证券代码：605168 证券简称：三人行 公告编号：2024-022 三人行传媒集团股份有限公司 关于 2023 年年度股东大会取消议案的公告 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。 一、 股东大会有关情况 1、 股东大会的类型和届次 2023 年年度股东大会 2、 股东大会召开日期： 2024 年 5 月 20 日 3、 股东大会股权登记日： | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 605168 | 三人行 | 2024/5/15 | 二、 取消议案的情况说明 1、 取消议案名称 | 序号 | 议案名称 | | | | --- | --- | --- | --- | | 6 | 关于续聘公司 | 2024 | 年度审计机构的议案 | 2、 取消议案原因 经公司与大华会计师事务所（特殊普通合伙）协商，基于审慎原则，经公司 第三届董事会第二十八次会议审议同意，取消原定提交 2023 年年度股东大会审 议的第 6 项议案《关于续聘公司 ...

Investment Rating - The report maintains a "Buy" rating for the company [21] Core Views - The company's cash flow has improved significantly, with operating cash flow turning positive to CNY 128 million in 2023, and the year-end cash balance reaching CNY 905 million, up 61.99% YoY [24] - The company is leveraging AI to enhance efficiency, with its "One AI" marketing platform reducing project time and labor costs by 30% and expected to save image rental costs by 30%-70% [25] - The company's financial structure has been optimized, with the debt-to-asset ratio decreasing from 51.06% at the beginning of 2023 to 40.39% at the end of the year [24] - The company is expected to achieve net profits attributable to the parent company of CNY 658 million, CNY 787 million, and CNY 835 million in 2024, 2025, and 2026, respectively, representing YoY growth of 24.72%, 19.53%, and 6.09% [25] Financial Performance - In 2023, the company reported revenue of CNY 5.284 billion, a YoY decrease of 6.54%, and net profit attributable to the parent company of CNY 528 million, a YoY decrease of 28.36% [23] - The company's gross margin in 2023 was 17.70%, up 1.02 percentage points YoY, while sales/management/R&D/financial expense ratios were 6.36%/1.18%/1.02%/0.55%, respectively [24] - The company's accounts receivable decreased by CNY 701 million YoY, a reduction of 22.74% [24] - The company's revenue is expected to grow to CNY 5.942 billion, CNY 6.673 billion, and CNY 7.474 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 12.46%, 12.30%, and 12.00% [26] Valuation Metrics - The company's P/E ratios for 2024-2026 are projected at 10.46X, 8.75X, and 8.25X, respectively [25] - The company's P/B ratios for 2024-2026 are projected at 1.92X, 1.58X, and 1.32X, respectively [26] - The company's ROE for 2024-2026 is expected to be 18.39%, 18.02%, and 16.05%, respectively [26] AI and Technology - The company's "One AI" marketing platform, built on iFlytek's Spark large model and integrated with technologies like Stable Diffusion, has significantly improved internal business efficiency [25] - The platform is expected to be further upgraded in 2024, leveraging the company's extensive case studies and AI self-training to develop a more powerful vertical AI model for marketing [25]

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 ...

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]

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]

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 | | | ...