事件评论 事件描述 姚记科技披露2024 年业绩，公司2024 年实现营收32.71 亿（同比-24.04%），归母净利润5.39亿（同 比-4.17%），扣非净利润5.06 亿（同比-2.59%）。其中24Q4 实现营收4.82 亿（同比-34.50%），归母净 利润1.15 亿（同比+2290%），扣非净利润1.00 亿（扭亏为盈）。 扑克牌业务表现稳定，海外游戏业务表现亮眼，数字营销及游戏板块收入减少致营收下滑，全年各业务 毛利率均有所提升1）2024 全年游戏业务收入10.15 亿元，同比下降17.20%（较24H1 下降幅度收窄）， 占营业收入的31.04%。国内游戏业务或由于2023 年基数较高、前期存量产品流水自然下滑及产品周期 等因素致收入下滑，海外游戏业务收入及利润均实现同比增长。2024 全年公司游戏业务毛利率小幅提 升0.14pct 至96.15%。2024 全年国内游戏业务子公司上海成蹊实现营收8.8 亿（同比-20.18%），净利润 3.7 亿（同比-23.34%）；海外业务子公司大鱼竞技实现营收1.4 亿（同比+10.07%），净利润595 万（同 比扭亏）。 2）2024 全年扑 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥778,703,314.14, a decrease of 20.67% compared to ¥981,625,837.24 in the same period last year[5] - Net profit attributable to shareholders was ¥140,732,004.65, down 6.70% from ¥150,839,071.52 year-on-year[5] - The company's basic earnings per share decreased by 7.52% to ¥0.3417 from ¥0.3695 in the same period last year[5] - Net profit for the current period is ¥146.95 million, a decline of 6.93% compared to ¥156.87 million in the previous period[18] - Basic earnings per share decreased to ¥0.3417 from ¥0.3695, reflecting a decline of 7.1%[19] - The company reported a tax expense of ¥23.08 million, down from ¥29.82 million in the previous period[18] Cash Flow and Liquidity - The net cash flow from operating activities increased by 38.94% to ¥50,288,680.17, compared to ¥36,193,635.20 in the previous year[5] - Cash flow from operating activities increased to ¥50.29 million, up from ¥36.19 million in the previous period[20] - Cash and cash equivalents at the end of the period were CNY 1,049,424,174.46, slightly down from CNY 1,080,687,523.34[13] - Cash and cash equivalents at the end of the period decreased to ¥999.02 million from ¥1,115.15 million, a decline of 10.43%[20] - Financing activities generated a net cash inflow of ¥3.54 million, a significant decrease from ¥505.90 million in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,113,642,856.81, reflecting a 0.89% increase from ¥5,068,578,834.55 at the end of the previous year[5] - The company's total liabilities decreased to CNY 1,419,504,654.15 from CNY 1,521,145,038.16, indicating a reduction in financial obligations[14] - The total non-current assets amounted to CNY 2,966,554,350.18, up from CNY 2,944,202,798.33, reflecting ongoing investments in long-term assets[14] Shareholder Equity - Shareholders' equity attributable to the parent company rose by 4.12% to ¥3,655,693,196.94 from ¥3,511,182,612.59[5] - The total equity attributable to the parent company increased to CNY 3,655,693,196.94 from CNY 3,511,182,612.59, reflecting a growth in shareholder value[15] Operational Metrics - Contract liabilities increased by 35.51% to ¥67,710,126.76, primarily due to unfulfilled performance obligations in the internet and poker segments[8] - Employee compensation payable decreased by 54.72% to ¥40,674,530.82, mainly due to the distribution of 2024 annual bonuses[8] - Other payables increased by 49.58% to ¥67,994,339.95, primarily due to increased temporary receipts in the internet segment[8] - Accounts receivable rose to CNY 516,818,564.75 from CNY 467,135,148.63, indicating an increase in credit sales[13] - Inventory levels increased to CNY 427,907,307.81 from CNY 422,870,047.20, suggesting a buildup of stock[13] - The company reported a decrease in accounts payable to CNY 158,176,786.09 from CNY 210,063,965.33, indicating improved cash flow management[14] Investment Activities - Investment activities resulted in a net cash outflow of ¥71.30 million, compared to a net outflow of ¥45.18 million in the previous period[20] Comprehensive Income - Other comprehensive income after tax for the current period is ¥80.92 million, an increase from ¥35.73 million in the previous period[18]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the Shanghai and Shenzhen 300 Index by more than 15% [12][20]. Core Insights - The company's revenue has declined, primarily due to a reduction in digital marketing business, while profit remains relatively resilient. Future focus will be on the recovery of business operations and the implementation of poker production capacity and AI enhancements across various business lines [4][12]. - The projected earnings per share (EPS) for 2025-2027 are 1.46, 1.55, and 1.63 yuan, respectively, which have been adjusted downwards from previous estimates due to declines in marketing and gaming businesses. The target price has been revised to 35.04 yuan, down from 38.96 yuan [12][14]. Financial Summary - **Revenue**: The company reported a revenue of 3.271 billion yuan in 2024, a decrease of 24.04% year-on-year. The digital marketing segment saw a significant decline of 40.25%, contributing to the overall revenue drop [6][12]. - **Net Profit**: The net profit attributable to the parent company was 539 million yuan, down 4.17% year-on-year. Despite the revenue decline, the overall profit margin improved across various business segments [6][12]. - **Gross Margins**: The gross margins for digital marketing, gaming, and poker businesses were reported at 7.76%, 96.15%, and 30.40%, respectively, showing improvements compared to the previous year [12][13]. - **Cost Management**: Marketing, management, and R&D expenses have decreased, maintaining stable expense ratios of 8.04%, 8.36%, and 5.72% [12][13]. Business Development - The company is focusing on enhancing its leading position in the poker industry by advancing the construction of a production base with an annual capacity of 600 million decks of cards, expected to be operational by early 2027 [12][13]. - The company is also exploring business and technological innovations, including the development of a short video center and AI-driven enhancements in gaming and marketing sectors [12][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.81 RMB [8][9]. Core Views - The company reported a revenue of 3.271 billion RMB in 2024, a year-on-year decline of 24.04%, and a net profit attributable to shareholders of 539 million RMB, down 4.17% year-on-year. The lower-than-expected profit is attributed to adjustments in the marketing business structure and fluctuations in game recharge revenue [1][5]. - The gaming business experienced a revenue drop of 17.2% to 1.015 billion RMB in 2024, primarily due to fluctuations in recharge revenue. However, the gross margin remained high at 96.15% [2]. - The poker business revenue was stable at 1.082 billion RMB, with a gross margin increase of 3.84 percentage points to 30.40%, driven by improved production efficiency [3]. - The overall gross margin improved by 5.81 percentage points to 43.44% in 2024, influenced by the poker and marketing business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.271 billion RMB, down 24.04% year-on-year, and a net profit of 539 million RMB, down 4.17% year-on-year. The expected net profit for 2025 is revised down to 600 million RMB [1][5]. - The gaming business revenue decreased to 1.015 billion RMB, with a gross margin of 96.15% [2]. - The poker business generated 1.082 billion RMB in revenue, with a gross margin of 30.40% [3]. Cost and Efficiency - The overall gross margin increased to 43.44% due to improvements in the poker and marketing sectors [4]. - The company’s expenses in Q4 were impacted by a one-time bonus provision, which is expected to normalize in the future [4]. Valuation and Forecast - The company’s net profit estimates for 2025 and 2026 have been adjusted to 600 million RMB and 670 million RMB, respectively, with a target price set at 31.81 RMB based on a 22x PE ratio [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 31.81 [8][9]. Core Views - The company reported a revenue of RMB 3.271 billion for 2024, a decrease of 24.04% year-over-year, and a net profit attributable to the parent company of RMB 539 million, down 4.17% year-over-year. The decline was primarily due to adjustments in the marketing business structure and fluctuations in game recharge revenue [1][5]. - The gaming business generated revenue of RMB 1.015 billion in 2024, down 17.2% year-over-year, attributed to fluctuations in recharge revenue. However, the gross margin remained high at 96.15% [2]. - The poker business revenue was stable at RMB 1.082 billion, with a gross margin increase to 30.40%, up 3.84 percentage points year-over-year, driven by improved production efficiency [3]. - The overall gross margin improved by 5.81 percentage points to 43.44%, influenced by the poker and marketing business [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 3.271 billion, a decline of 24.04% compared to the previous year. The net profit attributable to the parent company was RMB 539 million, down 4.17% year-over-year [1][7]. - The gaming segment's revenue was RMB 1.015 billion, reflecting a 17.2% decrease year-over-year, while the poker segment generated RMB 1.082 billion, a slight decline of 0.75% [2][3]. Profitability Metrics - The gross margin for the company increased to 43.44%, up 5.81 percentage points, due to improvements in the poker and marketing segments [4]. - The company plans to distribute a cash dividend of RMB 5 per ten shares, totaling RMB 207 million, with a payout ratio of 38.48% [1]. Future Outlook - The company has adjusted its net profit forecasts for 2025 and 2026 to RMB 600 million and RMB 670 million, respectively, primarily due to lower-than-expected game recharge revenue [5]. - The report anticipates that with refined operations, the gaming business may stabilize in the future [2].

Group 1 - Yaoji Technology (002605.SZ) reported its 2024 annual report on April 25, 2025, with 253 institutional investors holding a total of 69.9587 million A-shares, accounting for 16.87% of the total share capital [1] - The top ten institutional investors collectively hold 8.71% of the shares, with a decrease of 0.41 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four funds increased their holdings, representing an increase of 0.41%, while six funds decreased their holdings, with a decrease of 0.73% [2] - A total of 229 new public funds were disclosed this period, including several notable funds [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.15% [2]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company's total revenue for 2024 is projected at 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2] - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, with year-on-year declines of 0.75%, 17.2%, and 40.25% [2] - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2] - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercialization potential [3] - The company has strategically invested in a sports culture trading platform to expand its presence in the sports collectibles market, aiming to drive new consumer growth [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11] - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 17.8, 16.5, and 15.3 [5][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9]. Core Insights - The company's total revenue for 2024 is projected to be 3.271 billion yuan, a year-on-year decrease of 24.04%, with net profit attributable to shareholders at 539 million yuan, down 4.17% [1][2]. - The three main business segments—playing cards, games, and digital marketing—generated revenues of 1.082 billion, 1.015 billion, and 1.142 billion yuan respectively, reflecting declines of 0.75%, 17.2%, and 40.25% year-on-year [2]. - The company is focusing on enhancing its game business through premium offerings and AI integration, while also expanding its digital marketing capabilities [2]. - The company is developing a cultural industry park to support short video production and live streaming, which is expected to attract content creators and enhance commercial potential [3]. - The company has strategically invested in a sports culture card platform to expand its presence in the sports culture industry, aiming to create a comprehensive leisure and entertainment ecosystem [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 3.450 billion, 3.586 billion, and 3.685 billion yuan respectively, with net profits expected to be 588 million, 635 million, and 683 million yuan [5][11]. - The earnings per share (EPS) are forecasted to be 1.42, 1.53, and 1.65 yuan for the years 2025, 2026, and 2027 [5][11]. - The current stock price is 25.27 yuan, with a total market capitalization of 10.5 billion yuan [5].

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | | | 上海姚记科技股份有限公司 | | 关于全资子公司向关联方终止租赁员工宿舍 暨关联交易的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 上海姚记科技股份有限公司（以下简称或"公司"）于 2025 年 4 月 23 日召 开第六届董事会第十八次会议和和第六届监事会第十六次会议审议通过了《关于 全资子公司向关联方终止租赁员工宿舍暨关联交易的议案》。现将具体内容公告 如下： 一、 关联交易概述 1、2022年12月2日召开第五届董事会第三十六次会议审议通过了《关于公司 全资子公司向关联方租赁员工宿舍的关联交易议案》，公司全资子公司启东姚记 扑克实业有限公司（以下简称"启东姚记"）向启东智杰文体用品有限公司（以 下简称"启东智杰"）租赁员工宿舍用于员工住宿使用，租赁面积合计9188.55 平 方米，租赁单价为168万元/年，租赁期间为协议签署生效后5年。具体内容详见 20 ...

| 证券代码：002605 | 证券简称：姚记科技 | 公告编号：2025-027 | | --- | --- | --- | | 债券代码：127104 | 债券简称：姚记转债 | | 上海姚记科技股份有限公司 关于为全资子公司及其下属子公司提供担保的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示：本次被担保对象中，嘉兴芦剧网络科技有限公司最近一期（2024 年12月31日）的资产负债率超过70%，敬请投资者注意投资风险。 上海姚记科技股份有限公司（以下简称"公司"或"姚记科技"）于 2025 年 4 月 23 日召开第六届董事会第十八次会议和第六届监事会第十六次会议，审议通过 了《关于为全资子公司及其下属子公司提供担保的议案》，公司拟为全资子公司 上海芦鸣网络科技有限公司（以下简称"芦鸣网络"）及其下属全资子公司上海圣 达际网络科技有限公司（以下简称"圣达际"）和上海洽尔网络科技有限公司（以 下简称"恰尔网络"）以及控股子公司嘉兴芦剧网络科技有限公司（以下简称"芦 剧网络"）提供总额不超过 6,000 万元人民币的连带责任担保。现将相关内容 ...