关于回购注销 2025 年股票期权与限制性股票激励计划 部分限制性股票的公告 本公司及董事会全体成员保证信息披露内容的真实、准 确和完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002291 证券简称：遥望科技 公告编号：2025-084 广东遥望科技集团股份有限公司 广东遥望科技集团股份有限公司（以下简称"公司"）于 2025 年 11 月 12 日召开第六届董事会第九次会议和第五届监事会第三十五次会议，审议通过了 《关于回购注销 2025 年股票期权与限制性股票激励计划部分限制性股票的议 案》。鉴于公司 2025 年股票期权与限制性股票激励计划（以下简称"本次激励 计划"）6 名激励对象因个人原因离职，已不具备激励对象资格，董事会同意对 该 6 名激励对象已获授但尚未解除限售的全部限制性股票进行回购注销的处理， 本次回购注销的限制性股票合计 415,000 股，约占首次授予限制性股票总量的比 例为 2.90%，约占目前公司总股本的 0.04%。现就有关事项说明如下： 一、本次激励计划已履行的审批程序 1、公司于 2025 年 2 月 5 日召开第五届董事会第三十八次会议和第五届监事 会第二十七次会 ...

北京国枫律师事务所 关于广东遥望科技集团股份有限公司 2025 年股票期权与限制性股票激励计划 注销部分股票期权和 回购注销部分限制性股票事项的 法律意见书 国枫律证字[2025]AN017-3 号 GRANDWAY 北京国枫律师事务所 关于广东遥望科技集团股份有限公司 2025 年股票期权与限制性股票激励计划 注销部分股票期权和 回购注销部分限制性股票事项的 法律意见书 国枫律证字[2025]AN017-3 号 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层 邮编: 100005 电话（Tel） 010-88004488/66090088 传真（Fax） 010-66090016 4. 本所律师同意遥望科技自行引用或根据主管部门的审核要求引用本所律 师出具的本法律意见书中的相关内容; 致:广东遥望科技集团股份有限公司 根据本所与广东遥望科技集团股份有限公司(以下简称"遥望科技"或"公 司",曾用名系佛山遥望科技股份有限公司)签订的律师服务协议,本所接受遥 望科技的委托,担任遥望科技 2025年股票期权与限制性股票激励计划(以下简 称"本次激励 ...

每经AI快讯，ST东时（维权）涨停走出3连板，3天累计涨幅达15.71%。 ...

Core Insights - The company, Yaowang Technology, is facing severe operational challenges as it transitions to a "brand incubation" strategy, with a significant decline in traditional business revenue and a net loss of 4.15 billion yuan in the first three quarters of 2025, marking a 1.57% year-on-year increase in losses [1][2] - The company's total revenue for the first three quarters of 2025 was 26.13 billion yuan, reflecting a 34.65% year-on-year decrease [1] Financial Performance - Yaowang Technology has reported a cumulative loss exceeding 3.4 billion yuan over the past four years, with short-term liabilities exceeding 7.3 billion yuan against cash reserves of only 2.08 billion yuan, indicating significant liquidity pressure [1] - The revenue figures for the years 2020 to 2025 show a downward trend: 21.51 billion yuan, 28.11 billion yuan, 39.01 billion yuan, and 47 billion yuan, with a continued decline in 2024 and the first three quarters of 2025 [1] Business Model Challenges - The company's primary revenue sources, social e-commerce services and new media advertising, are underperforming, with social e-commerce revenue dropping by 19.83% to 11.13 billion yuan in the first half of 2025, accounting for 58.7% of total revenue [1] - The gross profit margins for the new media advertising and social e-commerce segments are notably low, at 0.84% and 2.08% respectively, indicating challenges in profitability despite high traffic and celebrity endorsements [2] Strategic Initiatives - In an effort to find new growth avenues, Yaowang Technology is attempting to incubate self-owned brands, such as the sanitary napkin brand "Duo Wei," which has achieved over 300 million yuan in sales since its launch in May 2025 [2] - The company is also exploring new consumer brands, with the brand "Jian Qian" achieving significant sales during the Double Eleven shopping festival [2]

Core Viewpoint - The company, Yaowang Technology, is facing severe operational challenges as it transitions to a "brand incubation" strategy, with a significant decline in revenue and increasing losses over the past four years, totaling over 3.4 billion yuan [1][4]. Financial Performance - In the first three quarters of 2025, Yaowang Technology reported a net loss of 415 million yuan, a year-on-year increase of 1.57%, with total revenue of 2.613 billion yuan, down 34.65% year-on-year [1][4]. - The company's cumulative losses over four years have exceeded 3.4 billion yuan, with annual revenues showing a downward trend from 2020 to 2025 [4][6]. Business Segments - The traditional business segments are all experiencing declines, with social e-commerce services generating 1.113 billion yuan, down 19.83%, and new media advertising revenue falling to 613 million yuan, down 52.69% [6][12]. - The gross profit margins for the new media advertising and social e-commerce segments are notably low, at 0.84% and 2.08% respectively [12][14]. Cash Flow and Debt Situation - As of September 2025, the company had only 208 million yuan in cash but faced nearly 730 million yuan in short-term liabilities, resulting in a cash shortfall exceeding 500 million yuan [8][9]. - The operating cash flow turned negative in the first half of 2025, indicating ongoing financial strain [8]. Market Position and Strategy - Once hailed as the "first stock of live e-commerce," Yaowang Technology's stock price has plummeted approximately 80% from its peak, reflecting its current struggles [4][9]. - The company is attempting to pivot by incubating self-owned brands, such as the sanitary napkin brand "Duo Wei," which has achieved over 300 million yuan in sales, although it faces quality issues that could impact its reputation [16].

Core Viewpoint - The live streaming industry, particularly represented by the company Yaowang Technology, is facing significant challenges despite its initial success and celebrity endorsements, with continuous financial losses and a declining market position [2][4][10]. Company Overview - Yaowang Technology, a leading live streaming company in China, has signed over 70 celebrities and more than 150 influencers, including popular figures like Jia Nailiang and Wang Zulan [4][6]. - The company's stock price surged sevenfold within three months after entering the live commerce sector in 2019, but has since plummeted by 80%, returning to levels seen six years ago [2][4]. Financial Performance - In Q3 2025, Yaowang reported a net loss of 4.15 billion yuan, continuing a trend of losses that have accumulated to over 30 billion yuan since 2021 [4][6][10]. - The company's revenue for Q3 2025 was 7.17 billion yuan, with a net profit of -1.62 billion yuan, placing it at the bottom of the industry rankings [6][10]. - The gross profit margin for the live commerce business dropped dramatically from 21.80% in 2022 to -0.38% in 2023, although it slightly recovered to 7.25% in Q3 2025, still below the industry average of 13.48% [8][9]. Industry Trends - The live commerce sector is experiencing a slowdown, with a projected growth rate of 17.7% for 2024, down from nearly 200% in 2020 [24][23]. - The shift from a "placement fee" model to a "pure commission model" is evident, where income is now more closely tied to actual sales performance, impacting revenue stability for live streaming agencies [28][30]. Strategic Initiatives - To counteract declining performance, Yaowang is exploring new business avenues, including the transformation of physical spaces into commercial hubs and launching self-branded products [11][12][17]. - The company has partnered with celebrities like Huang Zitao to create new brands, such as the sanitary napkin brand "Domyway," which achieved sales of approximately 1.25 billion yuan shortly after launch [14][15]. Future Outlook - The future of Yaowang Technology and the live streaming industry hinges on successful strategic transformations and the establishment of sustainable profit models [43]. - The integration of AI technology is anticipated to play a crucial role in reshaping the live commerce landscape, potentially enhancing operational efficiency and customer engagement [34][39].

Core Viewpoint - The article discusses the challenges faced by the live-streaming e-commerce industry, particularly focusing on the performance decline of Yaowang Technology, despite its extensive roster of celebrity endorsements and attempts to pivot towards new business models [5][14][31]. Company Overview - Yaowang Technology is the largest live-streaming company in China, having gained significant attention through its celebrity partnerships and a documentary titled "The Era of Rapid Currents" produced by Tencent [3][4]. - The company's stock price surged sevenfold within three months after entering the live-streaming market in 2019 but has since plummeted by 80%, returning to levels seen six years ago [5]. Financial Performance - In the third quarter of 2025, Yaowang reported a revenue of 717 million yuan and a net loss of 162 million yuan, ranking at the bottom of the industry [16]. - The company has incurred net losses for four consecutive years, totaling over 3 billion yuan [17]. - Key revenue streams, including new media advertising and social e-commerce, have seen significant declines, with drops of 52.69% and 19.83% respectively in the first half of 2025 [20]. Industry Challenges - The live-streaming e-commerce sector has shifted from explosive growth to a phase of stock competition, with a projected total transaction volume of 5.8 trillion yuan in 2024, reflecting a slowdown in growth [36]. - The traditional revenue model based on placement fees is being replaced by a commission-based model, which reduces stable income for live-streaming agencies [42][44]. - Increased competition and rising customer acquisition costs have made profitability more challenging for companies like Yaowang [22][46]. Strategic Initiatives - To counteract declining performance, Yaowang is exploring new business avenues, including the transformation of physical spaces into commercial complexes and launching proprietary products [22][24]. - The company has partnered with celebrities to create new brands, such as the sanitary napkin brand "Domyway," which achieved sales of approximately 125 million yuan shortly after launch [27]. - Yaowang is also adapting to technological advancements, such as AI integration in live-streaming, which could enhance operational efficiency and customer engagement [48][52]. Future Outlook - The future of Yaowang Technology and the broader live-streaming industry hinges on successful strategic transformations and the establishment of sustainable profit models [56]. - The company is currently facing execution challenges in its transition from a service-oriented model to brand incubation, which will be critical for its long-term success [56].

Market Overview - The primary economic sector increased by 0.2% compared to the previous trading day, with Lansheng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Lansheng Co., Ltd. (600826) closed at 11.54, up 3.04% with a trading volume of 188,100 shares and a transaction value of 216 million [1] - Wangfujing (600859) closed at 14.63, up 2.45% with a trading volume of 486,100 shares and a transaction value of 709 million [1] - Other notable stocks include Fengshang Culture (300860) at 27.85, up 0.83%, and Wushang Group (000501) at 10.01, up 0.70% [1] Capital Flow - The primary economic sector experienced a net outflow of 35.91 million from institutional investors, while retail investors saw a net inflow of 43.49 million [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Lansheng Co., Ltd. had a net inflow of 36.59 million from institutional investors, but a net outflow of 24.27 million from retail investors [3] - Wangfujing experienced a net outflow of 27.09 million from institutional investors, while retail investors contributed a net inflow of 6.26 million [3] - Other stocks like Fengshang Culture and Wushang Group also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - Recently, Yaowang Technology (002291) disclosed its Q3 2025 report, showing a significant decline in revenue and continued net losses, primarily due to decreased income from new media advertising and the closure of unprofitable IPs and offline stores [1][2][3]. Financial Performance - For the first three quarters, the company achieved total revenue of 2.613 billion yuan, a year-on-year decrease of 34.65% [1][2]. - The net profit attributable to shareholders was a loss of 415 million yuan, compared to a loss of 408 million yuan in the same period last year, indicating a slight increase in losses of 1.57% [1][2]. - The net cash flow from operating activities was -53.64 million yuan, down from 91.71 million yuan in the previous year, reflecting a decline of 158.49% [1][2]. Business Segments - The company's two main business segments faced significant challenges, with internet advertising (accounting for 94.99% of revenue) generating 1.801 billion yuan, down 36.87% year-on-year [3][5]. - The apparel and footwear segment (4.56% of revenue) reported revenue of 86.44 million yuan, a decrease of 26.34% [3][5]. - Social e-commerce revenue, including live streaming, fell by 19.83% to 1.113 billion yuan, contributing nearly 60% of total revenue [4][5]. Strategic Adjustments - The company plans to expand innovative business lines starting in 2024, which has contributed to the current losses, and is taking measures to reform its strategy [5]. - Investments will continue in profitable projects like live e-commerce, while innovative incubation projects will undergo strategic review and adjustment [5]. - The company is in discussions with several quality ODM factories, which may become an important second growth curve [5]. Market Position - As of November 5, the company's stock price was 7.05 yuan per share, with a total market capitalization of 6.596 billion yuan [6].

Core Points - Recently, the company completed the account cancellation procedures for the "YOWANT Digital Marketing Cloud Platform Construction Project" and "Innovation Technology Research Institute Construction Project" [2] - The cancellation of the special fundraising accounts leads to the termination of the corresponding "Four-party Supervision Agreement" signed with the sponsor and related banks [2]