Investment Rating - The investment rating for the media industry is "Positive (Maintain)" [1] Core Insights - The report highlights the acceleration of AI comic dramas driven by major platforms and IP investments, suggesting continued growth in this segment [4] - The demand for AI comic dramas is increasing, with Douyin's original comic dramas achieving over 8.9 billion new views in October, indicating a strong market response [4] - The report recommends focusing on three key areas for investment: leading comic drama platforms, major IP companies entering the comic drama space, and companies with technological advantages in AI video tools [4] Industry Data Overview - The report notes that "元气唤灵师" topped the iOS free game chart, while "王者荣耀" led the iOS revenue chart as of November 1, 2025 [11][15] - The film "浪浪人生" achieved the highest box office for the week, grossing 0.42 billion with a cumulative total of 3.87 billion [23] Industry News Summary - AI comic dramas are performing exceptionally well, with significant viewership and engagement metrics reported [27] - OpenAI plans to submit an IPO application as early as the second half of 2026, aiming to raise at least 60 billion [28] - Google Play has announced the opening of third-party payment options, benefiting game developers and companies looking to expand internationally [29] Company Performance - Major gaming companies reported substantial year-on-year profit growth in Q3 2025, with notable increases from companies like 巨人网络 and 吉比特 [5] - The report emphasizes the ongoing upward cycle in the gaming industry, driven by new game launches and sustained performance of existing titles [5]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 2.052 billion yuan for the first three quarters of 2025, a year-on-year decrease of 2.89%, and a net profit attributable to shareholders of 212 million yuan, down 41.35% year-on-year [2] - The company is entering a rapid development phase in the comic-drama industry, collaborating with major platforms like Douyin and iQIYI, and has launched its AI platform "Lingxi" to enhance content production efficiency [3] - The company has over 100,000 hours of film and animation copyrights and is leveraging its self-developed AI technology to create short video adaptations, which have received positive feedback [4] Financial Summary - For 2025, the company expects revenues of 3.084 billion yuan, with a net profit of 412 million yuan, and an EPS of 0.15 yuan [7] - The gross profit margin is projected to be 25.7% in 2025, showing a recovery from previous lows [7] - The company’s cash flow from operating activities for the first three quarters of 2025 was 1.027 billion yuan, an increase of 20.91% compared to the same period last year [2]

证券日报网讯 10月31日晚间，捷成股份发布公告称，截至本公告日，公司及公司的控股子公司无违规 担保和逾期担保的情形。 （文章来源：证券日报） ...

证券日报网讯捷成股份10月31日在互动平台回答投资者提问时表示，公司控股子公司捷成电影与国内头 部IP平台番茄小说达成年度合作开发框架，双方共同优选IP，联合开发制作短剧、动态漫作品，打造精 品标杆。 （文章来源：证券日报） ...

Market Performance - The film and cinema sector increased by 3.33% on October 31, with Huanrui Century leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Huanrui Century (000892) closed at 7.14, up 10.02% with a trading volume of 1.24 million shares and a transaction value of 876 million [1] - Bona Film Group (001330) closed at 6.83, up 9.98% with a trading volume of 499,100 shares and a transaction value of 334 million [1] - Jiechuan Co. (300182) closed at 6.65, up 6.57% with a trading volume of 3.07 million shares and a transaction value of 2.01 billion [1] - Other notable stocks include Shanghai Shenying (601595) at 30.05, up 6.00%, and Shifuhai (300528) at 22.00, up 5.47% [1] Capital Flow Analysis - The film and cinema sector saw a net inflow of 700 million from institutional investors, while retail investors experienced a net outflow of 402 million [1] - Huanrui Century had a net inflow of 1.49 billion from institutional investors, but a net outflow of 716.95 million from retail investors [2] - Bona Film Group experienced a net inflow of 1.01 billion from institutional investors, with a significant net outflow of 5.53 billion from retail investors [2]

每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （记者 曾健辉） 2024年1至12月份，捷成股份的营业收入构成为：互联网及科技公司占比82.59%，广电行业占比 17.14%，机关和事业单位占比0.27%。 截至发稿，捷成股份市值为177亿元。 每经AI快讯，捷成股份（SZ 300182，收盘价：6.65元）10月31日晚间发布公告称，公司第六届第六次 董事会会议于2025年10月31日在公司会议室现场召开。会议审议了《关于公司为控股子公司申请媒体授 信额度提供担保的议案》等文件。 ...

证券代码：300182 证券简称：捷成股份 公告编号：2025-055 北京捷成世纪科技股份有限公司 第六届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 2025 年 10 月 31 日 1、审议通过《关于公司为控股子公司申请媒体授信额度提供担保的议案》 具体内容详见公司于同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于 公司为控股子公司申请媒体授信额度提供担保的公告》（公告编号：2025-056）。 表决结果：9 票同意、0 票反对、0 票弃权，审议通过。 三、 备查文件 1、第六届董事会第六次会议决议。 特此公告。 北京捷成世纪科技股份有限公司 董 事 会 北京捷成世纪科技股份有限公司(以下简称"公司")第六届董事会第六次会 议于 2025 年 10 月 29 日以电子邮件、电话等方式向全体董事发出会议通知，并 于 2025 年 10 月 31 日在公司会议室现场召开。本次会议应到董事 9 名，实到董 事 9 名。本次会议由公司董事长徐子泉先生主持，公司高级管理人员列席了会议。 本次会 ...

1、根据北京捷成世纪科技股份有限公司（以下简称"公司"）数字化营销服 务板块控股子公司辽宁众星网络文化传媒有限公司（以下简称"辽宁众星"）生产 经营开展的实际情况，更好地满足其资金需求，公司拟为合并报表范围内的控股 子公司辽宁众星向业务相关方申请授信提供不超过 1,000 万元的担保额度，额度 有效期一年，担保业务类型为媒体授信。 证券代码：300182 证券简称：捷成股份 公告编号：2025-056 北京捷成世纪科技股份有限公司 关于公司为控股子公司申请媒体授信额度提供担保 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、担保情况概述 2、公司第六届董事会第六次会议于 2025 年 10 月 31 日审议通过了《关于公 司为控股子公司申请媒体授信额度提供担保的议案》。根据《深圳证券交易所创 业板股票上市规则》、《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》和《公司章程》等相关规定，本次担保事项在公司董事会 决策范围内，无需提交股东会审议。 二、被担保人基本情况 （一）辽宁众星 1、被担保人名称：辽宁众星网络文化传媒有 ...

每经AI快讯，有投资者在投资者互动平台提问：请问董秘，公司与番茄小说有合作吗？ 捷成股份（300182.SZ）10月31日在投资者互动平台表示，公司控股子公司捷成电影与国内头部IP平台 番茄小说达成年度合作开发框架，双方共同优选IP，联合开发制作短剧、动态漫作品，打造精品标杆。 （文章来源：每日经济新闻） ...

捷成股份（300182.SZ）10月31日在投资者互动平台表示，截至目前，浪浪山小妖怪的衍生品销量已突 破320万件。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问浪浪山衍生品盲盒销售如何？ ...