登录新浪财经APP 搜索【信披】查看更多考评等级 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 1.股东股份质押延期购回基本情况 ■ 本次质押延期购回的股份不存在负担业绩补偿义务的情况。 上述股份的首次质押情况，详见公司于2024年9月4日刊登在《证券时报》《中国证券报》《上海证券 报》《证券日报》及巨潮资讯网（http://www.cninfo.com.cn/）的《关于公司控股股东部分股份质押及解 除质押的公告》（公告编号：2024-057）。 2．股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： ■ 二、其他说明 元隆投 ...

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 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董事会 | | | | | | | | 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 | | | | | | | | | | | ...

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]

件：2025 年上半年公司实现营业收入13.91 亿元，同比增长15.37%；归母净利润-0.05 亿元，亏损逐步 收窄。2025 年Q2 实现营业收入7.35 亿元，归母净利润-0.09亿元。公司受员工职务侵占案件影响计提 1575.10 万元。不转增，不分红。 核心业务收入持续增长，特许纪念品收入未来可期。公司部分大客户收入持续增长，礼赠品和促销服务 业务合计实现收入11.00 亿元，同比增长63.89%。上半年营销服务业务（包括礼赠品、促销服务和新媒 体营销）总体实现收入13.63 亿元，同比增长14.61%。公司特许纪念品业务实现收入2446.94 万元，同 比增长74.50%；毛利率为30.84%，同比增长15.61%。上半年特许纪念品收入增长主要由哈尔滨亚冬会 特许业务贡献。随着下半年成都世运会、粤港澳大湾区全运会开幕，特许纪念品业务收入有望持续增长 逐步形成"国潮"+"国际"的IP 矩阵，C 端零售渠道逐步扩张。公司与上影集团旗下子公司上影元开发IP 《大闹天宫》相关产品，并与各地文旅合作运营文旅IP。 投资建议：公司相关营销业务稳健增长，产品开发和渠道开拓并进将拓展C 端市场。预计公司2025 ...

8月，元隆雅图（002878）旗下全新零售品牌"元隆元创"全国首店在北京大吉巷正式开业。对于一家长 期深耕B端市场的企业而言，这不仅是一家门店的开张，更被公司定义为大IP文创"零售元年"的重要起 点。 对于元隆雅图而言，大吉巷首店是一个新起点，更是战略转型的缩影。它不仅是公司零售版图的第一块 拼图，也承载着从B端定制延伸到C端零售、从礼品服务商走向IP文创零售商的雄心。 沉浸式IP文创体验空间 更重要的是，公司在半年报中明确提出，2025年重点投入C端零售IP文创产品设计开发与渠道拓展，并 与世运会、大湾区全运会等大型赛事结合进行IP开发。这意味着大IP文创"零售元年"的战略不仅停留在 门店层面，而是被纳入公司长期投入的增长逻辑中。 作为长期服务头部企业的礼赠品与营销定制龙头企业，元隆雅图在B端领域深耕多年，积累了创意、设 计、广告营销、供应链与客户资源等多重优势。但在消费升级与国潮崛起的当下，从单一依赖B端市场 转向C端零售，也意味着公司开始直接触达消费者，打通"B+C"双轮驱动的战略闭环。 在张小桐看来，C端业务的拓展并非与B端割裂，而是渠道的通联。"我们原来做B端产品，最终也是消 费者在使用，要么是购买 ...

8月22日，国务院常务会议明确指出，发展体育产业和体育消费是落实扩大内需战略的重要内容。要增 加体育产品供给，丰富体育赛事活动，推动体育用品升级。要激发体育消费需求，拓展体育消费场景， 鼓励各地举办体育消费活动，推动体育产业高质量发展。 在澳门，8月1日十五届全运会首家澳门特许店在塔石体育馆盛大开业，店内销售元隆雅图多款玩偶、徽 章、生活用品等多个品类。后期全运会特许店将逐步扩展至更多零售点和自助售卖机，让赛事氛围从赛 场走进日常生活。 让体育文化走进大众生活 7月12日，第十五届全运会香港赛区特许商品发布会在香港文化中心举行。香港特区政府文化体育及旅 游局局长罗淑佩表示："特许商品把体育盛事与香港独特城市文化相结合，为市民与游客提供了感受体 育魅力的重要载体。" 据介绍，赛事吉祥物"喜洋洋"和"乐融融"灵感源自中华白海豚，粉色造型寓意"运动后血管扩张呈现粉 色"，兼具科学巧思与文化温度。百余款商品不仅是观赛纪念品，更是温暖可爱的文化符号，让体育精 神以更亲近的方式融入生活。 当前，第十五届全国运动会（大湾区全运会）已进入倒计时阶段，赛事热度在香港、澳门两地全面升 温，这一盛事的筹备与推进，正积极呼应了此次国 ...

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].