Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]

Core Points - Zhejiang Shuzi Culture (stock code: 600633) closed at 12.89 yuan on May 30, 2025, up 0.86% from the previous week's closing price of 12.78 yuan [1] - The company's market capitalization is currently 16.345 billion yuan, ranking 10th out of 26 in the gaming sector and 940th out of 5146 in the A-share market [1] Company Announcements - Zhejiang Shuzi Culture announced a cash dividend distribution for the year 2024, with a cash dividend of 0.16 yuan per share (before tax), totaling approximately 202.89 million yuan [1] - Key dates for the dividend distribution include the record date on June 5, 2025, and both the ex-dividend date and payment date on June 6, 2025 [1] - The dividend will be distributed to shareholders of unrestricted circulating shares, with specific shareholders like Zhejiang Media Holding Group receiving dividends directly from the company [1] - Tax implications for individual shareholders and securities investment funds vary based on holding periods, with after-tax dividends of 0.128 yuan, 0.144 yuan, and 0.16 yuan per share; QFII shareholders and Hong Kong Stock Exchange investors will receive 0.144 yuan per share after a 10% withholding tax; institutional investors will receive the full 0.16 yuan per share [1]

Group 1 - The Sora concept (text-to-video) sector is experiencing a surge, with companies like Yuanlong Yatu (002878) hitting the daily limit up, while Zhejiang Shuju Culture (600633), Aorui De (600666), Fengyuzhu (603466), Huayang Lianzhong (603825), and Borui Chuanbo (600880) also seeing significant gains [1] - There is an influx of dark pool funds entering these stocks, indicating increased investor interest and potential for further price movements [2]

证券代码：600633 证券简称：浙数文化 编号：临 2025-030 浙报数字文化集团股份有限公司2024年年度权益分派 实施公告 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。 重要内容提示： 每股分配比例 A 股每股现金红利0.16元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/5 | － | 2025/6/6 | 2025/6/6 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 18 日召开的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,268,074,472股为基数，每股派发现 金红利0.16元（含税），共计派 ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses **Zhejiang Shuculture** and its various business segments, including gaming, AI applications, digital governance, and cultural IP development [2][3][4][5]. Key Points and Arguments Gaming Business - In 2024, the gaming business net profit was approximately **600 million yuan**, benefiting from reduced customer acquisition costs and lower sales expenses, resulting in a year-on-year profit increase of about **20 million yuan** [2][3]. - The company expects the gaming business to maintain steady growth in 2025, remaining the primary source of revenue [2][4]. - The **Doudizhu** project has solidified its industry-leading position, leading to decreased customer acquisition costs as the project enters a harvest phase [3][4]. IDC Business - The IDC business faced challenges due to low rack utilization at the Beijing base, with profits dropping to less than **50 million yuan** in 2024, including a goodwill impairment of nearly **30 million yuan** [2][6]. - The company anticipates improved performance in 2025 as the Beijing base's client acquisition progresses, although revenue will depend on actual client power demands [2][6]. AI Applications - The **Chuanbo Brain** project generated over **150 million yuan** in revenue in 2024, with losses narrowing to **5 million yuan**. It is projected to exceed **200 million yuan** in revenue and turn profitable in 2025 [2][6]. - The company collaborates with **Visual China** and has successfully facilitated sales of **300 million yuan** for the Jiaxing Media Center [2][6][22]. Digital Governance and Healthcare - In digital governance, the company is developing intelligent agents using large models and platforms tailored to client needs [7][26]. - The healthcare sector has seen the establishment of comprehensive solutions, expanding beyond Zhejiang to regions like Chongqing and Hunan [7][27]. Cultural IP Development - The company is actively involved in the cultural IP sector, collaborating with the Sports Administration and the Olympic Committee to develop mainstream cultural IPs [5][14]. - The **潮牌引力** project plans to launch multiple game co-branded SKUs in 2025, focusing on consumer entertainment IP card development [14][15]. Data Operations and Marketing - The data operations business is currently small but has potential for growth through policy support and collaboration with **DingTalk** [10][11]. - The digital marketing subsidiaries, **Taotian Group** and **Jiutian Interactive**, have shown improvements in gross margins and net profit rates, expanding their client base [11][12]. Future Business Developments - The company is exploring new investment opportunities and has initiated several merger and acquisition projects, focusing on regulatory changes in the industry [5][24]. - The **City Brain** business model includes various government procurement systems, aiming to enhance social governance capabilities [25][26]. AI in Various Fields - The company has developed AI applications across multiple sectors, including social governance and tourism, with a focus on creating customized intelligent agents [28][29]. - The **45-degree APP** for tourism services has been launched, showcasing the company's commitment to digital transformation [8][9]. Additional Important Information - The company holds a **0.77% stake** in **Qingtao Energy**, which is preparing for an IPO with a valuation of **23 billion yuan** [5][24]. - The gaming sector is shifting focus towards the **silver economy**, targeting older consumers while also developing more youthful and mobile-friendly games [23][24]. - The company emphasizes a high degree of marketization, with competitive compensation structures and a strong incentive mechanism for employees [20][19].

Core Insights - The ongoing U.S. pressure on China's AI industry has led to a significant drop in NVIDIA's market share in China from 95% to 50%, while Huawei's Ascend chip shipments have surged to nearly 400,000 units, indicating a shift towards domestic alternatives in computing power [1] - Global competition for computing power is intensifying, with the U.S. "Gateway to the Stars" initiative proposing a $500 billion investment to build 5-10 supercomputing parks by 2029 [1] - The EU plans to mobilize €200 billion for AI, including a dedicated €20 billion fund for establishing European AI super factories [2] Industry Developments - China has initiated the "East Data West Computing" project, with the Ministry of Commerce emphasizing support for national-level economic development zones' computing infrastructure [2] - The current focus on computing power is shifting towards restructuring, with encouragement for acquisitions in key sectors such as semiconductors, technology, AI, and biomedicine [2] Company Opportunities - Zhejiang Data Culture is highlighted for its restructuring logic, leveraging the Zhejiang Big Data Trading Center to promote a "computing power + data" ecosystem, recently winning a supercomputing center project worth 6 billion yuan [4] - Runxin Technology is pursuing a restructuring strategy by signing an agreement to acquire 100% of Qiyimoer, a leader in high-end computing chip packaging technology [5] - A specific company is planning to establish a 100,000-card GPU computing cluster within two years, has signed a 10-year cooperation agreement with ByteDance for computing and data center services, and recently completed a share acquisition, positioning itself for significant growth [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4]

Group 1: Industry Overview - The media sector showed signs of recovery in April 2025, outperforming the market with a decline of 2.23%, which was 0.78 percentage points better than the CSI 300 index, ranking 14th among 31 industries [2][11][4] - In Q1 2025, the A-share media sector achieved a total revenue of 1258.53 billion yuan and a net profit of 110.77 billion yuan, representing year-on-year growth of 5.59% and 28.63% respectively, indicating a significant improvement after four consecutive quarters of decline [28][23][24] Group 2: Gaming Sector - The gaming market experienced double-digit revenue growth in the first quarter of 2025, with actual sales revenue reaching 857.04 billion yuan, a year-on-year increase of 17.99%, and mobile gaming revenue at 636.26 billion yuan, up 20.29% [54][55] - In April 2025, 118 domestic games and 9 imported games were approved, with a total of 510 game licenses issued from January to April, marking a 7.6% year-on-year increase [46][47] Group 3: Film and Television Sector - The film market faced challenges in April 2025, with total box office revenue of 11.97 billion yuan, down 46.5% year-on-year, indicating a lack of new releases with box office appeal [68][73] - In the television sector, the top 10 online dramas in April included "无忧渡" with 865 million views, leading the rankings, while Mango TV continued to dominate the variety show market with a market share of 16.09% for "乘风2025" [91][92] Group 4: AI Applications - The AI sector is rapidly advancing, with Google launching the Agent2Agent (A2A) protocol, which allows AI agents to communicate and collaborate effectively [106][99] - ByteDance introduced a universal AI agent platform called "扣子空间," designed for task collaboration and intelligent execution, showcasing its potential in enterprise applications [107][109]

Market Performance - The Sora (Wensheng Video) concept declined by 0.80%, ranking among the top decliners in the concept sector, with *ST Tianze hitting the daily limit down [1] - Among the concept stocks, Tianyu Digital Science surged by 10.04%, followed by Fushi Holdings at 1.19% and Daheng Technology at 0.67% [1] Capital Flow - The Sora concept experienced a net outflow of 368 million yuan, with 28 stocks seeing net outflows, and 10 stocks with outflows exceeding 30 million yuan [1] - The stock with the highest net outflow was Jincai Huilian, with a net outflow of 89.09 million yuan, followed by ZheShu Culture and Huace Film & TV with outflows of 69.59 million yuan and 53.24 million yuan respectively [1] Top Gainers and Losers - The top gainers in the Sora concept included Tianyu Digital Science, Fushi Holdings, and Xinhua Net, with net inflows of 267.44 million yuan, 12.00 million yuan, and 9.87 million yuan respectively [2] - The stocks with the largest net outflows included Jincai Huilian, ZheShu Culture, and Huace Film & TV, with outflows of 89.09 million yuan, 69.59 million yuan, and 53.24 million yuan respectively [2]

Core Viewpoint - The company maintains stable core business operations and has moved past the strategic adjustment phase of its social business, with a robust revenue growth in Q1 driven by its gaming and IDC businesses [1][8] Financial Performance - In Q1 2025, the company achieved an operating revenue of 706 million, representing a year-on-year increase of 4.16%, and a net profit attributable to shareholders of 144 million, up 44.86% year-on-year [2][3] - The gross profit margin for Q1 was 57.52%, a decrease of 6.07 percentage points year-on-year, while total expenses decreased by 6.20% year-on-year, primarily due to a 32.37% reduction in sales expenses [3] Investment Income and Tax Efficiency - The significant increase in net profit is attributed to higher investment income, with net gains from fair value changes amounting to 53 million, mainly from stock investments in Century Huatong and Huashu Media, compared to only 6 million in the same period last year [4] - The effective tax rate for Q1 was 11.7%, down 15.1 percentage points year-on-year, with confirmed income tax of 20 million, a decrease of 48.2% [4] Innovation and Data Strategy - The Zhejiang Big Data Trading Center has been actively pursuing strategic initiatives, including a partnership with DingTalk to jointly operate a data circulation center and the simultaneous launch of national and provincial public data resource registration platforms [5][6] - The company is continuously enriching its public data resources on the platform, having launched several local zones since 2025 [6] Debt Issuance - The parent company has successfully completed the issuance of 1.4 billion yuan in convertible bonds, with the exchange target being 200 million shares of Zhejiang Shuju Culture, representing 15.77% of the total share capital [7] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 575 million, 637 million, and 699 million from 2025 to 2027, with year-on-year growth rates of 12.33%, 10.94%, and 9.66% respectively, maintaining a "buy" rating [1][8]