出品： 刻度财经 2025年前三季度实现营业收入96.07亿元，同比增长3.73%。归母净利润42.40亿元，同比增长6.87%。 等电梯的30秒，不再是盯着静态海报发呆的无聊间隙。如今在全国多座城市的电梯间，不少人会下意识 掏出手机，对着海报旁的蓝色圆环轻轻一碰，就能领取现金红包或品牌优惠券，这是分众传媒与支付宝 联手打造的"碰一下，抢红包"创新营销模式，正试图将线下流量入口转化为消费转化闭环。 当这场线下场景的互动热潮蔓延时，分众传媒2025年三季报如期而至，《刻度财经》研究财报发现前三 季度实现营业收入96.07亿元，同比增长3.73%。归母净利润42.40亿元，同比增长6.87%。 图源：分众传媒2025年三季度报告 与此同时，公司拟斥资83亿元全资收购行业排名第二的新潮传媒，这场持续12年的电梯广告争霸终于落 下帷幕，被称为"梯媒世纪并购"的交易，将让分众获得新潮74万部社区智能屏资源，实现从一二线商务 楼宇到三四线社区的全场景覆盖。 一边是新场景营销引发的行业关注，一边是财报数据呈现的盈利韧性，分众传媒似乎在广告行业的调整 周期中找到了破局之道。 但深入拆解就会发现，光鲜数据背后暗藏隐忧，3.73 ...

执业证书编号：S0740515080001 Email：kangyw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 14,442.20 | | 流通股本(百万股) | 14,442.20 | | 市价(元) | 7.19 | | 市值(百万元) | 103,839.42 | | 流通市值(百万元) | 103,839.42 | 分众传媒（002027.SZ） 证券研究报告/公司深度报告 2025 年 12 月 30 日 广告营销 | 买入（首次） 评级： | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：康雅雯 | | 营业收入（百万元） | | 11,904 | 12,262 | 13,085 | 14,607 | 16,487 | | | | 增长率 yoy% | | 26% | 3% | 7% | 12% | 13% | ...

� 150 kin coffe :31 Paris A V e 10 UNDER 4 r l (97 野生 0 1 F 3 s WX 通过机器人的推荐，选择好今天的午餐，并让它为自己创建带有定制化要求的订单，最后在与机器人的 聊天框中就完成了支付，AI技术的变革将这些过去仅存于科幻电影中的片段变成了现实。 行业人士表示，随着AI技术在千行百业的应用不断深化，AI生态内的支付也会成为行业关注焦点。 今年9月，支付宝推出国内首个"AI付"服务，率先在瑞幸咖啡的AI点单助手"Lucky AI"上线，用户用说 话的方式就能完成下单并支付，至此，智能体内的下单与支付全链路被打通，无缝的AI服务体验得以 实现。"AI付"上线一天后，美团首款AI Agent产品"小美"App也迎来公测，提供的服务包括外卖下单、 餐厅预约、美食推荐等本地生活服务。现在，已经有很多人尝试过用这款App，吃上AI为自己点的外 卖。 不仅如此，AI生态下支付的交互方式也在持续更新。就在刚过去的11月，杭州一家专门从事智能眼镜 研发的科技公司Rokid正式宣布将"AI付"从手机"搬"到了自家的智能眼镜上。在他们的演示视频里，戴 着智能眼镜的用户全程 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3][7]. Core Insights - The company reported a revenue of 9.607 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 3.73%, and a net profit attributable to shareholders of 4.240 billion yuan, up 6.87% year-on-year [1]. - In Q3 2025, the company achieved a revenue of 3.494 billion yuan, with a year-on-year increase of 6.08%, and a net profit of 1.576 billion yuan, reflecting a growth of 6.85% year-on-year [1]. - The company's gross margin has improved, reaching 74% in Q3 2025, close to the historical high of 75% in 2017, indicating enhanced pricing power following the acquisition of New Wave Media [7]. - The innovative "Tap to Get" model, launched in collaboration with Alipay, aims to enhance consumer engagement and drive revenue growth by linking brand exposure to consumer conversion [7]. - The company has maintained a high dividend policy, distributing 1.00 yuan per 10 shares in the first half of 2025 and planning to distribute 0.50 yuan per 10 shares in Q3 2025, totaling 7.22 billion yuan in cash dividends [7]. Financial Data and Valuation - The company is projected to achieve total revenue of 13.036 billion yuan in 2025, with a year-on-year growth of 6% [2]. - The net profit attributable to shareholders is expected to reach 5.562 billion yuan in 2025, reflecting an 8% year-on-year increase [2]. - The earnings per share (EPS) is forecasted to be 0.39 yuan in 2025, with a price-to-earnings (PE) ratio of 20.2 [2][10]. - The return on equity (ROE) is projected to be 31.9% in 2025, indicating strong profitability [10]. Shareholder Information - The total market capitalization of the company is approximately 112.4 billion yuan, with a circulating market value of the same amount [3]. - The major shareholder, Media Management Hong Kong Limited, holds a 23.72% stake in the company [3].

Core Insights - Alipay, Meiyijia, and Huawei Cloud have signed a collaborative agreement to accelerate the smart transformation of retail stores, aiming to create a benchmark solution for smart retail [1] - Meiyijia has launched the first smart cash register equipped with the "Tap to Pay" interaction technology, which will be deployed in multiple stores nationwide [1] - The collaboration will leverage Meiyijia's network of over 40,000 stores, Huawei's HarmonyOS technology, and Alipay's expertise in digital operations and payments to enhance consumer experience and store operational efficiency [1] Group 1 - The partnership aims to promote the construction of a smart operational system across stores, focusing on improving both consumer experience and operational efficiency [1] - Future phases of the collaboration will include upgrading smart devices, integrating account systems, and optimizing membership operations [1] - The initiative will explore intelligent innovations in various scenarios, including payments and advertising, to create scalable and replicable smart store models [1] Group 2 - The "Tap to Pay" feature, launched by Alipay in 2024, allows users to complete payments quickly without opening the app, having served over 200 million users since its inception [3]

Core Insights - The core viewpoint of the news is the strategic rebranding of Alipay's operating entities, which reflects the ongoing advancement of the "Dual Flywheel" strategy aimed at enhancing payment technology and digital services [1][3]. Group 1: Company Rebranding - Alipay's main operating company, Alipay (China) Network Technology Co., Ltd., has been renamed to Alipay Payment Technology Co., Ltd., while Alipay (Hangzhou) Information Technology Co., Ltd. is now Alipay (Hangzhou) Digital Service Technology Co., Ltd. [1] - The rebranding is part of a governance upgrade under the "Dual Flywheel" strategy, which will not affect customer service or experience, as the Alipay brand and app name remain unchanged [1]. Group 2: Strategic Developments - The "Dual Flywheel" strategy has shown rapid development, with significant organizational changes announced by Ant Group, focusing on "AI First," "Dual Flywheel," and accelerated globalization [1][2]. - Alipay has achieved over 200 million users for its "Tap" feature in less than a year and is gaining a competitive edge with the launch of "AI Pay" services [2]. Group 3: Technological Innovations - Alipay is enhancing its app with new AI features, including a new AI interface called "Explore" and a smart voice search that connects users to over 10,000 services [2]. - The independent AI health application AQ, launched by Ant Group, has served over 140 million users, with a significant portion from lower-tier cities, and has achieved a 60.1% month-over-month growth rate [3].

Group 1 - The core viewpoint of the news is that Alipay has successfully completed the renaming of its two main operating entities, aligning with its "dual flywheel" strategy, which focuses on payment technology and digital connectivity [1][4] - The new names for the entities are "Alipay Payment Technology Co., Ltd." and "Alipay (Hangzhou) Digital Service Technology Co., Ltd." [1] - The renaming is part of a governance upgrade under the "dual flywheel" strategy and does not affect customer service or experience, with the Alipay brand and app name remaining unchanged [1] Group 2 - Since last year, the "Alipay dual flywheel" strategy has been rapidly developing, with significant organizational changes announced by Ant Group, including the establishment of two major business groups: Digital Payment and Alipay [3] - Recent developments include the achievement of over 200 million users for the "Tap" feature within a year and a half, and the launch of the "AI payment" service aimed at providing payment solutions for AI entities [3] - Alipay has also introduced new AI features, such as the "Explore" function based on "Scan," and a smart voice search that connects users to over 10,000 services, indicating a rapid evolution towards intelligent services [3]

Core Viewpoint - The recent name changes of Alipay's operating entities reflect the acceleration of the "Dual Flywheel" strategy, enhancing the clarity of Alipay's governance and strategic direction in the digital payment and technology sectors [1][2]. Group 1: Company Name Changes - Alipay (China) Network Technology Co., Ltd. has been renamed to Alipay Payment Technology Co., Ltd., which is the licensed entity for Alipay's payment services [1]. - Alipay (Hangzhou) Information Technology Co., Ltd. has changed its name to Alipay (Hangzhou) Digital Service Technology Co., Ltd., further aligning with the "Dual Flywheel" strategy [1]. Group 2: Strategic Developments - The name changes are part of a broader governance upgrade under the "Dual Flywheel" strategy, which aims to enhance customer service and experience while maintaining the Alipay brand [1]. - The "Dual Flywheel" strategy focuses on advancing payment technology innovations such as "Tap" and "AI Payment" to improve service offerings [1]. - The strategy has been in progress since last year, with significant organizational changes announced by Ant Group's CEO, including the appointment of Han Xinyi as the new president responsible for digital payment and digital interconnectivity [2][3]. Group 3: Business Growth and User Engagement - The "Tap" feature has reached 200 million users, indicating strong user engagement and growth in Alipay's service offerings [3]. - Alipay recently launched the domestic "AI Payment" service, targeting the AI era to provide payment solutions for intelligent agents [3].

Core Viewpoint - The recent name changes of Alipay's operating entities reflect the ongoing implementation of the "Dual Flywheel" strategy, enhancing corporate governance while maintaining the Alipay brand and user experience [5][6]. Group 1: Name Changes - The People's Bank of China approved the name change of Alipay (China) Network Technology Co., Ltd. to Alipay Payment Technology Co., Ltd., which is the licensed entity for Alipay [1]. - Alipay (Hangzhou) Information Technology Co., Ltd. has also been renamed to Alipay (Hangzhou) Digital Service Technology Co., Ltd. [2]. Group 2: Strategic Implications - The name changes are part of the "Dual Flywheel" strategy, which aims to advance both payment technology and digital connectivity, positioning Alipay for new growth opportunities [5][6]. - The company emphasizes that the name changes will not affect customer service or experience, and the Alipay brand will remain unchanged [5]. Group 3: Organizational Developments - Since last year, Ant Group has accelerated the implementation of the "Dual Flywheel" strategy, including organizational restructuring to enhance market responsiveness and management team youthfulness [6]. - The establishment of two major business groups, Digital Payment and Alipay, reflects the strategic focus on "AI First," "Dual Flywheel," and global expansion [6]. Group 4: User Engagement and Innovations - Alipay's "碰一下" feature has reached 200 million users, showcasing significant user engagement [7]. - The recent launch of the "AI Payment" service aims to provide payment solutions tailored for the AI era [7].

Group 1 - The core viewpoint of the news is that Alipay has successfully completed the renaming of its two main operating entities as part of its "dual-wheel" strategy, which aims to enhance corporate governance without affecting customer service or experience [1][2] - Alipay's main operating entity, Alipay (China) Network Technology Co., Ltd., has been renamed to Alipay Payment Technology Co., Ltd., while Alipay (Hangzhou) Information Technology Co., Ltd. has been renamed to Alipay (Hangzhou) Digital Service Technology Co., Ltd. [1] - The "dual-wheel" strategy has shown rapid development since last year, with significant organizational changes announced by Ant Group, focusing on "AI First," "dual-wheel," and accelerating globalization [1] Group 2 - At the recent Shanghai Bund Conference, Alipay reported that its "Tap" feature has surpassed 200 million users in less than a year and a half, creating a new entry point for user services and merchant operations [2] - Alipay is also gaining an early advantage in "AI payment" services, having launched the domestic "AI Pay" service on September 11, aimed at providing payment solutions for intelligent agents in the AI era [2] - The simultaneous renaming of the two operating entities is viewed as an accelerated evolution of the "dual-wheel" strategy, with both payment technology and digital connectivity advancing together, positioning Alipay on a new growth trajectory [2]