证券代码：300113 证券简称：顺网科技 杭州顺网科技股份有限公司投资者关系活动记录表 | 投资者关系 | 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 广发证券、国盛证券、东方证券、东吴证券、招商证券、西南证券、 | | | 中金公司、银华基金、鹏华基金、天弘基金、南华基金、申万菱信 基金、国联安基金、财信基金、同泰基金、华富基金、汇丰晋信基 | | | 金、博道基金、平安资管、上海名禹资管、上海途灵资管、青榕资 | | 参与单位名称 | 管、上海山楂树甄琢资管、上海珺容投资、上海煜德投资、北京宏 | | 及人员姓名 | 道投资、北京永瑞私募基金、广东正圆私募基金、Value Partners、 | | | Cephei Capital Management (Hong Kong) Limited、Valliance Asset | | | Management Limited、Pinpoint Asset Management Limited、 | | | Goldman Sachs Asset M ...

投资要点 证 券 研 究 报 告 行业深度报告 迎Web4.0 看AI如何赋能应用 投资评级： （ ） 报告日期： 推荐 维持 2026年03月05日 ◼ 首席分析师：朱珠 ◼ SAC编号：S1050521110001 迎Web4.0 智能互联网（Agentic AI）： 每一次文明的跃迁都源自人类对未知的不断探索，科技发展也带来更智能的文明；每一轮地缘政治矛盾带来军事冲突也进一步 成为科技较量的战场；Web4.0作为当下互联网发展新阶段，正在重塑数字世界的新基础、新商业模式和用户新体验，迎接智 能新纪元Web4.0，以智能为核心驱动力、以个性化服务为主轴的新代际；存量企业均有望接力Web4.0时代续写AI新篇章。 Web4.0带来生产力与生产关系范式革命： 华为在《智能世界2035》指出，从计算范式的革命、存储范式的改变（数据即智能），到网络范式的跃迁（迈向智能体互联 网），其底层驱动力是一致的，即为了支撑智能体在物理与数字融合的"镜像世界"中进行大规模、实时、可靠的交互与决策。 智能体（Agent）作为核心载体，其从跨应用执行工具到理解用户意图再到自动完成复杂流程的决策伙伴演进，也标志人工智 能从处理信息 ...

Core Viewpoint - The company, Shunwang Technology, anticipates a significant increase in net profit for the year 2025, driven by the expansion of its cloud business and the launch of new products [1][2]. Financial Performance - The company forecasts a net profit attributable to shareholders ranging from 360 million to 430 million yuan, representing a year-on-year growth of 42.92% to 70.71% [2]. Business Development - The cloud business has completed its foundational infrastructure and is now entering a phase of deepening business models and scaling up operations. As of Q3 2025, the company has established over 300 node data centers across nearly 200 cities, servicing around 800,000 terminals with an operational e-sports level computing power of 50,000 routes. Future focuses include data center expansion and multi-scenario applications of cloud services [3]. Product Development - In December 2025, the company launched the "Shunwang E-sports Cloud Computer CITY Edition," designed for low-latency scenarios of 5ms, suitable for diverse environments such as hotels, shopping malls, and corporate offices. The subsequent promotion and customer acquisition will be closely monitored [4]. Brand and Market Activities - The company showcased its core IP, ChinaJoy, at the BRIDGE2025 summit in December 2025, gathering over 20 leading industry enterprises. Plans are in place to enhance the IP's influence and foster collaborations with top IPs in gaming and animation, while also expanding its global network [5]. Strategic Initiatives - During recent institutional research, the company indicated a keen interest in monitoring investment or acquisition opportunities within the upstream and downstream of the industry chain, alongside strategic planning for shareholder returns such as dividends. Specific plans will be announced in due course [6]. Industry Policy and Environment - Starting January 1, 2026, the value-added tax rate for telecommunications services will increase to 9%. However, the company stated that this policy change has not directly impacted its operational performance. Future policy changes may affect the cost structure of its business [7].

Core Viewpoint - Shunwang Technology (300113.SZ) has announced the launch of "Shunwang E-sports Cloud Computer CITY Version" in December 2025, which is designed for low-latency scenarios and is a key component of the company's cloud service offerings [1] Group 1 - The "Shunwang E-sports Cloud Computer CITY Version" is tailored for a 5ms latency environment, indicating a focus on high-performance cloud services [1] - The product is versatile and can be adapted to various digital consumption scenarios such as hotels, shopping malls, and residential communities, enhancing the new consumer experience [1] - The cloud service also caters to the needs of enterprises and educational institutions for smart office and teaching applications [1]

Core Viewpoint - The company is set to launch the "Shunwang eSports Cloud Computer CITY Edition" in December 2025, which is a key component of its cloud service offerings tailored for low-latency scenarios [1] Group 1: Product Development - The "Shunwang eSports Cloud Computer CITY Edition" is designed for a 5ms latency environment, indicating a focus on high-performance cloud services [1] - The product will cater to various digital consumption scenarios, including hotels, shopping malls, and residential communities, enhancing the new consumer experience [1] Group 2: Market Applications - The cloud service solution will also meet the needs of enterprises and educational institutions for smart office and teaching applications [1] - The company has established a cloud service system that covers multiple latency levels to address diverse network demands [1]

Core Viewpoint - Shunwang Technology (300113.SZ) anticipates a significant increase in net profit for the fiscal year 2025, driven by strategic focus on core business, product innovation, and operational efficiency [1] Financial Performance - The projected net profit attributable to shareholders is expected to reach between 360 million to 430 million yuan, representing a year-on-year growth of 42.92% to 70.71% [1] - The net profit after deducting non-recurring gains and losses is forecasted to be between 280 million to 320 million yuan, with a year-on-year increase of 28.35% to 46.68% [1] - Non-recurring gains are estimated to be between 80 million to 110 million yuan, a substantial rise from 33.72 million yuan in the previous year, primarily due to changes in fair value of non-current financial assets, investment income, and government subsidies [1] Business Development - The company has completed the foundational phase of its cloud business and is now entering a stage of deepening its business model and accelerating scale construction [2] - As of Q3 2025, Shunwang has established over 300 node data centers across nearly 200 key cities, serving around 800,000 terminals with high-quality computing power [2] - The launch of the "Shunwang E-sports Cloud Computer CITY Version" targets low-latency scenarios and is designed for various digital consumption environments, enhancing consumer experience [2] Strategic Initiatives - Shunwang aims to leverage its brand and channel advantages from "ChinaJoy" to enhance IP influence and provide innovative brand promotion and product experience services for younger consumers [3] - The company is expanding its global cooperation network, with the international version of ChinaJoy making its debut at the BRIDGE2025 summit, showcasing over 20 leading industry enterprises [3] Revenue Composition - In the first half of 2025, digital marketing advertising revenue accounted for 79.23% of total revenue, while gaming revenue made up 20.6% [4] - The digital marketing business utilizes big data analytics for targeted advertising, significantly improving ad conversion efficiency [4] - Shunwang maintains a daily operational partnership with Douyin for internet advertising, positioning itself as the official content cooperation platform for ChinaJoy [4] Product Innovation - The launch of the "Shunwang E-sports Cloud Computer CITY Version" extends cloud services from the esports sector to broader urban and digital consumption scenarios [4] - The company has developed a computing power service platform that integrates intelligent power management and agile cloud-edge collaboration, catering to various intelligent computing needs [4] - Shunwang is fostering a convergence of e-sports culture and commercial ecology through platforms like ChinaJoy, promoting a blend of e-sports, social interaction, and lifestyle [4]

Core Viewpoint - Shunwang Technology plans to officially launch the "Shunwang eSports Cloud Computer CITY version" in December 2025, targeting low-latency scenarios with a 5ms response time [1] Group 1: Product Overview - The upcoming product is designed as a cloud service solution suitable for various digital consumption scenarios, including hotels, shopping malls, and residential communities [1] - It aims to meet the needs of enterprises and educational institutions for smart office and teaching applications [1]

Financial Performance - The company achieved a net profit of approximately CNY 360 million to CNY 430 million for the year 2025, representing a growth of 42.92% to 70.71% compared to the previous year [2] Cloud Business Development - The company has completed the foundational phase of its cloud business and is entering a new stage of deepening its business model and accelerating scale construction, with over 300 node data centers established across nearly 200 key cities, serving around 800,000 terminals and providing high-quality computing power of 50,000 routes [3] Product Development - The "Shunwang Family Bucket" integrates nearly 10 products, forming a comprehensive service ecosystem that addresses operational pain points in the internet café industry [4] - The "Shunwang E-sports Cloud Computer CITY Edition" was launched in December 2025, designed for low-latency scenarios and adaptable to various digital consumption environments [5] Brand and IP Development - The company plans to leverage the "ChinaJoy" brand to enhance its influence and focus on innovative brand promotion and product experience for younger consumers, while expanding its global cooperation network [6][7] Game Development - "Three Kingdoms: Hundred Generals Card" is in the testing phase and has received a game license, with updates to be provided through official channels [8] AI Integration - The company has implemented AI technology to enhance operational efficiency and is developing a complete AI technology research and development system, providing AI-driven marketing services to clients [9] Shareholder Returns - The company is committed to boosting investor confidence through sound operations and governance, with plans for dividends aligned with strategic development [10]

Group 1: Core Business and Revenue Contribution - The company's main business includes significant contributions from online advertising value-added services, with digital marketing advertising revenue accounting for 79.23% and gaming revenue for 20.6% in the first half of 2025 [1] - The digital marketing advertising business enhances ad conversion efficiency through big data analysis, implementing a "one-to-one" advertising push model [1] - The company maintains a daily business cooperation with Douyin in internet advertising promotion, with Douyin Live serving as the official content cooperation platform for ChinaJoy [1] Group 2: Gaming Business and Technological Advancements - The company's gaming revenue primarily comes from mobile and PC game item consumption, with a focus on the asymmetric competitive card mobile game "Three Kingdoms: Hundred Generals Card" in 2026 [2] - The development of 5G technology supports cloud gaming, lowering user barriers and enhancing gaming experiences through a cloud gaming platform [2] - The company promotes the light asset transformation of internet cafes and esports hotels through a "rent instead of buy" model, integrating cloud gaming technology for seamless multi-terminal access [2] Group 3: Integration of Esports and AI - The launch of "Shunwang Esports Cloud Computer CITY Edition" extends cloud services from the esports sector to broader urban and digital consumption scenarios [3] - The company combines AI technology with products like "Network Maintenance Master" and "Internet Cafe Manager" to provide intelligent maintenance, security protection, and user profiling services [3] - The company has developed a computing power service platform that meets various intelligent computing needs, including cloud esports and AI model training [3] Group 4: Profit Forecast - Revenue projections for the company are estimated at 2.133 billion, 2.467 billion, and 2.707 billion yuan for 2025-2027, with net profits of 365 million, 459 million, and 575 million yuan respectively [4] - Earnings per share (EPS) are forecasted to be 0.53, 0.67, and 0.84 yuan for the same period, with corresponding price-to-earnings (PE) ratios of 37.9, 30.2, and 24.1 times [4] - The digital marketing advertising business remains promising under AI empowerment, with attention on new gaming products in 2026 and the integration of esports and AI to build a smart ecosystem [4]

Core Viewpoint - The conference highlighted the collaboration between Shunwang Technology and Intel, focusing on cloud service ecosystems and the application of all-optical networks and edge computing in the digital economy [1][2]. Group 1: Cloud Service Development - Shunwang Technology launched the "Shunwang E-sports Cloud Computer CITY version," designed for 5ms latency scenarios, which is a key component of the "Shunwang E-sports Cloud" matrix [1][2]. - The company has established a multi-latency cloud service system, including 1ms latency for professional e-sports, 15-30ms for general entertainment, and the CITY version targeting 5ms latency for digital consumption scenarios [1][2]. Group 2: Operational and Experience Enhancements - The CITY version emphasizes four capabilities: dedicated transmission channels for stability, unified cloud management for cost reduction, centralized data storage with security measures, and seamless integration with Shunwang's content ecosystem [2]. - The "Shunwang Family Bucket" integrated solution was introduced, addressing operational challenges in the internet café market by combining various products to enhance compatibility and efficiency [2]. Group 3: Strategic Partnerships and Future Outlook - Industry experts believe Shunwang Technology is accelerating its transformation by leveraging its long-standing presence in the internet café sector and collaborating with partners like Intel to enhance network and computing capabilities [2][3]. - The chairman of Shunwang Technology stated that the CITY version allows cloud services to be more accessible, indicating potential growth in various scenarios such as shopping malls and campuses [3].