Group 1 - The media sector outperformed the index in 2025, with a 24.75% increase, ranking 8th among 31 sub-industries, driven primarily by a 60.67% rise in the gaming sector [1][14][21] - The overall revenue growth for the media industry in the first three quarters of 2025 was 5.92%, while net profit increased by 37.12%, indicating strong earnings per share (EPS) performance [1][21][24] - The current valuation of the media industry is at the 47th percentile of the past three years, with attractive valuations in the gaming and film sectors [1][24][25] Group 2 - The mobile gaming market in 2025 achieved sales revenue of 257.08 billion yuan, a year-on-year increase of 7.92%, indicating a recovery in market sentiment [2][26] - New game releases such as "Supernatural Action Group" and "Staff Sword Legend" exceeded expectations, while established titles like "Honor of Kings" and "Peace Elite" continued to perform well [2][26] - The approval process for new game licenses remained stable in 2025, benefiting the supply side of the gaming industry [2][34] Group 3 - The short drama market in China reached a scale of 67.79 billion yuan in 2025, growing by 34.4% year-on-year, with a significant portion attributed to IAA [3][22] - The overseas short drama market is expected to grow by 145.7% in 2025, reaching a scale of 21.07 billion yuan, indicating strong international demand [3][22] - AI-driven animated dramas are emerging rapidly, with the market size expected to exceed 20 billion yuan, benefiting from lower production costs and enhanced efficiency [3][29] Group 4 - AI model capabilities continued to iterate in 2025, with significant advancements in models like Gemini 3 and ChatGPT 5.2, leading to accelerated commercialization [4][38] - The annual recurring revenue (ARR) for OpenAI reached 12 billion USD in 2025, with various AI applications generating over 100 million USD in annual revenue [4][38] - Investment opportunities in AI applications are expected to grow, particularly in AI video, advertising, animated dramas, and gaming [4][38] Group 5 - Recommended companies for investment include Giant Network, Perfect World, Century Huatong, and others, indicating a focus on firms with strong product pipelines and market positions [5][10]

Company and Industry Summary Company: Sanqi Interactive Entertainment (三七互娱, 002555.SZ) Key Points 1. **New Game Launch Performance** The new survival RPG game "Survive 33 Days" launched on November 20, quickly reached the top three of the WeChat mini-game sales chart, and has maintained a strong position, ranking first for several days recently. The game entered the top ten on December 13 and stabilized at fifth place from December 16 to 20 [1][1][1] 2. **Research and Operation Integration Advantage** The company effectively leverages its "research and operation integration" advantage, creating a complete mini-game ecosystem. The gameplay design cleverly combines strategy and simulation elements, resulting in significant operational effectiveness [2][2][2] 3. **Global Expansion and Diverse Product Portfolio** The flagship product "Puzzles & Survival" has achieved breakthrough success in global markets, particularly in Europe and the US, due to its innovative gameplay and precise regional operational strategies. The company has established a diverse product matrix covering SLG, MMO, card games, and simulation games, with plans to launch 10 SLG products by the first half of 2025 [2][2][2] 4. **Continuous Revenue Growth from Product Pipeline** The company has a rich product pipeline, with the recent launch of "RO" in Hong Kong and Macau, and the anticipated launch of the IP product "Douluo Dalu: Zero," which is expected to contribute to revenue growth [2][2][2] 5. **Stable Dividend Policy** The company emphasizes shareholder returns, with a cumulative dividend and buyback amount of 2.3 billion yuan in 2024. In 2025, it plans to continue its quarterly dividend strategy, having already distributed approximately 1.386 billion yuan in the first three quarters, with a dividend payout ratio of about 59% [3][3][3] 6. **Investment in AI Development** The company is actively investing in AI, with its self-developed game industry model "Xiao Qi" at the core, covering the entire chain of research, operation, and distribution. AI applications in 2D art, 3D modeling, and multilingual translation have significantly improved development efficiency and reduced operational costs [3][3][3] 7. **Strategic Investments in AI Companies** The company is also investing in AI model companies such as Zhizhu Huazhang, Baichuan Intelligent, and Moon's Dark Side, further expanding its presence in the AI industry chain [3][3][3]

Core Viewpoint - The company has approved the establishment of a special account for the management of raised funds and authorized the management to handle related matters, as well as approved a foreign exchange hedging business to mitigate risks associated with currency fluctuations [1][4][8]. Group 1: Fund Management - The board of directors has authorized the establishment of a special account for the storage and use of raised funds to improve efficiency [1]. - The management is responsible for the implementation of related matters, including opening the special account and signing the regulatory agreement [1][2]. Group 2: Foreign Exchange Hedging - The company plans to conduct foreign exchange hedging business with a limit of $800 million or equivalent currencies to mitigate risks from currency fluctuations due to the increasing proportion of foreign currency transactions [4][8]. - The hedging business will include various financial instruments such as forward foreign exchange contracts, foreign exchange swaps, and options [9]. - The authorized amount for the hedging business is valid for 12 months from the date of board approval and can be rolled over within that period [10]. Group 3: Risk Management - The company has established a management system for foreign exchange hedging to define operational principles, approval authority, and risk control measures [15]. - The internal audit department will regularly check the execution of hedging contracts to ensure compliance and effectiveness [16].

Group 1 - The core point of the article is that Sanqi Interactive Entertainment (三七互娱) has approved a foreign exchange hedging business with a limit of 800 million USD or equivalent currency, which is intended to mitigate the impact of exchange rate fluctuations on its operating performance [3][6][8] - As of January 20, 2026, Sanqi Interactive Entertainment's stock closed at 27.23 CNY, down 2.99%, with a turnover rate of 5.19%, trading volume of 829,100 hands, and a transaction amount of 2.261 billion CNY [1] - On January 20, 2026, the main funds experienced a net outflow of 152 million CNY, while retail investors saw a net inflow of 1.44 billion CNY [2][8] Group 2 - The board of directors of Sanqi Interactive Entertainment approved two resolutions: one to authorize the management to handle the opening of special accounts for raised funds and sign regulatory agreements, and the other to allow the company and its subsidiaries to conduct foreign exchange hedging business [3][6] - The third employee stock ownership plan of Sanqi Interactive Entertainment will expire on July 26, 2026, with the initial holding of 22,347,537 shares, which accounted for 1.06% of the total share capital at that time [4] - The company has established a management system for the foreign exchange hedging business, which includes operational principles, approval authority, and risk control measures to ensure the feasibility and necessity of the business [5][6]

Core Viewpoint - On January 20, 2026, Sanqi Interactive Entertainment (002555) reported a closing price of 27.23 yuan, down 2.99% from the previous trading day, with a total market capitalization of 60.239 billion yuan [1] Group 1 - The stock opened at 28.4 yuan, reached a high of 28.56 yuan, and a low of 26.78 yuan, with a trading volume of 2.261 billion yuan and a turnover rate of 5.19% [1] - The company held its fifth meeting of the seventh board of directors on January 20, 2026, where it approved a proposal for the company and its subsidiaries to engage in foreign exchange hedging activities [1] - The approved foreign exchange hedging business has a limit of 800 million USD or equivalent currencies, with a term of 12 months from the date of board approval, and is intended to mitigate adverse impacts from exchange rate fluctuations on operations [1] Group 2 - The hedging activities will include forward foreign exchange contracts, foreign exchange swaps, foreign exchange futures, and foreign exchange options, primarily involving USD and HKD as settlement currencies [1] - The funding for these activities will come from the company's own funds and will not involve raised capital [1] - The company has established relevant management systems to clarify operational principles, approval authority, and risk control measures [1]

Investment Rating - The report maintains a "Positive" investment rating for the gaming sector [7]. Core Insights - The gaming industry continues to show strong performance with multiple new game launches and the integration of AI applications, which are expected to enhance valuations in the sector [2][4]. - The report highlights the sustained growth in the mini-game market, with over 1 billion registered users on WeChat mini-games and a monthly active user (MAU) count exceeding 500 million [9]. - The report emphasizes the potential of AI in gaming, citing the successful implementation of AI-driven features in games like Giant Network's "Supernatural Action Group," which has seen over 25 million AI-participated matches [9]. Summary by Sections Market Performance - The mini-game market is experiencing good growth, with nearly 70 games achieving over 1 million daily active users (DAU) and over 300 games generating quarterly revenues exceeding 10 million [9]. - User engagement is increasing, with a projected 10% growth in DAU for WeChat mini-games in 2025, and a 27% year-on-year increase in users active for more than ten days a month [9]. New Game Launches - The report notes that the new game cycle continues into January, with several new titles and long-term products performing well, including "Supernatural Action Group" and "RO: Journey of the World" [9]. - Upcoming game releases are expected to further catalyze the market, with titles like "Tomorrow's Ark: End of the World" and "Douluo Dalu: Zero" set to launch soon [9]. Investment Recommendations - Given the ongoing new game launches and the strong performance of the gaming sector, the report suggests continued attention to investment opportunities in the gaming industry, recommending companies such as Giant Network, Perfect World, and Tencent Holdings [2][9].

Core Viewpoint - The company, Sanqi Interactive Entertainment, announced the approval of a foreign exchange hedging business with a limit of 800 million USD or equivalent currency by its board of directors [2] Group 1 - The board meeting for the seventh session was held on January 20, 2026 [2] - The foreign exchange hedging business does not require approval from the company's shareholders [2] - The approved amount for the hedging business is set at 800 million USD or its equivalent in other currencies [2]

Group 1 - The company, Sanqi Interactive Entertainment, announced that its seventh board meeting will be held on January 20, 2026, combining in-person and remote participation [1] - The meeting will review the proposal regarding the authorization of the management to handle matters related to the special account for raised funds [1]

关于公司及控股子公司开展外汇套期保值业务的公告 证券代码：002555 证券简称：三七互娱 公告编号：2026-002 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 三七互娱网络科技集团股份有限公司 三七互娱网络科技集团股份有限公司（以下简称"公司"）于 2026 年 1 月 20 日召开第 七届董事会第五次会议，审议通过了《关于公司及控股子公司开展外汇套期保值业务的议案》， 同意公司及控股子公司开展的外汇套期保值业务额度为 8 亿美元或其他等值货币。本议案属 于董事会审议范围内，无需提请公司股东会审议，现将相关事项公告如下： 一、开展外汇套期保值业务的目的 公司海外业务发展规模不断扩大，公司美元、港币等外币结算业务占比不断攀升，因此 当汇率出现较大波动时，汇兑损益对公司的经营业绩会造成一定影响。为规避外汇市场风险， 降低汇率波动对公司生产经营、成本控制的不良影响，保持公司稳定的利润水平，公司拟与 银行等金融机构开展外汇套期保值业务。 二、拟开展的外汇套期保值业务概述 1、外汇套期保值业务的品种及币种 外汇套期保值业务主要品种具体包括远期结售汇、外汇互换、外 ...

证券代码：002555 证券简称：三七互娱 公告编号：2026-003 三七互娱网络科技集团股份有限公司 一、本员工持股计划的持股情况 1、公司于 2019 年 7 月 27 日在巨潮资讯网披露了《关于第三期员工持股计划非交易过 户完成的公告》，"三七互娱网络科技集团股份有限公司回购专用证券账户"所持有的公司 股票已于 2019 年 7 月 25 日非交易过户至"三七互娱网络科技集团股份有限公司-第三期员 工持股计划"，过户股数为 22,347,537 股，占当时公司总股本（2,112,251,697 股）的比例为 1.06%。 2、本员工持股计划按照规定予以锁定，自公司公告最后一笔标的股票过户至本员工持 股计划名下之日起 12 个月后开始分期解锁，锁定期最长 36 个月。本员工持股计划存续期为 48 个月，自公司公告最后一笔标的股票过户至本员工持股计划名下之日起算。 3、截至本公告日，本员工持股计划持股数量为1,161,886股，占公司目前总股本的0.05%。 本员工持股计划未出现或用于抵押、质押、担保、偿还债务等情形；未出现累计持有公司股 票数量总额超过公司股本 10%以及任一持有人持有的员工持股计划份额 ...