分众传媒信息技术股份有限公司（以下简称"公司"）于2025年10月28日召 开第九届董事会第五次会议，会议以7票同意，0票反对，0票弃权审议通过了《公 司2025年第三季度利润分配方案》。根据公司2024年年度股东会审议通过的《公 司2025年中期利润分配规划》，本次第三季度利润分配方案未超过股东会授权范 围，无需提交股东会审议。 证券代码：002027 证券简称：分众传媒 公告编号：2025-067 分众传媒信息技术股份有限公司 2025 年第三季度利润分配方案的公告 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，简明清 晰，通俗易懂，没有虚假记载、误导性陈述或重大遗漏。 二、利润分配方案基本情况 一、审议程序 特此公告。 分众传媒信息技术股份有限公司董事会 2025 年 10 月 30 日 备查文件： 1、公司 2024 年年度股东会决议； 2、公司第九届董事会第五次会议决议。 根据公司 2025 年第三季度报告，2025 年第三季度归属于母公司股东的净利 润为人民币 1,575,696,324.26 元；截至 2025 年 9 月 30 日，母公司可供股东分配 的利润为人民币 8,823,8 ...

分众传媒公告，第三季度营收为34.94亿元，同比增长6.08%；净利润为15.76亿元，同比增长6.85%。前 三季度营收为96.07亿元，同比增长3.73%；净利润为42.4亿元，同比增长6.87%。 ...

分众传媒信息技术股份有限公司 2025 年第三季度报告 证券代码：002027 证券简称：分众传媒 公告编号：2025-066 分众传媒信息技术股份有限公司 2025 年第三季度报告 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，简明清晰，通俗易 懂，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、董事会、董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）声明：保证季度报 告中财务信息的真实、准确、完整。 3、第一季度报告是否经审计 □是 否 一、主要财务数据 （一）主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 上年同期增减 | | 上年同期增减 | | 营业收入（元） | 3,494,369,912.65 | 6.08% | 9,606,726,617.75 | 3.7 ...

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | 2025-10-29 | 002027 | 分众传媒 | 7.62 | 158.78 | 1,209.90 发证券股份有限 | 国泰海通证券股份 | | | | | | | 公司上海玉三路证 | 有限公司上海浦东 | | | | | | | 劳营业部 | 新区浦东南路证券 | | | | | | | | 营业部 | | 2025-10-29 | 002027 | 分众传媒 | 7.62 | 104.98 | 799.95 广发证券股份有限 | 广发证券股份有限 | | | | | | | 公司上海玉兰路证 | 公司上海玉兰路证 | | | | | | | 券营业部 | 券营业部 | 10月29日，分众传媒大宗交易成交263.76万股，成交额2009.85万元，占当日总成交额的3.53%，成交价 7.62元，较市场收盘价7.62元持平。 ...

Group 1 - The report on the Free Cash Flow (FCF) Top 99 for A-share listed companies in 2024 was led by a team from Tsinghua University and published on October 28, 2025 [2][3] - The concept of high-quality development for enterprises is defined as the ability to continuously generate free cash flow and cash value added [3][4] - The report emphasizes that the ability to create cash value is the only standard for assessing whether a listed company creates shareholder value [4][5] Group 2 - The 2024 FCF Top 99 list includes companies that have been evaluated based on their ability to generate free cash flow over a long-term window, specifically from their IPO or reverse merger year to the end of 2024 [19][20] - The report highlights the increasing attention from capital markets and investors towards the free cash flow generation capabilities of listed companies, with various indices and funds being launched based on this metric [7][8] - The report calls for improved disclosure practices regarding free cash flow and cash value added in annual reports, as well as enhancements to the cash flow statement [8][9] Group 3 - The 2024 FCF Top 99 list includes notable companies such as Focus Media, Kweichow Moutai, and Chongqing Beer, with their respective FCFOE values indicating their cash flow generation efficiency [10][24] - The report identifies new entrants and dropouts from the FCF Top 99 list, with reasons for changes in rankings based on compliance with established standards and performance metrics [25][26][27] - The report provides a detailed analysis of the trends in FCFOE among the listed companies, indicating shifts in performance across various sectors [33][34]

Summary of Earnings Preview for China Internet and Other Services Industry Overview - The report focuses on the China Internet and Other Services sector, particularly highlighting companies involved in gaming and entertainment, such as Damai Entertainment, 37 Interactive Entertainment, G-bits, Perfect World, IQIYI, JOYY, Huya, and Focus Media [2][10]. Key Company Insights Damai Entertainment (1060.HK) - Forecasted 27% YoY total revenue growth in 1HF26, driven by 90% growth in IP business and 13% growth in offline entertainment [3]. - Expected net profit growth of 45% YoY [3]. 37 Interactive Entertainment (002555.SZ) - Anticipated 14% YoY revenue growth and 30% YoY adjusted net profit growth, attributed to new game releases [4]. G-bits (603444.SS) - Forecast aligns with preliminary announcements, with a focus on deferred revenue and 2026 pipelines [4]. Perfect World (002624.SZ) - Expected 34% revenue growth with a shift from a net loss of Rmb189 in 3Q24 to a net profit of Rmb326 in 3Q25 [5]. IQIYI (IQ.O) - Total revenue expected to be largely flat QoQ (-7% YoY), with a forecasted non-GAAP operating loss of Rmb23 million [6]. - Membership revenue projected to increase by 3% QoQ [6]. JOYY (JOYY.O) - Total revenue expected to grow 6% QoQ (-4% YoY), with net income remaining flat [7]. - Focus on advertising revenue and expense control [7]. Huya (HUYA.N) - Anticipated total revenue rebound in 3Q25 with an 11% YoY increase and a narrowing net loss [7]. Focus Media (002027.SZ) - Forecasted revenue growth of 4% YoY, driven by stronger demand from internet advertisers [8]. - Expected net profit growth of 10% YoY [8]. Financial Metrics and Projections - **Damai Entertainment**: Total revenue projected at Rmb3,879 million for 1HF26, with a normalized net profit margin of 12.8% [14]. - **37IE**: Revenue expected at Rmb4,674 million for 3Q25, with a gross margin of 79% [15]. - **G-bits**: Revenue forecasted at Rmb1,631 million for 3Q25, with a gross margin of 92% [17]. - **Perfect World**: Revenue expected at Rmb1,766 million for 3Q25, with a gross margin of 65% [18]. - **IQIYI**: Total revenues projected at Rmb6,688 million for 3Q25, with a gross profit margin of 18% [20]. - **Huya**: Total revenues expected at USD 1,710 million for 3Q25, with a gross profit margin of 13% [21]. - **JOYY**: Total revenues projected at USD 537 million for 3Q25, with a gross margin of 36% [24]. Additional Insights - The report emphasizes the importance of management comments on revenue growth momentum and normalized margin levels across companies [3][4][5]. - The potential for upside surprises in revenue growth for several companies, particularly in the context of new game releases and advertising demand, is highlighted [12][13]. - The overall industry view remains attractive, with a focus on the evolving landscape and potential regulatory impacts [10]. This summary encapsulates the key points from the earnings preview, providing a comprehensive overview of the anticipated performance and strategic focus of the highlighted companies within the China Internet and Other Services sector.

Core Viewpoint - The report highlights that prominent fund managers from Ruifeng Fund have increased their holdings in leading technology companies like Alibaba, indicating a strong belief in the potential of artificial intelligence as a major technological transformation following the internet era [1]. Fund Performance - The Ruifeng Growth Value Mixed Fund, managed by Fu Pengbo and Zhu Lin, saw a net value increase of over 50% in Q3, with A-class shares rising by 51.09%, outperforming the benchmark by 14.82%, marking the highest quarterly record since its inception in 2019 [1]. - The Ruifeng Balanced Value Three-Year Holding Mixed A Fund, managed by Zhao Feng, reported a net value growth rate of 19.29%, exceeding the benchmark return of 13.70% during the same period [3][4]. Portfolio Adjustments - The top ten holdings of the Ruifeng Growth Value Mixed Fund included stocks that doubled in price during Q3, such as Xinyi Technology, Shenghong Technology, and Cambricon, although these were reduced in the portfolio [1]. - The fund maintained a high stock asset allocation with over 90% in equities, and the top ten holdings accounted for 66% of the net value, showing a significant increase from the previous quarter [2][3]. Sector Focus - The fund managers expressed a continued positive outlook on artificial intelligence, focusing on sectors such as internet technology, optical modules, PCB, chips, and innovative pharmaceuticals [2][3]. - The report indicates that the concentration of holdings increased due to significant price rises in key stocks, particularly in the new energy and Apple supply chain sectors [3]. Investment Strategy - Zhao Feng emphasized that AI is becoming the largest technological transformation after the internet, with rapid adoption across various industries [5]. - The report notes that while there are uncertainties regarding the future returns from substantial investments in foundational models and data centers, leading internet companies are well-positioned financially to support these capital expenditures [6].

Core Viewpoint - The media sector has shown a notable performance this week, ranking 7th among all sectors in terms of price changes, with a 4.20% increase, outperforming the CSI 300 but underperforming the ChiNext Index [3]. Group 1: Industry Performance - The media industry increased by 4.20% during the week of October 20-24, 2023, outperforming the CSI 300's 3.24% but underperforming the ChiNext Index's 8.05% [3]. - The top gainers in the media sector included Rongxin Culture, Youzu Interactive, Haikan Co., and Jiayun Technology, while the biggest losers were Vision China, Tianxiaxiu, Xinghui Entertainment, and Gehua Cable [3]. Group 2: Key Events and Innovations - Significant events include the launch of OpenAI and Oracle's $15 billion Lighthouse Park, expected to be completed by 2028 [3]. - The introduction of the MoGA long video generation model by the University of Science and Technology of China and ByteDance, capable of producing high-quality videos with a resolution of 480p at 24 frames per second [3]. - ByteDance's Seed team has launched the 3D generation model Seed3D1.0, which can create high-quality simulation-level 3D models from a single image [3]. - Bilibili's "Escape from Duckkov" achieved over one million sales in its first week [3]. Group 3: Investment Recommendations - The company maintains a positive outlook on the gaming sector, IP toys, and the potential for policy shifts in the film industry, recommending stocks such as Giant Network, Kaiying Network, and Gigabit [5]. - For IP toys, Pop Mart is highlighted as a key recommendation [5]. - The media sector is advised to monitor potential economic recovery, with a focus on companies like Focus Media [5]. - The shift in content policies and AI application opportunities are emphasized, recommending platforms like Mango TV and Bilibili, as well as content providers such as Light Media and Huace Film [5].

Core Insights - The advertising and marketing sector saw a rise of 0.89% on October 28, with Tianxiexiu leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Tianxiexiu (600556) closed at 6.11, up 10.09%, with a trading volume of 1.9024 million shares and a transaction value of 1.142 billion [1] - Jiayun Technology (300242) closed at 4.76, up 4.16%, with a trading volume of 405,900 shares and a transaction value of 193 million [1] - Xinhua Du (002264) closed at 7.06, up 3.22%, with a trading volume of 331,900 shares and a transaction value of 232 million [1] - Other notable performers include Yaowang Technology (002291) up 3.12% and Qida Technology (300061) up 2.77% [1] Capital Flow - The advertising and marketing sector experienced a net inflow of 493 million from institutional investors, while retail investors saw a net outflow of 301 million [2] - The main stocks with significant capital inflow include Tianxiexiu with a net inflow of 337 million, accounting for 29.56% of its trading volume [3] - Conversely, retail investors showed a net outflow from stocks like Yidian Tianxia, which had a net outflow of 81.31 million, representing 8.98% of its trading volume [3]

Core Viewpoint - Zhang Kun, a prominent fund manager at E Fund, has disclosed the top ten holdings of four funds as of Q3 2025, indicating a strategic shift in investment focus towards consumer and technology sectors, while also reflecting on the long-term growth potential of China's consumption market [1][9]. Fund Holdings Summary - The combined top ten holdings of Zhang Kun's four funds include Tencent Holdings, Alibaba-W, Kweichow Moutai, Luzhou Laojiao, Shanxi Fenjiu, Wuliangye, JD Health, Yum China, CNOOC, and Focus Media [1]. - The total market value of the top holdings is as follows: - Tencent Holdings: 56.18 billion - Alibaba-W: 56.16 billion - Kweichow Moutai: 51.36 billion - Luzhou Laojiao: 51.13 billion - Shanxi Fenjiu: 50.69 billion - Wuliangye: 50.64 billion - JD Health: 45.02 billion - Yum China: 28.69 billion - CNOOC: 27.60 billion - Focus Media: 26.44 billion [2]. Changes in Holdings - Compared to Q2 2025, the only change in the top ten holdings was the exit of SF Express, replaced by Focus Media [2]. - In Q3, Zhang Kun reduced his holdings in Tencent and Alibaba by 2.465 million shares and 17.392 million shares, respectively, likely due to price increases of 31% and 61% during the quarter [5]. - In the liquor sector, there was an increase in Kweichow Moutai by 48,100 shares, while reductions were made in Luzhou Laojiao, Shanxi Fenjiu, and Wuliangye [6]. Sector Analysis - In the consumer sector, there were reductions in Luzhou Laojiao and Shanxi Fenjiu, but increases in Kweichow Moutai and Wuliangye, indicating a positive outlook on premium liquor [7]. - The new investments in Yum China and Focus Media reflect expectations of recovery in the restaurant and advertising sectors [7]. - In the technology sector, there were reductions in Tencent and Alibaba across all funds, while new positions were taken in Google-A and reductions in ASML and TSMC, indicating a shift towards more globally competitive tech giants [8]. Long-term Outlook - The team believes that China's consumption growth is likely to outpace GDP growth, supported by a low consumer spending ratio relative to GDP compared to other major economies [9]. - The potential for a unified market of 1.4 billion people offers significant scale advantages for product development and sales [9]. - The current low valuation levels provide a safety margin for investments in the domestic consumption market, which is expected to remain fertile ground for long-term investment [9].