| 最新收盘价（元） | 27.77 | | --- | --- | | 总股本/流通股本（亿股）4.18 / 3.37 | | | 总市值/流通市值（亿元）116 / 94 | | | 52 周内最高/最低价 | 34.44 / 22.83 | | 资产负债率(%) | 30.0% | | 市盈率 | 21.12 | | 第一大股东 | 姚朔斌 | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 姚记科技(002605) 证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|维持 个股表现 -10% -4% 2% 8% 14% 20% 26% 32% 38% 44% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 姚记科技 传媒 资料来源：聚源，中邮证券研究所 公司基本情况 ⚫ 事件回顾 2025 年 8 月 26 日，公司发布 2025 年半年报， 2025H1，公司实 现营业收入 14.38 亿元，同比下降 24.64%；归母净利润 2.56 亿元，同 比下降9.98% ...

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company's revenue is under pressure due to business structure adjustments, but profitability is improving. The card and marketing business has seen an increase in profit margins, and the company is expected to maintain steady growth in its main business while enhancing efficiency [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 1.438 billion yuan, a year-on-year decrease of 24.64%. The net profit attributable to the parent company was 256 million yuan, down 9.98% year-on-year. In Q2 2025, revenue was 660 million yuan, down 28.84% year-on-year, with a net profit of 115 million yuan, down 13.70% year-on-year [4][6]. Business Segments - **Gaming**: Revenue for the gaming segment in H1 2025 was 481 million yuan, a decrease of 6.33% year-on-year, accounting for 33.44% of total revenue. The gross margin slightly increased to 96.39% [6]. - **Playing Cards**: The playing card segment generated revenue of 429 million yuan in H1 2025, down 12.72% year-on-year, representing 29.79% of total revenue. The gross margin decreased slightly to 29.93% [6]. - **Digital Marketing**: Revenue from digital marketing was 520 million yuan, down 40.76% year-on-year, making up 36.19% of total revenue, with a gross margin increase to 8.16% [6]. Profitability and Forecast - The company's gross margin improved to 45.10% in Q2 2025, up from 35.68% in Q2 2024 and 44.27% in Q1 2025. The report forecasts net profits of 590 million yuan and 660 million yuan for 2025 and 2026, respectively, corresponding to PE ratios of 20.3 and 18.1 [6][8].

Group 1 - The core business of the company includes mobile game operations and the design, production, and sales of various playing cards, with digital marketing contributing the highest revenue share at 34.91% and playing cards at 33.07% [3] - Since its listing in 2011, the company has achieved a cumulative net profit growth of 643.01%, reaching 539 million yuan in the latest fiscal year 2024, with no annual losses recorded over the 14 years [3] - Revenue has shown volatility, with a peak of 2.562 billion yuan in 2020 and a decline of 24.04% in 2024, resulting in revenue of 3.271 billion yuan [3] Group 2 - The company's market value has increased by 2.29 times since its listing, peaking at 19.845 billion yuan on June 19, 2023, with a stock price of 48.2 yuan [5] - As of August 4, 2023, the stock price dropped to 26.53 yuan, leading to a market value of 11.08 billion yuan, representing a decrease of 8.766 billion yuan and a market value evaporation of 44.17% from its peak [5]

Core Viewpoint - Yaoji Technology, known as "the first poker stock," is facing a share reduction by its controlling shareholder, which may indicate liquidity needs and could impact investor sentiment [1][2]. Group 1: Shareholder Actions - The controlling shareholder, Yao Shuaobin, and four other associated parties plan to reduce their holdings by up to 12.52 million shares, representing 3% of the total share capital [1]. - The reduction will occur through both centralized bidding and block trading, with a maximum of 1% and 2% of the total share capital being sold through these methods, respectively [1]. - As of the announcement, Yao Shuaobin and associated parties hold 206.9 million shares, accounting for 49.63% of the total share capital [2]. Group 2: Financial Performance - Yaoji Technology's revenue has seen significant growth from 980 million yuan in 2018 to 4.307 billion yuan in 2023, but there was a notable decline in revenue in 2023 [3]. - The company's revenue for 2024 is reported at 3.271 billion yuan, a decrease of over 1 billion yuan, representing a year-on-year decline of 24.04% [3]. - The decline in revenue is attributed to all three main business segments, with digital marketing experiencing the most significant drop of 40.25% [3]. Group 3: Profitability Trends - The net profit of Yaoji Technology peaked at 1.093 billion yuan in 2020 but has been on a downward trend since, with net profits of 547 million yuan in 2021 and 349 million yuan in 2022 [4]. - In 2023, the net profit slightly rebounded to 539 million yuan, but it still represented a year-on-year decrease of 4.17% [4]. - The first quarter of the current year shows continued declines in both revenue and net profit, with revenue at 779 million yuan, down 20.67%, and net profit at 141 million yuan, down 6.70% [4].

Core Viewpoint - The company reported a significant decline in revenue for 2024, with total revenue of 3.271 billion (down 24.04% year-on-year) and a net profit of 539 million (down 4.17% year-on-year) [1] Group 1: Business Performance - The poker business remained stable, while overseas gaming business showed strong performance; however, revenue decline was attributed to reduced income from digital marketing and gaming segments [2] - In 2024, gaming business revenue was 1.015 billion (down 17.20% year-on-year), accounting for 31.04% of total revenue, with domestic gaming revenue declining due to high 2023 base and product cycle factors [2] - The overseas gaming business saw revenue and profit growth, with the subsidiary Dayu Competition achieving revenue of 140 million (up 10.07% year-on-year) and net profit of 5.95 million (returning to profit) [2] - The poker business generated revenue of 1.082 billion (down 0.75% year-on-year), benefiting from sales structure adjustments and improved high-margin poker sales, with a gross margin increase of 3.84 percentage points to 30.40% [2] Group 2: Digital Marketing and Cost Management - Digital marketing revenue for 2024 was 1.142 billion (down 40.25% year-on-year), with a gross margin increase of 2.31 percentage points to 7.76% [3] - The company improved profit margins in Q4 2024, with a gross margin of 75.85% (up from 51.26% in Q3 2024) due to a decrease in low-margin advertising business and improved gross margins [4] - Sales expenses in Q4 2024 decreased by 48% to 50 million, while R&D expenses decreased by 13% to 60 million, indicating effective cost management [4] Group 3: Future Outlook - The company is expected to expand poker production capacity, addressing capacity bottlenecks and increasing market share [4] - The casual gaming segment is performing well, with overseas gaming business showing competitive advantages; prior investments in R&D and marketing are anticipated to yield profits in the future [4] - Strategic investment in Shanghai Luda aims to participate in card development and operations, with expectations for continued growth in the card business [4] - Profit forecasts for 2025 and 2026 are 600 million and 670 million respectively, with corresponding PE ratios of 17.9 and 16.1, maintaining a buy rating [4]