证券研究报告：传媒 | 公司点评报告 发布时间：2026-03-23 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 事件回顾 2026 年 1 月 24 日，公司发布 2025 年业绩预增报告，预计全年实 现归母净利润为 3,200 万元到 4,800 万元，与上年同期相比，将实现 扭亏为盈。 ⚫ 事件点评 投资及资产处置收益为扭亏核心驱动，主营业务短期仍承压。25 年公司主营业务收入同比有所下降，扭亏主要系投资收益、资产处置 收益录得较大增长：1）投资收益：公司间接持有迅策科技股份约 332.66 万股，该公司于 2025 年 12 月在香港联交所主板挂牌上市， IPO 前每股均价为 20.73 元，2025 年 12 月 31 日收盘价为 50.5 港元/ 股。按 2025 年 12 月 31 日港元兑人民币汇率测算，公司所持迅策科 技股份预计可在 2025 年为公司贡献约 0.82 亿元税前投资收益；2）资 产处置收益：2025 年 8 月，公司公告称，拟以全资子公司涿州歌华持 有的有线电视网络资产及相关业务，与中国广电河北网络股份有限公 司部分股权进行置换。本次交易中，涿州歌华资产组 ...

证券研究报告：传媒 | 公司点评报告 发布时间：2026-03-23 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 7.57 | | --- | --- | | 总股本/流通股本（亿股）13.92 / 13.92 | | | 总市值/流通市值（亿元）105 / 105 | | | 52 周内最高/最低价 | 9.63 / 6.65 | | 资产负债率(%) | 20.7% | | 市盈率 | -151.40 | | 第一大股东 | 中国广电网络股份有限 | | 公司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 歌华有线(600037) 全年业绩扭亏为盈，通信业务新增低空发展机遇 ⚫ 事件回顾 2026 年 1 月 24 日，公司发布 2025 年业绩预增报告，预计全年实 现归母净利润为 3,200 万元到 4,800 万元，与上年同期相比，将实现 扭亏为盈。 买入|维持 个股表现 -14% -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2025 ...

Investment Rating - The report rates the industry as "Buy" [4] Core Insights - The recent settlement between Google and Epic Games, which includes a reduction in the Google Play Store commission to 20% and 10% for subscription services, marks the end of high commission practices in app stores. This change is expected to benefit high-quality game developers as they gain more negotiating power in channel discussions [3][11][12] - The gaming sector is viewed as having high valuation attractiveness, with a recommendation to continue investing in leading companies that are expected to maintain high growth rates despite recent market adjustments [5][15] Summary by Sections Google and Epic Games Settlement - Google and Epic Games have reached a settlement that reduces the Google Play Store commission to 20% and 10% for subscriptions, allowing developers to use their own payment systems. This agreement will be effective until September 30, 2032, and will be rolled out globally by September 30, 2027 [9][11][12] Gaming Sector Valuation - The gaming sector has experienced significant adjustments due to macroeconomic narratives, but it remains complex and difficult to replace with AI. AI is expected to enhance game development efficiency rather than replace it. The report emphasizes that high-quality content will drive user retention and payment, opening new growth avenues in the industry [5][13][14][15] Recommended Companies - The report suggests focusing on companies with strong growth potential, including Wanda Film, Perfect World, and Mango Excellent Media, among others, as they are expected to benefit from the changing landscape in the gaming industry [8][16]

Group 1 - The government work report emphasizes the importance of stabilizing domestic demand and prioritizing consumption enhancement initiatives [6][12][13] - The GDP growth target for 2026 is set at 4.5%-5%, aligning with the long-term goal of doubling per capita GDP by 2035 [6][20] - Fiscal policy remains proactive, with a deficit rate planned at around 4% and a total deficit scale of 5.89 trillion yuan, an increase of 230 billion yuan from the previous year [7][20][21] Group 2 - The report highlights the introduction of new industries such as "smart economy," focusing on large-scale computing clusters and satellite internet [2][6] - The government plans to issue special bonds totaling 3 trillion yuan to support the capital replenishment of state-owned commercial banks [6][20] - The report indicates a commitment to stabilizing the real estate market and preventing debt default risks through various measures [9][22] Group 3 - The report outlines a dual approach to investment, emphasizing both consumption and infrastructure projects, with significant funding allocated for new infrastructure and equipment updates [12][13][20] - The focus on "new quality productivity" aims to integrate high-end manufacturing with emerging industries such as electric vehicles and robotics, with a planned investment of 200 billion yuan over the next five years [5][14] - The report anticipates a continued emphasis on structural monetary policy tools to support economic stability and growth, with expectations of 1-2 interest rate cuts throughout the year [8][21] Group 4 - The report indicates a strong focus on technological innovation and support for key sectors, including semiconductor and biotechnology, to drive economic transformation [14][16] - The investment strategy suggests a structural bull market, with opportunities in technology growth, domestic consumption recovery, and high-end manufacturing upgrades [15][16] - The report emphasizes the importance of policy coherence and collaboration between macroeconomic policies and reforms to enhance overall policy effectiveness [12][21]

Financial Performance - In 2025, the company achieved total operating revenue of RMB 2,219,754,557.95, a decrease of 4.08% compared to RMB 2,314,138,574.80 in the previous year[3] - The net profit attributable to shareholders of the listed company was RMB 34,313,119.27, an increase of RMB 10,383,400 compared to a net loss of RMB 69,520,903.66 in the previous year[5] - The company reported a basic earnings per share of RMB 0.0247, recovering from a loss of RMB 0.0500 in the previous year[3] - The net profit after deducting non-recurring gains and losses was RMB -68,226,090.79, an improvement from RMB -99,173,419.19 in the previous year[3] Assets and Equity - Total assets at the end of the reporting period were RMB 15,918,170,580.01, a decrease of 0.74% from RMB 16,037,012,558.37 at the beginning of the period[3] - The company's equity attributable to shareholders was RMB 12,707,267,082.34, showing a slight decrease of 0.03% from RMB 12,710,531,965.94[3] Return on Investment - The weighted average return on net assets was 0.27%, recovering from -0.54% in the previous year[3] Business Strategy - The company increased its network resource leasing income through enhanced collaboration, contributing to the turnaround from loss to profit despite a decline in main business revenue[6] Financial Reporting - The company emphasizes that the financial data presented is preliminary and subject to audit, urging investors to be aware of investment risks[7] - The company plans to disclose more detailed financial data in its 2025 annual report, which may differ slightly from the preliminary figures[7]

证券代码：600037 证券简称：歌华有线 公告编号：临 2026-009 北京歌华有线电视网络股份有限公司 关于签订募集资金专户存储三方监管协议之补充协 议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2015]2475 号文核准，并经上海证券 交易所同意，北京歌华有线电视网络股份有限公司（以下简称"公司"）于 2015 年 11 月 6 日非公开发行普通股。本次共发行 223,425,858 股股票，每股面值 1 元，发行价格 14.77 元/股，累计募集资金 3,299,999,922.66 元，扣除发行费用 1,650 万元后，募集资金净额为 3,283,499,922.66 元，上述资金于 2015 年 12 月 2 日到账。 上述募集资金净额已经致同会计师事务所（特殊普通合伙）验证，并出具了 致同验字（2015）第 110ZC0600 号《验资报告》。 二、《募集资金专户存储三方监管协议之补充协议》涉及的募集资金专户 情况 为规范公司募集资金管理和使 ...

证券代码：600037 证券简称：歌华有线 公告编号：临 2026-008 北京歌华有线电视网络股份有限公司 关于公司董事辞任的公告 | 姓名 | | 离任职务 | 离任时间 | | 期日 | 原定任期到 | | 离任原因 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 股子公司任职 | 公开承诺 | | 万 | 涛 | 董事 | 2026 年 | 2 月 | 2027 年 | | 5 月 | 工作调整 | 否 | 否 | | | | | 27 | 日 | 20 | 日 | | | | | | 石 | 然 | 董事 | 2026 年 | 2 月 | 2027 年 20 | 日 | 5 月 | 工作调整 | 否 | 否 | | | | | 27 | 日 | | | | | | | 二、董事辞任对公司的影响 万涛先生、石然先生已确认与公司无任何意见分歧，已按公司相关规定做好 交接工作，上述人员辞职不会影响公司董事会的正常运行 ...

Group 1 - The company Beijing Gehua Cable Television Network Co., Ltd. announced the resignation of two directors, Wan Tao and Shi Ran, due to work adjustments, effective February 27, 2026 [1] - Following their resignation, Wan Tao and Shi Ran will no longer hold any positions within the company or its subsidiaries [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, indicating a significant shift in the global AI landscape [1] - Four major AI models from China ranked among the top five globally, highlighting the rapid growth and competitiveness of domestic AI capabilities [1] - The demand for domestic computing power in China is experiencing exponential growth, reflecting the increasing reliance on AI technologies [1]

Group 1 - The company has conducted system integration and scenario testing for 5G NR in emergency broadcasting [2] - The company has not yet received any commercial plans for 5G NR broadcasting from China Broadcasting [2]

Group 1 - The core viewpoint of the article highlights that Gehua Cable (600037.SH) is recognized as a significant national center and one of the seven regional centers in the layout of China's broadcasting and television "1+7+31+N" computing infrastructure [2] Group 2 - The article indicates that Beijing plays a crucial role in the national and regional infrastructure development for broadcasting and television [2]