证券代码：603598 证券简称：引力传媒 公告编号：2025-026 引力传媒股份有限公司 第五届监事会第九次会议决议公告 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。 重要内容提示： 一、监事会会议召开情况 （一）引力传媒股份有限公司（"引力传媒"或"公司"）第五届监事会第九次 会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）公司于2025年7月18日以书面方式向全体监事发出会议通知。 （三）本次会议于2025年7月24日在公司会议室以现场和通讯相结合方式召 开。 （四）会议应出席监事3人，实际出席监事3人。 （五）本次会议由监事会主席于雄凯先生主持。 （一）审议通过《关于注销 2024 年限制性股票与股票期权激励计划部分股 票期权的议案》 鉴于公司 2024 年限制性股票与股票期权激励计划授予的激励对象中有 1 人 将于股票期权第一批次等待期满前离职，离职后不再具备激励对象资格，根据《上 市公司股权激励管理办法》、公司《2024 年限制性股票与股票期权激励计划》 的相关规定，董事会决定注 ...

（二）公司于2025年7月18日以书面方式向全体董事发出会议通知。 （三）本次会议于2025年7月24日在公司会议室以现场和通讯相结合方式召 开。 证券代码：603598 证券简称：引力传媒 公告编号：2025-025 引力传媒股份有限公司 关于第五届董事会第九次会议决议的公告 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。 重要内容提示： 一、董事会会议召开情况 （一）引力传媒股份有限公司（"引力传媒"或"公司"）第五届董事会第九次 会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 （二）审议通过《关于 2024 年限制性股票与股票期权激励计划第一个行权 期行权条件成就的议案》 （四）会议应出席董事7人，实际出席董事7人。 （五）本次会议由董事长罗衍记先生主持，公司监事和高级管理人员列席了 本次会议。 二、董事会会议审议情况 公司《2024 年限制性股票与股票期权激励计划》第一个行权期行权条件已 成就且即将进入第一个行权期，符合本次满足行权条件的激励对象共 19 人，可 行权的期权数量为 130.00 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The media industry continues to show high growth potential, particularly in gaming, offline entertainment, and AI applications. The report emphasizes the importance of investing in these sectors to capitalize on ongoing trends [4][5] Industry Data Overview - The game "Delta Force" ranks first on the iOS free chart in mainland China, while "Honor of Kings" holds the top position on the iOS revenue chart as of July 19, 2025 [12][14] - The film "Jurassic World: Rebirth" achieved the highest box office revenue for the week [12] Gaming Sector - The gaming sector is experiencing a new product cycle, with companies like Xindong and Youyi Time reporting positive earnings forecasts for H1 2025, driven by new game launches and improved profit margins [4] - The report recommends focusing on high-potential gaming companies such as Xindong, Giant Network, and Perfect World [4] Online Music Sector - The online music market has significant growth potential, especially among younger users. The report highlights the increasing user base and potential for higher ARPU compared to international platforms like Spotify [4] Concert and Live Events - The concert industry is expected to maintain high growth, with a reported 78% year-on-year increase in box office revenue for large concerts in 2024 [4] Domestic Animation - The domestic animation sector is thriving, with successful releases like "The Legend of Luo Xiaohei 2" and upcoming events such as ChinaJoy 2025 expected to drive consumer engagement and spending [4] AI Applications - Recent advancements in AI, including the release of new models and applications, are anticipated to accelerate commercialization in various sectors, including AI companionship, creation, and marketing [5] Company Performance - The report highlights key companies in the gaming and entertainment sectors, recommending specific stocks based on their performance and market position [4][5]

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]

Core Viewpoint - The company reported a significant increase in revenue for 2024, reaching 6.29 billion yuan, a year-on-year growth of 32.7%, but experienced a net loss due to various factors including declining gross margins and increased credit impairment losses [2][22][23]. Business Model and Revenue Recognition - The company's main business consists of brand marketing, social marketing, and e-commerce marketing and operation services, with revenue primarily derived from client service fees and media platform incentives [2][3]. - Revenue recognition policies are based on the total amount method, which is compliant with the Accounting Standards for Enterprises [13][16][19]. Financial Performance - In 2024, the company achieved total revenue of 62.89 billion yuan, with digital marketing being the main growth driver, contributing 61.91 billion yuan, a 34.61% increase year-on-year [22][23]. - The company faced a net loss of 17.81 million yuan, attributed to a decline in gross margin, increased credit impairment losses, and changes in tax incentives [22][27]. Client and Supplier Relationships - Major clients include well-known brands such as Yili and Midea, while significant suppliers include Tencent and Alibaba [5][6][9]. - The company has established a diverse client base, with over 300 clients in social marketing and a growing number of high-value clients [22][23]. Quarterly Performance Fluctuations - The company experienced significant quarterly revenue fluctuations, with Q4 revenue reaching 1.86 billion yuan, a substantial increase compared to other quarters [32][33]. - The quarterly performance variations are attributed to seasonal demand and client payment cycles, which are common in the advertising industry [32][33].

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]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across social, publishing, and e-commerce sectors, with significant advancements in AI models and their commercial potential [4] - The gaming sector is experiencing a surge with new game launches and IP releases, suggesting a positive outlook for related companies [5] - The report emphasizes the importance of AI in enhancing productivity and efficiency in various industries, particularly in content creation and consumer engagement [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free chart, while "王者荣耀" topped the iOS revenue chart as of May 31, 2025 [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the cinema sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting robust market conditions [9] Industry News Summary - AI continues to evolve with breakthroughs in generative content creation (AIGC), enhancing user engagement and content diversity [32] - The gaming industry is set to benefit from multiple new game launches and IP expansions, with companies like 心动公司 and 吉比特 being highlighted as key players [5][9] - The report discusses the increasing popularity of AI-driven applications, such as AI music and publishing tools, which are expected to drive further commercialization [4][32]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]