Core Viewpoint - The company is strategically exiting non-core assets to focus more on its main business, which is expected to yield greater benefits than drawbacks [4][11]. Summary by Sections Exit from Non-Core Asset - The company announced its exit from Shanghai Shuhe Information Technology Co., Ltd., selling its 54.97% stake for an estimated valuation of 7.91 billion [4][5]. - The exit is a response to unfavorable regulatory changes affecting the internet lending business, which led to a significant loss of 684 million in Q4 2025 for Shanghai Shuhe [5]. Financial Impact - The company recorded a long-term equity investment impairment of 2.153 billion in 2025, along with an additional loss of approximately 376 million from its equity method accounting, totaling a net profit reduction of 2.529 billion for Q4 2025 [5][7]. - In Q1 2026, the company expects to benefit from a 565 million increase in net profit due to the termination of equity method accounting for the investment [5][7]. Market Reactions - Market analysts, including those from GF Securities and Shenwan Hongyuan, believe that the exit will not affect the company's operational trends or dividend amounts, viewing the impairment as a one-time impact [8][9]. Future Growth Points - The company is focusing on enhancing its digital capabilities and expanding into overseas markets, with a strategy to strengthen its competitive edge through customer structure, media network, and technological capabilities [9][10]. - New customer segments include emerging industries such as new-style tea drinks, artificial intelligence, and second-hand economy, which are expected to drive growth [9]. - The company is also developing an AI-driven marketing platform and plans to launch vertical models for marketing scenarios to improve service efficiency and advertising precision [10]. Conclusion - The strategic exit from Shanghai Shuhe allows the company to isolate risks and concentrate on its core business, which is anticipated to support long-term growth [11][12].

公司动态 预计一次性事件不影响分红能力。我们认为本次减值为一次性非经常性损失，不影响公司现金充裕度和 持续分红能力。展望2026年，我们预期公司业务有望受益于AI应用推广投放、三大体育赛事等事件催 化，以及消费行业景气度逐步回暖带来的广告预算修复。 公司近况 公司公告基于金规〔2025〕9 号文对互联网助贷业务的影响，以7.91 亿元对价实现完全退出联营公司上 海数禾，并计提长期股权投资资产减值准备21.53 亿元。公司预计：上述减值及4Q25 数禾亏损（权益 法）合计减少4Q25 归母净利润25.29 亿元。公司已收到交易首付款4.03 亿元。1Q26 因终止权益法核 算，相关资本公积（约5.65 亿元）转入投资收益，增加当期净利润。 评论 "9 号文"影响数禾业务，4Q25 承压转亏。数禾主业为通过大数据技术为持牌金融机构提供获客/风控/贷 后管理等智能零售金融解决方案，提供现金分期及场景消费分期服务，分众持股54.97%。"9 号文"1于 2025 年10 月施行，对数禾以小额助贷为核心的经营业务产生直接影响，数禾由1~3Q25 净利润7.85 亿 元转为4Q25 净亏损约6.84 亿元，未来发展具备不 ...