分众传媒信息技术股份有限公司 董事会议事规则 （2025 年修订） 第一章 总则 第一条 分众传媒信息技术股份有限公司（以下简称"公司"）为规范董事 会的议事方式和决策程序，明确董事会的职责权限，根据《中华人民共和国公司 法》《中华人民共和国证券法》《深圳证券交易所股票上市规则》（以下简称"《上 市规则》"）等相关法律、行政法规、部门规章和公司章程的规定，结合公司实 际情况，制订本规则。 分众传媒信息技术股份有限公司董事会议事规则 第二条 董事会是股东会的执行机构和公司经营管理的决策机构，执行股东 会决议，维护公司和全体股东的利益。 第三条 董事会应当在相关法律、行政法规、部门规章和公司章程规定的范 围内依法行使职权。 第二章 董事的一般规定 第四条 公司董事为自然人，有下列情形之一的，不得担任公司的董事： （一）无民事行为能力或者限制民事行为能力； （二）因贪污、贿赂、侵占财产、挪用财产或者破坏社会主义市场经济秩序， 被判处刑罚，或者因犯罪被剥夺政治权利，执行期满未逾五年，被宣告缓刑的， 自缓刑考验期满之日起未逾二年； （三）担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业 的破产负有个人责任的 ...

分众传媒信息技术股份有限公司董事、高级管理人员薪酬管理制度 分众传媒信息技术股份有限公司 董事、高级管理人员薪酬管理制度 第八条 公司高级管理人员根据其在公司担任的具体职务领取报酬。其薪酬 标准的制定应综合考虑岗位履职的基本报酬以及在经营期间为公司创造价值而 获得的激励性薪酬。 第二条 本制度适用于公司章程规定的董事、高级管理人员。 第二章 管理机构 第三条 公司董事会薪酬与考核委员会在董事会的授权下负责拟定董事、高 级管理人员的薪酬标准和方案；负责审查董事、高级管理人员履行职责情况并对 其进行年度考核；负责对公司薪酬制度的执行情况进行监督。 第四条 公司股东会负责审议董事的薪酬标准和方案；公司董事会负责审议 公司高级管理人员的薪酬标准和方案。 第五条 公司人力资源部、财务部、董事会办公室等相关部门配合董事会 薪酬与考核委员会进行公司董事、高级管理人员薪酬方案的具体实施。 第三章 薪酬标准 第六条 公司非独立董事不以董事职务发放津贴，根据其在公司担任的除董 事外的其他职务的薪酬标准领取薪酬，并根据其实际履职情况依照公司有关制度 进行考核。 第七条 公司独立董事实行固定津贴制度，津贴标准由股东会审议，股东 会审 ...

分众传媒信息技术股份有限公司董事、高级管理人员离职管理制度 分众传媒信息技术股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 分众传媒信息技术股份有限公司（以下简称"公司"）为规范董事、 高级管理人员离职程序，保障公司治理结构的连续性和稳定性，维护公司及全体 股东的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《深 圳证券交易所股票上市规则》等相关法律、行政法规、部门规章及公司章程的规 定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）及高级管理人员因任期届满、 辞任、被解除职务或其他原因离职的情形。 第二章 离职情形与生效条件 第三条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞职 报告，公司收到辞职报告之日辞任生效，公司将在两个交易日内披露有关情况。 如因董事的辞任导致公司董事会成员低于法定最低人数、独立董事人数少于 董事会成员的三分之一或者独立董事中没有会计专业人士，在改选出的董事就任 前，原董事仍应当依照法律、行政法规、部门规章及公司章程规定，履行董事职 务。 董事提出辞任的，公司应当在六十日内完成补选，确保董事会构成符合法律、 ...

第一章 总则 第一条 分众传媒信息技术股份有限公司（以下简称"公司"）为进一步规 范独立董事行为，充分发挥独立董事在公司治理中的作用，保护中小股东及利益 相关者的利益，促进公司的规范运作，进一步提高公司质量，根据《中华人民共 和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》《上市公司独立董事管理办法》等相关法律、行政法规、 部门规章及公司章程的有关规定，结合公司实际情况，制订本制度。 分众传媒信息技术股份有限公司独立董事工作制度 分众传媒信息技术股份有限公司 独立董事工作制度 （2025 年修订） 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主 要股东、实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独 立客观判断关系的董事。 第二章 独立董事的一般规定 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、国务院证券监督管理机构规定、深圳证券交易所业务规则、公司章程 和本工作制度的规定，认真履行职责，在董事会中发挥参与决策、监督制衡、 ...

分众传媒信息技术股份有限公司分红管理制度 分众传媒信息技术股份有限公司 分红管理制度 （2025 年修订） 第一章 总则 第一条 分众传媒信息技术股份有限公司（以下简称"公司"）为规范分红 行为，推动公司建立科学、持续、稳定的分红机制，维护投资者合法权益，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》《上市公司监管指引第3号——上市公司现金分红》《深圳证券交易所股票上 市规则》《深圳证券交易所上市公司自律监管指引第1号——主板上市公司规范 运作》以及公司章程的有关规定，结合公司实际情况，制订本制度。 第二章 公司的利润分配政策 第二条 利润分配原则 公司实行持续、稳定的利润分配制度，利润分配应重视对投资者的合理投资 回报并兼顾公司的可持续发展，利润分配政策应保持连续性和稳定性，但公司利 润分配不得超过累计可分配利润的范围。 第三条 利润分配形式 （1）公司发展阶段属成熟期且无重大资金支出安排的，进行利润分配时， 现金分红在本次利润分配中所占比例最低应当达到百分之八十； （2）公司发展阶段属成熟期且有重大资金支出安排的，进行利润分配时， 现金分红在本次利润分配中所占比例最低应 ...

Summary of the Conference Call for 分众传媒 Company Overview - 分众传媒 has experienced valuation changes through two significant phases: during its US listing (2005-2013) with a high PE TTM of around 40 times, and its A-share listing (2016-present) where the valuation fluctuated between 10-20 times, currently at approximately 17 times [3][1]. Key Points and Arguments - **Valuation and Market Position**: The current PE ratio is about 17 times, with expectations to maintain between 15-20 times as the competitive landscape stabilizes [1][3]. - **Revenue Model**: The company generates income through leasing advertising space in properties and cinemas, leading to high revenue volatility but relatively fixed costs, resulting in strong operational leverage [1][6]. - **Core Competitiveness**: The strength of offline advertising lies in its binding to natural traffic and specific scenarios, such as elevators and cinemas, which effectively reach high-consumption urban professionals [1][7]. - **Geographic Focus**: 分众传媒's advertising points are concentrated in first and second-tier cities, adhering to the 80/20 principle for brand advertising, which helps in building operational barriers and catering to national clients [1][9]. - **Industry Transition**: The elevator media industry is shifting from regional to national competition, with 分众传媒 leveraging acquisitions to establish a nationwide presence [1][10]. Additional Important Insights - **Acquisition Impact**: The acquisition of 新潮传媒 is expected to enhance competitive dynamics, improve cost structures, and eliminate price wars in the smart control sector, leading to anticipated mid-term profit releases [4][12]. - **Advertising Focus**: The company primarily targets mid-to-low price point categories with high product homogeneity, including leading brands in sectors like liquor, dairy, consumer goods, beauty, and home appliances [4][13]. - **Future Advertising Trends**: Key advertising directions for 2025 include home appliances and 3C digital products linked to domestic demand policies, as well as AI-related products due to technological advancements [16][17]. - **Overseas Growth Potential**: 分众传媒 has significant growth potential in overseas markets, particularly in Asia and the Middle East, benefiting from both local clients and Chinese enterprises expanding abroad [17][19]. - **Point Growth Dynamics**: The growth of advertising points has been moderate post-pandemic, with structural changes favoring elevator TVs and smart screens, while new points are closely tied to the real estate market [18]. Conclusion - 分众传媒 is positioned as a strong player in the advertising sector with a solid operational model, strategic acquisitions, and a focus on high-demand advertising categories, making it a recommended investment opportunity [19].

金融界4月22日消息，A股三大指数收盘涨跌不一，沪深300媒体(二级行业)指数 (300媒体，L11509)报 815.80点。 数据统计显示，沪深300媒体(二级行业)指数近一个月下跌0.57%，近三个月上涨3.07%，年至今下跌 2.91%。 从沪深300媒体(二级行业)指数持仓的市场板块来看，深圳证券交易所占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当沪深300指数调整样本时，沪深300行业指数样本 随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对沪深300行业指数 样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 从沪深300媒体(二级行业)指数持仓样本的行业来看，其他广告营销占比50.02%、互动媒体占比 18.52%、游戏占比16.79%、视频媒体占比14.67%。 据了解，为反映沪深300指 ...

Investment Rating - The report rates the internet media industry as "Buy" [3] Core Insights - The report suggests focusing on companies with strong growth potential in the internet sector, such as Pop Mart, which is expanding its channels globally and has a promising IP+product strategy. NetEase Cloud Music is also highlighted for its stable growth in music consumption and user engagement [4][17] - In the gaming sector, the report recommends leading companies like Tencent and NetEase, emphasizing the potential for valuation increases due to improved domestic policies and overseas trends [4][17] - The publishing sector is advised to focus on companies with strong cash dividends and AI integration, such as China South Publishing and Phoenix Media [4][17] - The film industry is expected to show strong performance, with a reported box office of 25.25 billion yuan, a 40% year-on-year increase, highlighting companies like Wanda Film and Maoyan Entertainment [4][17] - In advertising, the report suggests monitoring Focus Media, which plans to acquire New潮传媒, potentially enhancing its operational efficiency and profitability [4][17] Summary by Sections Internet Sector - Companies like Pop Mart and NetEase Cloud Music are recommended for their growth strategies and user engagement improvements. The report notes the positive impact of AI applications on performance and valuation [4][17] Gaming Sector - The report continues to recommend the gaming sector, particularly Tencent and NetEase, due to favorable policy changes and overseas market opportunities. It also highlights companies with strong product pipelines and performance improvements [4][17] Publishing Sector - Focus on companies with high dividend yields and AI capabilities, such as China South Publishing and Phoenix Media, is advised [4][17] Film Sector - The film industry is projected to perform well, with significant box office growth, and companies like Wanda Film and Maoyan Entertainment are recommended [4][17] Advertising Sector - Focus Media's acquisition of New潮传媒 is expected to enhance its operational capabilities and profitability, making it a company to watch [4][17]

Investment Rating - The report suggests a positive outlook on overseas Chinese assets, focusing on sectors that may benefit from policy changes and deep value stocks that have been negatively impacted by market rumors [2][12]. Core Insights - The report emphasizes the importance of patience in waiting for market changes while actively seeking investment opportunities, particularly in sectors like cross-border e-commerce, domestic consumption-related internet assets, and undervalued stocks [3][12]. - It highlights the potential for recovery in the education sector due to government support for service consumption, as well as the luxury goods sector facing challenges from macroeconomic fluctuations [5][23]. - The report also notes the growth in the coffee and tea beverage sector, driven by increased delivery services and consumer demand, alongside a positive outlook for the OTA (Online Travel Agency) segment as travel demand rises [5][28]. Summary by Sections 1. Education - The Chinese education index increased by 2.28% during the week of April 14-18, 2025, underperforming against the Hang Seng Index but outperforming other major indices [14]. - Notable stock performances included a significant rise in stocks like Zhuoyue Education Group (+18.18%) and NetEase Youdao (+13.84%) [14][19]. 2. Luxury Goods - The luxury goods sector saw a decline, with LVMH's sales falling short of expectations, reporting a 3% decrease in Q1 2025 sales [23][29]. - The report suggests focusing on high-end brands with strong management capabilities and product innovation, as they are less affected by economic cycles [5][23]. 3. Coffee and Beverage & OTA - The coffee and beverage sector experienced notable stock increases, with Tims China (+18.29%) and Luckin Coffee (+8.45%) leading the gains [28]. - The OTA sector is expected to benefit from rising travel demand, with predictions indicating a significant increase in travel bookings during the upcoming holiday [5][28]. 4. E-commerce and Internet - The internet technology sector index rose by 0.37%, with key stocks like Beike (+7.67%) and Alibaba (+5.53%) showing strong performance [36][37]. - The report highlights the importance of monitoring the impact of tariff changes on cross-border e-commerce platforms and the overall market dynamics [12][36]. 5. Media - The media sector is encouraged to focus on stocks with strong fundamentals and dividend value, particularly in light of recent policy support for cultural industries [5][12]. - The report notes the potential for growth in AI applications within the media sector, emphasizing the importance of tracking developments in this area [5][12]. 6. Virtual Assets & Brokerage - The report indicates a slight improvement in sentiment towards virtual asset trading, with expectations for strong Q1 performance from brokerage firms like Futu Holdings and Tiger Brokers [5][12]. 7. Real Estate Transactions - The report suggests a positive outlook for the real estate market, with government emphasis on market potential and the construction of quality housing [5][12]. 8. Automotive Services - The report mentions potential developments in ride-hailing services in Macau, indicating a growing interest in the automotive service sector [5][12]. 9. Media and M&A - The report highlights ongoing trends in mergers and acquisitions within the media sector, suggesting a focus on companies that are well-positioned for growth through strategic partnerships [5][12].

Core Viewpoint - The report highlights the strong performance of funds managed by Zhang Kun of E Fund in Q1 2025, with significant net value increases and strategic adjustments in holdings, particularly the inclusion of SF Holding as a major position. Fund Performance - E Fund's Blue Chip Select Fund maintained its top ten holdings from Q4 2024, including Tencent Holdings, Alibaba-W, and Kweichow Moutai, with no changes in the top positions [1] - The E Fund Quality Select Fund recorded a net value growth rate of 8.40% in Q1 2025, with SF Holding entering the top ten holdings, replacing Focus Media [3] Holdings Adjustments - In Q1 2025, E Fund Blue Chip Select increased its positions in Shanxi Fenjiu and Luzhou Laojiao while reducing its stakes in Tencent Holdings, Alibaba-W, and Yanghe [2] - The E Fund Quality Select Fund also increased its holdings in Shanxi Fenjiu, Luzhou Laojiao, Trip.com, and Prada, while reducing its positions in Alibaba, Tencent, and Yanghe [3] Market Outlook - Zhang Kun expressed uncertainty about the economic outlook but noted that the impact of the real estate downturn is nearing its end, with policies supporting consumption [7] - The focus is shifting towards identifying companies with strong business models, competitive advantages, and shareholder-friendly capital allocation, which are expected to generate significant free cash flow in the long term [7][8]