Summary of Shunwang Technology Conference Call Company Overview - Shunwang Technology started from internet cafe services and quickly gained market leadership through acquisitions, later transforming into an advertising platform for gaming companies and providing value-added esports entertainment services. Post-pandemic, the company's performance has outperformed peers, with revenue primarily from online advertising and value-added services [2][3]. Key Industry Insights - The company capitalizes on its technical accumulation and resource advantages in the esports field to expand into cloud computing and artificial intelligence (AI), addressing the demand for massive game storage in the internet cafe industry [2][4]. - The revival of the PC gaming market, driven by the return of Generation Z and Y players and the release of major titles like "Black Myth: Wukong," is shifting resources towards the PC platform, creating new growth opportunities for Shunwang Technology [2][6]. Business Development and Strategy - Shunwang Technology has established a multi-tiered computing power service system, utilizing idle computing resources from internet cafes for rendering, enterprise cloud computing, and personal cloud gaming, thus implementing a "one computing power sold for multiple uses" business model [4][13][14]. - The company targets B-end markets, particularly small enterprises and individual developers in the AI sector, providing them with computing resources to meet their needs [4][16]. Financial Performance and Growth Drivers - The company's revenue from online advertising and value-added services has seen significant growth, driven by increased advertising budgets from game manufacturers and rising consumer demand for new games [22]. - Shunwang Technology plans to expand its edge computing facilities to meet the growing demand for high-performance computing resources from personal users, esports hotels, and AI development teams [20][19]. Future Directions - The company aims to leverage its past achievements and resource base to further develop new businesses for long-term growth, with a focus on AI and healthcare sectors [17]. - Shunwang Technology is also expanding its presence in the interactive entertainment sector through its core brand, ChinaJoy, which serves as a platform for resource aggregation and new business incubation [9][23]. Emerging Technologies and Applications - The company is exploring the application of AI chatbots and virtual human technologies in social companionship and intelligent customer service, with a focus on B-end market customization [25]. - Shunwang Technology does not currently plan to expand into heavyweight end-game development but remains open to investment and acquisition opportunities that align with its business model [25]. Additional Insights - Shunwang Technology regularly publishes white papers on the esports sector, providing valuable industry data and trends for stakeholders [7]. - The company has established a flexible computing power leasing model that reduces capital expenditure for internet cafe owners, allowing them to upgrade equipment without significant upfront costs [12][11].

5月20日至21日，顺网科技(300113)接待长城证券、国元证券、太平洋证券等多家机构投资者调研。公 司与机构投资者就公司整体经营情况及电竞科技、算力以及人工智能领域等业务情况进行问答交流。 在探讨顺网科技位于电竞行业市场优势与IP衍生品端的相关布局时，公司表示，凭借多年业务实践与技 术积累，顺网科技以科技赋能电竞产业全链路，为产业链上游游戏厂商、中游电竞实体、下游电竞用户 提供端到端的科技解决方案，核心产品已覆盖全国电竞服务行业70%以上市场，触及全国96%以上城 市，与各地2000余家合作伙伴始终保持良好合作关系。2025年第二十二届ChinaJoy将于2025年8月1日至 4日在上海新国际博览中心举办。公司将在互动娱乐领域持续推进"ChinaJoy"IP的品牌影响力和内容多 样化，并积极推动与游戏、动漫等头部IP的业务合作。 作为电竞服务领域核心供应商，顺网科技秉持聚焦行业、多维发展理念，深耕电竞科技、互动娱乐、算 力和人工智能等领域，持续为用户提供先进的产品及技术解决方案。2024年，公司实现营业收入18.40 亿元，同比增长28.37%；归母净利润2.52亿元，同比增长48.60%，2025年一季 ...

Market Overview - A-shares experienced a pullback after an initial rise, with the Shanghai Composite Index down 0.3% to 3338.42 points, the Shenzhen Component Index down 0.71%, and the ChiNext Index down 1.28% to 1995.61 points, with a half-day trading volume of 660.96 billion yuan [1][2]. Sector Performance - The controllable nuclear fusion concept led the market with an average increase of 3.90%, while the network gaming sector also showed strength, with stocks like Youzu Network hitting the daily limit [3][4]. - The gaming industry is entering a new development phase characterized by "content refinement + AI industrialization + globalization systematization," with a stable short-term policy environment and long-term global growth potential [4]. Company Insights - **ShengTian Network**: Actively exploring AI applications in gaming and social scenarios, with significant game releases expected in 2025 [7]. - **Giant Network**: Focused on long-term operation of existing games, leveraging AI for accelerated growth [8]. - **ShunNet Technology**: Developing its own intelligent engine and cloud computing platform, aiming to enhance efficiency across various sectors [9]. - **Sanqi Interactive Entertainment**: Utilizing AI technology for intelligent content production, potentially driving innovation in gaming [10].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4]

Group 1: 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] - In 2024, the company achieved a revenue of CNY 183,954.85 million, a year-on-year increase of 28.37%, and a net profit of CNY 25,188.34 million, up 48.60% [2] - In Q1 2025, the company reported a revenue of CNY 57,801.79 million, growing by 40.25%, and a net profit of CNY 7,346.77 million, an increase of 37.48% [2] Group 2: Market Position and Strategy - The company holds over 70% of the esports service market in China, collaborating with more than 2,000 partners across over 96% of cities [3] - Future strategies include enhancing core competitiveness in the esports sector, enriching interactive entertainment offerings, and exploring cutting-edge technologies in computing power and AI [4] Group 3: Computing Power Business - The company has developed a multi-layered computing power service system, integrating various computing resources and offering features like cloud-edge collaboration and cost efficiency [5] - By the end of 2024, the company established over 300 computing power edge data centers, serving more than 700,000 terminals, with a year-on-year growth of 21.1% in cloud terminal numbers [6] Group 4: Research and Development - The company prioritizes technology R&D in its main sectors, maintaining high levels of investment and output while keeping abreast of industry trends and technological innovations [8] Group 5: IP Development and Financial Performance - The company plans to enhance the brand influence and content diversity of the "ChinaJoy" IP, with a focus on partnerships in gaming and animation [9] - A significant decline in gross margin in Q1 was attributed to a shift in revenue structure, with low-margin businesses growing rapidly, but this is not expected to have a lasting impact on operations [10]

Core Insights - The esports sector has seen a rise of 2.69%, ranking 10th among concept sectors, with 30 stocks increasing in value, led by Zhejiang Wenhu Internet, which hit the daily limit, and notable gains from Huali Technology and Shunwang Technology at 15.04% and 5.60% respectively [1][2] Group 1: Market Performance - The esports concept sector recorded a net inflow of 696 million yuan, with 19 stocks experiencing net inflows, and 5 stocks exceeding 50 million yuan in net inflow [2] - The top net inflow stock was Zhejiang Wenhu Internet, attracting 315 million yuan, followed by Huali Technology and Giant Network with net inflows of 143 million yuan and 105 million yuan respectively [2][3] Group 2: Stock Performance - The leading stocks in the esports sector based on net inflow ratio were Zhejiang Wenhu Internet at 23.85%, Huali Technology at 16.79%, and Giant Network at 16.14% [3] - Other notable performers included Tianyu Digital with a net inflow of 58.84 million yuan and a net inflow ratio of 4.40% [3]

2024 年年度股东大会决议公告 证券代码：300113 证券简称：顺网科技 公告编号：2025-032 杭州顺网科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形； 2、本次股东大会未涉及变更以往股东大会已通过决议的情形。 一、会议的召开情况 1、会议召开时间： （1）现场会议时间：2025 年 5 月 15 日下午 13:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间 为：2025 年 5 月 15 日上午 9:15-9:25,9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网投票系统进行网络投票的具体时间为：2025 年 5 月 15 日上午 9:15 至 下午 15:00 期间的任意时间。 2、现场会议地点：浙江省杭州市拱墅区湖州街 555 号顺网运河国际 3 号楼。 3、会议的召开方式：本次股东大会采用现场表决与网络投票相结合的方式召开。 4、股东大会召集人：公司第五届董事会。 5、股东大会主持人：公司董事长华勇先生。 本次会议的召 ...

北京市竞天公诚律师事务所上海分所 关于杭州顺网科技股份有限公司 2024 年年度股东大会之法律意见书 致：杭州顺网科技股份有限公司 杭州顺网科技股份有限公司（以下简称"公司"）2024 年年度股东大会（以下 简称"本次股东大会"）于 2025 年 5 月 15 日召开。北京市竞天公诚律师事务所上 海分所（以下简称"本所"）经公司聘请，委派律师出席会议，并根据《中华人民 共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以下 简称"《公司法》"）、中国证券监督管理委员会《上市公司股东大会规则》和《杭 州顺网科技股份有限公司章程》（以下简称"《公司章程》"），就公司本次股东 大会的召集、召开程序、出席会议人员资格、会议审议事项、会议的表决方式、 表决程序和表决结果等发表法律意见。 本所律师已经对与出具本法律意见书有关的所有文件资料及证言进行审查 判断，并据此出具法律意见。 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road （M）, Xuhui District, Shanghai, C ...

证券代码：300113 证券简称：顺网科技 公告编号： | 杭州顺网科技股份有限公司 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 关于控股股东、实际控制人部分股份质押及解除质押的公告 | | | | | | | | | | | | | 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，不存在 | | | | | | | | | | | | | 虚假记载、误导性陈述或者重大遗漏。 | | | | | | | | | | | | | 杭州顺网科技股份有限公司（以下简称"公司"）近日接到公司控股股东、 | | | | | | | | | | | | | 实际控制人华勇先生通知，获悉其所持有本公司的部分股份办理了质押登记及解 | | | | | | | | | | | | | 除质押手续。现将具体情况公告如下： | | | | | | | | | | | | | 一、本次部分股份质押及解除质押的基本情况 是否为控股 | | | | | | | | | | ...

Overview of the Capital Increase - The company plans to increase the capital of its wholly-owned subsidiary, Hangzhou Wulian Technology Co., Ltd., by 31 million yuan, raising its registered capital from 4 million yuan to 35 million yuan to support business development and improve financial structure [1][3]. Details of the Capital Increase - The capital increase was approved during the company's board meeting on May 13, 2025, and does not require shareholder approval as it falls within the board's authority [1]. - The increase is funded by the company's own funds and will not adversely affect the company's financial status or operational conditions [4]. Financial Status of the Subsidiary - As of December 31, 2024, Wulian Technology had total assets of 14.215 million yuan, total liabilities of 212.3015 million yuan, and a net asset of -19.80865 million yuan. For the year 2024, it reported revenue of 31.4055 million yuan and a net loss [3]. - As of March 31, 2025, the subsidiary's total assets were 21.062 million yuan, total liabilities were 223.3324 million yuan, and net assets were -20.22704 million yuan, with first-quarter revenue of 8.3558 million yuan and a net loss of 418.39 thousand yuan [3]. Strategic Implications - The capital increase aligns with the company's strategic planning and long-term interests, aiming to enhance Wulian Technology's operational capabilities and financial health [3].