证券研究报告 | 2025年09月03日 姚记科技（002605.SZ） 优于大市 中报业绩点评：短期业绩承压，毛利率有所提升 上半年营收及净利润同比向下。1）上半年公司实现营业收入 14.38 亿元、 归母净利润 2.56 亿元，同比分别下滑 24.64%、9.98%，对应全面摊薄 EPS 0.61 元；实现扣非归母净利润 2.54 亿元，同比下滑 5.43%；2）25 年 Q2 公司实 现营业收入 6.60 亿元、归母净利润 1.15 亿元，同比分别下滑 28.8%、13.7%， 对应 EPS 0.28 元；3）营收与业绩下滑主要在于数字营销及扑克牌业务短期 波动。 数字营销业务下滑明显，关注扑克牌产能投放。1）上半年游戏业务实现营 收 4.81 亿元，同比下滑 6.33%，主要受短期流水波动影响；毛利率基本稳定， 同比提升 0.15 个 pct 至 96.39%。从行业竞争格局来看，公司所处的休闲游 戏品类相对稳定，国内主要有《捕鱼炸翻天》、《指尖捕鱼》、《姚记捕鱼 3D 版》、《大神捕鱼》、《捕鱼新纪元》、《小美斗地主》、《齐齐来麻 将》等休闲类游戏，；海外游戏产品主要有《Bingo Party》、《 ...

Core Viewpoint - Shanghai Yaoji Technology Co., Ltd. maintains a stable credit rating of A+ for both its corporate entity and the "Yaoji Convertible Bond" with a stable outlook, reflecting its strong market position and financial stability despite some revenue decline [1][4][10]. Company Overview - The company, originally established as Shanghai People's Printing Factory, has evolved into a well-known manufacturer of playing cards and is publicly listed since 2011 [10][11]. - As of March 2025, the company has a total share capital of 415 million shares, with the controlling shareholders holding 49.95% of the shares [10][11]. Financial Performance - In 2024, the company reported total revenue of 32.71 billion yuan, a decrease of 24.05% year-on-year, while the total profit was 6.81 billion yuan [4][11][24]. - The company has a strong cash position with cash assets amounting to 10.81 billion yuan by the end of 2024, and total assets of 50.69 billion yuan [9][11]. - The company's gross profit margin improved to 43.44% in 2024, up by 5.81 percentage points from the previous year [24]. Business Segments - The playing card business remains stable, while the mobile gaming segment experienced a decline in revenue due to a decrease in active users [4][24]. - The digital marketing segment saw a revenue drop but an increase in gross margin due to adjustments in client cooperation and reduced inefficient spending [4][24]. Industry Analysis - The playing card industry in China is characterized by stable demand and intense competition, with the country being a major producer and consumer of playing cards globally [14][15]. - The mobile gaming market in China reached a sales revenue of 325.78 billion yuan in 2024, with a year-on-year growth of 7.53%, indicating a shift from user expansion to increased per capita spending [15][16]. - The internet marketing sector is also growing, with the market size reaching 776.5 billion yuan in 2024, reflecting a 15.04% increase [19]. Risks and Challenges - The company faces risks related to high supplier concentration in its playing card business, which could impact cost control and operational performance [25][26]. - The mobile gaming industry is under pressure from regulatory scrutiny and increased competition, which could affect revenue growth [15][16].