业绩简评  2024年 4月 29日,公司发布23 年报及 24 年一季报，23 年营 收119.0 亿元/同比+26.3%，归母净利48.3 亿/同比+73.0%， 扣非归母 43.7 亿/同比+82.7%；24 年 Q1 营收 27.3 亿/同比 +6.0%，归母净利 10.4 亿/同比+10.5%，扣非归母 9.5 亿/同 比+18.2%。公司23年利润分配预案为拟现金分红0.33元/股。 经营分析  23年业绩高增，同比显著修复。1）收入：23 年同增26.3%， 主要系广告投放逐步修复，Q1-4收入分别为25.7、29.4、31.6、 32.3 亿元，逐季度增长，同比-12.4%、+53.8%、+25.4%、+57.1%。 其中，日用消费品仍然贡献50%以上收入，交通及通讯行业收 入增速较高，分别同比+47.3%、147.7%。2）盈利：23年净利 率同比+11.0pct 至 40.6%，预计主要由于占比较高的营业成 本（媒体租赁成本）较为刚性，公司经营杠杆高，收入增长 能撬动利润以更高速度增长，毛利率同比+5.8pct，同时管理 费率同比-2.7pct。 人民币(元) 成交金额(百万元)  ...

Financial Performance - The net profit attributable to shareholders for 2023 was RMB 4,827,101,718.50, representing a 73.02% increase compared to RMB 2,789,952,461.91 in 2022[11]. - The net cash flow from operating activities increased by 14.61% to RMB 7,677,996,753.60 from RMB 6,698,961,025.48 in the previous year[11]. - Basic earnings per share rose to RMB 0.3342, a 72.98% increase from RMB 0.1932 in 2022[11]. - The weighted average return on equity was 28.42%, up from 14.82% in the previous year[11]. - The company's operating revenue for the year reached approximately ¥11.90 billion, representing a year-on-year increase of 26.30%[12]. - The diluted earnings per share increased to ¥0.3342, up 72.98% from the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥4.37 billion, an increase of 82.68% compared to ¥2.39 billion last year[13]. - The company achieved operating revenue of CNY 1,190,372.49 million, a year-on-year increase of 26.30% due to the recovery in domestic advertising demand[30]. - The net profit attributable to shareholders was CNY 482,710.17 million, up 73.02% from CNY 278,995.25 million in the previous year[30]. - The total comprehensive income for 2023 was approximately CNY 4.78 billion, a significant increase compared to the previous year's loss of CNY 321.1 million[176]. Cash Flow and Investments - The net cash inflow from operating activities was CNY 767,799.68 million, an increase of 14.61% year-on-year[30]. - The company reported a significant increase of 1,469.59% in cash inflow from financing activities, totaling CNY 925.90 million[44]. - The total cash inflow from investment activities reached CNY 28,712,391,942.74, significantly up from CNY 17,892,689,418.35 in the previous year[174]. - The net cash flow from investment activities was CNY 1,723,522,897.13, recovering from a negative cash flow of CNY -2,908,990.00 in 2022[174]. - The total cash outflow for financing activities was CNY 6,065,723,884.92, compared to CNY 1,877,485,964.38 in the previous year[175]. Assets and Liabilities - Total assets decreased by 3.48% to RMB 24,361,016,948.69 from RMB 25,238,766,516.08 in 2022[11]. - The company's intangible assets rose to ¥65,993.59 million, a significant increase of 453.39% due to the acquisition of new leasing contracts[49]. - The total liabilities decreased from ¥7,942,749,193.15 to ¥6,319,945,427.10, a reduction of approximately 20.43%[169]. - The company's long-term equity investments were valued at ¥2,132,535.64 million, reflecting a growth of 1.30% compared to the previous period[47]. Dividend Policy - The company plans to distribute a cash dividend of RMB 0.33 per share, totaling RMB 4,765,925,909.58 based on the total share capital of 14,442,199,726 shares as of March 31, 2024[2]. - The cash dividend represents 100% of the total distributable profit for the reporting period[100]. - The company has a policy that cash dividends should account for at least 80% of profit distribution during its mature development stage[99]. Market and Business Strategy - The outdoor advertising market in China grew by approximately 11.01% in 2023, reaching a scale of about ¥82.05 billion[17]. - The company has maintained its focus on information technology consulting services and software development as its main business[9]. - The company is exploring opportunities in various advertising scenarios, including high-speed rail stations, office buildings, and outdoor screens, to enhance brand interaction with consumers[58]. - The company is committed to continuous cash dividends as part of its strategy to enhance shareholder value[65]. Corporate Governance - The company has a robust governance structure, with independent committees effectively providing professional opinions to the board[66]. - The company emphasizes social responsibility and stakeholder communication, aiming for a balanced approach to interests among all parties involved[67]. - The company maintained independence from its controlling shareholder in terms of personnel, assets, finance, and operations, with no interference in decision-making processes[67]. - The company held two shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting the rights of minority shareholders[66]. Research and Development - The company’s R&D expenses decreased by 10.30% to CNY 61,855.54 million compared to the previous year[38]. - The number of R&D personnel decreased by 3.75% to 154, with the proportion of R&D personnel in total employees dropping from 3.18% to 2.90%[41]. - The company has completed the development of a customer portrait software that utilizes machine learning to analyze customer behavior and preferences[39]. Employee and Management - The total number of employees at the end of the reporting period was 5,309, with 1,379 in sales, 173 in technical roles, 848 in development, and 2,221 in operations[90]. - The company emphasizes a performance-based compensation system, linking salary adjustments to departmental performance and individual evaluations[94]. - The company has established a comprehensive online learning platform to enhance employee training and development[96]. Compliance and Risk Management - The company has maintained effective internal controls in all significant aspects according to the "Basic Norms for Internal Control of Enterprises" as of December 31, 2023[109]. - The internal control audit report received a standard unqualified opinion, confirming the effectiveness of financial reporting internal controls[109]. - The company has committed to avoiding competitive relationships with FM Korea and its subsidiaries, ensuring no competitive business activities exist as of the commitment date[118]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 223,468, an increase from 215,202 at the end of the previous month[150]. - The company has a total of 14,442,199,726 shares, with 100% being ordinary shares[148]. - The top ten unrestricted shareholders include Alibaba (China) Network Technology Co., Ltd. with 885,100,134 shares, accounting for a significant portion of the total shares[151].

出席本次年度业绩说明会的人员有：公司董事长、总裁、首席执行官江南春 先生；公司副董事长、首席财务官、董事会秘书孔微微女士；公司独立董事殷可 先生。 为充分尊重投资者，提升公司与投资者的交流效率和效果，现就公司 2023 年度网上业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。 投资者可在本次年度业绩说明会召开前访问 http://irm.cninfo.com.cn 进入公司 2023 年度业绩说明会页面后提交您所关注的问题。公司会在信息披露允许范围 内在本次业绩说明会上对投资者普遍关注的问题进行回答。此次活动交流期间， 投资者仍可登录活动界面进行互动提问。 欢迎广大投资者积极参与！ 特此公告。 分众传媒信息技术股份有限公司董事会 证券代码：002027 证券简称：分众传媒 公告编号：2024-025 分众传媒信息技术股份有限公司 关于举行 2023 年度业绩说明会的公告 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"）已于 2024 年 4 月 30 日对外披露《公司 2023 ...

分众传媒信息技术股份有限公司2024年第一季度报告 证券代码：002027 证券简称：分众传媒 公告编号：2024-020 分众传媒信息技术股份有限公司 2024 年第一季度报告 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。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报告中财务信息的 真实、准确、完整。 3、第一季度报告是否经审计 □是 否 一、主要财务数据 （一）主要会计数据和财务指标 ...

Financial Data and Key Metrics - The media (Shenwan) index fell by 4.48% this week, more than the ChiNext index (-0.39%) [1] - TMT sectors continued to decline this week, with communications down 0.67%, computers down 3.94%, and electronics down 2.59% [1] - The Hang Seng Tech Index dropped by 5.65%, and the Nasdaq Golden Dragon China Index fell by 2.09%, outperforming the Nasdaq's -5.52% [1] Business Line Data and Key Metrics - Local publishing state-owned enterprises (SOEs) showed a clear trend of increasing dividend amounts and dividend-to-adjusted net profit ratios in 2023 [3] - Shandong Publishing increased its dividend by 355 million yuan in 2023, while Xinhua Winshare's dividend grew by 296 million yuan [3] - Most publishing SOEs had a dividend-to-adjusted net profit ratio exceeding 50%, indicating strong dividend willingness and capability [3] Market Data and Key Metrics - The advertising market in January saw a 3.7% year-on-year increase, with elevator LCD and poster ads rising over 20% [13] - Food, beverages, and alcohol remained the main drivers of ad spending, with household appliances and personal care products re-entering the top ad spend categories [13] Company Strategy and Industry Competition - Focus Media plans to distribute at least 80% of its adjusted net profit as cash dividends annually over the next three years [3] - Local publishing SOEs are leveraging their educational publishing businesses to explore new educational formats and services [5] - AI video is expected to be a major theme in 2024, driving growth in the film and gaming sectors [17] Management Commentary on Operating Environment and Future Outlook - The macroeconomic recovery and the resilience of Focus Media's business model are highlighted as key factors for future growth [13] - The film industry is expected to remain strong, with a positive outlook for the May Day holiday box office [17] - The gaming industry is projected to maintain double-digit growth in 2024, despite increased competition [20] Other Important Information - The new "National Nine Articles" emphasize the value of high-dividend, low-valuation SOEs with strong external growth capabilities [7] - AI is seen as a transformative force in content production, with companies needing to adapt to remain competitive [23] Summary of Q&A Session - No specific Q&A session details were provided in the content

Investment Rating - The report assigns a **Buy** rating to Focus Media (002027 SZ) [1] Core Viewpoints - Focus Media's offline elevator media advertising shows steady growth in daily consumer goods clients [2] - The proportion of daily consumer goods advertisers has increased significantly, reaching 84% in the latest survey [6] Advertising Data Analysis March 18, 2024 Survey - Total ad rotation duration: 970 seconds [3] - Number of advertisers: 19 [3] - Daily consumer goods: 14 (74%) [3] - Internet: 2 (11%) [3] - Automotive: 2 (11%) [3] - Real estate/home: 1 (5%) [3] - Top 4 most-played ads: - Runbaiyan: 11 times (75s, 8%) [4] - Xiaoyuan Learning Machine: 8 times (100s, 10%) [4] - Deyou Wet Wipes: 8 times (80s, 8%) [4] - Songda Camellia Oil Cream: 8 times (65s, 7%) [4] - Bottom 3 least-played ads: - Zuoting Youyuan Beef: 1 time (15s, 2%) [4] - Lincoln EV: 1 time (15s, 2%) [4] - Deyou Baby Wipes: 1 time (5s, 1%) [4] April 11, 2024 Survey - Total ad rotation duration: 1065 seconds [6] - Number of advertisers: 19 [6] - Daily consumer goods: 16 (84%) [6] - Internet: 3 (16%) [6] - Top 3 most-played ads: - Jiaguoyuan Coconut Water: 27 times (145s, 14%) [7] - Blue Moon Detergent: 13 times (140s, 13%) [7] - Huang Tian Goose Eggs: 13 times (95s, 9%) [7] - Bottom 2 least-played ads: - New Dove Shower Foam: 1 time (10s, 1%) [7] - JD Lux Shower Gel: 1 time (10s, 1%) [7] - New clients added between March 18 and April 11: 13 [8] Industry Trends - The offline elevator media advertising sector shows strong performance in daily consumer goods category [2][6] - Internet advertisers maintain a stable presence but with lower proportion compared to daily consumer goods [3][6]

上 市 公 司 传媒 2024 年04月 09 日 分众传媒 (002027) 公 司 研 究 ——业绩有韧性、复苏有弹性的高股息标的 / 公 司 点 报告原因：强调原有的投资评级 评 买入 投资要点： （维持）  广告市场持续复苏，重视顺周期标的分众传媒。根据CTR媒介智讯的数据显示，2024年 1-2月，全媒体广告市场话费同比增长7.5%，2月份广告市场花费同比增长12.3%，1月 证 市场数据： 2024年04月08日 广告市场花费同比增长 3.7%。分广告渠道看，2024 年1-2月份，电梯 LCD广告花费同 券 收盘价（元） 6.92 研 一年内最高/最低（元） 7.83/5.51 比增长25.8%，电梯海报花费同比增长25.1%。其中，2023年1月份春节时间早基数相 究 市净率 6.1 对高，2024年1月同比微增说明广告市场缓慢复苏。根据CTR媒介智讯，从具体的行业 报 息率（分红/股价） - 及品牌表现看，2024 年1-2月广告市场头部榜单中饮料、食品、酒精类饮品等快消品行 告 流通A股市值（百万元） 99940 上证指数/深证成指 3047.05/9394.61 业保持较大的投放体量， ...

证券代码：002027 证券简称：分众传媒 公告编号：2024-007 分众传媒信息技术股份有限公司 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。 2023 年 7 月 24 日，中央政治局会议提出要活跃资本市场、提振投资者信 心。2024 年 1 月 22 日，国常会指出要大力提升上市公司质量和投资价值，要采 取更加有力有效措施，着力稳市场、稳信心。分众传媒信息技术股份有限公司（以 下简称"公司"、"分众传媒"）为践行上述会议提出的指导思想、维护公司全体 股东利益、增强投资者信心、促进公司长远健康可持续发展，同时结合公司发展 战略、经营情况等，制定了"质量回报双提升"行动方案。具体举措如下： 一、聚焦主业，服务新时代品牌建设 分众传媒构建了国内最大的城市生活圈媒体网络。公司当前的主营业务为生 活圈媒体的开发和运营，主要产品为楼宇媒体（主要包括电梯电视媒体和电梯海 报媒体等）和影院银幕广告媒体等，覆盖城市主流消费人群的工作场景、生活场 景、娱乐场景和消费场景，并相互整合成为生活圈媒体网络。公司积极响应国家 "一带一路"的重大倡议，相继在韩 ...

证券代码：002027 证券简称：分众传媒 公告编号：2024-006 分众传媒信息技术股份有限公司 关于参与投资基金的进展情况公告 二、进展情况 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、投资基金情况概述 2022 年 1 月，分众传媒信息技术股份有限公司（以下简称"公司"）全资子 公司上海分众鸿意信息技术有限公司出资 10,000 万元人民币参与投资由苏州众 亦为私募基金管理合伙企业（有限合伙）作为基金管理人、普通合伙人的天津众 为股权投资基金合伙企业（有限合伙）（以下简称"合伙企业"、"基金"），并签 署了相关协议。 2022年6月，合伙企业完成工商变更登记手续并按照《证券投资基金法》和 《私募投资基金监督管理暂行办法》等法律法规的要求在中国证券投资基金业协 会完成备案手续取得了《私募投资基金备案证明》（备案编码：SVQ709）。 上述事项的具体内容详见2022年1月29日、2022年6月15日刊登于巨潮资讯网 （www.cninfo.com.cn）上的相关公告。 2024 年 2 月 24 日 基于基金投资行业实际情况，综 ...

证券代码：002027 证券简称：分众传媒 公告编号：2024-005 分众传媒信息技术股份有限公司 关于子公司增资扩股暨关联交易的公告 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 根据分众传媒信息技术股份有限公司（以下简称"公司"）战略规划和经营 发展需要，为积极推进公司海外业务市场布局，增强投资人对公司海外业务的信 心，同时，考虑激励对海外业务扩展有贡献的团队成员，江南春（JIANG NANCHUN）先生拟通过其控制的指定投资主体以现金方式向公司全资子公司 Focus Media Overseas Investment III Limited（以下简称"FMOIL III"）增资等值 人民币 2,207 万元的美元。本次增资完成后，公司将持有 FMOIL III 70%的股份， 江南春（JIANG NANCHUN）先生将间接持有 FMOIL III 30%的股份（其中 15% 的股份拟用于海外业务扩展团队成员的激励），FMOIL III 仍为公司控股子公司， 仍纳入公司合并报表范围。 鉴于江南春（JIANG NAN ...