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 ...

| | | 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 2024年年度募集资金存放与使用情况的公告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《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》以及《深圳证券交易所上市公司自律监管指南第 2 号 ——公告格式》的相关规定，上海姚记科技股份有限公司（以下简称"公司"） 就 2024 年度募集资金存放与使用情况作如下专项报告： 一、 募集资金基本情况 （一）向不特定对象发行可转换公司债券 经中国证券监督管理委员会"证监许可[2023]1120 号"《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债券注册的批复》的同意注册， 公司获准于2024年1月25日向不特定对象发行5,831,273 张可转换公司债券（以 下简称"可转债"），每张面值 100 元，发行总额为人民币 58,312.73 万元，期 限 6 年。经深圳证券交易所（以下简称"深交所"）同意 ...

证券代码：002605 证券简称：姚记科技 公告编号：2025-016 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 关于公司续聘2025年度审计机构的公告 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。 特别提示： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4号）的规定。 2025 年 4 月 23 日，上海姚记科技股份有限公司（以下简称"公司"）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《关于续 聘 2025 年度审计机构的议案》，拟续聘立信会计师事务所（特殊普通合伙）（以 下简称"立信"）为公司 2025 年度审计机构。本议案尚需提交 2024 年度股东大 会审议，现将有关事项公告如下： 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国会计泰斗 潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制 的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟先 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-022 | | --- | --- | --- | | 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 | | 关于全资子公司向关联方终止租赁员工宿舍 暨关联交易的公告 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（以下简称或"公司"）于 2025 年 4 月 23 日召 开第六届董事会第十八次会议和和第六届监事会第十六次会议审议通过了《关于 全资子公司向关联方终止租赁员工宿舍暨关联交易的议案》。现将具体内容公告 如下： 一、 关联交易概述 1、2022年12月2日召开第五届董事会第三十六次会议审议通过了《关于公司 全资子公司向关联方租赁员工宿舍的关联交易议案》，公司全资子公司启东姚记 扑克实业有限公司（以下简称"启东姚记"）向启东智杰文体用品有限公司（以 下简称"启东智杰"）租赁员工宿舍用于员工住宿使用，租赁面积合计9188.55 平 方米，租赁单价为168万元/年，租赁期间为协议签署生效后5年。具体内容详见 20 ...