Core Viewpoint - Disney's stock fell over 4.6% to $112.84 following its Q3 earnings report, which showed a 2% year-over-year revenue growth to $23.7 billion, meeting expectations, while adjusted earnings per share exceeded analyst forecasts [1] Financial Performance - Revenue for Q3 increased by 2% year-over-year to $23.7 billion, aligning with market expectations [1] - Adjusted earnings per share were reported at $1.61, surpassing analyst predictions of $1.45 [1] - The operating profit for the entire entertainment segment, including television networks and movies, declined by 15% to $1 billion [1] - The film division recorded a loss of $21 million during the quarter [1] Business Segment Highlights - The theme parks and streaming services showed strong performance, contributing positively to the overall revenue [1]

Core Viewpoint - Keda Control plans to acquire 51% of Changzhou Haituo Information Technology Co., Ltd. for 209.1 million yuan, marking the first acquisition of a New Third Board company by a North Exchange listed company [1][2][4] Financial Summary - As of December 31, 2024, Keda Control's total assets are approximately 186.74 billion yuan, with total liabilities of about 36.65 billion yuan, and net assets of around 150.09 billion yuan [1] - Keda Control's operating revenue for 2024 is projected to be approximately 145.50 billion yuan, an increase from 137.06 billion yuan in 2023 [1] Acquisition Details - The valuation of Haituo Technology's total equity as of December 31, 2024, is approximately 413 million yuan, with Keda Control's acquisition price representing a significant discount [2] - Haituo Technology specializes in integrated embedded, streaming media, AI, and machine vision solutions, primarily serving markets such as smart mining and military [2][3] Strategic Implications - The acquisition is expected to create synergies that enhance Keda Control's product performance, core competitiveness, and market share [3] - This transaction is seen as a milestone, demonstrating the North Exchange's role in supporting New Third Board companies and providing new pathways for IPO candidates [4] Performance Comparison - In terms of profitability, Haituo Technology is projected to outperform Keda Control in 2024, with a net profit of approximately 41.65 million yuan compared to Keda Control's 34.51 million yuan [5] - The acquisition is anticipated to significantly improve Keda Control's profitability post-transaction [5] Financial Commitments - The acquisition includes performance commitments from Haituo Technology, ensuring net profits of no less than 38 million yuan, 42 million yuan, and 46 million yuan for the years 2025 to 2027 [6] - Keda Control's cash reserves are limited, with only about 10.02 million yuan available as of the first quarter of 2025, raising concerns about financial pressure post-acquisition [6] Market Position - As of June 27, Keda Control's stock price is 29.6 yuan per share, with a total market capitalization of approximately 2.29 billion yuan [7]

Core Viewpoint - The report from CITIC Securities indicates that mainstream internet companies exhibit strong performance resilience, with expectations for continued high resilience in the first half of 2025, despite potential adjustments in the second half due to changes in tariff policies [1] Group 1: Performance Outlook - Internet companies are expected to maintain strong performance resilience in the first half of 2025 [1] - The worst-case scenario for performance has likely already occurred, suggesting a stabilization in outlook [1] Group 2: Sector Analysis - Streaming, gaming, and local services sectors are less affected by tariffs and are seen as safe havens in the short to medium term [1] - If tariff negotiations improve, cyclical sectors such as online advertising, e-commerce, and consumer finance may experience a reversal in performance expectations [1] Group 3: Investment Recommendations - The report recommends focusing on aggressive selections related to tariff and policy reversals [1] - Defensive selections for the short to medium term are also advised [1] - Attention should be given to potential deregulation targets in the future [1]