Guohai Securities research report points out that Shunwang Technology will see high profit growth and optimized revenue structure in 2025, with the cloud business scale being realized and an increase in dividend strength. The company's core competitive advantages are solid, as it deeply engages in the esports service sector and has completed the infrastructure construction for its cloud business by 2025, officially entering the stage of deepening its business model and accelerating scale. The cloud business is expected to gradually contribute to revenue growth starting in 2026; traditional esports and pan-entertainment businesses provide a stable cash flow foundation. The company's proactive reduction of low-margin value-added businesses and focus on high-margin core businesses has been validated in 2025, and in Q1 2026, the company's gross margin continues to significantly improve, with the revenue structure continuously optimizing. This is the first coverage, giving a "Buy" rating.

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