证券研究报告 | 公司动态点评 2024 年 08 月 30 日 蓝色光标（300058.SZ） 出海业务增长亮眼，行业竞争下毛利率承压 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 36,683 | 52,616 | 62,481 | 69,554 | 75,362 | 股票信息 | | | 增长率 yoy （ % ） | -8.5 | 43.4 | 18.8 | 11.3 | 8.4 | | | | 归母净利润（百万元） | -2,175 | 117 | 357 | 455 | 594 | 行业 | 传媒 | | 增长率 yoy （ % ） | -516.8 ...

蓝色光标（300058.SZ） 公司快报 AI 战略全面提升，出海业务高速发展 投资要点 事件：2024 年上半年公司实现营业收入 308.58 亿元，同比增长 40.33%；归母净 利润 1.83 亿元，同比下降 35.74%；不分红，不转增。 出海业务积极拓展且已初见成果。出海业务高速增长，占总收入比例超 70%，为 237.91 亿元。代理 Meta 和 Google 广告收入增长率保持在两位数，毛利率保持相 对稳定。随着闭环电商突破、短剧行业的迅猛发展，代理 TikTok For Business 的 广告收入增长率同比增长 100%。2023 年公司与 Moloco 开拓媒体合作，2024 年 一年股价表现 双方开启全新合作代理模式，上半年营收相较于去年同期增加 500 倍。蓝标出海产 品"鲁班跨境通"，通过智能化系统架构和功能设计，使用户操作体验显著提升。 元宇宙业务稳步开展，坚持 All inAI 战略助力核心业务。元宇宙：蓝色宇宙全面推 进 xR+AI 的内容开发与场景运营，已与全国众多 5A 景区建立联系，出品的数字中 轴系列内容《华夏漫游之北京中轴线》等。AI：发展营销场景驱动的数据能力和 ...

蓝色光标（300058.SZ） 优于大市 营收保持高增长，净利润增速逐季改善 营收保持高增长，毛利率下降压制利润表现。1）上半年实现营收 308.58 亿 元、同比增长 40.33%；实现归母净利润 1.83 亿元、同比下滑 35.74%，对应 全面摊薄EPS 0.07 元；净利润下滑明显主要在于毛利率同比下滑1.64 个 pct 至 2.97%；2）分季度来看，Q2 公司实现营业收入 150.76 亿元、归母净利润 1.01 亿元，同比分别增长 23.4%、-25.6%，对应全面摊薄 EPS 0.04 元；Q2 归母净利润下滑幅度相比 Q1 显著收窄；展望下半年，在去年较低的基数基 础上净利润增速有望持续改善；3）半年度不派发现金红利，不送红股，不 以公积金转增股本。 出海业务营收增长迅猛，国内业务毛利率下滑幅度较高。1）上半年公司出 海业务实现营收 237.1 亿元、同比增长 49.86%，继续保持高增速；毛利率保 持稳定，同比下滑 0.23 个百分点至 1.61%；国内市场实现营收 70.67 亿元， 同比增长 15.59%；毛利率同比下滑 4.24 个百分点至 7.55%；2）出海市场中， Meta ...

证券代码：300058 证券简称：蓝色光标 公告编号：2024-045 北京蓝色光标数据科技股份有限公司 对外担保的进展公告 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。 一、担保的进展情况 1、北京蓝色光标数据科技股份有限公司（以下简称"蓝色光标"或"公司"） 于 2023 年 12 月 8 日召开了第六届董事会第八次会议，审议通过《关于公司为全 资下属公司多盟睿达及多盟智胜提供担保的议案》，公司为全资下属公司多盟睿 达科技（中国）有限公司（以下简称"多盟睿达"）、多盟智胜网络技术（北京） 有限公司（以下简称"多盟智胜"）与北京快手广告有限公司（以下统称"快手"） 2024 年度合作伙伴合作协议项下债务的履行提供无条件的、不可撤销的、独立 的连带责任保证，担保额度不超过人民币 2 亿元，担保期限截至主债务履行期届 满之日起 3 年。具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）刊 登的《对外担保的公告》（公告编号：2023-070）。 经双方友好协商，基于公司与快手及其旗下媒体端的长期稳定的合作关系， 增加公司为北京思恩客 ...

Shareholder Structure and Shareholding Changes - Limited-sale shares decreased by 25,387,750 shares (24.74%) from 102,595,567 shares (4.12%) to 77,207,817 shares (3.10%) due to the conversion of restricted shares held by directors to unrestricted shares[130] - Unrestricted shares increased by 25,387,750 shares (1.06%) from 2,384,943,167 shares (95.88%) to 2,410,330,917 shares (96.90%)[130] - Zhao Wenquan, the largest individual shareholder, holds 100,000,000 shares (4.02%), with 75,000,000 shares restricted and 25,000,000 shares unrestricted[133][135] - Lakala Payment Co., Ltd. holds 104,324,608 shares (4.19%), all of which are unrestricted[135] - Sun Taoran holds 80,636,314 shares (3.24%), all of which are unrestricted[135] - Tibet Dingxin Investment Management Co., Ltd. holds 35,970,078 shares (1.45%), all of which are unrestricted[135] - Chen Lianghua holds 31,396,916 shares (1.26%), all of which are unrestricted[135] - Agricultural Bank of China - CSI 500 ETF holds 29,777,666 shares (1.20%), all of which are unrestricted[135] - Wang Jian holds 20,298,300 shares (0.82%), all of which are unrestricted[135] - Industrial and Commercial Bank of China - GF CSI Media ETF holds 18,304,841 shares (0.74%), all of which are unrestricted[135] - Hong Kong Securities Clearing Company Limited holds 0.73% of the company's shares, totaling 18,187,419 shares[136] - Wu Tie, a domestic natural person, holds 0.69% of the company's shares, totaling 17,245,121 shares, with 11,805,063 shares pledged[136] - Lakala Payment Co., Ltd. holds 104,324,608 shares, making it the largest shareholder among the top 10 unrestricted shareholders[136] - China Agricultural Bank - CSI 500 ETF increased its shareholding to 29,777,666 shares, representing 1.20% of the total shares, up from 14,806,466 shares (0.60%) at the beginning of the period[137] Financial Position and Asset Changes - The company's monetary funds at the end of the period were RMB 3,918,054,544.27, a decrease from RMB 4,113,921,243.02 at the beginning of the period[149] - Trade receivables decreased to RMB 10,020,085,384.47 from RMB 10,379,733,008.77 at the beginning of the period[149] - Prepayments increased significantly to RMB 298,705,726.43 from RMB 117,632,192.99 at the beginning of the period[149] - Other receivables decreased to RMB 149,149,913.54 from RMB 171,881,153.85 at the beginning of the period[149] - Contract assets increased to RMB 227,884,613.87 from RMB 126,122,327.27 at the beginning of the period[149] - Total current assets decreased to RMB 15,290,071,959.60 from RMB 16,323,029,904.35 at the beginning of the period[149] - Total assets decreased from 21,720,993,741.47 yuan to 21,363,414,676.19 yuan, a decrease of 1.65%[150][151] - Long-term equity investments increased from 1,807,770,861.18 yuan to 1,819,690,411.25 yuan, an increase of 0.66%[150] - Other equity instrument investments decreased from 207,684,705.65 yuan to 176,462,641.07 yuan, a decrease of 15.03%[150] - Total liabilities decreased from 14,142,065,510.76 yuan to 13,507,545,922.05 yuan, a decrease of 4.49%[151] - Short-term borrowings increased from 1,439,727,527.59 yuan to 1,679,402,020.54 yuan, an increase of 16.65%[150] - Accounts payable decreased from 10,701,416,437.01 yuan to 9,696,478,785.32 yuan, a decrease of 9.39%[150] - Contract liabilities increased from 426,851,282.50 yuan to 861,266,010.33 yuan, an increase of 101.77%[150] - Total owner's equity increased from 7,578,928,230.71 yuan to 7,855,868,754.14 yuan, an increase of 3.65%[151] - Monetary funds in the parent company decreased from 363,923,671.76 yuan to 113,129,738.91 yuan, a decrease of 68.91%[153] - Long-term equity investments in the parent company increased from 8,478,419,075.88 yuan to 8,542,953,864.50 yuan, an increase of 0.76%[154] - Total assets increased to RMB 9.97 billion in the first half of 2024, up from RMB 9.77 billion in the same period of 2023[155] - Total liabilities increased to RMB 1.60 billion in the first half of 2024, up from RMB 1.40 billion in the same period of 2023[155] - Total owner's equity slightly decreased to RMB 8.37 billion in the first half of 2024 from RMB 8.37 billion in the same period of 2023[155] Financial Performance and Profitability - Total operating revenue for the first half of 2024 reached RMB 30.86 billion, a 40.3% increase compared to RMB 21.99 billion in the same period of 2023[157] - Net profit attributable to the parent company's shareholders in the first half of 2024 was RMB 183.12 million, a 35.7% decrease from RMB 284.98 million in the same period of 2023[159] - Basic earnings per share (EPS) for the first half of 2024 was RMB 0.0736, down from RMB 0.1144 in the same period of 2023[159] - Total comprehensive income for the first half of 2024 was RMB 188.46 million, a 43.4% decrease from RMB 333.13 million in the same period of 2023[159] - Operating profit for the first half of 2024 was RMB 220.06 million, a 35.7% decrease from RMB 342.18 million in the same period of 2023[157] - Research and development expenses decreased to RMB 26.70 million in the first half of 2024, down from RMB 33.38 million in the same period of 2023[157] - Financial expenses decreased to RMB 17.52 million in the first half of 2024, down from RMB 44.18 million in the same period of 2023[157] - Revenue for the first half of 2024 decreased to 233.93 million yuan, down 12.5% compared to 267.30 million yuan in the same period last year[160] - Operating profit for the first half of 2024 was a loss of 75.17 million yuan, compared to a profit of 349.20 million yuan in the same period last year[160] - Net profit for the first half of 2024 was a loss of 68.17 million yuan, compared to a profit of 299.75 million yuan in the same period last year[160] - Comprehensive income for the period amounted to -12,353,201 yuan, reflecting a decrease in overall financial performance[175] Cash Flow and Liquidity - Cash flow from operating activities for the first half of 2024 was negative 326.14 million yuan, slightly improved from negative 331.34 million yuan in the same period last year[163] - Cash flow from investing activities for the first half of 2024 was positive 198.26 million yuan, significantly higher than 26.07 million yuan in the same period last year[164] - Cash flow from financing activities for the first half of 2024 was negative 87.83 million yuan, an improvement from negative 291.94 million yuan in the same period last year[164] - Total cash and cash equivalents at the end of the first half of 2024 decreased to 3.88 billion yuan from 4.08 billion yuan at the beginning of the period[164] - Sales of goods and services received cash of 227,530,700.07 yuan in the first half of 2024, a decrease of 53.1% compared to 485,415,768.83 yuan in the same period last year[165] - Cash received from other operating activities increased significantly to 2,311,504,912.56 yuan in the first half of 2024, up 136.7% from 976,372,715.76 yuan in the same period last year[165] - Total operating cash inflow was 2,539,035,612.63 yuan in the first half of 2024, a 73.7% increase from 1,461,788,484.59 yuan in the same period last year[165] - Net cash flow from operating activities was -486,032,039.18 yuan in the first half of 2024, compared to -39,323,486.18 yuan in the same period last year[166] - Net cash flow from investing activities was -918,923.74 yuan in the first half of 2024, a significant decrease from 7,728,414.33 yuan in the same period last year[166] - Net cash flow from financing activities was 236,106,013.34 yuan in the first half of 2024, a significant improvement from -235,653,873.95 yuan in the same period last year[166] - The company's cash and cash equivalents balance at the end of the period was 113,129,738.91 yuan, an increase of 22.9% from 92,007,658.34 yuan at the end of the same period last year[166] Equity and Capital Structure - Owner's equity increased by RMB 2,900.09 million due to capital contributions[169] - The company allocated RMB 24,875.38 million for profit distribution to shareholders[169] - Capital reserve increased by RMB 2,705.91 million due to internal transfers[170] - The company's total equity at the end of the period was RMB 40,182.57 million[170] - Other comprehensive income transferred to retained earnings was RMB 2,705.91 million[170] - The company's total equity at the beginning of the year was RMB 40,453.45 million[171] - Retained earnings at the beginning of the year were RMB 1,277,166.09 million[171] - The company's total equity at the end of the previous year was RMB 7,423,385.80 million[171] - Owner's equity at the beginning of the period was 8,370,070,834.08 yuan, indicating the company's financial position at the start of the reporting period[175] - The company's capital reserve increased by 104,264.54 yuan, contributing to the overall equity growth[175] - Unallocated profits decreased by 84,840,460.47 yuan, reflecting changes in profit distribution or retention[175] - Total owner's equity decreased by 3,875,179.12 yuan, showing a net reduction in equity during the period[175] - Owner's equity increased by RMB 104.2 million due to capital contributions[176] - Total comprehensive income for the period was RMB 50.48 million[178] - Retained earnings at the end of the period amounted to RMB 158.31 million[179] - Capital reserve stood at RMB 5.50 billion at the end of the period[178] - Other comprehensive income decreased by RMB 59.98 million[178] - Total owner's equity at the end of the period was RMB 8.38 billion[179] - Profit distribution to owners amounted to RMB 24.87 million[176] - Other equity instruments contributed RMB 10.26 million to owner's equity[176] - Special reserve remained unchanged at RMB 0[176] - Undistributed profits increased by RMB 299.75 million[178] - The company's registered capital is RMB 2,487,538,734, with a total of 2,487,538,734 shares issued, each with a par value of RMB 1[181] Business Operations and Industry - The company operates in the marketing technology sector, offering services such as digital marketing, public relations, event management, and metaverse-related businesses including virtual humans, virtual objects, virtual spaces, and xR studios[182] - The company's main business includes public relations consulting services and advertising placement[183] - The company has 11 second-level subsidiaries included in the consolidated financial statements for 2024[187] Financial Reporting and Accounting Policies - The financial report was approved by the board of directors on August 29, 2024[184] - The financial statements are prepared based on the assumption of the company's continued operation for at least 12 months from the end of the reporting period[189] - The company follows the latest Chinese Accounting Standards and related regulations, ensuring the financial statements accurately reflect the company's financial status, operating results, and cash flows[191] - The company's accounting year runs from January 1 to December 31[192] - The company uses RMB as its functional currency, with overseas subsidiaries converting their financial statements to RMB for consolidation[194] - The company has specific criteria for determining the importance of financial items, such as accounts receivable over RMB 10 million and accounts payable over RMB 30 million[195]

证券代码：300058 证券简称：蓝色光标 公告编号：2024-037 二、董事会会议审议情况 本次会议与会董事经过认真审议，以通讯的表决方式，通过如下决议： （一）审议通过《2024 年半年度报告及其摘要》 经审议，董事会认为公司编制的《2024 年半年度报告》及其摘要符合相关法 律法规和深圳证券交易所的规定，真实、准确、完整地反映了公司 2024 年半年 度的经营情况；董事会保证公司 2024 年半年度报告内容真实、准确、完整，不 存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.cn）刊登的《2024 年半年度报告》及《2024 年半年度报告摘要》。 表决结果：9 票同意，0 票反对，0 票弃权。 北京蓝色光标数据科技股份有限公司 第六届董事会第十四次会议决议公告 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。 一、董事会会议召开情况 北京蓝色光标数据科技股份有限公司（以下简称"公司"）第六届董事会第 十四次会议通知于 2024 年 8 月 19 日以邮件和通讯方式送达公司全体董事，并于 ...

北京蓝色光标数据科技股份有限公司监事会 关于 2023 年限制性股票激励计划第一个归属期归属名单 的核查意见 除 27 名激励对象因个人原因离职及 5 名激励对象个人层面业绩考核不达标 而不符合归属条件之外，本次可归属的 212 名激励对象符合《公司法》《证券法》 《公司章程》等规定的任职资格，符合《上市规则》规定的激励对象条件，符合 本激励计划规定的激励对象范围，主体资格合法、有效。激励对象获授限制性股 票的归属条件已成就。 综上，监事会同意本激励计划第一个归属期的归属名单。 北京蓝色光标数据科技股份有限公司 监事会 2024 年 8 月 29 日 北京蓝色光标数据科技股份有限公司（以下简称"公司"）监事会依据《中华 人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、《深圳证 券交易所创业板上市公司自律监管指南第 1 号—业务办理》（以下简称"《业务办 理指南》"）和《北京蓝色光标数据科技股份有限公司章程》（以下简称"《公司 章程》" ...

深圳市他山企业管理咨询有限公司 关于北京蓝色光标数据科技股份有限公司 2023 年限制性股票激励计划授予价格调整、 第一个归属期归属条件成就 二〇二四年八月 暨部分限制性股票作废事项的 | 释 义 2 | | --- | | 声 明 3 | | 一、本激励计划已履行的必要程序 4 | | 二、本激励计划授予价格调整情况 5 | | 三、本激励计划限制性股票作废情况 6 | | 四、本激励计划第一个归属期归属条件成就的情况 7 | | 五、独立财务顾问意见 10 | | 六、备查文件及备查地点 11 | 独立财务顾问报告 释 义 在本报告中，除非上下文文意另有所指，下列词语具有如下含义： | 蓝色光标、公司 | 指 | 北京蓝色光标数据科技股份有限公司（证券简称：蓝 | | --- | --- | --- | | | | 色光标；证券代码：300058） | | 本激励计划、本计划 | 指 | 北京蓝色光标数据科技股份有限公司 2023 年限制性 | | | | 股票激励计划 | | 股权激励计划（草案）、本 | 指 | 《北京蓝色光标数据科技股份有限公司 年限制 2023 | | 激励计划（草案） | | 性 ...

法律意见书 国浩津法意字（2024）第 271 号 致：北京蓝色光标数据科技股份有限公司 天津市和平区曲阜道 38 号中国人寿金融中心 28 层 邮编：300042 电话：022-85586588 传真：022-85586677 国浩律师（天津）事务所 关于 北京蓝色光标数据科技股份有限公司 2023 年限制性股票激励计划调整授予价格、部分限制性股票作 废及第一个归属期归属条件成就的 1 和《律师事务所证券法律业务执业规则（试行）》等法律法规的规定，依据本法 律意见出具日以前已经发生或存在的事实，严格履行法定职责，遵循勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者 重大遗漏，并承担相应法律责任。 本所仅就与本次激励计划本次调整、本次作废及本次归属相关事项的法律问 题发表法律意见，并不对本次激励计划本次调整、本次作废及本次归属所涉及的 会计、财务等非法律专业事项发表意见。在本法律意见书中对有关财务数据或结 论进行引述时，本所已履行了必要注意义务，但该等引述并不视为本所对这些数 据、结论的真实性和准确性作出 ...

证券代码：300058 证券简称：蓝色光标 公告编号：2024-044 北京蓝色光标数据科技股份有限公司 关于"质量回报双提升"行动方案的公告 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。 北京蓝色光标数据科技股份有限公司（以下简称"蓝色光标"或"公司"） 认真践行中央政治局会议提出的"要活跃资本市场、提振投资者信心"及国务院 常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有力有效措 施，着力稳市场、稳信心"的指导思想，结合公司发展战略、经营情况及财务情 况，为维护公司全体股东利益，增强投资者信心，促进公司长远健康可持续发展， 公司制定了"质量回报双提升"行动方案，具体举措如下： 一、聚焦主业，稳中求进，推动公司高质量发展 蓝色光标是一家在大数据和社交网络时代为企业智慧经营全面赋能的营销 科技公司，同时也是由科学技术部、中央宣传部、中央网信办、文化和旅游部及 国家广播电视总局五部委联合认定的「国家文化和科技融合示范基地」，是北京 市科学技术委员会评定的北京市众创空间，也是北京市知识产权局认定的专利试 点单位。作为最早一批向数字化转型的营销机构， ...