Core Insights - The company reported a revenue of 257 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 12.19% [1] - The net profit attributable to shareholders was 6.521 million yuan, down 56.72% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 310,700 yuan, a significant decline of 95.09% year-on-year [1] - The basic earnings per share stood at 0.0163 yuan [1]

Core Insights - The company reported a revenue of 257 million yuan for the first three quarters, representing a year-on-year decline of 12.19% [1] - The net profit attributable to shareholders was 6.52 million yuan, down 56.72% year-on-year [1] - The net profit excluding non-recurring gains and losses was 310,000 yuan, reflecting a significant decline of 95.09% year-on-year [1]

证券代码：301025 证券简称：读客文化 公告编号：2025-038 读客文化股份有限公司 关于 2025 年第三季度计提信用减值损失和资产减值 损失的公告 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。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板 上市公司规范运作》读客文化股份有限公司（以下简称"公司"）依 据《企业会计准则》以及公司相关会计政策的规定，为真实、准确反 映公司 2025 年第三季度的财务状况、资产价值与经营成果，公司对 各类资产进行全面清查和减值测试，基于谨慎性原则，对截至 2025 年 9 月 30 日公司可能发生信用及资产减值损失的有关资产计提信用 及资产减值准备。现将具体事宜公告如下： 一、本次计提信用损失及资产减值损失情况的概述 公司本着谨慎性原则，对合并财务报表范围内的 2025 年第三季 度应收账款、其他应收款、存货、预付账款、其他长期资产等资产进 行了减值测试，判断存在可能发生减值的迹象，确定了需要计提减值 损失的资产项目。 根据评估和分析的结果判断，公司计提 2025 年第三季度各项信 用减值损失和资产减值 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the third quarter and the first three quarters of the year, indicating potential challenges in its financial performance [1] Financial Performance - The third quarter revenue was 88.632 million yuan, a year-on-year decrease of 5.40% [1] - The net profit for the third quarter was 395,400 yuan, reflecting a significant year-on-year decline of 88.80% [1] - For the first three quarters, the total revenue amounted to 257 million yuan, down 12.19% compared to the same period last year [1] - The net profit for the first three quarters was 6.521 million yuan, which is a decrease of 56.72% year-on-year [1]

Revenue and Profit - The company's revenue for Q3 2025 was ¥88,631,977.98, representing a decrease of 5.40% compared to the same period last year[5] - Net profit attributable to shareholders was ¥395,355.36, down 88.80% year-on-year, while the net profit after deducting non-recurring gains and losses was -¥2,865,203.42, a decline of 141.88%[5] - The company reported a significant reduction in operating income, with a year-to-date total of ¥257,068,626.79, down 12.19% from the previous year[5] - Total operating revenue for Q3 2025 was ¥257,068,626.79, a decrease of 12.2% from ¥292,744,702.54 in the same period last year[19] - Net profit for the period was ¥6,521,041.85, a decline of 56.7% compared to ¥15,066,506.27 in the previous year[20] - Earnings per share (EPS) for the current period was ¥0.0163, down from ¥0.0377 in the same quarter last year[20] Assets and Liabilities - The total assets at the end of the reporting period were ¥686,889,982.75, a decrease of 6.25% from the previous year-end[5] - Total assets decreased to ¥686,889,982.75 from ¥732,694,240.47, reflecting a decline of 6.3%[18] - The company's total equity attributable to shareholders decreased by 0.88% to ¥618,888,934.97[5] - The company's total equity was ¥618,888,934.97, slightly down from ¥624,377,175.12[18] - Total liabilities decreased to ¥68,001,047.78, down 37.2% from ¥108,317,065.35 year-over-year[18] Cash Flow - Cash flow from operating activities showed a net outflow of -¥7,943,819.11, a significant decline of 108.06% compared to the same period last year[11] - Operating cash flow for the current period was -7,943,819.11 CNY, a significant decrease from 98,537,944.55 CNY in the previous period, indicating a decline in operational efficiency[21] - Cash inflow from operating activities totaled 321,177,850.80 CNY, down from 442,364,954.69 CNY in the previous period, suggesting a decline in sales or service revenue[21] - The company reported a net cash increase of -112,621,211.47 CNY for the period, compared to -184,764,040.55 CNY in the previous period, indicating a reduction in cash burn[22] Expenses - The company reported a 24.10% increase in selling expenses, totaling ¥37,726,551.52, due to increased advertising expenditures on platforms like Douyin and Xiaohongshu[10] - Financial expenses surged by 487.63% to ¥122,854.52, as the company opted for more financial products to enhance fund utilization[10] - Total operating costs decreased to ¥250,180,636.16, down 3.5% from ¥260,502,208.02 year-over-year[19] - Cash paid for purchasing goods and services was 195,474,506.60 CNY, an increase from 151,257,562.31 CNY in the previous period, indicating rising operational costs[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 15,351[12] - The largest shareholder, Huanan, holds 41.02% of shares, totaling 164,211,547 shares[12] - The second-largest shareholder, Huashan, holds 29.58% of shares, totaling 118,394,278 shares[12] Investment Activities - The net cash flow from investment activities was -¥87,461,846.31, a decrease of 68.31% compared to the previous year[11] - Total cash inflow from investment activities was 305,819,360.69 CNY, compared to 131,396,009.38 CNY in the previous period, showing a strong increase in investment recovery[21] - Net cash outflow from investment activities was -87,461,846.31 CNY, an improvement from -275,973,089.61 CNY in the previous period, reflecting better investment management[21] - The company received 4,481,201.01 CNY in investment income, up from 1,384,157.53 CNY in the previous period, reflecting improved investment performance[21] Inventory and Current Assets - The company's cash and cash equivalents decreased from 161,855,116.50 CNY to 49,233,905.03 CNY[16] - The total current assets decreased from 688,012,307.62 CNY to 634,584,173.59 CNY[16] - The company's inventory decreased from 86,655,755.73 CNY to 71,062,462.47 CNY[16] - The total non-current assets include fixed assets of 3,743,678.34 CNY, down from 4,619,614.99 CNY[16] - The total receivables increased from 68,847,036.87 CNY to 66,656,634.47 CNY[16] - The deferred tax assets increased from 31,116,563.23 CNY to 34,609,058.91 CNY[16] Impairment and Other Income - The company experienced a significant increase in asset impairment losses, totaling ¥8,350,634.84 compared to ¥25,717,981.28 in the previous year[19] - Other income for the period was ¥142,198.46, down significantly from ¥457,818.45 year-over-year[19]

Core Insights - The publishing sector experienced a rise of 1.46% on October 23, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% to 13025.45 [1] Publishing Sector Performance - Rongxin Culture saw a significant increase of 20.01%, closing at 38.03, with a trading volume of 162,600 shares and a transaction value of 585 million [1] - Other notable performers included: - Zhongwen Online, up 6.28% to 27.58, with a transaction value of 2.336 billion [1] - Guomai Culture, up 4.31% to 47.40, with a transaction value of 786 million [1] - Duku Culture, up 3.64% to 9.96, with a transaction value of 159 million [1] - The total net inflow of funds in the publishing sector was 313 million, while retail investors saw a net outflow of 147 million [1] Fund Flow Analysis - Zhongwen Online had a net inflow of 303 million from institutional investors, representing 12.97% of its total trading [2] - Rongxin Culture experienced a net inflow of 70.7 million from institutional investors, accounting for 12.08% [2] - Guomai Culture had a net inflow of 46.3 million from institutional investors, making up 5.89% [2] - Retail investors showed a net outflow across several stocks, with Duku Culture seeing a net outflow of 29.4 million, which is 18.48% of its total trading [2]

Core Viewpoint - The media and short drama sectors are experiencing significant gains, with multiple companies reaching their daily price limits and others showing substantial increases in stock prices [1] Group 1: Company Performance - Haikan Co., Ltd. and Rongxin Culture both hit the daily limit up [1] - Huanrui Century also reached the daily limit up [1] - Happiness Blue Sea saw an increase of over 15% in its stock price [1] - Wireless Media, Liujin Technology, Reader Culture, and Chinese Online all experienced stock price increases of over 5% [1]

Group 1 - On October 22, 2023, Duku Culture executed a block trade of 240,000 shares, with a transaction amount of 2.16 million yuan, accounting for 5.12% of the total trading volume for the day [1][2] - The transaction price was set at 9 yuan per share, representing a discount of 6.35% compared to the market closing price of 9.61 yuan [1][2] - The buyer was Minsheng Securities Co., Ltd., while the seller was Zhongtai Securities Co., Ltd. [2]

Market Overview - The publishing sector increased by 0.01% compared to the previous trading day, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up by 1.22%, while the Shenzhen Component Index closed at 13118.75, up by 1.73% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 23.70, with a rise of 2.20% and a trading volume of 24,500 lots, amounting to a transaction value of 57.44 million [1] - Tianzhou Culture (300148) closed at 4.57, up by 1.78%, with a trading volume of 197,600 lots and a transaction value of 89.65 million [1] - Zhongwen Online (300364) closed at 25.59, increasing by 1.31%, with a trading volume of 259,400 lots and a transaction value of 654 million [1] - Other notable stocks include Guomai Culture (301052) at 46.20 (+1.09%) and Yuedu Media (002181) at 8.24 (+0.73%) [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 41.87 million from institutional investors, while retail investors saw a net inflow of 23.18 million [2] - The net inflow from speculative funds was 18.69 million [2] Detailed Capital Flow for Selected Stocks - Zhongyuan Media (000719) had a net outflow of 12.14 million from institutional investors, with a retail net outflow of 17.89 million [3] - Zhongwen Online (300364) saw a net inflow of 10.05 million from institutional investors, but a net outflow of 7.53 million from retail investors [3] - Publishing Media (601999) had a net inflow of 5.02 million from institutional investors, while retail investors experienced a net outflow of 2.55 million [3]

Group 1 - The core viewpoint of the news is that Reader Culture's stock experienced a decline of 1.65% on October 9, with a trading volume of 45.62 million yuan, indicating a potential concern in market sentiment [1] - On October 9, Reader Culture had a financing buy-in amount of 6.52 million yuan and a net financing buy-in of 3.18 million yuan, with a total financing and securities balance of 107 million yuan, which is 2.79% of its market capitalization [1] - The company’s main business revenue composition includes 82.16% from physical books, 17.69% from digital content, and minimal contributions from copyright operations and promotional services [1] Group 2 - As of July 18, Reader Culture had 17,300 shareholders, an increase of 2.84%, while the average circulating shares per person decreased by 2.77% to 16,002 shares [2] - For the first half of 2025, Reader Culture reported a revenue of 168 million yuan, a year-on-year decrease of 15.38%, and a net profit attributable to the parent company of 6.13 million yuan, down 46.90% year-on-year [2] - Since its A-share listing, Reader Culture has distributed a total of 88.84 million yuan in dividends, with 55.24 million yuan distributed over the past three years [3]