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]

Market Overview - The publishing sector experienced a decline of 0.48% on the previous trading day, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Individual Stock Performance - Notable gainers in the publishing sector included: - Times Publishing (600551) with a closing price of 9.79, up 10.00% and a trading volume of 432,900 shares [1] - ST Huawen (000793) closed at 3.24, up 4.52% with a trading volume of 589,900 shares [1] - Conversely, Guomai Culture (301052) saw a decline of 3.31%, closing at 45.83 with a trading volume of 119,400 shares [2] - Other notable decliners included: - Chinese Online (300364) down 2.86% at 26.79 [2] - Reader Culture (301025) down 2.31% at 9.73 [2] Capital Flow Analysis - The publishing sector saw a net outflow of 263 million yuan from institutional investors, while retail investors contributed a net inflow of 158 million yuan [2] - The capital flow for individual stocks showed: - Times Publishing had a net inflow of 1.35 billion yuan from institutional investors, but a net outflow from retail investors [3] - ST Huawen had a net inflow of 11.44 million yuan from institutional investors [3] - Reader Culture experienced a slight net outflow of 336,200 yuan from institutional investors [3]