Group 1 - The company, Xinmei Co., Ltd. (stock code: 300770), reported that as of September 10, 2025, the total number of shareholders is 25,364 [1]

Market Overview - The television broadcasting sector increased by 1.61% compared to the previous trading day, with Jishi Media leading the gains [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] Individual Stock Performance - Jishi Media (601929) closed at 6.11, up 5.89%, with a trading volume of 6.35 million shares and a turnover of 3.8 billion yuan [1] - Gehua Cable (600037) closed at 8.51, up 2.78%, with a trading volume of 266,600 shares and a turnover of 226 million yuan [1] - Tianwei Video (002238) closed at 8.58, up 1.18%, with a trading volume of 60,700 shares and a turnover of 51.89 million yuan [1] - Hubei Broadcasting (000665) closed at 6.13, up 0.82%, with a trading volume of 255,400 shares and a turnover of 156 million yuan [1] - Other notable stocks include Dongfang Mingzhu (600637) and Jiangsu Cable (600959), which saw minor increases of 0.35% and 0.26% respectively [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 24.26 million yuan from institutional investors, while retail investors saw a net inflow of 21.2 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Detailed Capital Flow for Selected Stocks - Hubei Broadcasting (000665) had a net inflow of 25.62 million yuan from institutional investors, while retail investors had a net outflow of 11.75 million yuan [3] - Jishi Media (601929) saw a net inflow of 21.80 million yuan from retail investors, despite a significant outflow of 169 million yuan from institutional investors [3] - Guangxi Broadcasting (600936) had a net inflow of 8.35 million yuan from institutional investors, while retail investors experienced a net outflow of 8.37 million yuan [3]

Market Overview - The television broadcasting sector increased by 0.35% compared to the previous trading day, with Oriental Pearl leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up by 1.65%, while the Shenzhen Component Index closed at 12979.89, up by 3.36% [1] Individual Stock Performance - Oriental Pearl (600637) closed at 69.8, rising by 1.88% with a trading volume of 837,900 shares and a transaction value of 717 million yuan [1] - Other notable stocks include: - Haoliang Co. (301262) at 25.63, up by 1.10% [1] - Guiguang Network (600996) at 8.28, up by 0.61% [1] - Tianwei Video (002238) at 8.48, up by 0.59% [1] - Wireless Media (301551) at 49.00, up by 0.51% [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 164 million yuan from institutional investors and 122 million yuan from speculative funds, while retail investors saw a net inflow of 286 million yuan [2] - The capital flow for individual stocks shows: - Oriental Pearl had a net inflow of 43.39 million yuan from institutional investors, but a net outflow of 25.59 million yuan from speculative funds [3] - New Media Co. (300770) had a net inflow of 1.88 million yuan from institutional investors, with a significant outflow from speculative funds [3] - ST Guangwang (600831) faced a net outflow of 6.43 million yuan from institutional investors [3]

Market Overview - The television broadcasting sector increased by 0.17% compared to the previous trading day, with Xinmei Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Xinmei Co., Ltd. (300770) closed at 47.40, up 2.60% with a trading volume of 103,200 shares and a transaction value of 488 million yuan [1] - Jiangsu Cable (600959) closed at 3.78, up 2.44% with a trading volume of 773,500 shares [1] - Hubei Broadcasting (000665) closed at 6.07, up 2.19% with a trading volume of 330,400 shares [1] - Other notable performers include Tianwei Video (002238) up 1.57% and Huashu Media (000156) up 1.49% [1] Capital Flow - The television broadcasting sector experienced a net outflow of 199 million yuan from institutional investors, while retail investors saw a net inflow of approximately 39.99 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Xinmei Co., Ltd. saw a net inflow of 21.53 million yuan from institutional investors, but a net outflow of 20.27 million yuan from retail investors [3] - Hubei Broadcasting had a net inflow of 15.92 million yuan from institutional investors, with retail investors also showing a net outflow [3] - Electric Broadcasting (000917) recorded a net inflow of 15.41 million yuan from institutional investors, while retail investors had a significant outflow [3]

证券代码：300770 证券简称：新媒股份 公告编号：2025-038 广东南方新媒体股份有限公司 关于特定股东减持计划实施完毕的公告 股东横琴红土融耀创业投资合伙企业（有限合伙）保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1. 广东南方新媒体股份有限公司（以下简称"公司"）于 2025 年 7 月 28 日 披露了《关于特定股东股份减持计划的预披露公告》（公告编号：2025-026）。公 司股东横琴红土融耀创业投资合伙企业（有限合伙）（以下简称"横琴红土"）计 划自减持计划公告之日起 15 个交易日后的 3 个月内（自 2025 年 8 月 18 日至 11 月 17 日）通过集中竞价方式或大宗交易方式减持公司股份，减持数量合计不超 过6,843,437股（根据公司注销回购专用账户股份后的总股本227,838,591股计算， 对应减持股份数量调整为不超过 6,835,157 股），不超过上述公告披露时公司总股 本 229,130,909 股的 2.99%，不超过公司注销回购专用账户股份后的 ...

Group 1 - The core viewpoint of the report is that Wanlian Securities has given a "buy" rating for Xinmei Co., Ltd. (300770.SZ) based on several positive factors [1] - Revenue is steadily growing, supported by the continuation of tax incentives, which positively impacts the net profit attributable to the parent company [1] - The IPTV business is experiencing continuous growth in effective users, with various online activities significantly boosting the scale of value-added services [1] - The content copyright business is focused on diversification, with ongoing construction of the media asset library [1] - The internet television business is enhancing the functionality of cloud viewing products and rapidly advancing smart terminal operations [1]

Market Overview - The television broadcasting sector experienced a decline of 0.35% on the previous trading day, with Oriental Pearl leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Jiushi Media (601929) saw a significant increase in its closing price, rising by 9.94% to 5.53 [1] - Hubei Broadcasting (000665) increased by 2.42% to 6.36, while Wireless Media (301551) rose by 1.64% to 50.16 [1] - Conversely, Oriental Pearl (600637) fell by 3.17% to 8.55, and other notable declines included Tianwei Video (002238) down 2.49% and Jiangsu Cable (656009) down 2.49% [2] Trading Volume and Capital Flow - The television broadcasting sector saw a net inflow of 623 million yuan from institutional investors, while retail investors experienced a net outflow of 311 million yuan [2][3] - Jiushi Media had a net inflow of 674 million yuan from institutional investors, representing 18.02% of its trading volume [3] - Hubei Broadcasting had a net inflow of 47.25 million yuan, accounting for 7.87% of its trading volume [3]

Core Viewpoint - The company announced the cancellation of 1,292,318 shares, which represents 0.5640% of the total shares before cancellation [1] Summary by Relevant Sections - **Share Repurchase and Cancellation** - The total number of shares canceled is 1,292,318 [1] - The actual amount spent on the repurchase and cancellation is 50,016,405.48 yuan [1] - Following the cancellation, the total share capital of the company decreased from 229,130,909 shares to 227,838,591 shares [1]

关于回购股份注销完成暨股份变动的公告 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。 特别提示： 证券代码：300770 证券简称：新媒股份 公告编号：2025-037 广东南方新媒体股份有限公司 1. 广东南方新媒体股份有限公司（以下简称"公司"）本次注销的回购股 份数量为 1,292,318 股，占注销前公司总股本的 0.5640%，本次实际回购注销金 额 50,016,405.48 元。本次注销完成后，公司总股本由 229,130,909 股变更为 227,838,591 股。 2. 经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销日期为 2025 年 9 月 1 日。 公司于 2024 年 8 月 6 日召开第三届董事会第十七次会议、第三届监事会第 十一次会议，并于 2024 年 8 月 23 日召开 2024 年第一次临时股东大会，审议通 过了《关于回购公司股份方案的议案》，公司拟使用自有资金以集中竞价方式回 购公司股份，本次回购的股份将用于减少公司注册资本。截至 2025 年 8 月 22 日，公司累计通过股票回购专用证券账 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20][21] Core Views - The company demonstrated stable business performance with a revenue growth of 11% in the second quarter, driven by internet audio-visual and content copyright businesses [1][8] - The introduction of the "Broadcasting 21 Regulations" is expected to enhance the supply of quality content in the industry, benefiting the company's IPTV, internet audio-visual, and content copyright businesses [3][19] - The company is actively expanding into new areas such as micro-short dramas and AI technologies, maintaining a positive long-term outlook [20] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 820 million yuan, a year-on-year increase of 5.9%, with a net profit of 350 million yuan, up 25.2% [1][8] - In the second quarter alone, revenue reached 410 million yuan, reflecting a year-on-year growth of 10.7%, while the net profit increased by 43.9% to 190 million yuan [1][8] - The company's IPTV basic business saw a revenue of 410 million yuan in the first half of 2025, a slight decline of 1.08%, but the gross margin improved by 0.6 percentage points to 52.4% [2][18] - Internet audio-visual business revenue was 340 million yuan, up 12.8%, with significant growth in Guangdong IPTV value-added and internet TV services [2][18] - Content copyright business revenue increased by 24.1% to 84 million yuan [2][18] Future Earnings Forecast - The company is expected to maintain steady growth in net profit, with projections of 710 million, 750 million, and 780 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 8%, 5%, and 4% [20][22] - The diluted EPS is forecasted to be 3.11, 3.27, and 3.39 yuan for the years 2025, 2026, and 2027 [20][22] - The current stock price corresponds to a PE ratio of 15, 14, and 14 for the years 2025, 2026, and 2027 [20][22]