2025年12月23日，清华大学技术创新研究中心主办"平台经济创新驱动与高质量发展研讨会"。会议重点围绕平台企业的现实发展与创新路径展开探讨，并 正式发布《中国平台企业科技创新发展报告》（以下简称"报告"）。 本次研讨会由清华大学技术创新研究中心主任陈劲教授主持。来自中国科学院科技战略咨询研究院等研究机构以及北京师范大学等高等院校的专家、学 者，结合宏观发展态势与典型企业实践案例，围绕创新驱动背景下平台企业创新的新范式开展了交流，剖析了平台企业在创新过程中面临的机遇与挑战。 会上，陈劲教授主持发布了《中国平台企业科技创新发展报告》并做解读。报告指出，全球具备较强科技创新能力的平台企业已超越传统公司形态，正以 前所未有的深度和广度推动着各国的科技创新进程，重塑全球产业形态，推动全社会数字化转型，成为科技创新的重要力量。例如，从创新投入看，以美 国七姐妹为代表的科技创新型平台企业，其每年研发投入总额高达2000亿美元。从创新产出看，全球具有科技创新能力的平台企业在AI、云计算、自动驾 驶等前沿领域正成为科技创新的开拓者。随着新一轮科技革命和产业变革的纵深推进，中国平台经济也正经历从"规模驱动"向"创新驱动"、从" ...

Core Insights - The core objective of the Creative Communication Practice course is to cultivate students' ability to solve real communication problems, adapting to the demands of the digital intelligence era [2][3][4] - The course integrates digital platforms and public welfare projects, emphasizing hands-on experience through five teaching stages and eight tasks, significantly enhancing students' professional skills [6][10][29] Course Design - The course is designed around the Creative Communication Management (CCM) theory, focusing on the integration of human intelligence and digital technology to complete marketing communication tasks [7][10] - It emphasizes the development of students' creative communication management abilities, encouraging them to analyze information environments and effectively integrate communication resources [7][10] - The curriculum includes 32 class hours divided into five stages: group formation, theory learning, content creation, practical placement, and effect evaluation, with a focus on student-led initiatives [10][11] Teaching Process - The teaching process is structured into five stages, starting with group formation and selection of public welfare topics, followed by theory learning and content creation [11][12] - Students engage in practical tasks such as creating videos and conducting market research, with guidance from industry experts and mentors [12][13] - The course incorporates real public welfare projects, allowing students to apply their skills in a practical context, enhancing their understanding of social issues [13][14] Practical Application - The course collaborates with digital platforms like ByteDance to provide students with real-world marketing scenarios, utilizing tools such as Douyin and other digital marketing systems [9][10] - Students are tasked with creating and optimizing content for public welfare projects, which helps them develop data analysis and marketing skills [27][28] - The average return on investment for the projects is reported at 3.6, indicating successful fundraising efforts beyond expectations [27] Educational Outcomes - The course aims to improve students' analytical, creative, and practical skills, fostering a comprehensive understanding of the creative communication industry [27][28] - It also emphasizes the importance of social responsibility, encouraging students to engage with real-world issues and develop a sense of empathy through their projects [28][29] - The integration of digital platforms and public welfare projects enhances the relevance and effectiveness of the educational experience, preparing students for future industry demands [29]

Core Insights - The article discusses the transformation of Douyin (TikTok in China) from an advertising-driven platform to a commerce-driven entity, highlighting its significant growth in e-commerce and advertising revenue [2][10][29] Revenue Shift - Douyin's revenue has shifted from being primarily driven by advertising to a significant focus on e-commerce, with its GMV reaching 1.4 trillion yuan in 2022 and projected to exceed 3.5 trillion yuan in 2024 [8][10][12] - By 2023, Douyin's advertising revenue surpassed 400 billion yuan, making it the largest advertising platform in China, overtaking Alibaba [7][11] E-commerce Growth - Douyin's e-commerce ambitions are evident as it launched its own marketplace and cut off external links to third-party platforms, creating a closed-loop system for merchants [8][9] - The platform's GMV from e-commerce is expected to grow significantly, with estimates suggesting it will reach over 4 trillion yuan by the end of 2023 [11][14] Organizational Changes - Douyin has undergone multiple organizational changes to align its structure with its e-commerce focus, including integrating its advertising platform into the e-commerce department [16][18][22] - The shift in focus from maximizing short-term advertising revenue to enhancing long-term merchant relationships and GMV reflects a fundamental change in Douyin's operational strategy [17][19] Market Positioning - Douyin is positioned as a "content-driven retail entity," merging content creation, advertising, and sales into a seamless experience for users, which contrasts sharply with traditional advertising models [25][28][29] - This integration allows Douyin to capitalize on consumer interest in real-time, effectively reducing the time between advertisement exposure and purchase [26][27]

Core Insights - The article discusses the transformation of Douyin (TikTok in China) from an advertising-driven platform to an e-commerce powerhouse, highlighting its significant growth in both advertising and e-commerce revenues [2][10][21] Revenue Transformation - Douyin's revenue has shifted from being primarily driven by advertising to a significant focus on e-commerce, with its gross merchandise volume (GMV) rapidly increasing [3][9] - In 2022, Douyin's e-commerce GMV reached 1.4 trillion, making it the fastest e-commerce platform in China to surpass the trillion mark [9] - By 2023, Douyin's advertising revenue exceeded 400 billion, surpassing Alibaba to become the largest advertising platform in China [7][12] Organizational Changes - Douyin has made several key organizational adjustments to align its structure with its e-commerce focus, including integrating its advertising platform into the e-commerce department [15][16] - The shift in focus is evident as the sales teams are now tasked with ensuring merchants sell effectively on Douyin, transforming their role from mere advertisers to e-commerce consultants [18][19] Market Positioning - Douyin's unique model combines content creation, advertising, and direct sales, effectively eliminating the time gap between consumer interest and purchase [21][22] - This integration allows Douyin to operate as a "content-driven retail entity," fundamentally changing its identity from a media company to a retail platform [22][23] Competitive Landscape - The article suggests that Douyin's ability to dominate the source of consumer desire poses a significant threat to competitors like Alibaba, JD, and Pinduoduo, as it controls the wealth redistribution in the market [23]

Core Insights - AI Manhua has emerged as a new content category pursued by short drama creators this year, with Douyin's marketing service platform, Juyuan Engine, recently doubling its daily advertising expenditure [2][3] - The short drama industry experienced rapid growth last year, but has faced increased competition this year, leading to a decline in revenue for many production companies [3][4] - AI Manhua production costs are significantly lower compared to traditional short dramas, with AI potentially improving production efficiency by 50% to 80% [6][7] Industry Overview - The number of products related to Manhua/Anime micro-dramas exceeds 19,000, with over 4,000 products having been advertised in the last 30 days [3] - Only 20% of short drama works are currently profitable, with most needing to achieve over 40 million views to be considered successful [4] - The production cost for Manhua is reduced from 2,000-5,000 RMB per minute to 1,000-2,500 RMB with AI [6] Company Strategies - Kuaishou is actively entering the AI Manhua space, having launched the first AIGC short drama and is investing significant resources into collaboration with AIMCN institutions [6][7] - Douyin remains the primary platform for AI Manhua creators, while Kuaishou's user base for AI Manhua has reached over 4 million within six months [7] - The most profitable approach for AI Manhua currently is to publish on Douyin, while Kuaishou is still viewed with caution by many production companies [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 2.39 HKD per share [4]. Core Insights - The company is actively promoting collaboration with Douyin, which is expected to boost advertising gross revenue and overall performance. The partnership will provide integrated marketing solutions across various platforms under Douyin Group, potentially leading to significant revenue growth in the coming years [1]. - The company anticipates a slight decline in advertising gross revenue for 2025, estimated at approximately 17 billion RMB, due to the strategic elimination of low-quality clients. However, revenue is expected to exceed 20 billion RMB in 2026, driven by the Douyin channel [2]. - The company has secured a 200 million USD investment from Infini Capital, which will be utilized to enhance AI integration in SaaS, expand media channels, and promote overseas business development [3]. Summary by Sections Business Solutions - The company expects advertising gross revenue to reach approximately 17 billion RMB in 2025, with a potential increase to over 20 billion RMB in 2026 due to the Douyin partnership. The net rebate rate improved from 2.1% to 3.85% in the first half of 2025, indicating a positive trend in revenue and profit growth [2]. SaaS Business - The SaaS business is showing signs of stabilization, with expectations for positive growth in 2026. Revenue growth is anticipated from AI-related products and the expansion into local life industries, such as pet services [2]. Financial Forecasts - The company’s revenue projections for 2025 and 2026 have been slightly adjusted upwards to 17.9 billion RMB and 20.0 billion RMB, respectively. The report maintains the revenue forecast for 2025 while adjusting the forecasts for 2026 and 2027 upwards by 3% and 6% [3]. Profitability - The company is expected to report a net profit of 217 million RMB in 2026, with a further increase to 367 million RMB in 2027, indicating a recovery in profitability after previous losses [8].

Core Viewpoint - The report from Everbright Securities indicates that Weimob Group's (02013) SaaS business is stabilizing after adjustments, with a focus on enhancing its merchant solutions and optimizing its advertising client structure. The collaboration with Douyin is expected to drive revenue growth, leading to slight upward revisions in revenue forecasts for 2026 and 2027 to 1.79 billion and 2.00 billion yuan respectively, reflecting increases of 3% and 6% from previous estimates [1] Group 1: Merchant Solutions - The collaboration with Douyin will allow Weimob to provide integrated solutions for brand merchants across multiple platforms, which is expected to drive long-term revenue and profit growth in marketing services. In 2021, advertising revenue from Douyin reached approximately 3 billion yuan, and the company anticipates significant growth in merchant solutions revenue from this partnership in 2026 [1] - The company is actively eliminating low-quality clients to optimize its customer structure, leading to a projected slight decline in advertising gross revenue to about 17 billion yuan in 2025. However, with the addition of Douyin's channel, the gross revenue is expected to exceed 20 billion yuan in 2026 [2] - The net rebate rate has improved from 2.1% in the same period last year to 3.85% in the first half of 2025, indicating a potential for stable growth in rebate margins, with merchant solutions revenue and profit expected to grow faster than gross revenue [2] Group 2: SaaS Business - The SaaS business is showing signs of stabilization, with expectations for a return to positive growth in 2026. Revenue growth will be driven by AI-related products, which generated 34 million yuan in the first half of 2025, and further expansion into local life industries [2] - Weimob has integrated its mini-programs with platforms like Douyin and Meituan, enhancing its coupon distribution system and connecting with Xiaohongshu and Alipay, which will further deepen its ecosystem [2] Group 3: Investment and AI Development - Weimob has secured a $200 million investment from Infini Capital, which will be allocated to three main areas: integrating AI into SaaS, expanding media channels and precision marketing services, and advancing overseas business development with a focus on AI innovation [3]

Core Viewpoint - Weimob Group (2013.HK) experienced a significant increase of over 11%, reaching HKD 2.61, following the announcement of a business collaboration with Douyin Group's comprehensive digital marketing service platform, Juyuan Engine [1] Group 1: Business Collaboration - Weimob Group announced its partnership with Juyuan Engine, becoming a comprehensive agent for Juyuan Engine's advertising business and a service provider for Juyuan Qianchuan [1] - The license for this partnership is valid from September 26, 2025, to December 31, 2025 [1] Group 2: Strategic Goals - Weimob Group aims to leverage its advanced AI technology, established sales channels, excellent service operations, and solid customer base to expand its advertising business share within Juyuan Engine [1] - The company is focused on driving revenue and profit growth in its marketing business while seeking additional collaboration opportunities in other business areas [1]

Core Viewpoint - Weimob Group (02013) has announced a business collaboration with Douyin Group's digital marketing service platform, Juyuan Engine, which is expected to enhance its advertising business and drive revenue growth [1] Group 1: Business Collaboration - Weimob Group's subsidiary, Shanghai Weimob Information Technology Co., Ltd., has become a comprehensive agent for Juyuan Engine's advertising business and a service provider for Juyuan Qianchuan [1] - The license for this collaboration is valid from September 26, 2025, to December 31, 2025 [1] Group 2: Growth Strategy - The company aims to leverage its advanced AI technology, established sales channels, excellent service operations, and solid customer base to expand its advertising business share within Juyuan Engine [1] - Weimob Group is also looking for additional collaboration opportunities in other business directions to further enhance its marketing revenue and profits [1] Group 3: Long-term Value - The company plans to diversify its platform channels to bring new growth momentum to its business development and provide high-quality long-term value returns to shareholders [1]

Core Viewpoint - Weimob Group (02013) has officially announced a business collaboration with Douyin Group's comprehensive digital marketing service platform, Juyuan Engine, to enhance its advertising business and seek further growth opportunities [1] Group 1: Business Collaboration - Weimob Group's subsidiary, Shanghai Weimob Information Technology Co., Ltd., has become a comprehensive agent for Juyuan Engine's advertising business and a service provider for Juyuan Qianchuan, with a license period from September 26, 2025, to December 31, 2025 [1] Group 2: Strategic Goals - The company aims to leverage its advanced AI technology capabilities, established sales channels, excellent service operations, and solid customer base to actively expand its advertising business share within Juyuan Engine [1] - The collaboration is expected to drive revenue and profit growth in the marketing business while exploring additional cooperation opportunities in other business directions [1] Group 3: Future Growth - Weimob Group will continue to diversify its platform channels to bring new growth momentum to its business development and provide high-quality long-term value returns to shareholders [1]