| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-058 | | --- | --- | --- | | 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 关于孙公司为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。 一、担保事项概述 （一）基本情况 鉴于公司全资子公司上海芦鸣网络科技有限公司（以下简称"芦鸣科技"） 与海南字跳商业保理有限公司（以下简称"字跳保理"）签署了《保理业务合同 （适用于非商业性坏账担保）》，公司全资孙公司上海圣达际网络科技有限公司 （以下简称"圣达际网络"）和上海洽尔网络科技有限公司（以下简称"洽尔网 络"）就芦鸣科技在保理合同项下义务的履行向字跳保理提供连带责任保证担保， 各自提供的担保金额不超过人民币 3,000 万元，合计不超过人民币 6,000 万元。 （二）所必需的审批程序 本次担保事项不构成关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。本次担保事项涉及的主体均为公司合并报表范围内的法人 主体，该事项已经履行相关主体的内部 ...

Core Points - The gaming sector experienced a decline of 1.29% on October 16, with Mingchen Health leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - The table shows various gaming stocks with their closing prices, percentage changes, trading volumes, and transaction amounts, indicating mixed performance among individual stocks [1] - Notable declines include: - 37 Interactive Entertainment down 1.33% [1] - Glacier Network down 1.38% [1] - Yaoji Technology down 1.47% [1] - Conversely, ST Dazheng and ST Kaiwen showed slight increases of 0.99% and 0.26% respectively [1] Capital Flow - The gaming sector saw a net outflow of 833 million yuan from major funds, while retail investors contributed a net inflow of 628 million yuan [3] - Speculative funds recorded a net inflow of 205 million yuan [3]

Market Overview - On October 13, the gaming sector declined by 1.41%, with *ST Dazheng leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - Notable gainers included: - Wento Holdings (600715) closed at 2.65, up 1.15% with a trading volume of 791,700 shares and a turnover of 202 million yuan [1] - Shunwang Technology (300113) closed at 25.40, up 0.83% with a trading volume of 220,200 shares and a turnover of 550 million yuan [1] - Significant decliners included: - *ST Dazheng (600892) closed at 4.25, down 4.92% with a trading volume of 253,700 shares and a turnover of 108 million yuan [2] - Kunlun Wanwei (300418) closed at 44.75, down 3.47% with a trading volume of 774,800 shares and a turnover of 3.468 billion yuan [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 675 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - Notable capital flows included: - Shenzhou Taiyue (300002) had a net inflow of 54.08 million yuan from institutional investors [3] - Jibite (603444) saw a net inflow of 27.33 million yuan from institutional investors [3]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-057 | | --- | --- | --- | | 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 4、转股期限：2024年7月31日至2030年1月24日（如遇法定节假日或休 息日延至其后的第1个工作日） 5、转股股份来源：新增股份 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15 号——可转换公司债券》的有关规定，上海姚记科技股份有限公司（以 下称"公司"）现将2025年第三季度可转换公司债券转股及公司股份变动情况公 告如下： 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 关于 2025 年第三季度可转换公司债券转股情况公告 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： 1、证券代码：002605，证券简称：姚记科技 2、债券代码：127104，债券简称：姚记转债 3、转股价格：20.08元/股 经中国证券监督管理委员会《关于同意上海姚记科技股份有限公司向不 特定对象发行可转换公司 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is experiencing a phase of performance pressure, particularly in its digital marketing and gaming segments, but is strategically enhancing its short video center layout to drive future growth [4][5] - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 1.438 billion yuan, down 24.64% year-on-year, and net profit at 256 million yuan, down 9.98% year-on-year [4] - The gaming business showed a reduced decline, with revenue of 481 million yuan, down 6.33% year-on-year, while the digital marketing segment faced a more severe drop of 40.76% [5] - The company is expected to benefit from the upcoming peak season for marketing and the growing demand for short dramas, which could lead to a recovery in its digital marketing business [7] Financial Performance Summary - The latest closing price of the company's stock is 27.77 yuan, with a total market capitalization of 11.6 billion yuan [3] - The company’s comprehensive gross margin improved to 44.65%, up 7.88 percentage points year-on-year, primarily due to a decrease in the proportion of low-margin digital marketing business [6] - The company forecasts revenues of 3.4 billion yuan for 2025, with a gradual increase to 3.9 billion yuan by 2027, and net profits expected to rise from 547 million yuan in 2025 to 742 million yuan in 2027 [8][11]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the media sector, including 东方明珠, 芒果超媒, 万达电影, 华策影视, 姚记科技, 奥飞娱乐, 上海电影, 中信出版, 天舟文化, 风语筑, 美图公司, and 哔哩哔哩-W [8] Core Insights - The launch of Sora2 by OpenAI represents a significant advancement in video generation technology, transitioning from an experimental model to a consumer-facing application, which is expected to reshape the creative industry [3][4] - Sora2 introduces features such as realistic physics, multiple styles, and enhanced audio-visual synchronization, which are anticipated to improve the practicality and playability of media applications [4] - The report highlights the interdependence of productivity and production relationships in the AI era, suggesting that advancements in AI will drive new opportunities in digital marketing, educational training, and content creation [4][6] Summary by Sections Industry Performance - The media sector has shown strong relative performance with a 48.1% increase over the past 12 months, compared to a 17.3% increase in the 沪深 300 index [1] Sora2's Impact on Media Applications - Sora2 is expected to enhance various media applications, including digital marketing, educational content, and community engagement, by lowering content creation costs and increasing demand for high-quality content [4][6] Investment Dimensions - The report identifies four key investment dimensions: 1. Continuous iteration of OpenAI models, with a valuation reaching $500 billion, benefiting related companies 2. A new paradigm in content generation, with a focus on high-quality content creation 3. Opportunities in the digital marketing sector 4. Community platform developments, particularly in the Douyin and Xiaohongshu ecosystems [6]

Core Viewpoint - The gaming industry in China is experiencing a significant increase in the issuance of domestic game licenses, with a total of 1,195 licenses granted in the first nine months of the year, surpassing the 959 licenses issued during the same period last year [1][3]. Group 1: License Issuance - In September, 145 domestic games were approved, contributing to a total of 1,195 domestic licenses issued this year, which is significantly higher than the 959 licenses issued in the same period last year [1][3]. - The average monthly issuance of licenses has increased from 88.8 in 2023 and 108.8 in 2024 to 132.8 in the first nine months of this year [1][3]. Group 2: Market Performance - The gaming market in August recorded a revenue of 29.263 billion yuan, showing a month-on-month growth of 0.61%, although it experienced a year-on-year decline of 13.01% due to high revenue from a major game in the previous year [4]. - Mobile game revenue reached 21.521 billion yuan, with a month-on-month increase of 0.85% and a year-on-year decline of 4.25%, while client game revenue was 6.563 billion yuan, showing a month-on-month decrease of 1.11% but a year-on-year increase of 17.59% [4]. Group 3: Key Products and Companies - Tencent's game "Delta Action" saw its daily active users rise to 30 million in September, topping the iOS sales chart, indicating strong profit contributions [4]. - The new game "Valorant: Energy Action" is expected to generate over 300 million yuan in its first month [4]. - Companies such as Tencent, NetEase, and Giant Network are highlighted for their strong product performance and market presence [4][5].

Investment Rating - The report assigns an "Increase" rating for the gaming industry, indicating a positive outlook compared to the CSI 300 index, with expected growth exceeding 15% [13]. Core Insights - In September, a total of 145 domestic games received approval, contributing to a total of 1,195 domestic game licenses issued this year, significantly higher than the 959 licenses issued in the same period last year [6][8]. - The gaming market in August showed stability, with a total revenue of 29.263 billion yuan, reflecting a month-on-month growth of 0.61% but a year-on-year decline of 13.01% [6][8]. - The report highlights the strong performance of leading products, such as Tencent's "Delta Action," which reached 30 million daily active users in September, and the anticipated revenue of over 300 million yuan for the new game "Valorant: Energy Action" in its first month [6][8]. Summary by Sections Game License Approvals - In September, 145 domestic games and 11 imported games received approval, with notable titles from Tencent, NetEase, and others included in the list [6][8]. - The approval rate for domestic game licenses has increased, with an average monthly issuance of 132.8 licenses in 2023, up from 88.8 in 2021 and 108.8 in 2022 [6][8]. Market Performance - The gaming market's revenue for August was 29.263 billion yuan, with mobile games generating 21.521 billion yuan and client games 6.563 billion yuan [6][8]. - The report notes that client games are experiencing growth due to cross-platform products, which enhances their profitability compared to mobile games [6][8]. Investment Recommendations - The report recommends companies with strong content reserves and solid fundamentals, including Kain Network, 37 Interactive Entertainment, Giant Network, Perfect World, and others [6][8]. - Specific stock recommendations include Kain Network (28.94 yuan), 37 Interactive Entertainment (22.49 yuan), and Giant Network (44.87 yuan), all rated for "Increase" [7][8].

Core Viewpoint - The report from Guosen Securities highlights the rapid advancement of domestic 3D models and lightweight AI models, with significant developments from Tencent, Alibaba Cloud, and Baidu, alongside a strong box office performance for the film "731" [1][3]. Group 1: Industry Performance - The media sector saw a weekly increase of 0.38%, outperforming the CSI 300 index which fell by 1.01%, but underperforming the ChiNext index which rose by 1.22% [3]. - The top gainers in the media sector included Jishi Media, Guomai Culture, and Liou Shares, while the biggest losers were Happy Blue Ocean and Shanghai Film [3]. Group 2: Key Developments - Tencent launched the mixed Yuan 3D 3.0 model, enhancing modeling precision with its 3D-DiT grading carving technology and introduced the mixed Yuan 3D Studio platform to improve production efficiency [3]. - Alibaba Cloud open-sourced the Tongyi DeepResearch model, achieving state-of-the-art results with only 30 billion parameters [3]. - Baidu's new model ERNIE-4.5-21B-A3B-Thinking topped the HuggingFace leaderboard [3]. - The film "731" grossed nearly 1 billion yuan within three days of its release [3][4]. Group 3: Investment Recommendations - The company maintains a positive outlook on the gaming sector's new product cycle and the potential recovery of the film industry, emphasizing the importance of AI applications [5]. - Recommended stocks in the gaming sector include Kaiying Network, Gigabit, and Xindong Company [5]. - In the media sector, companies like Focus Media and Bilibili are highlighted due to expected growth in advertising spending [5]. - For the film content sector, attention is drawn to Wanda Film and Huace Film for potential supply-side improvements [5]. - The report also suggests focusing on high-dividend, undervalued state-owned publishing companies [5]. Group 4: Emerging Trends - The industry continues to favor high-demand IP toys and AI applications in their early stages [2]. - Recommended stocks in the IP toy sector include Pop Mart, Zhejiang Digital Culture, and Yaoji Technology [2]. - Key application areas for AI include gaming, toys, advertising, education, e-commerce, and social media, with specific focus on 2B/2G and 2C opportunities [2].

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][9]. Core Insights - The media industry saw a weekly increase of 0.92%, ranking 8th among industries, while the Shanghai Composite Index fell by 1.30% [12][19]. - Notable performers in the media sector included Xinghui Entertainment, Perfect World, and Mango Super Media, with significant weekly gains [19]. - The report highlights the growth of AI applications, with native AI software users reaching 277 million in August 2025, and Byte's Doubao surpassing Deepseek in monthly active users [23][24]. - The gaming segment is thriving, with the game "Delta Force" achieving over 30 million daily active users and topping the iOS sales chart [27][28]. - The film industry reported a total box office of 831 million yuan for the week, with the film "731" leading the box office [32][33]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.92%, outperforming the Shanghai Composite Index, which fell by 1.30% [12][19]. - The gaming sector saw a 3.51% increase, while advertising and publishing sectors faced declines [15]. Key Industry Data - AI applications reported a user base of 277 million, with significant growth in Tencent's products [23][24]. - The iOS game sales chart was led by "Delta Force," followed by "Honor of Kings" and "Peacekeeper Elite" [27][28]. - The total box office for the week was 831 million yuan, with "731" accounting for 69.7% of the total [32][33]. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, focusing on sub-sectors like gaming, IP, short dramas, and publishing [37]. - Specific companies highlighted for investment include Giant Network, Perfect World, and Mango Super Media [37].