Core Viewpoint - *ST Dongfang (600811) has received a termination of listing decision from the Shanghai Stock Exchange, with its stock set to be delisted on April 30, 2025, due to a continuous closing price below 1 yuan for 20 trading days [1][2]. Company Summary - *ST Dongfang, officially known as Dongfang Group Co., Ltd., was established in 1992 and is recognized as the first private enterprise in Heilongjiang Province to publicly issue and list stocks. It is also one of the earliest private enterprises in China to undergo shareholding reform and obtain a listing [3]. - The company operates in four major sectors: modern agriculture and health food, finance, port transportation, and new urbanization development [3]. Industry Context - Recently, several companies in the A-share market have faced delisting due to their stock prices falling below 1 yuan. This includes *ST Xulan, *ST Jiayu, *ST Dongfang, *ST Furun, and *ST Jiyao, all of which have triggered the delisting conditions by having closing prices below 1 yuan for 20 consecutive trading days [3]. - Prior to *ST Dongfang, *ST Jiayu received a termination of listing decision from the Shenzhen Stock Exchange on April 25, 2025, for similar reasons [3]. - Other companies, such as *ST Pengbo, have also seen their stock prices drop below 1 yuan, with the latest price reported at 0.65 yuan per share after 9 consecutive trading days below the threshold [3].

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].

Core Viewpoint - The pricing of new books in China has significantly increased over the past 25 years, with average prices rising from around 20 yuan to 65 yuan, more than tripling, while the performance of publishing companies has deteriorated, indicating a disconnect between pricing and profitability in the industry [1][2]. Group 1: Pricing Trends - The average price of new books in China has increased from approximately 20 yuan in 1999 to 65 yuan in 2024, reflecting a growth rate that surpasses that of paper prices and overall inflation [1]. - The retail market for books in China is projected to reach 112.9 billion yuan in 2024, showing a year-on-year decline of 1.52%, with non-educational books experiencing a more significant drop [2]. Group 2: Declining Sales and Profitability - In the first three quarters of 2024, 16 out of 28 listed publishing companies reported revenue declines, and 24 companies saw net profit decreases, highlighting a widespread struggle within the industry [1][2]. - Over 30% of these companies have net profits of less than 100 million yuan, with three companies operating at a loss [1]. Group 3: Changing Consumer Behavior - The average adult reader in China read less than 5 physical books in 2023, compared to around 12 books in Japan and the United States, indicating a decline in interest in physical reading materials [2]. - The shift towards online entertainment and increased work pressure has contributed to a decrease in deep reading habits among consumers [2]. Group 4: Rising Costs - The costs associated with book publishing are rising, with direct costs (printing and royalties), indirect costs, and period expenses now accounting for 40-50% of book pricing [2][3]. - The price of cultural paper has fluctuated upwards, with major paper companies announcing price increases of 500 yuan per ton in early 2023 [2]. Group 5: Copyright and Market Dynamics - The increasing dominance of top-selling books has led to higher royalty rates, with some authors receiving over 15% in royalties compared to the traditional 7-8% [3]. - Less than 4% of new books sold over 5,000 copies in the first six months, with nearly 85% selling fewer than 500 copies, indicating a significant challenge in achieving economies of scale [3]. Group 6: Impact of E-commerce - The rise of e-commerce has shifted book sales from physical stores to online platforms, where aggressive discounting has diminished the perceived value of books [4]. - Nearly 50% of private bookstores have closed in the past decade, as publishers lose bargaining power against major e-commerce platforms [4]. Group 7: Content Marketing and Sales Strategies - The increasing reliance on online sales channels has led to a focus on creating viral content and engaging marketing strategies to boost book sales [5][7]. - Despite the high costs associated with live-streaming sales, publishers continue to invest in this area for potential long-term benefits, although immediate profitability remains elusive [5]. Group 8: Regulatory Environment - Unlike many countries that have price protection laws for books, China lacks such regulations, forcing publishers to raise prices to maintain profitability amid constant discounting [6].

*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 ...

Core Viewpoint - The article discusses the impact of the U.S. "reciprocal tariffs" on various industries and companies, highlighting that many companies have limited exposure to the U.S. market, thus minimizing the potential negative effects of the tariffs. Food and Beverage Industry - The domestic functional beverage industry shows strong resilience amid the ongoing U.S.-China tariff disputes, with Dongpeng Beverage leveraging its fully localized supply chain and innovation to mitigate risks [3]. - Dongpeng has achieved 100% domestic sourcing for key raw materials and packaging, and plans to expand its distribution network to nearly 4 million outlets by the end of 2024 [3]. - Lehui International reports that about 50% of its equipment exports go to developing countries, indicating minimal impact from the tariffs [3]. Steel Industry - Several steel companies indicate that the tariffs will have little effect on their exports to the U.S. due to the small scale of such exports [4]. - The tariffs may indirectly affect domestic steel demand, but the industry is prepared with policy measures to manage supply and demand balance [4]. Information and Communication Industry - Some products, including semiconductors, are not affected by the new tariffs, and companies report limited direct impact due to low export ratios to the U.S. [5]. - Companies like Huakin Technology maintain a diversified client base, with only about 10% of their revenue coming from direct sales to the U.S., thus minimizing the impact of the tariffs [6]. New Energy and New Materials Industry - Camel Group states that its exports to the U.S. are minimal, and the impact of tariffs is manageable [7]. - Huamao Technology plans to focus on Southeast Asia and Europe, with only a small percentage of revenue from North America, indicating limited exposure to U.S. tariffs [7]. - Bowei Alloy highlights that its U.S. projects are designed to mitigate tariff impacts, and its new production facilities in Vietnam will target markets outside the U.S. [7]. Pesticides and Fertilizers Industry - A Shanghai-listed company notes that its main export product, glyphosate, has minimal direct exposure to the U.S. market, suggesting potential benefits from the tariff policy due to competitive dynamics [8]. Publishing Industry - Leading publishing companies like Xinhua Wenhui and Phoenix Media assert that the tariffs have negligible effects on their operations, as their business primarily focuses on domestic markets with no significant import/export activities [9].

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 net profit attributable to shareholders for the fiscal year 2024 is CNY 1,544.86 million[4]. - The company's operating revenue for 2024 reached ¥12,328,513,892.29, representing a 3.88% increase compared to ¥11,868,490,425.19 in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥1,544,856,196.33, a decrease of 2.17% from ¥1,579,146,004.64 in 2023[22]. - The net profit after deducting non-recurring gains and losses was ¥1,658,227,272.52, showing a 2.10% increase from ¥1,624,041,984.43 in 2023[22]. - The total assets of the company increased by 5.10% to ¥22,898,703,360.27 in 2024 from ¥21,787,563,374.32 in 2023[23]. - The basic earnings per share for 2024 was ¥1.25, down 2.34% from ¥1.28 in 2023[24]. - The weighted average return on equity decreased to 11.13% in 2024 from 12.25% in 2023, a reduction of 1.12 percentage points[24]. - The cash flow from operating activities for 2024 was ¥1,772,478,831.63, a significant decrease of 24.67% compared to ¥2,353,028,211.32 in 2023[22]. - The company reported a total net asset value of ¥14,606,455,619.02 at the end of 2024, an increase of 11.75% from ¥13,070,948,143.35 at the end of 2023[22]. - The company achieved a revenue of 12.33 billion RMB, representing a year-on-year growth of 3.88% primarily due to increased sales of general books[52]. - The net profit for the period was 1.60 billion RMB, a decrease of 1.52% mainly due to changes in tax incentives for cultural enterprises[52]. Dividend and Profit Distribution - The proposed cash dividend is CNY 4.10 per 10 shares, totaling CNY 505.87 million to be distributed[4]. - The annual shareholders' meeting is scheduled for May 20, 2025, to approve the profit distribution plan[11]. - The cash dividend distribution plan indicates that the cash dividends will account for 32.75% of the net profit attributable to shareholders[170]. - Over the last three fiscal years, the cumulative cash dividend amount (including tax) reached CNY 1.875 billion, with an average cash dividend payout ratio of 121.70%[172]. Risk Management and Compliance - The company has confirmed no significant risks that could materially affect its operations during the reporting period[6]. - The company has received a standard unqualified audit opinion from KPMG Huazhen[3]. - There are no non-operational fund occupations by controlling shareholders or related parties[6]. - The company has not violated decision-making procedures for external guarantees[6]. - The financial report is guaranteed to be true, accurate, and complete by the responsible parties[3]. - The company has outlined potential risk factors in the management discussion and analysis section of the report[6]. - The company has established a comprehensive internal control and risk management system, with no significant monitoring failures reported during the period[128]. - The company has ensured compliance with commitments to avoid competition with its subsidiaries and will not restrict normal business opportunities[191]. Operational Highlights - The company launched 1,291 new integrated products, including e-books, audiobooks, and digital collectibles, enhancing its publishing offerings[34]. - The company’s online service platform "Wenxuan Youxue" now covers over 6,000 schools and serves more than 4.75 million students[35]. - The company reported a logistics revenue of 258 million, reflecting its efforts to enhance supply chain digitalization and service quality[38]. - The company’s book fair attracted 58 million visitors online and offline, generating sales of 105 million in books and cultural products[40]. - The company’s general book publishing market share ranked 9th nationally and 6th among local peers[34]. - The company’s investment in digital publishing is aimed at enhancing its business system and exploring new business models[39]. - The company implemented a "one city, one policy" strategy to address the decline in student numbers and optimize product quality[35]. - The company’s logistics network efficiency improved with the establishment of a new transportation hub in North China[38]. Research and Development - The company's R&D expenses increased by 52.47% to 30.46 million RMB, reflecting higher investments in business management systems and technology innovation applications[53]. - The total R&D investment for the current period is CNY 21,038,763.87, representing 0.17% of operating revenue[68]. - The number of R&D personnel is 75, accounting for 1.00% of the total workforce[69]. - The company is committed to enhancing its research and development efforts to innovate new technologies and products[136]. Corporate Governance - The board of directors consists of 9 members, including 3 independent directors, complying with relevant legal requirements[124]. - The supervisory board has 6 members and has conducted 6 meetings to oversee the company's management and financial status, ensuring compliance with laws and regulations[125]. - The company has appointed new independent directors and supervisors, including Mr. Han Wenlong and Mr. Xue Feng, to enhance governance[135]. - The company plans to hold its annual general meeting on May 21, 2024, to discuss various proposals including the 2023 financial report and profit distribution[131]. Environmental and Social Responsibility - The company invested CNY 3.001 million in environmental protection initiatives during the reporting period[179]. - 四川新华印刷在2023年度被评为“四川省年度企业环境信用评价诚信企业”，连续四年获得该荣誉[182]. - 四川新华印刷在报告期内组织回收书刊约4,160.25吨，支持环保教育事业[184]. - 公司在环保方面采取了多项措施，包括使用低挥发性油墨和无醇润版液，有效降低了油烟、粉尘和废水的排放[182]. - 公司在报告期内的社会责任总投入为4,350.68万元，其中资金投入为2,453.45万元，物资折款为1,897.23万元[188]. Future Outlook - The company anticipates a significant policy boost for the cultural industry during the "14th Five-Year Plan" period, which will support high-quality development in publishing and related sectors[111]. - The company aims to enhance its content supply capabilities by focusing on high-quality publications and integrating publishing resources, targeting a revenue of RMB 105,728.78 million and a net profit of RMB 49,569.94 million for Sichuan Education Publishing Co., Ltd. in 2024[110]. - The company is focused on international communication enhancement to improve its global competitiveness and promote Chinese culture abroad[113]. - The company is set to build a comprehensive cultural service group with international influence by focusing on the publishing media industry and innovating its development model[114].

新华文轩出版传媒股份有限公司全体股东： KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 内部控制审计报告 毕马威华振审字第 2508710 号 新华文轩出版传媒股份有限公司 内部控制审计报告 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计了新 华文轩出版传媒股份有限公司（以下简称"贵公司"）2024 年 12 月 31 日的财务报告内部控 制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引 ...

新华文轩出版传媒股份有限公司 投资者关系管理制度 第一章 总 则 第一条 为规范新华文轩出版传媒股份有限公司 （以下简称"公司"或"本公司"）的投资者关系管 理工作，加强和规范公司与投资者和潜在投资者（以 下简称"投资者"）之间的有效沟通，提高公司质量， 切实保护投资者特别是中小投资者合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上 市公司投资者关系管理工作指引》和《香港联合交易 所有限公司证券上市规则》《上海证券交易所股票上 市规则》（合称为"《上市规则》"）、《上海证券 交易所上市公司自律监管指引第 1 号——规范运作》 等有关法律、法规或规范性文件以及本公司章程的有 关规定，结合本公司实际，制定本制度。 第二条 投资者关系管理是公司通过便利股东权 利行使、信息披露、互动交流和诉求处理等工作，加 强与投资者及潜在投资者之间的沟通，增进投资者对 公司的了解和认同，以提升公司治理水平和企业整体 价值，实现尊重投资者、回报投资者、保护投资者目 的的相关活动。 1 第三条 投资者关系管理的基本原则为： （一）合规性原则。公司投资者关系管理应当在 依法履行信息披露义务的基础上开展，符合法律、法 ...