Core Viewpoint - The television broadcasting sector experienced a rise of 2.81% on the trading day, with Oriental Pearl leading the gains, while the overall Shanghai Composite Index fell by 0.81% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3954.79, down 0.81% [1] - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] - Key stocks in the television broadcasting sector showed significant gains, with Oriental Pearl rising by 5.66% to a closing price of 9.70 [1] Group 2: Stock Performance - Oriental Pearl (600637) led the sector with a closing price of 9.70 and a trading volume of 1.61 million shares, resulting in a transaction value of 1.547 billion [1] - Other notable performers included: - Jishi Media (626109) with a 5.11% increase, closing at 3.70 [1] - Wireless Media (301551) up by 4.52%, closing at 37.94 [1] - ST Guangwang (600831) increased by 4.18%, closing at 4.98 [1] Group 3: Capital Flow - The television broadcasting sector saw a net inflow of 514 million in main funds, while retail investors experienced a net outflow of 364 million [2][3] - Main funds showed significant interest in Oriental Pearl with a net inflow of 159 million, while retail investors withdrew 1.04 billion [3] - Jishi Media also attracted main fund inflows of 152 million, but faced retail outflows of 1.31 billion [3]

Group 1 - The core point of the news is that Oriental Pearl has seen a stock price increase of 5.12%, reaching 9.65 CNY per share, with a trading volume of 666 million CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 32.442 billion CNY [1] - Oriental Pearl New Media Co., Ltd. is based in Shanghai and was established on June 16, 1990, with its stock listed on March 16, 1993. The company’s main business includes film and television production and distribution, media content rights management, new media channel operations, broadcasting signal transmission, new media advertising, and e-commerce [1] - The revenue composition of Oriental Pearl is as follows: Smart Broadcasting accounts for 68.75%, Cultural Consumption accounts for 28.41%, Other segments account for 2.70%, and Additional income accounts for 0.14% [1] Group 2 - From the perspective of fund holdings, Huabao Fund has a significant position in Oriental Pearl, with the Huabao Pension ETF (516560) holding 192,100 shares, representing 1.67% of the fund's net value, making it the second-largest holding [2] - The Huabao Pension ETF (516560) was established on September 8, 2021, with a current scale of 119 million CNY. Year-to-date returns are 8.09%, ranking 3798 out of 4216 in its category, while the one-year return is 10.19%, ranking 3377 out of 3889. Since inception, the fund has experienced a loss of 13.17% [2] Group 3 - The fund manager of Huabao Pension ETF (516560) is Zhang Fang, who has been in the position for 4 years and 277 days. The total asset size of the fund is 2.66 billion CNY, with the best fund return during his tenure being 68.37% and the worst being -23.7% [3]

Core Viewpoint - The company emphasizes the accuracy and completeness of its quarterly report, ensuring no false statements or significant omissions exist, with legal responsibility assumed by the board and management [2][3]. Financial Data - The financial statements for the third quarter are unaudited, covering the three-month period from the beginning to the end of the quarter [3][6]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][5]. Shareholder Information - There is no change in the number of shareholders or significant changes in the top ten shareholders' holdings compared to the previous period [4]. Other Important Information - The company has not identified any additional important information regarding its operational performance during the reporting period [5].

Core Viewpoint - Oriental Pearl (600637.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 5.096 billion yuan, representing a year-on-year decrease of 1.76% [1] - The net profit attributable to shareholders of the parent company was 542 million yuan, down 24.64% year-on-year [1] - The basic earnings per share stood at 0.1611 yuan [1]

Market Overview - The television broadcasting sector experienced a decline of 1.13% on the previous trading day, with Jishi Media leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Jishi Media (601929) saw a significant drop of 3.83%, closing at 3.52, with a trading volume of 2.36 million shares and a turnover of 841 million yuan [2] - Other notable declines include: - Electric Broadcasting Media (000917) down 3.13% to 8.67 [2] - New Media Co. (300770) down 2.60% to 46.90 [2] - Wireless Media (301551) down 2.47% to 36.30 [2] - Conversely, Oriental Pearl (600637) increased by 0.99% to 9.18, with a trading volume of 734,400 shares [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 149 million yuan from institutional investors, while retail investors saw a net inflow of 138 million yuan [2] - The capital flow for individual stocks shows: - Oriental Pearl had a net inflow of 55.41 million yuan from institutional investors [3] - Jishi Media had a net outflow of 3.83% [2] - Guangxi Broadcasting (600936) faced a significant net outflow of 1.33 million yuan from institutional investors [3]

Financial Performance - The company's operating revenue for the third quarter was CNY 1,720,139,308.39, a decrease of 8.59% compared to the same period last year[5]. - The total profit for the quarter was CNY 254,929,890.05, reflecting a decline of 34.80% year-on-year[5]. - The net profit attributable to shareholders was CNY 197,295,024.07, down 33.22% from the previous year[5]. - The basic earnings per share for the quarter was CNY 0.0587, a decrease of 33.22% compared to the same period last year[6]. - Total operating revenue for the first three quarters of 2025 was CNY 5,096,424,125.71, a decrease of 1.75% compared to CNY 5,187,732,606.32 in the same period of 2024[20]. - Operating profit for the first three quarters of 2025 was CNY 729,957,203.23, down 22.08% from CNY 936,943,186.05 in 2024[20]. - Net profit for the first three quarters of 2025 was CNY 534,185,915.45, a decline of 23.94% compared to CNY 702,329,856.88 in the previous year[22]. - Earnings per share (EPS) for the first three quarters of 2025 was CNY 0.1611, down from CNY 0.2138 in the same period of 2024[22]. - The company reported a financial income of CNY 121,481,807.17, down from CNY 155,429,727.52 in the same period of 2024[20]. - The company’s investment income was CNY 209,321,846.42, a decrease from CNY 295,849,560.62 year-over-year[20]. - Other comprehensive income after tax was CNY -12,010,036.88, compared to CNY 102,038,398.67 in the previous year[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 42,363,468,061.65, a decrease of 2.79% from the end of the previous year[6]. - As of September 30, 2025, the total assets of the company amounted to ¥42,363,468,061.65, a decrease from ¥43,581,314,485.45 as of December 31, 2024, reflecting a decline of approximately 2.8%[16]. - The company's current assets totaled ¥15,988,800,378.26, down from ¥17,825,925,673.71, indicating a decrease of about 10.3%[16]. - Total liabilities decreased to CNY 7,759,921,959.54 from CNY 8,850,260,723.19 year-over-year[18]. - Total equity decreased slightly to CNY 34,603,546,102.11 from CNY 34,731,053,762.26 in the previous year[18]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 793,593,926.87, showing a significant increase compared to the previous year[5]. - In the first three quarters of 2025, the net cash flow from operating activities was approximately ¥793.59 million, a significant increase from ¥9.41 million in the same period of 2024[25]. - Total cash inflow from investment activities in the first three quarters of 2025 was approximately ¥11.69 billion, slightly down from ¥11.78 billion in 2024[25]. - The net cash flow from investment activities improved to approximately ¥796.91 million in 2025, compared to a negative cash flow of ¥752.54 million in 2024[26]. - The net cash flow from financing activities was negative at approximately -¥1.72 billion in 2025, worsening from -¥1.04 billion in 2024[26]. - Total cash outflow from operating activities was approximately ¥5.44 billion in 2025, a decrease from ¥6.62 billion in 2024[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 158,221[12]. - The company has not reported any significant changes in shareholder relationships or actions among the top 10 shareholders[14]. - The company has maintained a stable dividend policy with no changes reported in dividend payments to shareholders[15]. Operational Insights - The company reported a significant reduction in profits from cultural real estate services and investment income, contributing to the overall decline in net profit[10]. - There are no new strategies or significant developments in product or technology research mentioned in the conference call[15]. Accounting Standards - The company did not apply new accounting standards for the year 2025[27].

Core Insights - A total of 490 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 29 [1] - The stock with the longest continuous net outflow is Zhongju Gaoxin, with 31 days of outflows, followed by Hengshen New Materials with 21 days [1] - The largest total net outflow amount is from China Merchants Bank, with a cumulative outflow of 3.093 billion yuan over 12 days [1] Group 1: Stocks with Longest Net Outflows - Zhongju Gaoxin has seen net outflows for 31 days, with a total outflow of 559 million yuan and a cumulative decline of 6.91% [1] - Hengshen New Materials has recorded net outflows for 21 days, totaling 197 million yuan, with a decline of 9.80% [3] - China Merchants Bank has the highest net outflow amount of 3.093 billion yuan over 12 days, with a net outflow ratio of 6.98% and a cumulative increase of 1.65% [1] Group 2: Other Notable Stocks - Guotai Junan has experienced net outflows for 10 days, amounting to 1.877 billion yuan, with a net outflow ratio of 7.89% and a cumulative increase of 2.70% [1] - Shengbang Co. has seen net outflows for 12 days, totaling 1.826 billion yuan, with a net outflow ratio of 9.52% and a cumulative decline of 10.65% [1] - Huajian Group has recorded net outflows for 6 days, with a total outflow of 1.713 billion yuan and a significant decline of 40.29% [1] Group 3: Stocks with Significant Outflow Ratios - Jianan Intelligent has the highest net outflow ratio at 14.74%, with a decline of 2.98% over the past 5 days [1] - Other notable stocks with high outflow ratios include Huayi Development at 11.91% and Pianzaihuang at 11.84% [1] - The overall trend indicates a significant outflow of funds from various sectors, reflecting investor sentiment and market conditions [1]

Core Points - The company announced its participation in the establishment of the second phase of an investment fund, with a total fundraising target of RMB 71.42 million, in which the company will contribute RMB 24.4 million, accounting for approximately 34.164% of the total fund size [1][2] - The second phase fund aims to achieve investment returns through equity investments by acquiring a portion of the shares of Chaoguyuan Digital Technology Co., Ltd. [1] - The fund has completed its registration and filing procedures, with all partners fulfilling their capital contributions, totaling RMB 71.42 million [2] Company Actions - The company will act as a limited partner in the second phase investment fund [1] - The company will closely monitor the subsequent progress of the investment fund and fulfill its information disclosure obligations as required by the Shanghai Stock Exchange [2] Fund Details - The second phase fund is officially registered with the Zhengzhou Airport Economic Comprehensive Experimental Zone Market Supervision and Business Environment Bureau [2] - The fund's actual fundraising amount has been confirmed, with all partners having completed their capital contributions [2]

Core Points - The company, Oriental Pearl, announced its participation in the establishment of the second phase of an investment fund, with a total fundraising target of RMB 71,420 million [1] - Oriental Pearl plans to contribute RMB 24,400 million, representing approximately 34.164% of the total fundraising amount, and will act as a limited partner in the fund [1] - The second phase fund aims to achieve investment returns through equity investments by acquiring a portion of the shares of Chaoyuan Digital Technology Co., Ltd. [1] - As of October 28, 2025, the second phase fund has completed its capital contribution, successfully raising the full amount of RMB 71,420 million [1]

东方明珠新媒体股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日披露了《东方明珠新媒体股份有限公司关于以自有资金参 与设立投资基金(二期)的公告》（公告编号：临 2025-029）。 公司拟参与郑州航空港先进计算二期创业投资基金合伙企业（有 限合伙）（以下简称"二期专项基金"）的投资，募集规模为人民币 71,420 万元，公司拟以自有资金人民币 24,400 万元认缴出资，约占 二期专项基金募集规模的 34.164%，并担任有限合伙人。该二期专项 基金拟通过股权投资方式，受让超聚变数字技术有限公司（以下简称 "超聚变公司"）部分股权，以超聚变公司的股权增值实现投资收益。 2025 年 9 月 25 日，二期专项基金于郑州航空港经济综合实验区 市场监督管理和营商环境局完成设立登记，并于 2025 年 10 月 22 日 在中国证券投资基金业协会完成了私募投资基金备案手续。上述备案 事项的具体内容详见公司于 2025 年 10 月 25 日在上海证券交易所网 站（www.sse.com.cn）披露的《东方明珠新媒体股份有限公司关于以 自有资金参与设立投资基金（二期）的进展公告》（公告编号：临 20 ...