内容概要：在我国，扑克活动具有悠久的历史及广泛的群众基础，作为典型的低值易耗消费品，扑克牌 在满足大众休闲娱乐需求、促进社交互动方面持续发挥着独特作用，随着我国对文体事业发展的日益重 视，扑克活动得到推广和鼓励，已成为重要的社会体育项目之一，目前，我国已成为全球扑克牌生产与 消费的重要市场，据统计，2022年我国扑克牌行业市场规模达52.71亿元，同比增长12.8%，但近两年， 受娱乐方式迭代、消费场景减少、行业创新不足等诸多因素影响，我国扑克牌消费需求有所萎缩，据统 计，2024年我国扑克牌行业市场规模降至50.09亿元，同比减少2.1%。 相关上市企业：姚记科技（002605） 相关企业：宁波三A集团有限公司、浙江宾王扑克有限公司、上海姚记科技股份有限公司、浙江万盛达 实业有限公司、浙江正点实业有限公司、浙江兄弟印业有限公司、宁波雅宁印刷有限公司、江苏三兔印 刷集团有限公司、广东全美彩印包装有限公司、浙江浪花扑克有限公司、菏泽环宇包装印刷有限公司 关键词：扑克牌行业经营模式、扑克牌发展历程、扑克牌产业链图谱、扑克牌市场规模、扑克牌竞争格 局、扑克牌发展趋势 一、概述 三、发展历程 现代扑克的雏形可追溯至中 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Views - The company's revenue has been under pressure due to adjustments in the digital marketing segment, with a significant year-on-year decline of 24.64% in the first half of 2025 [7]. - The gaming business remains resilient, with a slight revenue decline of 6% year-on-year, indicating strong player engagement [7]. - The company is strategically investing in the collectible card market, particularly focusing on sports cards, to diversify its entertainment offerings [7]. - Future revenue projections for 2025-2027 are estimated at 33.86 billion, 36.40 billion, and 38.47 billion respectively, with corresponding net profits of 5.54 billion, 6.35 billion, and 6.97 billion [7]. Financial Data Summary - The company reported total revenue of 14.38 billion in the first half of 2025, with a net profit of 2.56 billion [1][7]. - The digital marketing segment's revenue fell to 5.2 billion, accounting for 36% of total revenue, down from 46% in the previous year [7]. - The gaming segment's revenue increased its share to 33% of total revenue, while the card business accounted for 30% [7]. - The projected earnings per share (EPS) for 2025 is 1.33, with a price-to-earnings (PE) ratio of 21.4 [2][10]. Valuation Metrics - The current stock price is 28.41 yuan, with a market capitalization of 11.9 billion [3]. - The company has a return on equity (ROE) of 14.2% and a debt-to-asset ratio of 28.2% [3][10]. - The estimated price-to-book (PB) ratio for 2025 is 2.9, indicating a favorable valuation compared to historical levels [2][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the Shanghai and Shenzhen 300 Index by more than 15% [12][20]. Core Insights - The company's revenue has declined, primarily due to a reduction in digital marketing business, while profit remains relatively resilient. Future focus will be on the recovery of business operations and the implementation of poker production capacity and AI enhancements across various business lines [4][12]. - The projected earnings per share (EPS) for 2025-2027 are 1.46, 1.55, and 1.63 yuan, respectively, which have been adjusted downwards from previous estimates due to declines in marketing and gaming businesses. The target price has been revised to 35.04 yuan, down from 38.96 yuan [12][14]. Financial Summary - **Revenue**: The company reported a revenue of 3.271 billion yuan in 2024, a decrease of 24.04% year-on-year. The digital marketing segment saw a significant decline of 40.25%, contributing to the overall revenue drop [6][12]. - **Net Profit**: The net profit attributable to the parent company was 539 million yuan, down 4.17% year-on-year. Despite the revenue decline, the overall profit margin improved across various business segments [6][12]. - **Gross Margins**: The gross margins for digital marketing, gaming, and poker businesses were reported at 7.76%, 96.15%, and 30.40%, respectively, showing improvements compared to the previous year [12][13]. - **Cost Management**: Marketing, management, and R&D expenses have decreased, maintaining stable expense ratios of 8.04%, 8.36%, and 5.72% [12][13]. Business Development - The company is focusing on enhancing its leading position in the poker industry by advancing the construction of a production base with an annual capacity of 600 million decks of cards, expected to be operational by early 2027 [12][13]. - The company is also exploring business and technological innovations, including the development of a short video center and AI-driven enhancements in gaming and marketing sectors [12][13].