Group 1 - The stock of Zhidingmai increased by 5.03%, reaching 45.27 CNY per share, with a trading volume of 816 million CNY and a turnover rate of 15.23%, resulting in a total market capitalization of 9 billion CNY [1] - Zhidingmai Technology Co., Ltd. was established on November 10, 2011, and went public on July 15, 2019. The company operates a content-based shopping guide platform, providing promotional services for e-commerce and brands [1] - The revenue composition of Zhidingmai includes: information promotion income at 41.83%, internet marketing platform income at 28.38%, operational service fees at 27.62%, brand marketing income at 2.00%, and product sales income at 0.17% [1] Group 2 - Among the top ten circulating shareholders of Zhidingmai, the Noan Fund has a new entry with its Noan Active Return Mixed A fund, holding 1.4898 million shares, which is 1.22% of the circulating shares [2] - The Noan Active Return Mixed A fund was established on September 22, 2016, with a current scale of 1.365 billion CNY. It has experienced a loss of 3.34% this year, ranking 8075 out of 8209 in its category [2] - The fund manager, Liu Huiying, has been in position for 3 years and 115 days, with a total fund asset scale of 23.634 billion CNY. The best return during her tenure is 56.57%, while the worst is 4.13% [2]

Core Viewpoint - The stock of Zhidao Mai has shown a mixed performance in recent trading, with a slight increase of 2.03% on October 31, 2023, while the company faces a decline in revenue for the first nine months of 2025 compared to the previous year [1][2]. Company Overview - Zhidao Mai Technology Co., Ltd. is based in Fengtai District, Beijing, and was established on November 10, 2011. It was listed on July 15, 2019. The company operates a content-driven shopping guide platform, providing promotional services for e-commerce and brand companies [1]. - The main revenue sources for the company are: information promotion income (41.83%), internet marketing platform income (28.38%), operational service fees (27.62%), brand marketing income (2.00%), and product sales income (0.17%) [1]. Financial Performance - For the period from January to September 2025, Zhidao Mai reported an operating income of 806 million yuan, a year-on-year decrease of 20.37%. However, the net profit attributable to the parent company was 13.45 million yuan, showing a significant increase of 253.49% [2]. - Since its A-share listing, Zhidao Mai has distributed a total of 216 million yuan in dividends, with 84.18 million yuan distributed over the past three years [3]. Shareholder Structure - As of October 20, 2023, the number of shareholders for Zhidao Mai increased to 25,900, up by 8.71%. The average number of circulating shares per person decreased by 8.01% to 4,714 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 7.9642 million shares, an increase of 6.2526 million shares from the previous period. New entrants include Noan Active Return Mixed A and Huatai-PineBridge Technology Innovation Mixed A [3].

Core Insights - The company reported a revenue of 806 million yuan for the first three quarters of 2025, a year-on-year decrease of 20.37% [1] - The net profit attributable to shareholders was 13.45 million yuan, showing a significant year-on-year increase of 253.49% [1] - The basic earnings per share stood at 0.07 yuan [2] Financial Performance - The gross margin for the first three quarters of 2025 was 49.52%, an increase of 3.36 percentage points year-on-year [2] - The net profit margin was 1.80%, up 1.15 percentage points compared to the same period last year [2] - In Q3 2025, the gross margin was 50.35%, a year-on-year increase of 6.14 percentage points, but a quarter-on-quarter decrease of 6.45 percentage points [2] - The net profit margin for Q3 was 0.44%, up 1.34 percentage points year-on-year, but down 6.50 percentage points from the previous quarter [2] Expense Management - Total operating expenses for Q3 2025 were 376 million yuan, a decrease of 65.26 million yuan year-on-year [2] - The expense ratio was 46.67%, an increase of 3.06 percentage points year-on-year [2] - Sales expenses decreased by 20.08%, management expenses decreased by 14.50%, and R&D expenses decreased by 7.62% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 23,000, a decrease of 4,864, or 17.47%, from the end of the previous half [2] - The average market value of shares held per shareholder increased from 227,400 yuan to 333,300 yuan, a growth of 46.57% [2] Company Overview - The company, Beijing Zhi De Mai Technology Co., Ltd., was established on November 10, 2011, and went public on July 15, 2019 [3] - Its main business includes operating the content-based shopping guide platform "What is Worth Buying" and providing promotional services for e-commerce and brands [3] - The revenue composition includes 41.83% from information promotion, 28.38% from internet marketing platform services, 27.62% from operational service fees, 2.00% from brand marketing, and 0.17% from product sales [3]

Group 1 - The core point of the article highlights the recent stock performance of Zhidingmai, which saw a decline of 5.02%, trading at 33.70 CNY per share with a total market capitalization of 6.701 billion CNY [1] - Zhidingmai Technology Co., Ltd. was established on November 10, 2011, and went public on July 15, 2019. The company operates a content-based shopping guide platform, providing promotional services for e-commerce and brand merchants [1] - The revenue composition of Zhidingmai includes: information promotion income at 41.83%, internet marketing platform income at 28.38%, operational service fees at 27.62%, brand marketing income at 2.00%, and product sales income at 0.17% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huashang Fund has a fund that entered the top ten shareholders of Zhidingmai, holding 1.2781 million shares, which accounts for 1.04% of the circulating shares [2] - The Huashang Advantage Industry Mixed Fund (000390) has a current scale of 4.055 billion CNY and has achieved a return of 73.72% year-to-date, ranking 242 out of 8162 in its category [2] - The fund manager of Huashang Advantage Industry Mixed Fund is Zhang Mingxin, who has been in the position for 225 days, with the fund's total asset scale at 4.24 billion CNY [3]

Group 1 - The core point of the article highlights the recent decline in the stock price of Zhidao Mai, which fell by 5.02% to 38.42 CNY per share, with a trading volume of 282 million CNY and a turnover rate of 5.86%, resulting in a total market capitalization of 7.64 billion CNY [1] - Zhidao Mai Technology Co., Ltd. is based in Beijing and was established on November 10, 2011, with its IPO on July 15, 2019. The company operates a content-based shopping guide platform, providing promotional services for e-commerce and brands [1] - The revenue composition of Zhidao Mai includes: information promotion income at 41.83%, internet effect marketing platform income at 28.38%, operational service fees at 27.62%, brand marketing income at 2.00%, and product sales income at 0.17% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huashang Fund has a fund that entered the top ten shareholders of Zhidao Mai, holding 1.2781 million shares, which is 1.04% of the circulating shares, with an estimated floating loss of approximately 2.5945 million CNY [2] - The Huashang Advantage Industry Mixed Fund A (000390) was established on December 11, 2013, with a latest scale of 4.055 billion CNY. It has achieved a return of 91.88% this year, ranking 121 out of 8172 in its category, and a return of 122.89% over the past year, ranking 285 out of 7995 [2] Group 3 - The fund manager of Huashang Advantage Industry Mixed Fund A is Zhang Mingxin, who has been in the position for 204 days. The total asset size of the fund is 4.24 billion CNY, with the best fund return during his tenure being 91.48% and the worst being 6.16% [3]

Core Points - The stock of Zhidao Mai increased by 5.72% on September 12, reaching 40.66 CNY per share, with a trading volume of 515 million CNY and a turnover rate of 10.76%, resulting in a total market capitalization of 8.085 billion CNY [1] Company Overview - Beijing Zhidao Mai Technology Co., Ltd. was established on November 10, 2011, and went public on July 15, 2019. The company operates the content-based shopping guide platform "What is Worth Buying" (www.smzdm.com) and its corresponding mobile client, providing information promotion services and internet marketing platform services for e-commerce and brand merchants [1] - The revenue composition of the company's main business includes: information promotion revenue at 41.83%, internet marketing platform revenue at 28.38%, operational service fees at 27.62%, brand marketing revenue at 2.00%, and product sales revenue at 0.17% [1] Shareholder Information - Among the top ten circulating shareholders of Zhidao Mai, Huashang Fund has one fund that entered the top ten in the second quarter, holding 1.2781 million shares, accounting for 1.04% of the circulating shares. The estimated floating profit today is approximately 2.8118 million CNY [2] - The Huashang Advantage Industry Mixed A Fund (000390) was established on December 11, 2013, with a latest scale of 4.055 billion CNY. Year-to-date returns are 87.68%, ranking 122 out of 8174 in its category; one-year returns are 121.13%, ranking 237 out of 7981; and since inception returns are 1201.1% [2] - The fund manager, Zhang Mingxin, has a cumulative tenure of 193 days, with the current total asset scale of 4.24 billion CNY. The best fund return during his tenure is 68.84%, while the worst is -3.81% [2]

Core Viewpoint - The company "值得买" has shown a mixed performance in stock price and financial results, with a notable increase in net profit despite a decline in revenue [2][3]. Group 1: Stock Performance - On August 29, "值得买" stock rose by 2.01%, reaching 36.10 CNY per share, with a trading volume of 1.10 billion CNY and a turnover rate of 2.52%, resulting in a total market capitalization of 71.79 billion CNY [1]. - Year-to-date, the stock price has increased by 8.25%, with a 3.94% rise over the last five trading days, a 0.82% decline over the last 20 days, and a 13.20% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, "值得买" reported a revenue of 5.82 billion CNY, a year-on-year decrease of 18.70%, while the net profit attributable to shareholders was 12.69 million CNY, reflecting a year-on-year increase of 65.75% [2]. - Since its A-share listing, "值得买" has distributed a total of 2.16 billion CNY in dividends, with 84.18 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of August 20, the number of shareholders for "值得买" was 27,800, a decrease of 1.35% from the previous period, with an average of 4,394 circulating shares per person, an increase of 1.37% [2]. - As of June 30, 2025, notable shareholders included 易方达供给改革混合, holding 5.45 million shares (an increase of 1.33 million shares), and 香港中央结算有限公司, holding 1.71 million shares (an increase of 0.84 million shares) [3].