具体来看，2025年上半年，雷神科技实现营业收入13.88亿元，同比增长13.19%，创历史同期新高；归 属于上市公司股东的净利润1433.53万元，同比增长69.31%，利润增速继续超营收增速；归属于上市公 司股东的扣除非经常性损益的净利润为1326.38万元，同比增长86.16%；毛利率进一步提升，盈利能力 稳步增强。 据市场调查机构IDC预测，2025年全球PC出货量预计将达到2.74亿台，同比增长4.1%。其中，中国游戏 本市场在此趋势下表现亮眼，已连续四个季度实现同比增长，展现出稳定的上升趋势，"超级换机周 期"已然来临。这一进程中，雷神科技的竞争优势将伴随市场的扩容而放大，多重利好共振下，其前景 值得期待。 中证报中证网讯(王珞)8月15日，北交所上市公司雷神科技发布2025年半年度业绩报告。财报显示，报 告期内，公司把握消费"国补"、市场回暖、需求增加的机遇，在产品创新、市场拓展等方面取得显著成 效，实现了营收和净利润的双增长。 同时，双轮驱动成果渐显，信创"第二曲线"的价值潜力加速兑现。报告期内，雷神科技锚定"100家金牌 代理商、100家行业头部用户"的双轨目标，携手伙伴共筑高质量行业生态。 ...

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]

Core Insights - The company has maintained strong growth momentum in the first quarter of 2024, driven by its dual strategy of "e-sports + innovation" and embracing AI and globalization trends [1][2] - The company has successfully expanded into nearly 40 countries, with overseas sales growing by 57% last year, contributing significantly to overall performance [3] - The company has secured over 300 projects in the "innovation" sector, including major contracts with leading institutions, which has been a key driver of revenue growth [3] 2025 Strategic Plans - The company aims to capitalize on AI opportunities, with products like the RTX50 series gaming laptops and AI smart glasses experiencing high demand upon launch [4] - The company is focused on building a comprehensive e-sports ecosystem, with plans to establish at least 100 e-sports hotels this year, having already built 32 and with 40 more under construction [4] - The company will continue to pursue its dual strategy of "e-sports + innovation," particularly in light of the government's push for comprehensive innovation replacement by 2027 [4]

Industry Overview - The esports industry in China has matured, with significant breakthroughs in technologies such as 5G and AIGC. The domestic game market achieved a sales revenue of 302.96 billion yuan in 2023, marking a year-on-year growth of 13.95% and surpassing the 300 billion yuan mark for the first time. The market is projected to reach 324.64 billion yuan in 2024, indicating steady growth potential [1][20][25]. Industry Chain - The esports industry chain has formed a complete ecosystem covering hardware, content, events, and commercialization. The demand for GPUs is driven by the increasing use of high-end computing systems for graphics-intensive gaming applications. The GPU market in China reached 80.7 billion yuan in 2023, growing by 32.78% from 2022, and is expected to reach 107.3 billion yuan in 2024 and 120 billion yuan in 2025 [2][34][39]. Company Focus - Thunderobot Technology, the first esports equipment company listed on the Beijing Stock Exchange, focuses on integrating AI technology. The company has launched the flagship AI gaming laptop ZERO 18 Pro, equipped with high-performance hardware. In 2024, Thunderobot is expected to achieve a revenue of 2.955 billion yuan, reflecting a year-on-year growth of 15.65% [3][23][59]. Market Dynamics - The esports market is benefiting from the robust growth of esports games, the development of professional and amateur esports events, and the flourishing esports ecosystem. The number of registered esports-related companies in China exceeded 120,000 by the end of 2023, indicating intense competition within the industry [25][56].