Investment Rating - The investment rating for Shandong Publishing is "Buy" (maintained) [2][9] Core Views - The report indicates that Shandong Publishing's performance has been under pressure, primarily due to a decline in educational materials revenue, but the company is accelerating the development of its educational business model [5][6] - The company reported a revenue of 5.01 billion yuan for H1 2025, a decrease of 15.7% year-on-year, with a net profit of 670 million yuan [5] - The report highlights the company's focus on enhancing its core product lines and expanding its innovative business models, including the establishment of cultural education centers [5][6] Summary by Sections Financial Performance - For 2023A, the company reported a revenue of 12.154 billion yuan, with a projected decline to 10.425 billion yuan in 2025E, reflecting a year-on-year decrease of 11% [2] - The net profit for 2023A was 2.376 billion yuan, expected to decrease to 1.479 billion yuan in 2025E, with a year-on-year growth rate of 16% [2] - The earnings per share (EPS) is projected to rise from 0.61 yuan in 2024A to 0.79 yuan in 2026E [2] Business Development - The company is focusing on content specialization and the transformation of its publishing and distribution models, with a reported publishing revenue of 1.63 billion yuan in H1 2025 [5] - Shandong Publishing has launched new educational titles and is expanding its educational offerings, including the establishment of 20 cultural education centers across the province [5] - The company is also enhancing its digital education ecosystem through the development of a smart education platform [5] Cost Management - The report notes an increase in management expenses, with sales, management, and R&D expense ratios rising to 9.3%, 11.6%, and 0.2% respectively in H1 2025 [5] - The increase in management expenses is attributed to higher depreciation costs and a decline in revenue [5] Future Outlook - The company is expected to see a gradual recovery in its educational materials segment, with projected revenues for 2025-2027 being 10.425 billion yuan, 10.582 billion yuan, and 10.958 billion yuan respectively [5] - The net profit is projected to grow from 1.479 billion yuan in 2025E to 1.839 billion yuan in 2027E, indicating a positive long-term investment outlook [5][6]

证券代码：601019 证券简称：山东出版 公告编号：2025-046 山东出版传媒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 09 月 26 日 （星期五） 14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动问答 投资者可于 2025 年 09 月 19 日 （星期五） 至 09 月 25 日 （星期四）16:00 前登录上证路演中心网站首页点击"提问 预征集"栏目或通过公司邮箱 zqflb@sdcbcm.com 进行提问。公 司将在说明会上对投资者普遍关注的问题进行回答。 山东出版传媒股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布公司 2025 年半年度报告，为便于广大投资者更 全面深入地了解公司 2025 年半年度经营成果、财务状况，公司 计划于 2025 年 09 ...

Core Insights - As of September 17, a total of 98 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stock with the longest streak of net buying is Haotaitai, which has seen net purchases for 15 consecutive trading days [1] - Other notable stocks with significant net buying days include Tianpu Co., Health元, Shandong Publishing, Mousse Co., Aima Technology, Hunan Haili, Baida Group, and Huadian New Energy [1]

Core Viewpoint - The publishing sector experienced a decline of 0.6% on September 17, with significant losses in the Guangdong media segment, while the Shanghai Composite Index rose by 0.37% and the Shenzhen Component Index increased by 1.16% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up 1.16% [1] - The publishing sector's individual stocks showed mixed performance, with notable declines in several companies [1] Group 2: Stock Performance - Major stocks in the publishing sector included: - Xinhua Wenhui (601811) closed at 15.70, up 1.16% with a trading volume of 69,500 shares and a turnover of 107 million yuan [1] - Southern Media (601900) closed at 13.07, up 0.38% with a trading volume of 73,800 shares [1] - Guangdong Media (002181) closed at 8.23, down 3.63% with a trading volume of 955,700 shares and a turnover of 788 million yuan [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2] - The capital flow for individual stocks indicated varying levels of interest from different investor types, with some stocks experiencing significant net inflows from retail investors [3]

Core Insights - A total of 111 stocks in the Shanghai and Shenzhen markets have received net buying from major funds for five consecutive days or more as of September 16 [1] - The stock with the longest consecutive net buying days is Haotaitai, which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Tianpu Co., CNOOC Engineering, Jianfeng Group, Jiankangyuan, Xingrong Environment, Shandong Publishing, Pudong Construction, and Hunan Haili [1]

Meeting Overview - The shareholders' meeting was held on September 16, 2025, at the company's office in Jinan [1] - The meeting was chaired by the company's chairman, Liu Wenqiang, and utilized a combination of on-site and online voting methods [1][2] - Attendance included 4 out of 6 current directors, 3 out of 4 supervisors, and the company secretary [2] Resolutions Passed - The election of Li Tao as a director of the fourth board was approved [2] - The profit distribution plan for the first half of 2025 was approved [2] - Amendments to the company's articles of association and organizational structure were approved [3] - The reappointment of the financial and internal control auditing firm for 2025 was approved [3] Voting and Legal Compliance - The resolutions were significant matters affecting minority shareholders, and separate voting was conducted for them [3] - The special resolution regarding the amendments to the articles of association received more than two-thirds approval from the voting shareholders [3] - The legal firm Guohao (Jinan) provided witness services and confirmed the legality of the meeting's procedures and voting results [3]

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 16, 2025, at the company's headquarters in Jinan [1] - The meeting was chaired by the company's chairman, Liu Wenqiang, and utilized a combination of on-site and online voting methods [1] Attendance - Out of 6 current directors, 4 attended the meeting, with 2 directors authorizing others to represent them [2] - 3 out of 4 current supervisors attended, while the chairman of the supervisory board was absent [2] - The company secretary and several senior management personnel were present at the meeting [2] Resolutions Passed - The following resolutions were approved during the meeting: 1. Election of Li Tao as a director of the fourth board of directors [3] 2. Approval of the 2025 semi-annual profit distribution plan [3] 3. Revision of the company's articles of association and corresponding adjustments to the organizational structure [4] 4. Renewal of the financial and internal control audit institution for 2025 [4] - The third resolution was a special resolution, requiring more than two-thirds approval from the voting shareholders [4] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Jinan), who confirmed that the meeting's procedures complied with legal and regulatory requirements [4]

国浩律师（济南）事务所 关于 山东出版传媒股份有限公司 2025 年第二次临时股东大会 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层邮编：250014 19th-20th、25thFloor,BlockC,YinfengFortunePlaza,No.1Long'aoWestRoad,Jinan 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn 之 法律意见书 北京上海深圳杭州广州昆明天津成都宁波福州西安南京南宁济南重庆苏州长沙太原武汉贵阳乌鲁木齐郑州石家庄合肥海南青岛 香港巴黎马德里硅谷斯德哥尔摩纽约 BEIJING|SHANGHAI|SHENZHEN|HANGZHOU|GUANGZHOU|KUNMING|TIANJIN|CHENGDU|NINGBO|FUZHOU|XI'AN|NANJING|NANNING|JINAN|CHONGQING|SUZHOU|CHANGSHA|TAIYUAN|WUHAN|GUIYANG|URUMQI|ZHENGZHOU|SHIJIAZHUANG|H ...

| 1、出席会议的股东和代理人人数 | 549 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数 | | | （股） | 1,735,242,040 | | 3、出席会议的股东所持有表决权股份数占公司 | | | 有表决权股份总数的比例（%） | 83.1492 | (一) 股东大会召开的时间：2025 年 9 月 16 日 (二) 股东大会召开的地点：济南市市中区英雄山路 189 号山东 出版传媒股份有限公司 4 楼会议室 (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： (四) 表决方式是否符合《公司法》及《公司章程》的规定，大 会主持情况等。 本次股东大会由公司董事会召集，公司董事长刘文强主持会 议。股东大会采取现场记名投票与网络投票相结合的方式表决。 表决方式符合《公司法》及《公司章程》的规定。 证券代码：601019 证券简称：山东出版 公告编号：2025-045 山东出版传媒股份有限公司 2025年第二次临时股东大会决议公告 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 ...

Core Points - The publishing sector experienced a slight decline of 0.03% on September 16, with major losses led by Guangdong Media [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Publishing Sector Performance - Notable gainers in the publishing sector included: - Tianzhou Culture (300148) with a closing price of 5.22, up 3.78% and a trading volume of 767,000 shares, totaling 394 million yuan [1] - Xinhua Wenhui (601811) closed at 15.52, up 3.12% with a trading volume of 97,600 shares, totaling 151 million yuan [1] - Guomai Culture (301052) closed at 69.94, up 2.99% with a trading volume of 72,200 shares, totaling 503 million yuan [1] - Major decliners included: - Guangdong Media (002181) closed at 8.54, down 5.53% with a trading volume of 1,277,900 shares, totaling 1.106 billion yuan [2] - Zhongyuan Media (000719) closed at 12.11, down 1.46% with a trading volume of 71,200 shares, totaling 86.4937 million yuan [2] - Zhongnan Media (601098) closed at 12.58, down 1.10% with a trading volume of 127,800 shares, totaling 161 million yuan [2] Capital Flow Analysis - The publishing sector saw a net outflow of 44.20 million yuan from institutional investors, while retail investors contributed a net inflow of 82.39 million yuan [2] - Key stocks with significant capital flow included: - Zhongwen Online (300364) had a net inflow of 69.01 million yuan from institutional investors, but a net outflow of 74.83 million yuan from retail investors [3] - Tianzhou Culture (300148) experienced a net inflow of 31.57 million yuan from institutional investors, but a net outflow of 13.19 million yuan from retail investors [3] - Xinhua Wenhui (601811) had a net inflow of 23.92 million yuan from institutional investors, with a net outflow of 25.90 million yuan from retail investors [3]