特此公告。 关于股票期权注销完成的公告 上海姚记科技股份有限公司董事会 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。 2025 年 5 月 6 日 上海姚记科技股份有限公司（以下简称"公司"）于 2024 年 4 月 28 日召开 第六届董事会第八次会议和第六届监事会第八次会议，审议通过了《关于注销 2022 年股权激励计划部分股票期权的议案》。注销 30 名激励对象获授的股票期 权 142 万份。具体内容详见公司 2024 年 4 月 30 日披露于巨潮资讯网上的《关 于注销 2022 年股权激励计划部分股票期权的公告》（公告编号：2024-027）。 公司于 2025 年 4 月 23 日召开第六届董事会第十八次会议和第六届监事会 第十六次会议，审议通过了《关于注销 2022 年股权激励计划部分股票期权的议 案》。注销 17 名激励对象获授的股票期权 59.75 万份。具体内容详见公司 2025 年 4 月 25 日披露于巨潮资讯网上的《关于注销 2022 年股权激励计划部分股票 期权的公告》（公告编号：2025-019）。 | 证券代码：002605 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002605 证券简称：姚记科技 公告编号：2025-031 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company demonstrated resilience in its performance, with a notable improvement in Q1 2025 compared to the previous quarter, driven by a recovery in its main business and a focus on new product categories in casual gaming and card business [3][4] - The revenue for 2024 was reported at 3.271 billion yuan, a year-on-year decrease of 24.0%, while the net profit attributable to the parent company was 539 million yuan, down 4.2% year-on-year [3][4] - The company is expected to see a gradual recovery in its performance, with projected net profits for 2025, 2026, and 2027 at 651 million, 720 million, and 768 million yuan respectively, indicating a positive growth trajectory [3][4] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 779 million yuan, a year-on-year decrease of 20.67% but a quarter-on-quarter increase of 61.66% [3][4] - The gross margin improved to 44.27% in Q1 2025, up by 6.47 percentage points year-on-year, attributed to a higher proportion of high-margin gaming business and price increases in the card business [4] - The company maintained effective cost control, with sales expenses down 12.7% year-on-year and R&D expenses down 21.9% year-on-year [4] Business Outlook - The gaming business remains solid, with leading market positions in products like "Finger Fishing" and new growth opportunities from products like "Happy Dou Di Zhu" [5] - The card business is expected to benefit from increased production capacity and price hikes, with a new production base for 600 million decks of cards under construction [5] - The company is also strategically investing in a trading platform for sports cards, which is anticipated to have significant growth potential due to the industry's favorable conditions [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company demonstrated resilience in its performance, with a notable improvement in Q1 2025 compared to the previous quarter, driven by a recovery in its main business and a focus on new product categories in casual gaming and card business [3][4] - The revenue for 2024 was reported at 3.271 billion yuan, a year-on-year decrease of 24.0%, while the net profit attributable to the parent company was 539 million yuan, down 4.2% year-on-year [3][4] - The company is expected to see a gradual recovery in its performance, with projected net profits for 2025, 2026, and 2027 at 651 million, 720 million, and 768 million yuan respectively, indicating a positive growth trajectory [3][4] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 779 million yuan, a year-on-year decrease of 20.67% but a quarter-on-quarter increase of 61.66% [3][4] - The gross margin improved to 44.27% in Q1 2025, up 6.47 percentage points year-on-year, attributed to a higher proportion of high-margin gaming business and price increases in the card business [4] - The company maintained effective cost control, with sales expenses down 12.7% and R&D expenses down 21.9% year-on-year in Q1 2025 [4] Business Outlook - The gaming business remains solid, with leading market positions in products like "Finger Fishing" and new growth potential from card games and strategic investments in platforms like "Card Tao" for trading star cards [5] - The digital marketing business is expected to recover as the structural adjustments are completed and the macroeconomic environment improves, leading to increased demand in the advertising market [5] - The company is expanding its production capacity for playing cards, which is anticipated to support overall performance as the new production base comes online [5]

Group 1 - The overall market view indicates that the impact of overseas tariffs is weakening, and the A-share market is expected to experience fluctuations upward, with a focus on growth rebounds [3][11][15] - The banking sector's quarterly reports fell short of expectations, raising concerns about the sustainability of dividends, leading to a rapid disbanding of bank stock groups [3][15] - The report highlights the active performance of technology growth themes, particularly in sectors like AI, robotics, and autonomous driving, while emphasizing the importance of self-controllable industries such as semiconductors and military technology [3][15] Group 2 - The report lists the top ten stocks for May, including companies from various sectors such as electronics, AI, media, and automotive, with no specific ranking [4][10] - The electronic sector includes Zhishang Technology and Xingchen Technology, both showing significant revenue growth driven by market demand and technological advancements [17][20] - The computer & AI & internet sector features Mai Xinlin, which has seen rapid revenue growth due to its comprehensive computing services and strategic partnerships in the AI field [24][27] Group 3 - The media and new consumption sector includes Yaoji Technology, which is focusing on revitalizing its core businesses and leveraging AI to enhance its gaming and marketing services [34][36] - The small and mid-cap sector features Weike Technology, which reported robust revenue growth and is expanding its overseas production capacity [38][39] - The automotive sector highlights Rongtai Co., which is solidifying its position as a leader in steering systems and expanding into the humanoid robotics market [42][45] Group 4 - The electric power equipment sector includes Landai Technology, which has turned profitable with significant growth in its new energy transmission business [47][50] - The pharmaceutical sector features Yipin Hong, which is facing challenges with declining revenues and profits, indicating a need for strategic adjustments [51]

Investment Rating - The report maintains a "Buy" rating for the media industry [6][10][22] Core Viewpoints - The media sector is expected to benefit from AI applications, with policies supporting the development of AI technologies [5][20] - The first quarter of 2025 shows a recovery trend in the media sector, with a significant year-on-year increase in net profit [16][18] - The film market is projected to face challenges, with lower ticket sales compared to previous years, emphasizing the need for quality content to drive audience engagement [17][31] Summary by Sections Industry Overview and Dynamics - The media industry has experienced a mixed performance, with the AI wearable device index showing significant gains while the Disney index has declined [15] - The overall net profit for the A-share media and internet sector decreased by 57% in 2024, but a 46% increase was observed in the first quarter of 2025 [16] Key Recommendations - Specific stocks recommended include: - Windy Zhi (603466) - Strong performance in Q1 2025 - Mango Super Media (300413) - Upcoming show "Singer 2025" scheduled for May 16 - BlueFocus Communication Group (300058) - Benefiting from Microsoft's digital marketing initiatives [6][10] Film Market Insights - The film market's performance during the May Day holiday showed a significant decline in both box office revenue and ticket sales compared to the previous year [17][31] - The report highlights the importance of quality content in driving audience demand, with upcoming summer releases being crucial for recovery [17] Game Industry Progress - The Chinese gaming market generated revenues of 857.04 billion yuan in Q1 2025, with a year-on-year growth of 17.99% [21] - New game releases are expected to contribute positively to market growth [21] AI Applications in Media - The integration of AI technologies is seen as a transformative factor for various sectors, including digital marketing and content creation [20] - Companies like Tencent and Alibaba are heavily investing in AI, which is expected to enhance their operational capabilities [20]

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].

Industry Overview - The toy and baby products industry is a significant part of the light industry, playing a crucial role in nurturing children and meeting family expectations [1][3] - The industry is experiencing growth, with the domestic toy retail sales expected to reach CNY 97.85 billion in 2024, a year-on-year increase of 7.9% [1][13] - The retail sales of children's strollers are projected to be CNY 16.98 billion, growing by 17.5%, while children's safety seats and bottles are expected to see increases of 13.2% and 8.1% respectively [1][13] Policy Support - The Chinese government has implemented various policies to support high-quality development and regulation in the toy and baby products sector [5][6] - Key policies include the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" and the approval of national standards for baby products [5][6] Market Dynamics - The industry is characterized by a diverse supply chain, including raw material suppliers, manufacturers, wholesalers, and retailers [7] - The macroeconomic environment, consumer disposable income, and preferences significantly influence demand for baby products [7] Export Performance - China is the largest toy producer and exporter globally, with toy exports (excluding games) projected to reach USD 39.87 billion in 2024 [9][10] - The United States remains the primary export destination, accounting for 26.39% of toy exports in early 2025 [10] Quality Control - The number of recalls for Chinese-made toys in the U.S. decreased by 6.4% in 2024, while the EU saw a 34.1% increase in recalls [15][17] - The Chinese government reported 1,121 batches of non-compliant products in 2024, reflecting increased regulatory scrutiny [17] Key Players - Major global players include Mattel, Hasbro, Bandai, and LEGO, while domestic companies like Aofei Entertainment and Pop Mart are significant in the Chinese market [19][21] - Aofei Entertainment reported a 4.85% increase in baby product revenue, while Pop Mart's revenue surged by 106.92% in 2024 [21][23] Future Trends - The integration of technology in toys is expected to accelerate, with a growing demand for smart toys and educational products [25] - Environmental concerns are driving the use of sustainable materials, with a focus on safety and compliance with international standards [26] - Personalization and IP collaborations are becoming key drivers for consumer engagement and product differentiation [27][28]

Core Viewpoint - The company reported a significant decline in revenue for 2024, with total revenue of 3.271 billion (down 24.04% year-on-year) and a net profit of 539 million (down 4.17% year-on-year) [1] Group 1: Business Performance - The poker business remained stable, while overseas gaming business showed strong performance; however, revenue decline was attributed to reduced income from digital marketing and gaming segments [2] - In 2024, gaming business revenue was 1.015 billion (down 17.20% year-on-year), accounting for 31.04% of total revenue, with domestic gaming revenue declining due to high 2023 base and product cycle factors [2] - The overseas gaming business saw revenue and profit growth, with the subsidiary Dayu Competition achieving revenue of 140 million (up 10.07% year-on-year) and net profit of 5.95 million (returning to profit) [2] - The poker business generated revenue of 1.082 billion (down 0.75% year-on-year), benefiting from sales structure adjustments and improved high-margin poker sales, with a gross margin increase of 3.84 percentage points to 30.40% [2] Group 2: Digital Marketing and Cost Management - Digital marketing revenue for 2024 was 1.142 billion (down 40.25% year-on-year), with a gross margin increase of 2.31 percentage points to 7.76% [3] - The company improved profit margins in Q4 2024, with a gross margin of 75.85% (up from 51.26% in Q3 2024) due to a decrease in low-margin advertising business and improved gross margins [4] - Sales expenses in Q4 2024 decreased by 48% to 50 million, while R&D expenses decreased by 13% to 60 million, indicating effective cost management [4] Group 3: Future Outlook - The company is expected to expand poker production capacity, addressing capacity bottlenecks and increasing market share [4] - The casual gaming segment is performing well, with overseas gaming business showing competitive advantages; prior investments in R&D and marketing are anticipated to yield profits in the future [4] - Strategic investment in Shanghai Luda aims to participate in card development and operations, with expectations for continued growth in the card business [4] - Profit forecasts for 2025 and 2026 are 600 million and 670 million respectively, with corresponding PE ratios of 17.9 and 16.1, maintaining a buy rating [4]

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]