Group 1 - The core viewpoint of the article highlights that Jiecheng Co., Ltd. is accelerating the reconstruction of AI comic drama content production, positioning itself as a significant player in the rapidly growing AI comic drama industry, which has a scale exceeding 50 billion yuan [1][3] - Jiecheng has developed its own AI intelligent agent, Lingxi, which focuses on the large-scale production of comic dramas, aiming to create a self-controlled, high-quality, and efficient AI animation production platform [1][2] - The company has already released over 100 comic dramas and has more than 20 AI comic dramas in production, expected to be completed and launched by the end of the year [1] Group 2 - The AI comic drama platform by Jiecheng Lingxi features three industry-first functions that reshape industry rules: a fully automated production line that enhances efficiency by 800%, a rapid revision AI agent that reduces revision time to 2 hours, and an industrialized capacity system that lowers the threshold for artists by 60% [2] - Compared to the common "AI toolkit" model in the industry, Jiecheng Lingxi has established three differentiated barriers, including 20 years of experience in film copyright operations, superior AI training data accuracy, and a unique mixed input of "3D models + hand-drawn" [2] - The commercial launch of the Lingxi platform signifies Jiecheng's transformation from a traditional film company to an "AI content infrastructure service provider," with the potential to benefit from the new wave of AI multimodal trends [3]

证券日报网讯捷成股份（300182）10月24日在互动平台回答投资者提问时表示，由公司控股子公司捷成 星纪元文化传媒有限公司参与出品的影视剧《钢铁森林》已过审。 ...

证券日报网讯捷成股份（300182）10月24日在互动平台回答投资者提问时表示，截至目前，浪浪山小妖 怪的衍生品销量已突破320万件。 ...

证券日报网讯捷成股份（300182）10月24日在互动平台回答投资者提问时表示，截至目前公司参股子公 司中喜合力正在等待纳斯达克批复中。 ...

证券日报网讯捷成股份（300182）10月24日在互动平台回答投资者提问时表示，截至2025年9月30日公 司股东户数为9万余户。 ...

（文章来源：每日经济新闻） 捷成股份（300182.SZ）10月24日在投资者互动平台表示，截至目前，公司参股子公司中喜合力正在等 待纳斯达克批复中。 每经AI快讯，有投资者在投资者互动平台提问：请问贵司投资的中喜合力目前美股上市，已经到哪一 步了，预计什么时候可以上市成功？ ...

Core Insights - On October 23, Jiecheng Co., Ltd. saw a stock price increase of 3.25% with a trading volume of 1.257 billion yuan [1] - The company reported a financing buy-in of 168 million yuan and a financing repayment of 202 million yuan, resulting in a net financing outflow of 34.27 million yuan on the same day [1] - As of October 23, the total margin balance for Jiecheng Co. was 1.795 billion yuan, indicating a high level of financing activity [1] Financing Summary - Jiecheng Co. had a financing buy-in of 168 million yuan on October 23, with a current financing balance of 1.789 billion yuan, representing 10.64% of its market capitalization [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of leverage [1] Securities Lending Summary - On October 23, Jiecheng Co. repaid 14,800 shares in securities lending and sold 16,700 shares, amounting to a selling value of 106,200 yuan [1] - The remaining securities lending balance was 856,400 shares, with a total value of 5.4467 million yuan, also above the 90th percentile level for the past year [1] Company Overview - Jiecheng Co., established on August 23, 2006, and listed on February 22, 2011, is based in Changping District, Beijing [1] - The company's main business includes new media copyright operation and distribution, with revenue breakdown as follows: 83.99% from copyright operation, 13.21% from digital marketing services, 2.22% from film and television content production, and 0.58% from solution and product sales [1] Financial Performance - For the first half of 2025, Jiecheng Co. reported operating revenue of 1.367 billion yuan, a year-on-year decrease of 5.79% [2] - The net profit attributable to shareholders was 145 million yuan, reflecting a significant year-on-year decline of 41.84% [2] Shareholder Information - As of July 31, Jiecheng Co. had 100,000 shareholders, with an average of 22,589 circulating shares per shareholder [2] - The company has distributed a total of 630 million yuan in dividends since its A-share listing, with 13.3191 million yuan distributed over the past three years [3] - Notable changes in institutional holdings include a decrease of 24.0366 million shares held by Hong Kong Central Clearing Limited and an increase of 8.6393 million shares held by Southern CSI 1000 ETF [3]

Market Overview - The film and cinema sector saw a rise of 2.29% on October 23, with Happiness Blue Sea leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Happiness Blue Sea (300528) closed at 23.46, with a significant increase of 20.00% and a trading volume of 676,700 shares, amounting to a transaction value of 1.466 billion yuan [1] - Huanrui Century (000892) rose by 10.07% to close at 6.34, with a trading volume of 1,249,100 shares and a transaction value of 780 million yuan [1] - Jiecheng Co. (300182) increased by 3.25% to 6.36, with a trading volume of 1,993,500 shares and a transaction value of 1.257 billion yuan [1] - Other notable performers include Huayi Brothers (300027) up 2.85% to 2.53, and Light Media (300251) up 2.44% to 16.80 [1] Capital Flow Analysis - The film and cinema sector experienced a net inflow of 784 million yuan from institutional investors, while retail investors saw a net outflow of 596 million yuan [2] - The main stocks with significant net inflows include Happiness Blue Sea with 279 million yuan and Huanrui Century with 161 million yuan [3] - Conversely, retail investors showed notable outflows in stocks like Happiness Blue Sea and Huanrui Century, indicating a divergence in investment behavior [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Insights - The company is experiencing pressure on its main business, leading to a decline in overall performance, with a significant drop in revenue and net profit in the first half of 2025 [5][6]. - Despite the challenges, the company is actively exploring diversified monetization paths and enhancing its content distribution globally, particularly in the micro-short drama segment [7]. - The rise of AI multi-modal capabilities is expected to boost demand for video resources, highlighting the company's unique value in "data sets + self-developed products" [8][9]. Company Overview - The latest closing price is 5.94 yuan, with a total share capital of 2.664 billion shares and a market capitalization of 15.5 billion yuan [4]. - The company reported a 5.79% year-on-year decline in revenue to 1.367 billion yuan for the first half of 2025, with a net profit drop of 41.84% to 145 million yuan [5]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 3.058 billion yuan, 3.462 billion yuan, and 3.957 billion yuan, respectively, with corresponding net profits of 438 million yuan, 526 million yuan, and 608 million yuan [10][12]. - The expected EPS for the same years is 0.16 yuan, 0.20 yuan, and 0.23 yuan, with PE ratios of 36, 30, and 26 times, respectively [10][12].

Market Overview - The Shanghai Composite Index closed at 3859.80 points, above the annual line, with a change of 0.52% [1] - The total trading volume of A-shares reached 14312.80 billion yuan [1] Stocks Breaking Annual Line - A total of 148 A-shares have surpassed the annual line today, with notable stocks including: - Tengda Technology with a deviation rate of 9.43% - Shengyang Technology at 9.02% - Jida Zhengyuan at 8.67% [1] - Stocks with smaller deviation rates that just crossed the annual line include *ST Biology, Hongte Technology, and Yunding Technology [1] Top Performers - The top three stocks with the highest deviation rates are: 1. Tengda Technology: Today's increase of 10.01%, turnover rate of 22.36%, latest price at 23.85 yuan [1] 2. Shengyang Technology: Today's increase of 10.00%, turnover rate of 6.20%, latest price at 12.10 yuan [1] 3. Jida Zhengyuan: Today's increase of 10.02%, turnover rate of 8.23%, latest price at 26.57 yuan [1] Additional Notable Stocks - Other notable stocks with significant performance include: - Shengbang Safety with an increase of 8.32% and a deviation rate of 6.63% [1] - Pingmei Co. with an increase of 6.35% and a deviation rate of 5.95% [1] - Tianao Electronics with an increase of 10.00% and a deviation rate of 5.73% [1]