洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 适者生存，是不变的道理。 ♬ 点上方播放按钮可收听洞见主播云湾朗读音频 上周在泉州机场时，遇到了一位朋友，他家里是做拖鞋生意的。 他打算去广州拜访一位搞跨境的老板。 我知道他家的拖鞋主要市场是在国内，怎么就琢磨起这个跨境生意呢，便好奇地询问起来。 一问才得知，他家前一年就开始布局跨境电商了，先试水了东南亚市场，又开始捣鼓俄罗斯市场，目前初见效果。 这一次去广州，是因为业务遇到了瓶颈，想学习一下更精细化地运营。 我担忧地问，这几年涌入跨境的人太多了，这生意接下去也会越来越不好做吧？ 他笑着说：大家日子都不好过，打得过人家，那我就苟着。打不过人家，那我再折腾新的路子。 话糙理不糙，他这一句话点醒我了。 真正想赚钱的人，从不会抱怨环境，只会想尽各种办法为自己腾挪出生存空间。 作者：洞见ciyu 01 朋友的事，让我想了《新京报》关于义乌老板娘们一篇报道。 前几年可能还是放眼都是机会的蓝海，今年可能是难以立足的红海。 很长时间里，义乌老板 ...

Core Points - The Cannes Lions International Festival of Creativity is facing significant controversy regarding its award standards, particularly after the Brazilian agency DM9's project was found to use AI-generated content, raising questions about the authenticity of submissions [2][4][10] - The festival's response to the controversy includes new requirements for AI usage declarations and ethical review processes, highlighting a long-ignored issue of balancing creativity with authenticity and compliance [7][12] Group 1: Award Controversies - DM9's project, which won the Grand Prix in the creative data category, was revealed to contain AI-generated and deepfake content, leading to its withdrawal and raising doubts about the integrity of the judging process [4][10] - Budweiser's "One-Second Ad" campaign, which utilized a loophole in copyright law to create a one-second advertisement, sparked backlash from musicians and record labels, questioning the respect for creative work and the implications for the copyright industry [6][11] Group 2: Industry Reflection - The ongoing controversies have prompted a reevaluation of the Cannes Lions award system, with concerns that it may be devolving into a "packaging game" where the focus is on visually appealing submissions rather than their genuine social impact [7][11] - The advertising industry is urged to consider the authenticity of the stories being told, emphasizing the need for a shift in the judging criteria to include the value and ethical implications of creative works [11][12] Group 3: Future Directions - There is a call for the Cannes Lions to reform its judging criteria to ensure that creativity is assessed alongside authenticity, compliance, and ethical boundaries, as the reliance on technology and legal loopholes could undermine the industry's integrity [12][13] - The future of creative works is expected to face increased scrutiny from various stakeholders, necessitating a more rigorous and transparent evaluation process to promote sustainable growth in the advertising industry [12][13]

Core Viewpoint - *ST Zitian is facing severe penalties and potential delisting due to significant financial misconduct, including inflated revenues and profits, as well as non-compliance with regulatory requirements [1][19]. Financial Violations - The company has been found to have inflated revenues by a total of 24.99 billion yuan over the years 2022 and 2023, which constitutes 63.53% of the total reported annual revenue for those years [1][19]. - Specific instances of financial misconduct include: - In 2022, the company inflated revenue by 2.28 billion yuan (13.08% of reported revenue) by incorrectly recognizing income from internet advertising services [5]. - The company also reported fictitious SMS sending services, leading to an inflated revenue of 7.78 billion yuan (44.59% of reported revenue) and inflated profit of 0.85 billion yuan (35.99% of reported profit) for 2022 [5]. - For the first half of 2023, the company prematurely recognized revenue of 2.07 billion yuan (14.56% of reported revenue) and profit of 0.79 billion yuan (51.64% of reported profit) from unverified cloud services [5]. - In 2023, the company inflated revenue by 17.2 billion yuan (78.63% of reported revenue) from the same internet advertising services [5]. Regulatory Actions - The regulatory body has issued multiple administrative penalties against *ST Zitian, including a total fine of approximately 40 million yuan for various violations, including obstructing law enforcement [6][8]. - The company has been warned and fined for failing to disclose its annual report within the legal timeframe, with fines totaling 3.5 million yuan for the company and additional fines for its executives [8]. Risk of Delisting - The company is at high risk of delisting due to multiple violations, including failure to rectify issues within the specified timeframe, major legal violations, and failure to disclose annual reports [2][19]. - The company has been placed under a delisting risk warning, and if it does not complete necessary rectifications within two months, it may face termination of its stock listing [17][22]. Management and Compliance Issues - The management team has been uncooperative during regulatory investigations, failing to provide required financial documents and not responding to communications from regulatory authorities [11][12]. - The company has not initiated the necessary audit and reporting processes for its annual report, leading to further compliance issues [14][15].

本报记者 李婷 6月27日晚间，福建紫天传媒科技股份有限公司（以下简称"*ST紫天"）披露系列公告显示，因涉嫌信息披露违法违规，已 经中国证券监督管理委员会福建监管局（以下简称"福建证监局"）调查完毕，认定公司2022－2023年年报存在虚假记载，虚增 25亿元收入（24.99亿元）。 前期*ST紫天联合审计机构对抗监管、拒绝阻碍执法，其目的或是为了掩盖财务造假行为。在此种情形之下，福建证监局 克服拒绝阻碍执法导致的取证困难，查实了公司财务造假行为作出了严厉的处罚。 *ST紫天目前触及三重退市风险（分别为未在规定期限整改退市、重大违法退市、未披露年报退市），预计最快将于7月19 日达到终止上市期限。 行为恶劣触及三重退市风险 *ST紫天原名南通锻压，2011年12月，在深交所创业板上市。2016年初，原实控人郭庆以8.38亿元将其持有的3350万股 （占股本26.17%）转让给新余市安常投资中心（有限合伙），公司控股股东由郭庆变更为新余市安常投资中心（有限合伙）， 其后，公司实施了一系列并购转型广告传媒业务，并于2018年更名为紫天科技，即*ST紫天。 在新股东的资本运作下，*ST紫天短期内业绩大增，但好景不 ...

关于对引力传媒股份有限公司 专项说明 XYZH/2025BJAA19F0024 引力传媒股份有限公司 上海证券交易所： 本所根据贵所发文号为"上证公函【2025】0648号"《关于引力传媒股份有 限公司2024年年度报告的信息披露监管问询函》(以下简称《监管函》)的要求, 现就监管问询函中要求进行回复说明如下: 问题1、关于业务模式及收入确认。年报显示，公司主营业务为品牌营销、 社交营销、电商营销与运营服务等，利润来源主要为客户服务费和媒体平台渠道 激励。2024年度，公司实现营业总收入62.9亿元，同比增加32.7%；实现扣非前 后归母净利润分别为-1810.5万元和-1728.1万元，由盈转亏；其中四季度营业收 入显著高于其他季度，但净利润大幅下滑并出现亏损。前期公司未能依规在2025 年1月底之前披露2024年业绩，公司称系2024年国内媒体平台渠道政策出现较大 变化，导致公司对2024年业绩预计出现较大偏差。 请公司补充披露：（1）分类披露主营业务的具体模式，包括公司提供的服 务内容及流程、主要考核指标、收费方式、主要客户、供应商及结算政策等； （2） 广告营销业务的收入确认政策及依据，结合业务模式、 ...

Core Viewpoint - BlueFocus, a Chinese advertising and marketing company, has submitted an application for an IPO in Hong Kong, aiming to raise funds to enhance AI research, expand global business networks, improve domestic service capabilities, and pursue potential acquisitions or investments [2][13]. Company Background - Founded in 1996 and listed on the Shenzhen Stock Exchange in 2010, BlueFocus provides marketing solutions across various industries, reaching nearly 200 countries and regions [3]. - The company's revenue is projected to grow from 36.683 billion RMB in 2022 to 60.797 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 28.7% [3]. Main Business Segments - BlueFocus's main business is divided into three categories: 1. **Cross-border Marketing Services**: Includes digital advertising, integrated marketing, programmatic advertising, and other marketing services via its SaaS platform. 2. **Domestic Integrated Marketing Services**: Encompasses public relations, data analysis, and other integrated marketing services. 3. **Domestic Full-service Advertising**: Divided into digital advertising and programmatic advertising services [4]. Revenue Contribution - The cross-border marketing services segment is the largest revenue contributor, expected to generate 48.333 billion RMB in 2024, accounting for 79.5% of total revenue [4]. Profitability and Cost Structure - Despite significant revenue, BlueFocus faces low profitability, with a projected gross profit of only 1.530 billion RMB and a gross margin of 2.5% in 2024 [8]. - Media costs constitute the largest expense, accounting for over 95% of total revenue in recent years, which significantly impacts gross margins [10]. Future Development Plans - BlueFocus plans to transition its cross-border marketing business from an agency model to localized operations and technology-driven approaches, enhancing connections with overseas clients [12]. - The company has developed a large model application engine, Blue AI, aimed at improving automation and operational efficiency, with projected AI-driven revenue of approximately 1.2 billion RMB in 2024 [12]. Strategic Importance of Hong Kong Listing - The IPO in Hong Kong is seen as a crucial strategic move for BlueFocus, providing access to diverse financing channels to alleviate funding pressures and invest in technology and business expansion [13]. - The competitive landscape in the marketing industry is intensifying, with advancements in AI technology changing the dynamics of marketing services, necessitating BlueFocus to adapt and innovate [13].

Group 1: Core Insights - The Cannes International Festival of Creativity concluded, featuring various award categories such as Classic Award, Craft Award, Engagement Award, Entertainment Award, Experience Award, Good Award, and Health Award [1] - Morketing selected six award-winning cases, including KitKat's "Phone Break" and Budweiser's "One Second Ads" in the Classic Award category, as well as IONIQ's "Night Fishing" and Mercado Livre's "Call of Discounts" in the Entertainment Award category, and Vaseline's "Vaseline Verified" and the New Zealand Herpes Foundation's "The Best Place In The World To Have Herpes" in the Health Award category [1][9] Group 2: Classic Award Highlights - KitKat's "Phone Break" won the Outdoor Lion Grand Prix, using simple content to capture user attention by replacing phones with KitKat bars in various public settings, emphasizing the brand's message of taking a break [2][5] - Budweiser's "One Second Ads" won the Radio Lion Grand Prix, utilizing a one-second ad format featuring recognizable song snippets, effectively engaging target audiences and creating a sense of community through social media challenges [6][8] Group 3: Entertainment Award Highlights - IONIQ's "Night Fishing" won the Entertainment Lion Grand Prix, employing a cinematic storytelling approach to integrate the brand into an engaging narrative, successfully changing perceptions of the IONIQ brand [10][13] - Mercado Livre's "Call of Discounts" won the Game Entertainment Lion Grand Prix, gamifying the advertising experience by linking gameplay with real product discounts, thus enhancing user engagement and reducing ad annoyance [14][16] Group 4: Health Award Highlights - Vaseline's "Vaseline Verified" won the Health Lion Grand Prix, addressing user-generated content around unconventional uses of the product by validating effective uses and warning against harmful ones, thereby enhancing brand credibility [17][19] - The New Zealand Herpes Foundation's "The Best Place In The World To Have Herpes" won the Health Public Lion Grand Prix, using humor to destigmatize herpes and encourage open discussions, while promoting collective participation through a challenge [20][22][24] Group 5: Overall Conclusion - The six award-winning cases demonstrate the importance of connecting with consumers, reducing ad disruption, and creating deeper links with users, emphasizing a human-centered approach in advertising [25][26]

周四，标普500指数收盘接近历史新高，科技股领涨纳指，英伟达收盘续创历史新高。Meta涨近2.5%，领涨科技七巨头。小米一度涨近12%，雷军称小米 YU7大定超预期。 美国经济数据强化了市场对美联储今年至少降息两次的预期。美债收益率全线下行，2年期美债收益率跌超6个基点。美元指数四连跌、至三年来的最低点。 在岸、离岸人民币对美元汇率升破7.16，创逾七个月新高。 大宗商品金属普涨，不过黄金价格震荡收平。铂金涨超4.9%，COMEX铜期货一度大涨3.3%。美油盘中上涨近2%，随后涨幅回吐。 华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 市场收报 美联储高官密集发声：尚未准备在7月会议上支持降息！白宫：特朗普近期不会就下任美联储主席人选做出决定。 白宫称7月9日谈判截止期"不重要"、可能推迟，标普逼近纪录高位。欧盟被爆考虑降低一系列对美关税，以期迅速达成贸易协议。大限临近陷僵 局，印美贸易谈判遭遇障碍。 和美国唱反调，欧洲官员称伊朗铀库存完好无损，原油走高。 美国一季度GDP终值下修至-0.5%，个人消费创疫情以来最弱表现。美国上周续请失业金人数跃升至2021年11月以来最高。 ...

Core Viewpoint - Beijing Bluecursor Data Technology Group Co., Ltd. has submitted an application for the issuance and listing of overseas listed shares (H shares) on the Hong Kong Stock Exchange, with the application materials published on the exchange's website [1][2]. Group 1 - The company submitted the application for H share issuance and listing on June 25, 2025, and published the application materials on the Hong Kong Stock Exchange website on the same day [1]. - The application materials were prepared in accordance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, and are subject to updates and revisions [1][3]. - The subscription for this issuance is limited to qualified overseas investors and domestic qualified investors who are authorized to conduct overseas securities investments under Chinese laws and regulations [2]. Group 2 - The company must meet several conditions for the issuance and listing, including obtaining approvals from the China Securities Regulatory Commission, the Hong Kong Securities and Futures Commission, the Hong Kong Stock Exchange, and other relevant regulatory bodies, indicating uncertainty in the process [3]. - The company will fulfill its information disclosure obligations in accordance with relevant laws and regulations as the situation progresses [3].

传媒ETF紧密跟踪中证传媒指数，中证传媒指数从营销与广告、文化娱乐、数字媒体等行业中，选取总 市值较大的50只上市公司证券作为指数样本，以反映传媒领域代表性上市公司证券的整体表现。 数据显示，截至2025年5月30日，中证传媒指数(399971)前十大权重股分别为分众传媒(002027)、岩山科 技(002195)、昆仑万维(300418)、恺英网络(002517)、光线传媒(300251)、利欧股份(002131)、三七互娱 (002555)、蓝色光标(300058)、神州泰岳(300002)、巨人网络(002558)，前十大权重股合计占比48.11%。 6月24日晚，国家新闻出版署发布了6月份的国产和进口网络游戏审批信息。本次国产版号数量为147 个，进口网络游戏版号有11款，本批次版号数量创今年新高。 万联证券表示，从2025年Q1SW传媒行业的基金重仓配置及估值水平看，估值水平明显有所修复，行业 整体仍处于低配区间，存在较大提升空间，游戏及广告营销领域头部公司是机构关注的核心，建议关注 游戏版号储备丰富、布局AI应用的游戏公司，数字营销及梯媒领域龙头公司。 截至2025年6月26日 11:11，中证传 ...