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]

新华网股份有限公司 关于使用闲置募集资金进行现金管理赎回的公告 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： 证券代码：603888 证券简称：新华网 公告编号：2025-058 2、2025 年 7 月 24 日，公司使用部分闲置募集资金向南京银行分别购买了 15,000 万元的定期存款和 15,000 万元的七天通知存款。具体内容详见公司于 2025 年 7 月 25 日在上海证券交易所网站（http://www.sse.com.cn）披露的《新 华网股份有限公司关于使用闲置募集资金进行现金管理赎回并继续进行现金管 理的进展公告》（公告编号：2025-036）。 3、2025 年 8 月 5 日，公司使用部分闲置募集资金向南京银行购买了 30,000 万元的七天通知存款。具体内容详见公司于 2025 年 8 月 6 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关于使用闲置募 集资金进行现金管理赎回并继续进行现金管理的进展公告》（公告编号： 2025-03 ...

Market Overview - On October 24, the digital media sector rose by 0.17% compared to the previous trading day, with Fantuan Shuchuang leading the gains [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] Stock Performance - Fantuan Shuchuang (301313) closed at 29.00, with a significant increase of 12.27% and a trading volume of 128,800 shares, amounting to a transaction value of 359 million [1] - Other notable performers included Guomai Culture (600640) with a 2.92% increase, closing at 14.78, and Fengyuzhu (603466) with a 1.30% increase, closing at 9.38 [1] Fund Flow Analysis - The digital media sector experienced a net outflow of 63.29 million from institutional investors and 76.07 million from speculative funds, while retail investors saw a net inflow of 139 million [2][3] - Guomai Culture (600640) had a net inflow of 66.22 million from institutional investors, while Fantuan Shuchuang (301313) saw a net outflow of 33.95 million from speculative funds [3]

Core Viewpoint - The U.S. federal government has entered a shutdown for the first time in nearly seven years, lasting over three weeks, causing increasing societal impacts and widespread concern about its duration and consequences [1] Group 1: Impact on Society - The shutdown is intensifying its effects on various aspects of American society, leading to growing anxiety and skepticism among the public and media [1] - There are fears that the current highly polarized political environment may prolong the shutdown, resulting in greater negative repercussions [1] Group 2: Political Dynamics - Intense disputes between the two major parties over subsidies related to the Affordable Care Act are characterized by strong partisan conflict, with both sides believing that the shutdown enhances their political power and solidifies their voter base [1] - This mutual assessment complicates the resolution of the shutdown issue, making a quick solution exceptionally difficult [1] Group 3: Systemic Issues - The systemic nature of the U.S. government means that the pain caused by the shutdown is unlikely to significantly affect governmental actions [1] - The shutdown has become a chronic issue within the current U.S. system, suggesting that even if this deadlock is resolved, similar situations are likely to recur in the future, ultimately impacting the American public [1]

Market Overview - The digital media sector increased by 0.46% on October 23, with Zhangyue Technology leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Zhangyue Technology (603533) closed at 19.83, up 4.31% with a trading volume of 177,900 shares and a turnover of 348 million yuan [1] - Chuanwang Media (300987) closed at 17.88, up 3.23% with a trading volume of 82,500 shares and a turnover of 146 million yuan [1] - Fantao Education (301313) closed at 25.83, up 2.87% with a trading volume of 31,800 shares and a turnover of 81.5 million yuan [1] - Mango Super Media (300413) closed at 29.41, up 1.55% with a trading volume of 122,300 shares and a turnover of 357 million yuan [1] Capital Flow - The digital media sector experienced a net outflow of 143 million yuan from institutional investors, while retail investors saw a net inflow of 106 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Zhangyue Technology had a net inflow of 61.1 million yuan from institutional investors, while retail investors had a net outflow of 46.3 million yuan [3] - Chuanwang Media saw a net inflow of 7.37 million yuan from institutional investors and a net inflow of 13.25 million yuan from retail investors [3] - Mango Super Media experienced a net outflow of 10.05 million yuan from institutional investors, but a net inflow of 4.86 million yuan from retail investors [3]