资料显示，读客文化股份有限公司位于上海市闵行区申长路1588号16号，成立日期2009年5月27日，上 市日期2021年7月19日，公司主营业务涉及图书的策划与发行及相关文化增值服务。公司主要产品或服 务包括纸质图书业务、数字内容业务、版权运营业务和新媒体运营业务。主营业务收入构成为：纸质图 书82.16%，数字内容17.69%，版权运营0.10%，推广服务等0.05%。 10月9日，读客文化跌1.65%，成交额4562.12万元。两融数据显示，当日读客文化获融资买入额651.54 万元，融资偿还333.35万元，融资净买入318.20万元。截至10月9日，读客文化融资融券余额合计1.07亿 元。 融资方面，读客文化当日融资买入651.54万元。当前融资余额1.07亿元，占流通市值的2.79%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，读客文化10月9日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 截至7月18日，读客文化股东户数1.73万，较上期增加2.84%；人均流通股1600 ...

Market Overview - The publishing sector increased by 0.46% on September 24, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 24.29, up 3.54% with a trading volume of 27,000 hands and a transaction value of 64.99 million [1] - Reader Culture (301025) closed at 9.95, up 3.11% with a trading volume of 78,300 hands and a transaction value of 77.29 million [1] - Guomai Culture (301052) closed at 93.43, up 2.94% with a trading volume of 141,200 hands and a transaction value of 132.7 million [1] - Other notable stocks include Zhongwen Online (300364) which closed at 26.74, up 2.10% with a transaction value of 837 million [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 43.88 million from institutional investors and 65.03 million from speculative funds, while retail investors saw a net inflow of 109 million [2] - Major stocks with significant net inflows from retail investors include Zhongnan Media (601098) with 17.93 million and Nanfang Media (601900) with 11.13 million [3] Summary of Key Stocks - Zhongnan Media (601098) had a net inflow of 17.93 million from institutional investors, while it faced a net outflow of 4.27 million from speculative funds [3] - Longjiang Media (600757) saw a net inflow of 11.09 million from institutional investors, with a net outflow of 3.26 million from speculative funds [3] - ST Huawen (000793) had a net inflow of 3.94 million from retail investors despite a net outflow from institutional and speculative funds [3]

Core Viewpoint - The recent performance of Reader Culture (读客文化) has been disappointing, with significant declines in revenue and profit, raising concerns about its business model and market strategy [1][2][6]. Group 1: Financial Performance - In the first half of 2025, Reader Culture reported revenue of 168 million yuan, a year-on-year decline of 15.38%, and a net profit of only 3.18 million yuan, down 57.76% [2]. - The company's market position has deteriorated, dropping from the second largest in 2021 to the lowest among its peers by mid-2025 [2][4]. - Reader Culture's gross margin fell to 32.4% in the first half of 2025, the lowest among its competitors [10][12]. Group 2: Market Challenges - The overall book retail market saw a slight growth of 0.73% in pricing but a decline of 0.31% in actual sales, indicating a challenging environment for all players [6]. - Reader Culture's sales of physical books decreased by 27.28% in terms of pricing and 19.33% in revenue [6]. Group 3: Strategic Issues - The company attributed its performance issues to "declining channel traffic," a claim that has been met with skepticism from industry analysts who argue that all companies face similar challenges [7]. - Despite increasing its sales expenses by 24% to 22.58 million yuan in the first half of 2025, including a near doubling of e-commerce promotion costs, Reader Culture failed to halt its revenue decline, suggesting deeper issues with its marketing strategy [7]. Group 4: Product Development - Reader Culture's "creative assembly line" approach, which previously yielded success, has seen a significant drop in new book releases, with only 55 new titles launched in the first half of 2025, a nearly 40% decrease from the previous year [9]. - The lack of appealing new titles has been identified as a critical factor in the company's struggles, indicating a potential "content anxiety" rather than merely a "traffic anxiety" [9]. Group 5: Management Changes - Recent management changes, including the resignation of the general manager while retaining the chairman position, may impact the company's strategic direction [13].

Core Viewpoint - The article discusses the challenges faced by DuKe Culture, a company that once thrived on a "production line" strategy for book publishing, which is now failing to adapt to changing market dynamics and consumer preferences [4][14][19]. Group 1: Company Overview - DuKe Culture was founded in 2009 and is known for its unique approach to book publishing, which includes a "production line" strategy inspired by the marketing firm Hua Yu Hua [6][9]. - The company gained recognition with bestsellers like "The Bloodied Official Career" and "The Secret of the Tibetan Land," with the latter selling 5.8 million copies by the end of 2020 [8][19]. Group 2: Financial Performance - Since its IPO in 2021, DuKe Culture has experienced a continuous decline in revenue, with a reported revenue of 170 million yuan and a net profit of 6.126 million yuan in the first half of 2025, both showing year-on-year declines [15][20]. - The company's reliance on physical book sales, which accounted for over 80% of its revenue, has proven vulnerable, with a nearly 20% decline in this segment [20][22]. Group 3: Market Challenges - The overall book retail market has seen a significant contraction, with a 27.28% year-on-year decline in the first half of 2025 [22]. - DuKe Culture's market share is relatively low, with a 0.77% share in terms of code volume and 0.85% in actual sales volume as of 2024 [24]. Group 4: Competitive Landscape - The publishing industry is highly fragmented, with numerous competitors, including large publishing houses and agile marketing-focused companies like Guomai Culture and MoTie Group [22][25]. - DuKe Culture has struggled to keep pace with competitors who have successfully leveraged new marketing strategies, such as live-streaming sales, which have significantly outperformed DuKe's efforts [20][22]. Group 5: Future Outlook - The company is exploring new avenues, including digital content, but faces challenges in monetization and scaling, as its digital revenue remains low at under 30 million yuan [20][22]. - DuKe Culture's stock price has plummeted over 70% from its peak at the time of listing, leading to a market capitalization loss exceeding 10 billion yuan, indicating a loss of investor confidence [28].

Core Viewpoint - The publishing sector experienced a decline of 0.6% on September 17, with significant losses in the Guangdong media segment, while the Shanghai Composite Index rose by 0.37% and the Shenzhen Component Index increased by 1.16% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up 1.16% [1] - The publishing sector's individual stocks showed mixed performance, with notable declines in several companies [1] Group 2: Stock Performance - Major stocks in the publishing sector included: - Xinhua Wenhui (601811) closed at 15.70, up 1.16% with a trading volume of 69,500 shares and a turnover of 107 million yuan [1] - Southern Media (601900) closed at 13.07, up 0.38% with a trading volume of 73,800 shares [1] - Guangdong Media (002181) closed at 8.23, down 3.63% with a trading volume of 955,700 shares and a turnover of 788 million yuan [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2] - The capital flow for individual stocks indicated varying levels of interest from different investor types, with some stocks experiencing significant net inflows from retail investors [3]

2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决提案的情况； 证券代码：301025 证券简称：读客文化 公告编号：2025-036 读客文化股份有限公司 2、本次股东会不涉及变更以往股东会已通过的决议； 3、本次股东会采取现场投票与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议召开时间：2025 年 9 月 11 日（星期四）下午 14:00 开始 （2）网络投票时间：2025 年 9 月 11 日（星期四） 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 9 月 11 日上午 9:15-9:25,9:30-11:30，下午 13:00-15:00；通过深圳 证券交易所互联网投票系统投票的时间为：2025 年 9 月 11 日上午 9:15 至下午 15:00 期间的任意时间。 1 2、现场会议召开地点：上海市闵行区申长路 1588 号 16 号楼公 司六楼会议室。 3、会议召开方式：本次股东会采取现场投票与网络投票相 ...

上海澄明则正律师事务所 股东会法律意见书 上海澄明则正律师事务所 关于读客文化股份有限公司 2025 年第一次临时股东会的法律意见书 致：读客文化股份有限公司 读客文化股份有限公司（以下简称"公司"）2025 年第一次临时股东会（以 下简称"本次股东会"）定于 2025 年 9 月 11 日召开，上海澄明则正律师事务所 （以下简称"本所"），接受公司的委托，指派刘璐律师、陈凡禹律师（以下简 称"本所律师"）出席会议，并依据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证 券监督管理委员会发布的《上市公司股东会规则》（以下简称"《股东会规则》"） 及其他现行有效的法律、法规及规范性文件规定及《读客文化股份有限公司章程》 （以下简称"《公司章程》"）出具本法律意见书。 本所律师仅依据本法律意见书出具日以前发生的事实及本所律师对该事实 的了解，并仅就本次股东会召开程序所涉及的中国相关法律问题发表法律意见。 本法律意见书依据中国有关法律、法规的规定而出具。 本所律师同意将本法律意见书作为公司本次股东会的必备文件公告，并依法 对本所出具的法律意见承担责任。 ...

Group 1 - The company, DuKe Culture (301025.SZ), is the publisher of the comic book "The King's Avatar" [1] - Currently, the company has not engaged in IP cooperation for "The King's Avatar 2" [1]

Summary of Key Points Core Viewpoint - On September 1, Guizhou Moutai disclosed an increase in shareholding, while 18 A-share listed companies announced share reductions by their shareholders [1][3]. Group 1: Guizhou Moutai - The controlling shareholder of Guizhou Moutai increased their holdings by 67,800 shares [3]. Group 2: Share Reduction Announcements - Jinli Technology: Shareholder Wang Gangjuan plans to reduce holdings by up to 978,200 shares [3]. - New Agricultural Shares: Shareholder Dai Jingu intends to reduce holdings by up to 1,050,000 shares [3]. - Weima Agricultural Machinery: Chongqing Baoxia plans to reduce holdings by up to 0.98% of the company [3]. - Jiaman Apparel: Shareholder Shenzhen Jiaqiao plans to reduce holdings by up to 0.28238% [3]. - Fangyuan Shares: Shareholder Wuzhong Yuanding plans to reduce holdings by up to 3% [3]. - Kesi Technology: Liang Hongjian intends to reduce holdings by up to 3% [3]. - Shengtai Group: Itochu Asia plans to reduce holdings by up to 3% [3]. - Tenglong Shares: Jiang Yilin reduced holdings by 250,000 shares on August 28 [3]. - Haojiang Intelligent: Shareholder Nanjing Fuhua plans to reduce holdings by up to 1,500,000 shares [3]. - Dekeli: Shareholders holding over 5% plan to reduce holdings by up to 2.9957% [3]. - Yaxiang Integration: Shareholder plans to reduce holdings by up to 0.54% [3]. - Zhonglun New Materials: Shareholder plans to reduce holdings by up to 1% of total share capital [3]. - Juhualong: Shareholder Dongtai Juhua Ying plans to reduce holdings by up to 1% [3]. - Yidamo: Shareholder Qingyuan China plans to reduce holdings by up to 1% [3]. - Zhongtie Dingye: Shareholder Zhongyuan Equity commits not to reduce holdings within 36 months [3]. - Jinghua Laser: Directors and senior management plan to reduce holdings by up to 1,434,200 shares [3]. - Haotaitai: Shareholder Hou Pengde plans to reduce holdings by up to 0.8698% [3]. - Longqi Technology: Shareholder Suzhou Shunwei plans to reduce holdings by up to 4.09% [3].

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].