Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in Q3, driven by the recovery in esports services and the recognition of revenue from the Chinajoy exhibition. The Q3 revenue reached 589 million yuan, a year-on-year increase of 37.80% and a quarter-on-quarter increase of 48.8% [3] - The company is expected to benefit from its diversified business model, including esports, Chinajoy, cloud computing, and AI, which are anticipated to drive future growth [3] - The company maintains its profit forecast, expecting net profits of 226 million yuan, 300 million yuan, and 371 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.33, 0.43, and 0.53 yuan [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.396 billion yuan, a year-on-year increase of 25.96%, and a net profit of 212 million yuan, a year-on-year increase of 34.92% [3] - The Q3 gross margin was 43.28%, showing a year-on-year decline of 10.79 percentage points but a quarter-on-quarter increase of 3.59 percentage points [4] - The company has effectively controlled its expense ratios, with sales expense ratio at 4.12%, management expense ratio at 7.18%, and R&D expense ratio at 6.66% [4] Business Development - The esports hotel segment saw over 8 million consumer visits during the National Day holiday, a year-on-year increase of 6.54%, indicating strong market demand [5] - The launch of the "Shunwang Lingxi Plaza," a one-stop model training and deployment platform, is expected to enhance the company's AI cloud computing business, potentially forming a second growth curve for the company [5] - The company is well-positioned to leverage the popularity of domestic 3A games, which may boost demand for its esports cloud services and related advertising revenue [5]

证券代码：300113 证券简称：顺网科技 公告编号：2024-052 李德宏先生的辞职不会影响公司相关工作的正常进行。公司及董事会对李 德宏先生在任职公司副总经理期间为公司发展所做出的贡献表示衷心的感谢。 特此公告。 杭州顺网科技股份有限公司 董 事 会 2024年10月29日 杭州顺网科技股份有限公司 关于副总经理辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 杭州顺网科技股份有限公司（以下简称"公司"）董事会于近日收到公司 副总经理李德宏先生的书面辞职报告。李德宏先生因个人原因申请辞去公司副 总经理职务，辞职后将不再担任公司任何职务。根据《中华人民共和国公司法》 《杭州顺网科技股份有限公司章程》等有关规定，李德宏先生的辞职报告自送 达公司董事会之日起生效。 截至本公告披露日，李德宏先生直接持有公司股份216,124股，通过员工持 股计划持有公司股份210,000股，不存在应当履行而未履行的承诺事项。李德宏 先生原定任期至2025年5月31日届满，李德宏先生离任后，其直接持有公司股份 将继续遵守《深圳证券交易所上市公司自律监管指引第18号——股 ...

杭州顺网科技股份有限公司 2024 年第三季度报告 1 证券代码：300113 证券简称：顺网科技 公告编号：2024-053 杭州顺网科技股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 杭州顺网科技股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-------------------------------------------------|------------------|-------------------------|------------- ...

证券代码：300113 证券简称：顺网科技 公告编号：2024-051 杭州顺网科技股份有限公司 杭州顺网科技股份有限公司 特此公告。 一、对外投资概述 杭州顺网科技股份有限公司（以下简称"公司"）于2024年8月22日召开第 五届董事会第十九次会议，审议通过了《关于对外投资设立全资子公司的议案》， 拟投资自有资金850万美元在香港设立全资子公司，同时授权公司经营管理层在 董事会批准的额度内根据项目开展情况决定资金投入的方式及进度、办理境外投 资备案手续等相关工作，具体内容详见公司于2024年8月23日在巨潮资讯网 （http://www.cninfo.com.cn）披露的《杭州顺网科技股份有限公司关于对外投 资设立全资子公司的公告》。 二、对外投资进展情况 香港特别行政区公司注册处签发的《公司注册证明书》和《商业登记证》 近日，公司完成香港全资子公司的注册登记手续，并取得由香港特别行政区 公司注册处签发的《公司注册证明书》和《商业登记证》，相关登记信息如下： 关于全资子公司完成注册登记的公告 公司中文名称：顺为科技（香港）有限公司 公司英文名称：Syngrid Technology HK Limited 地 ...

证券代码：300113 证券简称：顺网科技 公告编号：2024-050 杭州顺网科技股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 相关规定： 1、公司未在下列期间回购股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； （2）中国证券监督管理委员会和深圳证券交易所规定的其他情形。 2、公司以集中竞价交易方式回购股份符合下列要求： 杭州顺网科技股份有限公司（以下简称"公司"）分别于2024年2月4日、2024 年2月21日召开第五届董事会第十六次会议和2024年第二次临时股东大会，审议 通过了《关于回购公司股份方案的议案》，同意自股东大会审议通过本次回购股 份方案之日起十二个月内，使用不超过人民币10,000万元（含10,000万元）且不 低于人民币5,000万元（含5,000万元）的自有或自筹资金，以集中竞价交易方式 回购公司已发行的人民币普通股（A股）股份，本次回购股份将依法予以注销并 相应减少公司注册资本。具体内容详见公司于2024年2月6日在巨 ...

传媒/游戏Ⅱ 公 司 研 究 顺网科技（300113.SZ） 2024 年 09 月 20 日 "电竞、CJ、算力云、AI"四位一体，开启成长新篇 ——公司首次覆盖报告 投资评级：买入（首次） 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.cn 证书编号：S0790523090001 开 源 证 券 证 券 研 究 报 告 公司首次覆盖报告 | --- | --- | |-------------------------|------------| | 日期 | 2024/9/20 | | 当前股价 ( 元 ) | 10.39 | | 一年最高最低 ( 元 ) | 17.12/8.78 | | 总市值 ( 亿元 ) | 72.14 | | 流通市值 ( 亿元 ) | 54.95 | | 总股本 ( 亿股 ) | 6.94 | | 流通股本 ( 亿股 ) | 5.29 | | 近 3 个月换手率 (%) | 172.59 | 股价走势图 -48% -32% -16% 0% 16% 32% 2023-09 20 ...

| --- | |---------------------------------------------------------------------------------| | | | 证券研究报告 | | 公司研究 | | [Table_ReportType] 公司点评 | | [Table_StockAndRank] 顺网科技 (300113.SZ) | | 投资评级 | | 上次评级 | | [Table_A 冯翠婷 uthor 传媒互联网及海外 ] 首席分 析师 | | 执业编号： S1500522010001 邮 箱： fengcuiting@cindasc.com [Table_OtherReport] | | 信达证券股份有限公司 | | CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大 厦 B 座 | [Table_Title] 顺网科技（300113.SZ）24 年中报点评：业 绩经营稳健，CJMF 音乐节开启在即 [Table_ReportDate] 2024 年 8 月 28 日 [Table_S 事件：24H1 ummar公司实现 ...

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 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系 活动类别 □新闻发布会 □路演活动 □现场参观 □其他 信达证券、华泰证券、华创证券、中信建投、长城基金、博时基金 金鹰基金、鹏华基金、摩根士丹利华鑫基金、中加基金、粤佛私募 参与单位名称 基金、华能贵诚信托、郑州智子投资、青岛金光紫金创业投资、上 及人员姓名 海途灵资产、上海名禹资产、方正富邦、进门财经等机构（以上排 名不分先后） 会议日期 2024 年 08 月 23 日 下午 15 点至 16 点 会议地点 线上电话会议 上市公司接待 人员姓名 副总经理、董事会秘书 戎颂怡女士 投资者关系活动 就公司业务发展情况，以及调研机构关心的问题进行了问答交流， 主要内容介绍 具体见附件 附件清单 （如有） 无 附：投资者关系活动主要内容介绍 一、公司 2024 年半年度的经营情况介绍 报告期内，公司坚持聚焦行业、多维发展的理念，在电竞科技、互动娱乐、 算力、AI 等领域深度耕耘，持续向用户提供先进的产品及技术解决方案，帮助企 业客户实现业务创新，帮助互联网用 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 807,599,103.90, representing an increase of 18.54% compared to CNY 681,290,113.15 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 95,445,759.34, a 54.10% increase from CNY 61,937,852.53 in the previous year[13]. - The net cash flow from operating activities reached CNY 196,292,706.48, up 63.06% from CNY 120,380,798.40 in the same period last year[13]. - Basic earnings per share increased to CNY 0.14, a rise of 55.56% compared to CNY 0.09 in the previous year[13]. - Total assets at the end of the reporting period were CNY 2,592,729,588.69, reflecting a growth of 5.95% from CNY 2,447,098,593.59 at the end of the previous year[13]. - The net assets attributable to shareholders of the listed company were CNY 2,027,225,854.84, showing a slight increase of 0.44% from CNY 2,018,414,322.16[13]. - The weighted average return on net assets was 4.64%, up from 3.25% in the previous year[13]. - The company reported a total of 4.54 million yuan in non-recurring gains for the period, after accounting for tax and minority interests[18]. - The company achieved a revenue of 807.60 million yuan, representing a year-on-year growth of 18.54%[32]. - The net profit attributable to shareholders reached 95.45 million yuan, with a year-on-year increase of 54.10%[32]. Market Trends - In the first half of 2024, China's gaming market achieved actual sales revenue of 147.27 billion yuan, a year-on-year increase of 2.08%[20]. - The mobile gaming market generated actual sales revenue of 107.52 billion yuan, with a year-on-year growth of 0.76%[20]. - The user base for China's gaming industry reached 674 million, marking a historical high with a growth of 0.88% year-on-year[20]. - The esports industry in China recorded actual sales revenue of 12.03 billion yuan in the first half of 2024, reflecting a year-on-year increase of 4.43%[22]. - The cloud gaming market in China reached a revenue of 6.35 billion yuan in 2022, with a significant year-on-year growth of 56.4%[22]. - The artificial intelligence industry in China reached a scale of 578.4 billion yuan in 2023, with projections to exceed 1 trillion yuan by 2030[23]. - The cloud computing market in China achieved a scale of 616.5 billion yuan in 2023, growing by 35.5% year-on-year[23]. - The expected compound annual growth rate for China's edge computing market from 2022 to 2027 is projected to be 16.2%[23]. Company Strategy and Operations - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[2]. - The company provides end-to-end technology solutions for the esports service industry, covering marketing digitalization, esports service digital solutions, and consumer esports entertainment services[26]. - Over 95% of game manufacturers in China receive integrated online and offline precision marketing digital services from the company[27]. - The company has developed various products such as "Net Master," "Internet Cafe Manager," and "Esports Cloud Computer" to enhance management and operational models in esports venues[27]. - The company integrates diverse computing power resources to create a multi-level computing service system, catering to needs in cloud esports, AI model training, and scientific computing[29]. - The company aims to achieve a computing power scale of 300 EFLOPS by 2025 as part of the national plan for high-quality development of computing infrastructure[25]. - The company actively explores the application of AI and other innovative technologies in the esports service sector to drive industry growth[26]. - The company has established a digital management system for esports hotels and enterprises, enhancing user experience and operational efficiency[27]. - The company focuses on the integration of culture and technology, promoting continuous product innovation in the gaming sector[28]. - The company is committed to providing customized solutions based on AI and metaverse technologies to meet diverse industry needs[28]. - The company is positioned to lead the esports industry into a new era of cloud storage and computing power[27]. Research and Development - The company invested ¥84,931,775.09 in R&D, a decrease of 6.63% from ¥90,965,351.69 in the previous year, indicating a focus on optimizing resource allocation[40]. - The company is increasing its investment in innovation and R&D to maintain market competitiveness and adapt to changing customer demands[56]. - The company has established a scientific talent incentive mechanism to improve overall employee quality and foster mutual growth between employees and the enterprise[41]. - The company has implemented a talent strategy, conducting various training programs to enhance employee skills and overall quality[69]. - The company has established a multi-channel career development mechanism and conducted AI training courses to improve employee competitiveness[69]. Corporate Governance and Compliance - The company emphasizes its commitment to social responsibility, integrating it into shareholder and employee rights protection, and environmental protection[68]. - The company maintains a transparent governance structure, ensuring equal rights for all shareholders and enhancing communication with investors[68]. - The company has established a long-term stable profit distribution policy to ensure reasonable returns to investors[68]. - The company has no significant related party transactions during the reporting period[73]. - The company has not reported any significant penalties or rectification situations during the reporting period[72]. - The company has maintained a commitment to legal operations, focusing on both economic and social benefits[70]. - The company faces industry policy risks and emphasizes compliance with regulatory requirements to mitigate potential impacts[55]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 48,416, with a significant shareholder, Hua Yong, holding 31.71% of shares, totaling 220,191,442 shares[93]. - The company has repurchased a total of 3,063,300 shares, accounting for approximately 0.4412% of the total share capital, with a total transaction amount of 32,946,144.00 yuan[91]. - The company plans to continue the share repurchase program based on market conditions within the specified period[91]. - The company distributed cash dividends of RMB 0.803217 per 10 shares to shareholders, totaling RMB 564,200 for the 2022 employee stock ownership plan[66]. - The employee stock ownership plan involved 76 employees holding a total of 5,471,886 shares, representing 0.79% of the company's total equity[67]. Legal Matters - The company has conducted 4 lawsuits as a plaintiff with a total amount involved of 30.42 million yuan, all of which have been adjudicated or settled[71]. - The company has 7 lawsuits as a defendant with a total amount involved of 1.32 million yuan, of which 3 have been adjudicated or settled, amounting to 127,700 yuan, while 4 are pending judgment, amounting to 1.19 million yuan[71]. - The company has no significant litigation or arbitration matters during the reporting period[70]. Financial Reporting and Accounting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring accurate financial reporting[131]. - The company has no significant doubts regarding its ability to continue as a going concern for the next 12 months[129]. - The company's financial statements are prepared in RMB, with foreign subsidiaries using local currencies and converting to RMB for reporting[134]. - The company recognizes revenue when control of the goods is transferred to the customer, which is determined by the fulfillment of contractual obligations[193]. - The company recognizes income based on the progress of fulfilling performance obligations, with specific criteria for determining when control has transferred[193]. - The company assesses the recoverability of deferred tax assets based on evidence available at the balance sheet date[200].

基于公司整体战略及业务发展规划，为推进及拓展公司海外市场业务，提升 公司整体市场竞争力，杭州顺网科技股份有限公司（以下简称"公司"）拟投资 自有资金850万美元在香港投资设立全资子公司。同时授权公司经营管理层在董 事会批准的额度内根据项目开展情况决定资金投入的方式及进度、办理境外投资 备案手续等相关工作。 证券代码：300113 证券简称：顺网科技 公告编号：2024-047 杭州顺网科技股份有限公司 关于对外投资设立全资子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、对外投资概述 上述信息以国内的境外投资主管机关的备案或审批结果以及香港当地相关 部门最终核准结果为准。 公司于2024年8月22日召开第五届董事会第十九次会议，审议通过了《关于 对外投资设立全资子公司的议案》，根据《深圳证券交易所创业板股票上市规则》 《杭州顺网科技股份有限公司章程》的相关规定，本次对外投资属于公司董事会 职权范围内，无需提请公司股东大会审议。 本次对外投资不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、拟设立全资子公司的基本 ...