审 计 报 告 众环审字(2025)1100014 号 北京值得买科技股份有限公司全体股东： 一、审计意见 我们审计了北京值得买科技股份有限公司（以下简称"值得买公司"）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司 现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了 值得买公司 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果 和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对 财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职 业道德守则，我们独立于值得买公司，并履行了职业道德方面的其他责任。我们相信，我们 获取的审计证据是充分、适当的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些事 项的应对以对财务报表整体进行审计并形成审计意见为背景，我们 ...

前十大流通股东累计持有： 4265.7万股，累计占流通股比： 34.91%，较上期变化： 293.64 万股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 隋国栋 | 1826.06 | 14.94 | 不变 | | 北京国脉创新投资管理中心(有限合伙) | 806.34 | 6.60 | 不变 | | 刘峰 | 453.11 | 3.71 | 不变 | | 易方达供给改革混合 | 337.37 | 2.76 | 新进 | | 刘超 | 269.13 | 2.20 | 不变 | | 香港中央结算有限公司 | 190.16 | 1.56 | 38.77 | | 金鹰科技创新股票A | 139.01 | 1.14 | -18.00 | | 易方达新丝路混合 | 92.30 | 0.76 | 新进 | | 金鹰红利价值混合A | 86.00 | 0.70 | -35.00 | | 蔡昕 | 66.22 | 0.54 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 江唯娜 | 80.01 | 0.65 | ...

北京值得买科技股份有限公司 北京值得买科技股份有限公司董事会 2025 年 4 月 29 日 董事会关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》、《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》等要求，北京值得买科技股份有限公 司（以下简称"公司"）董事会，就公司在任独立董事的独立性情况进行评估并 出具如下专项意见： 经核查公司独立董事的任职经历以及签署的相关自查文件，董事会认为公司 独立董事黄生、曲凯、肖土盛均能够胜任独立董事的职责要求，其未在公司担任 除独立董事以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以 及主要股东之间不存在妨碍其进行独立客观判断的关系，不存在影响独立董事独 立性的情况，符合《上市公司独立董事管理办法》等法律法规及《公司章程》中 关于独立董事的任职资格及独立性的相关要求。 ...

北京值得买科技股份有限公司 舆情管理制度 二零二五年四月 第一章 总则 第一条 为提高北京值得买科技股份有限公司（以下简称"公司"）应对各 类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公 司股价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法 权益，根据《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》、《上市公司监管指引第 10 号——市值管理》等相关法律法规、规范性文件和《北京值得买科技股份有 限公司章程》的规定，结合公司实际情况，制订本制度。 第二条 本制度所称舆情包括但不限于： （一）报刊、电视、网络等媒体对公司进行的负面报道； （一）决定启动或终止各类舆情处理工作的相关事宜； （二）评估舆情信息对公司可能造成的影响以及波及范围，拟定舆情处理 方案； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的 信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的舆情信息。 第二章 舆情管理的组织体系及工作职 ...

北京值得买科技股份有限公司独立董事 2024 年度述职报告 北京值得买科技股份有限公司 独立董事 2024 年度述职报告 各位股东： 本人作为北京值得买科技股份有限公司（以下简称"公司"）的独立董事， 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司独立 董事管理办法》、《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》、《独立董事制度》的 规定和要求，在 2024 年度工作中，恪尽职守，勤勉尽责，忠实履行职务，积极 出席相关会议，认真审议董事会各项议案，对公司相关事项发表独立意见，切实 维护了公司和股东尤其是中小股东的利益。现将 2024 年度履行独立董事职责的 情况汇报如下： 一、独立董事的基本情况 本人肖土盛，1987 年出生，中国国籍，无境外永久居留权，毕业于上海财 经大学，博士学位，现任公司独立董事。本人曾任香港中文大学公司治理中心 研究助理、康奈尔大学公派访问学者。目前主要任职包括中央财经大学会计学 院教授、研究生院副院长，以及东华软件股份公司独立董事、引力传媒股份有 限公司独立董事等。 在担任公司独立董事期间，本人未在 ...

Financial Performance - The company's revenue for Q1 2025 was ¥268,421,057.65, a decrease of 9.41% compared to ¥296,289,264.84 in the same period last year[5] - The net loss attributable to shareholders was ¥8,594,790.64, an improvement of 62.16% from a loss of ¥22,711,945.66 in the previous year[5] - The company reported a basic earnings per share of -¥0.04, improving by 63.64% from -¥0.11 in the same quarter last year[5] - The net profit for the current period is -8,243,876.40, compared to -21,462,415.54 in the previous period, indicating an improvement[22] - The total comprehensive income for the current period is -8,248,726.83, while it was -21,462,267.17 in the previous period, showing a significant reduction in losses[22] - The total operating profit (loss) for the current period is -10,555,259.54, slightly worse than -10,433,779.04 in the previous period[21] Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, with a net outflow of ¥3,436,070.57, a 90.28% reduction from ¥35,358,705.03 in Q1 2024[5] - The operating cash flow for the current period is -3,436,070.57, an improvement from -35,358,705.03 in the previous period[23] - Cash flow from investment activities generated a net inflow of 162,184,511.38, compared to a net outflow of -4,279,848.55 in the previous period, indicating a positive shift[24] - The company's cash and cash equivalents increased to ¥811,541,147.90 from ¥657,862,836.37, reflecting a growth of 23.3%[17] - The cash and cash equivalents at the end of the period increased to 810,331,147.90 from 691,280,568.38 at the end of the previous period[24] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥2,425,088,915.64, a slight decrease of 0.41% from ¥2,435,088,412.82 at the end of the previous year[5] - Total current assets decreased slightly to ¥1,523,314,519.76 from ¥1,540,885,457.00, a reduction of 1.1%[17] - Total liabilities decreased to ¥514,061,173.88 from ¥516,620,325.20, a decline of 0.5%[19] - The total assets decreased to ¥2,425,088,915.64 from ¥2,435,088,412.82, a reduction of 0.4%[19] - The company's retained earnings decreased to ¥594,547,600.29 from ¥603,142,390.93, a decline of 1.0%[19] Shareholder Information - Total number of common shareholders at the end of the reporting period is 30,474[11] - The largest shareholder, Sui Guodong, holds 36.73% of shares, amounting to 73,042,476 shares, with 54,781,857 shares under pledge[11] - Liu Feng, the second-largest shareholder, owns 7.70% of shares, totaling 15,316,123 shares, with 13,593,242 shares under pledge[11] - The top ten shareholders hold a significant portion of shares, with the top four shareholders collectively owning over 55%[11] Investments and Financing - The company’s investment income increased by 90.47%, reaching ¥1,597,856.96 compared to ¥838,918.89 in Q1 2024[9] - The company has applied for a comprehensive credit line of up to RMB 130 million from Guangfa Bank to support its operational and development needs[14] - The credit line will include various financing products such as short-term working capital loans and domestic letters of credit, with a one-year term[15] - The company received government subsidies amounting to ¥254,019.44, which are closely related to its normal business operations[6] - The company’s long-term borrowings rose by 53.96% to ¥138,602,742.45, primarily due to increased fixed loans for the headquarters park construction project[9] Operational Metrics - Total operating revenue for the current period is ¥268,421,057.65, a decrease of 9.4% from ¥296,289,264.84 in the previous period[20] - Total operating costs for the current period amount to ¥284,390,613.23, down 8.4% from ¥310,578,589.31 in the previous period[20] - Research and development expenses decreased to ¥37,957,523.47, a reduction of 10.1% compared to ¥42,096,849.21 in the previous period[20] - Accounts receivable decreased to ¥489,191,014.36 from ¥541,515,001.72, a decline of 9.7%[17] - Long-term equity investments increased to ¥25,217,810.79 from ¥24,976,092.18, showing a growth of 1.0%[18] Other Information - The company has not reported any changes in the participation of major shareholders in margin trading activities[12] - The company has not disclosed any related party transactions among the top shareholders[12] - The company’s financial statements as of March 31, 2025, are being prepared and will be disclosed in due course[16] - The company incurred a credit impairment loss of 2,821,794.26, compared to 186,401.18 in the previous period, reflecting a significant increase in credit risk[21] - The company plans to provide a guarantee for its subsidiary Qingdao Xingluo Chuangxiang Network Technology Co., Ltd. with a maximum guarantee amount of RMB 50 million[13]

Financial Performance - The company's operating revenue for 2024 reached ¥1,517,624,375.19, representing a 4.55% increase compared to ¥1,451,638,435.53 in 2023[23]. - The net profit attributable to shareholders for 2024 was ¥75,240,530.76, a slight increase of 0.62% from ¥74,775,270.53 in 2023[23]. - The net profit after deducting non-recurring gains and losses increased by 13.93% to ¥71,822,744.73 in 2024 from ¥63,039,104.14 in 2023[23]. - The total assets of the company at the end of 2024 were ¥2,435,088,412.82, reflecting a 7.59% increase from ¥2,263,237,471.89 at the end of 2023[23]. - The basic earnings per share remained stable at ¥0.38 for both 2024 and 2023[23]. - The company reported a net cash flow from operating activities of ¥117,042,102.27 in 2024, up 4.60% from ¥111,898,585.83 in 2023[23]. - The total equity attributable to shareholders increased by 2.68% to ¥1,904,397,403.87 at the end of 2024 from ¥1,854,700,953.50 at the end of 2023[23]. - The weighted average return on equity decreased to 4.01% in 2024 from 4.12% in 2023[23]. - The company's total internet marketing revenue for 2024 was CNY 1.52 billion, representing a 4.55% increase from CNY 1.45 billion in 2023[48]. - The revenue from information promotion was ¥671,720,446.50, accounting for 44.26% of total revenue, with a slight decrease of 0.68% from the previous year[138]. - The operating service fee revenue increased by 17.29% to ¥327,256,341.15, representing 21.56% of total revenue[138]. - The total operating revenue for 2024 reached ¥1,517,624,375.19, representing a year-on-year increase of 4.55% compared to ¥1,451,638,435.53 in 2023[137]. User Engagement and Growth - The average monthly active users reached a significant number, with data sourced from third-party platforms indicating a steady user engagement[17]. - The average daily user engagement metrics indicate a positive trend in user retention and activity levels[17]. - The average monthly active users reached 39.68 million, a year-on-year increase of 0.99%[107]. - The registered user count reached 30.35 million, growing by 5.03% year-on-year[109]. - The mobile app activation volume was 77.59 million, reflecting an 8.05% year-on-year increase[109]. - The penetration rate of daily order users on the mobile app was 14.07%, up by 0.58 percentage points from the previous year[110]. - The average daily session duration per user on the mobile app decreased to 8 minutes and 53 seconds, down 11.61% year-on-year[110]. Risk Management - The company emphasizes the importance of risk awareness regarding macroeconomic, compliance, and operational risks in its future outlook[4]. - The company acknowledges the potential risks it may face in the upcoming periods, including industry-specific challenges[4]. - The company faces macroeconomic risks that could significantly impact revenue from internet advertising and value-added services due to potential declines in consumer demand[184]. - The company is committed to compliance with internet regulations, facing risks related to content management and user data protection, which could affect operations[185]. - The company is investing in system stability and network security to address risks from fluctuating user traffic and potential cyber threats[193]. - The company acknowledges risks associated with generative AI, including copyright disputes, ethical concerns, and potential regulatory changes affecting AI products[198]. - The company will implement strict data collection and usage protocols, conduct rigorous model testing, and monitor AI technology trends to mitigate AI-related risks[199]. - The company is entering international markets, facing global risks such as political instability, legal compliance, cultural differences, and varying consumer behaviors[200]. Technology and Innovation - The company is focused on expanding its market presence and enhancing its product offerings through new technologies and strategies[4]. - The company is focusing on leveraging AI to enhance content recommendation and consumer engagement, addressing the challenge of content overload in the market[40]. - The company has upgraded its app to "AI Native SMZDM GEN2," leveraging AI to improve content collection and generation, aiming to enhance consumer-brand connection efficiency[59]. - The company has developed an AI shopping assistant named "Xiao Zhi," which was launched in February 2024, significantly improving user experience and personalized shopping decisions[76]. - The AI product matrix includes one large model, two databases, three engines, and four types of applications, aimed at driving efficiency and innovation[81][82]. - The company aims to enhance internal management efficiency through the application of AI technology across all employee roles and business processes[180]. - The company plans to focus on AI technology integration and innovation in product development to enhance market competitiveness by 2025[178]. - The company aims to accelerate the development of AI-based innovative products, including a standalone Agent product for intelligent consumption decision-making[181]. Strategic Partnerships and Market Expansion - The company has formed long-term partnerships with major e-commerce platforms and brands, including Alibaba, JD.com, and Nike, enhancing its market presence and service offerings[74]. - The company is expanding its services on emerging content platforms like Douyin and Kuaishou, but faces risks from frequent policy changes that could impact new business development[190]. - The company officially launched the "Worth Buying" model in the international market, starting with Thailand in 2024, aiming for global expansion by 2025[183]. - The company will implement a comprehensive internationalization strategy to expand its global market presence[182]. Content Ecosystem and User Experience - The company is focused on building a robust content ecosystem to support high-quality content production, benefiting both consumers and brands[56]. - The company plans to enhance its content ecosystem by diversifying content types and improving quality to attract and retain users amid increasing industry competition[188]. - In 2024, user-generated content (UGC) accounted for 51.02% of the content on the platform, while AI-generated content (AIGC) made up 44.10%, highlighting the significant role of AI in content creation[57][59]. - The "What Worth Buying GEN2" platform was upgraded, utilizing AI technology to enhance user experience and content quality, resulting in a total content release of 34.04 million, a 19.31% increase year-on-year[84][93]. - AI-generated content (AIGC) contributed 1,501.28 million to the total content, accounting for 44.10% of the overall content released, with a year-on-year growth of 43.51%[93]. - The company has established partnerships with various third-party AI platforms and smart terminal products to enhance consumer decision-making experiences[87]. Investment and Financial Strategy - The company has adopted a prudent investment strategy in response to external environmental changes, ensuring effective use of raised funds[172]. - The company reported a significant increase of 73.67% in product sales revenue, reaching ¥4,097,080.27[138]. - The total amount raised from a private placement was ¥72,849.93 million, with a net amount of ¥71,305.98 million after expenses[169]. - The cumulative investment amount as of the end of the reporting period was 4.41 billion, representing a 6.62% increase[171]. - The projected benefits from the projects are expected to reach 2.53 billion by the end of the reporting period[171]. - The cumulative benefits realized by the end of the reporting period amounted to 3.98 billion[171]. Employee and Operational Efficiency - The company implemented a diversified incentive mechanism combining short-term and long-term rewards to enhance employee motivation and retention[134]. - The organization streamlined management layers to enhance operational efficiency and decision-making speed[129]. - The number of R&D personnel decreased by 11.11% to 392, while the proportion of R&D staff increased to 24.95%[158]. - The company plans to increase R&D investment and strengthen its technical talent pool to maintain a leading position in domestic industry technology[197].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continued high growth in social and gaming sectors, particularly in the MENA region, emphasizing companies with operational advantages and market positioning [4] - The report notes significant revenue growth for companies like Zhiyu City Technology, which achieved total revenue of 5.09 billion yuan in 2024, a year-on-year increase of 53.9% [4] - The report emphasizes the importance of AI applications and the ongoing development of domestic video models, which are expected to drive further growth in the industry [5] Summary by Sections Industry Overview - The report indicates that the A-share media sector underperformed compared to major indices, while the gaming sector showed better performance [9] - The report provides insights into the performance of popular games and films, with "Peace Elite" topping the iOS free and revenue charts in mainland China [12][16] Company Performance - Zhiyu City Technology's social business revenue reached 4.63 billion yuan, growing by 58.1%, while its innovative business revenue was 460 million yuan, up by 21.3% [4] - Yalla Technology reported a revenue of 339.7 million USD in 2024, with a net profit of 134.2 million USD, reflecting an 18.7% year-on-year increase [4] AI and Technology Developments - The report discusses breakthroughs in domestic video models, with Vidu achieving top rankings in evaluation benchmarks [5] - The report highlights the integration of AI capabilities in various applications, suggesting continued investment in AI technologies [5] Market Trends - The report notes the increasing popularity of AI-generated content and tools, with significant engagement on social media platforms [33][34] - The report emphasizes the ongoing demand for gaming and entertainment content, with several new titles gaining traction in the market [23][24]

由于基本面强劲且估值具有吸引力，摩根大通对Cadence Design Systems（CDNS）的看法变得更加乐 观。 摩根大通将这只软件和芯片设计股的评级从"中性"上调至"增持"，并将目标价从每股300美元上调至325 美元。新的目标价较周三的收盘价高出约22%。 分析师Harlan Sur指出，考虑到该股今年迄今已回调近12%，投资者现在正是逢低买入的好时机。 Sur表示："该公司未来一年（CY）的估值为34倍市盈率，处于过去五年28至53倍之间的低端，估值既 具吸引力也不过高。在宏观经济环境趋缓、贸易/关税影响有限的背景下，投资者会越来越看重Cadence 具有防御性的增长特性。" 他预计，Cadence很可能会超出其全年保守展望，因为该展望并未充分计入"随着时间推移，由于先进芯 片设计活动的强劲，以及市场份额提升带来的订单、营收和每股收益上行潜力"。 该分析师还提到，早在2018年特朗普总统首次实施关税政策时，芯片设计软件板块就表现出较强的韧 性。当时Cadence的股价跌幅也小于整体的费城半导体指数（SOX）。 Sur补充道："在过去两年，该团队的年营收增长实际表现平均超出预期150到200个基点 ...

文 | 猎云网 孙媛 近一周，"出转内"朋友圈不断扩容。 面对美国对中国输美商品加征125%的累计关税，一场对外贸企业的帮扶行为正在进行。 大厂们也陆续站到了"接力赛"中。 这里面，京东最壕，以"未来一年内将大规模采购出口转内销商品，帮助外贸企业快速开拓国内市场"，豪掷2000亿元； 盒马逐快，提供绿色通道24小时专人加急处理，加速"出转内"运营效率。 随后，百度、美团、苏宁易购、抖音电商等平台也跟进表示，以AI技术、流量扶持、设立外贸专区等不同方式全面助 力外贸企业"内销突围"。 而在大厂们之前，永辉超市、物美集团、华润万家、联华超市等多家线下商超早已纷纷公告，将为优质外贸企业开通内 销"直通车"。 据不完全统计，在商务部稳步推进内外贸一体化的号召之下，截至目前，已有近20家平台、企业公开表态，将推出相关 扶持计划，携手共克时艰。 而在他们的动作之下，一场中国经济内生动力的重塑俨然启航。 商超平台共推"绿色通道"，最快1分钟开店 据中国海关数据，2024年中国对美出口总额约为5000亿美元，占出口总额的16.4%。如今关税叠加至54%，出口企业利 润被大幅压缩。 可见，如若外贸企业若固守出海，无异于"坐以待 ...