| --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|----------------------------|---------------------|-------------------------------------|--------------------------------------------| | 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].

Financial Performance - Total assets increased by 3.36% to CNY 5,895,388,614.26 in 2023 from CNY 5,703,826,578.99 in 2022[12] - Operating revenue rose by 1.77% to CNY 4,202,030,347.42 in 2023 compared to CNY 4,128,909,281.45 in 2022[12] - Net profit attributable to shareholders decreased by 48.43% to CNY 92,778,970.17 in 2023 from CNY 179,922,184.53 in 2022[12] - Basic earnings per share dropped by 50.00% to CNY 0.05 in 2023 from CNY 0.10 in 2022[12] - The net profit attributable to ordinary shareholders after deducting non-recurring gains and losses was RMB 74 million, a decrease of 28.96% year-on-year[28] Cash Flow - The net cash flow from operating activities increased by 52.57% to CNY 298,690,366.84 in 2023 compared to CNY 195,772,114.49 in 2022[12] - The company reported a net cash flow from operating activities of RMB 323 million in Q4, a significant recovery from previous quarters[25] Market Expansion and Innovation - The company is actively exploring overseas market opportunities with new subsidiaries established in Singapore, Japan, and Hong Kong[11] - The company is actively exploring innovative products and business models for the Web3.0 era, including the 3D virtual community "Hong Universe" and AI-driven products[24] - The company is leveraging AI and blockchain technologies to provide solutions for various sectors, including digital tourism and asset management[24] - The company is actively increasing its efforts to expand quality resource points both domestically and internationally, accelerating its global layout[50] Digital Economy and Technology Integration - The company emphasizes the importance of digital technology integration with the real economy to promote balanced development and shared benefits in the digital economy[29] - The company is committed to a decentralized entrepreneurial ecosystem and is expanding its data-driven products and services in the influencer marketing sector[11] - The company has developed a comprehensive social data analysis platform covering major social media platforms, providing data services for brand advertisers and content creators[10] Influencer Marketing and Monetization - The company aims to enhance its marketing efficiency and reduce costs through its WEIQ platform, which offers personalized influencer account recommendations and real-time data monitoring[9] - The company is focusing on enhancing the monetization capabilities of influencers and content creators through its WEIQ platform[32] - The WEIQ platform connects businesses with influencers using big data technology, facilitating a complete influencer marketing chain[60] - The company is committed to fostering a healthy ecosystem for influencers and MCN organizations through its IMSOCIAL accelerator[50] Dividend Distribution - The company plans to distribute a cash dividend of 0.155 CNY per 10 shares, totaling approximately 28,020,088.45 CNY (including tax) based on a total share capital of 1,807,747,642 shares as of December 31, 2023[41] Educational Initiatives - The company’s educational brand, Tianxiaxiu Education, has initiated international training programs in Southeast Asia, leveraging Chinese experience in new media marketing[50] Industry Challenges and Goals - The company aims to create a decentralized creator economy ecosystem, although the profitability and business model of its innovative ventures remain uncertain[24] - The company is focused on enhancing the efficiency and standardization of the influencer economy, addressing industry pain points through data-driven solutions[59] - The digital economy's new business models are supported by national policies, aiming for a leading position in digital economic development by 2025[56]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the fiscal year 2023, representing a year-over-year increase of 15%[19]. - The company achieved operating revenue of RMB 4.20 billion in 2023, a year-on-year increase of 1.77%[41]. - Net profit attributable to shareholders was RMB 92.78 million, a decrease of 48.43% compared to the previous year[41]. - The gross margin for the year was reported at 45%, a slight increase from 43% in the previous year[19]. - Operating expenses increased by 5% to RMB 300 million, primarily due to higher marketing costs associated with new product launches[19]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in Q3 2023, representing a 25% year-over-year growth[174]. - The company reported a net profit margin of 25%, up from 20% in the previous year, reflecting improved operational efficiency[181]. User Growth and Market Expansion - User data showed an increase in active users to 5 million, up from 4 million in the previous year, marking a growth of 25%[19]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in user acquisition in that region[19]. - The number of registered merchant customers reached 199,789, an increase of 9,186 compared to the end of 2022[43]. - The company is actively exploring overseas markets with the launch of the ADream platform, aimed at enhancing resource efficiency for brands going global[53]. - Market expansion plans include entering three new international markets by mid-2024, aiming for a 10% market share in each[175]. Strategic Initiatives and Innovations - The company is exploring innovative business systems, indicating a focus on future development strategies[9]. - New product launches included a digital marketing platform that is expected to generate an additional RMB 200 million in revenue in 2024[19]. - The company is investing RMB 50 million in R&D for new technologies, focusing on AI and big data analytics to improve service offerings[19]. - The company is developing innovative products based on AI technology, including the AIGC product "Inspiration Island," to enhance service efficiency for content creators[56]. - The company aims to leverage its extensive social marketing corpus to activate data asset value and provide richer services to clients and content creators[43]. Corporate Governance and Compliance - The board of directors has confirmed that all members attended the board meeting, ensuring the integrity of the annual report[5]. - The company has received a standard unqualified audit report from Zhonghui Certified Public Accountants[6]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[9]. - The company has not violated decision-making procedures for external guarantees[9]. - The company held three shareholder meetings during the reporting period, ensuring compliance with legal requirements and fair treatment of all shareholders[165]. Risk Management and Caution - The company emphasizes that its current profit model and business model have significant uncertainties, urging investors to be cautious about investment risks[9]. - The company acknowledges the potential risks associated with its innovative business models and encourages investors to be cautious[57]. - The macroeconomic environment and unexpected public events could significantly impact the spending behavior of merchants, thereby affecting the company's revenue growth[154]. - The company is actively monitoring changes in regulatory requirements related to new business models and market conditions, which may pose compliance challenges[159]. Research and Development - The company is investing heavily in R&D, with a budget allocation of 150 million for new technology development in 2024[175]. - Continuous investment in R&D has led to a sustained increase in innovation, helping influencers maximize their commercial value and supporting the healthy development of the industry[85]. - Research and development expenses totaled ¥105,650,035.44, representing 2.59% of total revenue, with capitalized R&D accounting for 2.95%[114]. Remuneration and Management Structure - The total pre-tax remuneration for all directors, supervisors, and senior management personnel amounted to CNY 8.5287 million[169]. - The company has appointed new senior management personnel, including a general manager and a financial officer, as part of its governance structure[189]. - The company’s independent directors provided recommendations on the remuneration plan, ensuring it aligns with industry standards and legal regulations[188]. Technology and Digital Economy - The company is committed to exploring new business models and growth points through the application of digital technologies such as AI, the metaverse, and blockchain[43]. - The rise of Web3.0 technologies is expected to enhance the influencer-fan relationship, further expanding the market size of the influencer economy[71]. - The company aims to leverage its big data platform and advanced technologies like AI and blockchain to enhance its global presence and improve services for brands and creators[143].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the market by more than 10% over the next 12 months [7][8]. Core Insights - The company reported a revenue of 42.02 billion yuan for 2023, reflecting a year-on-year increase of 1.77%. The gross margin was 48.43%, while the net profit attributable to the parent company was 0.93 billion yuan, showing a year-on-year increase of 28.96% [33]. - The report highlights the stability of the company's core business, WEIQ, and its exploration of "AI+ overseas expansion" as dual growth drivers [33]. - The company’s operating cash flow was 10.32 billion yuan, indicating strong cash flow performance, while the net loss attributable to the parent company was narrowed down to 0.95 billion yuan [33]. - The report notes that the number of registered professional influencers on the platform reached 17,274, with a year-on-year increase of 15.41% [33]. - The company is expected to achieve revenues of 47.25 billion yuan and 52.50 billion yuan from overseas brands and cross-border MCN respectively, with corresponding net profits of 1.77 billion yuan and 2.54 billion yuan for 2024 and 2025 [33]. Financial Summary - The company’s revenue is projected to grow from 4,202 million yuan in 2023 to 5,703 million yuan in 2026, with growth rates of 1.8%, 12.4%, 11.1%, and 8.6% respectively [33]. - The net profit attributable to the parent company is expected to increase from 93 million yuan in 2023 to 342 million yuan in 2026, with growth rates of -48.4%, 90.3%, 43.6%, and 34.8% respectively [33]. - The report anticipates an EPS growth from 0.05 yuan in 2023 to 0.19 yuan in 2026 [33].

天下秀数字科技（集团）股份有限公司 2023 年度社会责任报告 一、董事长致辞 时代的机遇和社会的哺育，是一个企业得以发展壮大的重要基础。企业在不 断成长的同时，反哺社会、反哺行业是必须承担的责任。 在天下秀的理解中，承担企业社会责任的优先级：以尽可能低的成本为公众 提供超预期的产品和服务，是第一社会责任；其次是赋能员工成长；再次是赋能 行业长远发展。 公司通过对行业经验、技术和资源的整合梳理，基于 Web2.0 的红人经济生 态链的业务布局趋于完善。一方面，公司将长期积累的数据和技术能力转化为创 新的数据化产品，将长期沉淀的行业经验转化为创新的商业服务，并且积极有序 加大境内及境外优质资源点位的拓展力度，推出海外红人营销 SaaS 平台—— ADream，通过数字化手段为出海品牌和机构提供资源与效率的全面提升，进一 步优化红人经济全球化资源覆盖的密度和结构。另一方面，公司在努力夯实红人 营销平台竞争力的同时，一直积极探索红人（内容创作者）的价值洼地和商业边 界，通过红人营销平台不断向上下游探索延伸，布局了以天下秀教育和西五街为 代表的探索红人经济产业链创新业务。 公司基于在 Web2.0 时代对创业者经济商 ...

天下秀数字科技（集团）股份有限公司 内部控制审计报告 中国杭州市钱江新城新业路8号UDC时代大厦A座5-8层、12层、23层 Floors 5–8, 12 and 23, Block A. UDC Times Building. No. 8 Xinye Road. Qianjiang New City, Hangzhou Tel. 0571-88879999 Fax. 0571-88879000 www.zhcpa.cn 国游戏 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn） 进行查验 & II 报告编码:浙24WFN2K 内部控制审计报告 我们认为,天下秀公司于2023年12月31日按照《企业内部控制基本规范》和 相关规定在所有重大方面保持了有效的财务报告内部控制。 中汇会审[2024]4616号 天下秀数字科技(集团) 股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了天下秀数字科技(集团) 股份有限公司(以下简称天下秀公司)2023年12 月31日的财务报告内部控制的有效性。 一、企业对内部控制的责 ...