Summary of Shunwang Technology Conference Call Company Overview - **Company**: Shunwang Technology - **Industry**: Edge Computing, Cloud Services, Gaming Key Points Edge Computing Business - Shunwang Technology's edge computing business is showing initial success through a light-asset model in collaboration with investors, effectively controlling capital expenditures [2] - The company is leveraging cloud storage and overall computing power services to provide solutions for internet cafes and esports hotels, utilizing idle computing power for leasing, with C-end users as the primary customers [2][7] - The company expects stable growth and profit improvement from this segment by 2026 [2] Cloud Computing Services - The cloud computing business primarily targets C-end customers, employing various pricing models such as hourly, package, and subscription cards, resulting in high gross margins [9] - Major costs are borne by large clients like internet cafes and esports hotels, allowing for lower costs in other scenarios [9] AI Integration - AI technology is enhancing the network advertising business through big data analysis for precise targeting, with plans to offer comprehensive marketing solutions across various channels [12] - The company anticipates that the AI application sector will continue to evolve, providing significant opportunities for edge computing [16] Gaming Partnerships - Shunwang Technology is collaborating with Bilibili to develop the mobile game "Three Kingdoms: Hundred Generals Card," which is expected to yield significant incremental revenue by 2026 [3][14] - The partnership with Zhejiang Xianqu Interactive Entertainment focuses on deepening the development of the "Legend" IP through PC traffic management [14] Market and Regulatory Environment - The company addressed recent discussions regarding gaming industry tax rates, indicating that significant changes are unlikely and that the regulatory environment remains stable [4] - Shunwang Technology maintains strong partnerships with various gaming companies, particularly in advertising, which has seen significant growth in recent years [4] Capital Expenditure and Growth Plans - The company plans to accelerate cloud service construction and optimize business models in 2026, with a focus on expanding computing power and revenue growth rather than short-term profits [10][5] - Capital expenditures are manageable due to the light-asset model and early procurement strategies, despite rising hardware prices [6] Future Outlook - Shunwang Technology expects to continue expanding its computing power and sees promising revenue growth in the esports sector [10] - The company is optimistic about the advertising business in 2026, driven by sustained demand in the internet cafe and gaming sectors [13] - The introduction of "computing power vouchers" by Hangzhou is seen as beneficial for the industry, although Shunwang Technology does not directly benefit from this policy [11] Talent and Collaboration - The company is actively investing in AI-related talent and innovation to maintain competitiveness, with various incentives in place to attract and retain top talent [20] - Shunwang Technology views collaboration with other companies as mutually beneficial, especially in the AI sector, where smaller teams may lack resources [18][19] Industry Trends - The company encourages investors to focus on its advancements in AI and computing power-related businesses, with confidence stemming from past performance in the gaming and esports sectors [21]

"顺网电竞云电脑CITY版"可以广泛适配酒店、商场、小区等各类数字消费场景，助力新消费体验提质 升级。同时也能满足企业、学校等客户的智慧办公、教学等需求。 （原标题：顺网科技(300113.SZ)："顺网电竞云电脑CITY版"可广泛适配酒店等各类数字消费场景） 格隆汇2月4日丨顺网科技(300113.SZ)披露投资者关系活动记录表显示，2025年12月，公司正式发布"顺 网电竞云电脑CITY版"，该产品是公司针对5ms时延场景打造的云服务方案，是"顺网电竞云"产品矩阵 的关键组成。目前公司围绕不同场景的网络需求，已构建起覆盖多时延层级的云服务体系。 ...

格隆汇2月4日丨顺网科技(300113.SZ)披露投资者关系活动记录表显示，目前公司云业务基础建设阶段 基本完成，正稳步进入商业模式深化、规模建设加速的新阶段，业务上正加速机房建设与电竞场所云 化，同时深化算力运营、搭建线上线下融合云平台。截至2025年第三季度，公司已落地300多个节点机 房，覆盖近200个重点城市，为近80万台终端提供服务，可运营电竞级高品质算力达5万路。 ...

证券日报网2月4日讯，顺网科技（300113）在接受调研者提问时表示，2025年12月，公司正式发布"顺 网电竞云电脑CITY版"，该产品是公司针对5ms时延场景打造的云服务方案，是"顺网电竞云"产品矩阵 的关键组成。目前公司围绕不同场景的网络需求，已构建起覆盖多时延层级的云服务体系。"顺网电竞 云电脑CITY版"可以广泛适配酒店、商场、小区等各类数字消费场景，助力新消费体验提质升级。同时 也能满足企业、学校等客户的智慧办公、教学等需求。 ...

（文章来源：证券日报） 证券日报网2月4日讯 ，顺网科技在接受调研者提问时表示，公司将结合战略发展安排，通过稳健经 营、公司治理、规范运作、信息披露、投资者关系等多方面协同发力，提振投资者信心。同时公司始终 关注对投资者的回报，后续公司也将结合战略发展统筹规划分红等事项。 ...

证券日报网2月4日讯 ，顺网科技在接受调研者提问时表示，本报告期，公司整体经营效率稳步优化， 高毛利业务规模实现较大增长，经公司财务部门初步测算，2025年度实现归属于上市公司股东的净利润 约为36，000万元至43，000万元，较上年同期增长42.92%至70.71%。 （文章来源：证券日报） ...

证券日报网2月4日讯，顺网科技（300113）在接受调研者提问时表示，目前公司云业务基础建设阶段基 本完成，正稳步进入商业模式深化、规模建设加速的新阶段，业务上正加速机房建设与电竞场所云化， 同时深化算力运营、搭建线上线下（300959）融合云平台。截至2025年第三季度，公司已落地300多个 节点机房，覆盖近200个重点城市，为近80万台终端提供服务，可运营电竞级高品质算力达5万路。 ...

证券日报网2月4日讯，顺网科技（300113）在接受调研者提问时表示，公司对市场前沿技术的应用和发 展持积极和开放的态度，会密切关注相关技术的发展趋势和应用情况，并积极发掘合适的业务机会，寻 求拓展产业链上下游业务协同、资源互补的机会，同时将结合战略发展安排、市场需求、行业前景等方 面审慎考虑投资或并购计划。 ...

Financial Performance - The company achieved a net profit of approximately 360 million to 430 million CNY 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 Launches - The "Shunwang eSports Cloud Computer CITY Edition" was officially launched in December 2025, designed for low-latency scenarios (5ms), and is a key component of the company's cloud service offerings, adaptable to various digital consumption environments [4] Brand and IP Development - The company plans to leverage the brand and channel advantages of "ChinaJoy" to enhance IP influence and focus on providing innovative brand promotion and product experience services for young consumers, while also expanding global cooperation networks [5] Investment and Acquisition Strategy - The company maintains a proactive and open attitude towards the application and development of cutting-edge technologies, seeking opportunities for investment or acquisitions in the upstream and downstream of the industry chain, considering strategic development, market demand, and industry prospects [6] Shareholder Returns - The company aims to boost investor confidence through sound operations, governance, and information disclosure, while also planning for future dividend distributions in line with strategic development [7] Tax Rate Impact - The increase in the value-added tax rate from 6% to 9% for telecom services starting January 1, 2026, primarily affects basic telecom operators and does not have a direct impact on the company's operating performance [8]

Group 1 - The core viewpoint of the news highlights the impact of AI on the software industry, with significant stock price declines for traditional software companies due to the introduction of AI automation tools [3] - The Hong Kong stock market saw a decline in technology stocks, with the software ETF Huatai-PineBridge (159590) dropping by 1.39% and experiencing a total trading volume exceeding 58 million yuan, while funds have seen a net inflow for five consecutive days, accumulating over 36 million yuan [1] - Anthropic's launch of a legal AI automation tool has led to a 15.67% drop in Thomson Reuters' stock, indicating the disruptive potential of AI across various sectors, including law and gaming [3] Group 2 - The software sector's revenue growth expectations are under pressure, with only 71% of S&P 500 software companies exceeding revenue forecasts, significantly lower than the 85% average for the tech sector [3] - Hedge funds have reduced their net exposure to the software sector to 4.5%, the lowest level since 2019, while increasing their exposure to the semiconductor sector to 8%, indicating a shift in investment strategies [3] - The rise of OpenClaw, an open-source AI project, signifies a transition in AI applications from conversational interfaces to agent-based execution, enhancing the capabilities of AI in executing complex tasks [4] Group 3 - The software ETF Huatai-PineBridge (159590) has a significant focus on AI applications, with 35.22% of its index comprising AI applications and 39.3% consisting of intelligent agents, indicating a strong alignment with the AI software industry [4][5] - The collaboration between major cloud service providers like Tencent Cloud and Alibaba Cloud in deploying OpenClaw reflects the growing trend of AI applications and the rapid evolution of software products [4] - The hardware price increase is beginning to affect downstream software sectors, emphasizing the interconnectedness of hardware and software in the AI ecosystem [4]