传媒 2025 年 05 月 05 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-05 2024-09 2025-01 传媒 沪深300 相关研究报告 《积极关注高景气社交出海、Agent 及 多 模 态 AI 应 用 — 行业周报》 -2025.4.27 《MCP 及政策助力 AI 发展，继续关 注高景气 IP 赛道—行业点评报告》 -2025.4.21 《多模态 AI 突破不止，政策暖风持续 助力 IP、体验消费—行业周报》 -2025.4.13 模型迭代、国漫电影上新持续推进，继续布局 AI、IP ——行业周报 | 方光照（分析师） | 田鹏（分析师） | | --- | --- | | fangguangzhao@kysec.cn | tianpeng@kysec.cn | | 证书编号：S0790520030004 | 证书编号：S0790523090001 | 阿里通义、DeepSeek 模型再迭代，纳米 AI 引领 Agent 突破，继续布局 AI 4 月 29 日，阿里通义千问模型 Qwen3 正式开源，其采用 MoE 架构 ...

Core Insights - AI toys have become a lucrative market, with significant sales and growth potential driven by advancements in AI and embodied intelligence technology [1][3] - The market for AI toys is projected to exceed $30 billion by 2025, with a current market size of $18.1 billion in 2024 and expected to grow to $60 billion by 2033 [3][4] - The demand for AI toys is fueled by their ability to create emotional connections and provide companionship, particularly in the context of rising single-person households and aging populations [3][4] Group 1: Market Dynamics - The first batch of AI toy sellers, including notable figures like Elon Musk, have seen substantial profits, with products selling out rapidly [1] - ByteDance's AI companion toy, originally a non-retail gift, has been resold for as much as 500 yuan on second-hand platforms due to its advanced AI capabilities [3] - The AI toy market is characterized by a wide range of prices, from low-cost DIY options to high-end AI robots priced at 30,000 yuan [13][15] Group 2: Technological Advancements - The core competitiveness of AI toys lies in the chips that enable interaction and emotional computing, with a strong demand for specialized chips for multimodal interaction and AI processing [5][6] - Major chip manufacturers like Espressif, Allwinner, and Rockchip are providing solutions tailored for AI toys, with specific models designed for children's robots and interactive toys [6][8][10] - The integration of AI models into toys is enhancing their capabilities, allowing for real-time voice interaction and emotional recognition [11][13] Group 3: Industry Trends - The AI toy sector is attracting attention from executives of major companies, indicating a growing interest and investment in this market [5] - The emergence of subscription models for AI toys, where users pay for ongoing services, is a new trend that differentiates them from traditional toys [15][16] - Innovative products are being launched, such as AI plush toys and interactive pets, which are quickly selling out and gaining high resale values [16]

Investment Rating - The report maintains an "Increase" rating for the pet food industry, indicating a favorable outlook for the sector's fundamentals and expected performance relative to the market benchmark [3]. Core Insights - The pet food industry is experiencing significant growth, with domestic brands outperforming foreign competitors due to a trend of domestic substitution. Leading domestic brands like Guai Bao Pet and Zhong Chong Co. are showing impressive sales growth and profitability [1]. - Guai Bao Pet's main brand, Mai Fu Di, has maintained the top position on Tmall for five consecutive years, achieving a 150% year-on-year sales increase during the 2024 Double 11 shopping festival. The company reported a revenue of 5.245 billion yuan in 2024, a 21.22% increase year-on-year, with a net profit of 625 million yuan, up 45.68% [1]. - Zhong Chong Co. has developed a strong portfolio of proprietary brands and reported a revenue of 4.465 billion yuan in 2024, a 19.15% increase year-on-year, with a net profit of 394 million yuan, up 68.89% [1]. - Petty Co. also showed strong performance with a revenue of 1.659 billion yuan in 2024, a 17.56% increase year-on-year, and a remarkable net profit growth of 1742.81% [1]. - The report highlights the increasing consumer focus on experience-driven pet care, with new retail formats emerging that combine product offerings with services, catering to the evolving needs of pet owners [2]. Summary by Sections Company Performance - Guai Bao Pet achieved a revenue of 5.245 billion yuan in 2024, with a net profit of 625 million yuan, reflecting a strong growth trajectory [1]. - Zhong Chong Co. reported a revenue of 4.465 billion yuan in 2024, with a net profit of 394 million yuan, showcasing robust brand performance [1]. - Petty Co. reached a revenue of 1.659 billion yuan in 2024, with a net profit increase to 1.82 billion yuan, marking a historic high [1]. Market Trends - The pet food sector is identified as the largest segment within the pet industry, driven by the essential nature of pet care throughout their lifecycle [1]. - The report notes a shift towards high-end market opportunities due to uncertainties in tariffs, which may benefit companies with strong proprietary brands [1]. Investment Opportunities - The report suggests focusing on companies with strong channel strategies and innovative product offerings, such as Tian Yuan Pet and Yi Yi Co., as well as those expanding into smart pet care solutions [3]. - Companies like Guai Bao Pet and Petty Co. are highlighted for their impressive growth in proprietary brand sales, indicating potential investment opportunities [3].

Market Overview - The Shanghai Composite Index fell by 0.05% on April 29, with 19 sectors experiencing gains, led by the beauty and personal care sector at 2.60% and machinery equipment at 1.44% [1] - The media industry ranked third in terms of daily gains [1] - The utilities and comprehensive sectors had the largest declines, at 1.78% and 0.97% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 1.259 billion yuan, with 11 sectors seeing net inflows [1] - The machinery equipment sector led with a net inflow of 2.502 billion yuan, followed by the basic chemical industry with a net inflow of 615 million yuan [1] - The utilities sector had the highest net outflow, totaling 2.127 billion yuan, followed by the oil and petrochemical sector with a net outflow of 551 million yuan [1] Media Industry Performance - The media industry rose by 1.27% with a net capital inflow of 257,800 yuan, comprising 130 stocks, of which 106 rose and 22 fell [2] - Notable stocks with significant net inflows included Focus Media with 124 million yuan, ST Huaton with 106 million yuan, and Tom Cat with 49.15 million yuan [2] - The media industry also saw significant net outflows, with Tianyu Shuke leading at 158.19 million yuan, followed by Zhangyue Technology and Wanda Film with outflows of 77.71 million yuan and 59.43 million yuan respectively [4]

Core Viewpoint - The company operates as a comprehensive IP ecosystem operator centered around the "Talking Tom" family IP, focusing on both online and offline business development to meet cultural and entertainment needs [3][4]. Group 1: Business Overview - The company has been deeply engaged in the mobile application sector for over a decade, developing more than 20 mobile applications based on the "Talking Tom" family IP, achieving over 25 billion downloads globally and a peak monthly active user count of 470 million [4]. - The primary revenue source for the company comes from in-app advertising and in-app purchases, collaborating with major advertising service providers like Google and Meta to monetize its mobile applications [5]. - In the online content domain, the company has produced a series of animated works based on the "Talking Tom" IP, achieving over 110 billion views across 200 countries and translated into 32 languages [7]. Group 2: Offline Business Development - The company plans to launch its first AI emotional companion robot product in December 2024, integrating advanced features such as voice interaction and emotional perception, aiming to create a "hardware + content + service" ecosystem [7]. - The company has expanded its offline business through IP derivatives and theme parks, launching various products in categories like fashion, food, and children's goods, while also establishing theme parks in multiple regions across China [8]. Group 3: Financial and Operational Stability - The company reported no significant changes in its main business operations during the reporting period, maintaining its industry position without major alterations to its business model [9]. - The company has received a standard unqualified audit opinion from its accounting firm, indicating stable financial reporting [1].

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 浙江平处贸易有限公司 | 21150.17 | 6.68 | -989.12 | | 王健 | 16063.29 | 5.07 | -1679.33 | | 朱志刚 | 7831.31 | 2.47 | 不变 | | 香港中央结算有限公司 | 6489.20 | 2.05 | 2790.01 | | 南方中证1000ETF | 2325.56 | 0.73 | -957.81 | | 华夏中证1000ETF | 1245.73 | 0.39 | -545.41 | | 广发中证1000ETF | 965.50 | 0.30 | -207.52 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 619.66 | 0.20 | 新进 | | 陈振宇 | 529.88 | 0.17 | 新进 | | 陈家琼 | 504.82 | 0.16 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 中国人寿 ...

证券代码：300459 证券简称：汤姆猫 公告编号：2025-041 浙江金科汤姆猫文化产业股份有限公司 关于提请股东大会授权董事会办理以简易程序向特定对象发行 股票相关事宜的公告 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。 浙江金科汤姆猫文化产业股份有限公司（以下简称"公司"）于2025年4月 27日召开了第五届董事会第十二次会议、第五届监事会第八次会议，审议通过了 《关于提请股东大会授权董事会办理以简易程序向特定对象发行股票相关事宜 的议案》，根据《上市公司证券发行注册管理办法》《深圳证券交易所上市公司 证券发行上市审核规则》《深圳证券交易所上市公司证券发行与承销业务实施细 则》及《公司章程》等相关规定，公司董事会提请股东大会授权董事会以简易程 序向特定对象发行股票，融资总额不超过人民币3亿元且不超过最近一年末净资 产20%，授权期限为自公司2024年年度股东大会通过之日起至下一年度股东大会 召开之日止。本次授权事宜尚需提交公司2024年年度股东大会审议。现将本次授 权的具体情况公告如下： 一、具体内容 （一）确认公司是否符合以简易程序向特定对象发行股 ...

Core Viewpoint - Tom Cat's 2024 annual report indicates a decline in main business revenue due to various factors, including the impact of new entertainment forms and a competitive market environment [1][2]. Group 1: Financial Performance - In 2024, Tom Cat achieved an operating income of 1.143 billion yuan, but reported a net loss attributable to shareholders due to asset impairment, with a net profit of approximately 78.07 million yuan after excluding impairment effects [1]. - The report highlights a year-on-year decline in key performance indicators, influenced by limited contributions from new games and AI hardware products, as well as changes in customer advertising bidding mechanisms [1]. Group 2: R&D and Product Development - To address macroeconomic and competitive challenges, Tom Cat has increased its R&D investment, with the proportion of R&D expenditure to revenue rising from 12.25% in 2021 to 23.50% in 2024 [1]. - The company is actively developing a diverse range of premium games, with upcoming products like "Jin Jie Cat Enlightenment Garden," "Tom Cat Town," and "Tom Cat Mobilization 2" expected to launch in 2025, which are anticipated to contribute to incremental performance [1]. Group 3: AI Innovation - Tom Cat is expanding its AI innovation business, launching the "Chatting Tom Cat" AI product matrix, including the first AI emotional companion robot, which was introduced in late December 2024 [2]. - The AI robot features emotional perception, multimodal interaction, and long-term memory modules, providing personalized conversations based on user preferences, and received a 97% approval rating after its launch on Douyin [2]. - The introduction of the AI emotional companion robot is expected to open new growth avenues for the company, with plans to expand its AI hardware matrix based on the product's software and hardware advantages [2].

证券代码：300459 证券简称：汤姆猫 公告编号：2025-030 浙江金科汤姆猫文化产业股份有限公司 关于 2025 年度日常关联交易预计的公告 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。 浙江金科汤姆猫文化产业股份有限公司（以下简称"公司"或"上市公司"） 为加强日常关联交易的规范管理，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》 《公司章程》等相关规定，现对2025年度公司日常关联交易预计情况公告如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司于2025年4月27日召开第五届董事会第十二次会议，审议通过了《关于 公司2025年度日常关联交易预计的议案》，表决结果为3票赞成，0票反对，0票 弃权，2票回避表决，董事长朱志刚先生、董事朱恬女士回避表决。该议案已经 公司全体独立董事一致同意并经独立董事专门会议审议通过，未达到公司股东大 会审议标准，无需提交股东大会审议。 公司2025年度日常关联交易的预计总金额为3,112,967.08 元，2024年度日常 关联交易实际发 ...

浙江金科汤姆猫文化产业股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情况评估 及履行监督职责情况的报告 浙江金科汤姆猫文化产业股份有限公司（以下简称"公司"）聘请中喜会计 师事务所（特殊普通合伙）（以下简称"中喜事务所"）作为公司2024年度财务 审计机构，公司董事会审计委员会根据《中华人民共和国公司法》《中华人民共 和国证券法》《国有企业、上市公司选聘会计师事务所管理办法》《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》及《公司章程》等相关规定，本着勤勉尽责的原则， 恪尽职守，认真履职，对中喜事务所2024年度的履职情况进行了评估和监督。现 将公司董事会审计委员会对会计师事务所2024年度履职情况评估及履行监督职 责的情况报告如下： 一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 事务所名称：中喜会计师事务所（特殊普通合伙） 成立日期：2013年11月28日 组织形式：特殊普通合伙企业 注册地址：北京市东城区崇文门外大街11号11层1101室 首席合伙人：张增刚 截至2024年末，中喜事务所拥有合伙人102名 ...