Company and Industry Summary Company Overview - **Company Name**: 盛天网络 (ShengTian Network) - **Industry**: Digital Entertainment and AI Applications - **Established**: 2006, listed in 2015 Strategic Focus - **Shift to "AI + Overseas Expansion"**: The company aims to drive growth through internal incubation and external acquisitions, focusing on consumer-facing sectors like music, creative tools, and AI video by 2026 [2][3][17] - **Core Game "Star Wings"**: Expected to have over 80% of its revenue from overseas by 2025, with a gross margin exceeding 30% [2][4] Key Products and Developments - **Upcoming Major IP Product**: "True Three Kingdoms Warriors M" is set for mid-2026 release, positioned as a core growth driver for the company's IP business [2][5] - **Independent Game Releases**: "Storm Ghost" is anticipated for 2026, while "Active Hero" has sold over 300,000 copies [2][4] Market Dynamics - **Revival of Offline Business**: Increased penetration in internet cafes and esports hotels due to the popularity of games like "Delta Action," significantly boosting internet advertising revenue [2][3] - **AI Strategy**: Focus on "model encapsulation + lowering barriers" to avoid competition with major models, targeting 30% of the vertical application market [2][7] Financial Performance - **"Star Wings" Financials**: Gross margin is approximately 30%, with plans to enhance IP linkage and gameplay in 2026 [2][11] - **Advertising Revenue Growth**: Driven by the resurgence of offline gaming scenes, leading to increased demand for internet advertising [2][16] Future Outlook - **AI Application Expansion**: Plans to explore more C-end scenarios and enhance existing products with AI capabilities, particularly in music and creative design [6][7] - **Overseas Market Strategy**: Emphasis on expanding AI applications in international markets, especially where demand is high but top models are underutilized [7][9] Competitive Landscape - **AI Application Competition**: The market is dominated by general models, but there is significant opportunity in vertical applications, particularly in C-end markets where penetration is low [9][10] Investment and Acquisition Strategy - **Dual Approach**: The company will pursue both internal development and external acquisitions to enhance its AI capabilities and market presence [10][11] Conclusion - **2026 Strategic Direction**: The company aims to showcase progress in its "AI + Overseas Expansion" strategy, with a focus on delivering improved performance to investors [17]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the continuous investment in AI by major companies, with ByteDance's Doubao model achieving a daily token call volume exceeding 100 trillion, marking a growth of over 60% in less than two months [3][28] - The gaming sector is expected to see a resurgence with the upcoming launch of highly anticipated titles, particularly "Yihuan," which has already surpassed 30 million global pre-registrations [4][10] - The report suggests a strong potential for domestic models in video generation, music, and coding, which will drive demand for token and cloud computing services [3][4] Industry Data Overview - "Luokewangguo: World" ranked first in the iOS free game chart in mainland China, while "Peace Elite" topped the iOS revenue chart [10][14] - The film "Rescue Plan" achieved the highest box office for the week, grossing 0.81 billion [22] - The report notes that the A-share media sector performed moderately in the market, with the sports sector showing strong performance [7][10] Industry News Summary - The AIGC sector is experiencing significant growth, with Doubao's daily token consumption reaching over 100 trillion [27][28] - OpenAI has officially shut down its AI video generation tool Sora, indicating a strategic shift towards productivity and programming tools [27] - The upcoming launch of OpenAI's next flagship model, Spud, is anticipated within weeks [27] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou for large models, with beneficiaries including Zhiyu, Minimax, Alibaba, and Kunlun Wanwei [3] - For AI advertising, Huimeng Technology is highlighted as a key recommendation [3] - In the gaming sector, Perfect World, Kying Network, and Tencent Holdings are recommended due to their strong product pipelines [4]

证券代码：300494 证券简称：盛天网络 公告编号：2026-013 湖北盛天网络技术股份有限公司 关于 2026 年员工持股计划完成股票非交易过户的公告 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。 湖北盛天网络技术股份有限公司（以下简称"公司"）于2026年2月13日召 开第五届董事会第十三次会议，并于2026年3月12日召开2026年第一次临时股东 会，审议通过了《关于公司<2026年员工持股计划（草案）>及其摘要的议案》《关 于公司<2026年员工持股计划管理办法>的议案》《关于提请股东会授权董事会办 理公司2026年员工持股计划相关事宜的议案》等议案。具体内容详见公司于2026 年2月25日、2026年3月12日在巨潮资讯网（http://www.cninfo.com.cn）上披露 的相关公告。 根据中国证监会《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司上市公司自律监管指引第2号——创业板上市公司规范运 作》的相关规定，现将公司2026年员工持股计划（以下简称"员工持股计划"） 实施的进展情况公告如下： 一、员工持股 ...

证券代码：300494 证券简称：盛天网络 公告编号：2026-012 湖北盛天网络技术股份有限公司 关于 2026 年员工持股计划开户完成的公告 根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》，现将员工持股 计划管理机构在证券登记结算公司开立证券交易账户的情况公告如下： 一、开立证券交易账户的情况 截至本公告日，公司 2026 年员工持股计划的证券账户已经开立完成，具体 情况如下： 1. 开户时间：2026 年 3 月 10 日 2. 账户名称：湖北盛天网络技术股份有限公司—2026 年员工持股计划 3. 账户号码：0899529606 截至本公告日，公司 2026 年员工持股计划尚未持有公司股票。公司将持续 关注本次员工持股计划的实施进展情况，严格按照相关规定及时履行信息披露义 务。 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。 湖北盛天网络技术股份有限公司（以下简称"公司"）于 2026 年 2 月 13 日召开第五届董事会第十三次会议，2026 年 3 月 12 日召开 ...

证券代码：300494 证券简称：盛天网络 公告编号：2026-011 湖北盛天网络技术股份有限公司 2026 年员工持股计划第一次持有人会议决议公告 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。 一、持有人会议召开情况 湖北盛天网络技术股份有限公司（以下简称"公司"）2026 年员工持股计 划第一次持有人会议通知于 2026 年 3 月 12 日以电子通讯的形式向各位持有人发 出，会议于 2026 年 3 月 13 日以现场结合通讯表决的方式召开。本次会议应参与 持有人共计 146 人，实际参与人数 146 人，代表公司员工持股计划份额 2,611.78 万份，占公司 2026 年员工持股计划总份额的 100%。 本次会议由公司董事、副总经理、财务总监、董事会秘书王俊芳女士主持。 会议的召集、召开和表决程序符合《湖北盛天网络技术股份有限公司 2026 年员 工持股计划（草案）》（以下简称"本次员工持股计划"）和《湖北盛天网络技 术股份有限公司 2026 年员工持股计划管理办法》的有关规定。 会议选举王俊芳、张慧、冯莲、郭敏、邹学嫚为公司 2026 年员工持 ...

2、本次股东会不涉及变更前次股东会决议； 3、本次股东会以现场投票和网络投票相结合的方式召开； 4、为尊重中小投资者利益，提高中小投资者对公司股东会决议事项的参与 度，本次股东会对中小投资者进行单独计票，中小投资者是指除上市公司董事、 监事、高级管理人员以及单独或者合计持有公司 5%以上股份的股东以外的其他 股东。 一、会议召开基本情况 湖北盛天网络技术股份有限公司 2026 年第一次临时股东会决议公告 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。 1．会议召集人：公司董事会 特别提示： 1、本次股东会无增加、变更、否决议案的情形； 证券代码：300494 证券简称：盛天网络 公告编号：2026-010 通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 3 月 12 日 上午 9:15-下午 15:00 期间的任意时间。 4．现场会议召开地点：湖北省武汉市光谷金融港 B7 栋 9 楼公司会议室 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 2026 年 3 月 12 日 上午 9:15-9:25、9:30-11:30，下午 13:00-1 ...

湖北好律律师事务所 关于湖北盛天网络技术股份有限公司 2026 年第一次临时股东会的 法律意见 湖北好律律师事务所 HUBEI EXCELLENT LAWYER LAW FIRM 二〇二六年三月 湖北好律律师事务所 本法律意见根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等有关法 律、法规和规范性文件以及《湖北盛天网络技术股份有限公司章程》 （以下简称"《公司章程》"）而出具。 为出具本法律意见，本所律师对盛天网络本次股东会的有关文件 和材料进行了查验，并听取了公司就有关事实的陈述及说明。盛天网 络承诺，其已提供了本所律师出具本法律意见所必需的材料，所提供 的原始材料、副本、复印件等材料、口头证言均符合真实、准确、完 整的要求，有关副本、复印件等材料与原始材料一致。 在本法律意见中，本所律师仅对本次股东会的召集、召开程序、 出席会议人员资格、召集人资格及会议表决程序、表决结果是否符合 《公司法》、《证券法》、《股东会规则》等法律、法规、规范性文 件及《公司章程》、《湖北盛天网络技术股份有限公司 ...

证券代码：300494 证券简称：盛天网络 公告编号：2026-009 湖北盛天网络技术股份有限公司 关于召开 2026 年第一次临时股东会的提示性公告 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。 湖北盛天网络技术股份有限公司（以下简称"公司"）于 2026 年 2 月 25 日在巨潮资 讯网（http://www.cninfo.com.cn）披露《关于召开 2026 年第一次临时股东会的通知》 （公告编号：2026-008），决定于 2026 年 3 月 12 日召开公司 2026 年第一次临时股东会。 为保护投资者权益，方便公司股东行使股东会表决权，现将本次会议有关事项提示如下： 6、会议的股权登记日：2026 年 3 月 5 日 7、出席对象： （1）2026 年 3 月 5 日（股权登记日）下午交易结束后，在中国结算深圳分公司登记 在册的公司全体已发行有表决权股份的股东均有权出席股东会，并可以书面委托代理人出 席会议和参加表决（被授权人不必是公司的股东），授权委托书见附件二；或在网络投票 时间内参加网络投票； 一、召开会议的基本情况 1、股东会届次 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [6]. Core Insights - Google has announced a reduction in developer fees on Google Play, lowering the standard service fee for in-app purchases (IAP) from 30% to 20% and subscription fees from 30% to 10%. This change also includes the opening of third-party payment systems and app stores, optimizing channel costs in the gaming industry [8][3]. - The Game Developers Conference (GDC) 2026 is set to take place from March 9 to March 13 in San Francisco, focusing on advancements in AI and other industry catalysts. The conference serves as a significant platform for observing industry changes and trends [8][3]. - The report highlights the potential long-term empowerment of the gaming industry through AI, with a strong product cycle and performance certainty expected in 2026. It suggests continued attention to investment opportunities within the gaming sector [8][3]. Summary by Sections Event Description - Google has recently announced a reduction in developer fees and the opening of third-party payment options, with GDC 2026 scheduled for March 9 [3]. Event Commentary - The reduction in fees is expected to significantly lower channel costs, enhancing profit margins for mid-to-heavy games reliant on in-app purchases. This shift indicates a transfer of pricing power from channels to developers, potentially reshaping the Android distribution landscape [8]. - GDC 2026 will cover various core aspects of game development, including AI applications, independent game development, and marketing strategies, making it a crucial event for industry stakeholders [8]. - Upcoming new game releases are anticipated to drive positive developments in the sector, with several titles scheduled for launch in March and April 2026 [8].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The report emphasizes the acceleration of content going overseas, driven by policy support and AI empowerment, with a focus on high-quality content and upgraded distribution models [3][12] - The overseas revenue share for the media sector is projected to increase from 5.7% in 2019 to 10.4% by 2024, with the gaming sector's share rising from 26.6% to 38.5% during the same period [3][12] - The report highlights the significant growth in overseas revenue for short dramas, which is expected to see a year-on-year increase of 263% in 2025 [3][12] Summary by Sections 1. Policy Support and AI Empowerment - The global digital content market is expanding, with the Chinese content industry actively pursuing overseas opportunities, particularly in gaming and short dramas [3][12] - The report notes that the overseas revenue for the media sector reached 29.7 billion yuan in the first half of 2025, a 29% year-on-year increase, with an overseas revenue share of 11.64% [23][25] - The gaming sector's overseas revenue reached 21.8 billion yuan in the first half of 2025, growing by 30% year-on-year, with an overseas revenue share of 40.08% [26][29] 2. Focus on Gaming, Short Dramas, and Social Media - The gaming industry is expected to maintain its strong competitive edge, with innovations driving the expansion of overseas revenue [4][41] - The report indicates that the overseas short drama market is experiencing rapid growth, with a projected revenue of 2.38 billion USD in 2025, reflecting a 263% year-on-year increase [4][41] - The social media market is also evolving, with AI technologies enhancing user engagement and creating new monetization opportunities [4][41] 3. Investment Recommendations - Recommended stocks include Perfect World, Xindong Company, and Tencent Holdings, which are expected to benefit from the growth in overseas gaming revenue [4][41] - Beneficiary stocks in the short drama sector include Kuaishou-W and Reading Group, while MiniMax-WP and Kunlun Wanwei are highlighted in the social media space [4][41]