调研纪要：23年上线的游戏仍在创新高，尚未观测到生命周期顶峰，Kingshot正在打破WhiteoutSurvival海外纪录，海外市场更大，用户更多。公 司通过高速低成本测试多个产品，23年以来发布不少于20款产品，爆款由数据驱动。点点利润约占公司总利润的2/3，激励机制结合现金与股权。 海外市场用户重合度约为20%。研发费用增长因点点团队扩充，美元折算影响不大。第三方数据仅为参考，公司流水基于真实财务数据。休闲赛 道生命周期长且稳定，虽盈利能力不如SLG，但对公司意义重大。小程序抽成调整对公司收入影响约2个百分点，但有助于提升用户留存与付费 率。 证券之星消息，根据市场公开信息及11月26日披露的机构调研信息，金鹰基金近期对2家上市公司进行了调研，相关名单如下： 1）立讯精密 （金鹰基金参与公司特定对象调研&现场参观） 个股亮点：公司在人形机器人领域已具备全产业链核心能力，除电池与部分关节模组外，可自主完成谐波齿轮等关键部件的精加工。；公司的汽 车业务已布局多年，产品矩阵非常丰富。无论是高低压线束、高速线束、特种线束，还是闪充充电枪等，均在全球范围内都取得了良好的发展势 头。；公司办公地址为广东省东莞市清 ...

Core Insights - Xidi Micro (688173.SH) reported its Q3 2025 results, revealing that 13 institutional investors hold a total of 71.41 million shares, representing 17.38% of the company's total equity [1] - The top ten institutional investors collectively hold 17.36% of the shares, which is a decrease of 2.45 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Xidi Micro shares has remained stable, with a total of 13 investors disclosing their holdings [1] - The top ten institutional investors include notable entities such as Chongqing Weichun Enterprise Management Consulting Co., Ltd. and Hong Kong Central Clearing Limited [1] Public Fund Activity - Two public funds increased their holdings in this period, including E Fund CSI 1000 Quantitative Enhanced A and Penghua Smart Investment Digital Economy Mixed A, with a slight increase in the proportion of shares held [2] - Six new public funds disclosed their holdings, including notable funds like China Merchants CSI 1000 Enhanced Strategy ETF and Wan Ke Growth Enterprise Board Index Enhanced A [2] - A total of 84 public funds did not disclose their holdings in this period, indicating a significant turnover in public fund participation [2] Foreign Investment - One new foreign institutional investor disclosed its holdings in this period, specifically Hong Kong Central Clearing Limited [2]

Group 1 - Zhuhai Guanyu (688772.SH) released its 2024 annual report on March 31, 2025, with 241 institutional investors holding a total of 645 million shares, accounting for 57.18% of the total share capital [1] - The top ten institutional investors collectively hold 47.63% of the shares, with a decrease of 0.40 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, five funds increased their holdings, with an increase rate of 0.14%, while six funds decreased their holdings, with a decrease rate of 0.81% [2] - A total of 198 new public funds were disclosed this period, while 26 funds were no longer disclosed compared to the previous quarter [2] - The only social security fund that increased its holdings was the National Social Security Fund 406 portfolio, with an increase rate of 0.24% [2]