记者丨吴立洋 实习生涂玥 编辑丨肖潇 11月10日晚间，ST华通发布公告称，公司关于撤销其他风险警示的申请已获得深圳证券交易 所审核同意。此前在11月7日，世纪华通在对照《股票上市规则》逐项自查后，确认符合申请 撤销公司股票其他风险警示的条件， 已向深交所提交了"摘帽"申请。 根据深交所规定，公司股票将于2025年11月11日停牌1天，2025年11月12日开市起复牌并撤销 其他风险警示，股票简称将由"ST华通"变更恢复为"世纪华通"，证券代码仍为"002602"。撤 销其他风险警示后，公司股票交易的日涨跌幅限制由5%变为10%。 为期一年的风险警示，终以"合规整改到位+业绩持续高增"的双重达标画上句号。 2024年11月，世纪华通（002602.SZ）因财务造假被证监会责令整改，并罚款800万元，5名高 管被罚，公司就此"戴帽"，股票名称变为"ST华通"。 然而，ST华通的发展并没有就此阻滞，反而在随后一年里走出了一条逆势增长曲线。数据显 示，2025年第三季度，ST华通营收首次突破百亿元大关，达到100.2亿元，同比增长60.2%。 作为A股游戏板块龙头企业，ST华通的摘帽历程不仅折射出监管层对上市公司财 ...

【导读】 ST华通11月11日停牌一天，12日起复牌并撤销其他风险警示 中国基金报记者 夏天 11月10日晚间，A股游戏龙头 ST华通 （证券代码：002602）公告，公司股票交易将于 11月11日停牌一天 ，11月12日起复牌并撤销其 他风险警示，股票简称由"ST华通"变更为"世纪华通"。撤销其他风险警示后， 公司股票交易的日涨跌幅限制由5%变为10% 。 ST华通被实施其他风险警示，源于其2024年11月6日收到中国证监会下发的《行政处罚决定书》。 根据《行政处罚决定书》，世纪华通2018年至2022年年度报告存在虚假记载。具体来看，世纪华通的违规行为主要包括两方面：一是公司 2018—2022年年报商誉有关情况存在虚假记载；二是虚构软件著作权转让业务或提前确认收入，导致2020年—2021年年报、关于业绩承 诺完成情况的临时报告存在虚假记载。 基于这些违规事实，世纪华通于2024年11月8日起被深交所实施其他风险警示，股票简称由"世纪华通"变更为"ST华通"，股票交易的日涨 跌幅限制由10%变为5%。 公告显示，为满足撤销其他风险警示的条件， ST华通 在过去一年中进行了系列整改。公司于2025年4月2 ...

Core Insights - The article discusses the transformation of the global gaming industry, particularly focusing on the challenges and opportunities for Chinese gaming companies in the international market. It emphasizes the need for long-term operational capabilities and innovative marketing strategies to succeed in a competitive landscape [3][4][5]. Industry Overview - The global gaming industry experienced rapid growth from 2011 to 2021, with a compound annual growth rate (CAGR) exceeding 9.7%, and the mobile gaming market in China growing nearly 145% during the same period [5][6]. - However, post-pandemic, the industry has entered a downturn, with global market growth projected to drop to 2% in 2024 and 3% in 2025 [6][9]. Market Dynamics - The competition in the gaming market has intensified, with players increasingly gravitating towards established service-based games, which accounted for over 60% of user engagement time in 2022 [7]. - Emerging markets, particularly in the Middle East, Africa, and Latin America, are showing significant growth potential, with mobile gaming revenue in Latin America reaching 48% of total gaming revenue [9][10]. Successful Strategies - Successful examples include Supercell's Brawl Stars, which achieved over $400 million in monthly revenue five years post-launch through effective long-term operations [3]. - Chinese gaming companies are adapting by utilizing advanced marketing tools, such as Google Ads and YouTube, to enhance user acquisition and retention [4][11]. Marketing Evolution - The traditional approach to user acquisition through low-cost downloads is becoming less effective, with a shift towards more sophisticated marketing strategies that focus on user value and engagement [13][14]. - Companies are increasingly integrating brand advertising into their marketing strategies to reach broader audiences and enhance user recognition [15][16]. Technological Advancements - The article highlights the role of AI and advanced advertising platforms, such as Google's Gemini, in reshaping the gaming landscape, enabling companies to better understand and target their audiences [17][18]. - The integration of AI in game development is expected to democratize the creation process, allowing more individuals to participate in game design [18]. Conclusion - The future of gaming globalization for Chinese companies lies in leveraging new marketing capabilities and technological advancements to create and sustain high-quality gaming experiences in emerging markets [10][18].

Core Insights - The article discusses the wealth distribution phenomenon among employees of listed companies in A-shares, particularly focusing on Century Huatong's employee stock ownership plan, which has resulted in significant financial gains for its core employees [2][3]. Group 1: Employee Stock Ownership Plan - Century Huatong announced that 27 core employees will unlock stocks worth approximately 600 million yuan, averaging over 20 million yuan per person [4][5]. - The employee stock ownership plan was initiated in September 2022, with a total of 97.43 million shares allocated to incentivize employees, with conditions tied to company performance [4][5]. - The second unlocking phase was achieved due to the company's performance meeting the set targets for 2024, following a previous failure in 2023 [4][5]. Group 2: Company Performance and Market Position - Century Huatong's stock price has surged from around 5 yuan at the beginning of the year to nearly 20 yuan, marking an increase of over 290% and a market capitalization close to 150 billion yuan [5][7]. - The company transitioned from automotive parts to gaming through strategic acquisitions, becoming the highest-valued gaming company in A-shares [7][8]. - Key acquisitions include the purchase of Tianyou Software and the significant acquisition of Shengda Games, which contributed to its current market position [7][8]. Group 3: Broader Market Context - The article highlights a broader trend in the A-share market, where many companies are unlocking employee stock options, reflecting a growing wealth distribution among workers [11][13]. - Other companies, such as Ailis and Gree Technology, are also engaging in similar stock unlocks, with significant amounts being distributed to employees [13][14]. - The overall market sentiment is positive, with the A-share index nearing 3900 points, indicating a bullish trend that benefits employee stock plans [12].

Group 1 - The core point of the article highlights the wealth distribution among employees of Century Huatong, where 27 core employees will unlock stocks worth approximately 600 million yuan, averaging over 20 million yuan per person [1][2] - Century Huatong's stock price has surged significantly, rising from around 5 yuan at the beginning of the year to nearly 20 yuan, representing a cumulative increase of over 290% [3][4] - The company has transformed from an automotive parts supplier to a leading game company in A-shares, with a current market value of nearly 150 billion yuan [5][6] Group 2 - The employee stock ownership plan was initiated in September 2022, with a total of 97.43 million shares transferred to the plan, allowing employees to acquire shares at zero cost, contingent on performance metrics [2][6] - Century Huatong's significant acquisitions, including the purchase of Tianyou Software and the acquisition of Shengda Games, have played a crucial role in its transformation and growth [6][7] - The company reported a revenue increase of 86.5% year-on-year to 17.2 billion yuan in the first half of the year, with net profit soaring by 129.33% to 2.656 billion yuan [8][9] Group 3 - The broader context includes a booming A-share market, with the Shanghai Composite Index approaching 3900 points, leading to a wealth distribution phenomenon among various companies [10][11] - Other companies are also participating in this trend, with significant stock unlocks for employees, such as Ailis and XGIMI, indicating a widespread movement towards employee wealth sharing [11][12] - The article reflects on the historical context of stock options and employee incentives in China's tech industry, emphasizing the potential for wealth creation through equity participation [13][14]

Core Viewpoint - The article discusses the wealth distribution among employees in A-share listed companies, highlighting the significant financial rewards from employee stock ownership plans, particularly focusing on Century Huatong's recent stock unlock event and its implications for employees and the broader market [2][3][4]. Group 1: Century Huatong's Employee Stock Ownership Plan - Century Huatong announced that 27 core employees will unlock stocks worth approximately 600 million yuan, averaging over 2 million yuan per person [3][5]. - The employee stock ownership plan was initiated in September 2022, with shares transferred to a dedicated account for the plan, allowing employees to acquire shares at zero cost, contingent on performance metrics [5][6]. - The company's stock price has surged from around 5 yuan at the beginning of the year to nearly 20 yuan, representing a cumulative increase of over 290%, with a current market capitalization of nearly 150 billion yuan [6][9]. Group 2: Historical Context and Transformation - Century Huatong, originally established in 2005 as an auto parts supplier, transitioned into the gaming industry through a series of acquisitions, including a notable purchase of 298 million yuan for Shengda Games [7][8]. - The company faced challenges with goodwill accounting, with goodwill accounting for about 50% of total assets from 2018 to 2020, leading to financial scrutiny and regulatory issues [8]. - The acquisition of Point Cloud Interactive in 2018 has proven to be a significant success, contributing to a 155% year-on-year revenue increase in 2024, accounting for 70% of Century Huatong's total revenue [9][10]. Group 3: Broader Market Trends - The article notes a broader trend in the A-share market, with many companies unlocking employee stock options amid a bullish market, as the Shanghai Composite Index approaches 3900 points [12][14]. - Other companies, such as Ailis and Gree, are also engaging in significant stock unlock events, with employees set to receive substantial financial rewards, indicating a widespread trend of wealth distribution among employees [13][14]. - The narrative of wealth creation through stock options and employee incentives is reminiscent of the rapid growth in China's internet sector, where many employees achieved financial freedom through stock options during the boom years [14][15].

Core Viewpoint - The article highlights that while leading companies in the mini-game sector continue to generate significant revenue, the opportunities for smaller developers to benefit from overseas expansion are diminishing [2][17]. Group 1: Company Performance - Century Huatong reported a revenue of 17.2 billion yuan for the first half of 2025, representing a year-on-year growth of 85.5%, with a net profit of 2.656 billion yuan, up 129.33% [3][20]. - The overseas gaming business contributed over 50% of the revenue, with "Whiteout Survival" leading the Chinese mobile game revenue rankings [3][10]. Group 2: Market Dynamics - The mini-game market is experiencing increased competition, with many developers attempting to replicate the success of "Whiteout Survival" and "Kingshot" [19][21]. - The rising costs of user acquisition are squeezing the survival space for many smaller game developers, as larger companies can afford higher advertising expenses [21][22]. Group 3: Challenges in Overseas Expansion - The article discusses the challenges faced by developers when attempting to launch mini-games overseas, including cultural and language barriers, as well as inadequate payment systems [9][19]. - The phenomenon of "skin-swapping" games, where existing popular games are rebranded for overseas markets, is becoming more common, complicating the path for original games to succeed [23]. Group 4: User Behavior and Game Design - Users are increasingly seeking lightweight games that can fit into fragmented time slots, which has driven the popularity of mini-games both domestically and internationally [18]. - "Whiteout Survival" employs a strategy of "bait and switch" in its advertising, attracting users with misleading content but managing to retain them through engaging gameplay [12][16].

Core Insights - The mobile game "Whiteout Survival" and "Gossip Harbor" continue to dominate the revenue charts, maintaining strong performance [2] - "Kingshot" saw a 56% revenue increase in June, entering the top three [2][10] - "Genshin Impact" experienced a 55% revenue surge, moving up to the top six [2][20] - "Ningchao" achieved a record high daily revenue, with a 48% increase in June, returning to the top nine [2][26] - "Zero Zone" reached a historical high in overseas revenue, climbing 13 spots to the top ten [2][22] Revenue Performance - "Whiteout Survival" has surpassed $2.8 billion in global revenue, demonstrating its strong market presence [8] - "Kingshot" has accumulated over $135 million in revenue within four months of launch, indicating its rapid growth potential [10] - Century Huatong's revenue forecast for the first half of 2025 is approximately RMB 17 billion, reflecting an 83.27% year-on-year increase, primarily driven by the success of "Whiteout Survival" and "Kingshot" [12][14] Game Launches and Updates - "Wittle Defender," "Crystal of Atlan," and "Persona 5X" have shown promising performances in overseas markets, entering the revenue growth rankings [2][31][39] - "Gossip Harbor" maintained its lead in the merge genre, with an 11% revenue increase in June due to new content updates [16] - "Flambé: Merge & Cook" has exhibited significant growth, with revenue increasing by 62% in June [18] Market Trends - The two-dimensional game market is experiencing a surge, with companies like miHoYo and Kuro demonstrating strong performances [20][24] - Continuous content updates and new character introductions have helped maintain the popularity of established titles like "Genshin Impact" and "Zero Zone" [20][22] - The competitive landscape for mobile games is intensifying as more domestic companies expand into overseas markets [40]

Core Viewpoint - ST Huatuo has become one of the hottest "ST stocks" in the market, with a significant increase in market value and stock price driven by favorable industry conditions and strong game performance [1][2][3] Company Performance - As of July 7, ST Huatuo's stock price reached 12.25 yuan, with a market capitalization of 913 billion yuan, marking a nearly 90% increase since the second quarter and over 280% since the "924 market" began in 2024 [2][3] - The company reported a revenue of 81.45 billion yuan in Q1 2025, a year-on-year increase of 91.12%, with a net profit growth of 107.95% to 13.46 billion yuan [4] Industry Environment - The gaming industry is benefiting from improved market conditions, with a 9.86% year-on-year growth in China's gaming market, reaching 280.51 billion yuan, and a 11.96% increase in the mobile gaming sector [3] - Regulatory relaxations and rapid overseas expansion have further fueled market interest in gaming stocks like ST Huatuo, with 158 game licenses issued in June, the highest since 2022 [3] Key Products - The game "Whiteout Survival" has become a major revenue source for ST Huatuo, generating monthly revenues of 25 to 30 billion yuan, contributing over 60% to the company's overall performance [4] - Other successful titles include "Kingshot," which saw a 209% month-on-month revenue increase in April, and "Dragon Valley World," which debuted in the iOS top 10 on its launch day [3][4] Shareholder Dynamics - Kaixin Network has become a significant shareholder in ST Huatuo, holding 1 billion shares, which represents 1.35% of the total shares, with a market value of approximately 12.25 billion yuan [5][6] - The strategic partnership between Kaixin Network and ST Huatuo was formalized in January 2024, with an investment of up to 500 million yuan aimed at enhancing collaboration in IP and brand development [7][8]

Core Insights - The global mobile game revenue rankings for June 2025 have been released, with Tencent's "Honor of Kings" leading the chart despite a month-over-month revenue decline [1][2]. Group 1: Top Revenue Generating Games - "Honor of Kings" by Tencent generated $143 million in June, maintaining its top position despite a $40 million drop from May's $184 million [2]. - "Whiteout Survival" and "LastWar" closely follow, with "Whiteout Survival" earning $128 million and "LastWar" at $127 million, showing a very narrow revenue gap [2]. - "Royal Match" ranked fourth with a revenue of $117 million, marking its first drop below $120 million since June 2024 [3]. Group 2: Notable Trends and Changes - "Monopoly Go" by Scopely has stabilized around $100 million for three consecutive months, while "Candy Crush Saga" saw its revenue fall below $100 million for the first time since February, now at $97 million [3]. - "PUBG Mobile" and "Peacekeeper Elite" also experienced revenue declines, with "Peacekeeper Elite" dropping from approximately $120 million in May to about $94 million in June [3]. - "Pokémon Go" saw a significant revenue increase to over $62 million due to community events, while "Pokémon TCG Pocket" faced a decline from approximately $81 million to $56 million [4]. Group 3: Rankings Beyond the Top 10 - "Genshin Impact" by miHoYo ranked 11th with $48.8 million, while "Gossip Harbor" reached $44.2 million, marking a new high [5][6]. - "Roblox" continued to struggle with a revenue drop to $39.2 million, while "Kingshot" surged to $37.3 million, climbing 13 positions [6][7]. - "Clash Royale" by Supercell achieved a revenue of approximately $36 million, marking its best performance since December 2021 [7].