第二章 关联交易及关联人 天下秀数字科技（集团）股份有限公司 关联交易管理制度 （2023年年度股东大会审议通过） 第一章 总则 第一条 为规范天下秀数字科技（集团）股份有限公司(以下简称"公司") 的关联交易行为，保证公司关联交易的公允性，切实维护公司及全体股东的合法 权益，保证公司与关联人之间订立的关联交易合同符合公平、公开、公正的原则， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第5号——交易与关联交 易》等有关法律、法规、规范性文件和《天下秀数字科技（集团）股份有限公司 章程》（以下简称《公司章程》）的有关规定，制订本制度。 第二条 公司的关联交易，是指公司或其控股子公司与公司关联人之间发生 的转移资源或义务的事项，包括以下交易： 1 (一) 购买或出售资产； (二) 对外投资(含委托理财、对子公司投资等)； (三) 提供财务资助（含有息或者无息借款、委托贷款等）； (四) 提供担保（含对控股子公司担保等）； (五) 租入或租出资产； (六) 委托或者受托管理资产和业务； (七) 赠与或受赠资产； (八) 债权、债务重组； ...

证券代码：600556 证券简称：天下秀 公告编号：临 2024-033 天下秀数字科技（集团）股份有限公司 关于 2023 年度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 天下秀数字科技（集团）股份有限公司（以下简称"公司"）于 2024 年 5 月 15 日（星期三）15:00-16:00 以网络平台交流互动方式在中国证券网路演中心 (http://roadshow.cnstock.com/)召开 2023 年度业绩说明会，现将有关事项公告如 下： 一、说明会召开情况 2024 年 4 月 23 日，公司在上海证券交易所网站（www.sse.com.cn）及指定 信息披露媒体上披露了《关于召开 2023 年度业绩说明会预告的公告》（公告编 号：临 2024-019）。 2024 年 5 月 15 日（星期三）15:00-16:00，董事长兼总经理李檬先生、董事 会秘书于悦先生、财务负责人覃海宇先生、独立董事高奕峰先生、独立董事徐 斓女士和独立董事高勇先生出席了本次业绩说明会，与投资者进行交流和 ...

天下秀数字科技（集团）股份有限公司 2023 年年度股东大会 会 议 资 料 （会议召开时间：2024 年 5 月 20 日） | | | 2.公司股东或股东代表参加会议，依法享有发言权、咨询权、表决权等各项 权利。 3.要求在会议发言的股东或股东代表，应当为在大会会务组登记的合法股东 或股东代表。 | 2023 | | | 年年度股东大会会议须知 1 | | --- | --- | --- | --- | | 2023 | | | 年年度股东大会会议议程 2 | | 议案 | 1 | 关于公司 | 2023 年年度报告正文及摘要的议案 4 | | 议案 | 2 | 关于公司 | 2023 年度董事会工作报告的议案 5 | | 议案 | 3 | 关于公司独立董事 | 2023 年度述职报告的议案 9 | | 议案 | 4 | 关于公司 | 2023 年度投资者保护工作情况报告的议案 28 | | 议案 | 5 | 关于公司 | 2023 年度财务决算报告的议案 32 | | 议案 | 6 | 关于公司 | 年度利润分配预案的议案 33 2023 | | 议案 | 7 | 关于 2024 | 年度董事津贴方案的 ...

请务必阅读正文之后的免责声明及其项下所有内容 | --- | --- | |--------------------------------------------------------|---------------------------------------------| | | | | | | | 证券分析师：张衡 021-60875160 | 证券分析师：陈瑶蓉 021-61761058 | | zhangheng2@guosen.com.cn | chenyaorong@guosen.com.cn | | S0980517060002 | S0980523100001 | | 基础数据 | | | 投资评级 | 增持(维持) | | 合理估值 收盘价 | 4.51 元 | | 总市值/流通市值 52 周最高价/最低价 近 3 个月日均成交额 | 8153/8153 百万元 9.66/3.63 元 151.53 百万元 | | 市场走势 | | 证券研究报告 图4: 公司单季归母净利润及增速（单位: 亿元、%) 2023 年媒体采购成本增加导致毛利率下滑 3.7 个百分点,费用率整体下降 2. ...

Company Performance and Financials - The company's stock performance over the past 1M, 3M, and 12M periods was -10.9%, -12.9%, and -40.7% respectively [1] - In 2023, the company reported revenue of 4.2 billion CNY (YOY +1.77%), net profit attributable to the parent company of 93 million CNY (YOY -48.43%), and non-GAAP net profit of 74 million CNY (YOY -28.96%) [1] - The gross margin in 2023 was 18.02%, down from 21.75% in 2022, mainly due to increased media procurement costs [1] - The company's operating cash flow in 2023 was 299 million CNY (YOY +52.6%), with cash on hand of 2.3 billion CNY (YOY +24.8%) [1] - The company's WEIQ platform revenue in 2023 was 4.1 billion CNY (YOY +3.67%), accounting for 97.59% of total revenue [17] Business Operations and Growth - The company's WEIQ platform had 199,800 registered merchant clients by the end of 2023 (YOY +5%) [6] - The platform had 2.935 million registered influencer accounts by the end of 2023 (YOY +23.7%), including 1.469 million professional influencer accounts (YOY +41.5%) [17] - The company's innovative businesses, including AI, Hong Universe, and digital assets, have begun to take shape [3] - The company launched an AI creation tool called "Inspiration Island" in 2023, which has supported the creation of nearly 10 million pieces of content [26] - The 3D virtual life community "Hong Universe" achieved commercial breakthroughs and established new revenue growth points [26] Dividend and Shareholder Returns - The company proposed a cash dividend of 0.155 CNY per 10 shares for 2023, totaling 28.02 million CNY, with a dividend payout ratio of 30.20% [12] Market Data and Valuation - The company's current stock price is 4.51 CNY, with a 52-week price range of 3.63-9.66 CNY [1] - The company's total market capitalization is 8,152.94 million CNY, with a fully diluted market capitalization of 8,152.94 million CNY [1] - The company's average daily trading volume is 140.09 million CNY [7]

| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|----------------------------|---------------------|-------------------------------------|--------------------------------------------| | 2024 年 04 月 27 日 \n天下秀（ 600556.SH ） \n红人业务根基稳固， "AI+出海"赋能创意营销 \n投资要点 | 投资评级 \n股价 \n交易数据 | 传媒 \n(2024-04-26) | 公司研究●证券研究报告 \n\| 增持 -A( | 公司快报 \n互联网广告营销Ⅲ 首次) \n4.51 元 | | | 总市值（百万元） | | | | | 事件： 2023 年，公司实现营收 42.02 亿元，同比增长 1.77% ；归 ...

Investment Rating - The report assigns a "Buy" rating, expecting the stock price to outperform the market by more than 15% over the next 12 months [1]. Core Insights - The report highlights that the company achieved a revenue of 965 million yuan in Q1 2024, representing a year-on-year increase of 1.10% but a quarter-on-quarter decrease of 6.52%. The gross margin was 17.09%, down by 3.09 percentage points year-on-year, but up by 0.45 percentage points quarter-on-quarter. The net profit attributable to the parent company was 14.61 million yuan, a decrease of 23.18% year-on-year, but a turnaround from a loss in the previous quarter. The net profit excluding non-recurring items was 8.94 million yuan, down 46.59% year-on-year, but also a turnaround from a loss quarter-on-quarter [31][32]. Financial Summary - Revenue (in million yuan): - 2022A: 4,129 - 2023A: 4,202 - 2024E: 4,725 - 2025E: 5,250 - 2026E: 5,703 - Growth Rate (%): - 2022A: -8.5 - 2023A: 1.8 - 2024E: 12.4 - 2025E: 11.1 - 2026E: 8.6 - Net Profit (in million yuan): - 2022A: 180 - 2023A: 93 - 2024E: 177 - 2025E: 254 - 2026E: 342 - Earnings Per Share (EPS): - 2022A: 0.10 - 2023A: 0.05 - 2024E: 0.10 - 2025E: 0.14 - 2026E: 0.19 [9][31]. Business Outlook - The company is focusing on the "AI + Overseas Expansion" dual-driven strategy, with an emphasis on increasing overseas revenue. The report mentions the launch of the ADream platform for overseas influencer marketing, which aims to support brands and cross-border MCNs in enhancing resources and efficiency. Additionally, the company has signed a partnership with KOLS.ASIA to expand its international strategy [32]. Profitability Forecast - The company is projected to generate revenues of 4.725 billion yuan and 5.250 billion yuan in 2024 and 2025, respectively, with net profits of 177 million yuan and 254 million yuan for the same years. The report maintains a target price of 4.88 yuan per share based on a 50X PE ratio for 2024 [31][32].

天下秀数字科技（集团）股份有限公司（以下简称"公司"）第十一届董事 会第九次会议于2024年4月25日以现场结合通讯方式召开。会议应出席董事7人， 实际出席董事7人。会议的召开符合《公司法》及《公司章程》的规定。全体与 会董事通过如下议案： 一、审议通过《关于<2024 年第一季度报告>的议案》 具体内容请详见本公司于同日在上海证券交易所网站（www.sse.com.cn） 披露的公告。 证券代码：600556 证券简称：天下秀 公告编号：临 2024-031 天下秀数字科技（集团）股份有限公司 第十一届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 表决结果：7票同意、0票反对、0票弃权。 特此公告。 天下秀数字科技（集团）股份有限公司董事会 二〇二四年四月二十六日 本议案已经审计委员会审议通过，并同意将本议案提交公司董事会审议。 ...

证券代码：600556 证券简称：天下秀 公告编号：临 2024-032 天下秀数字科技（集团）股份有限公司 第十一届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 天下秀数字科技（集团）股份有限公司（以下简称"公司"）第十一届监事会 第九次会议于2024年4月25日以现场结合通讯方式召开。会议应出席监事3人，实 际出席监事3人。会议的召开符合《公司法》及《公司章程》的规定。全体与会 监事通过如下议案： 一、审议通过《关于<2024 年第一季度报告>的议案》 具体内容请详见本公司于同日在上海证券交易所网站（www.sse.com.cn）披 露的公告。 表决结果：3票同意、0票反对、0票弃权。 特此公告。 天下秀数字科技（集团）股份有限公司监事会 二〇二四年四月二十六日 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 965,091,939.19, representing a year-on-year increase of 1.10%[5]. - The net profit attributable to shareholders decreased by 23.18% to CNY 14,618,685.98, while the net profit after deducting non-recurring gains and losses fell by 46.59% to CNY 8,936,441.32[5][8]. - Total revenue for Q1 2024 was CNY 965,091,939.19, a slight increase of 1.06% compared to CNY 954,586,640.81 in Q1 2023[19]. - Net profit for Q1 2024 was CNY 14,348,034.41, compared to CNY 21,958,773.61 in Q1 2023, indicating a decline of 34.5%[19]. - Operating profit for Q1 2024 decreased to CNY 13,394,714.15, down 39.0% from CNY 21,943,729.34 in Q1 2023[19]. - The company reported a decrease in total current assets to ¥2,700,321,305.05 as of March 31, 2024, from ¥2,769,372,585.59 at the end of 2023[28]. - The company's operating revenue for Q1 2024 was CNY 17,281,398.12, a decrease of 3.7% compared to CNY 17,945,573.44 in Q1 2023[32]. - The net profit for Q1 2024 was CNY 14,693,562.18, representing an increase of 12.5% from CNY 13,059,981.59 in Q1 2023[32]. - The company’s total comprehensive income for Q1 2024 was CNY 14,693,562.18, compared to CNY 13,059,981.59 in Q1 2023, reflecting a growth of 12.5%[33]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -31,667,117.62, a decline of 140.28% compared to the previous year[5][8]. - Cash and cash equivalents as of March 31, 2024, were CNY 2,076,478,456.39, down from CNY 2,299,426,164.03 at the end of 2023, a decrease of 9.7%[14]. - The cash flow from operating activities for Q1 2024 was a net outflow of CNY -2,317,156.63, worsening from CNY -1,814,479.34 in Q1 2023[34]. - The cash and cash equivalents at the end of Q1 2024 were CNY 26,064.93, down from CNY 17,919.41 at the end of Q1 2023[35]. - Total assets at the end of the reporting period were CNY 5,756,826,027.56, down 2.35% from the end of the previous year[6]. - Total assets decreased to CNY 5,756,826,027.56 from CNY 5,895,388,614.26, a decline of 2.4%[16]. - The total assets increased to CNY 3,117,346,519.08 in Q1 2024, up from CNY 3,096,104,777.24 in Q1 2023, reflecting a growth of 0.7%[30]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 87,649[9]. - ShowWorld HongKong Limited was the largest shareholder, holding 332,615,750 shares, which is 18.40% of the total[10]. Future Plans and Strategies - The company plans to focus on increasing operational efficiency and improving cash flow management in the upcoming quarters[8]. - The company is exploring new market expansion opportunities and potential mergers and acquisitions to enhance growth prospects[8]. Expenses and Liabilities - Total operating costs for Q1 2024 were CNY 949,825,095.51, up from CNY 925,065,801.56 in Q1 2023, reflecting a year-over-year increase of 2.1%[19]. - Total liabilities decreased to CNY 1,953,971,221.68 from CNY 2,096,069,995.26, a reduction of 6.8%[16]. - The total liabilities rose to CNY 61,866,429.04 in Q1 2024, compared to CNY 55,318,249.38 in Q1 2023, marking an increase of 11.1%[30]. - The company reported a decrease in research and development expenses to CNY 28,650,785.63 from CNY 28,957,757.55, a decline of 1.1%[19]. - The company incurred financial expenses of CNY -804,313.21 in Q1 2024, an improvement from CNY -1,180,335.77 in Q1 2023[32].