核心观点 公司主营业务保持稳健，已走出社交业务战略调整阶段。从收入看，一季度实现稳健增长，预计主要系 边锋网络的游戏业务、富春云的IDC 业务等核心主业保持稳健。社交业务的战略调整已基本不再明显影 响公司的业绩增长，未来核心关注边锋网络的精品化游戏战略，及富春云科技在杭州和北京的IDC 机组 上电率情况。 持续关注创新业务。1）浙江大数据交易中心自2025 年战略动作频繁：与钉钉达成战略合作，联合运营 钉钉数据流通中心；浙江省级公共数据资源登记平台与国家级同步上线；持续丰富平台内公共数据资 源，新增多个地方专区。公司积极布局有望率先受益数据要素发展的大方向。2）关注公司"谷子经 济"布局进展。 1）一季度投资收益高增。一季度公司公允价值变动净收益为0.53 亿元，主要来自世纪华通、华数传媒 等股票投资收益，去年同期该项目收益仅0.06 亿元。世纪华通一季度涨幅为25.1%，华数传媒为 15.1%，平治信息为21.4%。 2）有效税率同比减少。一季度公司有效税率为11.7%，同比减少15.1pct；确认所得税0.20 亿元，同比 减少48.2%。 2、持续推进数据要素布局 浙江大数据交易中心：与钉钉联合推出"数 ...

公司报告 | 季报点评 浙数文化（600633） 证券研究报告 浙数文化一季报点评：营收稳健增长，利润显著增长 事件 浙数文化于 2025 年 4 月 22 日公布一季度财报，公司实现总营业收入 7.06 亿元，同比增长 4.16%；利润总额达到 1.68 亿元，同比增长 18.92%；实现 归母净利润 1.44 亿元，同比增长 44.86%。 点评 公司一季度盈利能力显著提升。2025 年第一季度，浙数文化实现营业收入 7.06 亿元，同比增长 4.16%；归属于上市公司股东的净利润 1.44 亿元，同 比增长 44.86%。主要驱动因素包括：1、子公司盈利能力提升：子公司业 绩改善，贡献了更高的利润。2、交易性金融资产公允价值变动：公司及子 公司持有的交易性金融资产公允价值增加 5250.20 万元，显著提升了当期 利润。3 非经常性损益：非经常性损益 4082.55 万元，主要来自政府补助 和金融资产公允价值变动，进一步增厚了净利润。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The company reported significant profit growth in Q1 2025, with a revenue of 706 million yuan, a year-on-year increase of 4.16%, and a net profit attributable to shareholders of 144 million yuan, up 44.86% year-on-year [1][5]. - The company is focusing on AI applications in the TMT sector and small-cap/media, with a strong performance in gaming and marketing contributing to stable profits, while AI-related fields are expected to provide new growth [5][6]. - The company has a unique competitive advantage through its "3+1" digital ecosystem, which includes digital culture, digital technology, data operations, and innovation tracks [5][6]. Financial Summary - For 2025-2027, the company is projected to achieve revenues of 3.468 billion, 3.642 billion, and 3.824 billion yuan, with year-on-year growth rates of 12%, 5%, and 5% respectively [6][8]. - The net profit attributable to shareholders is expected to be 673 million, 753 million, and 806 million yuan for the same period, with growth rates of 32%, 12%, and 7% respectively [6][8]. - The company's current price-to-earnings (P/E) ratios are projected to be 26, 23, and 22 times for 2025, 2026, and 2027 respectively [5][6].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.27 [7][8]. Core Views - The company reported a significant increase in net profit for Q1 2025, with a year-on-year growth of 44.86%, attributed to improved sales expense ratios and contributions from fair value changes [1]. - The company is focusing on developing new consumption growth points such as the "Guzi Economy" while maintaining a strong user base in the leisure gaming sector, which is expected to provide stable revenue and profit [2]. - The company's IDC business aligns with AI computing demands, and the Zhejiang Big Data Trading Center is expected to benefit from the growing demand for AI data [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of RMB 706 million, a year-on-year increase of 4.16%, and a net profit of RMB 144 million, reflecting a year-on-year increase of 44.86% [1]. - The comprehensive gross margin for Q1 2025 was 57.52%, a decrease of 6.07 percentage points, primarily due to the rapid growth of the lower-margin digital marketing business [4]. Business Development - The company is implementing a "Quality Improvement and Efficiency Return" action plan, focusing on building advanced computing centers and AI application capabilities to enhance its digital entertainment business [2]. - The company has established three major IDC bases in Hangzhou and Beijing, which are expected to release additional cabinet resources in 2025, aligning with AI computing needs [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of RMB 673 million, RMB 773 million, and RMB 906 million for 2025, 2026, and 2027, respectively, with growth rates of 31.57%, 14.88%, and 17.16% [5][6]. - The valuation is based on a sum-of-the-parts (SOTP) approach, with target multiples of 19.3X PE for gaming, 28X PE for marketing, and 8.4X PS for digital technology, leading to a target market value of RMB 16.27 per share [12][13].

Financial Overview - The company achieved total revenue of 706 million yuan in Q1 2025, representing a year-on-year increase of 4.16% [1] - The net profit attributable to shareholders reached 144 million yuan, showing a significant year-on-year growth of 44.86% [1] - The net profit excluding non-recurring items was 103 million yuan, with a year-on-year increase of 44.56% [1] Profitability Analysis - Total sales, management, and financial expenses amounted to 202 million yuan, accounting for 28.66% of total revenue, a decrease of 20.06% compared to the same period last year, indicating improved cost management [2] Cash Flow Situation - Operating cash flow per share was 0.01 yuan, a significant improvement from -0.19 yuan in the same period last year, reflecting an increase of 103.68% [3] Accounts Receivable and Debt Situation - The accounts receivable reached 728 million yuan, which is 142.4% of the latest annual net profit, potentially impacting future cash flow [4] - Interest-bearing debt decreased from 138 million yuan to 53.02 million yuan, a reduction of 61.45%, indicating active debt reduction efforts by the company [4] Business Model and Investment Value - The company's performance relies heavily on R&D and marketing efforts, which investors should analyze for sustainability [5] - Since its listing, the company has raised a total of 6.645 billion yuan and distributed dividends of 2.097 billion yuan, resulting in a dividend-to-financing ratio of 0.32, an important factor for long-term investors [5] Summary - Overall, the company demonstrated strong profitability and cost control in Q1 2025, although the high level of accounts receivable warrants further attention [6] - Gross margin decreased to 57.52%, down 9.54 percentage points from the previous year, yet remains at a high level [7] - Net margin reached 21.06%, an increase of 37.71%, indicating effective cost control and efficiency improvements [7] - Earnings per share were 0.11 yuan, reflecting a year-on-year growth of 37.50%, showcasing an increase in shareholder equity [7]

Core Insights - The company reported a strong revenue growth and significant profit increase in Q1 2025, with total revenue reaching 706 million yuan, up 4.16% year-on-year, and net profit attributable to shareholders at 144 million yuan, up 44.86% year-on-year [2] Financial Performance - Q1 2025 revenue was 706 million yuan, a year-on-year increase of 4.16% - Net profit attributable to shareholders was 144 million yuan, a year-on-year increase of 44.86% - Non-recurring net profit was 103 million yuan, also up 44.56% year-on-year - Fair value changes contributed 52.5 million yuan to Q1 earnings [2] - Gross margin for Q1 was 57.52%, down 6.07 percentage points year-on-year - Net profit margin was 20.35%, up 5.72 percentage points year-on-year [2] Business Strategy - The company focuses on the "Cultural + Technology" main track, implementing the "1335" strategic action plan to optimize its industrial structure and enhance profitability through organic growth and mergers and acquisitions [3] - In the "Digital Culture+" sector, the company maintains a leading position in the gaming industry and explores new business scenarios in digital tourism and digital sports [3] - In the "Digital Technology+" sector, the company enhances market development and technical capabilities in digital media, smart city governance, and smart healthcare [3] - The company is expanding its data operation capabilities, with the Zhejiang Big Data Trading Center completing a share restructuring and achieving full coverage in the province [3] Investment Outlook - The company is backed by the Zhejiang Daily Press Group and focuses on innovation-driven development in digital culture, digital technology, and data operations - Projected net profits for 2025-2027 are 645 million, 750 million, and 830 million yuan, respectively, with corresponding EPS of 0.51, 0.59, and 0.65 yuan per share, and PE ratios of 26, 22, and 20 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a robust revenue growth of 4.16% year-on-year in Q1 2025, achieving a total revenue of 706 million yuan. The net profit attributable to shareholders increased significantly by 44.86% year-on-year, reaching 144 million yuan [1]. - The growth in performance is attributed to improved profitability of subsidiaries and changes in the fair value of financial assets held by the company and its subsidiaries, with a fair value change gain of 52.5 million yuan in Q1 [1]. - The company is focusing on a "Cultural + Technology" strategy, enhancing its business capabilities through organic growth and acquisitions, while optimizing its industry structure [2]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 57.52%, a decrease of 6.07 percentage points year-on-year. The net profit margin increased by 5.72 percentage points year-on-year to 20.35% [1]. - The company’s operating expenses for sales, management, and R&D were 13.98%, 14.76%, and 12.42% respectively, showing a reduction in sales expenses and a slight increase in R&D expenses compared to the previous year [1]. - The forecast for net profit attributable to shareholders for 2025-2027 is projected to be 645 million, 750 million, and 830 million yuan respectively, with corresponding EPS of 0.51, 0.59, and 0.65 yuan per share [3][5].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a robust revenue growth of 4.16% year-on-year in Q1 2025, achieving a total revenue of 706 million yuan. The net profit attributable to shareholders increased significantly by 44.86% year-on-year, reaching 144 million yuan [1]. - The growth in performance is attributed to the improved profitability of subsidiaries and changes in the fair value of financial assets held by the company and its subsidiaries, with a fair value change gain of 52.5 million yuan in Q1 [1]. - The company focuses on the "Cultural + Technology" strategy, enhancing its business capabilities through organic growth and mergers and acquisitions, while continuously optimizing its industrial structure [2]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 57.52%, a decrease of 6.07 percentage points year-on-year. The net profit margin increased by 5.72 percentage points year-on-year to 20.35% [1]. - The company’s operating expenses for sales, management, and R&D were 13.98%, 14.76%, and 12.42% respectively, showing a reduction in sales expenses and a slight increase in R&D expenses compared to the previous year [1]. - The projected net profits for 2025, 2026, and 2027 are estimated at 644.56 million yuan, 750.36 million yuan, and 829.98 million yuan respectively, with corresponding EPS of 0.51, 0.59, and 0.65 yuan per share [3][5]. Business Strategy and Development - The company is committed to the "1335" strategic action plan, focusing on the "Cultural + Technology" main track, and is actively exploring new business scenarios in digital culture and technology [2]. - The gaming business remains stable, with the company maintaining a leading position in the industry through its subsidiary, Bianfeng Network, which specializes in card games [2]. - The company is also advancing in digital media, smart city governance, and smart healthcare, with significant upgrades in its data centers and digital operations across various regions [2].

证券代码：600633 股票简称：浙数文化 编号：临 2025-028 浙报数字文化集团股份有限公司 关于第十届监事会第十八次会议决议的公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司第十届监事会第十八次会议于 2025 年 4 月 21 日以通讯会议方式召开， 会议通知于 2025 年 4 月 18 日以书面形式发出。本次会议应到监事 3 人，实到监 事 3 人，会议由监事会主席何颖女士主持。本次会议的召开符合《公司法》及《公 司章程》的规定。 1、公司 2025 年第一季度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定； 2、公司 2025 年第一季度报告的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息真实地反映出公司报告期内的经营管理和财务状况等事 项； 3、在提出本意见前，未发现参与 2025 年第一季度报告编制和审议的人员有违 反保密规定的行为。 内容详见公司同日于上交所网站 www.sse.com.cn 及《上海证券报》披露的公告。 表决结果为：3 票同意， ...

证券代码：600633 股票简称：浙数文化 编号：临2025-029 本议案已提前经公司第十届董事会审计委员会2025年第三次会议全体成员 审议通过。具体报告内容详见《上海证券报》及上海证券交易所网站 www.sse.com.cn。 表决结果：同意5 票，反对0 票，弃权0 票。 浙报数字文化集团股份有限公司 第十届董事会第二十五次会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 公司第十届董事会第二十五次会议（以下简称"本次会议"）于2025年4月 21日以通讯会议方式召开，会议通知于2025年4月18日以书面形式发出。本次会 议应到董事5名，实到董事5名，本次会议的召开符合《公司法》及公司章程的规 定。 会议审议并通过了《浙数文化2025年第一季度报告》 特此公告。 浙报数字文化集团股份有限公司董事会 2025年4月22日 ...