——浙数文化(600633) 2023 年年报点评 2023 年全年，公司实现营业收入 30.78 亿元，同比下降 40.65%，主要系 子公司边锋网络社交业务战略性收缩所致，全年实现归母净利润 6.63 亿元， 归母净利率达 21.54%，同比提升 12.10pct。费用端看，公司 2023 年管理 /销售/研发费用率分别为 15.15%/13.77%/14.40%，较 2022 年+7.57/- 13.15/+4.47pct.，社交业务收缩导致市场推广费用减少使得公司营销费用率 下降明显；公司加大研发投入力度，2023 年末技术研发人员占公司总人数 比例达 47.04%。 浙数文化(600633)公司点评报告 2024 年 03 月 28 日 点评： 数字科技业务实现稳健增长，数据要素打开向上空间 [Table_Invest]买入|维持 [Table_ 相关研究报告 DocReport] | --- | --- | |----------------------------|-----------------------| | [Table_ 报告作者 Author] | | | 分析师 | 李典 | | ...

Investment Rating - The report maintains a "Buy" rating for the company Zhejiang Shuculture (600633) as of March 29, 2024 [3][20]. Core Insights - In 2023, the company reported a revenue of 3.08 billion yuan, a year-over-year decline of 40.65%, while the net profit attributable to shareholders was 660 million yuan, an increase of 34.9% [3][20]. - The company plans to distribute a cash dividend of 0.13 yuan per share, totaling 165 million yuan, with a dividend payout ratio of 24.82% [3][20]. - The decline in revenue is attributed to the contraction of the social business and asset impairment, which has put pressure on performance [4][16]. - The company's online game "Guandan" has gained popularity, and the gaming business is progressing steadily [5][16]. Financial Performance Summary - The online gaming business generated 1.317 billion yuan in revenue, down 23.6% year-over-year, with a gross margin of 92.17% [17]. - The online social business revenue was 769 million yuan, a significant decline of 70.2%, but with an improved gross margin of 57.18% [17]. - The company's total revenue for Q4 2023 was 790 million yuan, a decrease of 36.9% year-over-year, with a net loss attributable to shareholders of 29 million yuan [20]. - The company reported a gross margin of 68.3% for 2023, an increase of 6.88 percentage points year-over-year, and a period expense ratio of 42.9%, down 1.41 percentage points [20]. Future Earnings Forecast - The company is expected to see a gradual recovery, with projected net profits of 769 million yuan, 861 million yuan, and 945 million yuan for 2024, 2025, and 2026, respectively [21][20]. - The earnings per share (EPS) are forecasted to be 0.61 yuan, 0.68 yuan, and 0.75 yuan for the same years [21][20]. - The price-to-earnings (P/E) ratio is expected to decrease from 21.27 in 2023 to 14.92 by 2026, indicating potential value appreciation [21][20].

Investment Partnerships - The company has extended the operating period of the "Tongxiang Xinglu Qincai Equity Investment Partnership" fund by one year, now totaling six years, with a target subscription amount of RMB 106.2 million, of which the company contributed RMB 30 million, accounting for 28.25%[10] - The "Xinglu Dingtai (Tongxiang) Big Data Industry Equity Investment Fund" has reduced its total subscription scale from RMB 1 billion to RMB 701.5 million, with the company's subscription amount adjusted from RMB 320 million to RMB 200 million, now accounting for 28.51% of the fund[10] - The company completed the transfer of a 28.25% stake in the "Tongxiang Xinglu Qincai Equity Investment Partnership" for RMB 41.96 million, based on the audited net assets as of the end of 2022[10] - The partnership duration for the "Xinglu Dingtai (Tongxiang) Big Data Industry Equity Investment Fund" has been extended from 7 years to 8 years, with the new business license obtained and registered with the China Securities Investment Fund Industry Association[11] - The "Guangzhou Yilian Equity Investment Partnership" has a total subscribed capital of RMB 438.5 million, with Oriental Star contributing RMB 49 million, representing 11.17% of the actual subscribed amount[11] - The "Hangzhou Xinglu Biying Equity Investment Partnership" has a target subscribed amount of RMB 300 million, with an initial contribution of RMB 111 million, where Oriental Star's share is RMB 40 million, accounting for 36.04% of the initial capital[11] - The "Zhejiang Shuju Cultural Digital Security Industry Venture Capital Fund" aimed for a total subscribed capital of no less than RMB 1 billion, with an initial target of RMB 500 million, where the company contributed RMB 295 million, representing 59% of the initial target[12] - The partnership duration for the "Hangzhou Xinglu Biying Equity Investment Partnership" has been extended by an additional 2 years, making the total duration 9 years from the first delivery date[12] - The establishment of the "Zhejiang Shuju Cultural Digital Security Industry Venture Capital Fund" has been terminated due to lack of consensus among partners, with no actual capital contributions made[12] Shareholder Information - The total number of common stock shareholders increased to 81,815 by the end of the reporting period, up from 77,628 at the end of the previous month[19] - The top ten unrestricted shareholders hold a total of 603,903,768 shares, representing a significant portion of the company's equity[21] - The company confirmed that there are no preferred shareholders with restored voting rights as of the reporting date[19] - There were no changes in the number of shares pledged by the controlling shareholder or first major shareholder, maintaining stability in ownership structure[25] Financial Performance - The total operating revenue for Zhejiang Digital Culture Group in 2023 was approximately 3.08 billion RMB, a decrease from 5.19 billion RMB in 2022[66] - The total operating costs for the company in 2023 were around 2.32 billion RMB, down from 4.32 billion RMB in the previous year[66] - Research and development expenses for 2023 amounted to approximately 443 million RMB, compared to 512 million RMB in 2022, indicating a reduction in R&D spending[66] - The company's net profit for 2023 was not explicitly stated, but the decrease in both revenue and costs suggests a potential impact on profitability[66] - The total comprehensive income for the period was a loss of CNY 94,775,362.23, reflecting a significant decrease compared to the previous period[78] - The net profit attributable to shareholders of the parent company was CNY 662,942,876.76, an increase from CNY 491,397,555.68 in the previous period, representing a growth of approximately 34.8%[96] - The operating profit for the period was CNY 838,750,847.02, up from CNY 671,891,780.63 in the previous period, marking an increase of approximately 24.8%[96] - The company reported a total profit of CNY 838,902,796.58, which is an increase from CNY 677,016,372.84 in the previous period, reflecting a growth of around 24%[96] - The company reported a significant loss in asset impairment of CNY 189,121,492.08 during the period[96] Cash Flow and Liquidity - The company's cash inflow from operating activities for 2023 was CNY 3,819,658,408.13, a decrease of 38.5% compared to CNY 6,188,679,212.22 in 2022[99] - The net cash outflow from operating activities was CNY 840,008,362.15, down from CNY 1,029,802,626.06 in the previous year[99] - Cash received from tax refunds was CNY 6,706,736.14, significantly lower than CNY 143,615,974.39 in 2022[99] - The total cash outflow from financing activities was CNY 520,075,279.20, compared to CNY 647,921,991.11 in the previous year, indicating a reduction of 19.7%[101] - The net increase in cash and cash equivalents for the year was CNY 557,263,138.27, down from CNY 680,389,087.62 in 2022[101] - The company's total cash and cash equivalents at the end of the year stood at CNY 1,305,714,284.76, compared to CNY 748,451,146.49 at the end of the previous year[101] Business Strategy and Market Position - The company is focusing on the integration of digital economy and traditional industries, as highlighted by initiatives in various provinces to promote digital transformation[42] - The National Development and Reform Commission has outlined plans to strengthen and expand China's digital economy, emphasizing its role in achieving common prosperity[42] - The company is actively involved in the development of digital culture, which is becoming a new growth point for the cultural industry in China[41] - The company is actively exploring new business models and enhancing its core competitiveness in digital technology and culture[132] - The digital economy in China is projected to continue growing, driven by innovations in digital technology and applications[134] Accounting and Financial Reporting - The company has implemented specific accounting policies for financial instruments, inventory, and fixed asset depreciation based on its operational characteristics[111] - The company recognized goodwill when the acquisition cost exceeded the fair value of identifiable net assets acquired[116] - The company has established a framework for assessing the recoverable amount of inventory based on age categories[198] - The company has a comprehensive approach to measuring expected credit losses based on historical data and current economic conditions[182] Awards and Recognition - The company was awarded the "China Listed Company Annual Excellence Management Team" award and was included in the Shanghai Stock Exchange 380 Index and the CSI 1000 Index[133] - The company has received multiple awards for its projects, including gold and silver awards at the Zhejiang Provincial Reform Breakthrough Awards[133] Miscellaneous - The company has no controlling shareholder, which may influence its governance structure and operational independence[46] - The company's total assets at the end of the period amounted to CNY 6,677,203,496.19, compared to CNY 6,858,704,999.56 at the beginning of the year, indicating a decrease of about 2.6%[78] - The total equity attributable to shareholders of the parent company increased to approximately 9.87 billion RMB in 2023 from 9.28 billion RMB in 2022[64] - The company’s financial report includes signatures from responsible personnel and is available on the Shanghai Securities Journal and the Shanghai Stock Exchange website[185] - The company’s legal representative is He Feng[184] - The company’s annual report is available at the board office for review[185]

2023 年度社会责任 报告暨环境、社会及 治理（ESG）报告 股票简称：浙数文化 股票代码：600633.SH 浙报数字文化集团股份有限公司 01 02 03 04 05 06 07 08 09 10 11 12 13 14 16 17 18 19 20 21 22 23 24 25 15 26 27 28 29 30 31 32 33 34 35 36 37 38 关于本报告 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 时间范围 本报告的时间范围是2023年1月1日至2023年12月31日，部分内容超出此范围。 组织范围 报告覆盖浙报数字文化集团股份有限公司及下属子公司，部分议题的边界为下属子公司范畴。 发布周期 本报告为公司第3份环境、社会及治理（ESG）报告，第11份社会责任报告。 编写标准 本报告按照全球可持续发展标准委员会（GSSB）发布的《GRI 可持续发展报告标准》（GRI Standards） 及中国互联网协会发布的《互联网企业社会责任报告编写指南》等编写参考，结合公司在履行环境、 社会及治理（ESG）责任 ...

证券代码：600633 股票简称：浙数文化 编号：临 2024-012 浙报数字文化集团股份有限公司 关于第十届监事会第五次会议决议的公告 本公司监事会及全体监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。 公司第十届监事会第五次会议于 2024 年 3 月 26 日下午 4 时在浙江省杭州市 拱墅区储鑫路 15 号浙报数字文化科技园 A 座 18 楼 1805 室以现场会议方式召开， 会议通知于 2024 年 3 月 15 日以书面形式发出。本次会议应到监事 3 人，实到监 事 3 人，会议由监事会主席林敏先生主持。本次会议的召开符合《公司法》及《公 司章程》的规定。会议审议并通过了以下议案： 一、审议通过《2023 年年度报告及摘要》 监事会成员审核公司 2023 年年度报告后，发表书面审核意见如下： 1、公司年度报告的编制和审议程序符合法律、法规、公司章程和公司内部管理 制度的各项规定； 2、公司年度报告的内容和格式符合中国证监会和上海证券交易所的各项规定， 所包含的信息真实地反映出公司报告期内的经营管理和财务状况等事项； 3、在提出本意见 ...

一、审议通过《2023年年度报告及摘要》 公司年度报告已提前经公司第十届董事会审计委员会 2024 年第二次会议全体 成员审议通过，年度报告具体内容详见上海证券交易所网站 www.sse.com.cn，摘要 详见《上海证券报》及上海证券交易所网站 www.sse.com.cn。 表决结果：同意 5 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 证券代码：600633 股票简称：浙数文化 编号：临 2024-011 浙报数字文化集团股份有限公司 第十届董事会第十次会议决议的公告 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。 公司第十届董事会第十次会议（以下简称"本次会议"）于 2024 年 3 月 26 日下 午 2：00 在浙江省杭州市拱墅区储鑫路 15 号浙报数字文化科技园 A 座 1817 楼会议 室以现场结合通讯会议的方式召开，会议通知于 2024 年 3 月 15 日以书面形式发出。 本次会议应到董事 5 名，实到董事 5 名，符合《公司法》及公司章程的规定。会议 审议并通过了以下议案： 表决结果： ...

一、审计委员会基本情况 公司 2023 年度第九届董事会审计委员会委员为独立董事潘亚岚女士、李永 明先生和非独立董事张智明先生，其中独立董事潘亚岚女士为召集人。公司第九 届董事会及专门委员会已于 2023 年 9 月 14 日任期届满；经 2023 年 10 月 16 日 公司董事会换届选举，第十届董事会第一次会议选举产生公司 2023 年度第十届 董事会审计委员会委员，分别为独立董事潘亚岚女士、李永明先生和非独立董事 何锋先生，其中独立董事潘亚岚女士为召集人。 二、审计委员会年度会议情况 浙报数字文化集团股份有限公司 2023 年度董事会审计委员会履职报告 根据《上市公司治理准则》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》《上海证券交易所股票上市规则》，并按照《公司章程》和《审计 委员会工作制度》的规定，浙报数字文化集团股份有限公司董事会审计委员会本 着勤勉尽责的原则，认真履行了审计监督职责。现将 2023 年度审计委员会履职 情况汇报如下： 1、2023 年 1 月 3 日，审计委员会以通讯会议方式，审议通过了《关于智慧 盈动对浙报融媒体公司定向减资暨关联交易的议案》。 2023 年度 ...

目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2024〕657 号 浙报数字文化集团股份有限公司全体股东： 第 1 页 共 2 页 范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，浙数文化公司于 2023 年 12 月 31 日按照《企业内部控制基本规 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了浙报数字文化集团股份有限公司（以下简称浙数文化公司）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定 ...

目 录 | 一、审计报告……………………………………………………… 第 1—6 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 7—14 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 7 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 页 | | （三）合并利润表………………………………………………… | 第 | 9 页 | | （四）母公司利润表………………………………………………第 | | 10 页 | | （五）合并现金流量表……………………………………………第 | | 11 页 | | （六）母公司现金流量表…………………………………………第 | | 12 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 页 | | | | 审 计 报 告 天健审〔2024〕656 号 浙报数字文化集团股份有限公司全体股东： 一、审计意见 (一) 商誉减 ...

关于浙报数字文化集团股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：浙报数字文化集团股份有限公司 审计单位：天健会计师事务所（特殊普通合伙） 本报告仅供浙数文化公司年度报告披露时使用,不得用作任何其他目的。我 们同意将本报告作为浙数文化公司年度报告的必备文件,随同其他文件一起报送 并对外披露。 为了更好地理解浙数文化公司 2023年度非经营性资金占用及其他关联资金 往来情况,汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 浙数文化公司管理层的责任是提供真实、合法、完整的相关资料,按照《上 市公司监管指引第8号 -- 上市公司资金往来、对外担保的监管要求》(证监会 公告(2022)26号)和《上海证券交易所上市公司自律监管指南第2号 -- 业 务办理(2023年12月修订》(上证函(2023)3870号)的规定编制汇总表,并 保证其内容真实、准确、完整,不存在虚假记载、误导性陈述或重大遗漏。 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2024〕658 号 浙报数字文化集团股份有限公司全体股东: 我们接受委 ...