丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨姚记科技（002605.SZ） [Table_Title] 营销业务调整致收入同比下滑，经营性业绩实现 环比改善 research.95579.com 报告要点 [Table_Summary] 公司披露 25Q3 业绩，25Q3 实现营收 6.70 亿元（同比-23.95%/环比+1.62%）， 实现归母净利 润 1.34 亿元（同比-3.98%/环比+16.73%），扣非净利润 1.26 亿元（同比-8.05%/环比+10.06%）。 数字营销业务继续进行优化调整等致 Q3 营收同比下滑，环比略有增长；扑克牌及营销业务优 化叠加游戏投放收缩，推动公司整体利润率提升。公司积极布局卡牌、微短剧等高景气业务， 关注主业后续提质增效进展。 分析师及联系人 1 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 姚记科技（002605.SZ） cjzqdt11111 ...

本次交易完成后，公司亦计划在三足乌的培训基地建设打造游戏电竞娱乐场馆，并通过本次投资进一步 深化AI人工智能领域的战略布局，积极整合双方优势资源，借助三足乌在低空经济及无人机应用方面 的技术与经验，与本公司在休闲游戏IP、赛事体系及直播平台的优势深度融合，构建以AI为基础的"内 容+技术+用户+场景"的多维生态体系及品牌矩阵。公司将和三足乌协力策划运营AI无人机智力赛事， 打造极具观赏性、技术挑战性和应用价值的"新智力竞技"标杆，并将探索建立AI无人机竞技的专业平台 及标准化比赛体系。同时，结合赛事实践与前沿技术，推出面向不同层级的技术培训课程，建立信息化 考试系统，打造赛事+培训的创新人才生态体系。 此外，公司将持续深化AI人工智能战略布局，通过投资、与行业领先伙伴的深度合作等方式，来加速 公司在AI技术领域的积累，增强核心竞争力，进一步巩固公司积极拥抱创新科技的发展战略，为股东 创造长期价值。 智通财经APP讯，联众(06899)发布公告，公司全资附属公司北京联众互动网络股份有限公司(北京联众) 已与北京三足乌咨询有限公司(三足乌)签署投资协议。根据投资协议，北京联众将认缴三足乌经扩大注 册资本的51%。 ...

本次交易完成后，公司亦计划在目标集团基地建设打造游戏电竞娱乐场馆，并通过本次投资进一步深化 AI人工智能领域的战略布局，积极整合双方优势资源，借助目标集团在低空经济及无人机应用方面的 技术与经验，与公司在休闲游戏IP、赛事体系及直播平台的优势深度融合，构建以AI为基础的"内容+技 术+用户+场景"的多维生态体系及品牌矩阵。 继而推动公司以"AI技术驱动、区块链创新、Web3.0生态构建"为核心，重塑休闲游戏、文化 娱乐及 体 育竞技三大主业， 并积极拓展"IP影 响力 + 新零售"增量业务 ，致力于为全球用户提供可持续的情绪价 值与沉浸式体验的全新升级战略。 智通财经APP讯，联众(06899)公布，于2025年11月3日，公司、北京联众( 公司的全资附属公司 )与目标 公司北京三足乌咨询有限公司订立投资协议，北京联众同意认缴目标公司经扩大注册资本的51%，金额 为人民币3120万元。 据悉，目标集团主要从事无人机研发、相关人工智能技术研发及市场应用、人机互动技术研发、认证考 试以及全方位人才培训等业务。除目标公司外，目标集团由四川金瑞穗科技有限公司、四川三足乌教育 管理有限公司及四川三足乌低空科技发展有限公 ...

Group 1 - The company, Beijing Lianzhong, and the target company Beijing Sanzu Wuz Consulting Co., Ltd. have entered into an investment agreement where the company will subscribe for 51% of the target company's expanded registered capital, amounting to RMB 31.2 million [1] - The target group is primarily engaged in drone research and development, related artificial intelligence technology development and market application, human-computer interaction technology development, certification testing, and comprehensive talent training [1] - Following the completion of the transaction, the company plans to build an esports entertainment venue at the target group's base and further deepen its strategic layout in the AI field by integrating resources from both parties [1] Group 2 - The company aims to reshape its core businesses in leisure gaming, cultural entertainment, and sports competition by focusing on "AI technology-driven, blockchain innovation, and Web 3.0 ecosystem construction" [2] - The company is actively expanding its "IP influence + new retail" incremental business, striving to provide sustainable emotional value and immersive experiences for global users through a new upgraded strategy [2]

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: Market Overview - The global casual gaming market is projected to grow significantly from 2020 to 2031, with various product types showing different growth trends [3][4]. - The casual gaming market in China is expected to increase its share of the global market, reflecting a growing consumer base and increased engagement [4][12]. - Different application types, including online and offline games, are anticipated to see varying growth rates, with online games likely leading the expansion [5][12]. Group 2: Industry Development and Trends - The "14th Five-Year Plan" outlines the overall development of the casual gaming industry, highlighting key characteristics and barriers to entry [4][5]. - Major trends in the industry include technological advancements, increased mobile penetration, and changing consumer preferences towards casual gaming experiences [4][5]. - Recommendations for industry players include focusing on innovative game design and enhancing user engagement strategies to capture market share [4][5]. Group 3: Competitive Landscape - The competitive landscape of the global casual gaming market is characterized by a few dominant players, with the top five companies holding significant market shares [4][9]. - Revenue analysis of major global players from 2020 to 2025 indicates a strong growth trajectory, with specific companies leading in revenue generation [4][9]. - The market is witnessing consolidation through mergers and acquisitions, which is reshaping the competitive dynamics [4][9]. Group 4: Product and Application Analysis - Different product types within the casual gaming sector, such as puzzle games and card games, are expected to show distinct growth patterns from 2020 to 2031 [5][12]. - The market share of various application types, including online and offline games, will evolve, with online games projected to dominate [5][12]. - Forecasts indicate that the casual gaming market will continue to diversify, with new genres and innovative gameplay attracting a broader audience [5][12]. Group 5: Regional Insights - North America, Europe, and the Asia-Pacific region are identified as key markets, each with unique growth drivers and consumer behaviors [4][12]. - The Asia-Pacific region, particularly China, is expected to see the highest growth rates, driven by a large population and increasing smartphone penetration [4][12]. - Regional market analyses reveal that different countries exhibit varying levels of engagement and revenue potential in the casual gaming sector [4][12].