浙江网盛生意宝股份有限公司 简式权益变动报告书 上市公司名称：浙江网盛生意宝股份有限公司 股票上市地点：深圳证券交易所 股票简称：生意宝 股票代码：002095 信息披露义务人：杭州涉其网络有限公司 住所：浙江省杭州市滨江区长河街道立业路 788 号网盛大厦 3503 室 通讯地址：浙江省杭州市滨江区长河街道立业路 788 号网盛大厦 3503 室 权益变动性质：股份减少（持股比例降至 5%） 签署日期：2025 年 9 月 29 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的 公司信息披露内容与格式准则第 15 号——权益变动报告书》及其他相关法律、 法规和规范性文件的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《收购办法》的规定，本报告书已全面披露信息披露义 务人在浙江网盛生意宝股份有限公司中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的 ...

Market Overview - On September 26, the digital media sector declined by 1.45%, with "Zhidingmai" leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable stock performances included: - *ST Fanli: Closed at 5.75, up 2.50% with a trading volume of 91,900 shares and a turnover of 52.51 million yuan [1] - Mango Super Media: Closed at 35.38, up 0.43% with a trading volume of 267,100 shares and a turnover of 945 million yuan [1] - Worth Buying: Closed at 37.20, down 8.49% with a trading volume of 151,000 shares and a turnover of 576 million yuan [2] Capital Flow - The digital media sector experienced a net outflow of 74.40 million yuan from institutional investors, while retail investors saw a net inflow of 56.52 million yuan [2] - The capital flow for individual stocks showed: - Mango Super Media: Net inflow of 62.25 million yuan from institutional investors [3] - Worth Buying: Net outflow of 16.11 million yuan from institutional investors [3] Summary of Individual Stocks - The following stocks had significant capital movements: - *ST Fanli: Institutional net inflow of 609,600 yuan, retail net inflow of 636,900 yuan [3] - New China Net: Institutional net outflow of 12.69 million yuan, retail net inflow of 10.27 million yuan [3] - Grassroots Information: Retail net inflow of 666,020 yuan despite institutional and speculative net outflows [3]

Market Overview - On September 24, the digital media sector rose by 0.1% compared to the previous trading day, with Fantawild leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Key stocks in the digital media sector showed the following performance: - Fantawild (301313) closed at 25.34, up 3.43% with a trading volume of 25,400 lots and a turnover of 63.22 million yuan [1] - Visual China (000681) closed at 20.21, up 3.16% with a trading volume of 197,600 lots and a turnover of 394 million yuan [1] - Mango TV (300413) closed at 32.48, up 2.30% with a trading volume of 179,200 lots and a turnover of 578 million yuan [1] - Other notable stocks include: - Business Treasure (002095) at 19.58, up 2.30% [1] - People's Daily Online (603000) at 19.77, up 2.07% [1] Capital Flow - The digital media sector experienced a net outflow of 24.78 million yuan from institutional funds and 30.54 million yuan from speculative funds, while retail investors saw a net inflow of 55.32 million yuan [2] - Detailed capital flow for key stocks includes: - Visual China had a net inflow of 31.46 million yuan from institutional funds but a net outflow of 30.59 million yuan from speculative funds [3] - Mango TV saw a net inflow of 10.40 million yuan from institutional funds and a net outflow of 38.51 million yuan from retail investors [3] - People's Daily Online had a slight net outflow of 0.95 million yuan from institutional funds [3]

Market Overview - On September 19, the digital media sector rose by 1.07%, led by Zhidingmai, while the Shanghai Composite Index closed at 3820.09, down 0.3% [1] - The Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - Zhidingmai (300785) closed at 41.60 with a gain of 4.52%, trading volume of 209,900 shares and a turnover of 880 million yuan [1] - Mango Super Media (300413) closed at 33.01, up 4.00%, with a trading volume of 307,600 shares and a turnover of 1.016 billion yuan [1] - Other notable stocks include Chuanwang Media (300987) at 18.56 (+2.26%), Xinhua Net (603888) at 19.79 (+0.35%), and People's Daily (603000) at 68.61 (+0.15%) [1] Capital Flow - The digital media sector experienced a net outflow of 76.9435 million yuan from institutional investors, while retail investors saw a net inflow of 92.1514 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Mango Super Media saw a net inflow of 93.2077 million yuan from institutional investors, while retail investors had a net outflow of 77.3054 million yuan [3] - Chuanwang Media had a net inflow of 12.8304 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Zhidingmai faced a net outflow of 8.3551 million yuan from institutional investors, but retail investors contributed a net inflow of 2.13767 million yuan [3]

Core Insights - The supply chain finance market has shown a declining trend in both investment and financing activities from 2014 to 2025, with a peak financing amount of 38 billion yuan in 2018, reflecting the rapid development of the supply chain industry and its funding needs [1][2] - The average single investment amount in supply chain finance has mostly remained between 100 million to 200 million yuan from 2014 to 2025, with notable spikes in 2018, 2020, and 2022 due to specific policy supports and economic measures [2][9] - The investment landscape is shifting towards more cautious capital market behavior, with average single investment amounts expected to drop to the million yuan level starting in 2024 [2] Investment Trends - The number of financing events in the supply chain finance sector peaked in 2016 with 113 events, but has since decreased, with only 8 events recorded in both 2023 and 2024 [1] - In the first half of 2025, the total investment amount further decreased to 230 million yuan, indicating a continued contraction in the market [1] - B-round and strategic financing rounds are the most common, each accounting for 23% of the total financing rounds from 2021 to 2025, indicating a trend towards maturity and stability in financing needs [9] Geographic Focus - Investment in the supply chain finance sector is primarily concentrated in Shanghai (33%), followed by Beijing (16%), and both Guangdong and Zhejiang (15%) [12][14] - These regions are characterized by their economic development, numerous enterprises, and well-established industrial chains, facilitating frequent flows of capital, goods, and information [12] Investment Entities - Private equity and venture capital (PE/VC) firms dominate the investment landscape, accounting for 62% of total investments, while corporate investors make up 24% [11] - The presence of local government-backed funds is also notable, with government investments comprising around 4% of the total [11] Mergers and Acquisitions - The supply chain finance industry is experiencing a trend towards horizontal mergers, with most transactions involving the acquisition of over 50% equity in smaller firms, reflecting a move towards industry standardization [18] - The primary motivations for mergers and acquisitions include business expansion and capital appreciation, with a focus on enhancing service quality and regulatory compliance [18]

Market Performance - The digital media sector increased by 0.9% on September 16, with Shengyibao leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Shengyibao (002095) closed at 21.20, up 3.21% with a trading volume of 104,400 shares and a turnover of 220 million yuan [1] - Zhidema (300785) closed at 41.83, up 2.57% with a trading volume of 133,400 shares [1] - Visual China (000681) closed at 21.27, up 2.41% with a trading volume of 372,300 shares and a turnover of 783 million yuan [1] - Other notable stocks include Fengyuzhu (603466) at 10.02, up 1.73%, and Zhangyue Technology (603533) at 20.22, up 1.46% [1] Capital Flow Analysis - The digital media sector saw a net inflow of 88.94 million yuan from institutional investors, while retail investors experienced a net outflow of 78.77 million yuan [2] - The main capital inflow was observed in Visual China with 65.01 million yuan, while Zhidema had a net inflow of 25.55 million yuan [3] - Conversely, *ST Fanli (600228) and Chuanwang Media (300987) experienced net outflows of 2.53 million yuan and 0.21 million yuan respectively [3]

Market Overview - On September 12, the digital media sector experienced a slight decline of 0.1%, with Mango Excellent Media leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the digital media sector included: - Zhi De Mai (300785) with a closing price of 40.39, up 5.02% [1] - ST Fan Li (600228) with a closing price of 4.92, up 3.80% [1] - Xinhua Net (603888) with a closing price of 20.43, up 1.59% [1] - Conversely, Mango Excellent Media (300413) saw a decline of 2.19%, closing at 29.42 [2] Capital Flow Analysis - The digital media sector saw a net inflow of 27.01 million yuan from institutional investors, while retail investors contributed a net inflow of 72.87 million yuan [2] - However, there was a significant net outflow of 99.87 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks and their capital flow included: - People's Daily (603000) had a net inflow of 39.58 million yuan from institutional investors, but a net outflow of 25.56 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 14.11 million yuan from institutional investors [3] - ST Fan Li (600228) had a net inflow of 13.85 million yuan from institutional investors [3]

Market Performance - On September 11, the digital media sector rose by 1.16%, with "值得买" leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - "值得买" (300785) closed at 38.46, with a gain of 9.45% and a trading volume of 340,600 shares, amounting to a transaction value of 1.3 billion yuan [1] - Other notable stocks included "川网传媒" (300987) with a closing price of 18.90 and a gain of 2.05%, and "新华网" (603888) which closed at 20.11, up 1.46% [1] Capital Flow - The digital media sector saw a net inflow of 23.18 million yuan from institutional investors, while retail investors contributed a net inflow of 104 million yuan [2] - The sector experienced a net outflow of 127 million yuan from speculative funds [2] Individual Stock Capital Flow - "值得买" had a net inflow of 67.56 million yuan from institutional investors, while it faced a net outflow of 58.28 million yuan from speculative funds [3] - "新华网" experienced a net inflow of 9.66 million yuan from institutional investors, but a net outflow of 1.13 million yuan from speculative funds [3]

Financial Performance - The company reported a total revenue of 309 million yuan for the first half of 2025, representing a year-on-year increase of 25.12% [1] - The net profit attributable to shareholders was -7.043 million yuan, a decline of 130.3% compared to the previous year [1] - In Q2 2025, the total revenue was 146 million yuan, showing a year-on-year decrease of 10.75% [1] - The net profit for Q2 2025 was -8.6501 million yuan, down 58.37% year-on-year [1] Profitability Metrics - The gross margin was 9.78%, a decrease of 35.48% year-on-year [1] - The net margin was -3.11%, reflecting a decline of 77.23% compared to the previous year [1] - The total of selling, administrative, and financial expenses was 23.8324 million yuan, accounting for 7.7% of revenue, down 32.68% year-on-year [1] Cash Flow and Assets - The company reported cash and cash equivalents of 432 million yuan, a decrease of 18.98% year-on-year [1] - Accounts receivable decreased by 68.5% to 6.0247 million yuan [1] - The company had interest-bearing liabilities of 17.3795 million yuan, down 49% year-on-year [1] - Operating cash flow per share was 0.03 yuan, an increase of 111.91% year-on-year [1] Historical Performance and Investment Returns - The company's historical median Return on Invested Capital (ROIC) over the past 10 years is 0.89%, indicating weak investment returns [3] - The worst year for ROIC was 2024, with a value of -4.1% [3] - The company has reported a total of 18 annual reports since its listing, with one year showing a loss [3] Debt and Financial Health - The company's cash assets are considered healthy, with a cash to current liabilities ratio of 99.18% [3] - The average net cash flow from operating activities over the past three years has been negative, indicating potential concerns regarding financial stability [3]

Financial Performance - The company reported total revenue of 309 million yuan, an increase of 62.12 million yuan compared to the same period last year, representing a year-on-year growth of 25.12% [1] - The net profit attributable to shareholders was -7.04 million yuan [1] - The net cash inflow from operating activities was 7.56 million yuan, an increase of 70.99 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 29.79%, a decrease of 0.99 percentage points from the previous quarter [3] - The latest gross profit margin is 9.78% [4] - The latest return on equity (ROE) is -0.80% [4] Efficiency Metrics - The diluted earnings per share are -0.03 yuan [5] - The total asset turnover ratio is 0.20 times, ranking 5th among disclosed peers, with a year-on-year increase of 0.04 times, representing a growth of 28.02% [5] - The inventory turnover ratio is 10.56 times, an increase of 4.63 times compared to the same period last year, reflecting a year-on-year growth of 78.09% [5]