Investment Rating - The report suggests a positive outlook on overseas Chinese assets, focusing on sectors that may benefit from policy changes and deep value stocks that have been negatively impacted by market rumors [2][12]. Core Insights - The report emphasizes the importance of patience in waiting for market changes while actively seeking investment opportunities, particularly in sectors like cross-border e-commerce, domestic consumption-related internet assets, and undervalued stocks [3][12]. - It highlights the potential for recovery in the education sector due to government support for service consumption, as well as the luxury goods sector facing challenges from macroeconomic fluctuations [5][23]. - The report also notes the growth in the coffee and tea beverage sector, driven by increased delivery services and consumer demand, alongside a positive outlook for the OTA (Online Travel Agency) segment as travel demand rises [5][28]. Summary by Sections 1. Education - The Chinese education index increased by 2.28% during the week of April 14-18, 2025, underperforming against the Hang Seng Index but outperforming other major indices [14]. - Notable stock performances included a significant rise in stocks like Zhuoyue Education Group (+18.18%) and NetEase Youdao (+13.84%) [14][19]. 2. Luxury Goods - The luxury goods sector saw a decline, with LVMH's sales falling short of expectations, reporting a 3% decrease in Q1 2025 sales [23][29]. - The report suggests focusing on high-end brands with strong management capabilities and product innovation, as they are less affected by economic cycles [5][23]. 3. Coffee and Beverage & OTA - The coffee and beverage sector experienced notable stock increases, with Tims China (+18.29%) and Luckin Coffee (+8.45%) leading the gains [28]. - The OTA sector is expected to benefit from rising travel demand, with predictions indicating a significant increase in travel bookings during the upcoming holiday [5][28]. 4. E-commerce and Internet - The internet technology sector index rose by 0.37%, with key stocks like Beike (+7.67%) and Alibaba (+5.53%) showing strong performance [36][37]. - The report highlights the importance of monitoring the impact of tariff changes on cross-border e-commerce platforms and the overall market dynamics [12][36]. 5. Media - The media sector is encouraged to focus on stocks with strong fundamentals and dividend value, particularly in light of recent policy support for cultural industries [5][12]. - The report notes the potential for growth in AI applications within the media sector, emphasizing the importance of tracking developments in this area [5][12]. 6. Virtual Assets & Brokerage - The report indicates a slight improvement in sentiment towards virtual asset trading, with expectations for strong Q1 performance from brokerage firms like Futu Holdings and Tiger Brokers [5][12]. 7. Real Estate Transactions - The report suggests a positive outlook for the real estate market, with government emphasis on market potential and the construction of quality housing [5][12]. 8. Automotive Services - The report mentions potential developments in ride-hailing services in Macau, indicating a growing interest in the automotive service sector [5][12]. 9. Media and M&A - The report highlights ongoing trends in mergers and acquisitions within the media sector, suggesting a focus on companies that are well-positioned for growth through strategic partnerships [5][12].

浙江华策影视股份有限公司投资者关系活动记录表 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 √业绩说明会 | | 投资者关系 | □新闻发布会 □路演活动 | | 活动类别 | □现场参观 | | | □其他 | | 参与单位名称 | 通过东方财富路演平台（http://roadshow.eastmoney.com/luyan/4694970）远程参与 | | 及人员姓名 | 公司 2024 年度网上业绩说明会的投资者 | | 时间 | 2025 年 4 月 21 日 15:00-16:30 | | 地点 | 东方财富路演平台（http://roadshow.eastmoney.com/luyan/4694970） | | 上市公司 | 公司董事长赵依芳女士，董事、总裁、财务总监傅斌星女士，独立董事陈 | | 接待人员 | 良照先生，董事会秘书张思拓先生。 | 1 证券代码：300133 证券简称：华策影视 2024 年度网上业绩说明会互动交流内容如下： Q1：今年公司有新项目储备吗？如何平衡短期业绩与长期内容储 备？ A1：您好，今年公司的 ...

Group 1 - The report highlights that in Q4 2024, the company achieved a record high revenue of 7.79 billion yuan, marking a year-on-year increase of 5.43% and a quarter-on-quarter increase of 17.99% [4][5] - The company reported a net profit attributable to shareholders of 0.14 billion yuan in Q4 2024, which represents a significant year-on-year decrease of 82.53% and a quarter-on-quarter decrease of 53.21% [5][6] - The company is focusing on accelerating project construction as a key strategy for growth, with the TianTai intelligent manufacturing production base project expected to enhance production capacity significantly [9][10] Group 2 - The report indicates that Zhongfu Industrial's revenue for 2024 reached 22.76 billion yuan, reflecting a year-on-year increase of 21.12%, while the net profit attributable to shareholders was 0.7 billion yuan, down 39.3% [12][13] - In Q4 2024, Zhongfu Industrial's revenue was 6.03 billion yuan, up 17.05% year-on-year, but the net profit was negative at -0.24 billion yuan, a drastic decline of 106.46% [12][13] - The report notes that the decline in aluminum oxide prices is expected to significantly reduce production costs for Zhongfu Industrial, enhancing profit margins in the future [13][14] Group 3 - The report states that Meinian Health achieved a revenue of 10.7 billion yuan in 2024, a decrease of 1.76% year-on-year, with a net profit of 2.82 billion yuan, down 44.18% [17][18] - The company reported that its health check service revenue was 10.3 billion yuan, with a total of 15.38 million visits, indicating a 12% decline in customer visits [18][19] - The integration of AI technology is expected to enhance revenue generation and operational efficiency, with AI-related income reaching 220 million yuan in 2024 [18][20] Group 4 - The report discusses the global first humanoid robot marathon held in Beijing, indicating a growing interest and investment in humanoid robotics [21][22] - The establishment of the K-Humanoid Robot Alliance in South Korea, with a budget of 200 billion won (approximately 10.24 billion yuan), signifies a national commitment to advancing humanoid robotics [23][24] - The report emphasizes that the humanoid robot industry is poised for significant investment opportunities, likening its potential to the "ChatGPT moment" in technology [31][32] Group 5 - The report indicates that Electric Science Digital achieved a revenue of 10.7 billion yuan in 2024, reflecting a year-on-year increase of 7.05%, with a net profit of 5.51 billion yuan, up 10.77% [33][34] - The company is focusing on digital products and industry digitalization, with significant growth in its digital finance and smart manufacturing sectors [34][35] - The report projects that the company's revenue will continue to grow, with estimates of 11.84 billion yuan, 13.17 billion yuan, and 14.98 billion yuan for 2025-2027 [39][40] Group 6 - The report highlights that Huading Co. achieved a revenue of 1.156 billion yuan in Q1 2025, a year-on-year decrease of 44.53%, while the net profit increased by 17.26% to 0.94 billion yuan [41][42] - The company’s nylon segment reported a revenue of 1.133 billion yuan, with a production increase of 3.99% year-on-year [44][45] - The report notes ongoing project investments aimed at enhancing production capacity and market share in the high-end nylon segment [46]

事件: 2025 年4 月18 日，华策影视公告2024 年年报及2025 年一季报： （3） 公司发布2024 年年度权益分配预案，拟每10 股派发现金红利0.13 元，合计派发2437 万元，占归 母净利润的10.03%。考虑2024年特别分红方案后，合计派发6187 万元，占归母净利润25.46%。 预计2025-2027 年每年至少一次分红，在满足相关条件下，每年现金分红不少于当年可分配利润的 10%，三年累计不少于年均可分配利润的30%。 剧集开机数有提升，储备多部已杀青剧集/电影预计2025 年起释放。 （1） 电视剧：2024 年电视剧业务营收11.94 亿元（YOY-24.91%），毛利率25.58%（同比 +28.59pct）。2024 年首播7 部剧集共249 集（2023 年7 部251 集）。2024 年开机9 部282 集（2023 年5 部174 集），其中《势在必行》《低智商犯罪》《四喜》《我们的河山》《迷径之上》《太平年》均已 杀青。2025Q1 首播1 部（《国色芳华》），大爆出圈；续集《锦绣芳华》已过审。2025 年预计开机8 部283 集（《你是迟来的欢喜》2025Q1 ...

2025 年 04 月 20 日 公司研究 评级：买入(维持) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 2025Q1 业绩高增，储备内容逐步释放 ——华策影视（300133）2024 年&2025Q1 业绩点评 最近一年走势 研究所： | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华策影视 | -14.4% | -0.2% | -2.2% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | | | 2025/04/18 | | 当前价格（元） | | | 6.88 | | 周价格区间（元） 52 | | | 4.80-10.53 | | 总市值（百万） | | | 13,079.39 | | 流通市值（百万） | | | 11,172.03 | | 总股本（万股） | | | 190,107.37 | | 流通股本 ...

尽管华策影视2024年净利润还在下滑，但其在2025年Q1实现了同比转增。4月17日晚间，华策影视发布了2024年 年报及2025年Q1财报。在2023年净利润下滑5.08%的基础上，华策影视2024年净利润同比进一步减少36.41%至 2.43亿元。不过所幸，华策影视在2025年Q1归属上市公司的净利润同比大增206.9%至9211.35万元。 作为头部剧集公司，华策影视在2024年播出了《我是刑警》《承欢记》《锦绣安宁》等剧集，获得了良好的收视 率和口碑；其在2025年开年更是播出了极具影响力的文化现象级剧集《国色芳华》。不过，华策影视并不局限于 剧集，电影等领域，其还在短剧等业务上持续发力，尤其是从2024年开始探索布局算力业务，而这些布局究竟是 大势所趋还是"不务正业"，也值得进一步思考。 Q1净利润同比大增206.9% 华策影视2024年实现营收为19.39亿元，比上年同期减少14.48%；归属于上市公司股东的净利润为2.43亿元，比上 年同期减少36.41%。这并非华策影视第一次净利润下滑，2023年，其净利润同比下降5.08%至3.82亿元。 不过，在净利润连续两年下滑后，华策影视今年Q1净利润 ...

Core Viewpoint - In 2024, Huace Film & TV experienced a decline in revenue and net profit, but made significant progress in content creation, overseas expansion, and technological innovation [1][6]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 1.939 billion yuan, a year-on-year decrease of 14.48% [1]. - The net profit attributable to shareholders was 243 million yuan, down 36.41% year-on-year [1]. Group 2: Content Creation - The company launched 7 new series totaling 222 episodes, with 7 series premiering 249 episodes, covering various themes such as reality, major historical events, and cultural heritage [4]. - Notable series included "I Am a Criminal Police Officer," "Cheng Huan Ji," and "Jin Xiu An Ning," which received positive audience feedback [4]. - "Guo Se Fang Hua" became a cultural phenomenon at the beginning of 2025, significantly impacting overseas markets [4]. Group 3: Overseas Expansion - Huace Film & TV enhanced its overseas distribution matrix, operating over 200 accounts and establishing 15 language versions of Huajuchang, covering regions like Southeast Asia, the Middle East, Latin America, and Europe [5]. - The company has over 40 million overseas user subscriptions and has localized Chinese stories through adaptations in various countries [5]. Group 4: Copyright and Operator Business - The company integrated with Senlian Company, achieving over 50,000 hours of copyright reserves, providing a solid content foundation for long-term development [6]. - The operator business for video ringtones made breakthroughs, establishing a business team covering expansion, operations, and traffic, and forming a strategic partnership with China Mobile's Migu Company [6]. Group 5: Technological Innovation - In 2024, the company advanced technological innovation through the AIGC Research Institute, applying AI and big data in various aspects of film and television creation and management [7]. - The company developed two industry-specific AI models and launched tools for scriptwriting assistance, script evaluation, facial optimization, intelligent narration, multilingual translation, video retrieval, cloud platform image matching, and intelligent style transfer [7]. - By the end of 2024, the company had a computing power scale of 2000P and began exploring the computing power business as an independent unit [7].

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

证券代码：300133 证券简称：华策影视 公告编号：2025-046 浙江华策影视股份有限公司 关于回购注销部分限制性股票的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 （一）2024 年 4 月 23 日，公司召开第五届董事会第十一次会议，审议通过了 《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事 会办理股权激励相关事宜的议案》《关于召开 2023 年年度股东大会的议案》，律师 等中介机构出具了相应报告。 （二）2024 年 4 月 23 日，公司召开第五届监事会第十一次会议，审议通过了 《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于核实公司<2024 年限制性 股票激励计划激励对象名单>的议案》。 （三）2024 年 4 月 25 日至 2024 年 5 月 6 日，公司对本激励计划激励对象的姓 名和职务进行了公示。在公示期内，公司监事会未收 ...