Group 1 - The company, Zhao Xun Media, announced on the evening of September 2 that it has repurchased a total of 847,800 shares through a dedicated repurchase account via centralized bidding, which accounts for 0.2088% of the company's total share capital [2]

Group 1 - The company, Zhao Xun Media, announced on September 2 that it has repurchased approximately 850,000 shares, accounting for 0.2088% of its total share capital, with a total transaction amount of about 10.01 million yuan [1] - The highest transaction price during the repurchase was 12.14 yuan per share, while the lowest was 11.48 yuan per share [1] - As of the report, Zhao Xun Media's market capitalization stands at 4.6 billion yuan [1] Group 2 - For the year 2024, the company's revenue composition is entirely from advertising publishing, with a 100.0% contribution from this segment [1]

证券代码：301102 证券简称：兆讯传媒 公告编号：2025-035 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 ...

国投证券股份有限公司关于兆讯传媒广告股份有限公司 2025半年度跟踪报告 | 保荐人名称：国投证券股份有限公司 | 被保荐公司简称：兆讯传媒 | | --- | --- | | 保荐代表人姓名：费春成 | 联系电话：010-83321237 | | 保荐代表人姓名：周宏科 | 联系电话：010-83321258 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | 制度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1次 | | （2）公司募集资金项目进展是否与信息披露文件一 | 是 | | 致 | | | 4.公司治理督导情况 | ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with expectations for recovery in the high-speed rail advertising segment as passenger traffic gradually increases [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 293 million yuan, a year-on-year decrease of 8.81%, and a net profit attributable to shareholders of 21 million yuan, down 47.75% [1]. - For Q2 2025, the company reported operating revenue of 129 million yuan, a year-on-year decline of 10.31%, and a net profit of 1 million yuan, down 79.13% [1]. Industry Trends - National railway passenger traffic in the first half of 2025 reached 2.236 billion trips, reflecting a year-on-year growth of 6.7%, although the growth rate has slightly slowed [2]. - The company's high-speed rail advertising revenue for the first half of 2025 was 255 million yuan, a decrease of 9.27% year-on-year, but there is potential for recovery as national railway passenger traffic continues to rebound [2]. Business Development - The company has established a digital media network covering all 30 provincial-level administrative regions in China, reaching over 2 billion passengers annually [2]. - The outdoor naked-eye 3D screen business is progressing steadily, with media revenue from this segment at 38 million yuan, down 5.56% year-on-year [2]. - The company is actively exploring AI applications in digital image processing, achieving significant advancements in various production stages [2]. Cost and Profitability - The company's gross margin decreased by 3.26 percentage points to 26.96% in the first half of 2025 due to costs associated with high-speed rail point expansion and outdoor naked-eye 3D screen development [3]. - The company signed contracts for 531 railway passenger stations, with 493 currently in operation, including 487 high-speed rail stations [3]. - The sales expense ratio decreased by 4.88 percentage points to 11.95% due to reduced advertising expenses, while management and R&D expense ratios increased due to a rise in total employees and R&D personnel [3]. Profit Forecast - The company expects to achieve net profits attributable to shareholders of 72 million yuan and 146 million yuan for 2025 and 2026, respectively, with corresponding PE ratios of 67.84 and 33.66 [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 293 million yuan for the first half of 2025, a year-on-year decline of 8.81%, and a net profit attributable to shareholders of 21 million yuan, down 47.75% year-on-year. In Q2 2025, revenue was 129 million yuan, a decrease of 10.31%, with a net profit of 1 million yuan, down 79.13% year-on-year. The slowdown in high-speed rail passenger growth has led to a slow recovery in high-speed rail advertising, while point optimization and expansion have negatively impacted profits. However, the company's resource layout is still ongoing, and future performance is expected to improve [2][5][10]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 293 million yuan, a decrease of 8.81% year-on-year, and a net profit of 21 million yuan, down 47.75% year-on-year. For Q2 2025, revenue was 129 million yuan, a decline of 10.31%, with a net profit of 1 million yuan, down 79.13% year-on-year [2][5]. Business Operations - The growth rate of high-speed rail passenger traffic has slowed, impacting high-speed rail advertising revenue, which was 255 million yuan in the first half of 2025, down 9.27% year-on-year. 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 [10]. Strategic Developments - The company is actively expanding its outdoor naked-eye 3D screen business, with installations in major commercial areas such as Guangzhou, Chengdu, and Beijing. In the first half of 2025, revenue from outdoor naked-eye 3D media was 38 million yuan, a decrease of 5.56% year-on-year. The company is also making significant progress in AI digital image processing for its advertising [10]. Profitability Outlook - Due to the upfront costs associated with point optimization and expansion, the company expects net profits of 72 million yuan and 146 million yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 67.84 and 33.66 [10].

Core Viewpoint - The financial performance of Zhao Xun Media (301102) for the first half of 2025 shows significant declines in revenue and net profit compared to the previous year, indicating potential challenges in the company's operations and financial health [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 293 million yuan, a decrease of 8.81% year-on-year [1]. - Net profit attributable to shareholders was 21.39 million yuan, down 47.75% year-on-year [1]. - In Q2 2025, total revenue was 129 million yuan, a decline of 10.31% year-on-year, with net profit of 518,400 yuan, down 79.13% year-on-year [1]. - The gross margin was 26.78%, a decrease of 11.37% year-on-year, while the net margin was 7.31%, down 42.70% year-on-year [1]. - The company's accounts receivable increased to 451 million yuan, representing a 21.55% increase year-on-year, with accounts receivable accounting for 596.68% of the latest annual net profit [1]. Expense and Asset Analysis - Total expenses (selling, administrative, and financial) amounted to 41.99 million yuan, accounting for 14.35% of revenue, a decrease of 12.74% year-on-year [1]. - Cash and cash equivalents decreased by 2.10% to 2.421 billion yuan [1]. - The company reported a significant increase in research and development expenses by 73.38% due to the addition of new personnel [3]. Operational Insights - The company’s return on invested capital (ROIC) was 1.36%, indicating weak capital returns, with a historical median ROIC of 29.91% since its listing [4]. - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers of this approach [4]. - The company’s cash assets are reported to be in a healthy state, suggesting some liquidity despite the declining profits [4].

Company Overview - The company has undergone a retrospective adjustment of previous accounting data due to a capital reserve transfer completed in July 2024, which affected the earnings per share calculation for the same period last year [2] - There has been no change in the controlling shareholder or actual controller during the reporting period [3][4] Financial Highlights - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares (including tax) based on a base of 406 million shares, with no stock dividends or capital reserve transfers [5] - The company has approved a share repurchase plan using its own funds, with a total repurchase amount between 100 million yuan and 200 million yuan, to be executed within 12 months [6] - The company has completed the use of raised funds for the "Outdoor Naked Eye 3D HD Screen Project," with no remaining funds from the fundraising [6]

Group 1 - The meeting of the fifth supervisory board of Zhaoxun Media was held on August 21, 2025, with all three supervisors present, and the procedures complied with relevant regulations [1][2] - The supervisory board approved the 2025 semi-annual report, confirming that it accurately reflects the company's situation without any false statements or omissions [1][2] - The supervisory board also approved the special report on the use of raised funds, affirming that it complies with legal requirements and accurately represents the fund's status [2][3] Group 2 - The supervisory board agreed to revise the company's articles of association, proposing to abolish the supervisory board and transfer its powers to the audit committee of the board of directors [2][3] - The revision of the articles of association is in line with the latest legal requirements and aims to enhance the company's governance structure [3] - The proposal to revise the articles of association will be submitted for shareholder approval [3]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders in 2025 on September 8, 2025, at 14:30 [1] - The meeting will allow both on-site and online voting through the Shenzhen Stock Exchange systems [2][6] Voting Procedures - Shareholders can vote in person or authorize others to attend and vote on their behalf [2] - Online voting will be available from 9:15 to 15:00 on the same day [1][2] Agenda Items - The meeting will discuss several proposals, including amendments to the "Management System for Preventing Controlling Shareholders and Related Parties from Occupying Company Funds" [5][11] - The election of the sixth board of directors will be conducted, with four non-independent directors and three independent directors to be elected [5][11] Voting Rights and Regulations - Votes from minority investors will be counted separately [3] - Special resolutions require approval from more than two-thirds of the voting rights held by attending shareholders [5] Registration and Attendance - Natural person shareholders must present identification and shareholder account cards for registration [6] - Corporate shareholders must provide relevant documentation, including a power of attorney if represented by an agent [6] Contact Information - For inquiries, shareholders can contact Wang Xi at 010-65915208 [6]