证券代码：000892 证券简称：欢瑞世纪 公告编号：2025-34 欢瑞世纪联合股份有限公司 关于聘任公司董事会秘书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 欢瑞世纪联合股份有限公司（以下简称"公司"）于2025年8月28日召开第九届董 事会第十九次会议，会议审议通过了《关于聘任公司董事会秘书的议案》。经公司董 事长提名，董事会提名委员会审查通过，董事会同意聘任杨帅先生为公司董事会秘书 （简历附后），任期自本次会议审议通过之日起至第九届董事会任期届满之日止。 杨帅先生已参加深圳证券交易所董事会秘书任职培训并取得董事会秘书任职培训 证明，具备履行董事会秘书职责所必需的专业知识和工作经验，其任职资格已经深圳 证券交易所备案无异议，符合《公司法》《深圳证券交易所上市公司自律监管指引第1 号—主板上市公司规范运作》《深圳证券交易所股票上市规则》和《公司章程》等相 关规定。 联系电话：010-65009170 传真号码：010-65001540 联系邮箱：hr_board@hrcentury.cn 联系地址：北京市朝阳区望京东园四区 1 号楼君康人寿大厦 ...

Market Overview - The film and theater sector experienced a decline of 3.24% on August 27, with Bona Film Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Bona Film Group's stock price fell by 6.83% to 5.73, with a trading volume of 1.77 million shares and a transaction value of 1.10 billion [2] - Other notable declines include Light Media down 5.49% to 19.80, and Golden Screen Cinemas down 4.80% to 9.53 [2] - The highest closing price in the sector was Shanghai Film at 31.04, down 3.96% [2] Capital Flow Analysis - The film and theater sector saw a net outflow of 723 million from institutional investors, while retail investors contributed a net inflow of 542 million [2][3] - The data indicates that retail investors are more active in the sector, with a net inflow of 542 million, compared to the outflow from institutional investors [2][3] Stock-Specific Capital Flow - For individual stocks, Jiecheng Co. saw a net inflow of 86.49 million from retail investors, while it experienced a net outflow of 54.72 million from institutional investors [3] - Wanda Film had a net outflow of 5.80 million from institutional investors but a net inflow of 27.57 million from retail investors [3] - The overall trend shows that while institutional investors are pulling back, retail investors are stepping in to buy [3]

Core Viewpoint - Huanrui Century (000892) reported a significant increase in total revenue for the first half of 2025, but also faced substantial losses in net profit, indicating mixed financial performance amid growth in short drama business [1][2]. Financial Performance Summary - Total revenue for H1 2025 reached 198 million yuan, a year-on-year increase of 83.72% compared to 108 million yuan in H1 2024 [1]. - Net profit attributable to shareholders was -6.39 million yuan, a decline of 139.86% from a profit of 16.04 million yuan in the previous year [1]. - The gross margin improved to 73.66%, up 9.78% from 67.10% in the previous year, while the net margin fell to -3.27%, a decrease of 122.77% [1]. - The total of selling, administrative, and financial expenses (three expenses) accounted for 85.41% of total revenue, a significant increase of 104.22% year-on-year [1]. Cost and Expense Analysis - Operating costs increased by 47.09%, primarily due to rising costs in the short drama business [2]. - Selling expenses surged by 591.15%, attributed to increased marketing and labor costs related to the rapid development of short dramas [2]. - Management expenses rose by 35.66%, driven by higher intermediary service fees and losses from IP projects [2]. - Financial expenses saw a dramatic increase of 237.42%, linked to reduced interest income and foreign exchange losses [2]. Cash Flow and Asset Management - The net cash flow from operating activities decreased by 16.5%, due to investments in film projects and upfront costs for short drama business [2][3]. - The net increase in cash and cash equivalents fell by 34.62%, also influenced by investments in film projects and short drama business [3]. - The company’s cash assets are considered healthy, but the cash flow situation warrants attention, with cash assets to current liabilities ratio at 48.94% [4]. Historical Performance and Investment Considerations - The company has a poor historical return on invested capital (ROIC), with a median of -7.91% over the past decade, and a worst year in 2020 at -34.35% [4]. - The company has reported losses in 12 out of 26 annual reports since its listing, indicating a challenging investment profile [4].

Core Viewpoint - The company has experienced significant revenue growth driven by its short drama business, but it faces challenges with profitability and long drama production capacity [1][2][3][6]. Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 198 million yuan, a substantial increase of 83.72% year-on-year, primarily due to the explosive contribution from short dramas [1]. - However, the net profit attributable to shareholders turned negative, dropping to -6.39 million yuan, a decline of 139.86% year-on-year, largely due to a massive marketing expense of 129 million yuan, which surged by 591.15% [1]. - The traditional artist management revenue decreased by 23.69% year-on-year, further impacting profitability [1]. Group 2: Production and Strategic Challenges - The company has a significant short drama production capacity but lacks sufficient long drama reserves, with only one series, "Jiaou Tiancheng," having obtained a distribution license [2]. - Several planned long drama projects have not been scheduled for release, revealing a production gap due to resource allocation towards short dramas [2]. - The company holds over 40 IP adaptation rights, but most are in early development stages, making it difficult to convert them into revenue quickly [2]. Group 3: Short Drama Strategy and Cash Flow - The company has established a comprehensive short drama ecosystem covering script, production, and distribution, achieving a monthly exposure of over 500 million views across its platforms [3]. - Despite the high investment in short dramas, cash flow has deteriorated, with a net cash flow from operating activities plunging by 311% to -127 million yuan [3]. - The number of signed artists has halved from over 40 in 2020 to around 20, weakening the synergy between film and artist management [3]. Group 4: Future Outlook - The monetization performance of upcoming interactive dramas will be crucial in validating the commercial potential of the "short drama + interaction" model, with potential ARPU values 2-3 times higher than traditional short dramas [4]. - The release progress and market response of long dramas like "Jiaou Tiancheng" and "Qianxiang" will determine whether the traditional business can recover [5]. - The effectiveness of cost reduction through AI technology in script generation and virtual filming will be a key variable in optimizing production costs [5]. Group 5: Strategic Gamble - The company is betting on the scalability of short dramas and technological advantages, entering a critical validation phase where short-term losses may be seen as necessary investments [6]. - If the company can establish a positive cycle of "short drama traffic → payment conversion → cash flow improvement → IP support for long dramas," the current losses may be justified; otherwise, the cash reserves of 318 million yuan may not sustain the high investment model long-term [6].

Group 1 - The company's total operating revenue is 198 million yuan, an increase of 90.25 million yuan compared to the same period last year, achieving a consecutive increase for two years, with a year-on-year growth of 83.72% [1] - The net profit attributable to the parent company is -6.39 million yuan, and the net cash flow from operating activities is -131 million yuan [1] Group 2 - The latest debt-to-asset ratio is 48.74%, a decrease of 0.88 percentage points from the previous quarter [3] - The latest gross profit margin is 73.66%, an increase of 6.56 percentage points compared to the same period last year, achieving a consecutive increase for three years [3] - The latest return on equity (ROE) is -0.73% [3] Group 3 - The diluted earnings per share is -0.01 yuan [4] - The latest total asset turnover ratio is 0.12 times, an increase of 0.06 times compared to the same period last year, achieving a consecutive increase for two years, with a year-on-year growth of 98.67% [4] - The latest inventory turnover ratio is 0.08 times, an increase of 0.03 times compared to the same period last year, achieving a consecutive increase for two years, with a year-on-year growth of 44.94% [4] Group 4 - The number of shareholders is 68,200, and the top ten shareholders hold 424 million shares, accounting for 43.22% of the total share capital [4] - The top ten shareholders and their respective holding ratios are as follows: - Huanrui United (Tianjin) Asset Management Partnership (Limited Partnership): 10.87% - Zhong Junyan: 6.17% - Ruijia (Tianjin) Cultural Media Partnership (Limited Partnership): 5.91% - Zhejiang Huanrui Century Cultural and Artistic Development Co., Ltd.: 5.01% - Nanjing Shuntuo Investment Management Co., Ltd.: 3.64% - Ruijia (Dongyang) Enterprise Management Partnership (Limited Partnership): 2.46% - Beijing Qingyou Qianhe Investment Consulting Co., Ltd.: 2.34% - Hongdao Tianhua (Tianjin) Asset Management Partnership (Limited Partnership): 2.34% - Beijing Qingyou Ruihe Cultural Media Center (Limited Partnership): 2.28% - Baotou Longbang Trading Co., Ltd.: 2.19% [4]

Core Points - The company has not declared any cash dividends or stock bonuses for the reporting period [2] - The company’s controlling shareholder and actual controller have not changed during the reporting period [4] - The company has entered into a significant contract with Hainan iQIYI Information Technology Co., Ltd., with the total contract amount adjusted from 600 million to 540 million yuan [5] Company Overview - The company is named Huanrui Century Joint Stock Co., Ltd. and is listed under the stock code 000892 [6] - The board of directors and the supervisory board have both approved the 2025 semi-annual report and its summary [11][19] - The board meeting was held on August 25, 2025, with all members present [7][8] Financial Data and Indicators - The semi-annual report reflects the company's actual situation accurately, with no false records or significant omissions [19] - The report is available for detailed review in various financial publications and platforms [11][19]

Core Viewpoint - The financial report of Huanrui Century for the first half of 2025 shows a significant increase in revenue but a substantial decline in net profit, indicating potential challenges in profitability despite revenue growth [1][4]. Financial Performance Summary - The company's main revenue reached 198 million yuan, an increase of 83.72% year-on-year [1]. - The net profit attributable to shareholders was -6.39 million yuan, a decrease of 139.86% year-on-year [1][4]. - The non-recurring net profit was -21.87 million yuan, down 244.06% year-on-year [1][4]. - In Q2 2025, the single-quarter main revenue was 113 million yuan, up 212.93% year-on-year [1]. - The single-quarter net profit attributable to shareholders was -2.32 million yuan, a decline of 300.49% year-on-year [1][4]. - The single-quarter non-recurring net profit was -17.16 million yuan, down 1569.11% year-on-year [1][4]. Financial Ratios and Metrics - The company's debt ratio stood at 48.74% [1]. - Investment income was 3.06 million yuan, while financial expenses amounted to 2.19 million yuan [1]. - The gross profit margin was 73.66%, reflecting an increase of 9.77% year-on-year [7]. - The return on assets was -0.73%, a decrease of 151.40% year-on-year [7]. - Earnings per share were -0.01 yuan, down 140.00% year-on-year [7]. - The net asset per share was 0.89 yuan, a decrease of 23.18% year-on-year [7]. - Operating cash flow per share was -0.13 yuan, down 16.49% year-on-year [7]. Shareholder Information - The largest shareholder is Huanrui United (Tianjin) Asset Management Partnership, holding 100 million yuan, which is 15.00% of the total shares [11]. - Other significant shareholders include Ruijia (Dongyang) Enterprise Management Partnership with 24.17 million yuan (3.40%) and Beijing Qingyou Qianhe Investment Consulting Co., Ltd. with 22.94 million yuan (3.23%) [11].

Group 1 - The core viewpoint of the article is that Huanrui Century (SZ 000892) held its 18th meeting of the 9th board of directors on August 25, 2025, to review the 2025 semi-annual report and summary [1] - Huanrui Century's revenue composition for the year 2024 is entirely from the film and television industry, accounting for 100.0% [1] - As of the report, Huanrui Century has a market capitalization of 5 billion yuan [1]

欢瑞世纪联合股份有限公司 2025 年半年度财务报告 欢瑞世纪联合股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 1 欢瑞世纪联合股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：欢瑞世纪联合股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 310,236,903.66 | 448,439,021.20 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 205,000.00 | | | 应收账款 | 127,588,861.42 | 126,964,035.01 | | 应收款项融资 | | | | 预付款项 | 72,370,204.11 | 47,055,854.86 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 ...

| | | 占用方与上 | 上市公司核 | 2025 年期初占用 | 2025 年度 1-6 月 | 2025年度 1-6月 | 2025年度1-6月 | 2025 年期末占用资 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 市公司的关 | 算的会计科 | 资金余额 | 占用累计发生金 | 占用资金的利息 | 偿还累计发生 | 金余额 | 成原因 | 占用性质 | | | | 联关系 | 目 | | 额（不含利息） | （如有） | 金额 | | | | | 控股股东、实际控制人及 | | | | | | | | | | 非经营性占用 | | 其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | | | | | - | | 前控股股东、实际控制人 | | | | | | | | | | 非经营性占用 | | 及其附属企业 | | | | | | | | | | | | 小计 | - | - | - | | | ...