证券研究报告 | 2025年04月07日 核心主业稳健，2024 年扣非后利润同比提升 13%。1）公司 2024 年收入 31.0 亿元，同比增长 0.6%，其中在线游戏/在线社交/技术信息/数字营销收入分 别同比+1.8%/-65.2%/+6.9%/+124.0%。归母净利润 5.1 亿元，同比下滑 22.8%，主要由于公司投资收益下降；扣非后归母净利润 4.1 亿元，同比增 长 12.8%。2）单四季度来看，公司收入 9.3 亿元，同比增长 17.4%；归母净 利润 0.4 亿元，同比下滑 227.7%；扣非后归母净利润 0.8 亿元，扭亏为盈。 业务结构调整致毛利率下滑，费用率整体下降 5 个百分点。1）2024 年公司 的业务结构有所调整，毛利率同比下降 10.2 个百分点至 58.1%，其中在线游 戏 / 在 线 社 交 / 技 术 信 息 / 数 字 营 销 业 务 的 毛 利 率 分 别 为 91.0%/42.7%/45.7%/18.8%，分别同比下降 1.0/2.0/2.5/10.1 个百分点，数 字营销业务毛利率下降主要是由于信息流业务占比上升。2）2024 年公司整 体费用率下降 4.8 ...

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]

浙数文化 20250401 摘要 • 2023 年数字文化板块收入主要由游戏和在线社交业务构成，占比约七成， 数字技术占比约两成。2024 年，社交业务战略调整导致收入下降，但游戏 和数字营销的增长使得整体营收仍同比增长，目前数字文化、数字技术和 数据运营的比例分别为 54%、22%和 24%。 • 2024 年归母净利润同比下降，主要由于 2023 年海上股份 IPO 及股票二级 市场收益较高，而 2024 年这部分收益减少，且二级市场股票总体略亏 2.7 亿。扣非净利润实现两位数增长，得益于传播大脑减亏、其他业务减亏以 及游戏业务利润增长，同时计提了 9,000 多万元资产减值。 • 子公司巅峰受社交业务调整影响，营收和归母净利润均有所下降，但实际 游戏业务盈利良好。富春云虽收入增加，但受北京项目商誉减值影响，总 体盈利下降。若不考虑商誉减值，富春云 24 年实际盈利基本持平甚至略有 增长。 • 传播大脑全年亏损已大幅缩小至 500 万元左右，省外拓展迅速，关联交易 占比显著下降，显示出良好发展势头。公司一季度营收通常较低，四季度 因政府结项回款及产业链回款集中而放量，预计 2025 年一季度业绩乐观。 ...

Core Viewpoint - The company is optimistic due to three main factors: active shareholder return measures, stable core business, and steady progress in innovative business layout [1][9]. Shareholder Return Measures - The company plans to conduct two dividends in 2024, with a second-half dividend rate of 55.07% and an overall annual dividend rate of 61.93% [1][3][9]. - The controlling shareholder has cumulatively increased holdings by over 1% [1][9]. Core Business Stability - The main subsidiary, Bianfeng Network, has shown stable performance, focusing on casual games and promoting a boutique strategy, with its core product, Bianfeng Guandan, achieving significant user engagement [1][4]. - Bianfeng Network's revenue for the year was 21.35 billion, a decrease of 3.43% year-on-year, while net profit was 5.29 billion, down 17.16% year-on-year, primarily due to strategic adjustments in social business [4]. - Fuchun Cloud's IDC unit construction is progressing steadily, with expectations for improved power utilization rates [1][4]. Innovative Business Layout - The Zhejiang Big Data Trading Center has completed consolidation and is expected to benefit from the completion of data element construction [1][5]. - The company continues to deepen cooperation with Alibaba, focusing on cultural service intelligence, large model applications, data business collaboration, and talent training [5][6]. - Two subsidiaries have developed AI algorithms that have been approved by the National Cyberspace Administration [1][6]. Financial Performance - For the reporting period, the company achieved operating revenue of 30.97 billion, a year-on-year increase of 0.61%, while net profit attributable to shareholders was 5.12 billion, a decrease of 22.84% [2]. - The company expects net profit attributable to shareholders to reach 5.75 billion, 6.37 billion, and 6.99 billion from 2025 to 2027, with year-on-year growth rates of 12.33%, 10.94%, and 9.66% respectively [1][9].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [19]. Core Insights - The company reported a revenue of 3.097 billion yuan for 2024, a year-on-year increase of 0.6%. The net profit attributable to the parent company was 512 million yuan, down 22.8% year-on-year, while the net profit excluding non-recurring items was 405 million yuan, up 12.8% year-on-year. The decline in net profit is attributed to high base effects from the previous year's investment gains [1][2]. - The company has a strong focus on shareholder returns, with a planned total dividend of 317 million yuan for the year, representing 62% of the net profit attributable to the parent company, marking a new high in the past decade [7][8]. - The future strategy aims to establish the company as a leading digital cultural industry group in China, focusing on three development directions: digital culture, digital technology, and data operations [8]. Business Segments Summary 1. **Online Gaming Operations**: - Revenue reached 1.34 billion yuan in 2024, with a year-on-year growth of 1.8% and a gross margin of 91%. The company is focusing on premium operations, maintaining a leading position in card games [2]. 2. **Online Social Business**: - Revenue fell to 268 million yuan, a decrease of 65.2% year-on-year, with a gross margin of 42.7%. The decline is due to a strategic contraction in this segment [2]. 3. **Technical Information Services**: - Revenue was 685 million yuan, up 6.9% year-on-year, with a gross margin of 45.7%. The segment includes various initiatives such as data center operations and AI model development [2]. 4. **Digital Marketing**: - Revenue surged to 775 million yuan, a year-on-year increase of 130.2%, with a gross margin of 18.8%. This segment is in a rapid growth phase, leveraging AI for marketing solutions [2]. Financial Projections - The company expects to achieve a net profit of 679 million yuan in 2025, representing a growth of 32.8% year-on-year, with projected revenues of 3.34 billion yuan, a growth of 7.8% [9][10]. - The projected price-to-earnings ratio for 2025 is 25 times, with a target price set at 17.68 yuan, based on a valuation of 33 times PE [3][8].

目 录 | | | | 二、财务报表……………………………………………………… 第 7—14 | | | 页 | | --- | --- | --- | --- | | （一）合并资产负债表…………………………………………… | 第 | 7 | 页 | | （二）母公司资产负债表………………………………………… | 第 | 8 | 页 | | （三）合并利润表………………………………………………… | 第 | 9 | 页 | | （四）母公司利润表………………………………………………第 | | 10 | 页 | | （五）合并现金流量表……………………………………………第 | | 11 | 页 | | （六）母公司现金流量表…………………………………………第 | | 12 | 页 | | （七）合并所有者权益变动表……………………………………第 | | 13 | 页 | | （八）母公司所有者权益变动表…………………………………第 | | 14 | 页 | | | | 审 计 报 告 天健审〔2025〕978 号 浙报数字文化集团股份有限公司全体股东： 一、审计意见 我们审计了浙报数字文化集团股份有限公司（以 ...

浙报数字文化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 们审计了浙报数字文化集团股份有限公司（以下简称浙数文化公司）2024 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任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是浙数 文化公司董事会的责任。 目 录 一、内部控制审计报告…………………………………………第 1—2 页 内部控制审计报告 天健审〔2025〕979 号 四、财务报告内部控制审计意见 我们认为，浙数文化公司于 2024 年 12 月 31 日按照《企业内部控制基本规 第 1 页 共 2 页 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。 天健会计师事务所（特殊普通合伙） 中国注册会计师： 中国·杭州 中国注册会计师： 二〇二五年三月二十七日 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 ...

2024 年度，本人作为浙报数字文化集团股份有限公司（以下简称"公司"） 的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 市公司治理准则》等法律法规、规范性文件以及《公司章程》《独立董事专门会 议工作制度》等公司内部制度的要求，深入了解公司经营管理情况，独立、忠实、 勤勉、尽责，认真履行独立董事职责，推进公司内部控制建设，积极参与董事会 决策，切实维护公司和全体股东尤其是中小股东的利益，充分发挥独立董事的作 用。现将 2024 年度履职情况报告如下： 一、独立董事的基本情况 本人潘亚岚，女，中国国籍，无境外永久留居权，1965 年出生，民盟盟员， 硕士研究生学历，杭州电子科技大学会计学院教授，非执业注册会计师。1987 年 8 月至今在杭州电子科技大学任教。2019 年 10 月至 2024 年 10 月任浙江临安 农村商业银行股份有限公司独立董事；2021 年 2 月至今任浙江三花智能控制股 份有限公司独立董事；2021 年 12 月至今任浙报数字文化集团股份有限公司独立 董事；2023 年 9 月至今任咸亨国际科技股份有限公司独立董事。本人具备中国 证监会《上市公司独立董事管理办 ...

浙报数字文化集团股份有限公司 2024 年度独立董事述职报告 2024 年度，本人作为浙报数字文化集团股份有限公司（以下简称"公司"） 的独立董事，严格按照《公司法》《证券法》《上市公司独立董事管理办法》《上 市公司治理准则》等法律法规、规范性文件以及《公司章程》《独立董事专门会 议工作制度》等公司内部制度的要求，独立、忠实、勤勉、尽责地履行独立董事 职责，审慎认真地行使公司和股东赋予的权力，深入调查研究公司经营管理状况， 推进公司内部控制建设，积极参与董事会决策，切实维护公司和全体股东尤其是 中小股东的利益。现将 2024 年度履职情况报告如下： 一、独立董事的基本情况 李永明，男，中国国籍，无境外永久留居权，1961 年 2 月出生，硕士研究 生学历，现任浙江大学知识产权与竞争法研究中心主任，浙江大学光华法学院教 授、博士生导师,兼任浙江泽大律师事务所律师、中国知识产权法研究会副会长、 浙江省知识产权法研究会会长、浙江省知识产权协会副会长等职。2020 年 10 月 至今任浙江唐德影视股份有限公司独立董事，2021 年 4 月至 2024 年 12 月任杭 州卓健信息科技股份有限公司独立董事，2022 年 ...

浙报数字文化集团股份有限公司 关于召开 2024 年年度股东大会的通知 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： ? 股东大会召开日期：2025年4月18日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 4 月 18 日 14 点 30 分 召开地点：浙江省杭州市拱墅区储鑫路 15 号浙报数字文化科技园 A 座 3 楼 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 18 日 至 2025 年 4 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，1 ...