以下文章来源于证券之星 ，作者李若菡 公开资料显示，值得买是一家以电商导购为主的互联网企业。公司核心业务围绕"什么值得买"网站及APP展开，通过构建消费内容、智能营销和消费 数据三大核心板块，提升电商、品牌商与用户之间的连接效率。 2025年半年报显示，公司实现营业收入5.82亿元，同比下滑18.7%；归母净利润为1269.26万元，同比增长65.75%，陷入增利不增收的困境。其 中，公司在Q2出现营利双降的情况。公司在该季度的收入和归母净利润分别为3.14亿元、2128.74万元，同比分别下滑25.26%、29.91%。 证券之星注意到，值得买在上半年净利大幅增长，实则建立在去年同期基数较低的基础之上。 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 来源|证券之星 作者|李若菡 电商导购平台值得买(300785.SZ)在上半年陷入增利不增收的困境，公司收入同比下滑18.7%。 证券之星注意到，公司营收下滑主要源于客户流失与五大业务线的全面收缩。"全面AI"战略驱动下，公司的内容生产虽实现增长，但平台对用户的吸 引力并未同步增强—用户日均 ...

一方面，减持是股东正常行使财产权利，只要减持行为建立"公平、公正、公开"等三公原则及合规等基 础上，股东有权行使正当权益； 另一方面，由于资本市场信息的不对称性，作为上市公司大股东或高管的内部人，其减持行为或也可以 作为普通投资者观察上市公司一个参考信号，即其内部关键人减持是否或可能意味着其对公司未来发展 可能缺乏信心或公司当前股价可能存在高估的水分基本面难以支撑等信号？这种"内部人"减持信号或值 得投资者高度关注。 据公开资料显示，*ST返利前身是ST昌九。2020年3月，ST昌九公告重组预案，将以发行股份及现金购 买的方式，购买上海中彦信息科技有限公司（以下简称"中彦科技"）100%股权，中彦科技系 互联网 电 商导购平台"返利网"的经营主体，交易成功后，返利网顺利借壳ST昌九登陆A股市场。 近期，市场行情持续向好， 上证指数 一度突破四年新高，与之对应的是，个股也随之"水涨船高"。然 而，在市场情绪氛围较浓之际，上市公司大股东或高管却抛出减持计划。对于普通投资者，又该如何理 解这种减持行为？ 基于上述一系列背景，我们将对近期公司相关减持进行系列复盘。 9月15日， *ST返利 公告，股东江西昌九集团计划 ...

Core Viewpoint - The recent market rally has led to an increase in stock prices, yet major shareholders and executives of listed companies are announcing plans to reduce their holdings, raising questions about the implications of such actions for ordinary investors [1] Group 1: Shareholder Actions - Shareholders have the right to reduce their holdings as a normal exercise of property rights, provided that the actions are conducted fairly and transparently [1] - Insider selling by major shareholders or executives may signal a lack of confidence in the company's future or suggest that the current stock price is overvalued [1] Group 2: Company Overview - *ST Fanli, formerly known as ST Changjiu, underwent a major asset restructuring in 2020, acquiring 100% of Shanghai Zhongyan Information Technology Co., which operates the e-commerce platform "Fanli.com" [2] - The company has established partnerships with major e-commerce platforms and local service providers, but its overall revenue is currently shrinking, with projected revenue for 2024 expected to be less than 300 million yuan [2] Group 3: Financial Performance - In the first half of 2025, *ST Fanli reported approximately 186 million yuan in revenue, a year-on-year increase of 36.01%, but incurred a net loss of about 33.28 million yuan [4] - The company's sales expenses have significantly outpaced revenue growth, with sales expenses increasing by 100% compared to the revenue growth of 36% [4] Group 4: Regulatory Issues - The company received a warning from the Jiangxi Securities Regulatory Bureau due to inaccuracies in its financial disclosures, which violated regulations regarding information disclosure [5] - The inaccuracies were related to the estimation of variable consideration in advertising contracts for the first quarter of 2024, but the corrections did not affect previously disclosed financial reports for the year [6]

Core Insights - The company reported a revenue of 186 million yuan for the first half of 2025, representing a year-on-year growth of 36% [1] - The online shopping guide business was a significant contributor, generating 88.35 million yuan in revenue, which is a 46% increase year-on-year [1] - The company has developed an AI-driven overseas e-commerce guide tool matrix, including AI-generated guide content tools and AI marketing agents for merchants and media, aimed at enhancing operational efficiency [1] Revenue Breakdown - The overseas guide business contributed approximately 44 million yuan in revenue, with a month-over-month compound growth rate of 54% [1] - In May, the monthly transaction volume for guides exceeded 100 million yuan, with over 40,000 collaborating merchants across more than 100 countries [1] Future Outlook - The company plans to further integrate AI technology in overseas guidance and smart marketing to unlock additional growth potential [1] - The focus will be on accelerating the company's overall business towards greater intelligence and internationalization [1]

上周闺蜜神神秘秘给我发消息："同样的戴森吹风机，我比你少花了200块！"原来她用了个社交软件上的返利机器人，这让我突然意识到——原来我们都在 为信息差买单。今天咱们就掰开揉碎聊聊返利平台到底怎么玩，特别是那个常被提起的惠利星球，到底藏着什么门道？ 一、返利平台的"前世今生"：从暗券到智能匹配 记得十年前逛淘宝，总得先去各大论坛扒隐藏优惠券。后来有了返利网这样的平台，通过官方合作拿到佣金返给用户。但那时候的操作特别麻烦：要先注册 账号，再把商品链接粘贴到指定页面，最后还得手动提现，而且各种套路满天飞。 现在的返利机器人就像个贴身购物小助手。以大家常听说的惠利星球为例（这里不展开具体推广），它的底层逻辑其实特别简单——就是站在电商平台 的"佣金分账链"上捡漏。当你在淘宝下单时，商家其实会给推广渠道支付10%-30%的佣金（这部分钱本来就是用来打广告的）。返利平台通过官方接口拿 到这笔钱后，把其中一部分以"返现"形式还给消费者。 这就好比你去商场买化妆品，柜姐告诉你"报我的名字可以打八折"，但实际上品牌方给柜姐的提成是五折价差。返利平台就是那个帮你谈下折扣还能分你部 分佣金的"内部人士"，只不过这一切都通过数据接口 ...

Core Viewpoint - The company, Rebate Network Digital Technology Co., Ltd., is forecasting a significant loss for the first half of 2025, with expected net profit ranging from -45 million RMB to -30 million RMB, indicating a downturn compared to the previous year [1][2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of -45 million RMB to -30 million RMB for the first half of 2025, indicating a loss [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between -42 million RMB and -28 million RMB [1]. - The forecasted operating revenue for the first half of 2025 is estimated to be between 170 million RMB and 200 million RMB [1]. Group 2: Previous Year Comparison - In the same period last year, the company reported a total profit of 4.2412 million RMB and a net profit attributable to shareholders of 3.3646 million RMB [2]. - The net profit after deducting non-recurring gains and losses for the previous year was 1.8977 million RMB [2]. - The earnings per share for the previous year were reported at 0.0056 RMB [2]. Group 3: Reasons for Performance Decline - The primary reasons for the expected loss include increased market expenses for the company's guiding business and higher personnel costs due to an expanded business team [2]. - Non-operating gains and losses affecting net profit include provisions for legal fees related to overseas litigation and government subsidies received during the reporting period [2]. - Accounting treatment did not have a significant impact on the company's current performance forecast [2]. Group 4: Additional Information - The company noted that revenue has increased year-on-year, primarily due to significant growth in guiding income and a slight increase in advertising revenue [2]. - The effectiveness of advertising business in client expansion and team growth has begun to show results [2]. - The e-commerce retail business continues to explore avenues for revenue growth [2].

Core Viewpoint - The article discusses the transformation of "What Worth Buying" (SMZDM) from a traditional e-commerce guide tool to an AI-driven interest-based consumption platform, emphasizing the need to balance efficiency with user trust and content quality [1][18][21]. Group 1: Company Background and Development - "What Worth Buying" started as a blog in 2010 by founder Sui Guodong, aimed at alleviating consumer fears about e-commerce and providing trustworthy product recommendations [2][4]. - The platform officially launched in October 2011, focusing on real recommendations and addressing information asymmetry in e-commerce [4][5]. - The company received its only funding of 100 million yuan from Huachuang Capital in September 2015 and went public in July 2019, becoming the first A-share e-commerce guide stock [4][7]. Group 2: Business Model and Revenue Structure - The primary revenue model is based on information promotion services, including commission from referrals and advertising, with referral commissions making up a significant portion of the income [7][8]. - From 2016 to 2018, the share of information promotion services in total revenue decreased from 98.91% to 80.22%, while advertising revenue increased significantly [7][8]. - User-generated content (UGC) has been a key advantage, with UGC accounting for over 70% of total content, leading to high trust and engagement among users [8][10]. Group 3: Market Position and Challenges - As of June 2024, the platform had approximately 29.64 million registered users, with a year-on-year growth of 7.02%, indicating a stable user base [8]. - The e-commerce guide market in China is projected to grow significantly, with a transaction scale of 433.1 billion yuan in 2022 [11]. - The platform faces challenges from increased competition, including social media platforms like Xiaohongshu and Douyin, which attract consumer attention through different engagement methods [10][13]. Group 4: Strategic Transformation and Future Outlook - The launch of the GEN2 version represents a strategic shift towards an interest-based community, focusing on personalized user needs and AI-driven content recommendations [18][19]. - The platform aims to enhance user engagement while maintaining trust, which is critical given the rise of AI-generated content and advertising [21]. - The future success of "What Worth Buying" hinges on its ability to adapt to the evolving e-commerce landscape and maintain a sustainable narrative amidst growing competition [21].

Core Viewpoint - The article discusses the rise of interest-driven consumption in China, highlighting a shift from essential needs to personal interests and hobbies as primary motivators for spending [2][5][45]. Group 1: Changes in Consumer Behavior - An increasing number of consumers are willing to spend on their interests, as evidenced by the 20-fold increase in Pop Mart's stock price over two and a half years, supported by a remarkable 49% repurchase rate [2][5]. - The concert economy has thrived, with ticket sales reaching nearly 40 billion yuan last year, a 66% year-on-year increase, driven by the enthusiasm for idol culture [2][5]. - The scale of female-oriented games has approached 100 billion yuan, indicating a growing trend among female gamers to engage with virtual idols [2][5]. Group 2: Evolution of Consumption Definition - Consumption has transitioned from meeting basic needs to catering to personal interests, with 37% of consumers indicating their spending is driven by personal interests, particularly among younger generations [5][4]. - The traditional view of consumption focused on essential goods has evolved to include experiences and products that enhance personal enjoyment and self-expression [4][5]. Group 3: Business Adaptation - Companies must adapt their strategies to engage consumers on a deeper emotional level, moving from mere visibility to fostering genuine interest and connection [6][9]. - Content marketing and community engagement have become essential for businesses to build long-term relationships with consumers, emphasizing the need for relatable and engaging content [6][9]. Group 4: Transformation of "What is Worth Buying" - The platform "What is Worth Buying" has evolved from a focus on product quality and price to a broader understanding of consumer desires, including the emotional impact of purchases [10][12]. - The introduction of GEN2 marks a strategic shift towards emphasizing interest-driven consumption, with the platform reporting growth in user engagement metrics [16][19]. Group 5: Interest-Driven Consumption Strategy - The decision-making process in consumption has shifted from a straightforward need-based model to a more complex journey ignited by interests, requiring platforms to adapt to this new landscape [20][21]. - "What is Worth Buying" has implemented AI-driven tools to identify consumer interests and match them with relevant content, enhancing the user experience and decision-making process [22][25]. Group 6: Marketing and Engagement Strategies - The platform has redefined its role as a "consumer gatekeeper," curating high-quality information to help users navigate the overwhelming amount of content available [32][37]. - By leveraging data and user insights, the platform aims to convert interest-driven traffic into actual sales, enhancing brand engagement and consumer loyalty [41][42]. Group 7: Future Outlook - The article concludes that as disposable income rises, consumption will increasingly be driven by emotional resonance and personal interests, marking a long-term trend rather than a fleeting change [45][46]. - The platform's new positioning as an "AI-driven all-network interest consumption guide" reflects its commitment to adapting to these evolving consumer needs and preferences [40][49].

Core Viewpoint - Rebate Technology (600228.SH) announced that its stock will be subject to delisting risk warning, with trading suspension on April 25, 2025, and the stock name will change to *ST Rebate starting April 28, 2025 [1][2]. Financial Performance - For Q1 2025, the company reported revenue of 53.6 million yuan, a year-on-year decline of 21.9% [3]. - The net profit attributable to shareholders was a loss of 13.98 million yuan, a year-on-year decrease of 940.4% [3]. - The non-recurring net profit attributable to shareholders was a loss of 14.17 million yuan, a year-on-year decline of 956.0% [3]. Company Overview - Founded in 2007 and headquartered in Shanghai, Rebate Technology operates the well-known rebate platform Rebate Network and the Rebate APP [3]. - The company has partnerships with over 400 malls and platforms, and more than 50,000 brand merchants, including major e-commerce platforms like Tmall, Taobao, JD.com, and Apple [3]. - As of the end of 2024, the Rebate APP had 266 million registered users [3]. Stock Performance - As of the close on April 24, 2025, Rebate Technology's stock price fell by 6.70% to 3.62 yuan [4].

关于北京值得买科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函的回复 众环专字（2023）1100032号 _ 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 书与编码: 关于北京值得买科技股份有限公司 申请向不特定对象发行可转换公司债券 的审核问询函的回复 众环专字(2023)1100032 号 深圳证券交易所: 根据贵所于 2023年 1 月 5 日出具的《关于北京值得买科技股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》（以下简称"《问询函》"） 的要求,中审众环会计师事务所(特殊普通合伙)(以下简称"会计师")作为北 京值得买科技股份有限公司(以下简称"值得买"、"公司"或"发行人")申请向不 特定对象发行可转换公司债券审计机构,对问询函所列相关问题逐项进行了落 实,现将《问询函》有关问题的落实情况汇报如下,请审核。 本问询函回复任何表格中若出现总数与表格所列数值总和不符,均为采取四 舍五入所致。 | An | | | --- | --- | | 4 | 1 | | . | | --- | | 月22日 | 2 ...