证券研究报告 | 首次覆盖报告 gszqdatemark 2025 07 25 年 月 日 众信旅游（002707.SZ） 处于出境团游行业领先地位，业务持续恢复，布局不断丰富 国内旅游及出境/入境旅游行业均稳健增长，非常规周期期间有所波动， 行业空间广阔。1）国内旅游：政策支持、景区提质升级、消费者有能力且 有意愿出游，使得过往 2012-2019 年 CAGR 达 14.1%。2020-2022 年受 外部环境影响收入明显下降。2023 年恢复至 2019 年的 85.8%。2）出境 游：需求端，在非常规周期之前我国出境游人数已在逐年增长，2013-2017 年出境游人次稳居世界第 1 位。2019 年我国出境游达 1.55 亿人次，2015- 2019 年我国出境游人次 CAGR 为 7.22%，非常规周期期间居民积累较多 出境游需求。供给端，国际航班决定行业供给，使得行业恢复呈现梯度式 特点。3）入境游：政策全方面支持，加之持续推出的支付便利化措施，显 著提升海外游客赴华旅游意愿。 出境游渗透率整体呈上升趋势，但较发达国家仍有较大空间。2019 年及 之前，我国出境游渗透率不断提升，从 2010 年 ...

Core Viewpoint - BlueFocus, a Chinese advertising and marketing company, has submitted an application for a listing on the Hong Kong Stock Exchange, aiming to raise funds for AI research, global business expansion, and potential acquisitions [1][12]. Company Background - Founded in 1996 and listed on the Shenzhen Stock Exchange in 2010, BlueFocus provides marketing solutions across various industries, reaching nearly 200 countries and regions [2]. - The company's revenue is projected to grow from 366.83 billion RMB in 2022 to 607.97 billion RMB in 2024, representing a compound annual growth rate (CAGR) of 28.7% [2]. Main Business Segments - BlueFocus's main business segments include: 1. **Cross-border Marketing Services**: Digital advertising, integrated marketing, programmatic advertising, and other marketing services via its SaaS platform. 2. **Domestic Integrated Marketing Services**: Public relations, data analysis, and other integrated marketing services. 3. **Domestic Full-service Advertising**: Digital and programmatic advertising services in China [3]. - The cross-border marketing services segment is the largest revenue contributor, expected to generate 483.33 billion RMB in 2024, accounting for 79.50% of total revenue [3]. Profitability and Cost Structure - BlueFocus's gross profit for 2024 is projected at 15.30 billion RMB, with a gross margin of only 2.5%, indicating significant cost pressures [7]. - Media costs are the largest component of expenses, comprising 91.59% to 95.27% of total revenue from 2022 to 2024 [9]. - The company faces challenges in maintaining profitability due to high media costs and competitive pressures in the marketing industry [10]. Future Development Plans - BlueFocus plans to transition its cross-border marketing business from an agency model to localized operations and technology-driven approaches [11]. - The company has developed a large model application engine, Blue AI, aimed at enhancing automation and operational efficiency, with projected AI-driven revenue of approximately 1.2 billion RMB in 2024 [11]. Strategic Importance of Hong Kong Listing - The Hong Kong listing is seen as a strategic move to diversify funding sources and alleviate financial pressures, enabling further investment in technology and business expansion [12]. - The marketing industry is undergoing digital transformation, and BlueFocus must adapt to the evolving landscape, including the impact of AI on marketing practices [12].

Group 1 - The company Sanrenxing (605168.SH) announced a share reduction plan by its shareholder Tai'an Zhongxing Investment Partnership, intending to reduce up to 6,324,508 shares, which is no more than 3% of the total share capital [1] - The reduction will occur through two methods: a maximum of 2,108,169 shares (approximately 1% of total share capital) via centralized bidding and up to 4,216,339 shares (approximately 2% of total share capital) through block trading [1] - As of the announcement date, Tai'an Zhongxing holds 26,352,110 shares, accounting for 12.50% of the company's total shares [1] Group 2 - Sanrenxing raised a total of 1.047 billion yuan in its IPO, with a net amount of 988 million yuan allocated to various projects, including digital marketing service expansion and operational capital supplementation [2] - The total issuance costs for the IPO amounted to 58.44 million yuan, with underwriting and sponsorship fees of 44.83 million yuan [3] Group 3 - The 2023 annual profit distribution plan indicates a cash dividend of 1.70 yuan per share (including tax) and a capital reserve conversion of 0.45 shares per share, totaling 251.23 million yuan in cash dividends and 66.50 million shares in capital reserve conversion [4]

本次大会以"数实融合 品牌出海"为主题，聚焦"走在前、勇争先、善作为"目标要求，旨在探索跨境电商行业发展 新趋势和新模式，打造完善的跨境电商产业链和生态圈，推动江西省跨境电商高质量发展。十二届全国政协副主 席马培华致辞，第十四届全国政协委员、提案委员会副主任张军扩作主旨演讲，江西省副省长夏文勇出席开幕式 并致辞，江西省南昌市市长高世文致欢迎词并作招商推介。江西省政府副秘书长熊科平、省贸促会会长方燕茹、 省商务厅副厅长陈长生、南昌市市委常委、副市长马煜洲等出席。同济大学特聘教授刘兴华以及Temu、敦煌网、 易海创腾等企业、学校代表共500余人出席本次会议。开幕式由中国服务贸易协会会长、中国贸促会原副会长张伟 主持。 2025江西跨境电子商务发展交流会 5月7日，由江西省人民政府主办，省商务厅、南昌市人民政府承办，中国服务贸易协会协办的"2025江西跨境电子 商务发展交流会"在南昌召开。作为出海营销领域代表企业，易海创腾创始人兼CEO王志龙受邀出席交流会并发表 《用互联网精准营销助力中国制造品牌出海》主题演讲，与国内外跨境电商领域的专家学者、企业代表分享易海 创腾在助力中国制造企业全球化过程中积累的数字营销实践与 ...

Group 1: Global Marketing Trends - The post-pandemic era has led to a new normal in the economy and population, prompting marketing to enter a dual-phase of "incremental customer acquisition" and "existing customer engagement" [10][11] - The internet's new normal has distinct requirements for marketing technology support in both B2C and B2B sectors, emphasizing the need for a comprehensive technological foundation [11] - Social media has become a key marketing channel, with the rise of e-commerce live streaming and short videos, while influencer marketing is evolving into a new phase [17][22] Group 2: AI and Marketing Trends - AI technology has undergone multiple waves of development, with significant improvements in large model capabilities and cost reductions, making 2025 a potential year for explosive application growth [2] - Brands view AI as a business opportunity but are also concerned about competitive risks, while channel providers leverage AI to build intelligent ecosystems [2] Group 3: Challenges in Overseas Marketing - The trend of going global presents new growth opportunities for companies, characterized by an increase in brand numbers and industry diversity, but Chinese brands face significant challenges [2] - Major obstacles include trade barriers, low brand recognition, and difficulties in channel construction when "going out," as well as cultural gaps and fierce local competition during the "going in" phase [2] Group 4: Case Studies in Overseas Marketing - Qiaqia has enhanced its brand influence through product localization, precise influencer matching, and creative content production [2] - Moutai has successfully shaped a positive brand image by promoting Chinese traditional culture and innovative cultural extensions [2] Group 5: Changes and Constants in the AI Era - While technology, marketing methods, and practitioners are evolving in the AI era, the essence of technology and the human-centric core of marketing remain unchanged [2] - Companies need to embrace and master AI technology to adapt to the new era of development [2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant recovery in revenue and net profit for 2024, with operating income reaching 6.455 billion yuan, a year-on-year increase of 95.7%, and a net profit of 106 million yuan, up 228.2% year-on-year [3] - The wholesale business showed a rapid recovery, with revenue of 4.793 billion yuan, a year-on-year increase of 136.43%, while the retail business also performed well with a revenue of 746 million yuan, up 59.83% year-on-year [4] - The company is focusing on expanding its retail business, which has a higher gross margin compared to wholesale, and is expected to become a major profit contributor [6] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 6.455 billion yuan and a net profit of 106 million yuan, with a gross margin of 13.0% and a net margin of 1.64% [3] - For Q1 2025, the company reported an operating income of 1.165 billion yuan, a year-on-year increase of 13.74%, but a net profit decline of 32.39% to 19 million yuan due to rising sales and management expenses [5] Business Segmentation - The wholesale business revenue for 2024 was 4.793 billion yuan, while the retail business generated 746 million yuan, indicating strong growth in both segments [4] - The company has over 2,000 retail stores across more than 20 provinces, enhancing its market presence and service experience [4] Future Projections - The revenue forecast for 2025-2027 is adjusted to 8.438 billion yuan, 12.106 billion yuan, and 14.019 billion yuan, respectively, with corresponding net profit estimates of 147 million yuan, 232 million yuan, and 329 million yuan [7] - The expected EPS for 2025, 2026, and 2027 is projected to be 0.15 yuan, 0.24 yuan, and 0.34 yuan, respectively, with a PE ratio of 56, 35, and 25 times [7]

Core Viewpoint - In April 2025, the company reported significant financial growth for the year 2024, with a notable increase in net profit and cash flow, while also facing various risks and challenges [1] Financial Metrics Summary - Revenue for 2024 reached 6,455,113,793.27 yuan, a 95.70% increase from 3,298,487,387.88 yuan in the previous year, driven by a full recovery in the tourism market [2] - The wholesale tourism revenue was 4,793,326,984.18 yuan, up 136.43%; retail tourism revenue was 745,595,955.24 yuan, up 59.83%; integrated marketing service revenue was 869,836,054.79 yuan, up 11.61% [2] - Net profit attributable to shareholders was 105,918,494.95 yuan, a 228.18% increase from 32,274,227.71 yuan; net profit excluding non-recurring items was 105,173,136.70 yuan, up 1053.47% [3] - Basic and diluted earnings per share both increased to 0.108 yuan, a growth of 227.27% from 0.033 yuan [4] - Sales expenses rose to 547,586,109.95 yuan, a 103.29% increase, while management expenses grew by 19.40% to 126,722,099.38 yuan; financial expenses decreased by 44.11% to 8,679,182.77 yuan [4] Cash Flow Summary - Net cash flow from operating activities was 347,407,687.74 yuan, a 104.45% increase from 169,918,987.17 yuan, indicating improved cash generation capability [5] - Net cash flow from investing activities was 1,926,381.16 yuan, a significant recovery from -88,353,656.74 yuan in the previous year [5] - Net cash flow from financing activities was -287,436,825.55 yuan, reflecting adjustments in funding and repayment strategies [5] Risk Factors Analysis - The company faces macroeconomic volatility risks, as tourism is significantly influenced by economic indicators such as GDP and disposable income [6] - Increased market competition poses a challenge, necessitating continuous innovation and service optimization to maintain competitive advantage [8] - The company is also exposed to risks from uncontrollable factors such as political, economic, and natural events that can impact travel choices [9] - Service quality control risks are present, as maintaining high service standards is crucial in the tourism industry [10] - Currency fluctuation risks exist due to the nature of the business, which involves foreign currency procurement [11] - Acquisition and integration risks are associated with cross-border mergers and acquisitions, which may not yield expected benefits if not managed properly [12] Management Compensation - The total remuneration for the board of directors, supervisors, and senior management was 3.3174 million yuan, with the chairman and CEO receiving a pre-tax total of 720,000 yuan, reflecting a performance-linked incentive mechanism [13]

Core Insights - The company reported a revenue of 2.547 billion yuan for 2024, marking an 18.83% year-on-year increase, and a net profit attributable to shareholders of 217 million yuan, up 30.10% [2] - In Q4 2024, the net profit surged to 32.25 million yuan, a record increase of 305.08% [2] - For Q1 2025, the company achieved a revenue of 929 million yuan, a remarkable 93.18% increase, and a net profit of 61.24 million yuan, up 30.78% [4] Financial Performance - The operating cash flow reached a historical high of 473 million yuan, reflecting a 219.29% year-on-year growth, indicating strong profitability [2] - The company plans to distribute a cash dividend of 1.16 yuan per 10 shares, with total dividends and buybacks for the year expected to be 76.48 million yuan, representing 32.99% of the net profit [7] Business Strategy and Partnerships - The company is a pioneer in the AIGC strategy within the marketing technology sector, providing integrated marketing and digital services for enterprises going global [8] - It has established deep partnerships with major global media platforms such as Google, Microsoft, and TikTok, enhancing its digital marketing capabilities [8] - The company collaborates with cloud and AI model providers like Google Cloud and AWS, and became the first-level agent for AppLovin in Greater China, enhancing its advertising technology [9] Technological Advancements - The company has developed multiple proprietary technology platforms, creating a data and algorithm-driven marketing technology matrix [10] - It has been recognized for its innovative AIGC digital marketing solutions, which include AI-generated creative assets [11] - The company has received several awards for its performance in technology innovation and industry leadership, including accolades from Google and InfoQ [12]

近日，针对腾信股份的信披违规及财务造假案，北京证监局给时任实控人开出了1100万元的巨额罚单，并 给予10年证券市场禁入的处罚。现年69岁的时任董事长、总经理亦同时收到350万元罚单。 花样百出掏空上市公司 腾信股份有两大关键人物，一是时任控股股东、实际控制人徐炜；二是时任腾信股份董事长、总经理，代行董 事会秘书职责，2020年3月至2021年1月代行财务负责人职责的田炳信。 此次，北京证监局指出，腾信股份存在四大违法事实。 一是未按规定及时披露重大事件。包括金额高达1.04亿元和1.12亿元的两笔重大诉讼事项，徐炜所持两笔大额 股份（占总股本的14.45%、15.69%）被冻结事项。 二是，2020年一季报、半年报、三季报存在虚假记载。据悉，2020年3月底，腾信股份青岛分公司以偿还股东 青岛浩基借款的名义，向第三方公司支付了3笔共计9.32亿元的资金，并在后来进行了收回，且青岛浩基对此 并不知情。 经北京证监局查明，腾信股份存在未按规定及时披露重大事件，2020年一季报、半年报、三季报存在虚假记 载，未按规定披露对外担保事项，未按规定披露非经营性资金占用导致的关联交易。该公司已于2023年7月从 深交所退 ...