Core Viewpoint - New Classics, a leading private book planning and distribution company in China, has shown potential investment value through its strengths in topic planning and copyright operation, despite facing challenges in revenue and profit forecasts due to industry conditions [1][5]. Group 1: Business Performance - In Q3 2025, New Classics reported revenue of 475 million yuan, ranking 15th in the industry, with the top competitor, Wuxin Media, achieving 6.851 billion yuan [2]. - The net profit for the same period was approximately 68.37 million yuan, placing the company 12th in the industry, while the leading competitor reported a net profit of 963 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, New Classics had a debt-to-asset ratio of 4.71%, a decrease from 6.28% year-on-year, significantly lower than the industry average of 32.11%, indicating strong solvency [3]. - The gross profit margin for Q3 2025 was 49.77%, up from 47.93% year-on-year and above the industry average of 30.79%, reflecting robust profitability [3]. Group 3: Executive Compensation - The chairman, Chen Mingjun, received a salary of 503,000 yuan in 2024, a slight decrease from 510,000 yuan in 2023 [4]. - The general manager, Huang Ningqun, earned 857,900 yuan in 2024, down from 880,500 yuan in 2023 [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 12.57% to 12,900, while the average number of circulating A-shares held per shareholder increased by 14.37% to 11,900 [5]. - Major shareholders include Jia Shi New Consumption Stock A and Nuoan Multi-Strategy Mixed A, with notable changes in their holdings [5]. Group 5: Analyst Ratings and Forecasts - Huatai Securities has lowered its revenue and net profit forecasts for New Classics, projecting net profits of 110 million, 124 million, and 139 million yuan for 2025-2027, with a target price adjustment to 19.24 yuan, downgrading the rating from "Buy" to "Hold" [5]. - Guotai Haitong Securities expects EPS of 0.79, 0.82, and 0.90 yuan for 2025-2027, maintaining a target price of 19.75 yuan and a "Buy" rating [6].

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Group 1 - New Classics (603096.SH) released its Q3 2025 report on October 29, 2025, indicating that five institutional investors disclosed holdings in the company, totaling 4.4496 million shares, which represents 2.88% of the total share capital [1] - The total institutional holding percentage decreased by 3.40 percentage points compared to the previous quarter [1] - Among public funds, one fund, the招商优质成长混合(LOF), increased its holdings by 0.16%, while another fund, 嘉实新消费股票A, decreased its holdings by 2.74% [1] Group 2 - A total of 33 public funds that were previously disclosed did not report again this quarter, including funds such as 招商品质发现混合A and 中庚价值品质一年持有期混合 [1]

Group 1 - The company New Classics (SH 603096) announced that its fourth board meeting for the year 2025 was held on October 28, 2025, to review the Q3 report and other documents [1] - For the first half of 2025, New Classics reported that 99.1% of its revenue came from news and publishing, while other businesses contributed 0.9% [1] - As of the report, New Classics has a market capitalization of 2.8 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation [1] - The current market trend is described as a "slow bull" pattern, indicating a new market structure [1]

Core Viewpoint - New Classics (603096.SH) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 160 million yuan, representing a year-on-year decrease of 13.74% [1] - The net profit attributable to shareholders of the listed company was 20.92 million yuan, down 41.73% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 18.95 million yuan, reflecting a year-on-year decline of 39.05% [1]

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。 证券代码：603096 证券简称：新经典 公告编号：2025-035 新经典文化股份有限公司 2025年第三季度主要经营数据公告 以上生产经营数据来自公司内部统计，仅为投资者及时了解公司生产经营概况之用，敬请广大投资者理性投资，注意投资风险。 特此公告。 新经典文化股份有限公司董事会 2025 年 10 月 29 日 新经典文化股份有限公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》的相关规定，现将 2025 年第三季度主要经营 数据公告如下： 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 ...

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。 证券代码：603096 证券简称：新经典 公告编号：2025-034 新经典文化股份有限公司 第四届董事会第十五次会议决议公告 表决结果：7 票同意、0 票反对、0 票弃权。 本议案无需提交股东大会审议。 特此公告。 新经典文化股份有限公司董事会 2025 年 10 月 29 日 1 一、董事会会议召开情况 新经典文化股份有限公司（以下简称"公司"）第四届董事会第十五次会议 于 2025 年 10 月 22 日以电子邮件及微信的方式发出会议通知，并将会议资料提 交全体董事和高级管理人员。会议于 2025 年 10 月 28 日在公司会议室以现场及 通讯相结合的方式召开，会议应到董事 7 名，实到 7 名，其中独立董事叶俭先生 以通讯的方式参会。会议由董事长陈明俊先生主持，公司高级管理人员列席会议。 会议的召开符合《中华人民共和国公司法》等法律、行政法规、部门规章、规范 性文件和《新经典文化股份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《公司 2025 年第三季 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥160,376,383.58, a decrease of 13.74% compared to the same period last year[3] - Total profit for the quarter was ¥28,034,401.82, down 40.36% year-over-year[3] - Net profit attributable to shareholders was ¥20,917,699.73, reflecting a decline of 41.73% compared to the previous year[3] - Basic earnings per share for the quarter were ¥0.1356, down 38.61% from the same period last year[4] - Total operating revenue for the first three quarters of 2025 was CNY 475,272,396.70, a decrease of 25.7% compared to CNY 639,256,325.14 in the same period of 2024[17] - Net profit for the first three quarters of 2025 was CNY 68,368,409.44, a decline of 47.2% from CNY 129,170,537.74 in 2024[18] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.4396, down 43.8% from CNY 0.7811 in 2024[20] - The company reported a total comprehensive income of CNY 68,034,024.51 for the first three quarters of 2025, down from CNY 123,653,727.06 in 2024[18] Cash Flow - The cash flow from operating activities was ¥19,392,280.69, a significant drop of 55.02% year-over-year[3] - Cash flow from operating activities for the first three quarters of 2025 was negative CNY 99,312,799.54, compared to positive CNY 36,658,889.82 in 2024[22] - Cash inflow from investment activities for the first three quarters of 2025 was CNY 992,214,294.96, a decrease of 46.0% from CNY 1,838,872,673.83 in 2024[22] - Cash outflow from investment activities totaled $683.85 million, a decrease from $1.72 billion in the previous period, indicating a reduction of approximately 60%[23] - Net cash flow generated from investment activities was $308.37 million, significantly up from $121.89 million year-over-year[23] - Cash outflow from financing activities was $133.35 million, down from $219.98 million, reflecting a decrease of about 39%[23] - The net increase in cash and cash equivalents was $75.70 million, contrasting with a decrease of $66.97 million in the prior period[23] - The ending balance of cash and cash equivalents stood at $217.42 million, slightly down from $220.03 million in the previous period[23] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,970,363,353.81, a decrease of 3.99% compared to the end of the previous year[4] - The net assets attributable to shareholders were ¥1,859,582,631.42, down 2.92% from the previous year[4] - Current assets totaled CNY 1,438,265,115.70, down from CNY 1,580,658,794.99 in the previous period[13] - The company's accounts receivable rose to CNY 130,248,006.07, compared to CNY 101,481,937.65 previously[13] - Inventory decreased to CNY 149,419,950.92 from CNY 163,807,966.91[13] - Total non-current assets increased to CNY 532,098,238.11 from CNY 471,654,952.06[14] - The company's total liabilities as of September 30, 2025, were CNY 92,862,294.05, down from CNY 114,902,597.32[14] - Total liabilities amounted to CNY 92,862,294.05, with total equity at CNY 1,877,501,059.76[15] - The company’s total non-current liabilities were CNY 1,828,154.63[15] - The company reported a significant increase in prepayments to CNY 325,251,555.68 from CNY 263,750,493.71[13] Market Conditions - The decline in profits is attributed to a significant downturn in the Chinese book retail market, with non-essential reading demand remaining weak[7] - The company faced increased costs due to the disposal of unsold inventory and royalties, contributing to the profit decline[7] Shareholder Information - The company reported a total of 12,926 ordinary shareholders at the end of the reporting period[9] - The company has no significant changes in the shareholding structure or related party transactions reported[11] - There are no other important reminders regarding the company's operational situation during the reporting period[12]

Group 1 - The company's Q3 revenue is 160 million, a year-on-year decrease of 13.74% [1] - The net profit for Q3 is 20.9177 million, a year-on-year decrease of 41.73% [1] - The company's revenue for the first three quarters is 475 million, a year-on-year decrease of 25.65% [1] Group 2 - The net profit for the first three quarters is 67.794 million, a year-on-year decrease of 46.59% [1]

Core Points - The company will hold a performance briefing on October 31, 2025, from 11:00 to 12:00 to discuss its Q3 2025 results [2][3] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Investors can submit questions for the briefing from October 24 to October 30, 2025, through the Roadshow Center website or via email [2][3][4] Meeting Details - The meeting is scheduled for October 31, 2025, from 11:00 to 12:00 [3] - It will be held at the Shanghai Stock Exchange Roadshow Center [3] - The meeting will feature key personnel including the General Manager and Financial Director [3] Participation Information - Investors can participate online via the Roadshow Center on the day of the meeting [3] - Questions can be pre-submitted through the Roadshow Center website or via email until October 30, 2025 [3][4] - Contact information for inquiries includes a phone number and email address for the company's securities department [4]