谈及收入下滑，遥望科技方面表示，主要是由于公司主动收缩了低毛利的新媒体广告业务规模，将公司 业务重心聚焦核心业务，子公司杭州遥望直播业务继续保持行业领先地位，同时公司全力探索与优质供 应链共创新消费品牌，有望成为公司第二增长曲线。此外，公司亏损主要受阶段性摊销费用（如装修租 金等）、政府补助减少及所得税政策调整等多因素影响。 据介绍，当前，公司正与多个优质ODM工厂洽谈合作，未来将拓展至饮品、美容、生发等高潜力赛 道，打造新消费品牌矩阵。 8月25日晚间，遥望科技（002291）发布2025年半年报显示，上半年公司实现营收18.96亿元，同比下降 36.32%；归母净利润-2.53亿元，上年同期为-2.2亿元；此外，公司经营性现金流净额3121.07万元。 财报显示，上半年，遥望科技聚焦于直播电商、品牌孵化等核心板块，持续推进"IP多元化"和"轻资产 运营"，尤其在AI提效、新品牌孵化等方面取得实质性进展。在核心业务直播电商领域，公司围绕领先 的IP矩阵深化"IP多元化经营"，创新内容化直播，通过营销优势撬动流量，结合直播、短视频、切片、 前置仓、遥望X27等多个渠道实现高转化。 遥望科技董事长兼CEO谢如栋 ...

Core Viewpoint - The company is undergoing a strategic adjustment to focus on quality growth by reducing low-margin advertising business and enhancing its core segments such as live e-commerce and brand incubation [2][5]. Financial Performance - For the first half of 2025, the company reported revenue of 1.896 billion yuan and a net loss of 253 million yuan, primarily due to phase-out amortization costs, reduced government subsidies, and changes in tax policies [2]. - Despite the short-term financial pressure, the company maintained a positive operating cash flow of 31.21 million yuan, indicating good cash recovery capability [2]. Business Strategy - The company is actively shrinking low-margin advertising operations and reallocating resources to core areas, achieving substantial progress in AI efficiency and new brand incubation [2][5]. - In the live e-commerce sector, the company continues to leverage its competitive edge by deepening "IP diversification management" and innovating content-driven live streaming [2]. Market Expansion - The company has shown strong growth momentum in overseas markets, with the North American live event "Deals For Your Days" generating sales of 2.74 million USD and over 120,000 orders [3]. - The company is replicating its successful domestic model in international markets, with a focus on enhancing global GMV [3]. Brand Development - The company successfully launched the personal care brand "Duo Wei," achieving total sales of 125 million yuan within a short period and ranking first in its category on Douyin [3]. - The brand's high-quality and cost-effective positioning has gained widespread market recognition [3]. Operational Efficiency - The company is negotiating partnerships with multiple quality ODM factories to expand into high-potential sectors such as beverages and beauty [4]. - Personnel-related expenses decreased by 28.39% year-on-year, with an increased proportion of frontline staff, leading to improved organizational efficiency [4]. Technological Innovation - The company is investing in AI and other technological innovations to enhance production efficiency, including the establishment of the first post-doctoral workstation in the live e-commerce industry [4]. - The internally developed AI product "V5chat" is expected to be fully implemented within the year, with explorations into using AIGC technology for content innovation [4]. Future Outlook - The company is in a critical phase of strategic adjustment, with a clear direction towards brand incubation and AI application, indicating the emergence of a second growth curve [5]. - As the footwear business reduces impairment pressure and new brands like Duo Wei are incubated, the company is expected to see a performance turning point starting in the second half of 2025 [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company achieved revenue of 1.764 billion, net profit attributable to shareholders of 188 million, and net profit excluding non-recurring items of 182 million in H1 2025, representing year-on-year growth of 15%, 5%, and 6% respectively. In Q2 2025, the figures were 768 million, 57 million, and 53 million, showing a year-on-year change of +0.2%, -25%, and -28% respectively. The strong growth in peripheral provinces indicates robust growth potential, while e-commerce and core five provinces faced short-term disruptions. The decline in profitability in Q2 was mainly due to business structure and public sentiment impacts. Looking ahead, the company's fundamentals are expected to improve in H2, maintaining competitiveness in the offline market and benefiting from favorable trends for quality brands across all channels [2][6][12]. Revenue Analysis - In Q2, the core five provinces experienced a year-on-year decline of 2%, primarily due to base effects, while peripheral provinces saw a significant increase of 123%. E-commerce faced a decline of 24% due to short-term public sentiment issues and a weaker overall market during the 618 shopping festival. The product structure continues to improve, with the health product series gaining a larger share [12][12]. Profitability Analysis - The decline in Q2 profitability was mainly due to business structure and public sentiment impacts, with the net profit margin decreasing by 2.6 percentage points. The core five provinces, which contribute significantly to profits, saw a slight revenue decline, leading to an 18 percentage point drop in revenue contribution to 57%. The gross margin decreased by 1.3 percentage points, influenced by increased costs related to e-commerce warehousing. However, the comparable gross margin is expected to improve with ongoing product structure optimization [12][12]. Market Trends - Recent events, such as changes in brand ownership and issues faced by some e-commerce brands, indicate that the sanitary products market favors quality brands. Companies with strong supply chains and multi-channel strategies are expected to benefit [12]. Future Outlook - The fundamentals are expected to improve in H2, with continued competitiveness in the offline market. E-commerce performance is anticipated to recover, particularly on platforms like Douyin and Tmall, with new product launches planned. The core five provinces are expected to return to normal growth rates, and the profitability in peripheral markets is projected to recover. The company remains optimistic about its growth potential and profitability elasticity, with expected net profits of 360 million and 500 million for 2025 and 2026, respectively, corresponding to PE ratios of 35 and 25 times [12][12].

Core Insights - Beijing Longtao Entertainment Culture Co., Ltd. has recently been subject to a court execution order for an amount of 328,300 yuan, with the case being handled by the Beijing Chaoyang District People's Court [1] - The company has had over 340,000 yuan in equity frozen due to this case, with the affected entity being Beijing Longtao Film and Television Co., Ltd. [1] - Huang Zitao, who holds approximately 67% of the company through Hainan Eternal Star Long Culture Development Group Co., Ltd., has recently stepped down as the executive director of the company [1] Company Overview - Beijing Longtao Entertainment Culture Co., Ltd. was established on April 13, 2016, with a registered capital of 4.5 million yuan [2] - The company operates in the broadcasting, television, film, and recording production industry, providing services such as film production, cultural and entertainment agency services, and event planning [2] - The legal representative of the company is Kang Hui, and it is currently in a state of existence [2] Ownership Structure - The ownership structure of Beijing Longtao Entertainment includes Huang Zitao and Zhang Jianhua, with Huang Zitao's stake being held through Hainan Eternal Star Long Culture Development Group Co., Ltd. [2] - Huang Zitao is a well-known figure in the entertainment industry, having established his personal company in July 2018 [4] - Huang Zitao has also launched a sanitary napkin brand, indicating his expansion into consumer goods [4]