Core Viewpoint - Century Huatong expects a net profit attributable to shareholders of the listed company to be between 5.55 billion to 6.98 billion yuan in 2025, representing a year-on-year growth of 357.47% to 475.34% [1] Group 1: Performance Drivers - The significant increase in performance is attributed to the success of overseas business with hit products such as "Whiteout Survival" and "Kingshot" [1] - The domestic SLG leader "Endless Winter" continues to grow, contributing to overall revenue and profit increases [1] - Classic IP new products from Shengqu Games have revitalized their performance, leading to substantial growth in overall income, profit, and cash flow [1]

Group 1 - The core viewpoint of the article highlights Century Huatong's stable growth in game product layout and development strategy, with key products like "Whiteout Survival" and "Endless Winter" performing steadily, while "Kingshot" is in a rapid growth phase [1][2] - Century Huatong's stock price increased by 2.20% to 20.44 yuan, with a total market capitalization of 150.657 billion yuan, and its rolling P/E ratio of 39.99 ranks 8th in the gaming industry, which has an average P/E ratio of 44.24 [1][2] - The company maintains a cautious approach to business expansion and financial management, optimizing its financial structure and reducing financial costs by clearing past debts [2] Group 2 - Century Huatong expresses confidence in the future development of the gaming industry, citing favorable policy environments and the emphasis on technology and culture, as well as the empowering effect of AI on industry efficiency [2] - The company employs a "horse racing" mechanism in its new product incubation process to ensure high recovery efficiency and success rates, leveraging its R&D capabilities and past successes [1][2] - As of September 30, 2025, Century Huatong had 159,127 shareholders, an increase of 51,896, with an average holding value of 946,800 yuan and an average holding quantity of 46,300 shares [2]

Group 1: Galaxy Fund Research on Listed Companies - Galaxy Fund recently conducted research on two listed companies: Luxshare Precision and Century Huatong [1][2] Group 2: Luxshare Precision Highlights - Luxshare Precision has developed core capabilities across the entire supply chain in the humanoid robot sector, capable of independently processing key components such as harmonic gears, except for batteries and some joint modules [1] - The company has a rich product matrix in the automotive sector, including high and low voltage wiring harnesses, special wiring harnesses, and fast-charging guns, all of which have shown strong growth globally [1] - The company's office is located at 313 Beihuan Road, Qingxi Town, Dongguan City, Guangdong Province [1] Group 3: Century Huatong Insights - Century Huatong's games launched in 2023 are still reaching new highs, with no observed peak in their lifecycle; the game Kingshot is breaking overseas records [2] - The company has released at least 20 products in 2023, driven by data, with point profits accounting for about two-thirds of total profits [2] - The adjustment in mini-program commission rates is expected to impact company revenue by approximately 2 percentage points but is anticipated to enhance user retention and payment rates [2] Group 4: Galaxy Fund Overview - As of now, Galaxy Fund has an asset management scale of 107.995 billion yuan, ranking 57th out of 211 in total public funds [3] - The fund has 151 public funds under management, ranking 50th out of 211, and employs 24 public fund managers, ranking 59th out of 211 [3] - The best-performing public fund product in the past year is the Galaxy CSI Communication Equipment Theme Index Fund A, with a net value of 1.76 and a growth of 79.53% over the past year [3]

Group 1: Lixun Precision - The company has developed core capabilities across the entire industry chain in the humanoid robot sector, capable of independently completing precision processing of key components such as harmonic gears, except for batteries and some joint modules [1] - Lixun Precision has a rich product matrix in the automotive business, having established its presence for many years, with good development momentum globally in high and low voltage harnesses, high-speed harnesses, special harnesses, and fast-charging guns [1] - The company's office is located at No. 313, Beihuan Road, Qingxi Town, Dongguan City, Guangdong Province [1] Group 2: Century Huatong - The games launched in 2023 are still reaching new highs, with no observed peak in their lifecycle; Kingshot is breaking overseas records previously set by Whiteout Survival, indicating a larger overseas market with more users [2] - The company has released no fewer than 20 products since 2023, driven by data, with hit products contributing approximately two-thirds of total profits; the incentive mechanism combines cash and equity [2] - The adjustment in mini-program commission rates is expected to impact the company's revenue by about 2 percentage points but is beneficial for improving user retention and payment rates [2] Group 3: Jin Ying Fund - Established in 2002, Jin Ying Fund has an asset management scale of 75 billion and ranks 74th out of 211 in total public fund management [2] - The fund's non-monetary public fund management scale is 43.23 billion, ranking 83rd out of 211 [2] - The best-performing public fund product in the past year is Jin Ying Information Industry Stock A, with a latest unit net value of 3.49 and a growth of 42.28% over the past year [2]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Chang'an Fund on Century Huatong, indicating that the company's games launched in 2023 are achieving record highs and have not yet reached their lifecycle peak [1] - Century Huatong's game "Kingshot" is breaking overseas records previously set by "Whiteout Survival," suggesting a larger overseas market with more users [1] - The company has released at least 20 products since 2023, driven by data, with approximately two-thirds of total profits coming from "DianDian" [1] Group 2 - The research indicates that the overlap of users in overseas markets is about 20%, and the increase in R&D expenses is due to the expansion of the DianDian team, with minimal impact from currency conversion [1] - The article notes that third-party data is only for reference, and the company's revenue is based on real financial data [1] - The casual gaming sector is described as having a long and stable lifecycle, which, while less profitable than SLG, is still significant for the company [1] Group 3 - The adjustment of the mini-program commission is expected to impact the company's revenue by approximately 2 percentage points, but it is anticipated to enhance user retention and payment rates [1]

Group 1: Luxshare Precision Industry Co., Ltd. - The company has developed core capabilities across the entire industry chain in the humanoid robot sector, capable of independently completing precision machining of key components such as harmonic gears, except for batteries and some joint modules [1] - Luxshare has a well-established automotive business with a rich product matrix, including high and low voltage wiring harnesses, high-speed wiring harnesses, special wiring harnesses, and fast-charging charging guns, all of which have shown good development momentum globally [1] - The company's office is located at No. 313, Beihuan Road, Qingxi Town, Dongguan City, Guangdong Province [1] Group 2: Century Huatong - The games launched in 2023 are still reaching new highs, with no observed peak in their lifecycle; Kingshot is breaking overseas records previously set by Whiteout Survival, indicating a larger overseas market with more users [2] - The company has tested multiple products at high speed and low cost, releasing no fewer than 20 products since 2023, with blockbuster hits driven by data [2] - The overseas market has a user overlap of approximately 20%, and the increase in R&D expenses is due to the expansion of the team, with minimal impact from currency conversion [2] - The adjustment in mini-program commission rates is expected to impact the company's revenue by about 2 percentage points but is beneficial for improving user retention and payment rates [2] Group 3: Nord Fund - Established in 2006, the fund has an asset management scale of 34.211 billion yuan for all public funds, ranking 95th out of 211 [2] - The asset management scale for non-monetary public funds is 27.333 billion yuan, ranking 94th out of 211 [2] - The fund manages 61 public funds, ranking 96th out of 211, with 18 public fund managers, ranking 76th out of 211 [2] - The best-performing public fund product in the past year is Nord New Life Mixed A, with a latest unit net value of 2.02 and a growth of 107.52% over the past year [2]

Group 1: Longxin Fund Research - Longxin Fund recently conducted research on three listed companies, including Luxshare Precision, Srey New Materials, and Century Huatong [1][2][3] Group 2: Luxshare Precision - Luxshare Precision has developed core capabilities across the entire industrial chain in humanoid robotics, capable of independently completing precision machining of key components like harmonic gears [1] - The company has a rich product matrix in the automotive sector, including high and low voltage harnesses, special harnesses, and fast-charging guns, achieving good development momentum globally [1] Group 3: Srey New Materials - For the first half of 2025, Srey New Materials reported revenue of 77.22 million yuan, with liquid rocket engine thrust chamber business revenue growing from 20.97 million yuan in 2022 to 30.16 million yuan in 2024 [2] - The company plans to invest 230 million yuan in the first phase of a project, aiming for an annual production capacity of 200 tons of forgings and 500 sets of thrust chamber components [2] - Srey New Materials employs both open and closed pricing models to manage copper price fluctuations and utilizes futures and options to stabilize raw material costs [2] Group 4: Century Huatong - Century Huatong's games launched in 2023 continue to innovate, with Kingshot breaking overseas records, indicating a larger overseas market with more users [3] - The company has released at least 20 products since 2023, with data-driven strategies leading to successful hits, where small profits account for about two-thirds of total profits [3] - Adjustments in mini-program commission rates are expected to impact company revenue by approximately 2 percentage points but are anticipated to enhance user retention and payment rates [3] Group 5: Longxin Fund Overview - Longxin Fund, established in 2003, has an asset management scale of 193.73 billion yuan, ranking 41st among 211 funds [4] - The fund manages 181 public funds and has 33 fund managers, with the best-performing fund in the past year being Longxin Innovation-Driven Stock, which grew by 76.77% [4] - The latest public fund product launched is Longxin Shanghai Stock Exchange Science and Technology Innovation Board Comprehensive Index Enhanced A, with a subscription period from November 17 to December 15, 2025 [4]

Group 1 - The core viewpoint of the article highlights the recent research conducted by Xiangcai Fund on Century Huatong, indicating that the company’s games launched in 2023 are achieving record highs and have not yet reached their lifecycle peak [1] - The game "Kingshot" is breaking overseas records previously set by "Whiteout Survival," suggesting a significant opportunity in the overseas market with a larger user base [1] - The company has released at least 20 products in 2023, driven by data analytics, with "DianDian" contributing approximately two-thirds of the total profit [1] - The overlap of users in overseas markets is about 20%, indicating potential for growth in international markets [1] - R&D expenses are increasing due to team expansion, but the impact of currency fluctuations is minimal [1] - The casual gaming sector is noted for its long and stable lifecycle, which, while less profitable than SLG, is still significant for the company [1] - Adjustments in mini-program commission rates are expected to impact company revenue by approximately 2 percentage points, but are beneficial for improving user retention and payment rates [1] Group 2 - Xiangcai Fund, established in 2018, currently manages a total asset scale of 8.174 billion yuan, ranking 152 out of 211 in public fund management [2] - The fund's performance is highlighted by its best-performing product, Xiangcai Xinyu Pure Bond A, which has a latest net value of 1.45 and has grown by 44.93% over the past year [2]

Group 1: Luxshare Precision Industry Co., Ltd. - The company has developed core capabilities across the entire industrial chain in the humanoid robot sector, capable of independently completing precision machining of key components such as harmonic gears, except for batteries and some joint modules [1] - The automotive business has been established for many years, with a rich product matrix that includes high and low voltage wiring harnesses, high-speed wiring harnesses, special wiring harnesses, and fast-charging guns, all of which have shown good development momentum globally [1] - The company's office is located at No. 313, Beihuan Road, Qingxi Town, Dongguan City, Guangdong Province [1] Group 2: Century Huatong - The games launched in 2023 continue to set new highs, with no observed peak in their lifecycle; Kingshot is breaking overseas records previously set by Whiteout Survival, indicating a larger overseas market with more users [2] - The company has tested multiple products at high speed and low cost, releasing no fewer than 20 products since 2023, with hit products driven by data; approximately two-thirds of total profits come from the "DianDian" segment, which combines cash and equity incentives [2] - The overlap of users in overseas markets is about 20%, and the increase in R&D expenses is due to the expansion of the DianDian team, with minimal impact from dollar conversion [2]

Core Viewpoint - The company emphasizes the importance of the gaming industry in driving AI development and positions itself as a key player in the digital world, focusing on technology-driven content and a robust product matrix [2][3][5]. Company Strategy and Industry Outlook - The chairman believes that gaming is crucial for AI infrastructure, as it drives advancements in CPU/GPU technology, which are foundational for AI [2]. - The company aims to leverage gaming as a gateway to the digital world and enhance human-AI interaction [2]. Business Performance and Product Development - The company has a strong portfolio of classic long-term products, with several top IPs maintaining high ARPU and user retention, exceeding industry averages [3]. - The product matrix is diverse, with multiple genres being developed, particularly focusing on SLG and casual games, which are expected to see significant releases in the coming year [3]. - The company is recognized as the leading Chinese game company in overseas revenue, with a growing market share [3][5]. Competitive Advantage - The company's core competitive advantage lies in its integrated system capabilities that combine research, publishing, and operations, all driven by data [4][5]. - This data-driven approach minimizes subjective decision-making and enhances operational efficiency through extensive A/B testing [4]. Financial Performance - The company reported over 10 billion in revenue for Q3, ranking sixth among global gaming companies and achieving a doubling in growth rate [5]. - The company is noted for its ability to maintain growth despite its large scale, which is a rare combination in the industry [5]. Market Dynamics and Challenges - The company faces rising user acquisition costs both domestically and internationally, with increased competition in the domestic market [8]. - The company is adapting to changes in revenue models, such as the impact of platform fee adjustments, which are expected to have a minor effect on overall income but could improve user retention and payment rates [9]. Future Directions - The company plans to continue expanding its presence in the casual gaming sector, aiming for breakthroughs that could significantly impact its growth trajectory [6]. - The company is committed to optimizing its incentive mechanisms to ensure team stability and performance, particularly in its high-contribution segments [7].