人民财讯9月8日电，据蓝色光标（300058）消息，近日，蓝色光标宣布与英诺天使基金联合领投北京清 蓝智汇科技有限公司(简称"PureblueAI清蓝")，水木清华校友种子基金跟投，投资金额达千万元。蓝色 光标表示，此举是公司自2023年All in AI以来在AI领域的首次战略投资——通过与PureblueAI清蓝的全 方位合作快速抢跑千亿GEO(生成引擎优化)赛道。 ...

行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | 5.6 | 19.9 | 72.7 | | 沪深 300 | 8.4 | 15.1 | 38.0 | 以 AI 为支点撬动国产应用新增量可期 推荐(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn 2025 年 09 月 07 日 ▌本周观点更新 在 AI 加持下文化传媒互联网应用的商业价值有望再次增强， AI 从硬件到应用的螺旋震荡向上发展趋势不变。企业端，9 月阿里云栖大会将举办，将构建 AI 驱动的技术基座、开拓 AI 应用场景的无限边界；政策端，2025 年 8 月国务院推出深入 实施"人工智能+"行动的意见。到 2030 年，我国人工智能 全面赋能高质量发展，新一代智能终端、智能体等应用普及 率超 90%，政策护航有助于推动企业端的 AI 模型与应用迭 代，后续也可关注 DeepSeek 新进展如 AI 智能体模型等，在 AI 应用端，可持续关注在陪伴板块、数字营销板块、内容板 块的新品进展。 ▌本周重点推荐个股及逻辑 ...

于往绩记录期间，公司的营销服务已触达全球近200个国家和地区，累计服务客户超过10万名，其中包 括超过100家《财富中国》500强企业。 此外，补充说明公司及下属公司是否涉及开发、运营网站、小程序、APP、公众号等产品，是否涉及向 第三方提供信息内容，提供信息内容的类型以及信息内容安全保护措施；同时说明收集及储存的用户信 息规模、数据收集使用情况，上市前后个人信息保护和数据安全的安排或措施。 招股书显示，自1996年成立以来，蓝色光标专注于为不同行业的客户提供一站式技术驱动营销服务，满 足客户全生命周期的营销需求。根据弗若斯特沙利文的资料，按照2024年收入计，蓝色光标为最大的中 国营销公司，亦为全球前十大营销传播公司中唯一一家中国企业，排名第十。 9月5日，中国证监会公布境外发行上市备案补充材料要求公示(2025年8月29日—2025年9月4日)。证监 会要求蓝色光标（300058）补充说明公司及下属公司广告设计、代理、广告制作、广告发布、利用自有 媒体发布广告、互联网信息服务、增值电信业务等业务具体开展情况，是否已取得必要的资质许可，经 营范围及实际业务是否涉及限制或禁止外商投资领域，外资持股比例上限规定 ...

同时，按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》，参照对控股 股东及实际控制人的要求，补充说明公司第一大股东基本情况，以及其所持股份的质押或冻结情况，是 否可能导致重大权属纠纷。严格对照《境内企业境外发行证券和上市管理试行办法》第八条的规定，补 充说明是否存在境外发行上市禁止性情形。 此外，补充说明公司及下属公司是否涉及开发、运营网站、小程序、APP、公众号等产品，是否涉及向 第三方提供信息内容，提供信息内容的类型以及信息内容安全保护措施；同时说明收集及储存的用户信 息规模、数据收集使用情况，上市前后个人信息保护和数据安全的安排或措施。 招股书显示，自1996年成立以来，蓝色光标专注于为不同行业的客户提供一站式技术驱动营销服务，满 足客户全生命周期的营销需求。根据弗若斯特沙利文的资料，按照2024年收入计，蓝色光标为最大的中 国营销公司，亦为全球前十大营销传播公司中唯一一家中国企业，排名第十。 于往绩记录期间，公司的营销服务已触达全球近200个国家和地区，累计服务客户超过10万名，其中包 括超过100家《财富中国》500强企业。 智通财经APP获悉，9月5日，中国证监会公布境外发 ...

Market Overview - The advertising and marketing sector experienced a decline of 2.38% on September 3, with the leading company, Sai Group, contributing significantly to this drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Notable declines in individual stocks include: - Yinhai Group (300781) down 6.05% to 41.78 - Zhidu Co. (000676) down 6.01% to 10.79 - Xinhua Du (002264) down 4.73% to 7.25 - Yuanlong Yatu (002878) down 4.32% to 18.61 - Jiayun Technology (300242) down 4.28% to 4.25 [1] Capital Flow Analysis - The advertising and marketing sector saw a net outflow of 810 million yuan from institutional investors, while retail investors contributed a net inflow of 694 million yuan [3] - Key capital flow details include: - Major net inflows were observed in stocks like 兆讯传媒 (301102) with a net inflow of 678.32 million yuan from retail investors [3] - Conversely, stocks like 天地在线 (002995) experienced a net outflow of 514.51 million yuan from institutional investors [3]

Market Overview - The advertising and marketing sector experienced a decline of 3.15% on September 2, with Zhidu Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Zhidu Co., Ltd. saw a significant drop of 10.03%, closing at 11.48, with a trading volume of 2.04 million shares and a transaction value of 2.453 billion [2] - Other notable declines included Tianyu Digital Science at -5.54% and Zhejiang Wenhu Internet at -5.16% [2] - Conversely, Yinhai Group increased by 2.37%, closing at 44.47, with a transaction value of 6.62 billion [1] Capital Flow - The advertising and marketing sector experienced a net outflow of 1.338 billion from institutional investors, while retail investors saw a net inflow of 0.901 billion [2] - The capital flow data indicates that retail investors were more active, with a net inflow of 0.901 billion, compared to the outflow from institutional investors [2] Individual Stock Capital Flow - Yinhai Group had a net inflow of 24.4896 million from institutional investors, while retail investors had a net outflow of 9.784 million [3] - Longyun Co. experienced a net inflow of 7.0104 million from institutional investors, with retail investors also seeing a net outflow [3] - The overall trend shows that institutional investors are pulling back while retail investors are more engaged in the market [3]

Core Insights - The advertising revenue landscape is showing a clear divide, with nearly half of the companies reporting positive growth while the other half struggles, highlighting the shift from traffic-driven success to algorithm efficiency and precision targeting [1][2] - AI technology is becoming a critical factor in redefining the advertising industry, driving competition based on algorithm efficiency and innovation speed, with companies leveraging AI as a key asset for growth [1][2] Company Performance - Tencent's advertising revenue reached 35.8 billion, growing 19.73% year-over-year, marking its 11th consecutive quarter of double-digit growth, driven by AI improvements and a robust WeChat ecosystem [2] - Kuaishou reported advertising revenue of 19.765 billion, up 12.81% year-over-year, with significant contributions from short dramas and local life services, supported by AI technology [3][4] - Bilibili's advertising revenue reached 2.45 billion, growing 20% year-over-year, with strong performance in effect advertising and an increase in advertisers, aided by AI-driven enhancements [5][6] - Xiaomi's advertising revenue was 6.8 billion, up 13.33% year-over-year, benefiting from a growing user base and enhanced AI capabilities for targeted advertising [7][8] - BlueFocus achieved advertising revenue of 18.103 billion, with a year-over-year growth of 20.08%, driven by AI and global expansion strategies [9][10]

Core Insights - The company achieved operating revenue of 32.36 billion yuan in the first half of 2025, representing a year-on-year growth of 4.87%, while net profit attributable to shareholders decreased by 47.33% to 0.096 billion yuan, with no dividends or bonus shares declared [1] - AI technology is deeply empowering various business developments, and the application scenarios for the metaverse are continuously expanding [1] - The company's R&D investment reached 0.035 billion yuan in the first half of 2025, marking a year-on-year increase of 29.55% [2] Revenue and Profitability - The company's internet marketing revenue increased by 4.87% year-on-year [1] - The overseas business accounted for over 80% of total revenue, amounting to 27.005 billion yuan, with both year-on-year and quarter-on-quarter growth [2] - The expected net profit attributable to shareholders for 2025-2027 is projected to be 0.443 billion, 0.466 billion, and 0.5 billion yuan respectively [2] Business Development and Partnerships - The self-developed intelligent marketing platform, Luban, achieved double-digit growth in both year-on-year and quarter-on-quarter revenue, winning multiple awards [1] - The company is enhancing the BlueAI creative platform and collaborating with leading video generation models and Adobe for video production [1] - The company has launched VR exhibitions in various scenic spots and is in discussions for numerous projects, including national museums [1] Strategic Growth and Market Position - Major strategic partnerships with platforms like Meta, Google, and TikTok For Business have shown robust growth in advertising revenue [2] - The global AI-driven advertising platform Moloco continued its rapid growth, becoming a new media growth point [2] - The company is building a differentiated competitive barrier through a dual-driven approach of AI technology and global platform construction [2]

Core Viewpoint - BlueFocus Communication Group (300058) reported a revenue increase but a significant decline in net profit for the first half of 2025, indicating challenges in profitability despite revenue growth [1] Financial Performance - Total revenue for the first half of 2025 reached 32.36 billion yuan, a year-on-year increase of 4.87% compared to 30.86 billion yuan in 2024 [1] - Net profit attributable to shareholders was 96.44 million yuan, down 47.33% from 183 million yuan in the previous year [1] - In Q2 2025, total revenue was 18.10 billion yuan, up 20.07% year-on-year, but net profit dropped to 93780 yuan, a staggering decline of 99.07% [1] Profitability Metrics - Gross margin stood at 2.83%, a decrease of 4.49% year-on-year, while net margin fell to 0.29%, down 49.97% [1] - Total selling, administrative, and financial expenses amounted to 666 million yuan, accounting for 2.06% of revenue, a reduction of 12.52% [1] - Earnings per share (EPS) decreased to 0.03 yuan, down 48.1% from 0.07 yuan in the previous year [1] Cash Flow and Debt - The company reported a negative operating cash flow per share of -0.24 yuan, a decline of 85.28% year-on-year [1] - Cash and cash equivalents decreased to 3.55 billion yuan, down 9.35% from 3.918 billion yuan [1] - Accounts receivable increased to 12.789 billion yuan, a rise of 27.64% from 10.02 billion yuan [1] Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median ROIC of 5.09% over the past decade and a low of -20.16% in 2022 [1] - The business model appears fragile, with two years of losses since its IPO and generally poor financial performance [1] Fund Holdings - The largest fund holding BlueFocus is the GF CSI Media ETF, which increased its holdings to 13.6392 million shares [3] - Other funds, including the Media LOF and ICBC Media Index A, also increased their positions in BlueFocus [3]

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]