股票代码：002354 股票简称：天娱数科 编号：2025—019 天娱数字科技（大连）集团股份有限公司 第六届董事会第二十一次会议决议公告 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"）第六届董事 会第二十一次会议通知于 2025 年 4 月 18 日以通讯方式发出，会议于 2025 年 4 月 24 日以现场和通讯表决相结合的方式在公司会议室召开，会议应出席董事 9 名， 实际出席董事 8 人，缺席 1 人（公司董事郭柏春先生因被宁夏回族自治区监察委 员会实施留置，无法正常履职）。会议召集、召开符合《中华人民共和国公司法》 《公司章程》及公司《董事会议事规则》的规定，会议合法有效。本次会议由公 司董事长徐德伟先生主持，公司董事审议通过如下议案： 一、 审议通过《关于2025年第一季度报告的议案》 具体内容详见与本公告同日在《中国证券报》《上海证券报》《证券日报》 《证券时报》及巨潮资讯网（www.cninfo.com.cn）披露的《2025 年第一季度报告》。 表决结果：同意票8票，反对票0票，弃权 ...

天娱数科（002354）公告，2025年第一季度营收为4.85亿元，同比增长31.15%；净利润为524.17万元， 同比下降60.61%。 ...

Financial Performance - The company's revenue for Q1 2025 was ¥485,004,145.06, representing a 31.15% increase compared to ¥369,821,532.83 in the same period last year[4] - Net profit attributable to shareholders decreased by 60.61% to ¥5,241,667.53 from ¥13,306,635.57 year-on-year[4] - Total operating revenue for the current period reached ¥485,004,145.06, a significant increase from ¥369,821,532.83 in the previous period, representing a growth of approximately 31.1%[21] - Net profit for the current period was ¥4,712,341.26, down from ¥19,774,657.50 in the previous period, indicating a decline of approximately 76.2%[22] - Basic earnings per share for the current period were ¥0.0032, down from ¥0.0080 in the previous period, reflecting a decrease of 60%[22] Cash Flow - The net cash flow from operating activities improved significantly, with a net outflow of ¥715,875.87, a 97.97% reduction from a net outflow of ¥35,347,280.07 in the previous year[4] - Operating cash inflow for the current period was ¥742,090,675.31, an increase of 10.1% from ¥674,035,382.68 in the previous period[23] - Cash inflow from investment activities totaled ¥13,964,601.77, down 50.0% from ¥27,984,287.14 in the previous period[23] - Net cash outflow from investment activities was ¥18,752,225.03, a decrease from a net inflow of ¥15,892,524.92 in the previous period[23] - Cash inflow from financing activities was ¥20,317,770.65, an increase from ¥9,000,000.00 in the previous period[24] - Net cash outflow from financing activities was ¥13,724,604.42, compared to a net inflow of ¥5,717,439.53 in the previous period[24] - The net increase in cash and cash equivalents was a decrease of ¥32,675,587.86, compared to a decrease of ¥14,273,868.59 in the previous period[24] - The ending balance of cash and cash equivalents was ¥277,100,720.22, down from ¥355,871,110.39 in the previous period[24] Assets and Liabilities - Total assets increased by 3.71% to ¥1,831,283,959.53 from ¥1,765,841,982.69 at the end of the previous year[4] - Total liabilities rose to ¥584,623,104.18 from ¥503,574,361.78, an increase of approximately 15.9%[20] - The company's total current assets increased from RMB 966,562,259.09 to RMB 1,009,775,664.62, marking an increase of approximately 4.5%[18] - The company's fixed assets rose from RMB 44,080,738.33 to RMB 45,840,081.79, indicating an increase of about 4%[18] - The equity attributable to shareholders of the parent company was ¥1,226,335,501.33, slightly up from ¥1,220,694,471.03, showing a marginal increase of about 0.5%[20] Operating Costs and Expenses - The company reported a 51.66% increase in operating costs, primarily due to rising data traffic business costs[8] - Total operating costs increased to ¥474,748,010.91 from ¥339,300,026.90, reflecting a rise of about 39.9%[21] - Research and development expenses decreased by 32.61%, indicating a reduction in investment in this area compared to the previous year[8] - Research and development expenses decreased to ¥9,369,975.73 from ¥13,903,429.68, a reduction of approximately 32.8%[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 245,813[10] - The total number of circulating shares held by the top 10 unrestricted shareholders amounts to 121,000,000 shares, with the largest shareholder holding 48,523,319 shares, representing 4.53% of the total share capital[11] Other Financial Activities - The company has approved a guarantee of up to RMB 170 million for its subsidiary, Shanxi Pengjing Technology Co., Ltd., as part of a renewal of previous agreements[12] - The company received a judicial enforcement payment of RMB 29,725,574.54 related to an arbitration case involving its subsidiary, Beijing Tianshen Interactive Technology Co., Ltd.[14] - The total non-current assets include goodwill valued at RMB 544,022,808.20, unchanged from the previous period[18] - The company's total liabilities and equity structure remains stable, with no significant changes reported in the shareholder structure or major financing activities[12] Accounting and Auditing - The company did not undergo an audit for the first quarter report[25] - The company plans to implement new accounting standards starting from 2025[26]

Group 1 - The cloud computing sector experienced a decline at the beginning of trading, with Starlight Holdings (002076) hitting the daily limit down [1] - Kingsoft Office fell over 6%, indicating a significant drop in its stock price [1] - Other companies such as Lifan Technology (300344), Zhejiang University Network New (600797), and Tianyu Digital Technology (002354) also saw notable declines [1]

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]