吸收合并子公司：象征意义大于实质 深层危机：研发断层与战略摇摆 公司研发人员从2020年的1038人锐减至2024年的477人，四年减员超54%。人才流失直接导致新品开发 能力萎缩：主力产品仍依赖上线近十年的《一拳超人：最强之男》（上半年营收1.08亿元）和《拳皇98 终极之战OL》（0.59亿元），而战略级SLG新品《代号H》《代号S》研发超两年仍处于"调测调优"阶 段，未能如期投放市场。2023年试水的二次元产品《非匿名指令》运营一年即停运，暴露出研发体系失 效。 公司早期依赖高溢价并购（如动网先锋、玩蟹科技）拼凑短期业绩，但未整合团队协同，导致《大掌 门》等收购项目生命周期结束后后继乏力。近年战略在页游、二次元、AI等赛道反复切换：虽宣称与 英伟达合作开发AI游戏平台，但技术仍处孵化阶段未贡献收入；2023年布局的小游戏《大圣顶住》流 水已明显下滑，未能成为新增长点。 2025年上半年，掌趣科技营业收入3.58亿元，同比下滑23.44%，延续了自2021年以来的连续下滑趋势 （2021-2024年分别下滑17.72%、17.61%、19.06%、16.6%）。公司2024年全年营收较2020年已腰斩， ...

行业景气度回暖政策与市场共振向好 8月22日晚间，掌趣科技（300315）披露2025年半年度报告。2025年上半年，公司实现营业收入3.58亿 元，归属于上市公司股东的净利润为4778.73万元。 在游戏行业景气度持续回升的大背景下，公司保持稳健运营，积极推进全球化战略，持续加大研发投 入，并在SLG与小游戏赛道加速新品储备，展现出面向未来的成长韧性。 此外，公司参股的安拟集团(Animoca Brands)在稳定币相关领域有一定布局，为其未来在Web3与虚拟资 产生态中的延伸拓展提供了新的想象空间，后续公司也将持续关注其相关业务进展及潜在影响。 创新驱动发展，夯实长期价值 当前，游戏行业正在经历技术革新与内容创新的双重驱动。券商观点指出，出海是2025年国内游戏公司 最具确定性的增长方向，而AI赋能将提升研运效率并催生全新玩法。掌趣科技聚焦全球化与AI应用， 既保持经典产品的稳定运营，又加速新品储备，形成"存量稳健+增量突破"的良性格局。 从财务层面看，公司上半年保持了3.58亿元营业规模和4778.73万元净利润，货币资金规模达22.39亿 元，为新品投放与战略延伸提供了充足的资金保障。同时，掌趣科技在 ...

Core Viewpoint - The chairman of Changyou Technology, Liu Huicheng, plans to reduce his shareholding by up to 27,201,682 shares, which is 1% of the company's total shares, citing personal financial needs despite the company's performance pressure [1][3]. Company Overview - Changyou Technology, established in 2004, is a comprehensive developer, publisher, and operator of mobile and web games, having gone public in May 2012 [3]. - The company has developed and published popular games such as "全民奇迹" (Miracle of All), which has generated over $1 billion globally, and has seen success in overseas markets like Japan and Southeast Asia [3]. Financial Performance - For the reporting period, Changyou Technology achieved revenue of 819 million yuan and a net profit of 111 million yuan, although its performance is under short-term pressure due to product cycle fluctuations [3]. - The company's Q1 2025 report indicated a revenue of 162 million yuan, a year-on-year decline of 36.62%, and a net profit of 27.86 million yuan, down 50.04% year-on-year [5]. Workforce and R&D - The number of R&D personnel at Changyou Technology has halved from 1,038 in 2020 to 501 in 2023, with the proportion of R&D staff decreasing from 75.40% to 65.00% during the same period [5]. - The company is characterized as an IP-driven game company, which may limit its ability to produce blockbuster games in the current market focused on high-quality titles [9].

Group 1 - The major shareholder of Zhangqu Technology, Liu Huicheng, plans to reduce his stake by up to 27.2 million shares, which is approximately 1% of the total share capital, due to personal financial needs [1][2] - Following the announcement, Zhangqu Technology's stock price fell by 1.64%, closing at 4.81 yuan per share, indicating a potential cash-out of around 130 million yuan for Liu Huicheng [1][2] - Liu Huicheng currently holds 169 million shares, representing 6.23% of the company's total share capital, and the reduction period is set from June 5, 2025, to September 4, 2025 [1][2] Group 2 - Zhangqu Technology reported a revenue of 819 million yuan for 2024, a decline of 16.61% year-on-year, and a net profit of 111 million yuan, down 40.68% from the previous year [3][4] - The company's revenue has decreased for four consecutive years since 2021, with the current revenue being halved compared to 2020, when it was 1.789 billion yuan [2][4] - In the first quarter of 2025, Zhangqu Technology achieved a revenue of 162 million yuan, a year-on-year decrease of 36.62%, and a net profit of 27.86 million yuan, down 50.04% [4]