Group 1: Company Strategy and Financial Management - The company emphasizes a cautious financial management approach while exploring business and technology development opportunities [3][4][9] - The company plans to enhance its core competitiveness by leveraging technological advancements and continuous innovation in the esports and interactive entertainment sectors [16][18] - The company aims to maintain a balance between operational funding needs and investment returns by utilizing idle funds for low-risk financial products [4][19] Group 2: AI and Computing Power Development - The company has established over 300 edge computing power rooms, serving more than 700,000 terminals by the end of 2024 [10][11][19] - The focus is on developing AI MaaS services and intelligent agent applications, integrating various computing resources to provide cost-effective AI model services [24][26] - The company is actively exploring AI applications in various sectors, including smart customer service and healthcare [17][24] Group 3: Market Position and Industry Trends - The esports industry is projected to grow, with a 14.7% increase in the number of esports venues and an estimated revenue of around 90 billion yuan in 2024 [18] - The company is committed to adapting to industry trends, including the shift towards cloud-based storage and computing power [18][24] - The company is open to potential mergers and acquisitions to enhance its market position and resource integration [9][24] Group 4: Investor Relations and Communication - The company ensures transparent and timely information disclosure, adhering to regulations to prevent the leakage of significant undisclosed information [2] - The company actively engages with investors, addressing their concerns and providing updates on business performance and strategic direction [2][3][4] - The company is focused on enhancing investor confidence through sound governance and operational practices [23][28]

Core Insights - The gaming industry is witnessing a significant focus on SLG (Simulation and Strategy Games) products, with companies like Shenzhou Taiyue and IGG reporting synchronized growth in revenue and profits from their flagship titles [2][6][10] - Mini-games are emerging as a popular segment, contributing significantly to revenue for companies such as Zhongqingbao and Zhangqu Technology, indicating a shift in consumer preferences [2][24][30] Revenue and Performance - In 2024, 12 games reported annual revenues exceeding 500 million yuan, with 10 games showing year-on-year growth, including titles like "Age of Origins" and "Doomsday: Last Survivors" [6][7] - Shenzhou Taiyue's "Age of Origins" generated 352,915 million yuan in revenue, marking a 7% increase, while "War and Order" also maintained strong performance with over 100 million yuan in revenue [7][8] - IGG's "Kingdom Age" remains a top revenue generator, although its income has declined from 30 billion HKD to nearly 26 billion HKD [11] Marketing and Promotion - Ten games had promotional expenses exceeding 10 million yuan, with "Age of Origins" leading at 66,080 million yuan, representing 19% of its revenue [18][19] - Companies are increasingly focusing on reducing promotional expenditures to enhance profitability, as seen with "Super World" and "War and Order" [20][21] Mini-Game Market - The mini-game market is experiencing rapid growth, with a reported revenue of 39.836 billion yuan in 2024, a 99.18% increase year-on-year [24] - Companies like Xinghui Entertainment and Zhongqingbao are actively investing in mini-games, with titles like "Anti-Japanese Heroes 2" generating significant revenue [30][32] Future Developments - Shenzhou Taiyue is planning to test new SLG titles in the overseas market, indicating a strategic expansion [10] - IGG is also set to launch new SLG projects, aiming for diversified growth in the coming years [12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1 2025, with operating revenue of 578 million yuan, representing a year-on-year increase of 40.25% and a quarter-on-quarter increase of 30.43%. The net profit attributable to the parent company was 73 million yuan, up 37.48% year-on-year and 85.06% quarter-on-quarter [4] - The growth is primarily driven by the performance of the online advertising and value-added services, benefiting from the recovery in the esports service industry and increased advertising spending due to new game launches and marketing activities [4] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 330 million yuan, 407 million yuan, and 490 million yuan respectively, with corresponding EPS of 0.48 yuan, 0.60 yuan, and 0.72 yuan [4] Financial Performance - In Q1 2025, the company demonstrated effective cost control, with a sales expense ratio of 4.26%, management expense ratio of 8.48%, and R&D expense ratio of 5.43%, all showing year-on-year declines [5] - Financial income turned positive, with a gain of 1.49 million yuan compared to a loss of 7.83 million yuan in the same period last year, attributed to income from financial products and structured deposits [5] Business Development - The company is accelerating its cloud computing business, having established over 300 edge computing rooms by the end of 2024, serving more than 700,000 cloud terminals, which is a year-on-year increase of 21.1% [6] - The edge computing services leverage idle computing power from internet cafes for AI inference, graphic rendering, and cloud computing, offering significant cost advantages and low latency [6] - The development of AI applications and cloud gaming is expected to drive continued growth in demand for edge computing services [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1 2025, with revenue of 578 million yuan, representing a year-on-year increase of 40.25% and a quarter-on-quarter increase of 30.43%. The net profit attributable to the parent company was 73 million yuan, up 37.48% year-on-year and 85.06% quarter-on-quarter [4] - The growth is primarily driven by the performance of the online advertising and value-added services, benefiting from the recovery in the esports service industry and increased marketing activities in the gaming sector [4] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 330 million yuan, 407 million yuan, and 490 million yuan respectively, with corresponding EPS of 0.48, 0.60, and 0.72 yuan [4] Financial Performance - In Q1 2025, the company demonstrated effective cost control, with a sales expense ratio of 4.26%, management expense ratio of 8.48%, and R&D expense ratio of 5.43%, all showing year-on-year declines [5] - Financial income turned positive, with a gain of 1.49 million yuan compared to a loss of 7.83 million yuan in the same period last year, attributed to returns from financial products and structured deposits [5] Business Development - The company is accelerating its cloud computing business, having established over 300 edge computing rooms by the end of 2024, serving more than 700,000 cloud terminals, a year-on-year increase of 21.1% [6] - The edge computing services leverage idle computing power from internet cafes for AI inference, graphic rendering, and cloud gaming, offering significant cost advantages and low latency [6] - The development of AI applications and cloud gaming is expected to drive continued growth in demand for edge computing services [6]

Company Overview - The company focuses on the esports technology, interactive entertainment, computing power, and artificial intelligence sectors, providing advanced products and solutions to enhance user experiences and support business innovation [2] - The company aims to create a healthy and sustainable industry ecosystem while complying with national policies on cybersecurity and content management [2] Financial Performance - In 2024, the company achieved a revenue of CNY 183,954.85 million, representing a year-on-year growth of 28.37%, and a net profit of CNY 25,188.34 million, up 48.60% [3] - For Q1 2025, the revenue reached CNY 57,801.79 million, a 40.25% increase year-on-year, with a net profit of CNY 7,346.77 million, growing by 37.48% [3] Future Development Strategy - The company plans to enhance its core competitiveness by deepening its focus on the esports sector and integrating cultural and technological innovations [4] - It aims to explore cutting-edge technologies and expand its computing power and AI services, aspiring to become a leader in digital intelligence services [4] Industry Insights - The domestic gaming market's actual sales revenue in 2024 was CNY 3,257.83 billion, with a growth of 7.53% [5] - The PC gaming market saw a revenue of CNY 679.81 billion, marking a 2.56% increase, continuing a four-year growth trend [5] - The total number of internet service venues, including internet cafes and esports venues, reached 103,600, generating approximately CNY 90 billion in revenue [5][6] Market Position in Esports - The company holds over 70% of the esports service market in China, maintaining partnerships with over 2,000 collaborators across more than 96% of cities [7] - By the end of 2024, the number of active terminals in esports services grew by 2.1%, and user numbers increased by 6.6% [7] Computing Power Infrastructure - The company has established over 300 edge computing power cloud rooms, serving more than 700,000 terminals, with a year-on-year growth of 21.1% in cloud terminal numbers [8] - It aims to enhance its computing power service offerings by optimizing resource allocation and expanding coverage [8] Shareholder Information - As of Q1 2025, the total number of ordinary shareholders was 64,007, an increase of 8,576 compared to the end of 2024 [11] - The company emphasizes long-term shareholder returns through a balanced dividend policy and robust governance practices [12]

Summary of Shunwang Technology Conference Call Company Overview - **Company**: Shunwang Technology - **Industry**: Gaming and Edge Computing Key Points Financial Performance - In Q3 2024, Shunwang Technology achieved its highest revenue and profit, reaching 589 million yuan and 116.7 million yuan respectively, benefiting from revenue recognition from the ChinaJoy exhibition [2][4] - Year-over-year revenue and profit growth for 2024 was 28% and 49% respectively, with Q1 2025 showing further growth of 40% in revenue and 37% in net profit [3][4] Market Trends - The PC gaming market is experiencing a revival, with a 19% year-over-year growth in January 2025, positively impacting Shunwang's advertising, value-added, and exhibition businesses [2][6] - The trend of multi-platform coverage in gaming is beneficial for Shunwang, enhancing its advertising and value-added services [6] Gaming Business Developments - Shunwang's subsidiary, Floating Cloud Technology, has partnered with Bilibili to launch the game "Three Kingdoms: Strategize the World," which, despite limited revenue, has increased industry visibility [2][8] - New game projects are expected to be incubated and launched in the summer of 2025 [8] Edge Computing Expansion - As of the end of 2024, Shunwang has over 300 edge computing data centers and more than 700,000 service terminals, marking a 21.1% year-over-year growth [2][10] - The company is expanding its edge computing capabilities to support the growing demand in the esports sector and advancements in AI technology [10] AI and Healthcare Initiatives - Shunwang is expanding into AI and healthcare by investing in Zhejiang Smart Network Medical Hospital Management Co., focusing on personal cloud brain user needs [2][11] - The company aims for breakthrough growth through the integration of edge computing and AI technologies [11] Exhibition Business Plans - Shunwang is expanding its exhibition business, planning to showcase new trends and products at the ChinaJoy exhibition from August 1 to 4, 2025 [2][9] - The company is preparing to introduce new activities and products, including robotics and creative products, to attract younger consumers [9][19] Cloud Computing and Cost Reduction - The adoption of cloud computing solutions is helping internet cafes reduce hardware upgrade costs, with a flexible pricing model based on computing power usage [12][26] - Cloud computing is being utilized in esports venues and high-end internet cafes to maintain competitive advantages while minimizing costs [27] Future Outlook - Shunwang is optimistic about its future growth prospects, particularly in esports, internet advertising, and value-added services [2][7] - The company is well-positioned to capitalize on the ongoing trends in the gaming industry and the increasing demand for edge computing and AI solutions [7][11] AI Agent Development - Shunwang has been updating its AI agent technologies and plans to promote their widespread implementation in 2025 [21] - The Lingxi AI engine is designed to provide multi-modal AI model services, enhancing the profitability of computing-related businesses [22][23] Market Position and Strategy - Shunwang holds a 70% market share in the edge computing sector, with plans to expand further into other industries with stable computing demands [24] - The company is focused on optimizing resource allocation and enhancing advertising effectiveness through strategic partnerships with game developers [25] Additional Insights - The gaming industry is characterized by high player loyalty and long product lifecycles, which are crucial for Shunwang's advertising and value-added services [6] - The company is actively monitoring industry trends and user demands to adapt its strategies and offerings accordingly [20][28]

Financial Performance - The company's revenue for Q1 2025 reached ¥578,017,943.99, representing a 40.25% increase compared to ¥412,125,843.97 in the same period last year[4] - Net profit attributable to shareholders was ¥73,467,706.78, up 37.48% from ¥53,439,479.77 year-on-year[4] - Basic and diluted earnings per share increased by 37.50% to ¥0.11, compared to ¥0.08 in the same period last year[4] - Net profit for the current period was ¥83,029,177.68, representing a 32.8% increase from ¥62,523,528.71 in the previous period[18] - The net profit attributable to the parent company was ¥73,467,706.78, up from ¥53,439,479.77, indicating a growth of 37.5%[18] Cash Flow - The net cash flow from operating activities decreased by 58.83% to ¥56,031,419.04, down from ¥136,083,271.39 in the previous year[4] - Cash inflow from operating activities increased to $644.90 million, up from $498.81 million, representing a growth of 29.3% year-over-year[20] - Net cash flow from operating activities decreased to $56.03 million, down from $136.08 million, a decline of 58.8% year-over-year[20] - Cash inflow from investment activities surged to $1.17 billion, compared to $35.06 million in the previous period, indicating a significant increase[21] - Net cash flow from investment activities was negative at -$73.92 million, worsening from -$3.79 million year-over-year[21] - The ending balance of cash and cash equivalents decreased to $492.77 million from $1.50 billion, a decline of 67.2% year-over-year[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,839,855,003.31, a 1.53% increase from ¥2,797,195,815.03 at the end of the previous year[4] - Total liabilities decreased to ¥464,353,452.74 from ¥513,964,488.73, a reduction of 9.6%[16] - The company's equity attributable to shareholders rose by 3.71% to ¥2,311,483,513.12 from ¥2,228,774,683.59 at the end of the last year[4] - The total equity attributable to the parent company rose to ¥2,311,483,513.12, up from ¥2,228,774,683.59, marking an increase of 3.7%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 64,007[8] - The largest shareholder, Hua Yong, holds 31.92% of shares, amounting to 220,191,442 shares, with 89,910,900 shares pledged[8] - The total number of shares held by the top 10 shareholders is significant, with the first shareholder holding over 31%[8] - The company has a repurchase account holding 15,572,058 shares, representing 2.26% of the total share capital[9] Operational Metrics - The main business income growth was driven by an increase in online advertising and value-added services[6] - Total operating revenue for the current period reached ¥578,017,943.99, a significant increase of 40.2% compared to ¥412,125,843.97 in the previous period[17] - Total operating costs amounted to ¥494,223,327.52, up 43.7% from ¥344,261,009.56 in the prior period, with operating costs specifically rising from ¥241,179,878.71 to ¥385,494,416.56[17] - Research and development expenses were ¥31,385,181.61, down from ¥35,713,457.35, a decrease of 12.3%[17] - The company reported a significant increase in contract liabilities, which rose to ¥125,073,801.85 from ¥85,437,590.82, an increase of 46.3%[16] Changes and Events - The company did not undergo an audit for the first quarter report[22] - The first-time implementation of new accounting standards will take effect starting in 2025[22] - The board of directors meeting was held on April 29, 2025[23]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continued high growth in social and gaming sectors, particularly in the MENA region, emphasizing companies with operational advantages and market positioning [4] - The report notes significant revenue growth for companies like Zhiyu City Technology, which achieved total revenue of 5.09 billion yuan in 2024, a year-on-year increase of 53.9% [4] - The report emphasizes the importance of AI applications and the ongoing development of domestic video models, which are expected to drive further growth in the industry [5] Summary by Sections Industry Overview - The report indicates that the A-share media sector underperformed compared to major indices, while the gaming sector showed better performance [9] - The report provides insights into the performance of popular games and films, with "Peace Elite" topping the iOS free and revenue charts in mainland China [12][16] Company Performance - Zhiyu City Technology's social business revenue reached 4.63 billion yuan, growing by 58.1%, while its innovative business revenue was 460 million yuan, up by 21.3% [4] - Yalla Technology reported a revenue of 339.7 million USD in 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] AI and Technology Developments - The report discusses breakthroughs in domestic video models, with Vidu achieving top rankings in evaluation benchmarks [5] - The report highlights the integration of AI capabilities in various applications, suggesting continued investment in AI technologies [5] Market Trends - The report notes the increasing popularity of AI-generated content and tools, with significant engagement on social media platforms [33][34] - The report emphasizes the ongoing demand for gaming and entertainment content, with several new titles gaining traction in the market [23][24]

证券代码：300113 证券简称：顺网科技 杭州顺网科技股份有限公司投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 及人员姓名 | 中信建投、金鹰基金、天弘基金、华商基金、万家基金、中加基金、 深圳山石基金、北京国际信托、弘康人寿保险、广东正圆私募基金、 | | | 上海坤阳私募基金、上海勤辰私募基金、上海禧弘私募基金、深圳 | | | 市恒泽私募证券基金、上海宽远资管、上海名禹资管、上海途灵资 | | | 管、长城财富保险资管、深圳前海博普资管、深圳多鑫投资、 | | | Brilliance Asset Management Limited、Broad Peak Investment | | | Advisers Pte Ltd 等机构及其相关人员（以上排名不分先后） | | 会议日期 | 2025 年 04 月 21 日–04 月 24 日 | | 会议地点 | 线上电话会议 | | 上市公司接待 | 副总经理、董 ...

2024年，在数字经济持续深化的大背景下，顺网科技（300113.SZ）交出了一份令人瞩目的成绩单。公 司全年实现营业收入18.40亿元，同比增长28.37%；归属于上市公司股东的净利润达2.52亿元，同比增 长48.60%。 2024年度，公司拟实施的年度现金分红总额为0.61亿元，使用自有资金以集中竞价交易方式回购公司股 份累计支付资金总额为0.50亿元 （含交易费用），通过上述两种方式，公司2024年度现金分红总额合计 为1.11亿元，占本年度合并报表归属于上市公司股东的净利润的44.11%。 顺网科技坚持聚焦行业、多维发展的理念，在电竞科技、互动娱乐、算力、AI等领域深度耕耘，持续 向用户提供先进的产品及技术解决方案，帮助企业客户实现业务创新，帮助互联网用户全面提升数字娱 乐体验。在提供丰富电竞 服务行业内容和体验的同时，公司积极响应和落实国家在网络安全、内容管 理等方面的政策要求，营造绿色可持续发展的网络环境，共同构建行业健康可持续发展的业务生态。 公司在电竞科技、互动娱乐、算力及人工智能领域的战略布局正在开花结果。从业务结构来看，网络广 告及增值业务收入13.37亿元，同比增长46.56%，成为推 ...