几年前，你总能见到这样的游戏广告：一个个熟悉又陌生的古早港台明星面孔，手中握着金光闪闪的宝剑，他们会用略显生硬的普通话喊着"渣渣辉""装 备全靠打""是兄弟就来砍我"等经典老梗。游戏画面中充斥着爆裂的数字特效，还有怪物死后爆出的遍地金光闪闪的宝物。 这些广告都源自"传奇"类游戏。国内最早的"传奇"由上海盛大网络于2001年引进国内，定名为《热血传奇》，很快在网吧内风靡一时。"传奇"定义了中国 网游的一种早期形态：战士、法师、道士3种职业划分，简洁的红蓝药水球UI，以及"练级、PK、刷宝"的核心玩法循环。如今，《热血传奇》的官方版本 早已出于种种原因而迭代得面目全非，但由此衍生出的无数"传奇"私服，却依然滋养着一个庞大的玩家群体。 满屏的彩色数字是"传奇"广告的特色之一 它们就像是数字时代的江湖传说，无处不在，却又让许多年轻玩家感到费解：这样的游戏，真的还有人在玩吗？即使有，在这个有大量新游戏可以去体验 的时代，他们为什么还要二十几年如一日地守在这款"古老"的游戏里？他们究竟在玩什么？ 《热血传奇》登录界面 老文从2001年《热血传奇》官服公测时就开始玩了。他的网游生涯始于"传奇"，如今他也依然游走在各个私服之 ...

Core Viewpoint - The case involving Guo Baichun, former deputy mayor of Yinchuan, is set to be heard from December 29 to 31, 2025, concerning allegations of embezzlement and abuse of power, with connections to prominent businessman Ma Shengguo and the gaming company Shengda [1][2]. Group 1: Allegations and Financial Misconduct - Guo Baichun is accused of embezzling public funds totaling 5.46 billion yuan for personal profit, including 46 million yuan specifically for stock trading [2][4]. - The funds were funneled through state-owned enterprises, with Guo facilitating loans despite warnings about the associated risks [2][3]. - The loan was secured by a guarantee from a company whose chairman, Ma Yingjun, had prior connections with Guo Baichun [3]. Group 2: Connections to Ma Shengguo - Guo Baichun had multiple interactions with Ma Shengguo during his five years in Yinchuan, indicating a close relationship that may have influenced business dealings [1][4]. - Ma Shengguo's family was once among the wealthiest in Ningxia, controlling a company that became a "white horse stock" in the capital market [5][6]. - The family's financial troubles began in 2014, leading to investigations and legal issues related to fraudulent activities [6][8]. Group 3: Corporate Maneuvering and Legal Implications - The legal proceedings against Guo Baichun are intertwined with corporate maneuvers involving Shengda Game's privatization efforts and Ma Shengguo's attempts to integrate assets into his company [13][14]. - Guo Baichun played a significant role in facilitating loans for Ma Shengguo's business ventures, which were later scrutinized for legality [13][16]. - The fallout from these corporate actions has led to significant legal challenges, including accusations of insider trading and manipulation of judicial processes to suppress competition [12][17].

Group 1: Company Strategy and Competitive Advantages - The company focuses on the core strategy of "focusing on the gaming main business" to develop high-quality games that meet market demand, supported by four business systems: R&D, publishing, investment + IP, and user platforms [3] - The company has established an overseas publishing strategy, leading to continuous growth in overseas revenue over the past three years [3] - The company aims to enhance its product matrix and long-term operational capabilities through IP product strategies, targeting markets in Hong Kong, Macau, Taiwan, South Korea, Southeast Asia, Japan, and Europe and the United States [3][4] Group 2: Box Business Development - The company signed a licensing agreement for "Legend of Blood" and "World of Legend" with Tianqiong Interactive, allowing exclusive development and operation of related box products [5] - Significant financial commitments include 100 million CNY annually from Sanjiu Interactive for promotional services in the "39 Interactive" brand area, and 200 million CNY from Tanwan Games for a star brand area in the box [5] - The company plans to enhance the PC gaming ecosystem for the "Legend" series through collaboration with partners, aiming to increase user engagement and market scale [6][7] Group 3: Share Buyback and Shareholder Information - From September 1 to September 3, 2025, the company repurchased 8.9528 million shares, accounting for 0.42% of total shares, with a total expenditure of approximately 200 million CNY [8] - The company has committed to not reducing shareholdings for five years, with plans for continuous share purchases funded by dividends received [9] - As of November 20, 2025, the total number of shareholders is 82,977, showing a recent upward trend [10] Group 4: AI and Product Innovations - The company is developing EVE, a 3D AI companion application, set to launch in Q1 2026, focusing on emotional connections and personalized interactions [12] - The "Warm Star Valley" AI toy brand is set to launch pre-sales on December 8, 2025, targeting emotional companionship for the 12-35 age group [12] - The company emphasizes the integration of hardware and software to create a closed-loop ecosystem for its AI products [12] Group 5: Financial Performance and Investments - The company holds shares in Century Huatong, classified as financial assets measured at fair value, with changes recorded in other comprehensive income, not affecting current profits [14] - The strategic investment in Century Huatong is aimed at enhancing collaboration and market competitiveness, with no plans for short-term sale of these shares [14]

Core Insights - The company has successfully transformed from an automotive parts manufacturer to a leading player in the internet gaming industry, capitalizing on China's digital transformation strategy since 2014 [1][2] - In the first half of 2025, the company reported significant growth with revenue reaching 17.2 billion yuan, a year-on-year increase of 85.5%, and net profit soaring to 2.656 billion yuan, up 129.33% [1] Business Segments - The company operates three main business segments: internet gaming, automotive parts manufacturing, and artificial intelligence cloud data, while also exploring cutting-edge fields like AI and brain science [1][2] - The company has made substantial investments in "hard technology" and virtual-interactive fields, including the development of digital therapy products for conditions like ADHD and Alzheimer's [3] Technological Innovations - The company has engaged in the construction of a digital red culture experience space, integrating AR, VR, and AI technologies to enhance cultural education [3] - It has also invested in AI-driven quality inspection robots for various industries, addressing challenges like labor shortages and high energy consumption [4] Global Expansion - Century Games, a subsidiary, has expanded its gaming business globally, covering over 200 countries and regions, and has seen explosive growth through innovative game releases [5][6] - The game "Whiteout Survival" has achieved over 100 million downloads and topped global mobile game revenue charts, significantly contributing to the company's overseas income of 8.958 billion yuan in the first half of 2025 [6] Cultural Initiatives - The company integrates traditional culture into gaming, creating immersive experiences that promote cultural heritage through modern technology [7] - Collaborations with educational institutions have led to the development of games that serve as resources for traditional culture education [7] Social Responsibility - The company has established a sustainable development committee and has made over 30 million yuan in charitable donations, focusing on community service and social responsibility [8][9] - It has initiated various projects aimed at protecting minors and enhancing digital literacy, demonstrating a commitment to social trust and responsibility [9]

Core Viewpoint - Century Huatong has achieved record-breaking performance in 2024, with significant revenue growth and strong profitability, solidifying its position as the leading gaming company in A-shares [1][3]. Financial Performance - In 2024, Century Huatong reported revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit attributable to shareholders of 1.213 billion yuan, up 131.51% [1][2]. - The company's operating cash flow reached 5.046 billion yuan, reflecting a growth of 62.67% [1]. - For Q1 2025, revenue was 8.145 billion yuan, a 91.12% increase year-on-year, with net profit attributable to shareholders at 1.35 billion yuan, up 107.2% [2]. Business Growth Drivers - The company’s overseas revenue reached 11.367 billion yuan in 2024, marking a 52.3% increase, driven by successful titles like "Whiteout Survival" [3]. - Domestic operations also thrived, with significant growth in established IPs and new game launches, such as "Dragon Valley" and "Adventure Island" [5]. AI Integration and Innovation - Century Huatong is actively integrating AI into its game development and operations, enhancing production efficiency by 60%-80% [6]. - The company has initiated the "Dragon Cup" global AI game and application competition to foster innovation in AI technology [6]. ESG Commitment - The company has invested 6.21 million yuan in public welfare initiatives, focusing on areas like youth online protection and rural revitalization [8]. - Century Huatong has engaged in various community support activities, demonstrating its commitment to social responsibility [8].