Group 1 - The company announced a share buyback program, having repurchased a total of 5,220,075 shares as of October 31, 2025, which represents 1.29% of its total share capital [2]

Company Overview - Zhaoxun Media (SZ 301102) announced on November 3 that it has repurchased approximately 5.22 million shares, accounting for 1.29% of the total share capital, through a special securities account via centralized bidding [1] - The highest transaction price was 12.14 CNY per share, while the lowest was 11.05 CNY per share, with a total transaction amount of approximately 60 million CNY [1] - As of the report, Zhaoxun Media's market capitalization stands at 4.6 billion CNY [1] Revenue Composition - For the year 2024, Zhaoxun Media's revenue is entirely derived from advertising publishing, with a 100% contribution from this segment [1]

证券代码：301102 证券简称：兆讯传媒 公告编号：2025-046 兆讯传媒广告股份有限公司 关于股份回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 兆讯传媒广告股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日召 开第五届董事会第十五次会议，审议通过《关于以集中竞价交易方式回购公司股 份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司股份，用于员 工持股计划或者股权激励。回购资金总额不低于人民币 10,000.00 万元且不超过 人民币 20,000.00 万元，回购股份价格不超过人民币 14.80 元/股，实施期限为 自公司董事会审议通过本次回购股份方案之日起不超过 12 个月。具体内容详见 公司于 2025 年 5 月 20 日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关 于以集中竞价交易方式回购公司股份方案的公告》（公告编号：2025-016）。 鉴于公司 2024 年年度权益分派方案的实施，根据相关规定，公司自权益分 派除权除息之日即 2025 年 6 月 18 日起，相应调整 ...

Core Viewpoint - The company announced a share buyback plan approved by the board, with a total funding of 100-200 million yuan, adjusting the maximum buyback price from 14.80 yuan to 14.78 yuan per share due to equity distribution changes [1] Summary by Sections - **Share Buyback Details** - The company plans to repurchase shares amounting to 100-200 million yuan, with the maximum buyback price set at 14.78 yuan per share [1] - As of a certain month-end in 2025, the company has repurchased a total of 5,220,075 shares, representing 1.29% of the total share capital [1] - The highest transaction price during the buyback was 12.14 yuan per share, while the lowest was 11.05 yuan per share, with a total transaction amount of 60.0033 million yuan (excluding transaction fees) [1] - **Future Actions** - The company will continue to implement the buyback plan as per regulations and will disclose further information accordingly [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 440 million yuan for the first three quarters of 2025, a year-on-year decline of 12.93%, and a net profit attributable to shareholders of 33 million yuan, down 50.25% year-on-year. In Q3 2025, the revenue was 147 million yuan, a decrease of 20.12% year-on-year, with a net profit of 12 million yuan, down 54.14% year-on-year. The slow recovery of high-speed rail passenger traffic has put continuous pressure on high-speed rail advertising, while the outdoor naked-eye 3D business is steadily advancing, with Q3 2025 gross margin improving to 32.79% [4][11][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 440 million yuan, a decrease of 12.93% year-on-year, and a net profit of 33 million yuan, down 50.25% year-on-year. In Q3 2025, the revenue was 147 million yuan, a decline of 20.12% year-on-year, with a net profit of 12 million yuan, down 54.14% year-on-year [4][11]. Business Developments - The recovery of high-speed rail passenger traffic is slow, leading to ongoing pressure on advertising revenues. The company has signed agreements with 18 domestic railway bureau groups, establishing a digital media network that reaches over 2 billion passengers annually across 30 provincial-level regions. The media value of high-speed rail is expected to become more prominent as quality traffic becomes scarce [11]. - The outdoor naked-eye 3D screen business is progressing steadily, with the company focusing on digital content production to enhance user experience. The company has launched several high-definition outdoor naked-eye 3D screens in major commercial areas and is developing original content to redefine outdoor media experiences [11]. Margin and Cost Management - The company is optimizing its high-speed rail advertising locations, which has led to a significant improvement in gross margin, reaching 32.79% in Q3 2025, with a year-on-year decrease of 6.51 percentage points but an increase of 10.24 percentage points quarter-on-quarter. The reduction in advertising expenses has also contributed to a decrease in the sales expense ratio [11]. Profit Forecast - The company is expected to achieve a net profit attributable to shareholders of 72 million yuan in 2025 and 146 million yuan in 2026, corresponding to price-to-earnings ratios of 63.13 and 31.32, respectively. The "Buy" rating is maintained based on these projections [11].

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]

Core Viewpoint - Zhaoxun Media has established a dual-driven communication system leveraging high-speed rail stations and urban business districts, aiming to enhance social value dissemination through its advertising network [1][2] Financial Performance - In the first three quarters, Zhaoxun Media achieved approximately 440 million yuan in revenue and a net profit attributable to shareholders of 33.44 million yuan [1] Business Model and Strategy - The company has partnered with 18 railway bureau groups, covering 30 provincial administrative regions, with a digital screen count and market share that continues to lead, reaching over 2 billion passenger flows annually [1] - Zhaoxun Media focuses on high-end commercial entities in first-tier and new first-tier cities, complementing its high-speed rail scene strategy to effectively reach high-frequency consumer groups [1] Technological Integration - The company is exploring the integration of emerging technologies such as naked-eye 3D and AI into its advertising business, enhancing visual impact and consumer engagement [2][3] - Zhaoxun Media plans to promote the fusion of digital media and public welfare, actively incorporating cutting-edge technologies like 5G and AI to improve the efficiency and interactivity of its public welfare content [2] Industry Trends - Outdoor advertising companies are advised to keep pace with technological trends by deploying new devices like high-definition interactive screens and utilizing big data analytics for precise advertising [2][3] - The rapid iteration of technology necessitates that companies leverage AI for dynamic creative generation and user behavior prediction to optimize advertising strategies [3]

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]

Group 1 - The company's revenue for the third quarter is 147 million, a year-on-year decrease of 20.12% [1] - The net profit for the third quarter is 12.05 million, a year-on-year decrease of 54.14% [1] - The revenue for the first three quarters is 440 million, a year-on-year decrease of 12.93% [1] - The net profit for the first three quarters is 33.44 million, a year-on-year decrease of 50.25% [1]