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]

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、招商证券、建信基金、华宝基金、鹏华基金、华安基金、 金鹰基金、德邦基金、汇丰晋信基金、中信产业基金、华泰柏瑞基 | | 参与单位名称 | 金、中银三星人寿保险、平安资管、人寿资管、上海肇万资管、杭 | | 及人员姓名 | 州锐誉进取私募基金、天贝合资管、磐厚动量（上海）资管、万丰 | | | 友方投资、世诚投资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 29 日–04 月 30 日 | | 会议地点 | 线上电话会议 | | 上市公司接待 | | | 人员姓名 | 副总经理、董事会秘书 戎颂怡女士 | | 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） ...

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]

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 - 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]

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达1.30%。 2025年4月18日，顺网科技(300113.SZ)发布2024年年度报告。截至2025年4月17日，共有147个机构投资 者披露持有顺网科技A股股份，合计持股量达7197.56万股，占顺网科技总股本的10.37%。其中，前十 大机构投资者包括香港中央结算有限公司、宁波梅山保税港区凌顶投资管理有限公司-凌顶望岳八号私 募证券投资基金、中国民生银行股份有限公司-华夏中证动漫游戏交易型开放式指数证券投资基金、浙 江银万私募基金管理有限公司-银万全盈10号私募证券投资基金、招商银行股份有限公司-南方中证1000 交易型开放式指数证券投资基金、上海添橙投资管理有限公司-添橙添利八号私募证券投资基金、国泰 中证动漫游戏ETF、华夏中证1000ETF、广发中证1000ETF、中邮新思路灵活配置混合A，前十大机构 投资者合计持股比例达8.82%。相较于上一季度，前十大机构持股比例合计下跌了1.87个百分点。 公募基金方面本期较上一季度持股减少的公募基金共计3个，包括华夏中证动漫游戏ETF、国泰中证动 漫游戏ETF、南 ...