| | ■特定对象调研□分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 | | 类别 | □新闻发布会□路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 鹤禧投资、鲸域资产、红杉资本、淡水泉、浙商证券资管、中原证券自营、 | | 人员姓名 | 上海环懿私募、浙商证券研究所 | | 时间 | 2025 年 7 月 31 日 15:30-17:30 | | 地点 | 公司会议室 | | 上市公司接待人 | 睿智医药董事会秘书：许剑 | | 员姓名 | 睿智医药证券事务代表、投资者关系管理经理：徐璐瑶、朱子白 | | | 1、胡总上任以来对公司采取了哪些措施或者有哪些影响？ 部门协作顺畅，为业务发展提供了坚实的组织保障。 | | | （1）推进公司管理体系的优化升级：通过科学配置管理团队、明确权责 | | | 分工，建立了更加稳定高效的组织架构。目前公司核心管理层保持稳定，各 | | 投资者关系活动 | （2）强化市场营销与客户拓展体系：首先对 团队进行专业化重组， BD | | | 国内外团队分别设立专职负责人，团队规模从 10 余人扩充至近 30 ...

Core Insights - The article emphasizes the increasing value of data in constructing investment strategies, highlighting the growing demand for high-quality data in the market [1] - It introduces a series of "Data Insights" articles by Bloomberg's quantitative and data science team, aimed at financial professionals to effectively utilize data for investment logic, asset tracking, and scenario analysis [1] - The report covers a wide range of topics including inflation and pricing pressures, supply chain dynamics, environmental risks and opportunities, and key events impacting market trends [1] Inflation and Pricing Pressure - The analysis of consumer transaction data provides insights into company performance and consumer trends, allowing analysts to track important revenue and key performance indicators (KPIs) across industries [10] - The consumer transaction data can be aggregated to monitor industry trends, particularly in the essential consumer goods sector, revealing a year-over-year growth rate that leads the U.S. core CPI index by three months [10][11] Supply Chain Dynamics - The integration of financial data with supply chain data is crucial for identifying industry-level risks and opportunities, as demonstrated by the analysis of the European automotive sector [13] - The study indicates that the declining sales momentum of European car manufacturers was evident in the performance of their suppliers, highlighting the predictive value of combining financial and supply chain information [13][14] Market-Driven Events - The article discusses the impact of AI cost reductions on companies, particularly through the analysis of stock pricing data around the launch of the DeepSeek platform [7] - A list of the top 10 technology companies affected by the DeepSeek announcement is provided, with notable mentions including NVIDIA, which has a market cap of $2,857 billion and experienced a maximum drawdown of 24% [8]

他进一步解释，过去老百姓雇不起人也花不起钱，但今天有了免费AI，让专业的建议从奢侈品变为了普惠 工具。 （图片来源：摄图网） 近日，360创始人周鸿祎在《百大AI应用》节目中表示，AI提供专业建议的能力不亚于教育专家张雪峰，甚 至可能更强，引发热议。 周鸿祎表示："张雪峰最有名的就是给人提各种专业的建议，我现在觉得AI的智能体干这个事，肯定不比张 雪峰差。"他认为，AI能够利用海量数据（维权）进行分析，从而提供更为精准的建议，甚至可以为创业 者、求职者等提供深度分析和专业建议，让人人都能拥有自己的"私人专家"。 阿里巴巴的创始人马云表示，未来的20年，AI时代所带来的巨大的变革，会超出所有人的想象。因为AI会 是一个更加伟大的时代。 该观点看似合理，毕竟AI拥有强大的数据处理能力，能够快速整合和分析大量信息，为人们提供多样化的 选择方案。以DeepSeek平台为例，当家长或学生询问选学校、选专业的问题时，DeepSeek可以收集市面上 最全面的数据，进行精准的自动化分析，不仅提供详尽的数据，还能给出最佳、次优、特殊机遇的选择方 案。 然而，也引发了广泛争议。许多网友认为，AI的建议虽然数据丰富，但缺乏人类的情 ...

Core Viewpoint - Dongxin Marketing, claiming to be "China's largest AI marketing company," is attempting a second IPO on the Hong Kong Stock Exchange, but its financial data reveals a troubling trend of increasing revenue without corresponding profit growth, indicating significant operational and financial challenges [1][2][15]. Financial Performance - Dongxin Marketing's revenue has shown rapid growth, with 2022 revenue at 1.525 billion RMB, 2023 at 2.118 billion RMB (up 38.9%), and 2024's first three quarters at 2.005 billion RMB (up 66.41%) [2][18]. - In contrast, net profit has drastically declined from 104.4 million RMB in 2022 to 28.5 million RMB in 2023 (down 72.72%), and a net loss of 42.4 million RMB in the first three quarters of 2024 [2][6]. - The gross margin has also decreased significantly, from 20.8% in 2022 to 14.5% in the first three quarters of 2024, highlighting issues with cost control and profitability [2][3]. Cost Structure - Service costs have risen faster than revenue, with costs of 1.208 billion RMB in 2022, 1.790 billion RMB in 2023 (up 48.26%), and 1.714 billion RMB in the first three quarters of 2024 (up 75.75%) [3][5]. - The primary revenue driver, the digital marketing solutions segment, has seen its gross margin drop from 17.7% in 2022 to 10.7% in 2024, adversely affecting overall profitability [3][12]. Dependency on Non-Core Income - A significant portion of Dongxin Marketing's net profit is derived from government subsidies and other non-core income, which accounted for 52.18% of net profit in 2022 and 146.78% in 2023 [6][7]. - In 2024, despite a net loss, non-core income still contributed 26.3 million RMB, indicating that the company's actual profitability is much lower than reported [6][7]. Cash Flow and Debt Issues - The company has faced cash flow challenges, with negative operating cash flow of -337 million RMB in 2022, positive 111 million RMB in 2023, and again negative -156 million RMB in 2024 [8][9]. - Dongxin Marketing's debt has increased from 731 million RMB at the end of 2022 to 1.705 billion RMB by September 2024, with a current ratio indicating potential liquidity risks [9][10]. Market Position and Competition - Despite being labeled as the largest AI marketing company in China with a market share of 5%, the industry remains fragmented, with the top five companies holding only 14.9% of the market [12][16]. - Dongxin Marketing's AI marketing segment has not yet achieved significant revenue contributions, with only 3.5% to 4.7% of total revenue from AI marketing products from 2022 to 2024 [10][12]. Strategic Challenges - The company's shift in branding from a "leading mobile marketing service provider" to an "AI marketing company" raises questions about its strategic direction and the sustainability of its business model [13][15]. - High customer concentration poses risks, with the top five clients contributing a significant portion of revenue, indicating potential vulnerabilities in client relationships [13][14].