（来源：新安晚报） 而我们普通人，则在牌桌上不经意地泄露出更本真的模样。有人输了一局，脸便沉下，反复念叨对家某 张牌出得不对，得失心太重。有人却哈哈一笑，说一声"输赢无所谓"，顺手将牌洗得哗哗响，还会饶有 兴致地探讨若是换种打法会如何。前者令人敬而远之，后者则让人愿意下次再聚。难怪人说，掼蛋这游 戏，情商与人品，常常比牌技本身更要紧。一个人的气象与涵养，在这方寸牌桌间，确是无处躲藏。 牌桌，由是也成了一个小小的社会。固定的牌友，多是性情相投、时光凑巧的人。大家暂将平时的负累 卸下，边打牌边说些家长里短的闲话，牌局成了一种平实而温暖的相聚。 如今，掼蛋成了我生活里一段固定的节奏。每月总有那么几次，四人围桌而坐。牌是新的，茶是滚的， 人的心是松泛的。洗牌、切牌、发牌，熟悉的声响一起，窗外的车马人声便淡去了。 牌发到手里，我理得有些忙乱。这名师友的牌似乎极好，出得果断凌厉，气势十足。我挺在乎这名师友 的看法，当时心里只有一个念头，千万别拖后腿。谁知越是这么想，手上越出错。该顶住上家时，我手 一软，放了过去；该顺顺当当给对家递牌时，我又懵懂地拦了一下。眼看他原本顺畅的牌路，被我堵得 磕磕绊绊。最后一局关键牌，明明是他 ...

2024/2025Q1公司收入分别环比增长33.47%/61.66%，节庆效应对业绩拉动效应明显。近年公司在巩固传 统扑克牌优势的基础上，持续加快掼蛋等新品类布局，后续在节庆旺季及新品拓展双重驱动下，看好核 心休闲娱乐板块的阶段性回暖潜力。后续伴随短剧精品化趋势，公司有望凭借稀缺场景的供给能力在行 业上行期中持续受益。根据12月19日收盘价，分别对应18/16/13倍PE，维持"买入"评级。 格隆汇12月23日｜中邮证券研报指出，姚记科技业绩短期承压，短剧基建持续受益行业浪潮。年末至春 节是线下聚会及家庭娱乐旺季，有望带动扑克牌及休闲游戏需求增长。从公司历史数据来看， ...

Summary of Zhejiang Shuju Culture Conference Call Company Overview - **Company**: Zhejiang Shuju Culture - **Period**: First three quarters of 2025 Financial Performance - **Revenue**: 2.152 billion CNY, a slight decrease of 0.79% year-on-year [2][3] - **Net Profit**: 535 million CNY, an increase of 12.65% year-on-year [3] - **Net Profit (Excluding Non-recurring Items)**: 340 million CNY, a growth of 6% year-on-year [3] - **Operating Cash Flow**: Improved from a negative 182 million CNY to a positive 324 million CNY [3] - **R&D Investment**: Increased by 20 million CNY to 268 million CNY, representing 12.5% of revenue [2][3] Business Segments Gaming Sector - **Peak Games**: Maintained steady growth despite no new game licenses; strong performance from popular games like "Doudizhu" [2][4] - **Innovation Team**: Established to explore mobile games and other categories [4] - **Profit Growth**: Driven by enhanced traffic effects from premium games [6] Digital Marketing - **Contribution to Profit**: Digital marketing segments like Jiutian Interactive and Taotian Media contributed to net profit growth [6] IP Economy - **Focus Area**: IP economy is a key growth area with multiple products launched in September and October, including toys and collectibles [7] - **Future Plans**: More products expected in Q4 and next year, with resource integration from previous investments anticipated to positively impact financials [7] Digital Technology (AIDC) - **Stability**: The AIDC segment remains stable, with plans for collaboration with leading computing card manufacturers in Beijing [8] - **Growth Potential**: The Dajiangdong area shows potential for growth, supported by Alibaba's significant investment in AI [8] Strategic Partnerships - **Collaboration with Alibaba Cloud**: A strategic framework agreement signed to upgrade computing power at the Fuyang base and deepen cooperation on the Dajiangdong project [9] - **AI Infrastructure**: Plans to enhance AI industry infrastructure through collaboration [9] AI Applications - **AI Development**: Formation of AI models and algorithms aimed at various sectors including smart cities and digital media [10] - **Commercialization**: Existing R&D outcomes are being transformed into competitive products for commercial value [10] Data Trading Center - **Growth in Trading Volume**: Expected to double in 2025, surpassing 100 million CNY [11] - **Future Potential**: Current trading volume is only 2%, with significant growth potential as national policies promote data trading [12] Investment Activities - **IPO Projects**: Investments in companies like Haima Cloud and Tongshifu are expected to yield returns upon their IPOs [13] - **Stock Holdings**: Company holds shares in Huatuo, with partial reductions noted; further details pending in the upcoming quarterly report [13] Collaboration with Alibaba - **Equity and Business Cooperation**: Includes joint ventures and strategic projects aimed at leveraging shared resources for mutual growth [14] - **Investment in Media**: Significant investment in media ventures to enhance collaborative business models [14] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segments, strategic partnerships, and future outlook for Zhejiang Shuju Culture.

Core Viewpoint - The research indicates that large models can effectively play various card games, demonstrating their capabilities in complex decision-making scenarios [2][4][52]. Group 1: Model Performance - Different models exhibit varying performance across different card games, with fine-tuned models showing superior results compared to API-based and base models [3][40]. - Among the API-based models, GPT-4o performs the best overall, while GLM-4 demonstrates strong capabilities in games like DouDizhu and GuanDan [39][40]. - Fine-tuned models, particularly GLM4-9B-Chat-mix, excel in multiple games, including DouDizhu, GuanDan, and Uno, indicating their versatility [42][40]. Group 2: Game Selection and Learning Methodology - The research team selected eight popular card games based on their complexity and the availability of high-quality models and data [8]. - The learning process involved generating high-quality interaction data through teacher models and opponents, allowing the large language models to learn effectively [14][16]. - The complexity of the games influenced the number of training instances collected, with more complex games like DouDizhu and GuanDan requiring larger datasets [20][21]. Group 3: Inter-Game Influence - The study found that models trained on similar games can enhance each other's performance, while those trained on games with significant rule differences may experience performance conflicts [52][49]. - For instance, models trained on GuanDan showed good performance in DouDizhu, suggesting a positive transfer of skills between these games [45]. Group 4: Generalization and Capability - The research indicates that while training on card games, the general capabilities of the models may decline, but this can be mitigated by incorporating general data into the training process [56][54]. - The mixed training approach allowed for some recovery of general capabilities, demonstrating the balance between specialized game skills and broader knowledge [56].