易点天下 20251125 摘要 易点天下深耕出海广告服务十余年，积累丰富营销数据，客户涵盖跨境 电商、游戏娱乐等行业，跨境电商为主要品类，合作品牌包括阿里巴巴、 Shein、华为等龙头企业。 易点天下自 2023 年重启程序化广告业务，2025 年程序化投放已成为 主要收入来源，占比达大几十个百分点，前三季度收入增长超 50%，但 短期媒体补贴导致利润增长微弱，与 AppLovin 等公司发展路径相似。 第三方程序化投放平台如易点天下通过 AI 算法优化，提高广告投放 ROI，使得品牌主愿意投入预算，实现高速增长，甚至超越大媒体侧广 告投放效果。 易点天下未来将聚焦电商赛道，通过客户数据训练垂直 AI 模型算法，提 升平台 ROI，加大媒体侧补贴以接入更多直接采买 SDK 的媒体，增强数 据反馈效果，差异化竞争。 易点天下预计 2026 年仍处于投放期，利润释放或在 2027 年及以后显 现，但市场已能通过收入增长预见潜在利润释放，2025 年程序化广告 投放端预计收入 20 亿左右。 Q&A 请介绍一下易点天下的业务及其在出海营销领域的优势。 易点天下自 2023 年重启程序化广告业务以来，2024 年进 ...

Investment Rating - The report maintains a recommendation for the industry [3] Core Insights - The release of Sora2 by OpenAI marks a second revolution in the AI video industry, showcasing significant technological breakthroughs and the integration of social interaction features [2][18] - The report highlights the rapid growth of "AI comic dramas" and other innovative content forms, which are expected to capture a larger share of internet usage among younger demographics [2][16] - The report identifies three key trends for the future of AI video applications: deep integration with social interactions, evolution towards an ecosystem represented by ChatGPT, and the combination with AI agents for comprehensive video creation solutions [7][17] Industry Overview - The industry consists of 160 listed companies with a total market capitalization of 1,947 billion and a circulating market value of 1,783.1 billion [3] - The absolute performance of the industry over 1 month, 6 months, and 12 months is -5.4%, 20.3%, and 27.7% respectively, while the relative performance is -8.5%, -3.8%, and 9.3% [5] Technological Breakthroughs - Sora2 has achieved three major technological advancements: realistic simulation of the physical world, multi-modal integration for simultaneous audio generation, and initial capabilities for narrative logic and editing akin to a director [18][51] - The report emphasizes the shift from professional tools to consumer-level applications, with AI video tools becoming more accessible and integrated into social platforms [43][44] Market Opportunities - Investment opportunities are identified in various sectors: - Film industry: AI video tools are revolutionizing traditional content production, creating new dynamics [7][8] - Gaming: AI video technology is enhancing game development and gameplay innovation, increasing commercial potential [7][8] - Intellectual Property (IP): AI video is accelerating the visualization of IP, reshaping industry value [7][8] Related Companies - Key companies mentioned include Tencent Holdings, Kuaishou, Bilibili, Meitu, Kunlun Wanwei, and Mango TV, among others, which are leveraging AI technologies to enhance their core business operations [8]