业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 传媒 - ⚫ 新消费因解禁密集、积累较大涨幅后产生分歧，我们认为聚焦基本面有支撑的核心标的： （1）泡泡玛特近期 Labubu3.0 搪胶毛绒补货虽导致二手市场价格有所回落 ...

一切风景，都经入口而展开。 此刻，全球有超80亿张数字屏幕在闪烁。 手机、平板、电视、家用电器、智能汽车，未来生活中的任一平面，都将成为"超链时代"的神经元。 超链时代，源自2025 HDC鸿蒙生态增长峰会上的一个金句，"随着终端的智能化、网联化发展，互联网正在进入万物皆可联、一切皆入口的超链时 代。"QuestMobile研究院院长王康说道。 如华为的"1+8+N"全场景智慧生活战略，其中"1"是手机，"8"则涵盖大屏、平板、PC 、可穿戴设备等八大核心终端，"N"是开放生态设备，通过多端协同与 场景化服务，为用户提供无缝连接的智慧体验。 鸿蒙自2019年萌芽， 截至目前，根据华为官方数据显示，鸿蒙生态设备数已突破10亿台，注册开发者达800万+，已覆盖TOP5000应用，满足用户99.9%使 用时长，"向阳而生，鸿蒙渐长"。 剧变的生活范式，将给商业带来哪些变化？企业又该如何适应它？ 鸿蒙生态用一体化的商业全景图，作出答案： 通过统一投放平台，整合应用分发、服务分发、互动媒体、AI等全域流量资源，实现高效协同。 在鸿蒙生态 一体化策略下，鲸鸿动能将围绕获量和提升转化持续演进，不断优化算法引擎能力驱动增长， ...

Core Points - The company has approved the temporary use of idle raised funds for working capital on multiple occasions, totaling RMB 16,166 million [1][2][3] - The funds will be returned to the designated account ahead of schedule, with notifications sent to the sponsor and representative [3] Summary by Document Document 1 - On August 29, 2024, the company approved the use of up to RMB 23.66 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [1] Document 2 - On September 5, 2024, the company approved the use of up to RMB 130 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [2] Document 3 - On September 26, 2024, the company approved the use of up to RMB 8 million of idle raised funds for temporary working capital, with a usage period not exceeding 12 months [3] - As of June 20, 2025, the company has fully repaid the total of RMB 16.166 million used for temporary working capital to the designated account [3]

Core Viewpoint - Beijing Bus Media Co., Ltd. is preparing for its 2024 annual shareholder meeting, where key reports including the annual report, board work report, and supervisory committee report will be presented for approval [1][2][17]. Group 1: Company Overview - Beijing Bus Media Co., Ltd. (referred to as "Beijing Bus Media") was established on June 18, 1999, and successfully listed on the Shanghai Stock Exchange on January 4, 2001, with a stock code of 600386 [2]. - The company operates primarily in three business segments: advertising media, automotive services, and new energy [2]. Group 2: Meeting Details - The annual shareholder meeting is scheduled for June 26, 2025, at 14:00, located at the company's headquarters in Beijing [3]. - Voting will be conducted through a combination of on-site and online methods, allowing shareholders to participate actively [3]. Group 3: Governance Structure - The company has established a governance structure that includes a general meeting of shareholders, a board of directors, supervisory committee, and management team to ensure compliance and effective operation [4]. - The board consists of 9 members, including 1 chairman and 3 independent directors, with specialized committees to enhance decision-making processes [4]. Group 4: Financial Performance - For the fiscal year 2024, the company reported total assets of CNY 460,120.02 million, total liabilities of CNY 265,215.39 million, and a net profit attributable to shareholders of CNY 2,071.11 million, reflecting a 22.01% increase from the previous year [21][22]. - The total revenue for 2024 was CNY 451,798.85 million, a decrease of 6.51% compared to 2023 [21]. Group 5: Business Segment Performance - The advertising media segment generated revenue of CNY 33,065.43 million, while the automotive services segment reported a revenue of CNY 354,371.72 million, reflecting a decline in profitability [22]. - The new energy segment achieved revenue of CNY 64,361.70 million, with a profit of CNY 10,269.20 million, indicating stable performance [22]. Group 6: Future Plans - The company aims to achieve a revenue target of CNY 358,067.00 million for 2025, with specific revenue goals set for each business segment [22]. - The strategic focus includes enhancing operational efficiency, optimizing resource allocation, and fostering innovation to improve market competitiveness [23].

Group 1 - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on June 12, 2025, to communicate with investors and address their concerns [1][2] - For the fiscal year 2024, the company reported a total revenue of 4.518 billion yuan, a year-on-year decrease of 6.51%, with a total profit of 80.8763 million yuan and a net profit attributable to the parent company of 20.7111 million yuan, representing a year-on-year increase of 22.01% [2] - In the first quarter of 2025, the company achieved a revenue of 911 million yuan, a year-on-year decline of 14.09%, and a net profit attributable to the parent company of -8.0813 million yuan [2] Group 2 - The main drivers for future profit growth include optimizing marketing management in the advertising media sector, enhancing media value, and advancing the transition to new energy in the automotive services sector [2] - The advertising media industry is accelerating its digital transformation, with artificial intelligence and big data significantly improving advertising precision and efficiency, while the rise of social media and short video platforms offers broader advertising opportunities [2] - The automotive service industry is transitioning from traditional fuel vehicles to new energy vehicles, presenting new opportunities for the company as it optimizes its brand structure and expands its new energy vehicle service business [2]

Core Viewpoint - The company is focused on expanding its business in the health sector, particularly in the dental medical field, while also reporting significant growth in its advertising and cosmetics sales revenue [6][19]. Group 1: Company Overview - The company primarily engages in comprehensive marketing services and cosmetics sales, providing a full range of marketing services including brand planning, content creation, event execution, advertising placement, and live streaming operations [4]. - The company has established partnerships with various traffic channels to gather resources and conduct precise internet advertising [4]. Group 2: Financial Performance - In the reporting period, the company achieved total revenue of 503.61 million yuan, a 24.63% increase from the previous year [8]. - The cosmetics business generated revenue of 376.13 million yuan, marking a 118.84% increase year-on-year [19]. - The company reported a net profit of 15.17 million yuan, with a net profit attributable to shareholders of 20.86 million yuan [19]. Group 3: Industry Context - The advertising industry in China is experiencing robust growth, driven by increasing domestic demand and the proliferation of the internet, leading to a significant rise in the internet advertising market [5][8]. - The cosmetics market is also expanding, with rising disposable income and increased consumer awareness contributing to higher spending on cosmetics [7][8]. - The dental medical service sector is in its early stages in China compared to developed countries, presenting substantial growth opportunities as consumer health awareness increases [8]. Group 4: Strategic Initiatives - The company plans to enter the health sector by establishing a subsidiary focused on dental medical services, aiming to create a closed-loop industry chain that includes dental prosthetics and outpatient services [6]. - The company intends to enhance its market share and brand influence in the dental medical field through resource integration and increased investment in research and development [6]. Group 5: Governance and Compliance - The company emphasizes the importance of independent directors in ensuring compliance and protecting the interests of minority shareholders [11][12]. - The board of directors has conducted regular meetings to review and approve significant operational decisions, ensuring adherence to legal and regulatory requirements [11][12].

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Group 1 - The article discusses the challenges faced by contemporary workers, including feelings of exhaustion, anxiety, and uncertainty about career choices [1][2][4] - It emphasizes the importance of understanding one's own identity and personal history, particularly the influence of one's family background on career development [5][10][17] - The article highlights a shift in career consulting, focusing on individual narratives rather than traditional answers, aiming to help clients discover their true selves [5][14][28] Group 2 - The article notes that many individuals struggle with the societal pressures of defining a "good" job, often neglecting their personal aspirations and identities [25][27] - It points out that the collective culture in East Asia often suppresses individual expression, leading to confusion and a lack of self-awareness in career choices [25][27] - The need for self-discovery and understanding one's unique shape is emphasized as crucial in navigating the current job market [28][30] Group 3 - The article indicates that women are more likely to seek career consulting, driven by societal pressures and the challenges of balancing career and family [35][39] - It highlights the lack of role models for women in the workplace, which contributes to feelings of inadequacy and limits their career aspirations [42][44] - The article discusses the impact of societal norms on women's self-perception and the importance of fostering self-confidence [46][47] Group 4 - The article suggests that individuals who experience significant pain or struggle are often more motivated to change and pursue their true selves [48][49] - It emphasizes that the process of change is gradual and requires personal initiative, with the consultant providing guidance rather than direct solutions [50][51] - The article illustrates that recognizing and addressing one's pain can lead to profound personal transformation and empowerment [48][49][66] Group 5 - The article argues against viewing one's family background solely as a source of trauma, instead advocating for a balanced understanding of its dual impact on personal development [52][54] - It stresses the importance of recognizing individual uniqueness and potential, encouraging a shift away from conventional definitions of success [58][59] - The article concludes that openness and courage are essential traits for individuals seeking to overcome limitations imposed by their backgrounds [61][63]

证券代码：603729 证券简称：龙韵股份 公告编号：临 2025-026 上海龙韵文创科技集团股份有限公司 关于对外投资设立控股子公司并完成工商 注册登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 为更好的战略布局，促进业务发展，上海龙韵文创科技集团股份有限公司（以 下简称："公司"、龙韵股份）拟与星媒控股有限公司（以下简称"星媒控股"）、 上海尧摩文化传媒合伙企业（有限合伙）（以下简称："上海尧摩"）共同成立 合资公司龙韵诺雅，开展整合营销等相关业务。龙韵诺雅注册资本为人民币 股权；星媒控股将以现金方式认缴出资人民币 300 万元，持有星媒控股 30%的股 权；上海尧摩将以现金方式认缴出资人民币 50 万元，持有上海尧摩 5%的股权。 （二）董事会审议情况 本次投资已获第六届董事会第十五次会议审议通过，无需提交公司股东大会 审议批准。 （三）上述投资不构成关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、投资协议主体的基本情况 （一）星媒控股有限公司 技术服务、技 ...

Core Viewpoint - The 2024 Annual General Meeting of Zhongshi Media Co., Ltd. aims to uphold investor rights and ensure orderly proceedings while discussing key reports and proposals for the company's future direction and governance [1][2]. Meeting Agenda - The meeting will cover various reports including the Board of Directors' work report, Supervisory Board's work report, financial settlement report, profit distribution plan, and proposals for the remuneration of directors and supervisors [2][3]. Financial Performance - In 2024, Zhongshi Media achieved a revenue of approximately 1.14 billion yuan, representing a year-on-year growth of 2.03%. The net profit attributable to shareholders was approximately 43.85 million yuan [3][4]. Business Strategy - The company focuses on core business areas, enhancing cross-strait services, expanding external markets, and upgrading operations to seek growth. The advertising segment is exploring new digital marketing models, while the tourism segment is enhancing cultural experiences [4][6]. Governance and Compliance - The Board of Directors is committed to improving governance structures in response to regulatory changes, ensuring compliance with laws and regulations, and enhancing risk management practices [6][7]. Information Disclosure - The company emphasizes the importance of transparent information disclosure and investor relations management, aiming to build trust and enhance its corporate image in the capital market [7][8]. Profit Distribution Plan - The proposed profit distribution plan for 2024 includes a cash dividend of 0.34 yuan per 10 shares, totaling approximately 13.52 million yuan, with no capital reserve conversion into shares [12][22]. Audit and Financial Oversight - The financial report for 2024 received a standard unqualified audit opinion from the auditing firm, indicating that the financial statements fairly represent the company's financial position [19][21]. Use of Idle Funds - The company plans to utilize idle funds for low-risk short-term financial products, with a maximum investment of 300 million yuan, ensuring that daily operations and liquidity needs are not affected [28][29].