Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]

证券代码：300785 证券简称：值得买 公告编号：2025-027 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通知 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。 北京值得买科技股份有限公司（以下简称"公司"）第四届董事会第六次会 议于 2025 年 5 月 6 日召开，会议定于 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，现将本次股东会的有关事项通知如下： 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 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 5 月 22 日上午 9:15 至下午 15:00 期间的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。公司股东只能选择现场 投票和网络投票中的一种表决方式。 （1）现场投票：股东本人出席现场会议或通过授权委托书委托他人出席； （2）网络投票：公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo.com. ...

证券代码：300785 证券简称：值得买 公告编号：2025-025 北京值得买科技股份有限公司 第四届董事会第六次会议决议公告 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 二、董事会会议审议情况 本次会议与会董事经过认真审议，通过如下决议： 1、审议通过《关于补选独立董事的议案》 根据《公司法》《证券法》《深圳证券交易所创业板股票上市规则》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法 律法规、规范性文件及《公司章程》等有关规定，公司董事会提名委员会审核， 一致同意提名 Jian Han （韩践）女士为公司第四届董事会独立董事，并在当选 独立董事后担任公司第四届董事会提名委员会主任委员、审计委员会委员职务， 任期自股东会审议通过之日起至第四届董事会任期届满之日为止。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 Jian Han （韩践）女士已取得独立董事资格证书。独立董事候选人的任职 资格和独立性尚需报深圳证券交易所审核无异议后方可将本议案提交股东会审 议。 具体内容详见公司 2025 ...

北京值得买科技股份有限公司 独立董事候选人声明与承诺 声明人 Jian Han（韩践）作为北京值得买科技股份有限公司第四届董事 会独立董事候选人，已充分了解并同意由提名人北京值得买科技股份有限公司 董事会提名为北京值得买科技股份有限公司（以下简称该公司）第四届董事会 独立董事候选人。现公开声明和保证，本人与该公司之间不存在任何影响本人 独立性的关系，且符合相关法律、行政法规、部门规章、规范性文件和深圳证 券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承 诺如下事项： 一、本人已经通过北京值得买科技股份有限公司第四届董事会提名委员会 资格审查，提名人与本人不存在利害关系或者其他可能影响独立履职情形的密 切关系。 ☑ 是 □ 否 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 ☑ 是 □ 否 如否，请详细说明：______________________________ 四、本人符合该公司章程规定的独立董事任职条件。 ☑ 是 □ 否 如否， ...

北京值得买科技股份有限公司 独立董事提名人声明与承诺 提名人北京值得买科技股份有限公司董事会现就提名 Jian Han（韩践） 为北京值得买科技股份有限公司第四届董事会独立董事候选人发表公开声明。 被提名人已书面同意作为北京值得买科技股份有限公司第四届董事会独立董 事候选人（参见该独立董事候选人声明）。本次提名是在充分了解被提名人职 业、学历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情 况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规 范性文件和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的 要求，具体声明并承诺如下事项： 一、被提名人已经通过北京值得买科技股份有限公司第四届董事会提名委 员会资格审查，提名人与被提名人不存在利害关系或者其他可能影响独立履职 情形的密切关系。 ☑ 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不 得担任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、被提名人 ...

证券代码：300785 证券简称：值得买 公告编号：2025-026 根据《公司法》《上市公司独立董事管理办法》《深圳证券交易所创业板股 票上市规则》等法律法规、规范性文件及《公司章程》的有关规定，经公司第四 届董事会提名委员会审查通过，公司于 2025 年 5 月 6 日召开第四届董事会第六 次会议审议通过了《关于补选独立董事的议案》，同意补选 Jian Han （韩践） 女士为第四届董事会独立董事候选人（简历详见附件），并在当选独立董事后担 任公司第四届董事会提名委员会主任委员、审计委员会委员职务，任期自股东会 审议通过之日起至第四届董事会任期届满之日为止。 北京值得买科技股份有限公司 关于独立董事辞职暨补选独立董事的公告 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。 一、独立董事辞职的情况 北京值得买科技股份有限公司（以下简称"公司"）董事会近日收到公司独 立董事黄生先生的书面辞职报告。因个人工作原因，黄生先生申请辞去公司第四 届董事会独立董事之职，同时辞去提名委员会、审计委员会的相应职务，其辞职 后将不再担任公司任何职务。 黄生先生的辞职将导致公司独 ...

Company Developments - Bawang Chaji opened its first store in the United States in Los Angeles, with former McDonald's CMO Eugene Lee joining as the Vice President and Chief Marketing Officer for the Asia-Pacific region [3] - Stone Technology reported a revenue of 3.428 billion yuan in Q1 2025, a year-on-year increase of 86.22%, driven by an expanded product matrix and optimized sales structure [4] - Midea Group's overseas OBM business grew by 40% year-on-year, with e-commerce sales increasing by over 50% in Q1 2025 [5] - Didi launched its overseas car rental service in 11 countries and 26 cities to cater to domestic users traveling abroad [6] - Tianlala plans to open over 200 new stores globally by 2025, focusing on Southeast Asia, Europe, North America, and the Middle East [7] - Anker Innovations reported a revenue of 24.71 billion yuan for 2024, a 41.14% increase year-on-year, with Q1 2025 revenue reaching 5.993 billion yuan, up 36.91% [8] - Uber partnered with Momenta to deploy autonomous taxis in Europe by early 2026 [8] - COSCO Shipping established a new company in Saudi Arabia to enhance its operations in the region [8] - Yizhibo plans to expand its consumer content and marketing services overseas, aiming to establish a presence in five countries by the end of the year [8] - JA Solar expects to rapidly increase production capacity after launching a project in Oman [8] - Zeekr Technology Group has entered over 60 international markets, with more than 1,200 global stores [8] - Deep Blue aims for overseas sales to account for 20% of its total sales by 2025 [8] - Cainiao's order volume in the North American market increased by over 30% [11] Macro Policies & Industry Data - The U.S. officially terminated its tax exemption policy for small packages from China, leading to increased logistics costs and delays for e-commerce platforms [12] - The trade volume between China and Arab countries exceeded $400 billion in 2024, marking a tenfold increase since 2004 [12] - In Q1 2025, China's software business exports reached $13.1 billion, a year-on-year increase of 2.4% [13] - The Export-Import Bank of China issued over 300 billion yuan in loans to support foreign trade in Q1 2025 [14] - Mexico is expanding its largest port to strengthen trade ties with China [14] Investment & Financing - In Time Robotics completed nearly 100 million yuan in B3 round financing to accelerate global market expansion [15] - IndustrialNext raised several million dollars in Series A funding to enhance team size and R&D efforts [15] - Aihua New Materials secured several million yuan in A round financing to focus on product development and overseas market expansion [15] - Guopei Chuang (Suzhou) Education Technology completed a million yuan Pre-A round financing to support AI technology development and overseas market expansion [16] - Clickmate, a live-streaming e-commerce platform in South Korea, announced seed round financing, with a monthly transaction volume of 9 billion KRW [17]

Core Viewpoint - Chuangjin Hexin Fund plans to publicly offer Chuangjin Hexin Wenfeng Bond from May 19 to May 30, 2025, aiming to provide long-term stable returns while strictly controlling investment risks [1] Fund Details - The fund type is a secondary bond fund with an annual management fee of 0.6% and a custody fee of 0.15% [1] - The investment portfolio will allocate at least 80% of its assets to bonds, with a maximum of 20% to stocks and convertible bonds, including a 0-50% allocation to Hong Kong Stock Connect stocks [1] - The fund must maintain at least 5% of its net asset value in cash or government bonds maturing within one year after deducting margin requirements for treasury futures contracts [1] Fund Management - The proposed fund managers are Huang Tao and Xie Chuang, both with extensive experience in fund management [2] - Huang Tao has managed multiple funds since joining Chuangjin Hexin in February 2020, while Xie Chuang has been with the company since July 2015, holding various roles in fixed income [2] Historical Performance - Huang Tao's management of Chuangjin Hexin Xin Qi Mixed A has achieved a return of 37.46% since May 8, 2020, significantly outperforming the industry average of 15.37% [3][4] - The Chuangjin Hexin Wenfeng Bond aims to replicate such performance by focusing on stable returns and risk management [1][3] - Huang Tao's other managed funds, such as Chuangjin Hexin Stable Add Profit Bond A and Chuangjin Hexin Xin Xiang Mixed A, have also shown competitive returns compared to their peers [3][4][5]

Core Viewpoint - The company plans to synchronize its consumer content and marketing services for overseas expansion, aiming to establish a presence in five countries by the end of the year, primarily focusing on Asian markets [1] Group 1 - The company has already signed a partnership for its Thailand operations [1] - A partnership in Indonesia is expected to be signed in the first half of the year [1]

Group 1: Company Performance Overview - In 2024, the company achieved operating revenue of 1.55 billion yuan, a year-on-year increase of 15.18% [3] - The net profit attributable to shareholders was 75.24 million yuan, with a slight increase of 0.62% [3] - The net profit after deducting non-recurring gains and losses was 71.82 million yuan, reflecting a growth of 13.93% [3] - In Q4 2024, the net profit attributable to shareholders reached 71.44 million yuan, a significant increase of 17.7% compared to the previous quarters [3] Group 2: AI Strategy and Investment - The company launched its "Comprehensive AI" strategy in May 2024, with a total R&D investment of 182 million yuan, up 10.52% from the previous year [3] - AI investments accounted for 11.96% of total operating revenue [3] - The company aims to enhance its market competitiveness through the integration of AI technology into its business and management processes [3][20] Group 3: Product Development and Innovations - The "What’s Worth Buying GEN2" version is set to launch in May 2025, focusing on improving user-generated content quality [6][11] - The company is developing an independent Agent product to assist users in making purchases and tracking orders [8] - The AI tool "Magic Lamp Material Assistant" has been introduced to automate the generation of marketing materials, improving efficiency and reducing costs [21] Group 4: Market Expansion and Internationalization - The company plans to expand its international presence, targeting five countries by the end of 2025, primarily in Asia [13][22] - The first international site in Thailand has been established, with further partnerships in Indonesia planned [13][22] Group 5: Financial Efficiency and Cost Management - The sales expense ratio decreased in 2024 and Q1 2025 due to improved operational efficiency from AI applications [14] - The increase in contract liabilities in Q1 2025 was primarily due to a rise in advance payments from clients [15] - The company anticipates continued cost savings through AI-driven workflow improvements [16]