Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][7]. Core Views - The company is focused on building a diversified entertainment ecosystem, leveraging AI to drive social growth [4]. - The company has shown a strong recovery trend in its performance, with a significant increase in revenue and net profit in the first quarter of 2025 [6]. - The company is well-positioned in the digital entertainment landscape, with a robust IP operation and a strong pipeline of new products [6][9]. Summary by Sections Company Overview - The company, Hubei Shengtian Network Technology Co., Ltd., was established in 2009 and is a leading digital entertainment platform in China, focusing on a "platform-content-service" integrated operation system [14][19]. - The company has a diverse product matrix that includes cloud gaming, esports hotels, and game operations, supported by a strong IP portfolio [20][24]. IP Operation Business - The company has a solid foundation in the game IP market, with a significant portion of revenue coming from IP products [40]. - The company has established long-term partnerships with major game manufacturers, enhancing its IP operation capabilities [45][50]. Game Development and Publishing - The company has made significant strides in self-developed and independent games, with successful titles like "Star Wings" and "True Three Kingdoms" [54][57]. - The independent game studio, Paras Games, has produced high-quality content, establishing itself as a benchmark in the industry [57]. AI Integration - The company launched its AI platform, VRACE, which integrates various AI technologies to enhance gaming and social experiences [61]. - The AI platform aims to provide intelligent companionship services, significantly improving user engagement on social platforms [61].

Group 1 - The core viewpoint of the article highlights the financial struggles of ShengTian Network, with a significant decline in both revenue and net profit for 2024 [1] - ShengTian Network reported total revenue of 1.136 billion yuan, a year-on-year decrease of 14.56% [1] - The net profit for the company was -260.5 million yuan, representing a year-on-year decline of 253.84% [1] Group 2 - The article focuses on the executive, Kwang Yao Hua, who has been with ShengTian Network since its establishment in 2006 and currently serves as the Chief Architect and Deputy General Manager [3] - Kwang Yao Hua's salary for 2024 was reported at 1.747 million yuan, making him the highest-paid executive in the company, surpassing the chairman by 461,600 yuan [3] - In 2020, Kwang Yao Hua's salary was only 106,400 yuan, indicating a significant increase over the years [3]

Group 1 - The gaming sector is experiencing renewed activity, with significant stock price increases observed in several companies [1] - Glacier Network (300533) has seen its stock rise by over 10% [1] - ST Zhongqingbao (300052) has increased by 5%, while Youzu Network (002174), Xinghui Entertainment (300043), and Shengtian Network (300494) have also shown upward trends [1]

证券代码：300494 证券简称：盛天网络 公告编号：2025-033 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 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： 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 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 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] 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 June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

Group 1 - The valuation of core companies in the gaming sector is currently between 15-20x, which is significantly lower than that of core companies in the new consumption sector, indicating a positive outlook for the gaming sector [1][3] - On June 24, the gaming sector showed strong performance, with notable stock price increases: Glacier Network up 20%, Electric Soul Network up 10%, and other companies like Changqu Technology and Sheng Tian Network also seeing gains [1][2] - Recent policies from the Beijing Municipal Committee for Propaganda aim to promote high-quality development in the gaming and esports industry, emphasizing the integration of technology such as AI and AIGC into game development and operations [2][3] Group 2 - The policy document supports enterprises in the gaming and esports sector to invest in related fields such as artificial intelligence, game engines, and interactive streaming, encouraging the establishment of key laboratories and core technology breakthroughs [3] - The report from CITIC Securities highlights that gaming is an important yet overlooked aspect of new consumption, characterized by high frequency and cost-effectiveness, and the potential for generating original game IPs [3] - Huaxi Securities' research indicates that the industry is experiencing steady growth, with leading companies leveraging long-term IP operations and technological innovation to enhance user value, while the resilience of the overseas market is becoming a core competitive barrier [3]

Group 1 - The gaming sector is experiencing a significant rally, with stocks such as Dianhun Network (603258) hitting the daily limit, and Bingchuan Network (300533) rising over 15% [1] - Other companies in the sector, including Zhangqu Technology (300315), Shengtian Network (300494), and Giant Network (002558), are also seeing notable increases in their stock prices [1] - There is a noticeable influx of dark pool capital into these stocks, indicating strong investor interest [1]

Group 1 - The A-share gaming sector showed strong performance at the beginning of trading, with Glacier Network rising over 10% and Zhangqu Technology increasing over 5% [1] - Other companies such as Dihun Network, Fuchun Co., Giant Network, Xinghui Entertainment, Shengtian Network, Xunyou Technology, and Youzu Network also experienced gains [1] - According to Gamma Data's recent report, the Chinese gaming market size reached 28.051 billion yuan in May 2025, representing a year-on-year growth of 9.86% and a month-on-month increase of 2.56% [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] 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 June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

证券代码：300494 证券简称：盛天网络 公告编号：2025-032 湖北盛天网络技术股份有限公司 2024 年度股东会决议公告 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。 特别提示： 1、本次股东会无增加、变更、否决议案的情形； 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 1．会议召集人：公司董事会 2．会议召开方式：现场会议、网络投票 3．会议召开日期、时间：2025 年 6 月 18 日 （1）现场会议时间：2025 年 6 月 18 日（星期三）下午 15:00； （2）网络投票时间： 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 2025 年 6 月 18 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 通过深圳证 ...