请阅读最后评级说明和重要声明 丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 广告行业跟踪（12）：7 月户外广告整体下滑， 网站行业投放大幅增加 报告要点 [Table_Summary] 根据中天盈信（CODC）数据，2025 年 7 月户外广告投放总额为 224.67 亿元，同比减少 4%， 环比减少 5%，剔除范围和刊例增长的净值同比减少 10%，其中户外视频媒体广告投放总额为 153.61 亿元，同比减少 7%。分渠道来看，楼宇液晶媒体受媒体收集周期变化影响，7 月广告 刊例花费同比减少 12%、环比减少 17%；电子屏媒体广告刊例花费同比增长 14%、环比增长 18%。分行业来看，受外卖大战和暑期效应影响，网站、饮料和娱乐休闲行业成为 7 月户外视 频媒体投放主力军。 分析师及联系人 [Table_Author] 高超 朱子愉 SAC：S0490516080001 SFC：BUX177 %% %% %% %% research.95579.com 1 [Table_Title 广告行业跟踪（2] 12）：7 月户外广告整体下滑， 网站行业投放大幅增加 [Table_Summ ...

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]