Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

关于对引力传媒股份有限公司 专项说明 XYZH/2025BJAA19F0024 引力传媒股份有限公司 上海证券交易所： 本所根据贵所发文号为"上证公函【2025】0648号"《关于引力传媒股份有 限公司2024年年度报告的信息披露监管问询函》(以下简称《监管函》)的要求, 现就监管问询函中要求进行回复说明如下: 问题1、关于业务模式及收入确认。年报显示，公司主营业务为品牌营销、 社交营销、电商营销与运营服务等，利润来源主要为客户服务费和媒体平台渠道 激励。2024年度，公司实现营业总收入62.9亿元，同比增加32.7%；实现扣非前 后归母净利润分别为-1810.5万元和-1728.1万元，由盈转亏；其中四季度营业收 入显著高于其他季度，但净利润大幅下滑并出现亏损。前期公司未能依规在2025 年1月底之前披露2024年业绩，公司称系2024年国内媒体平台渠道政策出现较大 变化，导致公司对2024年业绩预计出现较大偏差。 请公司补充披露：（1）分类披露主营业务的具体模式，包括公司提供的服 务内容及流程、主要考核指标、收费方式、主要客户、供应商及结算政策等； （2） 广告营销业务的收入确认政策及依据，结合业务模式、 ...

证券代码：603598 证券简称：引力传媒 公告编号：2025-022 引力传媒股份有限公司 关于上海证券交易所对公司 2024 年年度报告的信息 披露监管问询函的回复公告 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个别及连带责任。 引力传媒股份有限公司(以下简称"公司"或"引力传媒")近期收到上海证券交 易所下发的《关于引力传媒股份有限公司2024年年度报告的信息披露监管问询函》 (上证公函〔2025〕0648号)(以下简称"《问询函》")。根据《问询函》的要求， 公司会同信永中和会计师事务所(特殊普通合伙)就《问询函》中所提问题逐项进 行了认真核查落实，现将相关问题回复如下： 1、关于业务模式及收入确认。年报显示，公司主营业务为品牌营销、社交 营销、电商营销与运营服务等，利润来源主要为客户服务费和媒体平台渠道激 励。2024年度，公司实现营业总收入62.9亿元，同比增加32.7%；实现扣非前后 归母净利润分别为-1810.5万元和-1728.1万元，由盈转亏；其中四季度营业收入 显著高于其他季度，但净利润大幅下滑并出现亏损。前期 ...

关于对引力传媒股份有限公司 2024 年年度报告上海证券交易所问询函的 专项说明 XYZH/2025BJAA19F0024 引力传媒股份有限公司 上海证券交易所： 本所根据贵所发文号为"上证公函【2025】0648号"《关于引力传媒股份有 限公司2024年年度报告的信息披露监管问询函》(以下简称《监管函》)的要求, 现就监管问询函中要求进行回复说明如下: 问题1、关于业务模式及收入确认。年报显示，公司主营业务为品牌营销、 社交营销、电商营销与运营服务等，利润来源主要为客户服务费和媒体平台渠道 激励。2024年度，公司实现营业总收入62.9亿元，同比增加32.7%；实现扣非前 后归母净利润分别为-1810.5万元和-1728.1万元，由盈转亏；其中四季度营业收 入显著高于其他季度，但净利润大幅下滑并出现亏损。前期公司未能依规在2025 年1月底之前披露2024年业绩，公司称系2024年国内媒体平台渠道政策出现较大 变化，导致公司对2024年业绩预计出现较大偏差。 请公司补充披露：（1）分类披露主营业务的具体模式，包括公司提供的服 务内容及流程、主要考核指标、收费方式、主要客户、供应商及结算政策等；（2） 广告营 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Core Viewpoint - In 2025, Gravity Media (603598.SH) celebrates its 10th anniversary, focusing on strategic development and innovation to navigate the next decade in the advertising and media industry [1] Group 1: Company Development and Strategy - Over the past decade, Gravity Media has faced significant challenges due to macroeconomic fluctuations, rapid technological changes, intense market competition, and evolving policy environments [1] - The company has identified technological innovation and cultural creativity as core drivers for future growth, aiming for high-quality development through a dual-driven model [1] - The company has successfully integrated short drama content with product marketing, collaborating with well-known brands to enhance brand exposure and market returns [1] Group 2: Technological Innovation - Gravity Media has increased investment in artificial intelligence (AI) technology, exploring its applications in advertising, content creation, and data analysis [2] - The launch of the "Nine合创意" AIGC creation platform, which integrates various advanced model technologies, has improved content creation efficiency and quality [2] - AI-driven programmatic advertising and intelligent creative generation have enhanced the precision of marketing solutions for brand clients [4] Group 3: Future Vision and Goals - The leadership shared the company's vision for the next decade, emphasizing high-quality development through AI applications, content production, programmatic marketing, and international expansion [2] - Gravity Media aims to optimize its financial structure and enhance shareholder and employee value while contributing to cultural and brand strength by 2035 [5] - The company is committed to compliance, steady growth, and increased social responsibility through community engagement [5]

Meeting Details - The shareholders' meeting of Inertia Media Co., Ltd. was held on May 20, 2025, at Shimao Building, Beijing [1] - The meeting was attended by shareholders representing 40.0892% of the voting rights [1] Voting Results - All non-cumulative voting proposals were approved with a high percentage of agreement, including: - Proposal 1: 99.8744% in favor [1] - Proposal 2: 99.8757% in favor [1] - Proposal 3: 99.8758% in favor [1] - Proposal 4: 99.8762% in favor [1] - Proposal 5: 99.8748% in favor [1] Legal Compliance - The meeting was conducted in accordance with the Company Law, the rules for listed company shareholders' meetings, and the company's articles of association [1][2] - The legal representatives confirmed that the meeting's procedures and voting results were valid and compliant with relevant laws and regulations [2]

会杜律师事务所 KING&WODD 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu, Chaovang District Beijing 100020, P. R. China T +86 10 5878 5588 F +86 10 5878 5566 2. 公司于 2025 年 4 月 29 日在上海证券交易所网站 ( http://www.sse.com.cn ) 公告 的《引力传媒股份有限公司第五届董事会第八次会议决议公告》； 3. 公司于 2025 年 4 月 29 日在上海证券交易所网站 ( http://www.sse.com.cn ) 公告 的《引力传媒股份有限公司第五届监事会第八次会议决议公告》； 4. 公司于 2025年4月29日在上海证券交易所网站(http://www.sse.com.cn）公告 的《引力传媒股份有限公司关于召开 2024年年度股东大会的通知》； 5. 公司本次股东大会股权登记日的股东名册; 金杜办公室 ww ...

证券代码：603598 证券简称：引力传媒 公告编号：2025-021 引力传媒股份有限公司 2024年年度股东大会决议公告 会议符合《公司法》、《上市公司股东大会规则》和《公司章程》的规定。 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：北京市朝阳区建国路甲 92 号世茂大厦 B 座 12 层-视 频会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 312 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 107,624,502 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总 | | | 数的比例（%） | 40.0892 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 公司董事会为本次股东大会的召集人，采取现场加网络投票 ...

Core Viewpoint - The company, Inertia Media Co., Ltd., has initiated a lawsuit against Ningbo Free Trade Zone Zhichu Venture Capital Partnership and two individuals, seeking cash compensation and penalties related to a breach of a share transfer agreement [4][5]. Group 1: Lawsuit Details - The lawsuit is currently at the stage of receiving a court summons, with the court date set for May 15, 2025 [2][4]. - The total amount involved in the lawsuit includes a cash compensation of 22,276,000 RMB and a penalty of 13,343,324 RMB [3][5]. - The company retains the right to add additional parties and claims to the lawsuit [6]. Group 2: Background and Claims - The lawsuit arises from two share transfer agreements signed in September 2017 and February 2018, where the company agreed to acquire all shares of Shanghai Zhichu Advertising Co., Ltd. from the defendants [7]. - The defendants had made profit commitments for the years 2017 to 2020, and failure to meet these commitments would require them to pay cash compensation and penalties to the company [8]. Group 3: Impact on the Company - As the case has not yet gone to trial, the specific impact on the company's current or future profits cannot be accurately assessed at this time [3][10]. - The company will closely monitor the progress of the case and fulfill its information disclosure obligations as required by relevant regulations [9][10].