有的节目会在正式发布长视频前，先在社交媒体上发"切片"，以多条十几秒的短视频展示精彩片段，吸 引用户关注；有的对谈虽长，但核心观点能通过截图、摘要等方式，短平快地在社交平台实现裂变传 播；不少视频播客底部有清晰的目录标记，将视频按关键词切分为一段一段的内容集合，用户可随时分 段"跳读"。这些设计巧思，尊重了用户的选择权，同时保留了长内容的深度优势。 不过，硬币总有另一面。相对单调的场景与聊天模式，让视频播客更依赖对谈双方的名人效应，以及话 题的火热程度，可持续性与规模化复制能力面临考验。对比音频节目，视频繁琐的拍摄流程和制作机 制，也意味着更高的成本、更长的周期，需要主播更强的控场能力、更好的形象管理。这些都是影响其 长远发展的因素，视频播客能火多久、能走多远，有待时间检验。 跳出来看，视频播客走红所反映的，是内容消费的升级，是整个视频生态正经历的一场结构性变化。从 短视频"刷屏"到直播崛起，从短剧风靡到长视频"返场"，受众的个性化、深度化需求不断凸显。用户越 来越主动地走出"茧房"，同算法、平台争夺时间分配的主导权，实现从"被动投喂"到"主动觅食"的转 变。 【现象】在看短视频都要开倍速的今天，动辄两三个小 ...

Core Insights - The company reported a revenue of 71.44 million yuan for Q3 2025, a year-on-year increase of 15.49%, and a cumulative revenue of 252 million yuan for the year-to-date, reflecting a growth of 27.83% [1] - The net profit loss has significantly narrowed compared to the same period last year, with a 42.98% improvement in net profit attributable to shareholders and a 33.06% increase in net profit after deducting non-recurring gains and losses, indicating effective cost control and operational efficiency [1] Financial Performance - The net cash flow from operating activities, although negative, improved by 74.02% compared to the previous year, indicating enhanced sales collection capabilities and ongoing optimization of cash flow [2] - Total assets increased by 4.93% year-to-date, maintaining a level of 959 million yuan, reflecting a generally stable financial structure [2] Strategic Developments - The company has been active in strategic initiatives, including the establishment of a joint venture, Xi'an Rongxin Zhiqu Technology Co., Ltd., to integrate resources and promote AI technology in the children's education sector [2] - The acquisition of a 51% stake in Wuhan Youxue Baobei Book Co., Ltd. enhances the company's position in the children's original book market, strengthening the synergy within the industry chain [2] Investment and Infrastructure - The company continues to invest in financial products and cultural park construction, with trading financial assets reaching 131 million yuan and construction in progress increasing by 129.75%, primarily due to the advancement of the Rongxin Cultural Creative Park project [2] - These initiatives indicate the company's proactive approach to asset allocation and infrastructure development for future business incubation and content innovation [2] Governance and Long-term Development - The company successfully completed the revision of its Articles of Association in September 2025, optimizing decision-making mechanisms and governance standards to support long-term healthy development [2] Market Outlook - The company shows positive signals in core business growth, cash flow improvement, and strategic investments, positioning itself to capitalize on trends in content consumption upgrades and digitalization in educational products [3] - With the arrival of the traditional sales peak in Q4 and ongoing innovations in products and AI+content, the company's annual performance is expected to stabilize and rebound, warranting continued market attention [3]