经济观察报记者 张晓晖 分众传媒信息技术股份有限公司（002027.SZ，下称"分众传媒"）即将成为西贝的股东，传媒大佬——江南春将间接成为西贝的股东之一。 江南春为什么会成为西贝的间接股东？ 这源于8月6日分众传媒对成都新潮传媒集团股份有限公司（下称"新潮传媒"）83亿元的全资收购，而新潮传媒又是西贝的投资人，持股1%。2025年9月18 日，经济观察报记者从分众传媒了解到，目前该收购案尚未完成股权过户。 内蒙古西贝餐饮集团有限公司（文中称"西贝"）董事长贾国龙，与网络博主罗永浩关于预制菜的纷争发酵之后，资本市场格外关注起西贝。 股权探秘 这名财税人士指的34个有限合伙企业，是人生喜悦公司股权穿透的结果。人生喜悦公司出资额为6.75亿元，成立日期为2020年12月24日。这家有限合伙企业 拥有34名合伙人，除了北京西贝，另外33家合伙人分别叫作：呼和浩特XXXX企业管理中心（有限合伙）。 按照持股份额顺序排列，这10名股东分别是：北京西贝企业管理有限公司（持股40.61%，为贾国龙、张丽平夫妇二人的企业，下称"西贝管理"）；贾国龙 （持股29.59%）；呼和浩特市人生喜悦企业管理中心（有限合伙）（持股10. ...

Market Overview - The advertising and marketing sector increased by 0.49% on September 17, with Qitian Technology leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Individual Stock Performance - Qitian Technology (300061) closed at 13.67, rising by 3.72% with a trading volume of 447,000 shares and a transaction value of 603 million yuan [1] - Tiandi Online (002995) closed at 19.09, up 2.86%, with a trading volume of 118,800 shares and a transaction value of 228 million yuan [1] - Fenzhong Media (002027) closed at 8.35, increasing by 2.83%, with a trading volume of 1,480,300 shares and a transaction value of 1226 million yuan [1] - Tianyu Digital Science (002354) closed at 7.59, up 2.29%, with a trading volume of 1,736,700 shares and a transaction value of 1313 million yuan [1] - Zhidu Co., Ltd. (000676) remained unchanged at 10.23, with a trading volume of 395,300 shares and a transaction value of 402 million yuan [1] Fund Flow Analysis - The advertising and marketing sector experienced a net outflow of 1.065 billion yuan from institutional investors, while retail investors saw a net inflow of 625 million yuan [2] - The main stocks with significant fund flow include: - Fenzhong Media (002027) had a net outflow of 48.33 million yuan from institutional investors [3] - Qitian Technology (300061) saw a net inflow of 40.36 million yuan from institutional investors [3] - Tiandi Online (002995) experienced a net inflow of 30.31 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the report indicates that Fenzhong Media is expected to benefit from the integration acquisition of New潮 Group, increased advertising budgets from instant retail companies for offline channels, and a stable recovery of the macro economy [1] - For the first half of 2025, the net profit attributable to the parent company is projected to be 2.665 billion yuan, representing a year-on-year increase of 6.87% [1] - In Q2, the net profit attributable to the parent company is expected to be 1.53 billion yuan, showing a year-on-year increase of 5.25% and a quarter-on-quarter increase of 34.75% [1] Group 2 - The company anticipates a growth trend in single-point efficiency, although the performance impact of the New潮 integration and the incremental business contribution from the "碰一碰" initiative have not been included in the current estimates [1] - The report maintains a "buy" rating, excluding the revenue and profit increments from the acquisition and the "碰一碰" initiative due to the uncertainty of the charging model [1]

Group 1 - The Zhongzheng Shanghai-Hong Kong-Shenzhen Game and Cultural Media Index (931580) has seen a strong increase of 1.59%, with notable gains from Perfect World (002624) up 10.01%, China Film (600977) up 8.83%, and 37 Interactive Entertainment (002555) up 7.43% [1] - The Game Media ETF (517770) rose by 1.57%, with the latest price reported at 1.29 yuan [1] - The acceleration of AI application commercialization is driven by continuous iterations of large models, with Alibaba's recent release of Qwen3-Next-80B-A3B showcasing significant innovations in training cost and efficiency [1] Group 2 - Open Source Securities highlights that the iteration of domestic large models towards stronger multimodal, reasoning, and agent performance may accelerate AI commercialization across various sectors including content creation, social media, advertising, e-commerce, education, and finance [2] - The Zhongzheng Shanghai-Hong Kong-Shenzhen Game and Cultural Media Index selects 50 listed companies involved in gaming, film, broadcasting, marketing, publishing, education, and cultural performances to reflect the overall performance of the theme in the markets [2] - As of August 29, 2025, the top ten weighted stocks in the index include Kuaishou-W (01024), Tencent Holdings (00700), and Bilibili-W (09626), collectively accounting for 54.14% of the index [2]

Core Insights - The global AI glasses market is projected to reach $300 billion by 2030, indicating a significant growth opportunity beyond niche players [2] - Rokid, a leader in the AR field, has launched its innovative product, Rokid Glasses, in collaboration with Focus Media, targeting major urban consumer demographics [2][4] - The partnership exemplifies a successful model of "hard technology + strong media" collaboration to penetrate the AI glasses market [2] Industry Overview - The AI glasses industry is at a historical turning point, with global shipments expected to grow by 26% to 12.8 million units by 2025, and the Chinese market projected to surge by 107% to 2.75 million units, making it the largest globally [3] - Rokid has established itself as a global leader, recognized for its innovative technology and achievements in over 80 countries, showcasing China's technological confidence [3] Product Features - Rokid Glasses, weighing only 49 grams, integrates advanced features such as a 12-megapixel camera, directional speakers, and waveguide display, enabling functionalities like photography, video recording, real-time translation, and navigation [3] - The glasses support continuous voice interaction and adaptive scene recognition, enhancing user experience from "usable" to "user-friendly" [3] Marketing Strategy - The collaboration with Focus Media leverages its extensive reach to 400 million mainstream consumers, utilizing high-frequency touchpoints to break down cognitive barriers and enhance brand visibility [4] - Focus Media's digital capabilities allow for precise brand messaging in fragmented communication environments, establishing a centralized exposure platform [4] Market Dynamics - The partnership between Rokid and Focus Media is seen as a model for the smart hardware industry, highlighting the importance of effective communication channels in driving product commercialization [5] - The collaboration aims to transition Rokid Glasses from a "tech circle hit" to a mainstream consumer product, emphasizing the synergy of "hard technology + strong media" as a key strategy for market penetration [5] Future Trends - The rise of AI consumer trends suggests that more tech brands will adopt similar collaborative models, shifting from technical specifications to consumer-centric, scenario-based communication [7] - Brands that effectively utilize quality media resources for scenario-based communication will gain a competitive edge in the evolving market landscape [7]

10 September 2025 Equity Research Report Focus Media (002027 CH) Equities Buy: Internet revenue to boost growth outlook; further upside from "Tap!" and acquisition Higher earnings visibility on intense competition in Internet industry; note the "Tap!" feature and acquisition progress. Focus Media reported 2Q25 revenue of RMB3,255m, up 0.5% y o-y, and net profit of RMB1,530m, up 5.2% y o-y, both in line with our expectations. Previously the market was concerned about the impact of weak advertising in the con ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a stable performance in the first half of 2025, with revenue of 6.11 billion yuan, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [1][2] - The company is focusing on shareholder returns with a proposed cash dividend of 1.00 yuan per 10 shares, totaling 1.444 billion yuan [7] - The revenue structure is improving, with significant growth in the internet and communications sectors, which saw year-on-year increases of 88.82% and 76.84%, respectively [5] Summary by Sections Financial Performance - In H1 2025, the company achieved a net profit of 2.665 billion yuan, with a net profit margin of 47%, up 2.1 percentage points year-on-year [1][2] - The company’s operating cash flow was 3.402 billion yuan, reflecting a 15.6% increase year-on-year [1] Revenue Breakdown - The total number of media points decreased by 3.7% to 2.972 million, with a notable increase in TV media [4] - The revenue from building media was 5.63 billion yuan, up 2.3% year-on-year, while cinema media revenue was 469 million yuan, up 3.1% [4] Future Outlook - The company aims to install at least 1.05 million "Touch" devices by the end of 2025, with a target of over 2 million by 2026 [4] - The integration of AI in advertising is expected to significantly reduce costs and enhance service for small and medium clients, with over 80% of partners utilizing AI capabilities [4] Earnings Forecast - The company is projected to achieve revenues of 13.533 billion yuan, 14.494 billion yuan, and 15.543 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 5.555 billion yuan, 6.144 billion yuan, and 6.833 billion yuan [6][7]

Group 1 - The market has seen a historical high in returns this week, with a year-to-date return of 28% and a total return of 24% since 2022, resulting in an annualized return of 5.58% [1] - The current portfolio consists of Tencent (60%), Kweichow Moutai (28%), Focus Media (10%), and Pianzaihuang (2%) [2] - Tencent has experienced a significant increase of 55.66% this year, driven primarily by profit growth, and is currently valued at 19 times the estimated net profit for 2025, which is considered reasonably low [6][7] Group 2 - Kweichow Moutai has seen a slight decline of 0.52% this year, impacting overall performance, with a current market value of 1.9 trillion yuan and an estimated profit of 93 billion yuan for 2025, resulting in a valuation of 20 times, also deemed reasonably low [8][9] - Focus Media and Pianzaihuang have had annual increases of only 16% and a decline of 5.25%, respectively, indicating that these stocks are not overvalued [10][11] - The analysis suggests a focus on individual stock performance rather than overall market indices, advocating for buying low and selling high while holding onto quality companies [12]

Group 1 - The advertising and marketing sector experienced a decline of 0.27% on September 12, with Focus Media leading the drop [1][2] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] - Key stocks in the advertising and marketing sector showed varied performance, with Shengguang Group rising by 4.89% to a closing price of 8.58, while Focus Media fell by 1.69% to 8.14 [1][2] Group 2 - The advertising and marketing sector saw a net outflow of 101 million yuan from institutional investors and 226 million yuan from retail investors, while individual investors contributed a net inflow of 326 million yuan [2][3] - Specific stock performances included Shengguang Group with a net inflow of 158 million yuan from institutional investors, while Focus Media had a net outflow of 113 million yuan [3] - The overall trading volume for the advertising marketing sector was significant, with Shengguang Group recording a trading volume of 2.25 million shares [1][3]

Summary of Focus Media Information Technology (002027.SZ) Conference Call Company Overview - **Company**: Focus Media Information Technology (002027.SZ) - **Industry**: Advertising and Media Key Points and Arguments 1. **Revenue Growth**: Focus Media reported a revenue increase of 1% year-over-year in 2Q25, with an operating profit (OP) increase of 16% year-over-year, driven by a gross profit margin (GPM) improvement of 3.4 percentage points year-over-year, reaching a five-year record high of 71% [2][10][12] 2. **Future Growth Projections**: The company is expected to achieve accelerating topline growth towards double-digit year-over-year in 4Q25, alongside sustained margin expansion into 2H25 and 2026, primarily due to cost benefits [2][12] 3. **Key Growth Drivers**: - Increased spending from Internet platforms, particularly from Alibaba's family of apps, which is expected to continue through the end of the year [2] - The "Tap and grab red packets" initiative aims to expand from 500,000 ad screens to 1 million by the end of 2025 and 2 million by 2026, with monetization expected to start in 4Q25 [2][6] - A proposed acquisition of Xinchao Media is anticipated to contribute additional revenue post-completion, although current estimates do not include this potential revenue [2][12] - Continued margin expansion is supported by potential reductions in unit rental costs and effective management of operating expenses (OPEX) [2] 4. **Revised Financial Estimates**: Revenue estimates for 2025E-2027E have been trimmed by 1% to reflect a slower-than-expected macro recovery and declining fast-moving consumer goods (FMCG) spending, although net income estimates have increased by 4% to 5% due to gross margin expansion and well-managed expenses [2][12] 5. **Target Price Adjustment**: The 12-month target price has been raised to RMB 9.1 from RMB 8.3, based on a 21x P/E ratio for 2026E, reflecting the company's strong positioning in offline advertising and accelerating topline growth [2][12] 6. **Market Capitalization**: The market capitalization of Focus Media is approximately RMB 121.5 billion (around $17.0 billion) [14] Risks and Considerations 1. **Macro Headwinds**: Potential slowdown in advertising budgets due to macroeconomic challenges [12] 2. **M&A Uncertainties**: Risks associated with the completion of the proposed acquisition of Xinchao Media [12] 3. **Pricing Power**: Weaker-than-expected pricing power on newly-acquired customers could impact revenue [12] 4. **Competition**: Increased competition from online advertising and other offline advertising players poses a risk to market share [12] Additional Insights - The company is strategically positioned to leverage increased digital advertising budgets, particularly from major players like Alibaba, which could enhance its revenue streams [2] - The "Tap and grab red packets" initiative represents an innovative approach to engage consumers and expand advertising reach, indicating a forward-thinking strategy in the evolving advertising landscape [2][6] This summary encapsulates the essential insights from the conference call regarding Focus Media's performance, growth strategies, financial outlook, and associated risks.