证券代码：301262 证券简称：海看股份 海看网络科技（山东）股份有限公司 投资者关系活动记录表 编号：2025-004 投资者关系 活动类别 ☑ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称 及人员姓名 华源证券：陈良栋、魏桢 华宝基金：蓝仝 泰康基金：翟一柠 （排名不分先后） 时间 2025 年 12 月 2 日（周二） 地点 公司会议室 上市公司接待 人员姓名 董事会秘书：邓强 证券事务代表：王闯 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 1、公司 2025 年前三季度业绩情况如何？ 公司前三季度在主营业务面临一定行业政策压力的背景下实 现了稳健盈利，营业收入约 6.98 亿元，尽管同比小幅下降 5.94%， 但仍保持了较高的利润率，公司业务模式的高盈利能力确保了基 本盘的稳固。公司努力提升业务回款能力和运营效率，前三季度 经营活动产生的现金流量净额大幅改善，同比增长 46.62%。当前 现金储备较为充裕，为未来一定时期的核心战略投入提供了坚实 保障，同时也为开展对外投资和实施股东回报提供了从容布局空 ...

Market Overview - The market experienced fluctuations throughout the day, with the Shenzhen Component Index and the ChiNext Index both dropping over 1% at one point [1] - The Fujian sector showed strong performance, while the battery and shipping sectors faced declines [1] ETF Performance - The S&P Consumer ETF rose by over 2%, and several dividend-related ETFs increased by more than 1% [1] - Specific ETF performance includes: - S&P Consumer ETF: 2.53% increase, estimated size of 8.764 billion [2] - Hong Kong Dividend Low Volatility ETF: 1.7% increase, estimated size of 11.96 billion [2] - Hong Kong Dividend Index ETF: 1.57% increase, estimated size of 169.527 billion [2] - Other notable ETFs include the Hang Seng Dividend Low Volatility ETF and the Hang Seng Dividend ETF, both showing increases around 1.5% [2] Institutional Investment Trends - Analysts suggest that some institutions may sell high-valuation, volatile growth stocks to lock in annual returns, shifting towards high-dividend, high-safety margin Hong Kong dividend sectors [2] - The period from December to January is noted as a peak for insurance premiums, leading some insurance funds to quickly build positions in high-dividend assets to match liability costs, creating a rigid buying pressure [2] Media Industry Outlook - Long-term prospects for the media industry are expected to improve due to a gradual recovery in content supply, ongoing AI technology integration, and supportive policies alongside consumer recovery expectations [4] - Companies in the film and television, gaming, and advertising sectors are recommended for their strong performance, as well as those involved in digital assets and AIGC-related technologies [4]

2025年AI推广培训机构权威排名TOP10：综合实力与服务能力解析在人工智能席卷各行各业的2025年，一场关于AI推广培训的市场洗牌正在悄然 发生。随着AIGC技术对企业营销、运营和管理各环节的深度渗透，企业需求已从"什么是AI"转向"如何用AI创造价值"。据最新行业数据显示， 2025年企业级AIGC培训市场规模已突破百亿，年复合增长率高达68%。在这场培训行业的变革中，优质培训机构正通过技术实力与落地效果脱颖 而出。本文将基于第三方视角，对2025年AI推广培训机构进行综合评估，为企业选择提供参考。 01 行业现状：市场繁荣下的选择困境AI培训行业在快速发展的同时，也面临着质量参差不齐的挑战。当前市场上，部分机构缺乏合规资质，教学 内容更新滞后于技术趋势，导致学员所学技能无法满足企业岗位实际需求。行业数据显示，超过70%的培训机构课程内容更新周期超过一年，无 法跟上AI技术的快速迭代。同时，仅有30%的机构能为学员提供充足的实际项目操作机会。企业面临培训效果不佳、技术与业务场景脱节、后续 服务缺失等痛点，如何甄别真正具备实力的培训机构，成为企业AI转型的首要难题。 02 权威排名TOP10：实力机构综合 ...

曾亮则立足产业一线实践，剖析AIGC技术对传媒行业的重塑作用。他指出，AI不是单一工具，而是全 链路改变了媒体本身。既重构了策、采、编、发全流程，辅助完成热点分析、内容挖掘及媒资盘活；又 实现了个性化动态内容推荐，打造出互动探索式信息获取模式。关于AI与艺术的交汇，他认为在艺术 创作领域，AI可作为灵感源泉辅助创作者拓展思路、提升效率，丰富艺术交互模式；人和AI应该是"共 生体"，二者形成共生关系，但审美与价值观把控需依靠人类。 在对话环节，两位嘉宾就跨领域AI人才培养、AI时代阅读学习方式革新等话题交换观点。唐继军将AI 落地分为全民科普、行业梳理、全面开发三阶段，分享了高校面向不同群体开展AI培训的探索。他认 为，阅读目标不同，AI工具的作用也随之不同：获取知识可借AI辅助，而情感体验则需依靠自主阅 读。曾亮提出设立交叉融合学科培养T型人才、推动AI与行业双向赋能、加强学界与产业界协作等建 议。他认为，AI难以替代深度阅读所带来的思想淬炼与知识内化，也难以实现情感共鸣以培养真正的 阅读涵养。 【深圳商报讯】（首席记者 魏沛娜）11月30日下午，第26届深圳读书月重点活动"深圳AI领军者沙龙活 动"在深圳书 ...

有券商表示，从中长期来看，预计随着内容供给逐步恢复，AI等技术赋能持续深化，叠加政策支持及 消费回暖预期，传媒行业景气度有望得到修复。建议关注影视院线、游戏、广告营销等领域业绩表现亮 眼的公司，并关注布局数字资产、应用AIGC相关技术的公司。 （文章来源：每日经济新闻） 影视概念股走低，中国电影跌超3%，芒果超媒、光线传媒、捷成股份、万达电影跌超2%。 受盘面影响，跟踪中证影视主题指数的影视ETF跌超2%。 中证影视主题指数选取影视内容提供商（包括影视制作、网络剧制作和动漫制作等）、发行商、渠道 商，以及其他受益于影视发展的上市公司证券作为指数样本，为投资者提供更多样化的投资标的。 ...

Core Insights - The new middle-class population in China is projected to reach 278 million by October 2025, with a year-on-year increase of 3 million, indicating a clear trend of high-value user expansion [1][5] - The growth is driven by the increasing attractiveness of first-tier cities and a structural shift in the age demographics of the new middle-class, particularly among users aged 31-40 and 25-30 [1][5] - Emerging trends in leisure tourism, AIGC, smart vehicles, and health services are significantly influencing the consumption patterns of the new middle-class [1][8] Group 1: Population Growth and Characteristics - The new middle-class population shows a "stable quantity and improved quality" trend, with a net increase of 3.174 million users year-on-year, while the overall online share slightly decreased by 0.2 percentage points [5] - First-tier cities like Beijing, Shanghai, Guangzhou, Shenzhen, and Chongqing account for the top five active new middle-class users, with Beijing showing the strongest growth [1][5] Group 2: Consumption Trends - There is a high demand for leisure tourism and business travel among the new middle-class, with a willingness to pay for innovative services that enhance life quality, such as AIGC applications and smart vehicles [8] - The preference for quality fresh produce and membership store apps is rapidly increasing, with user growth rates of 44.8% for Hema and 38.9% for Sam's Club [2][30] Group 3: Digital Behavior and App Usage - The new middle-class is spending more time online, with significant growth in sectors like flight shooting games, online video, community socializing, and comprehensive e-commerce, all exceeding 10% year-on-year growth [11] - E-commerce platforms like Taobao and JD.com have accumulated over 200 million new middle-class users, with increased usage frequency during promotional events [19] Group 4: Health and Lifestyle - Health-related consumption is on the rise, with fitness training and dietary management apps seeing rapid user growth, alongside a focus on health management products like air purifiers and water purifiers [32] - The new middle-class is increasingly investing in personal health management, reflecting a broader trend towards quality living and wellness [8][25] Group 5: Brand Preferences and Spending Habits - The new middle-class is gravitating towards mid-range products, with a notable increase in the usage of devices priced between 2000 to 2999 yuan, which rose by 6.3% [23] - There is a strong demand for high-end beauty brands, with luxury brands like Helena, Estée Lauder, and Chanel gaining traction among the new middle-class [26]

Group 1 - Media concept stocks weakened in early trading, with Kunlun Wanwei down over 3%, and both 37 Interactive Entertainment and Mango Excellent Media down over 2% [1] - The Media ETF fell nearly 2% due to market influences [1] Group 2 - According to a brokerage, the media industry is expected to recover in terms of prosperity in the medium to long term, driven by gradual recovery in content supply, deepening AI technology empowerment, policy support, and expectations of consumer recovery [2] - Companies with strong performance in sectors such as film and television, gaming, and advertising marketing are recommended for attention, along with those involved in digital assets and AIGC-related technologies [2]

Group 1 - The launch of Doubao mobile assistant marks its upgrade from an independent app to an AI agent deeply integrated into mobile operating systems, generating significant industry attention [1] - The prototype device, Nubia M153, featuring the Doubao mobile assistant is currently available in limited quantities [1] - As of December 1, 2025, the AI ETF has seen a weekly increase of 8.32%, indicating a recovery trend in the AI sector after previous adjustments [1] Group 2 - Institutions suggest that the ongoing iteration of AI technology and the enhancement of commercial products signal an "iPhone moment" for AI hardware, particularly with AI terminal solutions like Doubao mobile [2] - The current shallow agent functionality of Doubao mobile is viewed as a starting point, with expectations for deeper integration of AI operating systems and applications in the near future [2] - The evolution from "authorized cooperation" to "system integration" is anticipated to drive new hardware innovations and reshape software ecosystems and business models [2]

Core Insights - The movie "Zootopia 2" has achieved remarkable success, grossing over 2 billion within just six days of its release, a significant increase compared to previous animated films [1][48]. Marketing Strategy - The marketing strategy for "Zootopia 2" effectively utilized AI-generated content (AIGC), allowing audiences to create personalized images with characters Judy and Nick, which significantly boosted engagement [9][47]. - The hashtag Zootopia2AI has garnered nearly 400 million views on Douyin, indicating a strong viral marketing effect [9][26]. - User-generated content (UGC) has become a key driver of engagement, with many users sharing their AI-generated photos on social media platforms like Xiaohongshu, which has seen 440 million views for related topics [26][42]. AI Integration - The introduction of AI effects, such as the "Zootopia Co-Photo" feature, has attracted over 1.64 million users, showcasing the potential of AI in enhancing movie marketing [20][22]. - The success of the AI-generated content reflects a shift in marketing strategies, moving from traditional methods to more interactive and engaging formats that resonate with audiences [47][48]. Audience Engagement - The combination of effective visuals, user-friendly commands for generating images, and the sharing culture on social media has created a strong community around the film, enhancing its visibility and appeal [42][43]. - The film's marketing has tapped into the desire for personalized experiences, making it a case study for future film promotions [42][47]. Conclusion - The unexpected success of "Zootopia 2" can be attributed to innovative marketing strategies that leverage AI technology and user engagement, setting a new standard for film promotions in the digital age [47][48].

Core Insights - The gaming sector is experiencing a rebound, with the gaming ETF (516010) rising by 1.64% on December 1st, driven by the issuance of 184 gaming licenses in November 2025, marking a new high for the year [1] - The normalization and stabilization of gaming license approvals have significantly reduced supply-side uncertainties, allowing major companies to launch high-quality products, which in turn boosts revenue and performance [1] - The public fund's heavy holdings in the media and internet sector increased to 2.5% in Q3 2025, with the gaming sub-sector's allocation rising to 1.68%, indicating a shift in investment focus [1] - Many leading companies in the A-share gaming sector exhibit strong cash flow characteristics, with some blue-chip gaming stocks offering dividend yields of 3%-4%, providing defensive value in a low-interest-rate environment [1] - The introduction of AI tools has enhanced cost efficiency in the gaming industry, with production efficiency for 2D art assets improving by 40%-50% and outsourcing costs reduced by over 30%, directly increasing product gross margins [1] Industry Outlook - Given the sustained high fundamentals, increased license issuance, and AI-driven cost efficiencies, the gaming sector is positioned as a dual-cycle investment target combining technology and consumer trends [2] - After a period of adjustment, the overall cost-performance ratio of the gaming sector has improved significantly, suggesting potential for both earnings and valuation growth [2] - The gaming ETF (516010) is recommended for investors looking to capitalize on these opportunities [2]