证券日报网讯2月25日，顺网科技（300113）在互动平台回答投资者提问时表示，公司专注于为年轻消 费群体提供创新的品牌推广与产品体验服务，凭借"ChinaJoy"在行业内的品牌优势和渠道优势，逐步强 化这一IP的品牌影响力，推动内容多元化发展；后续公司将进一步推动与文创、游戏、动漫等头部IP的 业务合作，为品牌注入更多活力。 ...

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 - The report from Huaxin Securities highlights the potential of Shunwang Technology's AI in enhancing its core digital marketing advertising business, which is expected to significantly contribute to revenue growth in the coming years [1] Group 1: Revenue Contribution - The company's main revenue sources include digital marketing advertising, gaming, and exhibition businesses, with digital marketing advertising expected to account for 79.23% of revenue in the first half of 2025, while gaming revenue is projected to be 20.6% [1] - The digital marketing advertising business utilizes big data analysis to implement a "one-to-one" advertising push model, significantly improving advertising conversion efficiency [1] Group 2: Strategic Partnerships - The company maintains a daily business cooperation with Douyin in the internet advertising promotion sector, with Douyin being the "official content cooperation platform" for ChinaJoy and its associated events [1] - The integration of esports and AI is aimed at building a smart ecosystem that promotes the commercialization of edge computing [1] Group 3: Future Outlook - The digital marketing advertising business, empowered by AI, remains promising, with new gaming products expected to be launched in 2026 [1] - The ongoing development of the esports and AI integration is anticipated to further enhance the smart ecosystem [1]

Core Viewpoint - The company, Shunwang Technology, reported a significant increase in revenue and net profit for the third quarter of 2023, reflecting its successful business optimization strategies and the recovery of the digital entertainment industry [1][2]. Financial Performance - Revenue for the first three quarters of 2023 reached approximately 1.509 billion yuan, an increase of 8.04% year-on-year [1] - Net profit attributable to shareholders was about 324 million yuan, marking a 52.59% year-on-year increase [1] - Basic earnings per share were 0.48 yuan, up 50% compared to the previous year [1] Business Strategy - The company has been optimizing its business structure, focusing on high-margin advertising and adjusting low-margin value-added services [1] - This optimization has not only improved current profits but also laid a solid foundation for long-term healthy development [1] Market Environment - The recovery of the internet café market and the popularity of games have significantly contributed to the company's profit growth [1] - The esports service market is gradually recovering, with Shunwang Technology positioned as a major beneficiary due to its long-standing focus on technology research and development in this field [1] Technological Advancements - The company is integrating AI capabilities into its services, enhancing user experiences such as "instant game access" [2] - Shunwang Technology has established over 300 edge computing power rooms, providing services to more than 700,000 terminals, which will support future AI computing services [3] Industry Events - The successful hosting of the 22nd ChinaJoy exhibition, with record attendance and participation, has reinforced the company's leading position in the digital entertainment industry [2] - The collaboration with Kaiying Network to develop a PC game ecosystem community reflects the company's strategic shift towards value extraction in niche markets [2] Future Outlook - The company is transitioning from a "scale-first" approach to a "quality-first" strategy, focusing on optimizing business structure and accumulating cash flow for future strategic investments [3] - Shunwang Technology aims to balance current profitability with long-term development by consolidating its traditional business advantages while preparing for the upcoming AI application wave [3]

Core Insights - Shunwang Technology reported a net profit of approximately 324 million yuan for the first three quarters of 2025, representing a year-on-year increase of 52.59% [2] - The company's third-quarter revenue was 498 million yuan, a year-on-year decrease of 15.35%, but a quarter-on-quarter increase of 15.31% [3] - The net profit for the third quarter was 162 million yuan, showing a year-on-year growth of 38.99% and a quarter-on-quarter growth of 84.28% [2][3] Financial Performance - For the first three quarters of 2025, Shunwang Technology's total revenue reached 1.51 billion yuan, an increase of 8.04% year-on-year [3] - The operating cash flow net amount for the first three quarters was 1.86 billion yuan, reflecting a significant year-on-year increase of 124.79% [2] - Basic and diluted earnings per share for the third quarter were both 0.24 yuan, up 41.18% compared to the same period last year [3] Business Strategy and Market Trends - The decline in revenue for the third quarter is attributed to the company's ongoing business structure optimization, focusing on high-margin advertising while adjusting low-margin value-added services [3][4] - The recovery of the internet café market and the popularity of trending games have contributed to the profit growth [4] - Shunwang Technology's subsidiary, Shanghai Hanwei Xinheng Exhibition Co., Ltd., co-hosted the ChinaJoy event, which showcased strong recovery in the gaming industry with record attendance and participation [4] Collaborative Initiatives - Shunwang Technology, along with Hangzhou Shunwan Network Co., Ltd. and Zhejiang Xianqu Interactive Network Technology Co., Ltd., signed a cooperation agreement to enhance the PC gaming ecosystem focused on the "Legend" and "Chuan Shi" genres [4]

Company Highlights - In the first half of 2025, the company achieved operating revenue of 1,010.25 million yuan, a year-on-year increase of 25.09% [1] - The net profit attributable to shareholders reached 161.52 million yuan, growing by 69.22% year-on-year [1] - The network advertising and value-added services segment generated revenue of 800.38 million yuan, reflecting a 30.99% increase [1] - The gaming business reported revenue of 208.10 million yuan, with a year-on-year growth of 7.37% [1] Industry Overview - The esports industry is experiencing a recovery, with the company providing end-to-end technology solutions that cover over 70% of the national esports service market [2] - The gaming market in China saw actual sales revenue growth in the first half of 2025, with an expanding user base [2] - The online service industry, including esports hotels, has a total of 107,300 operating entities, generating revenue of 48.95 billion yuan in the first half of the year [2] - The company is actively exploring cloud service development paths within the industry [2] Technological Integration - The company's subsidiary, Floating Cloud Technology, focuses on integrating culture and technology, particularly in artificial intelligence [3] - It has implemented projects in various sectors such as judiciary, taxation, and government affairs, promoting deep integration of AI with industry scenarios [3]

Core Insights - The emergence of offline comic conventions, previously dominated by Bilibili, is now being pursued by social platforms like Weibo and Xiaohongshu, indicating a shift in the competitive landscape of the industry [1][6][10] - Xiaohongshu aims to create a "2.5D experience" that resonates with its user base, while Weibo focuses on leveraging its social media influence to generate buzz and online discussions around these events [3][5][9] Group 1: Event Overview - Xiaohongshu's RED LAND event in Shanghai featured an immersive experience with interactive installations and a music festival, aiming to transform the convention into a lifestyle festival [1][3] - Weibo's first gaming and anime expo attracted 68,000 attendees, with a significant portion of the audience being under 30, showcasing the platform's ability to generate substantial online engagement [3][6] Group 2: Market Dynamics - The growth of the ACG (Anime, Comic, and Game) economy is driving platforms to engage in this space, with the number of pan-ACG users in China projected to grow from 210 million in 2017 to 526 million by 2025 [7][10] - The demand for comic conventions is increasing, with over 1,000 events planned nationwide in May alone, indicating a shift from niche to mainstream consumer interest [7][9] Group 3: Competitive Landscape - Bilibili's established event, Bilibili World, has become a significant industry event, attracting 400,000 attendees in 2025, while ChinaJoy also set a record with over 410,300 visitors [6][10] - The entry of Weibo and Xiaohongshu into the convention space is expected to diversify the market, moving it from a niche gathering to a broader platform competition [6][10] Group 4: Challenges Ahead - Both Weibo and Xiaohongshu face challenges in content and IP accumulation, relying heavily on external resources rather than developing their own original content [10][12] - Execution issues have been noted, such as long wait times and limited facilities at Xiaohongshu's event, which could affect the overall attendee experience [12][14] - For these platforms to establish a lasting presence in the convention space, they must focus on building content, commercial viability, and user recognition rather than just short-term engagement [14]

Core Insights - The article highlights the emergence of Xiaohongshu's RED LAND event as a significant competitor to Bilibili World, marking Xiaohongshu's entry into the ACG (Anime, Comic, and Games) sector [2][3] - Both events are positioned in Shanghai, showcasing the city's vibrant ACG culture and the growing demand for such activities [6][10] Group 1: Event Comparisons - RED LAND attracted 70,000 ticket holders and featured an 80,000 square meter venue, indicating strong interest and attendance [1] - The two events are compared in terms of their branding and audience engagement, with RED LAND focusing on immersive experiences while Bilibili World emphasizes community culture [4][5] Group 2: Market Dynamics - Xiaohongshu reported a 175% increase in ACG-related content and a 168% increase in gaming-related posts over the past year, making it the fastest-growing content category on the platform [2] - The Shanghai market is large enough to support multiple major ACG events, as evidenced by the simultaneous hosting of CCG EXPO, Bilibili World, ChinaJoy, and RED LAND [6] Group 3: Youth Engagement - The events cater to a young demographic, with a focus on integrating ACG content into daily life, thus appealing to the interests of the youth [4][10] - The presence of numerous universities in Shanghai contributes to the city's vibrant ACG culture, highlighting the importance of youth engagement in driving innovation [9][10]

Core Viewpoint - The inaugural "Guzi Carnival" in Shanghai's Pudong New District is a key event of the "Shanghai Summer" International Animation Month, aiming to create an immersive experience in the ACG (Anime, Comic, and Game) culture through collaboration with global leading brands and creative forces [1] Group 1: Event Details - The "Guzi Carnival" runs from August 1 to August 10, featuring four major themed activities including a pain car parade, IP flash events, Guzi market, and stage performances to showcase the charm of ACG culture [1] - Multiple sub-venues are set up in various shopping districts, such as a Sony movie-themed immersive exhibition at Zhengda Plaza, a "Zsiga Slow Down" art installation exhibition by Pop Mart at Century Plaza, and an eye-catching themed "Pain Building" at China Resources Times Square [1] Group 2: Collaboration with ChinaJoy - The 22nd ChinaJoy is concurrently held from August 1 to August 4 at the new international exhibition center in Pudong, with the "Guzi Carnival" deeply linking to ChinaJoy by offering exclusive tickets and benefits [1]

Group 1 - The first "Shanghai Summer International Animation Month" has been launched, featuring a collaboration of three major events: CCG EXPO, Bilibili Offline Carnival, and ChinaJoy, creating a significant summer event for "two-dimensional" enthusiasts [1][2] - The collaboration of the three events is unprecedented, allowing for interactive experiences and exchanges between attendees, such as redeeming exclusive merchandise and enjoying performances from popular IPs [2][3] - CCG EXPO showcased well-known IPs and interactive experiences, while BW focused on esports and cutting-edge technology, providing immersive experiences for fans [2][3] Group 2 - ChinaJoy will start on August 1, emphasizing technological themes and introducing a "Smart Entertainment Robot" exhibition area, along with the ChinaJoy AIGC conference and a global AI game developer competition [3] - The events attracted international participation, with CCG EXPO featuring 480 exhibitors from various countries and BW drawing attendees from over 20 countries, highlighting Shanghai's global appeal [3] Group 3 - The integration of "anime + tourism" has revitalized urban spaces in Shanghai, with initiatives like "pain boats" decorated with popular game IPs, enhancing the cultural landscape along the Suzhou River [4][5] - The "dimension corridor" along the Suzhou River and various themed events are designed to engage visitors and promote cultural tourism [5] Group 4 - The "two-dimensional" economy in Shanghai is experiencing significant growth, with a 35% increase in cultural tourism bookings and a 50% year-on-year rise in flight reservations during the BW event week [6] - Shanghai leads the nation with 15 top "two-dimensional" malls and 80 well-known brand stores, indicating a robust market presence [7] Group 5 - The development of the "two-dimensional" economy requires collaboration among cultural, commercial, and urban planning sectors to enhance the integration of events and cultural experiences [8]