9月18日至23日，湖北盛天网络技术股份有限公司（证券代码：300494，证券简称：盛天网络）接受了 长江证券、海富通基金等34家机构的特定对象调研与分析师会议，会议以电话会议形式开展，地点为线 上会议及武汉，公司首席战略官高维接待。以下为本次投资者关系活动的主要内容： 产品落地方面，推出AI原生音乐社交APP"给麦"，在多模态模型领域实现突破，今年5月上线AI虚拟人 播客功能，后续将拓展角色服务。游戏社交APP"带带电竞"研究"AI + 社交"场景开拓。同时，公司探索 AI出海，推出多款面向海外C端用户的AI应用。未来，公司将持续升级技术能力，探索AI泛娱乐出海。 独立游戏《活侠传》2024年上线后销量口碑俱佳，今年8月扩充主线剧情，后续将持续优化更新。此 外，公司还筹备发行《我的挚友》等多款重点游戏。 原创IP方面，《星之翼》出海成绩亮眼，自2024年11月登陆日本市场后表现出色，境外流水占比超 80%。该作与日本寿屋机甲少女IP联动引发热潮，还将于9月底参加东京游戏展。未来，公司将巩固与 国际IP方合作，开发衍生内容，同时加速原创IP全球化布局。 AI领域布局：构建平台体系，推进产品落地 新品游戏运营： ...

证券代码：300494 证券简称：盛天网络 投资者关系活动 类别 特定对象调研 分析师会议 □媒体采访 业绩说明会 □新闻发布会 路演活动 现场参观 电话会议 □其他： （请文字说明其他活动内容） 参与单位名称 长江证券、海富通基金、国联民生证券、华泰资产、天风证券、华源 证券、华创证券、开源证券、东方资管、广发基金、华夏基金、招商 基金、长盛基金、浦银安盛、大成基金、永赢基金、鹏华基金、申万 菱信、浦银基金、中邮基金、富国基金、中信建投、博道基金、金鹰 基金、中英人寿、中信证券、诺安基金、光大资管、中国人寿、平安 资管、上海名禹、国泰基金、幸福人寿、西南证券 时间 2025年9月18日-2025年9月23日 地点 线上会议、武汉 公司接待 人员姓名 首席战略官 高 维 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、请问公司的游戏 IP 业务未来规划如何？ 公司在游戏IP领域已构建起多维度的经典品类布局，成功推出《三 国志 2017》《三国志・战略版》《真・三国无双霸》等多款深受玩家 认可的 IP 改编作品。其中，公司在《三国志・战略版》项 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4][7]. Core Views - The company is focused on building a diversified entertainment ecosystem, leveraging AI to drive social growth [4]. - The company has shown a strong recovery trend in its performance, with a significant increase in revenue and net profit in the first quarter of 2025 [6]. - The company is well-positioned in the digital entertainment landscape, with a robust IP operation and a strong pipeline of new products [6][9]. Summary by Sections Company Overview - The company, Hubei Shengtian Network Technology Co., Ltd., was established in 2009 and is a leading digital entertainment platform in China, focusing on a "platform-content-service" integrated operation system [14][19]. - The company has a diverse product matrix that includes cloud gaming, esports hotels, and game operations, supported by a strong IP portfolio [20][24]. IP Operation Business - The company has a solid foundation in the game IP market, with a significant portion of revenue coming from IP products [40]. - The company has established long-term partnerships with major game manufacturers, enhancing its IP operation capabilities [45][50]. Game Development and Publishing - The company has made significant strides in self-developed and independent games, with successful titles like "Star Wings" and "True Three Kingdoms" [54][57]. - The independent game studio, Paras Games, has produced high-quality content, establishing itself as a benchmark in the industry [57]. AI Integration - The company launched its AI platform, VRACE, which integrates various AI technologies to enhance gaming and social experiences [61]. - The AI platform aims to provide intelligent companionship services, significantly improving user engagement on social platforms [61].

Core Viewpoint - The recent significant increase in the stock price of Youzu Interactive (游族网络) is noteworthy, with a rise of 84.97% from a low of 7.65 CNY to a peak of 14.15 CNY, despite the company facing operational challenges and a decline in revenue and profit [4][5]. Company Performance - In 2024, Youzu Interactive reported a revenue of 1.434 billion CNY, a decrease of 11.75% from 1.625 billion CNY in the previous year [5]. - The net profit attributable to shareholders was -386 million CNY, a staggering decline of 522.46% year-on-year [5]. - The company's operating costs increased to 911 million CNY, up 16.80% compared to the previous year, primarily due to rising advertising expenses and game distribution costs [6]. Cost and Expense Analysis - Despite the increase in operating costs, Youzu Interactive managed to reduce its sales expenses by 19.03% to 132 million CNY, management expenses by 15.90% to 257 million CNY, and financial expenses by 16.61% to 22 million CNY [7]. - Research and development (R&D) expenses saw a significant drop of 26.33%, falling from 242 million CNY to 178 million CNY, with a reduction in R&D personnel by 32.72% [7]. Market Context - The domestic gaming market achieved a record high in 2024, with actual sales revenue reaching 325.783 billion CNY, a growth of 7.53% year-on-year, and a user base of 674 million, up 0.94% [8]. - The competitive landscape is characterized by a concentration of resources among leading companies, with Tencent, NetEase, and miHoYo dominating the market [8]. Industry Trends - The issuance of new game licenses increased significantly, with 1,416 licenses granted in 2024, marking a 32% rise from the previous year [8]. - The small program gaming market is experiencing rapid growth, with a revenue increase of 99.18% to 39.836 billion CNY [8]. Other Companies' Performance - Other gaming companies like Iceberg Network and Electric Soul Network also reported varied performance, with Iceberg Network's revenue at 2.788 billion CNY, up 32.04%, while Electric Soul Network's revenue fell to 550 million CNY, down 18.71% [9][10]. - Electric Soul Network's reliance on a single game for 65.27% of its revenue highlights the risks associated with concentrated revenue streams [10].