11月27日，读者传媒盘中上涨2.09%，截至11:18，报7.31元/股，成交6286.96万元，换手率1.52%，总市 值42.11亿元。 资金流向方面，主力资金净流入534.71万元，大单买入883.17万元，占比14.05%，卖出348.47万元，占 比5.54%。 读者传媒今年以来股价涨19.50%，近5个交易日涨5.94%，近20日涨11.09%，近60日涨9.76%。 今年以来读者传媒已经1次登上龙虎榜，最近一次登上龙虎榜为3月24日，当日龙虎榜净买入2748.45万 元；买入总计6788.73万元 ，占总成交额比17.54%；卖出总计4040.29万元 ，占总成交额比10.44%。 责任编辑：小浪快报 读者传媒所属申万行业为：传媒-出版-大众出版。所属概念板块包括：知识产权、知识付费、在线教 育、小盘、甘肃国资等。 截至9月30日，读者传媒股东户数2.71万，较上期减少10.91%；人均流通股21256股，较上期增加 12.24%。2025年1月-9月，读者传媒实现营业收入6.60亿元，同比减少14.69%；归母净利润7969.72万 元，同比增长11.15%。 分红方面，读者传媒A股上市后累 ...

2025 年 中国知识付费行业市 场研究报告 主编：雷静兰 编辑：郭宇昂 手机号 15769519125 商业合作： collaboration@shuoyuanconsulting.com 1 / 22 1 行业概述 1.1 知识付费行业定义与范围 1.1.1 知识付费的概念解析 知识付费，顾名思义，是指用户通过支付一定费用来获取专业知识、技能或信 息内容的服务形式。随着互联网技术的飞速发展和智能终端的普及，用户对高 质量、系统化知识内容的需求日益增长，知识付费逐渐成为现代社会知识传播 和学习的重要途径。相比于传统免费获取信息的模式，知识付费更加注重内容 的专业性、权威性和深度，能够为用户提供更具针对性和实用价值的知识服务， 满足了不同群体在职业提升、兴趣培养、自我成长等方面的多样化学习需求。 知识付费的内容形态丰富多样，涵盖了文字、音频、视频等多媒体形式。具体 表现为在线课程、电子书、付费问答、专家咨询、直播讲座、专题讲座以及会 员专属内容等多种服务模式。例如，用户可以通过付费购买系统性在线课程， 获得系统化的学习路径和专业指导；也可以通过付费问答平台，直接向领域专 家提出问题，获得个性化的解答；还可以订 ...

11月20日，掌阅科技盘中下跌2.09%，截至10:37，报20.66元/股，成交1.14亿元，换手率1.25%，总市值 90.68亿元。 资金流向方面，主力资金净流出2039.28万元，特大单买入226.53万元，占比1.99%，卖出724.12万元， 占比6.35%；大单买入1339.24万元，占比11.75%，卖出2880.93万元，占比25.27%。 掌阅科技今年以来股价涨2.23%，近5个交易日跌2.09%，近20日涨4.19%，近60日跌2.82%。 资料显示，掌阅科技股份有限公司位于北京市朝阳区四惠东四惠大厦二层2029E，成立日期2008年9月8 日，上市日期2017年9月21日，公司主营业务涉及互联网数字阅读平台服务(包括数字阅读付费及商业化 增值业务)、版权产品业务。主营业务收入构成为：数字阅读平台63.75%，衍生业务30.02%，版权产品 6.12%，其他0.12%。 掌阅科技所属申万行业为：传媒-数字媒体-文字媒体。所属概念板块包括：小盘、知识产权、知识付 费、AI语料库、Kimi概念等。 截至9月30日，掌阅科技股东户数5.65万，较上期减少10.44%；人均流通股7771股，较上 ...

Group 1 - The core viewpoint of the news is that CITIC Publishing has experienced a decline in stock price and trading activity, with a current market capitalization of 5.594 billion yuan and a year-to-date stock price drop of 5.86% [1] - As of September 30, CITIC Publishing reported a total revenue of 1.241 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 2.90%, and a net profit attributable to shareholders of 161 million yuan, which is a 23.61% increase compared to the previous year [2] - The company’s main business segments include book publishing and distribution (72.06% of revenue), urban cultural space operations (16.97%), and digital services (10.97%) [1] Group 2 - CITIC Publishing has distributed a total of 454 million yuan in dividends since its A-share listing, with 186 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 15.01% to 13,600, while the average circulating shares per person increased by 17.66% to 13,996 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest with 1.1151 million shares, a decrease of 223,100 shares from the previous period [3]

资料显示，中文在线集团股份有限公司位于北京市东城区安定门东大街28号雍和大厦2号楼6层608号， 成立日期2000年12月19日，上市日期2015年1月21日，公司主营业务涉及提供数字阅读产品、数字出版 运营服务和数字内容增值服务;游戏发行及运营、二次元相关业务。主营业务收入构成为：数字内容授 权及其他相关产品55.95%，IP衍生开发产品42.66%，教育产品1.04%，其他产品0.34%。 中文在线所属申万行业为：传媒-出版-大众出版。所属概念板块包括：爱奇艺概念、短剧概念、影视动 漫、知识付费、影视传媒等。 截至9月30日，中文在线股东户数11.24万，较上期增加7.20%；人均流通股5877股，较上期减少6.72%。 2025年1月-9月，中文在线实现营业收入10.11亿元，同比增长25.12%；归母净利润-5.20亿元，同比减少 176.64%。 11月20日，中文在线盘中下跌2.03%，截至10:06，报26.55元/股，成交3.35亿元，换手率1.89%，总市值 193.42亿元。 资金流向方面，主力资金净流出3418.99万元，特大单买入2027.71万元，占比6.06%，卖出3630.63万 ...

Core Viewpoint - CITIC Publishing's stock price has experienced a decline of 6.09% year-to-date, with a market capitalization of 5.581 billion yuan as of November 19 [2][1]. Financial Performance - For the period from January to September 2025, CITIC Publishing achieved a revenue of 1.241 billion yuan, representing a year-on-year growth of 2.90%. The net profit attributable to shareholders was 161 million yuan, showing a year-on-year increase of 23.61% [2]. - The company has distributed a total of 454 million yuan in dividends since its A-share listing, with 186 million yuan distributed over the past three years [3]. Stock Market Activity - On November 19, CITIC Publishing's stock price fell by 2.00%, trading at 29.35 yuan per share with a turnover of 34.0954 million yuan and a turnover rate of 0.61% [1]. - The stock has seen a net outflow of 56,400 yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, CITIC Publishing had 13,600 shareholders, a decrease of 15.01% from the previous period. The average circulating shares per person increased by 17.66% to 13,996 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 1.1151 million shares, a decrease of 223,100 shares from the previous period [3].

截至9月30日，新华网股东户数4.57万，较上期减少0.97%；人均流通股14767股，较上期增加31.27%。 2025年1月-9月，新华网实现营业收入13.06亿元，同比增长7.88%；归母净利润2.03亿元，同比增长 30.56%。 分红方面，新华网A股上市后累计派现11.15亿元。近三年，累计派现2.77亿元。 机构持仓方面，截止2025年9月30日，新华网十大流通股东中，香港中央结算有限公司位居第四大流通 股东，持股953.63万股，相比上期增加674.34万股。东方红新动力混合A（000480）位居第八大流通股 东，持股349.34万股，相比上期增加131.41万股。南方中证1000ETF（512100）位居第十大流通股东， 持股246.87万股，相比上期增加56.14万股。 责任编辑：小浪快报 11月19日，新华网盘中下跌2.03%，截至10:08，报19.80元/股，成交1.01亿元，换手率0.75%，总市值 133.60亿元。 资金流向方面，主力资金净流出991.79万元，特大单买入538.11万元，占比5.32%，卖出1079.21万元， 占比10.67%；大单买入1835.13万元，占比 ...

Core Insights - The stock price of Zhangyue Technology increased by 2.01% on November 18, reaching 21.28 CNY per share, with a total market capitalization of 9.34 billion CNY [1] - The company reported a revenue of 2.462 billion CNY for the first nine months of 2025, marking a year-on-year growth of 28.68%, while the net profit attributable to shareholders was -217 million CNY, a decrease of 488.26% [2] - The company has distributed a total of 302 million CNY in dividends since its A-share listing, with 123 million CNY distributed over the past three years [3] Stock Performance - Year-to-date, the stock price has increased by 5.29%, with a recent decline of 0.88% over the last five trading days, a 14.53% increase over the last 20 days, and a 0.42% increase over the last 60 days [1] - As of September 30, 2025, the number of shareholders decreased by 10.44% to 56,500, while the average number of circulating shares per person increased by 11.66% to 7,771 shares [2] Business Overview - Zhangyue Technology, established on September 8, 2008, and listed on September 21, 2017, primarily operates in the internet digital reading platform services, with revenue composition as follows: 63.75% from digital reading platforms, 30.02% from derivative businesses, 6.12% from copyright products, and 0.12% from other sources [1] - The company is categorized under the media industry, specifically in digital media and text media sectors, and is associated with concepts such as small-cap stocks, intellectual property, paid knowledge, AI corpus, and Kimi concept [1] Shareholder Information - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 2.1304 million shares to 11.2868 million shares, and several new shareholders such as Jin Ying Technology Innovation Stock A and Hua Xia Zhong Zheng 1000 ETF [3]

11月17日，掌阅科技盘中上涨2.20%，截至10:43，报20.95元/股，成交1.55亿元，换手率1.71%，总市值 91.95亿元。 资金流向方面，主力资金净流出208.24万元，特大单买入425.50万元，占比2.75%，卖出337.07万元，占 比2.18%；大单买入2329.20万元，占比15.05%，卖出2625.88万元，占比16.97%。 掌阅科技今年以来股价涨3.66%，近5个交易日跌7.63%，近20日涨14.79%，近60日涨2.29%。 资料显示，掌阅科技股份有限公司位于北京市朝阳区四惠东四惠大厦二层2029E，成立日期2008年9月8 日，上市日期2017年9月21日，公司主营业务涉及互联网数字阅读平台服务(包括数字阅读付费及商业化 增值业务)、版权产品业务。主营业务收入构成为：数字阅读平台63.75%，衍生业务30.02%，版权产品 6.12%，其他0.12%。 分红方面，掌阅科技A股上市后累计派现3.02亿元。近三年，累计派现1.23亿元。 机构持仓方面，截止2025年9月30日，掌阅科技十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1128.68万股，相比上期 ...

Core Viewpoint - The stock of Zhongwen Online has experienced fluctuations, with a recent decline of 2.03% and a year-to-date increase of 8.15%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Zhongwen Online achieved a revenue of 1.011 billion yuan, representing a year-on-year growth of 25.12%. However, the net profit attributable to shareholders was -520 million yuan, a significant decrease of 176.64% compared to the previous year [2]. - The company has cumulatively distributed 34.2495 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of September 30, 2025, Zhongwen Online had 112,400 shareholders, an increase of 7.20% from the previous period. The average number of circulating shares per shareholder decreased by 6.72% to 5,877 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 8.9865 million shares as a new shareholder. Notably, certain funds have exited the top ten list [3]. Market Activity - The stock's trading activity shows a net outflow of 3.3155 million yuan from major funds, with significant selling pressure observed [1]. - Zhongwen Online has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 550 million yuan on August 25, accounting for 14.67% of total trading volume [1].