证券代码： 300788 证券简称：中信出版 中信出版集团股份有限公司 投资者关系活动记录表 IP 运营业务方面，公司发布动漫文创战略以来，影视、游 戏、动漫类图书实现高速增长，增速在 25%以上，细分品类市 场占有率已跃升至市场第一位。公司持续拓展与国内外头部动 漫、游戏、影视公司的合作，建立合作关系的内容机构包括光 线、游戏科学、爱奇艺、阅文、腾讯动漫、分子互动等，已成 功与《黑神话：悟空》《哪吒之魔童闹海》《中国奇谭》《长安 三万里》《唐人街探案》等头部游戏影视 IP 合作开发衍生图书； 持续签约头部 IP 和新锐 IP，包括"非人哉""诡秘之主""永 夜星河""莲花楼""赴山海""垂涎"等。在头部 IP 成功运营 案例的带动下，公司已与国内外内容机构建立广泛、紧密的联 系，较易获取头部 IP 的衍生图书开发机会。除图书以外，公 司从 IP 衍生品切入，推出"谷知谷知"二次元新零售品牌， 运营动漫主题空间、快闪店和主题展活动；搭建 IP 衍生品货 盘，已覆盖百余种 IP，SKU 近 4 万种，其中自研产品 SKU 约 400 | 种；今年预计 IP 运营类业务（不包括图书）的收入近 5000 万 | | ...

Core Insights - Thinking Machines Lab has launched its first product, Tinker, which simplifies model fine-tuning to the level of modifying Python code [1][12] - The company has moved past the "zero product, zero revenue" valuation of $84 billion [2] Product Overview - Tinker is a flexible API designed for fine-tuning language models, allowing researchers to control algorithms and data without managing infrastructure [12][13] - The initial support for Tinker includes Qwen3 and Llama3 series models, enabling easy switching between small and large models with a simple string modification in Python code [15] - Tinker’s API automates low-level training steps while handling scheduling, scaling, and error recovery [17] Technical Features - Tinker utilizes LoRA to allow multiple training tasks to share the same GPU, reducing costs and enabling more parallel experiments [22] - The gradient update strategy for Tinker is defined as: New parameters = Original parameters + Learning rate × Advantage value × Gradient of log probability [28] Industry Reception - Tinker has garnered significant attention in the industry, with beta testers noting its excellent balance between abstraction and tunability compared to other fine-tuning tools [30] - Research teams from prestigious institutions have already achieved notable results using Tinker [30] Strategic Vision - Thinking Machines Lab aims to reinvent a version of OpenAI that emphasizes open research sharing and greater freedom for researchers [10][11] - The company’s mission aligns with making cutting-edge models more accessible for customization based on individual needs [14]

Summary of the Conference Call for ZhiZi City Technology Company Overview - ZhiZi City Technology derives 91% of its revenue from social networking for diverse and general populations, with general population social networking being the core business. Products include MICO, YOHO, TopTop, and Sogou. [2][3] - The company has achieved a compound annual growth rate (CAGR) of 67% over the past five years, with an adjusted EBITDA of 50%. [2][3] Financial Performance - Revenue guidance for the year has been raised from 6.5 billion to 6.8-7.1 billion, with a year-on-year growth rate expected to increase from 30% to 35%-40%. [4][12] - In 2024, revenue from the Middle East and North Africa (MENA) is projected to grow approximately 66%, with Sogou's revenue increasing by about 200% and profits exceeding 400%. [2][3] - The company reported a revenue growth of about 54% in 2024, with a net profit margin of 4%. [9] Market Dynamics - The MENA market is a significant growth engine for ZhiZi City Technology, with a projected CAGR of 20.7% over the next five years. [5] - The region has a youthful demographic, with 70% of the population under 35 years old, and high GDP per capita, leading to strong online social networking demand. [5] Product and Innovation Highlights - The innovative business segment includes casual mobile games, traditional traffic monetization, and social e-commerce. The self-developed game Alice Dream has generated over $8 million in monthly revenue as of September 2023. [6][28] - The LGBTQ social networking market is expected to reach 660 million by 2026, characterized by high education and income levels. [7] Strategic Initiatives - The company plans to continue expanding its overseas market presence and explore strategic entry into emerging markets, including potential acquisitions. [4][8] - ZhiZi City aims to replicate the success of Alice Dream to empower new products and create more long-lifecycle hits. [4][8] Competitive Landscape - The competitive landscape for general population social networking remains stable, with flagship products like MICO ranking in the top three in live streaming. [15] - TikTok is a major player in the live streaming space, but ZhiZi City primarily focuses on social networking, with limited overlap. [16] Future Growth Outlook - The company anticipates continued growth in both general and diverse population social networking, with plans to launch two additional casual mobile games in the second half of the year. [28] - The company has a robust pipeline of 5 to 6 products in incubation, with 1 to 2 showing significant potential. [21] Shareholder Returns - ZhiZi City prioritizes investment in its core business while actively seeking acquisition opportunities. The company has repurchased nearly 200 million HKD worth of shares this year and plans to repurchase a total of 400 million HKD over the next two years. [29]