Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

Group 1 - The core viewpoint of the article highlights that People's Daily (人民网) announced the convening of its 18th meeting of the 5th Board of Directors on August 26, 2025, via telecommunication to review its 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of People's Daily indicates that internet information services account for 96.84%, while other industries contribute 3.16% [1] - As of the report, People's Daily has a market capitalization of 24.3 billion yuan [1] Group 2 - The article mentions a significant growth in the pet industry, which is projected to reach a market size of 300 billion yuan, leading to a surge in stock prices for related listed companies [1]

Group 1 - The company reported a revenue of 721 million yuan for the first half of 2025, representing a year-on-year decline of 3.90% [1] - The net profit attributable to shareholders of the listed company was -5.11 million yuan, a year-on-year decrease of 132.00% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -18 million yuan, showing a year-on-year decline of 217.41% [1] - The basic earnings per share were -0.0046 yuan [1]

证券代码：603000 证券简称：人民网 公告编号：2025-030 人民网股份有限公司 关于2025年上半年募集资金存放与实际使用情况的专项报告 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、募集资金基本情况 1、实际募集资金金额及资金到位时间 二、募集资金管理情况 为规范公司募集资金的管理和使用，保护投资者的权益，公司依照 《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券 发行注册管理办法》《上市公司募集资金监管规则》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第1号——规范 运作》等法律法规的规定，制定了《人民网股份有限公司募集资金管理 制度》，对公司募集资金的存放、使用、投向变更及监督等方面做出了 具体明确的规定。公司严格按照该制度的规定存放、使用及管理募集资 金。 公司原募集资金专户开户行为中国建设银行股份有限公司北京东方 广场支行，账号为11001059200053006082。经第二届董事会第十二次会 议审议批准，公司调整了募集资金存储专户，并于2015年7月与首次公开 ...

证券代码：603000 证券简称：人民网 公告编号：2025-029 人民网股份有限公司 第五届监事会第十五次会议决议公告 2. 关于《人民网股份有限公司 2025 年上半年募集资金存放与实 际使用情况的专项报告》的议案 表决结果：同意 3 票，反对 0 票，弃权 0 票 监事会认为：公司董事会编制的《2025 年上半年募集资金存放 与实际使用情况的专项报告》与公司募集资金的实际使用情况相符， 不存在违规使用募集资金的情形。 公司监事会及全体监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。 人民网股份有限公司（以下简称"公司"）第五届监事会第十五 次会议于 2025 年 8 月 26 日以通讯表决方式召开。本次会议应出席监 事 3 名，实际出席监事 3 名。会议由公司监事会主席唐维红主持。根 据《中华人民共和国公司法》《人民网股份有限公司章程》及其他内 部制度文件，会议作出决议如下： 1. 关于《人民网股份有限公司 2025 年半年度报告及其摘要》的 议案 表决结果：同意 3 票，反对 0 票，弃权 0 票 监事会认为：公司 2025 年半年度 ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Overview of Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA-%E6%A6%82%E8%A7%88) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the unaudited semi-annual report, with no semi-annual profit distribution or capital reserve to share capital increase plan, and no non-operating occupation of funds by controlling shareholders or related parties or illegal guarantees during the reporting period, while reminding investors of forward-looking statement risks - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is **unaudited**[5](index=5&type=chunk) - The company has **no semi-annual profit distribution plan** or capital reserve to share capital increase plan[6](index=6&type=chunk) - Forward-looking descriptions regarding the company's development strategy and future operating plans in this report do not constitute a substantive commitment to investors, so investors are advised to **note investment risks**[7](index=7&type=chunk) - There is **no non-operating occupation of funds** by controlling shareholders or other related parties, nor any provision of guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [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 names, major subsidiaries, laboratories, and relevant regulatory bodies and laws, ensuring a clear understanding of the report's content - "People.cn", "Company", and "the Company" all refer to **People.cn Co., Ltd**[13](index=13&type=chunk) - "Laboratory" refers to the **National Key Laboratory for Content Cognition and Communication**[13](index=13&type=chunk) - Major subsidiaries and affiliated entities, including People Online, Huanqiu.com, People Vision, Haiwainet, People Capital, People Sports, People Technology, People Health, People Health Big Data, People Audiovisual, People Information, and People Data, are listed and defined[13](index=13&type=chunk) - "CSRC" refers to the **China Securities Regulatory Commission**, and "SSE" refers to the **Shanghai Stock Exchange**[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative - The company's Chinese name is People.cn Co., Ltd., its Chinese abbreviation is People.cn, and its English name is **People.cn CO.,LTD**[15](index=15&type=chunk) - The company's legal representative is **Ye Zhenzhen**[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&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 lists the contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - The Board Secretary is **Liu Hong**, and the Securities Affairs Representative is **Zhang Xinran**, with a contact phone number of **010-65369999** and email address of **ir@people.cn** for both[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&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) This section states that there were no changes to the company's registered address and office address during the reporting period - The company's registered address is **No. 234, Building B, No. 28 Xinjiekouwai Street, Xicheng District, Beijing**, and its office address is **No. 2 Jintai West Road, Chaoyang District, Beijing**[17](index=17&type=chunk) - There were **no changes** to the company's registered address and office address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](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) This section introduces the company's designated newspapers and websites for information disclosure and confirms no changes to information disclosure and document custody locations during the reporting period - The company's selected newspapers for information disclosure are **Securities Times** and **Securities Daily**, and the website address for publishing the semi-annual report is **www.sse.com.cn**[18](index=18&type=chunk) - The company's semi-annual report is kept at the **company's board of directors office**, with **no changes** during the reporting period[18](index=18&type=chunk) [V. 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) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and stock code - The company's stock type is **A-shares**, listed on the **Shanghai Stock Exchange**, with the stock abbreviation **People.cn** and stock code **603000**[19](index=19&type=chunk) [VI. Other Relevant Information](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section explains that the company's sponsor for continuous supervision was CITIC Securities Co., Ltd., whose supervision period has expired, but still performs continuous supervision duties regarding the use of raised funds - The sponsor responsible for continuous supervision is **CITIC Securities Co., Ltd.**, with signing sponsors **Cheng Jie** and **Peng Jie**[20](index=20&type=chunk) - The continuous supervision period has expired, but given that the company's raised funds have not yet been fully utilized, the sponsors still perform continuous supervision duties for matters involving the **use of raised funds**[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&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) During the reporting period, the company's operating revenue decreased by **3.90%** year-on-year, while total profit and net profit attributable to shareholders of the listed company significantly declined by **99.85%** and **132.00%** respectively, primarily due to investment losses from associates and unfavorable factors in the advertising industry Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 720,613,940.10 | 749,846,580.77 | -3.90 | | Total Profit | 29,444.71 | 19,930,144.91 | -99.85 | | Net Profit Attributable to Shareholders of Listed Company | -5,113,711.64 | 15,982,735.09 | -132.00 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | -18,192,139.80 | 15,494,852.56 | -217.41 | | Net Cash Flow from Operating Activities | -70,922,914.77 | -174,389,322.22 | N/A | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 3,628,900,329.24 | 3,747,003,008.02 | -3.15 | | Total Assets (Period-End) | 5,171,599,335.81 | 5,426,381,535.35 | -4.70 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | -0.0046 | 0.0145 | -131.72 | | Diluted Earnings Per Share (Yuan/share) | -0.0046 | 0.0145 | -131.72 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | -0.0165 | 0.0140 | -217.86 | | Weighted Average Return on Net Assets (%) | -0.14 | 0.45 | Decrease of 0.59 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | -0.51 | 0.44 | Decrease of 0.95 percentage points | - Total profit, net profit attributable to shareholders of the listed company, net profit excluding non-recurring gains and losses, basic earnings per share, and diluted earnings per share all **decreased significantly** year-on-year, primarily due to the company recognizing an investment loss of **-13.52 million yuan** from its associate People Zhongke (Shandong) Intelligent Technology Co., Ltd[22](index=22&type=chunk) - The company's revenue decreased year-on-year, partly because People.cn is focusing on its core business, with some subsidiaries undergoing exit or transformation, and partly due to **unfavorable factors in the advertising industry**, leading to a year-on-year decline in contract signing amounts for some subsidiaries in the first half of the year[22](index=22&type=chunk) [VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards](index=6&type=section&id=%E5%85%AB%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section states that there are no differences in the company's accounting data under domestic and overseas accounting standards - There are **no differences** in the company's accounting data under domestic and overseas accounting standards[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](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) This section details the non-recurring gains and losses items and their amounts for the reporting period, totaling **13.08 million yuan**, primarily including government subsidies, fair value changes in financial assets, and debt restructuring gains Non-Recurring Gains and Losses Items and Amounts (Unit: Yuan, Currency: RMB) | Item | Amount | | :--- | :--- | | Disposal gains/losses of non-current assets | -96,334.64 | | Government grants recognized in current profit or loss | 3,733,298.70 | | Gains/losses from changes in fair value of financial assets and liabilities and disposal gains/losses | 2,785,458.18 | | Debt restructuring gains/losses | 14,324,937.45 | | Other non-operating income and expenses | -6,679,771.87 | | Less: Income tax impact | 283,091.47 | | Impact on minority interests (after tax) | 706,068.19 | | **Total** | **13,078,428.16** | [X. Companies with Equity Incentive or Employee Stock Ownership Plans May Choose to Disclose Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This section states that the company has no equity incentive or employee stock ownership plans, thus no need to disclose net profit after deducting the impact of share-based payments - The company has **no equity incentive or employee stock ownership plans**[26](index=26&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&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) This section elaborates on the development trends of the company's industry (information transmission, software, and information technology services), including internet penetration, network governance, media transformation, and AI empowerment, and introduces People.cn as a central key news website, focusing on content and expanding into content technology, data, and information services [(I) Industry Development](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In the first half of 2025, China's internet penetration reached **79.7%**, with accelerated deployment of new information infrastructure. Significant achievements were made in comprehensive network governance, with multiple regulations promoting healthy industry development. Mainstream media comprehensively advanced systemic reforms, actively exploring intelligent transformation to form new media productivity, empowering content production and dissemination with AI and other technologies - As of June 2025, China's internet user base reached **1.123 billion**, with an internet penetration rate of **79.7%**[28](index=28&type=chunk) - Since 2025, multiple regulations and guidelines on network information content management, minor protection, and AI-generated content labeling have been successively released, leading to **significant achievements in comprehensive network governance**[29](index=29&type=chunk) - Mainstream media are actively exploring intelligent transformation, accelerating the formation of **new media productivity**, promoting intelligent production and dissemination of news reports, and striving to build a new type of mainstream media that is comprehensive, holographic, all-staff, and all-effective[31](index=31&type=chunk) - The government work report for the first time proposed to continuously advance the "**AI+**" initiative, and General Secretary Xi Jinping emphasized comprehensively promoting AI technological innovation, industrial development, and empowerment applications[31](index=31&type=chunk) [(II) Explanation of the Company's Main Business Operations](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) People.cn, as a central key news website, focuses on its core content business, strengthens original content creation, and leverages the National Key Laboratory for Content Cognition and Communication to increase R&D investment in AI and big data, transforming into a technology-driven and intelligent enterprise. The company's main businesses include advertising and promotion services, content technology services, data and information services, network technology services, and other services - People.cn adheres to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, striving to be "**the most professional disseminator of the Party's propositions and the strongest defender of the people's interests**"[31](index=31&type=chunk) - The company focuses on its core content business, strengthens original content creation, expands into three new content businesses—content operation, content risk control, and content aggregation and distribution—and accelerates expansion in related vertical fields such as **health, sports, and data**[32](index=32&type=chunk) - Leveraging the National Key Laboratory for Content Cognition and Communication, the company increases R&D investment and industrial layout in **artificial intelligence and big data**, driven by both "capital + technology," actively transforming into a technology-driven and intelligent enterprise[32](index=32&type=chunk) - The company's main businesses include: **advertising and promotion services, content technology services, data and information services, network technology services, and other services**[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [II. Discussion and Analysis of Operations](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 the first half of 2025, People.cn achieved significant progress in user growth, international influence, AI governance, and technological empowerment. Total PC and mobile users reached **950 million**, with **3 new foreign language channels** added, enhancing international influence. The company obtained AI filing and actively explored a "news + government services + business" new model, deepening Party building leadership and talent team development - During the reporting period, People.cn's PC and mobile platforms reached a total of **950 million direct users**[34](index=34&type=chunk) - **Three new foreign language channels** (Vietnamese, Urdu, Hindi) were added, increasing the number of foreign language websites from 15 to 18, and the total number of followers on multi-language overseas social accounts reached **195 million**, further enhancing international influence[34](index=34&type=chunk)[38](index=38&type=chunk) - The "**People's Smart Media Large Model**" and "**Zizai**" psychological counseling algorithm have completed filing with the National Cyberspace Administration[34](index=34&type=chunk) - The National Key Laboratory for Content Cognition and Communication focuses on the new paradigm of AI safety governance, "using AI to govern AI," producing **4 academic papers**, applying for **6 invention patents**, obtaining **1 authorized patent**, and applying for **3 software copyrights**[39](index=39&type=chunk) - The company deeply explores the "**news + government services + business**" new model, launched the Data Intelligence Partner Program, created a one-stop AI solution, and won the bid for the "**AI Guilin**" Cultural Tourism Large Model Project[40](index=40&type=chunk)[39](index=39&type=chunk) - People Online enhanced public opinion response efficiency through technological innovation; People Data's data element service platform has been deployed in multiple locations; Huanqiu.com deepened its new media advertising business; People Health explored AI applications in the health sector, launching a **diabetes AI assistant**[41](index=41&type=chunk) - People.cn's Party Committee continued to deepen Party building leadership, promote talent team transformation, build a talent team with cross-media skills, and establish a **"can-go-up-or-down" employment orientation**[42](index=42&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](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) People.cn's core competitiveness lies in its political value and content advantages, extensive communication value and influence, cutting-edge technological value and advantages (especially the National Key Laboratory for Content Cognition and Communication), strong platform value and audience advantages, and investment value and capital advantages from leveraging its listed company platform for capital deployment - **Political Value and Content Advantages**: As a Party media, it faithfully fulfills its responsibilities in news and public opinion work, continuously enhancing its public opinion guidance and social credibility[43](index=43&type=chunk) - **Communication Value and Influence Advantages**: It has formed an omni-media matrix covering mainstream channels in internet content dissemination, with numerous domestic and overseas subsidiaries and offices, continuously enhancing its global communication power and influence[43](index=43&type=chunk) - **Technological Value and Technical Advantages**: It undertakes the National Key Laboratory for Content Cognition and Communication, becoming a leading enterprise in content technology, vigorously conducting technological research, and developing a technological system and comprehensive platform that is computable, perceptible, cognitive, and applicable[44](index=44&type=chunk) - **Platform Value and Audience Advantages**: As a Party media and Party website, it actively connects various entities such as government, enterprises, social organizations, and academic institutions, serves ordinary people, and expands international cooperation and exchanges[45](index=45&type=chunk) - **Investment Value and Capital Advantages**: It leverages the capital platform advantages of a listed company to actively deploy capital in the content technology field and related vertical fields, promoting integrated development and expanding industrial opportunities[45](index=45&type=chunk) [IV. Main Operating Conditions During the Reporting Period](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) During the reporting period, the company's main business revenue slightly decreased, but net cash flow from operating activities significantly improved. Non-core businesses had a significant impact on profit, including debt restructuring gains and investment losses from associates. The asset and liability structure underwent several changes, such as decreases in trading financial assets and notes receivable, and increases in contract assets and non-current assets due within one year. The company continued equity investments and provided detailed analysis of major controlled and associated companies [(I) Analysis of Main Business](index=13&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) In the current period, the company's operating revenue decreased by **3.90%** year-on-year, operating costs increased by **5.13%** year-on-year, sales and R&D expenses decreased, and net cash flow from investment activities turned positive Financial Statement Related Item Fluctuation Analysis (Unit: Yuan, Currency: RMB) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 720,613,940.10 | 749,846,580.77 | -3.90 | | Operating Cost | 441,413,848.50 | 419,886,306.72 | 5.13 | | Selling Expenses | 127,165,587.06 | 148,126,390.46 | -14.15 | | Administrative Expenses | 110,121,860.87 | 114,166,521.48 | -3.54 | | Financial Expenses | -5,392,287.25 | -3,675,087.46 | N/A | | R&D Expenses | 44,759,138.76 | 51,912,183.10 | -13.78 | | Net Cash Flow from Operating Activities | -70,922,914.77 | -174,389,322.22 | N/A | | Net Cash Flow from Investing Activities | 217,231,906.25 | -615,918,464.80 | N/A | | Net Cash Flow from Financing Activities | -69,038,954.78 | -78,186,054.20 | N/A | [(II) Explanation of Significant Profit Changes Due to Non-Core Businesses](index=14&type=section&id=%28%E4%BA%8C%29%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) Non-core businesses significantly impacted profit, including **14.32 million yuan** in debt restructuring settlement payments recognized as investment income; **2.52 million yuan** in fair value change gains from holding Oriental.com shares; and combined investment losses of approximately **28.65 million yuan** from associates People Zhongke, Beijing Wenhua Online, and Shanghai Kupasi Technology; additionally, **7.10 million yuan** in litigation judgment compensation was recognized as non-operating expenses - During the reporting period, the company received debt restructuring settlement payments from customer Lanxun Xinrun Technology (Beijing) Co., Ltd., recognizing investment income of **14,324,937.45 yuan**[48](index=48&type=chunk) - Holding shares in Oriental.com (stock code 834678) resulted in fair value change gains of **2,517,449.99 yuan** due to stock price fluctuations[48](index=48&type=chunk) - Investment losses were recognized from associates: **-13,521,157.83 yuan** from People Zhongke (Shandong) Intelligent Technology Co., Ltd., **-12,678,685.69 yuan** from Beijing Wenhua Online Education Technology Co., Ltd., and **-2,451,282.99 yuan** from Shanghai Kupasi Technology Co., Ltd[48](index=48&type=chunk) - Litigation judgment compensation of **7,102,634.00 yuan** was recognized as non-operating expenses[48](index=48&type=chunk) [(III) Analysis of Assets and Liabilities](index=14&type=section&id=%28%E4%B8%89%29%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 trading financial assets and notes receivable significantly decreased, while contract assets, non-current assets due within one year, other equity instrument investments, and development expenditures significantly increased. On the liability side, employee compensation payable and taxes payable significantly decreased, while other payables and provisions showed substantial changes Asset and Liability Status Changes (Unit: Yuan) | Item Name | Current Period-End Amount | Proportion of Total Assets at Period-End (%) | Prior Year-End Amount | Proportion of Total Assets at Prior Year-End (%) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 850,000,000.00 | 16.44 | 1,230,000,000.00 | 22.67 | -30.89 | The company redeemed wealth management products during the reporting period | | Notes Receivable | 991,500.00 | 0.02 | 9,496,294.21 | 0.18 | -89.56 | The company collected acceptance bills during the reporting period | | Contract Assets | 1,904,417.66 | 0.04 | 967,376.66 | 0.02 | 96.86 | The company recognized corresponding contract assets during the reporting period | | Non-Current Assets Due Within One Year | 466,270,133.06 | 9.02 | 250,236,112.98 | 4.61 | 86.33 | The company reclassified large-denomination certificates of deposit maturing within one year as non-current assets due within one year based on liquidity during the reporting period | | Debt Investments | 117,241,148.99 | 2.27 | 325,009,084.34 | 5.99 | -63.93 | The company reclassified large-denomination certificates of deposit maturing within one year as non-current assets due within one year based on liquidity during the reporting period | | Other Equity Instrument Investments | 10,064,852.52 | 0.19 | 5,224,224.72 | 0.10 | 92.66 | Due to fair value fluctuations of the company's New Third Board shares during the reporting period | | Development Expenditures | 6,052,428.29 | 0.12 | 4,036,477.95 | 0.07 | 49.94 | Increase in the company's internal R&D products during the reporting period | | Other Non-Current Assets | 620,261,061.76 | 11.99 | 463,011,936.76 | 8.53 | 33.96 | The company purchased three-year fixed deposits and accrued interest income during the reporting period | | Employee Compensation Payable | 76,084,487.40 | 1.47 | 238,702,681.42 | 4.40 | -68.13 | The company paid employee compensation accrued at the end of the previous year during the reporting period | | Taxes Payable | 13,114,457.10 | 0.25 | 45,367,279.85 | 0.84 | -71.09 | The company paid various taxes accrued at the end of the previous year during the reporting period | | Other Payables | 230,611,009.11 | 4.46 | 88,631,338.27 | 1.63 | 160.19 | The company's declared cash dividends have not yet been paid during the reporting period | | Non-Current Liabilities Due Within One Year | 74,958,742.08 | 1.45 | 109,895,340.05 | 2.03 | -31.79 | Decrease in the company's rent due within one year during the reporting period | | Provisions | 1,280,079.61 | 0.02 | 4,569,959.68 | 0.08 | -71.99 | The company's pending litigation has been adjudicated during the reporting period | - Overseas assets amounted to **119,930,638.34 yuan**, accounting for **2.32%** of total assets[52](index=52&type=chunk) [(IV) Analysis of Investment Status](index=16&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's external equity investments are primarily reflected in financial assets measured at fair value, totaling **1.090 billion yuan** at period-end, with fair value change gains of **2.52 million yuan** for the current period Financial Assets Measured at Fair Value (Unit: Yuan, Currency: RMB) | Asset Category | Beginning Balance | Fair Value Change Gains/Losses for Current Period | Cumulative Fair Value Changes Recognized in Equity | Current Period Purchases | Current Period Sales/Redemptions | Other Changes | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 24,075,084.72 | 2,517,449.99 | 4,840,627.80 | | 223,450.19 | -31,992.00 | 31,177,720.32 | | Private Equity | 108,161,550.75 | | | | | | 108,161,550.75 | | Other | 1,330,710,100.00 | | | 1,300,000,000.00 | 1,680,000,000.00 | | 950,710,100.00 | | **Total** | **1,462,946,735.47** | **2,517,449.99** | **4,840,627.80** | **1,300,000,000.00** | **1,680,223,450.19** | **-31,992.00** | **1,090,049,371.07** | [(V) Significant Asset and Equity Disposals](index=17&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company had no significant asset and equity disposal matters - During the reporting period, the company had **no significant asset and equity disposal matters**[55](index=55&type=chunk) [(VI) Analysis of Major Controlled and Associated Companies](index=17&type=section&id=%28%E5%85%AD%29%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 details the financial data of the company's major controlled subsidiaries and associated companies, including total assets, net assets, operating revenue, and net profit. Among them, Huanqiu.com showed strong profitability, People Online and People Health Big Data also achieved profits, while People Information, People Vision, Beijing Wenhua Online, People Zhongke, and Shanghai Kupasi Technology incurred losses Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit (Unit: Yuan, Currency: RMB) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | People Online | Subsidiary | Online public opinion information services, big data application services | 20,000,000.00 | 382,612,909.34 | 217,377,377.02 | 99,413,982.94 | 2,337,323.42 | 1,071,198.20 | | Huanqiu.com | Subsidiary | Advertising and promotion business, information services business, mobile value-added services | 50,000,000.00 | 247,833,386.97 | 174,439,270.49 | 89,266,755.54 | 11,604,474.88 | 10,324,389.65 | | People Health Big Data | Subsidiary | Advertising production and publishing, exhibition and event planning services, video production services, network technology services | 10,000,000.00 | 111,521,213.95 | 61,041,699.86 | 27,485,370.04 | 2,479,044.10 | 1,400,655.14 | | People Information | Subsidiary | Content risk control services | 100,000,000.00 | 294,272,871.09 | 262,765,392.84 | 40,770,887.10 | 1,816,238.14 | -739,964.09 | | People Vision | Subsidiary | Advertising and promotion services, audiovisual services | 75,000,000.00 | 277,901,765.87 | 159,729,969.44 | 12,915,213.03 | -581,251.16 | -568,410.41 | | Shenzhen People Houpu Private Equity Investment Co., Ltd. | Associate | Equity investment, fund management, etc. | 10,000,000.00 | 43,856,995.71 | 26,147,541.21 | 0.00 | -3,128,230.58 | -3,128,230.58 | | Chengdu Tianfu Cultural and Creative Equity Investment Fund Management Co., Ltd. | Associate | Equity investment, fund management, etc. | 10,000,000.00 | 22,787,998.46 | 20,440,341.56 | 4,449,333.32 | 2,051,340.62 | 2,807,857.42 | | Beijing Wenhua Online Education Technology Co., Ltd. | Associate | Education and teaching services | 52,666,667.00 | 231,395,366.39 | 108,563,374.93 | 44,362,766.25 | -48,243,728.91 | -47,955,194.41 | | People Zhongke (Shandong) Intelligent Technology Co., Ltd. | Associate | Research and application of cross-modal trusted artificial intelligence and other intelligent services | 20,000,000.00 | 204,360,148.15 | 45,612,557.79 | 42,276,894.32 | -10,466,379.36 | -10,400,042.86 | | Shanghai Kupasi Technology Co., Ltd. | Associate | Specialized functional corpus service operation platform | 200,000,000.00 | 229,140,918.69 | 128,826,937.46 | 20,626,480.91 | -24,512,829.89 | -24,512,829.89 | [(VII) Information on Structured Entities Controlled by the Company](index=19&type=section&id=%28%E4%B8%83%29%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company had no controlled structured entities - During the reporting period, the company had **no controlled structured entities**[59](index=59&type=chunk) [V. Other Disclosure Matters](index=20&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) This section discloses potential risks faced by the company, including traditional business models, user acquisition and operations, technological advancement, talent loss, and risks associated with raised fund investment projects. Additionally, the company formulated an "Enhancing Quality, Efficiency, and Returns" action plan, focusing on core business development, shareholder returns, market value management, improving information disclosure quality, and optimizing corporate governance [(I) Potential Risks](index=20&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks such as traditional business models being impacted by emerging platforms, rising user acquisition and operating costs, relatively insufficient AI technology accumulation, talent loss, and uncertainty in the progress of raised fund investment projects - **Traditional business model risks**: News website graphic advertising faces dual pressures of shrinking placement scale and declining effectiveness, and a profit structure overly reliant on traditional advertising models lacks resilience[60](index=60&type=chunk) - **User acquisition and operation risks**: User attention is fragmented by new forms such as short videos and social platforms, traditional content dissemination methods struggle to retain audiences, and algorithmic recommendations on emerging platforms may weaken the dissemination effect of mainstream values[60](index=60&type=chunk) - **Technological advancement risks**: Mainstream media have relatively insufficient accumulation in artificial intelligence technology, affecting business expansion in emerging scenarios[61](index=61&type=chunk) - **Talent loss risks**: Facing the flexible compensation mechanisms and equity incentives of internet companies, the company may face the risk of **losing core management and professional talent**[61](index=61&type=chunk) - **Raised fund investment project risks**: The total investment for raised fund projects is **527 million yuan**, but due to accelerated technological upgrades, intensified industry homogenization, and increased market uncertainties, there are market uncertainties in project advancement, and some raised funds have not been fully invested as expected[62](index=62&type=chunk) [(II) Other Disclosure Matters](index=20&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively responded to the "Enhancing Quality, Efficiency, and Returns" initiative, focusing on its core responsibilities, strengthening news capabilities and AI applications, and accelerating the development of new media productivity. Total users reached **950 million**, and international influence increased. The company values shareholder returns, committing to annual cash dividends of no less than **40%** of net profit for the next three years, and has implemented the 2024 dividend. It also strengthened market value management, improved information disclosure quality, optimized investor relations and corporate governance, and enhanced the performance capabilities of directors, supervisors, and senior management - Focus on core responsibilities, strengthen news capabilities, coordinate AI application and governance, accelerate the development of **new media productivity**, and promote high-quality enterprise development[63](index=63&type=chunk)[64](index=64&type=chunk) - People.cn's PC and mobile platforms reached a total of **950 million direct users**; **3 new foreign language channels** (Vietnamese, Urdu, Hindi) were added, and the total number of followers on multi-language overseas social accounts reached **195 million**, further enhancing international influence[64](index=64&type=chunk) - Emphasize shareholder returns, practice long-term stable dividends, with annual cash dividends for the next three years (2025-2027) being **no less than 40%** of the net profit attributable to shareholders of the listed company for that year[65](index=65&type=chunk) - For 2024, the company distributed a cash dividend of **1.32 yuan (tax inclusive) per 10 shares**, totaling approximately **146 million yuan (tax inclusive)**, accounting for **69.76%** of the net profit attributable to shareholders of the listed company in the consolidated financial statements[65](index=65&type=chunk) - Strengthen market value management, formulate the "**People.cn Co., Ltd. Market Value Management System**," clarifying organizational structure, division of responsibilities, management methods, and monitoring and early warning mechanisms[66](index=66&type=chunk) - Continuously improve the quality of information disclosure, continuously optimize investor relations, and interact with investors through performance briefings, investor hotlines, and the SSE e-interaction platform[67](index=67&type=chunk) - Adhere to standardized operations and optimize corporate governance, with the general meeting of shareholders, board of directors, supervisory board, and management strictly forming a scientific and standardized decision-making mechanism in accordance with laws, regulations, and company policies[68](index=68&type=chunk) - Strengthen the responsibilities of "key minorities" and enhance their performance capabilities, organizing training for directors, supervisors, and senior management to improve compliance awareness and performance capabilities[69](index=69&type=chunk)[70](index=70&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [I. Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%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) During the reporting period, company director and vice president Song Liyun and director Wu Tianhong resigned, Yang Yi was re-appointed as deputy editor-in-chief, and Xu Bo was elected as a company director Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Song Liyun | Director, Vice President | Resigned | | Yang Yi | Deputy Editor-in-Chief | Appointed | | Wu Tianhong | Director | Resigned | | Xu Bo | Director | Elected | - Song Liyun resigned from her positions as director, member of the board's strategic committee, and vice president on **April 25, 2025**[72](index=72&type=chunk) - Yang Yi was re-appointed as the company's deputy editor-in-chief on **June 5, 2025**, for a term of three years[72](index=72&type=chunk) - Wu Tianhong resigned from her positions as company director, member of the board's audit committee, and member of the remuneration and appraisal committee on **June 17, 2025**[72](index=72&type=chunk) - Xu Bo was elected as a director of the company's fifth board of directors on **June 18, 2025**, and **June 27, 2025**, respectively, by the board of directors and the general meeting of shareholders[72](index=72&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) This section states that the company's semi-annual proposed profit distribution or capital reserve to share capital increase plan is "no," meaning no distribution or increase will occur - The company's semi-annual proposed profit distribution plan and capital reserve to share capital increase plan are **"no"**[73](index=73&type=chunk) [III. Status and Impact of the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) This section mentions that the company approved the "People.cn Co., Ltd. 2020 Restricted Stock Plan (Draft)" and related proposals in 2020, but there was no subsequent progress or change in this equity incentive matter during the reporting period - The company convened its board of directors and supervisory board meetings on **March 16, 2020**, to review and approve the "People.cn Co., Ltd. 2020 Restricted Stock Plan (Draft)" and its summary, management measures, and implementation assessment measures, among other proposals[73](index=73&type=chunk) - The relevant equity incentive matters have been disclosed in interim announcements, and there has been **no subsequent progress or change** in their implementation[73](index=73&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=24&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) This section states that the company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The company and its major subsidiaries are **not included** in the list of enterprises required to disclose environmental information by law[75](index=75&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=24&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) People.cn actively participated in consolidating poverty alleviation achievements and rural revitalization efforts, including being invited to participate in the national rural environmental remediation effectiveness assessment, and fully leveraging its omni-media communication advantages to publish a series of in-depth reports and infographics, promoting rural development achievements and the construction of a strong agricultural nation - The Ministry of Ecology and Environment invited People.cn as an important collaborating unit to participate in the **2025 national rural environmental remediation effectiveness assessment** and conducted on-site assessments in Wanzhou District and Hechuan District of Chongqing[75](index=75&type=chunk) - People.cn fully leveraged its omni-media communication advantages, publishing a series of in-depth reports, such as "**Promoting Rural Areas Towards Beauty: Don't Let Black and Odorous Water Bodies Make a Comeback**," objectively reflecting remediation effectiveness and identifying issues[75](index=75&type=chunk) - Infographics such as "**Income Growth Leads for 4 Consecutive Years, Four Dimensions of Data Show the Catch-Up Pace of Poverty-Stricken Areas**" and "**It Concerns Our Livelihoods! Key Points for Building a Strong Agricultural Nation**" were launched, showcasing poverty alleviation achievements and the roadmap for building a strong agricultural nation[75](index=75&type=chunk) - Reports in various formats, including video and text, were produced focusing on themes such as increasing farmers' income and ensuring agricultural product supply, demonstrating rural development and characteristic industries driving farmers to prosperity[76](index=76&type=chunk) [Section V Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [I. Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's controlling shareholder, People's Daily, has strictly fulfilled its commitment made during the initial public offering to resolve horizontal competition, aiming to establish People.cn as the sole comprehensive news website and operational website, and committed not to engage in or support businesses similar to People.cn's main business, and to prioritize offering commercial opportunities to People.cn - Controlling shareholder People's Daily committed to making People.cn its **sole "comprehensive news website" and "operational website"** business unit, and to support People.cn's development and expansion of competitive advantages in this field[79](index=79&type=chunk) - People's Daily and its affiliated units and enterprises committed **not to engage in or participate in any business similar to People.cn's main business**, nor to support third parties in engaging in or participating in such businesses[79](index=79&type=chunk) - If any commercial opportunity obtained from a third party may constitute direct or indirect competition with People.cn's main business, People's Daily committed to immediately inform People.cn and strive to ensure that such commercial opportunity is **first offered to People.cn** on reasonable and fair terms and conditions[79](index=79&type=chunk) - The above commitments remain valid and irrevocable during People's Daily's tenure as People.cn's controlling shareholder and have been **strictly fulfilled**[79](index=79&type=chunk)[80](index=80&type=chunk) [II. Non-Operating Occupation of Funds by Controlling Shareholders and Other Related Parties During the Reporting Period](index=26&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%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, there was no non-operating occupation of funds by controlling shareholders or other related parties - During the reporting period, the company had **no non-operating occupation of funds** by controlling shareholders or other related parties[81](index=81&type=chunk) [III. Illegal Guarantees](index=26&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, there were no illegal guarantees - During the reporting period, the company had **no illegal guarantees**[81](index=81&type=chunk) [IV. Semi-Annual Report Audit Status](index=26&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report is unaudited - This semi-annual report is **unaudited**[81](index=81&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Year's Annual Report](index=26&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the previous year's annual report - During the reporting period, there were **no changes or handling of matters** related to non-standard audit opinions in the previous year's annual report[81](index=81&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=26&type=section&id=%E5%85%AD%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no bankruptcy and reorganization matters - During the reporting period, the company had **no bankruptcy and reorganization matters**[81](index=81&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=26&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters - During the reporting period, the company had **no significant litigation or arbitration matters**[81](index=81&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of the Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=27&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers - During the reporting period, there were **no alleged violations, penalties, or rectification situations** involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers[82](index=82&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=27&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there was no other explanation regarding the integrity status of the company, its controlling shareholders, or actual controllers - During the reporting period, there was **no other explanation** regarding the integrity status of the company, its controlling shareholders, or actual controllers[82](index=82&type=chunk) [X. Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has disclosed its estimated daily related party transactions for 2025, but during the reporting period, there were no significant related party transactions involving asset or equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, or financial business with affiliated financial companies [(I) Related Party Transactions Related to Daily Operations](index=27&type=section&id=%28%E4%B8%80%29%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company held board and shareholder meetings on **April 24, 2025**, and **June 27, 2025**, respectively, to approve the "Proposal on Estimated Daily Related Party Transactions for 2025" - The company convened its fifth board of directors' fourteenth meeting and the 2024 annual general meeting of shareholders on **April 24, 2025**, and **June 27, 2025**, respectively, to review and approve the "Proposal on Estimated Daily Related Party Transactions for 2025"[82](index=82&type=chunk) [(II) Related Party Transactions Involving Asset or Equity Acquisitions/Disposals](index=27&type=section&id=%28%E4%BA%8C%29%20%E8%B5%84%E4%BA%A7%E6%94%B6%E8%B4%AD%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no related party transactions involving asset or equity acquisitions/disposals - During the reporting period, the company had **no related party transactions** involving asset or equity acquisitions or disposals[83](index=83&type=chunk) [(III) Significant Related Party Transactions for Joint External Investments](index=27&type=section&id=%28%E4%B8%89%29%20%E5%85%B1%E5%90%8C%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E7%9A%84%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no significant related party transactions for joint external investments - During the reporting period, the company had **no significant related party transactions** for joint external investments[83](index=83&type=chunk)[84](index=84&type=chunk) [(IV) Related Party Creditor-Debtor Relationships](index=28&type=section&id=%28%E5%9B%9B%29%20%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) During the reporting period, the company had no related party creditor-debtor relationships - During the reporting period, the company had **no related party creditor-debtor relationships**[84](index=84&type=chunk) [(V) Financial Business Between the Company and Affiliated Financial Companies, and Between Company-Controlled Financial Companies and Related Parties](index=28&type=section&id=%28%E4%BA%94%29%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) During the reporting period, there was no financial business between the company and affiliated financial companies, or between company-controlled financial companies and related parties - During the reporting period, there was **no financial business** between the company and affiliated financial companies, or between company-controlled financial companies and related parties[84](index=84&type=chunk) [(VI) Other Significant Related Party Transactions](index=28&type=section&id=%28%E5%85%AD%29%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no other significant related party transactions - During the reporting period, the company had **no other significant related party transactions**[84](index=84&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=28&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's main significant contract during the reporting period was the lease of office premises from its controlling shareholder, People's Daily. This lease was approved by the board of directors and shareholders' meeting and strictly fulfilled according to the contract. Additionally, there were no significant guarantees or other significant contracts [(I) Custody, Contracting, and Leasing Matters](index=28&type=section&id=%28%E4%B8%80%29%20%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9) The company (parent company) leased office premises from its controlling shareholder, People's Daily, covering an area of **20,942.04 square meters**. The lease amount for this period was **31.0443 million yuan**, with a lease term from **January 1, 2025, to December 31, 2025**. This matter was approved by the board of directors and shareholders' meeting and strictly fulfilled Leasing Information (Unit: Million Yuan, Currency: RMB) | Lessor Name | Lessee Name | Leased Asset Description | Amount Involved in Lease (Million Yuan) | Lease Start Date | Lease End Date | Is it a Related Party Transaction | Related Party Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | People's Daily | People.cn (Parent Company) | Lease of 20,942.04 square meters of office space in People's Daily New Media Building | 31.0443 | 2025-1-1 | 2025-12-31 | Yes | Controlling Shareholder | - People.cn (parent company) leased office premises from People's Daily, which was reviewed and approved by the company's fifth board of directors' fourteenth meeting and the 2024 annual general meeting of shareholders[86](index=86&type=chunk) [(II) Significant Guarantees Performed and Not Yet Completed During the Reporting Period](index=29&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no significant guarantees performed or not yet completed - During the reporting period, the company had **no significant guarantees** performed or not yet completed[87](index=87&type=chunk) [(III) Other Significant Contracts](index=29&type=section&id=%28%E4%B8%89%29%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) During the reporting period, the company had no other significant contracts - During the reporting period, the company had **no other significant contracts**[87](index=87&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company's overall utilization rate of raised funds is **69.94%**. Some raised fund investment projects have been delayed due to accelerated technological upgrades and market changes, to avoid capital waste. The company has used some idle raised funds for cash management, with the highest balance not exceeding the authorized limit. There were no changes or terminations of raised fund investment projects during the reporting period, nor any subsequent rectification of illegal occupation of raised funds [(I) Overall Use of Raised Funds](index=29&type=section&id=%28%E4%B8%80%29%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) Due to the accelerated pace of technological upgrades, intensified industry homogenization, and increasing market uncertainties with the continuous innovation in mobile internet applications and services, the company, out of prudence, has not yet fully invested the raised funds in the projects as initially planned, to avoid capital waste - Due to the accelerated pace of technological upgrades, intensified industry homogenization, and continuous innovation in the types and service forms of mobile internet applications, market uncertainties have increased[87](index=87&type=chunk) - To avoid wasting raised funds, the company, out of prudence, will further analyze the deep integration of advanced technology with raised fund investment projects and has **not yet fully invested** the raised funds in the projects as initially planned[87](index=87&type=chunk) [(II) Details of Raised Fund Investment Projects](index=29&type=section&id=%28%E4%BA%8C%29%20%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) The company's initial public offering raised a total of **1.382 billion yuan**. As of the end of the reporting period, a cumulative total of **937.52 million yuan** has been invested, with a cumulative investment progress of **69.94%**. Projects for mobile internet value-added services, technology platform upgrades, and editorial platform expansion are still under review due to changes in market trends and technical design not meeting current demands Details of Raised Funds Utilization (Unit: Million Yuan) | Source of Raised Funds | Date Funds Received | Total Raised Funds (1) (Million Yuan) | Committed Investment Amount in Prospectus (2) (Million Yuan) | Total Over-Allotment Funds (3)=(1)-(2) (Million Yuan) | Cumulative Investment Amount as of Period-End (4) (Million Yuan) | Cumulative Investment Progress as of Period-End (%) (6)＝(4)/(1) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | April 23, 2012 | 1,382.1138 | 527.0241 | 813.4447 | 937.5165 | 69.94 | - **Mobile Internet Value-Added Services Project**: The planned hardware and software purchases no longer align with current market development trends, and the investment direction is still under further discussion[89](index=89&type=chunk) - **Technology Platform Upgrade Project**: The core IDC computer room and disaster recovery center have been completed and accepted, but the business support platform and other business system constructions do not cover applications in 5G, big data, cloud computing, artificial intelligence, IoT, etc., and some original project designs do not align with current market development trends, thus still under review[89](index=89&type=chunk) - **Editorial Platform Expansion and Upgrade Project**: People.cn's parent company studio has been completed, but the original technical design and planned procurement products for local company studios and satellite live broadcast vehicles no longer meet current industry development needs, thus still under review[89](index=89&type=chunk) [(III) Changes or Termination of Raised Fund Investment Projects During the Reporting Period](index=31&type=section&id=%28%E4%B8%89%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E6%8A%95%E5%8F%98%E6%9B%B4%E6%88%96%E7%BB%88%E6%AD%A2%E6%83%85%E5%86%B5) During the reporting period, there were no changes or terminations of raised fund investment projects - During the reporting period, the company had **no changes or terminations** of raised fund investment projects[90](index=90&type=chunk) [(IV) Other Uses of Raised Funds During the Reporting Period](index=31&type=section&id=%28%E5%9B%9B%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company was approved by the board of directors and supervisory board to use idle raised funds not exceeding **700 million yuan** for cash management, by purchasing highly secure, liquid financial products from qualified financial institutions with a single product term not exceeding one year, without affecting the construction of raised fund investment projects. During the reporting period, the highest balance of cash management did not exceed the authorized limit - The company was approved to use a portion of idle raised funds for cash management, purchasing highly secure, liquid financial products with a single product term not exceeding one year, sold by legally qualified financial institutions, with a purchase limit not exceeding **700 million yuan**[91](index=91&type=chunk) - The aforementioned authorization period extends to **June 4, 2026**. During the reporting period, the highest balance of funds used for cash management did **not exceed the authorized limit**[91](index=91&type=chunk) [(V) Conclusive Opinions of Intermediary Agencies on the Storage and Use of Raised Funds](index=31&type=section&id=%28%E4%BA%94%29%20%E4%B8%AD%E4%BB%8B%E6%9C%BA%E6%9E%84%E5%85%B3%E4%BA%8E%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E5%AD%98%E5%82%A8%E4%B8%8E%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5%E7%9A%84%E4%B8%93%E9%A1%B9%E6%A0%B8%E6%9F%A5%E3%80%81%E9%89%B4%E8%AF%81%E7%9A%84%E7%BB%93%E8%AE%BA%E6%80%A7%E6%84%8F%E8%A7%81) The company has no conclusive opinions from intermediary agencies regarding the special verification and attestation of the storage and use of raised funds - The company has **no conclusive opinions** from intermediary agencies regarding the special verification and attestation of the storage and use of raised funds[92](index=92&type=chunk) [(VI) Subsequent Rectification of Unauthorized Changes in Use of Raised Funds and Illegal Occupation of Raised Funds](index=31&type=section&id=%28%E5%85%AD%29%20%E6%93%85%E8%87%AA%E5%8F%98%E6%9B%B4%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E

证券代码：603000 证券简称：人民网 公告编号：2025-028 人民网股份有限公司 第五届董事会第十八次会议决议公告 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。 人民网股份有限公司（以下简称"公司"）第五届董事会第十八 次会议于 2025 年 8 月 26 日以通讯表决方式召开。本次会议应出席董 事 11 名，实际出席董事 11 名。公司监事及高级管理人员列席了本次 会议。会议由公司董事长叶蓁蓁主持。根据《中华人民共和国公司法》 《人民网股份有限公司章程》及其他内部制度文件，会议作出决议如 下： 1. 关于《人民网股份有限公司 2025 年半年度报告及其摘要》的 议案 表决结果：同意 11 票，反对 0 票，弃权 0 票 本议案已经审计委员会审议通过。 具体内容详见公司同日登载于上海证券交易所网站的《人民网股 份有限公司 2025 年半年度报告》全文及摘要。 2. 关于《人民网股份有限公司 2025 年上半年募集资金存放与实 际使用情况的专项报告》的议案 表决结果：同意 11 票，反对 0 票，弃权 0 票 经本次会 ...

Core Viewpoint - The "2025 People's Data Conference" was held in Shenzhen, where the People's Chain "Sharing" plan was officially launched, aiming to create a distributed trust network for secure data circulation and to foster the future of the digital economy [1]. Group 1: Digital Economy and Data Value - The digital economy is identified as a core engine for high-quality economic and social development, with data being a new production factor whose value relies on a secure, trustworthy, and efficient circulation environment [1]. - The People's Chain aims to build a self-controlled data value chain as a blockchain infrastructure [1]. Group 2: Node Recruitment and Focus Areas - The People's Chain "Sharing" plan will recruit two types of nodes: "City Chain" and "Industry Chain" [1]. - The "City Chain" focuses on areas such as government services, urban governance, inclusive finance, judicial evidence, and digital identity, supporting local governments in building their own "City Chain" based on People's Chain technology [1]. - The "Industry Chain" targets scenarios like supply chain finance, product traceability, carbon footprint tracking, data assetization, and cross-border trade, enabling industries and related companies to build their own "Industry Chain" for collaborative trust and digital transformation [1]. Group 3: Support for Initial Nodes - Initial nodes joining the People's Chain "Sharing" plan will receive support including technical authorization, node access, technical training, and scenario construction [1].

Group 1 - The core viewpoint of the news is the collaboration between People's Daily, Dazhong Newspaper Group, and Shandong Digital Culture Group to establish a mainstream value corpus in Shandong, aimed at strengthening mainstream ideological discourse and expanding its influence [1][2] - The mainstream value corpus will be built on authoritative resources developed by People's Daily, including news, theories, comments, policies, and popular science, as well as important documents from the Party and the state [1] - The project will involve scientific sampling, aggregation, customization, and risk control to ensure the safety of ideological content and enrich the corpus [1][2] Group 2 - The collaboration aims to cover various fields such as economy, politics, culture, education, and technology, enhancing applications like AI model training, public opinion analysis, and cultural dissemination [2] - The partnership will focus on improving the intelligence level of the corpus construction and exploring new models of "AI governance by AI," providing a secure and trustworthy foundation for the application of artificial intelligence [2]

Market Performance - On August 25, the digital media sector rose by 2.31%, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 36.92, up 6.31% with a trading volume of 265,600 shares and a turnover of 964 million yuan [1] - "Mango Super Media" (300413) closed at 27.09, up 6.11% with a trading volume of 583,500 shares and a turnover of 1.523 billion yuan [1] - "Na Yue Technology" (603533) closed at 22.46, up 5.05% with a trading volume of 307,500 shares and a turnover of 676 million yuan [1] - "Visual China" (000681) closed at 22.24, up 1.46% with a trading volume of 506,200 shares and a turnover of 1.126 billion yuan [1] Capital Flow Analysis - The digital media sector saw a net inflow of 84.871 million yuan from institutional investors, while retail investors experienced a net outflow of 21.647 million yuan [2] - "Mango Super Media" had a net inflow of 13.8 million yuan from institutional investors, but retail investors withdrew 80.882 million yuan [3] - "Visual China" experienced a net outflow of 1.4743 million yuan from institutional investors, while retail investors had a net inflow of 3.2268 million yuan [3]