[Table_Summary] 公司公布 2025 一季报：2025 年第一季度，公司实现营业收入 8.17 亿元，同比下滑 12.76%； 实现归属于母公司净利润 0.73 亿元，同比增长 50.97%；实现扣非归母净利润 0.18 亿元，同 比下滑 62.33%。部分汽车客户减少预算，个别大项目投放进度较晚拖累收入，投资收益助推 利润增长，同时大幅改善现金流水平。公司布局体彩新业务，积极投资新赛道，打造全新增长 曲线，同时升级多模态 AI 产品，提升智慧营销能力。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 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] 部分汽车客户减少预算拖累业绩，培育多元增长 极 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 三人行（605168.SH） cjzqdt11111 [Table_Title 部分汽车客户减少 2] 预算拖累业绩，培育多元增 长极 [Table_Summary2] 事件描述 公司公布 ...

Core Viewpoint - The company, Sanrenxing Media Group Co., Ltd., has released its quarterly report for the first quarter of 2025, ensuring the accuracy and completeness of the financial information presented, with no significant omissions or misleading statements [1]. Financial Data Summary - The quarterly financial statements are unaudited, and the company has not recognized any non-recurring gains or losses during this period [2][4]. - The report includes a consolidated balance sheet, income statement, and cash flow statement for the first quarter of 2025, all prepared in Renminbi [4][5]. Shareholder Information - The report provides details on the total number of ordinary shareholders and the top ten shareholders, although specific figures are not disclosed in the provided text [3].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 816,942,046.09, a decrease of 12.76% compared to CNY 936,449,161.54 in the same period last year[4] - Net profit attributable to shareholders increased by 50.97% to CNY 73,461,620.82 from CNY 48,658,416.06 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses decreased by 62.33% to CNY 18,222,202.37 compared to CNY 48,370,738.61 in the previous year[4] - Basic and diluted earnings per share increased by 6.06% to CNY 0.35 from CNY 0.33 year-on-year[4] - Total operating revenue for Q1 2025 was ¥816,942,046.09, a decrease of 12.7% compared to ¥936,449,161.54 in Q1 2024[18] - Net profit for Q1 2025 reached ¥73,275,059.92, an increase of 50.7% compared to ¥48,643,709.19 in Q1 2024[19] - Basic and diluted earnings per share for Q1 2025 were both ¥0.35, up from ¥0.33 in Q1 2024[20] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 131,490,634.31 from a negative CNY 277,051,854.21 in the same period last year[4] - Cash generated from operating activities in Q1 2025 was ¥1,254,671,665.80, a significant increase from ¥974,894,351.13 in Q1 2024[22] - The net cash flow from operating activities was $131.49 million, a significant improvement from a negative cash flow of $277.05 million in the previous period[23] - Total cash inflow from investment activities amounted to $599.48 million, compared to $105.18 million in the prior period[23] - The total cash and cash equivalents at the end of the period reached $658.37 million, up from $535.72 million at the end of the previous period[24] - Cash inflows from operating activities were $1.32 billion, an increase from $1.07 billion in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,535,390,434.64, a decrease of 1.73% from CNY 4,615,014,780.60 at the end of the previous year[5] - Total current assets decreased from ¥3,502,738,010.79 to ¥3,333,038,787.80, a reduction of approximately 4.8%[13] - Total liabilities decreased to ¥1,771,828,586.05 in Q1 2025 from ¥1,925,226,447.17 in Q1 2024, reflecting a reduction of 7.9%[15] - Non-current liabilities decreased to ¥97,565,390.31 in Q1 2025 from ¥129,500,909.39 in Q1 2024, a decline of 24.7%[15] - The company's total equity increased to ¥2,763,561,848.59 in Q1 2025 from ¥2,689,788,333.43 in Q1 2024, representing a growth of 2.7%[15] Shareholder Information - Total number of common shareholders at the end of the reporting period is 25,351[9] - The largest shareholder, Qingdao Duoduo Investment Co., Ltd., holds 56,214,292 shares, accounting for 26.66% of total shares[9] - The company has a total of 8,500,000 pledged shares by the largest shareholder[9] - The company has a significant shareholder relationship, with the top two shareholders being related through a marriage and business ties[10] - The company has not reported any changes in the participation of major shareholders in margin trading or stock lending activities[10] Non-Recurring Items and Other Income - Non-recurring gains and losses for the period totaled CNY 55,239,418.45 after tax adjustments[7] - The company reported a significant increase in investment income to ¥6,228,308.02 in Q1 2025, compared to ¥82,057.05 in Q1 2024[19] Operational Efficiency - The company achieved a significant improvement in cash collection, with customer repayments amounting to CNY 125,467,170, representing 153.58% of the operating revenue for the quarter[7] - Total operating costs for Q1 2025 were ¥797,037,717.03, down 10.0% from ¥884,787,022.86 in Q1 2024[18] - Cash outflows for operating activities totaled $1.19 billion, down from $1.35 billion in the prior period[23] - The company paid $222.48 million in debt repayments, down from $375.99 million in the previous period[24] Strategic Developments - The company has not disclosed any new strategies or product developments during the reporting period[11]

Digital Marketing Industry Overview - The core segments of China's digital marketing industry include upstream technology and content supply, and midstream digital marketing services, with key players such as BlueFocus, Zhejiang Wenlian, and Sanrenxing [1][2] - The digital marketing industry is characterized by a diverse range of services, including integrated marketing solutions, brand marketing, and e-commerce marketing [2][17] Key Companies and Their Performance - BlueFocus (300058.SZ) reported a revenue of 308.58 billion yuan in the first half of 2024, focusing on smart marketing solutions in the era of big data and social networks [6][19] - Sanrenxing (605168.SH) specializes in integrated marketing services and has established a strong presence in the advertising media sector [2][17] - Zhejiang Wenlian (600986.SH) aims to provide intelligent marketing solutions for brands, contributing to the overall growth of the digital marketing sector [2][17] Revenue and Market Share - The revenue distribution among major digital marketing companies shows that Liou Co. leads with 106.61 billion yuan, followed by Sanrenxing and BlueFocus [3][6] - The digital marketing business of companies like Qingmu Technology and Yuelong Yatu has shown significant growth, with Qingmu achieving a gross margin of 48.21% [20][22] Business Layout and Strategies - Companies in the digital marketing sector are focusing on resource integration and building comprehensive business ecosystems to provide integrated marketing services [17][24] - The industry is increasingly leveraging AI and data analytics to enhance marketing effectiveness and customer engagement [20][24] Employee Composition and Company Background - The largest number of employees in the digital marketing sector is found in Sanrenxing, with 1,684 employees, including 908 technical staff [8][10] - The companies are recognized for their contributions to the digital economy, with many listed among the top firms in various industry rankings [10][18]

关键词：汽车数字化营销市场规模、汽车数字化营销市场竞争格局、汽车数字化营销行业发展前景 一、汽车数字化营销行业定义及优势 汽车数字化营销是依托于互联网、电脑通信技术，运用数字化工具，通过数字化管理平台，挖掘数据潜 在价值，科学制定营销策略，快速精准触达用户的营销方式。其中包括了汽车企业在网络上的各种活 动，如网络营销、在线广告、社交媒体推广、大数据分析等等。相较于传统的营销方式，数字化营销在 各个环节都进行了显著的升级与改进。汽车数字化营销具有覆盖面广、互动性强、精准度高、成本低效 率高等优势。 二、汽车数字化营销行业发展现状 近年来，我国汽车行业整体呈现蓬勃发展态势。2024年，我国汽车产销量分别为3128.2万辆和3143.6万 辆，增幅分别为3.7%和4.5%。其中，新能源汽车产销量分别为1288.8万辆和1286.6万辆，增幅分别为 34.4%和35.5%。 内容概要：汽车数字化营销就是利用数字媒体和网络平台，对汽车产品进行全方位的宣传和销售。近年 来，我国汽车行业整体呈现蓬勃发展态势，2024年我国汽车销量3143.6万辆。其中，新能源汽车销量为 1286.6万辆。随着中国汽车市场从增量阶段逐步转向 ...

Core Viewpoint - The internet advertising industry is facing significant challenges, leading to a substantial decline in the financial performance of the company Sanrenxing, with a 20.3% drop in revenue and a 76.6% decrease in net profit in 2024 compared to the previous year [2][3][6]. Financial Performance - In 2024, the company's revenue was 42.08 billion, down 20.35% from 52.83 billion in 2023 and 56.53 billion in 2022, marking a 25.6% decrease from its peak [3][6]. - The net profit attributable to shareholders was 1.23 billion, a dramatic decline of 76.65% from 5.28 billion in 2023 and 7.36 billion in 2022 [3][6]. - The company's cash flow situation is concerning, with a 31% reduction in cash and a 10% increase in short-term borrowings, indicating rising debt pressure [2][9][10]. Business Segments - The core business of digital marketing services, which previously accounted for nearly 90% of revenue, saw a sharp decline of 26.44%, contributing 34.82 billion in 2024 [2][7][9]. - Other business segments, such as scene activity services and campus media marketing, also experienced declines, with scene activity services revenue increasing by 22.17% but still reflecting a challenging environment [8][9]. Investment and Strategic Direction - The company is exploring new growth avenues, including AI, lottery, and investments in technology companies, as traditional revenue streams face pressure [3][12][20]. - In 2024, Sanrenxing invested 2.45 billion to establish a Guizhou New Energy Fund, focusing on sectors like smart equipment and robotics, which do not directly align with its core business [12][13]. - The company has also made strategic investments in various technology firms, although the financial returns from these investments have yet to materialize significantly [17][18]. Future Outlook - The company is attempting to pivot towards AI marketing and lottery businesses, with plans to integrate advanced AI models for more personalized marketing strategies [20][22]. - The lottery business is in its early stages, with operations in several regions and partnerships with major sports teams for IP licensing [23][24]. - The overall success of these new initiatives remains uncertain, and the company faces high policy risks in the lottery sector [24][26].

| 股东名 | 是否为 控股股 | 本次质押 | 是否为 | 是否 补充 | 质押起 | | 质押到 | | 质权人 | 占其所 持股份 | 占公 司总 | 质押融 资资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 称 | | 股数 | 限售股 | | 始日 | | 期日 | | | | 股本 | | | | 东 | | | 质押 | | | | | | 比例 | 比例 | 用途 | | 泰安市 | | | | | | | | | 招商证 | | | | | 众行投 | | | | | 2025 | 年 | 2026 | 年 | 券股份 | | | 企业资 | | 资合伙 | 否 | 10,400,000 | 否 | 否 | 月 4 | 23 | 月 4 23 | | | 39.47% | 4.93% | | | | | | | | | | | | 有限公 | | | 金需求 | | 企业（有 | | | | | 日 | | 日 | | 司 | | | | | 限合伙） | | | | ...

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: 泰安市众行投资合伙企业（有限合伙）持有三人行传媒集团股份有限公 司（以下简称"公司"）股份 26,352,110 股，占公司股份总数的 12.50%。泰安市 众行投资合伙企业（有限合伙）本次解除质押股份 9,049,244 股，本次解除质押 股份完成后，剩余累计质押股份数量为 0 股。 一、上市公司股份解除质押 1、本次股份被解除质押情况 | 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 | 9,049,244 股 | | 占其所持股份比例 | 34.34% | | 占公司总股本比例 | 4.29% | | 解除质押时间 | 2025 年 4 月 21 日 | | 持股数量 | 26,352,110 股 | | 持股比例 | 12.50% | | 剩余被质押股份数量 | 0 股 | 证券代码：605168 证券简称：三人行 公告编号：2025-018 | 剩余被质押股份数量占其所持股份比例 | 0.00% ...

三人行（605168）公告，股东泰安市众行投资合伙企业解除质押股份904.92万股，占其所持股份的 34.34%，占公司总股本的4.29%。解除质押时间为2025年4月21日，解除质押后，泰安市众行投资合伙 企业剩余累计质押股份数量为0股。 ...

事件描述 公司公布2024 年报：2024 年公司实现营业收入42.08 亿元，同比下滑20.35%；实现归属于母公司净利 润1.23 亿元，同比下滑76.65%；其中2024Q4 公司实现营业收入11.24 亿元，同比下滑19.62%，实现归 属于母公司净利润-0.58 亿元，同比由盈转亏。 事件评论 汽车、快消、运营商等行业个别客户减少投放拖累业绩。复杂多变的市场环境导致汽车、快消、运营商 行业个别客户减少投放预算，收入随之下降。面对多变的市场环境，公司灵活调整经营策略，持续优化 运营管理，毛利率较去年同期的17.70%增长至18.21%。在汽车领域，公司为一汽丰田、东风本田、一 汽大众、一汽奥迪等头部品牌提供全方位广告投放及品牌传播支持，为岚图、极狐等新能源品牌精准布 局媒介策略；在快消领域，公司助力伊利、雪花啤酒、华润饮料等客户巩固市场优势；在通信及互联网 领域，公司为中国移动、中国电信、中国联通、京东商城打造创新营销策略。2024 年，公司财务费用 率因子公司剑诚港币户产生的汇兑损益增加及利息费用减少同比下降0.10pct，管理费用率、销售费用率 和研发费用率分别同比增长0.28pct、1.25pc ...