2024年1至12月份，天下秀的营业收入构成为：新媒体营销行业占比100.0%。 （文章来源：每日经济新闻） 天下秀（SH 600556，收盘价：5.3元）8月21日晚间发布公告称，公司第十一届第十五次董事会会议于 2025年8月21日以现场结合通讯方式召开。会议审议了《关于公司2025年半年度报告及其摘要的议案》 等文件。 ...

2024年1至12月份，天下秀的营业收入构成为：新媒体营销行业占比100.0%。 （文章来源：每日经济新闻） 天下秀（SH 600556，收盘价：5.3元）8月21日晚间发布公告称，本次计提资产减值准备金额合计 847.62万元，计入公司2025年半年度利润表，公司2025年半年度合并报表归属于母公司所有者的净利润 减少640.06万元，2025年半年度归属于母公司所有者权益减少640.06万元。该数据未经审计，对公司 2025年度的影响最终以会计师事务所年度审计确认的金额为准。 ...

证券代码：600556 证券简称：天下秀 公告编号：临 2025-032 天下秀数字科技（集团）股份有限公司 关于公司 2025 年半年度募集资金存放与实际使用情况 的专项报告 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法律责任。 根据上海证券交易所发布的《上海证券交易所上市公司自律监管指引第1 号——规范运作》和《上海证券交易所上市公司自律监管指南第1号——公告格 式》等规定，天下秀数字科技（集团）股份有限公司（以下简称"公司"）董 事会编制了《关于公司2025年半年度募集资金存放与实际使用情况的专项报 告》，具体内容如下： 一、募集资金基本情况 本公司经中国证券监督管理委员会证监许可[2020]1666号文核准，天下秀 数字科技（集团）股份有限公司向特定对象非公开发行人民币普通股（A股） 税2,777,999.99元）后的余额2,070,921,994.67元，主承销商华泰联合证券有限责 任公司于2020年9月3日分别汇入本公司募集资金监管账户民生银行北京广安门 支行（账号为：632304268 ）680,000,000.00元 ...

Core Insights - The KOL industry is experiencing a multi-dimensional development trend in 2024, with significant user bases in short videos and live streaming reaching 1.04 billion and 833 million respectively, although growth rates are slowing down [1] - The number of KOLs with over 10,000 followers is nearly 15 million, with an annual growth rate of only 5%, indicating a shift towards a stock competition phase in the market [1] - Mid-tier creators (50,000 - 3 million followers) have become the main growth drivers, accounting for 66.2% of the market, while head KOLs (≥10 million followers) represent only 0.2% [1] - The content ecosystem is diversifying, with "lifestyle documentation" leading at 12.4% market share, reflecting user demand for practical and emotional value [1] - The KOL marketing landscape is shifting towards value competition, with brands focusing on practical value and emotional resonance in their campaigns [1] Market Overview - The KOL advertising market is projected to decline to 87.3 billion yuan in 2024, marking the first contraction in KOL investment [4][18] - Advertisers are increasingly diversifying their investments, with beauty and personal care sectors seeing a continuous decline, while home and decor sectors are experiencing growth [4][18] - The top five industries account for over 78% of KOL advertising spending, indicating concentrated investment in key sectors [4][18] Platform Characteristics - Major platforms are competing on decentralization and niche specialization, with Douyin focusing on head KOL conversion and maintaining balance with mid-tier creators [1] - Xiaohongshu is expanding beyond its female-centric image to include lifestyle services, while Bilibili is concentrating on mid-to-long videos and knowledge content [1] - KOLs are becoming essential in brand marketing, with a focus on driving user engagement and sales conversion through diverse content formats [1][18] Future Outlook - The KOL marketing landscape is expected to evolve into a more integrated model, combining short-term content activation with long-term brand building [18] - Advertisers are increasingly valuing KOLs for their ability to drive direct conversion and enhance brand visibility [18] - The demand for KOLs is shifting towards those who can provide multi-faceted value, including content creativity, operational capabilities, and audience engagement [19]

Core Viewpoint - Yuanlong Yatu, a company that gained popularity for designing the "Bing Dwen Dwen" mascot, has recently announced a significant shift in its financial performance, projecting a net loss of 5 to 10 million yuan for the first half of the year, compared to a profit of 25.79 million yuan in the same period of 2024 [1][2]. Financial Performance - The company has identified a case of embezzlement by a sales employee, who allegedly forged contracts and misrepresented sales, impacting the company's revenue significantly. The estimated impact on sales revenue for the first quarter alone is approximately 29.35 million yuan [2]. - Yuanlong Yatu's revenue decreased by 18.19% year-on-year in 2023, with net profit dropping by 85.86%. The company is expected to report its first loss since going public in 2024, with a projected net profit of -184 million yuan [3][4]. Market Reaction - Following the announcement of the financial issues, Yuanlong Yatu's stock price fell to the daily limit, resulting in a market value loss of about 540 million yuan. This decline occurred after a significant increase of 123% over 45 trading days earlier in April [4]. Industry Context - The new media marketing industry is facing intensified competition, which is expected to slow down the growth of Yuanlong Yatu's related business and decrease its gross margin. The company's high-margin licensed business is also anticipated to suffer due to fewer major events in 2024 [4].

Group 1 - The Chengdu Universiade, set to open on August 7, 2025, has successfully completed the selection of licensed retail merchants, with Yuanlong Yatu's subsidiary winning the bid to manage the sale and operation of licensed merchandise at the event [1] - Yuanlong Yatu has developed over 40 licensed products for the Universiade, including blind box figurines and plush toys, and has opened more than 20 retail stores in various shopping centers and tourist attractions [1] - The most popular product is the "Fireworks Chengdu" blind box series, which creatively showcases Chengdu's culture and lifestyle through Q-version designs and hidden elements [1] Group 2 - Founded in 1998, Yuanlong Yatu is a leading company in the gift industry and new media marketing in China, focusing on IP cultural and creative business across various sectors [2] - The company has been involved in major events since the 2008 Beijing Olympics and gained recognition for its "Bing Dwen Dwen" products during the 2022 Winter Olympics [2] - In 2023, Yuanlong Yatu partnered with the Chengdu Panda Base to explore the commercial potential of popular IPs, designing consumer-friendly IP derivatives [2] Group 3 - Yuanlong Yatu collaborates with local cultural tourism sectors to develop themed IP products, such as refrigerator magnets and plush toys that reflect local cultural elements [3] - The company plans to enhance its C-end national trend IP cooperation, product development, and sales channel construction, aiming to promote urban culture and stimulate consumption [3]