Core Viewpoint - The company, Zhongwen Media (600373.SH), reported significant declines in multiple financial metrics for the first half of the year, primarily due to the ongoing transformation in the subscription and distribution of educational auxiliary books in Jiangxi Province [1] Financial Performance - The company achieved operating revenue of 3.527 billion yuan, a year-on-year decrease of 35.56% [1] - Net profit attributable to shareholders was 291 million yuan, down 56.75% year-on-year [1] - After excluding non-recurring items, the net profit attributable to shareholders was only 21 million yuan, reflecting a drastic decline of 96.93% year-on-year [1] - The net cash flow from operating activities was -800.1 million yuan, a staggering decrease of 321.09% year-on-year [1] Asset and Equity Position - As of the end of the reporting period, total assets amounted to 28.2 billion yuan, a decline of 7.82% from the beginning of the year [1] - The net assets attributable to shareholders were 17.583 billion yuan, down 1.62% from the start of the year [1] - Basic earnings per share were 0.21 yuan, representing a year-on-year decrease of 56.25% [1]

Core Insights - Chinese Media (中文传媒) reported a decline in both revenue and net profit for the first half of 2025, with revenue at 3.527 billion yuan, down 35.56% year-on-year, and net profit at 291 million yuan, down 56.75% year-on-year [3][4] - The publishing industry is experiencing a divergence in performance among listed companies, with Phoenix Media (凤凰传媒) leading in revenue and profit growth [5][6] Company Performance - Chinese Media's revenue and net profit have both decreased, with a significant drop in net profit after excluding non-recurring items, which fell by 96.93% to 21 million yuan [3] - The decline is attributed to changes in the distribution of educational supplementary materials in Jiangxi Province, affecting the company's income from educational books [3][4] - Despite the challenges, Chinese Media is focusing on enhancing the quality of educational materials and adapting its marketing strategies to mitigate risks [3] Industry Comparison - Phoenix Media achieved revenue exceeding 7.1 billion yuan, with a net profit of 1.586 billion yuan, marking a year-on-year increase of 29.57% [5] - Other companies like Changjiang Media, Zhongyuan Media, and Xinhua Wenhui also reported varied performance, with Changjiang Media's revenue at 3.548 billion yuan (down 0.70%) but a net profit increase of 28.83% to 685 million yuan [6] - Zhongyuan Media's revenue was approximately 4.575 billion yuan, with a net profit increase of 50.39%, while Xinhua Wenhui reported revenue of 5.527 billion yuan and a net profit increase of 19.66% [6] - Overall, Phoenix Media stands out as the leader in the publishing sector, while Chinese Media's performance reflects the ongoing challenges and opportunities within the industry [6]

Core Viewpoint - The domestic publishing industry is experiencing a divergence in performance, with Chinese Media facing significant declines in revenue and profit, while Phoenix Media stands out with strong growth in both metrics [1][2][4]. Company Performance - Chinese Media reported a revenue of 3.527 billion yuan, a year-on-year decrease of 35.56%, and a net profit of 291 million yuan, down 56.75% [2]. - The company attributed the decline to changes in the distribution of educational supplementary materials in Jiangxi Province, which affected its income from educational books [2]. - Despite the challenges, Chinese Media is focusing on enhancing the quality of its educational materials and adapting its marketing strategies to mitigate risks [2][3]. Key Products - Chinese Media's core IP products, such as "The Great China Treasure Hunt" and "The Unusual Camila," continue to perform well, with sales of over 9.5 million and 3.48 million copies respectively in the first half of 2025 [3]. Industry Comparison - Phoenix Media led the industry with a revenue exceeding 7.1 billion yuan, showing stable growth, and a net profit of 1.586 billion yuan, an increase of 29.57% [4][6]. - Other companies like Changjiang Media, Zhongyuan Media, and Xinhua Wenhui also reported varied performances, with Zhongyuan Media achieving a revenue of approximately 4.575 billion yuan and a net profit increase of 50.39% [5][6]. - The overall performance of the publishing industry reflects a mix of opportunities and challenges amid digital transformation and structural adjustments [6].

Core Viewpoint - The company, Zhongwen Media, reported a solid performance in the first half of 2025, demonstrating resilience and growth in a challenging industry environment, with a focus on content resources and brand development [1][2]. Financial Performance - The company achieved operating revenue of 3.527 billion yuan and a net profit attributable to shareholders of 291 million yuan during the reporting period [1]. - Total assets amounted to 28.2 billion yuan, while net assets attributable to shareholders reached 17.583 billion yuan [1]. Market Position - Zhongwen Media received 62 national-level and nationwide publishing honors, a 19% increase year-on-year, marking a historical high [2]. - The company maintained a solid market position, ranking third in the national book retail market and second in the competitive e-commerce channel [3]. - The subsidiary, 21st Century Publishing, led the children's book market with a 5.32% market share, holding the top position for nine consecutive years [3]. Product Development and Sales - The company launched over 800 key publishing projects for 2025, with notable sales figures including over 9.5 million copies of "The Great Treasure Hunt" series and over 3.48 million copies of "The Unusual Camila" series sold in the first half of 2025 [2]. - The company is accelerating the market-oriented transformation of educational auxiliary books, focusing on tiered teaching and digital empowerment [2]. Innovation and Technology Integration - Zhongwen Media is actively embracing technological changes, optimizing its industrial structure and enhancing capital value through deep integration [4]. - The company has successfully developed multiple IPs, including "The Great Treasure Hunt," which spans various media formats, and has made significant strides in AI-driven publishing solutions [4]. - The subsidiary, Beijing Langzhi Network Media Technology Co., has seen a 48.14% year-on-year revenue growth by leveraging AI technologies for marketing [4]. Future Outlook - The company aims to deepen reforms, address the impacts of adjustments in the educational auxiliary business, and continue to cultivate emerging industries to enhance shareholder returns [5].

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-049 中文天地出版传媒集团股份有限公司 第六届董事会第十四次会议决议的公告 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 四次会议（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。 监事、高级管理人员。 吴卫东、夏玉峰、吴涤、汪维国、张其洪、蒋定平、李汉国、涂书田、廖县生、 姜帆、饶威。 二、董事会会议审议情况 （一）审议通过《关于公司2025年半年度报告及摘要的议案》 表决结果：经参加表决的董事以同意票 12 票、反对票 0 票、弃权票 0 票、 回避票 0 票，审议通过。 议，审议通过该议案，并提请公司董事会审议。 具体内容详见同日披露在上海证券交易所网站（www.sse.com.cn）的《中文 传媒 2025 年半年度报告》全文与摘要，以及披露在《中国证券报》《上海证券报》 《证券日报》的《中文传媒 2025 年半年度报告摘要》。 （二）听取报告 本次会议听取了《公司 2024 年度经营高 ...

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-051 《公开发行证券的公司信息披露编报规则第 15 号——财务报告的 一般规定》 第六届监事会第十四次会议决议的公告 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 四次会议（以下简称本次监事会会议）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。 周天明、张晓俊、陈璘。 二、监事会会议审议情况 参与表决的监事对本次提请审议事项进行认真审议，并以书面表决方式形成 如下决议： （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 根据《公开发行证券的公司信息披露内容与格式准则第 3 号——半年度报告 的内容与格式》 中文天地出版传媒集团股份有限公司 《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管 指南第 2 号——业务办理》《上海证券交易所上市公司自律监管指引第 3 号—— 行业信息披露》等有关规定，我们对公司编制的 2025 年半年度报告进行认真严 格审核，并提出如下书面审核意见： （1）公司 ...

3.本次监事会会议于2025年8月27日（星期三）以通讯方式召开。 4.本次监事会会议应参加表决监事4人，实参加表决监事4人，分别为周建森、 周天明、张晓俊、陈璘。 5.本次监事会会议由监事会主席周建森召集。 中文天地出版传媒集团股份有限公司 第六届监事会第十四次会议决议的公告 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 1．中文天地出版传媒集团股份有限公司(以下简称公司)第六届监事会第十 四次会议（以下简称本次监事会会议）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.本次监事会会议于2025年8月17日向全体监事发出会议通知。 证券代码：600373 证券简称：中文传媒 公告编号：临 2025-051 （3）在提出本意见前，监事会未发现参与报告的编制和审议人员有违反保 密规定的行为； （4）我们保证公司 2025 年半年度报告所披露的信息真实、准确、完整，承 诺其中不存在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 表决结果：经参加表决的 ...

证券代码：600373 证券简称：中文传媒 公告编号：临 2025-049 中文天地出版传媒集团股份有限公司 第六届董事会第十四次会议决议的公告 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）第六届董事会第十 四次会议（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．本次董事会会议于2025年8月17日向全体董事发出会议通知，并抄送全体 监事、高级管理人员。 3.本次董事会会议于2025年8月27日（星期三）以通讯方式召开。 4.本次董事会会议应参加表决董事12人,实参加表决董事12人，分别为凌卫、 吴卫东、夏玉峰、吴涤、汪维国、张其洪、蒋定平、李汉国、涂书田、廖县生、 姜帆、饶威。 （一）审议通过《关于公司2025年半年度报告及摘要的议案》 表决结果：经参加表决的董事以同意票 12 票、反对票 0 票、弃权票 0 票、 回避票 0 票，审议通过。 2025 年 8 月 25 日，公司召开第六届董事会审计委 ...

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 3,527,083,641.25, a decrease of 35.56% compared to CNY 5,473,313,987.65 in the same period last year[21]. - Total profit for the reporting period was CNY 333,222,043.69, down 64.70% from CNY 944,057,991.41 in the previous year[21]. - Net profit attributable to shareholders was CNY 290,618,376.45, reflecting a decline of 56.75% from CNY 671,931,337.32 year-on-year[21]. - The net cash flow from operating activities was negative CNY 801,011,143.51, a significant decrease compared to a positive CNY 362,295,997.75 in the same period last year, representing a decline of 321.09%[21]. - Basic earnings per share for the first half of 2025 were CNY 0.21, down 56.25% from CNY 0.48 in the previous year[22]. - The weighted average return on net assets decreased to 1.62%, down 1.75 percentage points from 3.37% in the same period last year[22]. - The company reported a significant drop in net profit after deducting non-recurring gains and losses, which was CNY 21,197,512.66, a decrease of 96.93% compared to CNY 691,396,684.56 in the previous year[21]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 28,199,577,902.64, a decrease of 7.82% from CNY 30,591,809,954.20 at the end of the previous year[21]. - The company's net assets attributable to shareholders decreased to CNY 17,582,848,320.21, down 1.62% from CNY 17,871,746,655.05 at the end of the previous year[21]. - Cash and cash equivalents decreased by 34.52% to ¥6,921,750,257.38, accounting for 24.55% of total assets, primarily due to increased investments and payments for equity acquisitions[53]. - Accounts receivable increased by 34.74% to ¥2,358,792,223.79, representing 8.36% of total assets, mainly due to unsettled educational textbook reimbursements[53]. - The total investment amount for the current period was ¥15,241.17 million, a decrease of 77.60% compared to the previous year's investment of ¥68,054.81 million, mainly due to the previous year's acquisition of Beijing Langzhi Network Media Technology Co., Ltd.[58]. Market and Industry Trends - The company's operating revenue and profit decreased year-on-year due to changes in the subscription model for educational materials, leading to a decline in business scale[23]. - The retail market for books in China saw a slight year-on-year increase of 0.73% in the first half of 2025, although the second quarter experienced negative growth[30]. - The overall market for new books has shown an increase in retail market share, positively impacting the book retail market's development[30]. - The company operates in the publishing industry, focusing on traditional publishing, supply chain, and new media businesses, indicating a diversified business model[33]. - The company is positioned to benefit from national policies promoting cultural and technological integration, aiming for digital transformation in the publishing sector[30]. Strategic Initiatives - The company plans to publish over 800 key publishing projects in 2025, maintaining a leading market position[38]. - The company is focusing on the transformation of educational auxiliary materials, emphasizing digital empowerment and regional adaptation[38]. - The company has implemented a market-oriented salary reform to enhance talent innovation and market competitiveness[42]. - The company aims to optimize resource allocation efficiency and improve operational quality in the second half of 2025[42]. - The company is actively expanding its cultural dissemination channels, with over 300 distribution outlets enhancing its brand influence[46]. Governance and Compliance - The company has focused on enhancing governance structures and internal control systems to ensure compliance and risk management[69]. - The company has emphasized a stable cash dividend policy while balancing operational performance and sustainable development[69]. - The company has actively responded to investor concerns through various communication channels, ensuring good interaction with investors[69]. - The company has established long-term commitments to reduce related party transactions and ensure fair market practices[80]. - The company has committed to maintaining independence from its controlling shareholder, ensuring no conflicts of interest arise[81]. Acquisitions and Investments - In the first half of 2024, the company completed the acquisition of 100% equity of Jiangxi Education Media Group Co., Ltd. and 51% equity of Jiangxi Higher Education Press Co., Ltd. from its controlling shareholder, Jiangxi Publishing Media Group Co., Ltd.[23]. - The company completed the cash acquisition of 58% of Beijing Langzhi Network Media Technology Co., Ltd. on April 2024, integrating it into the consolidated financial statements[118]. - The performance commitment for Langzhi Media includes a net profit of no less than RMB 88.05 million, RMB 108.87 million, and RMB 128.66 million for the years 2024, 2025, and 2026 respectively[121]. - The company has committed to using future dividends as a guarantee for fulfilling its commitments if difficulties arise[81]. - The company has committed to implementing measures to mitigate any dilution of immediate returns resulting from the transaction[93]. Financial Ratios and Metrics - Current ratio increased to 1.96 from 1.81, a rise of 8.29% due to payments for equity acquisitions and mid-term notes[147]. - Quick ratio improved to 1.78 from 1.67, reflecting a 6.59% increase primarily from equity acquisition payments[147]. - Debt-to-asset ratio decreased to 36.35% from 40.48%, a reduction of 10.20% attributed to equity acquisition payments and mid-term note repayments[148]. - Interest coverage ratio decreased to 9.78 from 15.18, a decline of 35.57% due to lower total profit[148]. - Cash interest coverage ratio turned negative at -18.46 compared to 8.21, a drop of 324.85% due to decreased net cash flow from operating activities[148]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 48,056[134]. - The total share capital of the company decreased from 1,395,022,307 shares to 1,367,505,119 shares due to the cancellation of shares related to performance compensation[133]. - The company issued short-term financing bonds, resulting in a 46.80% increase in other current liabilities to ¥1,567,994,099.52, which accounted for 5.56% of total assets[53]. - The company has undergone a name change from Jiangxi Xinxin Industrial Co., Ltd. to China Tian Di Publishing Media Group Co., Ltd., reflecting its broader market strategy[180]. - The company has a registered capital of CNY 1,367,505,119.00[192].

证券代码：600373 证券简称：中文传媒 公告编号：临 2025－050 中文天地出版传媒集团股份有限公司 2025 年半年度主要经营数据的公告 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、公司出版发行业务 人民币：万元 | 项目 | | | 销售码洋 | | | | 营业收入 | | | 营业成本 | | | 毛利率(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 年 | 2025年 | 增长率 | 2024年 | | 2025年 | 增长率 | 2024 年 | 2025年 | 增长率 | 2024年 | 2025年 | 增长率 | | | 1-6月 | | 1-6月 | (%) | 1-6 | 月 | 1-6月 | (%) | 1-6月 | 1-6 月 | (%) | 1-6 月 | 1-6月 | | | 出版 业务 | 595,399 | ...