Report's Investment Rating for the Industry - No information about the industry investment rating is provided in the report. Core Viewpoints of the Report - The report regularly tracks the latest information on private exchangeable bond (private EB) projects from public channels, including basic elements such as issuance scale, underlying stocks, and main underwriters, while noting that issuance terms may change and advising to consult the final prospectus and relevant lead underwriters for issuance progress [1]. Summary by Related Catalog New Project Information Last Week - The private exchangeable bond project of Yingfeng Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 1 billion yuan (down from the previous scale), underlying stocks being Yingfeng Environment/Baina Qiancheng (000967.SZ/300291.SZ), and main underwriters being Shen港 Securities, CICC, and Huafu Securities (CICC and Huafu were newly added compared to before), updated on October 30, 2025 [1]. - The private exchangeable bond project of Guangdong Guangxin Holdings Group Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, underlying stocks being Shengyi Technology/Xinghu Technology (600183.SH/600866.SH), and the main underwriter being CITIC Securities, updated on October 30, 2025 [1]. - The private exchangeable bond project of Fujian State - owned Assets Management Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 200 million yuan, the underlying stock being Fuguang Co., Ltd. (688010.SH), and the main underwriter being Guoxin Securities, updated on October 29, 2025 [1]. - The private technology - innovation exchangeable bond project of Chongqing Xiaokang Holdings Co., Ltd. in 2025 was approved by the exchange, with a proposed issuance scale of 3 billion yuan, the underlying stock being Seres (601127.SH), and the main underwriter being Hongta Securities, updated on October 28, 2025 [1]. - The private technology - innovation exchangeable bond project of New Hope Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 4.5 billion yuan, the underlying stock being New Hope (000876.SZ), and the main underwriter being CICC, updated on October 31, 2025 [1]. - The private technology - innovation exchangeable bond project of Sichuan Jiuzhou Investment Holdings Group Co., Ltd. in 2025 received feedback from the exchange, with a proposed issuance scale of 1 billion yuan, the underlying stock being Sichuan Jiuzhou (000801.SZ), and the main underwriter being CITIC Securities, updated on October 28, 2025 [1]. - The private exchangeable bond project of Haixia Innovation Internet Co., Ltd. in 2025 was accepted by the exchange, with a proposed issuance scale of 300 million yuan, the underlying stock being Fengzhushou (301382.SZ), and the main underwriter being Dongguan Securities, updated on October 31, 2025 [1]. Overall Project Status (Table 1) - There are multiple private exchangeable bond projects in different statuses (approved, received feedback, accepted), including details such as bond names, main underwriters, issuance scales, underlying stocks, project statuses, and update dates [3].

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]

Market Overview - The film and theater sector experienced a decline of 1.57% on October 30, with Happiness Blue Sea leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Happiness Blue Sea (300528) saw a significant drop of 5.82%, closing at 20.86, with a trading volume of 348,300 shares and a transaction value of 736 million [2] - Other notable declines included: - China Film (600977) down 2.34% to 14.17 [2] - Light Media (300251) down 1.43% to 16.53 [2] - XD Shanghai Electric (601595) was one of the few gainers, increasing by 1.14% to 28.35 [1] Capital Flow Analysis - The film and theater sector experienced a net outflow of 416 million from institutional investors, while retail investors saw a net inflow of 403 million [2] - The table of capital flow indicates that: - Baida Qiancheng (300291) had a net inflow of 13.68 million from institutional investors [3] - Happiness Blue Sea (300528) had a net outflow of 1.06 million from institutional investors [3] - Retail investors showed a strong interest in several stocks, with notable inflows into: - Beijing Culture (000802) with a net inflow of 558.58 million [3] - Ciweng Media (002343) with a net inflow of 1.51 million [3]

Core Points - Beijing Baina Qiancheng Film Co., Ltd. reported a significant decline in revenue for the first three quarters of 2025, with total revenue of 177 million yuan, representing a year-on-year decrease of 73.43% [1] - The company recorded a net loss attributable to shareholders of 67.54 million yuan during the same period [1] - Baina Qiancheng announced an asset impairment provision, with credit impairment losses on receivables amounting to 102,614,481.20 yuan, including bad debt losses of 101,584,256.94 yuan on accounts receivable and 1,030,224.26 yuan on other receivables [1] - The provision for credit impairment and asset impairment will reduce the company's total profit by 102,614,481.20 yuan, with the final impact subject to the audit results for the 2025 fiscal year [1]

证券代码：300291 证券简称：百纳千成 公告编号： 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，没有虚假 记载、误导性陈述或重大遗漏。 一、本次计提的情况概述 1、本次计提减值准备的原因 北京百纳千成影视股份有限公司（以下简称"公司"）为真实、准确反映公 司截至 2025 年 9 月 30 日的财务状况、资产价值及经营成果，公司基于谨慎性原 则，依据《企业会计准则》及公司会计政策的相关规定，公司及下属子公司对 2025 年三季度末各类应收款项、应收票据、存货、固定资产、长期股权投资、 长期应收款、使用权资产、商誉等资产进行了全面地清查，对各项资产是否存在 减值的可能性进行了充分的评估和分析。经分析，对公司上述类别资产中存在可 能发生减值的资产计提了减值准备。 2、本次计提减值准备的资产范围和金额 2025-039 北京百纳千成影视股份有限公司 关于 2025 年前三季度计提资产减值准备的公告 单位：人民币元 | 类别 | 科目 | 本期计提金额 | 本期收回或 转回金额 | 本期影响金额 | | | --- | --- | --- | --- | --- | --- | | 信用减值准备 | ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥41,118,152.82, a decrease of 90.05% compared to the same period last year[5] - The net profit attributable to shareholders was -¥47,856,248.12, down 94.92% year-on-year[5] - The basic earnings per share were -¥0.0508, reflecting a decline of 94.64% compared to the previous year[5] - Total operating revenue for the current period was ¥177,406,425.03, a significant decrease from ¥667,750,784.56 in the previous period, representing a decline of approximately 73.5%[22] - The net loss for the current period was ¥101,117,335.98, compared to a net loss of ¥150,602,241.24 in the previous period, showing an improvement of approximately 32.8%[22] - The net profit attributable to the parent company was a loss of ¥67,538,126.66, compared to a loss of ¥54,079,972.26 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,874,732,885.18, an increase of 2.83% from the end of the previous year[5] - Total current assets amount to 3,351,643,004.80 CNY, an increase from 3,246,017,820.16 CNY at the beginning of the period[19] - Total liabilities increased to ¥909,917,922.72 from ¥723,618,977.30, reflecting a growth of about 25.7%[22] - The total equity decreased to ¥2,964,814,962.46 from ¥3,044,565,174.56, a decline of approximately 2.6%[22] Cash Flow - The company reported a net cash flow from operating activities of -¥148,127,388.39, which is a 27.53% improvement compared to the previous period[5] - Cash flow from operating activities increased to ¥612,346,642.55 from ¥478,407,098.22, representing a growth of about 28.0%[25] - Operating cash inflow totaled $666,092,544.28, an increase from $566,136,894.92 in the previous period[26] - Operating cash outflow amounted to $814,219,932.67, compared to $770,531,360.67 previously, resulting in a net cash flow from operating activities of -$148,127,388.39, improving from -$204,394,465.75[26] Investments and Financial Activities - The net cash flow from investment activities was ¥11,620.57 million, a 58.64% increase compared to the previous period[14] - Cash inflow from investment activities reached $8,449,553,721.92, significantly higher than $1,737,552,977.40 in the prior period[26] - Cash outflow from investment activities was $8,333,347,980.33, compared to $1,664,302,686.43 previously, leading to a net cash flow from investment activities of $116,205,741.59, up from $73,250,290.97[26] - The company received cash from investment recovery totaling $8,437,285,717.08, a significant increase from $1,710,963,340.53[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 31,380[16] - The largest shareholder, Yingfeng Group Co., Ltd., holds 26.76% of shares, totaling 252,089,953 shares[16] - The second-largest shareholder, Hualu Capital Holdings Co., Ltd., holds 6.08% of shares, totaling 57,287,328 shares[16] - The company has a total of 0 shares under pledge or freeze for the top shareholders[16] - The total number of preferred shareholders at the end of the reporting period is 0[18] - The company has not reported any changes in the shareholding structure of the top 10 shareholders due to margin trading[17] Inventory and Receivables - The company's accounts receivable decreased by 50.18% to ¥24,192.66 million, primarily due to project collections and bad debt provisions[9] - The inventory increased by 32.56% to ¥182,942.24 million, attributed to the phase transfer of projects during the reporting period[9] - Inventory stands at 1,829,422,364.13 CNY, up from 1,380,099,148.17 CNY at the start of the period, indicating a growth of approximately 32.5%[19] Financial Expenses - The company reported a significant increase in financial expenses, which rose by 107.60% to ¥206.48 million due to reduced interest income[12] - The company incurred a financial expense of ¥2,064,761.87, up from ¥994,647.74, indicating an increase of about 107.5%[22] - The company recorded a credit impairment loss of ¥102,614,481.20, compared to a loss of ¥31,673,722.69 in the previous period, reflecting a substantial increase in credit risk[22]

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]

Group 1 - The company Baida Qiancheng stated that as of October 20, 2025, the total number of shareholders is 29,810 [2]

证券日报网讯 10月21日晚间，百纳千成发布公告称，本次解除限售股份数量合计为1，780，000股，占 北京百纳千成影视股份有限公司（以下简称"公司"）总股本941，889，651股的比例为0.19%；实际可上 市流通数量为0股，占公司总股本的0.00%。本次解除限售股份的上市流通日期为2025年10月24日（星 期五）。 （编辑 楚丽君） ...

一、本次解除限售股份的基本情况及公司股本变动情况 1、本次申请解除限售股份来源 2014年10月9日，经中国证券监督管理委员会证监许可[2014]1039号文《关 于核准北京华录百纳影视股份有限公司1向胡刚等发行股份购买资产并募集配套 资金的批复》核准，公司向15位自然人及12家机构发行87,620,153股股份购买广 东蓝色火焰文化传媒有限公司100%股权（以下简称"2014年发行股份购买资产项 目"），每股发行价格为人民币19.28元。 证券代码：300291 证券简称：百纳千成 公告编号：2025-037 北京百纳千成影视股份有限公司 关于部分限售股份上市流通的提示性公告 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，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次解除限售股份数量合计为1,780,000股，占北京百纳千成影视股份有 限公司（以下简称"公司"）总股本941,889,651股的比例为0.19%；实际可上市流 通数量为0股，占公司总股本的0.00%。 2、本次解除限售股份的上市流通日期为2025年10月24日（星期五）。 2014年10月27日，公司在中国证券登记结算 ...