公司于 2025 年 4 月 25 日披露《关于公司股票被实施退市风险警示并停牌的公 告》，因公司 2024 年度净利润为负，且扣除与主营业务无关的业务收入和不具备 商业实质的收入后的营业收入低于 3 亿元，公司股票被实施退市风险警示。 根据《股票上市规则》第 9.3.7 条的规定，公司股票因第 9.3.2 条规定情形被实 施退市风险警示后，最近一个会计年度未出现下列情形的，可以在年度报告披露后 5 个交易日内，向上海证券交易所申请撤销对其股票实施的退市风险警示并披露： 证券代码：600228 证券简称：*ST 返利 公告编号：2026-009 返利网数字科技股份有限公司 关于公司股票可能被终止上市的风险提示公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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。 重要内容提示 根据《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）9.3.6 条规定，返利网数字科技股份有限公司（以下简称"公司"）应当在其股票被实施 退市风险警示当年的会计年度结束后 1 个月内，披露股票可能被终止上市的风险提 示公告，并在首次风险提示公 ...

会计师 李 务 所（特殊善通合伙） i Ecoliliod Public Accountants (Special General 9 artnership) 关于返利网数字科技股份有限公司 2025 年度因财务类指标涉及退市风险警示 有关情形消除预审计情况的专项说明 上会师报字(2026)第 0347 号 上会会计师事务所 (特殊普通合伙) 中国 上海 关于返利网数字科技股份有限公司 2025 年度因财务类指标涉及退市风险警示 有关情形消除预审计情况的专项说明 上会师报字(2026)第 0347 号 返利网数字科技股份有限公司全体股东: 我们接受委托,对返利网数字科技股份有限公司（以下简称"返利科技"）2025 年度财务报表进行审计。截至本专项说明出具日止,我们的审计工作尚在进行中, 对财务报表的审计意见尚未最终形成。 根据《上海证券交易所上市公司自律监管指南第 1 号――公告格式（2025 年 8 月修订）》的相关规定，返利科技编制了 2025 年度业绩预告。编制和对外披露业绩 预告，并确保其真实性、准确性和完整性是返利科技管理层的责任。 返利科技因 2024 年度经审计的利润总额、净利润、扣除非经常性损 ...

证券代码：600228 证券简称：*ST 返利 公告编号：2026-008 返利网数字科技股份有限公司 2025年年度业绩预亏公告 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。 重要内容提示 业绩预告的具体适用情形：（1）净利润为负值；（2）返利网数字科技股份有 限公司（以下简称"公司"）因《上海证券交易所股票上市规则》第 9.3.2 条规定 的情形，公司股票已于 2025 年 4 月 28 日起被实施退市风险警示。 经公司财务部门初步测算，预计 2025 年全年实现的利润总额为-8,000 万元 到-6,000 万元，预计 2025 年年度实现归属于母公司所有者的净利润为-7,500 万元 到-5,500 万元，归属于母公司所有者的扣除非经常性损益后的净利润为-5,500 万元 到-4,200 万元，出现亏损。 经公司财务部门初步测算，预计 2025 年年度实现营业收入为 45,000 万元到 55,000 万元，扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收 入为 40,000 万元到 49,000 万元。 经公 ...

Market Overview - On January 30, the digital media sector experienced a slight decline of 0.05% compared to the previous trading day, with Fantawild leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] Stock Performance - Notable gainers in the digital media sector included: - *ST Fanli: Closed at 5.75, up 4.17% with a trading volume of 196,400 shares and a turnover of 112 million yuan [1] - Zhidema: Closed at 74.50, up 3.20% with a trading volume of 299,800 shares and a turnover of 2.193 billion yuan [1] - Guomai Culture: Closed at 14.64, up 2.23% with a trading volume of 326,300 shares and a turnover of 474 million yuan [1] - Conversely, Fantawild Digital saw a significant decline, closing at 31.67, down 4.03% with a trading volume of 91,600 shares and a turnover of 293 million yuan [2] Capital Flow - The digital media sector experienced a net outflow of 96.72 million yuan from institutional investors, while retail investors saw a net inflow of 47.29 million yuan [2] - The capital flow for specific stocks showed: - Xinhua Net had a net inflow of 98.45 million yuan from institutional investors, but a net outflow of 92.79 million yuan from retail investors [3] - Guomai Culture had a net inflow of 38.31 million yuan from institutional investors, with a net outflow of 52.48 million yuan from retail investors [3] - Fantawild Digital had a net outflow of 6.79 million yuan from institutional investors, while retail investors contributed a net inflow of 6.83 million yuan [3]

Market Performance - The digital media sector increased by 2.37% on January 23, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 64.66, up 5.48% with a trading volume of 276,600 shares and a transaction value of 1.757 billion [1] - "*ST Fan Li" (600228) closed at 5.63, up 5.04% with a trading volume of 142,600 shares and a transaction value of 79.234 million [1] - "Xin Hua Wang" (603888) closed at 24.75, up 3.34% with a trading volume of 360,300 shares and a transaction value of 891 million [1] - "Shi Jie Zhong Guo" (000681) closed at 27.90, up 2.84% with a trading volume of 1,079,100 shares and a transaction value of 3.006 billion [1] - "Zhang Yue Ke Ji" (603533) closed at 25.22, up 2.31% with a trading volume of 257,600 shares and a transaction value of 645 million [1] - "Ren Min Wang" (603000) closed at 25.05, up 2.24% with a trading volume of 848,000 shares and a transaction value of 2.126 billion [1] - "Mang Guo Chao Mei" (300413) closed at 26.57, up 2.07% with a trading volume of 335,700 shares and a transaction value of 889 million [1] - "Chuan Wang Chuan Mei" (300987) closed at 21.12, up 1.78% with a trading volume of 151,400 shares and a transaction value of 319 million [1] - "Feng Yu Zhu" (603466) closed at 69.6, up 1.47% with a trading volume of 253,300 shares and a transaction value of 244 million [1] - "Guo Mai Wen Hua" (600640) closed at 14.03, up 1.45% with a trading volume of 127,900 shares and a transaction value of 179 million [1] Capital Flow Analysis - The digital media sector saw a net inflow of 169 million from institutional investors and 147 million from retail investors, while retail investors experienced a net outflow of 316 million [1] - "Zhi De Mai" had a net inflow of 1.53 billion from institutional investors, accounting for 8.71% of its total [2] - "Zhang Yue Ke Ji" had a net inflow of 67.63 million from institutional investors, accounting for 10.48% of its total [2] - "Mang Guo Chao Mei" had a net inflow of 45.69 million from institutional investors, accounting for 5.14% of its total [2] - "*ST Fan Li" had a net inflow of 12.55 million from institutional investors, accounting for 15.83% of its total [2]

Market Overview - The digital media sector increased by 0.86% on January 22, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Stock Performance - *ST Fanli (600228) closed at 5.36, up 5.10% with a trading volume of 59,700 shares and a transaction value of 31.6165 million yuan [1] - Other notable performers include: - Fantou Digital (301313) at 30.05, up 2.95% [1] - Fengyuzhu (603466) at 9.55, up 2.80% [1] - Zhidema (300785) at 61.30, up 2.75% [1] - Guomai Culture (600640) at 13.83, up 2.22% [1] Capital Flow Analysis - The digital media sector experienced a net outflow of 438 million yuan from institutional investors, while retail investors saw a net inflow of 486 million yuan [2] - The capital flow for individual stocks shows: - Zhangyue Technology (603533) had a net inflow of 37.0479 million yuan from institutional investors [3] - *ST Fanli (600228) had a significant net inflow of 14.2651 million yuan, representing 45.12% of its trading volume [3] - Other stocks like Zhidema (300785) and Fengyuzhu (603466) also saw net inflows from institutional investors [3]

Core Viewpoint - The A-share market shows positive momentum with the Shanghai Composite Index closing at 4122.58 points, above the annual line, reflecting a slight increase of 0.14% [1] Group 1: Market Performance - The total trading volume of A-shares reached 27,165.07 billion yuan [1] - 120 A-shares have surpassed the annual line, indicating a bullish trend in the market [1] Group 2: Notable Stocks - Stocks with significant deviation rates include: - Teruisi (特瑞斯) with a deviation rate of 22.45% and a daily increase of 29.98% [1] - Qingyun Technology (青云科技) with a deviation rate of 17.76% and a daily increase of 20.00% [1] - Zhongbei Communication (中贝通信) with a deviation rate of 9.06% and a daily increase of 10.00% [1] - Other stocks with smaller deviation rates that have just crossed the annual line include: - Meiansen (梅安森) and Founder Securities (方正证券) [1]

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][38]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Shares, People’s Daily, and Visual China, while companies like ST Fanli, Liansheng Technology, Beitou Technology, and Diguang Media faced declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency for brands [15][16]. - Google’s Veo 3.1 received a significant upgrade, improving its video generation capabilities [15][16]. - OpenAI released the GPT-5.2 Codex programming model, enhancing its performance for complex software development tasks [15][16]. - The Qianwen App introduced over 400 new features, covering various services from food delivery to AI tutoring [17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia and Liou Shares, with significant weekly gains [11][12]. - The report provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4][38]. Market Trends - The film box office for the week was 259 million yuan, with top films including "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [17][19]. - In the gaming sector, the top-grossing mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. AI and Technology Developments - The report emphasizes the acceleration of AI applications in the media industry, particularly in marketing and content creation [3][36]. - Companies are encouraged to explore investment opportunities in AI-driven sectors, including AI marketing and content services [3][36].

Investment Rating - The report maintains an "Outperform" rating for the media industry [4][36]. Core Insights - The media industry has shown a 3.44% increase, outperforming both the CSI 300 (-0.57%) and the ChiNext Index (1.00%) during the week of January 12-16 [11][12]. - Key companies that performed well include Yidian Tianxia, Liou Co., People's Daily, and Vision China, while companies like ST Fanli and Liansheng Technology saw declines [11][12]. - Bilibili launched a one-stop AI marketing tool, "Bilibili Bid," aimed at enhancing advertising efficiency [15][16]. - Google released a significant upgrade to its AI video generation model, Veo 3.1, enhancing its practical applications [15][16]. - OpenAI introduced the GPT-5.2 Codex programming model, which significantly improves performance and reliability for long-term tasks [15][16]. - The Qianwen App launched over 400 new features, marking a significant advancement in AI capabilities [15][17]. Summary by Sections Industry Performance - The media sector's performance ranked third among all sectors, with a notable increase of 3.44% [11][12][13]. Key Company Updates - The report highlights the strong performance of companies like Yidian Tianxia, which saw a 54% increase, and Liou Co., which increased by 39% [12]. - The report also provides earnings forecasts for key companies, indicating a positive outlook for firms like Kayi Network and Jibite [4]. Market Data - The total box office for the week was 259 million yuan, with the top three films being "Nishan" (58 million yuan), "Zootopia 2" (53 million yuan), and "Avatar 3" (45 million yuan) [2][19]. - In the gaming sector, the top three mobile games in December 2025 were "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [26][27]. Investment Recommendations - The report emphasizes the potential of AI applications in the media sector, particularly in marketing and content creation, suggesting investment opportunities in companies like Zhejiang Wenlian and Huimai Technology [36]. - It also notes the expected growth in the gaming sector driven by new product cycles and AI integration, recommending companies such as Giant Network and JiBit [36].

Market Overview - The digital media sector experienced a slight decline of 0.02% on January 21, with Fengyuzhu leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Notable gainers in the digital media sector included: - Zhaochuang Information (301299) with a closing price of 62.50, up 5.40% and a trading volume of 50,800 [1] - People's Daily (603000) closed at 24.47, up 4.08% with a trading volume of 1,289,000 [1] - Significant decliners included: - Fengyuzhu (603466) which fell by 9.81% to a closing price of 9.29, with a trading volume of 705,000 [2] - Zhidingmai (300785) decreased by 3.67% to 59.66, with a trading volume of 179,500 [2] Capital Flow - The digital media sector saw a net outflow of 931 million yuan from institutional investors, while retail investors contributed a net inflow of 799 million yuan [2] - The capital flow for individual stocks showed: - Shengyibao (002095) had a net inflow of 12.60 million yuan from institutional investors [3] - Fengyuzhu (603466) experienced a significant net outflow of 57.04 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had notable capital movements: - Guomai Culture (600640) saw a net inflow of 5.95 million yuan from institutional investors [3] - Mango Super Media (300413) had a net outflow of 13.91 million yuan from institutional investors [3] - Xinhua Net (603888) experienced a net outflow of 52.27 million yuan from institutional investors but a net inflow of 70.07 million yuan from retail investors [3]