证券代码：603000 证券简称：人民网 公告编号：2025-027 人民网股份有限公司 关于召开 2025 年半年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。 重要内容提示： 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 ir@people.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 人民网股份有限公司（以下简称"公司"）于 2025 年 8 月 30 日 在上海证券交易所网站（www.sse.com.cn）披露《人民网股份有限公 司 2025 年半年度报告》。为便于广大投资者更加全面、深入地了解 公司 2025 年上半年经营情况，公司计划于 2025 年 9 月 1 日下午 16:00-17:00 召开 2025 年半年度业绩说明会，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 财务总监：李春梅女士 三、投资者参加方式 一、说明会召开的时间、地点、类 ...

Core Points - The 11th National Disabled People's Art Performance, themed "Heart Dream Symphony: Together Towards the Era's Chapter," was held in Wuhan from August 18 to 20, showcasing the achievements in special arts for disabled individuals in China [3][4] - A total of 2,075 performers from 32 teams across various provinces and regions participated, with 95.4% of the performers being disabled artists [3][4] - The event featured performances in four categories: vocal, instrumental, dance, and drama, highlighting the artistic skills and resilience of disabled artists [4] Event Highlights - The performance included a dance titled "Phoenix" by hearing-impaired artists, a piano quartet "Song of the Yangtze River" by visually impaired artists, and a Peking opera "The Yang Family Generals" by physically disabled performers, showcasing their artistic excellence and spirit of perseverance [4] - The event also featured a cultural and creative exhibition of disabled artists from the Yangtze River Economic Belt, presenting representative works from 11 provinces, including various handicrafts and traditional art forms [4] - The National Disabled People's Art Performance has been held since 1987, occurring every four years, and has become a significant brand in the cultural field for disabled individuals, promoting the inheritance of traditional Chinese culture and fostering a supportive social atmosphere [4]

Market Overview - On August 21, the digital media sector experienced a slight decline of 0.06%, with Chuanwang Media leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable stock performances in the digital media sector included: - Xinhua Net (603888) closed at 20.30, up 1.05% with a trading volume of 132,300 shares and a turnover of 268 million yuan - Shining Star (002095) closed at 22.46, up 0.85% with a trading volume of 230,300 shares and a turnover of 521 million yuan - People's Daily (603000) closed at 21.74, up 0.74% with a trading volume of 187,900 shares and a turnover of 407 million yuan - Chuanwang Media (300987) closed at 19.49, down 1.22% with a trading volume of 78,100 shares and a turnover of 154 million yuan [1][2] Capital Flow - The digital media sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 113 million yuan [2] - The capital flow for specific stocks included: - People's Daily (603000) had a net inflow of 19.66 million yuan from institutional investors, while retail investors had a net outflow of 10.59 million yuan [3] - Xinhua Net (603888) experienced a net inflow of 16.98 million yuan from institutional investors, with a net outflow of 4.36 million yuan from retail investors [3] - Chuanwang Media (300987) had a net outflow of 18.30 million yuan from institutional investors, while retail investors had a net inflow of 9.26 million yuan [3]

Core Viewpoint - The ongoing "takeaway war" among major platforms, characterized by high subsidies and discounts, has led to record-breaking order volumes but raises questions about its long-term sustainability and impact on the restaurant industry [2][10]. Group 1: Market Dynamics - Since April, platforms have collectively invested nearly 1 trillion yuan in subsidies, creating a "catfish effect" that initially benefits consumers and merchants but may not lead to sustainable profits for smaller businesses [2][3]. - The competition has shifted from a marketing strategy to a prolonged battle, altering the market landscape and creating a complex "butterfly effect" where many restaurants report losses despite increased sales [2][3]. Group 2: Impact on Small Businesses - Small and medium-sized enterprises (SMEs) face an unequal competitive environment, where participation in subsidy programs erodes profits, while non-participation risks marginalization [3][4]. - The reliance on single platforms for revenue limits the operational autonomy of these businesses, and the ongoing price wars may force unique local eateries out of the market [3][4]. Group 3: Consumer Choices and Market Diversity - The apparent increase in consumer choices may actually lead to a reduction in market diversity, as smaller brands struggle to compete against large chains offering standardized products [4][10]. - The heavy reliance of many businesses on a few platforms diminishes the overall resilience of the restaurant retail system, raising concerns about the long-term health of the industry [4][10]. Group 4: Long-term Industry Implications - The "takeaway war" is not just a battle for market share but also a test of platforms' social responsibility and their role in fostering a healthy ecosystem for all business sizes [4][11]. - A shift from a "traffic-driven" mindset to a "symbiotic" approach is necessary for sustainable growth, ensuring that all types of businesses can thrive while providing quality service to consumers [4][11]. Group 5: Challenges of Price Competition - Price-based competition leads to management challenges for restaurants, as increased order volumes can strain resources and result in higher operational costs without corresponding revenue growth [8][10]. - The focus on low prices does not incentivize quality improvements among merchants, potentially harming innovation and customer satisfaction [8][10]. Group 6: The Need for Structural Change - The current "involution" competition model, characterized by short-term survival tactics, risks long-term industry decline and inefficiency [11][12]. - Emphasizing technological innovation and management efficiency is crucial for sustainable growth, rather than relying on aggressive price competition [12].

Core Viewpoint - The newly revised "Management Measures for the Production and Operation License of Seed Import and Export in Hainan Free Trade Port" aims to optimize the management conditions and processes for seed import and export business in Hainan, effective from September 8 this year [2] Group 1: Regulatory Changes - The revised measures eliminate the registration location restrictions for applicants, thereby easing market access for enterprises [2] - The requirements for the area of office space, processing plants, storage facilities, and inspection rooms have been removed, allowing companies to meet these conditions through leasing [2] Group 2: Impact on Industry - Since the introduction of the first version of the management measures in 2021, a total of 33 seed industry enterprises have been granted import and export production and operation licenses, effectively promoting seed import and export trade and international cooperation [2]

Market Overview - On August 19, the digital media sector rose by 0.19% compared to the previous trading day, with Xinhua Net leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Stock Performance - Xinhua Net (603888) closed at 20.08, up 1.31% with a trading volume of 185,800 shares and a transaction value of 373 million [1] - Visual China (000681) closed at 21.54, up 1.13% with a trading volume of 583,200 shares and a transaction value of 1.262 billion [1] - 365 Network (300295) closed at 15.13, up 1.00% with a trading volume of 99,500 shares and a transaction value of 151 million [1] - Other notable stocks include People's Daily (603000) at 21.67, up 0.51%, and Mango Super Media (300413) at 26.38, down 0.26% [1] Capital Flow - The digital media sector experienced a net outflow of 320 million from institutional investors, while retail investors saw a net inflow of 256 million [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Visual China saw a net inflow of 39.35 million from institutional investors, but a net outflow of 26.08 million from retail investors [3] - Xinhua Net had a net inflow of 6.04 million from institutional investors, with a net outflow of 9.31 million from retail investors [3] - People's Daily experienced a net outflow of 8.47 million from institutional investors, while retail investors contributed a net inflow of 21.97 million [3]

Core Viewpoint - The ongoing "takeout war" among major platforms has led to significant financial investments in subsidies, resulting in record-breaking order volumes, but it has also created a complex competitive environment that may harm smaller businesses and reduce market diversity [1][2][3] Group 1: Market Dynamics - Since April, platforms have invested nearly 1 trillion yuan in subsidies to attract customers, leading to a surge in order volumes [1] - The initial benefits of subsidies included increased market share for platforms and sales for merchants, but many restaurants report that they are not profiting, leading to a "loss-leader" situation [1][2] - The competition has shifted from a marketing strategy to a prolonged battle, altering the landscape of the restaurant market [1] Group 2: Impact on Small Businesses - Smaller businesses face an unequal competitive environment, where they must choose between participating in subsidies, which erodes profits, or risking marginalization by not participating [2] - The reliance on a single platform for revenue can limit the operational autonomy of smaller restaurants, increasing their financial pressure [2] - The ongoing price wars may force unique small eateries out of the market, as they struggle to maintain profitability [2] Group 3: Long-term Implications - The "takeout war" may reduce market diversity, as consumer choices become limited to a few large brands offering standardized products, potentially impacting local culinary culture [3] - The heavy reliance of many businesses on a few platforms could weaken the overall resilience of the restaurant retail system [3] - The focus should shift from a simplistic "winner vs. loser" perspective to understanding the long-term effects on the entire restaurant ecosystem [3] Group 4: Call for Change - There is a need for platforms to transition from a "traffic-driven" mindset to a "coexistence-driven" approach, ensuring that all types of businesses can thrive [3] - The ultimate goal should be to create a healthy ecosystem where large, medium, and small businesses can grow, consumers receive sustainable quality service, and delivery personnel are respected and protected [3] - True success for platforms will be measured by their ability to connect their achievements with the prosperity of the broader economic ecosystem [3]

Core Viewpoint - The essence of "involution" on platforms is a result of changes in market structure, shifts in consumer behavior, and the endogenous dynamics and mechanisms of platform growth [1] Group 1: Market Dynamics - In a context where market supply is converging, if delivery platforms focus competition on price to quickly gain user scale, it poses management challenges for restaurant businesses due to the dramatic fluctuations in orders, raw materials, and workforce [1] - Failure to timely adjust to these challenges can lead to high costs for businesses, resulting in a situation where "incremental growth does not lead to increased revenue" [1] Group 2: Quality and Innovation - Price-based competition does not compel businesses to enhance the quality or level of their offerings, which is detrimental to market innovation [1] - Platforms may also face poor consumer experiences due to insufficient preparation of offline fulfillment teams, leading to dissatisfaction among consumer groups and potential public relations issues [1] Group 3: Sustainable Competition - The price-centric "delivery wars" are unsustainable, and it is essential to move beyond the "low-price trap" and "involution-style" competition [1] - Establishing a new balance centered on technological efficiency and institutional innovation is crucial for achieving high-quality development in the platform economy [1]

Group 1 - The "2025 'Walking China'" large-scale media research event was launched in Suzhou, Kunshan, focusing on high-quality development practices in Jiangsu over the past five years, particularly in technology innovation, energy transformation, rural revitalization, and social governance [1] - Kunshan is recognized as the "strongest county-level city" in China, maintaining its position as the top county (city) in the national top 100 for 20 consecutive years, with an economic total exceeding 500 billion yuan during the 14th Five-Year Plan period [1] - The city hosts over 3,000 high-tech enterprises and has attracted more than 10,000 foreign investment projects from 80 countries and regions [1] Group 2 - The first stop of the research team was at KONE Elevator Co., Ltd., which is the largest production base and overseas R&D center for KONE Group, established in 1996 [3] - In May 2023, KONE Elevator became the first company in China's elevator industry to reach a cumulative shipment of 1.5 million units and was recognized as a national-level 5G factory [3] - The KONE facility has achieved 100% green electricity supply and has been awarded the title of a national-level "green factory," along with receiving the first national-level green elevator certificate in China [3] Group 3 - The research team also visited Kunshan Huguang Automotive Electric Co., Ltd., exploring the production of automotive wiring harnesses and its role in the industrial chain [5] - The team experienced the cultural richness of Kunqu opera at the Kunqu Museum and explored entrepreneurial stories in the integration of rural areas and technology hubs [5] Group 4 - The research team plans to conduct field interviews in Wuxi, Jiangyin, Nanjing, and Nantong, continuing the theme of "high-quality development over the past five years" [7] - The "Walking China" research initiative, which started in May 2024, involved 340 young journalists visiting over 500 grassroots locations, producing more than 600 multimedia pieces with a total readership exceeding 1.5 billion across various platforms [7]

Market Performance - The digital media sector increased by 1.19% on August 15, with Fengyuzhu leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Individual Stock Performance - Fengyuzhu (603466) closed at 10.73, up 3.97% with a trading volume of 290,000 shares and a turnover of 308 million yuan [1] - Caocreative Information (66ZI0E) closed at 66.06, up 2.99% with a trading volume of 27,100 shares and a turnover of 178 million yuan [1] - Fantou Digital (301313) closed at 26.90, up 1.74% with a trading volume of 31,400 shares and a turnover of 83.93 million yuan [1] - Visual China (000681) closed at 20.70, up 1.72% with a trading volume of 239,100 shares and a turnover of 492 million yuan [1] - Mango Super Media (300413) closed at 22.61, up 1.71% with a trading volume of 243,700 shares and a turnover of 548 million yuan [1] Capital Flow Analysis - The digital media sector experienced a net outflow of 4.3061 million yuan from institutional investors, while retail investors saw a net inflow of 39.2691 million yuan [2][3] - The main capital inflow was observed in Mango Super Media with a net inflow of 47.7186 million yuan, while Fengyuzhu had a net inflow of 30.2955 million yuan [3] - Visual China experienced a significant net outflow of 10.1819 million yuan from institutional investors [3]