公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601019 证券简称：山东出版 山东出版传媒股份有限公司 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、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号一一非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三)主要会计数据、财务指标发生变动的 ...

2025年4月30日，山东出版(601019.SH)发布2025年一季报。 公司营业总收入为24.78亿元，在已披露的同业公司中排名第6，较去年同报告期营业总收入增加750.25 万元，实现5年连续上涨，同比较去年同期上涨0.30%。归母净利润为3.23亿元，在已披露的同业公司中 排名第5，较去年同报告期归母净利润增加1.13亿元，同比较去年同期上涨53.46%。经营活动现金净流 入为4292.37万元，在已披露的同业公司中排名第5，较去年同报告期经营活动现金净流入增加5.85亿 元。 公司最新资产负债率为32.00%，在已披露的同业公司中排名第13，较去年同期资产负债率减少3.97个百 分点。 公司最新毛利率为41.67%，在已披露的同业公司中排名第8，较上季度毛利率增加4.46个百分点，实现2 个季度连续上涨，较去年同期毛利率增加3.07个百分点，实现2年连续上涨。最新ROE为2.12%，在已披 露的同业公司中排名第10，较去年同期ROE增加0.72个百分点。 公司摊薄每股收益为0.15元，在已披露的同业公司中排名第11，较去年同报告期摊薄每股收益增加0.05 元，同比较去年同期上涨50.00%。 公司最 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601019 证券简称：山东出版 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 (三) 主要会计数据、财务指标发生变动的情况、原因 √适用 □不适用 二、 股东信息 (一) 普通股股东总数和表决权恢复的优先股股东数量及前十名股东持股情况表 单位：股 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致 ...

山东出版传媒股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 29 日，收到公司副总经理李运才先生的辞职报告书。 因已达到法定退休年龄，李运才先生申请辞去公司副总经理职务， 该辞职报告书自送达公司董事会之日起生效。辞去以上职务后， 李运才先生将不再担任公司任何职务。 截至本公告日，李运才先生未持有公司股份。 证券代码：601019 证券简称：山东出版 公告编号：2025-025 山东出版传媒股份有限公司 关于公司高级管理人员辞职的公告 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。 特此公告。 山东出版传媒股份有限公司董事会 2025 年 4 月 30 日 1 李运才先生在担任公司副总经理期间恪尽职守、勤勉尽责， 公司及董事会对李运才先生在任职期间为公司发展做出的贡献 表示衷心感谢！ ...

证券代码：601019 证券简称：山东出版 公告编号：2025-024 山东出版传媒股份有限公司 关于2025年第一季度主要经营数据的公告 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。 山东出版传媒股份有限公司根据《上海证券交易所上市公司 自律监管指引第 3 号——行业信息披露 第十一号 新闻出版》的 相关规定，现将 2025 年第一季度主要经营数据（未经审计）公 告如下： 特此公告。 山东出版传媒股份有限公司董事会 2025 年 4 月 30 日 单位：万元 销售码洋 营业收入 营业成本 毛利率(%) 去年同期 本期 增长 率 （%） 去年同 期 本期 增长 率 （%） 去年同 期 本期 增长 率 （%） 去年 同期 本期 增长 率 出版 业务 167,889. 40 248,682 .89 48.1 2 85,232. 75 114,961 .57 34.8 8 60,593. 68 85,919. 69 41.8 0 28.9 1 25.2 6 下降 3.65 个百 分点 发行 业务 193,685. 88 206, ...

| 名称 | 持有数量(万股) | 占总股本 | 增减情 | | --- | --- | --- | --- | | | | 比例(%) | 况(万股) | | 山东出版（601019）集团有限公司 | 165951.42 | 79.52 | 不变 | | 香港中央结算有限公司 | 8691.67 | 4.16 | -1771.18 | | 中国人寿（601628）保险股份有限公司-传统-普通保险产 品-005L-CT001沪 | 2542.32 | 1.22 | -899.15 | | 中国教育出版传媒集团有限公司 | 2000.00 | 0.96 | 不变 | | 平安基金-中国平安人寿保险股份有限公司-寿险传统-低-平安基 | | | | | 金-平安人寿权益4号MOM单一资产管理计划 | 1415.23 | 0.68 | 新进 | | 南方中证500ETF | 805.85 | 0.39 | -72.14 | | 中国平安人寿保险股份有限公司-分红-个险分红 | 783.18 | 0.38 | 新进 | | 中国人寿保险股份有限公司-分红-个人分红-005L-FH002沪 | 764.22 | 0.3 ...

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]

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 ...