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].

Group 1: Financial Performance - In 2024, the company's revenue was 1.579 billion, a year-on-year decline of 10.38% [1] - Data traffic business revenue decreased by 8.14% to 1.537 billion, accounting for 97.35% of total revenue [1] - The net profit attributable to the parent company was -118 million, a year-on-year narrowing of 89.15% [1] - Non-recurring net profit attributable to the parent company was -195 million, a year-on-year narrowing of 80.76% [1] - The primary reason for the loss was the decline in operating performance of certain affiliated companies, leading to asset impairment provisions [1] Group 2: AI-Driven Platforms and Business Development - The company has made significant breakthroughs in three major AI-driven platforms, focusing on digitalization, intelligence, and globalization [2] - In the AI marketing SaaS platform, over 6,700 AI-generated scripts were produced, accounting for 22.07% of total scripts, and 188,000 AI-generated videos, making up 9.4% [2] - The e-commerce live streaming sector saw 4.788 million total interactions, with AI interactions exceeding 3.95 million, representing 82.49% [2] - The mobile application distribution PaaS platform registered 336 million users by the end of 2024, with an increase of approximately 24 million users year-on-year [2] - The platform features over 7,600 applications, including major apps like Douyin and WeChat, and has integrated several leading AI products [2] Group 3: Global Expansion and User Growth - The company is actively pursuing global expansion, with its gaming platform successfully entering overseas markets [3] - The gaming platform has 67 cooperative games and 9 self-developed games, covering 19 countries and regions [3] - In 2024, the total new users reached 305,800, with cumulative users at 2 million [3] - The overseas mobile application distribution platform 3u tools surpassed 49.62 million cumulative users in 2024, with an average of 2.44 million monthly active users [3] Group 4: Profit Forecast and Valuation Analysis - The company forecasts net profit attributable to the parent company to grow by 145.07%, 10.22%, and 16.51% from 2025 to 2027, reaching 53.15 million, 58.59 million, and 68.26 million respectively [4] - The current stock price corresponds to a PE ratio of 170X, 154X, and 132X for 2025 to 2027 [4]

Core Insights - Tianyu Digital Technology (Dalian) Group Co., Ltd. significantly reduced its losses in 2024, reporting a revenue of 1.579 billion yuan, a year-on-year decrease of 10.38%, and a net profit loss of 118 million yuan, a year-on-year reduction in losses of 89.15% [2] Group 1: Business Performance - The company achieved a revenue of 1.579 billion yuan in 2024, reflecting a decline of 10.38% compared to the previous year [2] - The net profit loss for the company was 118 million yuan, which represents a significant reduction in losses by 89.15% year-on-year [2] Group 2: Technological Development - In 2024, the company integrated "data elements ×" with "artificial intelligence +" to strengthen its technological foundation and continued to focus on intelligent fields [2] - The company registered five datasets in the embodied intelligence field, including "6D motion capture long-range data" for humanoid robots [2] - The company developed a robust model matrix with algorithms that received approval from the National Internet Information Office [2] Group 3: Product and Service Offerings - The AI marketing SaaS platform, based on the smart advertising model, provides comprehensive AI marketing services for various brand clients and small to medium-sized businesses [3] - The company is building a general intelligence solution platform called Behavision, integrating data collection hardware and multi-modal data processing technology [3] - The company has seen growth in its global operations, obtaining TikTok service provider qualifications in multiple countries and regions [3] Group 4: Strategic Direction - The company aims to become a leading digital technology enterprise with international competitiveness by leveraging digitalization, intelligence, and globalization as its development strategies [4]

Group 1 - Tianyu Digital Technology (002354.SZ) released its 2024 annual report on April 18, 2025, with 25 institutional investors holding a total of 138 million shares, accounting for 8.32% of the total share capital [1] - The top ten institutional investors collectively hold 8.27% of the shares, with a decrease of 0.52 percentage points compared to the previous quarter [1] - Two public funds reduced their holdings compared to the previous quarter, with a total reduction of 0.52%, while 20 new public funds were disclosed, including several ETFs [1] Group 2 - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings slightly, while UBS AG was the only new foreign institution disclosed this period [2]

Core Insights - The company reported a revenue of 1.579 billion yuan for 2024, with a net loss of 118 million yuan, which represents a significant reduction in losses by 89.15% compared to 2023 [1] - The company is focusing on enhancing its technological foundation by integrating data elements with artificial intelligence to strengthen its capabilities in the intelligent sector [1][7] Financial Performance - The company experienced a net loss of 118 million yuan, attributed to the decline in performance of some subsidiaries and associates, leading to asset impairment provisions [1] - Despite the loss, the company achieved a continuous increase in gross profit margin over three years, and operating expenses decreased year-on-year, indicating improved overall operational quality [1] Technological Development - The company has built a comprehensive data chain covering generation, collection, storage, processing, analysis, service, and security, accumulating approximately 4.78 million marketing video materials and over 120,000 sets of 3D data [2] - Five datasets related to embodied intelligence have been registered as data assets, showcasing the company's advancements in 3D scenarios and multimodal data [2] Business Platforms - The AI marketing SaaS platform has produced over 30,500 script materials, with AI-generated scripts accounting for 22.07%, and 200,400 short videos, with AI-generated videos making up 9.4% [3] - The mobile application distribution platform has registered 336 million users and listed over 7,600 applications, enhancing user engagement through the introduction of various AI products [4] Global Expansion and Industry Impact - The company is actively expanding its digital economy footprint, with around 800 enterprises in its Shanxi park, covering various sectors such as digital manufacturing and digital healthcare [6] - The company has achieved significant growth in overseas markets, with 67 cooperative games and 9 self-developed games launched across 19 countries, accumulating a total of 2 million users [6] Future Strategy - The company aims to become a leading international digital technology enterprise by focusing on digitalization, intelligence, and globalization, leveraging vast data and intelligent algorithms [7]

股票代码：002354 股票简称：天娱数科 编号：2025—017 天娱数字科技（大连）集团股份有限公司 关于举行 2024 年年度报告网上业绩说明会的公告 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，没有虚 假记载、误导性陈述或重大遗漏。 天娱数字科技（大连）集团股份有限公司（以下简称"公司"）于 2025 年 4 月 18 日在巨潮资讯网（http://www.cninfo.com.cn）上披露《2024 年年度报告》 及《2024 年年度报告摘要》。 为便于广大投资者进一步了解公司 2024 年年度经营情况，公司定于 2025 年 5 月 9 日下午 15:00 至 17:00 在进门财经举行 2024 年度网上业绩说明会。本次年 度业绩说明会将采用网络远程的方式举行，投资者可登陆进门财经路演平台 （https://s.comein.cn/bwaf7i1u）或进门财经手机端入口（首页-搜索"天娱数科" 进入会议）参与本次网上业绩说明会。 为充分尊重投资者、提升交流的针对性，现就公司 2024 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。投资者可于 2025 年 ...

天娱数字科技（大连）集团股份有限公司 2024 年度监事会工作报告 2024 年度，公司监事会全体成员严格按照《公司法》《证券法》《公司章程》 及《监事会议事规则》的有关规定，在公司董事会和各位股东的大力支持、密切配 合下，本着恪尽职守、勤勉尽责的工作态度，依法独立行使职权，全力保障股东权 益、公司利益和员工的合法权益。对公司依法运作、重大决策和决议的形成、表决 程序进行了监督和审查，对公司董事及高级管理人员的履职情况进行了监督，保障 公司规范运作，促进公司持续、健康发展，切实维护了公司利益和全体股东的合法 权益。 现将监事会 2024 年度的主要工作报告如下： 一、2024 年监事会工作情况 监事会严格按照有关规定，认真履行职责，2024 年度监事会共召开了 4 次会 议，审议通过了 11 项议案。全体监事按照规定参加了每次会议，并积极列席股东 大会和董事会，对相应议案提出审议意见并表决，会议形成的决议按照规定予以公 告。 报告期内，公司监事会共召开 4 次会议： （二）第六届监事会第九次会议 1 第六届监事会第九次会议通知于 2024 年 4 月 26 日以通讯方式发出，会议于 2024 年 4 月 29 ...

（一）机构信息 机构名称：北京德皓国际会计师事务所（特殊普通合伙）（原"北京大华国 际会计师事务所（特殊普通合伙）"，以下简称"北京德皓国际"） 成立日期：2008 年 12 月 8 日 天娱数字科技（大连）集团股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情况评估 及履行监督职责情况报告 根据《中华人民共和国公司法》《国有企业、上市公司选聘会计师事务所管 理办法》《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》和天娱数字科技（大连）集团股份有限公司（以下简称"公司"）的《公 司章程》等要求，公司董事会审计委员会勤勉尽责，认真履职，现将董事会审计 委员会对会计师事务所 2024 年度履职评估及履行监督职责的情况报告如下： 一、2024 年度会计师事务所的基本情况 组织形式：特殊普通合伙 注册地址：北京市西城区阜成门外大街 31 号 5 层 519A 首席合伙人：杨雄 截至 2024 年 12 月 31 日，北京德皓国际合伙人 66 人，注册会计师 300 人， 签署过证券服务业务审计报告的注册会计师人数 140 人。 2024 年度收入总额为 43,506.21 万 ...

天娱数字科技（大连）集团股份有限公司 2024年度内部控制自我评价报告 天娱数字科技（大连）集团股份有限公司全体股东： 根据财政部、证监会等部门联合发布的《企业内部控制基本规范》及 其配套指引的规定和其他内部控制监管要求（以下简称"企业内部控制 规范体系"），结合本公司（以下简称"公司"）内部控制制度和评价 办法，在内部控制日常监督和专项监督的基础上，我们对公司2024年12 月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一、 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制， 评价其有效性，并如实披露内部控制评价报告是公司董事会的责任。监事 会对董事会建立和实施内部控制进行监督。经理层负责组织领导企业内部 控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证 本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内 容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财 务报告及相关信息真实完整，提高经营效率和效果，促进实现发展战略。 由于内部控制存在的固有局限性，故仅能为实现上述目标提供合理保证 ...