Group 1 - The company expects to achieve a net profit attributable to the parent company of between 109.90 million and 113.20 million yuan for the first half of 2025, representing an increase of 47.63 million to 50.93 million yuan compared to the same period last year, which is a year-on-year increase of 76.50% to 81.80% [1][2] - The net profit attributable to the parent company, after deducting non-recurring gains and losses, is expected to be between 6.70 million and 10.00 million yuan, which is a decrease of 84.40% to 89.55% compared to the same period last year [2] - The main reasons for the profit increase include the recognition of fair value changes and the sale of part of the shares in Dou Shen Education, which resulted in a total gain of 93.53 million yuan, significantly impacting the net profit attributable to the parent company [2] Group 2 - The previous year's net profit attributable to the parent company was 62.27 million yuan, and the net profit after deducting non-recurring gains and losses was 64.11 million yuan [2] - The company plans to make impairment provisions for related assets showing signs of impairment based on prudence principles [2] - The data provided in the performance forecast is preliminary and subject to final confirmation in the official disclosure [3]

Meeting Details - The shareholders' meeting was held on July 14, 2025, at the Dongyi International Media Industry Park in Beijing [1] - The meeting was chaired by Chairman You Kuangling and utilized a combination of on-site and online voting methods, complying with the Company Law and Articles of Association [1][1] Attendance and Voting Results - The attendance included ordinary shareholders and preferred shareholders with restored voting rights, with a total voting share of 218,877,907 votes, representing 98.54% in favor of the resolutions [1][1] - The voting results for the non-cumulative voting agenda showed 98.54% approval, 1.16% against, and 0.30% abstentions [1][1] Agenda and Resolutions - The agenda included the election of a new director, which was approved by the shareholders [1][1] - The meeting confirmed that all resolutions were passed and the voting procedures were valid [1][1] Legal Compliance - The meeting was witnessed by lawyers Zhang Yanan and Zhu Xingjian, confirming that the procedures adhered to relevant laws and regulations [1][1]

[Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a significant increase in H1 2025 net profit attributable to shareholders, primarily driven by non-recurring items, while core business profitability is expected to sharply decline Key Performance Indicators Forecast | Metric | H1 2025 Forecast (RMB million) | H1 2024 Actual (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | 109.9 - 113.2 | 62.27 | +76.50% to +81.80% | | **Net Profit Attributable to Shareholders (Excl. Non-recurring)** | 6.7 - 10.0 | 64.11 | -84.40% to -89.55% | [Prior Period Performance Review](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) Key financial benchmarks for H1 2024 are provided, serving as the basis for year-over-year comparisons in the current performance forecast H1 2024 Key Financial Data | Metric | H1 2024 Data (RMB million) | | :--- | :--- | | Total Profit | 79.08 | | Net Profit Attributable to Parent Company Owners | 62.27 | | Net Profit Attributable to Parent Company Owners (Excl. Non-recurring) | 64.11 | | Earnings Per Share (RMB) | 0.04 | [Analysis of Performance Change Reasons](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) Significant net profit growth is primarily driven by non-operating gains, notably from Doushen Education stock disposal, while the main business faces pressure from planned asset impairment provisions [Impact on Main Business](index=2&type=section&id=(I)%20Impact%20on%20Main%20Business) The company plans to make impairment provisions for assets showing signs of impairment, negatively impacting core main business profitability - During the reporting period, the company plans to make impairment provisions for relevant assets showing signs of impairment, which will affect main business profit[8](index=8&type=chunk) [Impact of Non-Operating Gains and Losses](index=2&type=section&id=(II)%20Impact%20of%20Non-Operating%20Gains%20and%20Losses) Non-operating gains, primarily from Doushen Education stock transactions, are the sole driver for the significant increase in net profit attributable to shareholders - During the reporting period, the company generated a total profit and loss impact of **RMB 93.53 million** from holding and selling Doushen Education shares, which is recognized as non-recurring gain/loss[9](index=9&type=chunk) - In the prior period, the profit and loss impact from this segment was **RMB -3.21 million**, with this significant base difference being the primary reason for the substantial year-over-year increase in net profit attributable to shareholders[9](index=9&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This performance forecast is preliminary and unaudited, subject to potential differences in final data, cautioning investors about inherent uncertainties - This performance forecast is a preliminary calculation by the company's finance department and has not been audited by a certified public accountant, thus its accuracy is uncertain[10](index=10&type=chunk) [Other Explanations](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) The company emphasizes that forecast data are preliminary, advising investors to rely on the officially disclosed semi-annual report and be aware of investment risks - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report; investors are advised to be aware of investment risks[11](index=11&type=chunk)

浙文互联（600986）公告，预计2025年半年度实现归属于母公司所有者的净利润1.1亿元到1.13亿元，与 上年同期相比，将增加4763.42万元到5093.42万元，同比增加76.50%到81.80%。预计2025年半年度实现 归属于母公司所有者的扣除非经常性损益的净利润670万元到1000万元，与上年同期相比，将减少 5410.51万元到5740.51万元，同比减少84.40%到89.55%。 ...

Core Viewpoint - The stablecoin market is entering a "carnival" phase, with significant legislative support and interest from both tech companies and traditional financial institutions, particularly focusing on Real World Asset (RWA) backed stablecoins [1] Group 1: Legislative and Market Developments - Hong Kong and the United States have passed stablecoin-related legislation, while the EU, Singapore, and the UK are incorporating stablecoins into their regulatory frameworks [1] - RWA stablecoins, which are backed by tangible assets, are seen as a more sustainable future direction compared to certain unbacked cryptocurrencies [1] Group 2: Company Actions and Investments - Zhejiang Wenlian (浙文互联) has increased its stake in Zhejiang Cultural Property Exchange (浙江文化产权交易所) from 9.5% to 12.37%, indicating a strategic move into the stablecoin sector [2] - The Zhejiang Cultural Property Exchange is recognized as a leading institution in China for cultural digital asset trading and is one of the few licensed entities for RWA digital assets [2] Group 3: Strategic Partnerships and Technological Advancements - A partnership was established between Zhejiang Cultural Property Exchange and Ant Group's Whale Exploration Technology, enabling interoperability between their digital asset platforms, which is crucial for future RWA transactions [3] - The integration of platforms is expected to enhance the visibility and trading volume of digital assets, positioning Zhejiang Wenlian favorably within the RWA ecosystem [3] Group 4: Financial Performance and Future Outlook - Zhejiang Wenlian reported a revenue of 7.703 billion yuan in 2024, a decline of 28.80% year-on-year, primarily due to a reduction in low-margin marketing activities [8] - The company's net profit also decreased by 17.92% to 158 million yuan, although the gross margin improved to 8.63%, reflecting a shift towards higher-quality business operations [8] - The company is exploring other growth avenues, including a focus on computing power leasing, but current contributions to revenue from this segment are minimal [9]

Core Viewpoint - The appointment of Sun Jianbo as the Deputy General Manager of Wanlian Asset Management marks a significant personnel change, aiming to enhance the company's asset management capabilities and growth potential [1][3]. Group 1: Personnel Changes - Sun Jianbo, a veteran investor with extensive experience across various financial sectors, has joined Wanlian Asset Management from Green Fund, where he served as Deputy General Manager [1][2]. - Wanlian Asset Management has seen several leadership changes, including the appointment of Li Ye as Chairman and Liu Changjian as Chief Compliance Officer in March 2024 [3]. Group 2: Company Performance - In 2024, Wanlian Asset Management achieved a total asset management business scale of 27.86 billion yuan, with 156 active asset management products [3]. - The company reported a revenue of 193.19 million yuan in 2024, reflecting a year-on-year increase of 163.07%, and a net profit of 50.60 million yuan, up 220.24% year-on-year [3]. Group 3: Strategic Initiatives - Wanlian Securities is focused on expanding its asset management business, with plans to increase its registered capital from 500 million yuan to 1 billion yuan to further drive growth [3]. - The company has submitted an application to establish a public fund management company, with the latest update indicating it has entered the first written feedback stage [4].

Meeting Details - The meeting is scheduled for July 14, 2025, at 14:00, with internet voting available from 9:15 to 15:00 on the same day [1] - The venue for the meeting is located at Dongyi International Media Industry Park, Beijing [1] - The meeting will combine on-site and online voting methods [1] Attendance Requirements - Shareholders must arrive 30 minutes before the meeting for registration and must present valid identification [2] - Proxy representatives must provide a power of attorney along with their identification [2] - After the registration ends, latecomers can attend but cannot vote on the resolutions [2] Rights and Conduct - Shareholders and their proxies have the right to speak, inquire, and vote during the meeting [2] - Shareholders must maintain order and respect the rights of the company and other shareholders [2] - To ensure orderly proceedings, shareholders must submit a speech registration form in advance [2] Voting Procedures - The meeting will use a non-cumulative voting method with named votes [3] - Each share carries one vote, and shareholders must indicate their choice on the ballot [3] - Invalid or improperly filled ballots will be considered as abstentions [3] Agenda Item - The agenda includes the election of an independent director to the 11th Board of Directors [3] - The company proposes to nominate Zheng Chunyan as an independent director candidate [3] - The term for the new independent director will commence upon approval at the third extraordinary general meeting of 2025 [3] Independent Director Transition - Liu Meijuan will continue to serve as an independent director until Zheng Chunyan is elected [4] - Zheng Chunyan will take over the responsibilities of Liu Meijuan upon her election [4] Candidate Profile - Zheng Chunyan, born in February 1980, is a Chinese national and a professor at Zhejiang University [5] - She holds a doctorate and is currently the director of the undergraduate teaching and research department at Zhejiang University [5]

浙文互联集团股份有限公司 2025 年第三次临时股东会会议资料 二〇二五年七月十四日 目 录 | 浙文互联集团股份有限公司 | 2025 年第三次临时股东会会议议程 | 2 | | --- | --- | --- | | 浙文互联集团股份有限公司 | 2025 年第三次临时股东会会议须知 | 3 | | 议案一：关于补选第十一届董事会独立董事的议案 | | 4 | 浙文互联集团股份有限公司 2025 年第三次临时股东会会议议程 一、会议时间 现场会议召开时间：2025 年 7 月 14 日 14 点 00 分； 7、网络投票结束后，合并投票结果 通过互联网投票平台的投票时间：2025 年 7 月 14 日 9:15-15:00；通过交易 系统投票平台的投票时间：2025 年 7 月 14 日 9:15-9:25,9:30-11:30,13:00-15: 00。 二、现场会议地点：北京市朝阳区高碑店乡高井文化园路 8 号东亿国际传媒 产业园区二期元君书苑 F1 号楼会议室 三、会议方式：现场投票与网络投票相结合 四、会议议程 1、会议开始，介绍参会股东的出席情况 2、宣读会议须知 3、宣读议案 4、股东或股东代 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][10]. Core Insights - The media industry is expected to benefit from the integration of AI applications, particularly with the launch of GPT-5 and AI glasses, which are anticipated to drive new consumption patterns and enhance content creation across various sectors [5][17]. - The report emphasizes the importance of leveraging IP (Intellectual Property) to stimulate consumer spending and highlights the potential of AI to improve operational efficiency and create innovative applications [5][16]. Summary by Sections 1. Industry Review - The media sector has shown significant performance, with a 47.3% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 indices [2][15]. - The gaming index has seen substantial growth, while the animation index has experienced a decline [15][24]. 2. Key Recommendations - The report recommends several stocks within the media sector, including Tianzhou Culture, Wanda Film, and Mango Super Media, highlighting their potential for financial recovery and growth through AI integration [6][10]. 3. AI Glasses and Applications - AI glasses are positioned as a new focus for the summer season, with companies like Xiaomi and Rokid launching new products that enhance user interaction and content consumption [5][16]. - The report discusses the potential market expansion for AI glasses as they reach a technological tipping point, with applications in daily life and creative processes [16]. 4. Upcoming Market Trends - The report anticipates a surge in AI applications across various fields, including digital marketing, education, and entertainment, driven by the release of GPT-5 and advancements in AI technology [17][18]. - The summer box office is projected to benefit from new film releases, with total box office earnings exceeding 2 billion yuan as of early July 2025 [28][31]. 5. Company Performance and Forecasts - The report provides detailed earnings forecasts for key companies, indicating a positive outlook for several firms in the media sector, with expected EPS growth in the coming years [10][18].

Group 1 - The company held its first temporary board meeting of the 11th session on June 19, 2025, with 7 directors present, and the meeting was chaired by Chairman You Kuangling [1][2] - The board approved the proposal to nominate Zheng Chunyan as an independent director candidate, with her term starting from the date of approval at the third temporary shareholders' meeting in 2025 until the end of the 11th board's term [1][2] - The board also approved the proposal to convene the third temporary shareholders' meeting in 2025, with details to be disclosed on the Shanghai Stock Exchange website [2] Group 2 - Liu Meijuan, the current independent director, will continue to serve until Zheng Chunyan is elected, after which Liu will cease to perform her duties [2] - Zheng Chunyan will take over Liu Meijuan's responsibilities as an independent director and as a member of the board's specialized committees [2] - The proposal regarding the independent director candidate requires approval from the Shanghai Stock Exchange before being submitted to the shareholders' meeting [2] Group 3 - Zheng Chunyan, born in February 1980, is a Chinese national and a member of the Communist Party, with no permanent residency abroad [4] - She holds a PhD from Zhejiang University and currently serves as the Director of the Teaching and Research Office of the Undergraduate School and the Director of the Legislative Research Institute at Zhejiang University [4]