记者注意到，有人直接把写有"请关闭广告声音"的纸条贴在显示屏上，还有人用胶带把显示屏包裹起 来。而在此前，上海一名大学生更是直接网购了一把电梯广告"通用钥匙"，一口气关停了100多块小区 电梯楼宇广告。那么，如此"洗脑"的电梯广告是否侵犯市民权益？而那些五花八门的应对办法又是否合 理合法呢？ "电梯里这个广告简直要把人逼疯了，不停重复'牙线就是XXXX'，今天一看受不了的不止我一个！"近 日，有网友发帖称，看到电梯里广告显示屏被人贴上了写有"请关闭广告声音"的纸条，发出以上感 慨。"电梯里的广告全是这种风格的，声音巨大，一段话一个词不停重复！"有网友称，自己有几次深夜 独自在电梯里被吓得一激灵。 南京市民孙女士则向记者吐槽了此前自家小区电梯里的广告乱象：轿厢两侧贴满了各式各样的宣传海 报，楼层按钮正上方的电子屏不停循环播放广告，就连电梯门上都有投影仪投射的滚动广告画面。"广 告内容五花八门，从家具维修、旅游景区推广，到拖把、牙线、羽绒服这类日用品，甚至还有上门按 摩、成人用品的广告，短短一分钟内，就得被迫看五六条。"孙女士尤为反感的是带语音播报的广告视 频，"电梯里的广告时间有限，就用魔性、重复的口号强行植入 ...

Core Insights - The report "Betting on Three Square Meters: Practical Guide to Elevator Advertising" focuses on the elevator advertising industry, analyzing its advantages, development trends, practical strategies, and case studies [1] - Elevator advertising has become a leader in the advertising market due to its unique advantages, including scene value and cost efficiency, with a user attention rate of 45% and a stable CPM of 40-50 RMB [1][23] Industry Trends - Four core trends are identified: 1. Advantage integration through mergers, with the acquisition of New Wave Media by Focus Media covering over 90% of office buildings and 70% of middle-class communities [2] 2. Urban penetration, with lower-tier cities showing significant consumption potential and a demand for quality living [2] 3. Category reconstruction, where daily consumer goods have replaced the internet industry as the main advertising category, accounting for 59% of the market [2][54] 4. Content evolution, with brands forming a "1+N+X" decentralized matrix for marketing, where elevator media plays a crucial role [2] Practical Strategies - Elevator advertising requires precise adaptation to scenes and categories, with outdoor sports, digital products, and automotive sectors identified as potential growth areas [2] - The application of AI technology enhances advertising effectiveness through three-dimensional evaluations, allowing for better pre-strategy formulation and post-analysis [2] Case Studies - Multiple brand cases demonstrate the value of elevator advertising, such as DeYou establishing category awareness and a maternal and infant brand achieving dual growth in performance [3] - Elevator advertising has evolved from mere exposure to a key component of omnichannel marketing, driving long-term brand recognition and growth [3] Market Performance - Elevator advertising has consistently outperformed the overall advertising market for five consecutive years, with projected growth rates of 21% for elevator LCDs and 13.6% for posters in 2024 [23][24] - The stable cost structure of elevator advertising, with a CPM significantly lower than mainstream internet apps, allows for effective targeting of high-consumption demographics [35][36] Audience Characteristics - The audience for elevator advertising is characterized by youth, high education levels, and strong purchasing power, with 61% under 40 years old and a significant portion holding college degrees [36][35] Conclusion - The elevator advertising industry is positioned for continued growth, driven by its unique advantages, strategic integration, and evolving consumer preferences, making it a critical area for investment and marketing strategies [1][2][3]

Core Viewpoint - The article discusses the growing issue of elevator advertisements in urban areas, highlighting a recent incident where a university student successfully shut down over 100 elevator ads, sparking public interest and debate about the nature of these ads and their impact on society [6][8][18]. Group 1: Elevator Advertising Market - The elevator advertising sector is one of the fastest-growing areas in China's advertising market, with a reported media spending of 18.827 billion yuan as of September 2025, reflecting a 21% quarter-on-quarter increase and a 15% year-on-year increase, with expectations to surpass 20 billion yuan in 2025 [19]. - The average annual compound growth rate for the elevator advertising market is approximately 16.7%, significantly outpacing traditional advertising sectors [19]. - The high reach and repetitive nature of elevator ads contribute to their effectiveness, as they capture audiences in confined spaces, making it difficult for viewers to avoid the content [21]. Group 2: Challenges Facing Elevator Advertising - Despite the growth, elevator advertising faces significant challenges, including negative brand perception due to the intrusive nature of the ads, which can lead to consumer annoyance and a lack of immediate conversion [23]. - The market is constrained by a limited overall advertising budget, as elevator ads represent a small segment of the broader offline advertising market, and the cooling real estate sector has reduced the number of new elevators available for advertising [29]. - Regulatory changes are also impacting the industry, with various cities implementing stricter guidelines on the volume and quantity of elevator ads [29]. Group 3: Competitive Landscape - Elevator advertising competes with digital platforms like Douyin and Kuaishou, which utilize data analytics and targeted advertising to achieve better conversion rates and measurable results, a capability that elevator ads currently lack [30]. - The industry is seeing a shift towards more interactive and engaging advertising formats, with companies like Tiying Media and Quzhi Group exploring digital projection and gamified experiences to enhance user engagement [33][34]. - The need for elevator advertising to evolve into a model that demonstrates effectiveness in driving sales is becoming increasingly urgent, as failure to adapt may lead to obsolescence in a rapidly changing advertising landscape [35].

Core Viewpoint - The prevalence of simplistic advertising reflects a laziness in corporate marketing, focusing on exposure and click rates while neglecting the aesthetic value of ads, leading to a loss of communication value and potential brand risks [1][3]. Group 1: Public Sentiment and Advertising Impact - A recent incident involving a student from Shanghai University who disabled over 100 elevator ads highlights public dissatisfaction with intrusive advertising in shared spaces, indicating a deep-seated resentment towards the commercialization of public areas [2][5]. - The shift in public perception towards elevator ads has been attributed to the repetitive and invasive nature of these advertisements, which often lack creativity and lead to negative emotional associations with brands [3][5]. Group 2: Effective Advertising Strategies - Good advertising should be seen as a gift of content to the audience rather than an imposition, reflecting a brand's respect for consumers and their intelligence [4]. - Classic advertisements, such as Apple's 1984 Super Bowl ad, exemplify how effective marketing can engage audiences through creativity and meaningful content rather than repetitive messaging [4]. Group 3: Economic Implications and Industry Trends - The competition for consumer attention in the elevator advertising space has significant economic implications, with leading companies like Focus Media demonstrating substantial cash flow capabilities comparable to major brands like Kweichow Moutai [4]. - The recent actions of the Shanghai student serve as a catalyst for brands and advertisers to reconsider their strategies, questioning whether aggressive advertising methods are sustainable for long-term consumer trust and brand integrity [5].

Group 1: Fundraising Challenges and Strategies - The fundraising environment in the primary market has become increasingly difficult, with insurance capital being particularly hard to secure. However, the recent fundraising of 4.5 billion yuan by the company saw 70% of the funds coming from insurance capital, indicating a strategic alignment with the long-term nature of insurance investments [3][4]. - The company identified that merger and acquisition (M&A) products are inherently suitable for insurance capital, as they resemble fixed-income investments, providing cash returns within a shorter timeframe compared to venture capital (VC) investments [3][5]. - The A-share market has a significant amount of cash reserves, with non-financial listed companies holding approximately 11 trillion yuan, suggesting that M&A will become a crucial avenue for growth as traditional industries face stagnation [3][4]. Group 2: Investment Philosophy and Market Trends - The company advocates for a fixed-income approach to equity investments, emphasizing that M&A can yield returns through dividends and cash flow, contrasting with the longer timelines associated with VC investments [5][6]. - The current low-interest-rate environment has prompted insurance capital to seek higher-yielding investment opportunities, making M&A funds appealing as they can offer returns comparable to fixed-income products [5][6]. - The company notes that the ongoing M&A activities, such as the Starbucks acquisition, reflect a broader trend of multinational companies reassessing their strategies in China, particularly in light of the post-pandemic market dynamics [7][8]. Group 3: Strategic Insights on M&A - The company highlights the challenges faced by foreign companies in adapting to the rapidly evolving Chinese market, including the need for localized strategies and the impact of geopolitical factors [8][9]. - The company positions itself as a solution provider for multinational corporations looking to navigate the complexities of the Chinese market through strategic partnerships and local expertise [9][10]. - The company emphasizes the importance of aligning interests in large M&A transactions, advocating for a focus on long-term strategic goals rather than short-term financial gains [13][14]. Group 4: Industry Developments and Innovations - The partnership between the company and Alipay represents a significant innovation in the advertising space, enabling a direct interaction between consumers and advertisements, thus creating a closed-loop system [18][20]. - The public disinfection industry has seen growth due to the pandemic, with increased awareness of public safety and hygiene, indicating a promising future for companies in this sector [21][22]. - The company observes that the competitive landscape in retail is shifting, with consumer preferences evolving towards higher quality products, suggesting a potential market opportunity for businesses that can meet these demands [16][17].

Market Overview - Elevator advertising is becoming an important medium in urban areas, particularly in Shanghai, where high foot traffic in elevators provides a significant market opportunity [1][2] - The advertising is primarily concentrated in high-end residential complexes, office buildings, and shopping malls, attracting numerous brands due to high exposure rates [2] Pricing Model - The pricing of elevator advertising is influenced by several factors, including location, type of advertisement, and duration of the campaign [3] - Prices for elevator advertising in Shanghai range from several thousand to tens of thousands of yuan per month [3] Cost Breakdown - Static poster advertising in high-end office buildings typically costs between 5,000 to 15,000 yuan per month, depending on location and floor [3] - LED screen advertising generally ranges from 10,000 to 30,000 yuan per month due to its higher engagement potential [3] - Combination advertising packages, which include both static and LED ads, usually cost between 15,000 to 50,000 yuan per month [3] Factors Affecting Advertising Effectiveness - The design and creativity of the advertisement significantly impact viewer attention, with well-designed ads more likely to engage audiences [5] - Target audience identification is crucial, as different buildings and communities have varying demographics [6] - Timing of the advertisement placement can also affect its effectiveness, with holidays and promotional periods likely to yield higher engagement [7] Advantages and Disadvantages - Advantages of elevator advertising include high exposure rates and the ability to capture attention quickly due to short waiting times [8][9] - Disadvantages include limited advertising time, which may not allow for in-depth brand storytelling, and a restricted audience reach confined to specific locations [9] Selection Process for Elevator Advertising - Businesses should determine their target audience and select appropriate advertising locations based on audience characteristics [11] - Choosing the right advertising format, whether static or dynamic, is essential based on budget and promotional needs [11] - High-quality content design that aligns with brand image is critical for attracting the target audience [11] Future Trends - The future of elevator advertising may include advancements in technology, such as smart advertising using big data and AI for precise targeting [12] - Increased interactivity through screens or QR codes may enhance viewer engagement [12] - A diversification of content formats, including short videos and real-time information, is expected to make advertisements more engaging [12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.7 RMB based on a PE of 23X for 2025 [4]. Core Views - The acquisition of New潮传媒 is expected to benefit the company in three main areas: enhancing coverage and meeting diverse client needs, solidifying its leading position, and improving data integration for better effectiveness in advertising [2][14]. - The partnership with Alipay to integrate advertising and payment processes is anticipated to enhance the conversion chain from advertisement to consumer action, thereby increasing market potential for elevator advertising [3][35]. - The evolving consumer trends are likely to drive incremental advertising spending in the elevator media sector, particularly as new industries and brands emerge [3][38]. Summary by Sections Acquisition of New潮传媒 - The acquisition aims to complete the coverage of advertising points and demographics, thus better satisfying diverse brand advertising needs [14]. - The company’s leading market position is expected to be further strengthened, enhancing its bargaining power [14][25]. - Data integration post-acquisition is projected to facilitate better effectiveness in advertising campaigns [28]. Partnership with Alipay - The collaboration with Alipay is designed to create a seamless link between advertisement viewing and consumer interaction, potentially resolving attribution challenges in traditional elevator media [35]. - The rapid growth of Alipay's user base and its integration into the company's advertising channels is expected to enhance market reach [36]. New Consumer Trends - Analysis indicates that changes in consumer behavior will likely stimulate new advertising investments, particularly in competitive sectors like internet services and online education [38]. - The report highlights that as competition intensifies, advertising prices for effect-driven campaigns may rise, benefiting brand advertising [38]. - New consumer companies are expected to have robust advertising budgets due to their higher profitability and ongoing industry expansion [38]. Financial Forecasts - The projected net profits for the company from 2025 to 2027 are 54.5 billion, 57.6 billion, and 61.9 billion RMB, respectively, with a PE ratio of 19, 18, and 17 [4][8].

Core Insights - The acquisition of New Trend Media by Focus Media for 8.3 billion yuan highlights a significant shift in the advertising landscape, where traditional advertising methods like elevator ads are gaining traction despite the dominance of internet advertising [1][27] - Focus Media's strategy emphasizes the importance of brand awareness and consumer memory, contrasting sharply with the short-term focus of internet advertising [9][30] Group 1: Advertising Landscape - Focus Media's acquisition of New Trend Media is a bold move in a market where traditional advertising is often seen as declining [1] - The elevator advertising sector has attracted significant investment from major Chinese brands, indicating a resurgence in traditional advertising methods [1][19] - The effectiveness of elevator ads lies in their ability to create brand recognition through repeated exposure, which is a different approach compared to the immediate conversion focus of internet ads [5][7] Group 2: Marketing Strategies - Elevator advertising operates on the principle of repetition, embedding brand messages into consumers' minds over time, which reduces decision-making costs when purchasing [5][25] - In contrast, internet advertising often leads to "marketing myopia," where brands focus on immediate metrics like click-through rates and ROI, neglecting long-term brand retention [7][9] - Brands that rely solely on internet advertising risk losing consumer loyalty once promotional offers end, highlighting the need for a more sustainable marketing approach [11][30] Group 3: Consumer Behavior - The current advertising environment is characterized by a shift from short-term gains to long-term brand building, as evidenced by the success of brands like Yuanqi Forest, which effectively utilized elevator ads to establish a strong market presence [20][24] - The concept of "public memory" created by elevator ads allows brands to become part of everyday conversations, enhancing their visibility and relevance in consumers' lives [16][22] - The "four high" advantages of elevator advertising—high reach, high attention, high frequency, and high completion rates—make it a powerful tool for brands in a fragmented media landscape [25][24] Group 4: Future Trends - The advertising industry is moving towards a "consensus marketing" approach, where building collective brand recognition is prioritized over mere traffic generation [27][30] - As the effectiveness of traditional internet advertising diminishes, brands that focus on establishing a strong presence in consumers' daily lives will thrive in the evolving market [31][30]

Summary of the Conference Call for 分众传媒 Company Overview - **Company**: 分众传媒 (Focus Media) - **Acquisition**: Acquired 新潮传媒 (New潮 Media) to enhance industry efficiency and expand audience reach, targeting 470 million to 500 million middle to upper-income individuals in China, achieving 80% reach of mainstream consumers [2][5][4]. Core Insights and Arguments - **Strategic Goals**: The acquisition aims to improve operational efficiency in a fragmented outdoor advertising market and increase coverage in lower-tier cities, potentially reaching 500 towns [4][5]. - **Digital Integration**: Focus Media plans to leverage its digital distribution capabilities alongside New潮 Media's programmatic buying for small businesses, integrating data from platforms like Tmall, JD, and Douyin for more precise media distribution and ROI verification [2][7]. - **Marketing Trends**: The 2025 marketing trend emphasizes capturing consumer mindsets, with elevator advertising providing high-frequency, low-interference exposure to deepen brand recognition and reduce decision-making costs [2][8]. - **Macro Environment**: Despite uncertainties, opportunities exist in the fast-moving consumer goods (FMCG) and cosmetics sectors, as brands shift towards traditional media to combat traffic fatigue [2][11][12]. Additional Important Content - **Advertising Trends**: In Q1 2025, advertising demand showed volatility, with FMCG and cosmetics performing well, particularly during festive periods [3]. - **Branding vs. Performance**: The distinction between performance-driven advertising and brand advertising is highlighted, with the former focusing on immediate returns and the latter on long-term brand recognition and societal consensus [6][10]. - **Operational Adjustments**: In response to macroeconomic pressures, Focus Media is optimizing resource allocation and innovating products to attract clients amid tightening budgets [21]. - **AI Strategy**: The company is enhancing customer service efficiency through AI applications, focusing on real-time response scenarios and creative content generation [29]. - **Future Plans**: Focus Media aims to maintain high dividend payouts, with a commitment to distribute at least 80% of net profit after deductions over the next three years [28]. Industry Dynamics - **Consumer Behavior**: The shift towards traditional media in the cosmetics sector indicates a broader trend of brands reassessing their advertising strategies in light of rising traffic costs [11][34]. - **Emerging Trends**: The beverage industry is witnessing a rise in health-oriented products, while the automotive sector is seeing increased advertising due to events like the Shanghai Auto Show [17][3]. - **Challenges in Digital Advertising**: The reliance on digital advertising is creating sustainability issues for brands, as they face pressure to continuously invest in traffic to maintain sales [31]. Conclusion Focus Media's strategic acquisition of New潮 Media is positioned to enhance its market presence and operational efficiency, while the company navigates a complex advertising landscape marked by shifting consumer behaviors and macroeconomic challenges. The emphasis on integrating digital capabilities and traditional advertising methods reflects a broader industry trend towards achieving a balance between immediate performance and long-term brand building.

文 / 袁一音 4 月 9 日，广告行业迎来重磅收购，在竞争多年之后，梯媒赛道霸主分众传媒斥资 83 亿元收购梯媒另一头部玩家新潮传媒，创下 中国户 外媒体并购案史上 数额之最。 电梯的优势 近些年，许多爆款品牌和营销语，如儿歌轰炸的妙可蓝多、霸屏的简醇零蔗糖酸奶，登顶童鞋品类的泰兰尼斯，都借助了电梯场景这个超 级加速器，成为经典案例。 走进任何一座写字楼的电梯，白领们都会放下手机，抬头凝视这些广告。这不是偶然，而是现代人对抗信息焦虑的一种本能选择。 凯度的研究揭示了一个反直觉的真相：在号称万物互联的时代，电梯这个物理空间竟实现了 79% 的触达率，比精心设计的互联网广告高出 数倍。这并非算法推演的虚拟覆盖，而是 5 亿都市人群每日必经的真实轨迹交汇。 整个广告界陷入哗然 —— 83 亿，几乎可以把中国的公交车广告、候车亭广告、机场广告、地铁广告、高铁广告五大户外广告龙头全部收 购，为何分众却只买了一个同赛道的新潮？ 实际上，这场收购，不仅意味着线下流量版图重构，更揭示了广告行业的底层逻辑裂变 ——在互联网平台陷入"精准内卷"时，梯媒的"饱 和攻击 + 社会共识"正在成为品牌跳出流量竞争的关键。 今天，我们就 ...