关于对引力传媒股份有限公司 专项说明 XYZH/2025BJAA19F0024 引力传媒股份有限公司 上海证券交易所： 本所根据贵所发文号为"上证公函【2025】0648号"《关于引力传媒股份有 限公司2024年年度报告的信息披露监管问询函》(以下简称《监管函》)的要求, 现就监管问询函中要求进行回复说明如下: 问题1、关于业务模式及收入确认。年报显示，公司主营业务为品牌营销、 社交营销、电商营销与运营服务等，利润来源主要为客户服务费和媒体平台渠道 激励。2024年度，公司实现营业总收入62.9亿元，同比增加32.7%；实现扣非前 后归母净利润分别为-1810.5万元和-1728.1万元，由盈转亏；其中四季度营业收 入显著高于其他季度，但净利润大幅下滑并出现亏损。前期公司未能依规在2025 年1月底之前披露2024年业绩，公司称系2024年国内媒体平台渠道政策出现较大 变化，导致公司对2024年业绩预计出现较大偏差。 请公司补充披露：（1）分类披露主营业务的具体模式，包括公司提供的服 务内容及流程、主要考核指标、收费方式、主要客户、供应商及结算政策等； （2） 广告营销业务的收入确认政策及依据，结合业务模式、 ...

Core Insights - Yang Hanshen, a 20-year-old center, was selected 16th overall by the Portland Trail Blazers, marking a new record for Chinese players in the NBA draft and initiating a significant rise in his commercial value [1][2] Group 1: Commercial Value Development - The announcement of Yang Hanshen's selection was met with immediate commercial responses, including endorsements from brands like Alien Electrolyte Water and Li Ning, reminiscent of the marketing strategies used during Yao Ming's entry into the NBA [2][3] - Yang Hanshen had already signed a five-year contract with Li Ning before entering the NBA, and he also established a partnership with Alien Electrolyte Water in March 2025, indicating a faster commercial growth trajectory compared to previous Chinese players [3][6] - His performance in the CBA, averaging 16.6 points, 10.5 rebounds, and 2.6 blocks per game, has drawn comparisons to Yao Ming's rookie season, enhancing his marketability [3][9] Group 2: Market Potential and Brand Strategy - The entry of Alien Electrolyte Water as a sponsor highlights the brand's understanding of leveraging NBA visibility, targeting a younger consumer demographic that aligns with Yang Hanshen's image as a "00s star" [6][9] - Yang Hanshen's commercial potential is vast, with opportunities in sectors like automotive, finance, and technology, similar to the diverse endorsements enjoyed by Yao Ming and Yi Jianlian [6][9] - The increasing interest in NBA among Chinese audiences, with 90% of adult basketball viewers watching the league, presents a lucrative market for brands seeking to capitalize on sports IP, with the sports marketing market in China projected to reach 280 billion yuan by 2025 [9]

Core Insights - Xiaomi is revolutionizing the Chinese automotive industry with impressive pre-order numbers for its new car model YU7, achieving 200,000 pre-orders in just 3 minutes and 289,000 in one hour, surpassing previous records set by its SU7 model [1][7] - The marketing strategy employed by Xiaomi for YU7 resembles that of its early smartphone launches, creating a sense of urgency among consumers due to limited availability and long waiting times for delivery [2][4] - Xiaomi's CEO Lei Jun emphasized the significance of these sales figures, suggesting they represent a milestone for the Chinese automotive industry [1][6] Marketing and Sales Strategy - Xiaomi's marketing efforts for YU7 have been more restrained compared to SU7, focusing on building anticipation through social media and live events, while maintaining a cautious approach to avoid potential backlash [5][6] - The company has implemented measures to prevent scalping, allowing only one pre-order and one locked order per user, and prohibiting changes to buyer information after locking an order [7][8] - The pricing strategy for YU7 positions it competitively against Tesla's Model Y, with an initial price of 253,500 yuan, just 10,000 yuan lower than Model Y's starting price, indicating Xiaomi's shift away from a purely cost-effective branding strategy [8][9] Industry Response - Traditional automotive industry executives have expressed skepticism regarding Xiaomi's pre-order numbers, citing the challenges of scaling production in the automotive sector compared to consumer electronics [2][4] - Despite initial doubts, industry confidence in Xiaomi's automotive capabilities appears to be growing, as evidenced by the significant pre-order figures and positive consumer sentiment towards the YU7 model [8][9] - The success of YU7 is seen as a continuation of the momentum built by the earlier SU7 model, with improved product features and safety measures contributing to consumer trust [7][8]

Core Viewpoint - The restaurant industry continues to face intense competition entering 2025, but leading companies like Xiaocaiyuan demonstrate resilience, presenting structural investment opportunities [1] Short-term Summary - Xiaocaiyuan has shown a positive same-store sales recovery in May, with expectations for stability or slight growth in the second half of the year. Profit growth remains strong, with net profit projected to exceed previous guidance [1] - The company is enhancing its bargaining power with malls, optimizing single-store efficiency, and reducing costs in the delivery channel. The average cash recovery period for stores has improved, and monthly net profit per store is on the rise [1][2] Expansion Strategy - Xiaocaiyuan is adjusting its store opening strategy, focusing on fine-tuning in Q1 and anticipating a peak in openings in Q3, with a target of slightly over 120 new stores this year, bringing the total to around 800 by year-end [2] - The company aims to improve both single-store efficiency and the number of stores, with plans to enhance brand marketing and strengthen supply chain advantages through a new processing plant expected to be operational by November [3] Long-term Outlook - Xiaocaiyuan has significant room for expansion, with conservative estimates suggesting the potential to open 2,000 to 3,000 additional stores, indicating further market share growth [4] - The company plans to focus on international expansion after reaching 3,000 domestic stores, with initial steps to enter the Hong Kong market this year [4] - Xiaocaiyuan emphasizes long-term value creation for shareholders through a robust internal incentive system, consistent dividend payouts, and employee engagement strategies [5] Investment Potential - Xiaocaiyuan is viewed as a high-value, growth-oriented chain in the Hong Kong stock market, with potential as a resilient leader in the Chinese restaurant sector. The company is in a phase of brand momentum, with unique organizational mechanisms and ongoing optimization capabilities [5]

Group 1 - The article discusses the importance of a strong IP (intellectual property) for companies, highlighting that a positive IP can empower a business while a negative one can lead to its downfall [2][26] - Xiaomi's new car model, the YU7, was launched at a starting price of 253,500 yuan, achieving significant pre-order success with over 200,000 units reserved within three minutes and nearly 289,000 within an hour [3][5] - Xiaomi's stock price reached a historic high of 61 HKD, with a market capitalization of 1.54 trillion HKD, indicating strong investor confidence in the company's performance [5] Group 2 - The article emphasizes that the success of the YU7 is attributed not only to its quality but also to effective marketing and the strong personal brand of its founder, Lei Jun [7][10] - The piece compares Xiaomi's marketing strategy to other successful brands, noting that emotional connection and trust play a crucial role in consumer purchasing decisions [19][21] - It contrasts Xiaomi's success with Tesla's struggles, particularly due to negative perceptions surrounding its CEO, Elon Musk, which have impacted Tesla's sales in Europe and China [22][24][25]

Core Viewpoint - The article highlights the successful collaboration between a traditional leather craftsman from Inner Mongolia and a fellow countryman in the United States, showcasing the potential for local artisans to reach international markets through modern technology and social media [1][4]. Group 1: Company Overview - Mengkebao Lide, a 50-year-old leather craftsman from Ordos, Inner Mongolia, has transformed unsold sheepskin into high-quality leather products by integrating traditional craftsmanship with modern technology [1][3]. - The product range includes various leather items such as boots, bags, gloves, and coats, as well as home accessories like car seat covers and horse gear, indicating a diverse product offering [3]. Group 2: Market Expansion - The collaboration with Gadu Di, a fellow countryman in the U.S., has led to increased visibility and orders for Mengkebao Lide's leather products in the American market, demonstrating the potential for overseas sales [4]. - The couple has embraced digital transformation by combining online and offline sales strategies, participating in trade fairs, and utilizing social media platforms to promote their products [4]. Group 3: Future Aspirations - Mengkebao Lide expresses a strong desire to expand the reach of traditional leather products beyond local markets, aiming to share the cultural stories behind their craftsmanship with a global audience [4].

Core Viewpoint - The case of "internet celebrity lawyer" Xi Lv, who is not a licensed attorney, raises concerns about the verification processes of legal identities on social media platforms and the responsibilities of law firms in confirming the credentials of their associates [1][2][3] Group 1: Identity Verification Issues - Xi Lv, whose real name is Zhao Moumou, has been active on social media as a "beauty elite lawyer" and has gained significant followers by sharing legal knowledge and lifestyle content, but her identity as a lawyer has been called into question [1][2] - The Chengdu Judicial Bureau confirmed that Xi Lv is not a practicing lawyer and is currently under investigation for suspected criminal activity [1][2] - The law firm Dehe Hantong (Chengdu) reported Zhao Moumou to the police after discovering her alleged criminal activities, which led to media scrutiny of her lawyer identity [2] Group 2: Platform Responsibilities - The incident highlights the need for social media platforms to rigorously verify the identities of users claiming to be professionals in fields such as law, finance, and healthcare, as mandated by the Central Cyberspace Administration of China [2] - The lack of verification allowed Zhao Moumou to market herself under a false identity, indicating potential gaps in platform management and oversight [2][3] Group 3: Industry Trends and Concerns - The rise of short videos and live streaming featuring individuals claiming to be lawyers has become a popular trend, but it has also led to the proliferation of fake identities and misleading content [3] - The collapse of Xi Lv's persona exemplifies the broader issue of misleading professional identities in online marketing, necessitating clearer standards for content verification to protect public interests [3]

Core Insights - The automotive industry is increasingly adopting new media marketing strategies, with companies leveraging platforms like Douyin, Kuaishou, and Xiaohongshu to reach consumers more effectively [1][2][3] - The shift from traditional advertising to new media has led to a significant increase in the number of accounts and content output by automotive brands, with an average of over 1,700 accounts per brand in the top 20 sales companies [1][2] - The competition for consumer attention has intensified, with brands focusing on generating leads rather than just traffic or sales, reflecting a fundamental change in customer acquisition strategies [12][19] New Media Marketing Strategies - Automotive companies are utilizing a matrix strategy across multiple platforms, with a focus on high-frequency content output through live streaming and short videos [1][3] - The traditional dealer model is being complemented by direct sales models, where brands like NIO and Li Auto emphasize a more refined and personalized approach to new media marketing [6][10] - The use of Key Opinion Sales (KOS) has emerged, where sales personnel create personal brands to engage consumers more effectively [2][11] Sales and Lead Generation - The automotive sales process has evolved into a three-stage model: "grass-planting, consultation, and conversion," with online channels becoming crucial for lead generation [20][23] - The average consumer now browses automotive information approximately four times a week, indicating a shift towards quicker decision-making processes [20] - Brands are increasingly investing in lead acquisition through new media, with a notable increase in advertising spend on lead generation [12][15] Market Dynamics - The automotive market is experiencing a shift from growth to competition, with over 920 new car models expected to launch in 2024, intensifying the need for effective marketing strategies [17][18] - The rise of new energy vehicles and the emergence of new brands are reshaping the competitive landscape, prompting established brands to adapt their marketing approaches [17][19] - The cost of acquiring leads through new media remains lower compared to traditional media, making it an attractive option for automotive companies [17][19] Consumer Behavior Changes - Consumers are increasingly viewing cars as representations of personal identity and lifestyle, leading to more targeted marketing strategies [24] - The focus on lifestyle-oriented marketing allows brands to connect with niche consumer segments more effectively [24][25] - The shift in consumer behavior necessitates that automotive companies adapt their marketing strategies to resonate with evolving consumer preferences [24][25]

Core Viewpoint - LVMH's strategy of "silent sponsorship" at the 2024 Paris Olympics has redefined luxury branding, focusing on cultural participation rather than overt advertising [1][9]. Group 1: No Logo Olympic Partnership - LVMH's involvement in the 2024 Olympics is not about advertising but a deep expression of "French culture and identity" [2]. - The company chose to operate behind the scenes, becoming a "cultural co-creator" without visible branding or self-promotion [2]. Group 2: Paradigm Shift in Luxury Branding - LVMH challenges traditional sponsorship logic by emphasizing that high-end brands do not need to be "seen" but rather "perceived" [3]. - The company recognized an opportunity to engage emotionally with users through cultural means, rather than through visible branding [3]. Group 3: Cultural Creation Instead of Advertising - LVMH's Olympic marketing strategy lacks traditional promotional materials, yet it generated global attention [5]. - The brand's contributions included Chaumet's Olympic medals, Louis Vuitton's ceremonial boxes, Berluti's custom outfits for torchbearers, and Dior's artistic performances [5][6]. Group 4: Non-Marketing Approach - The Cannes jury praised LVMH's approach as "not an advertisement, but a cultural heritage" [8]. - This strategy reflects a new logic in the luxury sector, where high-end consumers value cultural depth and authenticity over aggressive exposure [8]. Group 5: Redefining Luxury Brand Presence - LVMH's success at the Cannes International Creativity Festival signifies a new definition of luxury branding in a competitive global market [9]. - The company demonstrates that in an era of information overload, "silence" can be the most sophisticated form of expression [10]. Group 6: Measurable Impact - LVMH achieved over €350 million in earned media exposure, a 36% increase in global brand favorability, and a 12-fold increase in brand consideration among consumers [11]. - The strategy shifted focus from selling products to building meaning, from shaping trends to conveying values, and from capturing attention to creating resonant experiences [12].

Core Insights - The article critiques the current state of precision marketing, arguing that it has led to increased competition, reduced profitability, and a lack of brand identity [1][2][3][10] Group 1: The Flaws of Precision Marketing - Precision marketing has resulted in "internal competition," where multiple companies offer similar insights and strategies, leading to a lack of innovation [2] - The initial goal of improving ROI has become a misconception, as platforms like Walmart dictate low profit margins, leaving brands with minimal earnings [2][3] - Brands are struggling to build strong identities, as precision marketing often targets the same consumer groups repeatedly, leading to brand homogenization [3][4] Group 2: Limitations in Growth and Creativity - Precision marketing can confine brands to a limited scope, preventing them from scaling effectively beyond initial growth stages [4][5] - The article highlights the decline of creative marketing strategies, with brands relying on templates and AI rather than innovative ideas [8][9] - There is a noted loss of risk-taking and adventurous spirit in marketing, as brands prefer to imitate competitors rather than pursue unique strategies [10][11] Group 3: The Need for a Balanced Approach - The article suggests that the overemphasis on precision has led to a misunderstanding of the importance of consensus and broader audience engagement [11][12] - It advocates for a more balanced approach that incorporates both precision marketing and traditional mass media strategies to enhance brand visibility and effectiveness [11][12]