鉴于 1 名激励对象梁美锋女士因个人原因已离职，不再具备激励资格，公 司拟回购注销其已获授但尚未解除限售的 5 万股限制性股票。根据 2025 年 6 月 5 日公司召开第六届董事会第二十次会议和第六届监事会第十八次会议审议通 过的《关于调整 2022 年股权激励计划股票期权行权价格和限制性股票回购价格 的议案》，本次回购价格为 5.81 元/股，公司应支付的回购价款总额为人民币 290,500 元，所需资金来源于公司自有资金。 我们认为，本次回购注销限制性股票的是根据《上市公司股权激励管理办 法》《2022 年股权激励计划（草案）》的相关规定，对已离职不再具备激励对象 资格和条件的员工已获授但未解除限售的限制性股票进行回购注销。本次回购 注销事项不会影响激励计划的继续实施，不影响公司的持续经营，也不存在损 害公司及全体股东利益的情况，同意公司回购注销离职激励对象已获授但尚未 解除限售的限制性股票，并将回购注销事项提交公司董事会和股东大会审议。 上海姚记科技股份有限公司 董事会薪酬与考核委员会 2025 年 10 月 30 日 上海姚记科技股份有限公司董事会薪酬与考核委员会 关于回购注销部分限制性股票的核查意 ...

上海姚记科技股份有限公司 2025 年第三季度报告 证券代码：002605 证券简称：姚记科技 公告编号：2025-067 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 2025 年第三季度报告 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。 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.第三季度财务会计报告是否经过审计 □是 否 1 单位：元 | 项目 | 本报告期金额 | 年初至报告期期末金额 | 说明 | | --- | --- | --- | --- | | 非流动性资产处置损益（包 | | | | | 括已计提资产减值准备的冲 | -51,621.77 | 715,865.43 | | | 销部分） | | | | | 计入当期损益的政府补助 | | | | | （与公司正常经营业务密切 | | ...

Market Overview - The gaming sector experienced a decline of 0.27% on October 20, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Gaming Sector - The top gainers included: - Youzu Network (002174) with a closing price of 11.66, up 5.42% and a trading volume of 645,700 shares, totaling 741 million yuan [1] - ST Dazheng (600892) at 4.14, up 5.08% with a trading volume of 106,800 shares, totaling 43.65 million yuan [1] - Kaiying Network (002517) at 23.74, up 4.12% with a trading volume of 526,800 shares, totaling 1.258 billion yuan [1] Top Losers in Gaming Sector - The top losers included: - ST Huadao (002602) at 17.32, down 4.94% with a trading volume of 2,259,200 shares, totaling 3.996 billion yuan [2] - Yaoji Technology (002605) at 25.21, down 2.17% with a trading volume of 85,200 shares, totaling 21.7 million yuan [2] - Shunwang Technology (300113) at 23.75, down 1.86% with a trading volume of 231,900 shares, totaling 559 million yuan [2] Capital Flow in Gaming Sector - The gaming sector saw a net outflow of 421 million yuan from main funds, while retail investors contributed a net inflow of 492 million yuan [2][3] - Notable capital flows included: - Kaiying Network (002517) with a main fund net outflow of 64.59 million yuan [3] - Youzu Network (002174) with a main fund net inflow of 46.51 million yuan [3] - Perfect World (002624) with a main fund net inflow of 24.05 million yuan [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index saw a decline of 7.55% over the past five days, with a net outflow of 64.67 million yuan [5]

Group 1 - The core point of the article is that Yaoji Technology announced a contract for factoring services involving its wholly-owned subsidiary, Shanghai Luming Network Technology Co., Ltd. [2] - The contract is signed with Hainan Zhitiao Commercial Factoring Co., Ltd. for non-commercial bad debt guarantees [2] - The total guarantee amount provided by the subsidiaries Shanghai Shengda International Network Technology Co., Ltd. and Shanghai Qiaer Network Technology Co., Ltd. does not exceed RMB 30 million each, totaling a maximum of RMB 60 million [2]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-058 | | --- | --- | --- | | 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 关于孙公司为子公司提供担保的公告 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。 一、担保事项概述 （一）基本情况 鉴于公司全资子公司上海芦鸣网络科技有限公司（以下简称"芦鸣科技"） 与海南字跳商业保理有限公司（以下简称"字跳保理"）签署了《保理业务合同 （适用于非商业性坏账担保）》，公司全资孙公司上海圣达际网络科技有限公司 （以下简称"圣达际网络"）和上海洽尔网络科技有限公司（以下简称"洽尔网 络"）就芦鸣科技在保理合同项下义务的履行向字跳保理提供连带责任保证担保， 各自提供的担保金额不超过人民币 3,000 万元，合计不超过人民币 6,000 万元。 （二）所必需的审批程序 本次担保事项不构成关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。本次担保事项涉及的主体均为公司合并报表范围内的法人 主体，该事项已经履行相关主体的内部 ...

Core Points - The gaming sector experienced a decline of 1.29% on October 16, with Mingchen Health leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - The table shows various gaming stocks with their closing prices, percentage changes, trading volumes, and transaction amounts, indicating mixed performance among individual stocks [1] - Notable declines include: - 37 Interactive Entertainment down 1.33% [1] - Glacier Network down 1.38% [1] - Yaoji Technology down 1.47% [1] - Conversely, ST Dazheng and ST Kaiwen showed slight increases of 0.99% and 0.26% respectively [1] Capital Flow - The gaming sector saw a net outflow of 833 million yuan from major funds, while retail investors contributed a net inflow of 628 million yuan [3] - Speculative funds recorded a net inflow of 205 million yuan [3]

Market Overview - On October 13, the gaming sector declined by 1.41%, with *ST Dazheng leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Individual Stock Performance - Notable gainers included: - Wento Holdings (600715) closed at 2.65, up 1.15% with a trading volume of 791,700 shares and a turnover of 202 million yuan [1] - Shunwang Technology (300113) closed at 25.40, up 0.83% with a trading volume of 220,200 shares and a turnover of 550 million yuan [1] - Significant decliners included: - *ST Dazheng (600892) closed at 4.25, down 4.92% with a trading volume of 253,700 shares and a turnover of 108 million yuan [2] - Kunlun Wanwei (300418) closed at 44.75, down 3.47% with a trading volume of 774,800 shares and a turnover of 3.468 billion yuan [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 675 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - Notable capital flows included: - Shenzhou Taiyue (300002) had a net inflow of 54.08 million yuan from institutional investors [3] - Jibite (603444) saw a net inflow of 27.33 million yuan from institutional investors [3]

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-057 | | --- | --- | --- | | 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 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 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年第三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 关于 2025 年第三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。 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：20.08元/股 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is experiencing a phase of performance pressure, particularly in its digital marketing and gaming segments, but is strategically enhancing its short video center layout to drive future growth [4][5] - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 1.438 billion yuan, down 24.64% year-on-year, and net profit at 256 million yuan, down 9.98% year-on-year [4] - The gaming business showed a reduced decline, with revenue of 481 million yuan, down 6.33% year-on-year, while the digital marketing segment faced a more severe drop of 40.76% [5] - The company is expected to benefit from the upcoming peak season for marketing and the growing demand for short dramas, which could lead to a recovery in its digital marketing business [7] Financial Performance Summary - The latest closing price of the company's stock is 27.77 yuan, with a total market capitalization of 11.6 billion yuan [3] - The company’s comprehensive gross margin improved to 44.65%, up 7.88 percentage points year-on-year, primarily due to a decrease in the proportion of low-margin digital marketing business [6] - The company forecasts revenues of 3.4 billion yuan for 2025, with a gradual increase to 3.9 billion yuan by 2027, and net profits expected to rise from 547 million yuan in 2025 to 742 million yuan in 2027 [8][11]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the media sector, including 东方明珠, 芒果超媒, 万达电影, 华策影视, 姚记科技, 奥飞娱乐, 上海电影, 中信出版, 天舟文化, 风语筑, 美图公司, and 哔哩哔哩-W [8] Core Insights - The launch of Sora2 by OpenAI represents a significant advancement in video generation technology, transitioning from an experimental model to a consumer-facing application, which is expected to reshape the creative industry [3][4] - Sora2 introduces features such as realistic physics, multiple styles, and enhanced audio-visual synchronization, which are anticipated to improve the practicality and playability of media applications [4] - The report highlights the interdependence of productivity and production relationships in the AI era, suggesting that advancements in AI will drive new opportunities in digital marketing, educational training, and content creation [4][6] Summary by Sections Industry Performance - The media sector has shown strong relative performance with a 48.1% increase over the past 12 months, compared to a 17.3% increase in the 沪深 300 index [1] Sora2's Impact on Media Applications - Sora2 is expected to enhance various media applications, including digital marketing, educational content, and community engagement, by lowering content creation costs and increasing demand for high-quality content [4][6] Investment Dimensions - The report identifies four key investment dimensions: 1. Continuous iteration of OpenAI models, with a valuation reaching $500 billion, benefiting related companies 2. A new paradigm in content generation, with a focus on high-quality content creation 3. Opportunities in the digital marketing sector 4. Community platform developments, particularly in the Douyin and Xiaohongshu ecosystems [6]