业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 林起贤 (8621)23297818× linqx@swsresearch.com 联系人 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 2025 年 07 月 13 日 美图戴维斯双击，重视 AI 应用商 业化兑现 看好 ——互联网传媒周报 20250707-20250711 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基 ...

Core Points - Aurora Cannabis Inc. has filed and mailed the management information circular for the upcoming annual general and special meeting of shareholders [1] - The meeting is scheduled to be held virtually on August 8, 2025, at 1:00 p.m. Eastern time [2] - Shareholders are encouraged to vote their shares by the deadline of August 6, 2025, at 1:00 p.m. Eastern time [3] Company Overview - Aurora Cannabis is a leading global medical cannabis company based in Canada, serving both medical and consumer markets across Canada, Europe, Australia, and New Zealand [4] - The company offers a diverse portfolio of adult-use and medical cannabis brands, including Drift, San Rafael '71, MedReleaf, and others [4] - Aurora holds a controlling interest in Bevo Farms Ltd., a major supplier of propagated agricultural plants in North America [4] Shareholder Engagement - Shareholders can access the management information circular on the company's website and are encouraged to watch a message from the CEO and CFO reflecting on fiscal 2025 [2] - The company emphasizes the importance of shareholder participation and provides contact information for assistance with voting [3]

产品从换皮到长周期，游戏行业增长确定性提升 20250706 摘要 中国游戏行业政策迎来重大变化，版号属地审批试点铺开，加速供给端 增长。但 AI 驱动头部游戏集中度提升，中小企业面临更大竞争压力，需 关注能否做到头部。 规则类（如 MOBA、消除类）和策略类（如回合制、SLG）游戏因不卖 数值、迭代速度快等特点，拥有较长的生命周期，如《王者荣耀》、 《无尽冬日》等。 中国游戏市场增速虽受政策影响，但总体跑赢社零和 GDP 增速。国内外 政策端均有积极变化，如版号审批加速，将进一步推动市场发展。 AI 技术加速游戏版本更新频率，但上线数量占比低，头部游戏集中度持 续提升。长尾企业难以上线获取份额，头部产品生命周期延长，市场竞 争力强化。 电竞赛道及回合制策略 SLG 是较好选择，头部产品生命周期长。腾讯在 电竞赛道占据主导地位，加权半衰期远高于网易和米哈游。 休闲竞技类游戏抗通缩能力强，如《和平精英》、《开心消消乐》等老 游戏仍保持增长。MOBA 类《王者荣耀》通过低 RPU 驱动流水增长。 苹果反垄断调查或迫使其开放侧载和三方支付，降低渠道费用。若参照 欧盟或美国方案，行业净利率将提升 40%或 66%，促 ...

Core Insights - The article discusses the success of the match-3 game "Royal Match" and its sequel "Royal Kingdom," highlighting the latter's strong performance in the market and its potential to become a top contender [2][22]. Game Performance - "Royal Match" has consistently topped the match-3 category since its launch four years ago, surpassing "Candy Crush Saga" [2]. - "Royal Kingdom" has shown significant growth, ranking in the top 10 of the US iOS sales chart with nearly $20 million in revenue in May, reflecting a 53% month-over-month increase [2][22]. Game Mechanics - "Royal Kingdom" retains core gameplay elements from "Royal Match," such as completing match-3 levels and building a kingdom, but introduces new features like a more extensive character background and additional gameplay modes [5][6]. - The game includes various level types, including Hard, Super Hard, Kingdom, and Dark Kingdom levels, enhancing the gameplay experience [8]. Monetization Strategies - "Royal Kingdom" employs a winning streak mechanism to encourage in-game purchases, allowing players to earn more items as they progress through levels [13][15]. - The game features popular in-app purchases, such as the $1.99 Mini Coin Pack and the $9.99 Splendid Pouch, which have shown strong sales performance [16][18]. Marketing Efforts - The marketing strategy for "Royal Kingdom" has been robust, featuring collaborations with high-profile celebrities like LeBron James and Shakira, which have garnered millions of views on promotional videos [23][26]. - The game's promotional efforts have led to a significant increase in user engagement and revenue, with early earnings exceeding $450,000 shortly after launch [26][29]. Industry Trends - The match-3 game market has seen a decline in downloads but an increase in revenue, with "Royal Match" being a significant contributor to this growth [33]. - The success of "Royal Kingdom" may indicate that there is still room for innovation and new entries in the match-3 genre, as evidenced by other companies exploring similar game mechanics [27][32].

Spectrum Brands (SPB) Q2 2025 Earnings Call May 08, 2025 09:00 AM ET Company Participants Joanne Chomiak - Director of Investor RelationsDavid Maura - Executive Chairman & CEOJeremy Smeltser - Executive VP & CFOPeter Lukas - DirectorOlivia Tong - Managing Director Conference Call Participants Peter Grom - Equity Research Analyst Operator Good day, and thank you for standing by. Welcome to the Q2 twenty twenty five Spectrum Brands Holding Earnings Conference Call. At this time, all participants are in a list ...

BuzzFeed (BZFD) Q1 2025 Earnings Call May 07, 2025 02:00 PM ET Company Participants Juliana Clifton - Chief of Staff, VP of CommunicationsJonah Peretti - Founder & CEOMatt Omer - Chief Financial Officer Operator Good day, and welcome to BuzzFeed's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Vice President of Commun ...

BuzzFeed (BZFD) Q1 2025 Earnings Call May 07, 2025 02:00 PM ET Speaker0 Good day, and welcome to BuzzFeed's First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Vice President of Communications, Julianna Clifton. Please go ahead. Speaker1 Hi, everyone. Welcome to BuzzFeed Inc. First quarter twenty twenty five earnings confe ...

Core Viewpoint - Flowers Foods, Inc. is set to report its first quarter 2025 financial results on May 16, 2025, with a live Q&A webcast scheduled for the same day [1]. Group 1: Company Overview - Flowers Foods, Inc. is headquartered in Thomasville, Georgia, and is one of the largest producers of packaged bakery foods in the United States [2]. - The company reported sales of $5.1 billion in 2024 [2]. - Flowers Foods operates bakeries across the country, producing a wide range of bakery products [2]. - Notable brands under Flowers Foods include Nature's Own, Dave's Killer Bread, Canyon Bakehouse, Simple Mills, Wonder, and Tastykake [2].