证券代码：600715 证券简称：文投控股 编号：2025-059 文投控股股份有限公司 十一届董事会第七次会议决议公告 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、董事会会议召开情况 文投控股股份有限公司（以下简称"公司"）十一届董事会第七次会议于 2025 年 8 月 29 日上午 10:00，以现场结合通讯表决的方式召开。本次会议为定期会 议，应有 9 名董事参会，实有 9 名董事参会（其中：董事刘武先生、独立董事崔 松鹤先生以通讯表决方式出席会议）。公司总经理、董事会秘书等高级管理人员 列席会议。 本次会议的会议通知及会议材料已于 2025 年 8 月 19 日以通讯方式发出。本 次会议的召集、召开、表决程序符合《中华人民共和国公司法》《文投控股股份 有限公司章程》《文投控股股份有限公司董事会议事规则》及相关法律法规的规 定，会议决议合法、有效。 二、董事会会议审议情况 具体内容详见公司同日发布的《文投控股股份有限公司关于聘任总经理等高 级管理人员及证券事务代表的公告》（公告编号：2025-058）。 本议案已 ...

Important Notice [Board of Directors and Management Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%8F%8A%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The Board of Directors and senior management affirm the semi-annual report's truthfulness, accuracy, and completeness, assuming legal responsibility, with all directors attending and the report being unaudited - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[3](index=3&type=chunk) - All company directors attended the Board of Directors meeting, and this semi-annual report is unaudited[4](index=4&type=chunk)[5](index=5&type=chunk) - Company head Xu Jian, chief accountant Cao Leina, and head of accounting department Li Jingyuan declare the financial report is true, accurate, and complete[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The company's profit distribution or capital reserve capitalization plan is not applicable for this reporting period - The profit distribution plan or capital reserve capitalization plan is not applicable for this reporting period[6](index=6&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report, including future plans, do not constitute a substantive commitment to investors, who should be aware of associated risks - Forward-looking statements regarding future plans in this report do not constitute a substantive commitment to investors, who are advised to note the associated risks[6](index=6&type=chunk) [Non-Operating Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures - No non-operating fund occupation by controlling shareholders or other related parties existed[7](index=7&type=chunk) - No external guarantees were provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Board Report Truthfulness Assurance](index=2&type=section&id=%E4%B9%9D%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E5%8D%8A%E6%95%B0%E4%BB%A5%E4%B8%8A%E8%91%A3%E4%BA%8B%E6%97%A0%E6%B3%95%E4%BF%9D%E8%AF%81%E5%85%AC%E5%8F%B8%E6%89%80%E6%8A%AB%E9%9C%B2%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E5%92%8C%E5%AE%8C%E6%95%B4%E6%80%A7) The company confirms that no more than half of its directors are unable to assure the truthfulness, accuracy, and completeness of the semi-annual report - No more than half of the directors are unable to guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[9](index=9&type=chunk) [Significant Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This report details potential risks in "Section III Management Discussion and Analysis, V. Other Disclosures (I) Potential Risks," urging investor attention - This report has detailed potential risks, which can be found in "Section III Management Discussion and Analysis, V. Other Disclosures (I) Potential Risks"[7](index=7&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company name, controlling shareholder, related parties, and reporting period, to ensure accurate understanding - Company, the Company, Wentou Holdings, Listed Company refer to Wentou Holdings Co., Ltd[16](index=16&type=chunk) - Shouwenke Group, Controlling Shareholder refer to Capital Culture and Technology Group Co., Ltd[16](index=16&type=chunk) - Reporting Period refers to January 1, 2025, to June 30, 2025[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's basic information, including its Chinese name, abbreviation, foreign name, acronym, and legal representative - The company's Chinese name is Wentou Holdings Co., Ltd., abbreviated as Wentou Holdings, with Xu Jian as its legal representative[13](index=13&type=chunk) [Contact Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - The Board Secretary is Gao Haitao, the Securities Affairs Representative is Wang Xi, and their contact address is Building 413, Hongshan Jiayuan, Chaoyang District, Beijing[14](index=14&type=chunk) [Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered address changed in January 2024 from No. 22 Baisong Road, Sujiatun District, Shenyang City, Liaoning Province, to Room D401, 4th Floor, Block D, Dongjin International Center, East of Yaowahu Bridge, East Fourth Ring Road, Chaoyang District, Beijing - The company's registered address changed in January 2024 from No. 22 Baisong Road, Sujiatun District, Shenyang City, Liaoning Province, to Room D401, 4th Floor, Block D, Dongjin International Center, East of Yaowahu Bridge, East Fourth Ring Road, Chaoyang District, Beijing[15](index=15&type=chunk) [Information Disclosure and Document Custody Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company's designated information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Times, with the semi-annual report available on www.sse.com.cn and at the company's Board of Directors Office - The company's information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Times, and its website is www.sse.com.cn[18](index=18&type=chunk) - The semi-annual report is available at the company's Board of Directors Office[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Wentou Holdings and stock code 600715 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Wentou Holdings and stock code 600715[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company's operating revenue decreased by **17.05%** year-on-year, but net profit attributable to shareholders turned profitable at **4.5277 million yuan**, and net cash flow from operating activities increased by **127.84%** 2025 First Half Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 178.01 million yuan | 214.59 million yuan | -17.05 | | Total Profit | 3.69 million yuan | -193.53 million yuan | Not applicable | | Net Profit Attributable to Listed Company Shareholders | 4.53 million yuan | -191.57 million yuan | Not applicable | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Gains/Losses | -0.72 million yuan | -119.54 million yuan | Not applicable | | Net Cash Flow from Operating Activities | 57.93 million yuan | 25.42 million yuan | 127.84 | | Net Assets Attributable to Listed Company Shareholders (Period-End) | 1,121.96 million yuan | 1,115.93 million yuan | 0.54 | | Total Assets (Period-End) | 1,644.82 million yuan | 1,780.16 million yuan | -7.60 | 2025 First Half Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0012 | -0.10 | Not applicable | | Diluted Earnings Per Share (yuan/share) | 0.0012 | -0.10 | Not applicable | | Basic Earnings Per Share After Non-Recurring Gains/Losses (yuan/share) | -0.0002 | -0.06 | Not applicable | | Weighted Average Return on Net Assets (%) | 0.40 | Not applicable | Not applicable | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | -0.06 | Not applicable | Not applicable | - In the first half of 2025, the company achieved operating revenue of **178 million yuan**, a decrease from the prior period; net profit attributable to shareholders was **4.5277 million yuan**, significantly reducing losses and turning profitable; net cash flow from operating activities reached **57.9265 million yuan**, a **127.84%** year-on-year increase[23](index=23&type=chunk) [Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's total non-recurring gains and losses for the first half of 2025 amounted to **5.2498 million yuan**, primarily comprising non-current asset disposal gains/losses, government grants, gains/losses from entrusted investments, and other non-operating income/expenses 2025 First Half Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 1.99 million yuan | | Government grants recognized in profit or loss | 2.55 million yuan | | Gains or losses from entrusted investments or asset management | 66,318.11 yuan | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,636.48 yuan | | Gains or losses from debt restructuring | -3.44 million yuan | | Other non-operating income and expenses apart from the above | 4.12 million yuan | | Impact on minority interests (after tax) | -48,131.15 yuan | | Total | 5.25 million yuan | Section III Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business covers film and gaming, with the film market recovering unevenly in H1 2025, and the gaming market achieving record revenue and user growth, supported by favorable policies - The company's primary industries are film and gaming, with main businesses including cinema and circuit operation management, and game product research and development and operation[30](index=30&type=chunk) - In the first half of 2025, China's total film box office reached **29.23 billion yuan**, a **23.0%** year-on-year increase, with **641 million** cinema-goers, up **16.9%**, though market recovery showed uneven performance[31](index=31&type=chunk) - In the first half of 2025, the domestic gaming market's actual sales revenue was **168 billion yuan**, a **14.08%** year-on-year increase; the gaming user base reached **679 million**, up **0.72%**, both hitting historical highs[35](index=35&type=chunk) [Industry and Main Business](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's main business focuses on film and gaming, specifically including cinema and circuit operation management, and game product research and development and operation - During the reporting period, the company's primary industries were film and gaming, with main businesses including cinema and circuit operation management, and game product research and development and operation[30](index=30&type=chunk) [Operating Model](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Cinema operations generate revenue through film screenings, merchandise sales, advertising, and diversified business models, while gaming operations primarily earn revenue through game operation revenue sharing via self-operation, authorized operation, and co-operation models - Cinema operation and management business generates revenue through box office sharing, merchandise sales, advertising sales, and diversified business operations[30](index=30&type=chunk) - Game R&D and operation business primarily generates revenue through game operation revenue sharing via three models: self-operation, authorized operation, and co-operation[30](index=30&type=chunk)[31](index=31&type=chunk) [Industry Development and Policies](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The film industry saw significant box office recovery in H1 2025, albeit unevenly, with high concentration in top films and steady cinema growth, while the gaming industry achieved record market and user scales, driven by strong performance in self-developed, mobile, console, and mini-program games, all supported by national and local policies - In the first half of 2025, China's mainland film box office totaled **29.23 billion yuan**, a **23.0%** year-on-year increase, with **641 million** cinema-goers, up **16.9%**[31](index=31&type=chunk) - There are **13,000** cinemas nationwide, with **79,400** screens, **9,978** special effects halls, and special effects hall box office revenue of **7.26 billion yuan**, a **58.6%** year-on-year increase[32](index=32&type=chunk) - In the first half of 2025, the domestic gaming market's actual sales revenue was **168 billion yuan**, a **14.08%** year-on-year increase; the gaming user base reached **679 million**, up **0.72%**[35](index=35&type=chunk) - Actual sales revenue of self-developed games in the domestic market was **140.452 billion yuan**, a **19.29%** year-on-year increase; overseas market actual sales revenue was **9.501 billion USD**, up **11.07%**[35](index=35&type=chunk) - Mini-program game market actual sales revenue was **23.276 billion yuan**, a **40.2%** year-on-year increase[36](index=36&type=chunk) - National policies support the high-quality development of the film industry, including deepening cultural system reforms, copyright protection, and virtual reality film development[33](index=33&type=chunk) - At the local level, Beijing and other provinces/cities introduced policies such as public benefit film viewing and performing arts development support, encouraging film consumption and multi-format integration[34](index=34&type=chunk) - National policies include gaming and esports as key areas for boosting consumption, support overseas expansion of games, and strengthen intellectual property protection for core technologies like AI and game engines[37](index=37&type=chunk) - At the local level, Beijing introduced an action plan for technology-empowered cultural innovation and development, supporting the high-quality development of the gaming and esports industry[38](index=38&type=chunk) [Operating Performance Analysis](index=10&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company achieved **178 million yuan** in revenue and **4.5277 million yuan** in net profit, turning profitable year-on-year by enhancing cinema and gaming operations, including "Cinema+" innovations and new game development - In the first half of 2025, the company achieved cumulative operating revenue of **178 million yuan** and net profit attributable to listed company shareholders of **4.5277 million yuan**, turning losses into profits year-on-year[39](index=39&type=chunk) - Cinema operations, through a "one store, one policy" strategy and "Cinema+" innovation model, achieved reduced comprehensive operating costs, increased non-box office revenue proportion, and overall turned losses into profits year-on-year[39](index=39&type=chunk)[42](index=42&type=chunk) - The gaming business deeply focuses on refined operation of existing games while fully accelerating new game R&D and incubation, positioning mini-program games as a key development direction for 2025[42](index=42&type=chunk)[45](index=45&type=chunk) [Cinema and Circuit Operation Management Business](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%BD%B1%E9%99%A2%E5%8F%8A%E9%99%A2%E7%BA%BF%E8%BF%90%E8%90%A5%E7%AE%A1%E7%90%86%E4%B8%9A%E5%8A%A1) The company's cinema business achieved reduced comprehensive operating costs and increased non-box office revenue, turning profitable overall, by deepening its "one store, one policy" strategy, innovating marketing, and expanding "Cinema+" business models; Yaolai Cinema Wukesong store retained its title as the national single-store box office champion - The company's cinemas adhere to a development philosophy of "specialized operations, refined management, and flexible mechanisms," deepening the "one store, one policy" strategy, optimizing screening schedules, and innovating marketing approaches[39](index=39&type=chunk) - Actively expanding "Cinema+" business models, including "Cinema+Plush Toys," "Cinema+VR" virtual reality theaters, and "Cinema+Pan-entertainment Equipment Self-operation," to build comprehensive cinema entertainment spaces[41](index=41&type=chunk) - As of the end of the reporting period, the company operated **23** cinemas, with **248,900** cinema-goers, cumulative box office revenue of **102.3216 million yuan**, non-box office revenue of **14.4145 million yuan**, and Yaolai Cinema Wukesong store retained its title as the national single-store box office champion[42](index=42&type=chunk) [Game R&D and Operation Business](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%B8%B8%E6%88%8F%E7%A0%94%E5%8F%91%E4%B8%8E%E8%BF%90%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's gaming business refined operations for existing games "Siege of Three Kingdoms" and "Siege of the World" while accelerating new game development, especially mini-program games; during the reporting period, "Siege of Three Kingdoms" generated **51.53 million yuan** in global gross revenue, and "Siege of the World" generated **264 million yuan** globally, also launching in Vietnam - The company deeply focuses on refined operation of existing games, enhancing their vitality through strengthened channel operations, accelerated updates, and activity planning[43](index=43&type=chunk) 2025 First Half Internet Game Business Data | Item | Jan-Jun 2024 | Jan-Jun 2025 | Growth Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 68.2634 million yuan | 51.4807 million yuan | -24.59% | | Operating Costs | 7.9489 million yuan | 11.3688 million yuan | 43.02% | | Promotion and Marketing Expenses | 85,800 yuan | 74,800 yuan | -12.82% | 2025 First Half Key Game Product Business Data | Game Name | Total Registered Users (10,000 accounts) | Active Users (10,000 accounts) | Paying Users (10,000 accounts) | Recharge Revenue (million yuan) | ARPU (yuan/account) | | :--- | :--- | :--- | :--- | :--- | :--- | | Siege of Three Kingdoms | 2,831.78 | 481.49 | 5.13 | 51.5311 | 10.7 | | Siege of the World | 1,280.26 | 1,069.48 | 7.76 | 263.9358 | 24.68 | - The company has designated mini-program games as a key development direction for 2025, with new products like "Time Adventurer" and "Fantasy Journey Team" already approved[45](index=45&type=chunk) [Innovative Business Expansion](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%88%9B%E6%96%B0%E4%B8%9A%E5%8A%A1) The company actively explores innovative businesses such as short dramas, event activities, cultural performances, and exhibition services, having co-hosted the KOD 2025 Global Street Dance Competition Finals with Beijing Youth Daily Media and participated in establishing the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund to expand business growth points and industrial layout - The company has conducted special investigations into various business formats, including short dramas, event activities, cultural performances, and exhibition services[48](index=48&type=chunk) - Co-hosted the KOD 2025 Global Street Dance Competition Finals with Beijing Youth Daily Media Co., Ltd., exploring a new integrated development model of "event IP + urban cultural tourism"[48](index=48&type=chunk) - Participated in establishing the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center (Limited Partnership), focusing on industrial investment and incubation in cutting-edge cultural technology fields[48](index=48&type=chunk) [Core Competitiveness Analysis](index=12&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its cinema business's strong brand effect and integrated operational capabilities, the gaming business's superior R&D and data-driven refined operational ecosystem, and the robust resource integration and business incubation capabilities derived from its controlling shareholder's background - The company's Yaolai Cinemas have operated for **15 years**, establishing a prominent industry brand effect, with Yaolai Cinema Wukesong store retaining its title as the national single-store box office champion[50](index=50&type=chunk) - The company's cinema integrated operational capabilities have significantly improved, enhancing efficiency and non-box office revenue through a "one store, one policy" management strategy, deepened scenario operations, and a dual-channel marketing matrix[51](index=51&type=chunk) - The gaming business's core R&D team possesses strong independent R&D capabilities, successfully launching products like "Siege of Three Kingdoms" and "Siege of the World," and building a full-chain talent system covering R&D, publishing, and operations[52](index=52&type=chunk) - The company has established a data-driven refined operational ecosystem, guiding R&D iterations and operational activities through player behavior data, forming a "R&D-Operation-Data Feedback" closed loop[52](index=52&type=chunk) - Leveraging the industrial resource advantages of its controlling shareholder, Shouwenke Group, the company possesses strong resource integration and business incubation capabilities, continuously exploring new models for cultural technology industry development[53](index=53&type=chunk)[54](index=54&type=chunk) [Key Operating Performance](index=13&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) Operating revenue decreased by **17.05%** due to fewer cinemas and game lifecycle impacts, while operating, administrative, and financial expenses significantly declined, with financial expenses down **99.52%** due to debt restructuring; net cash flow from operating activities increased by **127.84%**, and the company plans to invest in a cultural technology private equity fund 2025 First Half Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 178.01 million yuan | 214.59 million yuan | -17.05 | | Operating Costs | 118.36 million yuan | 160.87 million yuan | -26.42 | | Selling Expenses | 424,881.88 yuan | 6.31 million yuan | -93.26 | | Administrative Expenses | 31.72 million yuan | 52.67 million yuan | -39.76 | | Financial Expenses | 372,702.06 yuan | 78.22 million yuan | -99.52 | | R&D Expenses | 20.19 million yuan | 22.71 million yuan | -11.09 | | Net Cash Flow from Operating Activities | 57.93 million yuan | 25.42 million yuan | 127.84 | | Net Cash Flow from Investing Activities | -7.14 million yuan | 39.50 million yuan | -118.07 | | Net Cash Flow from Financing Activities | -68.35 million yuan | -28.88 million yuan | Not applicable | - Operating revenue decreased primarily due to a reduction in cinema outlets and the impact of existing game product lifecycles on the gaming business[56](index=56&type=chunk) - Financial expenses decreased by **99.52%**, mainly due to the company's completing judicial restructuring at the end of 2024, resolving large interest-bearing debts, which led to a reduction in debt scale and significantly lower interest expenses[57](index=57&type=chunk) - Net cash flow from operating activities increased by **127.84%**, primarily due to the company receiving partial liquidation distribution funds from a bankrupt subsidiary[57](index=57&type=chunk) - The company plans to co-initiate the establishment of the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center (Limited Partnership) with Beijing State-owned Capital Operation and Management Center and others, with the company as a limited partner committing **40 million yuan** in capital contribution[62](index=62&type=chunk)[63](index=63&type=chunk) [Main Business Analysis](index=13&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In the first half of 2025, the company's operating revenue decreased by **17.05%** year-on-year, primarily due to fewer cinema outlets and the impact of existing game product lifecycles; operating costs, administrative expenses, and financial expenses all significantly declined, with financial expenses dropping **99.52%** due to judicial restructuring resolving large interest-bearing debts, and net cash flow from operating activities increased by **127.84%** - The decrease in operating revenue was primarily due to the cinema business divesting and closing some inefficient cinemas through restructuring, reducing the number of operating outlets, and the gaming business being affected by the lifecycle of existing products[56](index=56&type=chunk) - Financial expenses significantly decreased by **99.52%**, mainly because the company completed judicial restructuring at the end of 2024, resolving large interest-bearing debts, which led to a reduction in debt scale and significantly lower interest expenses[57](index=57&type=chunk) [Assets and Liabilities Analysis](index=13&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's other receivables decreased by **22.58%** due to the recovery of some debt repayment funds from Beiwentou Nanjing's bankruptcy liquidation; employee compensation payable decreased by **30.50%** due to annual performance payments; other payables decreased by **38.79%** due to payments for outstanding debts under the restructuring plan; overseas assets accounted for **0.00%** of total assets, and restricted assets totaled **50.1324 million yuan**, including administrator restructuring account funds and litigation-frozen funds Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (yuan) | Proportion of Total Assets at Prior Year End (%) | Change Rate from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Receivables | 161.70 million yuan | 9.83 | 208.86 million yuan | 11.73 | -22.58 | Primarily due to the recovery of some debt repayment funds from Beiwentou Nanjing's bankruptcy liquidation | | Employee Compensation Payable | 8.45 million yuan | 0.51 | 12.16 million yuan | 0.68 | -30.50 | Primarily due to the company's payment of 2024 annual performance bonuses in 2025 | | Other Payables | 77.70 million yuan | 4.72 | 126.95 million yuan | 7.13 | -38.79 | Primarily due to the payment of some outstanding debts according to the restructuring plan | - Overseas assets at period-end were **748.88 yuan**, accounting for **0.00%** of total assets[60](index=60&type=chunk) - As of the end of the reporting period, **50.1324 million yuan** in cash and cash equivalents were restricted, primarily due to administrator restructuring account funds, accrued deposit interest, and litigation-frozen funds[61](index=61&type=chunk) [Investment Status Analysis](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made no new major equity investments, focusing instead on post-investment management and divestment of existing projects; the company plans to participate in establishing the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund, committing **40 million yuan** to promote business transformation and industrial synergy; at period-end, trading financial assets were **9.6569 million yuan** and other equity instrument investments were **13.488 million yuan** - During the reporting period, the company primarily focused on post-investment management and divestment of existing projects, with no new major investment activities undertaken[62](index=62&type=chunk) - The company plans to co-initiate the establishment of the Beijing Jingguochuang Cultural Technology Industry Private Equity Investment Fund Center (Limited Partnership) with Beijing State-owned Capital Operation and Management Center and others, with the company as a limited partner committing **40 million yuan** in capital contribution[62](index=62&type=chunk)[63](index=63&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Cumulative Fair Value Change in Equity (yuan) | Current Period Purchase Amount (yuan) | Current Period Sale/Redemption Amount (yuan) | Other Changes (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Continuous Fair Value Measurement | | | | | | | | | (I) Trading Financial Assets | | | | | | | | | 1. Financial assets measured at fair value with changes recognized in profit or loss | 0 | 137,874.36 | 0 | 9.51898 million yuan | 0 | 0 | 9.6569 million yuan | | (III) Other Equity Instrument Investments | 11.988 million yuan | 0 | 1.5 million yuan | 0 | 0 | 0 | 13.488 million yuan | | Total assets continuously measured at fair value | 11.988 million yuan | 137,874.36 | 1.5 million yuan | 9.51898 million yuan | 0 | 0 | 23.1449 million yuan | [Analysis of Major Holding and Participating Companies](index=17&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section presents the basic financial data for the company's major holding subsidiaries, Hongshu Media, Hongshu Technology, and Dowan Network; Hongshu Media primarily engages in cinema and circuit operation management, while Hongshu Technology and Dowan Network focus on game R&D and operation Financial Data of Major Holding Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hongshu Media | Subsidiary | Cinema and circuit operation management | 10 | 4.8981 billion yuan | -1.0571 billion yuan | 126.53 million yuan | 5.9377 million yuan | 11.53 million yuan | | Hongshu Technology | Subsidiary | Game R&D and operation | 10 | 624.48 million yuan | 18.51 million yuan | 40.19 million yuan | 10.10 million yuan | 9.9998 million yuan | | Dowan Network | Subsidiary | Game R&D and operation | 1000 | 1.194 billion yuan | 266.80 million yuan | 11.29 million yuan | -95,845.20 yuan | -292,702.45 yuan | [Other Disclosures](index=18&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces multiple risks, including uncertainty in upstream film supply for its cinema business, declining traditional viewing demand, and underperforming innovative business models; gaming risks include industry policy changes, new technological disruptions, and new product R&D challenges - The cinema business faces risks of upstream film supply uncertainty, with increasing box office share for top films, fewer mid-tier films, and a decrease in overall registered film numbers[68](index=68&type=chunk) - Risk of declining traditional cinema consumption demand; if the national film box office market recovery falls short of expectations, it will directly impact the company's cinema business revenue[68](index=68&type=chunk) - Risk of innovative business models underperforming; despite the company actively exploring "Cinema+" models, related innovative business formats still carry the risk of not meeting expectations[69](index=69&type=chunk) - The gaming business faces risks from changing industry policies, as continuous strengthening of regulatory efforts may create uncertainties for existing business operations[69](index=69&type=chunk) - Risk of new technological changes; if the company fails to quickly adapt to new technological changes like artificial intelligence, it may face risks of player loss and market share contraction[69](index=69&type=chunk) - Risk of new product R&D; new game product development has long cycles and high investment, posing marketability risks due to changing market demand and difficulty in accurately gauging player preferences[70](index=70&type=chunk) Section IV Corporate Governance, Environment and Society [Changes in Directors and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) On March 12, 2025, new directors and supervisors were elected, including Xu Jian as Chairman; the Supervisory Board was abolished on June 24, 2025, with its functions transferred to the Board's Audit Committee Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Xu Jian | Director, Chairman | Election | | He Fei | Director | Election | | Li Yue | Director | Election | | Bai Liming | Chairman of Supervisory Board, Shareholder Supervisor | Election | | Cheng Hao | Shareholder Supervisor | Election | | Liu Wu | Chairman | Departure | | Shen Rui | Director | Departure | | Cai Min | Director | Departure | | Gao Haitao | Director | Departure | | Xiang Xinyao | Chairman of Supervisory Board, Shareholder Supervisor | Departure | | Meng Lingfei | Shareholder Supervisor | Departure | | Bai Liming | Chairman of Supervisory Board, Shareholder Supervisor | Departure | | Cheng Hao | Shareholder Supervisor | Departure | | Wang Xi | Employee Supervisor | Departure | | Li Xiang | Employee Supervisor | Departure | | Yan Jin | Employee Supervisor | Departure | - On March 12, 2025, the company elected Xu Jian as Director and Chairman of the Eleventh Board of Directors;

证券代码：600715 证券简称：文投控股 公告编号：2025-058 截至目前，金青海先生未持有公司股票。 二、聘任副总经理、董事会秘书及财务总监情况 为满足公司生产经营需要，经公司董事会提名委员会审核，公司董事会同意 聘任蔡敏先生、高海涛先生、曹蕾娜女士、张贵芝女士为公司副总经理；聘任高 海涛先生为公司董事会秘书；聘任曹蕾娜女士为公司财务总监，相关简历详见附 1 文投控股股份有限公司 关于聘任总经理等高级管理人员及证券事务代表的 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。 文投控股股份有限公司（以下简称"公司"）于 2025 年 8 月 29 日召开十一 届董事会第七次会议，审议通过了《文投控股股份有限公司关于聘任公司总经理 的议案》《文投控股股份有限公司关于聘任公司副总经理、董事会秘书及财务总 监的议案》《文投控股股份有限公司关于聘任公司证券事务代表的议案》，现将 相关情况公告如下： 一、聘任总经理情况 为满足公司生产经营需要，经公司董事会提名委员会审核，公司董事会同意 聘任金青海先生为公司总经理，任期自本次董 ...

Market Overview - On August 29, the gaming sector rose by 1.54%, led by Xinghui Entertainment, while the Shanghai Composite Index closed at 3857.93, up 0.37% [1] - The Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Gaming Sector - Xinghui Entertainment (300043) closed at 5.25, up 5.85% with a trading volume of 2.2598 million shares and a transaction value of 1.194 billion [1] - ST Huaton (002602) closed at 15.53, up 5.00% with a trading volume of 1.6222 million shares and a transaction value of 2.476 billion [1] - Youzu Interactive (002174) closed at 66.91, up 4.55% with a trading volume of 670,000 shares and a transaction value of 1.133 billion [1] Top Losers in Gaming Sector - Glacier Network (300533) closed at 43.45, down 4.84% with a trading volume of 253,100 shares [2] - Shengtian Network (300494) closed at 15.10, down 3.64% with a trading volume of 482,400 shares [2] - Fuchun Co. (300299) closed at 6.96, down 3.33% with a trading volume of 441,500 shares [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 481 million from major funds, while retail investors saw a net inflow of 505 million [2] - The net outflow from speculative funds was 24.3461 million [2] Individual Stock Capital Flow - Kunlun Wanwei (300418) had a net inflow of 330 million from major funds, but a net outflow of 1.57 billion from speculative funds [3] - ST Huaton (002602) saw a net inflow of 180 million from major funds, with a net outflow of 1.27 billion from speculative funds [3] - Youzu Interactive (002174) had a net inflow of 133 million from major funds, but a net outflow of 48.7022 million from speculative funds [3]

证券之星消息，8月28日游戏板块较上一交易日上涨1.34%，冰川网络领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。游戏板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300533 | 冰川网络 | 45.66 | 9.50% | 28.51万 | | 12.35 Z | | 600715 | 文投控股 | 2.73 | 5.41% | 199.21万 | | · 5.35亿 | | 300494 | 盛天网络 | 15.67 | 3.77% | 58.72万 | | 260.6 | | 300043 | 星辉娱乐 | 4.96 | 3.77% | 86.60万 | | 4.18亿 | | 002919 | 名臣健康 | 16.30 | 3.76% | 12.88万 | | 2.08亿 | | 002602 | ST生通 | 14.79 | 2.92% | 136.15万 | | 19.91亿 | | ...

来源：choice金融终端 来源：上海证券报·中国证券网 | 序号 代码 | 名称 | 最新 | 涨幅% ↓ | 版 | | --- | --- | --- | --- | --- | | 1 | 002555 三七互娱 | 19.46 | 10.01 | 1.77 | | 2 | 002261 拓维信息 | 39.31 | 7.38 | 2.70 | | 3 | 300533 冰川网络 | 44.33 | 6.85 | 2.84 | | ব | 002558 巨人网络 | 32.13 | 3.91 | 1.21 | | 5 | 300052 ST中青宝 | 12.32 | 3.70 | 0.44 | | 6 | 600637 东方明珠 | 9.34 | 3.66 | 0.33 | | 7 | 600715 文投控股 | 2.61 | 3.16 | 0.08 | | 8 | 002624 完美世界 | 16.58 | 2.92 | 0.47 | 上证报中国证券网讯 8月26日早盘，游戏股表现活跃，截至9时36分，三七互娱涨停，拓维信息涨超 7%，冰川网络涨逾6%，巨人网络、完美世界等跟涨。 ...

Market Performance - The gaming sector increased by 3.01% on August 22, with Kunlun Wanwei leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] Individual Stock Performance - Kunlun Wanwei (300418) closed at 44.38, up 20.01% with a trading volume of 2.1688 million shares and a transaction value of 9.047 billion [1] - Shunwang Technology (300113) also saw a rise of 20.00%, closing at 27.24 with a trading volume of 866,700 shares [1] - Other notable performers included ST Dazheng (600892) with a 5.07% increase, and Zhejiang Shuju Culture (600633) with a 3.77% increase [1] Capital Flow Analysis - The gaming sector experienced a net inflow of 1.491 billion in main funds, while retail investors saw a net outflow of 637 million [2][3] - Main funds showed significant interest in Kunlun Wanwei with a net inflow of 1.28 billion, while retail investors had a net outflow of 400 million [3] ETF Performance - The Gaming ETF (product code: 159869) tracked the China Securities Animation and Gaming Index, with a recent five-day increase of 2.53% and a net inflow of 21.067 million [5] - The Food and Beverage ETF (product code: 515170) saw a five-day increase of 3.13% but experienced a net outflow of 23.49 million [5]

证券代码：600715 证券简称：文投控股 公告编号：2025-057 文投控股股份有限公司 关于重整计划相关事项的进展公告 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。 重要内容提示： 2025 年 8 月 13 日，经文投控股股份有限公司（以下简称"公司"）向 北京市第一中级人民法院（以下简称"北京一中院"或"法院"）申请，法院已 将文投控股股份有限公司破产企业财产处置专用账户（以下简称"管理人证券账 户"）所持有的 19,496,795 股扣划至 3 名特定主体的证券账户名下，并于中国 证券登记结算有限责任公司上海分公司办理完成证券过户登记手续，证券类别为 无限售条件流通股。 2024 年 10 月 21 日，公司收到北京一中院送达的（2024）京 01 破申 89 号 《民事裁定书》及（2024）京 01 破 540 号《决定书》，法院裁定受理公司债权 人对公司的重整申请，并指定北京市金杜律师事务所担任公司管理人，详见公司 于 2024 年 10 月 22 日发布的《关于法院裁定受理公司重整及指定管理人暨公司 股票交 ...

Group 1 - Kaizhong Precision plans to invest up to 250 million yuan to establish a subsidiary and build a production base in Thailand, focusing on overseas connector and precision component business [1] - Longbo Technology reported a 60.18% year-on-year increase in net profit for the first half of 2025, with revenue of 122 million yuan, up 18.03% [2] - Dingyang Technology achieved a net profit of 76.88 million yuan in the first half of 2025, a year-on-year increase of 31.54%, with revenue of 279 million yuan, up 24.61% [4] Group 2 - Heng Rui Pharmaceutical received approval for clinical trials of two drugs, SHR-A2102 and Adebeli monoclonal antibody injection [6] - Maolai Optical plans to use up to 100 million yuan of idle funds for entrusted wealth management to improve fund utilization efficiency [8] - Shiji Information signed a major contract with MGM Grand, providing a next-generation cloud-based hotel information management system [7] Group 3 - Yunnan Germanium's subsidiary received a government subsidy of 6.8 million yuan related to revenue [9] - Jizhi Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose significant government subsidies [10] - Dongfang Precision reported a net profit of approximately 397 million yuan for the first half of 2025, a year-on-year increase of 142.52% [11] Group 4 - Aolaide expects a net profit decrease of 68.41% to 72.77% for the first half of 2025, with revenue projected between 270 million and 290 million yuan [12] - Feilong Co. used 111 million yuan of idle funds for cash management through structured deposit products [13] - Anhui Construction won two major projects with a total investment exceeding 6.6 billion yuan [15] Group 5 - Yunnan Germanium's subsidiary received a government subsidy of 6.8 million yuan related to revenue [9] - Jizhi Co. received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose significant government subsidies [10] - Dongfang Precision reported a net profit of approximately 397 million yuan for the first half of 2025, a year-on-year increase of 142.52% [11] Group 6 - China Medical's subsidiary received approval for the listing of fumaric acid volnora raw materials [20] - Huayuan Vaccine's subsidiary received approval for clinical trials of Hib vaccine [29] - Ganfeng Lithium plans to integrate lithium salt lake projects in Argentina and provide financial support of up to 130 million USD [41]

Core Viewpoint - The announcement details a share reduction plan by a major shareholder of Wento Holdings, indicating a strategic move due to operational needs, with a specific timeline and maximum share reduction outlined [2][5]. Group 1: Shareholder's Basic Situation - Before the reduction plan, Oriental Hongyuan International Investment Co., Ltd. held 226,659,708 shares of Wento Holdings, accounting for 5.58% of the total share capital [2]. Group 2: Main Content of the Reduction Plan - Oriental Hongyuan International Investment Co., Ltd. plans to reduce its holdings by up to 40,598,193 shares, which represents no more than 1% of the company's total share capital, through centralized bidding from September 3, 2025, to December 1, 2025 [2][4]. - If the company's stock is suspended during the pre-disclosure period, the actual start date for the reduction will be postponed accordingly [4]. Group 3: Additional Information on the Reduction Plan - The reducing shareholder does not have any concerted actions with other parties [3]. - There are no prior commitments made by the shareholder regarding holding ratios, quantities, durations, or methods of reduction [5].