本报讯(记者矫月)小鱼盈通控股有限公司(以下简称"小鱼盈通")正式公告，委任互联网新媒体领域影响 力人物陈常炯为本公司执行董事、董事会主席，自2025年10月13日起生效。此项重大人事调整引发市场 高度关注，与本公司近期强劲的股价走势形成呼应。 业内人士分析，陈常炯的加入不仅为小鱼盈通带来了宝贵的互联网基因和庞大的商业资源，更预示着该 公司战略方向可能向高增长的新媒体营销、AIGC内容生成及SaaS服务领域倾斜。其深厚的行业背景与 实战经验，被视为驱动该公司未来业绩爆发的关键变量。 小鱼盈通董事会表示，相信陈常炯的领导将为本公司开创新局面，并对其加入表示热烈欢迎。 资料显示，陈常炯在中国互联网新媒体营销界成就卓越。作为头部MCN机构的创办人，陈常炯成功孵 化并运营了多个头部IP，构建了覆盖上亿粉丝的账号矩阵，并拥有国民级顶尖IP的新媒体及电商运营独 家授权。另外，陈常炯积极布局前沿科技，其团队自主研发的"九号工具"已服务超54万商家，年GMV 突破人民币100亿元，展现了其将流量与技术深度融合的强大能力。 ...

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。 ...

Summary of Key Points Core Viewpoint The report outlines the fundraising status and actual usage of funds by Tianxiaxiu Digital Technology (Group) Co., Ltd. for the first half of 2025, highlighting the management of raised funds, changes in investment projects, and compliance with regulatory requirements. Fundraising Basic Situation - The company raised a total of RMB 2,071,879,874.54 after deducting various fees from the gross amount of RMB 2,073,699,994.66 [1] - As of June 30, 2025, the company has utilized RMB 892,246,100.00 of the raised funds, leaving a balance of RMB 1,239,435,900.00 [1] Fundraising Management Situation - The company appointed CITIC Securities as the sponsor for the 2022 convertible bond issuance, taking over from Huatai United Securities [2] - The board approved changes to the investment projects, shifting from "New Media Big Data Platform Construction" and "WEIQ New Media Marketing Cloud Platform Upgrade" to "Content Marketing Ecosystem Upgrade" and "Innovative Technology Module Upgrade" [2] Fundraising Usage and Compliance - The company has opened 13 fundraising accounts, with six accounts closed, and has adhered to regulations for the management and usage of raised funds [3] - As of June 30, 2025, the company has not engaged in any pre-investment or replacement of funds for investment projects [5] - The company temporarily used RMB 70,000,000 of idle funds to supplement working capital, with a usage period not exceeding 12 months [5] Cash Management of Idle Funds - The company has utilized idle funds for cash management, achieving a total investment income of RMB 3,647,400.00, with RMB 783,600.00 earned during the reporting period [6] - All cash management products are principal-protected, and no idle funds were used for investments in related products as of June 30, 2025 [6] Changes in Fundraising Investment Projects - The board meetings held on November 19, 2024, and December 5, 2024, approved the change in fundraising investment projects, with the sponsor agreeing to the changes [4][7] - The total amount of funds raised is RMB 207,187,990.00, with 58.10% of the funds allocated to changed projects [7]

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]