Financial Performance - The company's operating revenue for Q1 2025 was RMB 2,487,814,739.84, representing a year-on-year increase of 0.56% compared to RMB 2,473,841,215.39 in the same period last year[7] - Net profit attributable to shareholders of the listed company reached RMB 259,864,121.11, marking a significant increase of 25.97% from RMB 206,287,043.02 in the previous year[7] - Basic and diluted earnings per share increased to RMB 0.21, up 23.53% from RMB 0.17 in the previous year[7] - Net profit for Q1 2025 was RMB 265,497,871.43, representing a 25.2% increase from RMB 212,045,515.35 in Q1 2024[22] - The weighted average return on net assets improved to 1.77%, an increase of 0.22 percentage points from 1.55% in the previous year[7] Cash Flow and Investments - The net cash flow from operating activities surged by 82.71%, amounting to RMB 238,660,866.05, compared to RMB 130,621,333.22 in the same period last year, primarily due to tax refund benefits[12] - Operating cash flow for Q1 2025 was $238.66 million, an increase of 82.8% compared to $130.62 million in Q1 2024[24] - Total cash inflow from operating activities in Q1 2025 was $2.82 billion, up from $2.66 billion in Q1 2024, reflecting a growth of 6.2%[24] - Cash outflow from investment activities in Q1 2025 was $408.49 million, significantly higher than $19.67 million in Q1 2024, indicating increased investment activity[24] - Net cash flow from investment activities for Q1 2025 was $(385.81) million, compared to $(18.91) million in Q1 2024, showing a substantial increase in cash outflow[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 23,750,224,367.03, reflecting a growth of 3.72% from RMB 22,898,703,360.27 at the end of the previous year[9] - Total liabilities increased to RMB 8,531,212,423.60 as of March 31, 2025, compared to RMB 7,891,774,311.86 at the end of 2024, reflecting a growth of 8.1%[19] - The company's total assets as of March 31, 2025, amounted to RMB 23,750,224,367.03, up from RMB 22,898,703,360.27 as of December 31, 2024[19] Shareholder Equity - Shareholders' equity attributable to the listed company was RMB 14,812,904,763.72, an increase of 1.41% from RMB 14,606,455,619.02 at the end of the last fiscal year[9] - The total equity attributable to shareholders increased to RMB 14,812,904,763.72 as of March 31, 2025, compared to RMB 14,606,455,619.02 at the end of 2024[19] Tax and Refunds - The company is actively pursuing tax benefits related to cultural enterprise transformation, which has positively impacted cash flow and profitability[12] - The company received $120.73 million in tax refunds in Q1 2025, compared to none in Q1 2024, indicating improved tax recovery[24] Other Comprehensive Income - The company reported a significant decrease in other comprehensive income, with a net loss of RMB 53,414,976.41 in Q1 2025 compared to a gain of RMB 229,994,623.20 in Q1 2024[22] Research and Development - Research and development expenses for Q1 2025 were RMB 6,461,905.67, an increase of 53.7% from RMB 4,205,484.42 in Q1 2024[20] Inventory and Compensation - The company's inventory increased to RMB 2,659,014,570.98 as of March 31, 2025, compared to RMB 2,422,588,723.48 at the end of 2024, indicating a growth of 9.8%[18] - Cash paid for employee compensation in Q1 2025 was $863.70 million, slightly down from $873.70 million in Q1 2024, reflecting cost management efforts[24]

公告称，公司于2025年4月28日收到上海证券交易所（以下简称"上交所"）《关于东方集团股份有限公 司股票终止上市的决定》（﹝2025﹞101号），上交所决定终止公司股票上市。 根据终止上市决定，2025年3月14日至2025年4月14日，公司股票连续20个交易日的每日股票收盘价均低 于1元。上述情形属于《上海证券交易所股票上市规则（2024年4月修订）》（简称《股票上市规则》） 第9.2.1条第一款第（一）项规定的股票终止上市情形。根据《股票上市规则》第9.1.10条、第9.2.1条和 第9.2.7条的规定，经上交所上市委员会审议，上交所决定终止公司股票上市。 值得注意的是，交易类强制退市公司股票不进入退市整理期交易。根据《股票上市规则》第9.2.9条的规 定，上交所在公告上市公司股票终止上市决定之日后5个交易日内对其予以摘牌。根据公司公告，公司 股票将于2025年4月30日终止上市暨摘牌。 对于终止上市后相关后续事宜，公告称，根据《股票上市规则》第9.1.15条的规定，公司应当聘请具有 主办券商业务资格的证券公司，在上交所作出终止股票上市决定后立即安排股票转入全国中小企业股份 转让系统（下称"股转系统"） ...

Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 1.545 billion[11]. - The company achieved operating revenue of RMB 12.33 billion in 2024, representing a year-on-year growth of 3.88%[21]. - Total profit for the year was RMB 1.71 billion, an increase of 9.32% compared to the previous year[21]. - Net profit attributable to shareholders was RMB 1.54 billion, a decrease of 1.52% year-on-year[21]. - Basic earnings per share were RMB 1.25, while the earnings per share after deducting non-recurring gains and losses were RMB 1.34, reflecting a 2.10% increase[21]. - The company reported that sales to its top five customers accounted for less than 30% of total revenue for the year ending December 31, 2024[120]. - The company also noted that purchases from its top five suppliers accounted for less than 30% of total purchases for the same period[121]. - The net profit for the year was RMB 1.604 billion, a decrease of 1.52% year-on-year, while the net profit attributable to shareholders was RMB 1.545 billion, down 2.17%[82]. - Earnings per share for the year were RMB 1.25, a decrease of 2.34% from RMB 1.28 in the previous year[83]. Dividends - The proposed cash dividend is RMB 4.10 per 10 shares, totaling RMB 506 million to be distributed[11]. - The company declared an interim dividend of RMB 0.19 per share (tax included) for the first half of 2024, to be distributed on December 16, 2024[113]. - A proposal for a cash dividend of RMB 4.10 per 10 shares (tax included) for the fiscal year 2024 has been made, pending shareholder approval[113]. - The board recommends a final dividend of RMB 0.41 per share (tax included) for the year ending December 31, 2024, compared to RMB 0.40 per share in 2023, totaling RMB 506 million (tax included)[113]. - The final dividend for the fiscal year 2024 is expected to be paid by July 18, 2025, if approved by shareholders[117]. Operational Highlights - The company is focusing on high-quality development in its publishing and media sector, implementing tailored strategies for each business unit[23]. - There were no significant risks affecting the company's operations during the reporting period[11]. - The company is focusing on enhancing core functions and competitiveness to drive high-quality development amid industry transformation[38]. - The company is focusing on integrating traditional publishing with digital publishing and enhancing user experience through technology[56]. - The company aims to enhance content supply capabilities and digital transformation by 2025, focusing on high-quality publishing and educational services[104]. Investments and Subsidiaries - The group holds 100% ownership in multiple subsidiaries, including Sichuan Wenxuan Education Technology Co., Ltd. and Sichuan People's Publishing House Co., Ltd.[30]. - The group has a 51% indirect stake in Sichuan Times English Culture Communication Co., Ltd. and 100% ownership in several other companies under Sichuan Tiandi Publishing House Co., Ltd.[32]. - The group has a 92% direct stake in Sichuan Wenxuan Online E-commerce Co., Ltd., which owns 100% of several subsidiaries, enhancing its e-commerce capabilities[33]. - The group has a 50% stake in Hainan Publishing Co., Ltd. and a 38.49% stake in Sichuan Fudou Technology Co., Ltd., indicating strategic partnerships in the publishing and technology sectors[34]. - The group has made significant investments in various subsidiaries, ensuring a robust and diversified business model across multiple sectors[30][32][33][34]. Market and Sales Performance - The overall retail market for books in 2024 was RMB 112.9 billion, showing a decline of 1.52% year-on-year, with physical bookstores and e-commerce platforms experiencing negative growth[38]. - Content e-commerce saw a significant increase of 27.61%, indicating a shift in consumer purchasing behavior[38]. - The publishing segment generated revenue of RMB 2.98 billion, with a gross margin of 32.78%, showing a slight decrease in both revenue and margin compared to the previous year[44]. - The distribution segment reported revenue of RMB 10.87 billion, with a gross margin of 30.48%, reflecting an increase in revenue but a decrease in margin[44]. - The sales revenue from educational materials reached RMB 1.464 billion, a decline of 5.94% from RMB 1.556 billion in the previous year[57]. Financial Position - The company's total assets reached RMB 22.90 billion, with total liabilities of RMB 789.18 million[17]. - The asset-liability ratio decreased to 34.46% as of December 31, 2024, down 3.97 percentage points from 38.43% on December 31, 2023, indicating a more robust financial structure[93]. - The company’s cash and short-term deposits amounted to approximately RMB 9.18 billion as of December 31, 2024, compared to RMB 9.12 billion as of December 31, 2023[93]. - The company reported a significant increase in other non-current assets, rising by 131.30% to RMB 2.00 billion, primarily due to the increase in planned early withdrawals of fixed deposits and large bank certificates[91]. Governance and Compliance - The company has adopted and complied with the Corporate Governance Code, except for a deviation from clause B.2.2[156]. - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, complying with listing rules[190]. - The company has established an audit committee in compliance with listing rules, ensuring the financial reports meet applicable accounting standards[179]. - The company has maintained a focus on risk prevention by purchasing liability insurance for directors and senior management since its listing on the H-share market[197]. - The company has committed to enhancing its internal control and risk management systems[156]. Research and Development - Research and development expenses amounted to RMB 30.46 million, an increase of 52.47% compared to RMB 19.98 million in the previous year, driven by increased investment in business management systems and technology innovation applications[73]. - The total R&D investment for the year was RMB 210.39 million, a growth of 103.98% compared to RMB 103.14 million in the previous year, reflecting increased focus on technology innovation[85]. Shareholder Information - The total issued share capital of the company as of December 31, 2024, is RMB 1,233,841,000, divided into 1,233,841,000 shares, with A shares accounting for 64.18% and H shares for 35.82%[141]. - The public shareholding exceeds 25%, complying with the listing rules[152]. - The major shareholders include Sichuan Development, Sichuan Xinhua Publishing Group, and Sichuan Cultural Investment Group, with significant holdings in both A and H shares[147]. - The company’s board members and senior management do not hold any shares or related securities in the company as of December 31, 2024[149].

*ST东方（600811）已触及交易类强制退市情形，上交所对公司股票作出终止上市的决定。 *ST东方4月14日晚间公告称，公司股票连续20个交易日的每日股票收盘价均低于人民币1元，已触及交易类强制退市情形，公司股票自 2025年4月15日开市起停牌。 当天晚些时候，*ST东方再度发布公告称，收到上交所的事先告知书，根据相关规定，公司股票已连续20个交易日的每日股票收盘价均 低于1元，触及终止上市条件。交易所将根据《股票上市规则》第9.1.10条、第9.2.7条等规定，对公司股票作出终止上市的决定。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | | 600811 | *ST 东方 | A 股 停牌 | 2025/4/15 | | | 公告称，上交所上市委员会在公司提出听证、陈述和申辩的有关期限届满或者听证程序结束后15个交易日内，就是否终止公司股票上市 事宜进行审议，作出独立的专业判断并形成审议意见。上交所根据上市委员会的审议意见，作出是否终止股票上市的决定。上交所在公 告上市公司 ...

3. *ST富润(600070.SH)：公司股票2025年4月8日收盘价为0.46元，已连续18个交易日低于1元，收盘市 值约为2.33亿元，已连续18个交易日低于5亿元，若后续2个交易日连续涨停仍无法避免连续20个交易日 低于1元或市值低于5亿元，股票将被强制退市；此外，公司预计2024年财务数据可能触发财务类退市风 险。 4. *ST中程(300208.SZ)：公司因2023年末经审计净资产为负值且最近三年扣非后净利润均为负值，股票 已被实施退市风险警示；若2024年出现利润总额、净利润为负且营业收入低于1亿元、期末净资产为 负、审计报告被出具非标准意见等情形，股票将被终止上市；同时公司因涉嫌信息披露违法被立案调 查，可能面临重大违法强制退市风险，本次为第六次风险提示公告。 1. *ST龙津(002750.SZ)：公司股票2025年4月8日收盘市值为4.97亿元，低于5亿元，若连续二十个交易日 收盘市值均低于5亿元，股票将被终止上市，公司已披露首次风险提示公告。 2. *ST东方(600811.SH)：公司股票2025年4月8日收盘价为0.43元，已连续16个交易日低于1元，若后续4 个交易日连续涨停仍无 ...

截至2025年3月28日收盘，*ST东方（600811）报收于0.58元，较上周的0.75元下跌22.67%。本周，*ST 东方3月24日盘中最高价报0.71元。3月28日盘中最低价报0.58元，股价触及近一年最低点。*ST东方当 前最新总市值21.22亿元，在贸易板块市值排名11/14，在两市A股市值排名4721/5139。 本周关注点 交易信息汇总 ST东方（600811）因ST、ST证券连续三个交易日内收盘价格跌幅偏离值累计达到12%的证券登上龙虎 榜。此次是近5个交易日内第2次上榜。此外，在3月24日至3月28日期间，*ST东方发生了多次大宗交 易，成交金额分别为184.57万元、44.01万元、19.64万元、36.6万元和96.94万元。 公司公告汇总 东方集团股份有限公司发布公告，提示公司股票交易异常波动及可能被实施重大违法强制退市的风险。 公司因涉嫌信息披露违法违规被中国证监会立案调查，并于2025年3月16日收到《行政处罚事先告知 书》，认定公司通过人为增加业务环节或虚构业务链条等方式，长期开展农产品融资性贸易和空转循环 贸易，导致2020年至2023年年度报告存在虚假记载。如正式处罚决定书 ...

Financial Performance - The company's operating revenue for the year ended December 31, 2024, was RMB 12,328,513,892.29, representing an increase of 3.88% from RMB 11,868,490,425.19 in the previous year[12]. - The net profit for the year was RMB 1,603,661,673.85, reflecting an increase of 2.5% compared to RMB 1,564,993,816.01 in the previous year[12]. - Total comprehensive income increased to RMB 2,321,298,638.15, up 75.9% from RMB 1,320,631,642.30 year-on-year[14]. - Basic and diluted earnings per share were both RMB 1.25, down from RMB 1.28 in the previous year[14]. - The company reported a net profit of RMB 1,708,926,123.14 for 2024, compared to RMB 1,563,172,061.16 in 2023, reflecting a growth of about 9.30%[133]. - The net profit attributable to ordinary shareholders for 2024 was RMB 1.544 billion, a decrease of 1.52% from RMB 1.579 billion in 2023[137][144]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 22,898,703,360.27, up from RMB 21,787,563,374.32 as of December 31, 2023, indicating a growth of 5.1%[8]. - The total liabilities decreased to RMB 7,891,774,311.86 from RMB 8,373,407,203.21, a reduction of 5.75%[10]. - The total equity attributable to shareholders increased to RMB 14,606,455,619.02 from RMB 13,070,948,143.35, representing a growth of 11.7%[10]. - The company's cash and cash equivalents increased to RMB 9,179,678,124.68 from RMB 9,117,663,825.52, showing a growth of 0.68%[6]. - The year-end cash and cash equivalents balance was RMB 8,962,582,856.29, a decrease from RMB 9,078,342,824.79 at the beginning of the year[17]. Cash Flow - Cash inflow from operating activities was RMB 13,431,017,321.23, an increase of 1.8% compared to RMB 13,186,619,287.21 last year[16]. - Net cash flow from operating activities decreased to RMB 1,772,478,831.63, down 24.5% from RMB 2,353,028,211.32[16]. - Cash outflow from investing activities totaled RMB 1,939,313,001.72, significantly higher than RMB 1,005,773,501.18 in the previous year[16]. - Net cash flow from financing activities was negative at RMB 1,065,293,099.26, compared to a negative RMB 575,819,199.82 last year[17]. Research and Development - Research and development expenses rose to RMB 30,463,683.64, up from RMB 19,979,888.16, marking an increase of 52.5%[12]. - Total R&D investment amounted to RMB 210.39 million, an increase of 103.98% compared to RMB 103.14 million in the previous year, representing 0.17% of operating revenue[183]. Investments - The company reported an investment loss of RMB 15,268,210.52 for the current year, with a cumulative investment loss of RMB 41,055,695.56[68]. - The total fair value of investments decreased from RMB 449,082,949.02 in 2023 to RMB 422,828,090.06 in 2024, representing a decline of approximately 5.8%[73]. - The company has a significant investment strategy involving multiple joint ventures and associates, indicating a focus on market expansion and collaboration[69]. Revenue Segments - The publishing segment generated revenue of RMB 2,980,259,352.01 in 2024, slightly down from RMB 2,987,457,427.86 in 2023, indicating a decrease of about 0.06%[125]. - The distribution segment saw an increase in revenue to RMB 10,867,014,662.29 in 2024, up from RMB 10,486,969,636.36 in 2023, reflecting a growth of approximately 3.63%[125]. - The educational materials and tutoring segment generated sales revenue of RMB 1.46 billion, a decline of 5.94% from RMB 1.56 billion in the previous year[162]. Market and Strategic Focus - The company plans to continue expanding its market presence and enhancing its product offerings in the upcoming fiscal year[31]. - The company is focusing on mergers and acquisitions to accelerate its growth strategy and expand its product offerings[58]. - The company is actively expanding its market share and brand influence by developing new educational products and exploring channels outside of Sichuan Province[160]. Tax and Regulatory Environment - The company is exempt from corporate income tax until December 31, 2027, under specific tax policies related to cultural enterprises[22]. - The company is classified under encouraged industries in the western region, benefiting from a reduced corporate income tax rate of 15%[23]. - Deferred tax assets are expected to be recognized at a tax rate of 15% starting January 1, 2024, due to changes in tax policies affecting the company and its subsidiaries[87].

宏观•要闻 工业和信息化部连夜部署查处"3·15"晚会曝光问题 针对"3·15"晚会曝光的智能机器人拨打营销骚扰电话、虚商实名制要求落实不到位等问题，工业和信息 化部连夜组织北京、上海、广东等地通信管理局对涉嫌违法违规主体进行调查处置，责令基础电信运营 商立即关停涉事线路、对涉个人数据信息有关情况进行核查，督促互联网平台企业全面清理违法智能外 呼软件销售推广信息。同时，将持续采取有力措施，强化对基础电信运营商、虚拟运营商、呼叫中心企 业监督检查，严厉查处违法违规企业，加大曝光力度，积极配合有关部门依法打击网络黑灰产业等违法 犯罪行为，全力营造安全健康的信息通信消费环境。 金融•证券 央行发布2月金融数据 2月新增信贷近万亿。3月14日，中国人民银行发布最新的金融和社会融资数据显示，今年前两个月，人 民币贷款增加6.14万亿元，其中，2月单月新增人民币贷款近万亿元；2月社融增量2.24万亿元，同比多 增7416亿元。 证监会、公安、网信等多部门联手以"零容忍"态度严厉打击股市"小作文" 在资本市场，打击股市虚假"小作文"、严肃查处非法荐股等违法违规行为，是保护投资者合法权益，维 护资本市场秩序和平稳健康发展的重 ...

另外，3月16日晚间，中青宝(300052)公告，3月14日收到中国证券监督管理委员会深圳监管局（简 称"深圳证监局"）下发的《行政处罚事先告知书》。 据规定："上市公司出现下列情形之一的，本所对其股票交易实施其他风险警示：根据中国证监会行政 处罚事先告知书载明的事实，公司披露的年度报告财务指标存在虚假记载，但未触及第10.5.2条第一款 规定情形，前述财务指标包括营业收入、利润总额、净利润、资产负债表中的资产或者负债科目"，中 青宝股票交易将被实施其他风险警示。 中青宝股票将被实施其他风险警示，东方集团将被实施退市风险警示，二者将于3月17日停牌1天。 东方集团(600811)公告称，公司于3月16日收到中国证监会《行政处罚事先告知书》，认定公司通过人 为增加业务环节或虚构业务链条等方式，长期开展农产品融资性贸易和空转循环贸易，导致2020年至 2023年年度报告存在虚假记载。 上述虚假销售业务，将触及"年度报告财务指标连续3年存在虚假记载"的重大违法强制退市情形，将被 实施重大违法强制退市。 该公司股票将于3月17日停牌1天，自3月18日起实施退市风险警示，股票简称变更为*ST东方，日涨跌 幅限制为5%。 ...

量子科技传来新进展，量子计算被认为可能是下一代信息革命的关键技术。 3月4日早盘，东方集团股价再次跌停，跌停板封单1268.2万手，半日成交额达到3341.8万元。昨日，该 股也遭遇一字跌停。 就在2月28日晚间，东方集团发布一则风险提示公告，公司已被中国证券监督管理委员会（简称"中国证 监会"）立案调查。根据中国证监会发布的阶段性调查进展情况，现已初步查明，东方集团披露的2020 年至2023年财务信息严重不实，涉嫌重大财务造假，可能触及重大违法强制退市情形。 除东方集团外，早盘跌停的还有中洲控股、庄园牧场、佳禾食品、三祥新材等。 盘面上，军工和人形机器人板块迎来反弹。人形机器人概念股万达轴承盘中一度涨超23%，股价再创历 史新高，跻身至A股前十大高价股行列，年内最大涨幅上升至4倍以上，成为该题材的大黑马。 早盘涨幅靠前的还有江南奕帆、兆威机电、万马股份、骏创科技、一博科技等。 军工题材股中，信邦智能、北方长龙、赛为智能等"20cm"涨停，北化股份、新兴装备、立航科技、龙 溪股份等触及"10cm"涨停。涨幅靠前的还有天和防务、航新科技、启明星辰、新雷能、星网宇达等。 我国科学家成功研制"祖冲之三号" 量子科 ...