Market Performance - As of April 28, the cloud gaming sector rose by 0.62%, ranking fourth among concept sectors, with 13 stocks increasing in value, including ST Kevin which hit the daily limit, and others like Sheng Tian Network, Perfect World, and Tian Zhou Culture showing gains of 9.47%, 6.35%, and 4.85% respectively [1] - The top decliners in the sector included *ST Peng Bo, AOC Technology, and ST Zhong Qing Bao, with declines of 4.41%, 3.63%, and 3.59% respectively [1] Capital Flow - The cloud gaming sector experienced a net outflow of 265 million yuan, with 11 stocks seeing net inflows, and 5 stocks receiving over 10 million yuan in net inflows. The leading stock in net inflow was Giant Network, with a net inflow of 45.30 million yuan, followed by Sheng Tian Network, ST Huaton, and Feng Assistant [2] - The net inflow ratios for the top stocks were led by Giant Network at 7.91%, Sheng Tian Network at 7.21%, and ST Huaton at 6.17% [3] Stock Performance - The stock performance of key players in the cloud gaming sector included Giant Network with a rise of 3.40% and a turnover rate of 2.08%, Sheng Tian Network with a significant increase of 9.47% and a turnover rate of 12.05%, and ST Huaton with a modest increase of 0.86% and a turnover rate of 1.10% [3][4] - Other notable performers included ST Kevin with a rise of 5.16% and a turnover rate of 3.18%, while stocks like *ST Peng Bo and AOC Technology faced declines of 4.41% and 3.63% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 1.136 billion yuan in 2024, a year-on-year decline of 14.56%, and a net profit attributable to shareholders of -261 million yuan [1] - In Q1 2025, the company achieved a revenue of 315 million yuan, a year-on-year increase of 24.16%, and a net profit attributable to shareholders of 25.43 million yuan, a year-on-year increase of 78.56% [1] - The new games "Star Wings" and "Heroic Legend" have received positive feedback and are expected to expand into new markets [2] - The integration of AI applications through the "Give Mai" platform is showing promising results, enhancing user engagement and social interaction [3] - Collaborations with NIO and Lantu Motors for cloud gaming support are set to enhance the entertainment experience in vehicles [4] - Revenue projections for 2025-2027 are 1.533 billion, 1.809 billion, and 1.990 billion yuan respectively, with net profits expected to be 141 million, 166 million, and 192 million yuan [4] Financial Overview - In 2024, the company experienced a revenue decline of 14.56% compared to 2023, with a projected revenue growth of 35% in 2025 [5] - The net profit for 2024 is projected to be -261 million yuan, with a significant recovery expected in 2025 with a net profit of 141 million yuan [5] - The earnings per share (EPS) is expected to recover from -0.53 yuan in 2024 to 0.29 yuan in 2025 [5] - The company’s price-to-earnings (P/E) ratio is projected to be 37, 32, and 27 for the years 2025, 2026, and 2027 respectively [5]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index closing at 3294.02 points, below the five-day moving average, indicating a market correction trend [1]. Group 1: Market Performance - The total trading volume of A-shares reached 7286.82 billion yuan today [1]. - The Shanghai Composite Index experienced a change of -0.03% [1]. Group 2: Stocks Exceeding Five-Day Moving Average - A total of 293 A-shares have surpassed the five-day moving average today [1]. - Notable stocks with significant deviation rates include: - Xinjin Power (300157) with a deviation rate of 13.12% and a daily increase of 19.92% [2]. - Yintu Network (835508) with a deviation rate of 10.41% and a daily increase of 13.08% [2]. - Lechuang Technology (430425) with a deviation rate of 7.81% and a daily increase of 11.04% [2]. - Other stocks with smaller deviation rates that just crossed the five-day moving average include: - InSai Group, Dongpeng Beverage, and Zhongke Magnetic [1].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continued high growth in social and gaming sectors, particularly in the MENA region, emphasizing companies with operational advantages and market positioning [4] - The report notes significant revenue growth for companies like Zhiyu City Technology, which achieved total revenue of 5.09 billion yuan in 2024, a year-on-year increase of 53.9% [4] - The report emphasizes the importance of AI applications and the ongoing development of domestic video models, which are expected to drive further growth in the industry [5] Summary by Sections Industry Overview - The report indicates that the A-share media sector underperformed compared to major indices, while the gaming sector showed better performance [9] - The report provides insights into the performance of popular games and films, with "Peace Elite" topping the iOS free and revenue charts in mainland China [12][16] Company Performance - Zhiyu City Technology's social business revenue reached 4.63 billion yuan, growing by 58.1%, while its innovative business revenue was 460 million yuan, up by 21.3% [4] - Yalla Technology reported a revenue of 339.7 million USD in 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] AI and Technology Developments - The report discusses breakthroughs in domestic video models, with Vidu achieving top rankings in evaluation benchmarks [5] - The report highlights the integration of AI capabilities in various applications, suggesting continued investment in AI technologies [5] Market Trends - The report notes the increasing popularity of AI-generated content and tools, with significant engagement on social media platforms [33][34] - The report emphasizes the ongoing demand for gaming and entertainment content, with several new titles gaining traction in the market [23][24]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.5317 | 0.3461 | -253.63 | 0.4545 | | 每股净资产（元） | 2.94 | 3.5 | -16 | 5.67 | | 每股公积金(元) | 0.52 | 0.5 | 4 | 1.59 | | 每股未分配利润(元) | 1.24 | 1.82 | -31.87 | 2.78 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 11.36 | 13.29 | -14.52 | 16.58 | | 净利润(亿元) | -2.61 | 1.69 | -254.44 | 2.22 | | 净资产收益率(%) | -16.51 | 10.41 | -258.6 | 15.71 | 前十大流通股东累计持有： 5994.31万股，累计占流通股比： 15.06%，较上期变化： -392.47万股。 | 名称 | 持有数量(万股 ...

国联民生证券承销保荐有限公司 关于湖北盛天网络技术股份有限公司 2024 年度募集资金存放与实际使用情况的核查意见 国联民生证券承销保荐有限公司（以下简称"国联民生保荐"或"保荐机 构"，曾用名"华英证券有限责任公司"）作为湖北盛天网络技术股份有限公司 （以下简称"盛天网络"或"公司"）的持续督导机构和保荐机构，根据《深圳 证券交易所创业板股票上市规则》《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》等有关法律法规的要求，现就盛天网络 2024 年度募集资金存放与使用情况进行了核查，并发表意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于同意湖北盛天网络技术股份有限公司向特 定对象发行股票注册的批复》（证监许可【2021】883 号）同意注册，公司本次 向特定对象发行人民币普通股（A 股）31,665,598 股，每股面值为人民币 1.00 元， 发行价格为人民币 15.36 元/股，募集资金总额 486,383,585.28 元，扣除保荐及承 销费用 10,295,753.78 元（不含税），募集资金净额为人民币 476,087, ...

关于上海天戏互娱网络技术有限公司 业绩承诺实现情况的专项审核报告 众环专字（2025）0100947 号 目 起始页码 专项审核报告 专项说明 关于业绩承诺实现情况的专项说明 1 d and the 2017 and the first of the first of the state for the first and the real 关于上海天戏互娱网络技术有限公司业绩承诺实现情况的 专项官核报告 众环专字(2025)0100947 号 湖北盛天网络技术股份有限公司全体股东: 我们接受委托,对后附的湖北盛天网络技术股份有限公司编制的(以下简称"盛天网络") 自 2024 年 1 月 1 日起至 2024 年 12 月 31 目止期间/2024 年度的《关于上海天戏互娱网络技 术有限公司 2024年度业绩承诺实现情况的说明》进行了专项审核。 按照《上市公司重大资产重组管理办法》的有关规定,编制《关于上海天戏互娱网络技 术有限公司 2024年度业绩承诺实现情况的说明》,并其保证其真实性、完整性和准确性,提 供真实、合法、完整的实物证据、原始书面材料、副本材料、口头证言以及我们认为必要的 其他证据,是盛天网 ...

关于湖北盛天网络技术股份有限公司 2024年度营业收入扣除情况表 的专项核查报告 众环专字(2025)0101028号 目 录 起始页码 专项核查报告 营业收入扣除情况表 营业收入扣除情况表 1 (Alanguage of the Market of the Same of Ship Artistics Canada Cases of the Ship of Children and States and S 按照《深圳证券交易所股票上市规则》及《深圳证券交易所上市公司自律监管指南第 1 号 -- 业务办理》的规定,编制和披露营业收入扣除表,提供真实、合法、完整的核查证据, 是盛天网络管理层的责任。我们的责任是在执行核查工作的基础上对营业收入扣除表发表专 项核查意见。 我们按照中国注册会计师审计准则的相关规定执行了核查工作。中国注册会计师审计准 则要求我们遵守中国注册会计师职业道德守则,计划和执行核查工作以对营业收入扣除表是 否不存在重大错报获取合理保证。在核查过程中,我们实施了包括检查会计记录、重新计算 相关项目金额等我们认为必要的程序。我们相信,我们的核查工作为发表核查意见提供了合 理的基础。 基于我们的 ...

湖北盛天网络技术股份有限公司 审计报告 众环审字(2025) 0102060 号 m 景 起始页码 审计报告 | 财务报表 | | | | --- | --- | --- | | 合并资产负债表 | | | | 合并利润表 | | | | 合并现金流量表 | | | | 合并股东权益变动表 | | | | 资产负债表 | | | | 利润表 | | | | 现金流量表 | | 10 | | 股东权益变动表 | | 11 | | 财务报表附注 | 13 | | | 财务报表附注补充资料 | | 114 | 信 it 报 众环审字(2025)0102060 号 | 关键审计事项 | 在审计中如何应对该事项 | | --- | --- | | 2024年度,盛天网络的营业收入为 | (1)了解及评价与收入确认事项有关的内部控制 | | 人民币 113,570.66万元,主要包括互联 | 设计的有效性,并测试关键控制执行的有效性; | | 网广告及增值服务收入、游戏运营收入、 | (2) 评价收入确认政策是否符合企业会计准则的 | | 游戏 IP 运营收入等。由于评估已充值但 | 要求: | | 尚未消耗的虚拟货币被 ...

经中国证券监督管理委员会《关于同意湖北盛天网络技术股份有限公司向特 定对象发行股票注册的批复》（证监许可【2021】883 号）同意注册，公司本次 向特定对象发行人民币普通股（A 股）31,665,598 股，每股面值为人民币 1.00 元， 发行价格为人民币 15.36 元/股，募集资金总额 486,383,585.28 元，扣除保荐及承 销费用 10,295,753.78 元（不含税），募集资金净额为人民币 476,087,831.50 元。 上述募集资金已经中审众环会计师事务所（特殊普通合伙）于 2021 年 11 月 22 日出具的众环验字（2021）0100090 号验资报告予以验证。 国联民生证券承销保荐有限公司 关于湖北盛天网络技术股份有限公司使用募集资金和 自有资金购买理财产品的核查意见 国联民生证券承销保荐有限公司（以下简称"保荐机构"，曾用名"华英证 券有限责任公司"）作为湖北盛天网络技术股份有限公司（以下简称"盛天网络" 或"公司"）向特定对象发行股票并在创业板上市的保荐机构，根据《深圳证券 交易所创业板股票上市规则》《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 ...