Financial Performance - Q3 2025 revenue was ¥7,538,318.48, a decrease of 95.96% year-over-year, while year-to-date revenue was ¥198,152,440.26, down 47.95% compared to the same period last year[5] - The net profit attributable to shareholders was a loss of ¥4,822,653.69 for Q3 2025, representing a decline of 370.91%, and a year-to-date loss of ¥8,636,720.90, down 60.81% year-over-year[5] - The basic and diluted earnings per share for Q3 2025 were both -¥0.03, a decrease of 422.58% compared to the same period last year[5] - Total operating revenue for the current period was $198,152,440.26, a decrease of 47.9% compared to $380,713,406.02 in the previous period[20] - Net profit for the current period was $9,100,975.50, a decline of 61.6% from $23,728,946.40 in the previous period[20] - Total comprehensive income for the current period was 9,102,162.10, compared to 23,728,946.40 in the previous period, reflecting a decrease of about 61.7%[21] - Basic earnings per share were 0.05 for the current period, down from 0.12 in the previous period, representing a reduction of 58.3%[21] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was -¥23,450,881.41, a decline of 202.73% year-over-year, primarily due to reduced sales collections[9] - The company's cash and cash equivalents increased by 39.85% to ¥752,094,243.77 compared to the end of 2024, due to changes in cash management[9] - Total current assets decreased to $3,221,068,301.60 from $3,394,320,162.16, reflecting a reduction of 5.1%[18] - Total non-current assets decreased to $248,325,115.44 from $275,988,121.52, a decline of 10.1%[18] - Total assets decreased to $3,469,393,417.04 from $3,670,308,283.68, representing a decrease of 5.5%[19] - Cash and cash equivalents at the end of the period were 746,776,149.42, an increase from 364,702,955.81 in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period was 13,983[11] - The top shareholder, Sha Xiaolan, holds 42.13% of shares, totaling 80,440,919 shares[11] - The company holds 2,480,620 shares in its repurchase account, accounting for 1.30% of total shares[11] - The top ten shareholders do not participate in the securities lending business[11] - The company has not disclosed any related party transactions among shareholders[11] Corporate Actions - The company plans to use up to RMB 15 billion of idle raised funds for cash management, effective for 12 months from the approval date[12] - The company will use its own funds to pay part of the project costs and replace them with raised funds, ensuring no impact on project progress[13] - The company will cancel repurchased shares, reducing total share capital from 190,931,343 shares to 188,450,723 shares[13] - The company revised its articles of association, eliminating the supervisory board and transferring its powers to the audit committee of the board[14] - Zheng Junjie was elected as the employee representative director for the fourth board term[15] Operating Costs - The company reported a significant reduction in operating costs, with costs down 41.63% to ¥153,821,072.91 year-to-date[9] - Total operating costs amounted to $226,706,481.88, down 33.0% from $338,669,162.85 in the prior period[20] - Research and development expenses for the current period were $23,502,283.58, down 17.8% from $28,565,233.51 in the previous period[20] Investment Activities - The net cash flow from investing activities was ¥293,273,060.96, a significant increase of 210.66% year-over-year, attributed to cash recovery from management[9] - Cash inflow from investment activities was 5,899,729,719.35, up from 4,504,617,371.73 in the previous period, indicating an increase of approximately 30.9%[24] - Cash outflow from investment activities was 5,606,456,658.39, compared to 4,769,642,918.12 in the previous period, showing an increase of about 17.5%[24] Liabilities and Equity - Total liabilities decreased to $300,680,083.21 from $462,655,901.29, a reduction of 35.0%[18] - Total equity attributable to shareholders decreased to $3,148,209,974.31 from $3,185,225,277.47, a decline of 1.2%[18] Audit Status - The third quarter financial report was not audited[25]

Market Overview - The primary economic sector increased by 0.25% compared to the previous trading day, with *ST Yazhen leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - The top-performing stocks in the primary economic sector included: - *ST Yazhen: Closed at 48.25, up 3.70% with a trading volume of 45,900 shares and a turnover of 218 million yuan [1] - Shanghai Phoenix: Closed at 13.53, up 3.28% with a trading volume of 202,500 shares and a turnover of 275 million yuan [1] - Remote Technology: Closed at 6.94, up 3.12% with a trading volume of 805,000 shares and a turnover of 557 million yuan [1] Capital Flow - The primary economic sector experienced a net outflow of 87.83 million yuan from institutional investors, while retail investors saw a net inflow of 67.43 million yuan [2] - The capital flow for individual stocks showed: - Remote Technology had a net inflow of 38.64 million yuan from institutional investors, but a net outflow of 56.11 million yuan from retail investors [3] - Shanghai Phoenix saw a net inflow of 8.56 million yuan from institutional investors, with a net outflow of 21.73 million yuan from speculative funds [3]

Core Insights - The article highlights a trend of decreasing shareholder accounts among 666 companies, indicating a concentration of shares, with 107 companies experiencing a decline for more than three consecutive periods [1][2]. Group 1: Shareholder Account Trends - 107 companies have seen their shareholder accounts decrease for more than three consecutive periods, with some like *ST Zhongdi experiencing a decline for 16 periods, totaling a 26.41% drop [1]. - Other notable companies with significant declines include Fengshang Culture, which has seen a 44.86% drop over 10 periods, and Xinlian Electronics, Yungli Co., and ST Emergency also showing similar trends [1][2]. Group 2: Market Performance - Among the companies with decreasing shareholder accounts, 41 have seen their stock prices rise, while 65 have experienced declines, with notable gainers including Jingquanhua (up 56.63%), Xinbang Intelligent (up 31.44%), and Changshan Pharmaceutical (up 29.43%) [2]. - 12 companies outperformed the Shanghai Composite Index, with Jingquanhua, Xinbang Intelligent, and China Merchants Energy showing relative returns of 52.00%, 27.83%, and 25.35% respectively [2]. Group 3: Institutional Interest - In the past month, 7 companies with decreasing shareholder accounts have been subject to institutional research, with Meihua Medical, Jingbeifang, and Feilong Co. receiving the most attention from 72, 56, and 16 institutions respectively [2]. Group 4: Financial Performance - 34 companies have released their Q3 reports, with Xinlian Electronics reporting the highest year-on-year net profit growth of 421.43% [2].

Core Viewpoint - The company, Fengshang Culture, stated that its business is currently not affected by U.S. tariffs as it does not engage in export activities to the U.S. market [2]. Group 1 - The company confirmed that it has no export business to the U.S. market [2]. - Investors inquired about the impact of tariffs on the company and the proportion of exports to the U.S. [2].

Core Insights - The article highlights a trend of decreasing shareholder accounts among 514 companies, indicating a concentration of shares, with 101 companies experiencing a decline for more than three consecutive periods [1][2] Group 1: Shareholder Account Trends - 101 companies have seen their shareholder accounts decrease for over three consecutive periods, with some like Fengshang Culture and Xinlian Electronics experiencing declines for nine periods, with reductions of 43.74% and 28.68% respectively [1] - Companies with significant recent declines in shareholder accounts include Lingpai Technology, Kehua Data, and Yiyi Shares, with decreases of 7.18%, 6.45%, and 4.61% respectively [1][2] Group 2: Market Performance - Among the companies with declining shareholder accounts, 21 have seen their stock prices rise, while 80 have experienced declines, with notable increases for Zhaoshang Shipping (33.90%), Yiyi Shares (28.65%), and Lijun Thermal Energy (25.28%) [2] - 17 companies outperformed the Shanghai Composite Index during this period, with Zhaoshang Shipping, Yiyi Shares, and Lijun Thermal Energy achieving relative returns of 34.37%, 27.92%, and 19.65% respectively [2] Group 3: Industry and Institutional Activity - The industries with the highest concentration of companies experiencing declining shareholder accounts include machinery, computers, and basic chemicals, with 15, 11, and 10 companies respectively [2] - In terms of institutional interest, seven companies with declining shareholder accounts were subject to institutional research in the past month, with notable frequency for Zhongse Shares, Taishan Petroleum, and Feilong Shares, each receiving two rounds of institutional research [2] Group 4: Earnings Forecasts - Only two companies have released earnings forecasts for the first three quarters, both projecting profit increases, with Tongxing Technology expecting a net profit median of 57.33 million, representing a year-on-year increase of 194.04% [2]

Core Viewpoint - The continuous decline in the number of shareholders for certain companies indicates a trend of increasing concentration of shares, with 467 companies reporting their latest shareholder numbers as of October 10, and 95 companies experiencing a decline for more than three consecutive periods [1][2]. Group 1: Shareholder Trends - 95 companies have seen their shareholder numbers decrease for more than three consecutive periods, with some like Fengshang Culture and Xinlian Electronics experiencing declines for up to nine periods, with reductions of 43.74% and 28.68% respectively [1]. - Companies with significant recent declines in shareholder numbers include Lingpai Technology, Kehua Data, and Yiyi Co., with decreases of 7.18%, 6.45%, and 4.61% respectively [1][2]. Group 2: Market Performance - Among the companies with declining shareholder numbers, 27 have seen their stock prices rise, while 68 have experienced declines, with notable increases for companies like China Merchants Energy (up 36.52%), Hongming Co. (up 30.34%), and Yiyi Co. (up 28.65%) [2]. - 18 companies, representing 18.95% of those with declining shareholder numbers, outperformed the Shanghai Composite Index, with excess returns led by China Merchants Energy (35.01%), Yiyi Co. (25.92%), and Lijure Energy (20.10%) [2]. Group 3: Institutional Interest - In the past month, seven companies with declining shareholder numbers have been subject to institutional research, with frequent inquiries for companies like China Nonferrous Metals, Feilong Co., and Taishan Petroleum, each receiving two rounds of institutional research [2]. - The most heavily researched companies by institutions include Feilong Co. (18 institutions), China Nonferrous Metals (10 institutions), and Taishan Petroleum (6 institutions) [2]. Group 4: Earnings Forecasts - Two companies have released earnings forecasts for the first three quarters, both projecting increases in net profit, with Tongxing Technology expecting a median net profit of 57.33 million, representing a year-on-year increase of 194.04% [2].

Group 1 - The company Fengshang Culture (300860) announced the election of Mr. Zheng Junjie as the employee representative director of the fourth board of directors [1]

锋尚文化集团股份有限公司于2025年10月15日发布公告，宣布公司拟注销回购股份并减少注册资本。这 一举措已经公司第四届董事会第十二次会议、第四届监事会第八次会议审议通过，并在2025年10月15日 召开的2025年第三次临时股东会获得批准。 据公告显示，本次注销回购股份暨减少公司注册资本事项完成后，锋尚文化的总股本将由190,931,343股 变更为188,450,723股，公司注册资本也将从190,931,343元相应变更为188,450,723元。 点击查看公告原文>> 责任编辑：小浪快报 根据《中华人民共和国公司法》等相关法律法规要求，锋尚文化特此通知债权人。自公告披露之日起45 日内，债权人有权要求公司清偿债务或者提供相应的担保。若债权人未在规定期限内行使上述权利，其 债权有效性不受影响，相关债务（义务）仍将由公司按原债权文件约定继续履行，本次回购注销也将按 法定程序推进。 债权人可在2025年10月16日至2025年12月1日期间的工作日（9:00—11:30、14:00—17:00，双休日及法 定节假日除外），通过信函、传真、邮件等方式申报。申报地点为北京东城区青龙胡同一号歌华大厦A 座16层 ...

北京市中咨律师事务所 关于 锋尚文化集团股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十月 北京市西城区平安里西大街 26 号 新时代大厦 5-8 层 邮编：100034 电话：+86-10-66091188 传真：+86-10-66091616(法律部) 66091199(知识产权部) 网址：http://www.zhongzi.com.cn/ 法律意见书 致：锋尚文化集团股份有限公司 北京市中咨律师事务所（以下简称"本所"）接受锋尚文化集团股份有限公 司（以下简称"锋尚文化"或"公司"）委托，指派彭亚峰、冯昊君律师（以下 简称"承办律师"）担任锋尚文化于2025年10月15日召开的2025年第三次临时股 东会（以下简称"本次股东会"）的特别法律顾问，出席会议，并出具本法律意 见书。 本法律意见书系依据《中华人民共和国证券法》（以下简称"证券法"）、 《中华人民共和国公司法》（以下简称"公司法"）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称"股东会规则"）、《上市公司证券发行注 册管理办法》（以下简称"发行注册管理办法"）、《深圳证券交易所创业板股 票上市规则》（以下简称 ...

证券代码：300860 证券简称：锋尚文化 公告编号：2025-049 锋尚文化集团股份有限公司 关于注销回购股份减少注册资本暨通知债权人的公告 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。 锋尚文化集团股份有限公司（以下简称"公司"）于 2025 年 9 月 28 日召开的 第四届董事会第十二次会议、第四届监事会第八次会议，审议通过了《关于注销回 购股份暨减少公司注册资本的议案》，上述议案已经公司于 2025 年 10 月 15 日召开 的 2025 年第三次临时股东会审议通过。 具体内容详见披露于 2025 年 9 月 30 日的《关于注销回购股份暨减少公司注册资 本的公告》（公告编号：2025-045）。 本 次 注 销 回 购 股 份 暨 减 少 公 司 注 册 资 本 事 项 完 成 后 ， 公 司 总 股 本 由 190,931,343 股变更为 188,450,723 股，公司注册资本由 190,931,343 元变更为 188,450,723 元。根据《中华人民共和国公司法》等相关法律、法规的规定，公司 特此通知债权人。 公司债权人自本公告披 ...