华扬联众数字技术股份有限公司 二〇二五年五月 | | | | 议案 | 1：《关于公司 | 2024 | 年年度报告及其摘要的议案》； | | --- | --- | --- | --- | | 议案 | 2：《关于公司 | 2024 | 年度董事会工作报告的议案》； | | 议案 | 3：《关于公司 | 2024 | 年度监事会工作报告的议案》； | | 议案 | 4：《关于公司 | 2024 | 年度独立董事述职报告的议案》； | | 议案 | 5：《关于公司 | 2024 | 年度财务决算报告的议案》； | | 议案 | 6：《关于公司 | 2024 | 年度利润分配预案的议案》； | | 议案 | 7：《关于公司 | 2025 | 年度日常关联交易预计的议案》； | | 议案 | 8：《关于公司 | 2025 | 年度对外担保额度预计的议案》； | | 议案 | 9：《关于公司董事、监事和高级管理人员 | | 2024 年度薪酬执行情况 | | 及 | 2025 年度薪酬方案的议案》。 | | | | | 华扬联众数字技术股份有限公司 | | | 为了维护投资者的合法权益，确保股东在华扬联众数字技术股 ...

新华财经杭州5月9日电（记者孙广见董道勇沈寅飞）作为2025世界品牌莫干山大会的重要组成部分，以"AI赋能质领未来"为主题的2025新质生产力大会9日 在浙江德清举办。大会汇聚政企学研四方智慧，以人工智能为笔，以创新生态为墨，共绘新质生产力赋能高质量发展的时代画卷。 江南初夏，莫干山麓绿意盎然。德清县人大常委会党组书记、主任陈健则以东道主身份欢迎四方来客。他表示，世界品牌莫干山大会在德清已成功举办两 届，吸引世界各地7500余名行业精英、专家学者和媒体代表，诞生"中国品牌价值评价信息"榜单、《中国品牌十年路》发展报告等诸多成果，奏响了世界品 牌中国声音。大会搭建的近距离、深层次交流平台，必将对推动新技术、新模式、新业态的思路互鉴、智慧凝聚、合作共赢产生极大促进作用。同时，也诚 邀专家学者、企业家落户德清兴业，共同携手向"新"而行，以"质"致远。 AI赋能千行百业迎变革 智领变革，万象焕新。在主旨演讲环节，科伦永年大健康董事长赵健提出构建从"治疗"到"预防"的全生命周期健康服务体系，以生物医药创新重塑健康产业 格局。据介绍，过去十年，科伦集团累计投入研发资金逾130亿元，建成六大国家级创新平台，已构建仿制药、合 ...

2、公司并购事项目前进展如何？ 证券代码：002995 证券简称：天地在线 北京全时天地在线网络信息股份有限公司 投资者关系活动记录表 编号：2025-001 | | □ 特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访 √ 业绩说明会 | | 类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | （请文字说明其他活动内容） □ 其他 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 9 日 (周五) 下午 15:00-17:00 | | 地点 | 证券日报网路演平台（http://www.zqrb.cn/huiyi/lyhd/index.html） | | | 采用网络远程的方式召开业绩说明会 | | | 董事长兼总经理 信意安 | | 上市公司接待人 | 副总经理、董事会秘书 李旭 | | 员姓名 | 副总经理、财务负责人 赵小彦 | | | 岳利强 独立董事 | | | 独立董事 穆林娟 | | | 公司于 2025 年 5 月 9 日（星期五）下午 15:00-17:00 ...

Core Viewpoint - Dongxin Marketing, claiming to be "China's largest AI marketing company," is attempting a second IPO on the Hong Kong Stock Exchange, but its financial data reveals a troubling trend of increasing revenue without corresponding profit growth, indicating significant operational and financial challenges [1][2][15]. Financial Performance - Dongxin Marketing's revenue has shown rapid growth, with 2022 revenue at 1.525 billion RMB, 2023 at 2.118 billion RMB (up 38.9%), and 2024's first three quarters at 2.005 billion RMB (up 66.41%) [2][18]. - In contrast, net profit has drastically declined from 104.4 million RMB in 2022 to 28.5 million RMB in 2023 (down 72.72%), and a net loss of 42.4 million RMB in the first three quarters of 2024 [2][6]. - The gross margin has also decreased significantly, from 20.8% in 2022 to 14.5% in the first three quarters of 2024, highlighting issues with cost control and profitability [2][3]. Cost Structure - Service costs have risen faster than revenue, with costs of 1.208 billion RMB in 2022, 1.790 billion RMB in 2023 (up 48.26%), and 1.714 billion RMB in the first three quarters of 2024 (up 75.75%) [3][5]. - The primary revenue driver, the digital marketing solutions segment, has seen its gross margin drop from 17.7% in 2022 to 10.7% in 2024, adversely affecting overall profitability [3][12]. Dependency on Non-Core Income - A significant portion of Dongxin Marketing's net profit is derived from government subsidies and other non-core income, which accounted for 52.18% of net profit in 2022 and 146.78% in 2023 [6][7]. - In 2024, despite a net loss, non-core income still contributed 26.3 million RMB, indicating that the company's actual profitability is much lower than reported [6][7]. Cash Flow and Debt Issues - The company has faced cash flow challenges, with negative operating cash flow of -337 million RMB in 2022, positive 111 million RMB in 2023, and again negative -156 million RMB in 2024 [8][9]. - Dongxin Marketing's debt has increased from 731 million RMB at the end of 2022 to 1.705 billion RMB by September 2024, with a current ratio indicating potential liquidity risks [9][10]. Market Position and Competition - Despite being labeled as the largest AI marketing company in China with a market share of 5%, the industry remains fragmented, with the top five companies holding only 14.9% of the market [12][16]. - Dongxin Marketing's AI marketing segment has not yet achieved significant revenue contributions, with only 3.5% to 4.7% of total revenue from AI marketing products from 2022 to 2024 [10][12]. Strategic Challenges - The company's shift in branding from a "leading mobile marketing service provider" to an "AI marketing company" raises questions about its strategic direction and the sustainability of its business model [13][15]. - High customer concentration poses risks, with the top five clients contributing a significant portion of revenue, indicating potential vulnerabilities in client relationships [13][14].

证券研究报告 传媒 Q1 盈利显著回升,游戏/电影表现亮眼 华泰研究 24 年传媒行业业绩承压明显，25Q1 归母净利高速增长 受 AI 技术创新研发持续投入、及消费偏弱影响，24 年传媒行业业绩承压明 显。24 年传媒行业上市公司营业收入同降 0.7%；归母净利同降 55.7%；剔 除资产减值损失后，归母净利同降 41.6%。25Q1 低基数下呈现恢复态势， 传媒行业上市公司实现营收 1342.5 亿元，同增 4.5%；归母净利 109.7 亿元， 同增 44.9%；剔除资产减值损失后，归母净利 123.6 亿元，同增 41.6%。我 们认为随着后续消费的恢复，行业或进一步复苏。标的关注各细分领域龙头， 具体包括恺英网络、巨人网络、吉比特、完美世界、焦点科技、光线传媒、 万达电影、值得买等；以及高股息的中南传媒、凤凰传媒、南方传媒等。 2025 年 5 月 09 日│中国内地 专题研究 25Q1 互联网板块营收下滑，AI 应用加速落地 25Q1 游戏板块归母净利大幅增长，公司之间业绩分化较大 据伽马数据，2024 年中国游戏市场实际销售收入 3257.8 亿元，同比增长 7.53%。版号发放"大力度+常态化 ...

Core Insights - The era of digital intelligence and full videoization is transforming traditional brand rules, with 83% of traditional enterprises experiencing "creative destruction" due to AI technology, and 92% planning to increase AI investments within three years [1] Group 1: Product Dimension - Digital intelligence is reconstructing the value creation chain, enhancing production efficiency and fundamentally changing the relationship between brands and consumers, who are now active participants in product development [2] - Brands can achieve personalized delivery through deep data analysis, catering to unique consumer needs, exemplified by smart home brands optimizing products based on user data [2] Group 2: Content Dimension - AI-generated content is reshaping narrative logic, transitioning from one-way output to dynamic co-creation between brands and consumers, with a focus on building value recognition [3] - Brands must create immersive experiences rather than merely conveying information, as seen in a beauty brand that engages users in co-creating short video content [3] Group 3: Channel Dimension - The integration of all touchpoints redefines the "people-goods-field" relationship, emphasizing scenario penetration over traditional channel competition [3] - Retail brands are providing seamless shopping experiences through online and offline integration, enhancing consumer understanding and recognition of brand culture [3] Group 4: Communication Dimension - Intelligent algorithms are transforming communication models from broad, indiscriminate advertising to precise, value-driven dissemination [4] - Brands can penetrate consumer decision-making processes at critical points through personalized content delivery based on user behavior [4] Group 5: Future Outlook - The evolution of brands is not merely a technical accumulation but a value reconstruction based on brand DNA, with brands becoming dynamic ecosystems rather than static symbols [4] - The rapid evolution of brands follows a "Moore's Law" pattern, where the speed of brand evolution accelerates alongside AI advancements [4] - Brands that integrate digital intelligence into their core will seize market opportunities in this transformative wave [4] Group 6: Human-Centric Approach - Despite technological advancements, the core of brand value remains human-centric, emphasizing the importance of empathy and care in brand evolution [5] - The journey of digital intelligence elevation is a new starting point for sustainable brand development, focusing on resonance with consumer values [6] - Brands must harmonize commercial and social values, leveraging algorithms to convey warmth and integrating technology with humanistic elements [6]

摘要 • 美股 AI 垂类应用自 2024 年下半年起显著增长，教育（Duolingo）、军 工（Palantir）、广告（Applovin）等公司营收和利润超预期，股价实现 5-10 倍增长，为国内 AI 应用提供借鉴。 • Applovin 一季度营收 15 亿美元，广告业务增长 71%，非 GAAP 利润率 达 81%。游戏广告投放领域市占率 28%，并切入电商广告市场，增速迅 猛。相较 Meta 和 Unity，Applovin 在游戏广告投放方面优势明显。 • AI 与程序化广告结合对腾讯、快手等国内企业有启示，可提高 APP 展示时 间及转化率。中长尾程序化广告公司如慧亮、一点股价上涨。汇量科技 Mintegral 平台转型中重度游戏广告，易点天下获 Applovin 大中华区代 理权。 • 教育行业亟需 AI 技术实现大规模、低成本、高质量教育产品。多邻国接入 GPT-4 推出 Duolingo Max，日活用户达 4,600 万，同比增长 44%，付 费订阅用户达 1,030 万，同比增长 40%。 Q&A GPT-4 发布后，AI 应用赛道的关注度如何变化？ 自 2023 年 3 月 GPT ...

Core Insights - The global AI competition has entered a "China moment" since 2025, marking the beginning of a golden era for AI applications in marketing technology [1] - BlueFocus, a leading global marketing group, recognizes the need to shift from an agency-driven model to a technology and AI-driven approach for Chinese brands going global [1] Group 1: AI as a Driving Force - AI has become a "super engine" for brands going global, enhancing efficiency despite short-term trade fluctuations [3] - The "All In AI" strategy has led to AI covering over 95% of BlueFocus's operational scenarios, with the introduction of the proprietary BlueAI model [3] - The BlueAI platform significantly improves the efficiency of generating advertising materials, achieving over tenfold increases in productivity for multilingual content and AI-generated videos [3] Group 2: Emerging Trends in Brand Marketing - Three major trends in Chinese brands' overseas marketing include AI-driven efficient advertising, the rise of new platforms, and the deepening of Direct-to-Consumer (DTC) models [4] - New platforms like TikTok, Temu, and Kwai are becoming crucial for reaching younger audiences, with brands increasingly relying on independent sites and social media for direct user connections [4] Group 3: Localization and Market Penetration - AI is being utilized to predict trending product categories in Southeast Asia and to identify local influencers in Japan, enhancing consumer trust [5] - Companies are advised to embrace AI tools across the entire marketing process, focus on localization, ensure data compliance, and combine DTC with social e-commerce strategies [5][6] - BlueFocus has established offices in nine countries to strengthen local teams and provide specialized market insights, adapting marketing strategies to cultural differences [6] Group 4: Future Strategies - BlueFocus is set to launch its "Globalization 2.0 Strategy" in 2024, focusing on building technological barriers and optimizing market structures for high-quality growth [6] - The company plans to transition from traffic agency models to self-built traffic, exploring collaborations through investments and acquisitions in the marketing and content sectors [6]

策 略 研 究 华福证券 银发经济娱乐消费新风潮 团队成员 投资要点： 数字参与深化：银发经济推动消费市场多元发展 策 随着社会的发展与老龄化进程的加剧，老年群体的消费行为和消费市 场正在发生深刻的变化,50 岁以上的中老年人群体已经逐步融入数字化生 活，成为不可忽视的消费力量。根据中国互联网络信息中心（CNNIC）的 第 55 次《中国互联网络发展状况统计报告》，截至 2024 年 12 月，50 岁 及以上群体占比达到 34.1%，较上年同期增长 1.6 个百分点。 略 点 评 近年来，年轻人常用的 APP，也逐渐成为银发族群体日常使用的应用。 据电通创意的《2025 银发族趋势观察》，在银发人群中，快手、抖音和网 易新闻是使用时长最长的三大应用。同时，老年人群体也体现了强烈的参 与感，61%的银发人群会将自己喜欢的短视频分享给亲朋好友，涵盖的内 容包括养生、新闻时事等。这一趋势不仅推动了老年人群体的数字化转型， 也为相关企业在这一市场的布局提供了机会。老年人群体的互联网使用习 惯正在不断深入，而这一趋势势必将推动数字广告、社交电商、在线教育、 短视频等领域的蓬勃发展。 娱乐消费升级：银发经济驱动文娱产业 ...

证券研究报告 | 行业专题研究 gszqdatemark 2025 05 08 年 月 日 传媒 25Q1 整体业绩显著回暖，游戏、影视院线表现突出 2024 年传媒板块业绩承压，2025Q1 业绩同比显著回暖。2024 年传媒板块营收 6106.4 亿 元，同比增长 0.51%；归母净利润 184.3 亿元，同比下滑 52.96%。从体量看，营收前三的 板块分别为广告营销、出版阅读和互联网，归母净利润前三的板块分别为出版阅读、广告营 销和游戏。2025Q1 传媒板块实现营业收入 1473.8 亿元（yoy+0.74%），归母净利润 111.1 亿元（yoy+41.58%）。从体量看，营收前三的板块分别为广告营销（391.09 亿元， yoy+0.21%）、出版阅读（332.55 亿元，yoy-3.99%）和互联网（251.49 亿元，yoy-20.00%）， 归母净利润前三的板块分别为出版阅读（35.21 亿元，yoy+34.48%）、游戏（31.04 亿元， yoy+45.95%）和广告营销（16.42 亿元，yoy+10.06%）。估值层面来看，传媒行业估值 27x 仍处于历史底部区间。 游戏：年度收入 ...