证券代码：300785 证券简称：值得买 北京值得买科技股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观  其他：电话会议 | | 参与单位名称 | 金鹰基金 陈颖 | | 及人员姓名 | 广东天贝合资产管理有限公司 黄达 | | | 建信养老金管理有限责任公司 高月 | | | 诺安基金 王晴 | | | 中金公司 王杰睿 | | | 华鑫证券 朱珠 | | | 广发证券 黄静仪 | | | 民生证券 李瑶 | | | 国盛证券 杜玥莹等 60 余人。 | | 时间 2025 | 年 4 月 29 日 15:30-17:00 | | 地点 | 电话会议 | | 上市公司接待 | 董事长兼首席执行官 隋国栋先生 | | 人员姓名 | 联合创始人兼消费内容事业部负责人 刘峰先生 | | | 智能营销及国际化事业部负责人 许欢先生 | | | 首席技术官兼 AI 事业部负责人 王云峰先生 | | | 首席财务官 李楠 ...

Core Viewpoint - The company reported a revenue of 2.79 billion yuan for 2024, reflecting a year-on-year increase of 3.65%, but a significant net loss of 184 million yuan, primarily due to substantial goodwill impairment and changes in revenue structure impacting gross margin [1][2] Revenue and Profitability - The revenue structure change led to a pressure on gross margin, with a comprehensive gross margin of 13.83%, down 1.62 percentage points year-on-year, mainly due to the increased proportion of low-margin virtual redemption business in promotional services [2] - The company recognized a goodwill impairment loss of 171 million yuan in 2024, significantly affecting the net profit attributable to shareholders [2] - For Q1 2025, the revenue was 685 million yuan, a year-on-year increase of 15.4%, but the comprehensive gross margin decreased to 14.96%, down 4.99 percentage points, again due to the higher proportion of low-margin promotional services [2] Strategic Initiatives - The "Big IP + Technology" strategy is accelerating, with significant progress in developing IP cultural products and expanding channels, leading to a rapid increase in product categories and SKUs [2] - The company is actively expanding its offline channels, including self-operated cultural life museums, specialty stores, pop-up stores, airport stores, high-speed rail stores, and vending machines, while also developing online IP e-commerce and WeChat stores [2] Licensing and Event Participation - The company has expanded its licensed business rights, successfully operating exclusive licensed products for the 2025 Harbin Winter Universiade on the JD platform and opening numerous retail stores for licensed products [3] - The company has also obtained licensing qualifications for the 2025 Chengdu World University Games and the Greater Bay Area National Games, and is currently developing and selling related products [3] Earnings Forecast and Valuation - Based on the revenue structure changes and gross margin trends, the company adjusted its net profit forecasts for 2025-2027 to 93 million, 113 million, and 133 million yuan, with adjustments of +9.07% and +10.84% for 2025 and 2026 respectively [4] - The target price is set at 16.1 yuan, corresponding to a 46 times PE for 2025, reflecting the gradual release of the "Big IP + Technology" strategy's effectiveness [4]

| 品牌/机构 | 节目 | 上线时间 | | --- | --- | --- | | 金川WPS | 文档漂流记 | 202503 | | 圣贝拉旗下的女性护理品牌 | | | | 「Bella ISLA艾屿」 | 艾屿回声 | 202503 | | 上海滩 | 穿行录 | 202503 | | edition | her edition | 202502 | | IBrandi品创 | 全球新流行 | 202501 | | Prada | Prada品牌播客 | 202501 | | 长江商学院 | 江江讲讲 | 202501 | | 嘉德艺术中心 | 王府井一号 | 202501 | | 麦肯 | 麦肯会客厅 | 202501 | | 蔚来原创科普IP《Tech | | | | Talk》 | Tech Talk | 202412 | | 字节跳动公益 | 一件好事 | 202412 | | 群运 | 营销有邑思 | 202411 | | 小红书电商 | 薯光主理人 | 202411 | | IWC万国表 | 够万国 | 202411 | | 喜茶 | HEYTEA喜茶 | 202411 | | 飞鸟集 ...

Core Insights - BlueFocus Communication Group reported mixed results for 2024, achieving revenue exceeding 60 billion yuan for the first time, but experiencing a significant drop in net profit to -331 million yuan, a year-on-year decrease of over 300% [1][2] - The company's AI transformation strategy faces challenges, with its core overseas business generating substantial revenue but suffering from low gross margins [1][6] Financial Performance - In 2024, BlueFocus achieved revenue of 60.8 billion yuan, a year-on-year increase of 15.55%, but reported a net loss of 290.7 million yuan, a decrease of 349.32% compared to the previous year [2] - The company attributed its losses primarily to significant impairment losses on long-term equity investments and high provisions for bad debts [2][3] - The total impairment losses for 2024 reached 386.6 million yuan, exceeding the net loss after deductions [3] Business Segment Analysis - The two main business segments, comprehensive promotion services and comprehensive advertising agency services, both experienced significant declines in performance [4][5] - Comprehensive promotion services generated revenue of 8.133 billion yuan in 2024, down 27.91% year-on-year, with a gross margin dropping from 21.92% in 2019 to 6.78% in 2024 [4] - Comprehensive advertising agency services achieved revenue of 4.331 billion yuan, a year-on-year increase of 9.06%, but faced a gross margin decline, resulting in a 31.22% drop in main profit [5] Overseas Business Performance - The overseas advertising business was the only segment to show growth in 2024, with revenue reaching 48.33 billion yuan, a year-on-year increase of 29.36% [6] - Despite the revenue growth, the gross margin for the overseas business remained low at 1.73%, contributing only 834.4 million yuan to the main profit [6][7] - The overall gross margin for BlueFocus in 2024 was 2.56%, a decline of 25.6% year-on-year, largely due to the low margins in the overseas business [7]

华扬联众（维权）2024年年报显示，公司在报告期内面临诸多挑战，营业收入大幅下降63.07%，经营 活动现金流量净额减少159.04%。这些数据的背后，反映出公司在业务发展、成本控制和现金流管理等 方面存在的问题，值得投资者高度关注。 营收净利双下滑，经营形势严峻 营业收入：大幅缩水，业务结构调整阵痛明显 2024年公司在费用控制上取得了一定效果。销售费用为323,328,961.93元，同比减少36.03%，主要因营 业收入下降，公司相应调整了销售费用投入；管理费用为113,029,753.64元，同比减少16.55%，得益于 组织结构及人员优化；财务费用为58,076,104.04元，同比增加21.00%，主要源于贷款成本增加。虽然销 售和管理费用的下降体现了公司的成本控制能力，但财务费用的上升可能会对公司利润造成进一步挤 压，需关注公司后续的融资策略和资金使用效率。 2024年度，华扬联众实现营业收入2,030,939,857.49元，与2023年的5,499,864,640.28元相比，大幅减少 63.07%。公司解释称，这是调整业务结构所致。从业务细分来看，品牌营销实现营业收入 2,029,837, ...

Core Viewpoint - The AI intelligent agent concept is gaining traction, with several companies experiencing significant stock price increases following Alibaba's announcement of the new Qwen3 model, which has led to a surge in related stocks [1] Group 1: Stock Performance - Companies such as Zhejiang Wenlian (浙文互联) and Focus Technology (焦点科技) reached their daily price limits, while others like Oriental Materials (东方材料) and Lingzhi Software (凌志软件) also saw substantial gains [1] - Zhejiang Wenlian's stock price reached 8.02 CNY per share, with a P/E ratio of 27.11 and a total market capitalization of 11.93 billion CNY [1] Group 2: Company Transformation - Zhejiang Wenlian, a state-owned enterprise, is transitioning from a traditional advertising company to a digital cultural technology platform through a three-dimensional strategy involving digital marketing, computing infrastructure, and AI technology [2] - The company has established a deep partnership with Alibaba since 2025, focusing on AI marketing and computing services, which has led to successful implementations in automotive marketing and e-commerce [2] Group 3: Business Operations - Digital marketing constitutes approximately 80% of Zhejiang Wenlian's revenue, serving major clients like Changan Automobile and BYD, and holding a market share of about 15% in the automotive marketing sector [4] - The collaboration with Alibaba in AI content generation has reached a scalable implementation stage, significantly reducing the production time and cost of advertising videos [4] - The AI script tool developed with Alibaba has improved ad click-through rates by 120% and increased material production efficiency by 300% across various product categories [4] Group 4: Strategic Partnerships - Zhejiang Wenlian's subsidiary, Zhejiang Wenzhi (浙文智算), has become a key partner for Alibaba in providing value-added services for data centers and participating in the cloud computing market [5] - The partnership has resulted in a 180% year-over-year increase in related order amounts for the first quarter of 2025, and both companies are exploring zero-carbon computing initiatives [5]

Group 1 - The event organized by Hangzhou's Commerce Bureau aims to enhance vocational skills in the commercial service industry through competitions, promoting a culture of learning and skill development among workers [1] - The competition is part of Hangzhou's strategy to build an international consumption center, focusing on standardizing and upgrading service levels in the commercial sector [1] - A total of 36 individuals from various professions, including internet marketing, tea arts, and e-commerce, were recognized as technical models and skilled workers in the 2024 competition [1] Group 2 - Following the rise of the "Hangzhou Six Little Dragons," the city is poised for rapid development, with the Commerce Bureau collaborating with various departments to cultivate high-quality skilled talent through annual competitions [2] - The competitions are designed to establish a solid foundation for the growth of the commercial service industry in Hangzhou [2]

Group 1 - The media sector is experiencing a strong performance, with the Zhongzheng Media Index rising by 1.70% and key stocks like Yaoji Technology, Vision China, and Zhongwen Online showing significant gains [1][2] - The Media ETF has also seen an increase of 1.26%, with a recent price of 1.12 yuan, and a cumulative rise of 1.09% over the past two weeks [1] - The number of companies related to the "Guzi Economy" in China has exceeded 6.67 million, with 96.7% of these established in the last five years, indicating explosive growth in this sector [1] Group 2 - The "Guzi Economy" is emerging as a new economic model driven by the expansion of the secondary dimension culture IP, with significant commercial opportunities arising from the growth of the domestic fanbase and post-pandemic consumer trends [2] - Companies in the light manufacturing sector, particularly in stationery and toys, have been strategically positioning themselves in the IP collaboration product space, benefiting from the new monetization models offered by the "Guzi Economy" [2] - The Zhongzheng Media Index comprises 50 major listed companies from marketing, advertising, cultural entertainment, and digital media sectors, with the top ten stocks accounting for 48.72% of the index [2]

Core Viewpoint - The company reported its 2024 annual report and 2025 Q1 report, showing mixed performance with a slight revenue growth for the year but a decline in Q4 2024 revenue, while Q1 2025 showed recovery in revenue growth [1][2]. Revenue Summary - For 2024, the company achieved operating revenue of 12.262 billion yuan, a year-on-year increase of 3%. In Q4 2024, revenue was 3.001 billion yuan, a year-on-year decline of 7%, while Q1 2025 revenue was 2.858 billion yuan, a year-on-year increase of 5% [1]. - In H2 2024, elevator media revenue was 6.044 billion yuan, a year-on-year increase of 1%, while cinema media revenue was 235 million yuan, a year-on-year decline of 40%. The decline in cinema media was attributed to weak domestic box office performance affecting advertiser demand [2]. Profit Summary - The net profit attributable to shareholders for 2024 was 5.155 billion yuan, a year-on-year increase of 7%. In Q4 2024, net profit was 1.187 billion yuan, a year-on-year decline of 3%, while Q1 2025 net profit was 1.135 billion yuan, a year-on-year increase of 9% [1]. - The company faced credit impairment losses impacting profits, with Q4 2024 losses of 32 million yuan and Q1 2025 losses of 52 million yuan, reflecting macroeconomic influences on advertiser payment cycles [5]. Cost Summary - In 2024, cinema media costs decreased by 30%, leading to a gross margin increase of 9 percentage points to 70%. Conversely, elevator media rental costs are expected to increase by 9%, with a 2% increase in per unit rental costs [4]. - The company maintained a gross margin of 66% for elevator media, remaining stable year-on-year, aided by reduced equipment depreciation and lower employee compensation costs [4]. Dividend Summary - The company announced a total dividend of 4.766 billion yuan for 2024, with a dividend payout ratio of 92.4%, slightly lower than the previous year's 98.7% [6]. Earnings Forecast - The company forecasts revenues of 12.5 billion yuan, 12.9 billion yuan, and 13.4 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 5.4 billion yuan, 5.7 billion yuan, and 6 billion yuan, corresponding to PE ratios of 18x, 17x, and 17x [7].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002712 证券简称：思美传媒 公告编号：2025-028 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告 ...