经表决，会议审议通过了以下议案： （一）审议通过《关于 2023-2025 年员工持股计划之首期员工持股计划第一 个归属期考核指标达成的议案》 公司 2023-2025 年员工持股计划之首期员工持股计划（以下简称"本次员工 持股计划"）的锁定期已于 2025 年 2 月 1 日届满。根据《北京元隆雅图文化传 播股份有限公司 2023-2025 年员工持股计划（草案）》（以下简称"《持股计划 草案》"）、《北京元隆雅图文化传播股份有限公司 2023-2025 年员工持股计划 管理办法》等相关规定，以及本次员工持股计划第一个归属期考核结果，本次员 工持股计划参加对象合计 22 人，其中，16 人的个人绩效考核评级为优秀，个人 层面归属比例为 100%；1 人的个人绩效考核评级为合格，个人层面归属比例为 北京元隆雅图文化传播股份有限公司 关于第五届监事会第四次会议决议的公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 2025 年 5 月 8 日，北京元隆雅图文化传播股份有限公司（简称"公司"）第五 届监事会第四次会议以现场方式召开（本次会议通 ...

第五届董事会第四次会议决议公告 证券代码：002878 证券简称：元隆雅图 公告编号：2025-026 北京元隆雅图文化传播股份有限公司 关于第五届董事会第四次会议决议的公告 本公司及全体董事会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。 一、会议召开情况 2025 年 5 月 8 日，北京元隆雅图文化传播股份有限公司（简称"公司"）第 五届董事会第四次会议以现场结合通讯方式召开（本次会议通知于 2025 年 4 月 30 日以邮件形式送达全体董事）。公司董事应到 7 人，实到 7 人，公司部分高 级管理人员列席会议。本次会议的召开和表决程序符合《中华人民共和国公司法》 及《北京元隆雅图文化传播股份有限公司章程》相关规定。会议由董事长孙震主 持。 二、决议情况 经表决，会议审议通过了以下议案： （一）审议通过《关于 2023-2025 年员工持股计划之首期员工持股计划第一 个归属期考核指标达成的议案》 公司 2023-2025 年员工持股计划之首期员工持股计划（以下简称"本次员工 持股计划"）的锁定期已于 2025 年 2 月 1 日届满。根据《北京元隆雅图文化传 播股份有限 ...

Group 1: Business Overview - The company focuses on creative design, driven by the "Big IP + Technology" strategy, covering two main business segments: "Comprehensive Marketing" and "IP Cultural Creation" [2][3] - Comprehensive Marketing provides integrated marketing services including gifts, digital marketing, new media advertising, and WEB3 marketing to well-known enterprises across various industries [3] - IP Cultural Creation offers a range of cultural creative products, including licensed souvenirs, physical and digital IP products, and virtual IP scenarios, leveraging both international and domestic IPs [3] Group 2: Future Development Plans - The company aims to ensure stable growth in B-end marketing while significantly expanding C-end IP cultural business to create a second growth curve [3] - New projects include expanding IP resource reserves, developing a series of C-end retail products, and establishing a multi-channel retail layout combining offline stores, online e-commerce, and new retail [3][5] Group 3: Regional Revenue Insights - In 2024, revenue in North China increased by 92.34%, while revenue in Southwest China decreased by 84.68%, attributed to changes in client business within those regions [4] - The increase in North China was primarily driven by financial clients, while the previous high in Southwest China was due to the Chengdu Universiade and strong liquor client revenues [4] Group 4: Competitive Advantages - The company maintains a competitive edge through integrated service capabilities, including advertising creativity, product design, IP resources, supply chain management, and digital marketing [4] - Key advantages include a comprehensive marketing capability, top-tier creative design skills, strong supply chain resources, and a robust client base consisting of leading enterprises [4] Group 5: New Media Marketing Strategies - To address rising traffic costs and media fragmentation, the company focuses on efficiency and integrated marketing, leveraging AI tools for smart analysis and optimization across the marketing chain [5] - The integration of new media marketing with gift products enhances overall marketing service capabilities, improving client marketing effectiveness and brand influence [5] Group 6: IP Cultural Business Expansion - The company has signed agreements with notable IPs such as Universal Pictures, NBA, and KakaoFriends for cultural product development and sales [5][6] - Plans for 2025 include deepening collaborations with local cultural tourism departments and museums, expanding the variety and quantity of quality IPs, and launching impactful products [5][6] Group 7: Event Licensing and Retail Plans - The company has secured licensing for the 2025 Chengdu World Games and the Greater Bay Area Games, focusing on product development and sales based on past successful experiences [6][8] - Plans for 2025 include expanding self-operated offline channels and establishing various retail formats, including cultural life museums and specialty stores [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing steady revenue growth, driven by its "Big IP + Technology" strategy, which is accelerating its implementation [1] - The marketing business is ensuring overall revenue growth, with promotional services becoming a significant growth driver [7] - The company is expanding its IP resource reserves and developing IP cultural products, forming a matrix of "National Trend" and "International" IP [7] - The company has successfully obtained licensing for major events, which is expected to contribute additional profits in 2025 [7] Financial Data and Valuation - Revenue is projected to grow from 2,692 million in 2023 to 3,883 million by 2027, with a CAGR of approximately 10.8% [3] - The net profit attributable to the parent company is expected to recover from a loss of 184 million in 2024 to a profit of 167 million by 2027 [3] - The gross margin is expected to improve from 15.5% in 2023 to 17.4% in 2027 [3] - The earnings per share (EPS) is projected to increase from 0.09 in 2023 to 0.64 in 2027 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 160.1 in 2023 to 22.6 in 2027, indicating improved valuation [3] Market Performance - The company's stock price as of April 30, 2025, was 14.46 [4] - The total market capitalization is approximately 3,788.23 million [4] - The company has experienced a relative return of 1.5% over the past month [6]

Core Viewpoint - The company reported a revenue of 2.79 billion yuan for 2024, reflecting a year-on-year increase of 3.65%, but a significant net loss of 184 million yuan, primarily due to substantial goodwill impairment and changes in revenue structure impacting gross margin [1][2] Revenue and Profitability - The revenue structure change led to a pressure on gross margin, with a comprehensive gross margin of 13.83%, down 1.62 percentage points year-on-year, mainly due to the increased proportion of low-margin virtual redemption business in promotional services [2] - The company recognized a goodwill impairment loss of 171 million yuan in 2024, significantly affecting the net profit attributable to shareholders [2] - For Q1 2025, the revenue was 685 million yuan, a year-on-year increase of 15.4%, but the comprehensive gross margin decreased to 14.96%, down 4.99 percentage points, again due to the higher proportion of low-margin promotional services [2] Strategic Initiatives - The "Big IP + Technology" strategy is accelerating, with significant progress in developing IP cultural products and expanding channels, leading to a rapid increase in product categories and SKUs [2] - The company is actively expanding its offline channels, including self-operated cultural life museums, specialty stores, pop-up stores, airport stores, high-speed rail stores, and vending machines, while also developing online IP e-commerce and WeChat stores [2] Licensing and Event Participation - The company has expanded its licensed business rights, successfully operating exclusive licensed products for the 2025 Harbin Winter Universiade on the JD platform and opening numerous retail stores for licensed products [3] - The company has also obtained licensing qualifications for the 2025 Chengdu World University Games and the Greater Bay Area National Games, and is currently developing and selling related products [3] Earnings Forecast and Valuation - Based on the revenue structure changes and gross margin trends, the company adjusted its net profit forecasts for 2025-2027 to 93 million, 113 million, and 133 million yuan, with adjustments of +9.07% and +10.84% for 2025 and 2026 respectively [4] - The target price is set at 16.1 yuan, corresponding to a 46 times PE for 2025, reflecting the gradual release of the "Big IP + Technology" strategy's effectiveness [4]

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

Group 1 - The company has established a multi-dimensional product matrix in the IP cultural and creative sector, combining "national trend + international IP + licensing" since 2023 [1] - The company has launched the "Four Seasons Tiananmen Refrigerator Magnet" series in collaboration with Beijing Tiananmen Tourism Service Group, enhancing brand influence through interactive experiences [1] - The self-owned brand "Qidian WOW!dea" has released cultural tourism series products that deeply integrate intangible cultural heritage [1] Group 2 - The company has demonstrated resource integration capabilities in large-scale event services, evidenced by the launch of ice and snow products for the Harbin Asian Winter Games and the 15th National Games [2] - The differentiated product strategy has driven revenue growth, with projected revenue of 2.79 billion yuan in 2024, a year-on-year increase of 3.65%, and 685 million yuan in Q1 2025, a year-on-year increase of 15.4% [2] - The company is accelerating the construction of a "B-end + C-end" dual-drive model, focusing on both enterprise clients and innovative offline cultural experience venues [2] Group 3 - The 33rd China Shenzhen Gift Exhibition was held from April 25 to 28, attracting over 4,500 exhibitors and covering the entire industry chain [3] - The company showcased over a thousand products at the exhibition, highlighting its strategic transformation in IP and immersive cultural experiences [3]

北京元隆雅图文化传播股份有限公司 2024年度独立董事述职报告 （栾甫贵） 本人作为北京元隆雅图文化传播股份有限公司（以下简称"公司"）第四 届、第五届董事会独立董事，2024年度严格按照《公司法》《证券法》和《上 市公司独立董事管理办法》等相关法律法规以及《公司章程》的规定和要求， 勤勉尽责履行独立董事法定的责任和义务，积极出席了相关会议，对公司的业 务发展及经营管理提出合理的建议，充分发挥独立监督作用，维护公司和股东 的利益。现将2024年度本人履行独立董事职责的工作情况报告如下： 一、独立董事的基本情况 本人栾甫贵，男，1961年出生，博士，中国注册会计师（非执业），现任 首都经济贸易大学会计学院教授、博士生导师。曾任黑龙江八一农垦大学农经 系副主任、副教授，天津商学院会计系主任、教授，北京工业大学经管学院会 计系主任、教授。曾荣获国内贸易部"有突出贡献的科学、技术、管理专家"、 财政部会计名家等荣誉以及中国会计学会优秀论文奖、中国会计学会财务成本 分会"中洲光华杯学术创新奖"、北京市精品教材奖、黑龙江省优秀教学成果 一等奖、北京高校优质本科教材奖等奖励，兼任中国会计学会会计教育专业委 员会委员职务。 ...

北京元隆雅图文化传播股份有限公司 （一）董事会、股东大会出席情况 出席会议情况如下： | 本报告期 | 现场出席 | 以通讯方 | 委托出席 | 缺席董 | 是否连续两次 | 出席股东 | | --- | --- | --- | --- | --- | --- | --- | | 应参加董 | 董事会次 | 式参加董 | 董事会次 | 事会次 | 未亲自参加董 | 大会次数 | | 事会次数 | 数 | 事会次数 | 数 | 数 | 事会会议 | | | 2 | 1 | 1 | 0 | 0 | 否 | 1 | 报告期本人任职期间内，公司董事会、股东大会的召集、召开均符合法定 程序，本人对各次董事会审议的各项议案均投了赞成票，未提出异议。 2024年度独立董事述职报告 （刘维刚） 本人作为北京元隆雅图文化传播股份有限公司（以下简称"公司"）第五 届董事会独立董事，2024年度严格按照《公司法》《证券法》和《上市公司独 立董事管理办法》等相关法律法规以及《公司章程》的规定和要求，勤勉尽责 履行独立董事法定的责任和义务，积极出席了相关会议，对公司的业务发展及 经营管理提出合理的建议，充分发挥独立监督作用，维护公司和 ...