Core Viewpoint - Xinhua Net announced the results of its 2025 Q3 report and the composition of its revenue for 2024, highlighting the significant contributions from various service segments [1] Group 1: Company Financials - Xinhua Net's revenue composition for 2024 is as follows: Government and enterprise comprehensive services account for 38.65%, full media advertising services for 36.3%, digital and intelligent services for 19.73%, and cultural creative services for 5.32% [1] - As of the report, Xinhua Net's market capitalization stands at 13.1 billion yuan [1] Group 2: Corporate Governance - The 18th meeting of the fifth board of directors was held via telecommunication on October 27, 2025, to review the Q3 report and other documents [1]

证券代码：603888 证券简称：新华网 公告编号：2025-060 新华网股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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。 重要内容提示： 投资种类：结构性存款、大额存单等安全性高、流动性好的保本型产 品 投资金额：不超过人民币 70,000 万元 已履行的审议程序：2025 年 10 月 27 日，新华网股份有限公司（以下 简称"公司"或"新华网"）召开第五届董事会第十八次会议，审议通过了《关 于使用部分闲置募集资金进行现金管理的议案》，同意公司使用最高额度不超 过人民币 70,000 万元的闲置募集资金，投资单项产品期限最长不超过 12 个 月的结构性存款、大额存单等安全性高、流动性好的保本型产品进行日常资 金管理。使用期限为自董事会审议通过之日起 12 个月内有效，在上述额度内， 资金可滚动使用。保荐机构中国国际金融股份有限公司已发表明确同意的核 查意见。 特别风险提示：公司拟购买理财产品属于安全性高、流动性好的保本 型产品，但仍不排除因市场波动、宏观金融政策变化 ...

证券代码：603888 证券简称：新华网 公告编号：2025-061 新华网股份有限公司 关于使用部分闲置自有资金进行现金管理的公告 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。 重要内容提示： 基本情况 | 投资金额 | 不超过人民币 80,000 万元 | | --- | --- | | 投资种类 | 金融机构理财产品 | | 资金来源 | 自有资金 | 已履行的审议程序 2025 年 10 月 27 日，新华网股份有限公司（以下简称"公司"或"新华网"） 召开第五届董事会第十八次会议，审议通过了《关于使用部分闲置自有资金进行 现金管理的议案》，同意公司及控股子公司使用最高额度不超过人民币 80,000 万元的闲置自有资金，投资安全性高、流动性好、发行主体有保本约定，单项产 品期限最长不超过 12 个月的金融机构理财产品进行日常资金管理。使用期限为 自董事会审议通过之日起 12 个月内有效，在上述额度内，资金可滚动使用。 为提高自有资金使用效率，加强日常资金管理，在确保不影响公司正常经营 的前提下，通过进行适度的保本型短 ...

证券代码：603888 证券简称：新华网 公告编号：2025-059 新华网股份有限公司 第五届董事会第十八次会议决议公告 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。 本议案已经公司董事会审计委员会事前审议通过，审计委员会委员一致同意 会议由董事长储学军先生主持。 二、董事会会议审议情况 （一）审议通过了《新华网股份有限公司 2025 年第三季度报告》 同意《新华网股份有限公司 2025 年第三季度报告》。本议案已经公司董事会 审计委员会事前审议通过，审计委员会委员一致同意该议案并同意提交公司董事 会审议。 表决结果：15 票赞成，0 票反对，0 票弃权。同意的票数占全体董事所持的 有表决权票数的 100%。 详见同日在上海证券交易所网站（http://www.sse.com.cn）披露的《新华 网股份有限公司 2025 年第三季度报告》。 （二）审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 同意公司使用最高额度不超过人民币 70,000 万元的闲置募集资金，投资单 项产品期限最长不超过 12 个月的结构性存款 ...

中国国际金融股份有限公司 1、资金来源：闲置募集资金 具体情况见下表： 关于新华网股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为新华网股份有限公司（以 下简称"新华网"或"公司"）首次公开发行股票并上市的保荐机构，根据《证券发行上市 保荐业务管理办法》《上海证券交易所股票上市规则》《上市公司募集资金监管规则》和 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定的要求，对 新华网拟使用部分闲置募集资金进行现金管理的情况进行了核查，核查情况及核查意见 如下： 一、投资情况概况 （一）投资目的 为提高募集资金使用效率，加强日常资金管理，在确保不影响募集资金项目建设和 募集资金使用的情况下，合理利用暂时闲置募集资金，以获取较好的投资回报。 （二）投资金额 最高额度不超过人民币 70,000 万元，在该额度内，资金可滚动使用。 （三）资金来源 | 发行名称 | 2016 | | 年首次公开发行股份 | | | | | --- | --- | --- | --- | --- | --- | --- | | 募集资金到账时间 | 2016 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥495,191,569.13, representing an increase of 18.45% compared to the same period last year[5]. - The total profit for the quarter was ¥51,595,861.95, reflecting a growth of 15.19% year-over-year[5]. - The net profit attributable to shareholders for the quarter was ¥49,380,200.61, which is an increase of 31.71% compared to the same period last year[5][10]. - The net profit after deducting non-recurring gains and losses for the quarter was ¥48,652,194.09, showing a significant increase of 48.09% year-over-year[5][11]. - Total operating revenue for the first three quarters of 2025 reached ¥1,305,721,573.84, an increase of 7.87% compared to ¥1,210,380,527.98 in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was ¥203,441,428.76, up 30.54% from ¥155,821,797.25 in the first three quarters of 2024[21]. - Operating profit for the first three quarters of 2025 was ¥205,961,971.15, an increase of 11.83% compared to ¥184,577,828.73 in the same period of 2024[21]. - Basic earnings per share for the first three quarters of 2025 were ¥0.3675, compared to ¥0.3002 in the same period of 2024, reflecting a 22.33% increase[21]. Assets and Liabilities - The total assets at the end of the quarter were ¥4,925,990,696.29, down 4.08% from the end of the previous year[6]. - Total assets as of September 30, 2025, are ¥4,925,990,696.29, compared to ¥5,135,592,701.07 at the end of 2024[17]. - The company has a long-term equity investment of ¥361,864,220.47, an increase from ¥283,037,518.60[16]. - The company's total liabilities decreased to ¥1,246,766,030.64 from ¥1,641,530,301.03 year-over-year[18]. - Total current liabilities amount to ¥939,427,775.56, a decrease from ¥1,290,107,873.95[17]. - Non-current liabilities total ¥307,338,255.08, down from ¥351,422,427.08[17]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 45,692[13]. - Xinhua News Agency holds 344,083,662 shares, representing 51.00% of total shares[14]. - Xinhua Investment Holdings Co., Ltd. holds 35,164,916 shares, representing 5.21% of total shares, with 35,164,916 shares pledged[13]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥65,545,246.31, reflecting an increase due to improved sales collection[6][11]. - The net cash flow from operating activities for the first three quarters of 2025 was ¥65,545,246.31, a significant recovery from a net outflow of -¥44,584,294.24 in the same period of 2024[22]. - The company reported a net cash outflow from investing activities of -¥361,388,139.72, an improvement from -¥1,066,708,265.66 in the same period of 2024[22]. - The company experienced a net cash outflow from financing activities of -¥193,411,780.33, compared to -¥158,863,800.59 in the same period of 2024[23]. Other Information - The basic earnings per share for the quarter was ¥0.0707, a decrease of 2.08% compared to the same period last year[6]. - The company attributed the increase in net profit to optimized business structure and cost control measures[10]. - Non-recurring gains included government subsidies amounting to ¥11,723,286.05 for the quarter[8]. - Cash and cash equivalents are reported at ¥2,012,993,719.86, down from ¥2,356,196,892.18[16]. - Cash and cash equivalents at the end of the reporting period were ¥1,525,606,864.19, down from ¥1,793,197,084.92 at the end of the previous year[23]. - The company has no significant new product launches or market expansion strategies mentioned in the reports[15].

Core Insights - Xinhua Net (603888.SH) reported a revenue of 495 million yuan for Q3 2025, representing a year-on-year growth of 18.45% [1] - The net profit for Q3 2025 was 49.38 million yuan, showing a year-on-year increase of 31.71% [1] - For the first three quarters of 2025, the total revenue reached 1.306 billion yuan, with a year-on-year growth of 7.88% [1] - The net profit for the first three quarters was 203 million yuan, reflecting a year-on-year increase of 30.56% [1]

Market Overview - On October 27, the digital media sector declined by 0.17% compared to the previous trading day, with Fantuan Shuchuang leading the decline [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - Notable stock performances in the digital media sector included: - *ST Fanli: Closed at 6.40, up 4.40% with a trading volume of 125,500 shares and a turnover of 79.92 million yuan [1] - Zhidema: Closed at 33.92, up 3.13% with a trading volume of 112,200 shares [1] - Sanliuwang: Closed at 12.90, up 1.82% with a trading volume of 63,500 shares [1] - Zhuochuang Information: Closed at 56.19, up 1.43% with a trading volume of 11,000 shares [1] - Xinhua Net: Closed at 19.42, up 0.15% with a trading volume of 61,700 shares [1] Capital Flow - The digital media sector experienced a net outflow of 13.44 million yuan from institutional investors, while retail investors saw a net inflow of 2.38 million yuan [2][3] - Key capital flows included: - Zhidema: Net outflow of 36.68 million yuan from institutional investors, with a net inflow of 13.11 million yuan from retail investors [3] - Zhuochuang Information: Net inflow of 7.59 million yuan from institutional investors [3] - Fantuan Shuchuang: Net outflow of 6.43 million yuan from institutional investors [3]

Core Insights - The "Double Eleven" shopping festival is starting earlier each year, with platforms like JD.com and Tmall launching promotions significantly ahead of the traditional date, reflecting a shift in consumer behavior and marketing strategies [2][10][11] Consumer Behavior Changes - Consumers are increasingly viewing "Double Eleven" with a sense of normalcy, leading to a more distributed purchasing approach rather than concentrating demand on a single day [2][10] - Complicated promotional strategies and logistical challenges during the shopping festival have caused some consumers to opt out of participating [2][10] Platform Strategies - E-commerce platforms are extending the promotional period to stimulate consumption in phases and enhance consumer experience [2][10] - AI tools are being integrated into shopping experiences to simplify choices and improve sales conversion rates [3][5] Merchant Perspectives - Larger merchants benefit from the extended period by reducing inventory pressure and improving stock turnover rates, while smaller merchants face challenges due to rising customer acquisition costs and competition [7][9] - The effectiveness of the "Double Eleven" promotions is perceived to be diminishing for some merchants, as competition intensifies and consumer attention becomes fragmented [7][10] Logistics and Operational Efficiency - The extended shopping period alleviates logistics pressures, allowing for better distribution of orders and improved consumer experience [9][10] Market Dynamics - Despite the proliferation of various promotional events, "Double Eleven" remains a critical sales period for e-commerce platforms, with significant user engagement and transaction growth reported in previous years [10][11] - The competition among platforms is intensifying, with market shares becoming more differentiated, as evidenced by the sales figures from major players [10][11] Evolution of "Double Eleven" - The significance of "Double Eleven" is evolving from a mere sales event to a broader indicator of e-commerce innovation and operational efficiency [12]

Core Viewpoint - The article highlights the initiative of a citizen known as "Measuring Tape Brother" in Shenzhen, who actively identifies and reports issues related to public facilities, demonstrating effective grassroots supervision in urban governance [1] Group 1: Citizen Engagement - "Measuring Tape Brother" has been measuring and reporting problems such as uneven roads, damaged facilities, and overgrown plants, which has led to prompt rectifications by municipal departments [1] - The interaction between the citizen and municipal authorities exemplifies a successful model of urban governance where citizen feedback is valued and acted upon [1] Group 2: Urban Governance - The article emphasizes the importance of both citizen oversight and responsive governance, suggesting that effective urban management requires both "eyes" to identify issues and "hands" to resolve them [1] - The successful resolution of reported issues reflects a positive attitude from relevant departments, which is crucial for creating a feedback loop of "discovery-response-resolution" [1] Group 3: Community and Governance - The narrative underscores that cities ultimately belong to the people, and effective governance should ensure that every citizen's concern is acknowledged and addressed [1] - The collaboration between engaged citizens and responsive government agencies contributes to a warmer and more inclusive urban environment [1]