Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report emphasizes the dual growth of AI applications and new IP consumption in the media and internet industry, suggesting a strong investment opportunity in AI and IP sectors [4][31] - The performance of video generation models has significantly improved since 2025, with new tools being released that enhance content creation capabilities across various fields such as e-commerce, advertising, and education [4] - The report highlights the upcoming launches in gaming and variety shows, which are expected to drive revenue growth for related companies [5][34] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 10, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 1.5 billion, with a cumulative box office of 1.77 billion [24] Industry News Overview - AIGC technology is advancing, with significant breakthroughs in video understanding and multi-modal capabilities [31] - Multiple new games are set for public testing, including "Cloud Sea Below" scheduled for May 20, 2025 [34] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou for AI models and agents, with beneficiaries including Alibaba, Kunlun Wanwei, and SenseTime [4] - In the AI anime and film sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4] - For AI education, companies like Century Tianhong and Shengtong Co. are highlighted as beneficiaries [4] Performance Insights - The A-share media sector underperformed compared to major indices, while the sports sector showed better performance [9] - The report suggests closely monitoring the performance of new game and variety show launches for potential revenue impacts on related companies [5]

Group 1: AI Product Development - The company launched the AI-native music social app "Ge Mai" in 2023, which integrates AI applications for music socializing and creation, achieving breakthroughs in emotional analysis, voice, and text recognition [2][5] - The company plans to introduce AI virtual human features, including AI companions and emotional consultants, enhancing user interaction in social scenarios [3][4] Group 2: AI Strategy and Infrastructure - The company has established a comprehensive AI platform covering application, model, and infrastructure layers, with the AI Innovation Lab founded in 2023 to drive deep integration of AI technology [4][6] - The company has developed its own cloud and computing infrastructure, achieving ultra-low latency of 0-20ms and creating a flexible computing pool to support AI inference needs [6] Group 3: Game Development and IP Strategy - The company is collaborating with international IP partners like Koei Tecmo to develop derivative products and extend the lifecycle of core IPs such as "Romance of the Three Kingdoms" [8][9] - The original IP game "Star Wings" was launched in Japan in November 2024, with plans for releases in Korea and Southeast Asia in 2025, achieving over 60% of monthly revenue from Japan [9][10] Group 4: Financial Performance and Future Outlook - In Q1 2025, the company reported a revenue increase of 24.16% year-on-year, driven by significant growth in advertising and game distribution revenues [12][13] - The company has over 1 billion in cash reserves, providing a solid financial foundation for future development and potential mergers and acquisitions [13] Group 5: Challenges in Overseas Expansion - The company faces challenges in overseas markets, including complex regulatory policies and cultural preferences, which could hinder product acceptance and launch [11] - To mitigate risks, the company has formed specialized operational teams to study target market regulations and user needs [11]

湖北盛天网络技术股份有限公司（以下简称"公司"）于 2025 年 4 月 7 日召开 第五届董事会第七次会议，审议通过了《关于回购公司股份方案的议案》，公司拟使 用自有或自筹资金以集中竞价交易方式回购公司部分社会公众股股份。本次回购价格 的上限为人民币 20 元/股，本次用于回购的资金总额不低于人民币 3,500 万元且不超 过人民币 5,000 万元（均含本数），本次具体回购资金总额以实际使用的资金总额为 准。本次回购股份的用途为实施股权激励或员工持股计划，若公司未能在股份回购完 成后的 36 个月内用于上述用途，未使用部分将予以注销。具体内容详见于公司于 2025 年 4 月 7 日、2025 年 4 月 10 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于 回购股份方案的公告》（公告编号：2025-004）、《回购报告书》（公告编号：2025-006）。 证券代码：300494 证券简称：盛天网络 公告编号：2025-025 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 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。 公司 ...

Core Viewpoint - The company experienced a decline in revenue and net profit in 2024 but showed significant recovery in Q1 2025, indicating a strategic focus on key areas and project optimization [1][2]. Financial Performance - In 2024, the company reported revenue of 1.136 billion yuan, with both revenue and net profit declining year-on-year [1]. - For Q1 2025, the company achieved approximately 315 million yuan in revenue, a year-on-year increase of 24.16%, and a net profit of about 25.43 million yuan, up 78.56% year-on-year [1]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, increased by 143.78% compared to the same period last year [1]. - The company ended Q1 2025 with a strong cash reserve of approximately 1.03 billion yuan, and net cash flow from operating activities grew by 94.21% year-on-year [1]. - Earnings per share increased by 78.01% year-on-year, indicating a significant improvement in operational efficiency [1]. Strategic Focus - The management views 2024 as a year of adjustment but emphasizes that strategic focus and timely project adjustments have led to favorable results in Q1 2025 [2]. - The company plans to pursue both organic growth and external expansion, focusing on core businesses such as gaming and social media while exploring acquisition opportunities in AI, IP, and AR/VR sectors [2]. - The CEO stated the commitment to leveraging technology to enhance entertainment experiences and to build a comprehensive entertainment ecosystem [2]. Industry Outlook - The rapid development of AIGC technology presents both opportunities and challenges for the gaming and entertainment sectors [3]. - The company remains confident in its ability to deepen game development and operations, aiming to provide innovative experiences for global entertainment users [3].

游戏板块持续拉升，冰川网络（300533）涨超10%，神州泰岳（300002）涨超7%，盛天网络 （300494）、汤姆猫（300459）、电魂网络（603258）跟涨。 ...

证券代码：300494 证券简称：盛天网络 公告编号：2025-024 湖北盛天网络技术股份有限公司 关于2024年年报暨2025年一季报业绩交流会的补充 说明公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 2025 年 4 月 30 日在巨潮资讯网上披露了《关于举办 2024 年年报暨 2025 年一季报业绩交流会 的公告》（公告编号 2025-023），原定于 2025 年 05 月 06 日（星期二） 15:00-16:00 在"价值在线"（www.ir-online.cn）举办湖北盛天网络技术股 份有限公司 2024 年年报暨 2025 年一季报业绩交流会。为广泛听取投资者的意 见和建议，现增加中国证券报作为本次业绩交流会的平台。本次业绩说明会除 增加交流平台外，其他事项均未发生变更。现将公司 2024 年年报暨 2025 年 一季报业绩交流会信息补充更新如下： 一、说明会召开的时间、地点和方式 会议召开时间：2025 年 05 月 06 日（星期二）15:00-16:00 会议召开地点：中国证 ...

证券代码：300494 证券简称：盛天网络 公告编号：2025-023 湖北盛天网络技术股份有限公司 关于举办2024年年报暨2025年一季报业绩交流会的 公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 湖北盛天网络技术股份有限公司（以下简称"公司"）已于 2025 年 4 月 28 日在巨潮资讯网上披露了《2024 年年度报告》及《2025 年第一季度报告》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司 定于 2025 年 05 月 06 日（星期二）15:00-16:00 在"价值在线"（www.ir- online.cn）举办湖北盛天网络技术股份有限公司 2024 年年报暨 2025 年一季报 业绩交流会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 会议召开时间：2025 年 05 月 06 日（星期二）15:00-16:00 会议召开方式：视频直播+网络互动方式 会议召开地点：价值在线（www.ir-online.cn） 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 05 月 0 ...

Core Viewpoint - The revenue growth in advertising and game publishing has led to a recovery in the performance of ShengTian Network (300494.SZ) in Q1 2025 [1] Financial Performance - In Q1 2025, the company achieved an operating revenue of 315 million yuan, a year-on-year increase of 24.16% [1] - The net profit attributable to shareholders was 25.43 million yuan, reflecting a year-on-year growth of 78.56% [1] - The net profit after deducting non-recurring items was 24 million yuan, up 143.8% year-on-year [1] - The net operating cash flow was -4.89 million yuan, an increase of 94.2% year-on-year [1] Business Segments - The main business areas include advertising value-added services and game publishing, with significant revenue growth in advertising services driving overall revenue increase [1] - The advertising business integrated various media resources, including search engines, social platforms, live streaming, short videos, vertical media platforms, and portal websites, to provide systematic marketing services, resulting in a notable rise in advertising revenue [1] - The game publishing segment saw success with the fighting game "Star Wings" and the independent game "Hero's Journey," which gained popularity among domestic and overseas players [1] Historical Financial Data - From 2020 to 2024, the company reported operating revenues of 896 million yuan, 1.22 billion yuan, 1.66 billion yuan, 1.33 billion yuan, and 1.14 billion yuan respectively [2] - The net profits attributable to shareholders during the same period were 60 million yuan, 125 million yuan, 222 million yuan, 169 million yuan, and -261 million yuan [2] - The decline in revenue and profit in 2024 was attributed to decreased game revenue, lower settlement prices, and ongoing preparations for new game releases [2] Strategic Direction - For 2025, the company aims to continue its strategic mission of "empowering scenarios with technology to make entertainment more interesting" [2] - The focus will be on leveraging opportunities brought by technological changes such as AI and virtual reality, driving content innovation and scenario expansion [2] - The company plans to build a three-dimensional development layout consisting of "application layer breakthroughs, model layer deep cultivation, and infrastructure layer consolidation" [2]

Performance Overview - In 2024, the company achieved operating revenue of 1.136 billion, a year-on-year decline of 14.56% [1] - The net profit attributable to shareholders was -261 million, and the net profit excluding non-recurring items was -272 million [1] - In Q1 2025, the company reported operating revenue of 315 million, a year-on-year increase of 24.16% [1] - The net profit attributable to shareholders for Q1 2025 was 25.43 million, a year-on-year increase of 78.56% [1] - The net profit excluding non-recurring items for Q1 2025 was 23.99 million, a year-on-year increase of 143.78% [1] Game Releases and Performance - The game "Star Wings" received positive reviews and was launched in the domestic market in Q2 2024, with a release in Japan on November 21, 2024 [2] - "Star Wings" achieved second place on both Google Play and App Store in Japan within its first month and ranked in the top two on Steam's Japanese sales chart [2] - The game "Heroic Legend" launched on Steam in Q2 2024, gaining significant attention and ranking ninth in Steam's domestic sales chart [2] - "Heroic Legend" also performed well in overseas markets, ranking in the top seven on Steam's Korean sales chart [2] - The company plans to release a DLC version for "Heroic Legend" in 2025 and will continue to develop the game for long-term operation [2] Technological Advancements - The company is rapidly iterating its product features and has seen a continuous increase in user numbers [3] - The integration of DeepSeek technology has led to breakthroughs in multi-modal models, including emotion analysis and voice recognition [3] - The launch of the "AI Astrology" feature combines astrology culture with AI technology to enhance user engagement [3] - The company is exploring AI and social interaction scenarios, aiming to develop AI virtual companions and enhance user experience [3] Strategic Partnerships - The company has partnered with NIO and Lantu Motors to explore multi-scenario entry points for cloud gaming [4] - NIO's new smart system version Banyan 3.0.0 will feature cloud gaming support from the company's platform [4] - The collaboration with Lantu Motors aims to enhance the entertainment experience in their new electric SUV [4] Revenue Forecast - The company is expected to achieve operating revenues of 1.533 billion, 1.809 billion, and 1.990 billion for the years 2025 to 2027, respectively [4] - The net profit attributable to shareholders is projected to be 141 million, 166 million, and 192 million for the same period [4] - Corresponding price-to-earnings ratios are estimated at 37, 32, and 27 times [4]

Core Insights - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 78.56% [1] - The revenue for Q1 2025 reached approximately 315 million yuan, marking a 24.16% increase compared to the previous year [1] - The overall revenue for the year 2024 was 1.136 billion yuan, which represented a decline of 14.56% from the previous year [1] Revenue Breakdown - The increase in revenue for Q1 2025 was primarily driven by growth in advertising and game distribution businesses [1] - The advertising revenue saw a significant boost due to the integration of various media resources, including search engines, social platforms, and live streaming platforms [1] - The company’s IP operation business experienced a notable decline in 2024, attributed to decreased game revenue and lower settlement prices [1] Game Business Performance - The company successfully launched fighting game "Star Wings" and independent game "Heroic Legend" in 2024, which gained popularity among both domestic and international players [2] - "Star Wings" has attracted significant attention from Japanese fighting game enthusiasts since the launch of its Steam login channel [2] - The company plans to leverage new technological opportunities from AIGC and virtual reality, aiming to implement an AI+ application strategy [2]