开源证券研报指出，天下秀2025H1归母净利润0.36亿（同比-19.3%），业绩同比下滑主要系市场环境影 响，业务规模减少所致，实现毛利率19.1%（同比+1.5pct），主要系公司增强产业链上下游管理，强化 协同效应。主营业务方面，截至2025年H1，红人营销平台WEIQ累计注册商家客户数21.9万，较2024年 年底增长1.1万，红人账户累计数量达354.5万。探索红人价值洼地，借助WEIQ向上下游延伸，布局 IMSOCIAL加速器、TOPKLOUT克劳锐、天下秀教育等为红人商业服务。此外，公司整合境内外红人 资源，在中国香港、东京等地建立海外办公室，组建"一站式"出海营销团队，覆盖海外品牌策略等全链 路服务，已服务3C、互联网等多品类客户，覆盖TikTok等全球主流社媒平台。AI赋能、出海业务与主 业形成协同效应，有望助力公司后续成长。看好公司AI、出海、创新业务驱动业绩修复，维持"买入"评 级。 ...

在全球化布局方面，公司先后在中国香港、东京、吉隆坡等地设立办公室，组建"一站式"出海服务团 队。今年5月，灵感岛海外首个AI创新孵化中心在东京成立，标志着天下秀技术出海进入实质化阶段。 上半年，天下秀主营业务WEIQ红人营销平台持续成长，稳步推进"超级连接器"战略。截至上半年末， 平台累计注册商家客户数达21.9万个，较2024年末增长11118个；平台注册红人账户数累计达354.5万 个，其中职业化红人账户数达215.6万个；入驻WEIQ平台的MCN机构数量达19902家，较2024年末增长 741家。 公司聚焦"AI+出海"战略，以技术驱动商业模式创新。AIGC内容创作与智能营销平台"灵感岛"完成从单 一工具到智能营销生态的进化，推出六大Agent智能体，覆盖从创意内容生产到数据智能分析的全链 路。 转自：中国证券报·中证网 中证报中证网讯（记者 杨梓岩）8月21日晚，天下秀发布的2025年半年报显示，公司上半年实现营收 18.44亿元，净利润0.36亿元。上半年，公司毛利率同比提升1.56个百分点，达19.14%。 ...

Core Viewpoint - Recently, Zhuhai Kangjin Electric Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with Fosun International Capital and Chuangsheng Financing as joint sponsors. The company is a technology-driven integrated power equipment provider and smart energy management solution provider, focusing on the "source-network-load-storage" integrated platform, which covers the entire lifecycle of power systems [1][2]. Financial Performance - Kangjin Electric's revenue has shown a continuous growth trend, with projected revenues of approximately 638 million RMB, 824 million RMB, and 969 million RMB for the years 2022, 2023, and 2024 respectively. The net profits for the same years are expected to be 51.78 million RMB, 56.25 million RMB, and 38.34 million RMB [2][4]. - In 2024, the company anticipates a year-on-year revenue growth of 17.61%, with a gross profit of 246 million RMB, reflecting a 6.76% increase, and a gross margin of 25.36% [3][4]. Business Segments - The company's operations are divided into two main segments: smart distribution network equipment and smart renewable energy solutions. The smart distribution network equipment includes ring main units, transformers, and high/low voltage complete equipment, while the smart renewable energy solutions encompass smart storage, smart charging systems, and integrated energy projects [5]. - The smart distribution network equipment segment is the primary revenue contributor, accounting for 91% of the business revenue in 2024, with ring main unit sales making up 50.6% of this segment [5]. Market Trends - The Chinese power grid industry is accelerating its transition towards smart and low-carbon solutions, with significant investments planned by major state-owned grid companies. By 2025, the State Grid is expected to invest over 650 billion RMB, while the Southern Grid plans to invest 175 billion RMB [7]. - The investment in China's power grid is projected to reach 707.3 billion RMB in 2024, with a compound annual growth rate of 6.4%, expected to rise to 993.4 billion RMB by 2029 [7]. Innovation and Technology - Kangjin Electric has established a proprietary "source-network-load-storage" integrated platform, which enhances energy efficiency and optimizes supply-demand balance. The company has developed a technology ecosystem that includes AI energy management and distributed power IoT networks [11][12]. - The company has achieved significant breakthroughs in integrating AI technology with energy management, enabling real-time data analysis and operational support, which helps reduce maintenance costs and enhance safety [12][13]. International Expansion - Since entering the international market in 2012, Kangjin Electric has seen substantial growth in its overseas business, with revenue from international markets increasing from 0.7% in 2022 to 3.8% in 2024. The overseas revenue surged from 7.5 million RMB in 2023 to 36.5 million RMB in 2024, marking a growth of 386.7% [17]. - The global demand for power grid investment is expected to accelerate, with projections indicating that annual investments could reach 775 billion USD between 2031 and 2040, and exceed 1 trillion USD post-2035 under net-zero scenarios [15][17].

Group 1 - The core strategy of the company is the "AI + Going Global" dual-driven strategy, which aims to enhance its overseas market presence while leveraging AI technology for operational efficiency [1][2] - The company has established itself as a key player in the mobile game distribution sector, collaborating deeply with top smartphone manufacturers such as Huawei, Xiaomi, OPPO, vivo, Honor, and Apple [1] - The actual sales revenue of China's self-developed games in overseas markets is projected to reach $18.557 billion in 2024, reflecting a year-on-year growth of 13.39% [1] Group 2 - The company plans to significantly increase its overseas efforts in 2025, utilizing AI to assist game enterprises in achieving precise targeting and localized operations [2] - The company has achieved a market share of over 50% in game advertising based on app stores in China over the past decade [2] - The company aims for a compound annual growth rate (CAGR) of around 30% over the next five years, targeting to exceed $15.5 billion in revenue by 2029 [2] Group 3 - The Chinese government's recent policy emphasizes the development of game export businesses, indicating a supportive environment for the industry [3] - Research reports suggest that the globalization of Chinese games is accelerating, with in-game advertising monetization (IAA) presenting new opportunities [3] - The year 2025 is seen as a critical point for the Chinese mobile game industry to overcome existing challenges in international markets [3]