Core Viewpoint - The company, ZhiDeMai, is leveraging its expertise in the consumer sector and content creation to provide comprehensive operational services for brands on platforms like Douyin, combining e-commerce and content operations [1] Group 1 - The subsidiaries, Risheng Xingluo and Youzhu Technology, are key players in delivering these services [1] - The operational services include marketing planning, flagship store management, live streaming operations, influencer collaborations, short video content production, and advertising [1]

Group 1 - The company "Zhi De Mai" reported that as of November 20, 2025, the number of shareholder accounts will reach 37,949 [2]

（文章来源：证券日报） 证券日报网讯 12月15日，值得买在互动平台回答投资者提问时表示，截至2025年12月10日，公司股东 总户数42280户。 ...

Core Insights - The Chinese consumer market is experiencing a dual opportunity driven by policy empowerment and technological innovation, particularly in the integration of artificial intelligence (AI) with consumption [1][2] - The company "值得买" (ZhiDeMai) is strategically aligning its "comprehensive AI" strategy with national policy directives to explore new growth paths in the consumer quality enhancement wave [1][2] Policy and Market Dynamics - The government is implementing a consumption stimulus plan with a budget of 300 billion yuan for consumer goods upgrades, expanding subsidies to digital products [2] - From January to November, the total retail sales of consumer goods increased by 4% year-on-year to 4.56 trillion yuan, with online retail sales growing by 9.1% [2] AI Strategy and Implementation - "值得买" has developed an AI product matrix consisting of a large model, two databases, three engines, and four application categories, enhancing the entire decision-making process from content understanding to decision support [2][3] - The company has a robust data foundation with over 1 billion product data points and 12 billion consumer content entries, facilitating effective AI technology deployment [3] Ecosystem Development - The company is building an "AI + consumption" ecosystem by deeply integrating AI technology into consumer decision-making processes, with significant product upgrades such as the AI-driven "什么值得买" (What’s Worth Buying) guide [4] - The "张大妈" app, launched in September 2025, represents a significant leap in consumer interaction, allowing users to complete the entire purchasing process through conversational AI [4] B2B Market Engagement - "值得买" has created the "海纳" MCP Server, which integrates vast consumer data and AI algorithms to enhance matching between supply and demand, showing a 47% increase in output during the Double Eleven shopping festival [5] - The "值数" AI content insight platform has successfully improved marketing efficiency for brands like Haier, achieving a 33% increase in industry share of voice [5] Collaborative Efforts and Future Outlook - The company is pursuing open collaboration to expand the "AI + consumption" boundaries, with over 40 partners for the "海纳" MCP Server and strategic alliances with firms like 微盟 [6][7] - Continuous investment in AI technology has led to reported AI-related revenues of 32.29 million yuan in the first three quarters of 2025, indicating a positive trend in monetization [7] - Analysts suggest that the synergy between AI technology and consumption policies will create structural growth opportunities in sectors like consumer electronics and smart devices, positioning "值得买" to benefit from industry development [7]

Group 1: Alphabet (GOOG, GOOGL) - Alphabet's stock has seen an impressive increase of over 80% since July 1, 2025, driven by favorable court rulings, breakthroughs in artificial intelligence, and potential new business divisions [3][12] - The company has turned its fortunes around in the generative AI space, previously lagging behind competitors but now recognized for its rapid advancements, prompting concerns from OpenAI [3][12] - Alphabet's cost advantage lies in its Tensor Processing Units (TPUs), which are more efficient and cheaper for specific workloads compared to NVIDIA's GPUs, allowing for a more scalable and cost-effective infrastructure [3][12][13] - There are reports of Meta Platforms negotiating with Alphabet to purchase TPUs, indicating a strategic shift that could open new business avenues and lead to significant growth if successful [4][14] Group 2: Taiwan Semiconductor Manufacturing Company (TSMC) - TSMC is the leading foundry for chip manufacturing, crucial for supplying chips to major AI companies that primarily focus on chip design [5][15] - The company experienced remarkable growth in 2025, with each quarter showing significant revenue increases [6][16] - As long as investments in the AI sector remain high, TSMC's chip demand is expected to continue thriving, with record capital expenditures from AI companies in 2025 and even higher plans for 2026 [8][17] - NVIDIA projects that global data center capital expenditures could reach $3 trillion to $4 trillion by 2030, which would require a vast number of chips, further driving TSMC's business growth [8][17]

Market Overview - The digital media sector increased by 0.37% on December 10, with Sanliuwang leading the gains [1] - The Shanghai Composite Index closed at 3900.5, down 0.23%, while the Shenzhen Component Index closed at 13316.42, up 0.29% [1] Stock Performance - Key stocks in the digital media sector showed varied performance, with Sanliuwang (300295) closing at 14.49, up 4.77% on a trading volume of 221,600 shares and a turnover of 316 million yuan [1] - Other notable performers included Zhangyue Technology (603533) at 20.20, up 3.17%, and Xinhua Net (603888) at 19.51, up 0.67% [1] Capital Flow - The digital media sector saw a net inflow of 32.75 million yuan from institutional investors, while retail investors experienced a net outflow of 60.47 million yuan [2][3] - The capital flow data indicates that institutional investors were net buyers, while retail investors were net sellers in the sector [2][3] Individual Stock Capital Flow - Zhangyue Technology (603533) had a net outflow of 48.57 million yuan from institutional investors, while it attracted a net inflow of 4.38 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 20.32 million yuan from institutional investors, indicating strong interest [3]

关于董事调整暨选举职工董事的公告 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。 证券代码：300785 证券简称：值得买 公告编号：2025-056 北京值得买科技股份有限公司 根据《中华人民共和国公司法》《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、规范性文件以及《公司章程》的相关规定，公司于 2025 年 12 月 8 日召 开第四届职工代表大会 2025 年第一次会议，经全体与会职工代表表决，选举陈 莹倩女士（简历详见附件）为公司第四届董事会职工董事。陈莹倩女士与经公司 股东会选举产生的第四届董事会非职工董事共同组成公司第四届董事会，任期自 本次职工代表大会审议通过之日起至第四届董事会届满时止。陈莹倩女士符合 《公司法》《公司章程》规定的有关职工董事任职资格和条件。陈莹倩女士原为 第四届董事会非独立董事，当选公司职工董事后，公司董事会中兼任公司高级管 理人员以及由职工代表担任的董事人数未超过公司董事总数的二分之一，符合相 关法律法规的要求。 北京值得买科技股份有限公司董事会 ...

上海泽昌律师事务所 关于 北京值得买科技股份有限公司 2025年第二次临时股东会的 法律意见书 上海市浦东新区向城路 288 号国华人寿金融大厦 1107A 室 电话：021-61913137 传真：021-61913139 邮编：200122 二〇二五年十二月 上海泽昌律师事务所 法律意见书 泽昌证字 2025-01-05-03 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 2025 年第二次临时股东会（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《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚 ...

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、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。 证券代码：300785 证券简称：值得买 公告编号：2025-055 北京值得买科技股份有限公司 2025 年第二次临时股东会决议公告 一、会议召开情况 1、北京值得买科技股份有限公司（以下简称"公司"）2025 年第二次临时 股东会通知于 2025 年 11 月 20 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）现场会议时间：2025 年 12 月 08 日 14:30 （2）网络投票时间：2025 年 12 月 08 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 ...

Core Insights - The report from Worth Buying Consumer Industry Research Institute highlights key changes in consumer behavior and market trends for Q3 2025, emphasizing a shift towards a more mature and experience-driven consumption model [1][2][3]. Group 1: Consumer Behavior Trends - Consumption is entering a "self-mature period," where consumers switch between high cost-performance and emotional value, focusing on both rational and emotional aspects [1]. - There is a rising trend in scenario-based consumption, shifting attention from merely purchasing products to buying experiences and lifestyles, with the combination of "goods + services" becoming crucial in decision-making [1]. - Experience demand is extending across the entire lifecycle, with consumers expecting a seamless, transparent, and trustworthy service loop from discovery to post-purchase, making service quality a core factor influencing repurchase and brand choice [2]. Group 2: Generational Consumption Changes - Intergenerational consumption is moving from differentiation to integration, with core values like health, connection, and self-realization becoming more aligned across generations, reducing differences in consumption attitudes [3]. - The new generation of consumers prioritizes emotional value, experience quality, and self-expression, driving a market shift from function-oriented to value-oriented and personalized approaches [3]. Group 3: Sales Data and Market Performance - In Q3, leading categories in consumer goods sales growth included computers and digital products, video games, home appliances, local living, and fresh food, with notable growth indices [4][5]. - The sales data shows that computers and digital products led with a growth index of 3.96, despite a 6.31% decline in average transaction value, while fresh food maintained stable growth with an 8.26% increase in average transaction value [5]. Group 4: Topic Heat and Consumer Sentiment - The hottest topics in consumer goods for Q3 included local living, travel, and financial services, with local living experiencing a significant growth index of 668.8% [6][7]. - Consumer satisfaction is high in categories like automotive consumption and fresh food, with automotive satisfaction reaching 93.0% and fresh food at 93.8%, indicating strong emotional engagement [8][9].