上 市 公 司 传媒 2025 年 08 月 25 日 哔哩哔哩-W (09626) 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 22,528 | 26,832 | 29,969 | 32,900 | 35,459 | | 同比增长率（%） | 2.9 | 19 | 12 | 10 | 8 | | 归母净利润（百万元） | -3,425 | -22 | 2,452 | 3,283 | 4,192 | | 同比增长率（%） | 48.8 | 99 | 11,192 | 34 | 28 | | 每股收益（元/股） | -8.29 | -0.05 | 5.83 | 7.80 | 9.96 | | 净资产收益率（%） | -23.78 | -0.16 | 12.16 | 12.14 | 12.06 | | 市盈率 | - | - | 29 | 22 | 17 | | 市净率 | 4.9 | 5.0 | 3.5 | 2.6 | 2.0 | | 注："每股收益 ...

新迅达8月13日股价报13.41元，较前一交易日下跌0.08元，跌幅0.59%。当日成交量为55098手，成交金 额7400万元，振幅2.22%。 该公司属于互联网服务行业，同时涉及锂矿概念。主营业务包括游戏业务和新能源业务。公司总市值 26.74亿元，流通市值26.74亿元。 公司8月12日在投资者互动平台表示，近年来根据行业竞争情况调整业务重心，收缩游戏业务。同时透 露控股孙公司光宇矿业旗下的南阳山锂矿、蔡家锂矿厂区基础建设已基本完成，正在推进采矿选矿工程 建设。 8月13日主力资金净流出1130.97万元，占流通市值0.42%。近五日主力资金累计净流出3368.51万元，占 流通市值1.26%。 风险提示：股市有风险，投资需谨慎。 ...

Core Viewpoint - The company reported significant growth in net profit for the first half of 2025, driven by increased fair value of financial assets and investment income from associates, while maintaining a positive outlook on its gaming business and the integration of culture and technology [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.414 billion yuan, a year-on-year increase of 0.09%, and a net profit attributable to shareholders of 377 million yuan, up 156.26% year-on-year [1]. - Q2 2025 revenue was 708 million yuan, down 3.66% year-on-year but up 0.16% quarter-on-quarter, with a net profit of 234 million yuan, reflecting a year-on-year increase of 386.45% and a quarter-on-quarter increase of 62.52% [1]. - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares [1]. Group 2: Business Segments - The gaming business generated revenue of 706 million yuan in H1 2025, representing a year-on-year growth of 9.02%, while the subsidiary Bianfeng Network reported revenue of 1.015 billion yuan, up 1.62% year-on-year [2]. - The digital marketing segment saw significant growth, achieving revenue of 382 million yuan, a year-on-year increase of 13.97%, driven by the expansion of the Zhejiang Big Data Trading Center [2]. - The integration of AI algorithms in gaming is expected to enhance user engagement and payment efficiency, supporting continued growth in the gaming sector [2]. Group 3: Technological Development - The company is advancing its digital technology initiatives, with the Fuchun Cloud business focusing on upgrading computing infrastructure, including the completion of a data center in Hangzhou [3]. - The company has developed platforms like "Communication Big Model" and expanded its media coverage to 86.7% across the province, with plans to extend to other regions [3]. - The integration of intelligent technology in vertical scenarios is anticipated to drive growth in the company's digital technology business [3]. Group 4: Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits attributable to shareholders to reach 673 million yuan, 773 million yuan, and 906 million yuan for 2025-2027, with growth rates of 31.57%, 14.88%, and 17.16% respectively [4]. - Using the SOTP valuation method, the target price for 2025 is set at 19.65 yuan, reflecting an increase from the previous target of 16.27 yuan [4].

来源：环球市场播报 索尼表示，预计在4月份开始的财年中，美国关税将对其营业利润构成700亿日元的拖累，这一拖累幅度 小于此前1，000亿日元的估测值。 该公司目前预计全财年净利润将下降9.1%，至9，700亿日元，这好于此前9，300亿日元的预期。该公 司继续预计收入将下降2.8%，至11.700万亿日元。 这家日本电子和娱乐公司周四表示，在截至6月的三个月里，净利润较上年同期攀升23%，至2，590.3 亿日元，相当于17.6亿美元。 第一财季收入增长2.2%，至2.622万亿日元。 索尼集团公布第一财季净利润上升，这得益于其游戏业务表现较为强劲，该公司还上调了财年利润展 望，部分原因是美国关税的影响较小。 ...

格隆汇8月7日｜索尼股价午后开盘走高，一度涨7%。此前公司发布财报，上调本财年游戏业务及音乐 业务的营业利润预测。 ...

Core Viewpoint - Goldman Sachs predicts a significant acceleration in AI cloud business growth in Q2, driven by surging demand for AI inference and rapid development of AI applications, while competition in the food delivery sector is expected to lead to a substantial decline in platform profits [1][3][4]. Group 1: AI Cloud Business Growth - The AI cloud business of Chinese internet giants is expected to see a notable acceleration in growth during Q2, with Alibaba Cloud's revenue growth forecasted to increase from 18% in Q1 to 23% in Q2 [5][6]. - Despite being lower than Google Cloud's 32% and Microsoft Azure's 39% growth rates, this increase indicates a positive trend driven by the surge in AI inference demand [6]. - In June, ByteDance's daily token processing reached 15 trillion, while Alibaba's was around 4-5 trillion, highlighting the rapid growth in AI inference demand [6][7]. Group 2: Impact of Food Delivery Competition - Intense competition in the food delivery market is significantly impacting the performance of transaction platforms [8]. - As a result, Alibaba's EBITA is expected to decline by 16% year-on-year, while Meituan and JD's EBIT are projected to drop by 58% and 70%, respectively [9]. - Goldman Sachs estimates that Alibaba's food delivery business incurred losses of 11 billion yuan in Q2, which is expected to expand to 19 billion yuan in Q3 [9]. Group 3: Performance Disparities Among Companies - The report anticipates a divergence in performance among major platforms, with gaming and ride-hailing sectors expected to show resilience [11]. - Tencent is projected to report a revenue growth of 11% in Q2, with adjusted EBIT growth of 15%, driven by strong performance in its gaming segment [11][12]. - Meituan is expected to see a revenue increase of 16%, but its adjusted EBIT is forecasted to plummet by 58% due to intensified competition in food delivery [12]. - JD is also expected to grow revenue by 16%, but its adjusted EBIT is anticipated to decline by 70% [12].

Summary of the Conference Call for Shunwang Technology Company Overview - **Company**: Shunwang Technology - **Industry**: Gaming and Interactive Entertainment Key Points and Arguments Financial Performance - **2024 Revenue**: Expected to grow nearly 30% to 1.839 billion CNY, with net profit increasing by 48.6% to 251 million CNY [2][12] - **Revenue Breakdown**: - **Network Advertising and Value-Added Services**: 1.337 billion CNY, up 46.56% YoY, driven by the recovery of the internet café industry and the integration with esports technology [2][14] - **Gaming Business**: Revenue of 383.2 million CNY, down 3% YoY, with new projects expected to launch in Q3 [14][25] - **Exhibition Business**: Revenue of 116.5 million CNY, stable YoY, with a peak profit previously close to 100 million CNY [14] Industry Trends - **Gaming Industry Recovery**: Significant improvement in the gaming industry from May to June 2025, with high activity levels in both mobile and PC gaming [3] - **PC Gaming Revival**: Not a short-term phenomenon; the importance of PC gaming is increasing, with more multi-platform games and an increase in PC game licenses [6] - **ChinaJoy Exhibition**: Expected to innovate and reach new highs in exhibitor numbers and scale in 2025, focusing on consumer electronics and new energy vehicles [2][9][10] Market Observations - **Cloud Computing and Edge Computing**: The company is adopting a light-asset model for edge computing, collaborating with partners to control costs and plan capital expenditures [2][22][23] - **Consumer Preferences**: Players are increasingly opting for pay-per-use cloud computing services due to high graphics card prices, which is expected to continue for a long time [28] Future Outlook - **2025 Expectations**: The company anticipates continued growth in advertising and value-added services due to industry recovery, while gaming and exhibition businesses are expected to maintain stable growth [26] - **ChinaJoy Participation**: Strong interest from exhibitors, with expectations for increased attendance due to relaxed restrictions on indoor events [29] Additional Insights - **Quarterly Performance Variability**: The gaming industry has shown reduced volatility across quarters since 2024, indicating a more balanced annual performance [5] - **Emerging Trends**: The introduction of new modules at ChinaJoy, including robotics and creator zones, reflects the industry's focus on engaging younger generations [10][11] Risks and Considerations - **Profit Margin Fluctuations**: Value-added services' profit margins are subject to significant fluctuations due to product updates and server activities [21] - **Cost Implications of Edge Computing**: While edge computing may increase costs, optimizing resource allocation can mitigate these impacts [22] This summary encapsulates the key insights from the conference call, highlighting Shunwang Technology's financial performance, industry trends, market observations, future outlook, and additional insights while addressing potential risks.

Summary of ZheShu Culture Conference Call Company Overview - **Company**: ZheShu Culture - **Industry**: Digital Marketing, IDC (Internet Data Center), AI Applications, Data Trading Key Points IDC Business Performance - IDC business shows steady growth with a projected profit exceeding 600 million yuan for the year 2025 [2][3] - The Hangzhou Fuyang base has a high online rate of approximately 90%, while the Beijing project has improved its power-on rate from 1,000 out of 3,500 cabinets [2][4] - The Dajiangdong project is expected to be consolidated soon, but its short-term contribution to revenue and profit is limited [2][6] Digital Marketing Business - Digital marketing business performed well in Q1 2025, with both revenue and gross margin increasing [2][7] - The collaboration with Alibaba through Taobao Tianxia remains stable, while the acquisition of Pinnacle Youyou has improved gross margins through full and performance marketing [2][7][30] AI Applications - The company has registered multiple AI models and strengthened strategic cooperation with Alibaba's Tongyi team, hiring a vice president from Tongyi as an AI advisor [2][8][16] - AI applications focus on digital media, urban governance, AI healthcare, and cultural tourism, with significant growth in the digital media sector [2][19][21] Collaboration with Local Governments - The Zhejiang Big Data Trading Center collaborates closely with local governments, particularly Ningbo, to create a national benchmark case in data services [2][12][13] - The center has integrated with DingTalk to provide a "find data" feature, generating significant revenue from transaction sharing [2][12] Game Business - The gaming business is a major profit source, with Q1 2025 showing a revenue increase of approximately 10 million yuan and a profit increase of 20 million yuan [3][26] - The company aims to maintain steady growth in the gaming sector, focusing on younger demographics and mobile gaming [3][26] Financial and Operational Strategies - The company plans to enter the stock market-related business with products like IP cards and collaborate with game IPs [5][23] - Market-oriented compensation and stock incentive plans are in place to retain core talent, with a focus on recruiting top talent [5][33] Data Element Industry - The data element industry is developing steadily but has not met growth expectations due to insufficient policy operability [11] - The company is focusing on solidifying its foundation through collaborations with local governments and large state-owned enterprises [11][12] Future Outlook - Anticipated significant policy announcements in July 2025 may impact the data element industry [15] - The company is exploring commercializing AI applications, particularly in smart healthcare solutions and localized service platforms [32][21] Challenges and Opportunities - The automotive industry's recent changes in accounts receivable policies are beneficial for agency services, reducing financial pressure [30] - The company faces challenges in obtaining new product licenses in the gaming sector, particularly for card games [26] Conclusion - ZheShu Culture is strategically positioned in the digital marketing, IDC, and AI sectors, with a focus on innovation and collaboration with key partners. The company is actively pursuing growth opportunities while addressing industry challenges.

Market Overview - US stock index futures rose before the market opened, with Dow futures up 0.39%, S&P 500 futures up 0.88%, and Nasdaq futures up 1.34% [1] - European indices also showed positive movement, with Germany's DAX up 0.13%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.63%, and the Euro Stoxx 50 up 0.50% [2][3] Commodity Prices - WTI crude oil increased by 0.40% to $62.09 per barrel, while Brent crude oil rose by 0.26% to $64.49 per barrel [3][4] Corporate News - Nvidia (NVDA.US) reported Q1 revenue of $44.1 billion, a 69% year-over-year increase, with data center revenue at $39.1 billion, up 73% year-over-year [11] - Salesforce (CRM.US) exceeded Q1 expectations with revenue growth of 8% to $9.8 billion and raised its revenue guidance for FY2026 [12] - C3.ai (AI.US) reported a 26% increase in revenue to $10.87 million for Q4 FY2025, with a positive outlook for FY2026 [13] - HP (HPQ.US) lowered its full-year earnings forecast due to tariff costs and economic weakness, with Q2 revenue of $13.2 billion, exceeding expectations but EPS falling short [14] - Li Auto (LI.US) reported a net profit of 647 million RMB for Q1 2025, a 9.4% increase year-over-year, with total vehicle deliveries of 92,864 units [15] - Futu Holdings (FUTU.US) saw Q1 revenue grow by 81.1% to 4.695 billion HKD (approximately $603 million), with net profit increasing by 97.7% [16] Economic Data and Events - Upcoming economic data includes the revision of the US Q1 GDP annualized rate and initial jobless claims for the week ending May 24 [17]

Group 1 - The core point of the article is that Nvidia's gaming business revenue for Q1 of fiscal year 2026 reached $3.8 billion, exceeding expectations and showing a year-over-year growth of 42% [1]