宋强中国出版传媒商报社执行董事（社长）、党委书记、总编辑 2025年的出版业很艰难，这是很多从业者的直观感受。实际情况确实如此，我们面临着外部环境的巨大挑战，也面临着内部调整、应对能力提升的压力。 从外部看，数字阅读的浪潮持续冲击着传统纸质出版的市场份额，用户阅读、购买习惯的快速变迁让实体书店的生存空间不断被压缩，线上电子书平台的 低价策略和便捷获取方式，进一步分流了潜在的纸质书消费者。同时，新兴的自媒体内容创作形式层出不穷，短视频、播客、知识付费课程等以更碎片 化、娱乐化的方式抢占用户注意力，使得传统出版物在内容传播上的竞争力面临严峻考验。此外，全球经济环境的不确定性也影响了大众的文化消费意 愿，出版行业作为文化产业的一部分，不可避免地受到整体消费市场低迷的影响，图书销售增长乏力，库存压力逐渐增大。 对内部而言，部分出版社在新媒体时代的品牌建设和读者服务方面意识薄弱，未能与读者建立起紧密的情感连接和互动关系，导致读者黏性不高，在激烈 的市场竞争中难以形成稳定的用户群体。这些内外部的重重困境，让2025年的出版业倍感压力，也为2026年蒙上了一层迷雾，行业究竟该走向何方，成为 每一个出版人不得不深入思考的问题 ...

文 | 《BUG》栏目 徐苑蕾 2025年的最后两天，华与华咨询公司（以下简称"华与华"）董事长华杉再度陷入舆论漩涡。 一边是他发布亲自扫厕所视频，宣称"扫厕所是公司最高权力"，引发网友质疑其作秀动机；另一边，其 控股的上市公司读客文化筹划控制权变更，却在公告后不到一周内闪电终止。 与此同时，华杉与罗永浩之间的"录音门"纠纷仍然悬而未决，罗永浩多次喊话却未见华杉公开回应。 《BUG》栏目发现，华杉近一个月内拉黑多位网友，其微博仅允许关注100天以上粉丝评论，内容则密 集聚焦于蜜雪冰城等客户营销。 至于读客文化控股权变更一事，在公司停牌前股价异常放量上涨，引发市场对内幕信息提前泄露的质 疑。读客文化证券部相关工作人员则表示，近期不会再推进控股权变更一事，目前已经终止。 华杉扫厕所称"最高权力"，网友：作秀过头 12月29日，华杉在微博上发布了一段打扫公司卫生间的视频。视频画面显示，华杉与华与华总经理肖征 共同参与卫生间清扫，华杉俯身擦拭洗手台等区域，肖征则用地拖清理地面。 除了发布视频外，华杉还配文表示，"扫厕所是华与华的最高权力。"华杉称，"每周一早扫除，是华与 华三现主义和凡事彻底的企业文化仪式，是5S管理 ...

12月26日晚间，读客文化（301025）公告，此前公司收到控股股东通知，正在筹划公司控制权变更相关 事宜。但由于涉及事项较多，经多次协商和谈判后，仍未达成共识，决定终止此次控制权变更事项。公 司股票将于12月29日开市起复牌。 读客文化表示，公司目前各项经营情况正常，终止筹划本次控制权变更事项不会对公司经营业绩和财务 状况产生重大不利影响，将继续围绕公司发展战略，为公司和股东创造价值。 回溯来看，12月22日晚间，读客文化公告，公司于12月19日收到控股股东及实际控制人华楠、华杉通 知，其正在筹划公司控制权变更相关事宜，具体方案以各方签署的相关协议为准。 读客文化表示，上述事项的具体方案尚在筹划中，尚未签署正式协议，具有不确定性。为保证公平信息 披露，避免公司股价异常波动，维护广大投资者利益，根据深交所相关规定，经公司向深交所申请，公 司股票自12月22日(星期一)开市起停牌，预计停牌时间不超过2个交易日。 读客文化称，公司将根据上述事项的进展情况，严格按照有关法律法规的规定和要求履行信息披露义 务。待上述事项确定后，公司将及时发布相关公告并申请复牌。 12月23日晚间，读客文化发布该事项进展公告称，截至公 ...

Core Viewpoint - The company, Dook Culture, has announced a suspension of trading as it plans to change its control, which is unusual given its recent IPO in July 2021 and the upcoming unlock of shares in July 2024 [2][3]. Group 1: Company Overview - Dook Culture specializes in the planning and publishing of books, along with related cultural value-added services, including physical books, digital content, copyright operations, and promotional services [2]. - The company was founded in 2006 and gained recognition for popular titles such as "The Secret of the Tibetan Land" and "The Fall of Giants" [2]. Group 2: Financial Performance - Dook Culture has experienced a decline in revenue for three consecutive years from 2022 to 2024, with a reported loss of 3.28 million yuan in 2023 [2]. - In the first three quarters of this year, the company achieved a revenue of 257 million yuan, a year-on-year decrease of 12.19%, and a net profit of 6.52 million yuan, down 56.72% year-on-year [2]. Group 3: Stock Performance and Shareholder Actions - On its first trading day, Dook Culture's stock price peaked at 31.44 yuan per share but has since fallen to 10.20 yuan per share at the time of suspension [3]. - The controlling shareholders, Huanan and Huashan, have been reducing their stakes in the company, including a transfer of 4.1082 million shares at a price of 8.37 yuan per share, totaling approximately 34.39 million yuan [3]. - Between February and May, the shareholders sold a total of 11.1909 million shares, raising about 103 million yuan [3]. Group 4: Industry Context and Challenges - The traditional book publishing industry is facing a decline, and the marketing expertise of the Hu brothers has not been sufficient to improve Dook Culture's performance [3]. - The company is also dealing with reputational challenges stemming from a public dispute involving its brand consultants and a prominent figure in the industry, which may further impact its market position [3].

今年前三季度，公司营收2.57亿元，同比下滑12.19%；归母净利润仅652.10万元，同比大幅下降 56.72%。不仅如此，公司现金流压力凸显，经营活动产生的现金流量净额为-794.38万元。为提振业 绩，公司加大了抖音、小红书、视频号等平台的投流支出，导致销售费用同比增长24.10%至3772.66万 元，但从业绩来看，上述营销投入尚未在收入端显现成效。 值得注意的是，在本次控制权变更筹划前，实控人的一致行动人已开启持续减持。 2025年1月，宁波读客公告计划减持不超过1120万股，占公司总股本比例不超过2.80%；5月完成累计 1119.09万股减持，套现金额达1.03亿元；11月再次通过询价转让方式减持410.82万股，套现3438.55万 元。加上2023年原核心高管朱筱筱累计减持约6051万元，公司相关主体累计套现超2亿元，已超过读客 文化上市至今的利润总和。 股权结构层面，华楠、华杉兄弟长期保持对读客文化的绝对控制。截至2025年三季度末，华楠直接持股 41.02%，华杉直接持股29.58%，二人共同控制的宁波读客持有1.31%股份，合计共控制公司71.91%的股 份。 此次控制权变更或与公司业 ...

一波未平一波又起，此前在西贝"预制菜风波"中与罗永浩隔空喊话的华与华兄弟正计划转让旗下上市公 司的控制权。 12月22日晚间，读客文化（301025）公告，公司于12月19日收到控股股东及实际控制人华楠、华杉通 知，其正在筹划公司控制权变更相关事宜，具体方案以各方签署的相关协议为准。 读客文化表示，上述事项的具体方案尚在筹划中，尚未签署正式协议，具有不确定性。为保证公平信息 披露，避免公司股价异常波动，维护广大投资者利益，根据深交所相关规定，经公司向深交所申请，公 司股票自12月22日（星期一）开市起停牌，预计停牌时间不超过2个交易日。 读客文化称，公司将根据上述事项的进展情况，严格按照有关法律法规的规定和要求履行信息披露义 务。待上述事项确定后，公司将及时发布相关公告并申请复牌。 公开信息显示，读客文化是一家民营图书策划发行企业。公司坚持推进"创意工业化"打造"创意流水 线"，通过整合文艺、社科以及少儿等领域的优质版权，融合多种载体形式，全方位为大众提供以图书 为主体的精品内容，持续提升品牌影响力与行业竞争力。公司主要业务涉及纸质图书、数字内容、版权 运营及新媒体业务。 今年前三季度，读客文化实现营业收入2 ...

Group 1 - The core viewpoint of the news is that New Classics has experienced a decline in stock price and financial performance, with significant net outflow of funds and a decrease in both revenue and net profit year-on-year [1][2][3] Group 2 - As of November 19, New Classics' stock price fell by 2.05% to 18.67 CNY per share, with a total market capitalization of 2.88 billion CNY [1] - Year-to-date, New Classics' stock price has increased by 2.87%, but it has seen a decline of 1.94% in the last five trading days and a decrease of 3.31% over the last 60 days [2] - The company's main business revenue composition includes 91.08% from physical books, 6.01% from digital content, 2.02% from copyright operations, and 0.90% from other sources [2] - For the period from January to September 2025, New Classics reported a revenue of 475 million CNY, a year-on-year decrease of 25.65%, and a net profit attributable to shareholders of 67.79 million CNY, down 46.59% year-on-year [2] - Since its A-share listing, New Classics has distributed a total of 895 million CNY in dividends, with 389 million CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders for New Classics decreased by 12.57% to 12,900, while the average circulating shares per person increased by 14.37% to 11,932 shares [2]

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 ...

Core Viewpoint - The article discusses the ongoing conflict between the branding consultancy company Huayi Huayi and entrepreneur Luo Yonghao regarding the use of pre-prepared dishes in the restaurant industry, highlighting the implications for brand strategy and market positioning [4][6][8]. Group 1: Company Overview - Huayi Huayi, founded in 2002 by brothers Hua Shan and Hua Nan, specializes in brand consulting, marketing planning, and strategic design, with a unique methodology called "Super Symbol" [12][13]. - The company has served notable clients such as Haidilao, Mixue Ice City, and Xibei, and has been working with Xibei since 2013, significantly contributing to its brand development [13][14]. Group 2: Financial Aspects - Over ten years, Huayi Huayi has earned over 60 million yuan in consulting fees from Xibei, with future expectations of 100 million yuan for the next decade [14]. - The company is also linked to the publicly listed company Dook Culture, which has seen a decline in revenue and net profit in its latest financial report [15]. Group 3: Industry Dynamics - The article outlines the competitive landscape of brand consulting in China, identifying four main schools of thought, with Huayi Huayi representing the design school and others like Traut representing the positioning school [16][18]. - The ongoing debate between Huayi Huayi and the positioning school reflects a struggle for dominance in the branding consultancy market, with Huayi Huayi aiming to redefine industry standards [18][19].

Core Insights - The company reported a total revenue of 168 million yuan for the first half of 2025, a year-on-year decrease of 15.38% [1] - The net profit attributable to shareholders was 6.13 million yuan, down 46.9% year-on-year [1] - The company's accounts receivable reached 70.06 million yuan, representing 476.33% of the net profit, indicating a significant collection issue [6] Financial Performance - Total revenue for Q2 2025 was 83.18 million yuan, a decline of 20.59% compared to the same period last year [1] - Gross margin decreased to 32.37%, down 8.36% year-on-year, while net margin fell to 3.64%, a drop of 37.25% [1] - Total expenses (selling, administrative, and financial) amounted to 45.35 million yuan, accounting for 26.92% of revenue, an increase of 14.62% year-on-year [1] Cash Flow and Investments - Operating cash flow per share was 0.04 yuan, a decrease of 74.52% year-on-year, indicating cash flow challenges [1] - The net cash flow from investing activities increased by 52.77%, attributed to the company's strategy of using more financial products to enhance fund efficiency [4] - The net cash flow from financing activities rose by 33.52%, due to benefits from warehouse leasing [4] Operational Insights - The decline in revenue was primarily due to a 15.38% drop in the paper book business, which constitutes 85% of total revenue, reflecting a downturn in the overall book market [3] - Sales expenses increased by 24.06% as the company intensified marketing efforts on platforms like Douyin and Xiaohongshu [3] - The company’s return on invested capital (ROIC) was 2.33%, indicating weak capital returns, with a historical median ROIC of 10.65% since its listing [5]