每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ （记者 王晓波） 每经AI快讯，ST联合（SH 600358，收盘价：5.94元）12月19日晚间发布公告称，公司第九届2025年第 一次董事会临时会议于2025年12月19日在江西省南昌市东湖区福州路169号江旅产业大厦A座19层会议 室以现场结合通讯表决的方式召开。会议审议了《关于修订〈预算与审计委员会议事规则〉的议案》等 文件。 2024年1至12月份，ST联合的营业收入构成为：互联网广告占比78.61%，电商业务占比13.92%，旅游饮 食服务业占比7.38%，其他业务占比0.09%。 截至发稿，ST联合市值为30亿元。 ...

在12月10日举办的"2024-2025年度营响大会暨第二十三届杰出品牌营销年会"上，中国广告协会会长、国际广告协会全球副主席张国华围绕"品牌经济与流量 经济的碰撞"发表开幕致辞。 他指出，当前互联网广告已占据行业绝对主导，流量成为营销核心焦点，但过度追逐短期流量可能导致创意缺失、品牌建设弱化，甚至损害行业健康生态。 在如今中国制造水平、设计能力、服务体系已全面跃升的背景下，企业更应把握从"产品制造"向"品牌创造"转型的战略机遇，在利用流量效率的同时，回归 品牌本质，以扎实的产品根基、独特的情感叙事和持久的内容创意，构筑不可替代的长期竞争力。 流量主导下的行业繁荣与隐忧 TH THE F HOCK 本出 TTO T II 在剖析流量生态的利弊后，张国华将论述核心转向了品牌的本质价值。他强调，当前中国品牌建设的基础已经全面夯实，正迎来从"产品制造"向"品牌创 造"战略升维的关键时期。 "如今，中国企业在原材料、生产工艺、设计水平、功能研发、售后服务等整个价值链环节的实力已大幅提升，具备了支撑高端品牌发展的扎实基础。"张国 华指出，我们的产品品质、制造能力、设计美学和服务体系都已今非昔比，许多领域甚至已达到国际先 ...

Core Viewpoint - The company, Yaowang Technology, is divesting its 100% stake in Foshan Saturday Shoe Industry Co., Ltd. for 453 million yuan after three consecutive years of losses and a market value decline exceeding 4 billion yuan, marking a significant business adjustment and a final capital game settlement [1] Financial Transactions and Corporate Structure - In 2019, the company, then known as "Saturday," acquired 88.5651% of Yaowang Network for 1.77 billion yuan through a combination of cash and stock, facilitating its entry into the live e-commerce sector and rebranding as "Yaowang Technology" in 2022 [2] - The divestiture of the shoe business is viewed as a cleanup of assets in the "post-shell era," following the completion of the reverse merger process years prior [2] - Yaowang Technology has three joint ventures established in 2019 that are major clients, with accounts receivable totaling 626 million yuan by the end of 2023, raising concerns about potential inflated receivables and profit transfer to related parties [2] Performance and Valuation Concerns - The valuation of Saturday Shoe Industry in the current transaction reflects a 130.89% increase, which is notable for a company that has been consistently losing money [3] - Yaowang Network met its performance commitments during the acquisition period, but post-commitment, the company's overall performance has significantly declined, with four consecutive years of losses from 2021 to 2024 [4][5] - The initial market enthusiasm did not translate into sustainable business success, as the two business segments operated independently and negatively impacted each other [5] Future Outlook and Challenges - The sale of Saturday Shoe Industry is expected to optimize the company's asset structure and reduce financial pressure, with the transaction potentially alleviating some immediate financial burdens [6] - However, the fundamental issues facing the company remain unresolved, as the live e-commerce sector matures and competition intensifies, leading to rising platform traffic costs [7] - As of Q3 2025, the company reported revenues of 2.613 billion yuan, a year-on-year decline of 34.65%, and a net loss of 415 million yuan, with its stock price plummeting from a historical high of 36.56 yuan to around 6 yuan, resulting in a market value loss exceeding 20 billion yuan [8]

Core Insights - The Chinese media industry has experienced rapid growth over the past 20 years, but growth rates have slowed down due to the saturation of internet user demographics and the decline in traditional media advertising revenues [2] - In 2019, the growth rate of the media industry fell below 10% for the first time, primarily due to the impact of US-China trade tensions and overall economic downturn, with total output value reaching 22,625.4 billion yuan and a growth rate of 7.95% [2] - The media industry faced rare negative growth in 2022, attributed to macroeconomic pressures, ongoing pandemic impacts, and regulatory changes in sectors like online gaming [2] - In 2023, the media industry began to recover, with total output value reaching 31,518.23 billion yuan, marking an 8.38% year-on-year increase, driven by offline consumption recovery and new technological concepts [2] - The media industry's total output value is projected to reach approximately 34,157.9 billion yuan in 2024, indicating a positive growth trajectory [2] Industry Overview - The media industry encompasses various forms of information dissemination, categorized into four types of media [4] - The evolution of the media industry has been marked by significant changes in technology, transitioning from traditional media to new media platforms [6] Industry Policies - Recent policies have focused on the transformation and development of the media industry, emphasizing talent integration between traditional and new media [8] - The government has introduced measures to enhance cultural originality and support various creative sectors, including literature, arts, and digital media [8][9] Industry Value Chain - The media industry value chain consists of upstream content creation, midstream operations and distribution, and downstream end-users, with midstream players holding significant market power [10] Online Literature Market - The online literature sector has grown significantly, with market size increasing from 20.17 billion yuan in 2019 to a projected 41.99 billion yuan in 2024, reflecting a compound annual growth rate of 15.79% [12]

Industry Overview Key Events - China-led industrial 5G international standard officially released, filling the gap in the international standard of industrial 5G [1] - The State Council approved the "Land and Space Plan for the Chengdu-Chongqing Economic Circle (2021 - 2035)", with specific targets for cultivated land, ecological protection, urban development, and water use by 2035 [1] - In the first three quarters, the advertising business revenue of top advertising enterprises and institutions reached 1388.09 billion yuan, a year-on-year increase of 9.6%. Internet advertising maintained rapid growth, with a revenue of 712.88 billion yuan, a year-on-year increase of 22.5%, accounting for 81.2% of the total advertising release revenue [1] Market Conditions - **Upstream**: Prices of iron ore and rebar declined; international oil prices and liquefied natural gas prices dropped slightly [3] - **Midstream**: PX operating rate was at a high level; power plant coal consumption remained stable; asphalt operating rate increased slightly [3] - **Downstream**: Commercial housing sales in first, second, and third-tier cities continued to decline; domestic flight frequencies increased slightly, and the film box office was in the off-season [3] Price Indicators - **Agriculture**: On November 6, the spot price of corn was 2152.9 yuan/ton, up 0.27% year-on-year; the spot price of eggs was 6.2 yuan/kg, up 0.81% year-on-year; the spot price of palm oil was 8760.0 yuan/ton, down 0.66% year-on-year; the spot price of cotton was 14826.2 yuan/ton, down 0.22% year-on-year; the average wholesale price of pork was 18.1 yuan/kg, up 1.46% year-on-year [34] - **Nonferrous Metals**: On November 6, the spot price of copper was 85936.7 yuan/ton, down 2.36% year-on-year; the spot price of zinc was 22476.0 yuan/ton, up 1.08% year-on-year; the spot price of aluminum was 21376.7 yuan/ton, up 0.90% year-on-year; the spot price of nickel was 120750.0 yuan/ton, down 1.21% year-on-year; another spot price of aluminum was 17318.8 yuan/ton, up 0.28% year-on-year [34] - **Black Metals**: On November 6, the spot price of rebar was 3133.0 yuan/ton, down 2.05% year-on-year; the spot price of iron ore was 792.2 yuan/ton, down 3.51% year-on-year; the spot price of wire rod was 3305.0 yuan/ton, down 1.78% year-on-year; the spot price of glass was 14.0 yuan/square meter, up 1.30% year-on-year [34] - **Non-metals**: On November 6, the spot price of natural rubber was 14616.7 yuan/ton, down 0.90% year-on-year; the China Plastic City price index was 776.9, down 0.08% year-on-year [34] - **Energy**: On November 6, the spot price of WTI crude oil was 59.6 US dollars/barrel, down 1.46% year-on-year; the spot price of Brent crude oil was 63.5 US dollars/barrel, down 2.16% year-on-year; the spot price of liquefied natural gas was 4288.0 yuan/ton, down 1.15% year-on-year; the coal price was 824.0 yuan/ton, up 1.85% year-on-year; the spot price of PTA was 4561.1 yuan/ton, up 0.19% year-on-year [34] - **Chemicals**: On November 6, the spot price of polyethylene was 7011.7 yuan/ton, down 1.34% year-on-year; the spot price of urea was 1597.5 yuan/ton, down 1.39% year-on-year; the spot price of soda ash was 1203.6 yuan/ton, down 0.71% year-on-year; the national cement price index was 136.7, down 0.36% year-on-year [34] - **Real Estate**: On November 6, the building materials composite index was 111.8 points, down 1.55% year-on-year; the national concrete price index was 90.9 points, down 0.15% year-on-year [34]

Core Insights - The National Market Regulation Administration of China conducted a statistical survey on leading advertising enterprises, revealing that these entities achieved an advertising revenue of 1.38809 trillion yuan in the first three quarters of this year, marking a year-on-year growth of 9.6% [1] Revenue Growth - In terms of quarterly performance, the first and second quarters experienced a year-on-year growth of 11.3%, while the third quarter saw a growth of 7.2% [1] - On a quarter-on-quarter basis, the advertising revenue of leading enterprises increased by 24.5% in the third quarter [1] Internet Advertising - Internet advertising continued to grow rapidly, with leading enterprises generating an internet advertising revenue of 712.88 billion yuan in the first three quarters, reflecting a year-on-year increase of 22.5% and accounting for 81.2% of total advertising revenue [1] Regional Performance - The top five regions for advertising revenue among leading enterprises were Shanghai, Beijing, Guangdong, Zhejiang, and Jiangsu, with year-on-year growth rates of 9.0%, 3.5%, 17.4%, 17.8%, and 7.3% respectively [1] - Collectively, these regions accounted for 1.09999 trillion yuan in advertising revenue, representing 79.2% of the national total [1] - Regions such as Shandong, Chongqing, Guangxi, Ningxia, and Gansu exhibited faster growth rates in advertising revenue [1]

Core Insights - The market regulatory authority conducted a statistical survey on leading advertising enterprises, revealing that these entities achieved an advertising business revenue of 1.38809 trillion yuan in the first three quarters of this year, representing a year-on-year growth of 9.6% [1] Advertising Industry Summary - Internet advertising continues to experience rapid growth, with leading enterprises generating internet advertising revenue of 712.88 billion yuan in the first three quarters, marking a year-on-year increase of 22.5% [1] - Internet advertising accounted for 81.2% of the total advertising revenue generated by these enterprises [1]

Core Insights - The report by QuestMobile indicates that as of September 2025, the total number of internet users in China reached 1.269 billion, marking a 2% year-on-year increase, with average monthly usage time per user at 178.2 hours, up 8.2%, the highest growth rate in nearly a year [1] - The mobile internet industry is entering a phase of high-quality development, reflected in the rapid growth of the internet advertising market, which reached 187.51 billion yuan in Q3 2025, a 6.4% year-on-year increase [1] Group 1: User Demographics and Trends - The user structure of China's mobile internet is evolving towards a healthier demographic, with first-tier city users accounting for 11.2% of the total, a 0.8% increase year-on-year [3] - Users with online consumption capabilities between 1,000 to 2,999 yuan represent 63% of the total, up 0.9% year-on-year, while users aged 46 and above make up 37.7%, an increase of 1.1% [3][5] Group 2: Advertising Market Dynamics - The soft advertising market is becoming a battleground for various industries, driven by lower costs and more direct conversion effects, aligning with the current shift towards a "trust economy" [3][5] - Marketing strategies are focusing on quickly attracting traffic and achieving conversion loops, with brands leveraging IP collaborations and celebrity endorsements to enhance conversion rates [5] Group 3: Seasonal Marketing Trends - Marketing activities are increasingly aligned with seasonal events, with significant peaks during occasions like Qixi Festival and Mid-Autumn Festival, which serve as key marketing opportunities [7] Group 4: Hard Advertising Strategies - Hard advertising is stabilizing but is becoming more precise and aggressive in response to intensified competition and innovation within the industry [8] - Key players in hard advertising include beauty, personal care, luxury goods, and healthcare sectors, with basic consumer goods also showing strong growth [9] Group 5: E-commerce and Competitive Landscape - The competition among e-commerce platforms is intensifying, with advertising strategies closely tied to business layouts and subsidy plans, emphasizing precision and aggressiveness [11] - Major platforms like Taobao and Douyin are seeing significant budget allocations due to their high transaction proximity and user engagement [13]

Core Insights - The cultural industry in China has shown significant growth in revenue and profit during the first three quarters of 2025, driven by government policies and financial support [1][2]. Revenue Growth - The total revenue of large-scale cultural enterprises reached 1,095.89 billion yuan, marking a 7.9% increase compared to the same period last year, with a growth rate 0.5 percentage points higher than the first half of the year [2]. - The core cultural sectors generated 742.16 billion yuan in revenue, reflecting an 11.5% year-on-year growth, which is 1.5 percentage points higher than the first half of the year [2]. - Key sectors such as content creation, creative design services, and news information services experienced double-digit revenue growth rates of 14.0%, 13.2%, and 11.6%, respectively [2]. Cultural Services Sector - The cultural services sector achieved a revenue of 606.26 billion yuan, with an 11.9% increase year-on-year, surpassing the growth rate of the first half of the year by 1.2 percentage points [3]. - Cultural services accounted for 55.3% of the total revenue of large-scale cultural enterprises, an increase of 1.9 percentage points from the previous year [3]. - This sector contributed 79.7% to the revenue growth of large-scale cultural enterprises, driving a 6.3 percentage point increase in overall revenue [3]. New Cultural Business Models - Sixteen sub-sectors characterized by new cultural business models generated 48.86 billion yuan in revenue, representing a 14.1% increase year-on-year, which is 6.2 percentage points higher than the overall growth of large-scale cultural enterprises [3]. - The new business models contributed 74.7% to the revenue growth of large-scale cultural enterprises, adding 5.9 percentage points to the overall revenue increase [3]. - High growth rates were observed in sectors such as entertainment drones (47.2%), digital content services (24.5%), and internet advertising services (20.0%) [3]. Profit Growth - Large-scale cultural enterprises reported a total profit of 909.3 billion yuan, a 14.2% increase compared to the previous year [4]. - The profit margin was 8.30%, which is an improvement of 0.45 percentage points from the previous year [4]. - Out of 43 industry categories, 39 reported profitability, with significant contributions from digital content services, information service terminal manufacturing, and arts and crafts sales [4].

Core Insights - The report titled "Trends 2025: Decoding the New Map of Internet Marketing in China" was released, summarizing the development of internet marketing in 2024 and predicting future trends [1][3] - The internet advertising market in China showed resilient growth in 2024, with a year-on-year increase of 13.55%, reaching a revenue scale of 650.86 billion yuan [3] - The industry is shifting from scale expansion to quality enhancement, moving away from traffic-driven models to refined operations, with a focus on content innovation and commercial monetization [3][4] Market Performance - In Q1 2025, the internet advertising and marketing market sizes reached 136.81 billion yuan and 184.17 billion yuan respectively, with year-on-year growth rates of 10.8% and 13.27%, totaling 320.97 billion yuan, a 12.44% increase [3] - The report indicates that the internet marketing sector is experiencing a transformation, emphasizing the importance of artificial intelligence as a core growth engine [3][4] Industry Trends - The report highlights the need for a dual-core drive of "technology and emotion" in marketing strategies, aiming to provide practical solutions for marketers in the digital age [4][5] - A new marketing concept called "spiritual marketing" is introduced, focusing on deep cognitive communication and emotional connections to enhance user trust and brand loyalty [5] Expert Opinions - Experts from various academic and industry backgrounds praised the report, noting that the internet marketing landscape in 2024 is characterized by improved policies, enhanced new productivity, and stabilized production-sales relationships [5] - The shift towards "spiritual marketing" signifies a transition from traffic harvesting to value resonance, marking the entry of the marketing industry into a phase of high-quality development [5]