证券代码：603533 证券简称：掌阅科技 公告编号：2025-038 掌阅科技股份有限公司 第四届董事会第十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 掌阅科技股份有限公司（以下简称"公司"）第四届董事会第十次会议通知及 会议资料于 2025 年 9 月 3 日以电子邮件方式送达全体董事，本次会议于 2025 年 9 月 5 日在公司会议室以现场和通讯相结合方式召开。本次董事会会议应出席 董事 6 人，实际出席董事 6 人，会议由董事长成湘均先生主持，公司部分高级管 理人员列席了本次会议。本次会议的召开和表决程序符合《公司法》及《公司章 程》的规定，本次会议的召开合法有效。 二、董事会会议审议情况 （一）审议通过了《关于取消监事会暨修订<公司章程>的议案》 根据《公司法》、《关于新＜公司法＞配套制度规则实施相关过渡期安排》、 《上海证券交易所股票上市规则》、《上市公司章程指引》等相关法律、法规、规 范性文件的规定，结合公司实际情况，公司将不再设置监事会，其职权由董事会 审计委员会行 ...

Market Overview - The digital media sector experienced a decline of 1.83% on September 3, with Zhangyue Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Notable gainers included *ST Fanli, which rose by 3.33% to a closing price of 4.96, and Mango Super Media, which increased by 2.84% to 26.10 [1] - Conversely, Zhangyue Technology saw a decline of 4.16%, closing at 19.83, while Visual China fell by 3.84% to 21.03 [2] Trading Volume and Capital Flow - The digital media sector saw a net outflow of 256 million yuan from institutional investors, while retail investors contributed a net inflow of 173 million yuan [2][3] - The trading volume for *ST Fanli was 231,800 hands, with a transaction amount of 115 million yuan, while Mango Super Media had a trading volume of 338,700 hands and a transaction amount of 886 million yuan [1] Capital Inflow Analysis - Among the stocks, *ST Fanli had a net inflow of 13.42 million yuan from institutional investors, while Mango Super Media experienced a net outflow of 34.24 million yuan [3] - Retail investors showed a positive net inflow in several stocks, including 498.48 million yuan in 365 Network and 737.99 million yuan in Chuanwang Media [3]

Market Overview - The digital media sector experienced a decline of 3.06% on September 2, with Zhangyue Technology leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - Zhangyue Technology (603533) closed at 20.69, down 4.79% with a trading volume of 206,300 shares [1] - Zhaochuang Information (66ZI0E) closed at 66.19, down 4.44% with a trading volume of 21,900 shares [1] - Visual China (000681) closed at 21.87, down 4.12% with a trading volume of 713,000 shares [1] - Chuanwang Media (300987) closed at 18.12, down 3.92% with a trading volume of 60,100 shares [1] - Worth Buying (300785) closed at 33.72, down 3.85% with a trading volume of 104,200 shares [1] - Fengyuzhu (603466) closed at 10.14, down 3.80% with a trading volume of 246,100 shares [1] - Shiyibao (002095) closed at 20.80, down 3.61% with a trading volume of 91,800 shares [1] - Xinhua News (603888) closed at 20.65, down 3.14% with a trading volume of 184,000 shares [1] - Sanliuwang (300295) closed at 13.65, down 2.92% with a trading volume of 72,700 shares [1] - Fantuo Digital Creation (301313) closed at 26.26, down 2.63% with a trading volume of 49,800 shares [1] Capital Flow Analysis - The digital media sector saw a net outflow of 404 million yuan from institutional investors, while retail investors contributed a net inflow of 220 million yuan [1] - The following stocks experienced significant capital flow changes: - Visual China had a net outflow of 1.27 billion yuan from institutional investors [2] - Xinhua News had a net outflow of 45.95 million yuan from institutional investors [2] - Mango Media had a net outflow of 43.48 million yuan from institutional investors [2] - People's Daily had a net outflow of 38.36 million yuan from institutional investors [2] - Fengyuzhu had a net outflow of 26.97 million yuan from institutional investors [2]

Core Insights - The reports from Zhangyue Technology, Zhongwen Online, and Kunlun Wanwei for the first half of 2025 reveal a significant growth in short drama revenues, indicating a shift in business focus towards this segment, despite facing losses and rising costs [1][2][10]. Group 1: Company Performance - Zhangyue Technology reported a revenue of approximately 1.526 billion yuan, a year-on-year increase of 14.58%, with short drama revenue soaring to 838 million yuan, up 149.09%, making it the company's largest business segment [2][3]. - Zhongwen Online achieved a revenue of 556 million yuan, a 20.4% increase year-on-year, but its net profit loss expanded to 226 million yuan, a 50.84% increase in losses [4][5]. - Kunlun Wanwei demonstrated the strongest growth among the three, with a revenue of 3.733 billion yuan, a 49.23% increase, primarily driven by overseas markets [6][7]. Group 2: Cost and Profitability Challenges - Despite revenue growth, all three companies are experiencing increased losses, with Zhangyue's net profit loss reaching 160 million yuan, a 205.09% decline compared to the previous year, largely due to rising customer acquisition costs [3][11]. - Zhongwen Online's sales expenses rose by 42.78% to 266 million yuan, primarily due to investments in overseas business promotion [4][5]. - Kunlun Wanwei's overall net profit loss was 856 million yuan, attributed to significant increases in R&D and marketing expenses related to AI and overseas expansion [6][12]. Group 3: Strategic Focus and Future Outlook - The common strategy among the companies is to prioritize scale over immediate profitability, indicating that the short drama business model is still in its early stages [10][11]. - The companies are exploring different paths for growth, with Zhongwen Online focusing on AIGC technology and overseas expansion, while Kunlun Wanwei emphasizes its overseas strategy and AI capabilities [14][16]. - The future success of these companies will depend on their ability to convert scale into profitability through effective cost management and innovative monetization strategies [16].

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

证券代码：603533 证券简称：掌阅科技 公告编号：2025-037 掌阅科技股份有限公司 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 1 关于召开 2025 年半年度业绩说明会的公告 会议召开时间：2025 年 9 月 8 日（星期一）下午 15:00-16:00 召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.com/） 召开方式：上证路演中心网络互动 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。 内就投资者普遍关注的问题进行回答。 重要内容提示： 二、说明会召开的时间、地点 投资者可于 2025 年 9 月 1 日（星期一）至 9 月 5 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@zhangyue.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 掌阅科技股份有限公司（以下简称"公司"）已于 2025 年 ...

Core Viewpoint - The recent financial report of Zhangyue Technology (603533) indicates a mixed performance with a significant increase in revenue but a substantial decline in net profit, raising concerns about the company's financial health and operational efficiency [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 1.526 billion yuan, a year-on-year increase of 14.58% [1]. - The net profit attributable to shareholders was -160 million yuan, a year-on-year decrease of 235.68% [1]. - In Q2 2025, the total revenue was 883 million yuan, reflecting a year-on-year increase of 35.12% [1]. - The gross margin was 70.91%, a slight decrease of 0.6% compared to the previous year [1]. - The net margin was -10.05%, a significant decline of 187.29% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 1.144 billion yuan, accounting for 74.93% of revenue, an increase of 9.53% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable increased by 39.55% year-on-year, reaching 448 million yuan [1]. - The operating cash flow per share was -0.52 yuan, a decrease of 57.69% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) for the previous year was 3.24%, indicating weak capital returns [3]. - The historical median ROIC since the company went public is 9.51%, with the worst year being 2022 at 0.56% [3]. Business Model and Strategy - The company's performance is primarily driven by research and marketing efforts, necessitating a thorough examination of the underlying factors [3]. - The accounts receivable to profit ratio has reached 908%, suggesting potential liquidity issues [3]. Fund Holdings - The largest fund holding Zhangyue Technology is the Taixin Industry Select Mixed A fund, with a scale of 238 million yuan and a recent net value of 1.799, which has seen a decline of 3.38% in the last trading day [4].

Core Insights - The company reported a total revenue of 1.526 billion yuan for the first half of 2025, ranking second among disclosed peers, with a year-on-year increase of 14.58% [1] - The net profit attributable to shareholders was -160 million yuan, indicating a loss [1] - The company experienced a net cash outflow from operating activities of -227 million yuan [1] Financial Metrics - The latest debt-to-asset ratio is 22.47%, ranking fourth among disclosed peers, with a decrease of 0.29 percentage points compared to the same period last year [3] - The latest gross profit margin is 70.91%, ranking second among disclosed peers, with an increase of 0.77 percentage points from the previous quarter [3] - The return on equity (ROE) stands at -6.76% [3] Earnings and Shareholder Information - The diluted earnings per share are -0.36 yuan [4] - The total asset turnover ratio is 0.48 times, ranking first among disclosed peers, with a year-on-year increase of 20.87% [4] - The number of shareholders is 63,100, with the top ten shareholders holding 264 million shares, accounting for 60.22% of the total share capital [4] Shareholding Structure - The top shareholders and their respective holdings are as follows: - Cheng Xiangjun: 21.27% - Zhang Lingyun: 20.70% - Beijing Quantum Leap Technology Co., Ltd.: 6.23% - Liu Weiping: 3.10% - Wang Liang: 3.08% - Hong Kong Central Clearing Limited: 2.09% - Zhejiang Junhong Asset Management Co., Ltd.: 1.96% - China Life Insurance Co., Ltd.: 0.63% - Baodao Fund: 0.62% - China Merchants Bank: 0.55% [4]

Core Viewpoint - The company, Zhangyue Technology, has released its 2025 semi-annual report, highlighting its financial performance, fundraising status, and future development plans [1][19]. Group 1: Company Overview - Zhangyue Technology is engaged in the digital content industry, focusing on e-books and related services [1]. - The company has not conducted any profit distribution or capital reserve transfer to increase share capital for the first half of 2025 [1]. Group 2: Financial Data - As of June 30, 2025, the company has used a total of RMB 838.06 million from its raised funds, with RMB 786.65 million used in previous years and RMB 51.41 million in the current year [3]. - The remaining balance of the raised funds is RMB 238.15 million as of June 30, 2025 [4]. Group 3: Fundraising and Usage - The company raised a total of RMB 1,061.11 million through a private placement of 37,896,835 shares at RMB 28.00 per share, with a net amount of RMB 1,037.70 million after deducting issuance costs [2]. - The company has established a three-party supervision agreement for the management of raised funds with its sponsor and banks [4][6]. Group 4: Fund Management - The company has not used idle raised funds to temporarily supplement working capital as of June 30, 2025 [9]. - The company has engaged in cash management with idle funds, earning a total interest of RMB 5.21 million from bank deposits [10]. Group 5: Board and Supervisory Meetings - The fourth board meeting on August 27, 2025, approved the semi-annual report and the special report on the use of raised funds, with all board members present [18][19][23]. - The supervisory board also approved the same reports, confirming compliance with legal and regulatory requirements [28][32].

Market Overview - On August 28, the digital media sector rose by 0.12% compared to the previous trading day, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - The following stocks in the digital media sector showed notable performance: - *ST Fanli (600228) closed at 4.73, up 4.19% with a trading volume of 227,300 shares and a turnover of 108 million yuan [1] - Zhangyue Technology (603533) closed at 22.20, up 1.98% with a trading volume of 196,800 shares and a turnover of 433 million yuan [1] - Mango Super Media (300413) closed at 25.90, up 1.17% with a trading volume of 283,500 shares and a turnover of 727 million yuan [1] - Other stocks like Xinhua Net (603888) and Shining Technology (301313) also saw slight increases [1] Capital Flow - The digital media sector experienced a net outflow of 396 million yuan from institutional investors, while retail investors saw a net inflow of 362 million yuan [2][3] - The following stocks had significant capital flow: - *ST Fanli had a net inflow of 13.37 million yuan from institutional investors, but a net outflow from retail investors [3] - Other stocks like Mango Super Media and Zhangyue Technology faced net outflows from institutional investors but had varying net inflows from retail investors [3]