Market Overview - On September 12, the digital media sector experienced a slight decline of 0.1%, with Mango Excellent Media leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the digital media sector included: - Zhi De Mai (300785) with a closing price of 40.39, up 5.02% [1] - ST Fan Li (600228) with a closing price of 4.92, up 3.80% [1] - Xinhua Net (603888) with a closing price of 20.43, up 1.59% [1] - Conversely, Mango Excellent Media (300413) saw a decline of 2.19%, closing at 29.42 [2] Capital Flow Analysis - The digital media sector saw a net inflow of 27.01 million yuan from institutional investors, while retail investors contributed a net inflow of 72.87 million yuan [2] - However, there was a significant net outflow of 99.87 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks and their capital flow included: - People's Daily (603000) had a net inflow of 39.58 million yuan from institutional investors, but a net outflow of 25.56 million yuan from speculative funds [3] - Xinhua Net (603888) experienced a net inflow of 14.11 million yuan from institutional investors [3] - ST Fan Li (600228) had a net inflow of 13.85 million yuan from institutional investors [3]

Market Performance - On September 11, the digital media sector rose by 1.16%, with "值得买" leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Stock Performance - "值得买" (300785) closed at 38.46, with a gain of 9.45% and a trading volume of 340,600 shares, amounting to a transaction value of 1.3 billion yuan [1] - Other notable stocks included "川网传媒" (300987) with a closing price of 18.90 and a gain of 2.05%, and "新华网" (603888) which closed at 20.11, up 1.46% [1] Capital Flow - The digital media sector saw a net inflow of 23.18 million yuan from institutional investors, while retail investors contributed a net inflow of 104 million yuan [2] - The sector experienced a net outflow of 127 million yuan from speculative funds [2] Individual Stock Capital Flow - "值得买" had a net inflow of 67.56 million yuan from institutional investors, while it faced a net outflow of 58.28 million yuan from speculative funds [3] - "新华网" experienced a net inflow of 9.66 million yuan from institutional investors, but a net outflow of 1.13 million yuan from speculative funds [3]

Core Viewpoint - The recent financial report of Sanliu Wu (300295) indicates a significant decline in revenue and profit, highlighting the company's financial struggles and increased operational costs [1] Financial Performance - Total revenue for the first half of 2025 was 43.17 million yuan, a decrease of 42.2% year-on-year [1] - Net profit attributable to shareholders was -8.23 million yuan, a decline of 220.21% compared to the previous year [1] - In Q2 2025, total revenue was 20.82 million yuan, down 41.26% year-on-year, with a net profit of -6.20 million yuan, a decrease of 2076.64% [1] - The gross profit margin improved to 76.98%, an increase of 7.94% year-on-year, while the net profit margin fell to -19.05%, a decrease of 285.85% [1] Cost Structure - The total of financial, sales, and administrative expenses reached 30.83 million yuan, accounting for 71.41% of total revenue, an increase of 48.37% year-on-year [1] - The company's operating cash flow per share decreased to 0.50 yuan, down 57.73% year-on-year [1] Historical Performance - The company's historical financial performance shows a median ROIC of 5.47% over the past decade, with the worst year being 2024 at -7.36% [2] - The company has reported losses in two out of twelve annual reports since its listing, indicating a fragile business model [2] Liquidity and Debt - The company's cash assets are reported to be healthy, with cash funds amounting to 403 million yuan, a year-on-year increase of 14.63% [1][2] - Interest-bearing liabilities decreased to 349,600 yuan, down 43.18% year-on-year [1]

Company Summary - Sanliu Wu (SZ 300295) announced on August 27 that its sixth second board meeting was held on August 26, 2025, to review the proposal for the absorption and merger of its wholly-owned subsidiary [1] - For the year 2024, the revenue composition of Sanliu Wu is as follows: Internet financial platform service business accounts for 50.83%, while online network marketing services account for 49.17% [1] Industry Summary - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for industry-listed companies [1]

江苏三六五网络股份有限公司 2025 年 1-6 月非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：江苏三六五网络股份有限公司 | | | | | | | | | | | | | 单位：元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占 | | 占用方与上 | 上市公司 | 2025 年初占用 | 2025 年 1-6 月占 | | 2025 年 1-6 | 月 | 2025 年 | 1-6 月 | 2025 年 6 月末 | 占用形 | | | 用 | 资金占用方名称 | 市公司的关 | 核算的会 | 资金余额 | 用累计发生金额 | | 占用资金的 | | 偿还累计发生 | | 占用资金余额 | 成原因 | 占用性质 | | | | 联关系 | 计科目 | | (不含利息) | | 利息(如有) | | 金额 | | | | | | 控股股东、实际 | | | | | | | | | | | | | | | 控制人及其附属 | | | | | | ...

证券代码：300295 证券简称：三六五网 公告编号：2025-023 江苏三六五网络股份有限公司 第六届董事会第二次会议决议公告 公司董事会经审议同意将全资子公司南京极舍网络科技有限公司并入本公 司；并审议通过了本次合并相关的《合并协议》； 《关于吸收合并全资子公司的议案》具体内容详见中国证监会指定的创业板 信息披露网站。 一、审议通过了公司《2025 年半年度报告》全文和摘要 经审议，董事会认为：公司《2025 年半年度报告全文》及《2025 年半年度 报告摘要》的内容真实、准确、完整的反映了公司 2025 年 1-6 月公司经营的实 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 年半年度报告全文》及《2025 年半年度报告摘要》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 票赞成，0 票弃权，0 票反对。同意票占本次董事会有效表决 权票数的 100%，表决通过。 二、审议通过了公司《关于吸收合并全资子公司的议案》 因公司管理需要，公司拟吸收合并全资子公司南京极舍网络科技有限公司； 本公司及董事会全 ...

江苏三六五网络股份有限公司 关于吸收合并全资子公司的公告 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。 一、本期吸收合并基本情况 证券代码：300295 证券简称：三六五网 公告编号：2025-026 为更好地整合公司资源，降低管理成本，江苏三六五网络股份有限公司（以 下简称：公司）于2025年8月26日召开的第六届董事会第二次会议审议通过了《关 于吸收合并全资子公司的议案》，拟以公司为主体吸收合并全资子公司南京极舍 网络科技有限公司（以下简称：南京极舍）；本次吸收合并完成后，南京极舍的 独立法人资格将依法注销，二者的全部业务、资产、债权债务、人员及其他一切 权利和义务由公司依法承继，公司将作为经营主体对吸收的资产和业务进行管理。 一般项目：软件开发；软件销售；信息技术咨询服务；数据处理和存储支持 服务；互联网数据服务；房地产经纪；房地产咨询；广告制作；广告发布；广告 设计、代理；业务培训（不含教育培训、职业技能培训等需取得许可的培训）； 社会经济咨询服务；会议及展览服务；建筑材料销售；电子产品销售（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动） ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥43,168,553.99, a decrease of 42.20% compared to ¥74,682,888.07 in the same period last year[18]. - The net profit attributable to shareholders was a loss of ¥8,226,488.47, representing a decline of 220.21% from a profit of ¥6,843,227.84 in the previous year[18]. - The net cash flow from operating activities decreased by 58.00%, amounting to ¥95,474,102.95 compared to ¥227,305,667.92 in the same period last year[18]. - The basic earnings per share were -¥0.04, a drop of 200.00% from ¥0.04 in the previous year[18]. - The company reported a significant increase in non-recurring losses, with a net loss of ¥13,890,343.93 after excluding non-recurring gains and losses, a decline of 418.97% from ¥4,354,772.29 in the previous year[18]. - The company's revenue for the reporting period was $43.17 million, a decrease of 42.20% compared to the same period last year, primarily due to the stabilization of the real estate market and a decline in revenue from real estate network marketing services[41]. - Operating costs decreased by 53.61% to $9.94 million, reflecting the drop in revenue and the absence of certain external service fees included in the previous year's costs[41]. - Research and development expenses were $7.49 million, down 12.37% year-over-year, indicating a focus on cost control amid declining revenues[41]. - The company reported a net increase in cash and cash equivalents of $287.28 million, up 30.15% from the previous year, attributed to the recovery of financial assets[41]. - The company experienced a 58.42% increase in credit impairment losses, primarily due to higher provisions for loan losses during the reporting period[46]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,187,683,729.11, down 2.00% from ¥1,211,940,556.09 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 0.73%, totaling ¥1,123,660,284.39 compared to ¥1,131,886,772.86 at the end of the previous year[18]. - The company's total assets included cash and cash equivalents amounting to $402.76 million, representing 33.91% of total assets, a significant increase from 24.38% in the previous year[48]. - Total liabilities decreased from ¥80,050,984.15 to ¥64,019,564.79, a reduction of approximately 20.0%[111]. - Current liabilities decreased from ¥79,237,216.92 to ¥63,393,449.34, a decline of about 20.0%[111]. - Total current assets decreased to ¥964,656,469.46 from ¥988,594,966.96, showing a reduction of approximately 2.4%[109]. Business Strategy and Market Conditions - The company plans not to distribute cash dividends or issue bonus shares[4]. - The company faces risks related to the continued downturn in the real estate market and performance below expectations[3]. - The company plans to expand its "365 Tao House" business by integrating online and offline channels in Hefei, aiming for efficient conversion and revenue growth[32]. - The "365 Financial Services" business is exploring new products, particularly in non-performing asset disposal, to enhance revenue streams[33]. - The company is actively seeking investment and acquisition opportunities outside the real estate sector to explore new growth directions[35]. - The company aims to enhance its risk control measures in the financial services sector, focusing on stricter loan approval and management processes[34]. - The real estate market is expected to stabilize, but the recovery process may be volatile and requires continued policy support from central and local governments[27]. - The company has a strong competitive advantage due to its extensive platform and customer resources, as well as its deep understanding of the real estate market and internet operations[36]. Shareholder Information - The total number of shares before the change was 189,613,714, with a total of 100% ownership[97]. - The number of restricted shares was 22,087,800, representing 11.65% of total shares[96]. - The number of unrestricted shares was 167,525,888, accounting for 88.35% of total shares[96]. - The largest shareholder, Hu Guanghui, holds 15.15% of shares, totaling 28,727,950[98]. - The second-largest shareholder, Jiang Ning, holds 1.96% of shares, totaling 3,714,858[98]. - The third-largest shareholder, Wang Ping, holds 1.72% of shares, totaling 3,270,400[98]. - The fourth-largest shareholder, Jiang Zaigui, holds 0.75% of shares, totaling 1,420,000[98]. - There were no changes in the number of shares held by major shareholders during the reporting period[98]. - The company did not report any share buyback progress or other significant share changes[97]. - The total number of shareholders at the end of the reporting period was 22,529[98]. Compliance and Governance - The company maintains a strong compliance culture and has not faced any major legal violations during the reporting period[68]. - There were no significant changes in major shareholders or related party transactions during the reporting period[71][72]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[66]. - The company has assessed its ability to continue as a going concern for the next 12 months and found no issues affecting this capability[150]. - The accounting policies comply with the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[152]. Future Outlook - The company plans to expand its market presence through new product launches and technological advancements[130]. - The user base has grown significantly, with a reported increase of 1.1 million new users in the last quarter[130]. - The company has set a performance guidance for the next quarter, expecting a revenue growth of approximately 5%[130]. - The company is exploring potential mergers and acquisitions to enhance its market position and product offerings[130]. - The company plans to cancel 1,211,000 shares repurchased in 2021, reducing registered capital to 189.6137 million RMB[143].

Market Performance - On August 25, the digital media sector rose by 2.31%, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 36.92, up 6.31% with a trading volume of 265,600 shares and a turnover of 964 million yuan [1] - "Mango Super Media" (300413) closed at 27.09, up 6.11% with a trading volume of 583,500 shares and a turnover of 1.523 billion yuan [1] - "Na Yue Technology" (603533) closed at 22.46, up 5.05% with a trading volume of 307,500 shares and a turnover of 676 million yuan [1] - "Visual China" (000681) closed at 22.24, up 1.46% with a trading volume of 506,200 shares and a turnover of 1.126 billion yuan [1] Capital Flow Analysis - The digital media sector saw a net inflow of 84.871 million yuan from institutional investors, while retail investors experienced a net outflow of 21.647 million yuan [2] - "Mango Super Media" had a net inflow of 13.8 million yuan from institutional investors, but retail investors withdrew 80.882 million yuan [3] - "Visual China" experienced a net outflow of 1.4743 million yuan from institutional investors, while retail investors had a net inflow of 3.2268 million yuan [3]

Market Overview - On August 21, the digital media sector experienced a slight decline of 0.06%, with Chuanwang Media leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable stock performances in the digital media sector included: - Xinhua Net (603888) closed at 20.30, up 1.05% with a trading volume of 132,300 shares and a turnover of 268 million yuan - Shining Star (002095) closed at 22.46, up 0.85% with a trading volume of 230,300 shares and a turnover of 521 million yuan - People's Daily (603000) closed at 21.74, up 0.74% with a trading volume of 187,900 shares and a turnover of 407 million yuan - Chuanwang Media (300987) closed at 19.49, down 1.22% with a trading volume of 78,100 shares and a turnover of 154 million yuan [1][2] Capital Flow - The digital media sector saw a net outflow of 120 million yuan from institutional investors, while retail investors contributed a net inflow of 113 million yuan [2] - The capital flow for specific stocks included: - People's Daily (603000) had a net inflow of 19.66 million yuan from institutional investors, while retail investors had a net outflow of 10.59 million yuan [3] - Xinhua Net (603888) experienced a net inflow of 16.98 million yuan from institutional investors, with a net outflow of 4.36 million yuan from retail investors [3] - Chuanwang Media (300987) had a net outflow of 18.30 million yuan from institutional investors, while retail investors had a net inflow of 9.26 million yuan [3]