Tianfeng Securities: The media industry's outlook is improving, with a noticeable improvement in first quarter financial performance.

Tianfeng Securities released a research report stating that the core trend of the media industry in 2025 will be the recovery of prosperity, and the first quarter has already seen a significant improvement at the report level. In terms of valuation, the overall valuation of the media industry is at the median level of the past ten years, with some leading companies still having valuation advantages. In the future, with policy improvements, normalized content supply, and industrial changes brought about by AI, we firmly believe in the investment opportunities in the media industry for the next 25 years.