顺网科技 20250822 顺网科技受益于网络广告和增值业务的强劲增长，2025 年上半年网络 广告收入同比增长 30.99%，利润规模也显著提升，主要得益于 PC 端 游和主机游戏复兴带来的投放需求增加。 游戏行业 PC 端游和主机游戏复兴趋势明显，新游上线数量增加，经典 老游戏保持热度，为顺网科技的广告资源位带来更多需求，降低了客户 集中度，促进业务多元化。 网吧行业自 2023 年疫情后持续向好，投资回报率符合预期，用户线下 社交娱乐需求增加，硬件和技术提升游戏体验，推动了网吧经营状况的 改善。 盛网在网吧管理软件市场保持领先地位，通过不断更新"网维大师"提 升用户体验，并利用 AI 技术优化广告推送，增强用户粘性，巩固竞争优 势。 顺网科技的收入存在季节性波动，第三季度（暑假）通常表现最佳，第 一和第四季度也相对较好，第二季度环比压力较大，分析业绩时需考虑 这些因素。 Q&A 顺网科技在 2025 年上半年取得了哪些显著的业绩增长？ 2025 年上半年，顺网科技实现收入 10.1 亿元，同比增长 25.09%。特别值得 注意的是归母净利润达到 1.61 亿元，同比增长 69.22%。这种利润增长幅度 ...

Group 1: Company Performance - In 2024, the company achieved a revenue of 183,954.85 million yuan, representing a year-on-year growth of 28.37% [3] - The net profit attributable to shareholders for 2024 was 25,188.34 million yuan, with a year-on-year increase of 48.60% [3] - In Q1 2025, the company reported a revenue of 57,801.79 million yuan, showing a growth of 40.25% year-on-year [3] - The net profit attributable to shareholders in Q1 2025 was 7,346.77 million yuan, reflecting a year-on-year increase of 37.48% [3] Group 2: Market Position and Services - The company covers over 70% of the national esports service industry market and maintains good relationships with over 2,000 partners [4] - The company provides AI-driven marketing services to over 95% of game manufacturers in China, enhancing user experience and content distribution [4] - The company has established over 300 edge computing data centers by the end of 2024, serving more than 700,000 terminals, with a year-on-year growth of 21.1% in the number of cloud terminals served [9] Group 3: Industry Trends - The online service industry in China showed a comprehensive recovery in 2024, with a total of 103,600 internet service venues generating approximately 90 billion yuan in revenue [14] - The Chinese gaming market reached a scale of 857.04 billion yuan in the first half of 2025, with a year-on-year growth of 17.99% [14] - The National Press and Publication Administration issued 757 domestic game licenses and 55 imported game licenses in the first half of 2025, indicating a normalization in the issuance of game licenses [14] Group 4: Future Strategies - The company aims to enhance its core competitiveness by focusing on the esports sector and integrating cultural and technological innovations [13] - The company plans to explore emerging businesses in computing power and artificial intelligence, striving to become a leader in digital services [13] - The company emphasizes continuous investment in R&D to maintain a significant technological advantage in its main business areas [11]

Core Viewpoint - The article discusses the development of Software Defined Wide Area Network (SD-WAN) by China Tower (Nanjing) Technology Innovation Center, aimed at providing intelligent solutions to network congestion issues, enhancing the efficiency and stability of data transmission [1][4]. Group 1: Project Development - The SD-WAN project is designed to create a virtual wide area network based on operator network services, allowing for intelligent routing and network visualization to avoid congestion [4][5]. - The project involves selecting access points within a specific area to build aggregation gateway points, establishing "information tunnels" between points, and using algorithms to test the quality of each tunnel in real-time [4][5]. - The project aims to connect edge computing power islands and provide computing power services externally, focusing on future network and communication research [3][5]. Group 2: Technological Integration - The team is exploring the integration of AI with SD-WAN technology to efficiently filter and process network alarm information, achieving "network autonomy" and "alarm suppression" [5][6]. - By training large models, the team aims to predict network alarm information such as link interruptions and performance thresholds, enhancing the overall network management [5][6]. Group 3: Industry Context - Nanjing is positioning itself as a leading city in the future network industry, leveraging its strong research and innovation capabilities to drive high-quality industrial development [6][7]. - The city has established significant platforms and carriers, such as the Zijin Mountain Laboratory and Jiangsu Future Network Innovation Research Institute, to accelerate the application of cutting-edge technologies in the future network field [6][7]. - Nanjing's strategy includes focusing on national strategic needs like industrial internet, quantum communication, and satellite internet, aiming to enhance innovation and industry scale [6][7].

Core Viewpoint - The company, Quanzhu Co., Ltd. (全筑股份), has acknowledged media reports regarding its involvement in edge computing business, clarifying that its subsidiary, Keguo Quanzhu (苏州) IoT Technology Co., Ltd., is still in the early stages of development and has not yet achieved significant scale [1] Financial Impact - As of December 31, 2024, the audited revenue from the edge computing business of Keguo Quanzhu accounts for less than 2% of the company's total revenue, indicating a minimal impact on the overall business performance [1]

Core Viewpoint - The company has issued a risk warning regarding its involvement in edge computing business, clarifying that its subsidiary's revenue from this sector is less than 2% of total revenue, thus having a minimal impact on overall performance [1] Group 1 - The company has conducted a self-examination in response to media reports about its edge computing business [1] - The revenue from the computing business of the subsidiary, Kege Quanzhu, accounts for less than 2% of the company's total revenue [1] - The company confirms that it is not involved in any robotics-related business [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in Q1 2025, with revenue of 578 million yuan, representing a year-on-year increase of 40.25% and a quarter-on-quarter increase of 30.43%. The net profit attributable to the parent company was 73 million yuan, up 37.48% year-on-year and 85.06% quarter-on-quarter [4] - The growth is primarily driven by the performance of the online advertising and value-added services, benefiting from the recovery in the esports service industry and increased marketing activities in the gaming sector [4] - The company maintains its profit forecasts for 2025-2027, expecting net profits of 330 million yuan, 407 million yuan, and 490 million yuan respectively, with corresponding EPS of 0.48, 0.60, and 0.72 yuan [4] Financial Performance - In Q1 2025, the company demonstrated effective cost control, with a sales expense ratio of 4.26%, management expense ratio of 8.48%, and R&D expense ratio of 5.43%, all showing year-on-year declines [5] - Financial income turned positive, with a gain of 1.49 million yuan compared to a loss of 7.83 million yuan in the same period last year, attributed to returns from financial products and structured deposits [5] Business Development - The company is accelerating its cloud computing business, having established over 300 edge computing rooms by the end of 2024, serving more than 700,000 cloud terminals, a year-on-year increase of 21.1% [6] - The edge computing services leverage idle computing power from internet cafes for AI inference, graphic rendering, and cloud gaming, offering significant cost advantages and low latency [6] - The development of AI applications and cloud gaming is expected to drive continued growth in demand for edge computing services [6]

Summary of Shunwang Technology Conference Call Company Overview - **Company**: Shunwang Technology - **Industry**: Gaming and Edge Computing Key Points Financial Performance - In Q3 2024, Shunwang Technology achieved its highest revenue and profit, reaching 589 million yuan and 116.7 million yuan respectively, benefiting from revenue recognition from the ChinaJoy exhibition [2][4] - Year-over-year revenue and profit growth for 2024 was 28% and 49% respectively, with Q1 2025 showing further growth of 40% in revenue and 37% in net profit [3][4] Market Trends - The PC gaming market is experiencing a revival, with a 19% year-over-year growth in January 2025, positively impacting Shunwang's advertising, value-added, and exhibition businesses [2][6] - The trend of multi-platform coverage in gaming is beneficial for Shunwang, enhancing its advertising and value-added services [6] Gaming Business Developments - Shunwang's subsidiary, Floating Cloud Technology, has partnered with Bilibili to launch the game "Three Kingdoms: Strategize the World," which, despite limited revenue, has increased industry visibility [2][8] - New game projects are expected to be incubated and launched in the summer of 2025 [8] Edge Computing Expansion - As of the end of 2024, Shunwang has over 300 edge computing data centers and more than 700,000 service terminals, marking a 21.1% year-over-year growth [2][10] - The company is expanding its edge computing capabilities to support the growing demand in the esports sector and advancements in AI technology [10] AI and Healthcare Initiatives - Shunwang is expanding into AI and healthcare by investing in Zhejiang Smart Network Medical Hospital Management Co., focusing on personal cloud brain user needs [2][11] - The company aims for breakthrough growth through the integration of edge computing and AI technologies [11] Exhibition Business Plans - Shunwang is expanding its exhibition business, planning to showcase new trends and products at the ChinaJoy exhibition from August 1 to 4, 2025 [2][9] - The company is preparing to introduce new activities and products, including robotics and creative products, to attract younger consumers [9][19] Cloud Computing and Cost Reduction - The adoption of cloud computing solutions is helping internet cafes reduce hardware upgrade costs, with a flexible pricing model based on computing power usage [12][26] - Cloud computing is being utilized in esports venues and high-end internet cafes to maintain competitive advantages while minimizing costs [27] Future Outlook - Shunwang is optimistic about its future growth prospects, particularly in esports, internet advertising, and value-added services [2][7] - The company is well-positioned to capitalize on the ongoing trends in the gaming industry and the increasing demand for edge computing and AI solutions [7][11] AI Agent Development - Shunwang has been updating its AI agent technologies and plans to promote their widespread implementation in 2025 [21] - The Lingxi AI engine is designed to provide multi-modal AI model services, enhancing the profitability of computing-related businesses [22][23] Market Position and Strategy - Shunwang holds a 70% market share in the edge computing sector, with plans to expand further into other industries with stable computing demands [24] - The company is focused on optimizing resource allocation and enhancing advertising effectiveness through strategic partnerships with game developers [25] Additional Insights - The gaming industry is characterized by high player loyalty and long product lifecycles, which are crucial for Shunwang's advertising and value-added services [6] - The company is actively monitoring industry trends and user demands to adapt its strategies and offerings accordingly [20][28]