11月18日，三人行盘中上涨2.16%，截至10:12，报28.84元/股，成交5829.04万元，换手率0.97%，总市 值60.80亿元。 资金流向方面，主力资金净流入292.54万元，特大单买入0.00元，占比0.00%，卖出230.52万元，占比 3.95%；大单买入1358.40万元，占比23.30%，卖出835.33万元，占比14.33%。 三人行今年以来股价跌18.07%，近5个交易日涨1.91%，近20日跌3.55%，近60日跌15.18%。 今年以来三人行已经1次登上龙虎榜，最近一次登上龙虎榜为7月18日，当日龙虎榜净买入-5262.26万 元；买入总计5423.63万元 ，占总成交额比8.66%；卖出总计1.07亿元 ，占总成交额比17.06%。 资料显示，三人行传媒集团股份有限公司位于陕西省西安市高新区天谷五路999号美百年科技中心902 室，成立日期2003年8月13日，上市日期2020年5月28日，公司主营业务涉及从事整合营销服务的综合型 广告传媒企业,公司主要向客户提供数字营销服务、场景活动服务和校园媒体营销服务,能够为客户多场 景、广覆盖、高效率地传播营销信息,满足其全国范围内跨 ...

Core Insights - The advertising and marketing sector saw a rise of 0.93% on November 13, led by Sai Group, while the Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Group 1: Stock Performance - The top-performing stocks in the advertising and marketing sector included: - Yinhai Group (300781) with a closing price of 38.69, up 8.01% and a trading volume of 70,200 shares, totaling 259 million yuan [1] - Easy Point (301171) closed at 31.32, up 4.99% with a trading volume of 203,600 shares, totaling 614 million yuan [1] - BlueFocus (300058) closed at 8.29, up 4.54% with a trading volume of 5.31 million shares, totaling 429.5 million yuan [1] Group 2: Capital Flow - The advertising and marketing sector experienced a net outflow of 150 million yuan from institutional investors, while retail investors saw a net inflow of 10.47 million yuan [2] - Notable capital flows included: - BlueFocus (300058) had a net outflow of 56.09 million yuan from institutional investors [3] - New Huadu (002264) saw a net inflow of 48.89 million yuan from institutional investors [3] - Yinhai Group (300781) had a net inflow of 38.41 million yuan from institutional investors [3]

Group 1 - The Tianjin Quality Conference was held to convey the spirit of the China Quality (Nanjing) Conference and award the sixth "Tianjin Quality Award" to organizations [1] - Five organizations received the sixth "Tianjin Quality Award" for advanced quality management models, including China Electronics Technology Group Corporation No. 53 Research Institute and Tianjin Port and Shipping Engineering Co., Ltd. [1] - Five organizations received the nomination award for the sixth "Tianjin Quality Award," including China Shipbuilding (Tianjin) Co., Ltd. and Tianjin Yulong Prestressed Materials Co., Ltd. [1] Group 2 - In 2024, Tianjin's manufacturing quality competitiveness index is 89.77, exceeding the national manufacturing competitiveness index by 3.91 [2] - The public service quality index for Tianjin is 78.12, which is 1.21 higher than the national average [2] - Tianjin has established five new national and municipal industrial metrology testing centers and 27 national quality inspection centers [2] - The city has built 30 comprehensive service platforms for quality infrastructure, serving 30,900 enterprises and solving 2,970 technical problems, saving enterprises 210 million yuan [2] - Tianjin has cultivated 528 smart factories and 243 national-level green manufacturing demonstration units [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.569 billion yuan for the first three quarters of 2025, a year-on-year decline of 16.72%. The net profit attributable to shareholders was 144 million yuan, down 20.48% year-on-year, while the net profit after deducting non-recurring items was 156 million yuan, a decrease of 3.09% year-on-year. In Q3 2025, the company achieved a revenue of 912 million yuan, a decline of 22.19% year-on-year, with a net profit of 0 yuan, down 99.52% year-on-year, and a net profit of 30 million yuan after deducting non-recurring items, down 26.11% year-on-year [2][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company experienced a significant decline in revenue and profits, with Q3 showing particularly poor performance. The gross margin for Q3 was 14.56%, down 0.41 percentage points year-on-year and down 7.50 percentage points quarter-on-quarter [11]. Business Development - The company is actively expanding its client base and service offerings, focusing on high-quality clients and diverse services. It has successfully onboarded new clients such as Industrial Bank, COFCO Group, TCL, and others [11]. - The company is making strides in new business areas, particularly in the sports lottery sector, which is expected to see breakthrough developments. The company is also accelerating its layout in the computing power sector [11]. Future Outlook - The company anticipates achieving a net profit attributable to shareholders of 230 million yuan in 2025 and 430 million yuan in 2026, corresponding to price-to-earnings ratios of 26.2 and 14.4, respectively [11].

Core Insights - The advertising and marketing sector saw a slight increase of 0.22% on November 4, with Fushi Holdings leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Fushi Holdings (300071) closed at 6.15, up 6.77% with a trading volume of 2.9468 million shares and a transaction value of 1.694 billion [1] - BlueFocus Communication Group (300058) closed at 7.86, up 3.69% with a trading volume of 6.4236 million shares and a transaction value of 4.887 billion [1] - Other notable stocks include Xinhua Du (002264) at 7.11 (+1.28%), Yilun Media (603598) at 17.26 (+1.05%), and Simay Media (002712) at 5.79 (+1.05%) [1] Capital Flow - The advertising and marketing sector experienced a net outflow of 324 million from institutional investors, while retail investors saw a net inflow of 399 million [2] - The capital flow data indicates that BlueFocus Communication Group had a net inflow of 264 million from institutional investors, while it faced a net outflow of 105 million from speculative funds [3] - Other companies like Fushi Holdings and Yilun Media also showed varied capital flows, with Fushi Holdings experiencing a net outflow of 613.67 million from institutional investors [3]

Group 1 - The company reported a total operating revenue of 2.569 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 16.72% [1] - The net profit attributable to shareholders of the parent company was 144 million yuan, down 20.48% year-on-year [1] - The basic earnings per share were 0.69 yuan [1]

三人行传媒集团股份有限公司 证券代码：605168 证券简称：三人行 公告编号：2025-043 关于召开 2025 年第三季度业绩说明会的公告 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： 三人行传媒集团股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司《2025 年第三季度报告》，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 01 日上午 11:00-12:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 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 会议召开时间：2025 年 12 月 01 日（星期一）上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.ssein ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Insights - The company is a leading integrated marketing service provider in China, transitioning towards a diversified technology group with a focus on AI, computing power chips, and sports lottery [3][5]. - The advertising marketing business is expected to benefit from a recovery in demand, with the overall advertising market projected to grow by 10% in 2024 [3][35]. - The company has established strategic partnerships in the computing power sector, enhancing its capabilities in AI and data-driven marketing [3][5]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in the advertising marketing field and has expanded its services from campus media to a wide range of industries [3][8]. - It has built a national marketing service network covering major cities in China and is actively diversifying into AI, computing power, and sports lottery sectors [3][8]. 2. Advertising Marketing Business - The advertising market in China is expected to reach approximately 1.82 trillion yuan in 2024, with a year-on-year growth of 10% [3][35]. - The company has a resilient business model supported by its "product + channel + customer group" strategy, positioning it to benefit from the recovery in the advertising sector [3][29]. 3. Computing Power Services - The company has formed strategic partnerships with leading chip distributors, integrating computing power, data, and marketing services [3][5]. - The demand for intelligent computing power is projected to grow significantly, with the market expected to reach 2,781.9 EFLOPS by 2028 [3]. 4. Sports Lottery Business - The sports lottery sector is anticipated to grow, driven by increased participation in sports and major events like the World Cup [5]. - The company has established over 30 lottery image stores and signed nearly 1,000 cinema partnerships, positioning itself well in this emerging market [5]. 5. Financial Forecast and Investment Recommendations - The company is projected to generate revenues of 3.69 billion yuan in 2025, with a slight adjustment in profit forecasts due to current advertising demand challenges [4][5]. - The earnings per share (EPS) for 2025 is estimated at 1.68 yuan, corresponding to a price-to-earnings (P/E) ratio of 18 times [4].

Financial Performance - The company's operating revenue for the third quarter was ¥912,260,557.79, a decrease of 22.19% compared to the same period last year[4]. - The total profit for the quarter was ¥8,813,787.28, reflecting a significant decline of 85.03% year-over-year[4]. - The net profit attributable to shareholders was ¥248,762.64, down 99.52% compared to the previous year[4]. - The net profit excluding non-recurring gains and losses was ¥29,766,546.83, a decrease of 26.11% year-over-year[4]. - The basic earnings per share for the quarter was ¥0.00118, representing a decline of 99.51% compared to the same period last year[5]. - The weighted average return on equity decreased to 0.01%, down 5.36 percentage points from the previous year[5]. - The total assets at the end of the quarter were ¥4,141,370,318.00, a decrease of 10.26% from the end of the previous year[5]. - The equity attributable to shareholders was ¥2,678,162,023.94, a slight decrease of 0.34% compared to the end of last year[5]. - The net cash flow from operating activities was -¥60,748,168.31 for the quarter, with a total of ¥507,911,078.45 year-to-date[5]. - The company achieved operating revenue of CNY 256,898.35 million in the first three quarters of 2025, a decrease of 16.72% compared to the same period last year[13]. - Net profit attributable to shareholders was CNY 14,445.58 million, down 20.48% year-on-year[13]. - Total operating revenue for the first three quarters of 2025 was CNY 2,568,983,479.44, a decrease of 16.7% compared to CNY 3,084,629,909.71 in the same period of 2024[26]. - Total operating costs for the first three quarters of 2025 were CNY 2,424,081,303.79, down 15.8% from CNY 2,877,219,789.71 in the previous year[26]. - The net profit for the first three quarters of 2025 is CNY 144,643,542.42, a decrease from CNY 181,904,873.00 in the same period of 2024, representing a decline of approximately 20.5%[27]. - Operating profit for the first three quarters of 2025 is CNY 176,275,331.37, compared to CNY 201,433,487.39 in 2024, indicating a decrease of about 12.5%[27]. - Total comprehensive income for the first three quarters of 2025 is CNY 144,643,542.42, down from CNY 181,904,873.00 in 2024, reflecting a decrease of approximately 20.5%[28]. - The company’s basic and diluted earnings per share for the first three quarters of 2025 are both CNY 0.69, down from CNY 1.03 in the same period of 2024, reflecting a decrease of approximately 33.0%[28]. Cash Flow and Assets - The cash and cash equivalents as of September 30, 2025, were CNY 461,748,104.01, compared to CNY 624,579,701.69 at the end of 2024, indicating a decrease of 26%[20]. - Accounts receivable decreased to CNY 1,808,145,143.79 as of September 30, 2025, from CNY 2,352,225,042.50 at the end of 2024, reflecting a decline of 23.1%[20]. - Cash flow from operating activities for the first three quarters of 2025 is CNY 507,911,078.45, a significant improvement from a negative cash flow of CNY -189,328,193.02 in the same period of 2024[30]. - The company reported cash and cash equivalents at the end of the period amounting to CNY 375,013,572.08, compared to CNY 233,443,300.57 at the end of the same period in 2024[31]. - The company generated CNY 3,236,541,621.63 in cash from sales of goods and services in the first three quarters of 2025, an increase from CNY 2,798,929,747.51 in 2024, representing a growth of about 15.6%[29]. - The net cash flow from investing activities for the first three quarters of 2025 is CNY -332,893,613.92, compared to CNY 15,295,397.70 in 2024, indicating a decline in investment cash flow[30]. - The company’s total cash inflow from financing activities in the first three quarters of 2025 is CNY 621,273,843.63, down from CNY 777,324,479.38 in 2024, a decrease of approximately 20.1%[30]. - The company incurred a total of CNY 2,875,498,946.39 in cash outflows from operating activities in the first three quarters of 2025, compared to CNY 3,119,775,050.37 in 2024, showing a reduction of about 7.8%[30]. Strategic Initiatives - The company successfully expanded its client base, adding new clients such as Industrial Bank, COFCO Group, and TCL across various sectors including finance and automotive[14]. - The company improved its asset-liability structure, with the debt-to-asset ratio decreasing from 41.72% at the beginning of the year to 35.24%, a drop of 6.48 percentage points[15]. - Cash reserves increased by 18.76% to CNY 74,174.81 million, including CNY 28,000 million in structured deposit financial products[15]. - The company reported a 15.63% increase in sales receipts, totaling CNY 323,654.16 million[15]. - The company is focusing on enhancing its core capabilities in creative planning and data insights to improve profitability amidst intensified market competition[15]. - The company is leveraging AI technology to innovate and enhance its marketing strategies, developing an AI marketing agent to drive performance growth[16]. - The company has established partnerships with major clients in various industries, including automotive and telecommunications, ensuring a solid foundation for future growth[14]. - The company is exploring flexible service models to adapt to changing market demands, aiming for efficient development[14]. - The company has launched over 30 commercial complex image stores and signed contracts with more than 1,000 cinema partners, expanding its digital lottery business[18]. - The company has initiated a digital, scenario-based, and intelligent upgrade of its lottery business, including the "Lottery on High-speed Trains" project[18]. - The company is focusing on integrating "computing power + data + scenarios" as part of its strategic development in the computing power sector[17]. - The fair value change of the company's holdings in China Resources Beverage resulted in a loss of ¥37,226,100.00, contributing to the decline in net profit[9]. - The company signed a strategic cooperation agreement with Shenzhen Keton Technology Co., Ltd. on July 17, 2025, and subsequently invested CNY 49,999,975.20 to acquire 1.612925% of its shares[17].

Core Insights - The company reported a significant increase in electricity generation, achieving approximately 29.34 billion kilowatt-hours in the third quarter of 2025, representing a year-on-year growth of 48.64% [1] - Cumulatively, the total electricity generation for the first three quarters reached about 85.74 billion kilowatt-hours, marking a year-on-year increase of 33.70% [1] Summary by Category - **Electricity Generation Q3 2025** - The company completed an electricity generation of approximately 29.34 billion kilowatt-hours in Q3 2025, which is a 48.64% increase compared to the same period last year [1] - **Cumulative Electricity Generation** - For the first three quarters of 2025, the total electricity generation was around 85.74 billion kilowatt-hours, reflecting a year-on-year growth of 33.70% [1]