Investment Rating - The report assigns a "Buy" rating for the company, Zhongnan Media (601098), marking its first coverage [4][9]. Core Views - The publishing business shows steady growth, with a proposed mid-year dividend of 180 million yuan for 2024 [4]. - The company's revenue for H1 2024 reached 6.893 billion yuan, a year-on-year increase of 1.81%, while gross profit was 3.073 billion yuan, up 9.63% year-on-year, resulting in a gross margin of 44.59%, an increase of 3.18 percentage points [5]. - The report highlights that the company's net profit attributable to shareholders for H1 2024 was 774 million yuan, down 20.28% year-on-year, primarily due to the impact of corporate income tax [5][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 6.893 billion yuan, with a gross profit of 3.073 billion yuan and a gross margin of 44.59% [5]. - The second quarter of 2024 saw a revenue of 3.893 billion yuan, a quarter-on-quarter increase of 29.77% [5]. - The net profit for H1 2024 was 774 million yuan, with a significant drop in net profit attributable to shareholders in Q2 2024, which was 490 million yuan, down 21.45% year-on-year [5][6]. Business Segments - The publishing segment generated 1.708 billion yuan in revenue for H1 2024, a year-on-year increase of 6.99% [5]. - The distribution segment reported revenue of 5.870 billion yuan, with the Hunan Xinhua Bookstore contributing 4.922 billion yuan [5]. Cash Position and Dividends - The company had a strong cash position with 12.755 billion yuan in cash and cash equivalents as of H1 2024, an increase of 30.29% year-on-year [6]. - The company has maintained a stable dividend policy, with a proposed cash dividend of 180 million yuan for 2024 [6]. Earnings Forecast - The report forecasts revenues of 14.677 billion yuan, 15.815 billion yuan, and 17.113 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 1.429 billion yuan, 1.513 billion yuan, and 1.627 billion yuan for the same years [7][8].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 6,892,910,660.84, representing a year-on-year increase of 1.81% compared to CNY 6,770,217,189.64 in the same period last year[17]. - The net profit attributable to shareholders of the listed company decreased by 20.28% to CNY 773,831,275.46, down from CNY 970,711,941.51 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 739,533,747.38, a decrease of 20.53% compared to CNY 930,532,658.57 in the same period last year[17]. - Basic earnings per share decreased by 20.37% to CNY 0.43 compared to CNY 0.54 in the same period last year[18]. - Diluted earnings per share also decreased by 20.37% to CNY 0.43 from CNY 0.54 year-on-year[18]. - The weighted average return on equity dropped by 1.52 percentage points to 4.97% from 6.49% in the previous year[18]. - The company achieved operating revenue of 6.893 billion yuan, a year-on-year increase of 1.81%, while net profit was 817 million yuan, a year-on-year decrease of 19.17%[24]. - The company reported a significant increase in consolidated revenue, with a year-on-year growth of 15% in the first half of 2024[128]. - The net profit for the first half of 2024 was CNY 1,403,426,865.68, significantly higher than CNY 275,878,138.98 in the first half of 2023, indicating a substantial increase[101]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -340,486,097.72, compared to CNY -273,557,164.59 in the previous year[17]. - The company's cash and cash equivalents at the end of the period amounted to approximately CNY 11.91 billion, accounting for 45.35% of total assets[29]. - The net cash flow from investing activities improved significantly to approximately CNY 797.32 million, compared to a negative CNY -182.82 million in the previous year[27]. - The company's cash inflow from operating activities for the first half of 2024 was CNY 6,363,895,295.35, a decrease of 10.66% compared to CNY 7,119,779,951.56 in the same period of 2023[104]. - The company's cash and cash equivalents at the end of the period increased to CNY 11,252,162,915.26, up from CNY 8,239,148,279.73 year-over-year[106]. - The total assets at the end of the reporting period were CNY 26,272,658,400.78, an increase of 3.56% from CNY 25,368,608,776.22 at the end of the previous year[17]. - The total liabilities as of June 30, 2024, were RMB 12,000,000,000, reflecting a stable financial position compared to previous periods[91]. Investments and Projects - The company plans to invest approximately CNY 244.89 million in the Zhongnan Media Malanshan Park project, which aims to develop a digital industry cluster[35]. - The company made a total investment of approximately CNY 150.89 million during the reporting period, with no investments recorded in the same period last year[34]. - The project for acquiring part of the equity of Zhongnan Boji Tianjuan Cultural Media Co., Ltd. has a planned investment of CNY 111,630,000, with cumulative investment of CNY 111,702,489.47, achieving 100% completion[74]. - The digital resource full-screen service platform project has a planned investment of CNY 146,300,000, with cumulative investment of CNY 149,712,332.59, achieving 100% completion[75]. - The Hunan Xinhua Bookstore regional center renovation project has a planned investment of CNY 319,821,300, with cumulative investment of CNY 25,130,191.85, achieving 7.86% completion[76]. Market Position and Strategy - In the nationwide comprehensive book retail market, the company's market share increased to 5.2%, up by 1.74 percentage points, ranking second; in the new book retail market, the share rose to 9.32%, up by 6.13 percentage points, ranking first[24]. - The education product sales revenue reached 2.602 billion yuan, a year-on-year growth of 8.7%[24]. - The company is actively involved in media operations, including exclusive advertising rights for various platforms such as subway stations and airports[22]. - The company is expanding its market presence through digital transformation and integration of educational resources[22]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the publishing sector[128]. Environmental Responsibility - The company has implemented a VOCs treatment system and upgraded its production processes to reduce emissions, achieving a 95% efficiency in wastewater treatment[52]. - The company has received multiple international certifications for its green printing practices, including the 2023 China Environmental Label Product certification[50]. - The company has committed to enhancing its environmental responsibility and has implemented various measures to improve its ecological footprint[50]. - The company has adopted UV inks to reduce VOCs emissions in its printing processes[52]. Legal and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[5]. - There are no violations of decision-making procedures regarding external guarantees[5]. - The company has not reported any changes or progress in its equity incentive matters during the reporting period[47]. - The company has not disclosed any stock incentive plans or employee stock ownership plans during the reporting period[48]. - The company has not reported any new significant litigation or arbitration matters during the reporting period[61]. Taxation and Financial Strategy - The company is subject to various tax rates, including a corporate income tax rate of 25%, 20%, or 15% depending on the entity[182]. - The company benefits from VAT exemptions for certain cultural products until December 31, 2027[183]. - The company has multiple subsidiaries that are exempt from corporate income tax for the 2023 fiscal year[186]. - The overall tax strategy appears to focus on maintaining or increasing tax rates for various subsidiaries, with many moving to a 25% rate in 2024[192][193].

证券代码：601098 股票简称：中南传媒 编号：临 2024-030 中南出版传媒集团股份有限公司 关于召开2024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： 一、说明会类型 中南出版传媒集团股份有限公司（以下简称"公司"）已于 2024 年 8 月 27 日披露公司 2024 年半年度报告，为使广大投资者更加全面深入地了 解公司经营业绩、发展战略等情况，公司定于 2024 年 9 月 6 日下午 15:00-16:00 以网络互动方式召开 2024 年半年度业绩说明会，就投资者普 遍关注的问题进行沟通与交流。 二、说明会召开的时间、地点 1 / 3 会议召开时间：2024 年 9 月 6 日（周五）下午 15:00-16:00 会议召开地点：中国证券网（http://roadshow.cnstock.com/） 会议召开方式：网络互动方式 会议召开时间：2024 年 9 月 6 日（周五）下午 15:00-16:00 会议召开地点：中国证券网（http://roadshow.c ...

证券代码：601098 股票简称：中南传媒 编号：临 2024-031 中南出版传媒集团股份有限公司 关于2024年半年度经营数据的公告 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。 中南出版传媒集团股份有限公司根据《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》的相关规定，现将 2024 年半年度一般 图书出版业务相关数据（未经审计）公告如下： 特此公告。 二〇二四年八月二十七日 1 / 1 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 一般 图书 出版 业务 92,035.55 89,568.18 -2.68 32,710.16 31,242.76 -4.49 16,329.25 15,459.34 -5.33 50.08 50.52 增加 0.44 个百 分点 中南出版传媒集团股份有限公司董事会 ...

每股分配比例：每股派发现金红利 0.1 元（含税）。 证券代码：601098 股票简称：中南传媒 编号：临 2024-029 中南出版传媒集团股份有限公司 2024年半年度利润分配方案公告 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 二、公司履行的决策程序 根据 2024 年 5 月 23 日公司 2023 年年度股东大会审议通过的《关 于公司 2024 年半年度利润分配安排的议案》，公司于 2024 年 8 月 26 日召开第五届董事会第十八次会议，以"9 票同意，0 票反对，0 票 弃权"审议通过了本次利润分配方案。本方案符合公司章程规定的利 润分配政策。 三、相关风险提示 本次利润分配安排充分考虑了公司发展阶段、未来的资金需求等 因素，不会对公司经营现金流产生重大影响，不会影响公司正常经营 和长期发展。 特此公告。 本次利润分配以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维 持每股分配比例不变，相应调整分配总额， ...

一、募集资金基本情况 证券代码：601098 股票简称：中南传媒 编号：临 2024-028 中南出版传媒集团股份有限公司关于2024年上半年 募集资金存放与实际使用情况专项报告的公告 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。 按照中国证监会《上市公司监管指引第 2 号——上市公司募集资金管 理和使用的监管要求（2022 年修订）》、上海证券交易所颁布的《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》及相关格式指引的 要求，现将中南出版传媒集团股份有限公司（以下简称"公司"）截至 2024 年 6 月 30 日募集资金存放与实际使用情况报告如下： （二）本年度使用金额及年末余额 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准中南出版传媒集团股份有限公 司首次公开发行股票的批复》（证监许可〔2010〕1274 号）核准，公司 2010 年 10 月于上海证券交易所向社会公众公开发行人民币普通股(A 股)39,800 万股，发行价为 10.66 元/股，募集资金总额为人民币 424,2 ...

证券代码：601098 证券简称：中南传媒 公告编号：临 2024-025 中南出版传媒集团股份有限公司 2024 年第一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 | 186 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,250,783,980 | | 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 | 69.6427 | | 份总数的比例（%） | | (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，由副董事长杨壮主持，采用现场投票和网 1 / 3 (一) 股东大会召开的时间：2024 年 8 月 21 日 (二) 股东大会召开的地点：湖南省长沙市开福区营盘东路 38 号公司办公楼十 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： 络投票相结合的表决方 ...