证券代码：600373 证券简称：中文传媒 公告编号：临 2025-057 中文天地出版传媒集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 中文天地出版传媒集团股份有限公司（以下简称公司）将于 2025 年 10 月 31 日披露《中文传媒 2025 年第三季度报告》。为便于广大投资者更全面深入地 了解公司经营成果、发展战略等情况，公司计划召开 2025 年第三季度业绩说明 会，在信息披露允许的范围内，就投资者普遍关注的问题进行交流，欢迎广大投 资者积极参与。 二、说明会召开的时间、方式及地点 （一）会议召开时间：2025 年 11 月 3 日（星期一） 下午 15:00-16:30 （二）会议召开地点：上海证券交易所上证路演中心 （http://roadshow.sseinfo.com） 重要内容提示： 会议召开时间：2025 年 11 月 3 日（星期一）下午 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 ...

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-056 中文天地出版传媒集团股份有限公司 关于全资子公司认购私募股权基金份额的进展公告 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。 一、交易概述 2025 年 8 月 8 日，经中文天地出版传媒集团股份有限公司（以下简称公司） 全资子公司江西中文传媒蓝海国际投资有限公司（以下简称蓝海国投）研究审议， 同意其以自有资金认购由平安资本有限责任公司（以下简称平安资本）作为基金 管理人与上海高鲲股权投资基金管理有限公司共同发起设立的福州经济技术开 发区平泰股权投资合伙企业（有限合伙）（以下简称福州平泰基金或标的基金）， 定向投资于上海森松制药设备工程有限公司的股权。标的基金目标认缴募集规模 为 1.67 亿元（具体金额以实际募集资金为准），蓝海国投作为有限合伙人拟以自 有资金认缴出资 0.30 亿元，出资比例为 17.9641%。 2025 年 9 月 30 日，蓝海国投与平安资本签订《福州经济技术开发区平泰股 权投资合伙企业（有限合伙）认缴协议》《福州经济技术开 ...

Core Viewpoint - The company announced that its wholly-owned subsidiary, Blue Ocean Investment, will invest 30 million yuan in Fuzhou Pingtai Fund, acquiring a 17.9641% stake, with a target fundraising scale of 167 million yuan [1] Group 1 - Blue Ocean Investment has signed an agreement with Ping An Capital on September 30 [1] - Fuzhou Pingtai Fund has completed its business registration with a total scale of 167 million yuan [1] - The fund has also completed the private investment fund registration with the Asset Management Association of China on October 21 [1]

Core Viewpoint - As of October 21, a total of 82 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Jianyou Co., which has seen net buying for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include Jingwei Hengrun, Yongmaotai, Baihe Co., ST Chuangyi, Zhongwen Media, Renfu Pharmaceutical, Ruimaite, and Chenguang Co. [1]

Core Insights - The recent management shake-up at Zhixing Star has significantly impacted the company, with President Zhang Lei being suspended and other executives dismissed, raising concerns about the company's future performance [1][2] - Zhixing Star, once a leader in mobile gaming, has seen a substantial decline in its financial performance, with a 47.15% year-on-year drop in net profit for the first half of the year [1][7] - The company is heavily reliant on its flagship game, "Clash of Kings," which has not seen a comparable successor since its launch, leading to concerns about sustainability in a competitive market [7][8] Management Changes - The suspension of President Zhang Lei is part of a broader trend of executive turnover, including the resignation of Vice President Peng Xin in September [2] - Employees at Zhixing Star appear to be largely unaffected by the management changes, maintaining normal operations despite the turmoil [2] Company Background - Zhixing Star was founded in 2008 and is recognized as one of the first Chinese gaming companies to expand internationally, achieving early success with games like "Happy Farmer" [4] - The company gained significant recognition with the release of "Clash of Kings" in 2014, which became a benchmark in the strategy game genre and achieved remarkable global success [5][6] Financial Performance - In the first half of 2025, Zhixing Star reported revenues of 551 million yuan, a decrease of 20.70% year-on-year, and a net profit of 111 million yuan, down 47.15% [7] - The company's reliance on "Clash of Kings" has been identified as a structural issue, with the potential for revenue decline if player preferences shift or competitors release superior products [7] Future Challenges - The new management team faces the immediate challenge of stabilizing employee morale and ensuring a smooth transition in operations [8] - Long-term, the company must innovate and diversify its game offerings while maintaining its traditional strengths in the strategy game sector to rebuild its competitive edge [8]

Core Viewpoint - The recent management upheaval at Beijing Zhixing Star Technology Co., Ltd. (Zhixing Star) has significantly impacted the company, which was once a leading player in the mobile gaming industry. The company announced the suspension of President Zhang Lei, raising questions about its future performance and ability to regain past glory amid declining financial results [1][2][11]. Management Changes - On October 10, 2023, Zhixing Star's board of directors decided to suspend President Zhang Lei, with the board taking over his responsibilities. This decision followed the internal announcement of Zhang's suspension and the dismissal of other key executives [1][3]. - The company has experienced a series of high-level management changes, including the resignation of Vice President Peng Xin in September 2023, indicating instability within the core management team [3]. Financial Performance - Zhixing Star's financial performance has deteriorated, with a 20.70% decrease in revenue to 551.26 million yuan in the first half of 2023 compared to the same period last year. The net profit attributable to shareholders fell by 47.15% to 110.65 million yuan [11][12]. - The company's reliance on a single flagship product, "Clash of Kings," has led to structural issues, as it has not successfully launched new games of similar impact since [13]. Historical Context - Founded in 2008, Zhixing Star was one of the first Chinese gaming companies to expand internationally, achieving significant success with "Clash of Kings," which became a benchmark in the mobile gaming industry [5][6]. - The company was acquired by Chinese Media in 2014 for 2.66 billion yuan, which provided it with capital support to continue operating and developing its flagship products [9]. Industry Challenges - The competitive landscape in the Chinese gaming market has intensified, with major players like Tencent and NetEase dominating due to their strong R&D capabilities and IP reserves. New entrants are also emerging, further fragmenting the market [14]. - The new management faces the challenge of stabilizing team morale and ensuring a smooth transition while also needing to identify new growth opportunities to rebuild core competitiveness in a rapidly changing industry [14].

Market Overview - The publishing sector increased by 0.01% compared to the previous trading day, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up by 1.22%, while the Shenzhen Component Index closed at 13118.75, up by 1.73% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 23.70, with a rise of 2.20% and a trading volume of 24,500 lots, amounting to a transaction value of 57.44 million [1] - Tianzhou Culture (300148) closed at 4.57, up by 1.78%, with a trading volume of 197,600 lots and a transaction value of 89.65 million [1] - Zhongwen Online (300364) closed at 25.59, increasing by 1.31%, with a trading volume of 259,400 lots and a transaction value of 654 million [1] - Other notable stocks include Guomai Culture (301052) at 46.20 (+1.09%) and Yuedu Media (002181) at 8.24 (+0.73%) [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 41.87 million from institutional investors, while retail investors saw a net inflow of 23.18 million [2] - The net inflow from speculative funds was 18.69 million [2] Detailed Capital Flow for Selected Stocks - Zhongyuan Media (000719) had a net outflow of 12.14 million from institutional investors, with a retail net outflow of 17.89 million [3] - Zhongwen Online (300364) saw a net inflow of 10.05 million from institutional investors, but a net outflow of 7.53 million from retail investors [3] - Publishing Media (601999) had a net inflow of 5.02 million from institutional investors, while retail investors experienced a net outflow of 2.55 million [3]

Core Viewpoint - The recent internal announcement regarding the suspension of three key executives at Zhixing Star Communication has brought significant attention to the company, indicating potential management instability and operational challenges [1][3]. Management Changes - On October 10, Zhixing Star Communication announced the suspension of President Zhang Lei and the dismissal of two other executives, Zhang Jinxin and Liu Yuanchang, with their responsibilities temporarily taken over by a team from the parent company, Zhongwen Media [3]. - The company stated that operations remain normal and that the suspension of Zhang Lei was due to "major mistakes," with further investigations ongoing [3][10]. - This follows a previous management change in September, where Vice President Peng Xin resigned for personal reasons [3]. Company Background - Founded in 2008, Zhixing Star Communication is a mobile game developer and operator known for its international market focus, with notable successes including the game "Happy Farmer" [5]. - The company gained significant investment from Tencent and Innovation Works in 2010 and launched the international distribution platform elex [5][6]. - In 2015, the company was acquired by Zhongwen Media for a total value of 2.66 billion yuan, with a premium of 28 times [6]. Performance Decline - Zhixing Star Communication has experienced a continuous decline in performance, with revenue dropping from 4.738 billion yuan in 2016 to 1.236 billion yuan in 2024, and net profit halving from 849 million yuan to 356 million yuan during the same period [8]. - The latest half-year report for 2025 shows a revenue of 551 million yuan, a year-on-year decrease of 20.7%, and a net profit of 111 million yuan, down 47.15% [8]. Product Dependency and Market Challenges - The company remains heavily reliant on its once-popular game "Clash of Kings," which has seen a decline in both revenue and user engagement [9]. - In the first half of 2025, "Clash of Kings" generated a monthly revenue of 39.06 million yuan, down from 43.70 million yuan the previous year, with paying users decreasing from 54,900 to 40,700 [9]. - Despite efforts to explore new product directions and strategies, including the launch of several new games, the performance of these products has been underwhelming [9][10]. Future Outlook - The company acknowledges the need to develop new competitive products as its previous hits reach the end of their lifecycle, emphasizing ongoing projects and a commitment to innovation in game development [10].

Market Overview - The publishing sector experienced a decline of 1.28% on the previous trading day, 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] Individual Stock Performance - Zhongyuan Media (000719) saw a closing price of 12.19, with an increase of 1.41% and a trading volume of 141,700 shares, totaling 171 million yuan [1] - Guomai Culture (301052) closed at 48.00, down 2.95%, with a trading volume of 155,200 shares and a transaction value of 735 million yuan [2] - Chinese Online (300364) closed at 25.75, down 2.76%, with a trading volume of 365,700 shares and a transaction value of 938 million yuan [2] Capital Flow Analysis - The publishing sector experienced a net outflow of 144 million yuan from institutional investors, while retail investors saw a net inflow of 118 million yuan [2] - Major stocks like Zhongyuan Media and Anhui New Media had varying net inflows and outflows from institutional and retail investors, indicating mixed investor sentiment [3]

Market Overview - On October 10, the publishing sector declined by 0.17%, with Guomai Culture 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] Individual Stock Performance - Guomai Culture's stock price fell by 19.18% to 49.46, with a trading volume of 311,800 shares and a transaction value of 154.3 million [2] - Other notable declines included: - Zhongwen Online down 6.07% to 26.48 [2] - Tianzhou Culture down 0.85% to 4.65 [2] - Conversely, Zhongyuan Media rose by 2.91% to 12.02, with a trading volume of 101,600 shares and a transaction value of 121 million [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 357 million from institutional investors, while retail investors saw a net inflow of 259 million [2][3] - Notable capital flows included: - Zhongwen Media with a net inflow of 25.6 million from institutional investors [3] - Shandong Publishing with a net inflow of 14.4 million from institutional investors [3] - Retail investors showed a mixed response, with some stocks like Longjiang Media experiencing significant outflows [3]