Core Insights - Thunderobot has been recognized as the only brand in the "eSports all-scenario equipment" category in the 2025 "China's 500 Most Valuable Brands" report, with a brand value of 21.839 billion yuan, marking a 111.60% increase over five years, setting a new record [1] - The company has achieved five consecutive increases in brand value during a period of global economic adjustment, successfully transitioning from a brand value of 10 billion to over 20 billion yuan, solidifying its image as a new domestic brand in eSports equipment [1] Group 1: Innovation and AI Integration - Thunderobot has outlined a growth path focused on the integration of AI technology and high-performance hardware, creating an ecosystem that includes "AIPC + AI smart glasses + Thunderobot AI smart body" [2] - The development of the Thunderobot AI smart body reflects the company's AI strategy, with collaborations with Alibaba Cloud and DeepSeek to enhance AI capabilities and provide personalized services [2][4] - The AI-driven products, such as the Thunderobot ZERO 18 Pro and Aura AI smart glasses, have become market hits, showcasing the company's competitive edge in the eSports equipment sector [4] Group 2: Market Expansion and Revenue Growth - The growth in brand value is attributed not only to AI but also to Thunderobot's unique position as a leading brand in the eSports equipment industry and its successful penetration into overseas markets [5] - The company has shifted from merely selling devices to offering comprehensive eSports experiences, resulting in a compound annual growth rate of 47.32% for peripheral products from 2019 to 2023 [5][6] - Thunderobot's overseas business has become a significant growth engine, with revenue from international operations increasing from 107 million yuan in 2021 to 1.15 billion yuan in 2024, reflecting a compound annual growth rate of 120.7% [8]

引言： 2024 年，全球经济环境纷繁复杂，雷神科技穿越行业周期，继续深耕高性能计算机硬件领域，在 渠道建设、市场拓展、生态整合等方面均实现了行业领跑。今年一季度，雷神科技更是保持了强劲的增 长势头，按下高质量发展的 " 加速键 " 。 近日，全景财经与雷神科技董事长、总经理路凯林对话，解读公司2024年经营成绩及未来规划，挖 掘"电竞+信创"双轮驱动背后的价值锚点。 对话文字实录： 全景财经：路董你好。很高兴能够借助业绩说明会这样的契机，再次和您对话，一起聊一下在过去一年 当中公司的发展和变化。那回顾去年的PC市场，可以说是一直处在温和复苏筑底回升的爬坡阶段，雷 神科技克服艰难，穿越周期，交出了一份大幅跑赢行业的成绩单，那公司能够获得如此亮眼的成绩脱颖 而出，您觉得靠的是什么呢？ 雷神科技董事长、总经理路凯林：应该说整个24年行业的挑战还是比较大，但好在也是开始筑底回暖。 那么雷神在24年的发展过程当中，也是坚持电竞+信创这样双轮驱动的这样一个发展战略，同时我们积 极拥抱AI的浪潮和全球化的浪潮。所以在这个过程里面，我们第一个是从技术方面，像我们去年的一 些蜂鸟屏的技术，星闪的技术，包括雷神AI，这些技术能 ...

北交所行业主题报告 2025 年 04 月 28 日 电竞装备国产化突围，雷神科技 AIPC 生态与信创蓝海协同增长路径 ——北交所行业主题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 行业概况：电竞产业链趋于成熟，5G、AIGC 等技术突破 我国电竞行业大致经历了四个阶段。2023 年国内游戏市场实际销售收入 3029.64 亿元，同比增长 13.95%，首次突破 3000 亿元关口。中商产业研究院预测，2024 年中国游戏市场实际销售收入达到 3246.44 亿元。整体来看，中国电竞市场规模 的增长得益于电竞游戏的稳健增长、职业电竞赛事和大众电竞赛事的发展以及电 竞生态市场的蓬勃。随着电竞赛事市场的继续拓展、电竞商业化能力的提升和电 竞衍生内容的发展，电竞生态市场有望实现进一步的增长。整体来看，中国网络 游戏行业依然蕴藏着较大的发展潜力，5G、AIGC、云游戏、VR/AR 等技术的快 速突破，将继续推动行业向着更为繁荣和稳健的方向发展。 产业链：形成覆盖硬件、内容、赛事及商业化的完整生态 随着智能手机、平板电脑、个人电脑和游戏机越来越 ...