Core Viewpoint - The article discusses the rapid development of China's new media industry, driven by supportive government policies from the "12th Five-Year Plan" to the "14th Five-Year Plan," focusing on infrastructure, integration, and international expansion [1]. Policy Overview - A series of national policies have been issued to encourage the development of micro-short dramas, live e-commerce, and other new media businesses, while also implementing regulations to ensure a healthy environment for short videos and live streaming [3][4]. National Policy Summary - As of February 2025, various policies have been introduced, including: - Support for cultural originality and digital transformation in cultural creation [4]. - Plans to enhance the quality of micro-short dramas and integrate them into various industries [4]. - Initiatives to expand cross-border e-commerce and improve overseas warehouse construction [4]. - Actions to regulate self-media and ensure compliance with public morals [4][5]. Development Goals - The government aims to promote new cultural formats such as digital publishing, digital film, and digital arts, while guiding industry standards and fostering high-quality development in the new media sector [8][10]. Provincial Policy Summary - Local governments are actively implementing policies to support the new media industry, including: - Beijing's initiatives to enhance digital transformation for traditional businesses [12]. - Shanghai's focus on developing online new economy brands through digital and live-streaming platforms [12]. - Guangdong's plans to cultivate digital creative industries and support live e-commerce [12][13]. Industry Trends - The new media industry is expected to see significant growth in areas such as digital content production, live streaming, and the integration of advanced technologies like AI and blockchain [10][11].

Core Insights - The company, Zhangyue Technology, reported a total revenue of 2.583 billion yuan for 2024, a slight decline of 7.02% year-on-year, while the net profit attributable to shareholders reached 49.2917 million yuan, an increase of 41.46% year-on-year [1][30] - The revenue from derivative businesses, particularly micro-short dramas, surged to 776 million yuan, marking a significant growth of 189.99% year-on-year, and accounting for 30% of the total revenue, establishing it as the company's "second growth curve" [2][30] - In the first quarter of 2025, the company achieved a revenue of 643 million yuan, a decrease of 5.19% year-on-year, with a net loss attributable to shareholders of 74.28 million yuan [2][6] Financial Overview - For 2024, the company reported total revenue of 2.583 billion yuan, a year-on-year decrease of 7.02%, and a net profit of 49.2917 million yuan, reflecting a year-on-year increase of 41.46% [2][30] - The cash flow from operating activities was negative at -75.017 million yuan, a decrease of 413 million yuan year-on-year, primarily due to significant investments in derivative businesses and AI technology applications [5] - The sales expenses for 2024 were approximately 1.5 billion yuan, down 11.86% year-on-year, while R&D expenses were around 200 million yuan, also down 11.51% year-on-year [5] Business Segment Performance - The digital reading platform revenue fell to 1.647 billion yuan, a decline of 25.91% year-on-year, while derivative business revenue reached 776 million yuan, a substantial increase of 189.99% [5][30] - The copyright product revenue decreased to 158 million yuan, down 39.53% year-on-year, and other business revenue dropped to 2.9784 million yuan, down 88.92% [5] - The short drama business has become the company's largest segment, focusing on young audiences with themes such as romance, campus life, and workplace scenarios [6][31] Domestic and International Expansion - The company has developed 1,304 micro-short dramas in the domestic market, achieving a cumulative heat value of 75.4 million, with seven dramas exceeding a heat value of 10 million [7][12] - In the overseas market, the iDrama platform has added nearly 200,000 users since its launch, with a total revenue of approximately 365,600 USD (about 2.665 million yuan) and over 190,000 downloads [15][18] - The iDrama platform is primarily focused on the U.S. market, which accounts for 53.87% of its revenue, while the Philippines, Japan, and Malaysia follow [18]

1 / 47 掌阅科技股份有限公司 2024 年年度股东大会会议资料 证券简称：掌阅科技 证券代码：603533 掌阅科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 | 一、2024 年年度股东大会会议议程 | | 3 | | --- | --- | --- | | 二、2024 年年度股东大会会议议案 | | 6 | | 审议《2024 年年度报告全文及 2024 | 年年度报告摘要》 6 | | | 审议《2024 年度董事会工作报告》 | | 7 | | 审议《2024 年度监事会工作报告》 | | 8 | | 审议《2024 年度财务决算报告》 | | 9 | | 审议《公司 2024 年度利润分配预案》 | | 10 | | 审议《关于 2025 | 年度使用闲置自有资金进行委托理财的议案》 11 | | | 审议《关于确认公司董事 2024 年度薪酬的议案》 | | 15 | | 审议《关于确认公司监事 年度薪酬的议案》 2024 | | 17 | | 审议《关于继续为公司及公司董事、监事、高级管理人员购买责任保险的议案》 18 | | | | 审议《关于聘任 2025 ...

Market Overview - The Shanghai Composite Index is at 3305.11 points, below the six-month moving average, with a change of 0.80% [1] - The total trading volume of A-shares is 646.819 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 272 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Zhongcheng Technology: 14.42% deviation, with a price increase of 14.99% [1] - Oulutong: 10.01% deviation, with a price increase of 11.78% [1] - Jiusheng Electric: 9.22% deviation, with a price increase of 19.97% [1] Stocks with Smaller Deviation Rates - Stocks that have just crossed the six-month moving average with smaller deviation rates include: - Yongdong Co., Sumeida, and Yuhua Tian, which have just crossed the six-month line [1] Additional Stocks with Notable Performance - Other stocks with notable performance include: - Benlang New Materials: 8.45% deviation, with a price increase of 10.35% [1] - Quanzhu Co.: 8.00% deviation, with a price increase of 9.85% [1] - Chuanrun Co.: 7.95% deviation, with a price increase of 10.03% [1]

Market Overview - The Shanghai Composite Index fell by 0.05% on April 29, with 19 sectors experiencing gains, led by the beauty and personal care sector at 2.60% and machinery equipment at 1.44% [1] - The media industry ranked third in terms of daily gains [1] - The utilities and comprehensive sectors had the largest declines, at 1.78% and 0.97% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 1.259 billion yuan, with 11 sectors seeing net inflows [1] - The machinery equipment sector led with a net inflow of 2.502 billion yuan, followed by the basic chemical industry with a net inflow of 615 million yuan [1] - The utilities sector had the highest net outflow, totaling 2.127 billion yuan, followed by the oil and petrochemical sector with a net outflow of 551 million yuan [1] Media Industry Performance - The media industry rose by 1.27% with a net capital inflow of 257,800 yuan, comprising 130 stocks, of which 106 rose and 22 fell [2] - Notable stocks with significant net inflows included Focus Media with 124 million yuan, ST Huaton with 106 million yuan, and Tom Cat with 49.15 million yuan [2] - The media industry also saw significant net outflows, with Tianyu Shuke leading at 158.19 million yuan, followed by Zhangyue Technology and Wanda Film with outflows of 77.71 million yuan and 59.43 million yuan respectively [4]

Group 1 - The electronic paper concept index rose by 0.10%, ranking 8th among concept sectors, with notable gainers including Shenkeda, Zhangyue Technology, and Hanshuo Technology, which increased by 15.32%, 5.24%, and 5.00% respectively [1] - The electronic paper sector saw a net inflow of 0.33 billion yuan from main funds, with Zhangyue Technology leading the inflow at 2.29 billion yuan, followed by Hanshuo Technology, Qingyue Technology, and BOE A [2][3] - The net inflow ratios for leading companies in the electronic paper sector were 28.94% for Zhangyue Technology, 9.80% for Hanshuo Technology, and 7.06% for Qingyue Technology [3] Group 2 - The electronic paper sector had 8 stocks rising, while the top decliners included Sichuang Medical, Feikai Materials, and Haimu Star, which fell by 6.46%, 4.79%, and 4.34% respectively [1][4] - The trading volume and turnover rates varied among companies, with Shenkeda showing a significant turnover rate of 13.10% despite its price increase [4] - The overall market performance of the electronic paper sector reflects a mixed sentiment, with some stocks experiencing substantial gains while others faced declines [2][4]

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Group 1: Industry Overview - The new media industry utilizes digital technology to provide information and services through various channels, with a focus on devices like smartphones, computers, and digital TVs [1] - In 2024, China's smartphone shipments are projected to reach 286 million units, with color TV production at 207 million units, and shipments of tablets and PCs at 29.87 million and 37.53 million units respectively [1] Group 2: User Growth in New Media Applications - In 2024, user growth in various new media applications continues, with online literature, food delivery, online payment, and online travel booking seeing the fastest growth, increasing by 54.74 million, 47.77 million, 75.05 million, and 39.35 million users respectively, with growth rates of 10.5%, 8.8%, 7.9%, and 7.7% [2] Group 3: Investment Trends in New Media - From 2017 to 2024, the new media industry in China experienced 439 financing events totaling 59.452 billion yuan, with an average single financing amount exceeding 100 million yuan [3] - The peak financing year was 2019, with 65 events and a total of 12.504 billion yuan, but the number and amount of financing events have declined since then, with only 8 events and 0.395 billion yuan in 2024 [3] Group 4: Investment Funds in New Media - The number of domestic new media-related investment funds is limited, primarily concentrated in developed cities like Beijing, Zhejiang, and Guangdong, with Beijing Digital Matrix Investment Management Co., Ltd. managing the most funds, totaling 21 [5]

Short Video Sector - The competitive landscape of short video platforms has evolved from a "duopoly" to a "tripod" structure, with Douyin maintaining over 600 million daily active users, and Kuaishou achieving an average of 685 million monthly active users and 387 million daily active users, both reaching new highs [1][4] - WeChat Video Account has become a significant player in the short video market, integrating various features such as messaging, Moments, public accounts, mini-programs, and "Look" [1] - Other short video platforms like CCTV Video, Xigua Video, Tencent Weishi, and Haokan Video are carving out niches with average monthly active users ranging from 100 million to 300 million [1] Long Video Sector - In the long video sector, major platforms such as iQIYI, Tencent Video, Mango TV, Youku, Bilibili, and Migu Video account for nearly 93% of the market penetration [7] - As of August 2024, the top five video apps by monthly active users are iQIYI (394 million), Tencent Video (386 million), Mango TV (268 million), Bilibili (219 million), and Youku (199 million), with Youku lagging significantly behind the top three [10] Live Streaming Sector - The live streaming market is dominated by platforms like Douyu, Huya, and YY, which collectively hold a market share of 74.2%, indicating a strong concentration of users in entertainment and gaming live streaming [11] Gaming Sector - In the gaming industry, Tencent Games leads with a revenue of 48.505 billion yuan in the first half of 2024, followed by NetEase with 20.9 billion yuan in revenue for the first three quarters of 2024 [14][15]

Group 1 - The company reported a slight decline in overall revenue due to a year-on-year decrease in income from its digital reading platform, but derived businesses like short dramas have become the largest segment with strong growth momentum [4][5][6] - The company has upgraded its strategy from being a "digital reading platform in the internet era" to a "multi-modal content production and operation platform in the AI era" [4][5] - The domestic short drama segment has seen significant expansion through the use of AI technology, enhancing efficiency across various production and operational processes [4][5][6] Group 2 - The company has launched an overseas short drama platform named iDrama, which has quickly gained nearly 200,000 new users since its launch, performing well in markets like the US, South Korea, and Indonesia [4][5][6] - The platform has been recognized in the App Store and Google Play's top 50 entertainment charts, indicating strong market acceptance and performance [4][5][6] - The company is actively responding to the national strategy of "cultural going out" by expanding its overseas presence [4][5][6] Group 3 - The company held its fourth board meeting on April 25, 2025, where it approved the first quarter report for 2025 and the proposal to elect Li Zhaomeng as a candidate for the board of directors [21][22][25] - The meeting was attended by all five board members, and the resolutions were passed unanimously [21][22][23] - The annual shareholder meeting is scheduled for May 12, 2025, where the newly proposed agenda will be discussed [11][14][15]