Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.81 RMB [8][9]. Core Views - The company reported a revenue of 3.271 billion RMB in 2024, a year-on-year decline of 24.04%, and a net profit attributable to shareholders of 539 million RMB, down 4.17% year-on-year. The lower-than-expected profit is attributed to adjustments in the marketing business structure and fluctuations in game recharge revenue [1][5]. - The gaming business experienced a revenue drop of 17.2% to 1.015 billion RMB in 2024, primarily due to fluctuations in recharge revenue. However, the gross margin remained high at 96.15% [2]. - The poker business revenue was stable at 1.082 billion RMB, with a gross margin increase of 3.84 percentage points to 30.40%, driven by improved production efficiency [3]. - The overall gross margin improved by 5.81 percentage points to 43.44% in 2024, influenced by the poker and marketing business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.271 billion RMB, down 24.04% year-on-year, and a net profit of 539 million RMB, down 4.17% year-on-year. The expected net profit for 2025 is revised down to 600 million RMB [1][5]. - The gaming business revenue decreased to 1.015 billion RMB, with a gross margin of 96.15% [2]. - The poker business generated 1.082 billion RMB in revenue, with a gross margin of 30.40% [3]. Cost and Efficiency - The overall gross margin increased to 43.44% due to improvements in the poker and marketing sectors [4]. - The company’s expenses in Q4 were impacted by a one-time bonus provision, which is expected to normalize in the future [4]. Valuation and Forecast - The company’s net profit estimates for 2025 and 2026 have been adjusted to 600 million RMB and 670 million RMB, respectively, with a target price set at 31.81 RMB based on a 22x PE ratio [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.81 [8][9]. Core Views - The company reported a revenue of RMB 3.271 billion for 2024, a decrease of 24.04% year-over-year, and a net profit attributable to the parent company of RMB 539 million, down 4.17% year-over-year. The decline was primarily due to adjustments in the marketing business structure and fluctuations in game recharge revenue [1][5]. - The gaming business generated revenue of RMB 1.015 billion in 2024, down 17.2% year-over-year, attributed to fluctuations in recharge revenue. However, the gross margin remained high at 96.15% [2]. - The poker business revenue was stable at RMB 1.082 billion, with a gross margin increase to 30.40%, up 3.84 percentage points year-over-year, driven by improved production efficiency [3]. - The overall gross margin improved by 5.81 percentage points to 43.44%, influenced by the poker and marketing business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 3.271 billion, a decline of 24.04% compared to the previous year. The net profit attributable to the parent company was RMB 539 million, down 4.17% year-over-year [1][7]. - The gaming segment's revenue was RMB 1.015 billion, reflecting a 17.2% decrease year-over-year, while the poker segment generated RMB 1.082 billion, a slight decline of 0.75% [2][3]. Profitability Metrics - The gross margin for the company increased to 43.44%, up 5.81 percentage points, due to improvements in the poker and marketing segments [4]. - The company plans to distribute a cash dividend of RMB 5 per ten shares, totaling RMB 207 million, with a payout ratio of 38.48% [1]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to RMB 600 million and RMB 670 million, respectively, primarily due to lower-than-expected game recharge revenue [5]. - The report anticipates that with refined operations, the gaming business may stabilize in the future [2].

Group 1 - Yaoji Technology (002605.SZ) reported its 2024 annual report on April 25, 2025, with 253 institutional investors holding a total of 69.9587 million A-shares, accounting for 16.87% of the total share capital [1] - The top ten institutional investors collectively hold 8.71% of the shares, with a decrease of 0.41 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, representing an increase of 0.41%, while six funds decreased their holdings, with a decrease of 0.73% [2] - A total of 229 new public funds were disclosed this period, including several notable funds [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.15% [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company's total revenue for 2024 is projected at 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2] - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, with year-on-year declines of 0.75%, 17.2%, and 40.25% [2] - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2] - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercialization potential [3] - The company has strategically invested in a sports culture trading platform to expand its presence in the sports collectibles market, aiming to drive new consumer growth [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11] - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 17.8, 16.5, and 15.3 [5][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The company's total revenue for 2024 is projected to be 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2]. - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, reflecting declines of 0.75%, 17.2%, and 40.25% year-on-year [2]. - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2]. - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercial potential [3]. - The company has strategically invested in a sports culture card platform to expand its presence in the sports culture industry, aiming to create a comprehensive leisure and entertainment ecosystem [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11]. - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the years 2025, 2026, and 2027 [5][11]. - The current stock price is 25.27 yuan, with a total market capitalization of 10.5 billion yuan [5].

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 关于全资子公司向关联方终止租赁员工宿舍 暨关联交易的公告 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、误导性陈述或重大遗漏。 上海姚记科技股份有限公司（以下简称或"公司"）于 2025 年 4 月 23 日召 开第六届董事会第十八次会议和和第六届监事会第十六次会议审议通过了《关于 全资子公司向关联方终止租赁员工宿舍暨关联交易的议案》。现将具体内容公告 如下： 一、 关联交易概述 1、2022年12月2日召开第五届董事会第三十六次会议审议通过了《关于公司 全资子公司向关联方租赁员工宿舍的关联交易议案》，公司全资子公司启东姚记 扑克实业有限公司（以下简称"启东姚记"）向启东智杰文体用品有限公司（以 下简称"启东智杰"）租赁员工宿舍用于员工住宿使用，租赁面积合计9188.55 平 方米，租赁单价为168万元/年，租赁期间为协议签署生效后5年。具体内容详见 20 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | 上海姚记科技股份有限公司 关于为全资子公司及其下属子公司提供担保的公告 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、误导性陈述或重大遗漏。 特别提示：本次被担保对象中，嘉兴芦剧网络科技有限公司最近一期（2024 年12月31日）的资产负债率超过70%，敬请投资者注意投资风险。 上海姚记科技股份有限公司（以下简称"公司"或"姚记科技"）于 2025 年 4 月 23 日召开第六届董事会第十八次会议和第六届监事会第十六次会议，审议通过 了《关于为全资子公司及其下属子公司提供担保的议案》，公司拟为全资子公司 上海芦鸣网络科技有限公司（以下简称"芦鸣网络"）及其下属全资子公司上海圣 达际网络科技有限公司（以下简称"圣达际"）和上海洽尔网络科技有限公司（以 下简称"恰尔网络"）以及控股子公司嘉兴芦剧网络科技有限公司（以下简称"芦 剧网络"）提供总额不超过 6,000 万元人民币的连带责任担保。现将相关内容 ...

证券代码：002605 证券简称：姚记科技 公告编号：2025-016 债券代码：127104 债券简称：姚记转债 上海姚记科技股份有限公司 关于公司续聘2025年度审计机构的公告 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。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）的规定。 2025 年 4 月 23 日，上海姚记科技股份有限公司（以下简称"公司"）召开 第六届董事会第十八次会议和第六届监事会第十六次会议，审议通过了《关于续 聘 2025 年度审计机构的议案》，拟续聘立信会计师事务所（特殊普通合伙）（以 下简称"立信"）为公司 2025 年度审计机构。本议案尚需提交 2024 年度股东大 会审议，现将有关事项公告如下： 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-024 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 上海姚记科技股份有限公司（以下简称"姚记科技"或"公司"）于 2025 年 4 月 23 日召开第六届董事会第十八次会议和第六届监事会第十六次会议审议通 过了《关于购买董监高责任险的议案》。现将具体内容公告如下： 一、交易概述 为进一步完善本公司风险管理体系，降低本公司运营风险，促进本公司董事、 监事、高级管理人员以及相关责任人员在各自职责范围内更充分地行使权利、履 行职责，保障本公司和投资者的权益，本公司根据《上市公司治理准则》等相关 规定，拟为本公司及本公司的董事、监事、高级管理人员以及相关责任人员购买 责任保险。 二、责任保险的具体方案 关于购买董监高责任险的公告 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、误导性陈述或重大遗漏。 3、赔偿限额：不低于人民币 5,000 万元/年（最终以签订的保险合同为准） 4、保费支出：不超过人民币 30 万元/ ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-017 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | 上海姚记科技股份有限公司 关于举行 2024 年度报告网上业绩说明会的通知 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。 上海姚记科技股份有限公司（以下简称"公司"）2024 年度报告全文及摘要 已于 2025 年 4 月 25 日正式披露。为便于广大投资者进一步了解公司经营情况及 未来发展规划，公司将于 2025 年 5 月 9 日（星期五）采用网络远程的方式举行 2024 年度报告网上说明会，具体方式如下： 一、说明会召开的时间、地点和方式 4、投资者参加方式：为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投 资者可于 2025 年 5 月 9 日（星期 五 ） 15:00-17:00 通过网址 https://eseb.cn/1nxZphdmlEY 或使用微信扫描下方小程序码即可进入参与互动 ...