Group 1 - The stock of Dream Network Technology reached the daily limit, with a turnover rate of 15.97% and a transaction amount of 1.877 billion yuan, showing a fluctuation of 14.47% [1] - The stock was listed on the Dragon and Tiger list due to a deviation in daily price increase of 10.49%, with a net sell of 3.4377 million yuan from the Shenzhen Stock Connect [1] - The top five trading departments on the Dragon and Tiger list had a total transaction of 375 million yuan, with a net buy of 81.362 million yuan [1] Group 2 - The latest margin trading data shows that the margin balance for the stock is 577 million yuan, with a financing balance of 574 million yuan and a securities lending balance of 3.7027 million yuan [2] - Over the past five days, the financing balance increased by 56.0381 million yuan, representing a growth of 10.83%, while the securities lending balance increased by 1.8374 million yuan, a rise of 98.50% [2]

Core Viewpoint - Mengwang Technology (002123) announced an abnormal stock trading fluctuation and clarified its relationship with the DeepSeek model, emphasizing that it is not directly involved in the core technology development or application of DeepSeek [1] Group 1: Company Announcement - On February 4, 2025, the company published an article on its official WeChat account regarding the integration of the DeepSeek model into its multi-source AI scheduling engine, Tianhui Zhihui Platform 2.0 [1] - The company noted that its stock has been included in the DeepSeek concept stocks by various platforms [1] Group 2: DeepSeek Model Clarification - DeepSeek is an open-source large language model that allows users to train and customize it for specific needs without any cost [1] - The Tianhui Zhihui Platform 2.0 utilizes DeepSeek capabilities primarily for the company's rich media products, such as 5G reading messages and 5G messages, providing services like content generation and marketing creativity [1] - The company clarified that it has no business dealings with Hangzhou Deep Seeking Artificial Intelligence Technology Research Co., Ltd., and is not involved in the core technology of the DeepSeek system [1]

证券代码：002123 证券简称：梦网科技 公告编号：2025-016 二、公司关注并核实的情况 针对股票交易异常波动情况，公司进行了自查，并向公司实际控制人及控 股股东就相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 2、经自查，公司于2025年2月4日通过公司官方微信公众号发布《天慧智汇 台2.0集成DeepSeek大模型能力》文章，文章中提及"梦网科技将DeepSeek大模型 深度集成至多源AI调度引擎'天慧智汇台2.0'"。另外，公司注意到相关平台将 公司股票纳入DeepSeek概念股。公司就相关事项澄清说明如下：DeepSeek系开源 大语言模型，任何用户皆可免费基于该模型开展训练工作，进而进行个性化开发 或模型优化，以满足不同用户在多元场景下的特定需求。公司旗下的天慧智汇台 2.0集成了DeepSeek的能力，截至目前，该平台主要应用服务于公司的富媒体产 品，如5G阅信、5G消息等，用于为客户提供富媒体内容生成、营销创意生成等， 为内部运营提供富媒体内容安全审核、内容数据标签标注、研发和运营提效等能 力。公司与DeepSeek系统的开发、应用等核心技术 ...

二、公司关注并核实的情况 证券代码：002123 证券简称：梦网科技 公告编号：2025-015 梦网云科技集团股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、股票交易异常波动情况的说明 梦网云科技集团股份有限公司（以下简称"公司"或"本公司"）股票 （证券简称：梦网科技，证券代码：002123）于2025年2月5日、2月6日、2月7 日连续三个交易日收盘价格涨幅偏离值累计达到20%以上，根据《深圳证券交 易所交易规则》的有关规定，属于股票交易异常波动。 公司董事会确认，本公司目前没有任何根据《深圳证券交易所股票上市规 则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意 向、协议等；董事会也未获悉本公司有根据《深圳证券交易所股票上市规则》 等有关规定应予以披露而未披露的、对本公司股票及其衍生品种交易价格产生 较大影响的信息；公司前期披露的信息不存在需要更正、补充之处。 针对股票交易异常波动情况，公司进行了自查，并向公司实际控制人及控 股股东就相关事项进行了核实，现就有关情况说明如下： 1、公司前期披露的 ...

Core Viewpoint - The stock of Dream Network Technology has reached its daily limit up, with a turnover rate of 26.57% and a transaction amount of 2.383 billion yuan, indicating strong market interest and activity [1] Group 1: Trading Activity - The stock experienced a price deviation of 7.66%, leading to its inclusion on the Shenzhen Stock Exchange's watchlist for significant price movements [1] - Institutional investors net bought 24.32 million yuan, while the Shenzhen Stock Connect saw a net purchase of 2.84 million yuan [1] - The top five trading departments accounted for a total transaction amount of 356 million yuan, with a net selling of 20.12 million yuan [1] Group 2: Fund Flow - The stock saw a net outflow of 108 million yuan from main funds, with large orders showing a net inflow of 73.36 million yuan and large orders showing a net outflow of 181 million yuan [1] - Over the past five days, the main funds experienced a net outflow of 8.19 million yuan [1] Group 3: Margin Trading Data - As of February 5, the margin trading balance for the stock was 488 million yuan, with a financing balance of 486 million yuan and a securities lending balance of 1.87 million yuan [2] - In the last five days, the financing balance decreased by 51.62 million yuan, a decline of 9.60%, while the securities lending balance decreased by 0.44 million yuan, a decline of 18.95% [2] Group 4: Specific Trading Departments - The top buying departments included Guangfa Securities, Huatai Securities, and Guotai Junan, with significant buy amounts of 40.67 million yuan, 34.55 million yuan, and 32.71 million yuan respectively [2] - The top selling department was CITIC Securities, with a sell amount of 639.86 million yuan [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 46 million to 55 million yuan in 2024, marking a turnaround from losses [1]. - The company is focusing on its core business, with improvements in the 5G messaging service and international business growth, leading to a gradual recovery in the industry [2]. - The acquisition of Bicheng Digital is anticipated to enhance the company's profitability and create synergies in marketing and e-commerce services [3]. - The integration of AI capabilities is expected to drive business intelligence upgrades and operational efficiency [4]. Summary by Sections Financial Performance - In 2022, the company reported a revenue of 4,157.44 million yuan, which increased to 5,234.38 million yuan in 2023, with a projected revenue of 5,016.55 million yuan for 2024, reflecting a growth rate of -4.16% [10]. - The net profit attributable to shareholders was a loss of 722.07 million yuan in 2022, a loss of 1,822.49 million yuan in 2023, and is expected to turn positive with a profit of 54.16 million yuan in 2024 [10]. Business Development - The company is experiencing a recovery in the national SMS business, with a positive growth trend expected to continue into 2024 [2]. - The acquisition of Bicheng Digital, which generated revenues of 1.278 billion yuan and 1.591 billion yuan in 2022 and 2023 respectively, is expected to strengthen the company's market position [3]. - The company is enhancing its AI capabilities through the Tianhui Zhihui platform, integrating various AI models to improve service offerings [4]. Market Outlook - The report indicates that the domestic information market is gradually recovering, with opportunities in the international market continuing to expand [4]. - The company is expected to leverage its strong technical and service capabilities to capitalize on market opportunities in the medium to long term [4].

证券代码：002123 证券简称：梦网科技 公告编号：2025-014 一、股东股份质押的基本情况 | 股东名称 | 是否为控 股股东或 第一大股 | 本次解除 质押股份 | 占其所持股 份比例（%） | 占公司总股 本比例（%） | 起始日 | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 东及其一 致行动人 | 数量（股） | | | | | | | | 余文胜 | 是 | 4,500,000 | 3.98% | 0.56% | 2024 年 1 月 25 日 | 2025 年 1 23 日 | 月 | 澳门发展银 行股份有限 | | | | | | | | | | 公司 | | 合计 | -- | 4,500,000 | 3.98% | 0.56% | -- | -- | | -- | （一）股东股份解除质押的基本情况 （二）股东股份质押基本情况 梦网云科技集团股份有限公司 关于控股股东部分股份解除质押及质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of 46 million to 55 million yuan for 2024, a significant recovery from a loss of 1.822 billion yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 20 million and 29 million yuan, compared to a loss of 1.877 billion yuan in the previous year [3]. - Basic earnings per share are anticipated to be between 0.05 yuan and 0.07 yuan, recovering from a loss of 2.22 yuan per share in the same period last year [3]. - There are no significant uncertainties affecting the accuracy of the performance forecast, with final audited financial data to be disclosed in the 2024 annual report [7]. Business Development - The company has made progress in its 5G reading and messaging business, with an increasing number of customers during the reporting period [5]. - The international business has seen rapid growth, contributing to enhanced competitiveness and influence in the global cloud communication industry [6]. - The company has optimized its business processes and improved operational efficiency, leading to a decrease in operating costs compared to the previous year [6].

Group 1: Company Overview and Market Position - DreamNet Technology is a leading cloud communication service provider in China, with 24 years of industry experience [3] - The market for A2P messaging continues to grow steadily, despite a decline in C2C messaging, indicating a stable demand for SMS services [3] - The company aims to leverage the 2 trillion RMB market opportunity through innovative products like 5G messaging [3] Group 2: Acquisition of Bicheng Digital - DreamNet plans to acquire 100% of Bicheng Digital to enhance its business capabilities and accelerate growth [3] - Bicheng Digital is recognized as a leading e-commerce service provider, holding certifications such as Tmall Six-Star and Douyin Diamond, which enhance its competitive edge [4] - The acquisition is expected to create synergies, allowing DreamNet to expand its reach in private traffic operations and embrace AI technologies [3][4] Group 3: Competitive Advantages and Future Strategies - Bicheng Digital's strong market position is supported by its extensive experience and a solid reputation among top-tier clients [4] - The collaboration will focus on promoting DreamNet's messaging products to consumer brands and enhancing e-commerce marketing strategies [4][5] - Future plans include developing a traffic platform and establishing a private e-commerce ecosystem using DreamNet's messaging solutions [4] Group 4: AI Integration and Marketing Innovations - DreamNet is investing in AI to enhance marketing capabilities, focusing on personalized content generation and customer interaction [5] - The establishment of two dedicated AI marketing divisions aims to integrate AI solutions with Bicheng Digital's existing strengths [5] - The goal is to improve conversion rates and customer engagement through advanced AI-driven marketing strategies [5]

Investment Rating - The report maintains a "Recommend" rating for Dream Network Technology (002123 SZ) [4][6] Core Views - Dream Network Technology plans to acquire 100% of Bicheng Digital, a leading e-commerce service provider in China, to create synergies and enhance overall competitiveness [1] - The acquisition is expected to upgrade Dream Network's traditional messaging platform to a 5G/AI messaging platform, offering a new "Message as a Service" model with significant market potential [4] - The company's revenue is forecasted to grow from 5 5 billion in 2024 to 6 7 billion in 2026, with net profit attributable to parent company shareholders increasing from 79 million to 315 million during the same period [4][5] Business Synergies - Dream Network and Bicheng Digital have high customer overlap and complementary businesses, which is expected to create strong synergies [2] - Bicheng Digital can leverage Dream Network's messaging capabilities to reach more potential customers, while Dream Network can expand its service range through Bicheng Digital's enterprise clients [2] Financial Projections - Revenue growth is projected at 5 1% in 2024, 9 8% in 2025, and 10 4% in 2026 [5] - Net profit growth is forecasted at 104 3% in 2024, 151 8% in 2025, and 58 1% in 2026 [5] - EPS is expected to increase from 0 10 yuan in 2024 to 0 39 yuan in 2026 [5] Technological Advancements - Dream Network has launched its Cloud Communication 3 0 platform, integrating various messaging channels and AI capabilities [3] - The company has introduced Volcano Engine's Doubao large model, enabling enterprise clients to access advanced AI functions like text generation, speech recognition, and video generation [3] Valuation Metrics - PE ratio is projected to decrease from 120 in 2024 to 30 in 2026 [5] - PB ratio is expected to decline from 5 9 in 2023 to 4 4 in 2026 [5] - EV/EBITDA is forecasted to improve from -131 21 in 2023 to 18 55 in 2026 [10]