投资者关系活动记录表 证券代码：002605 证券简称：姚记科技 上海姚记科技股份有限公司 | 编号：2025-002 | | --- | | 投资者关系活动类别 | 特定对象调研 分析师会议 ☐ | | --- | --- | | | ☐ 媒体采访 ☐ 业绩说明会 | | | ☐ 新闻发布会 ☐ 路演活动 | | | 现场参观 | | | ☐ 其他（请文字说明其他活动内容） 鹏扬基金、国泰基金、淳厚基金、国泰海通证券、华源证券、兴业 | | | 证券、华泰保兴、宁银理财、中银资管、国泰海通资管、浦银安盛 | | 参与单位名称及人员姓名 | 基金、涌乐投资、财通基金、九方智投、广发证券、招商证券、国 金基金、长江证券、招银理财、兴银理财、上银基金、万家基金、 | | | 恒越基金、山证资管、北大方正人寿等 | | 时间 | 2025年9月11号上午10点-13点 | | 地点 | 上海市嘉定区曹安路4218号上海国际短视频中心 | | | 副董事长 姚硕榆 | | 上市公司接待人员姓名 | 上海西亭文化传媒有限公司 于杨 | | | 投资者关系管理 陈长峰、粱心嫣 | | 投资者关系活动主要内容 介绍 | ...

行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 5.6 | 19.9 | 72.7 | | 沪深 300 | 8.4 | 15.1 | 38.0 | 以 AI 为支点撬动国产应用新增量可期 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 2025 年 09 月 07 日 ▌本周观点更新 在 AI 加持下文化传媒互联网应用的商业价值有望再次增强， AI 从硬件到应用的螺旋震荡向上发展趋势不变。企业端，9 月阿里云栖大会将举办，将构建 AI 驱动的技术基座、开拓 AI 应用场景的无限边界；政策端，2025 年 8 月国务院推出深入 实施"人工智能+"行动的意见。到 2030 年，我国人工智能 全面赋能高质量发展，新一代智能终端、智能体等应用普及 率超 90%，政策护航有助于推动企业端的 AI 模型与应用迭 代，后续也可关注 DeepSeek 新进展如 AI 智能体模型等，在 AI 应用端，可持续关注在陪伴板块、数字营销板块、内容板 块的新品进展。 ▌本周重点推荐个股及逻辑 ...

Market Overview - A-shares experienced a significant rebound on September 5, with the Shanghai Composite Index returning to 3,800 points and the ChiNext Index surging by 6.55%, marking a new high since January 2022 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.3 trillion yuan, a decrease of 239.6 billion yuan compared to the previous trading day, with over 4,800 stocks rising and fewer than 500 declining [2] Sector Performance - The new energy sector saw a surge, particularly in solid-state battery stocks, with companies like Paton achieving a 30% limit-up and others like Jin Yinhe and Xian Dao Intelligent also hitting 20% limit-up [2] - The photovoltaic and wind power sectors were active, with Jinlang Technology gaining 20% and several other companies seeing increases of over 10% [3] - The sports sector also showed strength, with companies like Lisheng Sports hitting the limit-up, supported by government policies aimed at enhancing sports consumption and industry growth [4] Future Outlook - Multiple brokerage firms believe that the logic supporting the A-share market's rise remains unchanged, with reasonable market valuations and no signs of excessive speculation [1][5] - Analysts suggest that the market may continue a slow upward trend in September, with growth stocks likely to outperform, driven by new positive factors such as potential interest rate cuts by the Federal Reserve [6][5] - The overall market sentiment is expected to remain active, with continued support from capital flows and policy expectations, indicating an upward trend for A-shares [6][5]

Market Overview - On September 5, the gaming sector rose by 3.31%, led by Giant Network, while the Shanghai Composite Index closed at 3812.51, up 1.24% [1] - The Shenzhen Component Index closed at 12590.56, increasing by 3.89% [1] Individual Stock Performance - Giant Network (002558) closed at 38.39, with a gain of 9.25% and a trading volume of 530,800 shares [1] - Yaoji Technology (002605) closed at 29.18, up 6.07%, with a trading volume of 332,900 shares [1] - Star Shine Entertainment (300043) closed at 5.30, increasing by 5.58%, with a trading volume of 1,025,900 shares [1] - Perfect World (002624) closed at 15.85, up 5.46%, with a trading volume of 707,400 shares [1] - ST Huaton (002602) closed at 16.54, gaining 5.02%, with a trading volume of 1,673,600 shares [1] - Other notable performers include Baotong Technology (300031) and Kaiying Network (002517), both showing gains of 4.11% [1] Capital Flow Analysis - The gaming sector saw a net inflow of 246 million yuan from institutional investors, while retail investors experienced a net outflow of 200 million yuan [2] - Major stocks like Three Seven Interactive (002555) had a net inflow of 2.35 billion yuan from institutional investors, despite a net outflow from retail investors [3] - Yaoji Technology (002605) also saw significant institutional inflow of 152 million yuan, with retail outflows of 78 million yuan [3] ETF Performance - The Gaming ETF (product code: 159869) tracking the China Animation and Gaming Index saw a slight decline of 0.88% over the past five days, with a net inflow of 445,000 yuan [5] - The Food and Beverage ETF (product code: 515170) had a minor increase of 0.33%, with a net outflow of 2.34 million yuan [5]

Core Insights - The China Securities Index for online consumption (931481) has shown a strong increase of 1.45% as of September 5, 2025, with notable gains in constituent stocks such as China Film (600977) up by 10.04% and Giant Network (002558) up by 8.14% [1] - The online consumption ETF (159793) has risen by 2.71%, currently priced at 1.06 yuan, and has accumulated a 5.62% increase over the past month [1] - The ETF is positioned as an AI application ETF, closely tracking the online consumption index, which is expected to benefit from the explosion of AI applications [1] - The current price-to-earnings ratio (PE-TTM) of the online consumption ETF is 22.7, indicating it is at a historical low, being below 84.38% of the time over the past five years [1] Company and Industry Summary - The top ten weighted stocks in the online consumption index account for 51.84% of the total index, with Tencent Holdings (00700) and Alibaba-W (09988) being the largest contributors [2] - The performance of the top ten stocks includes Tencent Holdings up by 2.11% and Alibaba-W up by 1.00%, while JD Health (06618) has decreased by 1.48% [4] - The index includes companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of online consumption-related companies in the mainland and Hong Kong markets [1]

Group 1 - The gaming sector experienced a short-term surge, with Giant Network rising over 7% [1] - Yaoji Technology saw an increase of more than 5% [1] - Other companies such as 37 Interactive Entertainment, Kaixin Network, and G-bits also experienced significant gains [1]

证券研究报告 | 2025年09月03日 姚记科技（002605.SZ） 优于大市 中报业绩点评：短期业绩承压，毛利率有所提升 上半年营收及净利润同比向下。1）上半年公司实现营业收入 14.38 亿元、 归母净利润 2.56 亿元，同比分别下滑 24.64%、9.98%，对应全面摊薄 EPS 0.61 元；实现扣非归母净利润 2.54 亿元，同比下滑 5.43%；2）25 年 Q2 公司实 现营业收入 6.60 亿元、归母净利润 1.15 亿元，同比分别下滑 28.8%、13.7%， 对应 EPS 0.28 元；3）营收与业绩下滑主要在于数字营销及扑克牌业务短期 波动。 数字营销业务下滑明显，关注扑克牌产能投放。1）上半年游戏业务实现营 收 4.81 亿元，同比下滑 6.33%，主要受短期流水波动影响；毛利率基本稳定， 同比提升 0.15 个 pct 至 96.39%。从行业竞争格局来看，公司所处的休闲游 戏品类相对稳定，国内主要有《捕鱼炸翻天》、《指尖捕鱼》、《姚记捕鱼 3D 版》、《大神捕鱼》、《捕鱼新纪元》、《小美斗地主》、《齐齐来麻 将》等休闲类游戏，；海外游戏产品主要有《Bingo Party》、《 ...

Group 1 - The gaming sector experienced an upward trend at the beginning of trading, with Giant Network rising over 8% [1] - Shenzhou Taiyue saw an increase of over 6% [1] - Other companies such as G-bits, 37 Interactive Entertainment, Kunlun Wanwei, and Yaoji Technology also showed significant gains [1]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company's revenue is under pressure due to business structure adjustments, but profitability is improving. The card and marketing business has seen an increase in profit margins, and the company is expected to maintain steady growth in its main business while enhancing efficiency [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.438 billion yuan, a year-on-year decrease of 24.64%. The net profit attributable to the parent company was 256 million yuan, down 9.98% year-on-year. In Q2 2025, revenue was 660 million yuan, down 28.84% year-on-year, with a net profit of 115 million yuan, down 13.70% year-on-year [4][6]. Business Segments - **Gaming**: Revenue for the gaming segment in H1 2025 was 481 million yuan, a decrease of 6.33% year-on-year, accounting for 33.44% of total revenue. The gross margin slightly increased to 96.39% [6]. - **Playing Cards**: The playing card segment generated revenue of 429 million yuan in H1 2025, down 12.72% year-on-year, representing 29.79% of total revenue. The gross margin decreased slightly to 29.93% [6]. - **Digital Marketing**: Revenue from digital marketing was 520 million yuan, down 40.76% year-on-year, making up 36.19% of total revenue, with a gross margin increase to 8.16% [6]. Profitability and Forecast - The company's gross margin improved to 45.10% in Q2 2025, up from 35.68% in Q2 2024 and 44.27% in Q1 2025. The report forecasts net profits of 590 million yuan and 660 million yuan for 2025 and 2026, respectively, corresponding to PE ratios of 20.3 and 18.1 [6][8].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's revenue has been under pressure due to adjustments in the digital marketing segment, with a significant year-on-year decline of 24.64% in the first half of 2025 [7]. - The gaming business remains resilient, with a slight revenue decline of 6% year-on-year, indicating strong player engagement [7]. - The company is strategically investing in the collectible card market, particularly focusing on sports cards, to diversify its entertainment offerings [7]. - Future revenue projections for 2025-2027 are estimated at 33.86 billion, 36.40 billion, and 38.47 billion respectively, with corresponding net profits of 5.54 billion, 6.35 billion, and 6.97 billion [7]. Financial Data Summary - The company reported total revenue of 14.38 billion in the first half of 2025, with a net profit of 2.56 billion [1][7]. - The digital marketing segment's revenue fell to 5.2 billion, accounting for 36% of total revenue, down from 46% in the previous year [7]. - The gaming segment's revenue increased its share to 33% of total revenue, while the card business accounted for 30% [7]. - The projected earnings per share (EPS) for 2025 is 1.33, with a price-to-earnings (PE) ratio of 21.4 [2][10]. Valuation Metrics - The current stock price is 28.41 yuan, with a market capitalization of 11.9 billion [3]. - The company has a return on equity (ROE) of 14.2% and a debt-to-asset ratio of 28.2% [3][10]. - The estimated price-to-book (PB) ratio for 2025 is 2.9, indicating a favorable valuation compared to historical levels [2][10].