证券代码：002878 证券简称：元隆雅图 公告编号：2025-044 北京元隆雅图文化传播股份有限公司 关于公司控股股东部分股权质押延期购回的公告 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。 北京元隆雅图文化传播股份有限公司（以下简称"公司"或"本公司"）于近日 收到公司控股股东元隆雅图（北京）投资有限公司（以下简称"元隆投资"）的通 知，获悉元隆投资对其所持有的公司部分股权进行了质押延期购回，具体事项如 下： 一、股东股份质押延期购回的基本情况 | 是 | 是 | 是否为控 | 否 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 占公司 | 否 | 质押 | 质 | 股股东或 | 占其所 | 为 | 质押 | 原质 | 东 | 本次质押 | 目前总 | 为 | 延期 | 质权 | 押 | | 第一大股 | 持股份 | 补 | 起 ...

Market Overview - On September 1, the advertising and marketing sector rose by 3.18%, with Xinhua Dou leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Xinhua Dou (002264) closed at 7.65, up 10.07% with a trading volume of 229,700 shares and a turnover of 171 million yuan [1] - Yuanlong Yatu (002878) closed at 20.32, up 10.02% with a trading volume of 580,300 shares and a turnover of 1.172 billion yuan [1] - Zhiduo Co. (000676) closed at 12.76, up 10.00% with a trading volume of 773,900 shares and a turnover of 972 million yuan [1] - Other notable stocks include Qitian Technology (300061) up 6.06% and Huamei Holdings (000607) up 4.75% [1] Capital Flow - The advertising and marketing sector saw a net inflow of 712 million yuan from institutional investors, while retail investors experienced a net outflow of 166 million yuan [2] - Major stocks like Yuanlong Yatu and Zhiduo Co. had significant net inflows from institutional investors, indicating strong interest [3] Individual Stock Analysis - Yuanlong Yatu had a net inflow of 380 million yuan from institutional investors, representing 32.46% of its trading volume [3] - Zhiduo Co. saw a net inflow of 238 million yuan, accounting for 24.51% of its trading volume [3] - Xinhua Dou experienced a net inflow of 67.61 million yuan, which was 39.61% of its trading volume [3]

Core Insights - The company achieved operating revenue of 1.391 billion yuan in the first half of 2025, representing a year-on-year growth of 15.37%, while the net profit attributable to shareholders was a loss of 0.05 billion yuan, indicating a gradual narrowing of losses [1] - The company is experiencing continuous growth in core business revenue, with significant contributions from promotional services and licensed merchandise, which are expected to grow further due to upcoming events [1][2] Financial Performance - In Q2 2025, the company reported operating revenue of 735 million yuan and a net profit loss of 0.09 billion yuan [1] - The promotional services and gifts business generated a combined revenue of 1.1 billion yuan, showing a year-on-year increase of 63.89% [1] - The licensed merchandise business achieved revenue of 24.4694 million yuan, with a year-on-year growth of 74.50% and a gross margin of 30.84%, up 15.61% year-on-year [1] Business Development - The company has established a wholly-owned subsidiary, Yuanlong Yuanchuang Culture (Beijing) Co., Ltd., and launched a retail sub-brand "Yuanlong Yuanchuang" [2] - The company has opened its first retail space in Beijing and deployed NBA cultural vending machines in major cities including Beijing, Shanghai, Hangzhou, and Shenzhen [2] - Online channels have been expanded with flagship stores on platforms such as JD.com, Xiaohongshu, Douyin, and Tmall [2] Future Outlook - The company anticipates continued growth in licensed merchandise revenue, driven by events such as the Chengdu Universiade and the Guangdong-Hong Kong-Macao Greater Bay Area Games [1] - Profit forecasts for 2025-2027 are projected at 0.78 billion yuan, 1.19 billion yuan, and 1.64 billion yuan respectively, with EPS estimates of 0.30, 0.46, and 0.63 yuan per share [2] - The company maintains a "buy" rating based on stable growth in marketing services and ongoing product development and channel expansion [2]

Core Insights - Yuanlong Yatu's new retail brand "Yuanlong Yuanchuang" opened its first store in Beijing, marking a significant shift from B2B to B2C retail, which is seen as the beginning of a "retail year" for large IP cultural products [1] - The company aims to leverage its strengths in creative design, advertising, and supply chain management to connect directly with consumers, creating a dual-driven strategy of B+C [1][3] Group 1 - The first store features nearly 20 international and proprietary IPs, offering around 400 SKUs, including popular characters from Universal Pictures and local cultural elements [2] - The store design allows for future replication and expansion, with 70% of the space dedicated to standardized IP products and 30% to localized cultural displays [2][3] - The company plans to integrate digital technology with offline experiences, enhancing consumer interaction and feedback [3] Group 2 - Yuanlong Yatu's strategy includes a rich IP matrix, deep exploration of local culture, and customized product capabilities, supported by partnerships with major brands like Universal Pictures [4][5] - The company is actively developing domestic cultural products and collaborating with various organizations to create popular items that quickly convert in tourism markets [5] - The integration of B2B and B2C operations is expected to enhance market interaction and create a more efficient business cycle [3][6] Group 3 - The company's future plans involve utilizing digital tools to create immersive experiences, aiming to establish a unique retail model that balances scalability and differentiation [6] - The opening of the first store signals a transformation opportunity for traditional B2B companies, with Yuanlong Yatu focusing on both international and domestic IPs to drive growth [6]

Group 1 - The State Council emphasizes the importance of developing the sports industry and consumption as part of the strategy to expand domestic demand, aiming to increase the supply of sports products and enhance the quality of the sports industry [1] - The 15th National Games, being held in the Guangdong-Hong Kong-Macao Greater Bay Area, is expected to boost the sports industry and consumption market, aligning with the government's strategic goals [1] - Yuanlong Yatu, as the official licensed merchandise producer and retailer for the National Games, is actively responding to policy directions and event demands by opening multiple retail stores in Hong Kong and Macau [1][2] Group 2 - The 15th National Games marks the first time the event is jointly hosted by Hong Kong and Macau, creating a significant historical milestone [2] - Yuanlong International has launched over a hundred official licensed products in Hong Kong, including unique items that blend local culture with sports elements, enhancing the event's appeal [2] - In Macau, the first licensed store opened on August 1, with plans for further expansion to increase the event's presence in daily life [2] Group 3 - The licensed products serve as a bridge between the sports event and Hong Kong's unique culture, providing a way for citizens and tourists to engage with the sporting spirit [3] - The mascots of the event are inspired by the Chinese white dolphin, symbolizing the connection between sports and cultural significance [3] Group 4 - Yuanlong Yatu has extensive experience in IP operation and licensed merchandise development, having participated in numerous major sports events, showcasing its comprehensive operational capabilities [4] - The simultaneous opening of multiple stores in Hong Kong and Macau is a key practice for the company's retail strategy and international expansion [4] - The National Games is not only a sports event but also a cultural celebration, with Yuanlong Yatu aiming to transform the event's spirit into tangible cultural experiences [4]

Group 1 - The 15th National Games (Greater Bay Area National Games) is approaching, leading to increased excitement around the event [1] - Yuanlong Yatu Cultural Communication Co., Ltd. is the official licensed merchandise producer and retailer for the event, launching multiple retail stores in Hong Kong and Macau [1] - In Hong Kong, Yuanlong International has opened stores in Kai Tak Sports Park and Wanchai, and partnered with West Kowloon Station to create a retail outlet, offering over a hundred licensed merchandise items [1] - The first licensed store in Macau opened on August 1 at Taishi Sports Center, selling various products including toys, badges, and daily necessities [1] - The company plans to expand its licensed stores and self-service vending machines to enhance the event's atmosphere in daily life [1] Group 2 - Yuanlong Yatu is a leading IP operation and licensed merchandise development company, having participated in major sports events such as the Beijing 2008 Olympics and the 2022 Winter Olympics [2] - The simultaneous launch of multiple stores in Hong Kong and Macau is a significant step in the company's retail strategy and international expansion [2] - The company's licensed merchandise revenue has seen growth, primarily driven by the Harbin Winter Universiade, with expectations for continued revenue growth from upcoming events [1][2]

Investment Rating - The report maintains an "Accumulate" rating for the company [7][5]. Core Views - The company achieved a total operating revenue of 1.391 billion RMB in H1 2025, representing a year-on-year increase of 15.37%. The net profit attributable to the parent company was a loss of 0.05 billion RMB, narrowing from a loss of 0.23 billion RMB in the same period last year [1][2]. - The company's "Big IP + Technology" strategy is progressing well, with significant growth in IP business and a positive outlook for future revenue streams [1][3]. Summary by Sections Financial Performance - In H1 2025, the company reported total operating revenue of 1.391 billion RMB, with Q2 revenue at 735 million RMB, reflecting a year-on-year increase of 11.59%. The gross profit margin was 12.54%, down 2.84 percentage points year-on-year [2][1]. - The company incurred a net loss of 0.05 billion RMB, improved from a loss of 0.23 billion RMB in the previous year, primarily due to a decline in gross margin and provisions for inventory and receivables [1][2]. Business Strategy - The company is expanding its IP resources and developing cultural products, with notable revenue growth in licensed merchandise, which reached 0.24 billion RMB, up 74.50% year-on-year [3]. - The company is also enhancing its digital capabilities through the establishment of an AI research institute and the development of a SaaS platform for digital community operations [4]. Profit Forecast and Valuation - The profit forecast for the company remains at 0.93 billion RMB for 2025, with a target price set at 21.65 RMB, corresponding to a PE ratio of 61 times for 2025 [5][8]. - The report indicates that the company is expected to benefit from the synergy of online and offline marketing services, alongside the successful progress of its IP business [5].

Core Viewpoint - Yuanlong Yatu (002878) reported an increase in revenue and a reduction in losses for the first half of 2025, indicating a positive trend in financial performance despite challenges in profitability metrics [1]. Financial Performance Summary - Total operating revenue reached 1.391 billion yuan, a year-on-year increase of 15.37% [1]. - The net profit attributable to shareholders was -4.6072 million yuan, showing an improvement of 80.11% compared to the previous year [1]. - In Q2 2025, operating revenue was 735 million yuan, up 11.59% year-on-year, while the net profit attributable to shareholders was -9.141 million yuan, an increase of 29.47% year-on-year [1]. - Gross margin was 12.54%, down 18.47% year-on-year, while net margin improved to -0.23%, an increase of 86.26% [1]. - Total selling, administrative, and financial expenses amounted to 106 million yuan, accounting for 7.62% of revenue, a decrease of 31.5% year-on-year [1]. - Earnings per share were -0.02 yuan, an increase of 77.78% year-on-year, while operating cash flow per share was 0.36 yuan, up 151.56% year-on-year [1]. Historical Performance Insights - The company's historical median Return on Invested Capital (ROIC) is 17.43%, with the worst year being 2024 at -8.66% [3]. - The company has reported a loss in one of the seven annual reports since its listing, indicating a need for further investigation into the underlying causes of financial performance [3]. - The business model relies heavily on marketing-driven performance, necessitating a deeper analysis of the factors influencing this approach [3]. Cash Flow and Financial Health - The cash flow situation is a point of concern, with cash and cash equivalents to current liabilities ratio at 94.89% [3].

Core Viewpoint - The company reported steady growth in its main business for the first half of 2025, with a revenue of 1.391 billion yuan, representing a year-on-year increase of 15.37% [1] Group 1: Financial Performance - The marketing business revenue continued to grow, achieving 1.1 billion yuan from gift and promotional services, a significant increase of 63.89% year-on-year [1] - The gross profit reached 114 million yuan, up by 22.57% compared to the previous year [1] - The company made provisions for inventory depreciation and bad debts totaling 15.751 million yuan due to an employee embezzlement incident, which did not affect daily operations [1] Group 2: Strategic Initiatives - The company is implementing a "Big IP + Technology" strategy to drive business innovation and strengthen its B-end foundation while expanding its C-end IP cultural and creative business [1][2] - The company has developed a diverse IP matrix across various fields, including sports events, animation, video games, and cultural tourism, creating a multi-layered IP ecosystem [2] - Collaborations with major partners, such as the Shanghai Film Group, have led to the development of popular products based on national IPs, which have seen strong sales [2] Group 3: C-end Retail Expansion - The company is accelerating its C-end retail channel expansion by launching a new retail sub-brand, "Yuanlong Yuanchuang," and opening its first retail space in Beijing [4] - The new retail model integrates IP experience, product retail, and cultural dissemination, aiming to provide immersive cultural consumption experiences [4] - The company is diversifying its offline channels with various retail formats, including self-operated cultural and creative life museums and pop-up stores, while also expanding online presence across major e-commerce platforms [5] Group 4: Future Outlook - The licensed merchandise business achieved revenue of 24.469 million yuan, a year-on-year increase of 74.50%, driven by events like the Harbin Winter Games [6] - The company plans to continue investing in C-end retail IP cultural and creative product design, channel development, and upcoming major events, which is expected to enhance its core competitiveness and open new growth opportunities [6]

Meeting Overview - The fifth meeting of the fifth supervisory board was held in the company's conference room, with all three supervisors present, meeting the legal quorum requirements [1] - The meeting was chaired by the supervisory board chair, Li Ya, and complied with relevant laws and the company's articles of association [1] Resolutions Passed - The supervisory board approved the correction of accounting errors, stating that it aligns with relevant accounting standards and regulations, and the corrected financial data accurately reflects the company's operational and financial status [1] - The board's procedures for reviewing and voting on the accounting error correction were deemed compliant with legal and regulatory requirements, with no harm to the company or shareholders' interests [1] Employee Stock Ownership Plan - The supervisory board approved the recovery of shares and benefits related to the employee stock ownership plan, confirming compliance with the plan's draft and related agreements [2] - The review and voting procedures for this resolution also adhered to legal and regulatory standards, ensuring no detriment to the company or shareholders [2] Financial Reporting - The supervisory board confirmed that the company's 2025 semi-annual report and its summary were prepared in accordance with legal and regulatory requirements, accurately reflecting the company's performance for the first half of 2025 [3] - The board also approved the report on the storage and use of raised funds, affirming compliance with relevant regulations and confirming the absence of any violations [3]