Core Viewpoint - New Classics (603096.SH) reported a decline in both revenue and net profit for the third quarter of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company's operating revenue for the third quarter was 160 million yuan, representing a year-on-year decrease of 13.74% [1] - The net profit attributable to shareholders of the listed company was 20.92 million yuan, down 41.73% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 18.95 million yuan, reflecting a year-on-year decline of 39.05% [1]

Core Viewpoint - The company reported a year-on-year increase in revenue and net profit for Q3 2025, while the revenue for the first three quarters showed a decline compared to the previous year [1] Group 1: Q3 Performance - In Q3 2025, the company achieved a revenue of 244 million yuan, representing a year-on-year growth of 6.82% [1] - The net profit attributable to shareholders for Q3 2025 was 41.09 million yuan, reflecting a year-on-year increase of 9.77% [1] - The basic earnings per share for Q3 2025 stood at 0.071 yuan [1] Group 2: Year-to-Date Performance - For the first three quarters of 2025, the company reported a total revenue of 660 million yuan, which is a year-on-year decline of 14.69% [1] - The net profit attributable to shareholders for the first three quarters was 79.70 million yuan, showing a year-on-year increase of 11.15% [1] - The basic earnings per share for the first three quarters was 0.138 yuan [1]

Core Insights - The company reported third-quarter revenue of 244 million yuan, representing a year-on-year increase of 6.82% [1] - Net profit for the third quarter was 41.09 million yuan, showing a year-on-year growth of 9.77% [1] - For the first three quarters, total revenue was 660 million yuan, reflecting a year-on-year decline of 14.69% [1] - Net profit for the first three quarters reached 79.69 million yuan, which is a year-on-year increase of 11.15% [1]

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。 证券代码：603096 证券简称：新经典 公告编号：2025-035 新经典文化股份有限公司 2025年第三季度主要经营数据公告 以上生产经营数据来自公司内部统计，仅为投资者及时了解公司生产经营概况之用，敬请广大投资者理性投资，注意投资风险。 特此公告。 新经典文化股份有限公司董事会 2025 年 10 月 29 日 新经典文化股份有限公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》的相关规定，现将 2025 年第三季度主要经营 数据公告如下： 单位：万元 币种：人民币 | | | 销售码洋 | | 营业收入 | | | 营业成本 | | | | 毛利率(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 去年 | 本期 | 增长率% | 去年 | 本期 | 增长率% | 去年 | 本期 | 增长率% | 去年 | 本期 | 增 ...

Group 1 - The company's Q3 revenue is 160 million, a year-on-year decrease of 13.74% [1] - The net profit for Q3 is 20.9177 million, a year-on-year decrease of 41.73% [1] - The company's revenue for the first three quarters is 475 million, a year-on-year decrease of 25.65% [1] Group 2 - The net profit for the first three quarters is 67.794 million, a year-on-year decrease of 46.59% [1]

Core Insights - The publishing sector experienced a slight increase of 0.05% on October 28, with notable gains from Guangdong Media, which surged by 10% [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Publishing Sector Performance - Guangdong Media (002181) led the gains with a closing price of 10.01, reflecting a 10% increase and a trading volume of 1.1113 million shares, amounting to 1.064 billion yuan [1] - Other notable performers included: - Chinese Online (300364) with a closing price of 27.49, up 1.63% [1] - Publishing Media (666109) with a closing price of 7.27, up 1.11% [1] - Century Tianhong (300654) with a closing price of 10.04, up 0.90% [1] - Guomai Culture (301052) with a closing price of 44.54, up 0.81% [1] Capital Flow Analysis - The publishing sector saw a net inflow of 150 million yuan from institutional investors, while retail investors experienced a net outflow of 65.13 million yuan [2] - Key stocks with significant capital flow included: - Chinese Online (300364) with a net inflow of 1.62 billion yuan from institutional investors [3] - Guangdong Media (002181) with a net inflow of 1.35 billion yuan from institutional investors [3] - Chinese Media (600373) recorded a net inflow of 610.70 million yuan from institutional investors [3]

Core Insights - Guomai Culture reported a revenue of 497 million yuan for the first three quarters of 2025, representing a year-on-year growth of 26.51%, with a net profit of 12.07 million yuan and a net cash flow from operating activities increasing by 48.90% [1] - The company has successfully established an innovative business model of "Publishing + Internet," driving transformation in the publishing industry and fully investing in AI technology for a strategic upgrade [1][5] Financial Performance - Revenue for the first three quarters reached 497 million yuan, a 26.51% increase year-on-year [1] - Net profit attributable to shareholders was 12.07 million yuan, with a non-recurring net profit of 9.97 million yuan [1] - Net cash flow from operating activities increased by 48.90% year-on-year [1] Business Model and Strategy - Guomai Culture focuses on publishing high-value books and follows the "Guomai Methodology" throughout the product lifecycle [1] - The company develops internet products driven by content, connecting users and facilitating internet marketing and sales, creating a virtuous cycle of interaction between publishing and the internet [1] - The company's unique business model has led to publishing performance significantly above industry averages, with a product efficiency ratio of 9.69 times the industry average in the first half of 2025 [1] Market Position and Product Launches - The company has strategically positioned itself in various verticals within the core field of copyright book publishing, including academic culture, self-help, women's growth, literature, educational aids, and fan economy [2] - The launch of Lin Junjie’s commemorative book sold over 210,000 copies within a week, generating sales exceeding 38 million yuan, showcasing the company's strong capabilities in book planning and marketing [2] - The collaboration with another famous singer, Deng Ziqi, for her debut novel "Revelation" also achieved impressive sales, with over 18,000 copies sold within an hour and sales exceeding 34 million yuan [2] AI and Technology Integration - Guomai Culture is advancing its "technological" strategic upgrade through comprehensive investment in AI technology, forming a dual-driven model of "external revenue generation + internal efficiency improvement" [3][5] - Several AI products have been successfully commercialized, including the "Book World Intelligent Publishing Platform" and "AI Proofreading King," which have been adopted by various publishing groups and government entities [4] - The "Book World Intelligent Publishing Platform" has achieved a closed-loop application across the entire publishing process, significantly improving quality and efficiency while reducing labor costs [4] Industry Trends and Future Outlook - The rise of fan economy globally is reshaping commercial landscapes and consumer culture, with Guomai Culture poised to deepen its engagement in this area, leveraging successful case studies to drive performance growth [3] - The company aims to continue consolidating its competitive advantage in the publishing industry transformation, unlocking the synergistic value of content and traffic for long-term stable growth [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 2.311 billion yuan in Q3 2025, a year-over-year decrease of 5.82%, while the net profit attributable to shareholders reached 400 million yuan, reflecting a significant year-over-year increase of 73.72% [4][5] - The revenue structure has been optimized, leading to a 27.67% increase in total profit compared to the previous year [5] - The company is expected to maintain stable performance due to its regional advantages and proactive engagement with AI and new business models, with projected revenues of 9.005 billion yuan, 9.033 billion yuan, and 9.065 billion yuan for 2025, 2026, and 2027 respectively [5][6] Revenue and Profit Analysis - For the first three quarters of 2025, the company achieved a total revenue of 6.283 billion yuan, down 3.01% year-over-year, with a gross profit of 2.257 billion yuan, up 2.52% year-over-year, resulting in a gross margin of 35.93%, an increase of 1.94 percentage points [5] - In Q3 2025, the company’s revenue was 2.311 billion yuan, with a gross profit of 867 million yuan, and a gross margin of 37.5%, which is an increase of 3.89 percentage points year-over-year [5] - The decline in revenue is attributed to the reduction of low-margin material business, while the general book publishing business saw a revenue increase of 11.47% year-over-year [5] Financial Forecasts - The company’s net profit attributable to shareholders for the first three quarters of 2025 was 851 million yuan, a year-over-year increase of 60.73%, with a projected net profit of 1.132 billion yuan, 1.156 billion yuan, and 1.194 billion yuan for 2025, 2026, and 2027 respectively [5][6] - The report forecasts a price-to-earnings ratio (P/E) of 11 for 2025, decreasing to 10 for 2027, indicating a favorable valuation trend [6][7]

Core Viewpoint - Rongxin Culture reported a net loss attributable to shareholders of 5.09 million yuan for Q1 to Q3 of 2025, representing a year-on-year increase of 79.61%. In Q3 alone, the net loss was 7.26 million yuan, up 42.98% year-on-year [1] Group 1: Financial Performance - The company achieved a net loss of 5.09 million yuan for the first three quarters of 2025, with a significant year-on-year increase of 79.61% [1] - In Q3 2025, the net loss attributable to shareholders was 7.26 million yuan, reflecting a year-on-year increase of 42.98% [1] Group 2: Business Development - The core business of children's books remains stable, with the launch of the first book product under the brand "Lexue Society·Salamander Plan," aimed at enhancing children's writing skills through engaging comics and AI assistance [1] - The company is expanding into multiple niche segments, indicating a strategic diversification of its product offerings [1] Group 3: Market Position and Future Outlook - The company is implementing a comprehensive marketing plan and a "hit product" creation model, which is expected to drive operational improvements and increase market share [1] - There is an accelerated focus on the AI + IP direction, which is anticipated to further unlock IP value and create growth opportunities [1] - The profit forecast remains unchanged, with expected net profits attributable to shareholders of 0.14 billion yuan, 0.38 billion yuan, and 0.59 billion yuan for 2025-2027, representing year-on-year growth rates of 132.1%, 167.4%, and 54.2% respectively [1]

Core Points - The establishment of the Central Asia Publishing Center and the signing of the Nanjing-Central Asia mutual translation publishing project aim to enhance cultural cooperation between China and Central Asian countries [1][2] - The project includes the introduction of five Kyrgyz literary works and the output of two representative works from Nanjing Publishing Media Group, highlighting the importance of cultural exchange [2][3] Group 1: Project Overview - The Central Asia Publishing Center will promote practical cooperation in the cultural publishing sector between China and Central Asian countries through mutual translation initiatives [1] - The project is part of the "Asian Classic Works Mutual Translation Plan" and includes notable works such as "The Children of the Nomads" and "Kyrgyzstan Poetry" [2] Group 2: Cultural Significance - The signing of copyright agreements is seen as a practice of civilizational mutual learning, reflecting the "China-Central Asia Spirit" in the publishing field [2] - The initiative aims to introduce outstanding Chinese cultural works to Central Asia while enriching the spiritual world of Chinese readers with significant works from Central Asia [2][3] Group 3: Expert Opinions - Experts emphasize the strategic significance of mutual translation cooperation between China and Tajikistan, highlighting the shared humanistic values in classical and modern literature [2] - The establishment of the Central Asia Publishing Center is viewed as a valuable step towards deepening cultural exchanges and knowledge sharing between China and Central Asian countries [3]