证券代码：002400 证券简称：省广集团 公告编号：2025-035 广东省广告集团股份有限公司 第六届董事会第二十一次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏。 广东省广告集团股份有限公司（以下简称"公司"）第六届董事会第二十 一次会议于 2025 年 12 月 2 日以电子邮件及微信形式发出会议通知，于 2025 年 12 月 12 日上午十点在公司会议中心以现场及通讯表决相结合的方式召开。 本次会议由董事长杨远征先生主持，公司应参加表决董事 6 名，实际参加表决 董事 6 名，公司高级管理人员列席了本次会议。本次会议的召集、召开符合《公 司法》和《公司章程》的规定。 全体与会董事经认真审议和表决，形成以下决议： 1、审议通过了《关于 2026 年度日常关联交易预计的议案》。 1.1、审议通过了（同意票 6 票，反对票 0 票，弃权票 0 票）2026 年预计 与省广博报堂整合营销有限公司发生的关联交易。 1.2、审议通过了（同意票 6 票，反对票 0 票，弃权票 0 票）2026 年预计 与广东省广代博广告营销有限公司发生的关联交易。 ...

Group 1 - The core viewpoint of the article highlights the competitive landscape and market concentration of the Chinese media industry, indicating that the industry is characterized by a large number of listed companies and varying levels of competition among them [1][5]. Group 2 - In terms of revenue rankings, the top three media companies in China are BlueFocus, Leo Group, and 37 Interactive Entertainment, each projected to exceed 17 billion yuan in revenue by 2024 [2]. Group 3 - The overall revenue of China's media industry is expected to reach 507.1 billion yuan in 2024, with a CR3 of 20.62%, CR5 of 28.14%, and CR10 of 41.10%, indicating a relatively low market concentration and intense competition [5]. Group 4 - Among the listed media companies, 37 Interactive Entertainment has the highest gross profit margin for its products, reaching 78.63% in 2024 [6]. Group 5 - An analysis using the Five Forces model reveals that the media industry is primarily dominated by large enterprises, with intense competition from smaller firms. The bargaining power of suppliers is strong, while the bargaining power of consumers is weak due to the low substitutability of media products. The threat of new entrants is significant due to low entry barriers, and the risk of market substitution is low [8].

Group 1 - Kuaishou concept stock declined by 3.56%, ranking among the top losers in the concept sector, with notable declines in Xinhua Du, Xuanya International, and Zhejiang Wenlian [1] - The concept sector saw a net outflow of 3.016 billion yuan, with 42 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [1] - The stock with the highest net outflow was BlueFocus, with a net outflow of 707.5 million yuan, followed by Yidian Tianxia, Vision China, and Liou Shares [1] Group 2 - The top gainers in the concept sector included Cultivated Diamonds with a gain of 2.72%, while several other sectors also experienced declines, such as MLOps and Web3.0 [1] - The net inflow of funds was observed in stocks like Simi Media, Lishang Guochao, and Century Hengtong, with net inflows of 19.65 million yuan, 5.27 million yuan, and 4.05 million yuan respectively [3] - The overall market sentiment reflected a significant outflow of funds from the Kuaishou concept, indicating potential investor concerns [1][3]

Core Insights - The advertising and marketing sector experienced a decline of 0.28% on December 1, with Xuan Ya International leading the drop [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Stock Performance - Notable gainers in the advertising sector included: - Sanrenxing (605168) with a closing price of 31.19, up 4.91% and a trading volume of 96,700 shares [1] - Yuanlong Yatu (002878) closed at 21.11, up 4.45% with a trading volume of 513,900 shares [1] - Zhewen Huilian (600986) closed at 9.83, up 2.29% with a trading volume of 764,500 shares [1] - Decliners included: - Xuan Ya International (300612) closed at 18.91, down 4.74% with a trading volume of 362,500 shares [2] - BlueFocus Communication Group (300058) closed at 10.29, down 4.10% with a trading volume of 7,402,000 shares [2] - Yidian Daxia (301171) closed at 40.48, down 3.66% with a trading volume of 777,700 shares [2] Capital Flow - The advertising and marketing sector saw a net outflow of 1.588 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.7 billion yuan [2] - Specific stock capital flows included: - Yuanlong Yatu (002878) had a net inflow of 1.23 billion yuan from institutional investors, but a net outflow of 1.01 billion yuan from retail investors [3] - Zhewen Huilian (600986) experienced a net inflow of 1.10 billion yuan from institutional investors, with a net outflow of 23.98 million yuan from retail investors [3] - Sanrenxing (605168) had a net inflow of 35.18 million yuan from institutional investors, while retail investors saw a net outflow of 33.01 million yuan [3]

Core Insights - The Chinese media industry has experienced rapid growth over the past 20 years, but growth rates have slowed down due to the saturation of internet user demographics and the decline in traditional media advertising revenues [2] - In 2019, the growth rate of the media industry fell below 10% for the first time, primarily due to the impact of US-China trade tensions and overall economic downturn, with total output value reaching 22,625.4 billion yuan and a growth rate of 7.95% [2] - The media industry faced rare negative growth in 2022, attributed to macroeconomic pressures, ongoing pandemic impacts, and regulatory changes in sectors like online gaming [2] - In 2023, the media industry began to recover, with total output value reaching 31,518.23 billion yuan, marking an 8.38% year-on-year increase, driven by offline consumption recovery and new technological concepts [2] - The media industry's total output value is projected to reach approximately 34,157.9 billion yuan in 2024, indicating a positive growth trajectory [2] Industry Overview - The media industry encompasses various forms of information dissemination, categorized into four types of media [4] - The evolution of the media industry has been marked by significant changes in technology, transitioning from traditional media to new media platforms [6] Industry Policies - Recent policies have focused on the transformation and development of the media industry, emphasizing talent integration between traditional and new media [8] - The government has introduced measures to enhance cultural originality and support various creative sectors, including literature, arts, and digital media [8][9] Industry Value Chain - The media industry value chain consists of upstream content creation, midstream operations and distribution, and downstream end-users, with midstream players holding significant market power [10] Online Literature Market - The online literature sector has grown significantly, with market size increasing from 20.17 billion yuan in 2019 to a projected 41.99 billion yuan in 2024, reflecting a compound annual growth rate of 15.79% [12]

Market Overview - The advertising and marketing sector experienced a decline of 0.65% on November 26, with Xuan Ya International leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Stock Performance - Notable gainers in the advertising marketing sector included: - Yao Wang Technology (002291) with a closing price of 8.44, up 10.04% and a trading volume of 1.5193 million shares, totaling 1.192 billion yuan [1] - Xin Hua Du (002264) closed at 10.79, up 9.99% with a trading volume of 68,600 shares, totaling 74.0528 million yuan [1] - Major decliners included: - Xuan Ya International (300612) closed at 20.00, down 5.44% with a trading volume of 658,300 shares, totaling 1.406 billion yuan [2] - Fu Shi Holdings (300071) closed at 6.93, down 4.55% with a trading volume of 1.9716 million shares, totaling 1.397 billion yuan [2] Capital Flow - The advertising marketing sector saw a net outflow of 1.652 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.967 billion yuan [2][3] - Specific stock capital flows included: - Yao Wang Technology (002291) had a net inflow of 19.11 million yuan from institutional investors, while retail investors had a net outflow of 31.34 million yuan [3] - Fen Zhong Media (002027) saw a net inflow of 22.03 million yuan from institutional investors and a net outflow of 11 million yuan from retail investors [3]

Core Viewpoint - The stock of Shenguang Group has experienced fluctuations, with a recent decline of 2.06%, while the company has shown a year-to-date increase of 19.42% in stock price, indicating a volatile but generally positive performance in the market [1][2]. Financial Performance - For the period from January to September 2025, Shenguang Group achieved a revenue of 14.793 billion yuan, representing a year-on-year growth of 6.85%, and a net profit attributable to shareholders of 96.096 million yuan, which is a 5.34% increase compared to the previous year [2]. - The company has distributed a total of 559 million yuan in dividends since its A-share listing, with 148 million yuan distributed over the last three years [3]. Stock Market Activity - As of November 26, the stock price was reported at 9.52 yuan per share, with a trading volume of 2.087 billion yuan and a turnover rate of 12.49% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on November 24, where it recorded a net purchase of 203 million yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Shenguang Group was 204,100, a decrease of 5.53% from the previous period, with an average of 8,457 circulating shares per shareholder, which increased by 5.85% [2][3]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 9.2614 million shares [3].

Group 1 - A-shares indices collectively strengthened on November 25, with various sectors experiencing broad gains, particularly in education, gaming, precious metals, energy metals, communication equipment, battery, chemical pharmaceuticals, optical electronics, insurance, and consumer electronics [1] - The main funds in the Shanghai and Shenzhen markets saw a net inflow of 8.812 billion yuan after seven consecutive days of outflows, with 18 sectors experiencing net inflows [1] - The communication, power equipment, and electronics sectors each saw net inflows exceeding 3.6 billion yuan, significantly outpacing other sectors [1] Group 2 - Among individual stocks, 87 stocks had net inflows exceeding 100 million yuan, with 10 stocks seeing inflows over 500 million yuan [2] - Sunshine Power led with a net inflow of 1.087 billion yuan, boosted by a significant rebound in the photovoltaic sector [2] - Huadian Technology also saw a net inflow of 999 million yuan, with its stock price hitting the daily limit [2] Group 3 - The top 10 stocks with the highest net inflows included Sunshine Power, Huadian Technology, and Yingwei Ke, with respective inflows of 1.087 billion yuan, 999 million yuan, and 937 million yuan [3] - Conversely, 63 stocks experienced net outflows exceeding 100 million yuan, with BlueFocus and Shengguang Group leading the outflows [4] Group 4 - At the end of the trading day, the main funds saw a net outflow of 151 million yuan, with banking and power equipment sectors showing net inflows exceeding 300 million yuan [5] - Hainan Ruize attracted a net inflow of 104 million yuan at the close, while N Haian, Industrial Bank, and Zhongxing Communications also saw significant inflows [5] Group 5 - The tail-end net outflow rankings showed that New Yisheng had a net outflow exceeding 100 million yuan, with BlueFocus and Shengguang Group also experiencing substantial outflows [7]

Core Insights - The main focus of the article is on the significant outflow of capital from various stocks as of November 25, with specific amounts listed for the top 20 stocks experiencing the largest withdrawals [1] Group 1: Major Stocks with Capital Outflow - BlueFocus Communication Group saw a capital outflow of 668 million yuan [1] - Provincial Advertising Group experienced a withdrawal of 491 million yuan [1] - Industrial Fulian had a capital outflow of 467 million yuan [1] - 360 Security Technology faced a withdrawal of 325 million yuan [1] - Aerospace Development saw an outflow of 320 million yuan [1] Group 2: Additional Stocks with Notable Withdrawals - Guofeng New Materials had a capital outflow of 309 million yuan [1] - Zhongke Shuguang experienced a withdrawal of 305 million yuan [1] - Ganfeng Lithium saw an outflow of 292 million yuan [1] - Great Wall Military Industry faced a capital withdrawal of 210 million yuan [1] - Shida Group had an outflow of 208 million yuan [1] Group 3: Other Stocks in the Top 20 - GAC Group experienced a capital outflow of 201 million yuan [1] - Pingtan Development saw a withdrawal of 196 million yuan [1] - Data Port had an outflow of 193 million yuan [1] - China Shipbuilding Defense experienced a capital withdrawal of 182 million yuan [1] - Gree Electric Appliances saw an outflow of 180 million yuan [1] - Shiji Information faced a capital withdrawal of 168 million yuan [1] - Rongjie Co. experienced an outflow of 159 million yuan [1] - Tianqi Lithium saw a withdrawal of 153 million yuan [1] - Tianci Materials had a capital outflow of 152 million yuan [1] - Guomai Technology experienced a withdrawal of 148 million yuan [1]

Group 1 - The top 20 stocks with significant capital inflow as of November 24 include BlueFocus (1.143 billion yuan), DataPort (806 million yuan), and 360 (794 million yuan) [1] - Other notable stocks in the top 20 by capital inflow are Provincial Advertising Group (587 million yuan), China Shipbuilding (440 million yuan), and Zhangjiang Hi-Tech (403 million yuan) [1] - Additional companies with substantial inflows include Changxin Bochuang (357 million yuan), China Shipbuilding Defense (347 million yuan), and Leike Defense (317 million yuan) [1] Group 2 - The list also features Huajian Group (286 million yuan), Aerospace Development (269 million yuan), and ZTE Corporation (259 million yuan) [1] - Other companies in the top 20 include GAC Group (253 million yuan), Changying Precision (253 million yuan), and Great Wall Military Industry (248 million yuan) [1] - The final entries in the top 20 are Zhongfu Circuit (248 million yuan), Leo Group (243 million yuan), Kunlun Wanwei (240 million yuan), Midea Group (233 million yuan), and Nanwei Software (223 million yuan) [1]