Investment Rating - The report maintains a "Positive" investment rating for the advertising industry [7]. Core Insights - In July 2025, the total outdoor advertising expenditure was 22.467 billion yuan, representing a year-on-year decrease of 4% and a month-on-month decrease of 5%. Excluding scope and list price growth, the net value decreased by 10% year-on-year [2][4]. - Outdoor traditional media continues to gain traction, with July advertising expenditure reaching 7.106 billion yuan, a year-on-year increase of 4.2% and a month-on-month increase of 4.0%. The net value, excluding scope and list price changes, increased by 3.6% year-on-year [10]. - The website, beverage, and entertainment sectors emerged as the main contributors to outdoor video media expenditure in July, driven by the "takeaway war" and summer effects [10]. Summary by Sections Outdoor Advertising Performance - The total outdoor advertising expenditure in July 2025 was 22.467 billion yuan, down 4% year-on-year and 5% month-on-month. The net value, excluding scope and list price growth, decreased by 10% year-on-year [2][4]. - Outdoor video media advertising expenditure totaled 15.361 billion yuan, a year-on-year decrease of 7% [2]. Channel Analysis - The expenditure on building LCD media decreased by 12% year-on-year and 17% month-on-month due to changes in media collection cycles. In contrast, electronic screen media saw a year-on-year increase of 14% and a month-on-month increase of 18% [10]. - High-speed rail video media advertising expenditure increased by 6% month-on-month due to heightened travel demand during the summer [10]. Industry Contributions - The top five industries for outdoor video media expenditure in July were websites (24%), beverages (23%), entertainment (8%), services (8%), and alcohol (5%). The website sector's share increased significantly from 3% in the previous year [10]. - The beverage industry's expenditure share rose to 23% due to high summer temperatures, while the entertainment and service sectors also saw increases in their advertising shares [10]. Outlook for Building Media - Building media maintains a high level of attractiveness due to its frequent exposure and precise targeting of high-consumption demographics. The report anticipates a recovery in advertising expenditure as the domestic economy continues to show signs of cyclical recovery [10].

Market Overview - A-shares showed mixed performance in the past week (September 15-19), with the Shanghai Composite Index down 1.14% to 3820.09 points, while the Shenzhen Component Index rose 1.14% to 13070.86 points, and the ChiNext Index increased by 2.34% to 3091 points [2] - Over 32% of stocks experienced gains during the week, with 122 stocks rising over 15% and 16 stocks declining over 15% [2] Top Performing Stocks - The top-performing stock, Taimusi (001234.SZ), surged over 61% during the week, followed by Dekeli (688205.SH) with a 59.09% increase [2][3] - Taimusi specializes in the research, production, and sales of knitted fabrics and garments, providing OEM services for well-known brands like Decathlon and Anta [2][6] Stock Control Change - Taimusi is preparing for a change in control after over three years of listing, with the new controlling entity being the Guangzhou Municipal Government [6] - The controlling shareholder, Ruzhou Xintai, plans to transfer 29.99% of its shares to Guangzhou Light Industry, which will result in a change of control [6] - The transfer price must be between 90% of the closing price on the day before the agreement and the upper limit set by regulatory authorities [6] Financial Performance - Taimusi reported a revenue of approximately 380 million yuan for the first half of 2025, a decrease of 16.34% year-on-year, and a net profit of about 29.71 million yuan, down 43.69% year-on-year [7] Underperforming Stocks - The worst-performing stock, Zitian Tui (300280.SZ), fell 81.75% during the week, with other stocks like *ST Dongtong and *ST Gaohong also experiencing significant declines [9] - Zitian Tui's main business involves modern advertising services, including internet and building media advertising [9] Regulatory Actions - The China Securities Regulatory Commission issued an administrative penalty against *ST Zitian for inflating revenues by a total of 2.499 billion yuan over two years [10] - Following the penalty, *ST Zitian's stock was delisted, entering a 15-day trading period before final delisting [10]