证券代码：002131 证券简称：利欧股份 利欧集团股份有限公司投资者关系活动记录表 006 编 号 ： 2015- | --- | --- | --- | |------------------|-------------------------------------|---------------------------------------------| | | | | | 投资者关系活动类 | ■ 特定对象调研 | □ 分析师会议 | | 别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | □ 一对一沟通 | | | □ 其他 | | | 参与单位名称及人 | | 上海鸿逸投资管理有限公司投资经理 问储韬 | | 员姓名 | | 上海尚雅投资管理有限公司高级研究员 姜斌宇 | | | | 通海证券资产管理有限公司研究院 胡光宇 | | | 华宝投资有限公司高级投资经理 薛婷婷 | | | | 华创证券传媒与互联网分析师 傅一帆 | | | | | 上海益菁汇资产管理有限公司证券分析师 王一普 | | | | 富安达基金管理有限公司投 ...

Group 1: Transaction Overview - The total transaction amount for the acquisition of Micro Innovation and Wansheng Weiye is 2.912 billion yuan, corresponding to a projected net profit of 14 times for the year 2015 [3] - The estimated transaction price for Micro Innovation's original shareholders is 840 million yuan, with 65% paid in shares and 35% in cash [3] - The estimated transaction price for Wansheng Weiye's original shareholders is 2.072 billion yuan, with 60% paid in shares and 40% in cash [3] - The total amount of supporting funds does not exceed 1.7578 billion yuan, accounting for 60.36% of the total transaction price [3] Group 2: Strategic Goals and Market Position - The purpose of previous acquisitions was to integrate media and strategic creativity, aiming to expand the scale of digital marketing [3] - Future acquisitions aim to enhance service capabilities in traffic integration and mobile marketing, while exploring e-commerce services [3] - Wansheng Weiye's traffic integration business is estimated to account for about 10% of the entire long-tail traffic [3] Group 3: Competitive Advantages and Market Trends - Wansheng Weiye's core competitive advantages include its large scale, early market entry, and advanced traffic integration technology [3] - The growth trend for Wansheng Weiye's traffic integration business is expected to be rapid due to the increasing mobile internet traffic [4] - MediaV's core competitive advantage lies in its technical expertise and extensive data experience, leading in the digital marketing industry [4] Group 4: Client Structure and Profitability - E-commerce clients account for 40%, automotive clients for 30%, and other clients for 30% of MediaV's customer structure [4] - The net profit margin for media agency business remains stable, while the strategy and creativity business has a higher profit margin [5]

Group 1: Transaction Overview - The total transaction amount for the acquisition of Wansheng Weiye and Micron Era is 2.912 billion yuan, corresponding to a projected net profit of 14 times for the year 2015 [3] - The estimated transaction price for Wansheng Weiye's original shareholders is 2.072 billion yuan, with 60% paid in shares and 40% in cash [3] - The estimated transaction price for Micron Era's original shareholders is 840 million yuan, with 65% paid in shares and 35% in cash [3] Group 2: Financing and Fund Allocation - The total amount of supporting funds does not exceed 1.7578 billion yuan, accounting for 60.36% of the total transaction price [3] - Of the supporting funds, 1.122 billion yuan is allocated for cash payment of the transaction, and 600 million yuan is for supplementing the company's liquidity, representing 34.13% of the total [3] Group 3: Business Insights - Wansheng Weiye provides traffic integration services for digital media, divided into PC and mobile traffic integration [3] - Micron Era is a digital media agency offering digital marketing solutions, focusing on mobile marketing, search engine marketing, and precision marketing [3] Group 4: Strategic Importance - The integration of Wansheng Weiye into Leo Digital Network will enhance its flow value and profitability by directly connecting valuable traffic to brand clients [3] - Leo Group plans to leverage data and traffic for comprehensive industry chain advantages, aiming to create greater value for clients in the new internet economy [3] Group 5: Industry Trends - The digital marketing industry is rapidly evolving, with companies exploring new display platforms and traffic sources on smart TVs and wearable devices [4] - The profit margins of digital agencies are at the industry average, but companies focusing on strategy, creativity, and social marketing can achieve higher gross and net profit margins [4]

证券代码：002131 证券简称：利欧股份 利欧集团股份有限公司投资者关系活动记录表 编 号 ： 2016- | --- | --- | --- | |------------------|---------------------------------|---------------------------------------| | | | | | 投资者关系活动类 | ■ | 特定对象调研 □分析师会议 | | 别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 □路演活动 | | | | □ | 现场参观 □一对一沟通 | | | □ 其他 | | | 参与单位名称及人 | 上海允程资产管理公司 吴鑫 | | | 员姓名 | | 上海名禹资产管理有限公司 鲍炜、刘宝军 | | | 上海银领资产管理有限公司 吕菡 | | | | 诺安基金管理有限公司 罗春蕾 | | | | | 华宝投资有限公司资产管理部 薛婷婷 | | | 国金证券股份有限公司 郑宏达 | | | | 上海启石资产管理有限公司 王永财 | | | | | 上海昶享资产管理有限公司 顾向荣 | | | | 祥鸣投资管 ...

Digital Marketing Business Development - The company has formed a complete business layout in the digital marketing sector since its transformation into internet business in 2014 [2] - The company has acquired several digital marketing companies and holds equity in about 10 companies through investments [2] - The company has strengthened its layout in vertical fields of the digital marketing industry chain since 2015 [2] Interactive Entertainment Layout - The company has invested in Century Kunpeng and Shengxia Starry Sky, and established two film companies outside the listed company [3] - The company has started paying attention to WeChat Mini Program traffic and began layout in this area in the second half of 2016 [3] Vertical Industry Layout - The company has invested in several projects including Yijia Interactive, Bicheng Network, and Yixiang Haoju [3] - The company has made some forward-looking investments using its own traffic resources, including cooperation with Ctrip and investment in Guangzhou Yuetu [3] M&A Funds - The company has participated in the establishment of three M&A funds: a 2 billion RMB internet marketing industry M&A fund, an 8 billion RMB overseas technology internet enterprise M&A fund, and a 1 billion RMB WeChat ecosystem M&A fund [3] Traffic Growth - The growth of long-tail traffic mainly comes from the mobile end, while PC end traffic remains relatively stable [3] Business Advantages - The company has advantages in both digital marketing and traffic integration businesses, which is rare in the industry [3] Client Expansion - The company's clients include many well-known domestic and international enterprises such as Yili, Hershey's, Siemens, Abbott, and BYD [3] Business Integration - The company has 6 wholly-owned and controlled digital marketing companies, which form the foundation of its digital marketing business [4] - The company has established Leo Digital Group to manage these 6 companies and has set up specialized teams for business coordination and integration [4] Interactive Entertainment Development - Century Kunpeng has produced some web dramas with good market response this year [5] - Yuanli Pictures and Xindong Yinghua, cultivated outside the listed company, are expected to release works next year [5] Content Marketing Market - The content placement market is relatively small but has few dominant enterprises [5] - With the rapid growth of the web drama market, Century Kunpeng is exploring the standardization of content placement business [5]

证券代码：002131 证券简称：利欧股份 利欧集团股份有限公司投资者关系活动记录表 编 号 ： 2017- 001 | --- | --- | --- | |------------------|-------------------------|-----------------------------------------------------------------------| | | | | | | ■ | 特定对象调研 □分析师会议 | | 投资者关系活动类 | □ | 媒体采访 □业绩说明会 | | | □ | 新闻发布会 □路演活动 | | 别 | □ | 现场参观 □一对一沟通 | | | □ 其他 | | | | 1 | 、平安信托有限责任公司 韩晓 | | | | 2、广发证券股份有限公司 旷实、沈明辉 | | | 3 | 、中兵广发投资基金管理有限公司 张群 | | | 4 | 、光大证券资产管理有限公司 王 杭 | | | 5 6 | 、兴证证券资产管理有限公司 张凯帆 、方正证券股份有限公司 王蒙、储莎莎 | | 参与单位名称及人 | 7 、兴全基金 薛怡然 | | | | ...

Group 1: Digital Marketing Development - The company's digital marketing services cover a complete service chain, including marketing strategy and creativity, media placement and execution, performance monitoring and optimization, social marketing, precision marketing, and traffic integration [1] - The company is actively seeking related investment projects, with ongoing registration work for a WeChat marketing ecosystem merger fund [1] Group 2: Executive Insights and Future Plans - The recent executive shareholding increase reflects confidence in the company's future prospects and a commitment to its growth [2] - The proposed merger fund, with a target scale of up to 8 billion RMB, aims to acquire stable, leading internet technology companies in overseas markets, particularly in the U.S., showcasing the company's strategy for international expansion [2] Group 3: Content Marketing and Business Layout - The company is gradually expanding from digital marketing to content marketing due to the high correlation and synergy between interactive entertainment and digital marketing [2] - Key companies in the business layout include HuPo Communication and Shanghai Argon, focusing on strategy, creativity, and social marketing, while others like Shanghai Manku and Zhihui Advertising specialize in media placement [2]

Financial Performance - In the first half of 2017, the company achieved operating revenue of 457,824.95 million yuan, a year-on-year increase of 49.38% [1] - The net profit attributable to shareholders was 31,901.66 million yuan, representing a year-on-year growth of 16.90% [1] - The internet segment saw a revenue increase of 66.26%, while the manufacturing segment grew by 11.20% [1] Revenue Breakdown - For the first half of 2017, internet business accounted for 77.09% of total revenue, while manufacturing business made up 22.91% [2] - The top three contributors to internet marketing revenue were Shanghai Manku (1,093,254,741.99 yuan), Wansheng Weiye (1,091,759,743.87 yuan), and Micro Innovation (890,006,811.60 yuan), collectively representing 87.13% of the internet segment's revenue [2] Cash Flow Insights - The net cash flow from operating activities was negative, primarily due to rapid growth in the digital segment and extended settlement periods for high-quality clients, leading to longer accounts receivable cycles [1][3] - There was significant improvement in net cash flow from investment activities compared to the previous year [1] Industry Context - The digital marketing industry has high barriers to entry, requiring strong capabilities in technology, talent, experience, capital scale, and industry reputation [2] - The industry has seen increased concentration due to rapid mergers and acquisitions driven by substantial capital influx [2] Q&A Highlights - The company noted that the performance of acquired subsidiaries post-earnings guarantee period is expected to show continued growth in digital marketing revenue [3] - There are notable differences in programmatic buying technology between domestic and international markets due to varying media environments [3]

证券代码：002131 证券简称：利欧股份 利欧集团股份有限公司投资者关系活动记录表 编 号 ： 2018- 001 | --- | --- | --- | --- | |------------------|-----------------------------------------------|--------------------------------------------------------------------------------------------------------|----------------------------------------------------------| | | | | | | 投资者关系活动类 | ■ | 特定对象调研 □分析师会议 | | | | □ 媒体采访 □业绩说明会 □ 新闻发布会 □路演活动 | | | | 别 | □ | 现场参观 □一对一沟通 | | | | □ 其他 | | | | | 1 | 、天风证券股份有限公司 徐景春 | | | | 2 | 、海通证券股份有限公司 孙小雯 | | | | 3 | 、海通证券股 ...

Group 1: Business Structure and Operations - The company operates under a dual-driven model of "mechanical manufacturing + internet" [2] - The mechanical manufacturing segment includes the production of pumps, garden machinery, cleaning, and plant protection machinery, with a complete industrial chain in the pump sector [2] - The company has established three major production bases in China: Taizhou (civil pumps), Xiangtan (industrial pumps), and Dalian (petrochemical pumps) [2] Group 2: Market Presence and Export - The civil pump production base in Taizhou exports to over 140 countries, with Europe being the largest market [2] - The industrial pump base in Xiangtan covers a land area of over 200 acres and is a leading brand in domestic large-scale water conservancy projects [3] - The Dalian petrochemical pump base is a key supplier for major chemical industries in China, with some products recognized as industry-leading [3] Group 3: Digital Marketing and Growth - The digital marketing segment has seen a slowdown in overall growth, with significant increases in short video and live streaming sectors, where short video revenue has surpassed RMB 100 billion [3] - The company achieved over 100% growth in short video business volume compared to the previous year [3] - The company is focusing on optimizing its team and adapting to changes in live streaming to enhance creative capabilities [3] Group 4: Financial Insights and Future Plans - Approximately 6% of convertible bonds have not been converted into company stock, which could save financial costs upon conversion [4] - The company plans to strengthen its capabilities in advertising production and live streaming, including overseas live streaming [6] - For 2020, the company aims to maintain its position as a top three agent for short videos on platforms like Toutiao and Kuaishou [5]