中国在线娱乐、数据中心与软件行业 -催化剂前瞻：未来展望-China On-line Entertainment, Data Centers and Software-Catalyst Preview What's Ahead

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the China On-line Entertainment, Software, and Data Center sectors, highlighting potential catalysts that could impact share prices in the near future [1][6]. Company-Specific Insights Bilibili Inc (BILI.O) - Catalyst: New game launch - Three Kingdoms: N Card - Expected Launch: Mid- to late March 2026 - Monetization: Anticipated slow monetization initially, focusing on Daily Active Users (DAU) with a base case of 10-20 million DAU [7][7]. GDS Holdings Ltd (GDS.O) - Catalyst: High-end GPU import regulation update - Importance: Very High, with a meaningful upside surprise expected - Market Expectation: Anticipation of Chinese government approval for NV H200 GPU imports, likely with conditions [7][7]. Kingdee International Software Group (0268.HK) - Catalyst: Full-year 2025 profit alert - Expectation: Profit forecast of Rmb280 million in 2025, marking a turnaround after five years of losses [7][7]. Kuaishou Technology (1024.HK) - Catalyst: Kling model iteration and full-year 2026 guidance - Outlook: More bearish than consensus on 2026 profit growth due to increased depreciation and normalization of income tax rates [8][8]. Meitu Inc (1357.HK) - Catalyst: Full-year 2026 guidance and strategic partnership updates with Alibaba - Profit Guidance: Estimated adjusted net profit of Rmb12.6 billion for 2026, expected to align with estimates [8][8]. Tencent Music Entertainment Group (TME.N) - Catalyst: Regulatory approval of the Ximalaya acquisition - Profit Contribution: Expected Rmb1.7 billion annualized profit contribution post-cost synergy [8][8]. Trip.com Group Ltd (TCOM.O) - Catalyst: Full-year 2026 guidance - Key Focus: Operating margin guidance, with expectations of flat YoY margins due to aggressive overseas investments [8][8]. Tuya Inc. (TUYA.N) - Catalyst: 2026 Consumer Electronics Show - Market Reaction: Positive share price reaction anticipated if breakthroughs in AI applications are showcased [8][8]. Regulatory and Market Dynamics - The Chinese government is expected to loosen restrictions on KPOP stars hosting concerts in mainland China, which could be discussed during the upcoming Korean President's visit in early January 2026 [10][10]. Additional Insights - The conference highlighted the importance of monitoring the Chinese hyperscalers' data center tenders and their GPU sourcing strategies, which could significantly impact the data center market [7][7]. Conclusion - The conference call provided a comprehensive overview of upcoming catalysts in the China On-line Entertainment, Software, and Data Center sectors, with specific focus on company performance expectations and regulatory changes that could influence market dynamics in 2026.