证券代码：300071 证券简称：福石控股 北京福石控股发展股份有限公司 投资者关系活动记录表 编号：20250519001 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 ☑业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司 2024 年度业绩说明会的全体投资者 | | 人员姓名 | | | 时间 | 2025 年 05 月 19 日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人 | 董事长：陈永亮 | | 员姓名 | 独立董事：司静波 | | | 董事会秘书：朱文杰 | | | 财务总监：袁斐 | | | 证券事务代表：朱迪 | | | 本次业绩说明会的主要问题及回复如下： 1.请问公司是否计划降低对汽车行业的依赖？ | | 投资者关系活动 | | | | 答:尊敬的投资者您好，公司近年来积极推进客户多元化 | | 主要内容介绍 | 战略，大 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of more than 10% return relative to the CSI 300 index over the next six months [2][13]. Core Views - The company reported a revenue of 1.44 billion yuan for 2024, a decrease of 2.78% year-on-year, and a net profit attributable to shareholders of -163.46 million yuan, marking a shift to negative profitability [1][10]. - The company's gross margin was 93.22%, down 1.55 percentage points year-on-year, while the net margin was -10.93%, indicating a significant decline [1][10]. - The company is facing short-term pressure on performance due to intensified market competition, rising traffic costs, and goodwill impairment [1][9]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 387 million yuan, a year-on-year increase of 0.43%, but the net profit attributable to shareholders was -158 million yuan [1][10]. - The annual revenue breakdown shows that the video creative business generated 961 million yuan, a slight increase of 0.06% year-on-year, while other segments like practical tools and document creativity saw declines [7][9]. - The company’s operating expenses increased significantly, with sales expenses rising to 849 million yuan (up 17.42% year-on-year) and R&D expenses reaching 442 million yuan (up 9.90% year-on-year) [7][10]. Future Outlook - The company is committed to deepening its AI strategy, with expectations for AI-native application revenue to reach approximately 67 million yuan in 2024, doubling year-on-year [9]. - Forecasts for net profit attributable to shareholders are projected to be 56.04 million yuan in 2025, 95.95 million yuan in 2026, and 153.46 million yuan in 2027, indicating a recovery trajectory [10].

证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 王世豪 SAC：S1350524120005 wangshihao@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 关注港股公司财报披露，重视 IP 潮玩企业扩容 投资评级： 看好（维持） ——传媒互联网行业周报（2025.5.12-2025.5.18） 投资要点： 本周观点：腾讯、阿里巴巴、京东等港股互联网公司陆续披露财报，基础业务稳健 性凸显的同时，AI 业务在估值框架中纳入更深的思考。建议持续关注内部组织架构 主动调整的业务战略价值，以及 AI+平台优势下的业务效能优化。同时，更多公司 在关注"谷子经济"，并加强自身产品与谷子的结合，或开始进入潮玩赛道，产业 链相关公司持续扩容，我们建议持续重视卡牌、潮玩等线下高景气度产业发展。 联系人 板块表现： 互联网方向：腾讯、阿里巴巴等公司陆续披露财报，多项业务模块展 ...

Core Viewpoint - Haiguang Information (688041.SH) is experiencing rapid growth, with a significant increase in revenue and net profit in the first quarter of this year, driven by high R&D investment and technological innovation in the AI computing sector [1][5]. Financial Performance - In Q1 2024, Haiguang Information achieved revenue of 2.4 billion yuan, a year-on-year increase of approximately 50.76%, and a net profit attributable to shareholders of about 506 million yuan, up 75.33% [1][5]. - The company has shown continuous revenue and net profit growth from 2021 to 2024, with revenue increasing from 2.31 billion yuan in 2021 to 9.16 billion yuan in 2024, representing a growth of 296.62% [6]. - The net profit increased from 327 million yuan in 2021 to 1.93 billion yuan in 2024, reflecting a growth of 490.52% [6]. R&D Investment - Haiguang Information invested 3.446 billion yuan in R&D in 2024, accounting for approximately 37.61% of its revenue, with total R&D investment exceeding 9.9 billion yuan over the past four years [2][10]. - The company has maintained a high R&D investment ratio, with previous years showing R&D expenditures of 1.585 billion yuan (2021), 2.067 billion yuan (2022), and 2.810 billion yuan (2023), representing 68.61%, 40.33%, and 46.74% of revenue respectively [9][10]. Workforce and Expertise - As of the end of 2024, Haiguang Information employed 2,157 R&D personnel, making up 90.18% of its total workforce, with 77.61% holding master's degrees or higher [3][10]. - The company aims to leverage its R&D capabilities to become a world-class chip enterprise, positioning itself as a leading player in the high-end processor market [4]. Market Position and Product Offering - Haiguang Information's products, including its CPU and DCU series, are widely used across various sectors such as telecommunications, finance, and education, showcasing strong performance and compatibility with major operating systems [8][9]. - The company has capitalized on the growing demand for AI computing power, with its DCU products supporting AI applications and enhancing its market competitiveness [5][6].

金十数据5月19日讯，OpenAI在官网发布了一个全新基于云端的代码Agent——Codex。Codex可以为开 发人员自动执行多种任务，例如，编写功能代码、回答有关代码库的问题、修复错误以及提出拉取请求 审查等；每个任务都在自己的云端沙盒环境中运行，同时能预加载用户的代码库。据悉，Codex由 Codex-1模型提供支持，这是OpenAI-o3的一个微调版本，专门针对软件工程进行了优化。通过强化学习 在多种环境中对真实世界的编码任务进行训练，生成的代码能够贴合程序员的代码风格和拉取请求偏 好，并严格遵循指令。 （AIGC开放社区） OpenAI发布代码Agent：开启自动化编程时代 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 18 年 月 日 传媒 阿里开源全能视频模型，腾讯发布混元图像 2.0 模型 行情概览：本周（5.12-5.16）中信一级传媒板块下跌 0.67%。本周传媒板 块受市场影响下跌。2025 年传媒弹性方向看好 AI 应用、IP 变现及并购重组， AI 应用聚焦新应用的映射投资及部分较成熟应用的数据跟踪，重点关注多模 态产业方向。IP 变现聚焦有 IP 优势及全产业链潜力的公司，潮流玩具、影视 内容等方向有机会。并购重组重点关注国企方向，在国资委明确国企市值考核 的背景下，传媒国企诉求明显提升，部分国企资金优势明显。 板块观点与关注标的：1）资源整合预期：中视传媒、国新文化、广西广电、 唐德影视、吉视传媒、游族网络等；2）AI：荣信文化、奥飞娱乐、汤姆猫、 盛天网络、中文在线、易点天下、视觉中国、盛通股份、焦点科技、豆神教育、 世纪天鸿、佳发教育等；3）游戏：建议关注确定性强的神州泰岳、恺英网络、 巨人网络、吉比特，关注完美世界、ST 华通、冰川网络、华立科技；4）国企： 慈文传媒、皖新传媒、中文传媒、南方传媒、凯文教育、大晟文化等；5）教 育 ...

Core Viewpoint - The event "Creating the Future - China Smart Tourism Singapore Special Exhibition" highlights the integration of technology in tourism, showcasing the potential for collaboration between China and Singapore in the smart tourism sector [1][2][3]. Group 1: Event Overview - The exhibition took place from May 15 to May 18 at the Singapore Chinese Cultural Centre, featuring over 200 representatives from domestic and Singaporean cultural, tourism, and technology sectors [1][4]. - The event attracted more than 720,000 online viewers, indicating significant interest in smart tourism innovations [1]. Group 2: Key Speakers and Insights - Yu Haiying emphasized the role of technology in enhancing travel experiences, making global exploration more accessible and enjoyable [1]. - Kong Yuan highlighted the natural complementarity of resources and technological advantages between China and Singapore, aiming to foster cross-border cooperation in smart tourism [2]. - Kong Ming noted China's achievements in smart tourism, including advancements in virtual reality (VR) and artificial intelligence (AI), which enhance visitor experiences [2]. Group 3: Industry Collaboration and Innovations - Lyu Wenjun pointed out Singapore's commitment to embracing smart tourism and digital transformation, aiming to improve visitor experiences through technology [3]. - The event featured discussions on the latest trends in smart tourism, with presentations from industry leaders on topics such as digital management systems and the future of global smart tourism [3]. - The exhibition showcased cutting-edge technologies, including immersive VR experiences and AI-driven services, allowing attendees to experience the intersection of technology and culture firsthand [4][6].

Core Viewpoint - The "Creative China" copyright service platform aims to enhance copyright services through digital rights management and integration of cultural creative resources, addressing both opportunities and challenges in copyright protection and utilization [1][2]. Group 1: Platform Overview - The "Creative China" copyright service platform was officially launched on May 15, developed by China Copyright Service Co., Ltd. in collaboration with various cultural and copyright service organizations [1]. - The platform integrates multiple functions including copyright verification, announcement inquiry, promotion, work custody, authorization transactions, and monitoring rights protection [1]. - It will gradually open registration for individual creators and cultural enterprises, providing a one-stop, full-chain copyright service and customized copyright solutions [1]. Group 2: Technological Integration - The platform will utilize cutting-edge technologies such as blockchain for rights verification, smart contracts for transactions, and AI for creative assessment, creating a comprehensive ecosystem from copyright services to commercial transformation [2]. - A comprehensive service system is established to empower rights verification, facilitate application of results, promote innovation, and enhance service experience [2]. Group 3: Collaborative Efforts - Agreements were signed between China Copyright and several technology companies to promote the operational cooperation of the "Creative China" copyright service platform, contributing to the construction of a copyright service ecosystem [2]. - An AIGC digital art collection and exhibition activity was announced, aimed at exploring the potential of creators in digital technology and promoting the deep integration of AI technology with cultural creativity [2].

Core Viewpoint - The article discusses the launch of the VPP (Video Prediction Policy) model, an open-source AIGC generative robot model developed by Tsinghua University's ISRLab and Xingdong Jiyuan, which is seen as a significant advancement in robotics, enabling the transition from the digital to the physical world [1][2]. Group 1: VPP Model and Its Capabilities - The VPP model is recognized for its core advantages, including video prediction strategies, high-frequency execution, cross-ontology learning, and reliability, which drive innovation in the robotics field [1]. - The model is designed to perform over 1,000 tasks, showcasing its versatility and potential for real-world applications [2]. Group 2: Xingdong XHAND1's Role - Xingdong XHAND1, a joint all-direct drive humanoid robotic hand platform, serves as the core hardware for testing and implementing the VPP model [2]. - The all-direct drive technology of Xingdong XHAND1 allows for higher flexibility, faster speeds, and greater strength, enabling it to execute commands from the VPP model with precision [4][5]. - The hand can achieve a maximum load of 25 kg and a grip strength of 80N, significantly surpassing similar devices, making it suitable for heavy-duty tasks [5]. Group 3: Key Features of Xingdong XHAND1 - The hand's "back-drivability" enhances the robustness of the VPP model by allowing it to adjust its posture in response to external forces, improving fault tolerance and adaptability in complex environments [7]. - High power density and durability are ensured through the use of advanced motors and integrated joint modules, providing reliable performance during prolonged operations [8]. - The hand supports full-chain remote operation with various devices, allowing for precise capture of human actions, which enriches the training data for the VPP model [11]. Group 4: Performance Validation - Xingdong XHAND1 achieved a 67% success rate in real-world dexterous hand tasks, validating its reliability and effectiveness in practical applications [26]. - Compared to similar dexterous hands, Xingdong XHAND1 stands out due to its direct drive design and robustness, making it a superior choice for training and validating the VPP model [29]. Group 5: Future Prospects - The integration of Xingdong XHAND1 with more robotic models will facilitate hardware-algorithm iterative upgrades, expanding application boundaries [29]. - The company aims to foster an open-source ecosystem to attract developers for building diverse application libraries, promoting rapid advancements in humanoid robotics [29].

Market Overview - The report focuses on the global RPG mobile game market in 2024, covering Android and iOS platforms, excluding early platform games like Java [1] - It aims to reveal market dynamics and competitive landscape through metrics such as download volume, revenue share, popular categories, vendor distribution, and IP product performance [1] Core Categories and Gameplay Trends - Traditional categories like turn-based RPGs and MMOs remain significant, with South Korean vendors excelling in the MMO sector [2] - Emerging categories such as idle RPGs are gaining popularity, particularly among Chinese vendors, while innovative gameplay like Roguelike, survival RPGs, and open-world RPGs are attracting niche user groups [2] - IP adaptation products are performing well, with popular titles like "The Walking Dead," "Monster Hunter," and "Final Fantasy" entering the top charts, leveraging built-in fan bases for revenue generation [3] Global Regional Market Characteristics - The competitive landscape is characterized by major vendors from China, Japan, South Korea, and the US, each leveraging unique strengths in IP and technology [6] User Behavior and Market Trends - Download and revenue distribution show that top products have concentrated downloads and revenue, with a few hits dominating the market, such as "AFK" games achieving high downloads but relying on in-app purchases for revenue [4] - Paying users are more inclined to spend based on IP value, visual quality, and social gameplay, with significant growth in spending on MMO and IP-adapted games [4] - Technological advancements like cloud gaming and AI-generated content are enhancing development efficiency and player experience, with cross-platform integration becoming a trend to increase user engagement [5] Summary - The global RPG mobile game market is characterized by a stable foundation of traditional categories, growth in innovative gameplay, and a focus on IP and regional drivers for expansion [6] - Chinese vendors are gaining a significant foothold in the global market through innovation and localization, while Japanese and Korean vendors continue to leverage IP advantages and technological expertise [6]