捷成股份20250507

Summary of the Conference Call for Jiecheng Co., Ltd. Industry and Company Overview - Jiecheng Co., Ltd. operates primarily in the film and television copyright industry, focusing on the operation and distribution of film and television copyrights, as well as expanding into AI applications in audio and video technology [2][4][6]. Key Points and Arguments Financial Performance - In 2024, Jiecheng's revenue declined year-on-year, with net profit around 250 million yuan, primarily due to poor performance in the cinema market. The copyright operation business accounted for over 85% of total revenue, making box office performance critical to the company's financial results [2][4]. - The first quarter of 2025 saw performance stabilize compared to the same period last year, with the Spring Festival films performing well, which is expected to positively impact the second quarter [2][4][5]. Investment and Growth Strategies - The company plans to increase investment in film and television copyrights, focusing on movies, TV series, animations, and IP copyright procurement. With improved financial conditions, significant revenue and profit improvements are anticipated [2][6]. - Two to three new series are expected to launch this year, including the self-produced series "Ice Rain in the Wind" and the renamed "Wind Rising in the Desert," which are projected to contribute positively to revenue and profit [2][6]. AI Business Development - Jiecheng's AI creative engine, ChatGPT, has been in trial operation for six months, shifting its strategy from a consumer-focused (ToC) approach to a business-focused (ToB) model. The goal is to achieve commercial breakthroughs with five large B-end clients to generate revenue and profit from AI services [2][7][21]. - The company aims to optimize its emerging business layout and enhance overall revenue through technological updates and by securing large B-end clients [8][21]. Short Video Market Strategy - Jiecheng's approach to the short video market is cautious due to underwhelming investment returns. The company plans to invest approximately 30 to 40 million yuan in 2025, half for copyright procurement and half for producing micro-short films in collaboration with Henan Broadcasting [3][9]. - The company acts as a copyright producer or distributor in the short video market, purchasing existing copyrights and selling them on emerging platforms through licensing or revenue-sharing models [9][12]. Market Challenges and Opportunities - Increased copyright protection is beneficial for Jiecheng, but the overall consumer environment remains challenging. Traditional channels are focusing on cost reduction, impacting pricing, while the trend towards legitimate content helps maintain stable operations [4][10][11]. - The company is focusing on large-screen channels, including IPTV and OTT, to achieve revenue-sharing through collaborative internet cinema and new content areas [11][13]. Future Outlook and Client Engagement - The company is currently engaging with potential B-end clients, including several broadcasting clients expressing high interest. The focus is on enhancing system capabilities to meet their needs [20][21]. - Jiecheng has not set specific revenue targets for AI this year but aims to secure around five formal commercial users as a primary goal [21]. Stock and Financial Management - Jiecheng is addressing stock freeze issues through stock pledges and expects to resolve these matters by June, which will facilitate the unfreezing of shares [22][23]. Additional Important Information - The company emphasizes collaboration with various platforms rather than competition, positioning itself as a content integrator and distributor [12]. - The shift in strategy for the AI business is based on user feedback and aims to meet the specialized needs of B-end clients, particularly in content production [17][21].