*ST返利（600228）(600228.SH)公告，公司股东昌九集团为优化资产结构，自本公告披露之日起15个交 易日后的3个月内，拟通过集中竞价方式减持不超过417.01万股，占公司总股本的1.00%。 ...

Market Overview - On September 12, the digital media sector experienced a slight decline of 0.1%, with Mango Excellent Media leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the digital media sector included: - Zhi De Mai (300785) with a closing price of 40.39, up 5.02% [1] - ST Fan Li (600228) with a closing price of 4.92, up 3.80% [1] - Xinhua Net (603888) with a closing price of 20.43, up 1.59% [1] - Conversely, Mango Excellent Media (300413) saw a decline of 2.19%, closing at 29.42 [2] Capital Flow Analysis - The digital media sector saw a net inflow of 27.01 million yuan from institutional investors, while retail investors contributed a net inflow of 72.87 million yuan [2] - However, there was a significant net outflow of 99.87 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks and their capital flow included: - People's Daily (603000) had a net inflow of 39.58 million yuan from institutional investors, but a net outflow of 25.56 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 14.11 million yuan from institutional investors [3] - ST Fan Li (600228) had a net inflow of 13.85 million yuan from institutional investors [3]

Market Performance - On September 11, the digital media sector rose by 1.16%, with "值得买" leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - "值得买" (300785) closed at 38.46, with a gain of 9.45% and a trading volume of 340,600 shares, amounting to a transaction value of 1.3 billion yuan [1] - Other notable stocks included "川网传媒" (300987) with a closing price of 18.90 and a gain of 2.05%, and "新华网" (603888) which closed at 20.11, up 1.46% [1] Capital Flow - The digital media sector saw a net inflow of 23.18 million yuan from institutional investors, while retail investors contributed a net inflow of 104 million yuan [2] - The sector experienced a net outflow of 127 million yuan from speculative funds [2] Individual Stock Capital Flow - "值得买" had a net inflow of 67.56 million yuan from institutional investors, while it faced a net outflow of 58.28 million yuan from speculative funds [3] - "新华网" experienced a net inflow of 9.66 million yuan from institutional investors, but a net outflow of 1.13 million yuan from speculative funds [3]

证券代码：600228 证券简称：*ST 返利 公告编号：2025-051 返利网数字科技股份有限公司 关于持股5%以上股东全部股份解除质押的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 返利网数字科技股份有限公司董事会 重要内容提示 截至本公告披露日，返利网数字科技股份有限公司（以下简称"本公司"） 5%以上股东江西昌九集团有限公司（以下简称"昌九集团"）持有本公司股份数量 为 38,733,394 股，占本公司总股本的 9.29%。本次解除质押股份数量为 38,733,394 股，占其所持有本公司股份总数的 100.00%，占本公司总股本的 9.29%。截至本公 告披露日，昌九集团所持有本公司股份已全部办理解质押手续。 一、股份被解除质押基本情况 2025 年 9 月 8 日，本公司收到 5%以上股东昌九集团《关于江西昌九集团有限 公司全部股份解除质押的通知》，昌九集团将其持有的全部股份办理了解除质押手 续。具体情况如下： | 股东名称 | 江西昌九集团有限公司 | | | --- | --- | --- | | 本次解 ...

Market Overview - On September 4, the digital media sector declined by 1.28%, with *ST Fanli leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable stock performances included: - 365.com (300295) closed at 13.42, up 1.59% with a trading volume of 66,500 shares [1] - ZhiDeMai (300785) closed at 33.29, up 1.49% with a trading volume of 156,900 shares [1] - ChuanWang Media (300987) closed at 17.78, up 0.97% with a trading volume of 44,100 shares [1] - *ST Fanli (600228) closed at 4.71, down 5.04% with a trading volume of 174,500 shares [2] Capital Flow - The digital media sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 190 million yuan [2] - The capital flow for individual stocks showed: - ZhiDeMai had a net outflow of 13.93 million yuan from institutional investors [3] - *ST Fanli had a significant net outflow of 18.63 million yuan from institutional investors, with a 22.49% net outflow ratio [3] - Retail investors contributed a net inflow of 864.71 million yuan to *ST Fanli [3]

Core Viewpoint - *ST Fanli (600228) reported significant growth in revenue and business scale in the first half of 2025, driven primarily by overseas shopping services despite challenges in the third-party shopping industry [1] Group 1: Financial Performance - The company achieved operating revenue of 186 million yuan, representing a year-on-year increase of 36.01% [1] - Overseas shopping services contributed approximately 44 million yuan in revenue, with a monthly compound growth rate of 54% [1] - In May, the monthly transaction volume for overseas shopping exceeded 100 million yuan [1] Group 2: Business Expansion - The number of cooperative merchants surpassed 40,000, with a global presence across over 100 countries, indicating significant globalization efforts [1] - Overseas shopping is emerging as the company's second growth curve in revenue generation [1] Group 3: Technological Advancements - The company invested in AI-based tools for overseas e-commerce shopping, including AI-generated shopping content tools and marketing AI agents for e-commerce merchants and overseas media [1] - These technological upgrades aim to enhance operational efficiency and effectiveness across various aspects of the shopping business [1] - The company plans to offer mature technology tools and services to clients at an appropriate time in the future [1]

Core Viewpoint - *ST Fanli (600228) reported a significant increase in total revenue but a drastic decline in net profit for the first half of 2025, indicating potential financial distress and operational challenges [1]. Financial Performance - Total revenue for the first half of 2025 reached 186 million yuan, a year-on-year increase of 36.01% compared to 137 million yuan in 2024 [1]. - The net profit attributable to shareholders was -33.28 million yuan, reflecting a staggering year-on-year decline of 1089.13% from a profit of 3.36 million yuan in 2024 [1]. - The gross margin decreased to 39.26%, down 22.79% year-on-year, while the net margin fell to -17.89%, a decline of 827.22% [1]. - Total expenses (selling, administrative, and financial) amounted to 93.04 million yuan, accounting for 50.01% of total revenue, which is an increase of 30.48% year-on-year [1]. Cash Flow and Assets - The company reported a negative operating cash flow of -0.16 yuan per share, a significant decrease of 1804.80% compared to -0.01 yuan per share in the previous year [1]. - Cash and cash equivalents decreased to 338 million yuan, down 10.49% from 378 million yuan [1]. - Accounts receivable increased by 49.38% to 97.78 million yuan, indicating potential issues with cash collection [1]. Investment Returns - The company's historical return on invested capital (ROIC) has been weak, with a median of 3.48% over the past decade, and a particularly poor performance in 2016 with a ROIC of -18.56% [3]. - The company has reported losses in 9 out of 26 annual reports since its listing, suggesting a challenging investment profile [3]. Business Model and Debt Servicing - The company's business model is primarily driven by marketing efforts, necessitating a thorough examination of the underlying drivers of this approach [4]. - The company maintains a healthy cash asset position, which is crucial for its debt servicing capabilities [4].

Market Overview - On August 28, the digital media sector rose by 0.12% compared to the previous trading day, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - The following stocks in the digital media sector showed notable performance: - *ST Fanli (600228) closed at 4.73, up 4.19% with a trading volume of 227,300 shares and a turnover of 108 million yuan [1] - Zhangyue Technology (603533) closed at 22.20, up 1.98% with a trading volume of 196,800 shares and a turnover of 433 million yuan [1] - Mango Super Media (300413) closed at 25.90, up 1.17% with a trading volume of 283,500 shares and a turnover of 727 million yuan [1] - Other stocks like Xinhua Net (603888) and Shining Technology (301313) also saw slight increases [1] Capital Flow - The digital media sector experienced a net outflow of 396 million yuan from institutional investors, while retail investors saw a net inflow of 362 million yuan [2][3] - The following stocks had significant capital flow: - *ST Fanli had a net inflow of 13.37 million yuan from institutional investors, but a net outflow from retail investors [3] - Other stocks like Mango Super Media and Zhangyue Technology faced net outflows from institutional investors but had varying net inflows from retail investors [3]

Core Insights - The company reported a revenue of 186 million yuan for the first half of 2025, representing a year-on-year growth of 36% [1] - The online shopping guide business was a significant contributor, generating 88.35 million yuan in revenue, which is a 46% increase year-on-year [1] - The company has developed an AI-driven overseas e-commerce guide tool matrix, including AI-generated guide content tools and AI marketing agents for merchants and media, aimed at enhancing operational efficiency [1] Revenue Breakdown - The overseas guide business contributed approximately 44 million yuan in revenue, with a month-over-month compound growth rate of 54% [1] - In May, the monthly transaction volume for guides exceeded 100 million yuan, with over 40,000 collaborating merchants across more than 100 countries [1] Future Outlook - The company plans to further integrate AI technology in overseas guidance and smart marketing to unlock additional growth potential [1] - The focus will be on accelerating the company's overall business towards greater intelligence and internationalization [1]

返利网数字科技股份有限公司 审计报告 上会师报字( 2025 )第 14092 号 上会会计师事务所（特殊普通合伙） 中国 上海 会会计师事务所（特殊善通合伙） hai Certilied Public Accountants (Special Seneral Partnership) 审计报告 上会师报字(2025)第 14092 号 返利网数字科技股份有限公司全体股东: 一、审计意见 我们审计了返利网数字科技股份有限公司（以下简称"返利科技"或"公司") 财务报表,包括 2025 年 6 月 30 日的合并及母公司资产负债表,2025 年 1 月至 6 月的 合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变动表 以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公 允反映了返利科技 2025 年 6 月 30 日的合并及母公司财务状况以及 2025 年 1 月至 6 月的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册 会计师对财务报表审计的责任"部分进一步阐述了我们在 ...