证券研究报告 纺织服饰 | 服装家纺 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 周宸宇 zhouchenyu@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 月 22 | 08 | 日 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 5.55 | | | | | | 最 / 低 | 高 | 最 | | 7.48/4.34 | | | 内 | | | （元） | | | | | | | | | | 总市值（百万元） | | | | 14,952.20 | | | | | | 流通市值（百万元） | | | | 12,256.85 | | | | | | 总股本（百万股） | | | | 2,694.09 | | | | | | 资产负债率（%） | | | | 34.47 | | | | | | 每股净资产（元/股） | ...

文｜财华社 8月21日（美东时间），哔哩哔哩（BILI.US）跳空大跌6.11%，成交量也有所放大；而到了8月22日（北京时间），哔哩哔哩-W（09626.HK）同样遭遇跳空 下跌，其股价一度大挫近8%，成交量也有所放大。 值得注意的是，就在8月21日港股盘后，哔哩哔哩（以下简称"B站"）披露了2025年第二季度及中期业绩，表现不俗。 第二季度及中期业绩不俗 公告显示，2025年上半年，B站的日均活跃用户（日活用户）为1.08亿，同比增加6%；月活用户则为3.65亿，同比增长8%。上半年，每位活跃用户的日均使 用时长达106分钟，高于去年同期的102分钟。 另外，上半年，月均付费用户达3180万，同比增长10%；上半年，约有200万名内容创作者透过多种变现工具在平台上获得了收入，内容创作者人均收入同 比增长20%。 在此基础之上，上半年，B站的营收同比增长21.6%至143.4亿元（人民币，下同）；期内净利润为2.1亿元，去年同期则是亏损13.7亿元；非公认会计准则 下，经调整净利润为9.2亿元，去年同期录得经调整净亏损7.3亿元。 | | 截至6月30日止六個月 | | | | --- | --- | -- ...

Core Viewpoint - The advancement of AIGC technology has led to increased interest in story visualization, which serves as a foundation for narrative generation in films [1][4]. Group 1: Story Visualization Technology - Story visualization aims to generate a series of continuous images from a piece of text or a photo [2]. - The core challenge of story visualization technology is to ensure character consistency while constructing detailed and complex narrative scenes and worldviews [4]. - Current breakthroughs in diffusion models and autoregressive generation techniques have significantly improved the visualization capabilities of long-form stories, yet existing evaluation systems remain inadequate due to their limited metrics and dimensions [4][5]. Group 2: ViStoryBench Evaluation Framework - The ViStoryBench framework has been proposed to establish a more scientific evaluation system for story visualization [6]. - This benchmark not only focuses on technical implementation but also emphasizes the organic unity of artistic expression and narrative logic, providing a reliable evaluation tool for industry development [8]. - The framework includes a comprehensive assessment system that addresses the diversity and multidimensionality of evaluation standards in the story visualization field [11]. Group 3: Dataset Creation - A diverse dataset has been meticulously constructed, containing both Chinese and English content, covering various story themes and artistic expressions [13]. - The dataset consists of 80 story units across 53 story categories, featuring 344 independent characters, balancing narrative frameworks and visual elements [14]. - The design includes scenarios with single protagonists and multiple character interactions, specifically testing the model's performance in maintaining character coherence [14]. Group 4: Evaluation Metrics - A multi-dimensional evaluation framework has been established, including character and style similarity analysis, fine-grained prompt alignment, aesthetic quality assessment, and copy-paste behavior detection [22]. - The system functions like a "fire-eye" inspector, accurately identifying characters in generated images and assessing their similarity to reference images [24]. - The evaluation of character similarity is conducted across two dimensions: cross-similarity and self-similarity [25][27]. Group 5: Experimental Design and Results - The team systematically evaluated over 20 technical solutions, including 18 main methods and their variants, covering open-source methods, commercial products, and multimodal large language models [33]. - The results highlight the necessity of comprehensive metrics, as single evaluation indicators exhibit significant limitations, particularly in the Copy-Paste Baseline's performance [55]. - The findings provide important references for optimizing story visualization technology, underscoring the need for a multi-dimensional evaluation system [56].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Insights - The company reported a 12.3% year-on-year revenue growth to RMB 1.821 billion and a 71.3% increase in adjusted net profit to RMB 467 million for the first half of 2025, with a mid-term dividend of HKD 0.045 per share [1][6]. - The core imaging and design products achieved a revenue of RMB 1.351 billion, a 45% year-on-year increase, driven by the growth in the number of paying users [2][6]. - The company has seen a significant increase in its global user base, with MAU outside mainland China growing by 15.3% year-on-year to 98 million, accounting for 35% of total users [2][6]. Financial Performance - The overall product paying rate reached 5.5%, up 0.8 percentage points from the end of 2024, with the number of paying users increasing by 42% to 15.4 million [2][6]. - Advertising revenue grew by 5% to RMB 434 million, primarily due to the increase in overseas programmatic advertising revenue [2][6]. - The company’s gross profit increased by 27.3% year-on-year to RMB 1.34 billion, with a gross margin rising by 8.7 percentage points to 73.6% [6][9]. Business Strategy - The company is focusing on dual growth drivers from lifestyle and productivity applications, with the launch of AI design assistant RoboNeo expected to enhance user engagement and conversion rates [7][8]. - A strategic partnership with Alibaba involves a USD 250 million investment, aiming to deepen collaboration in AI technology, e-commerce, and cloud computing [8][9]. - The report anticipates continued revenue growth, projecting total revenue of RMB 4.035 billion, RMB 4.950 billion, and RMB 5.847 billion for 2025, 2026, and 2027 respectively [9][11].

Core Viewpoint - The public fund industry is actively embracing digital finance as a key driver for transformation and upgrading in the context of building a modern financial system in China [1] Group 1: Digital Finance Development - Digital finance optimizes the allocation efficiency of financial resources and supports the transformation of economic growth models [1] - The public fund industry is advancing digital transformation through three main paths: enhancing digital investment research capabilities, increasing digital product innovation, and innovating digital marketing and services [1] Group 2: Digital Investment Research - The public fund industry is leveraging advancements in AI technology, particularly AIGC technologies like ChatGPT, to build intelligent investment research systems [1] - The integration of artificial intelligence and machine learning algorithms is aimed at optimizing investment analysis and decision-making processes [1] - Intelligent investment research enhances data processing efficiency, helps investors capture market opportunities, and mitigates emotional biases in investment decisions [1] Group 3: Digital Product Innovation - The public fund industry is increasing innovation efforts to launch more digitally-oriented fund products in response to the growing demand for diversified investments [4] - Financial institutions are utilizing AIGC technology to quickly grasp market dynamics and customer preferences, accelerating financial product innovation [4] - The industry is actively exploring product design and issuance in emerging areas such as cryptocurrencies to meet diverse investor needs in the digital age [4] Group 4: Digital Marketing and Services - The public fund industry is strengthening collaborations with fintech platforms to innovate marketing and service models [5] - Digital finance reduces reliance on traditional physical outlets, enhancing investment convenience for investors [5] - Collaborations with fintech platforms enable the public fund industry to conduct diverse investor education activities and improve customer service experiences [5] - The partnership between overseas financial institutions and fintech platforms is becoming increasingly close, focusing on enhancing marketing efficiency and optimizing customer experiences [5]

Core Insights - The report released by East China Normal University analyzes the impact and application of AIGC technology in the Chinese publishing industry, highlighting both advantages and challenges [1][2] - The study is based on 1,049 valid survey responses and in-depth interviews with over ten industry leaders, covering seven key areas of the publishing process [1] Group 1: Benefits of AIGC Technology - Respondents generally believe that AIGC technology brings multiple benefits to the publishing industry, including cost reduction, efficiency improvement, precise decision-making, value-added services, and risk mitigation [1] - High penetration rates of AIGC technology in various publishing processes are noted, particularly in proofreading (65.7%), content creation (56.1%), and user experience and marketing (45.4%) [1] Group 2: Adoption and Implementation - The publishing industry shows a positive attitude towards AIGC technology, with a willingness to experiment and seek practical applications, although there is a significant gap between awareness and actual implementation [1] - The deployment paths for AIGC technology are relatively singular, with only 11% of respondents having self-built platforms, 17.8% using embedded interfaces, and 38% planning future deployments [1] Group 3: Ethical and Legal Concerns - 54.9% of respondents are concerned about the ethical challenges and copyright risks associated with AIGC technology, particularly regarding the use of unlicensed training data [2] - The importance of professional and authoritative content is emphasized as a core asset and competitive advantage for the publishing industry in the AIGC era [2] Group 4: Collaborative Initiatives - A collaboration agreement was signed between East China Normal University’s Publishing College, Shanghai Publishing Research Institute, and Zhixiang Future to establish a "Digital Intelligence Publishing Laboratory" [2]

Core Viewpoint - Guangdong is focusing on six key directions to transform its recently announced policy package into a catalyst for high-quality development in the online audio-visual industry, aiming to attract excellent projects to the region [1][2]. Group 1: Policy Measures and Industry Development - Guangdong has released several policy measures to enhance the online audio-visual industry, including increased financial support and the development of industrial parks [1][3]. - The province aims to establish Guangzhou as the "global live streaming capital" and Shenzhen as the "global digital audio-visual innovation capital" [1][3]. - The online audio-visual industry in Guangdong accounted for 1/7 of the national revenue last year, with a year-on-year growth of nearly 40% [3]. Group 2: Challenges and Opportunities - The industry faces challenges such as the quality and creativity of content generated by AIGC technology, which often lacks depth and uniqueness [2]. - Ethical issues related to copyright and misinformation are also prevalent, alongside increased reliance on technology that poses risks like data breaches [2]. - Despite these challenges, the online audio-visual sector is seen as a new growth area within the digital economy, with a market size exceeding 1.22 trillion yuan and a user base of 1.091 billion [2]. Group 3: Industry Collaboration and Innovation - Major companies like iQIYI and Douyin are actively engaging in the Guangdong market, with iQIYI establishing four immersive theaters and Douyin promoting local products through various initiatives [6][5]. - The province is fostering collaboration among enterprises and enhancing the ecosystem for digital content creation, with a focus on integrating local cultural elements into programming [7][8]. - Guangdong is also working on building a collaborative mechanism for the Greater Bay Area to enhance content export and stimulate innovation among the youth [8]. Group 4: Future Directions - The province plans to strengthen content quality, explore new consumption models, and enhance the overall service system within the industry [7][8]. - There is a call for more targeted policies and funding to support the development of high-quality programs based on local cultural heritage [7]. - The government aims to deepen the integration of culture and technology, while also improving talent recruitment and training to support industry growth [8].

Core Viewpoint - Yisou Technology Holdings Limited (stock code: 2550.HK) has announced a positive profit forecast for the first half of 2025, expecting revenue between approximately 375 million to 385 million RMB, representing a year-on-year growth of about 35% to 39%. Net profit is projected to be around 9.8 million to 10.5 million RMB, reflecting a year-on-year increase of approximately 188% to 208% [1][1][1] Group 1 - The strong performance in the first half of the year is attributed to two core business segments: digital reading platform services and digital marketing services. The digital reading platform benefited from a user free reading strategy, significantly boosting online reading advertisement revenue [1][1][1] - The digital marketing services experienced rapid expansion due to a surge in demand from advertisers, contributing to the overall business growth [1][1][1] - The increase in net profit is primarily driven by business expansion and the gradual realization of economies of scale [1][1][1] Group 2 - The CEO of Yisou Technology, Wang Xi, stated that the strong growth in the first half of the year validates the initial success of the "AI + content" ecosystem strategy. This achievement is a result of ongoing investments in platform ecosystem development and research and development [1][1][1] - The company plans to strengthen the application of AIGC technology, expand short drama overseas business, and accelerate the implementation of real-world asset (RWA) digital services [1][1][1] - Yisou Technology aims to create long-term value for shareholders by building a more comprehensive digital content ecosystem [1][1][1]

Core Insights - The advertising market is undergoing significant changes in 2024-2025, with a shift in budget allocation towards performance advertising, particularly among emerging brands, while the "platform island" issue remains a challenge [1][6] - The rise of "content advertising" is noted, with a penetration rate of 99%, potentially capturing a larger share of advertising budgets [1][6] - KOL (Key Opinion Leader) spending is projected to decline to 87.3 billion yuan in 2024, with a diversification in KOL collaboration and a shift from "traffic entry" to "integrated marketing hub" [1][6] - The advertising landscape is becoming more complex, with a matrix approach to KOL collaboration and a focus on both short-term conversions and long-term brand building [1][6] Market Overview - The KOL advertising market is expected to see a decline in 2024, with a total market size of 87.3 billion yuan, marking the first contraction in KOL spending [1][6][17] - The beauty and personal care sector has experienced a continuous decline for three years, while home improvement and automotive sectors have seen significant growth, with increases of 32.7% and 32.9% respectively [1][15][16] - The 3C digital sector is also experiencing a surge in spending, driven by government subsidies, with a growth rate of 28.8% [1][16] Platform Characteristics - The KOL collaboration is evolving into a multi-dimensional phase, where KOLs are not only content creators but also play a crucial role in integrated marketing strategies [1][18] - Major platforms like Douyin and Xiaohongshu account for over 60% of the market share, indicating a concentration of KOL marketing efforts on these platforms [1][6] Future Outlook - The Chinese media advertising industry is expected to enter a new growth phase in 2025, with a market size projected to exceed 1.5 trillion yuan and a compound annual growth rate of over 10% [1][6] - Short video and live e-commerce advertising capabilities are expected to strengthen, while new advertising formats in virtual environments (metaverse) are being piloted [1][6] - The lower-tier cities and county economies are identified as new growth areas, with the advertising scale in these markets expected to exceed 30% [1][6]

Core Viewpoint - Yisou Technology Holdings Limited (stock code: 2550.HK) has released a positive profit forecast for the first half of 2025, expecting revenue between approximately 375 million to 385 million RMB, representing a year-on-year growth of about 35% to 39%, and a net profit of approximately 9.8 million to 10.5 million RMB, reflecting a year-on-year increase of about 188% to 208% [2] Revenue Performance - The strong revenue growth is attributed to two core business segments: digital reading platform services and digital marketing services [2] - The digital reading platform benefited from a user free reading strategy, significantly enhancing online reading advertisement revenue [2] - The digital marketing services experienced rapid expansion due to a surge in demand from advertisers [2] Profit Growth - The increase in net profit is primarily driven by business expansion and the gradual realization of economies of scale [2] Strategic Initiatives - The CEO of Yisou Technology highlighted that the strong performance validates the initial success of the "AI + content" ecosystem strategy [2] - The company plans to strengthen the application of AIGC technology, expand short drama overseas business, and accelerate the implementation of real-world asset (RWA) digital services [2] - The focus is on building a more comprehensive digital content ecosystem to create long-term value for shareholders [2]