Summary of the Conference Call Company Overview - The conference call is regarding Shandong Publishing Media Co., Ltd. [1] Key Points and Arguments - The General Manager, Shen Weilong, welcomed investors to the 2023 annual performance briefing [1] - The company expressed enthusiasm about presenting its performance through the Shanghai Stock Exchange's roadshow center [1] Other Important Content - No specific financial data, industry trends, or detailed performance metrics were provided in the excerpt [1]

证券代码：601019 证券简称：山东出版 公告编号：2024-022 山东出版传媒股份有限公司 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。 (五) 公司董事、监事和董事会秘书的出席情况 2023 年年度股东大会决议公告 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 | 1、出席会议的股东和代理人人数 | 11 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,801,601,066 | | 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（%） | 86.3290 | (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，会议由公司董事长张志华先生主持。股东 (一) 股东大会召开的时间：2024 年 5 月 21 日 (二) 股东大会召开的地点：山东出版传媒股份有限公司 4 楼会议室 ...

山东出版传媒股份有限公司 2023 年年度股东大会之法律意见书 国浩律师（济南）事务所 关于山东出版传媒股份有限公司 2023 年年度股东大会之 法律意见书 致:山东出版传媒股份有限公司 国浩律师(济南)事务所(以下简称"本所")接受山东出版传媒股份有 限公司(以下简称"山东出版"或"公司"）的委托，指派本所律师林泽若明、 郭彬（以下简称"本所律师"）出席山东出版 2023 年年度股东大会（以下简 称"本次股东大会"），并出具本法律意见书。 为出具本法律意见书,本所律师出席了本次股东大会,并依据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、《上市公司股东大会规则》等法律、法规、规章和规范性 文件及《山东出版传媒股份有限公司章程》(以下简称《公司章程》),按照 律师行业公认的业务标准、道德规范和勤勉尽职精神,查阅了本所律师认为出 具本法律意见书所必须查阅的文件,对公司本次股东大会的召集和召开程序、 出席会议人员的资格、表决方式、表决程序的合法性、有效性进行了认真核查。 公司已向本所保证其已提供了本所律师认为作为出具本法律意见书所必 需的材料，所提供的原始材料 ...

Investment Rating - The report gives a "Buy" rating for Shandong Publishing (601019 SH) with a target price of 14 29 yuan per share based on a 2024 PE multiple of 18x [4] Core Views - Shandong Publishing's Q1 2024 performance exceeded expectations with revenue of 2 47 billion yuan up 13 38% YoY though net profit fell 1 10% due to the expiration of tax incentives [2] - The company's core textbook and supplementary materials business is growing steadily supported by Shandong's large student population and ample education funding [2] - Shandong Publishing has a leading dividend yield of 4 71% among A-share state-owned publishing companies with cash dividends increasing annually since its IPO [2] - The company's innovative study travel and cultural tourism business is accelerating with revenue surging over 4x YoY to over 300 million yuan in 2023 [2] Business Segments Textbook and Supplementary Materials - Shandong Publishing is the exclusive distributor of free textbooks and recommended supplementary materials in Shandong province benefiting from the region's large K-12 student population [2] - The company's textbook publishing revenue grew at a 10 30% CAGR from 2017 to 2023 while distribution revenue grew at an 8 12% CAGR over the same period [18] - Shandong's K-12 student population is expected to grow through 2025 before a slight decline in 2026 supporting continued growth in the textbook business [22] General Books - The general book publishing and distribution business has been under pressure with revenue declining at a 4 69% and 4 07% CAGR respectively from 2021 to 2023 [30] - Despite industry headwinds Shandong Publishing maintains leading market share and product efficiency in the general book market [32] Study Travel and Cultural Tourism - The company's study travel business has expanded rapidly with over 6000 tours and 700000 participants in 2023 generating over 300 million yuan in revenue [2] - Shandong Publishing has built a comprehensive study travel ecosystem including travel agencies cultural products and camp operations [41] Financial Performance - For 2024-2026 the report forecasts revenue of 13 24 14 12 and 14 78 billion yuan with net profit of 1 66 1 81 and 1 92 billion yuan respectively [2] - The company has a strong cash position with 6 87 billion yuan in cash 1 92 billion yuan in structured deposits and 3 55 billion yuan in time deposits as of end-2023 [2] - Shandong Publishing has consistently increased its cash dividend payout since its IPO with a 2023 dividend yield of 4 71% ranking among the highest in the A-share publishing sector [36]

证券代码：601019 证券简称：山东出版 公告编号：2024-021 山东出版传媒股份有限公司 关于召开 2023 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： 投资者可于 2024 年 5 月 16 日(星期四) 至 5 月 22 日(星期 三)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 2024 年 4 月 19 日发布公司 2023 年度报告，为便于广大投资者更全面深入地 了解公司 2023 年度经营成果、财务状况，公司计划于 2024 年 5 月 23 日下午 15:00-16:30 举行 2023 年度业绩说明会，就投资者关心的问 题进行交流。 一、 说明会类型 本次投资者说明会以上证路演中心视频录播和网络文字互动问 会议召开时间：2024 年 5 月 23 日(星期四) 下午 15:00-16:3 ...

山东出版传媒股份有限公司 2023 年年度股东大会会议资料 二〇二四年五月 山东出版(601019) 2023 年年度股东大会会议资料 山东出版传媒股份有限公司 2023 年年度股东大会会议须知 为了维护广大投资者的合法权益，保证山东出版传媒股份有限公 司（简称"公司"）股东在公司 2023 年年度股东大会（简称"本次会 议"）上依法行使职权，确保本次会议的正常秩序和议事效率，根据 《中华人民共和国公司法》（简称"《公司法》"）《上市公司股东大 会规则》《公司章程》《公司股东大会议事规则》等有关规定，制定以 下会议须知。 一、会议的组织方式 1．会议由公司董事会依法召集。 2．本次会议的出席人员为 2024 年 5 月 14 日下午，上海证券交 易所交易结束后，在中国证券登记结算有限责任公司上海分公司，登 记在册的本公司股东或其委托代理人的实际参会人员；本公司董事、 监事和高级管理人员；本次会议见证律师等。 3．本次会议行使《公司法》《公司章程》《公司股东大会议事规 则》等规定的股东大会职权。 二、会议的表决方式 1．出席本次会议的股东及股东代表以其所代表的有表决权股份 数额行使表决权。非累积投票议案，每一股 ...

[Table_Industry] 山东出版：利润端展现韧性，创新业务成果丰硕 山东出版(601019.SH)/传媒 证券研究报告/公司点评 2024 年 04月 30日 [Table_Industry] [评Ta级ble：_In买ve入st（] 维持） [公Ta司ble盈_F利ina预nc测e1及] 估值 市场价格：10.04元4 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元） 11,215 12,154 13,348 14,826 16,491 [Table_Authors] 分析师： 康雅雯 增长率 yoy% 3% 8% 10% 11% 11% 执业证书编号：S0740515080001 净利润（百万元） 1,680 2,376 1,847 2,055 2,301 增长率 yoy% 10% 41% -22% 11% 12% 电话：18521305887 每股收益（元） 0.81 1.14 0.89 0.98 1.10 Email：kangyw@zts.com.cn 每股现金流量 1.03 1.16 0.80 1.18 1.32 净资产收益率 13% 16% 11% 11% ...

Financial Performance - The company's operating revenue for Q1 2024 was ¥2,470,026,547.23, representing a 13.38% increase compared to ¥2,172,296,483.36 in the same period last year[4] - Net profit attributable to shareholders of the listed company was ¥210,659,967.20, a decrease of 1.10% from ¥211,612,075.57 in the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥200,424,495.01, reflecting a 14.67% increase from ¥173,076,900.92 year-on-year[4] - In Q1 2024, the company reported a net profit of ¥208,846,089.75, a decrease of 1.0% compared to ¥212,546,345.70 in Q1 2023[26] - The total comprehensive income for Q1 2024 was ¥186,579,089.75, down from ¥212,546,345.70 in Q1 2023, reflecting a decline of approximately 12.2%[27] - The company's operating profit increased to ¥275,831,543.77 in Q1 2024, up 29.6% from ¥212,936,943.49 in Q1 2023[26] Cash Flow and Assets - The net cash flow from operating activities was -¥541,610,160.82, a significant decline compared to -¥69,269,437.91 in the same period last year, marking a decrease of 651.79%[4] - The company's cash and cash equivalents as of March 31, 2024, amount to ¥6,182,911,398.88, a decrease from ¥6,870,734,653.84 as of December 31, 2023[18] - Cash flow from operating activities showed a net outflow of ¥541,610,160.82 in Q1 2024, compared to a smaller outflow of ¥72,042,816.38 in Q1 2023[30] - The company generated cash inflows from operating activities totaling ¥2,296,266,851.98 in Q1 2024, an increase from ¥2,251,211,587.58 in Q1 2023[28] - The cash and cash equivalents at the end of Q1 2024 were ¥6,160,451,712.33, down from ¥7,453,433,209.65 at the end of Q1 2023[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,501,677,493.23, an increase of 2.84% from ¥22,853,562,176.95 at the end of the previous year[6] - Total liabilities rose to CNY 8.45 billion, up from CNY 7.99 billion, indicating an increase of about 5.70%[22] - The company's total equity reached CNY 15.05 billion, compared to CNY 14.86 billion, marking an increase of approximately 1.27%[24] - The company's contract liabilities increased to CNY 2.27 billion, compared to CNY 1.90 billion, indicating a growth of about 19.73%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 24,878[13] - The largest shareholder, Shandong Publishing Group Co., Ltd., holds 1,659,514,242 shares, accounting for 79.52% of total shares[13] - The total number of shares held by the top ten unrestricted shareholders is 1,659,514,242[13] - The top ten shareholders do not show any related party relationships or concerted actions[14] - The company has not reported any significant changes in the top ten shareholders due to margin trading activities[17] Operational Metrics - The company's R&D expenses increased by 56.34%, primarily due to increased investment in subsidiary research projects[11] - Accounts receivable rose by 46.05%, mainly due to an increase in receivables from spring textbook sales[11] - The company reported a 80.98% increase in taxes payable, attributed to the recognition of income tax for the first quarter[11] - The weighted average return on net assets was 1.41%, a decrease of 0.16 percentage points from the previous year[4] - The company reported a significant increase in credit impairment losses, amounting to ¥180,930,653.42 in Q1 2024, compared to ¥165,157,761.54 in Q1 2023[26] - The total operating expenses increased to ¥2,837,877,012.80 in Q1 2024, compared to ¥2,323,254,403.96 in Q1 2023, indicating a rise in operational costs[30] Acquisitions and Mergers - The company completed acquisitions of two companies under common control, leading to retrospective adjustments in comparative statements[6] - The company did not report any net profit from subsidiaries prior to the merger, indicating no impact from acquisitions in the current quarter[27]

Investment Rating - The report maintains a "Buy" rating for Shandong Publishing, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3][23]. Core Insights - Shandong Publishing's 2023 net profit reached 2.38 billion yuan, a year-on-year increase of 41.1%, while total revenue was 12.15 billion yuan, up 8.2% year-on-year [3][8]. - The company plans to distribute a cash dividend of 1.17 billion yuan, representing a payout ratio of 49.2%, which is a historical high [3][4]. - The main business remains stable, with a revenue increase of 11.4% in the publishing sector, and the company is focusing on innovative business models in the education sector [3][4]. Financial Performance - In 2023, the company's total revenue was 12,154 million yuan, with a net profit of 2,376 million yuan, and a non-recurring net profit of 1,570 million yuan [3][8]. - The fourth quarter of 2023 saw revenue of 4,100 million yuan, a 5.8% increase year-on-year, and a net profit of 1,120 million yuan, which represents a significant 105.7% increase year-on-year [8][12]. - The gross margin for 2023 was 37.1%, and the net profit margin reached 19.5%, an increase of 4.6 percentage points year-on-year [12][15]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is set at 13,348 million yuan, 14,826 million yuan, and 16,491 million yuan, respectively, with year-on-year growth rates of 9.82%, 11.08%, and 11.23% [4][15]. - The net profit forecast for the same period is 1,847 million yuan, 2,055 million yuan, and 2,301 million yuan, with growth rates of -22.26%, 11.27%, and 11.94% respectively [4][15]. Cost Management - The company maintained stable expense ratios in 2023, with sales, management, and R&D expense ratios at 10.9%, 12.5%, and 0.2%, respectively, showing slight increases year-on-year [10][12]. - In Q4 2023, the sales and management expense ratios were 13.5% and 15.5%, reflecting a controlled increase in operational costs [10][12]. Strategic Developments - Shandong Publishing is expanding its presence in the elderly cultural industry by acquiring relevant media outlets and exploring new business models such as "Elderly University" [4][10]. - The company is also focusing on innovative educational products and services, including a project that integrates educational materials with big data technology [4][10].