Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating that consumers are increasingly focused on well-being and life quality, which benefits the media sector [5][17]. - The report emphasizes the potential for domestic demand to drive growth in the media industry, supported by government policies and the integration of technology and content [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes significant fluctuations in individual stocks, with top gainers including Baotong Technology and Daocaoxiong Entertainment, while major losers included Wanda Film and Meiri Interactive [15]. Key Recommendations - The report recommends several stocks within the media sector, including: - Fengyuzhu (603466) focusing on experience economy - Mango Super Media (300413) benefiting from upcoming shows - Yaoyi Technology (002605) expected to recover due to card games [6][10]. - Other notable mentions include BlueFocus (300058), Wanda Film (002739), and Huace Film & TV (300133), all rated as "Buy" [10]. Market Trends - The report discusses the impact of the fifth consumption era on consumer preferences, emphasizing a focus on emotional resonance and value recognition rather than mere status symbols [17][19]. - It highlights the importance of the cinema line content sector, which is expected to benefit from government support and a growing domestic market [18]. Gaming Industry Insights - The gaming sector continues to thrive, with Tencent leading in mobile game revenues, and significant growth observed in titles like "Honor of Kings" [20]. - The report notes that 33 Chinese publishers ranked in the global top 100 for mobile game revenue, collectively earning $2 billion in April 2025 [20]. Upcoming Releases and Market Activity - The report outlines upcoming film releases, including "Chong·Zhuang," set to premiere on May 17, 2025, which is based on a true story [29][34]. - It also provides insights into the television ratings, with popular shows like "Cheng Jia" and "Man Hao De Ren Sheng" leading in viewership [35].

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating a growing focus on well-being and life quality, which is expected to benefit the media sector [5][17]. - The report emphasizes the importance of domestic demand and the dual nature of media as both a technology and consumer sector, suggesting that the integration of technology and content can stimulate curiosity-driven consumption [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes that the cinema content sector is still in a "low valley" and is expected to benefit from upcoming releases and policy support [18][19]. Key Recommended Stocks and Logic - The report recommends several stocks within the media sector, including: - Windy Zhi (603466) focusing on experience economy - Mango Super Media (300413) with upcoming variety shows - BlueFocus Communication (300058) as a leading digital marketing firm [6][10]. Game Industry Progress - In April 2025, Chinese mobile game publishers generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue, with Tencent leading the market [20]. Film Market - The report highlights the upcoming film "冲·撞" set to release on May 17, which is based on a true story, indicating a focus on culturally relevant content [29]. Television Market - The report provides insights into the television ratings, with "成家" leading the viewership, showcasing the competitive landscape in the drama sector [35]. Variety Show Market - The report mentions popular variety shows such as "哈哈哈哈哈 第五季," indicating strong viewer engagement in the entertainment sector [37].

Group 1: Company Performance and Strategy - The company's management team remains confident in future development despite the major shareholder's decision to sell convertible bonds, which was based on personal financial needs and not a reflection of the company's prospects [2] - The company is focusing on technological innovation and product development in the mobile gaming sector to address intensified market competition and changing user demands [3] - AIGC technology is being integrated into game development, enhancing content production capabilities across various media formats [3] Group 2: Future Plans and Market Positioning - The company plans to enhance its mobile game offerings through iterative upgrades and the development of a product matrix to improve research and development efficiency [3] - Strategic partnerships and acquisitions are considered important for future growth, although no immediate plans are in place [3] - The Shanghai International Short Video Center aims to become a leading hub for short video and live streaming production, with over 200 acres of land and 200 indoor scenes already developed [4] Group 3: Financial Outlook and Shareholder Returns - The company plans to distribute a total cash dividend of ¥207,388,116.50 for the 2024 fiscal year, with cumulative dividends from 2022 to 2024 amounting to ¥682,804,805.00, representing 141.27% of the average annual net profit during this period [4] - The company is committed to a stable and sustainable shareholder return mechanism to enhance shareholder value and recognition [4] - Future decisions regarding share buybacks will be made based on operational and financial conditions, as well as market circumstances [4]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-034 | | --- | --- | --- | | 债券代码：127104 | 债券代码：姚记转债 | | | | 上海姚记科技股份有限公司 | | 关于 2022 年股权激励计划股票期权第二个行权期采用自主 行权模式的公告 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： 1、公司 2022 年股权激励计划股票期权分四期行权，第二个可行权期的 97 名激励对象合计可行权的股票数量为 291.50 万份，行权价格为每股 13.76 元。 2、本次行权的期权代码：037324，期权简称：姚记 JLC7。 3、公司 2022 年股权激励计划股票期权共 4 个行权期，第二个行权期可行 权期限为 2025 年 1 月 15 日至 2026 年 1 月 13 日，实际可行权期为 2025 年 5 月 12 日至 2026 年 1 月 13 日。 4、本次行权采取自主行权模式，公司已与被激励对象就自主行权模式及承 办券商的选择达成一致，并明确约定了各方权利及责任。 5、第二个行权期可 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-033 | | --- | --- | --- | | 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 2022 年股权激励计划限制性股票 第二个解除限售期解除限售股份上市流通的公告 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： 1、公司本次符合解除限售条件的激励对象共计11名，本次解除限售限制性 股票数量为97.5万股，占2022年股权激励授予限制性股票数量总数的25%，占目 前公司总股本比例为0.24%； 2、本次解除限售的限制性股票的限售起始日期为2023年1月17日，发行时 承诺的限售期限为24个月； 3、本次解除限售的限制性股票的上市流通日为2025年5月12日（周一）。 上海姚记科技股份有限公司（以下简称"公司"、"本公司"）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 2022 年股权激励计划第二个行权期行权条件及第二个解除限售期解除 限售 ...

特此公告。 关于股票期权注销完成的公告 上海姚记科技股份有限公司董事会 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。 2025 年 5 月 6 日 上海姚记科技股份有限公司（以下简称"公司"）于 2024 年 4 月 28 日召开 第六届董事会第八次会议和第六届监事会第八次会议，审议通过了《关于注销 2022 年股权激励计划部分股票期权的议案》。注销 30 名激励对象获授的股票期 权 142 万份。具体内容详见公司 2024 年 4 月 30 日披露于巨潮资讯网上的《关 于注销 2022 年股权激励计划部分股票期权的公告》（公告编号：2024-027）。 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《关于注销 2022 年股权激励计划部分股票期权的议 案》。注销 17 名激励对象获授的股票期权 59.75 万份。具体内容详见公司 2025 年 4 月 25 日披露于巨潮资讯网上的《关于注销 2022 年股权激励计划部分股票 期权的公告》（公告编号：2025-019）。 | 证券代码：002605 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002605 证券简称：姚记科技 公告编号：2025-031 债券代码：127104 债券简称：姚记转债 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games [5][11] - The publishing and periodicals sector is facing revenue declines due to regulatory impacts and tax policy changes, with expected revenue drops of 2% in 2024 and 4% in Q1 2025 [2] - The gaming sector showed strong performance with a revenue increase of 21% in Q1 2025, supported by successful new game launches [20][29] - The marketing sector is experiencing revenue declines due to cautious ad spending amid economic recovery challenges, but top companies are showing resilience [5][20] - The film industry is expected to have a strong start in 2025, with Q1 revenue growth of 41% driven by popular films [5][20] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of 1,393 billion, a 2% year-on-year decline; however, in Q1 2025, revenue rose to 1,240 billion, marking a 5% year-on-year increase [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached 3,257.83 billion in 2024, with a year-on-year growth of 7.53%, and 857.04 billion in Q1 2025, growing by 17.99% [20][29] - A-share gaming companies reported total revenues of 873.7 billion and 248.2 billion for 2024 and Q1 2025, respectively, with year-on-year increases of 8% and 21% [29][37] Marketing Sector - The marketing industry faced revenue declines in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers; however, the sector showed signs of recovery with a 9% year-on-year increase in net profit in Q1 2025 [5][20] Film Industry - The film industry saw a revenue of 141.2 billion in Q1 2025, a 41% increase year-on-year, largely due to successful films like "Nezha: Birth of the Demon Child" [5][20] Digital Media - The digital media sector experienced slight revenue declines in both 2024 and Q1 2025, with major player Mango TV reporting a revenue of 140.8 billion in 2024, down 3.8% year-on-year [5][20] Publishing and Periodicals - The publishing sector is projected to see a revenue decline of 2% in 2024 and 4% in Q1 2025, influenced by regulatory changes in educational publishing [2][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company demonstrated resilience in its performance, with a notable improvement in Q1 2025 compared to the previous quarter, driven by a recovery in its main business and a focus on new product categories in casual gaming and card business [3][4] - The revenue for 2024 was reported at 3.271 billion yuan, a year-on-year decrease of 24.0%, while the net profit attributable to the parent company was 539 million yuan, down 4.2% year-on-year [3][4] - The company is expected to see a gradual recovery in its performance, with projected net profits for 2025, 2026, and 2027 at 651 million, 720 million, and 768 million yuan respectively, indicating a positive growth trajectory [3][4] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 779 million yuan, a year-on-year decrease of 20.67% but a quarter-on-quarter increase of 61.66% [3][4] - The gross margin improved to 44.27% in Q1 2025, up by 6.47 percentage points year-on-year, attributed to a higher proportion of high-margin gaming business and price increases in the card business [4] - The company maintained effective cost control, with sales expenses down 12.7% year-on-year and R&D expenses down 21.9% year-on-year [4] Business Outlook - The gaming business remains solid, with leading market positions in products like "Finger Fishing" and new growth opportunities from products like "Happy Dou Di Zhu" [5] - The card business is expected to benefit from increased production capacity and price hikes, with a new production base for 600 million decks of cards under construction [5] - The company is also strategically investing in a trading platform for sports cards, which is anticipated to have significant growth potential due to the industry's favorable conditions [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company demonstrated resilience in its performance, with a notable improvement in Q1 2025 compared to the previous quarter, driven by a recovery in its main business and a focus on new product categories in casual gaming and card business [3][4] - The revenue for 2024 was reported at 3.271 billion yuan, a year-on-year decrease of 24.0%, while the net profit attributable to the parent company was 539 million yuan, down 4.2% year-on-year [3][4] - The company is expected to see a gradual recovery in its performance, with projected net profits for 2025, 2026, and 2027 at 651 million, 720 million, and 768 million yuan respectively, indicating a positive growth trajectory [3][4] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 779 million yuan, a year-on-year decrease of 20.67% but a quarter-on-quarter increase of 61.66% [3][4] - The gross margin improved to 44.27% in Q1 2025, up 6.47 percentage points year-on-year, attributed to a higher proportion of high-margin gaming business and price increases in the card business [4] - The company maintained effective cost control, with sales expenses down 12.7% and R&D expenses down 21.9% year-on-year in Q1 2025 [4] Business Outlook - The gaming business remains solid, with leading market positions in products like "Finger Fishing" and new growth potential from card games and strategic investments in platforms like "Card Tao" for trading star cards [5] - The digital marketing business is expected to recover as the structural adjustments are completed and the macroeconomic environment improves, leading to increased demand in the advertising market [5] - The company is expanding its production capacity for playing cards, which is anticipated to support overall performance as the new production base comes online [5]