中文传媒 20241112 摘要 • 教辅市场化后，收入确认方式由一次性确认转变为分散确认，收入确认点 由集中在第一季度和第四季度转变为随款项到账确认。 • 教辅需求不会因市场化而减少，但市场化采购方式导致三季度出版和发行 收入下降，尤其是发行降幅更大。 • 江西新华在线模块线上征订收入快速增长，截至三季度已接近 5 亿元，未 来将更加侧重线上销售渠道。 • 三季度销售费用增长主要由于加大营销投入，包括游戏推广等费用，智能 信通游戏推广费用约为 1.12 亿元。 • 智明星通以 SLG 策略型游戏为重点，今年侧重于 SLG 加休闲类游戏，预计 明年第一季度发布一款海洋类策略加休闲游戏。 • 政府捐建项目对第三季度和第四季度业绩影响较大，但公司正在努力适应 市场化环境，希望减少对江西学校、学生和家长的冲击。 • 中文传媒一直坚持现金分红政策，分红比例将根据公司当年实现的净利润 及第二年的资金安排和需求统筹考虑。 Q&A 教辅制定方式的变化是否会对公司的收入确认方式产生影响？ 收入确认方式确实会受到教辅制定方式变化的影响。原来通过学校统一征订，收 入是一次性确认的。现在市场化后，学生和家长分时间段购买教辅，这将导 ...

大家好欢迎参加中文传媒阿亮四年三季度业绩说明会我是中文传媒董事会秘书毛建波在此我谨代表中文传媒向一直以来关心和支持公司发展的广大投资者致以诚挚的谢意向今天参加网上互动交流的朋友们表示诚挚的欢迎 同时也向本次业绩说明会提供良好交流平台的上证所信息网络运行公司资议中心的感谢接下来我将对公司的基本情况经营状况等进行介绍一 公司的基本情况 中文传媒是江西出版传媒集团有限公司在2010年12月以其优质的主营业务整体结合上市具有多元化、平台化、资本化特点的现代大型出版传媒公司截至三季度末中文传媒拥有19家全职及控股的一期制公司200多家子分公司 公司主营业务主包括出版发行印刷现代物流互联网游戏整合营销服务数字出版艺术品经营和投融资等目前已形成传统核心主业新兴科技业态资本创新经营三足鼎立的发展格局二二零二四年三季度公司经营情况 二十年公司牢牢把握实现高质量发展这个首要任务紧紧围绕守证创新 固本信心 数字富能科学应变 党建营民 风险管控的经营思路不断夯实出版主业加快数字化转型发展优化资本运营策略积极稳健推进各项重点工作 下面我将从四个方面对公司的经营情况做个解读一夯实出版主业肩负使命砥砺前行今年以来公司主动优化调整业务结构持 ...

证券代码：600373 证券简称：中文传媒 中文天地出版传媒集团股份有限公司 投资者关系活动记录表 编号： | --- | --- | --- | |--------------|---------------------------|--------------------------------------------------------------| | | | | | | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 业绩说明会 | | 投资者关系活 | □ | 新闻发布会 □路演活动 | | 动类别 | □ 现场参观 | | | | 其他（ IR | 电话会议、现场接待投资机构） | | | | 中泰传媒、中信建投、泰康资产、银华基金、申万宏源、申万菱信基 | | 参与单位名称 | | 金、国泰基金、广发基金、西部利得基金、金信基金、华安基金、北 | | 及人员姓名 | | 京源乐晟资管、中意资管、汇华理财、兴证基金、名禹资管、中信资 | | | | 管、西南证券、宁银理财、南方基金、招银理财等。 | | 时间 | 2024 年 10 月 31 | 至 2024 年 11 月 ...

Financial Performance - Revenue for the third quarter was RMB 1.60 billion, a decrease of 21.27% year-over-year[2] - Net profit attributable to shareholders for the third quarter was RMB 114.94 million, a decrease of 71.74% year-over-year[2] - Net profit attributable to shareholders for the first nine months was RMB 727.99 million, a decrease of 41.86% year-over-year[2] - Operating cash flow for the first nine months was RMB 128.15 million, a decrease of 88.09% year-over-year[2] - Total operating revenue for the first three quarters of 2024 was 6,752,221,988.63 yuan, a decrease of 4.34% compared to 7,058,843,688.13 yuan in the same period of 2023[21] - Operating costs for the first three quarters of 2024 were 4,003,118,453.17 yuan, a decrease of 5.06% compared to 4,216,462,159.05 yuan in the same period of 2023[21] - Net profit for the first three quarters of 2024 was 747,596,145.88 yuan, a significant decrease of 41.39% compared to 1,275,848,942.12 yuan in the same period of 2023[22] - Basic earnings per share for the first three quarters of 2024 were 0.54 yuan, a decrease of 41.30% compared to 0.92 yuan in the same period of 2023[23] - Cash flow from operating activities for the first three quarters of 2024 was 128,148,027.15 yuan, a sharp decrease of 88.10% compared to 1,076,421,314.48 yuan in the same period of 2023[24] - Sales revenue from goods and services for the first three quarters of 2024 was 6,228,222,344.47 yuan, a decrease of 11.12% compared to 7,007,766,839.08 yuan in the same period of 2023[24] - Revenue for the first three quarters of 2024 reached 13.16 billion RMB, with a net profit of 1.45 billion RMB, a significant increase from 924.41 million RMB in the same period of 2023[28] - The company's total comprehensive income for 2024 stood at 1.45 billion RMB, maintaining a strong performance compared to 924.41 million RMB in 2023[29] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 31.75 billion, an increase of 8.42% compared to the end of the previous year[3] - Equity attributable to shareholders as of the end of the third quarter was RMB 18.06 billion, a decrease of 2.04% compared to the end of the previous year[3] - Total assets increased to 31.75 billion CNY as of September 30, 2024, compared to 29.29 billion CNY at the end of 2023[18][19][20] - Current assets rose to 21.31 billion CNY from 19.27 billion CNY year-over-year, driven by increases in monetary funds and trade receivables[18] - Trade receivables surged to 2.18 billion CNY, a 172% increase from 799.80 million CNY at the end of 2023[18] - Inventory grew by 39% to 1.33 billion CNY compared to 959.87 million CNY at the end of 2023[18] - Non-current assets increased to 10.44 billion CNY from 10.02 billion CNY, with notable growth in investment properties and goodwill[19] - Current liabilities jumped to 12.25 billion CNY from 8.52 billion CNY, primarily due to a significant increase in short-term borrowings[19][20] - Total liabilities rose to 13.33 billion CNY from 10.67 billion CNY at the end of 2023[20] - Shareholders' equity decreased slightly to 18.42 billion CNY from 18.62 billion CNY, mainly due to a reduction in retained earnings[20] - Monetary funds decreased to 10.79 billion CNY from 12.33 billion CNY, reflecting changes in cash management strategies[18] - Trade payables increased by 29% to 3.03 billion CNY, indicating higher operational expenses[19] - Total assets increased to RMB 27,655,876,351.94, up from RMB 26,089,457,913.47 at the end of 2023[26] - Current liabilities rose to RMB 17,599,950,092.72, compared to RMB 15,381,293,586.07 at the end of 2023[27] - The company's total liabilities increased to RMB 17,608,480,631.17, up from RMB 16,389,824,124.52 at the end of 2023[27] - Shareholders' equity increased to RMB 10,047,395,720.77, compared to RMB 9,699,633,788.95 at the end of 2023[27] - The company's monetary funds stood at RMB 9,544,372,762.59, slightly down from RMB 9,871,933,602.62 at the end of 2023[26] - Trading financial assets increased to RMB 4,513,363,034.86, up from RMB 3,346,225,802.22 at the end of 2023[26] - Long-term equity investments grew to RMB 9,945,168,793.96, compared to RMB 9,313,321,461.47 at the end of 2023[26] - The company's short-term borrowings decreased significantly to RMB 800,641,333.33, down from RMB 2,111,123,422.29 at the end of 2023[27] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 30,181[9] - Jiangxi Publishing & Media Group Co., Ltd. holds 755,541,032 shares, representing 55.76% of the total shares[9] - Hong Kong Securities Clearing Company Limited holds 85,193,180 shares, representing 6.29% of the total shares[9] - China Life Insurance Company Limited holds 23,396,773 shares, representing 1.73% of the total shares[9] - China Merchants Bank Co., Ltd. holds 22,328,818 shares, representing 1.65% of the total shares[10] - China Life Insurance Company Limited holds 15,474,461 shares, representing 1.14% of the total shares[10] - Ping An Life Insurance Company of China, Ltd. holds 12,053,544 shares, representing 0.89% of the total shares[10] - Agricultural Bank of China Limited holds 11,380,181 shares, representing 0.84% of the total shares[10] - China Construction Bank Corporation holds 11,316,745 shares, representing 0.84% of the total shares[10] Revenue and Profit Drivers - The decrease in revenue was mainly due to changes in the subscription method for school supplementary books in Jiangxi Province, leading to a decline in related income[7] - The decline in net profit was primarily due to decreased income from supplementary books, increased tax expenses, and reduced interest income[8] - Non-recurring gains and losses for the third quarter included RMB 149.17 million from changes in the fair value of financial assets and liabilities[4] - Government subsidies received during the period amounted to RMB 24.42 million, primarily from VAT refunds[6] - R&D expenses for the first three quarters of 2024 were 186,368,417.94 yuan, an increase of 17.89% compared to 158,080,906.72 yuan in the same period of 2023[21] - Income tax expense for the first three quarters of 2024 was 287,535,018.52 yuan, compared to a tax benefit of 2,412,463.47 yuan in the same period of 2023[22] - Cash received from tax refunds for the first three quarters of 2024 was 107,446,364.00 yuan, an increase of 152.41% compared to 42,570,003.07 yuan in the same period of 2023[24] - Cash paid to and for employees for the first three quarters of 2024 was 1,411,151,940.46 yuan, an increase of 16.03% compared to 1,216,176,652.61 yuan in the same period of 2023[24] - Investment income surged to 1.47 billion RMB in 2024, compared to 971.99 million RMB in 2023, reflecting a 51.7% year-over-year growth[28] - Interest income dropped to 178.33 million RMB in 2024 from 286.48 million RMB in 2023, reflecting lower cash holdings or reduced interest rates[28] - Management expenses rose to 105.62 million RMB in 2024, up from 81.23 million RMB in 2023, indicating increased operational costs[28] - The company's financial expenses showed a significant improvement, with a net benefit of 11.48 million RMB in 2024 compared to a net benefit of 84.74 million RMB in 2023[28] Cash Flow and Investments - Investment activities generated a net cash outflow of RMB 6,822,950,664.24, a significant increase from RMB 3,633,809,221.21 in the previous year[25] - The company's cash and cash equivalents decreased by RMB 6,548,750,321.62, compared to a decrease of RMB 1,234,475,456.63 in the same period last year[25] - Operating cash flow turned positive at 129.44 million RMB in 2024, a notable improvement from a negative 186.53 million RMB in 2023[30] - Cash inflows from investment activities increased to 2.98 billion RMB in 2024, up from 1.47 billion RMB in 2023, driven by higher returns on investments[32] - The company's cash and cash equivalents decreased by 5.33 billion RMB to 4.54 billion RMB at the end of Q3 2024, compared to 10.35 billion RMB at the end of Q3 2023[32] - Cash outflows for investments surged to 8.96 billion RMB in 2024, nearly triple the 3.13 billion RMB spent in 2023, signaling aggressive expansion or acquisitions[32] Acquisitions and Equity - The company acquired 100% equity of Jiangxi Education Media Group Co., Ltd. and 51% equity of Jiangxi University Press Co., Ltd. from its controlling shareholder, Jiangxi Publishing & Media Group Co., Ltd.[16]

上 市 公 司 传媒 证 券 研 究 报 告 2024 年 09 月 18 日 中文传媒 (600373) ——定增并购获同意注册，主业有望进一步夯实 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 13 日 | | 收盘价（元） | 13.75 | | 一年内最高/最低（元） | 17.50/11.40 | | 市净率 | 1.0 | | 息率（分红 / 股价） | 5.67 | | 流通 A 股市值（百万元） | 18,632 | | 上证指数/深证成指 | 2,704.09/7,983.55 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 13.26 | | 资产负债率 % | 3 ...

2024 年 09 月 11 日 公司研究 评级：买入(首次覆盖) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn [Table_Title] 在手现金充足，2024Q2 利润总额同比高增 ——中文传媒（600373）公司动态研究 研究所： 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对沪深 300 | 表现 | | 2024/09/10 | | | | | | | | | | | | 市场数据 | | | 2024/09/10 | | 当前价格（元） | | | 14.13 | | 52 周价格区间（元） | | | 11.40-17.50 | | 总市值（百万） | | | 19,147.05 | | 流通市值（百万） | | | 19,147.05 | | 总股本（万股） | | | 135,506.37 | | 流通股本（万股） | | | ...

2024 年半年度报告 公司代码：600373 公司简称：中文传媒 中文天地出版传媒集团股份有限公司 2024 年半年度报告 1 / 176 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人凌卫、主管会计工作负责人吴涤及会计机构负责人（会计主管人员）熊秋辉声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述存在风险，敬请查 ...

[Table_Industry] 主业稳固壮根基，多元业态拓新天 中文传媒(600373.SH)/传媒 证券研究报告/公司深度报告 2024 年 08 月 16 日 [Table_Invest] 评级：买入（首次覆盖） 市场价格：13.46 元 [Table_Authors] 分析师： 康雅雯 执业证书编号：S0740515080001 电话：021-20315097 Email：kangyw@zts.com.cn 分析师：朱骎楠 执业证书编号：S0740523080003 Email：zhuqn01@zts.com.cn 联系人：李昱喆 Email： liyz05@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |------------------|--------| | 总股本(百万股) | 1,355 | | 流通股本(百万股) | 1,355 | | 市价(元) | 13.46 | | 市值(百万元) | 18,239 | | 流通市值(百万元) | 18,239 | [Table_QuotePic] 股价与行业-市场走势对比 -20% -10% 0% 10 ...

[Table_MainInfo] 公司研究/传媒 证券研究报告 中文传媒（600373）公司研究报告 2024 年 08 月 09 日 投资评级 优于大市 首次 覆盖 股票数据 | --- | |-------------| | 13.32 | | 11.35-17.50 | | 1355/1355 | | 18049/18049 | | | [Table_QuoteInfo] 中文传媒 海通综指 -28.22% -15.22% -2.22% 10.78% 23.78% 36.78% 2023/8 2023/11 2024/2 2024/5 | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（%） | -8.8 | -9.3 | -9.9 | | 相对涨幅（%） | -7.0 | -2.8 | -2.0 | | 资料来源：海通证券研究所 | | | | [Table_AuthorInfo] | --- | |------------- ...

欢迎参加今天这场中文传媒的线上交流会我们非常荣幸的邀请到了公司的董秘茅总正代赵总等领导跟我们参加这场线上交流中文传媒一直以来在出版的主营业务拓展以及对外投资以及分红股息率等方面表现非常出色相信线上的投资者其实对公司的基本业务也有一个初步的了解所以我们今天的这场会议交流就直接以QA的方式开始和进行 那线上的投资者如果有关系的问题可以按新一键举手提问如果金门财经网络端的参会者的投资者如果有关系的问题也可以举手或者是文字提问好 那我们前期有在这个录演的过程中也是跟市场交流然后也是初步的了解到就是投资者比较关心的一些问题所以我们这有准备的一些问题先抛张影再问一下那我们就开始今天的会议好吗 毛总 赵总好的 可以 好的 那个首先想针对就是公司主营业务相关的领域先想请教一下就是目前我们江西省内的教材教辅的这个内容使用版本的一个情况以及我们看二三年的教材教辅相关业务中政府的这种统一增进和市场化教辅销售的一个大体比例情况是怎么样的先问一下这个问题 市场化的销售比例你是说教材吗教材教署的这一块业务之前你们可能没关注到一个什么概念我们现在江校传媒包括江西高校社我们正在做资产出路的相关事项目前的材料已经提交给了商交所 那么这两家企业 ...