登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 公司于2025年11月13日下午14:00-15:00，通过上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）以网络互动方式召开了"长江传媒2025年第三季度业绩说明会"，就投资者 比较关注的事项与投资者进行了交流和沟通。现将本次说明会召开情况公告如下： 一、本次说明会召开情况 问题 2：公司当前市值低于净资产（PB〈1），且分析师预期2025年EPS为0.87元（当前0.71元）。请 问：如何引导市场合理认知公司价值？是否有市值管理工具（如回购、增持）计划？对股东提出的'回 购机会'建议，管理层如何考量？ 长江传媒2025年第三季度业绩说明会于2025年11月13日下午14:00-15:00，通过上海证券交易所上证路演 中心以网络互动的方式召开。公司董事长黄国斌先生、总会计师王勇先生、董事会秘书冷雪先生、独立 董事喻景忠先生参加了本次说明会，与投资者进行互动交流和沟通，就投资者普遍关 ...

Core Insights - The reports highlight the continuous optimization and upgrading of China's information infrastructure, with significant growth in the digital economy and expansion of the digital culture industry [1][2] Group 1: Internet Development - As of June 2025, the total number of fixed broadband access users in China reached 684 million, with 4.55 million 5G base stations built and 1.118 billion 5G mobile phone users [1] - The number of IPv6 internet active users reached 834 million, accounting for over 75% of total internet users [1] Group 2: Digital Economy Growth - China's digital economy is developing steadily and deeply, with highlights in digital industrialization and ongoing digital transformation [1] - The quantum computing industry is expected to exceed 11.56 billion yuan in 2025, with a year-on-year growth of over 30%, representing 41.2% of the overall quantum technology industry [1] - China holds 60% of global artificial intelligence patents, and 6G patent applications account for approximately 40.3% globally, ranking first [1] Group 3: E-commerce and Digital Culture - By December 2024, the number of online shopping users in China is projected to reach 974 million, making up 87.9% of the total internet users, with online retail sales growing by 7.2% [1] - China has maintained its position as the world's largest online retail market for 12 consecutive years [1] - The digital culture industry has entered the "trillion-level" scale, with revenue from large-scale cultural and related enterprises reaching 14.15 trillion yuan in 2024, a year-on-year increase of 6% [2] - The digital culture industry, including micro-short dramas, "guzi economy," cloud performances, digital games, and digital reading, continues to thrive and expand [2]

Core Insights - The "Water Rhythm Su Crab" Jiangsu River Crab Industry Chain Innovation Development Conference was held in Nanjing, focusing on key topics such as aquatic animal breeding improvement and green ecological farming [1] - The event gathered over 150 industry experts, representatives from fishery authorities, and leaders from river crab farming enterprises to discuss industry challenges and innovations [1] - The conference emphasized "innovation" and targeted three core directions: digitalization, technological advancement, and branding to address industry pain points and signal new upgrades [1] Industry Developments - The "Digital Construction Guide for the River Crab Industry" was released, proposing solutions for real-time monitoring of farming environments, full traceability of product quality, and efficient market circulation [1] - Three core technological achievements in ecological farming, deep processing technology, and tailwater purification were announced during the conference [1] - The "High-quality Development Report of the Gucheng Lake River Crab Industry" was also published, highlighting the industry's progress [1] Awards and Recognition - Suzhou Water Source Da Zha Crab Farming Co., Ltd. showcased a male crab weighing 551.5 grams and a female crab weighing 419.6 grams, winning the "Crab King Award" and "Crab Queen Award" respectively [1]

Core Insights - The Hainan Ecological Software Park has attracted over 15,000 enterprises, positioning itself as a key player in Hainan's digital economy and aiming for over 200 billion yuan in revenue by 2024 [1][3]. Group 1: Policy and Economic Development - The rapid growth of the Hainan Ecological Software Park is attributed to the advantages of Hainan's free trade port policies and the emerging digital economy ecosystem [3]. - In March 2025, Hainan released opinions to support the park's transformation from a "policy-driven" model to an "innovation-driven" and "application-driven" model, fostering new productive forces in the digital economy [3]. - The park's development has shifted from a land-based model to a data-driven model, focusing on digital infrastructure based on AI, blockchain, and big data applications [3][4]. Group 2: Industry and Technological Innovation - Companies in the park, such as Hainan Yuan Yikang Health Technology Co., have developed digital therapy products using virtual reality technology, providing comprehensive solutions for hospitals and patients [4]. - Hainan Yiduo Cloud Health Industry Co. has created an AI management software for chronic diseases, benefiting from the tax incentives provided by the free trade port [4]. - The park facilitates collaboration among enterprises, enhancing efficiency and reducing costs through a complete industrial chain [4]. Group 3: Talent Attraction and Living Environment - The park has created a "micro-city" that integrates work, living, education, healthcare, and leisure, attracting around 30,000 talents [5]. - The pleasant living environment in the park is seen as a factor that stimulates creativity and innovation among employees [5].

Core Insights - Han's Information experienced a decline of 1.81% on November 5, with a trading volume of 718 million yuan [1] - The company reported a net financing outflow of 3.71 million yuan on the same day, with a total financing balance of 11.85 billion yuan [1] - For the period from January to September 2025, Han's Information achieved a revenue of 2.439 billion yuan, reflecting a year-on-year growth of 3.67% [2] Financing and Trading Activity - On November 5, Han's Information had a financing buy-in of 84.96 million yuan, with a current financing balance of 11.82 billion yuan, representing 6.46% of its market capitalization [1] - The financing balance is below the 40th percentile level over the past year, indicating a relatively low position [1] - The company also saw a short-selling activity with 17,900 shares repaid and 2,300 shares sold, resulting in a short-selling balance of 216.54 million yuan, which is below the 50th percentile level over the past year [1] Shareholder and Dividend Information - As of October 10, the number of shareholders for Han's Information was 130,000, a decrease of 0.40% from the previous period [2] - The company has distributed a total of 415 million yuan in dividends since its A-share listing, with 125 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited increased its holdings by 11.12 million shares, while Southern CSI 1000 ETF reduced its holdings by 95,600 shares [3]

Core Viewpoint - The company reported steady revenue growth driven by self-developed products and strategic new businesses, with improvements in gross margin due to optimized business structure and product maturity [2]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.439 billion yuan, a year-on-year increase of 3.67%, and a net profit attributable to shareholders of 145 million yuan, up 6.96% year-on-year [1]. - For Q3 2025, the company reported revenue of 864 million yuan, a year-on-year increase of 3.91%, and a net profit attributable to shareholders of 60 million yuan, up 15.00% year-on-year [1]. Business Segments - The self-developed software business maintained steady growth, with revenue from industrial digitalization reaching 833 million yuan, up 13.58% year-on-year, and financial digitalization revenue at 577 million yuan, up 4.55% year-on-year [2]. - The company adjusted its strategy by reducing the scale of the generic ERP segment, resulting in a revenue decline of 4.95% to 748 million yuan [2]. - The gross margin for the first three quarters reached 34.92%, an increase of 2.13 percentage points year-on-year [2]. AI Product Development - The company is enhancing its AI product offerings, with Q3 AI business revenue reaching approximately 100 million yuan and total revenue for the first three quarters at about 210 million yuan [3]. - The company aims to achieve 300 million yuan in AI revenue and 400-500 million yuan in AI orders this year, with a target of 500-600 million yuan in AI revenue next year [3]. Investment Outlook - The company is focused on intelligent manufacturing, digital marketing, and large enterprise financial management, with expectations for accelerated growth in AI business revenue [4]. - The adjusted earnings per share (EPS) forecast for 2025-2027 is 0.25, 0.30, and 0.36, respectively, with corresponding price-to-earnings (PE) ratios of 72.4, 60.6, and 50.0 [4].

Core Viewpoint - Hengyi Petrochemical reported a slight increase in net profit for the first three quarters of 2025, indicating stable operational performance and a positive outlook for the petrochemical industry [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 231 million yuan, a year-on-year increase of 0.08% [1] - The net profit after deducting non-recurring gains and losses was 78.8 million yuan, reflecting a significant year-on-year growth of 273.30% [1] Group 2: Industry Position and Operations - Hengyi Petrochemical's refining segment benefits from the successful operation of the Brunei refining project, which is the largest single investment project by a private enterprise in China [2] - The company has established a unique dual business model of "polyester + nylon" by integrating the entire industrial chain from crude oil processing to chemical fiber products [2] - The polyester segment is experiencing a slowdown in production capacity growth, but demand remains stable, leading to an improved industry outlook [2] Group 3: New Projects and Strategic Developments - The trial production of the Guangxi new materials project has commenced, which includes a comprehensive production setup for caprolactam and polyamide, enhancing the company's vertical integration [3] - The project is expected to leverage synergies with the Brunei refining project, promoting resource sharing and cooperation between China's and ASEAN's petrochemical industries [3] - Hengyi Petrochemical aims to strengthen its vertical integration and value creation capabilities across the entire "refining-aromatic-polyester" chain [3] Group 4: Future Strategies - The company plans to deepen its development strategy of "one drop of oil, two strands of silk," focusing on quality improvement and efficiency enhancement of existing capacities [4] - Hengyi Petrochemical is committed to advancing its "Technology Hengyi" strategy, exploring digitalization and intelligent upgrades in the chemical fiber industry [4] - The recent government initiative to control supply-side capacity in the petrochemical sector is expected to further enhance the company's competitive advantages in differentiated product development and intelligent production [4]

Core Viewpoint - Han's Information (300170) reported continuous improvement in gross margins across all business lines in 2023, with an overall gross margin of 34.92% and a significant contribution from its proprietary software and AI-related businesses [1] Business Performance - The overall gross margin increased by 2.13% year-on-year, driven by a 2.37% increase in the gross margin of proprietary products [1] - The gross margin for proprietary software reached 39.65%, indicating strong performance in this segment [1] - The gross margin for industrial digitalization remains high at 42.95%, benefiting from the gradual implementation of AI-related scenarios in the financial sector [1] AI and Technology Integration - The maturity of proprietary technologies, such as DeepSeek, has resolved previous data security issues, accelerating the demand for intelligent financial management [1] - The company has been extensively using self-developed AI tools, such as "Feima-Code Model" and "Linglian" platform, which have shown positive results in improving research and development efficiency and project profitability [1] Stability in Traditional Business - The gross margin for the general ERP and ITO businesses has remained relatively stable, with slight improvements attributed to the application of AI tools [1] - The traditional business lines are maintaining a steady growth trend, contributing to the overall stability of the company's financial performance [1]

Core Viewpoint - The event in Luoyang highlighted the increasing international investment cooperation in Henan, showcasing successful local enterprises that have integrated into global supply chains and emphasizing the need for more foreign investment in the region [1][2]. Group 1: International Investment Cooperation - The event featured representatives from sovereign wealth funds, financial institutions, and enterprises discussing international investment collaboration [1]. - Henan has seen a rise in enterprises actively engaging in global supply chains, with examples such as Luozhou Group exporting to over 70 countries and Zhongchuang Zhiling being recognized as the first "lighthouse factory" in the global coal machinery industry [1]. - The region aims to provide a fertile ground for investors by enhancing certainty and growth potential, while also seeking to attract more enterprises to deepen their investment in the central region of China [1]. Group 2: Strategic Initiatives by Henan Capital Group - Henan Capital Group aims to act as a "linker" for overseas investments by focusing on digitalization, green initiatives, and smart technologies [2]. - The group plans to deepen strategic collaboration with sovereign wealth funds to establish a fund for Henan enterprises going abroad, leveraging the region's resource, market, and logistics advantages [2]. - There is a focus on participating in key projects in the Middle East, particularly in green energy and infrastructure, to support the transformation of the oil and gas economy and the upgrade of high-end manufacturing in the region [2].

Core Insights - The "Two New" policy has significantly boosted retail sales in the home appliance sector, with refrigerator sales increasing by 48.3% and television sales by 26.8% in the first three quarters of the year [1] - Industrial enterprises have accelerated equipment updates, with machinery procurement amounts rising by 9.4% year-on-year [1] - The policy has effectively stimulated consumer demand for green, smart, and high-quality products, contributing to industrial upgrades and economic growth [1] Group 1 - The implementation of the "Two New" policy has led to substantial fiscal support, with national public budget expenditures reaching 20.81 trillion yuan, including 710.5 billion yuan for science and technology, marking a 6.5% increase [1] - Local governments are aligning their funding and support policies with central directives to ensure the smooth execution of the "Two New" initiatives, such as equipment purchase subsidies and digital transformation incentives [2] - The policy aims to benefit both consumers and enterprises, emphasizing the importance of effective implementation to maximize its impact [2] Group 2 - The "Two New" policy not only facilitates equipment updates but also drives technological advancements, enhancing product quality and production efficiency [3] - To further strengthen the policy's impact, there is a need for improved policy coordination, addressing supply-demand bottlenecks, and optimizing the business environment [3] - Continuous implementation of the "Two New" policy is expected to stimulate domestic demand and transform policy effectiveness into developmental momentum for the Chinese economy [3]