《2024Q4 全面盈利，游戏、广告或继 续驱动业绩增长—港股公司信息更新 报告》-2025.2.21 《首次实现单季度盈利，游戏、广告 持续驱动盈利提升—港股公司信息更 新报告》-2024.11.15 传媒/数字媒体 哔哩哔哩-W（09626.HK） 2025Q1 游戏收入大增且连续盈利，流量稳步增长 2025 年 05 月 21 日 投资评级：买入（维持） | 日期 | 2025/5/20 | | --- | --- | | 当前股价(港元) | 140.20 | | 一年最高最低(港元) | 238.80/98.900 | | 总市值(亿港元) | 599.02 | | 流通市值(亿港元) | 586.02 | | 总股本(亿股) | 4.27 | | 流通港股(亿股) | 4.18 | | 近 3 个月换手率(%) | 83.72 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-05 2024-09 2025-01 哔哩哔哩-W 恒生指数 相关研究报告 《广告及游戏拉动收入加速增长，单 季度盈利可期—港股公司信息更新报 告》-2024.8.23 方光照（分析师） 田 ...

Core Insights - Carlyle Group Inc reported a total market value of $3.80 billion for Q1 2025, down from $4.15 billion in the previous quarter, representing an 8% decrease [1][2] - The firm made no new stock purchases, increased its position in one stock, reduced holdings in five stocks, and completely exited four stocks [1][2][5] - The top ten holdings accounted for 99.33% of the total market value [2] Holdings Summary - StandardAero remains the largest holding with approximately 134 million shares valued at about $3.6 billion, making up 92.44% of the portfolio, with a significant increase in shares by 1912.52% [3][4] - Soleno Therapeutics is the second largest holding with around 860,980 shares valued at approximately $61.4 million, representing 1.59% of the portfolio, showing a decrease of 37.41% in shares [3][4] - WeRide (文远知行) holds the third position with about 3.42 million shares valued at approximately $46.5 million, maintaining its share count from the previous quarter [3][4] - Phathom Pharmaceuticals and Pony.ai are the fourth and fifth largest holdings, with values of approximately $21.9 million and $20.8 million, respectively, both maintaining their share counts [3][4] Sell and Exit Activities - Carlyle Group completely exited positions in Ramaco Resources-A, Riley Exploration Permian, Robinhood, and Spyre Therapeutics during the first quarter [3][5] - The top sold stocks included Getty Images, Riley Exploration Permian, Robinhood, Spyre Therapeutics, and Ramaco Resources, with minimal changes in portfolio percentage [5][7]

证券研究报告 2025年05月16日 行业报告： 行业专题研究 传媒 2024年及2025年第一季度传媒行业回顾 作者： 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 曹睿 SAC执业证书编号：S1110523020003 摘要 传媒行业 2025年传媒行业以景气度回升为核心趋势，一季度已见报表层面明显得到改善，估值层面传媒整体估值处在中枢水平，部分龙头公司估值仍 具优势，未来在政策改善、内容常态化供给、以及AI带来的产业变革下，我们坚定看好传媒行业25年投资机会。 游戏 2025年1-3月国内游戏市场收入同比增长18%，环比-1.2%；国内移动游戏收入同比增长20.3%，环比-2.2%；端游市场收入同比增长6.8%，环比 +3.6%；自研游戏海外收入同比增长17.9%，环比-0.6%。 影视院线 供给影响大盘复苏，行业承压。2024年影视院线板块公司实现总营收357.33亿元，yoy-14.3%；实现归母净利润-25.13亿元，yoy-348.6%。 25Q1影视院线板块公司实 ...

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2025 年 Q1 SW 传媒行业指数上升 6.37%，资金保持高活跃度，估值 （PE-TTM）震荡调整，跑赢近七年均值水平。从 2025 年 Q1 的基金 重仓配置情况看，SW 传媒行业仍处于低配，以 SW 传媒行业重仓为基 准，游戏板块及广告营销板块受到市场关注，维持超配，基金重仓 配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置维持低配，游戏及广告营销板块仍为市场关注重 点。2025 年 Q1 SW 传媒行业的适配比例为 1.71%，基金重仓比例为 1.04%，低配比例为 0.68%，环比来看有所修复。以 SW 传媒行业重仓 为基准，游戏板块与广告营销维持超配，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 来看， 2025 年 Q1 SW 传媒行业的前十大重仓股分别为分众传媒、恺 英网络、芒果超媒、巨人网络、完美世界 ...

Group 1 - The core index, the China Securities Hong Kong and US Listed Global Smart Car Theme Index, reported a value of 5461.69 points, with a recent one-month increase of 8.39%, a three-month decrease of 10.04%, and a year-to-date decline of 9.83% [1] - The index comprises 50 listed companies involved in smart automotive sectors such as perception positioning, decision planning, control execution, smart cockpit, and vehicle networking, reflecting the overall performance of these companies in the Hong Kong and US markets [1] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Group 2 - The top ten holdings of the index include Li Auto-W (9.52%), NVIDIA Corp (9.44%), Xpeng Motors-W (8.84%), Tesla Motors Inc (8.59%), Marvell Technology Group Ltd (6.26%), Rivian Automotive Inc. (5.6%), Lucid Group Inc (3.64%), Aurora Innovation Inc. (3.61%), Baidu Group-SW (3.27%), and Analog Devices Inc (3.19%) [2] - The index's holdings are primarily listed on the Nasdaq Global Select Market (60.44%), followed by the Hong Kong Stock Exchange (29.66%), Nasdaq Capital Market (5.02%), and New York Stock Exchange (4.88%) [2] - In terms of industry distribution, passenger vehicles account for 23.02%, digital media for 3.27%, optical optoelectronics for 3.05%, and automotive parts and tires for 0.32% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with the sample changes, and generally remain fixed until the next scheduled adjustment [3] - Special circumstances may lead to temporary adjustments, including the removal of samples that are delisted or undergo mergers, acquisitions, or splits [3]

Group 1: Overview of Digital Nomadism - The number of digital nomads in the U.S. has reached 18.1 million, accounting for 11% of the workforce, with a year-on-year growth of 4.7% and over 147% growth since 2019 [1] - The trend of digital nomadism is becoming mainstream, although the number of traditional workers engaging in this lifestyle has decreased by 5% in 2024 due to corporate return-to-office policies [1][2] - The majority of digital nomads are from the younger generations, with Gen Z and Millennials making up 64% of this group, and the proportion of Gen Z has increased from less than 1% in 2019 to 26% in 2024 [1] Group 2: Work Satisfaction and Income - Digital nomads report high job satisfaction, with 79% expressing high satisfaction and 79% satisfied with their income, attributed to their focus on travel experiences and working in tech-related fields [2][3] - Many digital nomads utilize "geographic arbitrage" by living in low-cost areas while earning salaries from high-wage countries, enhancing their financial stability [2] Group 3: Challenges Faced - Key challenges for digital nomads include economic pressures, separation from family and friends, personal safety, time zone issues, and travel fatigue, although the proportion of those reporting these challenges has decreased since 2020 [2][3] Group 4: Future Plans and Trends - A significant 95% of digital nomads are likely to continue this lifestyle, but only 15% have been digital nomads for over five years, with 15%-17% returning to traditional lifestyles annually [2] - In terms of travel plans, 40% of digital nomads intend to spend more time traveling domestically within the U.S. next year, and 51% plan to travel only within the U.S. [2] Group 5: Professional Background and Skills - Digital nomads predominantly work in fields such as information technology, creative services, and education, with 79% considering themselves early adopters of technology and 76% using AI to enhance their work competitiveness [3] - The educational level among digital nomads is high, with 52% holding a college degree or higher [3] Group 6: Corporate Policies and Economic Impact - A significant portion of traditional workers engaging in remote work do so without clear corporate policies, leading to potential risks for companies regarding compliance and security [3] - The digital nomad trend is expected to continue growing due to ongoing interest in remote work and travel, with organizations implementing policies to attract and retain talent [3]

游戏 业绩超预期，看好新游周期开启。2024年及2025Q1 A股游戏公司合计实现营收873.7、248.2亿元， yoy+8%、+21%，世纪华通爆款手游《无尽冬日》表现亮眼提振板块增速。截至2025Q1末，A股游戏公 司合同负债合计71.9亿元，同比增长7.5亿元，环比增长0.7亿元，反应A股游戏公司流水稳健增长态势。 2024年及2025Q1 A股游戏公司合计实现归母净利润68.4、42.4亿元，yoy-14%、+61%。该行看好2025年 买量市场竞争趋缓，新游周期开启驱动业绩增长，同时期待AI催化提振板块估值。 智通财经APP获悉，东吴证券发布研报称，传媒业25Q1整体表现优于预期，爆款驱动影视及游戏板块 增长。24Q4、25Q1传媒板块合计实现收入1,393亿元、1,240亿元，同比下滑2%、增长5%;板块增速实现 企稳回升，整体表现略好于市场预期。其中受爆款催化的影视院线及游戏板块表现出色，其他板块整体 表现相对平稳。 东吴证券主要观点如下： 营销 2025年迎来"开门红"，期待后续内容表现。24Q4影视院线行业实现收入98.4亿元，同比下滑6%，主要 受优质电影数量有限影响;25Q1影视院线行 ...

Group 1 - The core products of Zhaoli Pharmaceutical show stable growth, with a high dividend payout ratio maintained, achieving a revenue of 2.578 billion yuan in 2024, a year-on-year increase of 32.71% [8][9] - The company has significantly reduced costs and improved efficiency, with a notable decrease in expense ratios, including a sales expense ratio of 32.53%, down 7.5 percentage points year-on-year [9] - The company plans to implement an employee stock ownership plan by the end of 2024, with profit growth targets set at no less than 30% for 2025 [10] Group 2 - Weining Health's revenue for Q1 2025 was 345 million yuan, a year-on-year decrease of 30.24%, with a net profit of 5.29 million yuan, down 68.18% [11][12] - The company is focusing on cost reduction and efficiency improvement, with a significant increase in cash flow from operating activities, up 120.53% year-on-year [12] - The WiNEX product is entering a phase of mass delivery, supporting internet operations and international adaptation, with a strong digital architecture capable of handling millions of transactions [14][15] Group 3 - Lais Information's revenue for 2024 was 1.61 billion yuan, a year-on-year decrease of 3.94%, while Q1 2025 revenue dropped by 55.53% to 109 million yuan [17][18] - The company is optimizing its business structure, with significant growth in air traffic control and urban traffic management sectors, achieving revenue increases of 13.68% and 33.47% respectively [18][19] - The company is enhancing its research and development efforts, with a focus on refining its product offerings and improving operational efficiency [20] Group 4 - FenJung Media reported a revenue of 12.262 billion yuan in 2024, a year-on-year increase of 3.01%, with a net profit of 5.155 billion yuan, up 6.80% [23][25] - The company maintains a high dividend payout ratio, with cash dividends amounting to 4.766 billion yuan, representing 92.45% of net profit [24][25] - The planned acquisition of New潮传媒 is expected to enhance the company's competitive position in the outdoor advertising market [28] Group 5 - Jingwang Electronics achieved a revenue of 12.659 billion yuan in 2024, a year-on-year increase of 17.68%, with a net profit of 1.169 billion yuan, up 24.86% [30][31] - The company is expanding its production capacity, with a focus on high-end markets and AI applications, particularly in the automotive sector [32][33] - The company is increasing its R&D investments to support technological advancements and market expansion [33]

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games [5][11] - The publishing and periodicals sector is facing revenue declines due to regulatory impacts and tax policy changes, with expected revenue drops of 2% in 2024 and 4% in Q1 2025 [2] - The gaming sector showed strong performance with a revenue increase of 21% in Q1 2025, supported by successful new game launches [20][29] - The marketing sector is experiencing revenue declines due to cautious ad spending amid economic recovery challenges, but top companies are showing resilience [5][20] - The film industry is expected to have a strong start in 2025, with Q1 revenue growth of 41% driven by popular films [5][20] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of 1,393 billion, a 2% year-on-year decline; however, in Q1 2025, revenue rose to 1,240 billion, marking a 5% year-on-year increase [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached 3,257.83 billion in 2024, with a year-on-year growth of 7.53%, and 857.04 billion in Q1 2025, growing by 17.99% [20][29] - A-share gaming companies reported total revenues of 873.7 billion and 248.2 billion for 2024 and Q1 2025, respectively, with year-on-year increases of 8% and 21% [29][37] Marketing Sector - The marketing industry faced revenue declines in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers; however, the sector showed signs of recovery with a 9% year-on-year increase in net profit in Q1 2025 [5][20] Film Industry - The film industry saw a revenue of 141.2 billion in Q1 2025, a 41% increase year-on-year, largely due to successful films like "Nezha: Birth of the Demon Child" [5][20] Digital Media - The digital media sector experienced slight revenue declines in both 2024 and Q1 2025, with major player Mango TV reporting a revenue of 140.8 billion in 2024, down 3.8% year-on-year [5][20] Publishing and Periodicals - The publishing sector is projected to see a revenue decline of 2% in 2024 and 4% in Q1 2025, influenced by regulatory changes in educational publishing [2][5]

增持（维持） 证券研究报告·行业深度报告·传媒 传媒行业深度报告 24Q4&25Q1 业绩综述：25Q1 板块整体优于 市场预期，影视及游戏行业表现亮眼 [Table_Tag] [Table_Summary] 投资要点 ◼ 出版报刊：教育出版监管影响收入，所得税政策变动产生一次性影响。 2024 年、2025Q1 出版报刊行业收入同比下降 2%及 4%，教育出版领域 的监管政策对相关企业产生了影响，一般图书出版领域整体平稳。2024 年、2025Q1 归母净利润分别同比下降 34%及同比增长 34%，行业归母 净利润的波动主要与递延所得税资产/负债的变动有关,而毛利和费用变 化幅度不大。考虑到财务稳健性及股息率，推荐：南方传媒、山东出版， 建议关注中原传媒、中南传媒、凤凰传媒、长江传媒、皖新传媒等；其 他出版方面，推荐中文在线，建议关注果麦文化等。 ◼ 风险提示：宏观经济恢复不及预期；政策风险；产品上线不及预期等。 2025 年 05 月 05 日 证券分析师 张良卫 执业证书：S0600516070001 021-60199793 zhanglw@dwzq.com.cn 证券分析师 周良玖 执业证书：S06 ...