Company Fundamentals - The company expects a net profit attributable to shareholders of between 6 million to 9 million yuan for the fiscal year 2025, representing a year-on-year decline of 38.81% to 59.20% [2] - The non-recurring net profit is projected to be between -2 million to 1 million yuan, indicating a significant drop [2] - The decline in performance is primarily due to the overall contraction of the book retail market, increased marketing expenses from transitioning to new channels like Douyin, and higher investments in copyright [2] Recent Events - On December 22, 2025, the company was suspended from trading due to the controlling shareholder planning a change in control, but the suspension was lifted on December 26, 2025, as the parties involved did not reach a consensus [3] - Prior to the suspension, on December 19, 2025, the company's stock price surged by 6.03%, raising concerns about potential insider information leaks [3] - The controlling shareholder and their concerted parties have cumulatively reduced their holdings, cashing out over 130 million yuan, which further impacted investor confidence [3] Stock Price and Fund Performance - On February 10, 2026, the company's stock price hit a 20.03% limit-up, with trading volume increasing to 564 million yuan and a turnover rate of 15.73% [4] - The stock continued to rise by 10.14% on February 11, 2026, but experienced a decline of 11.82% on February 12, 2026 [4] - Data from the trading leaderboard indicates that institutional investors net bought 24.06 million yuan between February 10 and 11, 2026, while speculative funds sold off significantly, reflecting notable short-term capital divergence [4] Industry Policy and Environment - The publishing industry faced overall pressure in 2025, with the physical book market experiencing a year-on-year decline of 10.40% in sales volume [5] - However, there is ongoing policy support for the cultural industry and copyright protection, which may provide long-term benefits to leading companies with copyright reserves [5] - The market's reassessment of industry transformation and the company's long-term value may exacerbate stock price volatility [5]
读客文化股价大幅波动，业绩承压与市场情绪成主因