证券代码：600373 证券简称：中文传媒 公告编号：临 2025-079 中文天地出版传媒集团股份有限公司 第六届董事会第四十一次临时会议决议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 1.中文天地出版传媒集团股份有限公司（以下简称公司）第六届董事会第 四十一次临时会议（以下简称本次董事会会议）的召开符合《中华人民共和国 公司法》和《公司章程》的有关规定。 2.本次会议于2025年12月3日以书面送达及电子邮件等形式向全体董事发出 会议通知，并抄送全体高级管理人员。 （二）审议通过《关于调整董事会人数暨修订〈公司章程〉部分条款的议 案》 会议同意公司董事会人数由 13 名调整为 11 名，其中非独立董事由 8 名调 整为 6 名，独立董事 5 名保持不变。同时，针对调整董事会人数以及法定代表 人产生方式等事项，同意同步修订《公司章程》相应条款，并提请股东会审议 该议案并授权董事会及其授权人士，具体办理工商变更登记及备案等相关手续， 授权有效期自股东会审议通过相关议案之日起至上述业务相关手续 ...

Group 1 - The core viewpoint of the article highlights the competitive landscape and market concentration of the Chinese media industry, indicating that the industry is characterized by a large number of listed companies and varying levels of competition among them [1][5]. Group 2 - In terms of revenue rankings, the top three media companies in China are BlueFocus, Leo Group, and 37 Interactive Entertainment, each projected to exceed 17 billion yuan in revenue by 2024 [2]. Group 3 - The overall revenue of China's media industry is expected to reach 507.1 billion yuan in 2024, with a CR3 of 20.62%, CR5 of 28.14%, and CR10 of 41.10%, indicating a relatively low market concentration and intense competition [5]. Group 4 - Among the listed media companies, 37 Interactive Entertainment has the highest gross profit margin for its products, reaching 78.63% in 2024 [6]. Group 5 - An analysis using the Five Forces model reveals that the media industry is primarily dominated by large enterprises, with intense competition from smaller firms. The bargaining power of suppliers is strong, while the bargaining power of consumers is weak due to the low substitutability of media products. The threat of new entrants is significant due to low entry barriers, and the risk of market substitution is low [8].

Core Viewpoint - The company held its third extraordinary general meeting of shareholders on December 4, 2025, where several key resolutions were passed, including the approval of agreements related to asset purchases and capital reduction [5][11]. Group 1: Meeting Details - The meeting was conducted using a combination of on-site and online voting, in compliance with the Company Law and the company's articles of association [2]. - The meeting was chaired by Vice Chairman Wu Weidong due to Chairman Ling Wei's absence [2][3]. - A total of 12 directors were present, with 8 attending in person and 4 represented by proxies [3]. Group 2: Resolutions Passed - The following resolutions were approved: 1. The resolution to sign the termination agreement related to the asset purchase was passed, with the controlling shareholder abstaining from voting [5]. 2. Authorization for the board of directors to handle matters related to the aforementioned transaction was also approved [6]. 3. A resolution to reduce registered capital and amend certain articles of association was passed [8]. 4. The reappointment of the auditing firm for the 2025 financial report was approved [8]. 5. Authorization for subsidiaries to apply for comprehensive credit limits from banks was passed [8]. 6. The use of idle funds for purchasing financial products was approved [8]. Group 3: Share Repurchase and Capital Reduction - The company plans to repurchase 20,146,400 shares from Jiangxi Publishing Media Group at a price of 1 yuan per share, which will be canceled following the approval of the relevant resolutions [11]. - After the repurchase, the total share capital will decrease from 1,367,505,119 shares to 1,347,358,719 shares, and the registered capital will be reduced accordingly [12]. Group 4: Notification to Creditors - Creditors are notified of the share repurchase and capital reduction, with a 30-day period to declare their claims from the date of notification [13]. - The company outlines the necessary documentation and procedures for creditors to submit their claims [15][16].

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-078 中文天地出版传媒集团股份有限公司 关于回购注销股份并减少注册资本暨通知债权人的公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原因 中文天地出版传媒集团股份有限公司（以下简称公司）于 2025 年 11 月 18 日召开第六届董事会第四十次临时会议，审议通过《关于签署<发行股份及支付 现金购买资产协议>等相关协议之解除协议的议案》等议案。同日，公司与江西 省出版传媒集团有限公司（以下简称江西出版传媒集团）签署附条件生效的《< 发行股份及支付现金购买资产协议><业绩承诺及补偿协议><业绩承诺及补偿协 议之补充协议>之解除协议》（以下简称解除协议），主要约定原协议已经履行 的，恢复原状、互相返还；尚未履行的，不再继续履行，解除协议自公司 2025 年第三次临时股东会审议通过相关议案之日起生效。根据解除协议约定，江西出 版传媒集团应当向公司返还其通过原交易获得并仍持有的股份 20,146,400 股， 公司将以 1 元对价回购该部分股 ...

北京市中伦（广州）律师事务所 关于中文天地出版传媒集团股份有限公司 2025 年第三次临时股东会的 法律意见书 二〇二五年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 广东省广州市天河区珠江新城华夏路 10 号富力中心 23 楼整层及 31 楼 01、04 单元 邮编：510623 23/F, Units 01 & 04 of 31/F, R&F Center, 10 Huaxia Road, Zhujiang New Town, Tianhe District Guangzhou, Gua ...

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-077 中文天地出版传媒集团股份有限公司 2025年第三次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 12 月 4 日 （二）股东会召开的地点：江西省南昌市红谷滩区丽景路 95 号出版中心 3222 会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1.出席会议的股东和代理人人数 | 354 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 880,878,559 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股份 | 64.4150 | | 总数的比例（%） | | 1.公司在任董事12人，出席8人，授权委托 4 人。其中，董事凌卫、夏玉峰、 张其洪，独立董事姜帆，因另有事务未能现场出席，已分别授权委托董事吴卫东、 吴涤、汪维国，独立董事李汉国，代为 ...

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

Core Insights - The publishing sector saw an increase of 0.99% on December 1, with Changjiang Publishing leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Publishing Sector Performance - Changjiang Publishing (600757) closed at 9.09, up 5.57% with a trading volume of 499,900 shares and a transaction value of 452 million yuan [1] - Phoenix Publishing (601928) closed at 10.27, up 2.80% with a trading volume of 366,300 shares and a transaction value of 376 million yuan [1] - Shandong Publishing (601019) closed at 8.73, up 2.59% with a trading volume of 235,400 shares and a transaction value of 205 million yuan [1] - The overall trading volume and transaction values for other notable companies in the sector were also reported, indicating a generally positive trend [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 283 million yuan from institutional investors, while retail investors saw a net inflow of 162 million yuan [2] - The data indicates that speculative funds had a net inflow of 121 million yuan into the sector [2] Individual Stock Capital Flow - Zhongnan Publishing (601098) had a net inflow of 38.16 million yuan from institutional investors, while it faced a net outflow of 35.82 million yuan from speculative funds [3] - Shandong Publishing (601019) saw a net inflow of 17.85 million yuan from institutional investors, with a small net outflow from retail investors [3] - Other companies like Xinhua Publishing (600825) and Changjiang Publishing (600757) also showed varied capital flows, reflecting mixed investor sentiment [3]

Group 1 - The core point of the article is the resignation of Chen Jialing, the Deputy General Manager of Zhongwen Media, effective immediately upon delivery of his written resignation to the board, which will not impact the company's operations [1] - In the first half of 2025, Zhongwen Media's revenue composition is as follows: publishing accounted for 37.34%, integrated marketing 25.69%, distribution business 24.41%, new business formats 16.27%, and material trade 7.29% [1] - As of the report date, Zhongwen Media has a market capitalization of 14.5 billion yuan [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中文天地出版传媒集团股份有限公司（以下简称公司）董事会于2025年11 月28日收到副总经理陈佳羚先生提交的书面辞呈。因工作调整原因，陈佳羚先生 申请辞去公司副总经理职务，辞职后不再担任公司任何职务。 证券代码：600373 证券简称：中文传媒 公告编号：临 2025-076 中文天地出版传媒集团股份有限公司 关于副总经理辞职的公告 公司及董事会对陈佳羚先生在任期间为公司发展所做出的贡献表示衷心感 谢！ 特此公告。 2025 年 12 月 2 日 中文天地出版传媒集团股份有限公司董事会 根据《公司法》《公司章程》等有关规定，陈佳羚先生的书面辞呈自送达董 事会之日起生效，其辞职不会对公司生产经营产生影响。截至本公告披露日，陈 佳羚先生未持有公司股份。 ...