格隆汇1月28日丨三人行(605168.SH)公布，经财务部门初步测算，预计2025年年度实现归属于母公司所 有者的净利润为18,100.00万元到20,900.00万元，同比增加46.79%至69.50%。预计2025年年度实现归属 于母公司所有者的扣除非经常性损益的净利润为18,900.00万元到24,700.00万元，同比增加-19.63%到 5.04%。 报告期内，公司积极开拓新客户，优化业务结构，成功开拓覆盖金融、消费、智能终端、汽车等多个领 域的多个客户，包括兴业银行、中粮集团、TCL、赛力斯、郑州日产、北京现代、捷途汽车等优质新客 户，着力稳定营收规模。公司在保障高质量发展的同时，始终坚持以AI创新技术赋能业绩增长，通过 AI技术的应用实现人员效能提升，实现了财务表现上的降本增效。此外，公司聚焦高成长性领域，成 功布局多家发展前景广阔、经营状况稳健的行业标杆企业，投资价值逐步释放，例如华鹰航空等投资项 目在报告期内实现了投资增值，不仅增厚了公司当期收益，更助力公司构建起多元化的盈利格局，为公 司长期可持续发展奠定了坚实基础。 ...

Core Viewpoint - The company is facing significant pressure on its internet marketing business due to intensified industry competition and media policy adjustments, leading to a decline in overall gross margin [1] Group 1: Business Performance - The internet marketing business accounts for a high proportion of the company's overall revenue, which is currently under pressure [1] - The overall gross margin of the company has decreased as a result of the challenges faced in the internet marketing sector [1] Group 2: Strategic Initiatives - The company plans to transform its business by maintaining deep strategic partnerships with mainstream media and expanding its quality agency operation team to increase the revenue share from agency operations [1] - There is a focus on upgrading operational capabilities by optimizing and restructuring inefficient business lines, exploring new brand management avenues, and enhancing risk control systems [1] - The company aims to leverage AI innovation technologies to develop intelligent platforms like Lingxi Smart Advertising Management, which will optimize advertising effectiveness through intelligent analysis and improve team efficiency and AI tool application [1]

Group 1: Company Overview and Strategy - The company has established localized sales offices in over 30 countries to enhance its global service network and improve customer satisfaction through regional spare parts centers [2] - The company aims to expand its channel construction efforts while maintaining stable orders from existing core clients, targeting different needs of regional operators and industry clients [2] Group 2: Research and Development Investments - In 2024, the subsidiary Juwang Technology increased R&D investment in AI innovation technologies, developing platforms like Lingxi Intelligent Advertising Management to enhance team efficiency and AI tool application [3][4] Group 3: Technology and Intellectual Property - The company obtained a knowledge property management system certification in 2024, holding 363 effective patents, 352 software copyrights, and 87 trademarks, maintaining a leading position in its industry segment [4] Group 4: Industry Position and Market Potential - In the maritime satellite communication sector, the global number of commercial ships equipped with VSAT terminals was 20,800 in 2021, with a penetration rate of approximately 26%, generating VSAT service revenue of about $655 million [5] - By 2031, the total number of commercial ships is expected to rise to 93,000, with the penetration rate increasing to 49.6%, potentially expanding the market size to $1.1 billion [5] - The company has provided broadband internet services to thousands of satellite stations globally, serving over 40,000 crew members, and ranks among the top in domestic market share within its niche [5]