| 国泰海通证券 | | --- | | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-08-25 09:00——2025-08-26 15:00） 2 | | |  | 海外策略研究：《降息押注支撑全球股市上行》2025-08-25 2 | | |  | 海外策略研究：《一页纸精读行业比较数据：8 月》2025-08-25 2 | | |  | 行业双周报：家用电器业《多公司中报业绩亮眼，7 月家空产销好于排产》2025-08-26 3 | | |  | 行业跟踪报告：建筑工程业《财政地产等建筑产业链全景数据库 20250826》2025-08-26 4 | | |  | 行业跟踪报告：造纸业《废纸系盈利修复，木浆系浆价连续提涨》2025-08-26 5 | | |  | 行业跟踪报告：传播文化业《国产游戏版号数量新高，看好政策鼓励、供给优质的游戏行业》2025-08-26... 6 | | |  | 行业跟踪报告：建筑工程业《规范 PPP 存量项目建设运营，发挥重大工程引领作用》2025 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [13]. Core Viewpoints - The company has established a diversified business system covering platforms, games, and social interactions, with a solid foundation in the internet cafe management platform and a focus on AI and social gaming to expand its market potential [4][9]. Summary by Sections Company Overview - The company started as an internet cafe management platform and has gradually developed into a scene-based pan-entertainment platform, with a multi-faceted business system that includes platform services, gaming, and social interactions [4][9]. Platform Business - The internet cafe industry is expected to grow steadily, with the online service industry projected to increase from approximately 50 billion in 2023 to around 90 billion by 2024. The company's platform, 易乐游, holds a leading position in the market with a market share of 32.7% as of 2018 [10][66]. Gaming Business - The gaming segment is anticipated to see stable growth, with existing IP games maintaining strong performance and new titles like "真·三国无双 天下" expected to launch in 2025. The self-developed game "星之翼" has shown promising results, indicating the company's capability in game development [11][39]. Social Business - The company has a competitive edge in the social gaming sector with products like "带带电竞" and "给麦," which leverage AI to enhance user experience and create diverse monetization opportunities. The potential for overseas expansion in AI social products is also highlighted [12][39]. Financial Analysis - The company experienced a revenue decline of 14.56% in 2024, attributed to the absence of new IP games and a slight decrease in revenue from major products. However, a significant recovery was noted in Q1 2025, with a revenue growth of 24.16% [33][39]. Future Outlook - The company is expected to see a turning point in performance in 2025, driven by stable revenue from existing games and growth in social products. The forecasted net profits for 2025-2027 are 152 million, 202 million, and 245 million respectively, with corresponding EPS of 0.31, 0.41, and 0.50 [13][39].

Group 1 - Hainan Shengtian Game Network Technology Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The company's business scope includes internet game services, internet information services, and digital cultural creative software development [1] - Shengtian Network (300494) holds 100% ownership of the newly established company [1]

天眼查商业履历信息显示，湖北盛天网络技术股份有限公司，成立于2009年，位于武汉市，是一家以从 事软件和信息技术服务业为主的企业。企业注册资本49051.0076万人民币，实缴资本13729.21万人民 币。公司法定代表人为赖春临。 金融界消息 截至2025年8月8日收盘，盛天网络（300494）报收于14.4元，下跌2.37%，换手率7.77%， 成交量30.94万手，成交金额4.47亿元。 资金流向方面，今日主力资金净流出5410.05万元，占比成交额12.1%。其中，超大单净流出1259.99万 元、占成交额2.82%，大单净流出4150.06万元、占成交额9.28%，中单净流出流入944.09万元、占成交 额2.11%，小单净流入4465.96万元、占成交额9.99%。 盛天网络最新一期业绩显示，截至2025一季报，公司营业总收入3.15亿元、同比增长24.16%，归属净利 润2543.08万元，同比增长78.56%，扣非净利润2399.64万元，同比增长143.78%，流动比率7.484、速动 比率7.481、资产负债率10.55%。 通过天眼查大数据分析，湖北盛天网络技术股份有限公司共对外投资了2 ...

Summary of the Conference Call for ShengTian Network Company Overview - **Company**: ShengTian Network - **Focus**: AI social products and gaming industry expansion Key Points Industry and Product Development - ShengTian Network is restructuring to focus on AI social products for overseas markets, with the first product slated for launch in May 2025, followed by a web version in August and an app version in September-October 2025, featuring over 100 characters [2][3] - The company aims to monetize through interactive features and character customization, initially offering free experiences before transitioning to paid models, targeting ROI and user engagement [2][6] Game Performance and Market Expansion - The game "New Wings" has performed well in Japan, South Korea, and Southeast Asia, with overseas revenue now accounting for 80% of total revenue, Japan being the largest market [2][7] - Plans to expand into the European and American markets, including launching on the Steam platform, with three new games expected by the end of 2025 and four more by the end of 2026 [2][7] Upcoming Game Releases - "Dynasty Warriors 8" is expected to launch in Q3 2025, with ongoing promotional efforts [2][8] - A new hybrid game combining pet simulation and strategy elements is planned for global release by late 2025 or early 2026 [2][9] Long-term Game Strategy - The company emphasizes long-term operational viability for quality games rather than quantity, with a focus on diverse distribution strategies across various platforms [2][11][12] - "Dynasty Warriors" will utilize a multi-channel release strategy, including traditional and digital platforms, and will incorporate AI elements for enhanced user experience [2][13][14] Internet Cafe Business Insights - The market for console and PC games is growing, with a rebound in internet cafe numbers, particularly in lower-tier cities, where cafes are evolving into social hubs [2][15][16] AI Application Developments - ShengTian Network is enhancing its AI applications, focusing on two apps, "DaiDai" and "GeiMai," with new features and user growth observed [2][17] - The company is optimistic about revenue growth in the second half of the year, leveraging successful overseas monetization strategies for domestic applications [2][17][18] Additional Insights - The company is adapting its monetization strategies based on market differences, noting that overseas users are more willing to pay for AI-related products compared to domestic users [2][6] - The gaming and AI sectors are expected to see significant growth, with a focus on user engagement and innovative gameplay mechanics [2][18]

证券代码：300494 证券简称：盛天网络 公告编号：2025-034 湖北盛天网络技术股份有限公司 关于回购公司股份的进展公告 根据《公司法》《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 指引第 9 号——回购股份》及《公司章程》等规定，上市公司在每个月的前三个交易 日内披露截至上月末的回购进展情况公告。现将具体情况公告如下： 一、回购公司股份的进展情况 截至 2025 年 7 月 31 日，公司通过回购专用证券账户以集中竞价交易方式累计回 购公司股份 2,787,660 股，占公司当前总股本的 0.57%，最高成交价为 13.27 元/股， 最低成交价为 9.52 元/股，成交总金额为人民币 29,770,227.00 元（不含交易费用）。 本次回购股份符合相关法律、法规、规范性文件及公司股份回购方案的规定。 二、其他事项说明 公司回购股份的时间、回购股份的数量、回购股份价格及集中竞价交易的委托时 段均符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等法律法规 的相关规定： 1.公司未在下列期间内回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The media industry continues to show high growth potential, particularly in gaming, offline entertainment, and AI applications. The report emphasizes the importance of investing in these sectors to capitalize on ongoing trends [4][5] Industry Data Overview - The game "Delta Force" ranks first on the iOS free chart in mainland China, while "Honor of Kings" holds the top position on the iOS revenue chart as of July 19, 2025 [12][14] - The film "Jurassic World: Rebirth" achieved the highest box office revenue for the week [12] Gaming Sector - The gaming sector is experiencing a new product cycle, with companies like Xindong and Youyi Time reporting positive earnings forecasts for H1 2025, driven by new game launches and improved profit margins [4] - The report recommends focusing on high-potential gaming companies such as Xindong, Giant Network, and Perfect World [4] Online Music Sector - The online music market has significant growth potential, especially among younger users. The report highlights the increasing user base and potential for higher ARPU compared to international platforms like Spotify [4] Concert and Live Events - The concert industry is expected to maintain high growth, with a reported 78% year-on-year increase in box office revenue for large concerts in 2024 [4] Domestic Animation - The domestic animation sector is thriving, with successful releases like "The Legend of Luo Xiaohei 2" and upcoming events such as ChinaJoy 2025 expected to drive consumer engagement and spending [4] AI Applications - Recent advancements in AI, including the release of new models and applications, are anticipated to accelerate commercialization in various sectors, including AI companionship, creation, and marketing [5] Company Performance - The report highlights key companies in the gaming and entertainment sectors, recommending specific stocks based on their performance and market position [4][5]

Group 1 - The report highlights two main investment themes for 2025: 1) Accelerated AI application deployment and the continuous expansion of Agent capabilities, impacting industries such as marketing, e-commerce, education, film, and gaming, while also focusing on opportunities in AI toys and hardware [4][12] - The IP derivative products sector is entering a high-speed development phase, with spiritual and self-consumption becoming long-term growth points for consumption. The report is optimistic about high-quality domestic IPs expanding online content and offline physical derivatives to enhance their influence and open up commercialization opportunities [4][12] Group 2 - In the AI sector, the report notes that the application capabilities of Agents are continuously expanding, with significant advancements in model performance and multi-modal capabilities. OpenAI's o3 model and Google's Veo3 are leading the way in this evolution, while domestic models are narrowing the gap with international leaders [10][17][19] - The report emphasizes the rise of spiritual consumption and the expansion of the IP derivative products market, with companies like Pop Mart and MiHoYo successfully leveraging their IPs for international expansion and revenue growth [11][54][60] Group 3 - The report identifies key companies to watch, including Pop Mart, Light Media, Giant Network, Kunlun Wanwei, and others, which are expected to benefit from the trends in AI applications and IP derivatives [12] - The report also discusses the increasing commercialization of AI applications, with companies like Kuaishou's Keling and Meitu seeing significant revenue growth driven by their AI capabilities [44][47] Group 4 - The report outlines the importance of IP as a new production factor, reshaping the consumer sector and enabling companies to expand their revenue streams through effective IP management and commercialization strategies [52][60] - The analysis indicates that the market for IP derivative products is expected to grow significantly, with projections for the Chinese pan-entertainment product market reaching 335.8 billion yuan by 2029 [54][59]

Group 1 - Kuaishou concept stocks fell by 1.31%, ranking among the top declines in the concept sector, with leading decliners including Liou Co., Shengtian Network, and Shiji Hengtong [1] - Among the Kuaishou concept stocks, six stocks saw price increases, with Yuanlong Yatu, Lishang Guochao, and Yiwan Yichuang rising by 0.63%, 0.56%, and 0.40% respectively [1] - The Kuaishou concept sector experienced a net outflow of 1.984 billion yuan in main funds, with 43 stocks seeing net outflows, and five stocks exceeding 100 million yuan in outflows [2] Group 2 - The top net outflow stock was Liou Co., with a net outflow of 422 million yuan, followed by Meiri Interactive, Zhongwen Online, and Tianyu Digital Science with net outflows of 148 million yuan, 125 million yuan, and 116 million yuan respectively [2] - The stocks with the highest net inflows in the Kuaishou concept sector included Lishang Guochao, Yuanlong Yatu, and Huamei Holdings, with net inflows of 11.88 million yuan, 8.51 million yuan, and 2.76 million yuan respectively [2][4]

Summary of ShengTian Network Conference Call Company Overview - ShengTian Network is focusing on three main business segments: scene business, gaming business, and social platform [2][3][4] Key Points and Arguments Scene Business - The company is transitioning from traditional internet cafes to e-sports hotels and cloud gaming, covering PC, Web, and large-screen terminals [3][4] - The company provides SaaS services for cloud gaming and has extended into advertising [3] - There has been a rebound in internet cafe numbers post-pandemic, contributing to short-term revenue and profit [2][3] Gaming Business - ShengTian Network has acquired game IP operation capabilities through mergers and has successfully launched mobile and C-end games [2][3] - Plans for 2025 include launching a pet-catching SLG hybrid game and "Dynasty Warriors 8," with several games signed for the Steam platform [2][3][4] - The gaming segment is expected to become a significant pillar of future performance [3][4] Social Platform - The "DaiDai" product has provided stable revenue, with increased demand for companionship and cloud social services driven by PC traffic growth [2][4] - The "GeiMai" platform is an AI application content trial platform, enhancing model selection, tuning, and localization capabilities [2][4] AI Initiatives - ShengTian Network is actively investing in AI, including AI glasses and smart cockpit hardware, and developing AI applications on the GeiMai platform [2][5] - The company has built strong application capabilities, optimizing computing power and training for specific vertical materials [5] - To address the challenge of low payment acceptance for AI applications in China, the company has launched virtual podcast and companionship services [6][7] International Market Opportunities - The overseas market shows a strong willingness to pay for AI applications, with high profit margins in vertical products [8] - The company has launched two overseas products: an AI social product and an AI tool product, both achieving initial success [8] - Plans to enhance international competitiveness include launching the AI game "YanLing QiYue" overseas [3][8] Market Trends - The PC gaming market has shown signs of recovery, driven by the release of multi-platform games and an increase in 3A titles [14] - The company is expanding its internet cafe presence to attract more users, particularly women, and modernizing the environment [14] Future Outlook - ShengTian Network aims to improve its industry ranking and become a top player by 2026, despite regulatory challenges [19][20] - The company expects stable operations in the coming quarters, with support from Alibaba to boost revenue [25] - Upcoming game releases include a hybrid pet game and "Dynasty Warriors 8," with a focus on overseas distribution [27][28] Additional Insights - The gaming companionship market has three main demands: team formation, leveling assistance, and emotional support [15][16] - Modern social needs are diverse, with many seeking short-term companionship and shared experiences through the internet [17][18] - The company is focusing on AI social companionship products with diverse character designs to enhance user experience [9][10] Conclusion - ShengTian Network is strategically positioning itself across multiple segments, leveraging AI and gaming to drive future growth while addressing challenges in domestic and international markets [2][3][4][5][8][19][20]