Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights the continuous advancement of domestic large models in AI, with applications in AI proofreading and gaming deepening, suggesting ongoing investment in AI [4][5] - The report emphasizes the favorable government policies aimed at boosting consumption, particularly in IP and experiential new consumption, indicating a sustained high level of activity in these sectors [5] Industry Overview - The media sector has shown a significant performance trend, with the A-share media sector underperforming compared to major indices like the Shanghai Composite Index and the CSI 300 [8] - The report notes that "Peace Elite" has maintained the top position in both the iOS free and revenue charts in mainland China [11][12] AI Developments - The report discusses the launch of SenseNova V6 by SenseTime, a large model with 600 billion parameters, surpassing competitors in various tasks [4] - AI proofreading technology has gained traction, with successful bids for projects, indicating a growing market for AI applications [30] Consumption Policies - Recent government initiatives aim to expand the service industry and promote digital consumption, which is expected to stimulate demand in IP and experiential consumption [5] - The report suggests that the digital economy's core industry revenue is projected to exceed 220 billion by 2027, reflecting a robust growth outlook [5] Recommended Companies - Key recommendations include Tencent Holdings and Kuaishou for large models/agents, with Alibaba and SenseTime as beneficiaries [4] - In the AI gaming sector, companies like Xindong Company and NetEase are highlighted as key players [4] - For AI education and proofreading, companies such as Guomai Culture and Century Tianhong are recommended [4] Market Performance - The report indicates that the A-share media sector has shown weaker performance compared to the broader market indices during the specified period [8] - The report also provides insights into the performance of various media companies, with specific rankings in gaming and film sectors [25][26][27]

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 本次培训结合《证券法》《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》等相关规定，并结合 案例，围绕上市公司信息披露、募集资金管理与使用、规范运作以及上市公司现 场检查等方面向参会人员进行了详细解读。 三、培训的完成情况及效果 2024年度持续督导培训情况报告 深圳证券交易所： 中信建投证券股份有限公司（以下简称"保荐机构"、"中信建投证券"）作 为上海姚记科技股份有限公司（以下简称"姚记科技"、"公司"）向不特定对象 发行可转换公司债券的保荐人及持续督导机构，根据《证券发行上市保荐业务管 理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法律 法规的有关规定，认真履行保荐机构应尽的职责，于 2025 年 3 月 14 日对姚记科 技控股股东、实际控制人、董事、监事、高级管理人员及关键岗位人员进行了培 训，本次培训的具体情况如下： 一、培训的时间和地点及培训对象 培训时间：2025 年 3 月 14 日 培训地点及方式：上海姚记科技股份有限公司 培训对象：姚记科技控股股东、实际 ...

Group 1 - 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 convertible bonds will be listed on the Shenzhen Stock Exchange starting from February 26, 2024, under the name "姚记转债" and the code "127104" [3] - The conversion period for the bonds starts on July 31, 2024, and ends on January 24, 2030 [4] Group 2 - The conversion price of the bonds was adjusted from RMB 21.53 to RMB 20.61 due to stock incentive plans, effective from June 20, 2024 [4] - The conversion price was further adjusted to RMB 20.60 effective from January 13, 2025 [4] - In the first quarter of 2025, the company saw a reduction of 617 bonds due to conversion, resulting in a total of 2,990 shares converted [5] Group 3 - As of March 31, 2025, the remaining balance of the convertible bonds is RMB 582,756,700, equivalent to 5,827,567 bonds [5] - The company provides investor consultation through its securities department for any inquiries regarding the announcements [7]

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：20.60元/股 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 | 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-014 | | --- | --- | --- | | 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 2025 年第一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。 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年第一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 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 ...

Group 1 - The core point of the news is the performance and characteristics of the convertible bond issued by Yaoji Technology, which has seen a price increase and has specific terms regarding its conversion to equity [1] - The convertible bond has a credit rating of "A+" and a maturity period of 6 years with varying interest rates from 0.30% in the first year to 3.00% in the sixth year [1] - The bond's conversion price is set at 20.6 yuan, with the conversion starting on July 31, 2024, and the current conversion premium rate is 15.18% [1] Group 2 - Yaoji Technology, originally established as Shanghai Yaoji Poker Co., Ltd. in 1994, has evolved into a leading modern poker production base with an annual output of 800 million decks [2] - The company has transitioned from traditional manufacturing to a comprehensive innovative enterprise, investing in various high-quality internet technology and healthcare companies [2] - For the period from January to September 2024, Yaoji Technology reported a revenue of 2.7897 billion yuan, a year-on-year decline of 21.89%, and a net profit attributable to shareholders of 424.1 million yuan, down 23.95% year-on-year [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **AI gaming industry** and its evolution from 2023 to 2025, highlighting significant changes in AI technology applications within the gaming sector [3][5][19]. Core Insights and Arguments - **AI Technology Evolution**: - In 2023, AI was primarily used for cost reduction and as a marketing highlight, with examples like NetEase's "逆水寒" showcasing AI NPC features that were not core gameplay [3][5]. - By 2024, advancements in AI reasoning and dynamic capabilities led to the emergence of innovative AI-native games such as "萌爪派对" and "太空沙," indicating substantial market potential [3][6]. - The introduction of AI characters in games like "AI 狼人杀" enhanced complexity and interactivity, while 3D model generation technologies from companies like Meta and Google opened new possibilities for game development [3][7]. - **Market Potential for New Products**: - The market for new companion/romance Talkie products is significant, with "Life" offering personalized and immersive interactions through memory and planning systems [3][15]. - Companies like 恺英科技 have a robust product pipeline for 2025, including titles like "龙之谷世界" and "王者传奇 2," which are expected to contribute to steady growth [3][20]. - **Investment and Development Trends**: - Companies such as 巨人网络 and 神州泰岳 are actively investing in AI, with 巨人网络 launching models like Giant GPT and testing AI animation generation applications [3][21][23]. - 神州泰岳 is recognized as a leader in the SLG overseas market, with stable performance from existing titles and new product testing [3][24]. Additional Important Insights - **Game Industry Trends**: - The Chinese gaming industry has experienced three significant waves of growth over the past five years, driven by cloud gaming technology, regulatory changes, and the rise of AI [5]. - The upcoming 2025 GDC will showcase innovations from major companies like Tencent and NetEase, focusing on AI's role in reshaping the gaming industry [12]. - **Valuation and Market Position**: - The average valuation of major gaming companies in A-shares and Hong Kong stocks is projected to be between 17 to 18 times earnings, indicating a relatively reasonable or undervalued state [16]. - The potential for AI to enhance user engagement and meet personalized demands is highlighted, with expectations for significant growth in the gaming sector by 2025 [19]. - **Company-Specific Developments**: - **完美世界** has undergone significant restructuring, including staff reductions and asset sales, which are expected to improve operational efficiency and profitability [25]. - **姚记科技** is expanding into the card business and has shown strong growth in its existing gaming and marketing segments, indicating a promising future [30][32]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving landscape of the AI gaming industry and the strategic directions of various companies within it.

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-011 | | --- | --- | --- | | 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。 一、交易概述 上海姚记科技股份有限公司（以下简称"公司"）、全资子公司上海成蹊信息 科技有限公司（以下简称"成蹊科技"）、全资孙公司上海姚际信息科技有限公司 （以下简称"姚际信息"）和上海愉游网络科技有限公司（以下简称"愉游网络"）、 控股子公司上海愉趣网络科技有限公司（以下简称"愉趣网络"）等 5 家公司拟与 上海新兴技术开发区联合发展有限公司（以下简称"新兴技术"或"出租方"）签 订《房屋租赁合同》，公司及上述子公司将租用新兴技术位于上海市徐汇区宜山路 868 号 101 室、201 室、五层-八层，租赁房屋建筑面积共计 8638.95 平方米，用于 日常办公，租赁期限九年，租赁期第七至九年根据市场情况由双方另行约定价格， 涨幅最多不超过 12%。租赁期内，公司对全资子、孙公司成蹊科技、姚际信息和愉 游网络在《房屋租赁合同》 ...

上海姚记科技股份有限公司（以下简称"公司"）第六届监事会第十五次会 议于 2025 年 3 月 7 日以电话、电子邮件方式发出通知，并于 2025 年 3 月 14 日 以通讯表决方式召开。会议应到监事 3 名，实际出席会议的监事 3 名。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。 会议由监事会主席王琴芳女士主持，经全体监事审议和表决，通过了以下议案： 一、审议通过了《关于公司与子公司合租办公场所并为子公司提供担保的议 案》，同意 3 票，反对 0 票，弃权 0 票。 公司及全资子、孙公司以及控股子公司拟与上海新兴技术开发区联合发展有 限公司签订《房屋租赁合同》，租用其位于上海市徐汇区宜山路 868 号 101 室、 201 室、五层-八层，租赁房屋建筑面积共计 8638.95 平方米，用于日常办公。 租赁期内，公司对全资子、孙公司以及控股子公司《房屋租赁合同》中的义务（包 括但不限于支付义务）以及物业管理费和供水、供电、通讯等公用事业的费用的 支付承担连带责任，担保金额合计不超过 5,500 万元。 | 证券代码：002605 | 证券简称：姚记科技 | 公告编号：20 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-013 | | --- | --- | --- | | 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 | | 第六届董事会第十七次会议决议公告 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。 上海姚记科技股份有限公司（以下简称"公司"）第六届董事会第十七次会 议于 2025 年 3 月 7 日以电话、电子邮件等方式发出会议通知，2025 年 3 月 14 日以通讯表决方式召开，应参会董事 7 名，实际参会董事 7 名，部分高级管理人 员、监事列席。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，通过了以下决议： 一、审议通过了《关于公司与子公司合租办公场所并为子公司提供担保的议 案》，同意 7 票，反对 0 票，弃权 0 票。 上海姚记科技股份有限公司董事会 2025 年 3 月 14 日 公司及全资子、孙公司以及控股子公司拟与上海新兴技术开发区联合发展有 ...

公司报告 | 公司点评 姚记科技（002605） 证券研究报告 卡牌业务布局拓展业务边界，关注各业务板块协同发展 事件： 姚记科技 (002605) 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。 2024 年前三季度，公司实现营业收入 27.90 亿元，同比下滑 21.89%；归母 净利润 4.24 亿元，同比下滑 23.95%；扣非归母净利润 4.06 亿元，同比下 滑 22.42%。单季度看，三季度公司实现营业收入 8.81 亿元，同比下滑 28.08%；归母净利润 1.40 亿元，同比下滑 6.72%; 扣非归母净利润 1.37 亿 元，同比增长 7.55%，环比改善显著。 扑克牌业务产能释放或贡献业绩增量，关注游戏及营销业务底部反转可能 公司前三季度营收同比下滑 21.89%主要系数字营销板块业务结构调整及 游戏板块充 ...