Core Viewpoint - The company *ST Dazheng (600892.SH) has completed the registration change and received a new business license following the change of its registered address [1] Group 1: Company Registration Changes - The registered address has been changed from "Room 2406, Luohu Business Center, 2028 Shennan East Road, Luohu District, Shenzhen" to "Room 213, Luohu Business Center, 2028 Shennan East Road, Chengdong Community, Luohu District, Shenzhen" [1] - Other registration details on the business license remain unchanged, including the company name: Dazheng Times Cultural Investment Co., Ltd., and the unified social credit code: 9144030010447100X4 [1]

Group 1 - The company *ST Dazheng (600892.SH)* has recently completed the change of its registered address and the filing of its articles of association [1] - The new registered address is now "Room 213, Luo Hu Business Center, No. 2028, Shennan East Road, East Gate Community, Luo Hu District, Shenzhen" [1] - Other registration details in the business license remain unchanged, and the company's name is now Dazheng Times Cultural Investment Co., Ltd. with a unified social credit code of 9144030010447100X4 [1]

Group 1: Overall Market Performance - Domestic and international toy companies are experiencing a decline in performance due to macroeconomic challenges and tariff uncertainties, with notable declines in sales for major companies like Mattel, SpinMaster, and Jakks [1] - Hasbro managed to achieve an 8% revenue growth, reaching approximately $1.388 billion, through intensive promotion of its "Magic: The Gathering" IP and expansion of licensing [1] Group 2: Domestic IP-Related Companies - Among over 40 domestic IP-related companies listed on A-shares, less than half reported revenue growth, with only six companies achieving over 5% growth, including *ST Mubang, Xinghui Entertainment, Yuanlong Yatu, Chuangyuan Co., Guangbo Co., and Chenguang Co. [3] - Companies like *ST Mubang, Xinghui Entertainment, and Yuanlong Yatu saw significant revenue rebounds (over 30% year-on-year) after restructuring their business models and IP matrices [3] Group 3: Toy and Stationery Companies Performance - Morning Glory Co. reported a revenue of 6.519 billion yuan, a 7.52% increase, and a net profit of 391 million yuan, up 0.63% [4] - Yuanlong Yatu's revenue surged by 41.06% to 823 million yuan, with net profit increasing by 235.80% [4] - Xinghui Entertainment's revenue grew by 41.26% to 592 million yuan, with a net profit increase of 317.56% [4] - Guangbo Co. achieved an 8.71% revenue increase to 667 million yuan, with a net profit rise of 52% [4] Group 4: Film and Cultural Entertainment Companies Performance - Huazhi Shumei's revenue skyrocketed by 2634.01% to 66 million yuan, although it reported a net loss of 295 million yuan [6][18] - Chinese Film's revenue reached 1.212 billion yuan, a 35.61% increase, with net profit soaring nearly 15 times to 177 million yuan [21] - Shanghai Film's revenue doubled to 361 million yuan, with net profit increasing by 123.51% to 86 million yuan [22] - Light Media's revenue grew by 247.54% to 374 million yuan, with net profit increasing approximately tenfold to 106 million yuan [25] Group 5: Strategic Developments and Innovations - Xinghui Entertainment refocused on its core toy business after divesting its football operations, leading to a significant revenue increase [7] - Yuanlong Yatu's growth is attributed to cost reduction and efficiency improvements, alongside a strategic focus on both domestic and international IP collaborations [9] - Morning Glory Co. expanded its retail presence, with over 870 stores nationwide, and launched multiple collaborations with external IPs [12] - Real Rich Culture is emphasizing AI technology as a core innovation driver, planning to launch AI-themed toys in collaboration with Baidu Smart Cloud [16]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600892 证券简称：*ST大晟 大晟时代文化投资股份有限公司 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。 重要内容提示： 单位：元币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 （二）非经常性损益项目和金额 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 √适用 □不适用 单位:元币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √ ...

Market Overview - On October 31, the gaming sector rose by 1.22%, led by Tom Cat, while the Shanghai Composite Index closed at 3954.79, down 0.81% [1] - The Shenzhen Component Index closed at 13378.21, down 1.14% [1] Top Gainers in Gaming Sector - Tom Cat (300459) closed at 4.64, up 4.98% with a trading volume of 2.12 million shares and a transaction value of 977 million [1] - Other notable gainers include: - Fuchun Co. (300299) at 6.57, up 4.29% [1] - Kunlun Wanwei (300418) at 46.07, up 3.97% [1] - WenTou Holdings (600715) at 2.53, up 3.27% [1] Market Capital Flow - The gaming sector experienced a net outflow of 48.56 million from institutional funds and 59.70 million from speculative funds, while retail investors saw a net inflow of 108 million [2] - The overall trend indicates a shift in capital dynamics within the gaming sector [2] Individual Stock Fund Flow - Key stocks with significant fund flow include: - Three Seven Interactive (002555) with a net inflow of 1.21 billion from institutional funds [3] - Tom Cat (300459) saw a net inflow of 98.60 million from institutional funds but a net outflow from speculative and retail investors [3] - XinYing Network (002517) had a net inflow of 78.75 million from institutional funds [3]

Core Viewpoint - *ST Dazheng (SH 600892) reported a significant increase in revenue for the first three quarters of 2025, but still faced a substantial net loss attributed to shareholders [1] Financial Performance - Revenue for the first three quarters of 2025 was approximately 202 million yuan, representing a year-on-year increase of 75.88% [1] - The net loss attributable to shareholders was approximately 68.85 million yuan [1] - Basic earnings per share showed a loss of 0.1231 yuan [1]

Core Viewpoint - *ST Dazheng (600892.SH) reported a significant increase in revenue for Q3 2025, but still faced substantial net losses [1] Financial Performance - The company's operating revenue reached 93.56 million yuan, representing a year-on-year increase of 153.91% [1] - The net profit attributable to shareholders of the listed company was -35.12 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -35.56 million yuan [1]

Core Viewpoint - Dazheng Culture reported a significant increase in revenue for the first three quarters of the year, but also posted a net loss attributed to the shareholders of the listed company [1] Financial Performance - The company's operating revenue for the first three quarters reached 202,339,364.50 yuan, representing a year-on-year increase of 75.88% [1] - The net profit attributable to the shareholders of the listed company was -68,851,307.14 yuan [1] Shareholder Changes - Among the top ten circulating shareholders, new entrants include the asset management plan of Caida Securities and Minsheng Bank, as well as Huang Junming [1]

Financial Performance - The company's operating revenue for the third quarter was ¥93,560,744.14, representing a year-on-year increase of 153.91%[3] - The total profit for the period was -¥43,074,268.17, with a year-to-date total profit of -¥82,387,794.15[3] - The net profit attributable to shareholders was -¥35,123,889.21 for the quarter, and -¥68,851,307.14 year-to-date, indicating significant losses[3] - Basic and diluted earnings per share were both -¥0.0628, reflecting a decrease of 62,900% compared to the previous year[4] - The weighted average return on net assets was -107.36% for the quarter, reflecting a decrease of 107.42 percentage points[4] - Net loss for the first three quarters of 2025 was ¥82,727,216.40, compared to a net loss of ¥14,965,538.66 in the same period of 2024, indicating a worsening financial performance[18] - The company's gross profit margin decreased significantly, with gross profit for 2025 at ¥202,339,364.50 minus operating costs of ¥284,080,446.77, resulting in a negative operating profit[17][18] - The company reported a basic and diluted earnings per share of -¥0.12 for the first three quarters of 2025, compared to -¥0.03 in the same period of 2024, reflecting increased losses per share[19] - The net loss attributable to the parent company's shareholders was ¥68,851,307.14 for the first three quarters of 2025, compared to a loss of ¥15,484,593.67 in 2024, highlighting the challenges faced by the company[18] Assets and Liabilities - The total assets at the end of the reporting period were ¥494,948,243.26, an increase of 47.17% from the previous year[4] - The equity attributable to shareholders decreased by 90.11% to ¥7,553,897.56, primarily due to the decline in net profit[4] - Total liabilities increased to CNY 477,974,249.23 from CNY 239,008,564.09, which is an increase of about 100%[15] - The company's short-term borrowings rose to CNY 23,419,180.56 from CNY 10,011,611.11, reflecting an increase of approximately 134%[15] - Total cash outflow from operating activities amounted to $435.4 million, up from $185.2 million year-over-year, reflecting increased operational expenses[22] - Total cash inflow from financing activities reached $215.9 million, a substantial increase from $41.1 million in the prior period, driven by higher borrowings and investments received[24] Cash Flow - The cash flow from operating activities was -¥182,799,389.97 year-to-date, indicating increased cash outflows related to production costs[3] - Cash inflows from operating activities totaled ¥252,579,680.30 in the first three quarters of 2025, compared to ¥150,864,907.84 in 2024, reflecting improved cash generation from operations[21] - The net cash flow from operating activities was -$182.8 million, compared to -$34.3 million in the previous period, indicating a significant decline in operational cash generation[22] - The ending cash and cash equivalents balance was $32.6 million, down from $77.1 million at the beginning of the period, showing a significant cash depletion[24] Inventory and Receivables - Current assets totaled CNY 345,946,937.80, up from CNY 197,052,223.45, indicating a growth of about 76% year-over-year[14] - Inventory surged to CNY 159,670,467.42, compared to CNY 31,377,013.80, marking an increase of around 409%[14] - Accounts receivable increased significantly to CNY 53,519,745.44 from CNY 22,049,698.50, which is an increase of about 143%[13] Shareholder Information - The company reported a total of 97,067,037 shares held by the largest shareholder, accounting for 17.35% of total shares[10] - The company has no significant changes in the participation of major shareholders in margin financing or securities lending activities[11] Operating Costs and Expenses - Total operating costs for the first three quarters of 2025 were ¥284,080,446.77, up 113% from ¥133,330,079.49 in 2024[17] - The company experienced a significant increase in sales expenses, which rose to ¥147,530,878.33 in 2025 from ¥52,800,706.15 in 2024, suggesting aggressive marketing or expansion efforts[17] - Cash outflow for employee compensation was $78.2 million, compared to $64.0 million in the previous period, reflecting increased payroll expenses[22] Government Support - Non-recurring gains and losses for the period totaled ¥440,988.84, with government subsidies contributing significantly[6]

Group 1 - The gaming stocks experienced a significant drop, with Giant Network plunging over 8% to a price of 37.13 yuan and a trading volume exceeding 1 billion yuan [1] - Youzu Network fell nearly 6%, while other companies such as Kaiying Network, Perfect World, 37 Interactive Entertainment, and Glacier Network also showed weakness [3] - Specific stock performance included Youzu Network at 12.69 yuan (-5.86%), Kaiying Network at 23.66 yuan (-5.40%), and Perfect World at 16.82 yuan (-2.77%) [4]