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 ...

Investment Rating - Investment rating for the media industry is optimistic (maintained) [1] Core Insights - The MCP agreement and the "Network Publishing Technology Innovation Leading Plan" are driving industry development, with a focus on AI applications and IP development [5] - The collectible card game market in China is expected to grow significantly, with a projected market size increase from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [6][14] - The report emphasizes the importance of high-quality IP and the rise of domestic IP in driving growth in the collectible card and related industries [21][22] Summary by Sections Section 1: Collectible Card Games - The collectible card game market is projected to grow from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, with a CAGR of 56.6% [6][14] - The leading company in this sector, 卡游, achieved revenues of 22.9 billion RMB in 2021, 41.3 billion RMB in 2022, and is expected to reach 100.6 billion RMB in 2024 [22] - The report highlights the increasing participation of female consumers and the rise of domestic IP as key growth drivers [21][22] Section 2: Industry Data Overview - The game "和平精英" ranked first in both the iOS free and best-selling charts in mainland China as of April 19, 2025 [31][35] - The film "向阳·花" achieved a weekly box office of 0.39 billion RMB, totaling 1.83 billion RMB [45] - The web drama "无忧渡" performed well with a broadcasting index of 82.5 [46] Section 3: Company Performance - 卡游's revenue from collectible card games is expected to continue growing, supported by a strong IP matrix and effective supply chain management [22][23] - The company has launched numerous toy series and collectible card series, indicating robust product innovation [22][23] - The report recommends continued investment in companies like 腾讯控股 and 快手-W, which are positioned to benefit from the growth in AI and gaming sectors [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recovery in PC gaming and esports is driving performance improvement, with growth supported by cloud computing and AI initiatives [3][4] - The company achieved a revenue of 1.84 billion yuan in 2024, representing a year-on-year increase of 28.37%, and a net profit of 252 million yuan, up 48.6% year-on-year [3] - The main revenue driver was the network advertising and value-added services segment, which generated 1.34 billion yuan, a 46.56% increase year-on-year, attributed to the recovery in the gaming industry and increased marketing activities [3] - The company is optimistic about the continued recovery in demand for PC games and esports, leading to revised profit forecasts for 2025-2027 [3] Financial Performance - In Q4 2024, the company reported a revenue of 443 million yuan, a 36.61% increase year-on-year, but a 24.74% decrease quarter-on-quarter [3] - The gross margin for 2024 was 41.13%, down 8.07 percentage points year-on-year, primarily due to costs in the network advertising and value-added services segment growing faster than revenue [4] - The company effectively controlled expenses, resulting in a net profit margin increase to 13.69%, up 1.86 percentage points year-on-year [4] Growth Drivers - The company is expanding its edge computing capabilities, having established over 300 edge data centers by the end of 2024, serving over 700,000 cloud terminals [4] - The edge computing services leverage idle computing power from internet cafes for AI inference and cloud gaming, presenting significant cost advantages [4] - The collaboration between AI and cloud computing is expected to form a second growth curve for the company [4] Earnings Forecast - The company forecasts net profits of 330 million yuan, 407 million yuan, and 490 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.48, 0.60, and 0.72 yuan [3][5] - The current stock price corresponds to a P/E ratio of 36.2, 29.3, and 24.3 for the years 2025, 2026, and 2027 respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The recovery of the PC gaming and esports sectors is driving a rebound in performance, with growth driven by cloud computing and AI [1][3] - The company achieved a revenue of 1.84 billion yuan in 2024, representing a year-on-year increase of 28.37%, and a net profit of 252 million yuan, up 48.6% year-on-year [3][4] - The main growth driver is the revenue from online advertising and value-added services, which reached 1.34 billion yuan, a year-on-year increase of 46.56% [3][4] - The company is expected to see continued growth in net profit, with projections of 330 million yuan for 2025, 407 million yuan for 2026, and 490 million yuan for 2027 [3][4] Financial Performance Summary - In 2024, the company's gross margin was 41.13%, a decrease of 8.07 percentage points year-on-year, primarily due to costs in online advertising and value-added services growing faster than revenue [4] - The company effectively controlled expenses, resulting in a net profit margin increase to 13.69%, up 1.86 percentage points year-on-year [4] - The edge computing business is accelerating, with over 300 edge data centers established by the end of 2024, serving over 700,000 cloud terminals, a year-on-year increase of 21.1% [4] - The company’s earnings per share (EPS) are projected to be 0.48 yuan for 2025, 0.60 yuan for 2026, and 0.72 yuan for 2027, with corresponding price-to-earnings (P/E) ratios of 36.2, 29.3, and 24.3 respectively [3][4]

Core Viewpoint - Shunwang Technology (300113.SZ) reported its 2024 annual results, highlighting significant institutional investor activity and changes in shareholding patterns [1] Group 1: Institutional Investor Holdings - As of April 17, 2025, 147 institutional investors disclosed holdings in Shunwang Technology A-shares, totaling 71.976 million shares, which represents 10.37% of the company's total share capital [1] - The top ten institutional investors collectively hold 8.82% of the shares, with a decrease of 1.87 percentage points compared to the previous quarter [1] Group 2: Public Fund Activity - Three public funds reduced their holdings compared to the previous quarter, with a total decrease of 1.09% [2] - A total of 140 new public funds were disclosed during this period, including notable funds such as Huaxia CSI 1000 ETF and GF CSI 1000 ETF [2] - Three public funds were not disclosed in this period, including Guojin CSI 1000 Index Enhanced A [2] Group 3: Foreign Investment Trends - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings, accounting for a 1.30% increase [2]

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

本报告依据中国资产评估准则编制 杭州顺网科技股份有限公司以财务报告为目的 拟进行商誉减值测试涉及的上海汉威信恒展览有限公司 与商誉相关资产组可收回金额 资产评估报告 苏华评报字[2025]第164号 （共1册，第1册） 江苏华信资产评估有限公司 二○二五年四月十五日 | 声 明 1 | | --- | | 资产评估报告摘要 3 | | 资产评估报告正文 5 | | 一、委托人及其他资产评估报告使用人 5 | | 二、评估目的 6 | | 三、评估对象和评估范围 6 | | 四、价值类型 8 | | 五、评估基准日 9 | | 六、评估依据 9 | | 七、评估方法 11 | | 八、评估程序实施过程和情况 15 | | 九、评估假设 17 | | 十、评估结论 18 | | 十一、特别事项说明 18 | | 十二、资产评估报告使用限制说明 18 | | 十三、资产评估报告日 19 | 商誉减值测试涉及的上海汉威信恒展览有限公司与商誉相关资产组可收回金额资产评估报告·目录 资产评估报告附件 江苏华信资产评估有限公司 II 1、委托人和评估对象所涉及公司法人营业执照复印件； 2、委托人和其他相关当事人的承诺函； ...

杭州顺网科技股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-5 | | 二、财务报表 | 6-17 | | (一) 合并资产负债表 | 6-7 | | (二) 合并利润表 | 8 | | (三) 合并现金流量表 | 9 | | (四) 合并所有者权益变动表 | 10-11 | | (五) 母公司资产负债表 | 12-13 | | (六) 母公司利润表 | 14 | | (七) 母公司现金流量表 | 15 | | (八) 母公司所有者权益变动表 | 16-17 | 三、财务报表附注 18-140 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、2 ...