Group 1: Market Performance - The publishing sector increased by 1.39% compared to the previous trading day, with Century Tianhong leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Group 2: Individual Stock Performance - Century Tianhong (300654) closed at 9.91, with a rise of 5.54% and a trading volume of 315,300 shares, amounting to a transaction value of 311 million yuan [1] - Chinese Online (300364) closed at 25.12, up 4.84%, with a trading volume of 696,100 shares and a transaction value of 1.738 billion yuan [1] - Rongxin Culture (301231) closed at 31.08, increasing by 3.57%, with a trading volume of 102,300 shares and a transaction value of 31.8 million yuan [1] - Longban Media (605577) closed at 13.07, up 3.24%, with a trading volume of 67,100 shares and a transaction value of 87.11 million yuan [1] - Other notable stocks include Zhongnan Media (601098) at 11.26 (+2.36%), and Guangdong Media (002181) at 8.62 (+2.01%) [1] Group 3: Capital Flow Analysis - The publishing sector saw a net inflow of 238 million yuan from institutional investors, while retail investors experienced a net outflow of 172 million yuan [2] - Major stocks with significant net inflows include Chinese Online (300364) with 14.2 million yuan and Guangdong Media (002181) with 30.5 million yuan [3] - Century Tianhong (300654) had a net inflow of 22.53 million yuan from institutional investors, while retail investors had a net outflow of 33.39 million yuan [3]

Market Overview - The publishing sector increased by 0.38% on December 25, with the Shanghai Composite Index closing at 3959.62, up 0.47%, and the Shenzhen Component Index at 13531.41, up 0.33% [1] Individual Stock Performance - Key stocks in the publishing sector showed varied performance, with Guangdong Media leading at a closing price of 8.53, up 1.91%, and a trading volume of 234,900 shares [1] - Other notable performers included Zhongwen Online at 24.16, up 1.56%, and Shandong Publishing at 8.71, up 0.93% [1] Trading Volume and Value - The trading volume and value for major stocks were significant, with Zhongwen Online achieving a transaction value of 516 million yuan and Guangdong Media at 26.66 million yuan [1] - The overall trading activity in the publishing sector reflected a mix of gains and losses among various stocks [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 23.49 million yuan from institutional investors and 23.02 million yuan from retail investors, while retail investors saw a net inflow of 46.52 million yuan [2] - Specific stocks like Zhongwen Online and Rongxin Culture had notable capital flows, with Zhongwen Online seeing a net inflow of 18.24 million yuan from institutional investors [3] Summary of Capital Flows - The capital flow data indicated that while institutional and speculative funds were withdrawing, retail investors were actively buying into certain stocks, suggesting a divergence in investment strategies within the sector [2][3] - Stocks like Zhejiang Publishing and Changjiang Media had varying levels of net inflow and outflow, highlighting the mixed sentiment among different investor types [3]

（编辑 张明富） 本报讯 （记者袁传玺）天眼查工商信息显示，近日，果麦智娱（广东）传媒有限公司成立，注册资本5000万元，经营范围 包括电影制片、电影摄制服务、文化娱乐经纪人服务、以自有资金从事投资活动等。股东信息显示，该公司由果麦文化 （301052）全资持股。 ...

Group 1 - The core point of the news is that Guomai Culture's stock experienced a slight decline of 0.60% on December 23, with a trading volume of 107 million yuan, indicating a relatively active trading day [1] - As of December 23, Guomai Culture's financing balance reached 329 million yuan, which is 8.72% of its market capitalization, indicating a high level of financing activity compared to the past year [1] - The company reported a financing buy of 5.79 million yuan and a repayment of 6.29 million yuan on the same day, resulting in a net financing outflow of 494,900 yuan [1] Group 2 - As of September 30, Guomai Culture had 16,500 shareholders, an increase of 37.64% from the previous period, while the average number of circulating shares per person decreased by 27.35% to 4,865 shares [2] - For the period from January to September 2025, Guomai Culture achieved a revenue of 497 million yuan, representing a year-on-year growth of 26.51%, while the net profit attributable to shareholders decreased by 43.18% to 12.07 million yuan [2] Group 3 - Since its A-share listing, Guomai Culture has distributed a total of 25.34 million yuan in dividends, with 17.78 million yuan distributed over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund (003567) became the fourth largest shareholder with 1.94 million shares, while Huaxia Excellent Growth Mixed Fund (024928) entered as the eighth largest shareholder with 801,200 shares [3]

Market Overview - The publishing sector increased by 0.33% on December 17, with ST Huawen leading the gains [1] - The Shanghai Composite Index closed at 3870.28, up 1.19%, while the Shenzhen Component Index closed at 13224.51, up 2.4% [1] Stock Performance - ST Huawen (000793) closed at 2.81, rising by 2.93% with a trading volume of 193,300 shares and a turnover of 53.79 million yuan [1] - Zhongwen Online (300364) closed at 23.55, up 2.79% with a trading volume of 216,700 shares and a turnover of 504 million yuan [1] - Guomai Culture (301052) closed at 37.44, increasing by 1.46% with a trading volume of 30,600 shares and a turnover of 113 million yuan [1] - Other notable stocks include CITIC Publishing (300788) at 27.45 (+1.37%) and Longban Media (605577) at 12.57 (+1.29%) [1] Capital Flow - The publishing sector experienced a net outflow of 4.24 million yuan from institutional investors, while retail investors saw a net inflow of 40.37 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhongwen Online (300364) had a net outflow of 30.14 million yuan from institutional investors, while retail investors saw a net outflow of 21.58 million yuan [3] - Guangdong Media (002181) experienced a net inflow of 12.43 million yuan from institutional investors, but a net outflow of 3.55 million yuan from retail investors [3] - Central Plains Media (000719) had a net inflow of 11.13 million yuan from institutional investors, indicating strong interest [3]

证券代码：301052 证券简称：果麦文化 公告编号：2025-052 果麦文化传媒股份有限公司 关于变更签字注册会计师的公告 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。 果麦文化传媒股份有限公司（以下简称"公司"）分别于 2025 年 4 月 25 日、 2025 年 5 月 20 日召开第三届董事会第十次会议、2024 年年度股东大会,审议通 过了《关于续聘 2025 年审计机构的议案》，同意公司续聘众华会计师事务所（特 殊普通合伙）（以下简称"众华会计师事务所"）为公司 2025 年度审计机构。 具体内容详见公司于 2025 年 4 月 26 日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于续聘 2025 年度审计机构的公告》（公告编号：2025-018）。 近日，公司收到众华会计师事务所出具的《关于变更果麦文化传媒股份有限 公司签字注册会计师的函》，现将相关事项公告如下： 一、签字注册会计师变更的情况 众华会计师事务所作为公司 2025 年度财务审计机构及内部控制审计机构， 原委派郑珮女士（项目合伙人）、李颖庆女士作为签字注册会计 ...

Core Viewpoint - The publishing sector experienced a decline of 2.09% on December 5, with significant losses led by Times Publishing, while the overall Shanghai Composite Index rose by 0.7% and the Shenzhen Component Index increased by 1.08% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3902.81, up 0.7% [1] - The Shenzhen Component Index closed at 13147.68, up 1.08% [1] - Times Publishing's stock closed at 8.41, down 1.29% [2] Group 2: Individual Stock Performance - Notable gainers in the publishing sector included: - Reader Culture: closed at 10.73, up 1.32% with a trading volume of 205,700 shares and a turnover of 220 million [1] - New Classics: closed at 18.02, up 1.24% with a trading volume of 20,800 shares and a turnover of 37.12 million [1] - Chinese Online: closed at 25.12, up 1.17% with a trading volume of 269,500 shares and a turnover of 670 million [1] - Other stocks in the sector showed mixed performance, with some experiencing slight declines [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 41.45 million from institutional investors and 36.30 million from retail investors, while retail investors had a net inflow of 77.75 million [2] - Key stocks with significant capital flow included: - Chinese Online: net inflow of 26.92 million from institutional investors, but a net outflow of 25.39 million from retail investors [3] - Chinese Media: net inflow of 21.79 million from institutional investors, with a net outflow of 13.37 million from retail investors [3] - Times Publishing: net inflow of 7.87 million from institutional investors, but a net outflow of 5.68 million from retail investors [3]

Core Viewpoint - The animated film "The First Part of the Stars of the Three Kingdoms," produced by Guomai Culture, has suffered significant financial losses, leading to a decline in the company's stock price and prompting plans for a re-shoot and re-release of the film [1][3][5]. Financial Impact - Guomai Culture announced a loss of approximately 40 million yuan from the film investment, which represents over 10% of the company's audited net profit for 2024 [1][5][6]. - The film's total box office revenue was only 87.717 million yuan, with a first-day box office of 20.113 million yuan, resulting in a significant stock price drop of 46.74% from its historical high [3][4]. Stock Performance - Following the loss announcement, Guomai Culture's stock price fell for two consecutive trading days, closing at 39.1 yuan per share, with a total market value of 3.9 billion yuan [4][5]. Film Production Details - The film, which is the first officially announced animated film based on the Three Kingdoms theme, was co-produced with Shanghai Tingdong Film Co., Ltd. and is set for re-release after additional filming [5][7]. - The film's narrative focus has been criticized for being unclear, which may have contributed to its poor market performance [10]. Company Performance - In the first three quarters of 2025, Guomai Culture reported total revenue of 497 million yuan, a year-on-year increase of 26.51%, but a decline in net profit by 43.18% [11]. - The company aims to enhance its product strategy by focusing on quality and market value, despite facing short-term performance pressures [11].

Core Viewpoint - Guomai Culture's investment in the animated film "The Starry Sky of the Three Kingdoms" resulted in a significant loss of approximately 40 million yuan, which accounts for 97.9% of the company's audited net profit for 2024, highlighting severe mismanagement in film investment and strategy [1][8]. Group 1: Project Failure Analysis - The film's release date and target audience were misaligned, as it aimed at middle and primary school students but was scheduled for the National Day holiday, failing to meet student viewing needs [2][9]. - The promotional period was insufficient, with marketing starting only in September, leading to low pre-release interest for an original animation without prior works [2][9]. - The film's genre was poorly defined, attempting to blend historical drama with animation, which did not satisfy either history enthusiasts or general audiences, resulting in mixed reviews and poor market performance [2][9]. Group 2: Market Impact and Strategic Concerns - The loss triggered a sharp decline in Guomai Culture's stock price, dropping nearly 60% from its September peak of 97.5 yuan, leading to a market value loss of about 5 billion yuan [3][10]. - The company's core revenue still heavily relies on traditional book sales, which account for over 92%, and the failure in film investment raises concerns about its ability to diversify effectively [3][10]. - Despite being the primary producer, Guomai Culture could not recover significant returns from the film's revenue due to the distribution and production control held by its partner, Light Chaser Animation [3][10]. Group 3: Challenges in IP Development - Guomai Culture's experience reflects the broader challenges faced by traditional publishing companies transitioning into film, lacking a comprehensive IP development chain compared to competitors like Yuedong Group [4][11]. - The company has limited cash reserves of 171 million yuan, constraining its future investment capabilities in film projects [4][11]. Group 4: Future Plans and Strategic Adjustments - Guomai Culture plans to collaborate with other investors for a re-shoot and re-release of the film in 2026, hoping to leverage existing ratings (9.4 on Maoyan, 7.2 on Douban) to recover some value [5][12]. - However, market sentiment is skeptical about the potential for recovery, as re-releases typically require additional investment and must address initial reception issues [5][12]. - The company has also been investing in equity funds, indicating a possible shift in focus towards financial investments rather than film production [5][12]. Conclusion - The failure of "The Starry Sky of the Three Kingdoms" serves as a warning for content companies attempting to transition into film, emphasizing the need for improved risk management, industry collaboration, and market insight [6][13].

Core Viewpoint - Guomai Culture Media Co., Ltd. announced an investment of 40 million RMB in the film "The Stars of the Three Kingdoms," which is expected to result in a loss exceeding 10% of the company's audited net profit for 2024 [1] Group 1: Company Announcement - The company will hold its third board meeting on April 8, 2024, to review the film investment cooperation agreement [1] - The investment in the film is set at 40 million RMB, which is part of a collaboration with Shanghai Tingdong Film Co., Ltd. and other production parties [1] Group 2: Financial Impact - The preliminary financial assessment indicates a projected loss of approximately 40 million RMB from this investment [1] - This anticipated loss is expected to account for over 10% of the company's audited net profit for the year 2024, with an absolute amount exceeding 1 million RMB [1]