心动公司 20250429 摘要 心动公司在 2024 年的财报表现如何？股价波动的原因是什么？ 心动公司在 2024 年的财报整体符合市场预期，但由于经营数据与市场预期存 在一定差异，股价出现了大幅下跌。尽管如此，公司在后续游戏流水方面可能 会呈现出一定波动，这也为投资者提供了一些值得关注的投资机会和布局拐点。 心动公司的业务逻辑是什么？主要收入来源有哪些？ 心动公司的业务逻辑相对清晰，主要分为两大块业务：TapTap 平台和游戏业 务。TapTap 平台主要是一个游戏社区及分发渠道，不联运、不分成，仅收取 广告相关收入，占整体收入比例约 30%。其广告收入近年来稳健增长。游戏业 务占比约 70%，经历了从页游起家到发行代理，再到自研游戏的战略转型。自 研游戏团队扩充至 1,400 人左右，推动了公司业绩增长。 • 2025 年，新游戏《伊瑟》预计 6 月上线国际服，若表现一般，流水贡献 预计可达 3 亿元；若表现优秀，则可能达到 5 至 10 亿元，该游戏由经验 丰富的团队研发，美术风格和世界观偏向年轻玩家喜好。 • TapTap 平台 2024 年月均活跃用户数约为 4,400 万，预计 2025 年收 ...

连连数字 20250429 Q&A 请介绍一下连连数字的主要业务和市场定位。 连连数字主要从事跨境电商支付服务，提供包括收单、收款、汇兑、贸易申报 以及后续物流服务的一站式解决方案。公司成立至今已有 20 多年历史，最初 从事手机充值业务，后来获得央行第三方支付牌照，并逐步扩展到全球市场。 目前，连连数字拥有 65 张全球支付牌照及相关资质，可以在全球 100 多个电 商平台上支持 130 多种货币交易。公司客户主要是中小微型商户和企业，是中 国最大的独立数字支付解决方案提供商。 连连数字的发展历程是怎样的？ 连连数字成立于 2004 年，最初从事手机充值业务，为国内三大电信运营商提 供服务。2011 年，公司获得央行第三方支付牌照，并开始为国内互联网平台 如 Uber、美团、京东等提供支付服务。随着这些平台自身支付能力的提升，公 • 跨境支付领域的主要壁垒在于牌照和合规要求，连连支付已在美国获得 50 个州的支付牌照，并通过自有技术平台支持整个跨境贸易流程中的合规、 风控和数据处理。 • 连连数字的获客主要依赖于一站式服务能力和与商务部投资促进委员会的 合作，服务对象为国内跨境产业带的中小微商户，通过口碑传 ...

Summary of the Conference Call for 康哲药业 (Kangzhe Pharmaceutical) Company Overview - 康哲药业 is undergoing a strategic transformation from pursuing sustainable growth to focusing on depth and breadth development, including establishing R&D institutions, investing in product centers, and introducing new products [2][3][4] Key Industry Insights - The company is prioritizing internationalization, targeting Southeast Asia and the Middle East markets, while also focusing on dermatology and ophthalmology in China [2][4] - 德美医药 (Demei Pharmaceutical), a subsidiary, is positioned as a leading innovative pharmaceutical company in skin health, with a projected revenue of 618 million yuan in 2024 and a compound annual growth rate (CAGR) of over 50% expected in the next five years [2][9] Core Points and Arguments - The decision to spin off 德美医药 aims to showcase 康哲's transformation achievements and to allow 德美 to operate independently, enhancing shareholder value without diluting existing equity [3][8] - 德美医药 has developed a rich product line from a single product, with several products achieving annual sales of hundreds of millions, and is expected to become profitable by 2026 [5][32] - 康哲's original business is expected to maintain a growth rate of over 10% post-spin-off, driven by exclusive products and new market contributions [3][26] Financial Performance and Projections - 德美医药's revenue for the past three years was 384 million (2022), 473 million (2023), and is projected to reach 618 million (2024) [9] - The skin disease treatment and care market in China is valued at 76.4 billion yuan, with a projected CAGR of over 10% until 2035 [9] Product Development and Market Strategy - 德美医药 has established a skin health research institute and plans to launch at least two new products annually, focusing on unmet clinical needs in skin diseases [11][16] - The company has a diverse product matrix, including treatments for psoriasis and atopic dermatitis, with significant market potential [12][14] R&D and Commercialization - 德美医药's R&D budget is set at no less than 200 million yuan annually, with a commitment to increasing investment by over 30% CAGR [30] - The company has over 650 sales personnel covering more than 10,000 pharmacies and hospitals, enhancing its market reach [37] Future Outlook - 德美医药 aims for a 50% CAGR in revenue over the next five years, driven by new product launches and enhanced market penetration [28][32] - The spin-off is expected to be completed with an IPO planned for 2025, with sufficient capital to support growth and profitability [36] Additional Considerations - The impact of the centralized procurement policy on profit margins and the strategic response to maintain competitive advantages in exclusive innovative drugs [17][23] - The potential for collaboration with other pharmaceutical companies to expand product offerings and market presence [22][31]

Summary of Conference Call Records Company Overview - The company, 移卡, is a technology platform focused on payment solutions, leveraging AI and data analytics to meet merchants' digital needs. The company has a significant annual transaction volume of approximately 2.3 trillion yuan, with overseas transaction volume growing at five times the rate of previous years, contributing to strong profitability and cash flow [3][4][5]. Industry Insights - The cross-border payment industry is undergoing significant changes due to trade tensions and tariff policies. Companies are restructuring their trade chains to mitigate impacts, which presents more opportunities for 移卡's full network payment channels to charge fees at various stages [6][7]. - The CIPS (Cross-Border Interbank Payment System) is growing rapidly, with a projected growth rate exceeding 40% in 2024, although it is currently not expected to replace SWIFT in the short term [11]. Key Points Financial Performance - 移卡's overseas payment business has seen transaction volume increase fivefold, with strong profitability and cash flow. The revenue structure has improved, with value-added service revenue rising to over 80%, leading to an increase in overall profit margin from 18.7% in 2023 to 24% in 2024 [4][5]. - The net profit for 2024 is projected to rise sixfold to 73 million yuan, with EBITDA reaching 390 million yuan. The debt-to-asset ratio has decreased from 45% to 35.9% [4]. Market Expansion - 移卡 is actively expanding in Southeast Asia, focusing on partnerships with local service providers to meet the consumption needs of Chinese consumers in regions like Southeast Asia and Japan [3][10]. - The company plans to maintain exponential growth by expanding its presence in Southeast Asia, particularly in countries like Malaysia and Indonesia, and by offering both payment and non-payment value-added services [9][10]. AI Integration - 移卡 has fully embraced AI technology to optimize risk control and improve R&D efficiency. The introduction of AI agents has enhanced customer service and reduced costs, with net profit expected to rise significantly due to these innovations [2][14][17]. - AI technology has improved risk management capabilities, processing approximately 20 million risky transactions in 2024, and has increased coding efficiency by 30% through automation [17]. Domestic Market Dynamics - In the domestic market, despite a decrease in average transaction value due to macroeconomic conditions, transaction frequency has increased, maintaining total transaction volume. The company anticipates significant growth in GPV (Gross Payment Volume) in 2025 due to improving consumer sentiment and macroeconomic policies [12][13]. Future Outlook - 移卡's future strategies include enhancing AI applications to further improve operational efficiency and exploring new areas for AI integration to drive growth in 2025 and 2026 [18]. Additional Insights - The company is focusing on high-value clients, such as gas stations, which are less price-sensitive and have higher service quality demands, contributing to improved overall fee rates and profitability [13]. - The company is also adapting its strategies to include diverse industry coverage, such as maternal and infant products, to capture future growth opportunities [12].

子不语 2025042320250416 摘要 • 子不语 2024 年营收 33 亿元，同比增长 10.8%，毛利率提升至 24.7%， 实现扭亏为盈，归母净利润 1.5 亿元，经营性现金流 2.6 亿元，现金储备 4.5 亿元。业绩反转得益于品牌事业部成立、精细化开款、供应链优化及 管理层变革等措施。 • 公司战略重心转向亚马逊平台，聚焦十个核心品牌进军高端市场，这些品 牌 2024 年贡献全年收入的 35%，预计 2025 年将提升至 45%以上。核 心品牌包括 R 高端（独立站）、CCBell、Solid Muscle、Very、Tencel、Yankati、Hello Morning、Control 和 UCB。 • 美国市场占据子不语跨境电商业务的 95%以上。为应对关税影响，公司采 取海运为主、空运为辅的运输策略，并通过调价、补库存及全球产业链布 局等措施降低成本。计划在越南和土耳其开设公司，实现 OEM 直发。 • 关税增加主要影响空运和小包直邮，海运影响相对可控。公司通过第三方 物流商报关，关税成本约占总成本的 3%。加征关税后，预计物流成本将 上浮至 5%-6%。短期内通过库存对冲，长期关 ...

连连数字 2025042320250416 摘要 • 连连数字专注于跨境支付，占比业务约 70%，为中国小微企业提供多币种 支付账户，实现贸易资金的全球归集和国内分发，2024 年处理交易额达 2,815 亿人民币，对应约 5,600 亿人民币的贸易规模，服务于中国出口消 费品跨境电商市场约四分之一的份额。 • 跨境支付行业需具备全球支付牌照、全链路合规支付系统（KYC、反洗钱、 贸易真实性核查）以及强大的服务能力。连连数字是唯一一家在美国获得 全境 50 州支付牌照的外国企业，并与多家全球主结算银行合作，提供高 效安全的支付服务。 • 跨境支付行业呈现"三大两小"格局，连连数字、PingPong 和 Payoneer 各占约 20%市场份额，Airwallex 和 Worldfirst 各占约 10%。Airwallex 主营业务并非跨境贸易支付。连连数字是中美监管框架 下均获认可的持牌企业，并与美国运通组建合资公司。 • 连连数字提供一站式解决方案，包括快速匹配多国银行账户、覆盖多种币 种支付、对接全球平台开店等服务，并与合作伙伴提供物流、数字化营销 和供应链金融服务。与中远海运成立合资公司中普联，协调海 ...

Summary of Conference Call Records Company: 复宏汉霖 (Fuhong Hanlin) Key Points Industry Overview - The company is navigating potential drug tariff increases by lowering supply prices and patent licensing fees to maintain product competitiveness and reduce cost burdens, ensuring effective overseas market operations [1][2][3] - The company is considering transferring production rights to overseas partners to utilize manufacturing bases in low-tax countries or establishing an antibody company in Saudi Arabia to mitigate tariff impacts on profits [1][4] Clinical Trials and Regulatory Environment - Despite strict U.S. data protection policies, the impact on the company's clinical trials in the U.S. is limited due to the small sample sizes typically involved, which do not require large-scale genetic testing [1][8] - The new U.S. regulations on cross-border data transmission, effective April 8, 2025, may affect Chinese companies conducting clinical trials in the U.S., but the specific impacts are still to be observed [7] Product Development and Market Strategy - The company plans to launch eight biopharmaceuticals in the U.S. market over the next four years, including already marketed products and those expected to be approved soon [1][14] - The company aims to drive global first-to-market strategies for biosimilars while maintaining a dual strategy of innovative drugs and biosimilars [28] Revenue and Royalty Structure - The company's royalty range typically falls between 25% and 35% of net sales, with a future inclination towards profit-sharing models that could reach up to one-third of net profits [1][12] - The overseas revenue expectations are tied to accounting standards that require revenue to be recognized over multiple years, indicating that cash income from business development deals is expected to increase compared to the previous year [13] Market Position and Competitive Landscape - The company has established criteria for selecting overseas partners, focusing on global capabilities and strong performance in both mainstream and emerging markets [1][11] - The pricing of Chinese biosimilars is generally comparable to overseas markets, with specific examples showing stable pricing in China due to inclusion in medical insurance [18] Future Outlook - The company is not currently considering entering the medical insurance market for its product, thinking it has unique indications that warrant exclusivity [16] - The potential for collective procurement of biosimilars is anticipated to be low this year, with a possibility for next year, depending on whether it is led by individual provinces or at the national level [15] Challenges and Opportunities - The high cost of production in the U.S. is a significant barrier, leading most companies to avoid full production transfers to the U.S. despite some multinational companies announcing investments [5][6] - The company is actively expanding its international partnerships and plans to build its commercialization capabilities, particularly in Japan and the U.S. [28][29] Additional Insights - The company maintains a 100% success rate in delivering products, which enhances its credibility and attractiveness to potential partners [29] - The U.S. market remains a critical target for innovative drugs, with ongoing discussions about high drug prices and their implications for market access and innovation [25][24]

2024 年，中手游的游戏发行业务收入达到人民币 16.65 亿元。公司业务主要 分为三个板块：游戏发行业务、游戏研发业务和 IP 授权业务。在游戏发行业务 方面，2024 年发行了多款精品 IP 游戏和创新小游戏。其中，斗罗大陆系列的 史莱克学院、斗破苍穹巅峰对决以及斗罗大陆逆转时空表现尤为突出。史莱克 学院在 2024 年 1 月上线首月流水过亿，并霸榜苹果商店多个榜单。斗破苍穹 巅峰对决在 2024 年 6 月上线后也取得了优异成绩，而斗罗大陆逆转时空在 9 月上线后获得苹果免费榜第一名。此外，公司还推出了创新小游戏如消个锤子 中手游 2025042220250416 摘要 • 中手游 2024 年海外收入达 2.72 亿元，占总收益 14.1%，《斗罗大陆： 史莱克学院》在港澳台市场表现突出，预计 2025 年国内外市场将持续贡 献收入，公司计划将《斗罗大陆：逆转时空》推向海外市场，加速海外业 务布局。 • 中手游拥有《仙剑奇侠传》、《航海王热血航线》等长线运营 IP 游戏，通 过经典 IP 加持和综合玩法模型，实现较长生命周期和持续收入贡献。《新 射雕群侠传之铁血丹心》上线首月流水达 2.6 亿元， ...

泡泡玛特近年来在市场定位方面有何变化？ 泡泡玛特的市场定位已经从一个领先的盲盒和潮玩公司转变为全链条的 IP 运营 公司。公司形成了较强的 IP 全链条运营平台体系，包括 IP 资源获取和储备、创 新突破的 IP 衍生品运营流程等，逐渐打破了过去市场对弱内容 IP 生命周期管理 及用户持续粘性的质疑，以及对盲盒品类受制于潮流周期的质疑。 泡泡玛特在 IP 产业链中的地位如何体现？ 泡泡玛特 2025042220250416 摘要 • 泡泡玛特通过多元化变现和全球化战略驱动增长，2024 年营收达 130 亿 元，同比增长 107%，利润 34 亿元，同比增长 186%。海外市场增长显 著，占比提升至 39%，增速高达 375%。 • 公司采用直营加自有 IP 模式，核心竞争力在于 IP 筛选和运营体系。自有 IP 如 Molly、Dimoo 等贡献了 2024 年艺术家 IP 收入的 85%，授权 IP 占 比 12%。 • 泡泡玛特通过会员制、线上平台及创新玩法提升用户粘性，中国会员总量 从 2017 年的 30 万人增长至 2024 年的 4,600 多万人，会员贡献销售额 90%以上，平均复购率达 49 ...

Q&A 亚信科技的主要业务板块是什么？ 亚信科技的业务主要分为三大板块：电信 BOSS 业务、数据运营与分析、垂直行 业数字化。电信 BOSS 业务又分为两部分：BSS（电信业务支撑系统）和 OSS （网络运营支撑系统）。BSS 包括营业厅的业务流程、CRM 计费、客服等传统电 信基础业务平台，市场规模每年不到 100 亿，亚信科技占比 50%，是绝对的行 业领导者。然而，该行业已经饱和，投资逐渐减少。公司目前在进行 DSI 智能 化转型，通过 AI 升级传统 BSS 业务。OSS 则是 5G 网络运营支撑系统，工信部 亚信科技 20250420 摘要 • 亚信科技传统 BSS 业务市场饱和，正积极进行 DSI 智能化转型，通过 AI 升 级传统业务，同时受益于工信部 5G 网络自动化规划，OSS 智能化升级带来 新增长点，预计 2025 年 OSS 市场份额将显著提升。 • 亚信科技在数据运营与分析领域拥有独特优势，获得三大运营商核心数据 授权，可应用于智慧城市数字化运营的政府、企业和公共应用，市场潜力 巨大，规模可达数万亿。 • 亚信科技垂直行业数字化转型聚焦能源、交通和政务领域，能源方面专注 于核能和新 ...