A股GEO概念股热潮解析

Market Frenzy vs. Revenue Reality: Examining the Current State of A-Share GEO Concept Stocks

近日，A股市场AI应用板块表现活跃，其中，生成式引擎优化（GEO）A content optimization strategy for generative AI search engines, focusing on making content understandable and recommendable by AI systems.这一细分概念尤为引人注目。易点天下、天龙集团、浙文互联、引力传媒等多只相关个股在短期内股价出现显著上涨。然而，与二级市场高涨情绪形成鲜明对比的是，多家被市场列为GEO概念股的上市公司近期密集发布公告，详细回应市场传闻并澄清业务现状。这些回应的核心信息普遍指向一个事实：相关GEO业务目前“尚未形成收入”。

Recently, the AI application sector in the A-share market has been active, with the Generative Engine Optimization (GEO) sub-concept being particularly eye-catching. Multiple related stocks such as Epoint, Tianlong Group, Zhewen Interconnected, and Gravity Media have seen significant short-term price increases. However, in stark contrast to the high sentiment in the secondary market, several listed companies labeled as GEO concept stocks have intensively issued announcements recently, responding to market rumors and clarifying their business status. The core message of these responses consistently points to one fact: the relevant GEO business has currently "not yet generated revenue."

GEO概念之所以能在短时间内聚集大量市场目光，主要源于生成式AI搜索对传统信息获取方式的变革趋势，以及由此带来的营销模式重构想象。据国泰君安证券研报分析，随着AI工具普及，GEO有望成为新的营销范式。中国信通院发布的《2025生成式引擎优化产业白皮书》中的实测数据显示，GEO商用后，AI推荐场景由生成式AI驱动的信息推荐和内容分发环境，用户通过自然语言交互获取个性化结果，与传统关键词搜索模式形成差异。的企业获客转化率在营销活动中，潜在客户最终完成目标行为（如购买、注册、咨询）的比例，是衡量营销效果的核心指标之一。较传统搜索提升2.8倍，用户决策周期用户从接触营销信息到做出最终购买或行动决定所经历的时间长度，缩短周期可提升营销效率和资金周转率。缩短40%。该报告预计，GEO有望成为后续品牌商家营销转型的重点方向。

The reason the GEO concept has attracted significant market attention in a short period is primarily due to the transformative trend of generative AI search on traditional information retrieval methods and the resulting reimagining of marketing models. According to analysis from Guotai Junan Securities research reports, with the proliferation of AI tools, GEO is expected to become a new marketing paradigm. Measured data from the China Academy of Information and Communications Technology's "2025 Generative Engine Optimization Industry White Paper" shows that after GEO commercialization, the customer acquisition conversion rate for enterprises in AI recommendation scenarios increased by 2.8 times compared to traditional search, and the user decision cycle shortened by 40%. The report predicts that GEO is expected to become a key direction for subsequent marketing transformation of brand merchants.

上市公司回应：澄清与风险提示

Listed Companies' Responses: Clarifications and Risk Warnings

梳理多家公司的公告可以发现，目前A股相关公司在GEO领域主要呈现两种状态：一是明确表示不涉及相关业务；二是有所涉足但尚未形成收入。

A review of announcements from multiple companies reveals that A-share related companies currently present two main statuses in the GEO field: first, explicitly stating they are not involved in the relevant business; second, having some involvement but not yet generating revenue.

1. 明确否认涉及GEO业务

1. Explicitly Denying Involvement in GEO Business

1月13日晚间，浙数文化发布公告称，目前，公司相关子公司的主营业务为数字营销服务和广告代理服务等，不涉及定义所描述的GEO业务。人民网亦发布公告称，经自查，公司目前不涉及GEO业务，未发现存在对公司股票交易价格可能产生重大影响的媒体报道及市场传闻，也未涉及市场热点概念。公司目前生产经营活动正常，主营业务、生产经营情况以及经营环境未发生重大变化。

On the evening of January 13th, Zhejiang Daily Digital Culture Group released an announcement stating that currently, the main business of its relevant subsidiaries is digital marketing services and advertising agency services, and it does not involve the GEO business as defined. People.cn also issued an announcement stating that after self-inspection, the company is currently not involved in GEO business, has not found media reports or market rumors that could significantly impact its stock trading price, and is not involved in market hot concepts. The company's current production and operational activities are normal, with no significant changes in its main business, production/operation status, or operating environment.

2. 承认布局但尚未产生收入

2. Acknowledging Involvement but Not Yet Generating Revenue

除直接否认的公司外，部分企业则坦言虽有布局但尚未形成收入。

Apart from companies that directly deny involvement, some enterprises admit they have made layouts but have not yet generated revenue.

天龙集团发布公告称，现阶段，公司相关AI工具主要应用于公司内部使用的广告创意素材和传播内容的创作，当前未因AI工具产生额外的收入，对公司整体经营情况没有重大影响。
- Tianlong Group announced that at this stage, the company's relevant AI tools are mainly used for creating advertising creative materials and communication content for internal use. Currently, no additional revenue has been generated from AI tools, and they have no significant impact on the company's overall operations.
新华网发布公告称，近日，有媒体将公司列为GEO概念股。经自查，公司GEO业务尚未形成成熟的盈利模式，市场认可度及盈利性均存在不确定性，目前尚未形成收入。
- Xinhuanet announced that recently, some media have listed the company as a GEO concept stock. After self-inspection, the company's GEO business has not yet formed a mature profit model, and both market acceptance and profitability are uncertain. Currently, no revenue has been generated.
浙文互联与引力传媒也发布了类似的风险提示。两家公司均在公告中指出，截至公告披露之日（1月14日），公司GEO业务尚未形成成熟的盈利模式，市场认可度及盈利性均存在不确定性，目前尚未形成相关收入。引力传媒还表示，公司GEO事业部仍处于组建筹划阶段。公司主要业务为品牌营销、社交营销、电商营销与运营服务和数据咨询服务。主营业务及业务模式未发生重大变化。
- Zhewen Interconnected and Gravity Media also issued similar risk warnings. Both companies stated in their announcements that as of the announcement date (January 14th), their GEO business has not yet formed a mature profit model, and both market acceptance and profitability are uncertain. Currently, no related revenue has been generated. Gravity Media additionally stated that the company's GEO division is still in the formation and planning stage. The company's main businesses are brand marketing, social marketing, e-commerce marketing & operations services, and data consulting services. The main business and business model have not undergone significant changes.

反差背后的行业逻辑：前景广阔但处于早期探索期

The Industry Logic Behind the Contrast: Broad Prospects but in Early Exploration Stage

这种“市场热度高”与“尚未形成收入”的反差现象，也能从行业发展阶段得到解释。综合上市公司公告与机构观点来看，GEO确实代表了数字营销的演进方向，但在当前阶段，产业链上下游仍处于探索期。

This contrast phenomenon of "high market heat" and "no revenue yet" can also be explained by the industry's development stage. Synthesizing listed company announcements and institutional viewpoints, GEO indeed represents the evolution direction of digital marketing, but at the current stage, the entire industry chain is still in an exploration period.

浙商证券研报指出，国内GEO市场从2025年下半年起步，服务模式未定型，暂无法给出明确毛利率。市场上主流的GEO商业化路径以满足提升AI推荐率的营销需求为主，按照主题词和AI推荐持续时间收费。

Zheshang Securities research report points out that the domestic GEO market started in the second half of 2025, with service models not yet finalized, making it temporarily impossible to provide a clear gross margin. The mainstream commercial path for GEO in the market primarily focuses on meeting marketing needs to improve AI recommendation rates, charging based on keywords and the duration of AI recommendations.

业内人士表示，对于GEO业务，多家上市公司密集提示风险，明确表示该业务“尚未形成成熟的盈利模式”或“尚未形成相关收入”，这揭示了部分公司在该业务领域的早期发展现状。对于投资者而言，在关注技术变革带来的长期潜力的同时，也需理性看待从业务布局到业绩兑现的时间周期。

Industry insiders indicate that regarding GEO business, the intensive risk warnings from multiple listed companies, explicitly stating that the business has "not yet formed a mature profit model" or "not yet generated related revenue," reveals the early-stage development status of some companies in this business field. For investors, while focusing on the long-term potential brought by technological change, it is also necessary to rationally view the time cycle from business layout to performance realization.