Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - In Q1 2025, the company reported revenue of 779 million yuan, a year-on-year decrease of 20.67% but a quarter-on-quarter increase of 61.66%. The net profit attributable to shareholders was 141 million yuan, down 6.70% year-on-year but up 22.46% quarter-on-quarter. The non-recurring net profit was 140 million yuan, reflecting a year-on-year decline of 6.39% but a quarter-on-quarter increase of 39.91% [2][4]. - The decline in revenue is attributed to a drop in game revenue and adjustments in the business structure, although core gaming operations may be stabilizing. The company's main business is expected to remain robust and improve efficiency, with promising growth in the high-demand card game sector [2][6]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 779 million yuan, with a year-on-year decline of 20.67% and a quarter-on-quarter increase of 61.66%. The net profit attributable to shareholders was 141 million yuan, down 6.70% year-on-year but up 22.46% quarter-on-quarter. The non-recurring net profit was 140 million yuan, reflecting a year-on-year decline of 6.39% but a quarter-on-quarter increase of 39.91% [2][4]. Business Strategy - The company plans to expand its poker production capacity to address capacity bottlenecks and increase market share. The performance of casual games is strong, and international expansion is expected to yield profits in the future. Additionally, the company has strategically invested in Shanghai Luda to participate in card game development and operations, with expectations for continued growth in the card game sector [6]. Profit Forecast - The company is projected to achieve net profits of 600 million yuan and 670 million yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 18.7 and 16.8 [6].

事件评论 事件描述 姚记科技披露2024 年业绩，公司2024 年实现营收32.71 亿（同比-24.04%），归母净利润5.39亿（同 比-4.17%），扣非净利润5.06 亿（同比-2.59%）。其中24Q4 实现营收4.82 亿（同比-34.50%），归母净 利润1.15 亿（同比+2290%），扣非净利润1.00 亿（扭亏为盈）。 扑克牌业务表现稳定，海外游戏业务表现亮眼，数字营销及游戏板块收入减少致营收下滑，全年各业务 毛利率均有所提升1）2024 全年游戏业务收入10.15 亿元，同比下降17.20%（较24H1 下降幅度收窄）， 占营业收入的31.04%。国内游戏业务或由于2023 年基数较高、前期存量产品流水自然下滑及产品周期 等因素致收入下滑，海外游戏业务收入及利润均实现同比增长。2024 全年公司游戏业务毛利率小幅提 升0.14pct 至96.15%。2024 全年国内游戏业务子公司上海成蹊实现营收8.8 亿（同比-20.18%），净利润 3.7 亿（同比-23.34%）；海外业务子公司大鱼竞技实现营收1.4 亿（同比+10.07%），净利润595 万（同 比扭亏）。 2）2024 全年扑 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥778,703,314.14, a decrease of 20.67% compared to ¥981,625,837.24 in the same period last year[5] - Net profit attributable to shareholders was ¥140,732,004.65, down 6.70% from ¥150,839,071.52 year-on-year[5] - The company's basic earnings per share decreased by 7.52% to ¥0.3417 from ¥0.3695 in the same period last year[5] - Net profit for the current period is ¥146.95 million, a decline of 6.93% compared to ¥156.87 million in the previous period[18] - Basic earnings per share decreased to ¥0.3417 from ¥0.3695, reflecting a decline of 7.1%[19] - The company reported a tax expense of ¥23.08 million, down from ¥29.82 million in the previous period[18] Cash Flow and Liquidity - The net cash flow from operating activities increased by 38.94% to ¥50,288,680.17, compared to ¥36,193,635.20 in the previous year[5] - Cash flow from operating activities increased to ¥50.29 million, up from ¥36.19 million in the previous period[20] - Cash and cash equivalents at the end of the period were CNY 1,049,424,174.46, slightly down from CNY 1,080,687,523.34[13] - Cash and cash equivalents at the end of the period decreased to ¥999.02 million from ¥1,115.15 million, a decline of 10.43%[20] - Financing activities generated a net cash inflow of ¥3.54 million, a significant decrease from ¥505.90 million in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,113,642,856.81, reflecting a 0.89% increase from ¥5,068,578,834.55 at the end of the previous year[5] - The company's total liabilities decreased to CNY 1,419,504,654.15 from CNY 1,521,145,038.16, indicating a reduction in financial obligations[14] - The total non-current assets amounted to CNY 2,966,554,350.18, up from CNY 2,944,202,798.33, reflecting ongoing investments in long-term assets[14] Shareholder Equity - Shareholders' equity attributable to the parent company rose by 4.12% to ¥3,655,693,196.94 from ¥3,511,182,612.59[5] - The total equity attributable to the parent company increased to CNY 3,655,693,196.94 from CNY 3,511,182,612.59, reflecting a growth in shareholder value[15] Operational Metrics - Contract liabilities increased by 35.51% to ¥67,710,126.76, primarily due to unfulfilled performance obligations in the internet and poker segments[8] - Employee compensation payable decreased by 54.72% to ¥40,674,530.82, mainly due to the distribution of 2024 annual bonuses[8] - Other payables increased by 49.58% to ¥67,994,339.95, primarily due to increased temporary receipts in the internet segment[8] - Accounts receivable rose to CNY 516,818,564.75 from CNY 467,135,148.63, indicating an increase in credit sales[13] - Inventory levels increased to CNY 427,907,307.81 from CNY 422,870,047.20, suggesting a buildup of stock[13] - The company reported a decrease in accounts payable to CNY 158,176,786.09 from CNY 210,063,965.33, indicating improved cash flow management[14] Investment Activities - Investment activities resulted in a net cash outflow of ¥71.30 million, compared to a net outflow of ¥45.18 million in the previous period[20] Comprehensive Income - Other comprehensive income after tax for the current period is ¥80.92 million, an increase from ¥35.73 million in the previous period[18]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the Shanghai and Shenzhen 300 Index by more than 15% [12][20]. Core Insights - The company's revenue has declined, primarily due to a reduction in digital marketing business, while profit remains relatively resilient. Future focus will be on the recovery of business operations and the implementation of poker production capacity and AI enhancements across various business lines [4][12]. - The projected earnings per share (EPS) for 2025-2027 are 1.46, 1.55, and 1.63 yuan, respectively, which have been adjusted downwards from previous estimates due to declines in marketing and gaming businesses. The target price has been revised to 35.04 yuan, down from 38.96 yuan [12][14]. Financial Summary - **Revenue**: The company reported a revenue of 3.271 billion yuan in 2024, a decrease of 24.04% year-on-year. The digital marketing segment saw a significant decline of 40.25%, contributing to the overall revenue drop [6][12]. - **Net Profit**: The net profit attributable to the parent company was 539 million yuan, down 4.17% year-on-year. Despite the revenue decline, the overall profit margin improved across various business segments [6][12]. - **Gross Margins**: The gross margins for digital marketing, gaming, and poker businesses were reported at 7.76%, 96.15%, and 30.40%, respectively, showing improvements compared to the previous year [12][13]. - **Cost Management**: Marketing, management, and R&D expenses have decreased, maintaining stable expense ratios of 8.04%, 8.36%, and 5.72% [12][13]. Business Development - The company is focusing on enhancing its leading position in the poker industry by advancing the construction of a production base with an annual capacity of 600 million decks of cards, expected to be operational by early 2027 [12][13]. - The company is also exploring business and technological innovations, including the development of a short video center and AI-driven enhancements in gaming and marketing sectors [12][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.81 RMB [8][9]. Core Views - The company reported a revenue of 3.271 billion RMB in 2024, a year-on-year decline of 24.04%, and a net profit attributable to shareholders of 539 million RMB, down 4.17% year-on-year. The lower-than-expected profit is attributed to adjustments in the marketing business structure and fluctuations in game recharge revenue [1][5]. - The gaming business experienced a revenue drop of 17.2% to 1.015 billion RMB in 2024, primarily due to fluctuations in recharge revenue. However, the gross margin remained high at 96.15% [2]. - The poker business revenue was stable at 1.082 billion RMB, with a gross margin increase of 3.84 percentage points to 30.40%, driven by improved production efficiency [3]. - The overall gross margin improved by 5.81 percentage points to 43.44% in 2024, influenced by the poker and marketing business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.271 billion RMB, down 24.04% year-on-year, and a net profit of 539 million RMB, down 4.17% year-on-year. The expected net profit for 2025 is revised down to 600 million RMB [1][5]. - The gaming business revenue decreased to 1.015 billion RMB, with a gross margin of 96.15% [2]. - The poker business generated 1.082 billion RMB in revenue, with a gross margin of 30.40% [3]. Cost and Efficiency - The overall gross margin increased to 43.44% due to improvements in the poker and marketing sectors [4]. - The company’s expenses in Q4 were impacted by a one-time bonus provision, which is expected to normalize in the future [4]. Valuation and Forecast - The company’s net profit estimates for 2025 and 2026 have been adjusted to 600 million RMB and 670 million RMB, respectively, with a target price set at 31.81 RMB based on a 22x PE ratio [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.81 [8][9]. Core Views - The company reported a revenue of RMB 3.271 billion for 2024, a decrease of 24.04% year-over-year, and a net profit attributable to the parent company of RMB 539 million, down 4.17% year-over-year. The decline was primarily due to adjustments in the marketing business structure and fluctuations in game recharge revenue [1][5]. - The gaming business generated revenue of RMB 1.015 billion in 2024, down 17.2% year-over-year, attributed to fluctuations in recharge revenue. However, the gross margin remained high at 96.15% [2]. - The poker business revenue was stable at RMB 1.082 billion, with a gross margin increase to 30.40%, up 3.84 percentage points year-over-year, driven by improved production efficiency [3]. - The overall gross margin improved by 5.81 percentage points to 43.44%, influenced by the poker and marketing business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 3.271 billion, a decline of 24.04% compared to the previous year. The net profit attributable to the parent company was RMB 539 million, down 4.17% year-over-year [1][7]. - The gaming segment's revenue was RMB 1.015 billion, reflecting a 17.2% decrease year-over-year, while the poker segment generated RMB 1.082 billion, a slight decline of 0.75% [2][3]. Profitability Metrics - The gross margin for the company increased to 43.44%, up 5.81 percentage points, due to improvements in the poker and marketing segments [4]. - The company plans to distribute a cash dividend of RMB 5 per ten shares, totaling RMB 207 million, with a payout ratio of 38.48% [1]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to RMB 600 million and RMB 670 million, respectively, primarily due to lower-than-expected game recharge revenue [5]. - The report anticipates that with refined operations, the gaming business may stabilize in the future [2].

Group 1 - Yaoji Technology (002605.SZ) reported its 2024 annual report on April 25, 2025, with 253 institutional investors holding a total of 69.9587 million A-shares, accounting for 16.87% of the total share capital [1] - The top ten institutional investors collectively hold 8.71% of the shares, with a decrease of 0.41 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, representing an increase of 0.41%, while six funds decreased their holdings, with a decrease of 0.73% [2] - A total of 229 new public funds were disclosed this period, including several notable funds [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.15% [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company's total revenue for 2024 is projected at 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2] - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, with year-on-year declines of 0.75%, 17.2%, and 40.25% [2] - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2] - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercialization potential [3] - The company has strategically invested in a sports culture trading platform to expand its presence in the sports collectibles market, aiming to drive new consumer growth [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11] - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 17.8, 16.5, and 15.3 [5][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The company's total revenue for 2024 is projected to be 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2]. - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, reflecting declines of 0.75%, 17.2%, and 40.25% year-on-year [2]. - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2]. - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercial potential [3]. - The company has strategically invested in a sports culture card platform to expand its presence in the sports culture industry, aiming to create a comprehensive leisure and entertainment ecosystem [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11]. - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the years 2025, 2026, and 2027 [5][11]. - The current stock price is 25.27 yuan, with a total market capitalization of 10.5 billion yuan [5].

上海姚记科技股份有限公司监事会文件 2024 年度监事会工作报告 上海姚记科技股份有限公司 2024年度监事会工作报告 一、监事会工作情况 报告期内，上海姚记科技股份有限公司（以下简称"公司"、"本公司"）监 事会本着对公司和全体股东负责的态度，认真履行监督职责。根据《公司法》等 相关法律法规和《公司章程》《监事会议事规则》的有关规定，监事会成员通过 列席公司董事会会议、股东大会会议等，参与了公司重大经营决策的讨论，了解 和掌握公司生产、经营、管理、投资等方面的情况，对公司依法运作、财务、投 资、公司董事和高管人员履行职责及经营决策程序等事项进行了认真监督检查。 2024年度，监事会成员列席了10次董事会会议、参加了1次股东大会。报告 期内，公司监事会共召开了8次会议，会议的通知、召集、召开和表决程序均符 合《公司法》《公司章程》等有关法律法规规定，具体情况如下： 上海姚记科技股份有限公司监事会文件 2024 年度监事会工作报告 | | | | 3、关于终止收购和增资 VIVIDJOAN | | --- | --- | --- | --- | | | | | HOLDING (SINGAPORE) PTE.L ...