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 ...

Investment Rating - Investment rating for the media industry is optimistic (maintained) [1] Core Insights - The MCP agreement and the "Network Publishing Technology Innovation Leading Plan" are driving industry development, with a focus on AI applications and IP development [5] - The collectible card game market in China is expected to grow significantly, with a projected market size increase from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, reflecting a CAGR of 56.6% [6][14] - The report emphasizes the importance of high-quality IP and the rise of domestic IP in driving growth in the collectible card and related industries [21][22] Summary by Sections Section 1: Collectible Card Games - The collectible card game market is projected to grow from 2.8 billion RMB in 2019 to 26.3 billion RMB in 2024, with a CAGR of 56.6% [6][14] - The leading company in this sector, 卡游, achieved revenues of 22.9 billion RMB in 2021, 41.3 billion RMB in 2022, and is expected to reach 100.6 billion RMB in 2024 [22] - The report highlights the increasing participation of female consumers and the rise of domestic IP as key growth drivers [21][22] Section 2: Industry Data Overview - The game "和平精英" ranked first in both the iOS free and best-selling charts in mainland China as of April 19, 2025 [31][35] - The film "向阳·花" achieved a weekly box office of 0.39 billion RMB, totaling 1.83 billion RMB [45] - The web drama "无忧渡" performed well with a broadcasting index of 82.5 [46] Section 3: Company Performance - 卡游's revenue from collectible card games is expected to continue growing, supported by a strong IP matrix and effective supply chain management [22][23] - The company has launched numerous toy series and collectible card series, indicating robust product innovation [22][23] - The report recommends continued investment in companies like 腾讯控股 and 快手-W, which are positioned to benefit from the growth in AI and gaming sectors [5]

Core Viewpoint - The article discusses the ongoing shift of Chinese foreign trade enterprises towards domestic sales in response to increased tariffs on exports to the U.S., highlighting the collaborative efforts of major companies and government initiatives to support this transition [2][6][26]. Group 1: Major Companies' Initiatives - JD.com plans to invest 200 billion yuan in the next year to purchase export goods for domestic sales, aiming to help foreign trade enterprises quickly enter the domestic market [3][21][22]. - Hema has established a green channel for expedited processing, promising to simplify certification and reduce approval times for foreign trade products [15][20]. - Other platforms like Baidu, Meituan, and Douyin are also providing various forms of support, including AI technology, traffic assistance, and dedicated foreign trade sections [3][24][25]. Group 2: Retail and Supermarket Support - Traditional supermarkets such as Yonghui Supermarket and CR Vanguard have announced measures to facilitate the entry of quality foreign trade products into the domestic market, including opening "green channels" for rapid product listing [5][10][12]. - CR Vanguard has implemented four key measures, including opening direct sales channels in over 2,000 stores and developing private label products [13]. - Lianhua Supermarket is focusing on enhancing product quality by collaborating with returning overseas Chinese to find quality suppliers [13]. Group 3: Government and Association Support - The Chinese Commercial Association and other industry groups have issued a joint statement emphasizing the urgency of facilitating the transition of export goods to domestic sales [26]. - Local governments are also taking action, with initiatives like "Foreign Trade National Goods Selection" in Zhejiang and e-commerce platform matchmaking events in Anhui [28]. - The combined efforts of government, enterprises, and associations aim to alleviate the pressures faced by foreign trade companies and enhance their brand recognition in the domestic market [29].

"什么值得买"电商营销负责人张宇昂表示，此次帮助外贸企业拓宽内销渠道，不仅可以在短期内缓解出口发展困境，从长期来看对市场供给的结构性调整也 起到积极推动作用，"什么值得买"将积极响应国家关于提振消费扩大内需的号召，激发更多消费潜力以吸纳出口转内需市场。 极目新闻记者 黄永进 4月14日，"什么值得买"正式推出"出口转内销"扶持计划，从供需两端积极助力外贸企业应对国际经贸环境变化。在消费者侧，"什么值得买"App上线"出口 转内销"活动专场，为消费者甄选、推荐优质外贸商品；在商家侧，"什么值得买"通过旗下一站式营销平台"新巢"推出"新巢优品计划"招商公告，致力于扶 持广大外贸商家打开国内销路，实现高效内循环。 "什么值得买""出口转内销"消费专场一经上线，便获得了来自日百商超、家电、五金工具、汽车等品类外贸企业的积极响应，极大丰富了平台选品范围，平 台也设置了相应品类的专门对接人，以帮助外贸企业更高效地获得资源对接。平台的行业专家则根据用户兴趣热点和消费习惯，从全网拓内销商品中精心筛 选了上万款外贸好物。张宇昂表示，目前专题尚处于上线初期，合作外贸品牌仍在拓展中，未来平台还将持续挖掘更多外贸好物，为消费者提供更 ...

截至4月14日收盘，拼多多概念上涨3.85%，位居概念板块涨幅第7，板块内，37股上涨，新华都、跨境 通等涨停，美登科技、值得买、壹网壹创等涨幅居前，分别上涨14.48%、13.62%、11.25%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 002264 | 新华都 | 10.09 | 1.51 | 3734.31 | 60.48 | | 002640 | 跨境通 | 9.97 | 28.24 | 2516.54 | 1.71 | | 300785 | 值得买 | 13.62 | 13.30 | 1788.56 | 3.45 | | 301171 | 易点天 下 | 4.20 | 8.29 | 1726.57 | 2.82 | | 300792 | 壹网壹 创 | 11.25 | 11.31 | 1501.63 | 2.51 | | 002959 | 小熊电 器 | 4.85 | 2.15 | 1438.07 | ...