丨证券研究报告丨 公司研究丨点评报告丨三人行（605168.SH） [Table_Title] 持续推进广告业务，运用前沿技术拓展业务边界 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 公司发布 2023 年报及 2024Q1 季报： 2023 年实现营业收入 52.84 亿元，同比下滑 6.54% ；实 | | | 现归属于母公司净利润为 5.28 亿元，同比下滑 28.36% ，主要是快消品及互联网行业客户部分 | | | 业务减少所致； 2024Q1 实现营业收入 9.36 亿元，同比上升 0.6% ，实现归属于母公司净利润 | | | 0.49 亿，同比下滑 65.53% ，高利润率大项目推进延迟为主要因素。公司持续发力广告市场， | | | 同时积极拓展业务边界，我们看好公司未来业绩释放 ...

证券代码：605168 证券简称：三人行 公告编号：2024-021 三人行传媒集团股份有限公司 关于股东股份解除质押的公告 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个别及连带责任。 重要内容提示: 截至本公告披露日，本次泰安市众行投资合伙企业（有限合伙）解除质押的 股份，暂无后续质押计划，后续如有变动，公司将按照相关法律法规要求及时履 行信息披露义务。 2、本次解除质押后股东质押股份情况 截至公告披露日，控股股东及其一致行动人累计质押股份情况如下： 一、上市公司股份解除质押 公司于 2024 年 4 月 29 日接到股东泰安市众行投资合伙企业（有限合伙）通 知，获悉其所持有本公司的股份办理了解除质押业务，具体事项如下。 | 股东名称 | 泰安市众行投资合伙企业（有限合伙） | | --- | --- | | 本次解质股份 | 1,465,000 股 | | 占其所持股份比例 | 8.06% | | 占公司总股本比例 | 0.99% | | 解除质押时间 | 2024 年 4 月 29 日 | 1、本次股份被解除质押情况 | 持股 ...

Research and Development - The number of R&D personnel is 153, accounting for 11.72% of the total workforce[2] - The number of master's degree holders in R&D is 3, while there are 107 with bachelor's degrees and 42 with associate degrees[2] - The company is actively focusing on new technology development to align with industry trends[18] - The company has been actively upgrading its training system to support strategic development and talent cultivation[54] - The company is actively developing multi-modal AI products in the marketing field to enhance service value and meet customer needs[138] - The company has implemented a talent development program called the "Star Plan" to foster employee growth and innovation[168] Financial Performance - The company reported a total revenue of ¥5,283,543,150.93 for 2023, a decrease of 6.54% compared to ¥5,652,989,886.31 in 2022[123] - Net profit attributable to shareholders was ¥527,984,208.39, down 28.36% from ¥736,999,213.11 in the previous year[123] - The net profit after deducting non-recurring gains and losses was ¥408,370,575.53, a decrease of 18.76% compared to ¥502,683,865.32 in 2022[123] - The company's total assets decreased by 7.60% to ¥4,904,028,193.35 at the end of 2023 from ¥5,307,487,463.86 at the end of 2022[123] - The net assets attributable to shareholders increased by 13.11% to ¥2,915,395,566.28 at the end of 2023 from ¥2,577,570,027.93 at the end of 2022[123] - Basic earnings per share decreased by 49.22% to ¥4.24 in 2023 from ¥8.35 in 2022[123] - The weighted average return on equity decreased by 13.04 percentage points to 19.28% in 2023 from 32.32% in 2022[123] - The company generated a net cash flow from operating activities of ¥128,026,138.84, a significant recovery from a negative cash flow of ¥154,772,756.35 in the previous year[123] - The company reported a loss of approximately 3.26 million yuan from other non-operating income and expenses, which is a slight increase compared to the previous period[130] - The company achieved a government subsidy income of approximately 11.71 million yuan, which is closely related to its normal business operations[152] Corporate Governance - The company is committed to improving its corporate governance structure and compliance with legal regulations[32] - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 9.3574 million yuan[44] - The remuneration for directors and supervisors is determined by the shareholders' meeting, while the remuneration for senior management is set by the board of directors[44] - Independent directors receive only a fixed allowance, while non-independent directors and senior management remuneration is strictly based on annual task assessment results[44] - The company has established annual task assessment indicators and quarterly breakdowns based on the annual strategic planning[44] - The company has a diverse board with members holding various positions in other organizations, enhancing its governance structure[43] - The company has implemented a strict payment process for remuneration based on performance assessments throughout the year[44] - The independent directors' remuneration is not linked to performance, ensuring their objectivity in decision-making[44] - The company has maintained a consistent approach to remuneration, aligning it with strategic goals and performance metrics[44] Shareholder Returns - The company plans to distribute cash dividends of 22.00 yuan (including tax) for every 10 shares, totaling approximately 223.1 million yuan[57] - The company will also increase capital by 4.50 shares for every 10 shares held, resulting in an estimated total of 45.6 million new shares issued[57] - The total cash dividend amount (including tax) is approximately 251.2 million yuan, which also represents 47.58% of the net profit attributable to ordinary shareholders[59] - The company plans to maintain a stable dividend policy, aiming for annual cash dividends to be no less than 35% of the net profit attributable to shareholders after deducting non-recurring gains and losses for the years 2024 to 2026[144] - The proposed cash dividend is CNY 1.70 per share, totaling approximately CNY 251.23 million, which represents 47.58% of the net profit attributable to shareholders for 2023[170] - The company maintains a high cash dividend payout ratio, distributing a cash dividend of 2.20 CNY per share and increasing total share capital to 147,040,569 shares after a capital reserve increase of 0.45 shares per share[192] Market Position and Strategy - The company has been recognized as a "4A-level advertising agency" by the Central Radio and Television Station in 2023, indicating its strong market position[137] - The company has established strategic cooperation with the Guiyang Big Data Exchange to expand its data supply, procurement, and trading services, enhancing its service offerings beyond traditional advertising[140] - The company is focusing on high-quality development and improving service quality to achieve sustainable growth in performance[135] - The company is positioned in the rapidly growing internet advertising industry, with significant growth expected in both leading and mid-tail media platforms[196] - AI technology is transforming the advertising industry, enhancing user experience and optimizing budget allocation, which the company is leveraging to expand its business models[196] - The company provides integrated marketing services, including digital marketing, event services, and campus media marketing, to meet diverse client needs across multiple channels[197] - The company has established a strong competitive position in campus media marketing, supported by a rich and widely distributed media network[199] - The company has built strong partnerships with major internet media platforms, enhancing its ability to meet cross-media digital marketing demands[180] - The company aims to enhance its marketing strategies by focusing on cost reduction and efficiency improvement in advertising spending[173] - The company is actively pursuing new growth avenues through strategic investments and partnerships in the advertising industry[189] Operational Performance - The company has a total of 1,305 employees, with 390 in creative and technical roles, 696 in project execution, and 118 in business support[52] - The company held 11 board meetings in the year, with all directors present at each meeting[49] - The company has conducted multiple audits and reviews of its financial reports and internal controls throughout the year[49] - The company's cash and cash equivalents increased by 61.99% year-on-year, primarily due to increased customer payments and the recovery of equity investments[69] - Accounts receivable notes decreased by 50.39% year-on-year, mainly due to a reduction in unexpired endorsed acceptance bills[69] - Lease liabilities decreased by 46.90% year-on-year, attributed to the reduction in remaining payment amounts as lease contracts were fulfilled[70] - The company's share capital increased by 45.73% year-on-year due to the conversion of capital reserves into share capital[70] - The company’s asset-liability ratio improved from 51.06% at the beginning of the year to 40.39% by year-end[160] - The gross profit margin for the main business was 17.70%, an increase of 1.02 percentage points year-on-year[160] - The company has accumulated extensive experience in event planning and execution, enabling it to deliver high-impact marketing solutions for clients[197] - The company's operational model includes a sales model based on demand and a procurement model that utilizes both self-built media resources and external suppliers for campus media[200]

Financial Performance - The company's operating revenue for Q1 2024 was ¥936,449,161.54, representing a year-on-year increase of 0.60%[12] - The net profit attributable to shareholders for Q1 2024 was ¥48,658,416.06, a decrease of 65.53% compared to the same period last year[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥48,370,738.61, down 42.31% year-on-year[12] - The basic earnings per share for Q1 2024 was ¥0.33, reflecting a decline of 76.26% compared to the previous year[12] - The company reported a comprehensive income total of ¥48,643,709.19 for Q1 2024, compared to ¥142,696,812.64 in Q1 2023, a decline of approximately 66.0%[28] - The company’s net profit for Q1 2024 was $48.64 million, compared to $142.70 million in Q1 2023, representing a decline of 66.0%[60] - Total operating income for Q1 2024 was $1.07 billion, down from $1.27 billion in Q1 2023, reflecting a decrease of approximately 15.3%[55] - The total revenue from sales and services received in Q1 2024 was $974.89 million, down from $1.26 billion in Q1 2023, a decrease of approximately 22.3%[55] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,623,351,574.61, a decrease of 5.72% from the end of the previous year[13] - The company's total liabilities decreased by 17.63% to ¥1,631,559,100.00 compared to the beginning of the period[21] - Total assets amounted to ¥4,623,351,574.61, a decrease from ¥4,904,028,193.35 in the previous year, reflecting a decline of approximately 5.7%[25] - Total liabilities decreased to ¥1,631,559,094.58 from ¥1,980,825,378.83, representing a reduction of about 17.6%[26] - Current liabilities decreased to ¥1,449,644,831.80 from ¥1,794,412,868.98, a reduction of approximately 19.2%[25] - The total current assets decreased from RMB 3,683,304,127.09 as of December 31, 2023, to RMB 3,398,703,773.26 as of March 31, 2024[49] Cash Flow - The company's cash flow from operating activities was -¥277,051,854.21, with an improvement of ¥21,196,640.00 compared to the same period last year[21] - In Q1 2024, the company reported a net cash flow from operating activities of -$277.05 million, an improvement from -$489.02 million in Q1 2023, indicating a 43.3% reduction in cash outflow[55] - Cash flow from investing activities showed a net outflow of -$22.80 million in Q1 2024, compared to -$6.20 million in Q1 2023, reflecting a significant increase in cash outflow[63] - Cash flow from financing activities generated a net inflow of $14.49 million in Q1 2024, a decrease from $240.41 million in Q1 2023, indicating a decline of 94.0%[63] Equity and Shareholder Information - The equity attributable to shareholders increased by 1.67% to ¥2,963,999,938.63 at the end of the reporting period[21] - The total equity attributable to shareholders increased to ¥2,963,999,938.63 from ¥2,915,395,566.28, reflecting a growth of about 1.7%[26] - The basic earnings per share decreased by 76.26% as a result of the distribution of stock dividends and a 45% increase in the number of shares[39] Operational Insights - The company plans to enhance customer service and invest in AI marketing technology, increasing R&D expenses during the reporting period[21] - The company is focusing on enhancing professional capabilities and service quality while adapting to market changes, particularly in AI and big data applications[45] - The company aims to stabilize profit margins and accelerate accounts receivable recovery as part of its high-quality development strategy[45] Non-Recurring Items - The net profit attributable to shareholders of the listed company decreased by 65.53% due to significant fluctuations in the stock price of an investment in a subsidiary, resulting in substantial fair value changes[39] - The net profit excluding non-recurring gains and losses decreased by 42.31%, primarily due to delays in the execution of high-margin projects[39] - Non-operating gains and losses amounted to RMB 287,677.45, with government subsidies contributing RMB 241,298.99[38] Cost and Expense Management - Operating costs increased to $884.79 million in Q1 2024 from $838.82 million in Q1 2023, marking a rise of 5.5%[60] - Research and development expenses rose to $12.29 million in Q1 2024, up from $11.43 million in Q1 2023, indicating an increase of 7.5%[60] - The company reported a tax expense of $6.89 million in Q1 2024, down from $19.47 million in Q1 2023, reflecting a decrease of 64.7%[60]

证券代码：605168 证券简称：三人行 公告编号：2024-010 三人行传媒集团股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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： 会议召开时间：2024 年 05 月 22 日(星期三) 下午 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 董事长、总经理：钱俊冬先生 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 05 月 15 日(星期三) 至 05 月 21 日(星期二) 16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答 三人行传媒集团股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发 布公司《2023 年年度报 ...

上海市锦天城（北京）律师事务所 邮编: 100738 上海市锦天城(北京)律师事务所 法律意见书 上海市锦天城（北京）律师事务所 关于三人行传媒集团股份有限公司 关于三人行传媒集团股份有限公司 2022 年限制性股票激励计划部分限制性股票回购注销实施 的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址:北京市东城区东长安街1号东方广场 C1座6层 电话: 010-85230688 传真: 010-85230699 2022 年限制性股票激励计划部分限制性股票回购注销实施的 法律意见书 致:三人行传媒集团股份有限公司 上海市锦天城(北京)律师事务所(以下简称"本所")接受三人行传媒集团 股份有限公司(以下简称"公司"或"三人行")的委托,担任公司 2022年限制性 股票激励计划(以下简称"本次激励计划")的专项法律顾问。本所律师根据《中 华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》 (以下简称"《证券法》")、《上市公司股权激励管理办法》(以下简称"《管理 办法》")等有关法律、法规、规章、规范性文件的规定以及《三人行传媒集团股 份有限公司章程 ...

本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | --- | --- | | 1,258 | 1,258 | 年 2024 | 3 | 月 | 日 7 | 证券代码：605168 证券简称：三人行 公告编号：2024-006 三人行传媒集团股份有限公司 关于股权激励限制性股票回购注销实施公告 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。 重要内容提示： 回购注销原因：鉴于三人行传媒集团股份有限公司（以下简称"公司"） 2022 年限制性股票激励计划的 1 名激励对象因个人原因离职，不再具备限制性 股票激励对象资格，因此由公司对上述 1 名激励对象已获授但尚未解除限售的 1,258 股（公司实施 2022 年年度权益分派除权除息后）限制性股票进行回购注销。 一、本次限制性股票回购注销的决策与信息披露 公司于 2023 年 12 月 12 日召开的第三届董事会第二十六次会议审议通过了 《关于回购注销部分 2022 年限制 ...

证券代码：605168 证券简称：三人行 公告编号：2024-005 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。 三人行传媒集团股份有限公司 关于股东部分股份补充质押的公告 3、股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人累计质押股份情况如下： 公司于 2024 年 2 月 6 日接到股东泰安市众行投资合伙企业（有限合伙）通 知，获悉其将部分股份办理了补充质押，具体事项如下。 1、本次股份质押基本情况 | | 是否为 | | | 是否 | | | | 占其所 | 占公 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 本次质押 | 是否为 | | 质押起 | 质押到 | | | 司总 | | | | 控股股 | | | 补充 | | | 质权人 | 持股份 | | 资资金 | | 称 | | 股数 | 限售股 | | 始日 | 期日 | | | 股本 | | | | 东 | | | ...

证券代码：605168 证券简称：三人行 公告编号：2024-004 一、上市公司股份质押 公司于 2024 年 2 月 2 日接到股东青岛多多行投资有限公司通知，获悉其将 部分股份办理了补充质押，具体事项如下。 1、本次股份质押基本情况 | | 是否为 | | | 是否 | | | | 占其所 | 占公 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | | 本次质押 | 是否为 | | 质押起 | 质押到 | | | 司总 | | | | 控股股 | | | 补充 | | | 质权人 | 持股份 | | 资资金 | | 称 | | 股数 | 限售股 | | 始日 | 期日 | | | 股本 | | | | 东 | | | 质押 | | | | 比例 | | 用途 | | | | | | | | | | | 比例 | | | 青岛多 多行投 | | | | | 2024 年 | | 2024 年 | 招商证 券股份 | | | 企业经 | | --- | --- | --- | --- | - ...

一、上市公司股份质押 公司于 2024 年 1 月 21 日接到股东钱俊冬通知，获悉其将部分已质押股份办 理了延期购回手续，具体事项如下。 证券代码：605168 证券简称：三人行 公告编号：2024-003 三人行传媒集团股份有限公司 关于股东已质押股份延期购回的公告 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个别及连带责任。 重要内容提示: 钱俊冬持有三人行传媒集团股份有限公司（以下简称"公司"）股份 17,685,219 股，占公司股份总数的 11.97%；本次办理已质押股份延期购回前，累 计质押股份数量为 5,241,362 股，占其持股数量的比例为 29.64%，占公司总股本 的比例为 3.55%。 本次钱俊冬先生将之前已质押的 2,413,862 股股份办理了延期购回手续， 不涉及新增股份质押。本次办理已质押股份延期购回后，累计质押股份数量为 5,241,362 股不变，占其持股数量的比例为 29.64%，占公司总股本的比例为 3.55%。 | | 是否为 | | | 是否 | | | 延期后 | | 占其所 | 占公 ...