Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has shown impressive investment returns, with significant profit growth in Q3 2024, boosting investor confidence through continuous share buybacks [3][7]. - The company reported Q3 2024 revenue of 756 million yuan, a year-over-year increase of 26.27%, and a net profit of 327 million yuan, reflecting a remarkable year-over-year growth of 451.29% [2][3]. - The integration of the Zhejiang Big Data Trading Center into the company's financials is expected to enhance resource consolidation and contribute to performance growth [5][7]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 756 million yuan, with a net profit of 327 million yuan, and an investment income of 168 million yuan, a significant turnaround from a loss of 2.23 million yuan in Q3 2023 [3]. - The net profit margin for Q3 2024 was 43.91%, up by 35.31 percentage points year-over-year, while the gross margin was 53.86%, down by 20.32 percentage points year-over-year [3]. - For the first three quarters of 2024, the company reported a total revenue of 2.169 billion yuan, a decrease of 5.20% year-over-year, and a net profit of 475 million yuan, down 31.38% year-over-year [3]. Business Developments - The company has completed a share buyback plan, acquiring 10.86 million shares, approximately 0.858% of the total share capital, for a total amount of 99.94 million yuan at an average price of 9.20 yuan per share [3]. - The company’s subsidiary, Bianfeng Network, achieved a revenue of 999 million yuan in H1 2024, with a net profit of 257 million yuan, and its "Doudizhu" game app reached over one million daily active users [4]. - The "Propagation Brain" content generation algorithm has been registered, and the company received an investment of 140 million yuan from the Zhejiang Provincial Industrial Fund to support business expansion [7]. Future Projections - The report forecasts the company's revenue to reach 3.085 billion yuan in 2024, with net profit expected to be 528 million yuan, and projects continued growth in subsequent years [8][10]. - The estimated P/E ratios for 2024, 2025, and 2026 are 27.20, 22.96, and 20.70 respectively, indicating a positive outlook for the company's valuation [8][10].

Investment Rating - The report maintains a "Recommend" rating for Zhejiang Daily Digital Culture Group (600633) with a target price of 14.92 yuan [1][3] Core Views - The company's Q3 2024 performance met expectations, with revenue of 760 million yuan (YoY +26%, QoQ +3%) and net profit attributable to shareholders of 330 million yuan (YoY +451%, QoQ +582%) [1] - The core business remains stable, with significant contributions from investment income [1] - The digital culture sector continues to grow steadily, with the card game "Guan Dan" adding over 13 million new registered users in H1 2024 [1] - The digital technology sector is making progress, with Fuchunyun IDC focusing on energy efficiency and AI integration, and the "Chao News" platform receiving a 140 million yuan strategic investment [1] - The data operation sector is expected to accelerate growth following the consolidation of Zhejiang Big Data Trading Center, which now holds a 50.2% stake [1] Financial Performance - The company's 2024E/2025E/2026E net profit attributable to shareholders is forecasted to be 538/629/707 million yuan, respectively [1] - The 2024E/2025E/2026E EPS is projected to be 0.42/0.50/0.56 yuan, with corresponding P/E ratios of 26/22/19 [2] - The company's 2024E/2025E/2026E revenue is expected to grow at 6.1%/6.8%/6.3% YoY, reaching 3.266/3.489/3.710 billion yuan [2] Business Segments - **Digital Culture**: The company's gaming business, particularly the "Guan Dan" game, continues to perform well, with strong user growth and operational efficiency improvements [1] - **Digital Technology**: Fuchunyun IDC is advancing its AI-powered energy efficiency platform, while the "Chao News" platform is expanding its media integration capabilities [1] - **Data Operations**: The consolidation of Zhejiang Big Data Trading Center positions the company as a key player in the data trading market, with potential growth driven by policy support [1] Valuation and Target Price - The report assigns a 30x PE multiple for 2025, resulting in a target market capitalization of 18.883 billion yuan and a target price of 14.92 yuan [1] - The current price of 11.00 yuan implies a potential upside of approximately 35.6% [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company reported a significant increase in profits for Q3 2024, primarily driven by investment income from its indirect stake in a media company that successfully listed on the Growth Enterprise Market, resulting in an investment gain of 141 million yuan [2]. - The company’s revenue for the first three quarters of 2024 was 2.169 billion yuan, a year-on-year decrease of 5.20%, while the net profit attributable to shareholders was 475 million yuan, down 31.38% year-on-year [2]. - The digital culture segment is focusing on premium operations, with the launch of offline centers for its flagship product, indicating a strategy to integrate online and offline markets [3]. - The company has made strategic partnerships in the digital technology sector, enhancing its service capabilities and expanding its business scope [3]. - The completion of the equity restructuring of the Zhejiang Big Data Trading Center, in which the company holds a 50.2% stake, is expected to contribute positively to the company's performance in the future [3]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 528 million, 629 million, and 725 million yuan, respectively, with corresponding earnings per share (EPS) of 0.42, 0.50, and 0.57 yuan per share [4]. - The company’s price-to-earnings (P/E) ratios are forecasted to be 25, 21, and 18 times for the years 2024, 2025, and 2026, respectively [4]. - The company’s total revenue is expected to grow from 3.188 billion yuan in 2024 to 3.702 billion yuan in 2026, reflecting a gradual recovery [5].

证券代码：600633 证券简称：浙数文化 编号：临 2024-056 浙报数字文化集团股份有限公司 关于边锋网络参与投资设立成都极创澄源创业 投资合伙企业（有限合伙）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。 重要内容提示： 一、对外投资概述 （一）对外投资的基本情况 2024 年 11 月 1 日，公司全资子公司杭州边锋网络技术有限公司（以下简称 "边锋网络"）与成都极创蓉源企业管理咨询合伙企业（有限合伙）、成都高新区 创科投天使股权投资基金合伙企业（有限合伙）、清华大学教育基金会、成都天 使股权投资基金有限公司等 9 位合伙人签署《成都极创澄源创业投资合伙企业 （有限合伙）合伙协议》（以下简称"《合伙协议》"、"本协议"），共同投 资设立成都极创澄源创业投资合伙企业（有限合伙）（暂定名，最终名称以以企 业注册登记机关最终核准登记的名称为准，以下简称"极创澄源基金"、"基金" 或"合伙企业"），基金主要投资医疗健康、先进科技等领域项目。 截至本公告之日，极创澄源基金实际认缴出资总额为 20,800 万元，边锋网 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][8] Core Views - The company experienced a revenue growth of 26% in the third quarter, with the consolidation of the Zhejiang Big Data Trading Center contributing positively [1][6] - The company’s revenue for the first three quarters of 2024 was 2.17 billion yuan, a year-on-year decrease of 5.2%, while the net profit attributable to shareholders was 470 million yuan, down 31.4% year-on-year [1][6] - In the third quarter alone, the company reported a revenue of 760 million yuan, a year-on-year increase of 26.3%, and a net profit of 330 million yuan, which represents a significant increase of 451.3% due to non-recurring gains of 210 million yuan [1][6] - The gross margin for the third quarter was 53.9%, down 20.3 percentage points year-on-year, primarily due to the increased proportion of lower-margin digital marketing business [1][7] Summary by Sections Financial Performance - The company’s revenue for the first three quarters of 2024 was 2.17 billion yuan, with a net profit of 470 million yuan [1][6] - The third quarter saw a revenue of 760 million yuan and a net profit of 330 million yuan, with a significant increase in net profit attributed to non-recurring gains [1][6] - The gross margin decreased to 53.9%, while the overall expense ratio declined by 10.8 percentage points [1][7] Business Segments - The digital culture segment, represented by Bianfeng Network, reported a revenue of 1 billion yuan in the first half of 2024, a decrease of 26.7% year-on-year [1][7] - The IDC business under Fuchun Cloud showed stable performance with a revenue of 200 million yuan, a year-on-year increase of 4.8% [1][7] - The data operation business saw the completion of the business registration for the Zhejiang Big Data Trading Center, with the company holding over 50% of the shares post-restructuring [1][8] Future Outlook - The report maintains profit forecasts for 2024-2026, expecting net profits of 540 million, 630 million, and 740 million yuan respectively [1][8] - The company is well-positioned in the digital economy and AIGC era, with a strong industry chain layout and significant long-term growth potential [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business remains stable, with significant investment income contributing to profit growth [1] - The report highlights a decline in revenue and net profit for the third quarter, but attributes this to increased investment income and fair value changes [1] - The forecast for revenue and net profit shows a recovery trend in the coming years, with expected growth rates of 8% for 2025 and 2026 [1][2] Financial Summary - Revenue (in million CNY): - 2022A: 5,186 - 2023A: 3,078 - 2024E: 3,084 - 2025E: 3,333 - 2026E: 3,600 - Year-over-year growth rates: - 2022A: 69% - 2023A: -41% - 2024E: 0% - 2025E: 8% - 2026E: 8% [1] - Net Profit (in million CNY): - 2022A: 490 - 2023A: 663 - 2024E: 521 - 2025E: 605 - 2026E: 708 - Year-over-year growth rates: - 2022A: -5% - 2023A: 35% - 2024E: -21% - 2025E: 16% - 2026E: 17% [1] - Earnings Per Share (in CNY): - 2022A: 0.39 - 2023A: 0.52 - 2024E: 0.41 - 2025E: 0.48 - 2026E: 0.56 [1] - Price-to-Earnings (P/E) Ratio: - 2023A: 20.7 - 2024E: 26.4 - 2025E: 22.7 - 2026E: 19.4 [1] - Price-to-Book (P/B) Ratio: - 2023A: 1.4 - 2024E: 1.4 - 2025E: 1.3 - 2026E: 1.3 [1] Market Performance - The company's stock price as of October 27, 2024, is 10.85 CNY, with a market capitalization of 13,733.18 million CNY [1] - The report notes a significant increase in investment income, which has positively impacted the company's profitability despite a decline in core business revenue [1]

Revenue and Profit Growth - Revenue for the third quarter was RMB 756.43 million, a 26.27% increase compared to the same period last year[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 327.44 million, a significant increase of 451.29% year-over-year[2] - Basic earnings per share for the third quarter were RMB 0.26, an increase of 420.00% year-over-year[3] Asset and Cash Flow Changes - Total assets as of the end of the reporting period were RMB 12.35 billion, a decrease of 4.33% compared to the end of the previous year[3] - Net cash flow from operating activities for the first nine months was negative RMB 182.02 million, a decrease of 135.14% compared to the same period last year[2] Non-Recurring Gains and Losses - Non-recurring gains and losses for the third quarter amounted to RMB 208.52 million, primarily due to gains from equity investments[5] - The company's investment in Puying Guoshi (Shanghai) Equity Investment Fund Partnership generated a significant non-recurring gain of RMB 133.25 million[6] - The company's investment in Zhejiang Smart Network Hospital Management Co., Ltd. contributed RMB 23.40 million in non-recurring gains[7] Return on Equity (ROE) - The weighted average return on equity (ROE) for the third quarter was 3.28%, an increase of 2.67 percentage points compared to the same period last year[3]

浙报数字文化集团股份有限公司 第十届董事会第十八次会议决议的公告 证券代码：600633 股票简称：浙数文化 编号：临2024-054 表决结果：同意5 票，反对0 票，弃权0 票。 特此公告。 浙报数字文化集团股份有限公司董事会 2024年10月26日 1 / 1 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。 公司第十届董事会第十八次会议（以下简称"本次会议"）于2024年10月25 日以通讯会议方式召开，会议通知于2024年10月22日以书面形式发出。本次会议 应到董事5名，实到董事5名，本次会议的召开符合《公司法》及公司章程的规定。 会议审议并通过了以下议案： 一、审议通过《浙数文化2024年第三季度报告》 本议案已提前经公司第十届董事会审计委员会2024年第八次会议全体成员 审议通过。具体报告内容详见《上海证券报》及上海证券交易所网站 www.sse.com.cn。 ...

证券代码：600633 股票简称：浙数文化 编号：临2024-055 浙报数字文化集团股份有限公司 关于第十届监事会第十二次会议决议的公告 一、《公司 2024 年第三季度报告》 监事会成员审核公司 2024 年第三季度报告后，发表书面审核意见如下： 1、公司 2024 年第三季度报告的编制和审议程序符合法律、法规、公司章程和 公司内部管理制度的各项规定； 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。 浙报数字文化集团股份有限公司监事会 公司第十届监事会第十二次会议于 2024 年 10 月 25 日以通讯会议方式召开， 会议通知于 2024 年 10 月 22 日以书面形式发出。本次会议应到监事 3 人，实到 监事 3 人，会议由监事会主席林敏先生主持。本次会议的召开符合《公司法》及 《公司章程》的规定。会议审议并通过了以下议案： 2024 年 10 月 26 日 2、公司 2024 年第三季度报告的内容和格式符合中国证监会和上海证券交易所 的各项规定，所包含的信息真实地反映出公司报告期内的经营管理和财务状况等事 项； 3 ...

证券代码：600633 证券简称：浙数文化 编号：临 2024-052 浙报数字文化集团股份有限公司 关于参与投资设立金华市启真科创创业投资基金 合伙企业（有限合伙）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。 重要内容提示： 本次交易不构成关联交易，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。 一、对外投资概述 2024 年 10 月 22 日，公司与浙江浙大启真创业投资有限公司（以下简称"启 真创投"）、启真九智（杭州）股权投资有限公司（以下简称"启真九智"）、 浙江浙大科创集团有限公司（以下简称"浙大科创"）、浦江县股权投资管理有 限公司（以下简称"浦江投资"）、金华市双龙人才投资合伙企业（有限合伙） （以下简称"金华双龙人才基金"）共 6 位合伙人签署《金华市启真科创创业投 资基金合伙企业（有限合伙）合伙协议》（以下简称"《合伙协议》""本协议"）， 共同投资设立金华市启真科创创业投资基金合伙企业（有限合伙）（以下简称"金 华科创基金""基金"或"合伙企业"），基金主要以新一代集成电路、高端智 ...