[Table_Title] 收入持续承压，点位优化毛利率环比改善 报告要点 [Table_Summary] 2025 年前三季度，公司实现营业收入 4.40 亿元，同比下滑 12.93%，实现归母净利润 0.33 亿 元，同比下滑 50.25%。其中 2025Q3 公司实现营业收入 1.47 亿元，同比下滑 20.12%，实现 归母净利润 0.12 亿元，同比下滑 54.14%。高铁客流量复苏缓慢致高铁广告持续承压，户外裸 眼 3D 双曲线平稳推进，2025Q3 毛利率环比改善至 32.79%。公司资源布局仍在进行时，我们 看好公司未来业绩释放。 丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨兆讯传媒（301102.SZ） 分析师及联系人 SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] [Table_scodeMsg2] 兆讯传媒（301102.SZ） cjzqdt11111 [Table_Title2] 收入持续承压，点位优化毛利 ...

Core Viewpoint - Zhaoxun Media (301102.SZ) reported its Q3 2025 results, highlighting significant institutional investor interest with a total holding of 316 million shares, representing 77.72% of the company's total equity [1] Institutional Holdings - As of October 24, 2025, six institutional investors disclosed their holdings in Zhaoxun Media, with a combined shareholding of 316 million shares, accounting for 77.72% of the total share capital [1] - The institutional holding ratio increased by 0.21 percentage points compared to the previous quarter [1] Public Fund Holdings - Two public funds increased their holdings during this period, with a total increase in shareholding ratio of 0.68% [1] - A total of 65 public funds did not disclose their holdings in this quarter, including notable funds such as Huaxia Zhisheng New Star Stock A and Huaxia National Certificate Free Cash Flow ETF [1]

10月24日晚间，兆讯传媒（301102）广告股份有限公司(以下简称"兆讯传媒")发布第三季度业绩报告， 前三季度，兆讯传媒实现营业收入约4.4亿元，归属于上市公司股东的净利润为3344万元。 "未来，兆讯传媒将持续推动'数字媒体+公益生态'的融合创新，积极引入5G通信、人工智能等前沿技 术，提升公益内容的传播效率与互动体验。"上述兆讯传媒董秘办工作人员介绍，通过"公益传播与ESG 实践"双轮驱动，兆讯传媒致力于实现品牌成长与社会贡献的良性循环，不断拓宽社会价值创造的路径 与层次，构筑全链路、多维度的社会责任传播体系，让企业责任行动在数字时代迸发新活力。 詹军豪建议，当前，技术发展迭代速度较快，企业要紧抓科技红利，利用AI实现动态创意生成，根据 环境、用户特征实时调整广告内容；借助大模型进行用户行为预测与兴趣识别，优化投放策略。同时， 企业还可通过AI实现跨屏互动，提升用户参与度，利用AI生成个性化广告素材，满足不同消费者群体 需求，提升广告效果。 据悉，在高铁场景中，兆讯传媒已与全国18家铁路局集团建立合作，媒体网络覆盖30个省级行政区，数 字屏幕数量及市场占有率持续领先，年覆盖旅客流量突破20亿人次，打造 ...

Core Insights - The company reported a revenue of 440 million yuan and a net profit of 33.44 million yuan for the first three quarters of 2025, indicating a positive financial performance amidst supportive national policies for the advertising industry [1] Group 1: Business Expansion - The company is expanding its presence in urban outdoor advertising by constructing large-scale naked-eye 3D screens in key commercial areas such as Tianhe Road in Guangzhou, Chunxi Road in Chengdu, and Wangfujing in Beijing, enhancing visual experiences for brands [2] - These screens utilize advanced imaging technologies, significantly improving image quality and providing a strong medium for brand identity and public art integration [2] - The establishment of a professional visual creative team has allowed the company to leverage intelligent technologies like AIGC and 3D modeling, enhancing creative output efficiency and visual quality [2] Group 2: Digital Media Operations - The company has developed a digital media platform for high-speed rail, enabling comprehensive networking and remote digital management of media terminals across the country, optimizing operational processes [3] - A customized media strategy is provided to advertisers based on brand goals and audience profiles, ensuring precise targeting and effective campaign execution [3] - The platform automates the generation of playback plans and content schedules, reducing human error and streamlining the advertising process, while allowing for remote publishing to enhance efficiency [3]

Core Viewpoint - Zhaoxun Media (301102.SZ) reported a decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the first three quarters was 440 million yuan, a year-on-year decrease of 12.93% [1] - The net profit attributable to shareholders of the listed company was 33.44 million yuan, reflecting a year-on-year decline of 50.25% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 30.36 million yuan, down 44.02% year-on-year [1]

兆讯传媒公告，第三季度营收为1.47亿元，同比下降20.12%；净利润为1205.44万元，同比下降 54.14%。前三季度营收为4.4亿元，同比下降12.93%；净利润为3344.04万元，同比下降50.25%。 ...

兆讯传媒广告股份有限公司 2025 年第三季度报告 证券代码：301102 证券简称：兆讯传媒 公告编号：2025-045 兆讯传媒广告股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 □是 否 公司报告期末至季度报告披露日股本是否因发行新股、增发、配股、股权激励行权、回购等原因发生变化且影响所有者权 益金额 □是 否 | | 本报告期 | 年初至报告期末 | | | --- | --- | --- | --- | | 支付的优先股股利（元） | 0.00 | | 0.00 | | 支付的永续债利息 （元） | 0.00 | | 0.00 | | 用最新股本计算的全面摊薄每股收益 | 0.0297 | | 0.0824 | | ...

Core Insights - The advertising and marketing sector saw a 0.8% increase on October 23, with Inry Media leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Stock Performance - Inry Media (603598) closed at 16.85, up 3.82% with a trading volume of 179,900 shares and a transaction value of 304 million yuan [1] - Zhejiang Wenlian (600986) closed at 8.58, up 2.88% with a trading volume of 711,800 shares and a transaction value of 605 million yuan [1] - Other notable performers include Jiayun Technology (300242) at 4.49, up 2.51%, and Simay Media (002712) at 5.60, up 2.00% [1] Capital Flow - The advertising and marketing sector experienced a net outflow of 7.80 million yuan from institutional investors and 60.85 million yuan from speculative funds, while retail investors saw a net inflow of 68.65 million yuan [2] - Inry Media had a net inflow of 48.61 million yuan from institutional investors, but a net outflow of 12.78 million yuan from speculative funds [3] - Zhejiang Wenlian saw a net inflow of 84.68 million yuan from institutional investors, with a net outflow of 27.45 million yuan from speculative funds [3]

Core Insights - The advertising and marketing sector saw a rise of 0.46% on October 21, with Inry Media leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 1: Stock Performance - Inry Media (603598) closed at 16.59, with a gain of 4.54% and a trading volume of 126,300 shares, amounting to a transaction value of 209 million yuan [1] - Other notable performers included: - Electric Sound Co. (300805) at 11.29, up 3.01% [1] - Yaowang Technology (002291) at 6.95, up 2.51% [1] - Simay Media (002712) at 5.45, up 2.44% [1] - Shenguang Group (002400) at 7.95, up 2.19% [1] Group 2: Capital Flow - The advertising and marketing sector experienced a net inflow of 86.88 million yuan from institutional investors, while retail investors saw a net outflow of 21.03 million yuan [2] - The main stocks with significant capital flow included: - Flag Technology (300061) with a net outflow of 15.2 million yuan [2] - Fenjun Media (002027) with a net outflow of 72.8 million yuan [2] - Tianxia Show (600556) with a net outflow of 59.5 million yuan [2]

Core Insights - The advertising and marketing sector saw a rise of 0.73% on October 20, with Fushi Holdings leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance Summary - Fushi Holdings (300071) closed at 4.23, up 3.17% with a trading volume of 170,500 shares and a turnover of 71.79 million yuan [1] - Yili Media (603598) closed at 15.87, up 2.72% with a trading volume of 38,900 shares and a turnover of 61.21 million yuan [1] - Longyun Co. (603729) closed at 16.66, up 2.52% with a trading volume of 22,500 shares and a turnover of 37.20 million yuan [1] - Other notable stocks include Jiayun Technology (300242) at 4.15, up 2.47%, and Huamei Media (002712) at 5.32, up 2.31% [1] Capital Flow Analysis - The advertising and marketing sector experienced a net outflow of 189 million yuan from institutional investors, while retail investors saw a net inflow of 183 million yuan [2] - The overall capital flow indicates that retail investors are more active in the sector compared to institutional investors [2] Individual Stock Capital Flow - Zhejiang Wenlian (600986) had a net inflow of 41.67 million yuan from institutional investors, while retail investors had a net outflow of 36.53 million yuan [3] - Yili Media (603598) saw a net inflow of 6.77 million yuan from institutional investors, with retail investors experiencing a net outflow of 5.13 million yuan [3] - Fushi Holdings (300071) had a net inflow of 4.55 million yuan from institutional investors, but retail investors had a significant net outflow of 10.35 million yuan [3]