Market Overview - On August 18, the gaming sector rose by 1.07% compared to the previous trading day, with Shunwang Technology leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Shunwang Technology (300113) closed at 23.00, with a gain of 4.83% and a trading volume of 476,000 shares, amounting to a transaction value of 1.068 billion [1] - Other notable performers included: - Fuchun Co., Ltd. (300299) at 7.77, up 3.88% [1] - ST Zhongqingbao (300052) at 11.04, up 3.76% [1] - Xinghui Entertainment (300043) at 4.69, up 3.53% [1] - Xunyou Technology (300467) at 23.61, up 3.37% [1] Capital Flow Analysis - The gaming sector experienced a net outflow of 280 million from institutional investors, while retail investors saw a net inflow of 614 million [2] - Notable capital flows included: - Shunwang Technology had a net inflow of 100 million from institutional investors, but a net outflow of 99.38 million from retail investors [3] - Zhejiang Shuju Culture (600633) saw a net inflow of 88.73 million from institutional investors [3] - Tom Cat (300459) had a net inflow of 39.66 million from retail investors despite a net outflow from institutional investors [3]

根据最新一期财务数据，2025年1月-3月，姚记科技实现营业收入7.787亿元，同比下跌20.67%；归属净 利润1.407亿元，同比下跌6.7%；扣非净利润1.401亿元，同比下跌6.39%。 截至2025年3月，姚记科技筹码集中度较分散。十大股东持股合计占比53.5%，十大流通股东持股合计 占比43.04%。股东人数3.739万户，人均流通股8916股，人均持股金额23.9万元。 资料显示，姚记转债信用级别为"A+"，债券期限6年（第一年0.30%、第二年0.50%、第三年1.00%、第 四年1.70%、第五年2.50%、第六年3.00%），对应正股名称为姚记科技，转股开始日为2024年7月31 日，转股价20.08元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，上海姚记科技股份有限公司前身为上海姚记扑克股份有限公司,公司创建于1994年,位列中国 印刷行业 ...

Group 1 - The report maintains an "outperform" rating for the media sector, highlighting the importance of performance and the potential opportunities in AI applications and IP trends [3][6]. - In July 2025, the media sector (Shenwan Media Index) rose by 3.18%, underperforming the CSI 300 Index by 0.37 percentage points, ranking 18th among 31 industries [4][17]. - The current TTM-PE for the Shenwan Media Index is 44.9x, placing it in the 93rd percentile over the past five years, indicating a relatively high valuation [17][22]. Group 2 - The gaming market showed sustained growth in the first half of 2025, with a total revenue of 168 billion yuan, representing a year-on-year increase of 14.08% [33]. - From January to July 2025, 946 game licenses were issued, a 19.1% increase year-on-year, with July alone seeing over 100 domestic game licenses approved [4][24]. - The overseas revenue for self-developed Chinese games reached 9.5 billion USD in the first half of 2025, marking an 11.1% year-on-year growth, with the US, Japan, and South Korea being the primary markets [34][42]. Group 3 - The film market in July 2025 saw a total box office of 4.067 billion yuan, a decline of 24.4% year-on-year, although it experienced a month-on-month increase of 113.7% [52][57]. - The film "Nanjing Photo Studio" performed well, contributing positively to the box office in August, despite its late July release [57][60]. - The number of film registrations has shown a significant increase of 60% year-on-year since 2023, indicating a potential recovery in quality content supply starting in 2025 [60][64]. Group 4 - The WAIC conference showcased rapid advancements in embodied intelligence, with over 150 humanoid robots presented, highlighting significant breakthroughs in the field [75][82]. - The AIGC application DeepSeek topped the user growth chart with 163 million monthly active users, indicating strong market appeal [83][84]. - The Kimi K2 high-speed model was released, significantly increasing output speed from 10 tokens per second to 40 tokens per second, enhancing its application in real-time scenarios [87][92].

8月14日，姚记转债盘中上涨2.16%报172.259元/张，成交额3870.39万元，转股溢价率28.46%。 截至2025年3月，姚记科技筹码集中度较分散。十大股东持股合计占比53.5%，十大流通股东持股合计 占比43.04%。股东人数3.739万户，人均流通股8916股，人均持股金额23.9万元。 资料显示，姚记转债信用级别为"A+"，债券期限6年（第一年0.30%、第二年0.50%、第三年1.00%、第 四年1.70%、第五年2.50%、第六年3.00%），对应正股名称为姚记科技，转股开始日为2024年7月31 日，转股价20.08元。 可转换债券简称可转债，是一种可以在特定时间、按特定条件转换为普通股票的特殊企业债券，兼具债 权和股权的特征。一般而言，持有人可按照发行时约定的价格将债券转换成公司的普通股票的债券。如 果债券持有人不想转换，则可以继续持有债券，直到偿还期满时收取本金和利息，或者在流通市场出售 变现。 资料显示，上海姚记科技股份有限公司前身为上海姚记扑克股份有限公司,公司创建于1994年,位列中国 印刷行业百强,上海市民营企业百强。经过多年的发展,公司已发展成为现代化扑克牌生产基地,年产 ...

Core Insights - Shanghai Zhenyouqu Cultural Technology Co., Ltd. (brand name "ShiningSoul") has completed a multi-hundred million RMB Series A financing round, led by Hillhouse Capital, with participation from Gao Rong Capital and Kaihui Fund, while Guangyuan Capital acted as the financial advisor [1] - The company focuses on transforming top-tier IP content into card formats, covering the entire chain from IP acquisition to design, issuance, and fan operation [2] Company Overview - ShiningSoul was founded in March 2023 by Yao Shuo Bin, chairman of Yaoji Technology, and industry veteran Sheng Chuan, who serves as CEO [1] - The company has established partnerships with popular IPs such as "Identity V," "Genshin Impact - Seven Saints Summon," and "Return to Future: 1999," with its recent product "Runeterra" quickly entering the top tier of TCGs [2][3] Product Performance - "Runeterra" has achieved significant market performance, ranking among the top TCGs within a week of its launch, showcasing the company's full-chain capabilities [3] - "Seven Saints Summon" has been identified as a phenomenon-level product, driving exponential growth for the company and validating its IP value transformation capabilities [3] - The integration of AI design platforms and digital supply chains supports the company's industrial capabilities, enabling a comprehensive approach from IP authorization to product launch [3] Market Dynamics - The card economy sector is experiencing explosive growth, with over 500 million users in China's subculture market and a tenfold increase potential in per capita card consumption [4] - ShiningSoul's global strategy aligns with policy incentives, aiming to transition from "product export" to "cultural export" [4] - The recent support policies from the National Development and Reform Commission and the Ministry of Culture and Tourism are seen as a significant case of policy translating into industry momentum [4] Industry Impact - ShiningSoul's model is reshaping the card industry landscape, squeezing the survival space of smaller firms and accelerating resource concentration towards leading companies [5] - Traditional card companies that rely on single IPs or distribution channels face transformation pressures [5] Future Challenges - High IP licensing costs may constrain profit margins, and the company must overcome cultural barriers in the European and American markets [5] - Short-term investments in smart technology may dilute profitability, while long-term competitiveness will depend on the ability to incubate original IPs and deepen localized operations [5] Cultural Significance - The financing round signifies a shift in the card industry from entertainment products to cultural symbols, with the combination of capital and industry driving Chinese creativity abroad [6] - If ShiningSoul can continue to excel in binding top-tier IPs, developing original content, and deepening overseas channels, it may evolve from a product manufacturer to a global cultural symbol operator [6]

证券之星消息，8月12日游戏板块较上一交易日上涨0.27%，神州泰岳领涨。当日上证指数报收于3665.92，上涨0.5%。深证成指报收于11351.63， 上涨0.53%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300002 | 神小泰岳 | 14.01 | 5.90% | 226.58万 | | 31.59亿 | | 600892 | *ST大晟 | 3.16 | 4.64% | 28.48万 | | 8916.83万 | | 300113 | 顺网科技 | 22.05 | 4.60% | 52.04万 | | 11.41亿 | | 300418 | 昆仑万维 | 36.30 | 3.74% | 101.92万 | | 36.96亿 | | 300459 | 汤姆猫 | 5.72 | 1.42% | 249.83万 | | 14.31亿 | | 600633 | 浙数文化 | 14.23 | 1.14% | 37.30万 | | 5.28亿 | ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，游戏行业CFO薪酬总额2952.74万元，平均薪酬128.38万元，同比增长2.78%。 按学历来看，游戏行业CFO学历以本科为主，占比56.52%，其次为硕士，占比39.13%，大专仅1人，为 汤姆猫CFO秦海娟。 按年龄来看，游戏行业CFO年龄普遍超过40岁，年龄最小的为恺英网络CFO黄振锋，1990年生，年仅35 岁。 游戏行业，三七互娱CFO叶威薪酬最高，达498.66万元，约是行业平均薪酬的3.9倍，相当于日薪1.99万 元；上年为455.84万元，同比增长9.4%。富春股份CFO林梅薪酬最低，仅48.44万元，比行业平均薪酬 低62.27%。 迅游科技CFO阳旭宇薪酬涨幅最高，年薪81.95万元，上年为63.50万元，同比增长29.1%。姚记科技CFO 梁美锋薪酬降幅最大，年薪10 ...

关于 债券受托管理人 2025 年 8 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》、上海姚记科技股份有限公司（以下简称"发行人"或"公司"）就存 续公司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"） 及其它相关信息披露文件以及发行人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发行人提供的资 料或说明。 上海姚记科技股份有限公司 控股股东暨实际控制人及其一致行动人 权益变动触及 5%整数倍 的 临时受托管理事务报告 债券简称：姚记转债 债券代码：127104.SZ （二）本次权益变动的目的及持股计划 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 事宜作出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的 承诺或声明。在任何情况下，未经中信建投证券书面许可，不得将本报告用作其 他任何用途。 1 中信建投证券作为姚记转债的受托管理人，根据《公司债券发行与交易管理 办法》《公司债券受托管理人执业 ...

Group 1 - The core business of the company includes mobile game operations and the design, production, and sales of various playing cards, with digital marketing contributing the highest revenue share at 34.91% and playing cards at 33.07% [3] - Since its listing in 2011, the company has achieved a cumulative net profit growth of 643.01%, reaching 539 million yuan in the latest fiscal year 2024, with no annual losses recorded over the 14 years [3] - Revenue has shown volatility, with a peak of 2.562 billion yuan in 2020 and a decline of 24.04% in 2024, resulting in revenue of 3.271 billion yuan [3] Group 2 - The company's market value has increased by 2.29 times since its listing, peaking at 19.845 billion yuan on June 19, 2023, with a stock price of 48.2 yuan [5] - As of August 4, 2023, the stock price dropped to 26.53 yuan, leading to a market value of 11.08 billion yuan, representing a decrease of 8.766 billion yuan and a market value evaporation of 44.17% from its peak [5]

Core Viewpoint - The company has reported a reduction in the shareholding percentage of its controlling shareholders and their concerted actors due to share reduction and passive dilution, which does not affect the company's governance structure or ongoing operations [3][8]. Summary by Sections Shareholding Changes - The controlling shareholders and their concerted actors' combined shareholding percentage decreased from 53.86% to 49.61%, touching a 5% integer multiple [3]. - The total share capital of the company increased from 399,933,839 shares to 417,624,507 shares due to the implementation of an equity incentive plan and the conversion of convertible bonds, resulting in a passive dilution of 2.19% for the controlling shareholders [6]. Share Reduction Plan - The controlling shareholders plan to reduce their holdings by up to 12,524,155 shares, representing 3% of the total share capital, within three months after the announcement [8]. - The reduction will occur through centralized bidding or block trading, with a maximum of 1% through centralized bidding and 2% through block trading [8]. Compliance and Commitments - The controlling shareholders have fulfilled their commitment not to transfer or manage their shares for 36 months post-IPO, and this reduction does not violate any lock-up commitments [9]. - The company confirms that the changes in shareholding do not trigger a mandatory tender offer and do not alter the identity of the controlling shareholders [3][9].