2025年8月19日， 天娱数科 （002354.SZ）公告董事郭柏春因涉嫌挪用公款罪、滥用职权罪被银川市检 察院逮捕——这是继2024年5月董事长徐德伟因共同职务违法被留置后，一年内第二位核心高管卷入法 律风暴。尽管公司坚称案件"均系个人事项，与经营无关"，但资本市场的恐慌指数直线飙升：徐德伟被 留置次日股价暴跌9.3%，郭柏春被捕当日却离奇微涨0.51%，诡异波动揭示投资者对"无关论"的深度怀 疑。更令人不安的是权力交接的脆弱性：徐德伟涉案后由副总贺晗代行职责，但此人同时身兼董事、副 总、董秘三职，集权式管理架空监督机制；而郭柏春曾任银川市副市长，其政商纽带曾是公司获取资源 的关键通道，如今链条断裂恐波及老挝钾矿项目审批。 高管连环涉案暴露治理黑洞，无主架构难阻风险传导 天娱数科的财务数据如同一部惊悚片：2024年营收下滑10.38%至15.79亿元，净利润虽从-10.87亿收窄 至-1.18亿，但经营活动现金流净额暴跌6564.59%至-7239万元，每股经营性现金流-0.04元，现金回笼能 力几近枯竭。致命的是应收账款雪球越滚越大——2024年应收账款达4.55亿元同比增长12.14%，2025年 一 ...

高管连环涉案暴露治理黑洞，无主架构难阻风险传导 2025年8月19日，天娱数科（002354.SZ）公告董事郭柏春因涉嫌挪用公款罪、滥用职权罪被银川市检察 院逮捕——这是继2024年5月董事长徐德伟因共同职务违法被留置后，一年内第二位核心高管卷入法律 风暴。尽管公司坚称案件"均系个人事项，与经营无关"，但资本市场的恐慌指数直线飙升：徐德伟被留 置次日股价暴跌9.3%，郭柏春被捕当日却离奇微涨0.51%，诡异波动揭示投资者对"无关论"的深度怀 疑。更令人不安的是权力交接的脆弱性：徐德伟涉案后由副总贺晗代行职责，但此人同时身兼董事、副 总、董秘三职，集权式管理架空监督机制；而郭柏春曾任银川市副市长，其政商纽带曾是公司获取资源 的关键通道，如今链条断裂恐波及老挝钾矿项目审批。 失血现金流与悬崖边的转型，技术空心化敲响丧钟 治理危机背后是"无主之地"的结构性痼疾。2023年原实控人朱晔因股权拍卖出局后，公司长期处于无控 股股东状态，虽通过增加独董占比至55%试图强化监督，但独董吕平波等缺乏行业深耕经验，难以制衡 管理层。这种失衡在财务窟窿中暴露无遗：2023年因参股公司DotC巨亏18亿拖累整体业绩，公司被迫 计提减 ...

Core Viewpoint - Tianyu Digital Technology (Dalian) Group Co., Ltd. is expected to report a significant improvement in its financial performance for the first half of 2025, with net profit projected between 18 million to 26 million yuan, indicating a turnaround from previous losses [1][2] Financial Performance - The company anticipates a net profit of 18 million to 26 million yuan and a net profit excluding non-recurring items of 16 million to 24 million yuan, both showing a year-on-year turnaround [1] - For the second quarter, net profit is expected to increase by 243.51% to 396.18% quarter-on-quarter, while the net profit excluding non-recurring items is projected to rise by 190.91% to 336.37% [2] Business Strategy and Development - Tianyu Digital Technology positions itself as an "artificial intelligence pioneer," focusing on digitalization, intelligence, and globalization, integrating data elements with AI to develop enterprise-level models [2][3] - The company has established three major business platforms: AI marketing SaaS, mobile application distribution PaaS, and spatial intelligence MaaS, leveraging data flow to enhance its foundational capabilities [2] Market Position and Innovations - The company has made significant strides in AI marketing, achieving automation and intelligence upgrades across the marketing chain, addressing industry pain points such as high traffic costs and low efficiency [3] - In the field of embodied intelligence, Tianyu Digital Technology launched the Behavision 2.0 platform, enhancing robots' decision-making and task execution capabilities in complex environments [4] Data Resources and Competitive Advantage - The company possesses over 1.2 million sets of 3D data and 500,000 sets of multimodal data, establishing a competitive edge in high-quality data resources [4] - Tianyu Digital Technology has registered five embodied intelligence datasets at the Beijing International Big Data Exchange, showcasing its strength in the foundational data for embodied intelligence [4] Future Outlook - Continuous collaboration among AI marketing, embodied intelligence, and data assets is expected to significantly enhance the company's profitability [4]