Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The ongoing tariff war between the US and China has intensified, with the US imposing a 34% tariff on Chinese imports, prompting China to respond with similar tariffs, which accelerates the domestic innovation and localization process in the technology sector [1][3][14] - The Chinese government emphasizes "technological self-reliance" as a core agenda, with policies aimed at enhancing key technology breakthroughs and increasing investment in basic research, which supports the growth of the domestic technology industry [2][26] - The tariff situation has led to significant market volatility, with the Chinese stock market experiencing a drop of over 7% in a single day, but state-owned enterprises have stepped in to stabilize the market through share buybacks and acquisitions [3][32] Summary by Sections 1. Changes in Foreign Tariff Policies - The US has implemented a "reciprocal tariff" policy, raising tariffs on Chinese goods, which has increased the cost of imported high-end components for the Chinese tech industry, particularly in hardware sectors like chips and servers [1][14][19] - The tariff war has created short-term challenges for the domestic innovation industry, but it also accelerates the push for domestic alternatives and self-sufficiency in technology [19][35] 2. Policy Promotion of Self-Reliance - The Chinese government has introduced measures to strengthen key technology research and optimize the layout of scientific research resources, aiming to create a trillion-level domestic innovation industry cluster by 2027 [2][28] - Local governments are also implementing supportive policies to promote domestic technology development, focusing on areas such as artificial intelligence and software ecosystems [28][30] 3. Corporate Actions and Domestic Tariff Responses - In response to the tariff war, state-owned enterprises have increased share buybacks to bolster market confidence, with 18 central enterprises taking action to stabilize the market [3][32] - The domestic chip market is benefiting from the increased prices of imported chips, highlighting the competitive advantage of domestic alternatives [3][31] 4. Investment Recommendations - Beneficial targets include core domestic innovation companies such as China Software, China Great Wall, and Dongfang Tong, as well as domestic computing and chip firms like Tuwei Information and Haiguang Information [4][39]

证券代码：300113 证券简称：顺网科技 公告编号：2025-011 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。 特别提示： 1、杭州顺网科技股份有限公司（以下简称"公司"）本次注销的回购股份 数量为6,169,858股，占回购注销前公司总股本的0.8945%。本次注销完成后，公 司总股本由689,735,940股减少为683,566,082股。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，截至本公告披 露日，公司已办理完成上述回购股份注销事宜。 一、回购股份方案及实施概述 公司于2021年4月27日召开第四届董事会第十八次会议，审议通过了《关于 回购公司股份的议案》，同意自董事会审议通过本次回购股份方案之日起十二个 月内，使用不超过人民币1.5亿元（含1.5亿元）且不低于人民币7,500万元（含 7,500万元）的自有或自筹资金，采取集中竞价交易的方式回购公司部分社会公 众股份，本次回购的股份将全部用于实施员工持股计划或股权激励计划，该议案 无需提交公司股东大会审议。具体内容详见公司于2021年4月29日在巨潮资讯网 （http://www. ...

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 | 国信证券、中航证券、长江证券、浙商证券、民生证券、东方财富 证券、银华基金、南方基金、景顺长城基金、上银基金、达诚资管、 | | 及人员姓名 | 中信资管、泰康资产、中金资产、世诚投资、Greenwoods、 | | | Inforesight、Platina 等机构及其相关人员（以上排名不分先后） | | 会议日期 | 2025 年 03 月 11 日-03 月 13 日 | | 会议地点 | 公司会议室、线上电话会议 | | 上市公司接待 | 副总经理、董事会秘书 戎颂怡女士 | | 人员姓名 | | | 投资者关系活动 | 就公司业务发展情况，以及调研机构关心的问题进行了问答交流， | | 主要内容介绍 | 具体见附件 | | 附件清单 | 无 | | （如有） | | | 风险提示 | 以上如涉 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report highlights the continuous advancements in AI and gaming sectors, with major companies like Alibaba and Tencent increasing their investments in AI applications and gaming [5][6] - The launch of the AI Agent product Manus by the startup Monica is seen as a significant development, potentially marking the beginning of a new era for general AI agents [5] - The report suggests a comprehensive investment strategy in AI, recommending key companies such as Tencent Holdings and Kuaishou-W, with beneficiaries including Alibaba-W and Kunlun Wanwei [5] Summary by Sections Industry Data Overview - The game "Eternal Night" ranked first on the iOS free chart in mainland China, while "Honor of Kings" maintained its position as the top-grossing game [11] - The film "Nezha: The Devil's Child" achieved the highest box office for the week, grossing 3.16 billion CNY, with a cumulative box office of 146.03 billion CNY [28] Industry News Overview - Major companies like Tencent and Alibaba are releasing new products, with "Enola Holmes" being a significant winner at the Oscars [37] - Tencent's mixed yuan has released and open-sourced a video generation model, enhancing capabilities for creating high-quality videos and animations [37] Market Performance - The A-share media sector outperformed the broader market in the 10th week of 2025, with the gaming sector showing strong performance [10] - The report indicates that the gaming sector has achieved the highest excess returns compared to the media index [10] Company Recommendations - For general AI and large models, the report recommends Tencent Holdings and Kuaishou-W, with beneficiaries including Alibaba-W and Kunlun Wanwei [5] - In vertical AI applications, key recommendations include ShengTian Network and AoFei Entertainment for AI virtual companionship, and Shanghai Film and Mango Super Media for AI in film [5]

Investment Rating - The report does not explicitly state an investment rating for the gaming industry or the specific company being analyzed [1]. Core Insights - The company focuses on multiple dimensions of development in the gaming industry, including esports technology, interactive entertainment, computing power, and AI, aiming to enhance user experience and support business innovation [21][22]. - The company reported a revenue of 1.396 billion yuan for the first nine months of 2024, representing a year-on-year growth of 25.96%, and a net profit of 212 million yuan, up 34.92% from the previous year [21]. - The company has established over 300 edge computing power data centers by the end of 2023, serving more than 500,000 terminals [23]. - The company’s core products cover over 70% of the national esports service market and reach over 96% of cities in China, maintaining strong partnerships with over 2,000 collaborators [22]. Summary by Sections 1. Basic Research Information - The research was conducted on March 5, 2025, focusing on the gaming industry and the company, Shunwang Technology [13]. 2. Detailed Research Institutions - Various investment institutions participated in the research, including private equity funds and securities companies [14][15]. 3. Research Institution Proportions - The research institutions included 40% securities companies, 20% fund management companies, and 33% other types of institutions [18]. 4. Main Content Information - The company emphasizes a commitment to sustainable development in the gaming industry, aligning with national policies on cybersecurity and content management [21]. - The company’s esports services and technology solutions are designed to provide comprehensive support for business innovation and enhance digital entertainment experiences for users [21]. - The company has developed an AI engine that facilitates the connection between computing power, models, and applications, lowering the entry barrier for AI applications [24].

Group 1: Company Overview - The company focuses on multiple dimensions of development in esports technology, interactive entertainment, computing power, and AI, providing advanced products and technical solutions to enhance user experience [2] - The company adheres to national policies on cybersecurity and content management, promoting a sustainable online environment [2] Group 2: Financial Performance - For the period of January to September 2024, the company achieved a revenue of CNY 1.396 billion, a year-on-year increase of 25.96% [3] - The net profit attributable to shareholders was CNY 212 million, reflecting a growth of 34.92% compared to the previous year [3] - The third quarter alone generated a revenue of CNY 589 million, also up by 22.45% year-on-year [3] Group 3: Market Position in Esports - The company holds over 70% of the esports service market in China and collaborates with over 2,000 partners across more than 96% of cities [4] - It offers a comprehensive service package including internet bandwidth, data center maintenance, technical services, product promotion, and managed operations [4] Group 4: Computing Power Infrastructure - As of the end of 2023, the company has established over 300 cloud edge computing centers, serving more than 500,000 terminals [5] - The company’s cloud computing applications utilize a network of these centers to provide stable and efficient computing power [6] Group 5: AI Development - The company has developed the Shunwang Lingxi Engine, which facilitates the decoupling of AI applications from large models, enhancing application development [8] - The engine supports multi-modal capabilities and helps reduce the entry barrier for AI applications, enabling the creation of high-quality industry-specific AI products [9] - The company has launched an AI companion application called "LaoLao" and an enterprise intelligent service platform, aiming to automate solutions across various business scenarios [9] Group 6: Product Offerings - The Shunwang Cloud Computer and Shunwang Esports Cloud Computer provide high-performance cloud solutions, allowing users to enjoy gaming experiences without hardware limitations [10] - The esports cloud computer solution offers high-frequency CPUs and advanced graphics cards to internet cafes and esports hotels, ensuring top-tier performance and user experience [10]

证券代码：300113 证券简称：顺网科技 公告编号：2025-009 杭州顺网科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、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 3 月 3 日下午 14:30 （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 3 月 3 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 3 月 3 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 号顺网运河国际会议室。 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。 本次会议的召集和 ...

债权人可采用现场、信函或邮件的方式申报。债权申报具体如下： 1、申报时间：2025年3月4日-2025年4月17日，每个工作日的10:00-12:00、 14:00-17:30。 2、公司收件地址： 证券代码：300113 证券简称：顺网科技 公告编号：2025-010 杭州顺网科技股份有限公司 关于变更回购股份用途并注销暨通知债权人的公告 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，没有虚 假记载、误导性陈述或重大遗漏。 杭州顺网科技股份有限公司（以下简称"公司"）分别于2025年2月13日、 2025年3月3日召开第五届董事会第二十一次会议和2025年第一次临时股东大会， 审议通过了《关于变更回购股份用途并注销暨减少注册资本、修订公司章程的 议案》，拟变更公司自2021年6月30日首次实施股份回购至2022年4月26日回购 期限届满期间的回购股份用途，本次回购股份注销完成后，公司总股本减少 6,169,858股，由689,735,940股减少为683,566,082股，公司注册资本相应减少 6,169,858元，由689,735,940元减少为683,566,082元。具体内容详见公司于 2 ...

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, China T: （86-21） 5404 9930 F: （86-21） 5404 9931 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 2025 年第一次临时股东大会之法律意见书 致：杭州顺网科技股份有限公司 本法律意见书仅供公司为 2025 年第一次临时股东大会之目的而使用，不得 被任何人用于其他任何目的。本所同意，公司可以将本法律意见书作为公司 2025 年第一次临时股东大会公告材料，随其他需公告的信息一起向公众披露，并依法 对本所出具的法律意见承担责任。 基于上述，本所根据《公司法》、《证券法》和《上市公司股东大会规则》 的要求，按照律师行业公认的业务标准、道德规范和勤勉尽责的精神对公司 2025 年第一次临时股东大会发表如下法律意见： 1 一、 本次股东大会的召集、召开程序 本次股东大会由公司第五届董事会第二十一次会议决议召集召开。公司董事 会于 2025 ...

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 开源证券、浙商证券、中金证券、华夏基金、鹏华基金、景顺长城 | | | 基金、东兴基金、西部利得基金、红塔红土基金、金鹰基金、东海 | | 参与单位名称 | 基金、银华基金、光大保德信基金、华泰资管、中信资管、广东天 | | 及人员姓名 | 贝合资管、勤辰资管、伟晟投资、红筹投资、北京志开投资、煜德 | | | 投资、杭州红骅投资、风和资本、磐厚动量等机构（以上排名不分 | | | 先后） | | 会议日期 | 2025 年 02 月 24 日-02 月 26 日 | | 会议地点 | 公司会议室、线上电话会议 | | 上市公司接待 | 副总经理、董事会秘书 戎颂怡女士 | | 人员姓名 | 经营管理中心总监 韩挺先生 | | 投资者关系活动 | 就公司业务发展情况，以及调研机构关心的问题进行了问答交流， | | 主要内容介绍 ...