Macroeconomic Insights - The average import tax rate in the U.S. increased by 6.6 percentage points compared to the end of 2024, which is lower than market expectations[5] - If the average import tax rate rises by 10% this year, it could push the PCE year-on-year growth rate to 3.1% and the core PCE to 3.4% under stable demand conditions[7] Consumer and Business Impact - As of June, U.S. businesses bore approximately 63% of the tariff costs, while consumers accounted for less than 40%[6] - The consumer price sensitivity may lead businesses to absorb a significant portion of tariff costs, affecting pricing strategies[6] Durable Goods and Construction Sector - Domestic demand for construction remains weak, with steel and glass prices declining, while cement prices have rebounded due to enhanced production management[9] - Retail sales of passenger vehicles increased, with a year-on-year growth of 8% in daily sales from August 11 to August 17[10] Insurance Sector Performance - The insurance industry reported a total premium income of CNY 420.85 billion from January to July 2025, reflecting a year-on-year growth of 6.8%[14] - Life insurance premiums reached CNY 258.61 billion in July, marking a significant year-on-year increase of 33.5%[15] Steel Industry Outlook - China's crude steel production from January to July 2025 was 594 million tons, a decrease of 3.1% year-on-year, indicating a contraction in production capacity[25] - The steel industry is expected to stabilize in 2025 due to a combination of demand recovery and supply-side reductions[27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability has significantly improved, and there is optimism regarding the gradual recovery of its main business segments, particularly in gaming [4][5] - The company achieved a revenue of 1.438 billion yuan in H1 2025, a year-on-year decrease of 24.64%, with a net profit attributable to the parent company of 256 million yuan, down 9.98% year-on-year [4] - The report anticipates a recovery in the marketing business and an improvement in gaming performance driven by product cycles, maintaining profit forecasts for 2025-2027 [4][5] Financial Performance Summary - In H1 2025, the company's revenue was 1.438 billion yuan, with a net profit of 256 million yuan, and a gross profit margin of 44.7%, an increase of 7.9 percentage points year-on-year [5] - The gaming segment generated 481 million yuan in revenue in H1 2025, a decline of 6.33% year-on-year, while the gross margin was 96.39% [6] - The digital marketing business saw a revenue of 520 million yuan in H1 2025, down 40.76% year-on-year, but with a gross margin improvement to 8.16% [6] Future Projections - The company expects net profits attributable to the parent company to be 651 million yuan, 720 million yuan, and 768 million yuan for 2025, 2026, and 2027 respectively [4][7] - The projected P/E ratios for 2025, 2026, and 2027 are 18.3, 16.6, and 15.5 times respectively [4][7] Business Segment Insights - The company is focusing on expanding its gaming categories and releasing new products, which are expected to drive growth [6] - The poker business generated 429 million yuan in revenue in H1 2025, down 12.72% year-on-year, but is anticipated to recover as production capacity increases [6]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 36.25 CNY, while the current price is 28.33 CNY [1][10]. Core Insights - The company's marketing business adjustment has led to a short-term revenue decline, but operating cash flow remains robust. Future prospects include enhancing premium game development and transitioning to creative marketing strategies to improve profitability [2][10]. Financial Summary - Total revenue for 2023 is projected at 4,307 million CNY, with a decrease to 3,271 million CNY in 2024, followed by a recovery to 3,474 million CNY in 2025, representing a 6.2% increase [4]. - Net profit attributable to the parent company is expected to be 562 million CNY in 2023, decreasing slightly to 539 million CNY in 2024, and then increasing to 607 million CNY in 2025, reflecting a 12.7% growth [4]. - Earnings per share (EPS) is forecasted to be 1.35 CNY in 2023, with an increase to 1.45 CNY in 2025 [4]. - The return on equity (ROE) is projected to be 17.5% in 2023, decreasing to 14.4% by 2027 [4]. Market Data - The company's market capitalization is 11,831 million CNY, with a total share capital of 418 million shares [5]. - The stock price has fluctuated between 19.33 CNY and 34.44 CNY over the past 52 weeks [5]. Operational Highlights - In the first half of 2025, the company reported a revenue of 1.438 billion CNY, a year-on-year decline of 24.64%, while the net profit was 256 million CNY, down 9.98% [10]. - The marketing segment experienced a significant revenue drop of 40.76% in the first half of 2025 due to business adjustments [10]. - The company has focused on upgrading existing mobile game products and developing a matrix of premium mobile games to enhance product lifecycle and market positioning [10]. Strategic Initiatives - The company is increasing its investment in innovative marketing strategies, resulting in a 3.17 percentage point increase in the gross margin of its marketing business to 8.16% in the first half of 2025 [10]. - The strategic shift towards creative marketing and premium game development is expected to enhance brand influence and improve overall profitability [10].

比如8月27日，卡游的供应商之一"京华激光"发布2025半年报，显示其 文创业务的上半年营收同比增长61.98%，主要原因是国产电影《哪吒之魔童闹海》 上映后，相关的卡牌产品迅速风靡社会群体，并在短期内迅速放量。 京华激光的总部位于浙江绍兴，主要产品为激光全息防伪膜、激光全息防伪纸，此前主要业务是为烟草品牌提供包装产品，目前也为卡游的哪吒、小马宝 莉、叶罗丽、奥特曼、名侦探柯南等IP的卡牌提供深加工服务。 京华激光的激光防伪贴膜等产品 姚记科技8月26日披露旗下球星卡公司"卡淘 "（ 上海璐道粗体育文化发展有限公司 ） 2025上半年概况，其营收约1.05亿元，同比增长33%；净利润约1200 万元，同比增长39%。2024下半年卡淘陷入亏损，今年上半年恢复盈利。 上周，文创潮发布了日本五大企业在TCG方面的2025上半年经营情况（万代、多美、Bushiroad、Konami、宝可梦）。 这些厂商，卡牌业绩普遍超过去年同期，比如万代海贼王OPCG发售了10款卡包卡组、多美与彩虹社虚拟主播IP合作的卡牌持续热销、Bushiroad TCG事业 销售额同比增长34.42%，等等。 在中国，最近也有不少正向数据披露 ...

Market Performance - Global markets continued to rise last week, with MSCI Global up by 1.5%, MSCI Developed up by 1.5%, and MSCI Emerging up by 1.3%[3] - The US stock market's earnings expectations for 2025 were revised upward, with the S&P 500 EPS forecast increased from 268 to 269[4] Economic Expectations - Global economic expectations were adjusted upward, with the Citigroup Economic Surprise Index for the US rising due to dovish signals from the Fed[4] - The issuance of new special bonds by local governments reached 2392.7 billion CNY, a year-on-year increase of 76.7%[19] Industry Insights - In the home appliance sector, TCL Electronics reported a total revenue of 54.777 billion HKD for H1 2025, a year-on-year increase of 20.4%[15] - The gaming industry saw a record high of 166 domestic game approvals in August, with a total of 1050 approvals in the first eight months of 2025, significantly higher than the previous year's 850[31] Investment Recommendations - In the home appliance sector, recommended stocks include Stone Technology and Ecovacs for their strong performance and growth potential[14] - For the construction industry, low valuation high-dividend companies such as China State Construction and China Railway Construction are recommended due to their expected benefits from PPP policy catalysts[39]

对于社保基金，本期新披露持有姚记科技的社保基金共计1个，即全国社保基金六零二组合。 外资态度来看，本期较上一季未再披露的外资机构即香港中央结算有限公司。 2025年8月27日，姚记科技(002605.SZ)发布2025年半年度报告。截至2025年8月26日，共有21个机构投 资者披露持有姚记科技A股股份，合计持股量达3644.14万股，占姚记科技总股本的8.73%。其中，前十 大机构投资者包括中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、玄元私募基金投资 管理(广东)有限公司-玄元科新241号私募证券投资基金、全国社保基金六零二组合、珠海阿巴马私募基 金投资管理有限公司-阿巴马悦享红利28号私募证券投资基金、中国民生银行股份有限公司-华夏中证动 漫游戏交易型开放式指数证券投资基金、华安乾煜债券发起式A、西部利得数字产业混合A、西部利得 策略优选混合A、南方卓元债券A、银华体育文化灵活配置混合A，前十大机构投资者合计持股比例达 8.46%。相较于上一季度，前十大机构持股比例合计上涨了0.60个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括华夏中证动漫游戏ETF、鹏华 ...

Growth - Shudao Equipment reported a net profit of 10.15 million yuan in the first half of the year, a year-on-year increase of 5972.30% [1] - Aerospace Science and Technology achieved a net profit of 88.97 million yuan, up 2161.91% year-on-year [1] - Tianbao Infrastructure's net profit reached 118 million yuan, growing by 2106.58% year-on-year [1] - Northern Rare Earth reported a net profit of 931 million yuan, an increase of 1951.52% year-on-year [1] - Liugang Co., Ltd. posted a net profit of 36.8 million yuan, up 579.54% year-on-year [1] - Cheng Tian Wei Ye's net profit was 10.88 million yuan, increasing by 562.05% year-on-year [1] - Perfect World reported a net profit of 503 million yuan, a year-on-year increase of 384.52% [1] - Shenghong Technology achieved a net profit of 2.143 billion yuan, up 366.89% year-on-year [1] - Zhongke Magnetic Industry's net profit was 20.90 million yuan, increasing by 271.78% year-on-year [1] - Xinjiang Communications Construction reported a net profit of 255 million yuan, up 255.25% year-on-year [1] - Shennong Group achieved a net profit of 388 million yuan, a year-on-year increase of 212.65% [1] - Daikin Heavy Industries reported a net profit of 547 million yuan, up 214.32% year-on-year [1] - Fostar's net profit was 251 million yuan, increasing by 140.45% year-on-year [1] - Guohua Airlines achieved a net profit of 1.24 billion yuan, up 86.15% year-on-year [1] - China Electric Port reported a net profit of 181 million yuan, increasing by 64.98% year-on-year [1] - Ailisi's net profit was 1.051 billion yuan, up 60.22% year-on-year [1] - Zijin Mining reported a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [1] - Zhongke Chuangda achieved a net profit of 158 million yuan, up 51.84% year-on-year [1] - Sichuan Gold reported a net profit of 209 million yuan, increasing by 48.41% year-on-year [1] - Dongxing Securities achieved a net profit of 819 million yuan, up 42.12% year-on-year [1] - Fosun Pharma reported a net profit of 1.702 billion yuan, a year-on-year increase of 38.96% [1] - Kotec Power's net profit was 23.99 million yuan, increasing by 35.52% year-on-year [1] - Dongshan Precision reported a net profit of 758 million yuan, up 35.21% year-on-year [1] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87% [1] - Shenzhen Huaqiang reported a net profit of 236 million yuan, increasing by 33.45% year-on-year [1] - Conch Cement achieved a net profit of 4.368 billion yuan, up 31.34% year-on-year [1] - Jiuzhoutong reported a net profit of 1.446 billion yuan, increasing by 19.7% year-on-year [1] - Aofei Data achieved a net profit of 87.89 million yuan, a year-on-year increase of 16.09% [2] Decline and Loss - Huachang Chemical reported a net profit of 1.09 million yuan, a year-on-year decrease of 97.58% [2] - Meibang Apparel achieved a net profit of 993,030 yuan, down 87.07% year-on-year [2] - Toukeng Life reported a net profit of 275,930 yuan, a decrease of 58.41% year-on-year [2] - BlueFocus reported a net profit of 96.44 million yuan, down 47.33% year-on-year [2] - China Gold achieved a net profit of 31.9 million yuan, a decrease of 46.35% year-on-year [2] - Huaxi Biological reported a net profit of 22.1 million yuan, down 35.38% year-on-year [2] - Zhejiang New Energy achieved a net profit of 29.2 million yuan, down 34.65% year-on-year [2] - Hainan Mining reported a net profit of 28.1 million yuan, a decrease of 30.36% year-on-year [2] - Changying Precision achieved a net profit of 30.6 million yuan, down 29.37% year-on-year [2] - China Duty Free reported a net profit of 2.6 billion yuan, down 20.81% year-on-year [2] - Jiangling Motors achieved a net profit of 73.3 million yuan, down 18.17% year-on-year [2] - Donghua Software reported a net profit of 24.4 million yuan, down 15.78% year-on-year [2] - Hengda New Materials achieved a net profit of 3.4235 million yuan, down 12.68% year-on-year [2] - Yaoji Technology reported a net profit of 25.6 million yuan, down 9.98% year-on-year [2] - Ping An Insurance achieved a net profit of 68.047 billion yuan, down 8.8% year-on-year [2] - China Petroleum reported a net profit of 840.07 billion yuan, down 5.4% year-on-year [2] - 360 reported a net loss of 28.2 million yuan [2] - Electric Wind Power reported a net loss of 27.9 million yuan [2] Losses - Suzhou Keda reported a net loss of 21.7 million yuan [3] - Yuntian Lifa achieved a net loss of 20.6 million yuan [3] - Kosen Technology reported a net loss of 10.5 million yuan [3] - Xinyada reported a net loss of 5.2635 million yuan [3] - Chengfei Integration achieved a net loss of 1.49208 million yuan [3] - China Film reported a net loss of 11 million yuan, turning from profit to loss year-on-year [3]

【2025 年 8 月】 1 上海姚记科技股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 上海姚记科技股份有限公司 2025 年半年度财务报告 上海姚记科技股份有限公司 2025 年半年度财务报告 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：上海姚记科技股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 955,404,229.12 | 1,080,687,523.34 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 422,340,536.15 | 467,135,148.63 | | 应收款项融资 | 460,000.00 | 16,829,347.82 | | 预付款项 | 90,782,668.80 | 63,098,874.61 | | 应收保费 | | | | 应收分保账款 | | | ...

根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》以及《深圳证券交易所上市公司自律监管指南第 2 号 ——公告格式》的相关规定，上海姚记科技股份有限公司（以下简称"公司"） 就 2025 年半年度募集资金存放与使用情况作如下专项报告： | | | 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 2025年半年度募集资金存放、管理与使用情况的公告 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、 募集资金基本情况 （一）向不特定对象发行可转换公司债券 经中国证券监督管理委员会"证监许可[2023]1120 号"《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债券注册的批复》的同意注册， 公司获准于 2024年1月25日向不特定对象发行5,831,273 张可转换公司债券（以 下简称"可转债"），每张面值 100 元，发行总额为人民币 58,312.73 万元，期 限 6 年。经深圳证券交易所（以下简称" ...

注：①表中非经营性占用部分，关联方范围依照《股票上市规则》确定。②无控股股东、实际控制人的公司，存在第一大股东或第一大股东关联人非经营性占用资金的，也应填写本表非经营性占用部分。 单位：万元 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关 | 上市公司核算 | 2025 年期初 占用资金余 | 2025 年度 1 至 6 月 占用累计发生金额 | 2025 年度 月占用资金的利 | 1 至 6 2025 | 年度 1 至 6 月偿还累计发生 | 2025 年 6 月 末占用资金 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 联关系 | 的会计科目 | 额 | （不含利息） | 息(如有) | | 金额 | 余额 | | | | 控股股东、实际控制人及其附属企业 | | | | | | | | | | | 非经营性占用 | | | | | | | | | | | | | 非经营性占用 | | 小计 | | | | | | | | | | | | ...