Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown excellent performance with new game releases and has maintained high dividend payouts for consecutive quarters [1] - The company reported a total revenue of 17,441 million yuan for 2024, representing a year-on-year growth of 5.40% [8] - The net profit attributable to the parent company for 2024 is projected at 2,673 million yuan, with a slight increase of 0.54% year-on-year [8] - The company has a robust pipeline of over 10 self-developed and 14 licensed games, with recent releases performing well in the market [8] - The company is actively integrating AI capabilities into its operations, enhancing game development and user experience [8] - The earnings per share (EPS) forecast for 2025-2027 is adjusted to 1.25, 1.28, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12, 12, and 11 [8] Financial Summary - Total revenue is projected to grow from 17,441 million yuan in 2024 to 19,410 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 2.10% [1][9] - The net profit is expected to increase from 2,673 million yuan in 2024 to 2,928 million yuan in 2027, reflecting a steady growth trajectory [1][9] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 33.53% [6][9] - The company plans to distribute a total cash dividend of 22 million yuan for 2024, which is 82% of the net profit attributable to the parent company [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% year-on-year [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new versions of existing games [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company reported a revenue of 17.441 billion yuan and a net profit of 2.673 billion yuan, with projections for 2025-2027 indicating continued growth in both revenue and profit [6]. - The company's earnings per share (EPS) for 2024 is projected at 1.21 yuan, with a P/E ratio of 12.6 [6][7]. - The company maintains a strong return on equity (ROE) of 20.7% in 2024, with expectations for gradual improvement in subsequent years [6].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Viewpoints - The company achieved a revenue of 17.441 billion yuan in 2024, representing a year-on-year growth of 5.40%. The net profit attributable to shareholders was 2.673 billion yuan, with a slight increase of 0.54% [1]. - The company is expanding its game matrix with a diverse product supply system, enhancing user engagement through collaborations with well-known IPs and launching new game versions [2]. - The overseas business is steadily growing, with overseas revenue reaching 5.722 billion yuan, accounting for 32.81% of total revenue. The company’s game "Puzzles & Survival" has performed exceptionally well in global markets [3]. - The company is leveraging its self-developed AI model "Xiao Qi" to enhance efficiency across various business segments, with significant contributions in art asset generation and marketing materials [4]. - The company is expected to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan [4]. Financial Overview - In 2024, the company’s operating income was 17.441 billion yuan, with a year-on-year growth rate of 5.4%. The net profit attributable to shareholders was 2.673 billion yuan, reflecting a growth rate of 0.5% [6]. - The projected financials for 2025 to 2027 indicate a steady growth trajectory, with revenues increasing by 5.6%, 6.0%, and 7.0% respectively, and net profits growing by 5.1%, 7.9%, and 8.5% [4][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown excellent performance in new game releases and has maintained high dividend payouts for consecutive quarters [1] - The company reported a total revenue of 17,441 million yuan for 2024, representing a year-on-year growth of 5.40%, while the net profit attributable to the parent company was 2,673 million yuan, with a slight increase of 0.54% year-on-year [8] - The company has a robust pipeline of over 10 self-developed and 14 licensed games, with recent successful launches contributing significantly to revenue [8] - The company is actively embracing AI technology to enhance its game development and operational efficiency, aiming to create more immersive and personalized gaming experiences [8] - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 1.25, 1.28, and 1.32 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12, 12, and 11 times [8] Financial Summary - Total revenue is projected to grow from 17,441 million yuan in 2024 to 19,410 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 2.10% [1] - The net profit attributable to the parent company is expected to increase from 2,673 million yuan in 2024 to 2,928 million yuan in 2027, reflecting a steady growth trajectory [1] - The company maintains a healthy balance sheet with a debt-to-asset ratio of 33.53% and a net asset value per share of 5.83 yuan [6][9]

Core Viewpoint - The mini-game sector is emerging as a new battleground for major companies, with established IPs being revitalized and new entrants rapidly expanding their market presence. The industry leader, 37 Interactive Entertainment, is actively launching new titles to strengthen its competitive edge [1]. Financial Performance - In the 2024 fiscal year, 37 Interactive Entertainment reported a revenue of 17.441 billion yuan, representing a year-on-year growth of 5.40%. The net profit attributable to shareholders was 2.673 billion yuan, up 0.54% year-on-year. The company achieved a net profit of 776 million yuan in the fourth quarter, reflecting a quarter-on-quarter increase of 23% [1]. - The company plans to distribute a cash dividend of 3.70 yuan per 10 shares (tax included) for the 2024 fiscal year, totaling an estimated cash dividend of 2.2 billion yuan, which accounts for 82.29% of the net profit [1]. Market Trends - The mini-game market in China is experiencing rapid growth, with a revenue of 39.836 billion yuan in 2024, marking a year-on-year increase of 99.18%. However, the sector faces challenges such as content homogenization and rising user acquisition costs [2]. - 37 Interactive Entertainment's global mobile game revenue peaked at over 2.3 billion yuan in a month during the reporting period, driven by the sustained operation of hit games and a strong product pipeline [2]. Product Strategy - The company is implementing a diversification strategy to meet the needs of various user segments, expanding its game offerings beyond traditional MMORPGs and SLGs to include lighter, more diverse game types [3]. - A total of over twenty new products are in the pipeline, including self-developed titles like "Douluo Dalu: Hunting World," which is currently available for pre-registration [2][4]. Competitive Landscape - The mini-game sector is characterized by intense competition and a tendency towards similar game types, making it challenging for new titles to stand out [6]. - As competition intensifies, 37 Interactive Entertainment's sales expenses rose to 9.712 billion yuan in 2024, an increase of 6.84% year-on-year, indicating higher user acquisition costs [7]. IP Utilization - The company is leveraging its IP assets, including "Doupo Cangqiong" and "Douluo Dalu," to create a diverse product matrix and enhance long-term operational strategies [8]. - In 2024, domestic revenue accounted for 67.19% of total revenue, while overseas revenue was 32.81%, slightly down from the previous year [8]. AI Integration - 37 Interactive Entertainment is actively investing in AI technologies, with a focus on building an AI-enabled ecosystem that enhances game development and operations. AI-generated assets accounted for over 80% of 2D art and 30% of 3D models [10]. - The company aims to develop AI assistants to improve efficiency across various business functions, indicating a strategic shift towards integrating AI as a core component of its operations [9][10].

Group 1 - The core viewpoint of the news is the disclosure of institutional and public fund holdings in Sanqi Interactive Entertainment (三七互娱) as of April 18, 2025, highlighting changes in ownership and investment trends [1][2] Group 2 - As of April 18, 2025, a total of 300 institutional investors disclosed holdings in Sanqi Interactive Entertainment, with a combined shareholding of 238 million shares, accounting for 10.74% of the total share capital [1] - The top ten institutional investors collectively hold 8.76% of the shares, with a decrease of 2.32 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, six funds increased their holdings, while 16 funds reduced their holdings, with a decrease rate of 1.25% compared to the previous quarter [2] - A total of 272 new public funds were disclosed this period, while 15 funds were not disclosed compared to the previous quarter [2] Group 4 - Foreign investment sentiment showed a decrease in holdings from one foreign fund, Hong Kong Central Clearing Limited, with a reduction rate of 1.58% [2]

Core Viewpoint - The company, Sanqi Interactive Entertainment, reported a revenue of 17.441 billion yuan for 2024, marking a year-on-year growth of 5.40%, and a net profit attributable to shareholders of 2.673 billion yuan, with a slight increase of 0.54% [1] Group 1: Financial Performance - The company achieved a net profit of 777 million yuan in the fourth quarter, reflecting a quarter-on-quarter growth of 23%, indicating robust operational resilience [1] - The annual report highlights a strategic focus on artificial intelligence and big data technologies, showcasing the company's commitment to innovation [1] Group 2: AI Integration and Applications - In the publishing segment, over 80% of 2D art assets were generated with AI assistance, while AI-assisted 3D asset generation accounted for more than 30% [3] - The company has also seen over 70% of advertising materials being generated with deep AI involvement, demonstrating significant integration of AI in various operational aspects [3] - The company is exploring deep integration of AI with game content, aiming to enhance player experience through real-time content generation and innovative gameplay [3][4] Group 3: Investment and Industry Positioning - The company is investing in key areas such as foundational models, AIGC, AI applications, AI computing power, XR, and interactive sensing, establishing a comprehensive industry chain from computing infrastructure to AI applications [3][4] - Industry experts recognize the company's strong foundation in the gaming sector and its understanding of user needs as advantageous for the application of AI technologies [4] - The ongoing development and application of AI technologies are expected to lead to more efficient and intelligent growth for the company, enhancing the gaming experience for users [4]

AI是年度报告提及的重点。 4月18日晚，游戏大厂三七互娱发布了2024年年度报告，除常规的业绩数据外，也披露了对外股权投资和公司战略布局，AI是报告提及的重点。 在业绩方面， 2024年三七互娱实现营收174.41亿元，同比增长5.4%；归属于上市公司股东的净利润为26.73亿元，同比增长0.54%。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 17, 440, 957, 495. 58 | 16.546.871.737.85 | 5.40% | 16. 406. 034. 152. | | 归属于上市公司股东的净利 | 2.673.021,327.30 | 2.658.570. 193. 44 | 0. 54% | 2,954,377,452. | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 (元) | 2,591,270,839.95 | 2, 497, 299, 725. 79 | 3.76% | 2,883, 122, 221. | ...

4月18日，三七互娱（002555）发布2024年度报告。报告期内，公司实现营业收入174.41亿元，同比增长5.4%，实现归属于上市公司股东的净利润26.73亿 元，同比增长0.54%。值得注意的是，三七互娱还发布了2024年度利润分配预案及2025年中期现金分红规划，2024全年现金分红金额将达到22亿元，同比增 加22%；在年度分红金额再创新高的同时，其2025年也将再度延续连续季度分红计划。 多元化长线运营显成效 营收净利润双增长 报告期内，在"精品化、多元化、全球化"战略定位下，三七互娱把握产业发展趋势，持续提升经营质量，使得公司在报告期内实现了营收和净利润双增长。 多元化方面，三七互娱在深耕MMORPG、SLG、卡牌、模拟经营四大基石品类的基础上，开拓了含放置RPG、休闲益智在内更加多元化、轻度化的产品类 型。同时，公司还通过长线运营，深度结合IP亮点进行回流形式与活动的持续微创新，不断拉长产品生命周期，激发产品活力。 基于持续增强的多元化产品长线运营优势，三七互娱长青游戏矩阵持续扩充，2024年全球发行的移动游戏最高月流水超过23亿元，旗下《斗罗大陆：魂师对 决》《Puzzles&Surviva ...

2024 年度监事会工作报告 三七互娱网络科技集团股份有限公司 2024 年度监事会工作报告 2024年度，公司监事会全体成员按照《公司法》《公司章程》《监事会议事 规则》等规定和要求，谨慎、认真地履行了自身职责，依法独立行使职权，以保 证公司规范运作，维护公司和投资者利益。监事会对公司主要经营活动、对外投 资、关联交易、财务状况等事项进行了有效监督，促进了公司规范运作和健康发 展。 2、2024年4月19日，第六届监事会第十三次会议在公司会议室召开，审议通 过了《2023年度监事会工作报告》《2023年年度报告》中文版全文及摘要、英文 版摘要、《2023年度财务决算报告》《2023年度利润分配预案》《2023年度内部 控制自我评价报告》《2023年度募集资金存放与实际使用情况专项报告》《关于 2024年度日常关联交易预计的议案》《关于拟续聘会计师事务所的议案》《关于 公司及控股子公司开展外汇套期保值业务的议案》《关于2024年度为子公司提供 担保额度预计的议案》《关于使用闲置自有资金进行委托理财的议案》《关于修 订<监事会议事规则>的议案》《关于<董事会对公司2023年度财务报告带强调事 项段的无保留意见审 ...