on global high-popularity game copyright resources, combining early and strategic investments to empower both invested enterprises and self-developed systems [4]. - The platform business will center around the "996 Legend Box," creating a one-stop vertical service platform for "Legend" games, integrating over a thousand related game contents [4].