Group 1 - The core viewpoint of the report is that CIBN KuMiao has become the leading platform in the smart screen market with 148 million monthly active users by 2024, surpassing Galaxy Qiyi [1][5] - The report indicates that the total number of activated smart TVs in China reached 390 million by the end of 2024, representing a year-on-year growth of 2.6% [5] - The daily average viewing time for smart TV users is 4.5 hours, which exceeds the average daily internet usage time on mobile phones, recorded at 4.1 hours [10] Group 2 - The report highlights that the viewing time for children's content has seen the fastest growth, increasing by 76% year-on-year [9] - Classic content continues to attract viewers, with 20 classic dramas accounting for 22% of the viewing time among the top 100 dramas [9] - Youku has upgraded its user experience across all platforms, focusing on content recommendation, immersive viewing, and visual upgrades to enhance user decision-making efficiency [10]

证券代码：300770 证券简称：新媒股份 广东南方新媒体股份有限公司 投资者关系活动记录表 编号：2025-002 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 通过全景网参加公司 2024 年度网上业绩说明会的投资者 时间 2025 年 05 月 08 日 15:00 – 17:00 地点 全景网"投资者关系互动平台"（http://ir.p5w.net） 上市公司接待人 员姓名 董事长 蔡伏青 董事、总裁 杨德建 高级副总裁、董事会秘书 姚军成 财务负责人 温海荣 独立董事 王建业 独立董事 韩国强 独立董事 聂新军 1 | | 公司与本次参与 2024 年度网上业绩说明会的投资者进行 | | --- | --- | | | 了互动交流，就投资者关注的问题进行了回复。 | | | 主要交流内容如下： | | | 1、公司未来是否有计划拓展新的业务领域或市场？比如 | | | 在智慧家庭、智慧城市等领域，是否有具体的业务布局或合作 | | | 计划？ | | | 尊敬的投资者，您好！公司致力于打造"立足广东，辐射 ...

Core Insights - The report indicates that the smart screen (OTT) traffic growth rate is nearly double that of mobile internet users over the past three years, positioning smart screens as a new growth area for traffic in family settings [1][6]. Group 1: Market Overview - In 2024, the number of smart TV households in China exceeds 336 million, with a penetration rate of nearly 70% [6]. - The monthly active family users of OTT and TV box platforms, such as Koomiao, reach 135 million, with daily active users at 51 million, leading the industry [6]. - The average daily activation rate of OTT households in China increases by 4.2% year-on-year, with over half of households turning on their TVs daily to watch video content [6]. Group 2: User Engagement - The daily average usage time for OTT on-demand long videos is nearly 4 hours in 2024, which is double that of mobile devices, indicating high user engagement and stickiness [6]. - The monthly active user growth rates for major OTT video platforms, including Koomiao, Galaxy Qiyi, and Cloud Vision Aurora, have significantly increased, with Koomiao showing a 19% year-on-year growth, the fastest among major competitors [6]. Group 3: Content Consumption Trends - The daily active scale and total viewing time for different types of content on smart TVs are increasing, with children's content seeing the fastest growth in viewing time at 76% year-on-year [7]. - Popular new content such as "The Story of Roses," "Snow Maze," and "I Am a Criminal Police Officer" continues to attract viewer attention, while classic content remains a consistent draw, with 20 out of the top 100 TV dramas accounting for 22% of viewing time [7]. - As mobile traffic growth peaks, the smart screen sector is emerging as a blue ocean market for long video content, seeking new growth and breakthroughs [7].

事件：公司发布2024 年报及2025 一季报。2024 年公司实现营业收入15.79 亿元（YoY+3.63%），实现 归母净利润6.58 亿元（YoY-7.04%），实现扣非归母净利润6.69亿元（YoY-2.31%），主要是由于利息 收入减少、增值税进项税加计抵减政策到期导致计入其他收益的增值税进项税加计抵减金额减少以及因 公司享受企业所得税免税政策延续调整递延所得税资产导致递延所得税费用增加所致。2025Q1 实现营 业收入4.07亿元（YoY+1.48%），实现归母净利润1.61 亿元（YoY+8.69%），实现扣非归母净利润1.61 亿元（YoY+8.72%）。2024/2025Q1 毛利率达50.20%/48.94%（YoY-1.45/-1.38PCTs ），销售费用率达 2.29%/3.21%（YoY+0.0/+0.73PCTs ），管理费用率达3.31%/3.10% （ YoY-0.08/+0.16PCTs ）， 研发费 用率达3.22%/3.36% （ YoY-0.01/+0.38PCTs）。 IPTV 基础业务持续发力，有效用户数量稳健增长。公司作为广东省唯一的IPTV 集成播控分平台运 ...

Group 1 - The company reported a revenue of 1.579 billion yuan for 2024, maintaining positive growth, and a net profit of 669 million yuan after deducting non-recurring items [1] - Since its listing in 2019, the company has achieved a cumulative revenue of 8.157 billion yuan and a cumulative net profit of 3.707 billion yuan [1] - The profit distribution plan includes a cash dividend of 7.60 yuan per 10 shares, resulting in a total cash dividend of approximately 655 million yuan for 2024, with a payout ratio of 99.86% [1] Group 2 - The company is enhancing the operational efficiency of its internet audio-visual business and improving the value-added capabilities of its core products [2] - The IPTV platform integrates quality resources from various content providers, creating a comprehensive content matrix [2] - The cloud viewing product has over 230 million users and 25.42 million effective smart terminals [2] Group 3 - The chairman emphasized the company's commitment to expanding the business boundaries of core products and exploring integration with smart home and smart city sectors [3] - The company aims to deepen collaboration within the content industry chain and innovate content types, leveraging AI to meet diverse user needs [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a content value closed loop, despite a slight decline in revenue [3]. - The company is expected to achieve revenue of 16.7 billion, 18.0 billion, and 19.5 billion yuan from 2025 to 2027, with corresponding net profits of 7.0 billion, 7.7 billion, and 8.5 billion yuan [3]. Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit of 161 million yuan (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94%, respectively [1]. - The company’s IPTV basic business revenue for 2024 was 834 million yuan (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business revenue for 2024 was 633 million yuan (YoY +4.49%) [2]. - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024 [3]. Future Projections - The company is projected to achieve operating revenues of 1.670 billion, 1.801 billion, and 1.950 billion yuan from 2025 to 2027, with net profits of 701 million, 771 million, and 851 million yuan respectively [5]. - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 13, 12, and 11 times for the years 2025 to 2027 [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a closed-loop value chain, despite a slight decline in revenue [3]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 16.7 billion, 18.0 billion, and 19.5 billion for 2025, 2026, and 2027 respectively [3]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.579 billion (YoY +3.63%) and a net profit attributable to shareholders of 658 million (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million (YoY +1.48%) and a net profit attributable to shareholders of 161 million (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively [1]. - The company’s IPTV basic business revenue reached 834 million in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business generated revenue of 633 million in 2024 (YoY +4.49%) [2]. - The content copyright business revenue declined to 84 million in 2024 (YoY -5.67%) [3]. Future Projections - The company is projected to achieve net profits of 701 million, 771 million, and 851 million for 2025, 2026, and 2027 respectively [3]. - The current market capitalization corresponds to a PE ratio of 13, 12, and 11 for the years 2025, 2026, and 2027 [3].