出品 | 虎嗅科技组 作者 | 宋思杭 编辑 | 苗正卿 Manus 的业务范围涵盖多个领域，在智能办公方面，它能快速处理大量文档、数据，极大提升办 公效率；在智能营销领域，可根据市场数据精准制定营销策略，助力企业拓展市场。为了维持业 务的高效运转，Manus 构建了多元化的团队，除了核心技术团队外，还包括市场运营团队、客户 服务团队等。不同团队各司其职，共同推动 Manus 向前发展。 对此，Manus向虎嗅作出官方回应："基于公司自身经营效率考量，我们决定对部分业务团队进行 调整。公司将继续专注核心业务发展，提升整体运营效率。" 实际上，早在2025年6月，Manus就已经将总部迁至新加坡。对此，Manus官网也已有相关介绍。 甚至在6月中旬，关于Manus 的广告就已经"大张旗鼓"地"登陆"到新加坡地铁和公交站。 2025年3月，Manus在海内外因"一码难求"而走红。据了解，Manus的内测码曾在闲鱼等二手平台 上炒到10万元一个。而据Xsignal（奇异因子）数据显示，当月manus月活突破2000万。 值得一提的是，5月12日，Manus在社交平台发消息称，即日起，Manus向所有人开放，无需等待 ...

Core Insights - Manus has recently laid off a portion of its domestic workforce, with over 40 core technical staff relocating to its headquarters in Singapore, while the remaining employees face layoffs [1] - The company stated that the adjustments are based on operational efficiency considerations and aims to focus on core business development [1][6] - Manus had previously moved its headquarters to Singapore in June 2025, which was publicly announced and promoted [1] Business Performance - Manus gained significant attention in March 2025, with its internal testing codes selling for as much as 100,000 yuan on second-hand platforms, and monthly active users (MAU) reaching over 20 million [2] - However, by May 2025, the MAU dropped to approximately 10 million, with the company acknowledging that actual figures were slightly lower than reported [2] - The company has introduced video generation features for its subscription users, indicating a focus on enhancing product offerings [5] Strategic Focus - Manus operates in various sectors, including smart office solutions and intelligent marketing, aiming to improve operational efficiency and market strategies [5] - The recent layoffs and headquarters relocation are part of a broader strategy to optimize the company's structure in response to increasing competition in the global AI industry [5][6] - The company emphasizes that the adjustments are intended to enhance resource allocation and maintain a competitive edge in the AI market [6]

文｜财华社 A股上市的广告营销公司蓝色光标（300058.SZ），已向港交所提交了上市申请，计划赴港上市。 1）出海跨境营销服务：包括数字广告服务——为客户在海外媒体平台上策划、发布和管理广告项目；整合营销服 务——提供从社交媒体营销、大数据分析、公关服务以至端到端项目管理的一站式服务；程序化广告服务——通 过专有平台Blue X及Blue Turbo提供程序化广告服务；以及通过其SaaS平台提供其他营销服务。 2）境内整合营销服务：包括公关服务，即媒体关系管理、活动策划与协调、数据分析和危机管理，以及其他整合 营销服务，如社交媒体营销、大数据分析、设计及制作营销创意与端到端项目管理等一站式服务。 3）境内全案广告服务，这又分为数字广告服务和程序化广告服务，前者为客户在中国媒体平台上策划、发布及管 理广告活动，后者则通过其专有的UGdesk平台提供程序化广告服务。 按6.49元（单位人民币，下同）计算，蓝色光标当前的市值为229.59亿元，其计划通过在香港IPO筹资，用以增强 其AI研发并持续迭代产品和技术创新、出海全球业务网络建设、提升其在国内市场的服务能力、进行潜在的收购 或者投资，以及运营资金和一般公司 ...

机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，媒体及娱乐行业市盈率（TTM）平均值为-6.71倍，行业中值-1.46倍。宜搜科技市盈 率-508.41倍，行业排名第40位；其他华视集团控股（01111.HK）为2.13倍、耀星科技集团 （08446.HK）为2.4倍、微博-SW（09898.HK）为6.7倍、艾德韦宣集团（09919.HK）为7.22倍、PICO FAR EAST（00752.HK）为7.91倍。 资料显示，宜搜科技控股有限公司成立于2005年,致力于研发宜搜推荐引擎,并将之应用于多种应用场景, 是中国最早从事人工智能推荐技术研发及应用的公司之一。基于宜搜推荐引擎,公司业务涵盖了数字阅 读平台服务、数字营销服务、网络游戏发行服务及其他数字内容服务。未来,公司将进一步拓展宜搜推 荐引擎的应用场景,积极探索前沿技术,为更多用户及企业客户提供更好的服务。 6月30日，截至港股收盘，恒生指数下跌0.87%，报24072.28点。宜搜科技（02550.HK）收报4.81港元/ 股，上涨38.22%，成交量9.07亿股，成交额53.35亿港元，振幅87.07%。 最近一个月来，宜搜科技 ...

关于对引力传媒股份有限公司 专项说明 XYZH/2025BJAA19F0024 引力传媒股份有限公司 上海证券交易所： 本所根据贵所发文号为"上证公函【2025】0648号"《关于引力传媒股份有 限公司2024年年度报告的信息披露监管问询函》(以下简称《监管函》)的要求, 现就监管问询函中要求进行回复说明如下: 问题1、关于业务模式及收入确认。年报显示，公司主营业务为品牌营销、 社交营销、电商营销与运营服务等，利润来源主要为客户服务费和媒体平台渠道 激励。2024年度，公司实现营业总收入62.9亿元，同比增加32.7%；实现扣非前 后归母净利润分别为-1810.5万元和-1728.1万元，由盈转亏；其中四季度营业收 入显著高于其他季度，但净利润大幅下滑并出现亏损。前期公司未能依规在2025 年1月底之前披露2024年业绩，公司称系2024年国内媒体平台渠道政策出现较大 变化，导致公司对2024年业绩预计出现较大偏差。 请公司补充披露：（1）分类披露主营业务的具体模式，包括公司提供的服 务内容及流程、主要考核指标、收费方式、主要客户、供应商及结算政策等； （2） 广告营销业务的收入确认政策及依据，结合业务模式、 ...

精测电子：子公司签订1.13亿元半导体量检测设备销售合同 6月27日，精测电子（300567）发布公告称，公司控股子公司上海精测半导体技术有限公司及其合并报 表范围内子公司近日与同一交易对手方签订了多份销售合同，拟向客户出售半导体量检测设备，总交易 金额合计1.13亿元。 资料显示，精测电子成立于2006年4月，主营业务是显示、半导体及新能源检测系统的研发、生产与销 售。 所属行业：机械设备–通用设备–仪器仪表 智飞生物：拟发行不超60亿元公司债券 6月27日，智飞生物（300122）发布公告称，公司拟发行规模合计不超过60亿元的公司债券，发行方式 为簿记建档发行，可一次或分期发行，债券期限不超过10年。募集资金将用于科技创新领域的投资、建 设及运营、置换有息负债、补充流动资金等。 资料显示，智飞生物成立于1995年7月，主营业务是疫苗、生物制品研发、生产、销售、推广、配送及 进出口。 所属行业：医药生物–生物制品–疫苗 日久光电：子公司拟8.22亿元投建年产600万平方米功能性膜项目 6月27日，日久光电（003015）发布公告称，全资子公司浙江日久新材料科技有限公司拟以自有资金或 自筹资金约8.22亿元投 ...

Core Viewpoint - The company plans to enhance its competitive edge in the internet marketing sector by acquiring a 60% stake in Guangzhou Fengteng Network Technology Co., Ltd. for a maximum consideration of RMB 28.8 million, aiming to integrate the target company's capabilities in intelligent advertising systems and data algorithms to expand its marketing operations [1][3][19]. Transaction Overview - The acquisition involves the company's wholly-owned subsidiary, Shanghai Zhongyan Information Technology Co., Ltd., purchasing the stake from Song Ruiyin and Song Ruijin [1][3]. - The total market value of the target company's equity is assessed at RMB 65.3 million, reflecting an increase of RMB 37.8 million, or 137.07%, compared to the audited owner's equity [2][10]. - The purchase price is based on a valuation of RMB 48 million multiplied by the 60% equity stake, resulting in a transaction price of RMB 28.8 million [2][10]. Purpose of the Transaction - The transaction aims to strengthen the company's position in the internet marketing field by leveraging the target company's core competencies in intelligent advertising and data analytics, thereby enhancing marketing capabilities across multiple platforms [3][19]. - It is expected to deepen collaboration with upstream e-commerce platforms, enhancing the company's service capabilities in the e-commerce ecosystem [3][19]. Financial and Performance Metrics - The transaction includes performance assessment clauses, with specific profit and revenue targets set for the years 2025 to 2027 [5][15]. - The performance targets are as follows: - 2025: Net profit of no less than RMB 5 million and revenue of no less than RMB 50 million - 2026: Net profit of no less than RMB 6 million and revenue of no less than RMB 60 million - 2027: Net profit of no less than RMB 7 million and revenue of no less than RMB 70 million [5][15]. Approval and Compliance - The transaction does not constitute a major asset restructuring or related party transaction and has been approved by the company's board of directors without the need for shareholder approval [2][3]. - The completion of the transaction is subject to approval from relevant authorities, and the agreement will automatically terminate if such approval is not obtained [2][3][6]. Target Company Overview - Guangzhou Fengteng Network Technology Co., Ltd. was established in April 2017, with a registered capital of RMB 20 million and operates in digital marketing and user growth across various sectors [8][9]. - The company has established partnerships with leading internet firms such as Alibaba, JD.com, and Meituan, focusing on performance marketing and advertising services [8][9]. Valuation and Pricing - The valuation of the target company was conducted using both the income approach and asset-based approach, with the income approach yielding a higher valuation of RMB 65.3 million [10][12]. - The difference in valuation methods highlights the importance of considering future earnings potential and intangible assets in determining the fair market value [12][13]. Impact on Company Operations - The acquisition is expected to positively influence the company's consolidated net profit if the target company performs well, while underperformance could negatively impact financial results [19]. - The transaction may also lead to the creation of goodwill, which could be subject to impairment risks in the future [19].

Core Viewpoint - *ST返利 plans to acquire 60% equity of Guangzhou Fengteng for a consideration of no more than 28.8 million yuan, aiming to enhance its competitive edge in the internet effect marketing sector [1][3]. Group 1: Acquisition Details - The acquisition will be funded by the company's own funds without any fundraising or financing arrangements [1]. - Guangzhou Fengteng, established in 2017, has received various government qualifications and has a strong presence in digital marketing and user growth across multiple industries [1]. Group 2: Business Operations of Guangzhou Fengteng - Guangzhou Fengteng's operations include performance marketing, information flow advertising agency, and game publishing and operation [2]. - The company acts as a primary agent for major platforms like ByteDance and UC, providing media account opening, recharge, and advertising design services [2]. Group 3: Strategic Intent of the Acquisition - The transaction aims to integrate Guangzhou Fengteng's capabilities in intelligent advertising systems, data algorithms, and refined operations to enhance *ST返利's marketing capabilities across multiple traffic platforms [3]. - This acquisition is expected to deepen *ST返利's collaboration with upstream e-commerce platforms, thereby enhancing its e-commerce ecosystem service capabilities [3].

Group 1 - The core point of the article is that Kexin Development (600234) successfully removed the delisting risk warning on May 20, 2024, marking the seventh time it has done so since its listing in 2000, earning it the title of "Delisting King" in the A-share market [2][6][9] - Kexin Development has experienced significant fluctuations in performance and has frequently changed its main business focus, raising concerns about its actual financial health and ability to generate sustainable profits [2][8][18] - In 2024, Kexin Development reported a revenue of 375 million yuan, a year-on-year increase of 434.28%, primarily driven by its construction engineering segment, which contributed 360 million yuan, reflecting a growth rate of over 500% [7][9][10] Group 2 - The company’s construction engineering business has seen a dramatic increase in revenue, from 84.69 million yuan in 2022 to 360 million yuan in 2024, indicating a significant shift in its revenue sources [8][9] - Despite the impressive revenue growth, Kexin Development's financial health remains questionable, with a net profit of only 3.9977 million yuan in 2024, heavily reliant on non-recurring gains [18][19] - The company has faced scrutiny from regulators due to its history of performance volatility and compliance issues, which have led to multiple warnings and penalties over the years [2][6][11] Group 3 - Kexin Development's main business segments now include construction engineering, office leasing, and internet advertising marketing, with the latter two contributing less to overall revenue [6][8] - The company has undergone several ownership changes, with the latest being the acquisition by the Lian family, which has raised questions about its future direction and stability [12][14][15] - The construction engineering segment's rapid growth contrasts sharply with the overall industry trend, where many companies are reporting losses or declining performance [9][10][11]

| 山西科新发展股份有限公司 | | | --- | --- | | 二〇二五年六月三十日 | | | 山西科新发展股份有限公司 | | | 一、2024 | 年年度股东会议事规则………………………………………2 | | 二、2024 | 年年度股东会议程……………………………………………6 | | 三、 | | | 《2024年年度报告及其摘要的议案》………………………………9 | | | 四、 | | | 《2024年度董事会工作报告》………………………………………10 | | | 五、 | | | 《2024年度监事会工作报告》………………………………………18 | | | 六、 | | | 《2024年度利润分配预案》…………………………………………21 | | | 七、 | | | 《2024年度财务决算报告》…………………………………………22 | | | 八、 | | | 《关于未弥补亏损达实收股本总额三分之一的议案》……………32 | | | 九、 | | | 《关于确定董事长薪酬的议案》……………………………………36 | | | 十、 | | | 《关于向银行等金融机构申请授信额度的议案》 ...