JiShi Media(SH:601929) Zheng Quan Shi Bao Wang·2025-11-28 02:19Core Insights - The company is entering a critical phase of strategic transformation, leveraging an integrated "cable + IPTV" operation model to achieve business convergence and enhance digital services for government and enterprises, AI, data elements, and independent technological innovation [1] - The company is transitioning from an expectation-driven phase to a performance-driven phase, with potential for valuation restructuring if core growth variables are realized [1] Group 1: Business Expansion and Performance Recovery - In 2024, the company achieved a historic breakthrough in its government and enterprise business, signing contracts worth 180 million yuan in the emergency sector, expanding its service scope to over 30 industries [2] - The company is accelerating cooperation in key areas such as smart transportation, smart environmental protection, and government information technology, establishing strategic collaborations with entities like Jilin Provincial Highway Group and Jilin Provincial Ecological Environment Department [2] - The ongoing "Digital Jilin" initiative is expected to enhance the company's technical solution advantages and utilization of all-fiber resources in the government and enterprise market [2] Group 2: Technological Innovation and Competitive Advantage - The company's self-developed I-PON technology is seen as a crucial support for future strategic growth, currently in pilot phases in ten provinces including Beijing and Shanghai [3] - If the I-PON technology can establish standardized solutions within the national grid system, it will facilitate the company's transition from a regional network operator to a nationwide technology service provider [3] - The company is also advancing in AI applications and data elements, having developed the "Jilin Cultural Tourism Model" and taking on the construction of the Jilin Provincial Service Center for the Beijing International Big Data Exchange [3]