证券代码：300785 证券简称：值得买 公告编号：2025-029 北京值得买科技股份有限公司 2024 年度股东会决议公告 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。 特别提示： 1、北京值得买科技股份有限公司（以下简称"公司"）2024 年度股东会通 知 于 2025 年 4 月 29 日在证监会指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上以公告形式发出，本次股东会采取现场投票及 网络投票相结合的方式召开。 2、会议召开方式：现场表决与网络投票相结合。 3、会议召开时间： 1、本次股东会无增加、变更、否决议案的情形； 2、本次股东会未涉及变更前次股东会决议； 3、本次股东会以现场表决与网络投票相结合的方式召开。 一、会议召开情况 （1）现场会议时间：2025 年 5 月 19 日（星期一）下午 14:30 （2）网络投票时间：2025 年 5 月 19 日 通过深圳证券交易所交易系统进行网络投票的时间为 9:15—9:25，9:30— 11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系统进行 ...

上海泽昌律师事务所 关于 北京值得买科技股份有限公司 2024年年度股东会的 法律意见书 上海市浦东新区世纪大道 1589 号长泰国际金融大厦 11 层 电话：021-61913137 传真：021-61913139 邮编：200122 二〇二五年五月 上海泽昌律师事务所 法律意见书 上海泽昌律师事务所 关于北京值得买科技股份有限公司 2024 年年度股东会的 法律意见书 泽昌证字 2025-01-05-01 致：北京值得买科技股份有限公司 上海泽昌律师事务所（以下简称"本所"）接受北京值得买科技股份有限公司 （以下简称"公司"）委托，就公司召开 2024 年年度股东会（以下简称"本次股东 会"）的有关事宜，根据《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》）、中国证券监督管理委员会 发布的《上市公司股东会规则》（以下简称《股东会规则》）等法律、法规、规 章和其他规范性文件以及《北京值得买科技股份有限公司章程》（以下简称《公 司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券 ...

Group 1 - The core viewpoint of the articles suggests that Ethereum (ETH) is experiencing significant accumulation by whales, leading to a sharp decline in exchange inventory, indicating a potential bullish trend ahead [2][4] - Historical data shows that when ETH exchange inventory drops dramatically, it is often followed by a substantial price increase, as seen previously when ETH surged from $1,000 to $4,000 [4][5] - The current market dynamics resemble those of last year, where Bitcoin (BTC) led the rally, followed by ETH and altcoins, suggesting a similar pattern may unfold again [5][9] Group 2 - The macroeconomic environment indicates that the probability of interest rate cuts by the Federal Reserve in June is nearly zero, with the first potential cut not expected until late September [7] - Whale activity, particularly by the whale Spoofy, shows a trend of reducing positions, which may indicate caution in the market despite the potential for a price surge in BTC and ETH [7][9] - Key dates to watch include May 19, when a major exchange will be included in the S&P 500, marking a significant acceptance of cryptocurrency by traditional finance, and May 27, which may serve as a peak for the current market rally [16][17]

Core Viewpoint - The recent popularity of "big street lamps" among parents is driven by claims of eye protection and myopia prevention, but experts question their effectiveness and emphasize the importance of proper lighting standards [1][2]. Group 1: Product Characteristics - "Big street lamps" are large, portable lighting fixtures typically around 2 meters tall and weighing about 20 kilograms, with prices ranging from several hundred to nearly ten thousand yuan [1]. - These lamps feature a dual light source design, providing direct light to the desk while also illuminating the ceiling, which enhances the overall reading environment [1]. Group 2: Effectiveness in Myopia Prevention - Experts indicate that there is currently no direct clinical evidence supporting the claim that "big street lamps" significantly prevent myopia, and indoor lighting is only a minor factor in myopia prevention [2]. - Some manufacturers claim their products can improve retinal blood circulation and inhibit rapid eye axis growth, but such medical claims are deemed unreliable as lighting products are not classified as medical devices [2]. Group 3: Considerations for Purchase - When purchasing either "big street lamps" or standard reading lamps, parents should ensure the product meets national standards GB/T 9473-2022 for reading lamps [3]. - Key performance parameters to consider include the spectral characteristics of the lamp, with a recommendation for lamps that closely mimic sunlight, achieving a desk illuminance of over 500 lux and a color rendering index above 95 [3].

Group 1 - Pinduoduo concept stocks rose by 1.69%, ranking 10th in the concept sector, with 26 stocks increasing in value [1] - Notable gainers included Jiacheng International, Huizhou Intelligent, and Cross-Border Communication, which hit the daily limit, while Delixi Co., Little Bear Electric, and Worth Buying saw the largest declines [1] - The Pinduoduo concept sector experienced a net inflow of 976 million yuan from main funds, with 17 stocks receiving net inflows, and 7 stocks exceeding 50 million yuan in net inflows [2] Group 2 - The top net inflow stocks included Cross-Border Communication with 445 million yuan, followed by Huizhou Intelligent, Daily Interaction, and Jiacheng International [2] - In terms of net inflow ratios, Haicheng Bangda, *ST Fanli, and Jiacheng International led with 30.50%, 30.49%, and 24.61% respectively [3] - The highest daily increase was seen in Cross-Border Communication at 10.00%, while the lowest was Delixi Co. at -3.12% [4][5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.40 CNY per share, based on a 60x PE ratio for 2025 [2][4]. Core Insights - The company's main business remains stable, with potential growth driven by AI empowerment and overseas expansion. The financial performance shows a gradual recovery, with a focus on AIGC applications [1][7]. - The company achieved a revenue of 1.52 billion CNY in 2024, reflecting a year-on-year growth of 4.55%, and a net profit of 75 million CNY, up 0.62% year-on-year [7]. - The "What Worth Buying" app's monthly active users (MAU) reached 3967.8 million in 2024, a 1.0% increase year-on-year, with significant growth in AIGC content generation [7]. Financial Summary - Revenue projections for 2025-2027 are 1.704 billion CNY, 1.925 billion CNY, and 2.322 billion CNY, respectively, with year-on-year growth rates of 12.3%, 13.0%, and 20.6% [3][10]. - The company's net profit is forecasted to be 127 million CNY in 2025, 145 million CNY in 2026, and 181 million CNY in 2027, with growth rates of 68.4%, 14.7%, and 24.8% respectively [3][10]. - The gross margin is expected to be around 46.9% in 2025, with a net margin of 7.4% [3][10]. Business Development - The company is expanding its new business segments, with operational service revenue projected to reach 327 million CNY in 2024, a 17.29% increase year-on-year [7]. - The overseas revenue for 2024 is expected to be 4.807 million CNY, showing a year-on-year growth of 19.9% [7].

北京值得买科技股份有限公司（以下简称"公司"））于 2025 年 5 月 6 日在巨潮资讯网（http://www.cninfo.com.cn/）上披露了《关于召开 2025 年第 一次临时股东会的通知》（公告编号：2025-027），决定于 2025 年 5 月 22 日 （星期四）召开公司 2025 年第一次临时股东会，本次会议将采用股东现场投票 与网络投票相结合的方式进行。为切实保护广大投资者的合法权益，方便公司股 东行使表决权，现将本次股东会的相关事项再次提示如下： 一、召开会议的基本情况 1、股东会届次：2025 年第一次临时股东会 证券代码：300785 证券简称：值得买 公告编号：2025-028 北京值得买科技股份有限公司 关于召开 2025 年第一次临时股东会的提示性公告 本公司及董事会全体成员保证公告内容真实、准确、完整，公告不存在虚假 记载、误导性陈述或重大遗漏。 2、股东会的召集人：公司第四届董事会。公司于 2025 年 5 月 6 日召开的第 四届董事会第六次会议审议通过了《关于召开 2025 年第一次临时股东会的议案》， 决定于 2025 年 5 月 22 日召开 2025 年第一 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report emphasizes the dual growth of AI applications and new IP consumption in the media and internet industry, suggesting a strong investment opportunity in AI and IP sectors [4][31] - The performance of video generation models has significantly improved since 2025, with new tools being released that enhance content creation capabilities across various fields such as e-commerce, advertising, and education [4] - The report highlights the upcoming launches in gaming and variety shows, which are expected to drive revenue growth for related companies [5][34] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 10, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 1.5 billion, with a cumulative box office of 1.77 billion [24] Industry News Overview - AIGC technology is advancing, with significant breakthroughs in video understanding and multi-modal capabilities [31] - Multiple new games are set for public testing, including "Cloud Sea Below" scheduled for May 20, 2025 [34] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou for AI models and agents, with beneficiaries including Alibaba, Kunlun Wanwei, and SenseTime [4] - In the AI anime and film sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4] - For AI education, companies like Century Tianhong and Shengtong Co. are highlighted as beneficiaries [4] Performance Insights - The A-share media sector underperformed compared to major indices, while the sports sector showed better performance [9] - The report suggests closely monitoring the performance of new game and variety show launches for potential revenue impacts on related companies [5]

Core Viewpoint - The company is implementing a "comprehensive AI" strategy in 2024 to enhance business efficiency and reshape its commercial ecosystem through AI technology applications in various business areas, including consumer content, smart marketing, and consumer data [1][3]. Group 1: AI Strategy and Product Matrix - The company has developed an AI product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 types of applications" to support its AI strategy [2]. - The "large model" is the "Zhidingmai Consumption Model," trained on 300G of consumer data and completed through 1.2 billion iterations, providing intelligence for AI products and applications [2]. - The "databases" include a "product database" with 1 billion product entries and a "content database," which also offers data services to third-party model companies [2]. Group 2: Cost Reduction and Efficiency Improvement - The company is leveraging AI technology to enhance efficiency and reduce costs across various business and management processes, with a focus on AIGC as a key strategic project since 2023 [3]. - In 2024, the content publishing volume on the "Zhidingmai" platform reached 34.0419 million, a year-on-year increase of 19.31%, while reducing the cost per content piece [3]. Group 3: Content Review and User Satisfaction - The company has restructured the content review process on the "Zhidingmai" platform using the AIUC engine, reducing human involvement and standard deviation in reviews [4]. - In 2024, the time for reviewing original content was shortened by 75%, and the volume of content requiring human review decreased by 57%, leading to improved user satisfaction [4]. Group 4: Ecosystem Collaboration - The company is actively participating in the co-construction of third-party AI ecosystems, aiming to optimize consumer decision-making experiences as information acquisition methods evolve [4]. - Collaborations have been established with various general model companies and smart terminal products to provide consumer content information and accelerate AI technology development [5].

Core Viewpoint - The company aims to focus on AI and overall efficiency improvement in its 2025 strategy, emphasizing the integration of AI technology into its business and the development of innovative AI products to enhance market competitiveness and achieve long-term success [1] Group 1: AI Technology Development - The company plans to solidify its foundational AI capabilities by constructing an AI product matrix consisting of "1 large model, 2 databases, 3 engines, and 4 application types" in 2024, laying a solid foundation for deep integration of AI into its business [1] - In 2025, the company will further optimize and expand its product and content databases, creating a general AI capability platform through AIGC, AIUC, and Agent engines, while also attracting top AI talent to enhance product development capabilities [1] Group 2: Application of AI in Business and Management - The company has initiated an upgrade of its core product "What Worth Buying" App to create an AI-native consumer content platform called "What Worth Buying GEN2," which utilizes AI for efficient content collection, deep analysis, and intelligent recommendations [1] - In 2025, the company will continue to iterate on "What Worth Buying GEN2," incorporating cutting-edge large model technology and restructuring content production and distribution systems to enhance user engagement and community activity [1] - The company will also implement AI technology in internal management to improve operational efficiency and create a high-collaboration AI organization for sustainable development [1] Group 3: Innovation in AI Product Development - The company plans to accelerate the development of AI innovative products in 2025, focusing on specific business scenarios and leveraging the growing acceptance of AI applications among users [1] - A new independent Agent product will be developed to provide intelligent consumer decision-making services, enhancing user experience and decision-making efficiency [1] - The company will actively participate in the ecosystem construction of protocols like MCP to explore collaboration mechanisms between AI agents and external channels [1] Group 4: International Expansion Strategy - The company recognizes the rapid growth of the global e-commerce market, particularly in emerging countries, and aims to expand its "What Worth Buying" model internationally, starting with Thailand in 2024 [1] - In 2025, the company will deepen its global expansion efforts, building on its presence in Thailand and accelerating entry into more countries to enhance brand influence and market share [1]