Core Viewpoint - Yaoji Technology reported a net profit attributable to shareholders of 390 million yuan for the first three quarters, a year-on-year decrease of 8.00% [1] - In Q3 2025, the net profit attributable to shareholders was 134 million yuan, down 3.98% year-on-year [1] Financial Performance - The company's short-term performance is under pressure, but there is an optimization in revenue structure [1] - The gaming business remains stable, and the IP card ecosystem layout is improving [1] Business Development - The company is deeply engaged in the casual puzzle segment, establishing multiple studio teams to maintain a continuous production capacity of quality content [1] - Yaoji Technology invested in Shanghai Ludao Consulting Management Co., Ltd. to participate in the issuance and secondary trading platform of sports culture collectible cards [1] Strategic Initiatives - In September 2022, the company established Yaoji Trendy Products and became the agent for Pokémon TCG (Simplified Chinese version) in mainland China [1] - The company is building a full industry chain ecosystem around short videos and short dramas, with over 200 indoor scene constructions completed in the short video center [1] - A short drama fund has been set up to specifically invest in quality projects in parks and industries [1] - The company is actively integrating production and broadcasting, aiming to create a complete ecological closed loop from IP, production, distribution to investment flow [1] Outlook - Given the growth potential of the Shanghai International Short Video Center and card business, the company maintains an "overweight" rating [1]