证券代码：300688 证券简称：创业黑马 公告编号：2025-052 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。 重要内容提示： 创业黑马科技集团股份有限公司 2025 年第三季度报告 创业黑马科技集团股份有限公司 2025 年第三季度报告 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 ☑否 1 创业黑马科技集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 ☑否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 31,617,723.60 | -45.42 ...

Core Viewpoint - The article emphasizes the challenges faced by entrepreneurs, particularly during crises, and highlights the importance of direct involvement from founders in business operations to ensure profitability and survival [7][8]. Group 1: Entrepreneurial Challenges - The departure of a management team can lead to existential doubts for founders, a common experience in the startup journey [3][6]. - Notable entrepreneurs like Lei Jun and Zhou Hongyi acknowledge that team fragmentation is a typical occurrence around the two to three-year mark of a startup [6]. Group 2: Solutions for Entrepreneurs - The article advocates for a lean management structure, suggesting that reducing middle management layers can enhance operational efficiency and profitability [8]. - A new initiative called "特色创业出行" is introduced, where mentors guide entrepreneurs in a collaborative environment to address key business challenges such as brand positioning and cash flow management [8][11]. Group 3: Event Details - An upcoming event in Huangshan, Anhui, from November 20 to 22, aims to foster discussions on entrepreneurial leadership and brand positioning, featuring prominent figures like Niu Wenwen and Feng Weidong [11][19]. - The event includes various activities designed to enhance networking and learning among entrepreneurs, such as group discussions and workshops [20][22]. Group 4: Pricing and Registration - The standard price for the event is set at 15,800 yuan per person, with an early bird discount bringing it down to 12,800 yuan [24].

Core Insights - The article emphasizes the importance of entrepreneurship and the inevitability of failure, encouraging individuals to take risks and learn from their experiences [1] Group 1: Event Overview - The "Black Horse Mountain and Sea Plan" event will take place from November 20 to 22, 2025, in Huangshan, Anhui, led by Feng Weidong and Niu Wenwen, focusing on brand positioning and financial management [4][10] - Participants will engage in discussions about entrepreneurial leadership and brand positioning methodologies, aiming to enhance brand strength [10][12] Group 2: Key Speakers - Niu Wenwen, founder and chairman of Chuangye Heima, has a background in founding China's first listed company in the innovation and entrepreneurship service sector [6] - Feng Weidong, founder and CEO of Tiantu Investment, has over 20 years of investment experience, managing funds exceeding 200 billion and investing in over 200 companies [9] Group 3: Event Activities - The itinerary includes activities such as a welcome dinner, nature exploration, and discussions on entrepreneurial leadership and brand positioning [11][12] - Participants will have opportunities for group work and feedback sessions with mentors, fostering collaboration and resource sharing among entrepreneurs [10][12]

Core Insights - On October 17, 2025, Chuangye Heima executed a block trade of 1,087,000 shares, amounting to a transaction value of 30.0121 million yuan, which represented 10.82% of the total trading volume for that day. The transaction price was 27.61 yuan, remaining stable compared to the market closing price of 27.61 yuan [1]. Summary by Categories Trading Activity - The block trade involved a total of 1,087,000 shares at a price of 27.61 yuan per share, resulting in a total transaction value of 30.0121 million yuan [1]. - The trade accounted for 10.82% of the total trading volume on that day [1]. Buyer and Seller Information - The buyer was Chuang Securities Co., Ltd., specifically the Deyang Taishan South Road Securities Business Department, with a transaction amount of 14.82665 million yuan for 53.70 million shares [2]. - The seller was Founder Securities Co., Ltd., from the Chengdu Fuqin West Road Securities Business Department [2]. - Another transaction on the same day involved 55,000 shares at the same price, with Huachuang Securities Co., Ltd. as the buyer and Huatai Securities Co., Ltd. as the seller [2].

Market Overview - On October 17, the education sector declined by 2.68%, with Chuangye Heima 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 - ST Dongshi (603377) closed at 3.52, up 1.15% with a trading volume of 144,200 shares and a turnover of 50.35 million yuan [1] - China High-Tech (600730) closed at 9.00, up 1.01% with a trading volume of 286,600 shares and a turnover of 257 million yuan [1] - Other notable declines include Chuangye Heima (300688) down 6.53% to 27.61, and Kede Education (300192) down 5.26% to 17.10 [2] Capital Flow Analysis - The education sector experienced a net outflow of 284 million yuan from institutional investors, while retail investors saw a net inflow of 254 million yuan [2] - The main capital inflow and outflow for selected stocks indicate varying investor sentiment, with ST Guohua (600636) seeing a significant net outflow of 490,420 yuan from institutional investors [3] Summary of Key Stocks - ST Dongshi (603377) had a net outflow of 755,840 yuan from institutional investors, while retail investors contributed a net inflow of 368,000 yuan [3] - ST Ka Yuan (300338) and All-in-One Education (300359) also showed negative net inflows from institutional investors, indicating a cautious outlook among larger investors [3]

Core Insights - The article emphasizes the importance of understanding different revenue models in business, categorizing them into five types: entry fees, toll fees, parking fees, fuel fees, and sharing fees, which collectively explain the concept of profit as income exceeding expenses [1] Group 1: Event Overview - The "Black Horse Mountain and Sea Plan" event will take place from November 20 to 22, 2025, in Huangshan, featuring discussions on brand positioning, securing investment, and managing cash flow [2][4] - The event aims to enhance entrepreneurial leadership and brand positioning through collaborative learning and experience sharing among participants [8][13] Group 2: Key Speakers and Their Backgrounds - The event will be led by prominent figures such as Niu Wenwen, Chairman of Chuangye Heima, and Feng Weidong, CEO of Tiantu Investment, both of whom have extensive experience in entrepreneurship and investment [5][7] - Feng Weidong has over 20 years of investment experience, managing funds exceeding 200 billion and investing in over 200 companies [7] Group 3: Event Schedule Highlights - The schedule includes activities such as a welcome dinner, nature exploration, and discussions on entrepreneurial leadership and brand positioning [10][11] - Participants will engage in group assignments and receive feedback from mentors, fostering a collaborative learning environment [11]

Core Insights - TianTu Capital has become the first Chinese VC to be listed on the Hong Kong Stock Exchange as of October 6, 2023, with a fund size exceeding 20 billion yuan and investments in over 200 companies [3][4]. - Feng Weidong, the founder and CEO of TianTu Capital, is recognized for providing not only capital support but also practical business guidance to entrepreneurs [3][5]. - The focus of TianTu Capital is on creating customer value through brand development, emphasizing the importance of brand positioning and operational efficiency [8][9]. Investment Strategy - Feng Weidong emphasizes that "windfall" trends are often fleeting, and the true determinants of a company's fate lie in the underlying logic of competition [6][7]. - The primary purpose of a business is to create customers, and customer concerns are centered around brand perception [8]. - TianTu Capital seeks founders who can innovate around new demands, leverage new media channels, and utilize technological advancements to create new product categories [9]. Entrepreneurial Support - Feng Weidong has led the "Feng Weidong Brand Entrepreneurship Laboratory," which has empowered 274 companies since 2015, with direct investments exceeding 300 million yuan [3][10]. - The laboratory has conducted 15 sessions, focusing on enhancing brand positioning and operational strategies for entrepreneurs [3][10]. Upcoming Events - An event led by Feng Weidong and Niu Wenwen will take place from November 20 to November 22, 2025, in Huangshan, aimed at discussing brand positioning, securing investment, and managing cash flow [10][12]. - The event will include workshops on entrepreneurial leadership and brand positioning, providing a platform for entrepreneurs to share experiences and insights [19][20].

Core Insights - Amazon's report on global e-commerce trends highlights emerging consumer demands and market opportunities driven by technology and emotional needs [1][2]. Group 1: AI-Driven Consumer Trends - Trend 1: AI Quality Space emphasizes the transformation of homes into emotionally interactive environments, with over 65% of consumers in Europe and the US willing to spend more on smart home products [3][4]. - Trend 2: The Sleep Economy is gaining traction, with 37% of American adults reporting decreased sleep quality in 2023, leading to increased demand for sleep-enhancing products and services [8][10][11]. - Trend 3: Happiness in the Workplace focuses on ergonomic office designs that enhance comfort and productivity, reflecting a shift in consumer expectations for workspaces [13][14]. Group 2: Lifestyle and Experience Trends - Trend 4: Technology's Subtle Integration highlights consumer preference for seamless tech experiences that enhance quality of life without being intrusive [15]. - Trend 5: The Pet Economy is projected to grow by 45% over the next six years, with 55% of pet owners in developed markets willing to invest more in pet health and wellness [16][17][19]. - Trend 6: Outdoor Cooking reflects a growing interest in camping and outdoor culinary experiences, creating demand for specialized outdoor cooking equipment [20][21][22]. Group 3: Emerging Consumer Demographics - Trend 7: The Mobile Treasure Chest concept illustrates the evolving role of vehicles as multifunctional spaces, enhancing comfort and utility for consumers [23][27]. - Trend 8: Generation Z is characterized by value-driven consumption, emphasizing sustainability, personalization, and emotional engagement [28][29][30]. - Trend 9: The Fitness Vanguard focuses on the increasing demand for personalized and efficient fitness solutions, supported by technological advancements [31][34]. Group 4: Gaming and Esports - Trend 10: The Esports Geek phenomenon highlights rapid growth in esports markets, particularly in emerging regions, driven by demand for high-performance gaming equipment and immersive experiences [35][36][38]. - The report identifies three key drivers of these trends: accelerated technology, emotional shifts, and evolving lifestyles, reflecting the complex needs of contemporary consumers [39][40].

Core Points - The education sector experienced a decline of 0.95% on October 13, with Chuangye Heima leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Fund Flow Analysis - On the same day, the education sector saw a net outflow of 126 million yuan from major funds, while retail investors contributed a net inflow of 116 million yuan [2] - The table below summarizes the fund flow for key education stocks: | Code | Name | Major Net Inflow (Yuan) | Major Net Ratio | Speculative Net Inflow (Yuan) | Speculative Net Ratio | Retail Net Inflow (Yuan) | Retail Net Ratio | |------|---------------|-------------------------|------------------|-------------------------------|-----------------------|--------------------------|-------------------| | 002607 | Zhonggong Education | 16.99 million | 4.10% | -9.37 million | -2.26% | -7.62 million | -1.84% | | 600730 | China High-Tech | 15.77 million | 7.16% | -8.27 million | -3.75% | -7.51 million | -3.41% | | 603377 | ST Dongshi | 1.92 million | 2.73% | -2.58 million | -3.65% | 0.66 million | 0.93% | | 600636 | *ST Guohua | 1.72 million | 8.80% | -2.02 million | -10.34% | 0.30 million | 1.54% | | 003032 | *ST ChuanZhi | -0.48 million | -2.37% | 1.41 million | 6.90% | -0.92 million | -4.53% | | 6560008 | Quantu Education | -1.48 million | -3.14% | -1.03 million | -2.18% | 2.51 million | 5.32% | | 300338 | ST Kaiyuan | -3.46 million | -17.75% | 1.77 million | 9.07% | 1.69 million | 8.68% | | 600661 | Angli Education | -3.70 million | -8.87% | 4.03 million | 9.67% | -0.33 million | -0.80% | | 000526 | Xueda Education | -6.63 million | -5.56% | 7.83 million | 6.56% | -1.19 million | -1.00% | | 002659 | Kaiwen Education | -7.20 million | -4.93% | -0.67 million | -0.46% | 7.87 million | -5.38% | [2]

Core Viewpoint - The article discusses the rise of "bankruptcy" narratives in social media, particularly focusing on the experiences of individuals who have transitioned from wealth to financial struggle, highlighting the emotional and psychological aspects of their journeys rather than just material loss [4][7][30]. Group 1: The Rise of Bankruptcy Narratives - The story of "负家千金" (the "bankrupt heiress") exemplifies the trend of individuals sharing their bankruptcy experiences on social media, which has garnered significant attention and engagement [4][7]. - The concept of "bankruptcy" has evolved from being a narrative of true financial loss to a broader phenomenon where various demographics, including students and middle-class families, share their struggles, creating a new form of content that resonates with audiences [7][12]. - The article notes that the appeal of these narratives lies not in the material possessions lost but in the emotional resilience and personal growth exhibited by these individuals [18][21]. Group 2: Different Types of Bankruptcy Influencers - There are three main categories of bankruptcy influencers: true wealthy individuals who have fallen from grace, students facing financial difficulties, and middle-class families dealing with job losses [15][17]. - True wealthy influencers often share insights on luxury goods and their value retention, while student influencers focus on survival strategies and seeking advice from their audience [12][17]. - Middle-class influencers typically discuss family dynamics and coping strategies during financial hardships, emphasizing the emotional aspects of their experiences [17][24]. Group 3: Content Creation and Audience Engagement - The article highlights that successful bankruptcy influencers must engage their audience through relatable content that reflects their emotional journeys, rather than just focusing on material loss [18][23]. - The trend of "exposing" personal struggles, including financial and emotional challenges, has become a popular content strategy, attracting significant viewer interest [21][30]. - Influencers are encouraged to adopt a more interactive approach, allowing their audience to participate in their narratives, which enhances engagement and fosters a sense of community [23][24]. Group 4: Shift from Wealth Display to Bankruptcy Narratives - The shift from showcasing wealth to sharing bankruptcy stories reflects changing societal values, where audiences are increasingly drawn to authenticity and vulnerability [26][28]. - The article notes that as economic conditions change, the appeal of luxury lifestyles diminishes, leading to a rise in content that resonates with everyday struggles [26][30]. - The emergence of bankruptcy influencers is seen as a response to the challenges of maintaining a glamorous online persona in a more scrutinized and critical social media environment [28][29].