Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company has experienced rapid growth in innovative business areas, particularly through AI empowerment, which enhances quality and efficiency. The introduction of state-owned capital is expected to provide long-term competitive advantages [2]. - The company has adjusted its marketing strategy to focus on high-quality clients, resulting in a decrease in revenue but an increase in gross margin [4]. - The company reported a revenue of 10.818 billion yuan in 2023, a year-on-year decrease of 26.59%, while the net profit attributable to shareholders increased by 136.10% to 192 million yuan [4]. Financial Summary - The company forecasts net profits for 2024-2026 to be 230 million, 248 million, and 280 million yuan, respectively, with corresponding PE ratios of 30.4, 28.1, and 24.9 [3][7]. - The gross margin for the year was 6.33%, an increase of 2 percentage points year-on-year, while the sales expense ratio and management expense ratio also saw increases [4][7]. - The company’s total assets were reported at 83.9738 billion yuan, with net assets of 50.6435 billion yuan [6][8].

华金证券股份有限公司对本声明条款具有惟一修改权和最终解释权。 在法律许可的情况下，本公司及所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为 这些公司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务，提请客户充分注意。客户不应将本报告为作出其投资决策的 惟一参考因素，亦不应认为本报告可以取代客户自身的投资判断与决策。在任何情况下，本报告中的信息或所表述的意见均不构成对任 何人的投资建议，无论是否已经明示或暗示，本报告不能作为道义的、责任的和法律的依据或者凭证。在任何情况下，本公司亦不对任 何人因使用本报告中的任何内容所引致的任何损失负任何责任。 上海市浦东新区杨高南路 759 号陆家嘴世纪金融广场 30 层 北京市朝阳区建国路 108 号横琴人寿大厦 17 层 深圳市福田区益田路 6001 号太平金融大厦 10 楼 05 单元 本报告版权仅为本公司所有，未经事先书面许可，任何机构和个人不得以任何形式翻版、复制、发表、转发、篡改或引用本报告的 任何部分。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"华金证券股份有限公司研究所"，且不得对 本报告 ...

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]

Investment Rating - The report maintains a "Recommended" rating for the company [9]. Core Insights - The company reported a revenue of 10.818 billion yuan in 2023, a year-on-year decrease of 26.59%, while the net profit attributable to shareholders was 192 million yuan, an increase of 136.10% [9]. - The company's gross profit margin improved to 6.33%, up 1.00 percentage points year-on-year, and the net profit margin increased to 1.76%, up 1.24 percentage points year-on-year, indicating a significant improvement in profitability [9]. - The company is embracing AI technology, developing a smart content ecosystem, and launching various AI applications, which are expected to enhance its digital cultural industry [9]. - The brand marketing business achieved a revenue of 3.043 billion yuan in 2023, a year-on-year growth of 15.12%, maintaining a leading market share in the automotive sector [9]. - The report forecasts net profits for 2024, 2025, and 2026 to be 227 million yuan, 253 million yuan, and 277 million yuan, respectively, with corresponding growth rates of 18.20%, 11.45%, and 9.56% [9]. Financial Summary - In 2023, the company achieved a revenue of 10.818 billion yuan, with a gross profit margin of 6.33% and a net profit margin of 1.76% [9]. - The projected revenues for 2024, 2025, and 2026 are 12.982 billion yuan, 14.604 billion yuan, and 16.065 billion yuan, respectively, with growth rates of 20.00%, 12.50%, and 10.00% [9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.13 yuan, 0.15 yuan, and 0.17 yuan, respectively [9].

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 ...

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 ...

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].

关于浙文互联集团股份有限公司 非经营性资金占用及其他关联资金往来情况 专项说明 委托单位：浙文互联集团股份有限公司 目 录 1、关于浙文互联集团股份有限公司非经营性资金占用及其他关联资金往来情况 专项说明 2、关于浙文互联集团股份有限公司 2023 年度非经营性资金占用及其他关联资 金往来情况表 审计单位：天圆全会计师事务所（特殊普通合伙） 联系电话：(8610)83914188 TYOCP BELIING TIANYLIANQUAN CERTIFIED PUBLIC ACCOUNTANTS LI P 关于浙文互联集团股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 天圆全专审字[2024]000473 号 浙文互联集团股份有限公司全体股东: 我们接受委托,根据中国注册会计师审计准则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、现金流量表、股东权益变动表(以下简称"财 务报表")以及财务报表附注。并于 2024年4月18日出具了无保留意见的审计 报告。 浙文互联管理层根据中国证券监督管理委员会《上市公司 ...

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2024-033 浙文互联集团股份有限公司 关于第一期员工持股计划存续期展期的公告 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。 浙文互联集团股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开 的第十届董事会第六次会议，审议通过了《关于第一期员工持股计划存 续期展期的议案》，同意将公司第一期员工持股计划（以下简称"本员 工持股计划"）存续期延长 12 个月，即存续期延长至 2025 年 6 月 16 日。具体内容公告如下： 一、本员工持股计划的基本情况 公司于 2020 年 12 月 28 日召开的第九届董事会临时会议、第九届监事会临 时会议及 2021 年 1 月 13 日召开的 2021 年第一次临时股东大会审议通过了《关 于<公司第一期员工持股计划（草案）>及其摘要的议案》等相关议案。具体内容 详见公司于 2020 年 12 月 29 日、2021 年 1 月 14 日在上海证券交易所网站 （www.sse.com.cn）上披露的相关公告。 本 ...