Core Viewpoint - The stock price of Chuangye Heima has experienced a decline of 6.59% year-to-date, with a recent drop of 2.10% on November 12, 2023, indicating ongoing market challenges for the company [1][2]. Financial Performance - For the period from January to September 2025, Chuangye Heima reported a revenue of 102 million yuan, representing a year-on-year decrease of 35.68%. However, the net profit attributable to shareholders was -24.93 million yuan, showing a year-on-year increase of 42.24% [3]. - Cumulatively, since its A-share listing, the company has distributed a total of 40.0023 million yuan in dividends, with 836,900 yuan distributed over the past three years [4]. Stock Market Activity - As of November 12, 2023, Chuangye Heima's stock price was 29.90 yuan per share, with a market capitalization of 5.005 billion yuan. The trading volume was 58.158 million yuan, with a turnover rate of 1.30% [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 13, 2023, where it recorded a net buy of -134 million yuan [2]. Shareholder Information - As of September 30, 2023, the number of shareholders for Chuangye Heima was 30,100, a decrease of 9.18% from the previous period. The average number of circulating shares per shareholder increased by 10.11% to 4,931 shares [3]. Business Overview - Chuangye Heima, established on November 16, 2011, and listed on August 10, 2017, is based in Beijing and focuses on providing entrepreneurial services and industry acceleration services to innovative and small to medium-sized enterprises. Its main revenue sources include enterprise acceleration services (45.45%), intellectual property services (35.35%), and AI training services (14.95%) [2]. - The company operates within the social services sector, specifically in education and training, and is associated with concepts such as online education, Web3, virtual digital humans, and AI [2].

Core Insights - The article emphasizes the importance of category thinking for entrepreneurs and investors in the consumer industry, which is perceived as a red ocean with low barriers to entry [3][4]. - Establishing a clear understanding of one's category can significantly enhance the efficiency of meeting consumer demands, with reported improvements of over 20% in some cases [11][12]. Group 1: Category Thinking - Entrepreneurs often lack category thinking, focusing instead on identifying consumer pain points without clearly articulating their business purpose [6][7][9]. - A method that clarifies the specific category a business is targeting can lead to substantial improvements in demand matching efficiency [10][11]. Group 2: Strong vs. Weak Categories - The article discusses the critical distinction between strong and weak categories, where strong categories are in high consumer demand and can easily enter shopping lists [14][15]. - Successfully establishing a brand in a strong category increases the likelihood of entrepreneurial success and attracts capital investment [15]. Group 3: Event Announcement - Tian Tu Capital recently became the first Chinese VC to be listed on the Hong Kong Stock Exchange, managing over 20 billion yuan in funds and having invested in over 200 companies [16]. - An upcoming event led by Feng Weidong and Niu Wenwen will focus on brand positioning, securing investment, and managing cash flow, aimed at helping entrepreneurs become leaders in their respective categories [16][18].

Core Viewpoint - The recent acquisition of copyright service provider Banxintong by Chuangye Heima has raised market concerns due to the high proportion of third-party payments in the company's revenue, which were 36.67% and 43.10% over the past two years, leading to regulatory scrutiny [1] Group 1: Company Overview - Banxintong's main business is electronic copyright certification services for software copyrights, characterized by "low unit price, high order volume, and highly dispersed end customers" [1] - The company has integrated third-party payment platforms like WeChat and Alipay to enhance payment convenience, allowing customers to pay via QR codes [1] Group 2: Financial Metrics - The actual proportion of third-party payments, excluding WeChat and Alipay channels, is only 11.25% and 8.21%, with most payments made by agents or end customer representatives [1] - The average transaction amount for non-bank payment institutions in 2023 is 276 yuan, while Banxintong's average order price is approximately 400 yuan, indicating a small payment characteristic [1] Group 3: Regulatory Compliance - To standardize the payment process, the company has closed the WeChat payment channel and opened an Alipay whitelist function in the agent system, requiring agents to pre-declare payment-related accounts for review and authorization [1] Group 4: Transaction Details - The transaction price for the acquisition is 280 million yuan, with Banxintong committing to a cumulative net profit of no less than 90 million yuan from 2025 to 2027 [1]

Group 1 - The article emphasizes the importance of courage and passion for entrepreneurs, suggesting that overthinking can hinder the entrepreneurial spirit [1] - The "Black Horse Mountain and Sea Plan" event is scheduled for November 20-22, 2025, in Huangshan, aiming to enhance entrepreneurial leadership and brand positioning [3][10] - The event will feature discussions on redefining the roles of founders in the context of AI, international expansion, and market penetration [8] Group 2 - Participants will engage in collaborative learning and experience sharing to enhance brand strength and leadership skills [8][9] - The itinerary includes activities such as a welcome dinner, nature exploration, and workshops focused on entrepreneurial leadership and brand positioning [9][10] - The event is priced at 15,800 yuan per person, with an early bird discount of 12,800 yuan [11]

国联民生证券承销保荐有限公司 关于深圳证券交易所 《关于创业黑马科技集团股份有限公司发行股份及 支付现金购买资产并募集配套资金申请的审核问询 函》回复之核查意见 2、本核查意见中若合计数与各分项数值相加之和在尾数上存在差异，均为 四舍五入所致。 2-1 （修订稿） 独立财务顾问 二〇二五年十一月 深圳证券交易所： 贵所于 2025 年 7 月 14 日出具的《关于创业黑马科技集团股份有限公司发行 股份及支付现金购买资产并募集配套资金申请的审核问询函》（审核函〔2025〕 030010 号）（以下简称"问询函"）已收悉，创业黑马科技集团股份有限公司 （以下简称"创业黑马""上市公司"或"公司"）与相关中介机构对问询函所 列问题进行逐项核查和落实，并按照要求在《创业黑马科技集团股份有限公司发 行股份及支付现金购买资产并募集配套资金报告书（草案）》（以下简称"重组 报告书"）中进行了相应的修订和补充披露。国联民生证券承销保荐有限公司（以 下简称"独立财务顾问"）作为本次重组的独立财务顾问，现发表核查意见如下。 说明： 1、除另有说明外，本核查意见中的简称或名词的释义与《创业黑马科技集 团股份有限公司发行股份及支付现 ...

中瑞世联资产评估集团有限公司 关于深圳证券交易所 《关于创业黑马科技集团股份有限公司发行股份及 支付现金购买资产并募集配套资金申请的审核问询 函》之回复 二〇二五年十一月 2、本回复中若合计数与各分项数值相加之和在尾数上存在差异，均为四舍 五入所致。 5-2 问题 3．关于资产评估 申请文件显示：（1）本次交易以收益法评估结果作为定价依据，经收益法 评估，标的资产股东全部权益评估值 2.82 亿元，增值率 481.36%。（2）2024 年标的资产成立苏州子公司后，将部分电子版权认证服务转移由其签约（结算价 格按市场价格的 75%），但实际业务仍由母公司执行。鉴于子公司未来业务规 模取决于母公司业务分配策略，具有较大不确定性。因此在预测母公司未来经营 时，以 2024 年实际收入为基础，通过还原子公司承接业务的折扣影响（将子公 司确认的 75%结算价还原为全额市场价），并采用一定的增长率进行测算。依 据企业五年发展规划，电子版权认证服务业务 2025 年收入预计保持 4%的增长 率，以后年度增长率逐步下降，至 2029 年之后进入稳定期。（3）2024 年，标 的资产软著登记代理及其他业务收入下降 48.53 ...

关于创业足马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金 申请的审核同询品的专项说明 中共华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址:北京市丰台区丽泽路 20号丽泽 SOH0 Ｂ座 20 层 - 邮编:100073 电话:(010) 51423818 传真:(010) 51423816 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 进行 :京25D10C 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP (location) : 北京市丰台区丽泽路 20 号丽泽 S0H0 B 座 20 层 wer B, Lize SOHO, 20 Lize Road, Fengtai District, Beijing PR China 传真(fax):010-51423816 (tel) : 010-51423818 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配 ...

4-1 北京国枫律师事务所 关于创业黑马科技集团股份有限公司 发行股份及支付现金购买资产并募集配套资金的 补充法律意见书之四 国枫律证字[2025]AN077-12号 致:创业黑马科技集团股份有限公司 根据本所与创业黑马签订的《律师服务协议书》,本所接受创业黑马的委托, 担任创业黑马本次重组的特聘专项法律顾问。本所律师已根据相关法律、法规、 规章和规范性文件的规定并按照律师行业公认的业务标准、道德规范和勤勉尽责 精神,就本次重组出具了《北京国枫律师事务所关于创业黑马科技集团股份有限 公司发行股份及支付现金购买资产并募集配套资金的法律意见书》(以下简称《法 律意见书》)、《北京国枫律师事务所关于创业黑马科技集团股份有限公司发行 股份及支付现金购买资产并募集配套资金的补充法律意见书之一》《北京国枫律 师事务所关于创业黑马科技集团股份有限公司发行股份及支付现金购买资产并 募集配套资金的补充法律意见书之二》(以下简称《补充法律意见书二》)、《北 京国枫律师事务所关于创业黑马科技集团股份有限公司发行股份及支付现金购 买资产并募集配套资金的补充法律意见书之三》。 根据深交所于2025年7月14日出具的"审核函〔2025〕 ...

创业黑马科技集团股份有限公司 关于深圳证券交易所 《关于创业黑马科技集团股份有限公司发行股份及 支付现金购买资产并募集配套资金申请的审核问询 函》之回复 （修订稿） 独立财务顾问 二〇二五年十一月 深圳证券交易所： 贵所于 2025 年 7 月 14 日出具的《关于创业黑马科技集团股份有限公司发行 股份及支付现金购买资产并募集配套资金申请的审核问询函》（审核函〔2025〕 030010 号）（以下简称"问询函"）已收悉，创业黑马科技集团股份有限公司 （以下简称"创业黑马""上市公司"或"公司"）与相关中介机构对问询函所 列问题进行逐项核查和落实，并按照要求在《创业黑马科技集团股份有限公司发 行股份及支付现金购买资产并募集配套资金报告书（草案）》（以下简称"重组 报告书"）中进行了相应的修订和补充披露。现回复如下，请予以审核。 问题 1．关于标的资产的持续经营能力 申请文件显示：（1）上市公司本次拟收购北京版信通技术有限公司 100% 股权（以下简称版信通或标的资产）。（2）国家版权局及版权保护中心 2022 年对版权登记制度进行调整，逐步取消版权登记加急政策，登记代理业务量显著 下滑。标的资产将业务重心转向电 ...

Core Insights - The article emphasizes that the best state for entrepreneurs is not the initial excitement of starting a business or the joy of success, but rather a unique "black box state" characterized by a mix of struggle, uncertainty, and occasional glimpses of hope [3][4][5][10]. Group 1: Entrepreneurial State - The "black box state" is described as a phase where entrepreneurs experience a combination of hardship, excitement, and confusion, indicating they are genuinely engaged in the entrepreneurial journey [5][6][12]. - Transitioning from certainty to uncertainty is a hallmark of real entrepreneurship, where the journey is filled with ups and downs rather than a linear path to success [9][14]. - The article suggests that true success is often fleeting, and a sustainable state for entrepreneurs is one of persistent effort amidst uncertainty [15][17]. Group 2: Event Promotion - An upcoming event from November 20 to November 22 is highlighted, where entrepreneurs will engage in discussions about brand positioning, securing investment, and managing cash flow [19][20]. - The event will feature prominent figures such as Niu Wenwen, the founder of Chuangye Heima Group, and Feng Weidong, CEO of Tiantu Investment, who will guide participants in exploring entrepreneurial leadership and brand strategies [22][30]. - The event aims to foster collaboration and resource sharing among entrepreneurs, with a focus on enhancing brand strength and navigating market challenges [28][29].