Company Overview - Tom Cat, officially known as Zhejiang Jinke Tom Cat Cultural Industry Co., Ltd., is located in Hangzhou, Zhejiang Province, and was established on June 12, 2007. The company went public on May 15, 2015. Its main business involves the mobile internet cultural industry [1]. Financial Performance - As of June 30, 2025, Tom Cat reported a revenue of 463 million yuan, a year-on-year decrease of 19.62%. The net profit attributable to shareholders was -30.33 million yuan, representing a year-on-year decline of 141.34% [2]. - The company has cumulatively distributed 248 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Performance - On September 9, Tom Cat's stock price fell by 2.03%, trading at 5.32 yuan per share, with a total market capitalization of 18.704 billion yuan. The stock has decreased by 7.32% year-to-date and has seen declines of 3.27% over the last five trading days, 6.99% over the last 20 days, and 6.67% over the last 60 days [1]. - The stock's trading volume on September 9 was 343 million yuan, with a turnover rate of 1.94% [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 268,400, with an average of 12,245 shares held per shareholder, a decrease of 1.19% from the previous period [2]. - The top ten circulating shareholders include Southern CSI 1000 ETF, holding 32.47 million shares, and Hong Kong Central Clearing Limited, holding 26.21 million shares, both showing increases in their holdings compared to the previous period [3]. Business Segmentation - Tom Cat's main business revenue composition includes advertising at 72.41%, new commercial services at 11.19%, game publishing at 10.70%, mobile application publishing at 10.70%, and other segments contributing the remaining revenue [1]. - The company operates within the media and gaming industry, with involvement in intellectual property, childcare concepts, online education, blockchain, and e-commerce [1].

一、股东股份解除质押情况 | 是否为控股股东 | 本次解除 | 占其该次解 | 占公司总 | 股东 | 质押开 | 解除质押 | 或第一大股东及 | 质押股份 | 除前所持股 | 股本比例 | 质权人 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 始日期 | 日期 | 其一致行动人 | 数量（股） | 份比例（%） | （%） | | | | | | | | | | | 年 | 年 | 2019 | 1 | 2025 | 9 | 7,052,200 | 3.76 | 0.20 | 月 | 日 | 月 | 日 | 30 | 4 | 方正证券股 | | 王健 | 否 | 份有限公司 | 年 | 年 | 2019 | 1 | 2025 | 9 | 3,002,608 | 1.66 | 0.09 | | | | | | 月 | 日 | 月 | 日 | 30 | 5 | | | | | | | | | | | （一）本次解除质押基本情况 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth driven by AI applications [4][8]. Core Insights - The integration of AI is expected to enhance the commercial value of cultural media internet applications, with a continuous upward trend in AI development from hardware to applications [3][14]. - The Chinese government has launched initiatives to implement "Artificial Intelligence +" actions, aiming for over 90% penetration of new intelligent terminals and applications by 2030, which will support the iteration of AI models and applications in enterprises [3][14]. - Key companies in the media sector are recommended for investment, including Oriental Pearl, Mango Super Media, BlueFocus, Wanda Film, and others, with specific growth drivers identified for each [4][8]. Summary by Sections Industry Review - The media sector has shown significant performance, with the media index rising by 72.7% over the past 12 months, outperforming the CSI 300 index [1][3]. - The report notes a recovery in the film industry, with the summer box office reaching 11.966 billion yuan, surpassing the previous year's total [28]. Key Company Recommendations - Companies such as Oriental Pearl (600637), Mango Super Media (300413), and BlueFocus (300058) are highlighted for their potential growth in the AI-driven market [4][8]. - Specific forecasts for earnings per share (EPS) and price-to-earnings (PE) ratios are provided for various companies, indicating strong growth prospects [8]. AI and Technology Trends - The report emphasizes the importance of AI in driving new business models and applications, particularly in the fields of digital marketing and content creation [14][18]. - The upcoming Alibaba Cloud Summit is expected to showcase advancements in AI technology and its applications across various sectors [14]. Market Dynamics - The report discusses the evolving landscape of e-commerce and digital marketing, with companies like Alibaba and JD.com leveraging AI to enhance user experience and operational efficiency [25][26]. - The gaming sector is also highlighted, with Tencent's integration of social media and gaming platforms indicating a trend towards deeper user engagement [24]. Future Outlook - The report anticipates continued growth in the media sector, driven by AI innovations and supportive government policies, with a focus on companies that are well-positioned to capitalize on these trends [3][4][14].

Core Viewpoint - The company, Tom Cat, announced that it and its subsidiaries do not have any overdue guarantees or are involved in any litigation guarantees [2] Summary by Categories - **Company Announcement** - Tom Cat released a statement confirming the absence of overdue guarantees or litigation guarantees involving the company and its subsidiaries [2]

浙江金科汤姆猫文化产业股份有限公司（以下简称"公司"或"上市公司"） 分别于 2025 年 1 月 10 日、2025 年 2 月 5 日召开了第五届董事会第十次会议、 2025 年第一次临时股东大会，会议审议通过了《关于与浙江时代金泰环保科技 有限公司及其全资子公司延续互保关系的议案》。现将上述担保事项的进展情况 公告如下： 证券代码：300459 证券简称：汤姆猫 公告编号：2025-068 浙江金科汤姆猫文化产业股份有限公司 关于对外担保的进展公告 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。 三、公司累计对外担保数量及逾期担保的数量 一、对外担保进展情况 公司于 2025 年 9 月 3 日签署了一份《最高额保证合同》，为浙江时代金泰环 保科技有限公司（以下简称"时代金泰"）的全资子公司浙江飞达环保材料有限 公司（以下简称"飞达环保"）的银行融资借款提供保证担保，担保的主债权本 金余额为最高不超过 6,600 万元为限，担保债权人为浙商银行。截至本公告披露 日，公司及子公司对时代金泰及飞达环保的担保余额合计为 69,800 万元，以上 担保在公司股东 ...

（二）股东股份累计质押基本情况 证券代码：300459 证券简称：汤姆猫 公告编号：2025-067 浙江金科汤姆猫文化产业股份有限公司 关于股东部分股份解除质押及解除司法冻结的公告 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。 浙江金科汤姆猫文化产业股份有限公司（以下简称"公司"）通过查询中国 证券登记结算有限责任公司深圳分公司业务系统，获悉公司持股 5%以上股东王 健先生于近日存在解除质押及解除司法冻结部分股份的情况。具体情况如下： 一、股东股份解除质押情况 | 股东 | 是否为控股股东 | 本次解除 | 占其该次解 | 占公司总 | 质押开 | | 解除质押 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 或第一大股东及 | 质押股份 | 除前所持股 | 股本比例 | 始日期 | | | 质权人 | | | 其一致行动人 | 数量（股） | 份比例（%） | （%） | | | | | | 王健 | 否 | 1,000,000 | 0.53 | 0.03 | 2019 ...

Core Viewpoint - The stock price of Tom Cat (300459.SZ) closed at 5.72 yuan, reflecting a decline of 2.89% [1] Group 1: Stock Performance - On May 4, 2023, Tom Cat reached a nearly 8-year high of 9.47 yuan during intraday trading [1] - The recent decline in stock price indicates a significant drop from its peak earlier in the year [1] Group 2: Analyst Coverage - Guosen Securities analyst Zhang Heng initiated coverage on Tom Cat on May 4, 2023, with a "Buy" rating [1] - The report highlighted Tom Cat's advantages in operating leading game IPs and the successful implementation of AIGC scenarios [1]

Market Overview - On August 29, the gaming sector rose by 1.54%, led by Xinghui Entertainment, while the Shanghai Composite Index closed at 3857.93, up 0.37% [1] - The Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Gaming Sector - Xinghui Entertainment (300043) closed at 5.25, up 5.85% with a trading volume of 2.2598 million shares and a transaction value of 1.194 billion [1] - ST Huaton (002602) closed at 15.53, up 5.00% with a trading volume of 1.6222 million shares and a transaction value of 2.476 billion [1] - Youzu Interactive (002174) closed at 66.91, up 4.55% with a trading volume of 670,000 shares and a transaction value of 1.133 billion [1] Top Losers in Gaming Sector - Glacier Network (300533) closed at 43.45, down 4.84% with a trading volume of 253,100 shares [2] - Shengtian Network (300494) closed at 15.10, down 3.64% with a trading volume of 482,400 shares [2] - Fuchun Co. (300299) closed at 6.96, down 3.33% with a trading volume of 441,500 shares [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 481 million from major funds, while retail investors saw a net inflow of 505 million [2] - The net outflow from speculative funds was 24.3461 million [2] Individual Stock Capital Flow - Kunlun Wanwei (300418) had a net inflow of 330 million from major funds, but a net outflow of 1.57 billion from speculative funds [3] - ST Huaton (002602) saw a net inflow of 180 million from major funds, with a net outflow of 1.27 billion from speculative funds [3] - Youzu Interactive (002174) had a net inflow of 133 million from major funds, but a net outflow of 48.7022 million from speculative funds [3]

Core Viewpoint - The company Tom Cat (300459.SZ) reported its first half-year loss since its listing, with a significant decline in revenue and a shift from profit to loss in the first half of 2025 [1][2]. Revenue and Profit Summary - In the first half of 2025, Tom Cat achieved operating revenue of 463 million yuan, a year-on-year decrease of 19.62% [1] - The net loss attributable to shareholders was 30 million yuan, a drastic decline of 141.34% compared to the previous year [1] - The decline in revenue was primarily attributed to a decrease in in-game advertising revenue [2][3]. Advertising and Game Business Performance - The advertising business generated 335 million yuan in revenue, down 22.87% year-on-year, accounting for 72.41% of total revenue [3] - Key metrics such as average monthly active users, transaction counts, and advertising revenue all showed a downward trend compared to the same period in 2024 [3]. - The eCPM (effective cost per mille) for global casual games also exhibited a downward trend year-on-year [3]. Product Development and Revenue Diversification - In response to declining advertising revenue, the company is focusing on new product development, with several games set to launch in the third quarter, including "Talking Tom Gold Run 2" and "Talking Tom Town" [3]. - The company is exploring innovative monetization strategies, optimizing in-app purchases, and enhancing the proportion of in-app revenue in overall earnings [3][5]. Financial Challenges and Cost Management - Despite the revenue decline, the company's operating expenses did not decrease, with sales, management, and R&D costs rising by 4.85%, 4.91%, and 1.65% respectively [5]. - The company reported an investment loss of 5.613 million yuan, which increased from a loss of 3.136 million yuan in the previous year, accounting for 32.27% of total profit [5][6]. - The company also faced credit impairment losses of 16,010 yuan, contributing to a negative operating profit of -17.603 million yuan [6]. Shift in Strategic Focus - The company has shifted its focus towards AI hardware, moving away from previously emphasized concepts like the metaverse and AR, which were highlighted in earlier reports [1][7]. - The introduction of AI products, including the first-generation AI emotional companion robot, is part of the company's strategy to tap into the AI companion hardware market [8]. - The company has formed strategic partnerships to develop an "AI + IP" ecosystem, although specific sales figures for the AI robots have not been disclosed [8].

Company Overview - Tom Cat, officially known as Zhejiang Jinke Tom Cat Cultural Industry Co., Ltd., is located in Hangzhou, Zhejiang Province, and was established on June 12, 2007. The company went public on May 15, 2015, and primarily operates in the mobile internet cultural industry [1]. Stock Performance - As of August 28, Tom Cat's stock price decreased by 2.04%, trading at 5.77 CNY per share, with a total market capitalization of 20.286 billion CNY. The stock has seen a year-to-date increase of 0.52%, a 5-day decline of 0.52%, a 20-day increase of 1.94%, and a 60-day increase of 5.68% [1]. Financial Performance - For the first half of 2025, Tom Cat reported a revenue of 463 million CNY, representing a year-on-year decrease of 19.62%. The net profit attributable to shareholders was -30.327 million CNY, a significant decline of 141.34% compared to the previous period [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Tom Cat reached 268,400, an increase of 1.21% from the previous period. The average number of circulating shares per shareholder decreased by 1.19% to 12,245 shares [2]. Dividend Distribution - Since its A-share listing, Tom Cat has distributed a total of 248 million CNY in dividends. However, there have been no dividend distributions in the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Tom Cat include Southern CSI 1000 ETF, which holds 32.4725 million shares, an increase of 11.4036 million shares from the previous period. Other notable shareholders include Hong Kong Central Clearing Limited and Huaxia CSI 1000 ETF, with significant increases in their holdings as well [3].