Revenue and Profit - Revenue for the first three quarters of 2024 reached RMB 843,772.29 million, a year-on-year increase of 5.61%[3] - Net profit attributable to shareholders of the company for the first three quarters of 2024 was RMB 89,118.16 million, a year-on-year decrease of 5.24%[3] - Total operating revenue for the first nine months of 2024 reached RMB 8,437,722,940.37, up from RMB 7,989,707,573.29 in the same period of 2023[13] - Net profit attributable to the parent company's shareholders increased to RMB 7,278,676,086.46 as of September 30, 2024, from RMB 6,881,030,888.86 at the end of 2023[12] - Operating profit for the nine months ended September 30, 2024, was RMB 1,087,434,690.87, an increase from RMB 1,010,194,329.33 in the same period last year[14] - Net profit attributable to the parent company's shareholders was RMB 891,181,597.60, compared to RMB 940,470,666.86 in the previous year[14] - Total comprehensive income attributable to the parent company's shareholders was RMB 1,303,990,596.78, up from RMB 1,111,470,651.89 in the same period last year[14] - Sales revenue from goods and services was RMB 8,250,819,801.99, slightly up from RMB 8,176,510,306.65 in the previous year[15] Cash Flow - Operating cash flow for the first three quarters of 2024 was RMB 77,103.05 million, a year-on-year decrease of 32.99% due to increased tax payments and labor costs[6] - Cash flow from operating activities was RMB 771,030,510.41, a decrease from RMB 1,150,598,038.89 in the previous year[15] - Cash flow from investing activities was negative RMB 622,231,215.52, compared to negative RMB 222,302,088.72 in the same period last year[15] - Cash flow from financing activities was negative RMB 828,560,746.87, compared to negative RMB 507,155,710.15 in the previous year[16] - Net increase in cash and cash equivalents was negative RMB 679,761,451.98, compared to a positive RMB 421,140,240.02 in the same period last year[17] - Total cash and cash equivalents at the end of the period were RMB 8,398,581,372.81, compared to RMB 8,183,224,869.30 in the previous year[17] Assets and Liabilities - Total assets as of September 30, 2024, were RMB 2,357,855.42 million, an increase of 8.22% compared to the end of the previous year[3] - Shareholders' equity attributable to the company as of September 30, 2024, was RMB 1,383,835.47 million, an increase of 5.87% compared to the end of the previous year[3] - Total assets increased to RMB 23,578,554,162.35 as of September 30, 2024, compared to RMB 21,787,563,374.32 at the end of 2023[10] - Total liabilities rose to RMB 9,354,503,365.29 as of September 30, 2024, from RMB 8,373,407,203.21 at the end of 2023[12] - Cash and cash equivalents decreased to RMB 8,497,923,689.80 as of September 30, 2024, from RMB 9,117,663,825.52 at the end of 2023[10] - Accounts receivable increased to RMB 2,378,697,203.51 as of September 30, 2024, from RMB 1,477,171,063.02 at the end of 2023[10] - Inventory rose to RMB 3,105,941,268.87 as of September 30, 2024, compared to RMB 2,641,169,798.03 at the end of 2023[10] Shareholder Information - The company's largest shareholder, Sichuan Xinhua Publishing & Distribution Group Co., Ltd., holds 50.49% of the shares[7] - Hong Kong Securities Clearing Company Limited is the second-largest shareholder, holding 21.61% of the shares[7] Earnings and Returns - Basic earnings per share for the first three quarters of 2024 were RMB 0.72, a year-on-year decrease of 5.26%[3] - The weighted average return on equity (ROE) for the first three quarters of 2024 was 6.58%, a decrease of 0.72 percentage points compared to the same period last year[3] - Basic earnings per share were RMB 0.72, down from RMB 0.76 in the same period last year[14] Operating Costs and Expenses - Operating costs for the first nine months of 2024 were RMB 7,427,160,801.03, compared to RMB 6,975,823,721.25 in the same period of 2023[13] - Research and development expenses for the first nine months of 2024 were RMB 13,514,917.49, slightly up from RMB 12,909,392.76 in the same period of 2023[13] Non-Recurring Items - Non-recurring gains and losses for the first three quarters of 2024 amounted to a net loss of RMB 3,321.65 million[5] Investment Income - Investment income for the first nine months of 2024 was RMB 137,478,908.14, compared to RMB 82,377,044.68 in the same period of 2023[13]

Financial Performance - The company's operating revenue for Q3 2024 was RMB 264,990.67 million, representing a 3.42% increase compared to the same period last year[2]. - Net profit attributable to shareholders was RMB 17,539.60 million, a decrease of 1.64% year-on-year[2]. - The net profit for Q3 2024 was CNY 934,229,222.15, a decrease of 4.5% compared to CNY 979,403,597.71 in Q3 2023[17]. - The total revenue for the first nine months of 2024 reached CNY 8,250,819,801.99, an increase from CNY 8,176,510,306.65 in the same period of 2023[19]. - Operating profit for Q3 2024 was CNY 1,087,434,690.87, up by 7.7% from CNY 1,010,194,329.33 in Q3 2023[17]. - The total comprehensive income for Q3 2024 was CNY 1,303,990,596.78, compared to CNY 1,111,470,651.89 in Q3 2023, reflecting a growth of 17.3%[18]. Cash Flow and Investments - The net cash flow from operating activities decreased by 32.99% year-to-date, primarily due to increased tax payments and labor costs[7]. - The cash inflow from operating activities for the first nine months of 2024 was CNY 8,451,282,055.88, slightly down from CNY 8,479,922,340.43 in the same period of 2023[19]. - The net cash flow from operating activities for Q3 2024 was $771,030,510.41, a decrease of 32.8% compared to $1,150,598,038.89 in Q3 2023[20]. - The net cash flow from investing activities was -$622,231,215.52, worsening from -$222,302,088.72 in Q3 2023[20]. - Cash inflow from investment activities totaled $693,006,489.66, significantly higher than $353,888,086.51 in the same quarter last year, representing a 96% increase[20]. - Cash outflow for investment activities reached $1,315,237,705.18, compared to $576,190,175.23 in Q3 2023, marking an increase of 128.5%[20]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 2,357,855.42 million, reflecting an 8.22% increase from the end of the previous year[4]. - Total liabilities amounted to ¥9,354,503,365.29, compared to ¥8,373,407,203.21 at the end of 2023, reflecting a rise of 11.7%[14]. - Current assets as of September 30, 2024, totaled ¥14,434,481,544.33, compared to ¥14,008,634,246.70 at the end of 2023, indicating a growth of 3.0%[12]. - Non-current assets increased to ¥9,144,072,618.02 as of September 30, 2024, from ¥7,778,929,127.62 at the end of 2023, representing a growth of 17.5%[13]. Shareholder Information - The company reported a total of 18,169 common shareholders at the end of the reporting period[8]. - The largest shareholder, Sichuan Xinhua Publishing and Distribution Group Co., Ltd., holds 50.49% of the shares[8]. - The equity attributable to shareholders increased by 5.87% year-on-year, amounting to RMB 1,383,835.47 million[4]. - Shareholders' equity attributable to the parent company increased to ¥13,838,354,715.58 from ¥13,070,948,143.35, a growth of 5.9%[14]. Expenses and Taxation - The company recognized non-operating income and expenses, including a loss of RMB 700.23 million from other operating income[6]. - The company’s tax expenses for Q3 2024 were CNY 133,071,759.24, significantly higher than CNY 11,067,118.40 in Q3 2023[17]. - Research and development expenses for Q3 2024 were CNY 13,514,917.49, slightly up from CNY 12,909,392.76 in Q3 2023[17]. Earnings Per Share - Basic earnings per share for the quarter were RMB 0.14, unchanged from the previous year[4]. - The company’s basic earnings per share for Q3 2024 was CNY 0.72, down from CNY 0.76 in Q3 2023[18]. - The weighted average return on net assets decreased by 0.08 percentage points to 1.28%[4]. Accounting Standards - The company did not apply the new accounting standards for the first time in 2024[21].

新华文轩出版传媒股份有限公司 董事、监事和高级管理人员所持公司股份 及其变动管理制度 第一章 总 则 第一条 为规范对新华文轩出版传媒股份有限公司（以 下简称"公司"或"本公司"）董事、监事和高级管理人员 所持公司股份及其变动的管理，根据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司董事、监事和高级管 理人员所持本公司股份及其变动管理规则》《上海证券交易 所股票上市规则》（以下简称"《上交所上市规则》"）、《香 港联合交易所有限公司证券上市规则》（以下简称"《联交 所上市规则》"）、《上海证券交易所上市公司自律监管指引 第 15 号——股东及董事、监事、高级管理人员减持股份》 及《香港法例第 571 章证券及期货条例》（以下简称"《证 券及期货条例》"）等法律、行政法规、部门规章、规范性 文件及《新华文轩出版传媒股份有限公司章程》（以下简称 "《公司章程》"）的规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事、监事和高级管理人员 所持公司股份及其变动的管理。 第三条 公司董事、监事和高级管理人员所持公司股份， 1 （三） ...

证券代码：601811 证券简称：新华文轩 公告编号：2024-038 新华文轩出版传媒股份有限公司 第五届监事会 2024 年第五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 新华文轩出版传媒股份有限公司（以下简称"新华文轩""公司"或 "本公司"）第五届监事会 2024 年第五次会议于 2024 年 10 月 16 日在成 都以现场表决的方式召开，本次会议通知于 2024 年 9 月 29 日以书面方式 发出。本次监事会应出席会议监事 6 名，实际出席会议监事 6 名。会议由 监事会主席邱明先生主持。本次会议的召集、召开符合《公司法》及本公 司《公司章程》的规定。 新华文轩出版传媒股份有限公司监事会 该议案已于 2024 年 10 月 16 日经本公司第五届董事会审议通过，监 事会审议通过了该议案，同意拟由实施主体四川人民出版社有限公司在中 国建设银行股份有限公司成都新华支行开立募集资金专户，并拟由公司、 1 四川人民出版社有限公司与中国建设银行股份有限公司成都新华支行及保 荐机 ...

Financial Performance - In the first half of 2024, the company achieved operating revenue of RMB 5.788 billion, a year-on-year increase of 6.64% from RMB 5.428 billion [20]. - The total profit for the period was RMB 848 million, reflecting a year-on-year growth of 5.83% [19]. - The net profit decreased by 4.63% year-on-year, amounting to RMB 752 million [19]. - The company's operating costs rose to RMB 3.562 billion, an increase of 7.29% compared to RMB 3.320 billion in the previous year [21]. - The overall gross profit margin for the period was 38.46%, down 0.37 percentage points from 38.83% in the same period last year [22]. - The publishing segment generated revenue of RMB 1.212 billion, with a gross margin of 33.48%, a decrease of 2.13% year-on-year [24]. - The distribution segment reported revenue of RMB 5.152 billion, with a gross margin of 32.29%, reflecting a year-on-year increase of 6.83% [24]. - Online sales accounted for RMB 2.716 billion in revenue, with a gross margin of 34.08%, up 9.48% year-on-year [26]. - The company's operating revenue for the period was RMB 5,787,816,275.71, an increase of 6.64% compared to RMB 5,427,547,628.27 in the same period last year [35]. - The net cash flow from operating activities decreased by 34.75% to RMB 379,837,357.10, down from RMB 582,152,981.45 in the previous year [35]. - The company reported a significant increase in tax expenses, which rose by 260.57% to RMB 25,551,756.04 from RMB 7,086,485.01 year-on-year [37]. - Investment income increased by 21.68% to RMB 123,000,000, compared to RMB 101,000,000 in the previous year [41]. - Other income decreased by 47.33% to RMB 30,047,532.36 from RMB 57,045,469.81 year-on-year [42]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.19 per share (tax included), totaling approximately RMB 234.43 million, based on a total share capital of 123,384.10 million shares [13]. - The board of directors proposed an interim dividend of RMB 0.19 per share (tax included), totaling approximately RMB 234.43 million (tax included) for the period ending June 30, 2024 [85]. - The interim dividend is subject to approval at the upcoming extraordinary general meeting scheduled for October 16, 2024 [86]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident shareholders [85]. - The dividend payment date is expected to be on or before December 16, 2024, pending shareholder approval [88]. Corporate Governance and Management - The company assures that the mid-term report's financial statements are true, accurate, and complete, with no significant omissions or misleading statements [13]. - The board of directors held a meeting on August 27, 2024, to approve the mid-term report, with all directors present except for one who delegated voting authority [13]. - The company has adopted and complied with all applicable principles and code provisions of the Corporate Governance Code during the period [83]. - The company appointed Xu Yongping as Chief Financial Officer effective May 9, 2024 [81]. - Zhao Xuefeng resigned as Deputy General Manager effective June 17, 2024, and Wang Feng was appointed as his successor [81]. - Independent non-executive director Li Xu passed away on April 9, 2024, and Han Wenlong was appointed on May 21, 2024 [79]. Risk Management - The company has not identified any major risks that could significantly impact its operations during the reporting period [13]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, urging caution regarding investment risks [13]. - The mid-term report has not been audited, indicating that the financial data may be subject to change [13]. Asset and Liability Management - As of June 30, 2024, the company's total assets amounted to approximately RMB 2,188,000,000, with a debt-to-asset ratio of 36.33%, a decrease of 2.10 percentage points from 38.43% at the end of 2023 [52]. - The company reported cash and cash equivalents of approximately RMB 8.244 billion, down from RMB 9.118 billion at the end of 2023 [52]. - The company experienced a significant increase in other receivables, which rose by 115.52% to RMB 262,357,988.75, primarily due to cash dividends declared by Chengdu Bank and Anhui Xinhua Media [51]. - The company’s development expenditure increased by 150.92% to RMB 2,623,266.62, reflecting a slight increase in R&D investment in software and other areas [51]. - The current ratio remained stable at 1.7, while inventory turnover days decreased to 127.9 days, down 6.6 days from the previous year [55]. - The company reported a decrease in long-term receivables by 57.30% to RMB 14,757,359.64, mainly due to the transition of installment payments to current assets [51]. - The company’s other non-current assets increased by 107.14% to RMB 1,792,698,873.88, attributed to the early withdrawal of fixed deposits and large bank certificates [51]. - The company had no significant contingent liabilities as of June 30, 2024, and reported a pledge deposit balance of RMB 10,503,900 [53]. Market Position and Strategy - The company is focusing on high-quality development and digital transformation to enhance its competitive edge in the publishing industry [19]. - The overall retail book market showed a negative growth of 6.20% year-on-year, indicating challenges in traditional sales channels [18]. - The company aims to strengthen its market position by optimizing its operational structure and improving the quality of its educational products [28]. - The company plans to enhance its product quality and service levels while expanding into vocational education services to drive steady growth in educational services [32]. - The company aims to optimize its capital management layout to balance short-term returns and long-term value in its investment portfolio [62]. - The company has established strong partnerships with renowned authors and global publishing institutions, enhancing its competitive advantage in the publishing industry [63]. Employee and Corporate Social Responsibility - As of June 30, 2024, the total number of employees in the group was 7,604, a decrease from 7,691 as of December 31, 2023 [64]. - The total contributions made by the company to employee retirement and corporate annuity plans amounted to RMB 117.24 million, an increase of RMB 8.35 million compared to RMB 108.89 million in the same period last year [64]. Financial Reporting and Compliance - The financial statements were approved by the board of directors on August 27, 2024 [114]. - The financial statements prepared by the company comply with the requirements of the enterprise accounting standards, accurately reflecting the financial position as of June 30, 2024, and the operating results for the period from January 1 to June 30, 2024 [119]. - The company's accounting year aligns with the calendar year, running from January 1 to December 31 [119]. - The company uses Renminbi (RMB) as its functional currency for accounting purposes [119].

Financial Performance - The company's operating revenue for the six months ended June 30, 2024, was RMB 5,787,816,275.71, representing an increase of 6.6% compared to RMB 5,427,547,628.27 for the same period in 2023[7]. - The net profit for the period was RMB 752,348,588.73, compared to RMB 788,911,442.79 for the same period last year, reflecting a decrease of about 4.6%[7]. - The net profit attributable to shareholders of the parent company was RMB 715,785,632.02, down from RMB 762,156,455.81, reflecting a decline of 6.1%[8]. - The total comprehensive income attributable to shareholders of the parent company was RMB 1,017,189,482.65, compared to RMB 1,062,549,393.62 in the previous year, indicating a decrease of 4.3%[8]. - The basic and diluted earnings per share were both RMB 0.58, down from RMB 0.62 in the same period last year[8]. - The total profit for the same period was RMB 848 million, reflecting a year-on-year increase of 5.83%[85]. - The company achieved a net profit of RMB 752 million, a year-on-year decrease of 4.63%, with a net profit attributable to shareholders of RMB 716 million, down 6.08%[114]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 21,892,348,982.94, slightly up from RMB 21,787,563,374.32 as of December 31, 2023[4]. - The total liabilities decreased to RMB 7,954,539,729.18 as of June 30, 2024, from RMB 8,373,407,203.21 at the end of 2023, indicating a reduction of approximately 5%[6]. - The total equity attributable to shareholders increased to RMB 13,558,038,269.29 as of June 30, 2024, compared to RMB 13,070,948,143.35 at the end of 2023, marking an increase of approximately 3.7%[6]. - The total amount of contract liabilities as of June 30, 2024, was RMB 555,919,065.44, down from RMB 607,861,828.48 at the end of 2023, reflecting a decline of approximately 8.5%[58]. - The company's total accounts payable as of June 30, 2024, was RMB 5,433,440,532.14, slightly decreasing from RMB 5,470,058,096.76 at the end of 2023, a reduction of about 0.7%[57]. Cash Flow and Investments - The company's cash and cash equivalents decreased to RMB 8,244,180,881.47 from RMB 9,117,663,825.52, a decline of about 9.6%[2]. - Cash flows from operating activities for the first half of 2024 amounted to RMB 379,837,357.10, compared to RMB 582,152,981.45 in the first half of 2023, representing a decline of 34.8%[9]. - The net cash flow from investing activities was RMB (734,143,481.92) for the first half of 2024, compared to RMB (92,831,524.90) in the same period of 2023, indicating a significant increase in cash outflow[9]. - The company reported a credit loss provision of RMB 25,933,364.59 for the period, with a reversal of RMB 1,472,401.19 and write-offs amounting to RMB 54,994.93[23]. - The company recognized an investment loss of RMB 751,252.81 from Xinhua Yingxuan, with a cumulative loss of RMB 16,870,254.07[41]. Revenue Segments - The publishing segment generated revenue of RMB 1,211,622,731.49, while the distribution segment contributed RMB 5,152,376,843.81, indicating a year-over-year increase of 6.8% and 6.8% respectively[73]. - The main business revenue from educational materials and aids is RMB 572 million, a decrease of 9.25% year-on-year, with a gross margin of 42.58%, an increase of 3.57 percentage points[94]. - The general books segment achieved main business revenue of RMB 497 million, an increase of 9.62% year-on-year, with a gross margin of 25.86%, an increase of 1.23 percentage points[97]. - The distribution segment achieved main business revenue of RMB 51.52 billion, an increase of 6.83% from RMB 48.23 billion in the same period last year[99]. Tax and Regulatory Matters - The company has been granted a five-year corporate income tax exemption for certain subsidiaries starting from January 1, 2019, under specific tax policies[13]. - The company’s corporate income tax payable as of June 30, 2024, was RMB 66,841,153.94, a substantial increase from RMB 6,070,260.69 at the end of 2023[61]. - The group continues to benefit from tax exemptions for property tax and urban land use tax for certain industries until June 30, 2023[15]. Future Plans and Strategies - The company plans to expand its market presence and invest in new technologies to drive future growth, although specific figures were not disclosed during the call[7]. - The company is focusing on high-quality development and digital transformation in the publishing industry, responding to changes in consumer reading habits and technology advancements[84]. - The company aims to develop new educational service scenarios and enhance online service platforms to create a new education service system under digitalization[127]. - The company will optimize logistics resource allocation and enhance supply chain service capabilities through automation and professional logistics systems[127]. Shareholder Matters - The board proposed an interim dividend of RMB 0.19 per share, totaling approximately RMB 234.43 million, subject to shareholder approval[131]. - The interim dividend will be paid by December 16, 2024, pending shareholder approval[132]. - The extraordinary general meeting will be held on October 16, 2024, in Chengdu, Sichuan Province[133].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,787,816,275.71, representing a 6.64% increase compared to CNY 5,427,547,628.27 in the same period last year [17]. - Net profit attributable to shareholders decreased by 6.08% to CNY 715,785,632.02 from CNY 762,156,455.81 year-on-year [17]. - The basic earnings per share for the first half of 2024 was CNY 0.58, down 6.45% from CNY 0.62 in the previous year [18]. - The weighted average return on equity decreased by 0.58 percentage points to 5.28% compared to 5.86% in the same period last year [18]. - The total assets at the end of the reporting period were CNY 21,892,348,982.94, a slight increase of 0.48% from CNY 21,787,563,374.32 at the end of the previous year [17]. - The company reported a net cash flow from operating activities of CNY 379,837,357.10, a significant decrease of 34.75% from CNY 582,152,981.45 in the same period last year [17]. - The company reported a total profit of CNY 548,529,980.49 for the first half of 2024, compared to CNY 354,372,532.09 in the previous year, indicating a significant increase [94]. - The company reported a net loss of CNY 493,536,400.00 in the first half of 2024, which is a decrease from a loss of CNY 419,505,940.00 in the first half of 2023 [108]. Dividend Distribution - The company plans to distribute a cash dividend of 1.90 RMB per 10 shares, totaling 234.43 million RMB, based on a total share capital of 123.38 million shares [4]. - The company paid a special dividend of CNY 222 million and A-share dividends of CNY 316 million during the period, compared to CNY 269 million in A-share dividends in the same period last year [44]. - The company plans to distribute dividends of RMB 234,429,790.00, equivalent to RMB 1.90 per 10 shares, subject to approval at the upcoming shareholders' meeting [61]. Risk Management - The company has confirmed that there are no significant risks affecting its operations during the reporting period [5]. - The company has outlined potential risk factors in the management discussion and analysis section of the report [5]. - The company acknowledges potential risks from industry policy changes and will strengthen policy research capabilities to enhance core competitiveness [53]. Corporate Governance - The board of directors and management have ensured the accuracy and completeness of the financial report [3]. - The half-year report has not been audited [3]. - There are no instances of more than half of the directors being unable to guarantee the authenticity of the report [5]. - The company has not violated any decision-making procedures for external guarantees [5]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties [5]. - The company has not reported any significant litigation or arbitration matters during the reporting period [72]. - The company has not received any penalties or corrective actions related to legal violations from its directors, supervisors, or senior management during the reporting period [72]. Market and Industry Trends - The publishing industry is facing challenges with a 6.20% decline in overall book retail market sales in the first half of 2024, indicating a need for strategic adjustments [25]. - The company is focusing on integrating digital technologies and exploring new production models to adapt to changing consumer reading habits and enhance competitiveness [25]. - The company will enhance market monitoring and analysis to improve content production and service supply capabilities in response to intensified market competition [54]. Operational Highlights - The company operates 184 retail stores in Sichuan Province, providing various reading services and products to urban and rural residents [23]. - The group published 754 integrated publications, including e-books and audiobooks, in the first half of 2024 [34]. - The group exported 251 copyright items and physical exports worth CNY 1.637 million in the first half of 2024 [34]. - The group achieved a market share ranking of 9th among 37 publishing media groups in China for general book market sales [34]. - The group launched key thematic books such as "Dachengkun" and "Home" to promote high-quality publishing development [34]. Financial Position - The total liabilities as of June 30, 2024, are not specified but are critical for assessing the company's financial health [86]. - The total assets of the company at the end of the first half of 2024 were RMB 13,558,038,269.29 [103]. - The company’s total liabilities at the end of the first half of 2024 were RMB 6,426,421,444.79 [105]. - The total equity attributable to shareholders at the end of the first half of 2024 was RMB 13,937,809,253.76, an increase from RMB 13,414,156,171.11 at the end of the previous year [103]. Environmental and Social Responsibility - The company actively promotes green operations and has adopted measures to reduce carbon emissions, including optimizing logistics and promoting paperless offices [67]. - During the reporting period, the company organized the recycling of approximately 2,109 tons of old books and publications as part of its "One Wood Environmental Protection" initiative [66]. - The company continues to fulfill its social responsibilities by supporting rural revitalization efforts and providing assistance to impoverished areas in Sichuan Province [68]. Investment and Capital Expenditure - The cumulative investment in the "Education Cloud Service Platform Project" reached ¥200,247,762.29, exceeding the planned investment of ¥200,000,000, with a completion rate of 100.12% [78]. - The "ERP Construction and Upgrade Project" has a cumulative investment of ¥35,602,525.95, also surpassing the planned investment of ¥35,175,098, with a completion rate of 101.22% [78]. - The company has ongoing projects with construction in progress valued at approximately CNY 50.48 million, up from CNY 39.55 million, indicating an increase in capital expenditure [86]. Accounting and Financial Reporting - The company follows the enterprise accounting standards, ensuring that financial statements reflect true and complete financial conditions [119]. - The company has not reported any changes in accounting policies or prior period error corrections during the first half of 2024 [107]. - The company engages in various business activities, including the sale of books, newspapers, and electronic publications [110].

Investment Rating - The report assigns a "Buy" rating for Xinhua Wenhui (0811.HK) with a target price of HKD 12.26, based on a current price of HKD 9.07 [1][3]. Core Views - The company is positioned as a leading publisher in the southwestern region of China, with a strong focus on educational materials and a stable dividend policy [10][27]. - The K12 student population in Sichuan province is expected to remain resilient in the short term, despite a decline in birth rates since 2020, due to the lag effect in enrollment numbers [2][21]. - The company has maintained a robust dividend payout ratio of over 30%, providing a dividend yield of approximately 5% based on current stock prices [2][3]. Summary by Sections Company Overview - Xinhua Wenhui is the only enterprise in Sichuan province with the qualification to distribute K12 textbooks, actively exploring diversified services in reading and education [10][11]. - The company operates 15 wholly-owned publishing units, covering various publishing categories including books, periodicals, and digital media [11][27]. K12 Student Population and Market Recovery - The K12 student population in Sichuan is projected to remain stable for 2024-2025, with expected enrollment numbers reflecting past birth rates [2][21]. - The retail book market is gradually recovering, with online sales channels contributing significantly to growth [24][26]. Publishing Leadership and Dividend Stability - The company is a regional leader in publishing, with extensive cooperative resources and a diversified publishing strategy [27]. - The company has consistently maintained a dividend payout ratio above 30%, with a stable dividend policy that rewards shareholders [2][3]. Earnings Forecast and Valuation - Earnings per share (EPS) are projected to be CNY 1.41, CNY 1.53, and CNY 1.65 for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 5.9, 5.4, and 5.0 [3][4]. - The company is expected to benefit from favorable tax policies and the ongoing development of educational information technology, enhancing its growth prospects [3][4].

Financial Performance - The company's operating revenue for Q1 2024 reached RMB 2,473,841,215.39, representing a year-on-year increase of 7.04%[3] - Net profit attributable to shareholders was RMB 206,287,043.02, reflecting a growth of 3.33% compared to the same period last year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 223,298,866.77, an increase of 9.64% year-on-year[3] - Total revenue for Q1 2024 reached RMB 2,473,841,215.39, an increase of 7.03% compared to RMB 2,311,171,082.62 in Q1 2023[15] - Net profit for Q1 2024 was RMB 212,045,515.35, slightly up from RMB 204,601,323.33 in Q1 2023, reflecting a growth of 2.15%[16] - The company reported a gross profit margin of approximately 11.63% for Q1 2024, compared to 10.61% in Q1 2023[15] Cash Flow - The net cash flow from operating activities was RMB 130,621,333.22, showing a decrease of 25.13% compared to the previous year[3] - In Q1 2024, the net cash flow from operating activities was ¥130,621,333.22, a decrease of 25.1% compared to ¥174,459,045.44 in Q1 2023[17] - Cash inflow from operating activities totaled ¥2,656,483,283.17, down 3.8% from ¥2,762,719,984.06 in the same period last year[17] - Cash outflow for purchasing goods and services was ¥1,375,334,212.62, a decrease of 12.1% from ¥1,565,091,240.76 in Q1 2023[17] - The net cash flow from investing activities was (¥18,905,376.26), a significant decline from ¥60,176,117.67 in Q1 2023[17] - Cash received from sales of goods and services was ¥2,554,465,944.49, a decrease of 3.7% from ¥2,653,928,972.88 in Q1 2023[17] - Payments to employees increased to ¥873,695,306.61, up 16.4% from ¥750,281,515.55 in the same quarter last year[17] - The cash inflow from investment activities was ¥764,659.26, a significant drop from ¥115,104,654.60 in Q1 2023[17] - The cash flow from financing activities included dividend payments of ¥222,091,380.00, a notable increase from ¥147,825.02 in the previous year[18] Assets and Liabilities - Total assets attributable to shareholders at the end of the reporting period were RMB 22,724,552,814.73, up 4.30% from the end of the previous year[3] - Total current assets rose to RMB 14,735,118,323.96, up from RMB 14,008,634,246.70, indicating a growth of 5.18%[11] - Total liabilities increased to RMB 8,868,356,505.07 from RMB 8,373,407,203.21, representing a rise of 5.92%[13] - Accounts receivable increased significantly to RMB 2,051,692,028.53 from RMB 1,477,171,063.02, marking an increase of 38.83%[11] - Inventory levels rose to RMB 2,930,328,069.15 from RMB 2,641,169,798.03, marking an increase of 10.96%[11] Shareholder Information - The total number of ordinary shareholders as of March 31, 2024, was 19,670[8] - The largest shareholder, Sichuan Xinhua Publishing Group Co., Ltd., holds 622,972,283 shares, accounting for 50.49% of the total shares[8] - Shareholders' equity attributable to the company was RMB 13,507,229,809.57, an increase of 3.34% year-on-year[3] - The total equity attributable to shareholders increased to RMB 13,507,229,809.57 from RMB 13,070,948,143.35, a rise of 3.34%[14] Research and Development - Research and development expenses increased to RMB 4,205,484.42 from RMB 3,752,132.46, reflecting a growth of 12.04%[15] Return on Assets - The company reported a weighted average return on net assets of 1.55%, a decrease of 0.04 percentage points compared to the previous year[3] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period amounted to RMB 5,207.82, excluding government subsidies related to normal business operations[4]

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,473,841,215.39, representing a year-on-year increase of 7.04%[12] - The net profit attributable to shareholders of the listed company was CNY 206,287,043.02, reflecting a growth of 3.33% compared to the same period last year[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 223,298,866.77, which is an increase of 9.64% year-on-year[12] - Total operating revenue for Q1 2024 reached ¥2,473,841,215.39, an increase of 7.03% compared to ¥2,311,171,082.62 in Q1 2023[23] - Net profit for Q1 2024 was ¥212,045,515.35, compared to ¥204,601,323.33 in Q1 2023, indicating a growth of 3.54%[25] - The company reported a comprehensive income total of ¥442,040,138.55 for Q1 2024, significantly higher than ¥207,652,204.53 in Q1 2023[26] - Basic earnings per share for Q1 2024 were ¥0.17, slightly up from ¥0.16 in Q1 2023[26] Cash Flow and Assets - The net cash flow from operating activities was CNY 130,621,333.22, showing a decrease of 25.13% compared to the previous year[12] - Cash and cash equivalents decreased to ¥8,982,847,974.23 as of March 31, 2024, from ¥9,117,663,825.52 at the end of 2023[19] - The cash and cash equivalents at the end of Q1 2024 were CNY 8.95 billion, compared to CNY 7.98 billion at the end of Q1 2023, marking an increase of about 12.1%[47] - The company reported a decrease in cash received from sales and services to CNY 2.55 billion in Q1 2024, down from CNY 2.65 billion in Q1 2023, a decline of approximately 3.9%[46] - The total assets at the end of the reporting period amounted to CNY 22,724,552,814.73, which is a 4.30% increase from the end of the previous year[13] - The company's total liabilities rose to CNY 8.87 billion, up from CNY 8.37 billion year-over-year, indicating an increase of approximately 5.9%[41] - The company’s long-term assets totaled CNY 7.99 billion, up from CNY 7.78 billion year-over-year, representing an increase of about 2.7%[40] Shareholder Information - The equity attributable to shareholders of the listed company was CNY 13,507,229,809.57, marking a 3.34% increase year-on-year[13] - The number of ordinary shareholders at the end of the reporting period was 19,670[6] - The largest shareholder, Sichuan Xinhua Publishing and Distribution Group Co., Ltd., held 50.49% of the shares[6] - The total equity attributable to shareholders increased to CNY 13.51 billion, up from CNY 13.07 billion year-over-year, reflecting a growth of about 3.4%[41] - The company paid CNY 222.09 million in dividends during Q1 2024, compared to CNY 147.83 thousand in Q1 2023, showing a significant increase[47] Operational Metrics - The weighted average return on net assets was 1.55%, a decrease of 0.04 percentage points compared to the end of the previous year[13] - The company reported non-recurring gains and losses totaling CNY -17,011,823.75 for the period[13] - Accounts receivable increased to ¥2,051,692,028.53 in Q1 2024, compared to ¥1,477,171,063.02 in Q4 2023, marking an increase of 38.83%[19] - Inventory rose to ¥2,930,328,069.15 in Q1 2024, up from ¥2,641,169,798.03 in Q4 2023, reflecting an increase of 10.96%[19] - The company’s long-term equity investments increased to ¥779,258,805.61 in Q1 2024 from ¥771,481,018.72 in Q4 2023, a growth of 1.01%[19] Strategic Initiatives - The company provided a revenue guidance of 5 billion yuan for the full year 2024, indicating a projected growth of 10%[49] - New product launches contributed to a 25% increase in sales in the education sector[49] - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[49] - Research and development expenses increased by 18%, focusing on digital publishing technologies[49] - The company announced a strategic partnership with a tech firm to enhance its digital platform capabilities[49] - A potential acquisition of a smaller publishing house is under consideration to strengthen market position[49] - The company aims to reduce operational costs by 5% through efficiency improvements in the next fiscal year[49] - Customer satisfaction ratings improved by 15%, reflecting better service delivery and product offerings[49]