Group 1: Company Overview - The company focuses on the esports technology, interactive entertainment, computing power, and artificial intelligence sectors, providing advanced products and technical solutions to enhance user experiences and support business innovation [2] - The company aims to become a leader in digital intelligence services by leveraging its technological expertise and continuous innovation [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 183,954.85 million, representing a year-on-year growth of 28.37%, and a net profit of CNY 25,188.34 million, up 48.60% [3] - In Q1 2025, the company reported a revenue of CNY 57,801.79 million, a 40.25% increase year-on-year, and a net profit of CNY 7,346.77 million, growing by 37.48% [3] Group 3: Market Position in Esports - The company holds over 70% of the esports service market in China, with partnerships across more than 2,000 collaborators in over 96% of cities nationwide [4] - The number of active esports service terminals grew by 2.1% year-on-year, while the user base increased by 6.6% [4] Group 4: Global Expansion - The company is accelerating its global esports service expansion, focusing on key markets in the Asia-Pacific region, including Hong Kong, Taiwan, Japan, South Korea, and Vietnam [5][6] Group 5: Upcoming Events - The 2025 ChinaJoy event is scheduled for August 1-4, 2025, featuring new forums and a focus on the "smart entertainment robot" theme [7] Group 6: Computing Power Infrastructure - The company has established over 300 edge computing power cloud rooms, serving more than 700,000 terminals, with a year-on-year growth of 21.1% in cloud terminal numbers [8] Group 7: AI Development - The company has developed the Shunwang Lingxi Engine, an intelligent engine that facilitates AI application development and reduces entry barriers for creating high-quality industry-specific AI applications [9]

Investment Rating - The report does not explicitly state an investment rating for the gaming industry or the specific company being analyzed [1]. Core Insights - The company focuses on multiple dimensions of development in the gaming industry, including esports technology, interactive entertainment, computing power, and AI, aiming to enhance user experience and support business innovation [21][22]. - The company reported a revenue of 1.396 billion yuan for the first nine months of 2024, representing a year-on-year growth of 25.96%, and a net profit of 212 million yuan, up 34.92% from the previous year [21]. - The company has established over 300 edge computing power data centers by the end of 2023, serving more than 500,000 terminals [23]. - The company’s core products cover over 70% of the national esports service market and reach over 96% of cities in China, maintaining strong partnerships with over 2,000 collaborators [22]. Summary by Sections 1. Basic Research Information - The research was conducted on March 5, 2025, focusing on the gaming industry and the company, Shunwang Technology [13]. 2. Detailed Research Institutions - Various investment institutions participated in the research, including private equity funds and securities companies [14][15]. 3. Research Institution Proportions - The research institutions included 40% securities companies, 20% fund management companies, and 33% other types of institutions [18]. 4. Main Content Information - The company emphasizes a commitment to sustainable development in the gaming industry, aligning with national policies on cybersecurity and content management [21]. - The company’s esports services and technology solutions are designed to provide comprehensive support for business innovation and enhance digital entertainment experiences for users [21]. - The company has developed an AI engine that facilitates the connection between computing power, models, and applications, lowering the entry barrier for AI applications [24].