On April 21, Hangzhou Shunwang Technology Co., Ltd. (300113 SZ, hereinafter referred to as "Shunwang Technology") released its 2025 annual report. The financial report shows that Shunwang Technology's net profit in 2025 increased by more than 60% year-on-year.

The financial report indicates that Shunwang Technology achieved operating revenue of 1.744 billion yuan in 2025, a year-on-year decrease of 5.18%; net profit attributable to the parent company was 418 million yuan, a year-on-year increase of 65.80%; net profit excluding non-recurring items was 307 million yuan, a year-on-year increase of 40.58%; and the net cash flow from operating activities was 367 million yuan, a year-on-year decrease of 3.14%.

It is worth mentioning that Shunwang Technology has achieved profitability for 12 consecutive quarters, although the company's performance has shown significant fluctuations since the second half of last year. Specifically, Shunwang Technology's revenue began to decline year-on-year starting in the third quarter of last year, with the company reporting revenue of 236 million yuan in the fourth quarter, a year-on-year decrease of 46.83% and a quarter-on-quarter decrease of 52.72%. However, the net profit for the fourth quarter was 94 million yuan, which, although down 42.15% quarter-on-quarter, increased by 136.43% year-on-year. This is reportedly due to the company's ongoing business structure optimization last year, focusing on high-margin businesses such as advertising while adjusting some low-margin businesses within its value-added services.

From a business segment perspective, the internet café business remains Shunwang Technology's main business, with its "Internet Advertising and Value-Added Services" segment achieving revenue of 1.244 billion yuan in 2025, a year-on-year decrease of 6.96%.

In terms of the gaming business, Shunwang Technology achieved revenue of 371 million yuan in 2025, a year-on-year decrease of 3.11%. Notably, Shunke Technology's holding subsidiary, Fuyun Technology, internally incubated and exclusively represented by Bilibili, launched the asymmetric competitive card game "Three Kingdoms: Hundred Generals Card," which offers a lightweight strategic experience with innovative gameplay and traditional Chinese cultural elements. It received its game license in August 2025 and won the "Most Anticipated Online Game" at the 20th Golden Joystick Awards, with public testing starting on April 22 this year.

Shunwang Technology's exhibition business achieved revenue of 126 million yuan in 2025, a year-on-year increase of 7.92%. Its wholly-owned subsidiary, Shanghai Hanwei Xinheng Exhibition Co., Ltd., is one of the organizers of the China International Digital Interactive Entertainment Exhibition (ChinaJoy). Last August, the 22nd ChinaJoy was held at the Shanghai New International Expo Center This exhibition set a record with impressive data of 135,000 square meters of exhibition area, 410,300 attendees, and 799 participating companies.

In addition, according to the financial report, as of the end of this reporting period, the number of active terminals in the company's esports service scenarios increased by 13.1% year-on-year; the number of users grew by 23.56% year-on-year. At the same time, the company's cloud business achieved operating revenue of 54.8904 million yuan last year. Shunwang Technology plans to distribute a cash dividend of 1.2 yuan (including tax) for every 10 shares.

Written by: Southern Metropolis Daily Video Reporter Shi Li