今日，2025上海车展在国家会展中心拉开帷幕！为进一步推进 票根经济效应，深入推动二次消 费转化， SMG看东方平台围绕本届车展 重磅推出车展专享消费季， 并同步开启发放 「车展专 享消费券」 ！ 与此同时， 深度联动国内三大综合一级票务平台之一"票星球"， 为广大车展观 众在车展期间提供「逛车展、看演出、住五星、玩到嗨」的全方位超值优惠！ 强合作！ 联手「票星球」全品类演出平台！ 划重点 01 作为上海广播电视台倾力打造的移动端综合视频主平台，看东方"魔都圈"文旅商体展消费季充分挖 掘票根经济效应，通过在SMG看东方小程序发放消费券并精心设计联动产品的方式推进落地拉动 二次消费。此次与国内三大综合一级票务平台之一 「票星球」 联手打造车展全品类演出平台"惠赢 未来-车迷观演体验站"囊括了200多个车展周期将在沪上发生的文体展活动。 活动以"音乐现场""剧场演出""展览玩乐""体育赛事"四大板块呈现，并提供专项沪上文体展优惠 券 ，不仅让观展用户可以快速找到喜欢的活动，并且可以享受到购票的特别优惠；此外还开设针 对于外国友人推出精选区，让国内外参展用户多方位体验上海的优质文体展内容和魅力。 不用抢！ 3 大票 ...

海看股份（301262）公告，2024年营业收入为9.79亿元，同比下降1.37%；归属于上市公司股东的净利 润4亿元，同比下降2.38%。公司拟向全体股东每10股派发现金红利0.5元(含税)，送红股0股(含税)，以 资本公积金向全体股东每10股转增0股。 ...

海看股份（301262）公告，2025年第一季度营业收入2.35亿元，同比下降3.28%。净利润1.17亿元，同 比增长7.45%。 ...

Core Viewpoint - Beijing Satellite TV officially launched its 4K ultra-high-definition channel on April 22, aiming to enhance its "capital leadership, cultural dissemination, and new quality innovation" through high-definition storytelling and rich content [1] Group 1: Program Development - The channel has eight regular self-produced programs in ultra-high-definition, including "Archives," "Health Hall," and "Warm Flavor," along with two seasonal programs that have completed quality upgrades [1] - The documentary program "Archives" has been revamped into a "Time Archive Museum," utilizing high-quality human-screen interaction and AI dynamic restoration technology to enhance viewer engagement [2] - The medical documentary "Life Bond" addresses diseases and biases, using technology to interpret the poetry of life and build empathy through patient stories [4] - The talent documentary "Cheers for You" captures the real dilemmas and solutions of high-end talents, blending professional rigor with human warmth [6] - The social documentary "One Step Forward" has upgraded its content modules, incorporating immersive research and global comparisons to address urban governance challenges [8] - The ultra-high-definition documentary series "4K in China" tells Chinese stories from a Beijing perspective, showcasing cultural richness through stunning visuals [10] Group 2: Health and Lifestyle Programs - Health programs have undergone a comprehensive upgrade, breaking traditional studio boundaries to offer personalized health solutions through interactive formats [12] - The flagship health program "Health Hall" has transformed into an "immersive TV clinic," enhancing viewer connection with live patient consultations [12] - The food program "Warm Flavor" presents culinary delights in 4K, enhancing the sensory experience of food through vivid visuals and sounds [14] - The interactive daily program "Around Us" has returned after 14 years, utilizing dual-screen storytelling to cater to the urban elderly demographic [15] - The gardening reality show "One Meter Garden" captures the beauty of Beijing's flora in ultra-high-definition, showcasing ecological aesthetics [17] Group 3: Cultural Programs - Cultural programs leverage the integration of technology and art to create visually stunning content, revitalizing traditional aesthetics with modern technology [19] - The reality show "Museum City" focuses on the details of cultural relics, documenting the entire process of artifact transportation and exhibition [19] - The cultural variety show "Beijing Opera" employs 4K technology to present the intricacies of performances, offering behind-the-scenes insights into popular productions [21] - Beijing Satellite TV plans to continue exploring the integration of technology, content, and services to create a culturally rich viewing experience [23]

Core Viewpoint - The company, Jishi Media, has undergone an asset swap with its controlling shareholder, Jilin Radio and Television Station, which involves the transfer of assets related to IPTV and the establishment of a new subsidiary to manage these assets [3]. Financial Data - The first quarter financial statements have not been audited [2]. - The company has made retrospective adjustments to its financial statements due to the asset swap, affecting the consolidated profit and cash flow statements for the first quarter of 2024 [3]. Non-Recurring Gains and Losses - The company has identified significant non-recurring gains and losses, although specific amounts are not detailed in the announcement [4]. Shareholder Information - The company has repurchased a total of 50.91 million shares, representing 1.46% of its total share capital, to maintain company value and protect shareholder interests [6]. Quarterly Financial Statements - The financial statements for the first quarter of 2025 are prepared but remain unaudited [7][9]. - The net profit of the merged entity prior to the merger was reported as 0 yuan for both the current and previous periods [8].

Core Viewpoint - Jishi Media (stock code: 601929) has achieved revenue growth in Q1 2025 despite the overall pressure on the traditional broadcasting industry, indicating positive signals from its strategic transformation [1][2]. Revenue Performance - In Q1 2025, Jishi Media reported revenue of 499 million yuan, a year-on-year increase of 23.14%, marking the highest growth rate for the same period since its listing and surpassing the industry average [2]. - The company narrowed its net loss to 103 million yuan, a year-on-year reduction of 12.10%, exceeding market expectations [2]. - The revenue growth is attributed to a dual-driven model of "stabilizing traditional business + breakthrough in innovative business," with significant contributions from smart broadcasting transformation, particularly in government and enterprise information services and 5G integration applications [2]. Business Segments - Revenue from government and enterprise services reached 150 million yuan in Q1, a staggering year-on-year increase of 517%, with multiple large-scale projects secured [2]. - The company’s operating cash flow for Q1 was 74.04 million yuan, and its debt-to-asset ratio decreased compared to the end of the previous year, indicating ongoing financial structure optimization [2]. R&D and Innovation - Jishi Media accelerated its transformation into an innovative cultural technology enterprise, with R&D expenditure reaching 135 million yuan in 2024, a year-on-year increase of 77.10%, and an R&D intensity of 6.83%, both marking historical highs since its listing [4]. - The company’s self-innovation capabilities have significantly improved, contributing to a 15% revenue growth in digital information services last year [4]. Strategic Developments - In 2024, the company focused on its core business by divesting from Sanya Yucheng and establishing a new subsidiary, Jilin Province Northeast Asia New Media Co., Ltd., to integrate IPTV and cable TV resources, enhancing its business development and risk diversification [5]. - Jishi Media has also established the first provincial-level data element service institution in Northeast China in collaboration with the Beijing International Big Data Exchange, promoting data resource sharing and industrial upgrades [5]. - The company formed a joint venture with Beijing 360 Smart Technology Co., Ltd. to advance digitalization in Jilin Province through AI technology and digital security capabilities [5]. Market Outlook - Zhongyou Securities expressed optimism about Jishi Media's performance, highlighting its unique position as the only cultural technology listed company in Jilin Province and the strategic direction of management in revitalizing existing business and integrating cultural resources [6]. - The firm projects that Jishi Media will achieve revenue of 2.106 billion yuan and a net profit of 36 million yuan in 2025, maintaining a "buy" rating for the company [6].

吉视传媒（601929）公告，2025年第一季度营收为4.99亿元，同比增长23.14%；净亏损1.03亿元，去年 同期净亏损1.17亿元。 ...

Core Viewpoint - Hong Kong Television Broadcasts Limited (TVB) has faced continuous losses for over seven years since 2018, but it reported a positive EBITDA of HKD 295 million for 2024, with a significant reduction in losses compared to previous years [2][3] Financial Performance - TVB's revenue improved in 2024, with a 17% growth in its core Hong Kong television broadcasting business [5] - The company reported a net loss of HKD 88 million for 2024, a decrease of HKD 519 million year-on-year, despite still being in the red due to asset impairment [2][5] - TVB expects EBITDA for 2025 to be significantly higher than in 2024 and aims to achieve positive net profit for shareholders in 2025 [2] Cost Control and Operational Efficiency - The company has implemented various cost control measures, including merging two television channels and reducing operational costs by 15% [5] - TVB has focused on both cost control and revenue expansion as part of its strategy for 2024 [5] AI and Technology Integration - TVB has begun utilizing AI tools for various applications, including content creation and copyright protection [6] - The company is exploring partnerships with technology firms like Huawei and Tencent to enhance its AI capabilities [6] Talent Management - TVB has adjusted its talent management approach, encouraging artists to pursue opportunities outside the company while still supporting their development within [7] International Business Development - TVB is shifting its international business strategy from solely content licensing to exploring new revenue streams, leveraging its extensive IP resources and international distribution network [8][9] - The company has successfully engaged in international promotion projects, such as assisting local governments in marketing efforts [9] Mainland China Market Strategy - TVB views its mainland China operations as a critical component of its overall strategy, with plans to integrate Hong Kong content with mainland elements [10][12] - The company has started directly managing advertising in mainland China, which is expected to enhance its revenue potential [11][12]

Core Viewpoint - TVB demonstrates a strong recovery in its 2024 annual performance, with significant improvements in core business operations and a positive EBITDA of HKD 295 million, alongside a substantial reduction in shareholder losses by 36% [2][3] Financial Performance - TVB achieved a positive EBITDA of HKD 295 million in 2024, a significant improvement from a loss of HKD 140 million in the previous year [3] - Shareholder losses narrowed to HKD 491 million, down from HKD 272 million year-on-year, with loss per share decreasing from HKD 1.74 to HKD 1.09 [3] - Adjusted net profit of HKD 53 million was realized in the second half of the year, indicating a substantial recovery in operational profitability [3] Business Growth Drivers - The Hong Kong television broadcasting segment saw a revenue increase of 17%, driven by the return of major corporate advertisers, leading to a 14% rise in advertising revenue [3] - TVB's market share in the total television advertising market in Hong Kong expanded from 75% in 2023 to 83% in 2024, reinforcing its leading position [3] - The mainland China business segment also performed well, with a 17% revenue increase, primarily due to a 69% surge in co-produced drama revenue [3] Strategic Developments - TVB made significant progress in content, market, and strategic areas in 2024, laying the groundwork for future growth [4] - The company maintained a 79% market share in Hong Kong's overall television ratings, solidifying its status as a leading entertainment and information platform [4] - TVB is deepening its integration into the Greater Bay Area, with plans to operate advertising slots in Guangdong starting in 2025, which is expected to generate considerable revenue [4][5] Future Outlook - TVB anticipates a substantial increase in EBITDA for 2025 and expects to achieve positive net profit for shareholders [5] - The company plans to expand collaborations with mainland film and television institutions, exploring new styles of Hong Kong dramas to maintain high-quality content output [5] - TVB's digital media business is expected to continue its rapid growth, with plans to launch a new ad-supported streaming service in 2025 to enhance user engagement and monetization opportunities [5]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its market position and growth potential [9]. Core Insights - The company is a leading service provider in the domestic television channel coverage sector, benefiting from the ongoing development of the audiovisual industry and the transformation of the broadcasting sector. It is also expanding into the microwave components business, which is expected to contribute to revenue growth [9]. Company Overview - The company was established in 2011 and has evolved from a hardware supplier to a comprehensive enterprise that integrates technology product development, broadcasting and operator channel services, and digital marketing. It was listed on the Beijing Stock Exchange in November 2021 and has received various accolades, including being recognized as a "Specialized and Innovative Small Giant" by Beijing in February 2022 [3][13]. - The company's revenue has grown from 128 million yuan in 2014 to 760 million yuan in 2023, with a CAGR of 22%. The net profit attributable to shareholders increased from 7.67 million yuan in 2014 to 20.21 million yuan in 2023, with a CAGR of 11% [3][15]. Television Channel Comprehensive Operation Service - The television channel coverage service is a core business, with significant growth potential driven by the audiovisual market, which is expected to grow from 71.5 billion USD in 2023 to 97.5 billion USD by 2028, at a CAGR of 5% [5][38]. - The company has provided coverage services for over 30 satellite channels, 11 shopping channels, and 5 cartoon channels, effectively negotiating coverage fees to reduce costs and expand market share [6][45]. Microwave Components Business - The market for microwave components is expected to benefit from increasing national defense spending, which is projected to grow by over 7% in 2023 and 2024, outpacing GDP growth. This trend is anticipated to drive the development of domestic microwave components [7][61]. - The company's microwave components business has shown significant growth, with revenue reaching 37.02 million yuan in 2023, a year-on-year increase of 271.61% [8][68]. Financial Analysis - The company's revenue is projected to decline in 2024 before rebounding in subsequent years, with net profits forecasted at -22 million yuan in 2024, 30 million yuan in 2025, and 58 million yuan in 2026 [2][9]. - The gross margin has remained stable, with a slight increase in 2024, indicating effective cost management and operational efficiency [20][58]. Market Outlook - The audiovisual industry is expected to continue growing, with the total revenue of the broadcasting and network audiovisual industry in China reaching 1.41 trillion yuan in 2023, a year-on-year increase of 13.74% [38]. - The company is well-positioned to leverage technological innovations and expand its service offerings, enhancing its competitive edge in the market [45][47].