Investment Rating - The report assigns a "Buy" rating for the company [7][12][47] Core Views - The advertising demand from the home appliance, 3C, and internet sectors is expected to remain strong, driven by government subsidies and increased competition among delivery platforms [6][10][29] - The company is actively pursuing digital transformation through its partnership with Alipay to develop the "Touch and Go" interactive advertising technology, which is anticipated to enhance advertising efficiency and attract small and medium-sized clients [15][33][36] - The planned acquisition of New Wave Media for 8.3 billion yuan is expected to create significant business synergies and profit enhancement opportunities in the long term [40][41][45] Summary by Sections Advertising Demand and Market Trends - The advertising rotation duration is approximately 22.5 minutes, with 22 advertisers participating, and a total advertising duration of 1350 seconds [4][5] - The distribution of advertisers shows a significant structural characteristic, with 13 in daily consumer goods (59.1%), 3 in internet, home appliances, and 3C digital (13.6% each), and 2 in commercial services (9.1%) [4][5][6] - The internet advertising share has increased to 5 advertisers (22.7%), while the share of home appliances and 3C digital remains stable at 3 advertisers (13.6%) [5][6] Digital Transformation and New Initiatives - The "Touch and Go" initiative is expected to accelerate in the second half of 2025, enhancing consumer engagement and advertising conversion rates [15][36] - The interactive advertising model allows consumers to receive instant discounts while waiting for elevators, creating a closed-loop of advertising exposure and online conversion [33][36] Financial Projections and Valuation - The company forecasts stable performance in Q2 and Q3, benefiting from a recovering consumer market and government support, with expected net profits of 5.67 billion yuan, 6.30 billion yuan, and 6.82 billion yuan for 2025-2027 [12][45][46] - The estimated P/E ratios for 2025, 2026, and 2027 are 19x, 17x, and 16x respectively, with a target market value of 141.7 billion yuan based on a 25x valuation for 2025 [12][47]

Core Viewpoint - The company intends to acquire 100% equity of Chengdu Xinchao Media Group Co., Ltd. through a combination of issuing shares and cash payments, involving 50 counterparties including Zhang Jixue, Chongqing JD Haijia E-commerce Co., Ltd., and Baidu Online Network Technology (Beijing) Co., Ltd. [1] Group 1 - The transaction complies with Article 11 of the Major Asset Restructuring Management Measures, ensuring that the asset pricing is fair and does not harm the legitimate rights and interests of the company and its shareholders [1] - The asset valuation report provided by the evaluation agency serves as a reference for the transaction, and the pricing was determined through negotiation among the parties involved [1] Group 2 - The counterparties have committed to lifting any pledges or judicial freezes on the equity before the announcement of the transaction report, ensuring that there are no legal obstacles to the transfer of equity [2][5] - As of the date of this notice, original counterparties Gujia Group and Gu Jiangsheng will exit the transaction due to their equity being auctioned, while Yingfeng Group and Daiming Trading Co., Ltd. will join as new counterparties [2][5] Group 3 - The transaction will proceed once Yingfeng Group and Daiming Trading complete payment and obtain the court's auction ruling, followed by the necessary legal procedures for equity transfer [3][6] - The company will maintain a sound corporate governance structure post-transaction, adhering to legal regulations and the company's articles of association [3][6] Group 4 - The transaction does not involve installment payments for the acquisition of assets, nor does it include fundraising arrangements related to the issuance of shares for asset purchases [4][6] - The transaction is structured to avoid significant adverse impacts on competition and ensure fairness in related transactions [4][6]

Group 1 - The company plans to acquire 100% equity of Chengdu Xinchao Media Group Co., Ltd. through a combination of issuing shares and cash payment, involving 50 counterparties including Zhang Jixue, Chongqing JD Haijia E-commerce Co., Ltd., and Baidu Online Network Technology (Beijing) Co., Ltd. [1] - The preliminary estimated value of the target company's 100% equity is RMB 8.3 billion, and the transaction is not expected to meet the criteria for a major asset restructuring as defined by the relevant regulations [1][2] - The transaction is classified as a related party transaction since Zhang Jixue will be appointed as the company's Vice President and Chief Growth Officer after the transaction, making him a potential related party [1] Group 2 - The company’s control has not changed in the past 36 months, and the transaction will not alter the controlling shareholder or actual controller, thus it does not constitute a restructuring listing as per the regulations [2]

Core Viewpoint - The company plans to acquire 100% equity of Chengdu Xinchao Media Group Co., Ltd. through a combination of issuing shares and cash payments to 50 counterparties, including Zhang Jixue, Chongqing JD Haijia E-commerce Co., Ltd., and Baidu Online Network Technology (Beijing) Co., Ltd. [1] Summary by Relevant Sections - **Stock Price Movement Before Announcement** - On April 9, 2025, the company's stock closed at 6.53 CNY per share, while on March 11, 2025, it closed at 6.59 CNY per share [1] - The stock's performance over the 20 trading days prior to the announcement showed a cumulative price change that did not exceed 20%, indicating no abnormal volatility [1] - **Market Comparison** - The Shenzhen Composite Index (399106.SZ) experienced a decline of 12.65% during the same period [1] - The adjusted price change, excluding the impact of the overall market, was an increase of 11.74% [1] - The adjusted price change, excluding the impact of the industry sector, was an increase of 11.38% [1]

Core Viewpoint - The company intends to acquire 100% equity of Chengdu New Trend Media Group Co., Ltd. through a combination of issuing shares and cash payment to 50 counterparties, including Zhang Jixue, Chongqing JD Haijia E-commerce Co., Ltd., and Baidu Online Network Technology (Beijing) Co., Ltd. [1][2] Group 1 - The company confirms that the counterparties involved in the transaction do not fall under any prohibitive conditions as outlined in the relevant regulatory guidelines regarding major asset restructuring [1][2] - There have been no investigations or administrative penalties related to insider trading concerning this transaction in the last 36 months [1]

Core Viewpoint - The company plans to acquire 100% equity of Chengdu New潮传媒 Group Co., Ltd. through a combination of issuing shares and cash payments, with an estimated valuation of 8.3 billion RMB for the target company [10][24]. Transaction Overview - The transaction involves 50 counterparties, including Chongqing JD Haijia E-commerce Co., Ltd., Zhang Jixue, and Baidu Online Network Technology (Beijing) Co., Ltd. [10][11] - The payment structure will primarily consist of shares, with a minor portion in cash, and the exact ratio will be determined after the completion of the audit and evaluation [10][12]. Financial and Valuation Aspects - The estimated valuation of the target company is 8.3 billion RMB, but the final transaction price will be confirmed post-audit and evaluation [10][24]. - The financial data and asset evaluation results will be disclosed in the subsequent restructuring report, and there may be significant differences from the preliminary disclosures [2][10]. Impact on Company Operations - The acquisition is expected to enhance the company's existing outdoor advertising business by expanding its media resource coverage and optimizing the density and structure of its media resources [24][25]. - The target company's main business aligns with the company's current operations, focusing on outdoor advertising, which is anticipated to create synergies [24]. Regulatory and Approval Process - The transaction requires approval from the shareholders' meeting and relevant regulatory authorities, and the completion of the transaction is contingent upon these approvals [3][26]. - The company has already completed certain decision-making processes, including independent director reviews and obtaining the principle agreement from the controlling shareholder [25][26]. Shareholding and Control - The transaction is not expected to change the company's controlling shareholder or actual controller, maintaining the current ownership structure [24][25]. - The shareholding changes resulting from the transaction will be detailed in the restructuring report after the completion of the audit and evaluation [24][25].

Core Viewpoint - The company has decided to postpone the shareholders' meeting regarding the proposed acquisition of 100% equity in Chengdu Xinchao Media Group Co., Ltd. due to incomplete auditing and evaluation work related to the transaction [1]. Group 1 - The company plans to acquire 100% equity of Chengdu Xinchao Media Group through a combination of issuing shares and cash payments to 50 counterparties, including Zhang Jixue, Chongqing JD Haijia E-commerce Co., Ltd., and Baidu Online Network Technology (Beijing) Co., Ltd. [1] - The company will not hold the shareholders' meeting to review the transaction until the relevant auditing and evaluation work is completed [1]. - After the completion of the necessary auditing and evaluation, the company will convene a board meeting to review the transaction and will issue a notice for the shareholders' meeting in accordance with legal procedures [1].

证券代码：002027 证券简称：分众传媒 上市地点：深圳证券交易所 分众传媒信息技术股份有限公司 发行股份及支付现金购买资产暨关联交易 预案（修订稿） | 项目 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 重庆京东海嘉电子商务有限公司、张继学、百度在线网络技术（北京）有限公司 等 50 名交易对方 | 二〇二五年七月 分众传媒信息技术股份有限公司 发行股份及支付现金购买资产暨关联交易预案（修订稿） 上市公司声明 本公司及全体董事、高级管理人员保证本预案及其摘要内容的真实、准确、 完整，保证不存在虚假记载、误导性陈述或者重大遗漏，并对所提供信息的真实 性、准确性和完整性承担相应的法律责任。 本公司控股股东以及全体董事、高级管理人员承诺，如本人或本单位为本次 交易所提供或者披露的信息涉嫌虚假记载、误导性陈述或者重大遗漏，并被司法 机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，本人或本单 位不转让在上市公司拥有权益的股份。并于收到立案稽查通知的两个交易日内将 暂停转让的书面申请和股票账户提交上市公司董事会，由董事会代本人或本单位 向深圳证券交易所和证券登记结 ...

分众传媒信息技术股份有限公司董事会 一、公司已按照《上市公司重大资产重组管理办法》《上市公司信息披露管 理办法》《上市公司监管指引第 5 号——上市公司内幕信息知情人登记管理制度》 《深圳证券交易所股票上市规则》等法律法规、规范性文件的要求，遵循《公司 章程》《公司内幕信息知情人登记管理制度》等内部管理制度的规定，就本次交 易采取了充分必要的保密措施。 二、公司高度重视内幕信息管理，自本次交易方案初次探讨时，已严格控制 内幕信息知情人范围，并及时做了内幕信息知情人登记。公司在本次交易过程中， 及时记录商议筹划、论证咨询等阶段的内幕信息知情人及筹划过程，编制了《内 幕信息知情人登记表》及《重大事项进程备忘录》，要求相关人员签字保密，并 将根据规定报送深圳证券交易所。 三、公司与相关中介机构均签署了保密协议，明确了各方的保密内容、保密 期限及违约责任。 关于本次交易采取的保密措施及保密制度的说明 分众传媒信息技术股份有限公司（以下简称"公司"）拟以发行股份及支付 现金的方式购买张继学、重庆京东海嘉电子商务有限公司、百度在线网络技术（北 京）有限公司等 50 个交易对方持有的成都新潮传媒集团股份有限公司 100%的 ...

证券代码：002027 证券简称：分众传媒 公告编号：2025-049 分众传媒信息技术股份有限公司 关于本次方案调整构成重组方案重大调整的公告 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。 分众传媒信息技术股份有限公司（以下简称"公司"）拟以发行股份及支付 现金的方式购买成都新潮传媒集团股份有限公司（以下简称"标的公司"）100% 的股权（以下简称"本次交易"）。2025 年 4 月 9 日，公司召开第八届董事会第 十八次（临时）会议，审议通过了《公司关于<发行股份及支付现金购买资产暨 关联交易预案>及其摘要的议案》等相关议案。2025 年 7 月 22 日，公司召开了 第九届董事会第二次（临时）会议，审议通过了《公司关于<发行股份及支付现 金购买资产暨关联交易预案（修订稿）>及其摘要的议案》等相关议案，对本次 交易方案进行了调整。 一、本次交易方案调整的具体情况 本次发行股份及支付现金购买资产方案，与前次方案相比，主要对以下内容 进行了调整： （一）原交易对方顾家集团有限公司、顾江生由于所持标的公司股权被司法 拍卖，盈峰集团有限公司、 ...