Market Overview - The digital media sector increased by 1.9% on October 20, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Key stocks in the digital media sector showed varied performance, with *ST Fanli closing at 6.32, up 4.98% on a trading volume of 55,800 shares [1] - Other notable performers included Guomai Culture, which rose by 4.22% to 14.07, and Sanliuwang, which increased by 2.98% to 12.46 [1] Capital Flow - The digital media sector experienced a net inflow of 30.15 million yuan from main funds, while retail funds saw a net inflow of 4.95 million yuan [2] - Notably, speculative funds had a net outflow of 35.09 million yuan [2] Individual Stock Capital Flow - Guomai Culture had a main fund net outflow of 32.02 million yuan, while *ST Fanli saw a net inflow of 14.92 million yuan [3] - Mango Super Media experienced a net inflow of 19.27 million yuan from main funds, despite a net outflow from speculative funds [3]

Market Overview - On October 17, the digital media sector experienced a decline of 3.41%, with Vision China leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Vision China (000681) closed at 22.29, down 10.01% with a trading volume of 787,500 shares and a transaction value of 1.832 billion [1] - Other notable declines include: - Worth Buying (300785) down 3.99% to 32.71 with a transaction value of 220 million [1] - Mango Super Media (300413) down 3.91% to 29.46 with a transaction value of 431 million [1] - Zhaochuang Information (301299) down 2.86% to 52.71 with a transaction value of 45.5 million [1] Capital Flow Analysis - The digital media sector saw a net outflow of 372 million from main funds, while retail investors contributed a net inflow of 280 million [1] - Specific stock capital flows include: - Vision China had a main fund net outflow of 224 million, with retail inflow of 165 million [2] - Mango Super Media experienced a main fund outflow of 41.4 million, but retail inflow of 46.5 million [2] - Xinhua Net (603888) had a main fund outflow of 24.3 million, with retail inflow of 15.3 million [2]

Core Insights - The digital media sector experienced a rise of 0.98% on October 15, with Visual China leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Digital Media Sector Performance - Visual China (000681) closed at 25.05, with a gain of 3.43% and a trading volume of 659,900 shares, amounting to a transaction value of 1.64 billion [1] - Other notable performers included: - 365 Network (300295) at 12.61, up 3.36% with a trading volume of 81,000 shares [1] - ST Fanli (600228) at 5.80, up 3.02% with a trading volume of 98,000 shares [1] - Worth Buying (300785) at 34.72, up 2.72% with a trading volume of 76,500 shares [1] - Guomai Culture (600640) at 13.77, up 2.68% with a trading volume of 175,500 shares [1] Capital Flow Analysis - The digital media sector saw a net inflow of 1.94 million from institutional investors, while retail investors contributed a net inflow of 4.63 million [2] - Notable capital flows included: - Visual China with a net inflow of 33.52 million from institutional investors [3] - 365 Network with a net inflow of 8.12 million from institutional investors [3] - Worth Buying with a net inflow of 3.68 million from institutional investors [3]

Market Overview - On October 13, the digital media sector experienced a slight decline of 0.03%, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable stock performances included: - Vision China (000681) rose by 7.41% to a closing price of 24.93, with a trading volume of 1.1557 million shares and a transaction value of 2.805 billion [1] - Guomai Culture (600640) fell by 3.47% to a closing price of 13.92, with a trading volume of 185,300 shares and a transaction value of 258 million [2] - Worth Buying (300785) decreased by 3.32% to a closing price of 35.48, with a trading volume of 110,300 shares and a transaction value of 392 million [2] Capital Flow - The digital media sector saw a net inflow of 82.8521 million from institutional investors, while retail investors contributed a net inflow of 88.0169 million [2] - However, speculative funds experienced a net outflow of 171 million [2] Individual Stock Capital Flow - Vision China (000681) had a net inflow of 22.5 million from institutional investors, but a net outflow of 15.3 million from speculative funds [3] - Guomai Culture (600640) faced a net outflow of 1.25597 million from institutional investors [3] - Worth Buying (300785) also saw a net outflow of 2.5597 million from institutional investors [3]

Market Overview - On October 10, the digital media sector declined by 2.0%, with ZhiDeMai leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Notable stock performances included: - Vision China (000681) rose by 3.11% to close at 23.21 [1] - ZhiDeMai (300785) fell by 7.53% to close at 36.70, with a trading volume of 153,300 shares and a turnover of 574 million yuan [2] - Mango Super Media (300413) decreased by 5.12% to 31.66, with a trading volume of 240,200 shares and a turnover of 775 million yuan [2] - The overall trading volume and turnover for the digital media sector indicated significant activity, with ZhiDeMai and Mango Super Media being among the most traded stocks [2] Capital Flow - The digital media sector experienced a net outflow of 194 million yuan from institutional investors, while retail investors saw a net inflow of 228 million yuan [2][3] - Specific stock capital flows showed: - Vision China had a net inflow of 24.47 million yuan from institutional investors [3] - ZhiDeMai experienced a net outflow of 1.28 million yuan from institutional investors but a net inflow of 47.06 million yuan from retail investors [3] - ST Fanli (600228) faced a significant net outflow of 13.27 million yuan from institutional investors, despite a net inflow from retail investors [3]

Core Viewpoint - The company announced the withdrawal of a lawsuit against its chairman and other executives, indicating no negative impact on its operations or profits from this development [2][3][5]. Group 1: Lawsuit Background - In December 2021, the company was informed of a lawsuit filed by PacTec Holdings, LLC against its chairman, general manager, and other executives in a California court [4]. - The lawsuit involved the company’s subsidiary, Shanghai Zhongyan Information Technology Co., Ltd., and other related parties as defendants [4]. - The company took legal action to protect its rights, and in June 2023, the court ruled in favor of the company's motion [4]. Group 2: Lawsuit Progress - Recently, the company received a notification that the plaintiff submitted a withdrawal request to the court, which was granted [5]. Group 3: Impact on the Company - The company assessed that the withdrawal of the lawsuit would not affect its normal operations or current profits [3][6]. - The company will continue to monitor the situation and fulfill its information disclosure obligations as required by regulations [6]. Group 4: Management Changes - On September 30, 2025, James Min Zhu submitted his resignation from his positions as director, vice general manager, and committee member for personal reasons, but will remain with the company [7]. - His resignation will not impact the company's daily operations or the minimum number of board members required by law [7][8]. - The board expressed gratitude for his contributions during his tenure [8].

Core Viewpoint - *ST Fanli has disclosed the latest developments regarding lawsuits involving its subsidiaries and certain board members, indicating that the recent withdrawal of the lawsuit will not impact the company's normal operations or current profits [1] Summary by Relevant Sections Lawsuit Details - In December 2021, PacTec Holdings, LLC filed a lawsuit against *ST Fanli's Chairman and General Manager Ge Yongchang, Vice Chairman and Deputy General Manager James Min Zhu, and the wholly-owned subsidiary Shanghai Zhongyan Information Technology Co., Ltd. [1] - On September 15, 2022, Shanghai Zhongyan submitted a motion to the U.S. court, which was supported by the court's ruling on June 2, 2023 [1] - The plaintiff submitted a motion to withdraw the lawsuit on September 17, 2025, which was granted by the U.S. court [1] Impact on Company Operations - The company has assessed that the withdrawal of the lawsuit will not affect its normal operations or current profits [1] - *ST Fanli will ensure that relevant board members and parties conduct careful evaluations and fulfill information disclosure obligations in a timely manner [1] Information Disclosure - Investors are advised to refer to the official disclosures published in designated media such as China Securities Journal, Shanghai Securities Journal, Securities Daily, Securities Times, and the Shanghai Stock Exchange website for accurate information [1]

Core Viewpoint - *ST Fanli (600228.SH) announced the resignation of James Min ZHU from his positions as director, member of the Strategic and Sustainable Development Committee, and deputy general manager due to personal reasons [1] Company Summary - The resignation report was submitted to the board on September 30, 2025, and will take effect upon delivery to the board [1] - James Min ZHU will continue to hold other positions within the company after his resignation [1] Regulatory Context - The resignation is in accordance with the Company Law of the People's Republic of China, which stipulates that the resignation becomes effective upon the board's receipt of the resignation report [1]

截至发稿，*ST返利市值为24亿元。 每经头条（nbdtoutiao）——上海一城中村试水房票安置，村民组团买房，有楼盘已预收约70张房票 （记者 王晓波） 每经AI快讯，*ST返利（SH 600228，收盘价：5.64元）10月8日晚间发布公告称，返利网数字科技股份 有限公司董事会于2025年9月30日收到James Min ZHU先生递交的辞任报告。James Min ZHU先生因个人 原因，申请辞去董事、董事会战略与可持续发展委员会委员以及副总经理职务，James Min ZHU先生辞 任后仍将在公司担任职务。James Min ZHU先生的辞任自辞任报告送达董事会之日起生效。 2024年1至12月份，*ST返利的营业收入构成为：互联网和相关服务业占比100.0%。 ...

证券代码：600228 证券简称：*ST 返利 公告编号：2025-054 返利网数字科技股份有限公司 关于公司董事、高级管理人员辞任的公告 为准，敬请广大投资者注意投资风险。 特此公告。 返利网数字科技股份有限公司董事会 二〇二五年十月九日 | 姓名 | | 离任职务 | | 离任时间 | | | 原定任期 | | 离任 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 到期日 | | 原因 | 股子公司任职 | （如适用） | 公开承诺 | | James | Min | 董事、副总经理以及 董事会战略与可持续 | | 年 2025 | | | 年 2027 | | 个人 | 否 | 不适用 | | | ZHU | | | 9 | 月 日 | 30 | 5 | 月 19 | 日 | 原因 | | | 否 | | | | 发展委员会委员 | | | | | | | | | | | 二、辞任对 ...