今天分享的是：风起青萍-2025年品牌营销趋势报告-群邑智库 报告共计：31页 《风起青萍-2025年品牌营销趋势报告》由群邑智库发布，报告基于对650位不同预算广告主的调研，涉及14个品类，分析了2024 - 2025年品牌营销趋势 。 2024年消费市场转型，企业面临"增收不增利"问题，品牌广告主投放更谨慎，各行业投放差异明显，部分行业线上投放有红利但整体线上投放份额趋于稳 定。进入2025年，广告主营销投资更谨慎，多选择维持或小幅调整预算，对数字媒体投放趋于保守，同时户外媒体价值重估，投放意愿上升。营销行业受政 策和技术影响，广告主考量因素增多，评估体系迭代，更加注重品效销均衡发展，不同预算量级广告主在预算分配和品牌宣传类广告考核上各有特点。面对 营销痛点，广告主从自身、平台和代理三方面寻求解决方案，不同行业痛点有所分化。在预算思考上，不同行业有节流求效、全域协同等不同策略；竞争博 弈中，广告主或拓展品类拓客，或提升复购率，同时下沉市场受关注但也面临挑战；评估重构方面，探索型、过程型和结果型广告主分别以扩张、细拆考 核、关注ROI为核心进行营销。展望未来，营销行业呈现六大趋势，包括投资稳中求变、技术与政 ...

2025 年 05 月 01 日 公司研究●证券研究报告 元隆雅图（002878.SZ） 公司快报 收入稳健增长， "大 IP+科技"战略加速落地 投资要点 风险提示：政策不确定性、市场竞争加剧、新业务开拓未及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,692 | 2,790 | 3,086 | 3,503 | 3,883 | | YoY(%) | -18.2 | 3.6 | 10.6 | 13.5 | 10.8 | | 归母净利润(百万元) | 24 | -184 | 81 | 123 | 167 | | YoY(%) | -85.9 | -878.2 | 144.1 | 51.3 | 36.4 | | 毛利率(%) | 15.5 | 13.8 | 16.3 | 16.9 | 17.4 | | EPS(摊薄/元) | 0.09 | -0.70 | 0.31 | 0.47 | 0.64 | | ROE(%) | 1.7 | ...

事件：公司于4 月25 日发布2024 年年报及25Q1 季报，公司2024 年实现营业收入42.08 亿元，同比下降 20.35%；实现归母净利润1.23 亿元，同比下降76.65%；扣非归母净利润2.35 亿元，同比下降42.42%。 公司25Q1 实现营业收入8.17 亿元，同比减少12.76%；实现归母净利润0.73 亿元，同比增加50.97%；实 现归扣非归母净利润0.18 亿元，同比减少62.33%。 核心客户与媒体关系保持稳定，受宏观影响主业有所承压。客户端，公司持续为一汽丰田、东风本田、 一汽大众、一汽奥迪、东风乘用车、岚图汽车、极狐汽车、伊利、雪花啤酒、华润饮料、农业银行、建 设银行、邮储银行、中国人寿、交通银行、中信银行、工商银行、中国人保、中国移动、中国电信、中 国联通、京东商城等客户提供服务。媒体端，公司与字节跳动、腾讯、爱奇艺、喜马拉雅、优酷、 bilibili、小红书等互联网媒体及央视等媒体保持良好业务合作关系。分业务来看，2024 年数字营销服务 收入34.83 亿元，同比下降26.44%。场景活动分部实现收入4.41 亿元，同比增长22.89%。校园媒体营销 服务收入0.24 ...

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]

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 ...

• 分众传媒通过收购新潮传媒，旨在提升行业效率和扩大受众覆盖，预计覆 盖中国 4.7 亿至 5 亿中等以上收入人群，实现 80%的主流消费者触达，增 强品牌影响力和建立品牌共识。 • 分众传媒结合自身数字化精准分发优势及新潮传媒在小企业程序化购买方 面的探索，整合天猫、京东和抖音三大系统数据，实现更精准的媒体分发 和效果验证，提升广告投放 ROI。 • 2025 年营销趋势强调消费心智占领，电梯广告通过高频触达和低干扰， 帮助品牌深入目标消费者认知，降低决策成本，与互联网广告追求即时成 交形成差异化。 • 宏观环境存在不确定性，快消品和化妆品赛道对分众传媒存在机会。化妆 品公司正转向传统媒体，以应对流量疲劳带来的挑战，大型互联网公司在 云业务和 AI 领域的投入也带来收益。 • 分众传媒通过日常营销降本增效、增量营销引爆新品和品效协同缩短品牌 广告到效果出现的时间，提升广告投放 ROI，例如与秒针系统合作优化电 视与 OTV 组合。 分众传媒 20250429 摘要 Q&A 2025 年各行业广告主的投放意愿如何？ 2025 年一季度广告主的投放意愿呈现出一定的波动。1 月份由于春节期间整体 需求较好，业务表 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, with a 6-month target price of 8 yuan [5]. Core Views - The company demonstrates strong operational resilience, benefiting from the recovery of the advertising market, with revenue growth in both 2024 and Q1 2025 [1][3]. - The company is actively expanding its overseas presence, particularly in Southeast Asia, to capture the growing demand from Chinese advertisers [2]. - The acquisition of New Wave Media for 8.3 billion yuan is expected to optimize the competitive landscape in the industry, although it will test the integration capabilities of the company in the short term [2][3]. Financial Performance - In 2024, the company achieved revenue of 12.262 billion yuan (yoy +3.01%) and a net profit of 5.155 billion yuan (yoy +6.8%) [1]. - For Q1 2025, the company reported revenue of 2.858 billion yuan (yoy +4.7%) and a net profit of 1.135 billion yuan (yoy +9.14%) [1]. - The proposed dividend for 2024 is 3.322 billion yuan, resulting in a payout ratio of 64.43% [1]. Future Projections - The company is projected to achieve revenues of 13.058 billion yuan, 13.449 billion yuan, and 14.122 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 5.715 billion yuan, 5.800 billion yuan, and 6.118 billion yuan [3][10]. - The expected EPS for 2025, 2026, and 2027 is 0.40 yuan, 0.40 yuan, and 0.42 yuan respectively [3][10]. Market Position - The company has a competitive edge with a high gross margin of 66.27% in 2024, supported by strong cost control measures [1]. - The company’s market capitalization is approximately 99.22 billion yuan, with a current share price of 6.87 yuan [5].

Group 1: Advertising Market Overview - In 2024, the domestic advertising market increased by 1.6% year-on-year, maintaining reasonable fluctuations despite a slowdown in growth compared to the previous year [3] - The outdoor advertising market in China reached approximately 85.22 billion RMB in 2024, with a year-on-year growth of about 3.86% [3] - The market size of outdoor video advertising in 2024 was approximately 48.32 billion RMB, accounting for about 56.7% of the overall outdoor advertising market [3] - In Q1 2025, the domestic advertising market saw a slight decline of 0.4% year-on-year, with January showing a growth of 3.5% and February experiencing a drop of 6.7% due to the Spring Festival [4] Group 2: Company Performance - In 2024, the company achieved operating revenue of 12,262.10 million RMB, a 3.01% increase from the previous year [5] - The net profit attributable to shareholders was 5,155.39 million RMB, up 6.80% year-on-year [5] - In Q1 2025, the company reported operating revenue of 2,857.74 million RMB, a 4.70% increase compared to the same period last year [6] - The net profit attributable to shareholders in Q1 2025 was 1,135.17 million RMB, reflecting a 9.14% year-on-year growth [6] Group 3: Client Structure and Industry Trends - The largest client sector for the company in 2024 was daily consumer goods, contributing 58.76% of revenue from building media [7] - The company is focusing on expanding its client base in cosmetics, internet, cloud computing, artificial intelligence, and emerging brands [7] - In 2024, revenue from daily consumer goods clients in building media grew by 14.63%, significantly outpacing overall revenue growth [8] Group 4: Strategic Insights and Future Outlook - The company aims to enhance operational efficiency and resource allocation through acquisitions, such as the acquisition of New潮传媒 [10] - The company plans to continue its dual strategy of deepening domestic operations while expanding globally, targeting growth in overseas markets [13] - The company is committed to leveraging AI technology to improve client services and operational efficiency [14] - The proposed cash dividend for 2024 is approximately 4.766 billion RMB, representing about 92.45% of the net profit attributable to shareholders [15]

Core Viewpoint - The company reported strong revenue and profit growth in Q1 2025, driven by robust performance in its effect advertising business and advancements in AI-enabled programmatic advertising. Financial Performance - In 2024, the company achieved revenue of 2.547 billion yuan, representing a year-over-year increase of 18.83%, with a net profit attributable to shareholders of 232 million yuan, up 6.81% year-over-year, and a non-recurring net profit of 217 million yuan, which increased by 30.10% year-over-year [1][2] - For Q1 2025, the company reported revenue of 929 million yuan, a significant year-over-year increase of 93.18%, with a net profit attributable to shareholders of 56 million yuan, up 11.67% year-over-year, and a non-recurring net profit of 61 million yuan, which increased by 30.78% year-over-year [1][2] Business Segmentation - In 2024, the effect advertising segment generated revenue of 2.484 billion yuan, reflecting a year-over-year growth of 22.45%, accounting for 97.52% of total revenue, with a gross margin of 16.90% [3] - The company’s revenue from the e-commerce sector was 513 million yuan, representing 20.14% of total advertising revenue, while revenue from applications, agents, and other sectors was 2.029 billion yuan, showing a year-over-year growth of 23.31% [3] - The company has expanded its advertising client base beyond e-commerce, maintaining its competitive edge while diversifying into other industries [3] Technological Advancements - The company has enhanced its programmatic advertising capabilities through AI, achieving a sevenfold increase in inference efficiency and reducing task execution time by over 30%, along with a 25% decrease in computational resource costs [3] - The company has become the first-level agent for AppLovin in Greater China, leveraging its technology platform for user behavior analysis, ad material optimization, and performance monitoring [3] Future Outlook - The company forecasts revenues of 3.301 billion yuan, 3.842 billion yuan, and 4.298 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 301 million yuan, 372 million yuan, and 424 million yuan, corresponding to price-to-earnings ratios of 42, 34, and 30 [4] - The company is positioned as a leading player in overseas marketing services, with a new strategy focused on leveraging AIGC to drive brand expansion [4]