Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,477,529,030.80, representing a year-on-year increase of 0.30% compared to CNY 2,470,026,547.23 in the same period last year[4] - Net profit attributable to shareholders of the listed company reached CNY 323,281,033.97, a significant increase of 53.46% from CNY 210,659,967.20 in the previous year[4] - The basic earnings per share (EPS) was CNY 0.15, reflecting a 50.00% increase compared to CNY 0.10 in the same period last year[4] - Total operating revenue for Q1 2025 was approximately ¥2.48 billion, a slight increase from ¥2.47 billion in Q1 2024, representing a growth of 0.06%[18] - Net profit for Q1 2025 was approximately ¥321.36 million, compared to ¥208.85 million in Q1 2024, reflecting an increase of 53.6%[19] - Basic and diluted earnings per share for Q1 2025 were both ¥0.15, up from ¥0.10 in Q1 2024, indicating a 50% increase[20] - The company reported a total comprehensive income of approximately ¥346.13 million for Q1 2025, compared to ¥186.58 million in Q1 2024, an increase of 85.6%[19] Cash Flow - The net cash flow from operating activities was CNY 42,923,655.31, a turnaround from a negative cash flow of CNY -541,610,160.82 in the previous year, marking an increase of 107.93%[4] - Cash flow from operating activities generated a net inflow of approximately ¥42.92 million in Q1 2025, a significant improvement from a net outflow of ¥541.61 million in Q1 2024[21] - Investment activities resulted in a net cash outflow of approximately ¥62.34 million in Q1 2025, an improvement compared to a net outflow of ¥102.96 million in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 22,459,234,670.31, up 2.83% from CNY 21,840,963,624.15 at the end of the previous year[5] - The company's total liabilities reached RMB 7,186,341,941.78, compared to RMB 6,914,199,771.52 at the end of 2024, indicating an increase of about 3.93%[15] - The total equity attributable to shareholders was RMB 15,280,577,293.52, up from RMB 14,932,523,259.55, representing a growth of approximately 2.32%[15] - The company's cash and cash equivalents stood at RMB 6,022,888,363.68, slightly down from RMB 6,046,653,169.48, a decrease of about 0.39%[13] - Accounts receivable increased to RMB 1,845,804,836.83 from RMB 1,546,169,656.15, marking a significant rise of approximately 19.39%[13] - Inventory levels rose to RMB 2,329,048,721.54, compared to RMB 1,911,049,471.89, reflecting an increase of around 21.83%[14] - The company's short-term borrowings increased to RMB 21,518,212.11 from RMB 16,961,930.15, a rise of approximately 27.06%[14] - The total current liabilities amounted to RMB 5,926,193,304.35, compared to RMB 5,610,709,417.40, indicating an increase of about 5.62%[15] - The total non-current assets decreased to RMB 8,358,219,497.22 from RMB 8,606,513,618.04, a decline of about 2.88%[14] Tax and Expenses - The company reported a significant decrease of 96.32% in income tax expenses, influenced by changes in corporate income tax policies[7] - The company experienced a credit impairment loss of approximately ¥196.81 million in Q1 2025, compared to ¥180.93 million in Q1 2024, indicating a deterioration in credit quality[19] - Other comprehensive income after tax for Q1 2025 was approximately ¥24.77 million, a significant recovery from a loss of ¥22.27 million in Q1 2024[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 28,497, with the largest shareholder, Shandong Publishing Group Co., Ltd., holding 79.52% of the shares[10] - The weighted average return on equity increased to 2.14%, up 0.73 percentage points from 1.41% in the previous year[5]

Group 1 - The A-share cultural media sector is experiencing a strong rebound, with notable increases in stock prices [1] - Pingzhi Information has risen over 10%, indicating significant investor interest [1] - Guangxi Broadcasting has increased by more than 5%, reflecting positive market sentiment [1] Group 2 - Other companies such as Shandong Publishing, Rongxin Culture, and Changjiang Media are also seeing gains, contributing to the overall strength of the sector [1]

Investment Rating - The report maintains an "Overweight" rating for the media industry, particularly focusing on the textbook and educational materials sector [1]. Core Insights - The industry benefits from strong policy barriers and a favorable competitive landscape, with regional monopolies forming due to stringent publishing qualifications [4][27]. - The demand for educational materials is inelastic, with stable performance expected in the coming years despite a slight decline in student numbers [31]. - Companies in the sector exhibit high dividend yields and robust cash flows, highlighting their defensive investment value [44][50]. Summary by Sections 1. Strong Policy Barriers and Competitive Landscape - The publishing and distribution of educational materials are subject to strict regulatory requirements, creating high entry barriers for new competitors [4][19]. - Major publishers include both central and local entities, with a trend towards regional monopolies in textbook distribution [21][27]. 2. Inelastic Demand and Steady Growth - The number of students in schools is projected to remain stable, with estimates of 195 million, 191 million, and 186 million students from 2025 to 2027, reflecting slight declines of 0.66%, 2.07%, and 2.89% respectively [31]. - The demand for textbooks and supplementary materials is consistent, with students requiring an average of 8 books in elementary school and 18 in middle and high school [31][38]. 3. High Dividends and Defensive Value - The median cash held by companies in the sector reached 5.27 billion, with a median cash-to-asset ratio of 40.13% in 2023, indicating strong liquidity [44][46]. - The median dividend payout ratio increased from 25.54% in 2014 to 45.32% in 2023, surpassing the median ratios of the broader media sector and the CSI 300 index [50].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company has reported a revenue of 11.72 billion yuan for 2024, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 1.27 billion yuan, down 46.5% year-on-year [6][8]. - The company plans to distribute a dividend of 0.31 yuan per share, with a total dividend amounting to 650 million yuan, resulting in a dividend payout ratio of 50.9%, an increase of 1.8 percentage points year-on-year [7][11]. - The company is expected to achieve revenue growth in the coming years, with projections of 11.98 billion yuan in 2025, 12.37 billion yuan in 2026, and 12.81 billion yuan in 2027, reflecting growth rates of 2%, 3%, and 4% respectively [11][12]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 0.1% over the past month, 2.0% over three months, and 4.4% over the past year [5]. - The current stock price is 9.81 yuan, with a 52-week price range of 9.23 to 14.20 yuan [5]. Financial Highlights - The company reported a non-net profit of 1.42 billion yuan for 2024, down 9.9% year-on-year, with a non-net profit margin of 12.1%, a decrease of 0.9 percentage points [8]. - The company had cash on hand of 10.6 billion yuan at the end of 2024 [9]. Business Segments - The educational materials segment generated 9.78 billion yuan in revenue for 2024, a year-on-year decrease of 2.5%, accounting for 62.8% of total revenue [12]. - The general book segment saw an increase in market share, with a real sales share of 1.7%, up 0.3 percentage points year-on-year, ranking 14th in the market [12]. Earnings Forecast - The company is projected to achieve a diluted earnings per share (EPS) of 0.75 yuan in 2025, 0.79 yuan in 2026, and 0.84 yuan in 2027 [11][13]. - The return on equity (ROE) is expected to improve to 10% by 2025 and remain stable thereafter [11][13].

山东出版传媒股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 山东出版(601019) 2024 年年度股东大会会议资料 山东出版传媒股份有限公司 2024 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 2024 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 2025 年 4 月 25 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。参会股东代表表决时，须持有 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-023 山东出版传媒股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 7 日 14 点 召开地点：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 股东大会召开日期：2025年5月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 议室 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 7 日 至2025 年 5 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间 ...

（原标题：山东出版2024年度拟派6.47亿元红包） 4月10日山东出版发布2024年度分配预案，拟10派3.1元（含税），预计派现金额合计为6.47亿元。派现额占净利润比例为50.94%，以该股2024年 度成交均价计算，股息率为2.76%。这是公司上市以来，累计第8次派现。 公司上市以来历次分配方案一览 | 日期 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | | 2024.12.31 10派3.1元（含税） | 6.47 | 2.76 | | 2023.12.31 10派5.6元（含税） | 11.69 | 5.85 | | 2022.12.31 10派3.9元（含税） | 8.14 | 6.14 | | 2021.12.31 10派3.5元（含税） | 7.30 | 5.89 | | 2020.12.31 10派3.2元（含税） | 6.68 | 4.91 | | 2019.12.31 10派3.2元（含税） | 6.68 | 3.94 | | 2018.12.31 10派2.9元（含税） | 6.05 | 2.92 | | 2017.12.31 10 ...

第一章 总则 第一条 为深入贯彻习近平文化思想和习近平法治思想，推 动山东出版传媒股份有限公司（以下简称"公司"）全面加强合 规管理，有效防控合规风险，保障企业持续稳定健康发展，根据 《中华人民共和国公司法》《中华人民共和国企业国有资产法》 等有关法律法规，依据《山东省省属文化企业合规管理办法》《山 东出版集团有限公司合规管理办法》的有关规定，结合公司实际， 制定本办法。 第二条 本办法适用于公司总部，公司所属全资子公司及控 股公司参照本办法，结合各公司实际情况，完善合规管理制度， 搭建合规管理体系。 第三条 本办法所称合规，是指企业经营管理行为和员工履 职行为符合国家法律法规、监管规定、行业准则和国际条约、规 则，以及公司章程、相关规章制度等要求。 本办法所称合规风险，是指企业及其员工在经营管理过程中 因违规行为引发法律责任、造成经济或者声誉损失以及其他负面 影响的可能性。 本办法所称合规管理，是指企业以有效防控合规风险为目的， 以提升依法合规经营管理水平为导向，以企业经营管理行为和员 工履职行为为对象，开展的包括建立合规制度、完善运行机制、 培育合规文化、强化监督问责等有组织、有计划的管理活动。 第四条 ...

（张晓峰） 作为山东出版传媒股份有限公司（简称"公司"）独立董事， 2024 年本人严格按照《公司法》《证券法》《上市公司治理准则》 《上市公司独立董事管理办法》等相关法律、法规、部门规章、 规范性文件及《公司章程》《公司董事会战略与投资委员会工作 细则》《公司独立董事工作制度》等有关制度规定，忠实勤勉、 恪尽职守，全面关注公司发展，出席公司召开的董事会及其相关 专门委员会会议、股东大会等相关会议，对董事会的各项议案进 行认真审议，独立、客观、审慎地行使表决权，维护公司和股东 特别是中小股东的合法权益。现将 2024 年度履行职责的情况报 告如下： 一、独立董事的基本情况 （一）报告期内个人工作履历、专业背景以及兼职情况 张晓峰，男，1978 年生，中国国籍，无境外居留权，毕业 于山东大学，管理学博士，教授。2008 年 7 月起，历任山东大 学管理学院讲师、副教授、教授、战略与创新创业系主任，2021 年起，任山东大学管理学院党委委员、院长助理、高管教育与社 会服务中心主任。2024 年 9 月至今，任公司独立董事。 （二）是否存在影响独立性的情况说明 本人及直系亲属、主要社会关系不在公司及附属企业任职、 ...

未直接或间接持有公司已发行股份、不是公司前十名股东、不在 直接或间接持有公司已发行股份 5%或 5%以上的股东单位任职， 不在公司前五名股东单位任职，未向公司或其附属企业提供财务、 法律、管理咨询、技术咨询等服务，未从公司及其主要股东或有 利害关系的机构和人员取得额外的、未予披露的其他利益。综上 所述，作为公司独立董事，本人的履职符合中国证监会、上海证 券交易所对独立董事独立性的规定，本人作为公司独立董事候选 人时的声明与承诺事项未发生变化，不存在影响独立性的情况。 （朱炜） 作为山东出版传媒股份有限公司（简称"公司"）独立董事， 2024 年本人严格按照《公司法》《证券法》《上市公司治理准则》 《上市公司独立董事管理办法》等相关法律、法规、部门规章、 规范性文件及《公司章程》等有关制度规定，勤勉尽责，出席公 司 2024 年度召开的董事会及其相关专门委员会会议、独立董事 专门会议、股东大会等相关会议，认真审议董事会议案，独立、 客观、审慎地对年度内发生的相关事项发表独立意见，充分发挥 独立董事的独立作用，为维护公司和全体股东的合法权益发挥了 积极作用。现将 2024 年度履行职责的情况报告如下： 一、独立董 ...