Core Viewpoint - The company reported a significant decline in revenue and incurred net losses in the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first three quarters was 72.67 million yuan, representing a year-on-year decrease of 25.28% [1] - The net loss attributable to shareholders of the listed company was 6.63 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 12.95 million yuan [1] - The basic loss per share was 0.03 yuan [1]

Core Viewpoint - Sanliu Wu (300295.SZ) reported a significant decline in revenue and incurred losses in the third quarter of 2023, indicating financial challenges for the company [1] Financial Performance - The company achieved a revenue of 72.67 million yuan in the first three quarters, representing a year-on-year decrease of 25.28% [1] - The net loss for the period was 6.63 million yuan, with a non-recurring net loss of 12.95 million yuan [1] - Basic earnings per share were reported at -0.03 yuan [1]

Group 1 - The core point of the article is that Sanliu Wu (SZ 300295) announced its third board meeting for the sixth session on October 24, 2025, where the Q3 2025 report was reviewed [1] - For the year 2024, the revenue composition of Sanliu Wu is as follows: 50.83% from internet financial platform services and 49.17% from online marketing services [1] - As of the report, the market capitalization of Sanliu Wu is 2.4 billion yuan [1] Group 2 - The article highlights that Chinese innovative drugs have generated $80 billion in overseas licensing this year [1] - A discussion with Lu Gang, a partner at Chuangdong Investment, indicates that while the secondary market for biomedicine is thriving, fundraising in the primary market is facing challenges [1]

一、审议通过了公司《2025 年第三季度报告》全文 证券代码：300295 证券简称：三六五网 公告编号：2025-027 江苏三六五网络股份有限公司 第六届董事会第三次会议决议公告 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。 江苏三六五网络股份有限公司（以下简称"公司"）第六届董事会第三次会 议，于2025年10月24日以现场加通讯方式召开，本次会议通知于2025年10月14 日以电子邮件的方式发出。会议应参与董事5名，实际参与董事5名，本次会议由 董事长胡光辉先生主持。本次会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和公司章程的有关规定。 会议经认真审议后，决议如下： 2025年10月24日 经审议，董事会认为：公司《2025 年第三度报告》全文的内容真实、准确、 完整的反映了公司 2025 年 1-9 月经营的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏；报告编制和审核的程序符合法律、行政法规和中国证监会 的规定。 公司《2025 年第三季度报告》全文详见中国证券监督管理委员会指定的创 业板信息披露网站。 表决结果：5 ...

Revenue and Profitability - Revenue for Q3 2025 reached ¥29,502,391.60, an increase of 30.69% year-over-year, but a decline of 25.28% year-to-date[5] - Net profit attributable to shareholders was ¥1,592,858.32, up 110.41% year-over-year, while year-to-date net profit was a loss of ¥6,633,630.15, a decrease of 21.53%[5] - Basic and diluted earnings per share for Q3 2025 were both ¥0.01, reflecting a 112.50% increase year-over-year[5] - Total operating revenue for the current period was ¥72,670,945.59, a decrease of 25.3% compared to ¥97,257,566.13 in the previous period[18] - The net profit for the current period was a loss of ¥6,632,174.88, compared to a loss of ¥7,567,973.85 in the previous period, indicating an improvement of 12.3%[19] - The total comprehensive income for the current period was -¥4,690,612.78, compared to -¥7,567,973.85 in the previous period, showing an improvement of 38.9%[20] Assets and Liabilities - Total assets at the end of Q3 2025 were ¥1,215,619,425.45, a slight increase of 0.30% compared to the end of the previous year[5] - Total current assets amounted to ¥994,012,248.55, slightly up from ¥988,594,966.96[15] - Total liabilities increased to ¥88,420,466.29 from ¥80,050,984.15, representing a rise of 10.5%[16] - Total liabilities include accounts payable of ¥155,461.15, down from ¥364,583.23, a decrease of 57.4%[15] - The total equity attributable to shareholders decreased slightly to ¥1,127,194,704.81 from ¥1,131,886,772.86, a decline of 0.4%[16] Cash Flow and Financial Health - Cash flow from operating activities decreased by 85.34% year-over-year, totaling ¥83,632,419.04 year-to-date[10] - Cash inflows from operating activities totaled ¥380,090,296.70, significantly up from ¥172,889,806.84, marking an increase of 119.9%[21] - The net cash flow from operating activities was $83,632,419.04, a decrease of 85.3% compared to $570,411,235.18 in the previous period[22] - The net cash flow from investing activities was $197,630,146.76, recovering from a negative cash flow of $389,488,209.48 in the previous period[22] - Cash and cash equivalents increased to ¥393,473,453.56 from ¥115,480,004.26, representing a growth of 241.5%[14] - The total cash outflow from financing activities was $3,269,116.50, a significant reduction from $17,665,939.52 in the previous period[22] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 22,737[12] - The number of shareholders holding more than 5% of shares remains stable, with the largest shareholder holding 15.15%[12] - The company has not reported any changes in the status of preferred shareholders or any significant changes in shareholding structure[13] Operational Performance - Accounts receivable increased by 63.55% compared to the beginning of the period, attributed to higher revenue in Q3[8] - Investment income grew by 105.07% year-over-year, driven by increased returns from self-owned funds invested in financial products[9] - The company reported a significant decrease in financial expenses due to lower interest income compared to the previous year[9] - Research and development expenses were ¥11,102,776.87, down from ¥12,633,644.01, a decrease of 12.1%[19] - There are no indications of any new product launches or market expansion strategies discussed in the call[13] Miscellaneous - The company received government subsidies amounting to ¥10,113.00 during the reporting period[6] - The company’s third-quarter financial report was not audited[23]

Core Insights - The company reported a third-quarter revenue of 29.50 million yuan, representing a year-on-year increase of 30.69% [1] - The net profit for the third quarter was 1.59 million yuan, showing a significant year-on-year growth of 110.41% [1] - For the first three quarters, the total revenue was 72.67 million yuan, which reflects a year-on-year decline of 25.28% [1] - The net loss for the first three quarters was 6.63 million yuan, but this loss has narrowed by 21.53% compared to the previous year [1]

Market Overview - On October 24, the digital media sector rose by 0.17% compared to the previous trading day, with Fantuan Shuchuang leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Fantuan Shuchuang (301313) closed at 29.00, with a significant increase of 12.27% and a trading volume of 128,800 shares, amounting to a transaction value of 359 million [1] - Other notable performers included Guomai Culture (600640) with a 2.92% increase, closing at 14.78, and Fengyuzhu (603466) with a 1.30% increase, closing at 9.38 [1] Fund Flow Analysis - The digital media sector experienced a net outflow of 63.29 million from institutional investors and 76.07 million from speculative funds, while retail investors saw a net inflow of 139 million [2][3] - Guomai Culture (600640) had a net inflow of 66.22 million from institutional investors, while Fantuan Shuchuang (301313) saw a net outflow of 33.95 million from speculative funds [3]

Market Overview - The digital media sector increased by 0.46% on October 23, with Zhangyue Technology 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] Stock Performance - Zhangyue Technology (603533) closed at 19.83, up 4.31% with a trading volume of 177,900 shares and a turnover of 348 million yuan [1] - Chuanwang Media (300987) closed at 17.88, up 3.23% with a trading volume of 82,500 shares and a turnover of 146 million yuan [1] - Fantao Education (301313) closed at 25.83, up 2.87% with a trading volume of 31,800 shares and a turnover of 81.5 million yuan [1] - Mango Super Media (300413) closed at 29.41, up 1.55% with a trading volume of 122,300 shares and a turnover of 357 million yuan [1] Capital Flow - The digital media sector experienced a net outflow of 143 million yuan from institutional investors, while retail investors saw a net inflow of 106 million yuan [2] - The overall capital flow indicates that while institutional investors withdrew funds, retail investors were actively buying into the sector [2] Individual Stock Capital Flow - Zhangyue Technology had a net inflow of 61.1 million yuan from institutional investors, while retail investors had a net outflow of 46.3 million yuan [3] - Chuanwang Media saw a net inflow of 7.37 million yuan from institutional investors and a net inflow of 13.25 million yuan from retail investors [3] - Mango Super Media experienced a net outflow of 10.05 million yuan from institutional investors, but a net inflow of 4.86 million yuan from retail investors [3]

Market Overview - The digital media sector increased by 1.9% on October 20, with *ST Fanli leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Key stocks in the digital media sector showed varied performance, with *ST Fanli closing at 6.32, up 4.98% on a trading volume of 55,800 shares [1] - Other notable performers included Guomai Culture, which rose by 4.22% to 14.07, and Sanliuwang, which increased by 2.98% to 12.46 [1] Capital Flow - The digital media sector experienced a net inflow of 30.15 million yuan from main funds, while retail funds saw a net inflow of 4.95 million yuan [2] - Notably, speculative funds had a net outflow of 35.09 million yuan [2] Individual Stock Capital Flow - Guomai Culture had a main fund net outflow of 32.02 million yuan, while *ST Fanli saw a net inflow of 14.92 million yuan [3] - Mango Super Media experienced a net inflow of 19.27 million yuan from main funds, despite a net outflow from speculative funds [3]

Market Overview - On October 17, the digital media sector experienced a decline of 3.41%, with Vision China leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Individual Stock Performance - Vision China (000681) closed at 22.29, down 10.01% with a trading volume of 787,500 shares and a transaction value of 1.832 billion [1] - Other notable declines include: - Worth Buying (300785) down 3.99% to 32.71 with a transaction value of 220 million [1] - Mango Super Media (300413) down 3.91% to 29.46 with a transaction value of 431 million [1] - Zhaochuang Information (301299) down 2.86% to 52.71 with a transaction value of 45.5 million [1] Capital Flow Analysis - The digital media sector saw a net outflow of 372 million from main funds, while retail investors contributed a net inflow of 280 million [1] - Specific stock capital flows include: - Vision China had a main fund net outflow of 224 million, with retail inflow of 165 million [2] - Mango Super Media experienced a main fund outflow of 41.4 million, but retail inflow of 46.5 million [2] - Xinhua Net (603888) had a main fund outflow of 24.3 million, with retail inflow of 15.3 million [2]