Market Overview - The publishing sector increased by 0.01% compared to the previous trading day, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up by 1.22%, while the Shenzhen Component Index closed at 13118.75, up by 1.73% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 23.70, with a rise of 2.20% and a trading volume of 24,500 lots, amounting to a transaction value of 57.44 million [1] - Tianzhou Culture (300148) closed at 4.57, up by 1.78%, with a trading volume of 197,600 lots and a transaction value of 89.65 million [1] - Zhongwen Online (300364) closed at 25.59, increasing by 1.31%, with a trading volume of 259,400 lots and a transaction value of 654 million [1] - Other notable stocks include Guomai Culture (301052) at 46.20 (+1.09%) and Yuedu Media (002181) at 8.24 (+0.73%) [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 41.87 million from institutional investors, while retail investors saw a net inflow of 23.18 million [2] - The net inflow from speculative funds was 18.69 million [2] Detailed Capital Flow for Selected Stocks - Zhongyuan Media (000719) had a net outflow of 12.14 million from institutional investors, with a retail net outflow of 17.89 million [3] - Zhongwen Online (300364) saw a net inflow of 10.05 million from institutional investors, but a net outflow of 7.53 million from retail investors [3] - Publishing Media (601999) had a net inflow of 5.02 million from institutional investors, while retail investors experienced a net outflow of 2.55 million [3]

Group 1 - The publishing sector saw an increase of 0.48% on October 14, with Guangdong Media leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] - Guangdong Media's stock price rose by 4.74% to 8.18, with a trading volume of 860,700 shares and a transaction value of 703 million yuan [1] Group 2 - The publishing sector experienced a net outflow of 100 million yuan from major funds, while retail investors saw a net inflow of 78.1 million yuan [2] - Major stocks like Guomai Culture and Zhongwen Online reported declines of 4.79% and 1.90%, respectively, with transaction values of 761 million yuan and 1.015 billion yuan [2] - Guangdong Media had a net inflow of 53.92 million yuan from major funds, while retail investors had a net outflow of 17.26 million yuan [3]

Market Overview - On October 10, the publishing sector declined by 0.17%, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Guomai Culture's stock price fell by 19.18% to 49.46, with a trading volume of 311,800 shares and a transaction value of 154.3 million [2] - Other notable declines included: - Zhongwen Online down 6.07% to 26.48 [2] - Tianzhou Culture down 0.85% to 4.65 [2] - Conversely, Zhongyuan Media rose by 2.91% to 12.02, with a trading volume of 101,600 shares and a transaction value of 121 million [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 357 million from institutional investors, while retail investors saw a net inflow of 259 million [2][3] - Notable capital flows included: - Zhongwen Media with a net inflow of 25.6 million from institutional investors [3] - Shandong Publishing with a net inflow of 14.4 million from institutional investors [3] - Retail investors showed a mixed response, with some stocks like Longjiang Media experiencing significant outflows [3]

Group 1 - The publishing sub-sector exhibits high dividend attributes and stability within the media sector, with leading companies showing gross margins between 30%-40%, net margins around 10%, and ROE generally above 8% [1] - The stock price changes in the publishing sub-sector in 2023 are attributed to a market consensus on valuation reassessment, as publishing companies' content copyrights serve as important sources for data corpus in the context of ChatGPT [1] - In 2024, the market shows a preference for high-dividend sectors, with leading companies in the publishing sector having relatively high dividend yields compared to the media sector [1] Group 2 - Shandong Publishing is one of the largest leaders in the publishing sector, benefiting from unique cultural resources such as Confucian, military, legal, and regional cultures, which provide a foundation for producing distinctive quality books [2] - The company has implemented significant cultural projects, including the "Two Creations" initiative and the "Four Famous" project, aimed at building a "Shandong Edition" brand and enhancing international communication [2] - The publishing main business focuses on creating a matrix of Shandong Edition books, consolidating educational publishing services, and developing customized educational products that meet market demands [2] Group 3 - The integration of technology drives digital intelligence fusion, with initiatives such as new media marketing matrix development and the promotion of "AI + publishing" models [3] - The company is expected to achieve net profits of 1.674 billion, 1.781 billion, and 1.871 billion yuan from 2025 to 2027, with corresponding PE ratios of 10, 9, and 9 times [3] - The company is given a "recommended" rating based on its leading position and innovative business characteristics [3]

Core Insights - The publishing sector experienced a slight decline of 0.14% on October 9, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Publishing Sector Performance - ST Huawen (000793) saw a closing price of 2.98, with a rise of 4.93% and a trading volume of 548,200 shares, amounting to a transaction value of 161 million yuan [1] - Zhongwen Online (300364) closed at 28.19, up 3.11%, with a trading volume of 739,100 shares and a transaction value of 2.107 billion yuan [1] - Other notable performers included Zhonghua Media (600373) with a closing price of 10.37, up 2.07%, and Changjiang Media (600757) at 8.66, up 1.76% [1] Capital Flow Analysis - The publishing sector saw a net outflow of 12.54 million yuan from institutional investors and 2.92 million yuan from retail investors, while individual investors contributed a net inflow of 15.46 million yuan [2] - Zhongnan Media (601098) experienced a significant net outflow of 18.84 million yuan from institutional investors, while Zhongwen Online (300364) had a net inflow of 18.10 million yuan [2] - ST Huawen (000793) recorded a net inflow of 15.70 million yuan from institutional investors, despite a net outflow from retail investors [2]

Core Points - The company's profit distribution plan was approved at the second extraordinary general meeting of shareholders on September 16, 2025 [1] - The distribution will be based on a total share capital of 2,086,900,000 shares, with a cash dividend of 0.06 RMB per share, totaling 125,214,000 RMB [2] Distribution Plan - The distribution is for the first half of 2025 [1] - Eligible shareholders are those registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [1] Implementation Method - Cash dividends for unrestricted circulating shares will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited, Shanghai Branch [3] - Shareholders who have completed designated transactions can collect cash dividends on the payment date at their designated securities business department [3] - For shareholders who have not completed designated transactions, dividends will be held by China Securities Depository and Clearing Corporation Limited until the transaction is completed [3] Taxation Details - Individual shareholders and securities investment funds will not have income tax withheld at the time of cash dividend distribution, with an actual distribution of 0.06 RMB per share [6] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.054 RMB per share [7] - For Hong Kong market investors through the Shanghai-Hong Kong Stock Connect, a 10% tax will also apply, leading to a net cash dividend of 0.054 RMB per share [7] - Other institutional investors and corporate shareholders will be responsible for their own tax payments, with an actual distribution of 0.06 RMB per share [8] Contact Information - Shareholders with questions regarding the distribution can contact the Securities Legal Department of Shandong Publishing Media Co., Ltd. during business days [9][10]

Core Points - The company announced a cash dividend of CNY 0.06 per share for the first half of 2025, totaling CNY 125,214,000 [2][3] - The dividend distribution plan was approved at the second extraordinary general meeting of shareholders held on September 16, 2025 [2] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the dividend record date [2][3] Distribution Plan - The total share capital used for the dividend calculation is 2,086,900,000 shares [3] - The cash dividend will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [4] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository and Clearing Corporation Limited until they complete the necessary trading [4] Taxation Details - Individual shareholders and securities investment funds will not have income tax withheld at the time of dividend distribution, with the actual cash dividend being CNY 0.06 per share [8] - Tax liabilities will be calculated based on the holding period of the shares, with different tax rates applicable depending on the duration of the holding [8][9] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of CNY 0.054 per share [9] - Hong Kong market investors will also have a 10% tax withheld, leading to a net cash dividend of CNY 0.054 per share [9] Contact Information - Shareholders with inquiries regarding the dividend distribution can contact the Securities Legal Department of Shandong Publishing Media Co., Ltd. during working days [11][12]

（文章来源：证券日报） 证券日报网讯 9月26日晚间，山东出版发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.06元（含税），股权登记日为2025年10月10日，除权（息）日为2025年10月13日。 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-047 山东出版传媒股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.06元 截至股权登记日下午上海证券交易所收市后，在中国证券登 记结算有限责任公司上海分公司（以下简称"中国结算上海分公 司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,086,900,000股 为基数，每股派发现金红利0.06元（含税），共计派发现金红利 125,214,000.00元。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2025/10/10 | － | 2025/10/13 | 2025/10/13 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司 ...

Group 1 - The company Shandong Publishing Media Co., Ltd. announced the implementation of its 2025 semi-annual profit distribution plan [1] - The profit distribution was approved at the second extraordinary general meeting of shareholders held on September 16, 2025 [1] - The total share capital is 2,086,900,000 shares, with a cash dividend of 0.06 yuan per share (including tax), totaling 125,214,000 yuan [1] Group 2 - The A-share equity registration date is set for October 10, 2025 [1] - The ex-dividend date and cash dividend payment date are both scheduled for October 13, 2025 [1]