证券代码：002605 证券简称：姚记科技 公告编号：2026-014 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 关于召开 2026 年第一次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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 1 号——主板上市公司规范运作》等法律、行政法规、部门规章、 规范性文件及《公司章程》的有关规定。 4、会议时间： （1）现场会议时间：2026 年 03 月 24 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 03 月 24 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 03 月 24 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2026-011 | | --- | --- | --- | | 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 | | 第六届董事会第二十六次会议决议公告 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、会议召开与审议情况 上海姚记科技股份有限公司（以下简称"公司"）第六届董事会第二十六次 会议于 2026 年 2 月 27 日以电话、电子邮件、微信等方式发出通知，并于 2026 年 3 月 5 日以通讯表决方式召开。会议应到董事 7 名，实际出席会议的董事 7 名，部分高级管理人员列席。会议的召开和表决符合有关法律、行政法规、部门 规章、规范性文件和公司章程的规定。会议由董事长姚朔斌先生主持，经全体董 事审议和表决，通过了以下议案： 1、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》，同 意 7 票，反对 0 票，弃权 0 票。 公司为全资子公司上海芦鸣网络科技有限公司及其下属全资子公司上海圣 达际网络科技有限公司和上海洽尔网络科技 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, driven by the transformative impact of Web4.0 and AI agents on content production and interaction models [3][9]. Core Insights - Web4.0 represents a new era of intelligent internet, reshaping the digital landscape with AI as the core driver, leading to personalized services and new business models [4][5]. - The media industry is undergoing a significant transition from digitalization to intelligence, with AI and Web4.0 fundamentally altering content production methods and media forms [7][9]. Summary by Sections 1. Web4.0 Overview - Web4.0 is characterized by intelligent connectivity, human-machine symbiosis, and multi-modal interaction, breaking down barriers between interfaces and infrastructures [19][20]. - The evolution from Web1.0 to Web4.0 highlights a shift from passive consumption to active collaboration between humans and AI agents [22]. 2. AI Empowerment in Web4.0 - AI agents are set to enhance productivity by automating content generation and facilitating new media interactions, transitioning from simple query responses to fully automated task handling [6][40]. - The digital marketing landscape is evolving, with AI agents becoming essential in optimizing advertising strategies and enhancing user engagement [47][63]. 3. Investment Opportunities - Companies such as BlueFocus, Shunwang Technology, and Wanda Film are leveraging AI in digital marketing, enhancing ad conversion rates and creating innovative marketing solutions [7][9]. - The report highlights several companies with strong growth potential, including: - Wanda Film (002739): Focused on integrating AI into its content production and marketing strategies [9]. - BlueFocus (300058): Deepening its "All in AI" strategy through partnerships and AI-driven marketing solutions [7]. - Shunwang Technology (300113): Expanding its cloud services and digital marketing capabilities [7]. 4. Market Projections - The Chinese GEO market is projected to grow from 94.2 billion yuan in 2026 to 633.8 billion yuan by 2030, driven by the adoption of AI in digital marketing [63][64]. - The global AIGC market is expected to expand significantly, with estimates suggesting a rise from $24.08 billion in 2026 to approximately $143.09 billion by 2035 [72]. 5. Company Performance Forecasts - The report provides earnings forecasts for various companies, indicating a positive outlook for firms like: - Wanda Film: Expected EPS growth from -0.43 in 2024 to 0.60 in 2026 [11]. - BlueFocus: Anticipated EPS improvement from -0.12 in 2024 to 0.23 in 2026 [11]. - Shunwang Technology: Projected EPS growth from 0.36 in 2024 to 0.67 in 2026 [11].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [4][10] Core Insights - The report highlights a steady release of game licenses in February, indicating a continued recovery in the domestic gaming market [2][7] - The number of approved game licenses in February remains stable, with a year-on-year increase compared to February of the previous year [7] - The domestic gaming market shows signs of recovery, with notable performance in PC and cross-platform products [7] Summary by Sections License Approval - In February, a total of 152 games received approval, including 146 domestic and 6 imported games, covering several key gaming companies [7] - The approval includes various game types, with 122 being mobile games, indicating a strong focus on mobile gaming [7] Market Performance - In January 2026, the actual sales revenue of the Chinese gaming market reached 32.468 billion yuan, with a month-on-month growth of 2.99% and a year-on-year growth of 4.47% [7] - The client game segment saw a revenue of 8.236 billion yuan, with a month-on-month increase of 7.77% and a year-on-year increase of 23.46% [7] Investment Recommendations - The report suggests focusing on companies such as Tencent, NetEase, and others, as the scale of license issuance remains stable and the domestic gaming market continues to recover [7]

Investment Rating - The report maintains a "Buy" rating for several companies in the media and internet industry, including Giant Network, Perfect World, and Kuaishou, among others [4][32]. Core Insights - The media industry experienced a decline of 5.10% from February 23 to March 1, 2026, while the Shanghai Composite Index rose by 1.98% during the same period [1][11]. - Key sectors within the media industry, such as gaming, film, and advertising, showed varied performance, with the film sector declining by 16.82% [1][11]. - The report highlights significant developments in AI applications, including the launch of new models by Google and the introduction of the SkyReels V4 model by Kunlun Wanwei, which supports multimodal video generation [2][30]. Market Performance - The media industry (Shenwan) saw a decline of 5.10% from February 23 to March 1, 2026, compared to a rise in the Shanghai Composite Index of 1.98% [1][11]. - The breakdown of performance in sub-sectors includes gaming at -3.41%, film at -16.82%, and advertising at -3.43% [1][11]. Industry Key Data AI Applications - The OpenRouter platform recorded a weekly token call volume of 13.6 trillion, with significant contributions from Chinese models [2][16]. - Notable AI events include the release of Google's Gemini 3.1 Pro and the launch of the SkyReels V4 model by Kunlun Wanwei [2][30]. Gaming - The top five mobile games on iOS in China as of February 28, 2026, include "Honor of Kings" and "Peacekeeper Elite" [3][19]. - A total of 146 domestic games and 6 imported games received approval in the latest batch of game licenses [21]. Film - The total box office for domestic films reached 2.386 billion yuan during the week of February 23 to March 1, 2026, with "Flying Life 3" leading the box office [26][29]. - Upcoming films include 10 new releases scheduled for the week of March 2 to March 8, 2026 [26]. Investment Recommendations - The report expresses optimism about themes such as AI applications and cultural exports, recommending a focus on gaming, IP, short dramas, marketing, and publishing sectors [4][32].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth opportunities driven by AI and content generation technologies [1][8]. Core Insights - The media sector is currently experiencing a slight pullback after a strong start to 2026, but the outlook remains positive with expectations for AI-driven narratives to enhance the attention economy [3][15]. - The report emphasizes the importance of AIGC (AI Generated Content) in driving content supply and enhancing the value of quality content, which is expected to stimulate the attention economy [3][15]. - Upcoming events such as MWC 2026 in Barcelona are anticipated to boost the practical application of AI products and services [3][15]. Summary by Sections Industry Review - The media industry has shown varied performance, with the AI wearable device index seeing significant gains while the influencer economy index has declined [13][19]. - Notable stock movements include significant gains for companies like CITIC Publishing and Jinling Sports, while Bona Film and Light Media faced substantial declines [13]. Key Recommendations - The report suggests focusing on companies like Shunwang Technology, Yaoji Technology, and Perfect World, which are expected to benefit from new product launches and AI integration [4][8]. - Other recommended stocks include Mango Super Media, Wanda Film, and Huace Film, all of which are positioned to leverage AI advancements in their operations [4][8]. Market Dynamics - The report notes that the gaming sector is witnessing a surge in female-oriented games, with titles like "My Garden World" achieving top rankings during the Spring Festival period [22]. - The approval of new game licenses is expected to provide a stable supply of content, with a total of 152 games receiving approval in February 2026 [23]. AI Integration - The report highlights the competitive landscape of AI applications, particularly between ByteDance's Doubao and Alibaba's Qianwen, with both companies enhancing user engagement through innovative features [14][15]. - AI's role in content production is evolving, with the introduction of new models like Google's Nano Banana2.0, which is expected to further enhance content creation capabilities [15]. E-commerce Trends - Alibaba's "38 Opening Red & 38 Renewal Week" promotional event is set to drive consumer engagement, while JD.com is investing heavily in its "Billion Supermarket" channel to boost sales [24][25]. - Meituan's AI assistant "Xiaotuan" has significantly improved user experience during the Spring Festival, indicating a growing trend in AI-driven customer service [26]. Film and Television - The report notes a surge in interest in AI-driven content creation, particularly in the realm of animated dramas, with major companies like Tencent and ByteDance entering the market [27]. - The approval of virtual reality films and the establishment of industry standards are expected to enhance the production quality and marketability of new content [28][29].

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。 上海姚记科技股份有限公司（以下简称"公司""姚记科技"）于2025年2 月28日召开第六届董事会第十六次会议、第六届监事会第十四次会议，会议审 议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司 在不影响募集资金项目开展和使用计划的前提下，使用总额不超过人民币1亿元 的部分闲置募集资金暂时补充流动资金，使用期限自董事会审议通过之日起不 超过 12个月，公司承诺到期及时归还至募集资金专户，并且将随时根据募集资 金投资项目的进展及需求情况及时将暂时用于补充流动资金的募集资金归还至 募集资金专户。具体内容详见2025年3月1日巨潮资讯网（www.cninfo.com.cn） 及公司指定信息披露媒体《证券时报》《中国证券报》《证券日报》同日披露 的《关于使用部分闲置募集资金暂时补充流动资金的公告》。（公告编号： 2025-016）。 | 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚 ...

债券简称：姚记转债 债券代码：127104 中信建投证券股份有限公司 关于 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 2026 年度第二次临时受托管理事务报告 受托管理人 （住所：北京市朝阳区安立路66号4号楼） 二〇二六年二月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《可转换公司债券管理办法》《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 1 号——主板上市公司规范运作》《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》《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之受托管理协议》（以下简称 "《受托管理协议》"）及其它相关信息披露文件以及上海姚记科技股份有限公 司（以下简称"发行人"、"姚记科技"或"公司"）出具的相关说明文件和提 供的相关资料等，由受托管理人中信建投证券股份有限公司（以下简称"中信建 投证券"或"受托管理人"）编制。中信建投证券编制本报告的内容及信息均来 源于上海姚记科技股份有限公司提供的资料或说明。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事 ...

Summary of Conference Call on Media Sector and AIGC Industry Overview - The focus is on the media sector, particularly the impact of AIGC (Artificial Intelligence Generated Content) on enhancing PE (Price Earnings) and EPS (Earnings Per Share) in the media industry [1][2] - The Chinese government is increasing its support for AI, which is expected to boost the entire AI industry chain, particularly benefiting the media sector [1] Key Insights - AIGC is anticipated to improve both PE and EPS for the media sector, especially with the upcoming Chinese New Year, which is expected to enhance market performance [1][2] - The 2026 fiscal year is seen as a new chapter for many companies, with expectations for improved performance following the resolution of previous uncertainties [2] - Companies directly related to ByteDance, such as Bona Film Group and Windy Studio, are expected to benefit significantly from AIGC developments [2][3] Notable Companies and Their Prospects - **Bona Film Group**: Expected to release AI-generated films in 2026, benefiting from collaborations with ByteDance [2][3] - **Windy Studio**: Partnering with ByteDance for AI 3D projects, which has led to a significant stock price increase [3][4] - **Shunwang Technology**: Focused on AI gaming and digital marketing, with potential growth in 2026 due to new game releases and esports events [15][16] - **Yaoji Technology**: Engaged in gaming and digital marketing, with potential benefits from AI tools to enhance efficiency and revenue [17][18] - **Aofei Entertainment**: Strong IP portfolio with potential for commercialization through AI, including new product launches [18][19] Market Dynamics - The introduction of AI tools like ByteDance's CDS 2.0 is seen as a significant advancement, lowering content creation barriers and increasing competition among content producers [6][7] - The market is expected to see a surge in AI-generated content, raising the bar for quality and aesthetic standards [8] - The upcoming AI Spring Festival is anticipated to serve as a major digital traffic driver, benefiting the AIGC sector [12] Investment Recommendations - **Bona Film Group (001330)**: Despite recent stock price increases, it remains a strong investment due to its proactive approach in AI and film production [13][14] - **Wanda Film (002739)**: Although slower in stock performance, it is still a key player in the cinema sector with upcoming projects that could drive future growth [14] - **Shunwang Technology (300113)**: Recommended for its digital marketing and gaming segments, which are expected to benefit from industry recovery [15][16] - **Yaoji Technology (002605)**: Stable performance with potential for growth through AI integration in gaming and marketing [17][18] - **Aofei Entertainment (002292)**: Strong IP management and commercialization strategies make it a favorable investment [18][19] Conclusion - The media sector is poised for growth driven by AIGC advancements and supportive government policies. Companies that adapt to these changes and leverage AI tools are expected to outperform in the coming years. The market dynamics suggest that while some stocks have already surged, there are still opportunities for investment in companies that may experience delayed growth but are fundamentally strong.

Core Viewpoint - Shanghai Yaoji Technology Co., Ltd. has decided not to exercise the early redemption rights of its convertible bonds, "Yaoji Convertible Bonds," despite triggering the conditional redemption clause due to stock prices exceeding 130% of the conversion price for fifteen trading days [2][9]. Group 1: Convertible Bond Details - The company issued 5,831,273 convertible bonds with a face value of RMB 100 each, raising a total of RMB 58,312.73 million [2]. - The initial conversion price of the "Yaoji Convertible Bonds" was set at RMB 21.53 per share, which has been adjusted multiple times due to various corporate actions [4][5][6]. - The bonds are listed on the Shenzhen Stock Exchange and began trading on February 26, 2024 [3]. Group 2: Redemption Conditions - The conditional redemption clause allows the company to redeem the bonds if the stock price remains above 130% of the conversion price for fifteen trading days [8]. - The stock price reached RMB 26.08, triggering the redemption clause from December 26, 2025, to February 9, 2026 [8]. - The board has decided not to exercise the redemption rights for the next three months, even if the conditions are met again [9][12]. Group 3: Board Meeting and Decision - The sixth board meeting was held on February 9, 2026, where the decision not to redeem the bonds was unanimously approved by all seven directors present [11][12]. - The decision was made considering the company's actual situation and market environment, aiming to protect investor interests [9][12].