中信建投证券股份有限公司 关于读客文化股份有限公司 股东向特定机构投资者询价转让股份的核查报告 深圳证券交易所： （一）本次询价转让出让方 截至 2025 年 11 月 7 日，出让方所持公司首发前股份的数量、占公司总股 本比例情况如下： | | 宁波读客企业管理合伙企业（有限合 | 5,252,756 | 1.31% | | --- | --- | --- | --- | | 序号 1 | 股东名称 伙） | 持股数量（股） | 持股比例 | （二）本次询价转让数量 本次拟询价转让股数上限为 4,108,182 股，受让方获配后，本次询价转让情 况如下： | 转让股东名称 | 转让股份数量（股） | 占总股本比例 | 占所持股份比例 | 转让股份来源 | | --- | --- | --- | --- | --- | | 宁波读客企业管理 合伙企业（有限合 | 4,108,182 | 1.03% | 78.21% | | | | | | | 首发前股份 | | 伙） | | | | | 1 （三）转让方式 出让方作为深圳证券交易所创业板上市公司读客文化首发前股东，根据 《询价转让和配售指引》有关规定以向特定 ...

Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating expected performance above the market index [4][40]. Core Views - The media sector has shown resilience with a 2.56% increase, outperforming both the CSI 300 (-0.66%) and the ChiNext Index (-1.68%) during the week of November 3-7 [11][12]. - Key highlights include the rise of Pokee AI, which simplifies the creation of intelligent workflows, and the upcoming launch of Google's Nano Banana2 AI model [16][17]. - The Kimi Linear model from Moonlight has significantly improved processing speeds, enhancing the capabilities of AI-generated content [17]. Summary by Sections Industry Performance - The media industry rose by 2.56%, ranking 10th among all sectors in terms of performance [11][13]. - Notable gainers included Fushi Holdings (30%), China Film (29%), and Jishi Media (20%), while Jiubite and Perfect World saw declines of 6% [12][11]. Key Focus Areas - The report emphasizes the potential of the gaming sector, particularly during the new product cycle and the popularity of IP toys, recommending companies like Giant Network and Kairun Network [3]. - It also highlights the importance of AI applications across various sectors, including animation, advertising, and education [3]. Important Data Tracking - The box office for the week of November 3-9 reached 194 million yuan, with top films including "The Life of Langlang" and "Improv Murder" [18][22]. - In the gaming sector, the top-grossing mobile games in September 2025 were from Diandian Interactive, including "Whiteout Survival" and "Kingshot" [27][29]. Company Earnings Forecasts - Key companies such as Kairun Network, Fenzhong Media, and Mango Super Media are projected to have strong earnings growth, with EPS estimates for 2025E at 1.01, 0.39, and 0.75 respectively [4][40].

证券之星消息，11月11日出版板块较上一交易日下跌0.46%，ST华闻领跌。当日上证指数报收于 4002.76，下跌0.39%。深证成指报收于13289.0，下跌1.03%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301231 | 荣信文化 | 34.31 | 4.06% | 16.18万 | 5.44亿 | | 600373 | 中文传媒 | 11.76 | 1.20% | 26.30万 | 3.07亿 | | 603096 | 新经典 | 19.01 | 0.80% | ● 1.76万 | 3321.75万 | | 601811 | 新华文轩 | 14.49 | 0.76% | 2.15万 | 3107.31万 | | 600757 | 长江传媒 | 9.03 | 0.67% | 13.87万 | 1.25亿 | | 601928 | 凤凰传媒 | 10.27 | 0.59% | 15.38万 | 1.57亿 | | 301052 | 果麦文化 | 43.7 ...

Group 1: Company Announcements - ChaoYing Electronics' wholly-owned subsidiary plans to invest 1.468 billion RMB in an AI computing high-end printed circuit board expansion project in Thailand, aiming to enhance its product layout in high-end PCB applications such as routers and AI servers [1] - DeMingLi is in the process of planning a refinancing matter, which is still in the internal communication stage without a clear plan or determined financing amount [1] - *ST YuanCheng's stock has triggered mandatory delisting due to a market capitalization below 500 million RMB for 20 consecutive trading days, leading to a suspension of trading starting November 11, 2025 [1] Group 2: Investment and Cooperation - ZhongBei Communication signed a framework agreement for comprehensive computing services worth 1 billion RMB with Hongxin Electronics, with a service period of 60 months [2] - ShangTai Technology plans to invest approximately 4.07 billion RMB in a project to produce 200,000 tons of lithium-ion battery anode materials in Shanxi Province [3] Group 3: Clinical Trials and Approvals - Maiwei Bio's innovative drug 9MW3811 injection for pathological scars has received approval for a Phase II clinical trial, with plans to start by the end of 2025, positioning it as the first IL-11 targeted drug in this indication [3]

Core Points - The company, DuKe Culture, announced the preliminary inquiry transfer price of 8.37 yuan per share based on the inquiry subscription situation as of November 10, 2025 [2] - The inquiry transfer will not be conducted through centralized bidding or block trading, and it does not constitute a reduction through the secondary market [2] - The transferee is prohibited from transferring the acquired shares within six months after the transfer [2]

Core Viewpoint - The company Duku Culture (301025.SZ) has announced a preliminary transfer price of 8.37 yuan per share after soliciting bids from institutional investors [1] Group 1 - The total number of shares to be transferred is 4,108,182 shares, which have been fully subscribed [1] - The preliminary identified buyers are eight institutional investors [1]

Core Viewpoint - The company, Duku Culture (301025.SZ), announced the preliminary pricing for its inquiry transfer at 8.37 yuan per share based on the inquiry subscription situation as of November 10, 2025 [1] Group 1: Inquiry Transfer Details - A total of 16 institutional investors participated in the inquiry transfer, with a combined effective subscription of 17.144 million shares, resulting in an effective subscription multiple of 4.17 times [1] - The total number of shares intended for transfer is 4,108,182, which has been fully subscribed by the preliminary identified eight institutional investors [1]

证券代码：301025 证券简称：读客文化 公告编号：2025-040 读客文化股份有限公司 股东询价转让定价情况提示性公告 根据 2025 年 11 月 10 日询价申购情况，初步确定的本次询价转让价 格为 8.37 元/股。 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通 过二级市场减持。受让方通过询价转让受让的股份，在受让后 6 个月内不得 转让。 一、本次询价转让初步定价 （一）经向机构投资者询价后，初步确定的转让价格为 8.37 元/股。 （二）参与本次询价转让报价的机构投资者家数为 16 家，涵盖了基金 管理公司、合格境外投资者、证券公司、私募基金管理人等专业机构投资者。 参与本次询价转让报价的机构投资者合计有效认购股份数量为 1,714.40 万 股，对应的有效认购倍数为 4.17 倍。 （三）本次询价转让拟转让股份已获全额认购，初步确定受让方为 8 家 机构投资者，拟受让股份总数为 4,108,182 股。 二、风险提示 股东宁波读客企业管理合伙企业（有限合伙）保证向本公司提供的信息内容 不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整 性依法承担法律责任。 ...

Core Viewpoint - The company, Duoke Culture, is undergoing a share transfer plan initiated by its shareholder, Ningbo Duoke Enterprise Management Partnership, which involves the transfer of 4,108,182 shares, accounting for 1.03% of the total share capital [1][2]. Share Transfer Details - Ningbo Duoke plans to transfer a total of 4,108,182 shares, representing 1.03% of Duoke Culture's total share capital [1]. - The transfer will not occur through centralized bidding or block trading, and the transferee will be institutional investors with appropriate pricing and risk-bearing capabilities [1]. - After the transfer, the transferee is prohibited from transferring the shares for six months [1]. Shareholder Information - As of November 7, 2025, Ningbo Duoke holds 5,252,756 shares, which is 1.31% of the total shares [2]. - Ningbo Duoke is an employee stock ownership platform for the actual controller of the company, Huanan, and is a concerted actor with Huanan and Huashan, collectively holding over 5% of Duoke Culture's shares [2]. Recent Share Reduction - From March 25 to May 8, 2025, Ningbo Duoke reduced its holdings by 3,051,194 shares, which is 0.76% of the total share capital, and the total reduction since the beginning of the plan reached 11,190,894 shares [3]. - The total cash generated from the share reduction was approximately 10.3 million yuan [3]. Financial Performance - For the first three quarters of 2025, Duoke Culture reported revenue of 257 million yuan, a year-on-year decrease of 12.19%, and a net profit attributable to shareholders of 6.52 million yuan, down 56.72% [4][5]. - The net cash flow from operating activities was -794.38 million yuan, compared to 98.54 million yuan in the same period last year [4]. Previous Fundraising Efforts - Duoke Culture had previously planned to raise up to 300 million yuan through the issuance of convertible bonds, which was later terminated [3]. - The company had aimed to use the funds for the construction of its copyright library [3][6].

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) plans to acquire 47% equity in SMIC North, with due diligence and evaluation processes still ongoing [1][2] - Zhuhai Gree Supply Chain intends to convert a debt of 200 million yuan into equity to increase capital for Shenzhen Haoneng Technology, changing its status from a wholly-owned subsidiary to a controlling subsidiary [3] - China Huadian Corporation is set to invest 12.043 billion yuan in a combined heat and power generation project integrated with renewable energy in Heilongjiang [4] Group 2 - Yong'an Pharmaceutical announces that some directors and senior management plan to reduce their holdings by up to 0.0799% of the total shares [5] - Lihua Co. reports a 11.44% year-on-year increase in chicken sales revenue for October, totaling 1.461 billion yuan [6] - Degu Technology intends to terminate the acquisition of 100% equity in Haowei Technology due to difficulties in meeting the demands of all parties involved [7] Group 3 - Guocheng Mining plans to pay 3.168 billion yuan in cash to acquire 60% equity in Guocheng Industrial [8] - Yingtang Intelligent Control intends to acquire 100% equity in Guanglong Integration and 80% equity in Aojian Microelectronics, with stock resuming trading on November 10 [9] - Shanshan Holdings announces that its actual controller and major shareholder have divorced, resulting in a change in control [10] Group 4 - Nutaige plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics and related components [11] - Chengxing Co. reports that its Jiangyin factory is currently under temporary shutdown for rectification due to a raw material leak [12] - Xindong Holdings announces that its shareholder Hainan Zhuhua plans to reduce its stake by up to 3% [13] Group 5 - Yonghui Supermarket's vice president has completed a share reduction of 0.0012% [14] - Xi'an Tourism plans to issue A-shares to raise no more than 300 million yuan for working capital and bank loan repayment [15] - Xiaogoods City has successfully acquired land use rights for a commercial site in Yiwu for 3.223 billion yuan [16][17] Group 6 - Tongda Chuangzhi announces a cash dividend of 6 yuan per 10 shares for the 2025 interim period [18] - Shen Nan Electric A received a government subsidy of 8.0518 million yuan, accounting for 36.75% of its last fiscal year's net profit [19] - Founder Technology's subsidiary plans to invest 1.364 billion yuan in an AI expansion project in Chongqing [20] Group 7 - Hezhong China reports significant stock trading fluctuations, indicating a "hot potato" effect [21] - Hengrui Medicine's subsidiary has received approval for clinical trials of SHR-4610 injection for late-stage solid tumors [22] - Sihua Holdings announces the termination of a restructuring investment agreement and continues to seek potential investors [23] Group 8 - Yingwei Technology's subsidiary has won a 27.78% share of a project from China Mobile [24] - Dabeinong reports a 45.20% year-on-year increase in pig sales for October, totaling 5.79 billion yuan [25] - Meihua Biotech's major shareholder has been sentenced for market manipulation, but it does not affect the company's operations [26] Group 9 - Zhongyi Da plans to terminate the issuance of A-shares to specific investors [27] - Zhongji Oil and Gas has received a notice of investigation from the China Securities Regulatory Commission regarding trading violations [28] - China International Trade Corporation announces the resignation of its chairman due to work reasons [29] Group 10 - GAC Group reports a decline in October vehicle sales by 8.10% [30] - Dameng Data has invested 100 million yuan to establish an investment fund focused on the database industry [31] - Zhengbang Technology reports a 78.08% year-on-year increase in pig sales revenue for the first ten months [32] Group 11 - Shanghai Xiba has announced that its directors are under investigation for suspected short-term trading [33] - Changgao Electric New has won a bid for a project from the State Grid worth 246 million yuan [34] - Jianghuai Automobile reports a 5.49% increase in October sales [35] Group 12 - Xintian Green Energy reports a 20.97% year-on-year decrease in power generation for October [36] - Luokang Pharmaceutical's products have been selected in the national centralized procurement [37] - Zhongyuan Home intends to invest 16 million USD in a self-built production base in Vietnam [38] Group 13 - Changcheng Technology has terminated plans for a control change and will resume trading on November 10 [39] - Poly Development reports a significant decrease in signed sales area and amount for October [40] - Wanhua Chemical's MDI phase II facility will undergo maintenance starting November 15 [41]