Core Viewpoint - The stock of Zhongwen Media has shown fluctuations with a recent increase of 2.02%, while the company faces a decline in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - As of November 7, Zhongwen Media's stock price is 11.64 CNY per share, with a market capitalization of 15.918 billion CNY [1]. - The stock has decreased by 4.20% year-to-date but has increased by 12.14% over the last five trading days, 10.65% over the last twenty days, and 16.52% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhongwen Media reported a revenue of 5.290 billion CNY, a year-on-year decrease of 21.66%, and a net profit attributable to shareholders of 399 million CNY, down 45.14% year-on-year [2]. - The company has distributed a total of 7.355 billion CNY in dividends since its A-share listing, with 2.630 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Zhongwen Media has 49,500 shareholders, an increase of 3.17% from the previous period, with an average of 27,207 circulating shares per shareholder, a decrease of 3.07% [2]. - The top circulating shareholders include Hongli Low Volatility and Huatai-PB SSE Dividend ETF, with significant increases in their holdings [3].

Core Viewpoint - The report indicates that Zhongwen Media's net profit attributable to shareholders in Q3 2025 was 109 million yuan, a year-on-year decrease of 5.4%, while the net profit for the first three quarters was 399 million yuan, down 49.1% year-on-year. The significant decline in performance is primarily due to the reform in the subscription and distribution method of student textbooks and supplementary materials in Jiangxi Province, leading to a notable drop in the supplementary materials segment's revenue. However, as the impact of the company's adjustment in distribution model gradually dissipates, the revenue for the third quarter showed a year-on-year increase of 2.1%, indicating a moderation in the decline of the core business [1]. Financial Performance - In Q3 2025, the net profit attributable to shareholders was 109 million yuan, reflecting a 5.4% year-on-year decline [1]. - For the first three quarters, the net profit attributable to shareholders was 399 million yuan, representing a 49.1% year-on-year decrease [1]. Business Segment Analysis - The decline in performance is mainly attributed to the reform in the subscription and distribution method for educational materials in Jiangxi Province, which significantly impacted the revenue from the supplementary materials segment [1]. - The third quarter saw a 2.1% year-on-year increase in revenue, suggesting a potential stabilization in the core business as the negative effects of the distribution model reform are gradually being absorbed [1]. Future Outlook - The company is expected to stabilize its main publishing and distribution revenue if the new procurement policies for educational materials in Jiangxi are gradually clarified and if the company enhances market development efforts [1]. - Following previous adjustments, there are signs of marginal improvement in the core educational materials business, indicating that the negative impacts of the distribution model reform are being gradually mitigated [1]. - The company is anticipated to experience a turning point and bottoming out in performance, with a potential recovery in the medium term and sufficient long-term growth momentum [1].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The impact of educational materials reform is gradually being digested, and performance is expected to recover [6] - The company reported a revenue of 1.76 billion yuan for Q3 2025, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 109 million yuan, a year-on-year decrease of 5.4% [2] - The company achieved a revenue of 5.29 billion yuan in the first three quarters of 2025, a year-on-year decrease of 26.5%, with a net profit of 399 million yuan, down 49.1% [3] - The game subsidiary, Zhixing Tong, is undergoing significant personnel changes, which may reshape its business [4] - The company is actively embracing technological changes and diversifying its business to enhance performance [5] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and net profit due to changes in the educational materials subscription and distribution model in Jiangxi Province [3] - The revenue for 2025-2027 is projected to be 7.3 billion, 12 billion, and 12.5 billion yuan, respectively, with net profits of 732 million, 1.204 billion, and 1.248 billion yuan [6][10] - The earnings per share (EPS) for the same period are expected to be 0.54, 0.88, and 0.91 yuan [6][10] Business Outlook - The core business position is stable, and if the new procurement policies in Jiangxi are streamlined, the main publishing and distribution revenue is expected to stabilize [3] - The game business is currently in a transitional phase, but with personnel restructuring and cost reductions, it is anticipated to stabilize and lay the foundation for future performance recovery [4] - The company is focusing on nurturing digital and emerging businesses as future growth points, including IP development and AI-driven marketing solutions [5]

Market Overview - The publishing sector increased by 0.45% on November 5, with the Shanghai Composite Index closing at 3969.25, up 0.23%, and the Shenzhen Component Index at 13223.56, up 0.37% [1] Publishing Sector Performance - Notable gainers in the publishing sector included: - Publishing Media (code: 666169) with a closing price of 7.97, up 6.98% and a trading volume of 300,400 shares, totaling 238 million yuan - Guangdong Media (code: 002181) closed at 13.15, up 3.14% with a trading volume of 2,641,500 shares, totaling 3.412 billion yuan - Other companies like CITIC Publishing (code: 300788) and Chinese Media (code: 600373) also saw increases of 1.44% [1] Fund Flow Analysis - The publishing sector experienced a net outflow of 668 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - Specific stock fund flows included: - Chinese Media (code: 600373) had a net inflow of 49.34 million yuan from institutional investors - Publishing Media (code: 601999) saw a net inflow of 42.11 million yuan from institutional investors [3]

Core Points - The company has 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. This transaction is classified as a business combination under common control, necessitating a restatement of financial data for the period from January to September 2024 [4] Financial Data - The third-quarter financial report for 2025 has not been audited [3] - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with all responsible parties assuming legal liability for the report's content [2][9] Shareholder Information - The total number of ordinary shareholders and the status of the top ten shareholders have been reported, with no changes due to share lending activities [7] Board and Supervisory Committee Decisions - The board of directors approved the third-quarter report for 2025 with unanimous consent from all participating directors [17][20] - The supervisory committee has also approved the third-quarter report, confirming compliance with relevant laws and regulations [9][10] - The supervisory committee has been proposed to be dissolved, with its functions to be transferred to the audit committee of the board of directors [11][19] Governance Changes - The board has approved the revision of the company's articles of association and the dissolution of the supervisory committee, with the current supervisors' positions terminating upon shareholder approval [19][21] - Several governance documents have been revised, including the rules for shareholder meetings and board meetings, with new management systems for directors and senior management being established [21][26][27]

Core Viewpoint - Chinese Media, established in 1998 and listed in 2002, is a major publishing and media group in China, with a comprehensive business model covering traditional publishing, supply chain extension, and new media ventures [1] Group 1: Business Performance - In Q3 2025, Chinese Media reported revenue of 5.29 billion yuan, ranking 4th in the industry, with the top competitor, Anhui Xinhua Media, at 6.851 billion yuan [2] - The main business segments include publishing (1.317 billion yuan, 37.34%), integrated marketing (906 million yuan, 25.68%), and distribution (861 million yuan, 24.41%) [2] - The net profit for the same period was 434 million yuan, ranking 3rd in the industry, with Anhui Xinhua Media leading at 963 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, the debt-to-asset ratio was 36.29%, down from 41.98% year-on-year, exceeding the industry average of 32.11% [3] - The gross profit margin was 33.50%, down from 40.71% year-on-year, but still above the industry average of 30.79% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 3.17% to 49,500, with an average holding of 27,200 circulating A-shares, a decrease of 3.07% [5] - The top circulating shareholders include Hongli Low Volatility (2,734.24 million shares) and Huatai-PB SSE Dividend ETF (2,625.23 million shares), both showing increases in holdings [5] Group 4: Strategic Developments - Chinese Media is undergoing a market-oriented transformation in its core business, maintaining a leading position in the general book market with a 3rd place share in the national retail market [6] - The gaming segment has focused on cost control, achieving revenue of 550 million yuan in H1 2025 [6] - The company has introduced innovative initiatives such as the "Version Shentong" intelligent proofreading system and a new marketing paradigm through its subsidiary [6]

中文天地出版传媒集团股份有限公司 关联交易管理办法 控股子公司是指公司持股在 50%以上，或未达到 50%但能够决定其董事会半 数以上成员的组成，或者通过协议或其他安排能够实际控制的子公司。 第三条 公司的关联交易应当遵循以下基本原则： （一）符合诚实信用的原则； （四）关联人如享有股东会表决权，除法定情况外，应当回避表决； （五）与关联人有任何利害关系的董事，在董事会就该事项进行表决时，应 当回避；若因特殊情况无法回避，应按本办法规定程序参与表决，但必须单独出 具声明； （六）公司董事会应根据客观标准判断该关联交易是否对公司有利，必要时 聘请专业评估师或独立财务顾问发表意见，或进行评估审计。 （2025 年 10 月修订） （2025 年 10 月 30 日经公司第六届董事会第三十九次临时会议审议通过） 第一章 总 则 第一条 为规范中文天地出版传媒集团股份有限公司（以下简称公司）的关 联交易行为，明确管理职责和分工，维护公司股东和债权人的合法利益，特别是 中小投资者的合法利益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上海证券交易所股票上市规则》（以下简称《股票上市规则》）、《上海 证券交易 ...

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