证券代码：002027 证券简称：分众传媒 公告编号：2025-070 分众传媒信息技术股份有限公司 关于对子公司增资暨关联交易完成的公告 截至目前，FMDL、JAS 和 TNDL 同比例对 FMOIL III 进行了增资，增资的 金额分别为 3,239.3 万美元、694.1357 万美元、694.1357 万美元，FMDL、JAS 和 TNDL 已签署了相关增资文件，FMOIL III 此次增资的登记程序已履行完毕。 本次增资系 FMOIL III 对中国香港、泰国、马来西亚、迪拜、阿布扎比、澳 大利亚和巴西等市场生活圈媒体的进一步布局，本次增资后 FMOIL III 各股东方 股权比例保持不变，FMOIL III 仍为公司间接持股 70%的控股子公司，公司合并 报表范围未发生变更。 特此公告。 分众传媒信息技术股份有限公司董事会 2025 年 11 月 29 日 备查文件： 1、APPLICATION FOR SHARES 2、Register of Members 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，简明清 晰，通俗易懂，没有虚假记载、误导性陈述或重大遗漏。 分众传媒信息技术股份 ...

证券代码：002027 证券简称：分众传媒 公告编号：2025-072 分众传媒信息技术股份有限公司 一、日常关联交易基本情况 （一）日常关联交易概述 分众传媒信息技术股份有限公司（以下简称"公司"）分别于 2025 年 3 月 7 日、2025 年 5 月 21 日召开了第八届董事会第十七次会议及 2025 年第一次临时 股东会，审议通过《公司关于 2025 年度日常关联交易预计的议案》，同意公司 在 2025 年与关联方杭州灏月企业管理有限公司（以下简称"杭州灏月"）及其 关联方（以下合称"阿里巴巴"）发生各类日常关联交易，预计金额合计不超过 人民币 22 亿元。上述事项的具体内容详见 2025 年 3 月 8 日、2025 年 5 月 22 日 刊登于巨潮资讯网（www.cninfo.com.cn）上的相关公告。 公司于 2025 年 11 月 28 日召开第九届董事会第六次会议，以 7 票同意、0 票反对、0 票弃权，审议通过《公司关于增加 2025 年度日常关联交易预计的议 案》，同意公司根据实际经营需要增加 2025 年度公司及下属公司向阿里巴巴提 供广告发布服务的日常关联交易预计额度人民币 5 ...

证券代码：002027 证券简称：分众传媒 公告编号：2025-074 分众传媒信息技术股份有限公司 关于对子公司增资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，简明清 晰，通俗易懂，没有虚假记载、误导性陈述或重大遗漏。 一、关联交易概述 JAS Investment Group Limited 成立于英属维尔京群岛(British Virgin lslands)， 注册地址为 OMC Chambers, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands。公司实际控制人江南春（JIANG NANCHUN）先生持有其 100%的股份。 Top New Development Limited 成立于中国香港，注册地址为 Room 1403, 14th Floor, C C Wu Building, 302-8 Hennessy Road, Wan Chai, Hong Kong。公司实际控 制人江南春（JIANG NANCHUN）先生持有其 100%的股份。 鉴于公司实际控制人江南春（JIANG NANCHUN）先 ...

证券代码：002027 证券简称：分众传媒 公告编号：2025-073 分众传媒信息技术股份有限公司 关于 2026 年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，简明清晰， 通俗易懂，没有虚假记载、误导性陈述或重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 分众传媒信息技术股份有限公司（以下简称"公司"）于 2025 年 11 月 28 日 召开第九届董事会第六次会议，以 7 票同意、0 票反对、0 票弃权，审议通过《公 司关于 2026 年度日常关联交易预计的议案》，同意公司根据业务发展需要，在 2026 年与关联方杭州灏月企业管理有限公司（以下简称"杭州灏月"）及其关联方（以 下合称"阿里巴巴"）发生各类日常关联交易，预计金额合计不超过人民币 33 亿 元。公司独立董事专门会议对上述议案进行了前置审核，该议案已获得公司独立 董事专门会议全体成员同意并发表相关意见。 根据《深圳证券交易所股票上市规则》《公司章程》等相关规定，上述事项尚 须提交公司股东会审议，关联股东杭州灏月及其一致行动人将对该议案回避表决。 | | | | | 单位：人民币 | 万元 ...

分众传媒信息技术股份有限公司（以下简称"公司"）第九届董事会第六次 会议于 2025 年 11 月 28 日以通讯表决方式召开，本次董事会会议通知已于 2025 年 11 月 18 日以电子邮件方式发出。会议应到董事 7 名，实到 7 名。本次会议由 董事长江南春(JIANG NANCHUN)主持，公司高级管理人员列席会议，本次会 议的召开符合《公司法》及《公司章程》的有关规定。 本次会议经逐项审议，通过如下议案： 一、会议以 7 票同意，0 票反对，0 票弃权，审议通过《公司关于增加 2025 年度日常关联交易预计的议案》。 公司独立董事专门会议对上述议案进行了前置审核，该议案已获得公司独立 董事专门会议全体成员同意并发表相关意见。 具体内容详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn）上的《公司 关于增加 2025 年度日常关联交易预计的公告》。 二、会议以 7 票同意，0 票反对，0 票弃权，审议通过《公司关于 2026 年度 日常关联交易预计的议案》，本议案需提交公司股东会审议。 公司独立董事专门会议对上述议案进行了前置审核，该议案已获得公司独立 董事专门会议全体成员同意并发表相关 ...

分众传媒公告称，公司拟在未来一年内通过全资子公司FMDL以自有资金对间接持股70%的控股子公司 FMOILIII增资不超6000万美元，其另两家股东JAS、TNDL将同比例增资，增资后各方股权比例不变。 公司实控人江南春通过JAS和TNDL分别持有FMOILIII 15%股份，本次交易构成关联交易。截至2025年 9月30日，FMOILIII总资产6.76亿元，归母净资产2.64亿元，1-9月营收1.69亿元，净利润-5043.25万元。 2025年初至公告日，FMDL已对其增资3239.3万美元。 ...

Core Points - The company announced that its board of directors will meet on November 28, 2025, to approve an increase in the expected daily related party transaction limit for advertising services provided to Alibaba to 500 million yuan, raising the total expected cap to 2.7 billion yuan [1] - From January to October 2025, the actual amount incurred for advertising services provided to Alibaba was 1.686 billion yuan, while the actual amount for purchasing goods or services was 98 million yuan [1] - As of now, Hangzhou Haoyue and its concerted actors hold a total of 8.88% of the company's shares [1] - The increase in the transaction limit does not require submission for shareholder meeting approval and does not constitute a major asset reorganization [1]

Group 1 - The core opportunity in the internet and media sectors for 2025 is centered around AI revaluation, particularly in cloud computing, and the globalization and youth-oriented trends in self-consumption, such as trendy toys, music, and concerts [3][4] - AI cloud capital expenditure (capex) is expected to expand in its second year, with a focus on return on investment (ROI) from AI investments, making capex/operating cash flow a key metric for investors [3][4] - Major companies to watch in the AI cloud space include Alibaba, Baidu, and Kingsoft Cloud, which are focusing on domestic production and infrastructure [3][12] Group 2 - The AI application landscape is shifting from conceptual discussions to a focus on commercial viability, with significant developments in AI advertising and video monetization expected in 2026 [3][4] - Tencent, Bilibili, Meitu, Kuaishou, and Focus Technology are highlighted as key players in the AI application ecosystem, with a particular emphasis on the monetization of chatbot applications and the evolution of AI video tools into community platforms [3][4] - The gaming sector is seeing structural opportunities driven by Generation Z and international expansion, with a focus on companies like Giant Network, Century Huatong, and Xindong Company [3][4] Group 3 - The self-consumption trend is expected to continue, with gaming, music, and trendy toys being key areas of growth, particularly as the market adjusts post-2025 [3][4] - The video sector is anticipated to reach a turning point, with policy stabilization and diverse monetization strategies being crucial for growth [3][4] - Companies such as Mango Super Media, Shanghai Film, and Reading Group are positioned to benefit from these trends [3][4] Group 4 - The report indicates a recovery in companies like Focus Media, Vision Source, and educational publishing firms, suggesting a positive outlook for these sectors [3][4] - The report emphasizes the importance of continuous performance and valuation adjustments in the context of evolving market conditions [3][4] Group 5 - The domestic cloud computing market is witnessing increased capital expenditure from major internet companies, with Alibaba and Tencent leading the charge [18][19] - The report highlights the importance of measuring the health of cloud investments through the capex/operating cash flow ratio, with Tencent's ratio being notably lower than its peers [19][29] - AI-driven cloud services are expected to maintain higher profit margins compared to traditional cloud offerings, with a focus on internal workload efficiencies [29][30] Group 6 - The report outlines the competitive landscape of AI applications, noting that Chinese companies are making significant strides in the global market, particularly in productivity tools and content generation [34][35] - The emergence of ChatGPT as a multi-functional platform is reshaping the AI application ecosystem, with significant implications for user engagement and commercial applications [35][39] - Advertising remains a critical area for AI commercialization, with companies like Meta, Tencent, and Bilibili leveraging AI to enhance ad performance and efficiency [43][49]

Core Insights - The advertising and marketing sector experienced a decline of 1.28% on November 27, with Yaowang Technology leading the drop [1][2] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance - Notable gainers in the advertising marketing sector included: - Yili Media (603598) with a closing price of 18.89, up 3.22% and a trading volume of 592,500 shares, totaling 1.146 billion yuan [1] - Jiayun Technology (300242) closed at 5.72, up 2.33% with a trading volume of 618,700 shares, totaling 351 million yuan [1] - Major decliners included: - Yaowang Technology (002291) which closed at 7.74, down 8.29% with a trading volume of 2,953,000 shares, totaling 2.454 billion yuan [2] - Xuan Ya International (300612) closed at 18.97, down 5.15% with a trading volume of 456,900 shares, totaling 888 million yuan [2] Capital Flow - The advertising marketing sector saw a net outflow of 1.875 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.766 billion yuan [2][3] - Specific stock capital flows indicated: - Yili Media had a net inflow of 140 million yuan from institutional investors, while retail investors saw a net outflow of 83.44 million yuan [3] - Jiayun Technology experienced a net inflow of 62.78 million yuan from institutional investors, but a net outflow of 68.25 million yuan from retail investors [3]

Core Insights - The Chinese media industry has experienced rapid growth over the past 20 years, but growth rates have slowed down due to the saturation of internet user demographics and the decline in traditional media advertising revenues [2] - In 2019, the growth rate of the media industry fell below 10% for the first time, primarily due to the impact of US-China trade tensions and overall economic downturn, with total output value reaching 22,625.4 billion yuan and a growth rate of 7.95% [2] - The media industry faced rare negative growth in 2022, attributed to macroeconomic pressures, ongoing pandemic impacts, and regulatory changes in sectors like online gaming [2] - In 2023, the media industry began to recover, with total output value reaching 31,518.23 billion yuan, marking an 8.38% year-on-year increase, driven by offline consumption recovery and new technological concepts [2] - The media industry's total output value is projected to reach approximately 34,157.9 billion yuan in 2024, indicating a positive growth trajectory [2] Industry Overview - The media industry encompasses various forms of information dissemination, categorized into four types of media [4] - The evolution of the media industry has been marked by significant changes in technology, transitioning from traditional media to new media platforms [6] Industry Policies - Recent policies have focused on the transformation and development of the media industry, emphasizing talent integration between traditional and new media [8] - The government has introduced measures to enhance cultural originality and support various creative sectors, including literature, arts, and digital media [8][9] Industry Value Chain - The media industry value chain consists of upstream content creation, midstream operations and distribution, and downstream end-users, with midstream players holding significant market power [10] Online Literature Market - The online literature sector has grown significantly, with market size increasing from 20.17 billion yuan in 2019 to a projected 41.99 billion yuan in 2024, reflecting a compound annual growth rate of 15.79% [12]