Market Overview - The advertising and marketing sector increased by 0.35% on September 11, with ST Huayang leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - ST Huayang (603825) closed at 10.30, with a rise of 4.99% and a trading volume of 85,500 shares, totaling a transaction value of 88.02 million yuan [1] - Other notable performers included Qitian Technology (300061) with a 2.76% increase, and Yidian Tianxia (301171) with a 2.00% increase [1] Fund Flow Analysis - The advertising and marketing sector experienced a net outflow of 569 million yuan from institutional investors, while retail investors saw a net inflow of 668 million yuan [2] - The table of fund flow indicates that ST Huayang had a net inflow of 20.57 million yuan from institutional investors, while Qitian Technology had a net outflow of 32.98 million yuan [3]

Core Viewpoint - The fundraising situation of Yidian Tianxia raises significant questions, particularly regarding the nearly 900 million yuan allocated for the programmatic advertising platform upgrade project, which has not converted into intangible or fixed assets, leaving the flow of funds unclear [1][2] Financial Performance - In the first half of 2025, Yidian Tianxia reported explosive revenue growth, achieving 1.737 billion yuan in revenue, a year-on-year increase of 59.95%, and a net profit attributable to shareholders of 144 million yuan, up 8.81% [1] - The company has utilized a total of 1.214 billion yuan of the raised funds, with nearly 900 million yuan fully invested in the programmatic advertising platform upgrade project [1] Fund Allocation Concerns - The programmatic advertising platform upgrade project, which has a total planned investment of 892.08 million yuan, has not resulted in any fixed or intangible assets, with fixed assets reported at only 8 million yuan and intangible assets at 56 million yuan at the end of the reporting period [2] - The project’s funding is heavily focused on personnel costs, with 70% of the budget directed towards this area, raising concerns about the alignment of employee compensation and productivity [3][6] Employee Productivity Issues - Despite significant revenue growth, the company has experienced a decline in per capita revenue, dropping from over 4 million yuan before the IPO to around 2.8 million yuan afterward [5][6] - The number of employees has increased significantly, yet the cash compensation paid to employees has not risen correspondingly, leading to questions about the authenticity of the reported data [6] Accounts Receivable and Financial Pressure - The company has a high accounts receivable ratio, with over 54% of revenue coming from receivables in the first half of the year, indicating potential financial strain [7] - As of mid-2025, other receivables stood at 1.473 billion yuan, primarily from advertising sales agency services, suggesting a possible funding pressure [8] Regulatory Environment - Regulatory scrutiny on the use of raised funds has intensified, with over 40 companies penalized for violations related to fundraising and information disclosure [8] - The recent amendments to regulations emphasize that controlling shareholders and related parties must not occupy raised funds, necessitating proactive disclosure from companies [8]

Core Viewpoint - The fundraising of Yidian Tianxia raises significant questions, particularly regarding the nearly 900 million yuan allocated for the programmatic advertising platform upgrade project, which has not converted into intangible or fixed assets, leaving the flow of funds unclear [1][2]. Financial Performance - In the first half of 2025, Yidian Tianxia reported a revenue of 1.737 billion yuan, a year-on-year increase of 59.95%, and a net profit attributable to shareholders of 144 million yuan, up 8.81% [2]. - The company raised a total of 1.373 billion yuan during its IPO, primarily intended for the programmatic advertising platform upgrade, R&D center construction, and working capital [2]. Fund Allocation Concerns - The nearly 900 million yuan for the programmatic advertising platform upgrade has been fully invested, yet it has not resulted in any fixed or intangible assets, raising questions about the actual use of these funds [2][4]. - The funding structure indicates a significant portion directed towards labor costs, but the data appears mismatched, leading to concerns about potential fund misappropriation [1][2][8]. Project Details - The programmatic advertising platform upgrade project aims to enhance the company's advertising capabilities, with a total planned investment of 892.078 million yuan, of which 70% is allocated to labor costs [4]. - The project is set to be implemented over three years, with a substantial portion of the investment expected in 2024 [4]. Employee Productivity Issues - Despite the company's revenue growth, employee productivity has declined, with per capita revenue dropping from over 4 million yuan before the IPO to around 2.8 million yuan afterward [11][13]. - The number of employees has increased significantly, yet the corresponding salary payments have not risen proportionately, raising questions about the authenticity of the reported data [13][14]. Accounts Receivable and Financial Pressure - Yidian Tianxia has a high accounts receivable ratio, with over 54% of revenue coming from receivables in the first half of 2025, indicating potential financial pressure [14][19]. - The company has faced overdue accounts receivable in previous years, suggesting ongoing challenges in cash flow management [14][15]. Regulatory Environment - Regulatory scrutiny on the use of raised funds has intensified, with over 40 companies penalized for violations related to fundraising and information disclosure [19]. - The recent revisions to regulations emphasize the need for transparency and proper allocation of raised funds to prevent misuse [19]. Comparison with Industry Peers - Yidian Tianxia's R&D spending is significantly lower than that of its U.S. counterpart, AppLovin, which has seen substantial increases in R&D investment, highlighting a stark contrast in growth strategies [20].

中信证券股份有限公司 关于易点天下网络科技股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：易点天下 | | --- | --- | | 保荐代表人姓名：李亦中 | 联系电话：010-60838582 | | 保荐代表人姓名：杨腾 | 联系电话：010-60833268 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | | | | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司 ...

Core Viewpoint - The company, 易点天下, reported that as of August 29, 2025, it has a total of 57,768 shareholders [2] Summary by Relevant Categories - **Shareholder Information** - As of the specified date, the company has 57,768 shareholders [2]

证券日报网讯 9月4日晚间，易点天下发布公告称，公司2025年第三次临时股东会于2025年9月4日召 开，审议通过了《关于续聘2025年度审计机构的议案》等。 （文章来源：证券日报） ...

2025 年第三次临时股东会决议公告 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。 证券代码：301171 证券简称：易点天下 公告编号：2025-069 易点天下网络科技股份有限公司 特别提示： 1. 本次股东会未出现否决议案的情形； 2. 本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1. 会议召开时间： （1）现场会议时间：2025年9月4日（星期四）14:30； （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为：2025年9月4日9:15—9:25，9:30—11:30和13:00—15:00；通过深圳证券交 易所互联网系统投票的具体时间为：2025年9月4日9:15—15:00期间任意时间。 2. 现场会议召开地点：西安市高新区天谷八路156号软件新城研发基地二期 C3栋楼13层星辰会议室。 3. 会议的召开方式：现场表决与网络投票相结合的方式。 4. 会议召集人：易点天下网络科技股份有限公司（以下简称"公司"）董事 会。 5. 会议主持人：董事长邹小武先生。 6. 本次股东会会议 ...

法律意见书 浙江天册律师事务所 关于 易点天下网络科技股份有限公司 2025 年第三次临时股东会的 法律意见书 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 浙江天册律师事务所 关于 易点天下网络科技股份有限公司 2025 年第三次临时股东会的 法律意见书 编号：TCYJS2025H1401 号 致：易点天下网络科技股份有限公司 浙江天册律师事务所（以下简称"本所"）接受易点天下网络科技股份有限 公司（以下简称"易点天下"或"公司"）的委托，指派本所律师参加公司 2025 年第三次临时股东会，并根据《中华人民共和国证券法》（以下简称"《证券法》"）、 《中华人民共和国公司法》（以下简称"《公司法》"）和《上市公司股东会规 则》（以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要 求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东会召集、召开程序、出席人员的 资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对会议所 审议的议案内容和该等议案中所表述的事实或数据的真实性和 ...

Market Overview - The advertising and marketing sector experienced a decline of 3.15% on September 2, with Zhidu Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Zhidu Co., Ltd. saw a significant drop of 10.03%, closing at 11.48, with a trading volume of 2.04 million shares and a transaction value of 2.453 billion [2] - Other notable declines included Tianyu Digital Science at -5.54% and Zhejiang Wenhu Internet at -5.16% [2] - Conversely, Yinhai Group increased by 2.37%, closing at 44.47, with a transaction value of 6.62 billion [1] Capital Flow - The advertising and marketing sector experienced a net outflow of 1.338 billion from institutional investors, while retail investors saw a net inflow of 0.901 billion [2] - The capital flow data indicates that retail investors were more active, with a net inflow of 0.901 billion, compared to the outflow from institutional investors [2] Individual Stock Capital Flow - Yinhai Group had a net inflow of 24.4896 million from institutional investors, while retail investors had a net outflow of 9.784 million [3] - Longyun Co. experienced a net inflow of 7.0104 million from institutional investors, with retail investors also seeing a net outflow [3] - The overall trend shows that institutional investors are pulling back while retail investors are more engaged in the market [3]

Core Viewpoint - The company emphasizes the importance of research and development (R&D) innovation, with a continuous increase in R&D investment projected for the coming years [1] R&D Investment - R&D investment is expected to grow by 11.77% in 2024 compared to the previous year [1] - For the first half of 2025, R&D investment is projected to increase by 26.23% year-on-year [1] Focus Areas - The company is focusing on the deep integration of AI technology and marketing, aiming to optimize advertising algorithms, AIGC creative generation, and intelligent deployment [1] - A specialized R&D team has been established to support these initiatives [1] Talent Management - The company has implemented a competitive compensation system and talent development mechanisms to ensure a robust talent pool [1] Future Plans - The company plans to continue increasing its investment in AI R&D and to upgrade its programmatic advertising platform and R&D center to strengthen its technological competitive advantage [1]