Financial Performance - The company's revenue for Q3 2025 was ¥498,401,835.23, a decrease of 15.35% compared to the same period last year[3] - Net profit attributable to shareholders increased by 38.99% to ¥162,255,844.49 for the quarter, while year-to-date net profit rose by 52.59% to ¥323,771,432.72[3] - The basic earnings per share for Q3 2025 was ¥0.24, reflecting a 41.18% increase year-over-year[3] - Total operating revenue for the current period reached ¥1,508,655,943.81, an increase of 8.02% compared to ¥1,396,396,670.67 in the previous period[19] - Net profit for the current period was ¥348,609,874.03, representing a significant increase of 48.4% from ¥234,915,581.86 in the previous period[20] - Earnings per share (EPS) for the current period was ¥0.48, compared to ¥0.32 in the previous period, indicating a 50% increase[20] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,064,838,504.42, up 9.57% from the previous year[3] - Total assets increased to ¥3,064,838,504.42, up from ¥2,797,195,815.03, marking a growth of 9.55%[18] - Total liabilities decreased to ¥459,277,466.30 from ¥513,964,488.73, a reduction of 10.6%[18] - The company's equity attributable to shareholders rose to ¥2,526,266,524.93, compared to ¥2,228,774,683.59, reflecting a growth of 13.4%[18] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥225,528,584.80, down 16.28% compared to the previous year[3] - Operating cash flow for the current period was ¥225,528,584.80, a decrease of 16.3% compared to ¥269,380,750.88 in the previous period[21] - The company reported a total cash inflow from operating activities of ¥1,596,418,109.35, a marginal increase from ¥1,584,171,764.91 in the previous period[21] - The company’s total cash outflow from operating activities was ¥1,370,889,524.55, an increase from ¥1,314,791,014.03 in the previous period[21] - Cash and cash equivalents decreased to ¥437,079,667.16 from ¥778,585,319.23, a decline of approximately 43.8%[16] - Cash and cash equivalents at the end of the period totaled ¥437,079,667.16, down from ¥623,203,170.49 in the previous period[22] - The net increase in cash and cash equivalents was -¥91,208,619.79, compared to -¥755,240,543.22 in the previous period, showing a significant reduction in cash outflow[22] Investments and Income - The company reported a significant increase in accounts receivable, which rose by 67.30% to ¥159,032,003.38, attributed to growth in business revenue[8] - Investment income skyrocketed by 5299.64% to ¥20,473,882.38, driven by increased returns from financial products[8] - The company reported an investment income of ¥20,473,882.38, a significant increase from ¥379,171.44 in the previous period[19] - Total cash inflow from investment activities was ¥2,897,325,028.89, significantly higher than ¥214,059,432.05 in the previous period[21] - Net cash flow from investment activities was -¥231,242,217.70, an improvement from -¥924,775,863.94 in the previous period[22] Shareholder Information - The total number of common shareholders at the end of the reporting period is 54,185[10] - The largest shareholder, Hua Yong, holds 32.21% of shares, totaling 220,191,442 shares, with 57,490,000 shares pledged[10] - The total number of restricted shares at the end of the period is 165,366,480, with no new restrictions added during the period[13] - The total number of preferred shareholders is zero, indicating no preferred shares outstanding[12] - The company has not disclosed any significant changes in the top ten shareholders or their relationships[11] Operational Costs and Expenses - Total operating costs amounted to ¥1,150,708,406.92, slightly up from ¥1,133,238,295.85, reflecting a cost increase of 1.5%[19] - Research and development expenses were ¥113,920,732.68, down from ¥124,144,321.67, indicating a decrease of 8.5%[19] Other Comprehensive Income - Other comprehensive income after tax was -¥63,624,364.56, compared to -¥1,753,769.64 in the previous period, showing a decline in comprehensive income[20] Share Repurchase - The company has a repurchase account holding 9,402,200 shares, representing 1.38% of the total share capital[11] Market Strategy - The company has not reported any new strategies or significant market expansions during this period[14]

Core Viewpoint - On October 23, Shunwang Technology experienced a decline of 2.45% with a trading volume of 362 million yuan, indicating a negative trend in market performance [1] Financing Summary - On October 23, Shunwang Technology had a financing buy-in amount of 34.63 million yuan and a financing repayment of 44.31 million yuan, resulting in a net financing outflow of 9.68 million yuan [1] - As of October 23, the total financing and securities lending balance for Shunwang Technology was 888 million yuan, with the financing balance accounting for 5.42% of the circulating market value, which is above the 50th percentile level over the past year [1] - In terms of securities lending, on October 23, Shunwang Technology repaid 3,000 shares and sold 1,800 shares, with a selling amount of 43,000 yuan at the closing price [1] Business Performance - As of June 30, Shunwang Technology reported a total of 57,200 shareholders, a decrease of 10.69% from the previous period, while the average circulating shares per person increased by 10.66% to 9,064 shares [2] - For the first half of 2025, Shunwang Technology achieved an operating income of 1.01 billion yuan, representing a year-on-year growth of 25.09%, and a net profit attributable to shareholders of 162 million yuan, reflecting a year-on-year increase of 69.22% [2] Dividend and Shareholding Structure - Since its A-share listing, Shunwang Technology has distributed a total of 824 million yuan in dividends, with 162 million yuan distributed over the past three years [3] - As of June 30, 2025, among the top ten circulating shareholders, Hong Kong Central Clearing Limited was the second-largest shareholder with 28.37 million shares, an increase of 257,200 shares from the previous period [3] - The Huaxia CSI Animation Game ETF and Huazhang Media Internet Mixed A were also notable shareholders, with increases in their holdings [3]

Core Viewpoint - The gaming sector experienced a rise of 1.19% on October 22, with ST Huatuo leading the gains, while the overall Shanghai Composite Index fell by 0.07% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3913.76, down 0.07% [1]. - The Shenzhen Component Index closed at 12996.61, down 0.62% [1]. - ST Huatuo's stock price increased by 5.00%, closing at 19.10, with a trading volume of 1.7468 million shares and a transaction value of 3.319 billion [1]. Group 2: Individual Stock Performance - Yozu Network's stock rose by 4.59%, closing at 12.98, with a trading volume of 0.955 million shares and a transaction value of 1.223 billion [1]. - Shunwang Technology's stock increased by 3.95%, closing at 24.49, with a trading volume of 0.2432 million shares [1]. - Star Shine Entertainment's stock rose by 2.74%, closing at 6.38, with a trading volume of 0.6328 million shares and a transaction value of 0.401 billion [1]. Group 3: Capital Flow - The gaming sector saw a net inflow of 397 million in main funds, while retail investors experienced a net outflow of 334 million [2]. - Major stocks like Yozu Network and Jibite experienced significant net inflows of 143 million and 107 million respectively [3]. - Conversely, stocks like ST Huatuo and ST Kevin saw net outflows from retail investors, indicating a shift in investor sentiment [3]. Group 4: ETF Performance - The gaming ETF (product code: 159869) tracked the China Securities Animation and Gaming Index and saw a decline of 4.44% over the past five days, with a net outflow of 459 million [5]. - The food and beverage ETF (product code: 515170) remained stable with no change over the past five days, but experienced a slight net outflow of 0.5925 million [5].

Core Viewpoint - The semiconductor and computing power industries are experiencing a positive trend, with strong market demand and ongoing institutional research into over 20 companies in the sector since the National Day holiday [1] Semiconductor Industry - The storage industry is benefiting from a structural shift in supply and demand driven by the AI wave, leading to high market prosperity [2] - Companies like Shanghai Beiling and Demingli reported advancements in storage products, with Demingli noting an overall price increase in the storage market and a focus on enhancing production capacity to meet demand [2] - Hengshuo Co. is optimistic about the NOR Flash market, expecting price increases in Q4 and actively developing advanced NOR Flash products [3] - Huicheng Co. plans to invest strategically in Xin Feng Technology to expand its DRAM packaging business, aiming to increase packaging capacity significantly by 2027 [3] Computing Power Market - The demand for computing power remains strong, with companies like Haiguang Information reporting a 69.60% year-on-year revenue growth, reaching 4.026 billion yuan in Q3 2025 [4] - Haiguang Information's contract liabilities indicate sustained customer demand, with inventory levels adjusted to match market needs [4] - Chip Original Co. anticipates a significant increase in new orders, with a projected 145.80% year-on-year growth, driven largely by AI-related orders [4][5] - Shunwang Technology has established a robust computing power service capability, successfully launching innovative products to meet diverse computing needs [6] - Guangmai Technology is collaborating on a domestic computing power project, achieving significant results and planning further expansion by 2027 [6]

Group 1: Industry Overview - Over 20 companies in the semiconductor and computing power sectors have been intensively researched by institutions since October, indicating a sustained positive industry outlook and strong market demand [1] - The storage industry is experiencing high prosperity driven by the restructuring of supply and demand due to the AI wave, with companies like Shanghai Beiling and Demingli reporting positive market expectations and product advancements [1][2] Group 2: Storage Sector Developments - Shanghai Beiling has launched new EEPROM products for automotive applications and introduced NOR Flash and DDR5 memory SPD chip products, enhancing its storage chip portfolio [1] - Demingli is witnessing an overall price increase in the storage market and has successfully integrated its products into the supply chains of major internet and server manufacturers, leading to rapid business growth [1][2] - Hengshuo Co. is optimistic about the NOR Flash market, expecting price increases in Q4 due to favorable market conditions and is actively developing advanced NOR Flash products [2] - Huicheng Co. plans to invest strategically in Xin Feng Technology to expand its DRAM packaging capacity, aiming to benefit from the growth of leading storage chip manufacturers [3] Group 3: Computing Power Market Insights - The demand for computing power remains strong, with companies like Haiguang Information reporting a 69.60% year-on-year revenue growth, reaching 4.026 billion yuan in Q3 2025 [4] - Haiguang Information has a contract liability of 2.8 billion yuan, indicating robust customer order demand, and has adjusted its inventory to align with market needs [5] - Chip Origin Co. anticipates a significant increase in new orders, with a projected 145.80% year-on-year growth, driven largely by AI-related orders [5] - Shunwang Technology has developed a stable and efficient computing power service capability, successfully launching innovative products to meet diverse computing needs [6] - Guangmai Technology has collaborated on a domestic computing power cluster project, achieving significant results and positive feedback from major internet companies [6]

Market Overview - The gaming sector experienced a decline of 0.27% on October 20, with ST Huatuo leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Top Gainers in Gaming Sector - The top gainers included: - Youzu Network (002174) with a closing price of 11.66, up 5.42% and a trading volume of 645,700 shares, totaling 741 million yuan [1] - ST Dazheng (600892) at 4.14, up 5.08% with a trading volume of 106,800 shares, totaling 43.65 million yuan [1] - Kaiying Network (002517) at 23.74, up 4.12% with a trading volume of 526,800 shares, totaling 1.258 billion yuan [1] Top Losers in Gaming Sector - The top losers included: - ST Huadao (002602) at 17.32, down 4.94% with a trading volume of 2,259,200 shares, totaling 3.996 billion yuan [2] - Yaoji Technology (002605) at 25.21, down 2.17% with a trading volume of 85,200 shares, totaling 21.7 million yuan [2] - Shunwang Technology (300113) at 23.75, down 1.86% with a trading volume of 231,900 shares, totaling 559 million yuan [2] Capital Flow in Gaming Sector - The gaming sector saw a net outflow of 421 million yuan from main funds, while retail investors contributed a net inflow of 492 million yuan [2][3] - Notable capital flows included: - Kaiying Network (002517) with a main fund net outflow of 64.59 million yuan [3] - Youzu Network (002174) with a main fund net inflow of 46.51 million yuan [3] - Perfect World (002624) with a main fund net inflow of 24.05 million yuan [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index saw a decline of 7.55% over the past five days, with a net outflow of 64.67 million yuan [5]

Group 1 - The company Shunwang Technology announced that on October 16, 2025, it will accept an investor survey conducted by Zheshang Securities, with the company's board secretary Rong Songyi participating in the reception and answering investor questions [1] Group 2 - Lin Yuan, a notable figure in the investment community, responded firmly to losses in the bull market, stating "I am still here!" and emphasized that he will continue to invest, asserting that liquor is a "happy demand" and expressing concerns about technology stocks that have caused him sleepless nights [1]

Core Viewpoint - Shunwang Technology (300113.SZ) has stated that the company has not yet directly engaged in operating system-related business [1] Group 1 - The company is currently not involved in any operating system-related operations [1]

Group 1: Company Performance Overview - The company achieved a revenue of 101,025.41 million yuan in the first half of 2025, representing a year-on-year growth of 25.09% [2] - The net profit attributable to shareholders was 16,151.56 million yuan, with a significant increase of 69.22% compared to the previous year [2] - Revenue from online advertising and value-added services reached 80,038.32 million yuan, growing by 30.99% [2] - The gaming business generated 20,809.58 million yuan in revenue, marking a growth of 7.37% [2] Group 2: Industry Insights - The domestic gaming market's actual sales revenue was 168 billion yuan in the first half of 2025, reflecting a growth of 14.08% [3] - The number of gaming users reached approximately 679 million, with a slight increase of 0.72% [3] - The client game market's actual sales revenue was 35.403 billion yuan, growing by 4.86% [3] - By the end of Q2 2025, the number of internet service venues and esports hotels in China reached 107,300, with a revenue scale of 48.95 billion yuan [3] Group 3: Company Strategy and Innovations - The company focuses on providing end-to-end technology solutions for the esports industry, covering over 70% of the market and maintaining partnerships with over 2,000 collaborators [5] - The subsidiary, Floating Cloud Technology, is advancing AI integration in various sectors, including judicial and tax services [6] - The company launched the "Network Maintenance Master 9300" product, enhancing gaming performance and operational efficiency through AI technology [8][9] Group 4: Event Highlights - The 22nd ChinaJoy exhibition in August 2025 had an exhibition area of 135,000 square meters, with 313 BTOC and 486 BTOB exhibitors, attracting 410,300 visitors [7] - The event showcased a diverse range of digital entertainment products and technologies, highlighting the industry's growth and innovation [7] Group 5: Future Outlook - The company is expected to continue its growth trajectory in the third quarter of 2025, with detailed reports available on the official information disclosure platform [11]

Company Highlights - In the first half of 2025, the company achieved operating revenue of 1,010.25 million yuan, a year-on-year increase of 25.09% [1] - The net profit attributable to shareholders reached 161.52 million yuan, growing by 69.22% year-on-year [1] - The network advertising and value-added services segment generated revenue of 800.38 million yuan, reflecting a 30.99% increase [1] - The gaming business reported revenue of 208.10 million yuan, with a year-on-year growth of 7.37% [1] Industry Overview - The esports industry is experiencing a recovery, with the company providing end-to-end technology solutions that cover over 70% of the national esports service market [2] - The gaming market in China saw actual sales revenue growth in the first half of 2025, with an expanding user base [2] - The online service industry, including esports hotels, has a total of 107,300 operating entities, generating revenue of 48.95 billion yuan in the first half of the year [2] - The company is actively exploring cloud service development paths within the industry [2] Technological Integration - The company's subsidiary, Floating Cloud Technology, focuses on integrating culture and technology, particularly in artificial intelligence [3] - It has implemented projects in various sectors such as judiciary, taxation, and government affairs, promoting deep integration of AI with industry scenarios [3]