其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -40% -20% 0% 20% 40% 60% 2024-10 2025-02 2025-06 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 钢铁 | 0.901 | | 有色金属 | 0.790 | | 公用事业 | 0.133 | | 交通运输 | 0.115 | | 银行 | 0.069 | | 数据来源：聚源 | | 证 券 证 券 研 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 通信 | -2.825 | | 电子 | -2.231 | | 国防军工 | -1.955 | | 传媒 | -1.877 | | 综合 | -1.784 | | 数据来源：聚源 | | 开源晨会 1031 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 总量视角 【宏观经济】"十五五"规划建议的 10 个关键细节——"十五五"规划学习体会 -20251030 【宏观经济】美联储 12 月降息可 ...

传媒/游戏Ⅱ 顺网科技（300113.SZ） Q3 净利润延续高增，算力云或开启商业化 2025 年 10 月 30 日 投资评级：买入（维持） | 日期 | 2025/10/29 | | --- | --- | | 当前股价(元) | 23.55 | | 一年最高最低(元) | 29.86/13.06 | | 总市值(亿元) | 160.98 | | 流通市值(亿元) | 122.04 | | 总股本(亿股) | 6.84 | | 流通股本(亿股) | 5.18 | | 近 3 个月换手率(%) | 365.46 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-10 2025-02 2025-06 顺网科技 沪深300 相关研究报告 《Q2 业绩超预期，端游高景气及算力 云/CJ 共驱成长—公司信息更新报告》 -2025.8.22 《2025Q1 延续高增长，算力云、AI 业务商业化或加速—公司信息更新报 告》-2025.5.5 《端游及电竞复苏带动业绩回暖，算 力云/AI 驱动成长—公司信息更新报 告》-2025.4.18 方光照（分析师） Q3 盈利能力大幅提升，广告 ...

顺网科技 20251029 摘要 顺网科技 2025 年上半年营收 3.24 亿元，同比增长 52.59%，虽收入因 业务结构调整略有下降，但公司战略重心已转向高毛利业务，优化了盈 利结构。 公司广告业务基于电竞科技服务，采用 CPT 模式，毛利率高。增值业务 包括加速器、租号陪玩等服务及 CDK、游戏道具等产品，后者竞争激烈， 毛利率较低，公司策略是集中资源于高毛利广告业务。 顺网科技自 2019 年起构建算力上云基础设施，目前进入平台深化运营 阶段，通过虚拟电竞枢纽打造线上线下互联互通平台，为电竞行业提供 高性能机器支持，降低从业门槛，提升网吧行业景气度。 公司未来重点发展高毛利广告业务，深化云计算和边缘算力云建设，推 进 AI 云电脑项目，为开发者提供模型训练、推理和微调服务，并计划在 2026 年加速算力建设与平台运营。 电竞行业复苏，硬件换机和新游戏推动行业发展。顺网科技通过算力上 云技术降低成本，促进产业升级，并计划通过展示可运营算力规模信息 来推动市场认知。 Q&A 盛网科技在 2025 年第三季度的财务表现如何？ 盛网科技在 2025 年第三季度实现了接近 40%的利润增长，延续了上半年的良 ...

Core Viewpoint - The company, Shunwang Technology, reported a significant increase in revenue and net profit for the third quarter of 2023, reflecting its successful business optimization strategies and the recovery of the digital entertainment industry [1][2]. Financial Performance - Revenue for the first three quarters of 2023 reached approximately 1.509 billion yuan, an increase of 8.04% year-on-year [1] - Net profit attributable to shareholders was about 324 million yuan, marking a 52.59% year-on-year increase [1] - Basic earnings per share were 0.48 yuan, up 50% compared to the previous year [1] Business Strategy - The company has been optimizing its business structure, focusing on high-margin advertising and adjusting low-margin value-added services [1] - This optimization has not only improved current profits but also laid a solid foundation for long-term healthy development [1] Market Environment - The recovery of the internet café market and the popularity of games have significantly contributed to the company's profit growth [1] - The esports service market is gradually recovering, with Shunwang Technology positioned as a major beneficiary due to its long-standing focus on technology research and development in this field [1] Technological Advancements - The company is integrating AI capabilities into its services, enhancing user experiences such as "instant game access" [2] - Shunwang Technology has established over 300 edge computing power rooms, providing services to more than 700,000 terminals, which will support future AI computing services [3] Industry Events - The successful hosting of the 22nd ChinaJoy exhibition, with record attendance and participation, has reinforced the company's leading position in the digital entertainment industry [2] - The collaboration with Kaiying Network to develop a PC game ecosystem community reflects the company's strategic shift towards value extraction in niche markets [2] Future Outlook - The company is transitioning from a "scale-first" approach to a "quality-first" strategy, focusing on optimizing business structure and accumulating cash flow for future strategic investments [3] - Shunwang Technology aims to balance current profitability with long-term development by consolidating its traditional business advantages while preparing for the upcoming AI application wave [3]

Group 1 - The core viewpoint of the news is that Shunwang Technology (300113.SZ) has seen an increase in institutional holdings, indicating growing investor confidence [1] - As of October 28, 2025, a total of 16 institutional investors hold 119 million shares of Shunwang Technology, accounting for 17.36% of the total share capital [1] - The top ten institutional investors collectively hold 17.04% of the shares, with an increase of 4.32 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six public funds increased their holdings, with a total increase ratio of 0.57% [2] - Five new public funds disclosed their holdings this quarter, including notable funds such as Invesco Great Wall Quality Evergreen Mixed Fund and GF Small Cap Growth Mixed Fund [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.31% compared to the previous period [2]

Core Viewpoint - Shunwang Technology (300113.SZ) reported a revenue of 1.509 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 8.04% [1] - The net profit attributable to shareholders reached 324 million yuan, marking a significant year-on-year increase of 52.59% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 291 million yuan, which is a year-on-year growth of 39.56% [1] - Basic earnings per share stood at 0.48 yuan [1]

Core Insights - The company, Shunwang Technology, reported a revenue of 1.5 billion yuan for the first three quarters, reflecting a year-on-year growth of 8.04% [1] - The net profit attributable to shareholders reached 320 million yuan, showing a significant year-on-year increase of 52.59% [1] - The net profit excluding non-recurring gains and losses was 291 million yuan, which represents a year-on-year growth of 39.56% [1] Financial Performance - Total revenue for the first three quarters: 1.5 billion yuan, up 8.04% year-on-year [1] - Net profit attributable to shareholders: 320 million yuan, up 52.59% year-on-year [1] - Net profit excluding non-recurring items: 291 million yuan, up 39.56% year-on-year [1]

10月28日，杭州顺网科技股份有限公司(300113 SZ，以下简称"顺网科技")发布2025年三季报。财报显示，顺网科技在2025年前三季度净利润约 3.24亿元，同比增加52.59%。 报告显示，顺网科技第三季度营业收入为4.98亿元，同比下降15.35%，环比增长15.31%；净利润为1.62亿元，同比增长38.99%，环比增长 84.28%。值得一提的是，顺网科技已经连续11个季度实现盈利。 据南都N视频记者了解，顺网科技第三季度收入同比下降，是因为公司今年持续进行业务结构优化，重点在广告等高毛利业务继续发力，同时 对增值业务里面一些低毛利业务进行了调整。此外，顺网科技的云业务在经过几年的沉淀，也进入了新的阶段。利润方面，则得益于整个网吧 市场的回暖、热门游戏的火热，带动利润的增长。 今年前三季度，顺网科技营业收入为15.09亿元，同比增长8.04%；净利润为3.24亿元，同比增长52.59；经营性现金流净额为18.59亿元，同比增 长124.79%。 | = / w = H | | --- | | | 本报告期 | 本报告期比 | 年初至报告期末 | 年初至报告期末 | | --- | --- | ...

Core Viewpoint - Shunwang Technology reported a net profit of approximately 324 million yuan for the first three quarters of 2025, marking a year-on-year increase of 52.59% [1] Financial Performance - In Q3 2025, Shunwang Technology's operating revenue was 498 million yuan, a year-on-year decrease of 15.35% but a quarter-on-quarter increase of 15.31% [2] - The net profit for Q3 2025 was 162 million yuan, reflecting a year-on-year growth of 38.99% and a quarter-on-quarter increase of 84.28% [2] - For the first three quarters of 2025, total operating revenue reached 1.51 billion yuan, up 8.04% year-on-year [2] - The net profit for the same period was 324 million yuan, showing a year-on-year increase of 52.59% [2] - Operating cash flow net amount was 1.86 billion yuan, a significant year-on-year increase of 124.79% [1][2] Business Strategy and Market Trends - The decline in revenue for Q3 is attributed to the company's ongoing business structure optimization, focusing on high-margin advertising while adjusting low-margin value-added services [2] - The recovery of the internet café market and the popularity of trending games contributed to the profit growth [2] - Shunwang Technology's subsidiary, Shanghai Hanwei Xinheng Exhibition Co., Ltd., co-hosted the ChinaJoy event, which showcased strong recovery in the gaming industry with record attendance and participation [3] - A recent collaboration was established between Shunwang Technology, Hangzhou Shunwan Network Co., Ltd., and Zhejiang Xianqu Interactive Network Technology Co., Ltd. to enhance the PC gaming ecosystem for specific game genres [3]

Core Insights - The company, Shunwang Technology, reported a decline in third-quarter revenue but an increase in net profit, indicating a mixed performance in the latest financial results [2] Financial Performance - In Q3, the company's operating revenue was 498 million yuan, a year-on-year decrease of 15.35% [2] - The net profit for the same period was 162 million yuan, showing a year-on-year increase of 38.99% [2] - For the first three quarters of 2025, the total operating revenue reached 1.509 billion yuan, reflecting a year-on-year growth of 8.04% [2] - The net profit for the first three quarters was 324 million yuan, which is a year-on-year increase of 52.59% [2]