Investment Rating - The investment rating for the company is "Buy (Maintain)" [4] Core Views - The company aims to enhance operational quality and reduce risks while leveraging AI to empower its digital culture strategy in 2024 [4][8] - The company reported a total revenue of 10.818 billion yuan in 2023, representing a year-on-year increase of 26.59%, with a net profit attributable to shareholders of 192 million yuan, up 136.1% year-on-year [6][7] Summary by Sections Market Performance - The company's stock price is currently at 4.63 yuan, with a market capitalization of 6.9 billion yuan and a 52-week price range of 3.78 to 7.89 yuan [2] Financial Performance - In 2023, the company achieved a gross profit margin of 6.33%, up from 4.33% in 2022, and a net profit margin of 1.76%, up from 0.52% in 2022 [7] - The company’s operating cash flow improved to 366 million yuan, indicating better cash flow management [6] Business Strategy - The company is focusing on digital marketing and innovation, with brand marketing revenue reaching 3.04 billion yuan, a year-on-year increase of 15.12% [7] - In 2024, the company plans to deepen mixed-ownership reforms and leverage advantages from its parent company, Zhejiang Cultural Investment, to enhance collaboration in digital copyright trading and IP operations [8] AI Integration - The company is utilizing AI as a key driver for growth, with initiatives including the launch of various AI applications and tools aimed at enhancing digital marketing and cultural IP innovation [14] Earnings Forecast - The company forecasts revenues of 11.545 billion yuan, 12.359 billion yuan, and 13.321 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 261 million yuan, 298 million yuan, and 334 million yuan for the same years [15]

[Table_Header] 公司点评●广告营销 2024 年 04 月 19 日 [Table_Title] "数字文化科技主平台"价值凸显，盈 利能力显著改善 --公司 2023 年报点评 分析师 [Table_Authors] 岳铮 ：010-8092-7630 ：yuezheng_yj@chinastock.com.cn 分析师登记编码：S0130522030006 研究助理 祁天睿 ：010-8092-7603 ：qitianrui_yj@chinastock.com.cn | --- | --- | |--------------------------------------|----------| | [Table_Market] 市场数据 2024-04-19 | | | 股票代码 | 600986 | | A 股收盘价(元) | 4.63 | | 上证指数 | 3,065.26 | | 总股本(万股) | 148,737 | | 实际流通 A 股(万股) | 132,243 | | 流通 A 股市值(亿元) | 61 | 相对沪深 300 表现图 [Table_Chart] 资料来源：Wi ...

浙商证券股份有限公司 关于浙文互联集团股份有限公司 2023 年度持续督导 工作现场检查报告 上海证券交易所： 经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）核准，浙文互联集团股份 有限公司（以下简称"浙文互联""发行人""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 791,027,404.17 元。 本次发行募集资金已于 2023 年 8 月 17 日全部汇入公司募集资金专项账户，天圆 全会计师事务所（特殊普通合伙）已对上述募集资金到位情况进行了审验，并于 2023 年 8 月 18 日出具了《验资报告》（天圆全验字[2023]000018 号）。为规范募 集资金的管理和使用，公司及募投项目实施主体子公司依照规定开设了募集资金 专户，与保荐机构、募集资金专户监管银行签订了募集资金三方监 ...

浙商证券股份有限公司关于 浙文互联集团股份有限公司 2023 年持续督导年度报告书 | 保荐机构名称：浙商证券股份有限公司 | 被保荐公司简称：浙文互联 | | --- | --- | | 保荐代表人姓名：苗本增 | 联系电话：0571-87902568 | | 保荐代表人姓名：华佳 | 联系电话：0571-87902568 | 根据《证券发行上市保荐业务管理办法》《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 11 号-持续督导》等法律法规及规范 性文件的规定，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"）2021 年向特定对 象发行股票的保荐机构，负责浙文互联的持续督导工作，并出具本持续督导年度 报告书。 | 工作内容 | 持续督导情况 | | --- | --- | | 1. 建立健全并有效执行持续督导工作制 | 保荐机构已建立健全并有效执行了持 | | 度，并针对具体的持续督导工作制定相应 | 续督导工作制度，并制定了相应的工 | | 的工作计划 | 作计划 | | 2．根据中国证监会相关规定，在持续督 ...

Financial Performance - The company's total revenue for 2023 was ¥10,818,308,002.84, a decrease of 26.59% compared to ¥14,737,160,758.38 in 2022[21]. - The net profit attributable to shareholders of the listed company was ¥192,204,027.05, representing a significant increase of 136.10% from ¥81,408,593.06 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥126,302,613.34, up by 79.99% from ¥70,170,295.02 in 2022[21]. - The net cash flow from operating activities improved to ¥366,340,317.63, recovering from a negative cash flow of ¥426,446,810.04 in 2022[21]. - The total assets of the company increased by 15.75% to ¥8,397,376,449.68 at the end of 2023, compared to ¥7,254,505,869.82 at the end of 2022[21]. - The net assets attributable to shareholders of the listed company rose by 25.46% to ¥5,064,346,091.91, up from ¥4,036,487,126.12 in 2022[21]. - The company achieved total operating revenue of CNY 1,081,830.80 million in 2023, a decrease of 26.59% year-on-year[33]. - Net profit attributable to the parent company was CNY 19,220.40 million, an increase of 136.10% compared to the previous year[33]. - The basic earnings per share increased by 133.33% to CNY 0.14 from CNY 0.06 in 2022[23]. - The weighted average return on equity rose to 4.35%, an increase of 2.31 percentage points from 2.04% in 2022[23]. Business Strategy and Operations - The company actively adjusted its business strategy to improve operational quality and reduce risks, leading to a focus on higher-margin businesses[33]. - The company is enhancing its digital cultural sector and embracing technological changes, particularly in AI and digital marketing[33]. - The company is focusing on digital marketing and innovative business segments, including digital virtual humans and AIGC[44]. - The company has established a wholly-owned subsidiary, Zhejiang Wenxin Technology Co., Ltd., to provide a computing power foundation for AI-related businesses and digital cultural development[36]. - The company has implemented a strategic upgrade to enhance its digital cultural technology capabilities, focusing on digital assets and content[44]. - The company is focusing on building a smart content ecosystem around "AI + culture" and "AI + content creation" to enhance its digital cultural industry[35]. - The company plans to solidify its leading position in digital marketing while expanding into cultural innovation, finance, and consumption sectors[77]. - The company is committed to driving high-quality development in the cultural industry, in line with national policies for digital transformation[72]. Market and Industry Trends - The digital economy in China is projected to reach 56.1 trillion RMB in 2023, growing from 50.2 trillion RMB in 2022, indicating a robust growth trend[72]. - The online advertising market in China is anticipated to reach 1,136.86 billion CNY in 2023, with a year-on-year growth rate of 12.9%[41]. - The digital marketing industry in China is expected to grow at an annual rate of around 10% over the next two years[74]. - The demand for computing power is expected to surge, with an estimated 211.5 EFlops of new AI computing power needed in 2024[38]. - Approximately 48% of advertisers have applied AIGC technology in online marketing activities, with over 90% used for content and creative scenarios[74]. Governance and Compliance - The company has maintained a strong governance structure, with all board meetings conducted in compliance with legal regulations and shareholder rights protected[84]. - The company aims to enhance its governance structure and decision-making efficiency by optimizing its mixed-ownership governance model[76]. - The company has established a comprehensive internal control system in compliance with regulatory requirements, with no significant deficiencies identified in financial reporting controls as of December 31, 2023[117]. - The company has not faced any penalties from securities regulatory authorities in the past three years[99]. - The company has committed to legal operations and tax compliance, fulfilling its responsibilities as a corporate citizen to contribute to local economic development and employment[123]. Employee and Talent Management - The company emphasizes a people-oriented approach, establishing a competitive compensation and benefits system, and a comprehensive performance evaluation mechanism to enhance employee satisfaction and development[123]. - The company has established a training system focusing on internal training, promoting employee qualifications and growth[110]. - The company reported a total of 1,209 employees, with 56 in the parent company and 1,153 in major subsidiaries[107]. - The company employed 120 R&D personnel, accounting for 9.93% of the total workforce[61]. Financial Management and Investments - The company raised a total of RMB 800 million through a private placement on August 17, 2023, with a net amount of RMB 791.03 million after deducting issuance costs[144]. - The total number of shares increased to 1,487,374,062 after the issuance of 164,948,453 new shares, with the new shares registered on August 24, 2023[156]. - The company plans to use RMB 2,373,584.90 from the raised funds to replace pre-paid issuance expenses, which has been approved by the board and auditors[148]. - The company has made a long-term commitment to uphold its obligations regarding return measures and related transactions[129]. - The company has committed to compensating any losses incurred by investors due to violations of its commitments regarding return measures[129]. Risks and Challenges - The digital marketing business is closely tied to macroeconomic conditions, with potential risks from economic fluctuations affecting advertising budgets[79]. - The company has detailed potential risks in the management discussion and analysis section of the report[7]. - The company is committed to building a robust talent system to mitigate risks associated with core talent shortages or turnover[78]. Corporate Social Responsibility - The company has initiated a sustainability program, committing to reduce carbon emissions by 30% over the next five years[85]. - The company emphasizes a "customer-centric" service spirit, providing high-quality digital marketing products and integrated solutions[122]. - The company has not invested any funds in environmental protection during the reporting period[120]. - The company made a total donation of 60,000 yuan to the Shanghai Normal University Education Development Foundation during the reporting period[121].

浙文互联集团股份有限公司 审计 报 告 天圆全审字[2024]000900 号 t and the 圆 全 会 计 师 事 务 所 TVO BEIJING TIANYUANQUAN CERTIFIED PUBLIC ACCOUNTANTS LLP 北京市海淀区车公庄西路甲 19号 Room 22, 23, 24, 25, 5th Floor, In ommunication Building, No. Road, Haidian District, Beijing, C (8610)83914188 邮政编码(Postal Code): 100048 审计报告 天圆全审字[2024]000900 号 浙文互联集团股份有限公司全体股东: 一、审计意见 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")财务报表, 包括 2023年 12 月 31 日的合并及母公司资产负债表,2023年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务 报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了浙文互联 2023年 12 月 31 日的合 ...

证券代码：600986 证券简称：浙文互联 公告编号：临2024-026 浙文互联集团股份有限公司 第十届监事会第六次会议决议公告 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。 浙文互联集团股份有限公司（以下简称"浙文互联"或"公司"）第十届监 事会第六次会议通知于 2024 年 4 月 9 日以邮件方式发出，本次会议于 2024 年 4 月 18 日以现场方式召开。会议应出席监事 3 名，实际出席监事 3 名。会议的召 集和召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 会议审议情况如下： 一、审议通过《2023 年度监事会工作报告》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 二、审议通过《2023 年年度报告及摘要》 详见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《浙文互联 2023 年年度报告》、《浙文互联 2023 年年度报告摘要》。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 三、审议通过《20 ...

浙文互联集团股份有限公司 内部控制审计报告 天圆全审字[2024]000901 号 全 会 计师 事 务 用 TYOC BEIJING TIANYUANQUAN CERTIFIED PUBLIC ACCOUNTANTS LLP 北京市海淀区车公庄西路甲 19号国 Room 22, 23, 24, 25, 5th Floor, Intern Communication Building, No. 19. Road, Haidian District, Beijing, 电话(Tel): (8610)8391418 邮政编码(Postal Code) 内部控制审计报告 天圆全审字[2024]000901 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")2023年12月31 目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,建立健全和有效实施内部控制,并评价其有效性是浙文 互联董事会的责任。 二、注册会计 ...

浙文互联集团股份有限公司董事会审计委员会 对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上 市公司自律监管指引第 1 号—规范运作》和浙文互联集团股份有限公司（以下 简称"公司"）的《公司章程》等规定和要求，公司董事会审计委员会本着勤 勉尽责的原则，恪尽职守，认真履职。现将董事会审计委员会对会计师事务所 履行监督职责的情况汇报如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 天圆全会计师事务所（特殊普通合伙）（以下简称"天圆全"）成立于 1984 年 6 月，总部位于北京，是国内最早获得证券期货相关业务许可证的会计师事 务所之一，具有军工涉密业务咨询服务安全保密资质。三十多年以来天圆全一 直从事证券服务业务。 天圆全首席合伙人为魏强，注册地址为北京市海淀区车公庄西路甲 19 号国 际传播大厦 5 层 22、23、24、25 号房。 截至 2023 年 12 月 31 日，天圆全合伙人 34 人，注册会计师 152 人，签署 过证券服务业务审计报告的注册会计师 ...

浙商证券股份有限公司关于 浙文互联集团股份有限公司 2023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 2023 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, ...