Core Viewpoint - As of January 20, a total of 10 ST stocks have announced their annual performance forecasts, with 1 company expecting profit, 4 companies expecting losses, and 3 companies expecting reduced losses [1] Group 1: Performance Forecasts - The company with the highest expected loss is ST Changyuan, forecasting a minimum loss of 1.08 billion yuan, followed by ST Huayang and *ST Zhanggu, with expected losses of 590 million yuan and 450 million yuan respectively [1] - The performance forecast details show that *ST Hua is expecting a profit increase with a projected net profit range of 145 million to 175 million yuan, while ST Yuanzhijia is also expecting a profit increase with a range of 90 million to 110 million yuan [1] - *ST Tianze is forecasting a profit with an expected net profit range of 27 million to 30 million yuan [1] Group 2: Loss Reduction - ST Ningke is expecting a reduced loss of between 75 million and 100 million yuan, while *ST Huawang is forecasting a reduced loss of between 180 million and 240 million yuan [1] - *ST Zhanggu is also expecting a reduced loss, with a forecasted range of 450 million to 550 million yuan [1] Group 3: Industry Performance - The industries represented include electronics, machinery, media, basic chemicals, construction decoration, and social services, with varying performance trends across these sectors [1] - The highest increase in stock price this year is seen in ST Changyuan, with a rise of 24.93%, while *ST Yanshi and *ST Wanfang have experienced declines of 14.48% and 16.45% respectively [1]

Core Viewpoint - The company, Zhongguang Tianze Media Co., Ltd., is at risk of being delisted due to financial performance issues, specifically negative net profits and insufficient revenue [2][3][4]. Group 1: Delisting Risk - The company disclosed that its audited profit total, net profit, or net profit after deducting non-recurring gains and losses is negative, and its revenue after excluding unrelated business income is below 300 million yuan, leading to a delisting risk warning effective May 6, 2025 [2][3]. - If the company’s 2025 annual report shows conditions specified in the Shanghai Stock Exchange Listing Rules, the stock may be terminated from listing [3][4]. Group 2: Financial Performance Forecast - The company anticipates a profit total for 2025 between 28 million yuan and 32 million yuan, with a net profit attributable to shareholders of 27 million yuan to 30 million yuan, indicating a turnaround from previous losses [9][13]. - Expected revenue for 2025 is projected to be between 330 million yuan and 345 million yuan, with core business revenue estimated at 320 million yuan to 335 million yuan [10][13]. Group 3: Previous Year Comparison - In the previous year, the company reported a profit total of 1.3173 million yuan, with a net loss attributable to shareholders of 17.0363 million yuan, and core business revenue of 300.1434 million yuan [14][15]. Group 4: Business Strategy and Growth - The company is focusing on strengthening its core business areas, including documentaries and cultural tourism, while also expanding into sports events and innovative business segments, which have shown significant growth [18]. - Cost optimization measures are being implemented to enhance profitability, including better asset utilization and procurement cost control [18]. Group 5: Audit and Reporting - The company’s annual report audit is ongoing, and the final financial data will be disclosed in the official audited report [6][19]. - The company will apply to revoke the delisting risk warning if it meets the necessary conditions after the 2025 annual report is approved [6].

*ST天择1月16日公告，预计2025年归属于母公司所有者的净利润为2700万元到3000万元，与上年同期 相比实现扭亏为盈。 ...

Core Viewpoint - *ST Tianze (603721.SH) is expected to turn a profit in 2025, with projected net profit ranging from 27 million to 30 million yuan, marking a significant improvement compared to the previous year [1][2] Financial Projections - The estimated total profit for 2025 is projected to be between 28 million and 32 million yuan, with net profit attributable to shareholders expected to be between 27 million and 30 million yuan [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between 10 million and 13 million yuan [1] - Expected operating revenue for 2025 is projected to be between 330 million and 345 million yuan, with core operating revenue estimated at 320 million to 335 million yuan [1] Business Growth Drivers - The primary reasons for the expected performance increase include a focus on core business areas such as documentaries and cultural tourism, which have maintained stable cooperation with existing clients [2] - The company has actively expanded into new business areas, particularly in sports event operations, contributing to significant revenue growth [2] - Innovative business segments, including audio-video data services and IP derivative product development, have also shown substantial revenue and profit increases [2] Cost Management Strategies - The company has implemented measures to optimize cost structures and improve operational efficiency, including personnel optimization and enhanced procurement cost control [2] - These initiatives have collectively contributed to a notable improvement in the company's profitability [2]

证券代码：603721 证券简称：*ST 天择 公告编号：2026-006 中广天择传媒股份有限公司 关于公司股票可能被终止上市的风险提示公告 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。 （二）经审计的财务会计报告被出具保留意见、无法表示意见或者否定意见的 审计报告； （三）财务报告内部控制被出具无法表示意见或者否定意见的审计报告，或 者未按照相关规定披露财务报告内部控制审计报告，但公司因进行破产重整、重 组上市或者重大资产重组，按照相关规定无法披露财务报告内部控制审计报告 的除外； （四）未在法定期限内披露年度报告； （五）半数以上董事无法保证公司所披露年度报告的真实性、准确性和完整性， 且未在法定期限内改正。 重要内容提示： 公司于2025 年4 月 30 日披露了《中广天择传媒股份有限公司关于公司股 票被实施退市风险警示暨停牌的公告》（公告编号：2025-004），因公司 2024 年度 经审计的利润总额、净利润、扣除非经常性损益后的净利润孰低者为负且扣除与 主营业务无关的业务收入和不具备商业实质的收入后的营业收入低 ...

关于中广天择传媒股份有限公司 2025年度因财务类指标涉及退市风险警示 有关情形消除预审计情况的专项说明 众环专字(2026)1100031号 1 关于中广天择传媒股份有限公司 2025 年度因财务类指标涉及退市风险警示 有关情形消除预审计情况的专项说明 众环专字（2026）1100031 号 中广天择传媒股份有限公司全体股东： 我们接受委托，对中广天择传媒股份有限公司（以下简称"中广天择"）2025 年度财务 报表进行审计。截至本专项说明出具之日止，我们的审计工作尚在进行中，最终的审计意见 尚未形成。 根据《上海证券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，中广 天择编制了 2025 年度业绩预告。编制和对外披露业绩预告，并确保其真实性、准确性和完 整性是中广天择管理层的责任。 中广天择因 2024 年度经审计的利润总额、净利润、扣除非经常性损益后的净利润孰低 者为负且扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收入低于 3 亿 元而被实施退市风险警示。根据中广天择作出的 2025 年的业绩预告，预计 2025 年度利润总 额、净利润、扣除非经常性损益后的净利润孰低者实现扭 ...

证券代码：603721 证券简称：*ST 天择 公告编号：2026-005 中广天择传媒股份有限公司 2025 年年度业绩预告 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个别及连带责任。 重要内容提示： 业绩预告的具体适用情形：净利润实现扭亏为盈。公司因 2024 年度经审 计的扣除非经常性损益前后的净利润均为负值，且扣除与主营业务无关的业务收 入和不具备商业实质的收入后的营业收入低于 3 亿元，公司股票于 2025 年 5 月 6 日已被实施退市风险警示。敬请广大投资者注意投资风险。 截至目前，公司审计工作尚在进行中，最终的审计意见尚未形成。若公 司出现 2025 年度经审计的利润总额、净利润或者扣除非经常性损益后的净利润 孰低者为负值且营业收入低于 3 亿元的情形，公司股票可能被上海证券交易所终 止上市，敬请广大投资者注意投资风险。 业绩预告相关的主要财务数据情况：经财务部门初步测算，预计 2025 年年度实现利润总额 2,800 万元到 3,200 万元，预计 2025 年年度归属于母公司 所有者的净利润为 2,700 万元到 ...

Group 1 - The core viewpoint of the article is that *ST Tianze (603721.SH) is expected to turn a profit in 2025, with projected total profits ranging from 28 million to 32 million yuan and net profits attributable to shareholders between 27 million and 30 million yuan, indicating a significant improvement compared to the previous year [1][2] - The expected operating revenue for 2025 is projected to be between 330 million and 345 million yuan, with core business revenue estimated at 320 million to 335 million yuan, reflecting a focus on main business operations [1][2] - By the end of 2025, the company's net assets are anticipated to be between 498 million and 508 million yuan, showcasing a solid financial position [1] Group 2 - The primary reasons for the expected performance increase include the company's continued focus on core businesses such as documentaries and cultural tourism, which provide stable revenue support through ongoing collaboration with existing clients [2] - The company has actively expanded into new business areas, particularly in sports event operations, which have shown significant growth this year, contributing to overall revenue expansion [2] - Cost and expense management strategies have been implemented, including optimizing personnel allocation and improving asset utilization, which have collectively enhanced the company's profitability [2]

Market Performance - The film and cinema sector increased by 1.01% compared to the previous trading day, with Bona Film Group leading the gains [1] - The Shanghai Composite Index closed at 4126.09, down 0.31%, while the Shenzhen Component Index closed at 14248.6, up 0.56% [1] Individual Stock Performance - Bona Film Group (001330) closed at 9.62, up 5.60%, with a trading volume of 2.91 million shares and a transaction value of 2.719 billion [1] - Huanrui Century (000892) closed at 9.01, up 4.65%, with a trading volume of 1.74 million shares and a transaction value of 1.584 billion [1] - Other notable performers include: - China Vision Media (600088) at 18.52, up 3.18% [1] - Shanghai Film (601595) at 32.85, up 3.07% [1] - Zhengwen Media (002343) at 8.16, up 2.90% [1] Capital Flow Analysis - The film and cinema sector experienced a net outflow of 530 million from institutional investors, while retail investors saw a net inflow of 881 million [2] - The main capital flow for individual stocks shows: - Huanrui Century had a net inflow of 150 million from main investors [3] - Shanghai Film had a net inflow of approximately 28.69 million [3] - Light Media (300251) had a net inflow of about 19.82 million [3] Summary of Stock Flows - The overall trend indicates that while institutional and speculative funds are withdrawing, retail investors are actively buying into the sector [2][3] - Notable stocks with significant retail inflows include: - Huanrui Century with a retail net inflow of 10 million [3] - ST Tianze (603721) with a retail net inflow of 188.16 million [3]

Core Insights - The report emphasizes that in 2026, the media internet sector will undergo a dual reconstruction driven by the transition from AI as a "technical infrastructure" to "application deep water zone," focusing on entry form migration, distribution rule repricing, and supply-side capacity explosion [1][11] - AI Agents are set to replace traditional apps as the new super entry point, shifting the traffic distribution logic from "time capture" to "efficient execution" [1][12] - AIGC (AI-Generated Content) is expected to lead to a significant increase in content production capacity, with zero marginal cost production becoming a reality, thus redefining the value of quality data and IP [1][11] Group 1: AI Agents and Traffic Distribution - AI Agents signify a generational leap in human-computer interaction, evolving from GUI to IUI, fundamentally changing the traffic distribution logic [1][12] - The traditional "click-jump" model is being replaced by a "dialogue-execute" paradigm, where AI Agents understand user intent and execute tasks across applications [1][12] - The emergence of AI Agents is expected to create a new operational layer that could potentially replace single apps as the primary distribution entry point [1][12][19] Group 2: AIGC and Content Supply - AIGC is anticipated to transition from a phase of "cost reduction and efficiency enhancement" to a "new demand creation" explosion by 2026, significantly increasing content supply [1][41] - The production barriers for video, 3D, and gaming assets are expected to lower drastically, leading to a surge in content supply and a devaluation of mediocre content [1][41] - Content consumption is evolving from passive viewing to active engagement, with new formats like "generative interactive dramas" and "AI companion games" emerging [1][43] Group 3: Investment Recommendations - The investment strategy in the media internet sector is shifting towards high-quality assets in both traffic distribution and content supply, focusing on companies that can effectively capture user intent and provide quality content [1][41] - Companies with operational system bases or super Agent platforms are likely to gain new traffic distribution rights and bargaining power, while mid-tier apps lacking exclusive content may face risks of being "pipelined" [1][19] - Key players in the AI Agent space include Alibaba, Tencent, and ByteDance, which are actively developing their AI capabilities to secure new traffic entry points [1][25][40]