Group 1 - The "Book Fragrance Yangtze" Reading Week and Wuhan Book Fair will be held from September 19 to 21, 2025, at the Wuhan International Convention and Exhibition Center, featuring a comprehensive reading network with one main venue and 15 sub-venues across the province [1] - The event will include over 300 cultural activities, aiming to create a rich reading atmosphere throughout Hubei province, showcasing the achievements of the Hubei publishing and distribution industry [1] - The Reading Week is part of the 2025 Yangtze Cultural and Art Season, focusing on supporting the development of the Yangtze Economic Belt and promoting cultural initiatives in Hubei [1] Group 2 - Changjiang Publishing Media, as a leading publisher in Hubei, will showcase over a thousand quality works, journals, audio-visual products, and cultural creations from 14 subsidiaries, covering various fields such as humanities, social sciences, literature, and education [2] - The fair will host more than 40 cultural activities to demonstrate the cultural strength and innovative achievements of Changjiang Publishing Media, enhancing the unique charm of Yangtze culture [2] - Key cultural activities during the fair will include reading salons, new media cultural blogger conferences, and book recommendations, providing immersive experiences for readers [2]

Core Points - The "Book Fragrance Yangtze" Reading Week and Wuhan Book Fair will be held from September 19 to 21, 2025, at the Wuhan International Convention and Exhibition Center, featuring a unique integrated online and offline exhibition model [1][2] - The event aims to promote cultural development in the Yangtze Economic Belt and support the construction of a "Book Fragrant Hubei" [1] - Over 300 cultural activities will be organized during the event, creating a rich reading atmosphere across Hubei [1][2] Company and Industry Summary - Changjiang Publishing Media Group will showcase its publishing houses and 14 subsidiaries, presenting over a thousand quality works across various fields including thematic publishing, humanities, literature, and children's education [2] - The event will feature more than 40 cultural activities, highlighting the cultural strength and innovative achievements of Changjiang Publishing Media [2] - Key cultural activities include the "Reading Salon," new book launches, and the "Long River Good Books" recommendation event, aimed at enhancing reader engagement and promoting knowledge [2][4]

Group 1 - The company held a half-year performance briefing on September 16, 2025, to communicate with investors regarding their concerns [1] - Key executives, including the chairman and independent directors, participated in the interactive session to address investor inquiries [1] Group 2 - Investors raised concerns about the decline in accounts receivable, primarily attributed to a decrease in textbook and auxiliary income, and inquired about the outlook for the second half of the year [2] - The company acknowledged the importance of capital market performance and stated that any share buyback plans would be considered based on various factors, including market conditions and financial status [3][5] - The company is focusing on enhancing publishing quality, improving educational service capabilities, and digital transformation in response to declining birth rates and changes in the education market [3][4][6] Group 3 - The company has established an online service platform to integrate traditional and digital education services, aiming to transition from product sales to a comprehensive education service model [4] - The company is actively exploring new cultural and technological innovations to enhance its publishing quality and efficiency [4][6] - The company is also considering expanding into the silver-haired reading market and modern vocational education in response to demographic changes [6]

证券代码：600757 证券简称：长江传媒 公告编号：临 2025-034 长江出版传媒股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 问题 2：公司在数字教育、在线出版等新兴业务领域有哪些战略 布局和实际落地的项目？ 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。 公司于2025年9月16日下午14:00-15:00，通过上海证券交易所上 证路演中心（网址：https://roadshow.sseinfo.com/）以网络互动方 式召开了"长江传媒2025年半年度业绩说明会"，就投资者比较关注 的事项与投资者进行了交流和沟通。现将本次说明会召开情况公告如 下： 一、本次说明会召开情况 长江传媒2025年半年度业绩说明会于2025年9月16日下午 14:00-15:00，通过上海证券交易所上证路演中心以网络互动的方式召 开。公司董事长黄国斌先生、总会计师王勇先生、董事会秘书冷雪先 生、独立董事喻景忠先生参加了本次说明会，与投资者进行互动交流 和沟通，就投资者普遍关注的问题进行了回复。 二、投资者提出的主要问题及 ...

Core Insights - As of September 12, a total of 106 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Wankai New Materials and Changjiang Media, both having received net buying for 13 consecutive trading days [1] - Other notable stocks with significant net buying days include Haotaitai, Tianpu Co., Xinquan Co., Anjiasi, Feike Electric, Bowei Alloy, Zhongyuan Home, and Jianfeng Group [1]

Market Overview - On September 11, the publishing sector rose by 0.48%, with Longban Media leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Individual Stock Performance - Longban Media (605577) closed at 14.90, up 5.30% with a trading volume of 169,300 shares and a turnover of 248 million yuan [1] - Guomai Culture (301052) closed at 79.37, up 3.60% with a trading volume of 49,300 shares and a turnover of 380 million yuan [1] - Inner Mongolia Xinhua (603230) closed at 12.97, up 2.13% with a trading volume of 60,800 shares and a turnover of 7.75 million yuan [1] - China Science Publishing (601858) closed at 21.37, up 0.85% with a trading volume of 77,300 shares and a turnover of 163 million yuan [1] - Other notable stocks include Phoenix Media (601928) and Chinese Online (300364), with respective turnovers of 183 million yuan and 2.23 billion yuan [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 431 million yuan from institutional investors, while retail investors saw a net inflow of 433 million yuan [2] - The data indicates that retail investors are actively participating in the market despite the overall net outflow from institutional funds [2] Detailed Capital Flow for Selected Stocks - Longban Media had a net inflow of 17.24 million yuan from institutional investors, while retail investors had a net outflow of 23.03 million yuan [3] - Chinese Media (600373) saw a net inflow of 16.56 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Other stocks like Changjiang Media (600757) and Tianzhou Culture (300148) showed mixed capital flows, with institutional inflows and retail outflows [3]

Market Overview - The Shanghai Composite Index closed at 3820.98 points, below the five-day moving average, with a decline of 0.96% [1] - The total trading volume of A-shares reached 1,472.176 billion yuan [1] Stocks Performance - A total of 141 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Hailianxun (300277) with a deviation rate of 14.15% and a daily increase of 20.03% [1] - Shoukai Co., Ltd. (600376) with a deviation rate of 7.01% and a daily increase of 9.85% [1] - Zhongchen Technology (603275) with a deviation rate of 6.97% and a daily increase of 9.99% [1] - Other notable stocks with smaller deviation rates include: - Marubi Biotechnology (002067) with a deviation rate of 6.55% and a daily increase of 10.00% [1] - Hanzhong Precision Machinery (002158) with a deviation rate of 6.30% and a daily increase of 10.00% [1] Additional Stocks Data - Other stocks with notable performance include: - Baolid (300905) with a daily increase of 10.65% and a deviation rate of 6.05% [1] - Jingrui Materials (300655) with a daily increase of 8.42% and a deviation rate of 5.69% [1] - Stocks with lower performance but still above the five-day moving average include: - Shankai Intelligent (300897) with a daily increase of 6.02% and a deviation rate of 2.99% [2] - Jianghuai Micro (603078) with a daily increase of 6.76% and a deviation rate of 2.76% [2]

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Core Viewpoint - The publishing sector experienced a decline of 0.43% on August 29, with Inner Mongolia Xinhua leading the drop. The Shanghai Composite Index rose by 0.37% to close at 3857.93, while the Shenzhen Component Index increased by 0.99% to 12696.15 [1]. Group 1: Stock Performance - ST Huawen (000793) closed at 2.59, up 4.86% with a trading volume of 390,300 shares and a turnover of 100 million yuan [1]. - China Science Publishing (601858) closed at 21.53, up 2.23% with a trading volume of 333,300 shares and a turnover of 747 million yuan [1]. - Inner Mongolia Xinhua (603230) closed at 14.09, down 6.44% with a trading volume of 217,900 shares and a turnover of 314 million yuan [2]. - Zhongyuan Media (000719) closed at 13.02, down 4.62% with a trading volume of 182,000 shares and a turnover of 241 million yuan [2]. - The overall trading volume and turnover for the publishing sector indicate varied performance among individual stocks, with some showing significant gains while others faced declines [1][2]. Group 2: Capital Flow - The publishing sector saw a net outflow of 260 million yuan from institutional investors, while retail investors contributed a net inflow of 319 million yuan [2]. - The data suggests a divergence in investor sentiment, with institutional investors pulling back while retail investors increased their positions in the sector [2].

Market Overview - The publishing sector experienced a decline of 2.16% on August 27, with the Shanghai Composite Index closing at 3800.35, down 1.76%, and the Shenzhen Component Index at 12295.07, down 1.43% [1] Individual Stock Performance - Inner Mongolia Xinhua (603230) led the gains with a closing price of 14.64, up 5.10% with a trading volume of 184,400 shares and a transaction value of 271 million [1] - Chinese Online (300364) saw the largest drop, closing at 32.35, down 9.10% with a trading volume of 1,616,700 shares and a transaction value of 545.9 million [2] - Other notable declines included Tianzhou Culture (300148) down 4.71% and Duku Culture (301025) down 4.39% [2] Capital Flow Analysis - The publishing sector had a net outflow of 719 million from institutional investors, while retail investors saw a net inflow of 416 million [2] - The main capital inflow was observed in Inner Mongolia Xinhua with a net inflow of 26.82 million, while Chinese Online experienced a significant net outflow of 33.38 million from retail investors [3]