Group 1 - The core viewpoint of the article highlights the financial performance and market activity of Huayang Lianzhong, indicating a significant decline in revenue and net profit for the first quarter of 2025 [1] - As of July 18, 2025, Huayang Lianzhong's stock closed at 12.09 yuan, down 0.9%, with a turnover rate of 1.79% and a trading volume of 45,200 lots, amounting to 54.8258 million yuan [1] - The company experienced a net outflow of main funds amounting to 14.0374 million yuan, which represents 25.6% of the total transaction amount, with large orders contributing significantly to this outflow [1] Group 2 - For the first quarter of 2025, Huayang Lianzhong reported total operating revenue of 17.5 million yuan, a year-on-year decrease of 72.18%, and a net profit attributable to shareholders of 55.6494 million yuan, down 16.62% year-on-year [1] - The company's liquidity ratios are concerning, with a current ratio of 0.911 and a quick ratio of 0.874, alongside a high debt ratio of 93.84% [1] - Huayang Lianzhong has made investments in 55 companies and participated in 198 bidding projects, indicating active engagement in business development [2]

广告营销板块短线走低，华媒控股（000607）触及跌停，华扬联众（603825）、龙韵股份、思美传媒 （002712）、遥望科技（002291）、天地在线（002995）等跟跌。 ...

Group 1 - The company will hold its fourth extraordinary general meeting of shareholders on July 23, 2025, at 10:00 AM, with both on-site and online voting options available [5] - The agenda includes a proposal regarding the increase of counter-guarantee limits to the controlling shareholder and related transactions, specifically a new counter-guarantee limit of RMB 1 billion [6] - The controlling shareholder, Xiangjiang Group, will provide a total guarantee limit of RMB 2 billion, with the new counter-guarantee fee rate set at 0.5% per annum for the additional guarantee [6] Group 2 - Shareholders or their representatives must arrive 10 minutes before the meeting to register and present necessary documents for verification [2] - Voting will be conducted through a combination of on-site and online methods, with each share carrying one vote [4] - The meeting will be presided over by the chairman, Mr. Zhang Ligang, or a designated director in his absence [5]

Group 1 - The company expects a net profit attributable to shareholders for the first half of 2025 to be between -185 million and -215 million yuan [1][2] - The net profit after deducting non-recurring gains and losses is projected to be between -191 million and -221 million yuan [1][2] - The previous year's net profit attributable to shareholders was -102.65 million yuan, and the net profit after deducting non-recurring gains and losses was -92.07 million yuan [1] Group 2 - The main reasons for the expected loss include a decrease in overall business scale from brand clients compared to the same period last year, and new business ventures like digital cultural tourism are still in the cultivation phase and unlikely to contribute profit in the short term [2]

证券代码：603825 证券简称：华扬联众 公告编号：2025-085 华扬联众数字技术股份有限公司 2025 年半年度业绩预告 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法律责任。 1、经财务部门初步测算，预计 2025 年半年度实现归属于上市公司股东的净 利润为-18,500 万元到-21,500 万元，将出现亏损。 重要内容提示： ●本次业绩预告适用于净利润为负值的情形。 ●华扬联众数字技术股份有限公司（以下简称"公司"）预计 2025 年半年度 归属于上市公司股东的净利润为-18,500 万元到-21,500 万元。 ●公司预计 2025 年半年度归属于上市公司股东的扣除非经常性损益后的净 利润为-19,100 万元到-22,100 万元。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 2、预计 2025 年半年度实现归属于上市公司股东的扣除非经常性损益后的净 利润为-19,100 万元到-22,100 万元。 （三）本次业绩预告相关的财务数据 ...

华扬联众（603825）公告，预计2025年半年度归属于上市公司股东的净利润为-1.85亿元到-2.15亿元， 归属于上市公司股东的扣除非经常性损益后的净利润为-1.91亿元到-2.21亿元。公司预计2025年半年度 实现归属于上市公司股东的净利润将出现亏损，主要原因是公司服务的品牌客户整体业务规模低于去年 同期，新拓展的数字文旅业务尚处于培育期，短期内难以形成规模效应。 ...

华扬联众数字技术股份有限公司 2025 年第四次临时股东会会议文件 二〇二五年七月 目录 议案 1：《关于向控股股东新增反担保额度暨关联交易的议案》。 一、 华扬联众数字技术股份有限公司 2025 年第四次临时股东会会议须知 二、 华扬联众数字技术股份有限公司 2025 年第四次临时股东会会议议程 三、 非累积投票议案 华扬联众数字技术股份有限公司 2025 年第四次临时股东会会议须知 为了维护投资者的合法权益，确保股东在华扬联众数字技术股份有限公司 （以下简称"公司"）2025 年第四次临时股东会期间依法行使权利，保证股东会 的正常秩序和议事效率，根据《中华人民共和国公司法》《上市公司股东会规则》 和《公司章程》的有关规定，特制定如下会议须知： 一、 为保证股东会的严肃性和正常秩序，切实维护与会股东或其代理人的 合法权益，除出席会议的股东或其代理人、公司董事、监事、高级管理人员、公 司聘请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。股 东会设秘书处，具体负责大会有关事宜。 二、 为保证股东会的顺利召开，出席会议的股东或其代理人须在会议召开 前 10 分钟到会议现场向大会秘书处办理签到手续。 ...

Core Concept - The article discusses the emerging concept of Real Data Assets (RDA), which transforms previously dormant data into valuable assets that can be traded or used for financing, highlighting its potential to revolutionize how companies leverage data for financial benefits [1][20]. RDA vs RWA - RDA is positioned as a more advanced version of Real World Assets (RWA), providing not just a digital representation of assets but also integrating real-time data to validate and enhance the value of those assets [3][4]. Key Companies Leveraging RDA - **Shanghai Steel Union**: Dominates the steel data market with over 70% global market share, generating 900 million yuan annually by issuing a data-backed stablecoin called "STEEL-CNY" [5][7][8]. - **COSCO Shipping Technology**: Monitors real-time data of over 5,000 global ports, transforming shipping logistics data into a payment system called "Cargo Treasure CNY," significantly reducing transaction fees [9][10]. - **Shanghai Nonferrous Metals Network**: Influences pricing in the nonferrous metals market through its established indices, allowing it to charge for pricing authority rather than just data [10]. - **Sanwei Tiandi**: Enhances data credibility through AI-driven tagging, ensuring data quality for RDA applications, and plays a role in setting RDA standards [11][12]. - **Zhongxin Saike**: Collects traffic data across 80% of highways in China, enabling infrastructure financing through packaged RDA assets [13][14]. - **Data Harbor**: Provides data center services and has begun to offer computing power as RDA assets, allowing companies to rent computing resources [14][15]. - **Huayang Lianzhong**: Utilizes advertising data from over 1 billion devices to create RDA packages that can be used for financing, enhancing the value of advertising investments [17][18]. - **Great Wisdom**: Offers financial data services and has created a closed loop for data assetization, allowing users to leverage their data for loans [18][19]. Market Trends and Implications - RDA is seen as a crucial solution for small and medium enterprises facing financing challenges, as it allows them to use real-time data as collateral for loans [20]. - The article emphasizes the importance of data monopolies and state-owned enterprises in the RDA landscape, suggesting that companies with unique data or strong government ties are better positioned to succeed [21].

Group 1 - The company, Huayang Lianzhong, once held a leading position in the industry due to its first-mover advantage in comprehensive marketing services and served as the official communication agency for the Beijing 2022 Winter Olympics, establishing itself as an industry benchmark [1] - The company has experienced continuous losses over the past three years, with a reported operating revenue of 2.031 billion yuan in 2024, a year-on-year decline of 63.07%, and a net profit loss of 547 million yuan, compared to a loss of 684 million yuan in the previous year [4] - In the first quarter of 2025, the company reported an operating revenue of 175 million yuan, a year-on-year decline of 72.18%, and a net profit loss of approximately 56 million yuan, compared to a loss of 47 million yuan in the same period last year [4] Group 2 - The company has been sued by Beijing Weimeng Chuangke Network Technology Co., Ltd. over an advertising contract dispute, with the amount in question totaling 43.23 million yuan, plus overdue interest of approximately 2.68 million yuan [2] - The company and its actual controller, Su Tong, received a notice of investigation from the China Securities Regulatory Commission for suspected violations of information disclosure laws, leading to public reprimands and significant fines for both individuals [5] - The company is currently gathering claims from affected investors who bought shares before January 14, 2025, and sold or held them after January 15, 2025, with the final claim conditions to be determined by the court [5]

Core Viewpoint - The company has corrected prior accounting errors and made retrospective adjustments for the consolidated financial statements from 2021 to 2022, which will not affect the previously disclosed annual reports or harm the interests of shareholders [1][3]. Summary by Sections Accounting Error Correction - The company held meetings on July 10, 2025, to approve the correction of accounting errors identified during a self-inspection following a notice of investigation from the China Securities Regulatory Commission [2][3]. - The errors pertain to accounting treatments in previous years, specifically from 2021 to 2022, and have been corrected in accordance with relevant accounting standards and regulations [2][3]. Impact on Financial Statements - The adjustments made to the financial statements for 2021 include: - Accounts receivable increased from 5,828,790,682.40 to 6,029,461,057.63, an increase of 200,670,375.23 - Other payables increased from 391,560,061.85 to 609,560,061.85, an increase of 218,000,000.00 - Unappropriated profits decreased from 1,036,674,555.17 to 1,019,344,930.40, a decrease of 17,329,624.77 - Net profit decreased from 219,433,297.78 to 202,103,673.01, a decrease of 17,329,624.77 [4]. - For 2022, the adjustments include: - Accounts receivable increased from 3,962,573,058.00 to 4,093,850,356.30, an increase of 131,277,298.30 - Other payables increased from 117,291,186.52 to 335,291,186.52, an increase of 218,000,000.00 - Unappropriated profits decreased from 325,369,925.92 to 238,647,224.22, a decrease of 86,722,701.70 - Net profit decreased from -655,768,795.25 to -725,161,872.18, a decrease of 69,393,076.93 [6]. Opinions from Governance Bodies - The Audit Committee, Board of Directors, and Supervisory Committee have all expressed that the corrections comply with relevant accounting standards and regulations, ensuring that the financial statements reflect the company's actual performance and financial condition accurately [7][8]. - The company is in the process of obtaining a special verification report from its accounting firm regarding the corrections, expected to be completed within two months [8].