证券代码：603598 证券简称：引力传媒 公告编号：2025-012 引力传媒股份有限公司 2024年年度业绩预亏及致歉公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本期业绩预告适用于净利润为负值的情形。 ● 经引力传媒股份有限公司（以下简称"公司"）财务部门初步测算，2024年度公司经营业绩未在业绩预 告披露范围内。随着市场政策的变化，与原预计政策存在部分偏差，公司2024年度预计出现亏损。 一、本期业绩预告情况 （一）业绩预告期间 2024年1月1日至2024年12月31日。 （二）业绩预告情况 经财务部门初步测算，2024年年度实现归属于上市公司股东的净利润预计为-1700万元至-1900万元。与 上年同期相比将出现亏损，归属于上市公司股东扣除非经常性损益后的净利润预计为-1600万元至-1800 万元。 二、上年同期经营业绩和财务状况 （一）归属于上市公司股东的净利润：4,804.06万元。 归属于上市公司股东的扣除非经常性损益的净利润：3,432.18万元。 （二）每股收益：0.18元/ ...

Core Viewpoint - Tianyu Digital Science (002354) is experiencing performance improvement driven by AI technology after two years of goodwill impairment and long-term equity investment losses [1] Financial Performance - In Q1 2025, the company reported a net profit of 5.5 million yuan, achieving a turnaround from losses [1] - For the full year 2024, revenue was 1.579 billion yuan, with a net loss of 118 million yuan, significantly narrowing from a loss of 1.08 billion yuan in 2023, a reduction of 89.15% [1] - The company's gross profit margin has increased for three consecutive years, with a 4.32% year-on-year increase in the data traffic business margin, indicating improved cost control and operational efficiency [1] AI Contribution - AI technology has significantly contributed to business performance, with the AI marketing SaaS platform generating a large volume of AI scripts and short videos, and AI live interaction accounting for 82.49% of operations [1][2] - The AI marketing SaaS platform produced over 30,500 script materials, with more than 6,700 effective scripts generated by AI, representing 22.07% [2] - The platform also created 2.004 million short videos, with over 188,000 generated by AI, accounting for 9.4% [2] User Growth and Platform Development - The mobile application distribution PaaS had 336 million registered users by the end of last year, with an increase of approximately 24 million users year-on-year, and over 7,600 applications available on the platform [3] - The company is advancing the development of the embodied intelligence platform Behavision, which was showcased at CES 2025 [3] Cash Flow and Competitive Landscape - The company faced cash flow pressure, with a 6564.59% year-on-year decrease in net cash flow from operating activities in 2024, primarily due to unreceived payments from data traffic business [4] - However, Q1 2025 showed a 97.97% increase in net cash flow from operating activities, attributed to improved cash collection from accounts receivable [4] - In the AI marketing sector, the company competes with giants like Baidu, ByteDance, and BlueFocus (300058), but its AI model scale and data accumulation are relatively small, raising concerns about its competitive sustainability [4]

Core Viewpoint - Blue Cursor, the first listed company in the digital marketing industry to include data resources in its financial statements, reported a significant increase in data resources classified as inventory, indicating a strategic shift towards AI-driven marketing solutions [1][4][5]. Financial Performance - In 2024, Blue Cursor achieved total revenue of 60.797 billion yuan, representing a year-on-year growth of 15.5%. However, the net profit attributable to shareholders was a loss of 291 million yuan, a decrease of 407 million yuan compared to the previous year [6]. - In Q1 2025, the company reported revenue of 14.258 billion yuan, a decrease of 1.524 billion yuan year-on-year, while the net profit attributable to shareholders was 96 million yuan, an increase of 16% [6]. Data Resources and AI Strategy - The company reported data resources of 6.5431 million yuan in its 2024 annual report, which accounted for over 50% of total inventory assets. This figure increased to 8.0069 million yuan in Q1 2025, raising its share of total inventory to 61.78% [1][4]. - Blue Cursor's CEO emphasized the company's ambition to transform into a true AI marketing technology company, targeting AI-driven revenue of 3 to 5 billion yuan by 2025, with a focus on intelligent agents, marketing automation, and data investment [4][5]. - The company is currently developing various AI projects, including video creation platforms and social media analysis tools, and has annotated over 120 million industry data points, with plans to reach around 200 million by 2025 [5].

Core Insights - The company reported a revenue of 627 million yuan for 2024, with a net profit attributable to shareholders of -214 million yuan, reflecting a year-on-year improvement of 56.76% in loss reduction due to ongoing operational management optimization and enhanced cost management [1] Group 1: Business Performance - The company has successfully secured key marketing service projects with major banks and large state-owned enterprises, laying a solid foundation for stable business development [1] - The company is enhancing its technology capabilities by optimizing its comprehensive data, operations, and technology platforms to improve processing and conversion capabilities [1] Group 2: Innovation and New Business - The company is actively exploring new media business by building a full media team and covering multiple platforms such as Douyin and Xiaohongshu, aiming for comprehensive channel coverage [2] - The subsidiary has become the exclusive retail enterprise for licensed merchandise on Xiaohongshu for the 2025 Asian Winter Games, indicating a strategic move into event-related new media operations [2] - The company is continuously innovating in digital government operations and digital currency business, seeking to open new development spaces [2] Group 3: Strategic Focus - The company is seizing opportunities in the digital economy by focusing on digital marketing, supported by platform-based technological capabilities, and aims to provide professional, leading, and efficient one-stop digital marketing solutions for clients [2]

Core Insights - The digital marketing industry is characterized by a diverse midstream service model, which includes various types of marketing services and solutions that leverage advertising platforms to reach target audiences [1][2]. Industry Overview - The digital marketing industry can be segmented into three main stages: upstream technology and content supply, midstream digital marketing services, and downstream demand [1]. - Midstream service providers are increasingly integrating content production capabilities into their offerings [2]. Regional Distribution - The most developed digital marketing industry clusters are found in Guangdong and Beijing, with a significant concentration of midstream service providers [5]. - Jiangsu province has the highest number of digital marketing industry parks, totaling 16, followed by Shandong and Hubei [8]. Business Performance - The performance of digital marketing companies is significantly influenced by the economic conditions of downstream industries. From 2023 to 2024, companies are focusing on client expansion and project development, particularly in key sectors like automotive and healthcare [9]. - Notable revenue figures for 2023 include: - BlueFocus: 23.79 billion - Three People: 4.77 billion - Liou Group: 8.38 billion [12][13]. Investment Trends - Digital marketing companies are primarily investing in business expansion and technological advancements. Recent investment activities include: - Qingmu Group plans to invest approximately 150 million in brand promotion and channel development [16]. - Yuanlong Yatu is investing about 510 million to enhance its creative design capabilities [16]. - Yinhui Group is investing 760 million in developing an AIGC marketing model to enhance service capabilities [16].

Group 1: Industry Overview - The Chinese digital marketing industry can be divided into multiple tiers based on company revenue, with BlueFocus being the only company exceeding 50 billion yuan in revenue, placing it at the top tier [1] - The first tier includes companies with revenue between 10 billion and 50 billion yuan, represented by Leo Group and Zhejiang Wenlian [1] - The second tier consists of companies with revenue between 5 billion and 10 billion yuan, including Sanrenxing, Simi Media, and Tianlong Group [1] Group 2: Market Share - BlueFocus holds the largest market share in the Chinese digital marketing industry, accounting for approximately 8.8% in 2023, followed by Leo Group with over 2% [4] Group 3: Market Concentration - The concentration ratios CR3 and CR5 for the Chinese digital marketing market in 2023 are 13.35% and 15.54%, respectively, indicating a relatively low market concentration with a significant number of players [7] Group 4: Company Strategies - Companies in the digital marketing industry focus on resource integration and building comprehensive business ecosystems to provide integrated digital marketing services [9] - Various companies have developed specific business layouts, such as BlueFocus offering a full value chain service across multiple industries, and Leo Group providing integrated marketing services through data flow [10][12] - The industry is characterized by a competitive landscape with many players, leading to a low concentration and high competition [13]

Investment Rating - The report maintains a "Buy" rating for Meta and other companies in the media sector, including Tencent Holdings and ByteDance [4]. Core Insights - Meta's advertising revenue has shown a positive trend, with a recovery and acceleration in growth since Q1 2023, achieving nearly 20% year-on-year growth for six consecutive quarters [11][12]. - Key drivers of Meta's advertising revenue growth include globalization, increased average revenue per user (ARPPU), and rising ad prices [11][12]. - AI technology is enhancing user engagement and improving return on investment (ROI) for advertisers, contributing to the increase in both ad volume and pricing [11][12]. Summary by Sections Meta Advertising Revenue - Meta's advertising revenue is driven by globalization, ARPPU, and ad price increases, with significant growth in regions outside North America and Europe [11][14]. - The user base is stabilizing, with Instagram's Reels feature significantly increasing user engagement and time spent on the platform [31][41]. - Ad prices have been rising since Q4 2023, driven by increased advertiser demand and improved ad effectiveness due to AI [51][60]. Meta's AI Strategy - Meta plans to significantly increase capital expenditures in 2025, focusing on infrastructure and generative AI, with expected spending between $60 billion and $65 billion [63]. - The development of the Llama 4.0 model and AI assistants is anticipated to enhance user personalization and engagement [63]. - New products like AI glasses are expected to be launched in 2025, further expanding Meta's AI capabilities [63]. Investment Recommendations - The report suggests monitoring companies like Tencent Holdings and ByteDance, which are also leveraging AI to enhance user engagement and monetization [3]. - Continued investment in AI tools and platforms is expected to bolster Meta's advertising revenue and overall market position [60][63].

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