米奥会展（300795.SZ）11月20日在投资者互动平台表示，目前，阿里巴巴并非我司数字化营销平台的 直接服务客户。公司的平台主要通过数据关联与技术协同，与阿里巴巴的B2B跨境生态进行对接，从而 帮助我们的客户利用其在阿里巴巴平台的跨境贸易记录等数据，赋能其数字化营销策略，提升营销效 果。这体现了公司平台在整合行业生态资源方面的能力。 投资决策需充分考虑市场风险，建议投资者 理性判断、谨慎决策。 （记者 王瀚黎） 每经AI快讯，有投资者在投资者互动平台提问：请问我们公司的数字化营销平台的客户是否有阿里巴 巴？ ...

Core Viewpoint - The company is facing significant challenges in its performance, with a notable decline in revenue and profit, while also undergoing management changes. The gaming and digital marketing sectors are under pressure, prompting the company to explore new growth avenues such as short video and short drama production [1][2][4]. Financial Performance - In the third quarter of this year, the company's revenue was 6.7 billion yuan, a year-on-year decrease of 23.95%, and the net profit attributable to shareholders was 1.34 billion yuan, down 3.98% [2]. - For the first three quarters of this year, the total revenue was 21.08 billion yuan, reflecting a 24.42% decline compared to the previous year, with a net profit of 3.9 billion yuan, down 8% [2]. - The company's gaming revenue from 2019 to 2023 was 10.18 billion yuan, 12.14 billion yuan, 12.22 billion yuan, 12.02 billion yuan, and 12.26 billion yuan respectively, indicating a plateau in growth [2][3]. Gaming Business Challenges - The gaming sector, particularly the fishing game segment, is facing intense competition and user retention issues, with a significant reliance on a few key products [3]. - The gaming revenue for the previous year was 10.15 billion yuan, which represented a 17.2% decline year-on-year [3]. Digital Marketing Sector - The digital marketing business has shown unstable gross margins, with figures from 2020 to 2024 being 9.56%, 6.92%, 4.74%, 5.46%, and 7.76% respectively [4]. - The company’s bargaining power is limited due to a fixed customer structure primarily consisting of large companies, compounded by increased competition in the digital marketing space [4]. New Growth Initiatives - The company is actively seeking new growth points, particularly through the establishment of the Shanghai International Short Video Center, focusing on short video and short drama production [6]. - The company aims to leverage its digital marketing experience to integrate short drama marketing with existing channels, although it currently lacks content production experience [7].

Core Viewpoint - The company is facing significant challenges in its performance, with a notable decline in revenue and net profit, while also undergoing management changes. The gaming and digital marketing sectors are under pressure, prompting the company to seek new growth opportunities through short video and short drama initiatives [1][2][3]. Financial Performance - In the third quarter of this year, the company's revenue was 6.7 billion, a year-on-year decrease of 23.95%, and the net profit attributable to the parent company was 1.34 billion, down 3.98% [2]. - For the first three quarters of this year, the total revenue was 21.08 billion, reflecting a 24.42% decline compared to the previous year, with a net profit of 3.9 billion, down 8% [2]. - The company's gaming revenue from 2019 to 2023 was 10.18 billion, 12.14 billion, 12.22 billion, 12.02 billion, and 12.26 billion respectively, indicating a relatively stable performance despite recent challenges [2][3]. Gaming Business Challenges - The gaming sector, particularly the fishing game segment, is facing intense competition and a saturation of user traffic, which could hinder user retention if product iterations are insufficient [3]. - The company has launched new games like "Fishing New Era" but is still primarily reliant on its fishing game series, which may limit its growth potential [3]. Digital Marketing Sector - The digital marketing business has experienced unstable gross margins, with figures from 2020 to 2024 showing 9.56%, 6.92%, 4.74%, 5.46%, and 7.76% respectively [4]. - The company’s bargaining power is perceived to be weak due to a fixed customer structure primarily consisting of large companies, compounded by increased competition in the digital marketing space [4]. New Growth Initiatives - The company is exploring new growth avenues through short video and short drama production, leveraging its experience in digital marketing to create a full industry chain ecosystem [6][7]. - The Shanghai International Short Video Center, established in late 2020, focuses on short video and short drama production, with over 200 indoor scenes completed [6]. Management Changes - Following the resignation of Liang Meifeng, the company appointed Ji Wenjun as a non-independent director, indicating a shift in management amidst ongoing performance challenges [1][2].

Core Viewpoint - The company is experiencing significant revenue declines in its core business areas, prompting a leadership change and a search for new growth opportunities through diversification into short video and short drama production [1][2][8]. Financial Performance - In 2024, the company's revenue decreased by 24.04% year-on-year, while the third quarter of 2025 saw a revenue drop of 23.95% [1][2]. - For the third quarter of 2025, the company reported a revenue of 670 million yuan and a net profit attributable to shareholders of 134 million yuan, reflecting a decline of 3.98% [2][3]. - The first three quarters of 2025 showed a total revenue of 2.108 billion yuan, down 24.42% year-on-year, with a net profit of 390 million yuan, down 8.0% [2][3]. Business Segments - The poker business remains stable, but the company is facing challenges in its gaming segment, which has seen a revenue decline of 17.20% to 1.015 billion yuan in 2024 [4][5]. - The gaming segment, which includes products like "Fishing New Era," has been a key growth driver since 2018, but is now facing intense competition and user retention issues [4][5]. - The digital marketing segment has shown unstable gross margins, with rates fluctuating from 9.56% in 2020 to 7.76% in 2024, attributed to a fixed client structure and increased competition [6]. Strategic Initiatives - The company is actively seeking new growth points, particularly through its short video and short drama initiatives, leveraging its existing digital marketing experience [8][9]. - The establishment of the Shanghai International Short Video Center aims to enhance capabilities in short video and drama production, with over 200 indoor scenes completed [8]. - The company plans to integrate short drama marketing with its digital marketing channels to drive traffic, although it faces challenges in content quality and expertise [9].

博时中证传媒指数发起式A（020183）成立日期2024年3月5日，最新规模1771.88万。今年以来收益 26.02%，同类排名1910/4208；近一年收益28.36%，同类排名1570/3956；成立以来收益29.28%。 11月19日，利欧股份跌5.29%，截至发稿，报5.19元/股，成交24.37亿元，换手率7.93%，总市值351.46 亿元。 资料显示，利欧集团股份有限公司位于上海市普陀区中山北路2900号东方国际元中大厦A栋,香港皇后大 道中100号27楼，成立日期2001年5月21日，上市日期2007年4月27日，公司主营业务涉及机械制造业务 和数字营销业务。主营业务收入构成为：媒体代理业务75.15%，机械制造业务20.98%，数字营销服务 1.95%，金属材料贸易0.96%，其他0.67%，其他(补充)0.28%。 从基金十大重仓股角度 数据显示，博时基金旗下1只基金重仓利欧股份。博时中证传媒指数发起式A（020183）三季度增持8.81 万股，持有股数25.83万股，占基金净值比例为4.47%，位居第六大重仓股。根据测算，今日浮亏损失约 7.49万元。 责任编辑：小浪快报 博时中证传媒 ...

年度策略｜十五五启幕 2026 年如何布局？20251118 摘要 2026 年传媒板块受益于政策支持、AI 技术进步和产业链资本化， Reddit、小红书、字节跳动（TikTok）及 OpenAI 等关键企业或将在美 股进行资本化，A 股市场也可能看到机器人、AI 眼镜等新兴公司的资本 化驱动。 数字营销领域，蓝色光标、易点天下、天龙集团和引力传媒等公司受益 于阿里巴巴千问 APP 全球推广和华为新技术发布。电商与国漫、文娱与 科普文化等线下体验经济也将获得更多关注。 投资者应优先关注各细分领域龙头企业，如蓝色光标，并结合内生增长 动力与外部催化剂（政策、新技术发布等），在非业绩期布局。2025 年底至 2026 年初，互联网公司可能推出新的 AI 产品，是重要时间节点。 2025 年传媒板块多元化发展，线下文旅如上海双年展和电影院线借助 AI 技术吸引关注，线上长视频平台稳健发展，短视频由抖音主导，字节 跳动红果 APP 在短剧领域月活用户超 2 亿，数字营销广告和电商板块在 AI 赋能下转向拉动创收。 Q&A 2026 年传媒板块的整体布局和前景如何？ 2026 年是"十五"规划的起始年，同时也是 20 ...

Core Insights - The article discusses the transformative impact of AI technology on brand marketing, emphasizing the need for brands to integrate AI across the entire marketing chain to regain control over growth and user engagement [2][10][12]. Group 1: Brand Growth Challenges - Brands face significant challenges in growth due to the disappearance of natural traffic dividends, leading to increased reliance on paid advertising [5]. - Rising costs from traffic bidding and disappointing ROI have forced brands into a competitive landscape where marketing investments do not yield proportional returns [5][6]. - The "Matthew Effect" favors larger brands, making it difficult for smaller brands to compete effectively due to limited budgets [6][8]. Group 2: AI-Driven Solutions - The concept of "Full-Scene AI" is introduced, which aims to empower brands through AI across all marketing touchpoints, enhancing user experience and engagement [3][12]. - Brands are encouraged to leverage AI not just as a tool for content creation but as a strategic asset that informs decision-making and optimizes marketing efforts [11][12]. - The integration of AI into the marketing process can create a self-sustaining cycle of insights, decisions, and user engagement, forming a complete marketing ecosystem [26][30]. Group 3: Implementation Strategies - Whale Hong Dynamics proposes a three-pillar strategy for implementing AI: Data Science, Full-Field Touchpoints, and Intelligent Services [14][18][20]. - The Data Science pillar focuses on breaking down data silos to gain comprehensive insights into user behavior across various platforms [15][16]. - The Full-Field Touchpoints pillar aims to create a seamless user experience by connecting different devices and applications, enhancing brand visibility and engagement [19]. - The Intelligent Services pillar emphasizes the integration of marketing and service, transforming advertising into a value-adding experience for consumers [21][25]. Group 4: Future Trends - The article predicts that consumer decision-making processes will become significantly shorter as AI assistants streamline information retrieval and purchasing [29]. - Marketing will evolve towards a more ubiquitous and native presence in consumers' lives, requiring brands to embed their services seamlessly into user experiences [29]. - The competition will shift from merely capturing user attention to mastering technology and ecosystem control, with brands that establish comprehensive AI capabilities gaining a competitive edge [29][30].

Core Insights - The average growth rate of marketing budgets for Chinese companies is only 8% in 2025, the lowest in five years, with 54% of marketers expressing negative confidence in market prospects and planning to reduce budgets [1][4]. Group 1: Marketing Budget Trends - There is a contradiction in the marketing strategies of Chinese companies, where 56% recognize the importance of brand building for growth, yet 53% plan to reduce brand investment in favor of performance-based advertising [4][6]. - The pressure from a weak domestic demand and the need for immediate, quantifiable returns on marketing investments lead companies to prioritize performance advertising over brand building [6][8]. Group 2: Advertising Strategies - Companies are increasingly relying on performance advertising, which is perceived as providing clear ROI, while brand advertising is seen as a long-term investment that is difficult to quantify [6][9]. - The competition in performance advertising leads to rising customer acquisition costs, locking companies into a cycle of paid traffic without building brand equity [9][11]. Group 3: Long-term Implications - Relying solely on performance advertising can lead to a strategic wait-and-see approach, making it difficult for companies to establish a brand moat and increasing costs when they eventually try to build brand recognition [12][14]. - Continuous investment in both performance and brand advertising is essential, as a lack of advertising can significantly reduce brand activity and sales [14][15]. Group 4: Innovative Marketing Approaches - Companies should leverage short video platforms and creator IPs for low-cost, deep brand building, integrating brand values into content to enhance trust and recognition [16][17]. - A balanced approach using both brand and performance advertising is necessary for sustainable growth, with a focus on creating brand assets while driving sales conversions [19].

数据显示，华夏基金旗下1只基金重仓利欧股份。华夏中证文娱传媒ETF（516190）三季度增持1.48万 股，持有股数17.38万股，占基金净值比例为4.32%，位居第六大重仓股。根据测算，今日浮盈赚取约 5.04万元。 华夏中证文娱传媒ETF（516190）成立日期2021年9月9日，最新规模2270.68万。今年以来收益 23.04%，同类排名2402/4216；近一年收益19.59%，同类排名2231/3956；成立以来收益18.32%。 华夏中证文娱传媒ETF（516190）基金经理为赵宗庭。 截至发稿，赵宗庭累计任职时间8年217天，现任基金资产总规模3558.65亿元，任职期间最佳基金回报 121.35%， 任职期间最差基金回报-32.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月17日，利欧股份涨5.97%，截至发稿，报5.15元/股，成交13.89亿元，换手率4.74%，总市值348.75 亿元。 资料显示，利欧集团股份有限公司位于上海市普 ...

每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 曾健辉） 每经AI快讯，利欧股份（SZ 002131，收盘价：4.86元）11月14日晚间发布公告称，截至本公告披露 日，公司对全资、控股子公司实际担保余额约为30.26亿元，占公司最近一期经审计净资产的23.48%。 其中，涉及金融机构的实际担保余额约为22.43亿元，占公司最近一期经审计净资产的17.4%；涉及数字 营销业务合作的实际担保余额约为7.83亿元，占公司最近一期经审计净资产的6.08%。 2025年1至6月份，利欧股份的营业收入构成为：互联网占比77.6%，制造业占比22.12%，其他业务占比 0.28%。 截至发稿，利欧股份市值为329亿元。 ...