Core Insights - MSCI announced the results of its November index review, which includes the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks. The changes will take effect after the market closes on November 24, 2025 [1][4]. Group 1: A-Share Index Adjustments - New additions to the MSCI China A-share index include stocks such as Qianli Technology (601777.SH), Dongyangguang (600673.SH), and Changchuan Technology (300604.SZ) [4]. - Stocks removed from the index include Zhongzhi Co., Ltd. (600038.SH), Berteli (603596.SH), and Dong'a Ejiao (000423.SZ) [4]. Group 2: Hong Kong Stock Adjustments - In addition to A-share stocks, the MSCI China index also added nine Hong Kong stocks, including Zijin Mining International and GF Securities, while removing four stocks such as Beijing Enterprises Water Group [4]. Group 3: Global Index Adjustments - MSCI's global standard index (ACWI) added 69 stocks and removed 64, with notable new additions including CoreWeave, Nebius Group, and Insmed [5]. - The largest new additions to the MSCI Emerging Markets Index include Barito Renewables Energy, Zijin Mining International, and GF Securities [5]. Group 4: Adjustment Frequency and Impact - MSCI conducts four routine adjustments to its indices annually, with the May and November adjustments typically having a larger impact compared to the February and August adjustments [6]. - Adjustments are based on objective quantitative indicators such as market capitalization and liquidity, and historical analysis suggests that the overall market impact of MSCI's routine adjustments is manageable [6].

Core Viewpoint - Phoenix Media is a leading player in the domestic publishing and media industry, with a strong focus on book and audio-visual publishing, showcasing a comprehensive industry chain advantage and rich content resources [1] Group 1: Business Performance - In Q3 2025, Phoenix Media achieved an operating revenue of 9.159 billion, ranking first among 10 companies in the industry, surpassing the industry average of 5.397 billion and the median of 6.519 billion, leading the second-place Zhongnan Media by 848 million [2] - The net profit for the same period was 1.729 billion, also the highest in the industry, exceeding the industry average of 0.805 billion and the median of 0.908 billion, and outpacing the second-place Shandong Publishing by 1.242 billion [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Phoenix Media was 35.45%, a decrease from 38.04% year-on-year, but slightly above the industry average of 34.52% [3] - The gross profit margin for Q3 2025 was 42.32%, an increase from 39.83% year-on-year, and higher than the industry average of 37.19% [3] Group 3: Management and Shareholder Information - The chairman, Zhang Chaoyang, has been in position since April 2023, while the general manager, Song Jishu, received a salary increase of 110,300 compared to the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 19.44% to 42,900, while the average number of circulating A-shares held per account decreased by 16.28% [5] Group 4: Market Position and Future Outlook - In H1 2025, the total operating revenue was 7.113 billion, with a year-on-year decrease of 1.70%, while the net profit increased by 29.57% to 1.586 billion [6] - The company maintained a leading position in the retail market with a share of 2.94% and achieved significant recognition with multiple titles selected as "China Good Books" [6] - The company is focusing on digital transformation and has launched several innovative projects, aiming to enhance its market presence and operational efficiency [6]

Core Viewpoint - Phoenix Media reported a decline in revenue for the first three quarters of 2025, but a significant increase in net profit, indicating a mixed financial performance [1][2]. Financial Performance - The company's revenue for the first three quarters was 9.159 billion yuan, a year-on-year decrease of 4.20% [1]. - The net profit attributable to shareholders was 1.701 billion yuan, a year-on-year increase of 26.64% [1]. - The net profit excluding non-recurring items was 1.568 billion yuan, up 19.96% year-on-year [1]. - Basic earnings per share were 0.67 yuan [2]. Profitability Metrics - The gross margin for the first three quarters was 42.32%, an increase of 2.50 percentage points year-on-year [2]. - The net profit margin was 18.88%, up 4.62 percentage points compared to the same period last year [2]. - In Q3 2025, the gross margin was 37.14%, a year-on-year increase of 4.75 percentage points but a quarter-on-quarter decrease of 10.60 percentage points [2]. - The net profit margin for Q3 was 5.93%, an increase of 0.71 percentage points year-on-year but a decrease of 22.12 percentage points quarter-on-quarter [2]. Expense Analysis - Total operating expenses for the period were 2.131 billion yuan, an increase of 27.5954 million yuan year-on-year [2]. - The expense ratio was 23.27%, up 1.27 percentage points from the previous year [2]. - Sales expenses decreased by 3.14% year-on-year, while management expenses increased by 0.60% [2]. - Research and development expenses surged by 97.52%, and financial expenses rose by 14.32% [2]. Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 42,900, an increase of 6,975 or 19.44% from the end of the previous half [2]. - The average market value per shareholder decreased from 792,300 yuan to 624,700 yuan, a decline of 21.15% [2]. Company Overview - Jiangsu Phoenix Publishing and Media Co., Ltd. is located in Nanjing, Jiangsu Province, and was established on February 5, 1985, with its listing date on November 30, 2011 [3]. - The company's main business includes the publication and distribution of books and audio-visual products, with the distribution segment accounting for 86.50% of revenue [3]. - The company belongs to the media-publishing-education publishing sector and is associated with concepts such as Jiangsu state-owned assets, low P/E ratios, state-owned enterprise reform, high dividends, and margin financing [3].

Core Viewpoint - Phoenix Media reported a decrease in revenue for the first three quarters of the year, while net profit showed a significant increase compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 9,158,882,580.33 yuan, representing a year-on-year decrease of 4.2% [1] - The net profit attributable to shareholders of the listed company was 1,701,309,142.19 yuan, reflecting a year-on-year increase of 26.64% [1] Shareholder Changes - Among the top ten circulating shareholders, Lianan Life Insurance Co., Ltd. - Lianan Xinian Insurance (Dividend Type) and Lianan Life Insurance Co., Ltd. - Self-owned funds were newly added as circulating shareholders [1]

Group 1 - Phoenix Media reported a revenue of approximately 9.159 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.2% [1] - The net profit attributable to shareholders of the listed company was approximately 1.701 billion yuan, representing a year-on-year increase of 26.64% [1] - Basic earnings per share were 0.6685 yuan, an increase of 26.63% year-on-year [1] Group 2 - As of the report, Phoenix Media's market capitalization stood at 26.6 billion yuan [2]

Financial Performance - The company's operating revenue for the third quarter was ¥2,045,822,347.13, a decrease of 11.98% compared to the same period last year[3]. - The total profit for the quarter was ¥122,520,374.89, reflecting a decline of 31.74% year-over-year[3]. - The net profit attributable to shareholders was ¥115,458,978.87, down 3.30% from the previous year[3]. - The net profit after deducting non-recurring gains and losses was ¥54,475,005.02, a significant drop of 44.39% compared to the same period last year[3]. - Total operating revenue for the first three quarters of 2025 was ¥9,158,882,580.33, a decrease of 4.2% compared to ¥9,560,305,079.01 in the same period of 2024[18]. - Net profit for the first three quarters of 2025 was ¥1,729,343,023.28, an increase of 26.9% compared to ¥1,363,350,263.37 in 2024[18]. - Profit attributable to shareholders of the parent company was ¥1,701,309,142.19, up from ¥1,343,376,574.30, reflecting a growth of 26.6%[19]. - Basic earnings per share increased to ¥0.6685 from ¥0.5279, representing a growth of 26.7%[19]. Assets and Liabilities - The company's total assets increased by 2.69% to ¥31,575,254,436.42 compared to the end of the previous year[4]. - The total assets of the company reached 31,575,254,436.42 RMB, up from 30,746,879,708.56 RMB, indicating a growth of about 2.7%[15]. - The company's total current assets increased to 17,989,943,506.51 RMB from 11,524,044,971.02 RMB year-over-year, representing a growth of approximately 56.8%[14]. - The total liabilities of the company were reported at 18,000,000,000 RMB, with a notable increase in accounts payable to 5,577,840,968.93 RMB from 4,879,796,810.00 RMB[15]. - Total liabilities increased to ¥11,193,674,229.38 from ¥10,990,810,119.98, reflecting a rise in financial obligations[18]. - Total equity rose to ¥20,381,580,207.04 from ¥19,756,069,588.58, indicating a strengthening of the company's financial position[18]. Cash Flow - Cash flow from operating activities showed a net decrease of 28.67%, totaling ¥834,796,022.97 year-to-date[3][9]. - In the first three quarters of 2025, the cash inflow from operating activities was CNY 8,912,748,124.02, a decrease of 10.8% compared to CNY 9,865,180,194.32 in the same period of 2024[21]. - The net cash flow from operating activities for the first three quarters of 2025 was CNY 834,796,022.97, down 28.6% from CNY 1,170,305,403.44 in 2024[21]. - The total cash inflow from investment activities was CNY 6,421,858,253.31, an increase of 6.9% compared to CNY 6,003,180,079.37 in the previous year[22]. - The net cash flow from investment activities was -CNY 273,286,137.42, an improvement from -CNY 786,955,982.18 in the same period of 2024[22]. - The cash inflow from financing activities totaled CNY 221,300,000.00, significantly higher than CNY 20,500,000.00 in the previous year[22]. - The net cash flow from financing activities was -CNY 1,159,740,582.49, slightly better than -CNY 1,371,432,852.14 in 2024[22]. - The cash and cash equivalents at the end of the period were CNY 1,336,539,263.60, down from CNY 2,067,182,885.76 at the end of 2024[22]. Research and Development - Research and development expenses increased by 97.52%, indicating a significant investment in innovation[8]. - Research and development expenses rose significantly to ¥33,443,778.02, compared to ¥16,932,224.30 in the previous year, indicating a focus on innovation[18]. Shareholder Information - Jiangsu Phoenix Publishing & Media Group holds 62.8% of the shares, making it the largest shareholder[11]. - The company has no significant changes in the top ten shareholders or their shareholding status during the reporting period[12]. Other Financial Metrics - Financial expenses improved, showing a net income of -¥252,178,598.11 compared to -¥294,340,860.44 in the previous year[18]. - Other income increased to ¥99,878,331.05 from ¥73,922,032.07, indicating better performance in ancillary revenue streams[18]. - The company received CNY 323,709,729.19 in tax refunds, a significant increase from CNY 52,792,124.27 in the previous year[21]. - The total cash outflow from investment activities was CNY 6,695,144,390.73, a decrease of 1.4% compared to CNY 6,790,136,061.55 in 2024[22]. - The company did not apply new accounting standards for the year 2025[23].

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-031 江苏凤凰出版传媒股份有限公司 关于 2025 年第三季度主要经营数据的公告 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。 江苏凤凰出版传媒股份有限公司根据《上海证券交易所上市公司行业信息披露 指引第十二号—新闻出版》的相关规定，现将2025年第三季度主要经营数据（未经 审计）公告如下： 江苏凤凰出版传媒股份有限公司董事会 二〇二五年十月二十九日 1 单位： 万元 币种： 人民币 销售码洋 营业收入 营业成本 毛利率(%) 去年 本期 增长率 （%） 去年 本期 增长率 （%） 去年 本期 增长率 （%） 去年 本期 增长率 （%） 出 版 业 务 712,000.42 783,797.41 10.08% 324,182.05 345,689.03 6.63% 195,268.83 207,726.10 6.38% 39.77% 39.91% 增 加 0.14 个 百分点 发 行 业 务 1,057,881.11 1,016,908.41 -3.87% 7 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-030 江苏凤凰出版传媒股份有限公司 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个别及连带责任。 重要内容提示： https://eseb.cn/1sHRGi27UmA 或扫描下方小程序码进行会前提问，公司将通过 本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 公司业绩和经营情况与广大投资者进行沟通交流，在信息披露允许的范围内就投资 者普遍关注的问题进行解答。 一、说明会类型 二、说明会召开的时间、方式 江苏凤凰出版传媒股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日在 上海证券交易所网站及指定媒体上披露了公司《2025 年第三季度报告》。 为了使广大投资者更加全面、深入地了解公司情况，公司定于 2025 年 11 月 6 日（星期四）下午 15:00-16:00 召开"凤凰传媒 2025 年第三季度业绩说明会"，就 1 会议召开时间：2025 年 11 月 6 日（星期四）下午 ...

Core Points - The company reported a revenue of 2.046 billion yuan for Q3 2025, a year-on-year decrease of 11.98% [1] - The net profit attributable to shareholders for Q3 2025 was 115 million yuan, down 3.30% year-on-year [1] - Basic earnings per share for Q3 2025 were 0.0454 yuan [1] - For the first three quarters of 2025, the company achieved a revenue of 9.159 billion yuan, a year-on-year decline of 4.20% [1] - The net profit attributable to shareholders for the first three quarters was 1.701 billion yuan, an increase of 26.64% year-on-year [1] - Basic earnings per share for the first three quarters were 0.6685 yuan [1]

Core Viewpoint - Phoenix Media's stock performance shows a slight increase, with significant financing activities indicating investor interest and a relatively high level of margin trading [1][2]. Financing Summary - On October 20, Phoenix Media recorded a financing buy-in of 18.41 million yuan, with a net buy of 7.15 million yuan after repayments [1]. - The total margin trading balance reached 262 million yuan, with the financing balance at 254 million yuan, accounting for 0.94% of the circulating market value, which is above the 60th percentile of the past year [1]. - The company also experienced a high level of short selling, with a short balance of 7.87 million yuan, exceeding the 90th percentile of the past year [1]. Financial Performance - For the first half of 2025, Phoenix Media reported a revenue of 7.11 billion yuan, a year-on-year decrease of 1.70%, while the net profit attributable to shareholders increased by 29.57% to 1.59 billion yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 10.94 billion yuan, with 4.07 billion yuan distributed in the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 20.20% to 35,900, while the average circulating shares per person increased by 25.31% to 70,928 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, increasing its holdings by 7.21 million shares to 45.09 million shares [3].