浙商证券股份有限公司 关于浙文互联集团股份有限公司 向特定对象发行股票之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意浙文互联 集团股份有限公司向特定对象发行股票注册的批复》（证监许可[2023]1454 号） 同意，公司以向特定对象发行股票的方式向杭州博文股权投资有限公司（以下简 称"博文投资"）发行股票 164,948,453 股，前述新增股份于 2023 年 8 月 24 日在 中国证券登记结算有限责任公司上海分公司办理完毕股份的登记托管手续。 浙商证券股份有限公司（以下简称"浙商证券"、"保荐机构"）作为公司向 特定对象发行股票的保荐机构，持续督导期至 2024 年 12 月 31 日止。目前持续 督导期已结束，浙商证券承销保荐根据《证券发行上市保荐业务管理办法》《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等法规的相关规定， 出具本保荐总结报告书。 | 情况 | 内容 | | | | --- | --- | --- | --- | | 发行人名称 | 浙文互联集团股份有限公司 | | | | 证券代码 | 600986.SH | | | | 注 ...

2024年，公司在文化算力底座方面率先落子，成立"浙文智算""蓝耘智算"等主体，服务智驾、AI模型工 场等前沿产业，而公司参与投资、浙江文投控股的海城融资租赁公司可为算力业务扩张提供强有力的资 金支持；在文化资产流通领域，参投浙江文化产权交易所，参与"文化数字资产"确权与交易标准制定， 推动文创内容商业化效率提升；在内容生态拓展上，拟收购电竞游戏资产交易平台星巢网络，打通"内 容+资产+交易"的应用链条。这一系列核心项目的推进以及后续产业持续扩张环节，均离不开浙江文投 在资金调度、产业协同与地方政策支持等方面的系统赋能。 融入"浙江模式"，构建省域文化新质生产力样板 站在"十四五"规划收官之年，浙江省在2025年提出将"文化+科技"作为新质生产力重要突破口，力争推 动文化产业增加值年均增长15%。作为文化大省与数字经济强省的叠加区域，浙江正在全力打造"省域 平台型企业+专项产业基金+政策配套+资源撮合"的文化产业推进体系。浙文互联正是这一"浙江模 式"的典型代表企业。 浙文互联（600986）2024年度报告显示，报告期内，公司实现营业收入77.03亿元，归属于上市公司股 东的净利润为15776.95万元，毛 ...

在数字经济与实体经济深度融合的浪潮下，浙文互联（600986）(600986.SH)正以"数字营销+数字文 化"为战略支点，重塑产业竞争格局。 2024年，公司以数字营销为基本盘，优化客户结构、削减低效业务，实现全年营收77.03亿元的稳健业 绩，更推动AI技术全面赋能内容生产、算力基建和数字文化生态闭环建设，扩展第二增长曲线。 浙文互联如何以技术为矛、生态为盾，打开增长新空间？ 数字营销破局业务结构持续优化 当生成式AI掀起全球生产力革命，数字营销行业亦迎来价值重估。 2025年3月，浙文互联拟通过现金方式收购电竞游戏资产交易平台星巢网络80%股权。星巢网络作为国 内领先的电竞游戏资产交易平台，拥有稳定的用户社群与交易流量，对公司"游戏+文化"融合路径形成 有力补充，并与浙江省文化产权交易所形成内容、流量与平台的产业协同，拓展消费、产业及出海等新 兴场景，加快文化内容从创作到变现的效率闭环，提升数字文化的运营能力与商业价值。 在加速布局电竞游戏资产交易、强化数字文化运营能力的同时，浙文互联也在文化IP数字化领域持续深 耕。公司围绕文化、文旅新IP，拓展文化/文旅数字空间、共创沉浸式体验空间。与M511光影汇 ...

Group 1 - The core viewpoint of the articles highlights the strategic focus of Zhejiang Wenlian (浙文互联) on integrating culture and technology, particularly in the digital culture and AI technology sectors, with significant advancements in esports gaming and cultural asset trading [1][2] - Since the acquisition of Zhejiang Cultural Investment, the company has actively promoted the optimization of its industrial chain and capability building, with a key move being the planned cash acquisition of 80% of esports asset trading platform Xingchao Network, which is crucial for expanding its digital cultural industry chain [1] - Xingchao Network, as a leading esports asset trading platform in China, provides a stable user community and transaction flow, effectively complementing the company's "gaming + culture" integration path [1] Group 2 - The acquisition allows the company to enter the esports and digital gaming niche, creating industrial synergy with the Zhejiang Cultural Property Exchange, and expanding into new scenarios such as digital game asset trading and IP commercialization [1] - The company aims to enhance the efficiency of cultural content monetization and improve its operational capabilities and commercial value in the digital culture sector [1] - The Central Committee of the Communist Party of China and the State Council have issued a plan to boost consumption, emphasizing support for the development of original intellectual property (IP) brands, which includes areas like animation, gaming, and esports [2] - The company plans to leverage the user assets and content distribution capabilities of the Xingchao platform to further explore the integration of AI, content, and assets, positioning it as a key driver for the commercialization of cultural assets and the globalization of digital content [2]

展望2025年，随着"十四五"进入收官之年，公司将依托浙江省政府对数字文化、文化出海、文化消费的 持续政策引导，强化与浙江文投、文化产权交易所等平台的产业协同。公司算力基础设施将加速扩容， 数字文化应用全面提速，在"文化+科技"融合主线牵引下，浙文互联有望在新一轮产业变革中走在前 列。(CIS) 该体系不仅面向模型工场、智能应用企业提供高性能算力，也为公司自身AI应用场景部署提供了有力 后盾。公司"派智"程序化广告工具、"好奇飞梭""视频千创"等内容生成引擎，以及后续的文化数字资产 交易平台、AI+文旅、AI+游戏，均为算力底座与内容生产之间的高效联动创造了契机。 2025年，国务院《政府工作报告》提出持续推进"人工智能+"行动，抓住人工智能技术突破的机遇，推 动人工智能大模型的广泛应用。大模型迭代演进、科学研究、端侧AI、智能驾驶、以及数字孪生等新 兴领域的快速崛起，推动全球算力规模的快速增长，万物智能时代对计算的需求呈百千倍递增态势，算 力成为全球数字经济发展新引擎和各国战略竞争新焦点，也成为国内重点产业推进方向。 政策支持与行业风口共振，浙文互联有望在算力规模与产业协同方面实现进一步突破，持续放大算力产 ...

Core Insights - The digital marketing industry is characterized by a diverse midstream service model, which includes various types of marketing services and solutions that leverage advertising platforms to reach target audiences [1][2]. Industry Overview - The digital marketing industry can be segmented into three main stages: upstream technology and content supply, midstream digital marketing services, and downstream demand [1]. - Midstream service providers are increasingly integrating content production capabilities into their offerings [2]. Regional Distribution - The most developed digital marketing industry clusters are found in Guangdong and Beijing, with a significant concentration of midstream service providers [5]. - Jiangsu province has the highest number of digital marketing industry parks, totaling 16, followed by Shandong and Hubei [8]. Business Performance - The performance of digital marketing companies is significantly influenced by the economic conditions of downstream industries. From 2023 to 2024, companies are focusing on client expansion and project development, particularly in key sectors like automotive and healthcare [9]. - Notable revenue figures for 2023 include: - BlueFocus: 23.79 billion - Three People: 4.77 billion - Liou Group: 8.38 billion [12][13]. Investment Trends - Digital marketing companies are primarily investing in business expansion and technological advancements. Recent investment activities include: - Qingmu Group plans to invest approximately 150 million in brand promotion and channel development [16]. - Yuanlong Yatu is investing about 510 million to enhance its creative design capabilities [16]. - Yinhui Group is investing 760 million in developing an AIGC marketing model to enhance service capabilities [16].

Core Viewpoint - The company, Zhejiang Wenlian (浙文互联), reported a strong financial performance for the fiscal year 2024, focusing on high-quality development and innovation in digital culture and marketing sectors [1][2][3]. Financial Performance - The company achieved an annual revenue of 7.703 billion yuan and a net profit attributable to shareholders of 157.77 million yuan [1]. - The gross profit margin improved by 2.3 percentage points compared to the previous year, reflecting effective cost management and business optimization [1]. - After accounting for asset impairment provisions, the adjusted net profit was approximately 371 million yuan [1]. Business Strategy - The company is committed to enhancing shareholder returns through stock buybacks totaling 50.08 million yuan and cash dividends of 73.80 million yuan [1]. - In the advertising and marketing sector, revenue reached 3.421 billion yuan, marking a year-on-year growth of 12.42%, with a strong presence in the automotive sector [2]. - The company is expanding its client base in non-automotive sectors, collaborating with major brands across various industries [2]. AI and Technology Development - The company is advancing its AI Agent commercialization, focusing on applications in digital marketing, culture, and other sectors, with significant R&D investments [3][4]. - The development of proprietary AI tools, such as the "Curiosity Series" AI Agents, aims to enhance content production and marketing efficiency [3]. Digital Culture and Infrastructure - The company is establishing a robust digital culture infrastructure, having delivered nearly 4,800 petaflops of computing power to clients in various industries [4]. - It is actively involved in the "Cultural + Technology" strategy, integrating cultural and technological advancements to support the development of a strong cultural province in Zhejiang [5][6]. Governance and Future Outlook - The company is optimizing its governance structure and enhancing risk management to support sustainable growth [7]. - With the upcoming "14th Five-Year Plan" concluding and the "15th Five-Year Plan" in preparation, the company is positioned to leverage policy opportunities for industry upgrades [8].

浙文互联集团股份有限公司 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 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 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://ac.mcf.gov.cn）"进行查验 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://ac.mof.gov.cn）"进行查验 www.zhcpa.cn 内部控制审计报告 中汇会审[2025]3816号 浙文互联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 们审计了浙文互联集团股份有限公司(以下简称浙文互联公司)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》《企业内部控制 评价指引》的规定,建立健全和有 ...

浙文互联集团股份有限公司 2024 年度审计报告 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 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road, Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 此码用于证明该审计报告是否由具有执业许可的会计师事务所出具 "注册会计师行业统一监管平台（http://acc.mof.gov.cn） 进行查验 您可使用手机"扫一扫"或进入 www.zhcpa.cn 手 | | 页 次 | | --- | --- | | 、审计报告 | 1-8 | | 二、财务报表 | 9-20 | | (一) 合并资产负债表 | 9-10 | | (二) 合并利润表 | 11 | | (三) 合并现金流量表 | 12 | | (四) 合并所有者权益变动表 | 13-14 | | (五) 母公司资产负债表 | 15-16 | | (六) 母公司利润表 | 17 | | (七) 母公司现金流量表 | 18 ...

浙商证券股份有限公司关于 浙文互联集团股份有限公司 2024年度募集资金存放与使用情况的专项核查意见 浙商证券股份有限公司（以下简称"浙商证券"或"保荐机构"）作为浙文 互联集团股份有限公司（以下简称"浙文互联"或"公司"）向特定对象发行股 票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司 自律监管指引第 11 号-持续督导》等相关法律法规和监管部门的要求，对公司 2024 年度募集资金存放与使用情况进行了核查，发表如下核查意见： 一、募集资金基本情况 （一）实际募集资金金额和资金到账情况 根据中国证券监督管理委员会《关于同意浙文互联集团股份有限公司向特定 对象发行股票注册的批复》（证监许可[2023]1454 号），公司获准向特定对象发 行人民币普通股（A 股）164,948,453 股，每股面值为人民币 1.00 元，每股发行 价格为人民币 4.85 元，募集资金总额为人民币 799,999,997.05 元，扣除发行费用 人民币 8,972,592.88 元（不含税）后，募集资金净额为人民币 791,027, ...