[Definitions](index=4&type=section&id=Section%201%20Definitions) [Glossary of Common Terms](index=4&type=section&id=Glossary%20of%20Common%20Terms) This section defines key terms, including regulatory bodies, company entities, and industry-specific terminology, to ensure clear understanding of the report - Defined core entities such as **CSRC**, **SSE**, **Holding Group**, and **Zhongnan Media**[13](index=13&type=chunk) - Explained industry terms like **'list price'** (book/audio-visual product price multiplied by quantity) and **'net sales price'** (actual sales price multiplied by quantity)[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration details, including its official Chinese name, abbreviation, and legal representative - Company Chinese name: **Zhongnan Publishing & Media Group Co., Ltd.**, abbreviation: **Zhongnan Media**[15](index=15&type=chunk) - Legal Representative: **He Lihui**[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's board secretary and securities affairs representative - Board Secretary: **Wang Qingxue**, contact number: **0731-85891098**[16](index=16&type=chunk) - Securities Affairs Representative: **Sun Yangbin**, contact number: **0731-84405063**[16](index=16&type=chunk) [Summary of Changes in Basic Information](index=5&type=section&id=III.%20Summary%20of%20Changes%20in%20Basic%20Information) This section discloses historical changes to the company's registered address - Company's registered address changed to **No. 6 Wenchang Road, Kaifu District, Changsha City** on March 16, 2023[17](index=17&type=chunk) [Summary of Changes in Information Disclosure and Document Availability Locations](index=5&type=section&id=IV.%20Summary%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Availability%20Locations) This section lists the company's designated information disclosure newspapers, website, and report availability locations - Information disclosure newspapers: **"China Securities Journal"**, **"Shanghai Securities News"**, **"Securities Times"**, **"Securities Daily"**[18](index=18&type=chunk) - Website for publication: **www.sse.com.cn**[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides an overview of the company's A-share stock, including its listing exchange, ticker symbol, and stock code - Stock type: **A-share**, listing exchange: **Shanghai Stock Exchange**, stock abbreviation: **Zhongnan Media**, stock code: **601098**[19](index=19&type=chunk) [Company's Major Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Major%20Accounting%20Data%20and%20Financial%20Indicators) This section presents key accounting data and financial indicators for the reporting period, highlighting significant growth in net profit attributable to shareholders 主要会计数据 (1-6月) | 指标 | 本报告期 (CNY) | 上年同期 (CNY) | 增减 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 6,335,287,088.10 | 6,892,910,660.84 | -8.09 | | 利润总额 | 1,068,549,470.85 | 1,101,230,323.73 | -2.97 | | 归属于上市公司股东的净利润 | 1,017,271,727.57 | 773,831,275.46 | 31.46 | | 归属于上市公司股东的扣除非经常性损益的净利润 | 994,973,802.07 | 739,533,747.38 | 34.54 | | 经营活动产生的现金流量净额 | -582,462,559.38 | -340,486,097.72 | -71.07 | | **本报告期末 vs 上年度末:** | | | | | 归属于上市公司股东的净资产 | 15,781,218,875.31 | 15,580,673,812.24 | 1.29 | | 总资产 | 25,572,215,289.55 | 27,338,593,965.68 | -6.46 | 主要财务指标 (1-6月) | 指标 | 本报告期 | 上年同期 | 增减 (%) | | :--- | :--- | :--- | :--- | | 基本每股收益（CNY／股） | 0.57 | 0.43 | 32.56 | | 稀释每股收益（CNY／股） | 0.57 | 0.43 | 32.56 | | 扣除非经常性损益后的基本每股收益（CNY／股） | 0.55 | 0.41 | 34.15 | | 加权平均净资产收益率（%） | 6.38 | 4.97 | 增加 1.41 个百分点 | | 扣除非经常性损益后的加权平均净资产收益率（%） | 6.24 | 4.75 | 增加 1.49 个百分点 | - Net profit attributable to listed company shareholders increased by **31.46%** year-on-year, and net profit attributable to listed company shareholders after deducting non-recurring gains and losses increased by **34.54%**, mainly due to the continuation of the corporate income tax exemption policy for cultural reform enterprises, resulting in a year-on-year decrease in income tax expenses[21](index=21&type=chunk) - Basic earnings per share and diluted earnings per share increased by **32.56%** year-on-year, and basic earnings per share after deducting non-recurring gains and losses increased by **34.15%** year-on-year, mainly due to reduced corporate income tax expenses and increased net profit attributable to the parent company[22](index=22&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling CNY 22.30 million 非经常性损益项目 | 项目 | 金额 (CNY) | | :--- | :--- | | 非流动性资产处置损益 | 473,301.71 | | 计入当期损益的政府补助 | 14,673,207.31 | | 公允价值变动损益以及处置金融资产损益 | 22,772,859.45 | | 对外委托贷款取得的损益 | 529,409.33 | | 单独进行减值测试的应收款项减值准备转回 | 9,133,893.92 | | 除上述各项之外的其他营业外收入和支出 | -15,740,693.29 | | 减：所得税影响额 | 229,958.39 | | 少数股东权益影响额（税后） | 9,314,094.54 | | **合计** | **22,297,925.50** | [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section describes the company's business models and main products across seven sectors, emphasizing innovation and market expansion - The company's main business covers publishing, distribution, printing and printing material supply, media, digital education, and finance, with publications as its primary products[29](index=29&type=chunk) - Publishing business includes **in-house books** (including textbooks and supplementary materials) and **rental of external textbooks**[30](index=30&type=chunk) - Distribution business sells educational products and general books through physical stores and e-commerce, launching digital brands like **"Four-Dimensional Reading"** and **"Smart After-School"**[30](index=30&type=chunk) - Printing business expanded to **full-color supplementary materials**, **customized textbooks**, and **interactive children's books**, serving education publishing, cultural consumption, and international education markets[31](index=31&type=chunk) - Media business includes exclusive operation of **"Xiaoxiang Morning Herald"**, managing subway and airport advertising, owning **"Happy Elderly Newspaper"**, providing full-media and public opinion services via **Rednet**, and conducting offline operations[32](index=32&type=chunk) - Digital education builds a smart education product matrix covering teaching, learning, assessment, and testing, upgrading services with AI and big data, such as **Beike.com** and **A-Jia Education APP**[33](index=33&type=chunk) - Financial services are primarily provided by the finance company for **deposits, loans, and settlement services**, with **Boford Fund** engaging in project investments[34](index=34&type=chunk) [Discussion and Analysis of Operating Conditions](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) The company deepened integrated development, achieving significant non-recurring net profit growth despite a revenue decline - The company was consecutively selected as one of the **Top 30 National Cultural Enterprises** for the seventeenth time[35](index=35&type=chunk) 2025年半年度经营业绩 | 指标 | 金额 (CNY billion) | 同比增减 (%) | | :--- | :--- | :--- | | 营业收入 | 6.335 | -8.09 | | 扣非归母净利润 | 0.995 | +34.54 | - The book publishing segment's net sales market share in the national comprehensive retail market was **5.25%** (a year-on-year increase of 0.05 percentage points), ranking second; its share in the national new book retail market was **6.07%**, ranking first[36](index=36&type=chunk) - In the distribution and printing segment, Hunan Xinhua Bookstore achieved operating revenue of **CNY 4.437 billion** and net profit of **CNY 700 million**; sales of **"Four-Dimensional Reading"** series and **"Primary and Secondary School Student Reading Action"** book series reached **CNY 338 million** (list price), a year-on-year increase of **9%**[37](index=37&type=chunk) - The digital education segment saw continuous user growth, with **Beike.com** reaching **8.52 million users**, **"A-Jia Education" APP** reaching **6.37 million users**, and Hunan Electronic Press's **"Kuaidianting" platform** reaching **2.71 million users**[39](index=39&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its multi-media industrial system, strong brand, market share, and digital education ecosystem - Media Advantage: Possesses diverse media including books, newspapers, periodicals, audio-visual, electronic, internet, animation, mobile media, and frame media, forming a **"multi-media, full-process, three-dimensional"** complete industrial development system[41](index=41&type=chunk) - Brand Advantage: Five of its nine publishing houses are among the **"National Top 100 Publishing Houses"**, owning leading domestic best-selling book planning companies with multiple market-favored brands[42](index=42&type=chunk) - Market Advantage: Book product market share consistently ranks among the top, with **Hunan-edition textbooks covering 29 provinces (municipalities, autonomous regions)** and entering overseas markets through copyright trade[43](index=43&type=chunk) - Ecosystem Advantage: Promotes deep integration of publishing and technology, building a **full-user, full-scenario digital education service ecosystem**, including **Hunan Education Math Cloud** and **AIGC+ education applications**[44](index=44&type=chunk) - Scale Advantage: Main business revenue and profit scale rank among the top in the industry, making it a **leading enterprise in China's publishing and media sector**[45](index=45&type=chunk) [Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes financial statement changes, asset-liability status, investments, and major asset disposals, revealing key operational insights [(I) Main Business Analysis](index=10&type=section&id=(I)%20Main%20Business%20Analysis) Revenue declined due to reduced low-margin business and e-commerce sales, while operating costs and expenses decreased, and R&D increased 财务报表相关科目变动分析 (本期 vs 上年同期) | 科目 | 本期数 (CNY) | 上年同期数 (CNY) | 变动比例 (%) | | :--- | :--- | :--- | :--- | | 营业收入 | 6,335,287,088.10 | 6,892,910,660.84 | -8.09 | | 营业成本 | 3,431,070,340.57 | 3,819,589,499.67 | -10.17 | | 销售费用 | 916,347,540.56 | 1,010,105,243.25 | -9.28 | | 管理费用 | 834,842,092.56 | 887,591,074.22 | -5.94 | | 财务费用 | -19,004,967.74 | -24,881,144.36 | (Not Disclosed) | | 研发费用 | 34,598,002.80 | 33,156,438.23 | 4.35 | | 经营活动产生的现金流量净额 | -582,462,559.38 | -340,486,097.72 | (Not Disclosed) | | 投资活动产生的现金流量净额 | -3,374,550,360.99 | 797,321,149.98 | -523.24 | | 筹资活动产生的现金流量净额 | -920,321,149.07 | -83,179,732.29 | (Not Disclosed) | - Operating revenue decreased primarily due to the company's proactive reduction in low-margin bulk business sales and a decline in traditional e-commerce channel sales[46](index=46&type=chunk)[48](index=48&type=chunk) - Net cash flow from investing activities significantly decreased by **523.24%**, mainly due to an increase in transactional financial assets and debt investments by the subsidiary finance company[46](index=46&type=chunk)[48](index=48&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased, while net assets attributable to shareholders increased, driven by significant changes in financial assets and fixed assets 资产及负债状况 (本期期末 vs 上年期末) | 项目名称 | 本期期末数 (CNY) | 本期期末数占总资产的比例 (%) | 上年期末数 (CNY) | 上年期末数占总资产的比例 (%) | 变动比例 (%) | 情况说明 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 货币资金 | 10,899,615,768.33 | 42.62 | 12,487,292,336.52 | 45.68 | -12.71 | | | 交易性金融资产 | 3,760,061,489.92 | 14.70 | 934,617,354.42 | 3.42 | 302.31 | 财务公司新购入持有意图为随时变现的同业存单增加 | | 应收款项 | 1,809,981,431.81 | 7.08 | 1,324,044,666.64 | 4.84 | 36.70 | 销售季节性导致信用期内的应收货款相应增加 | | 存货 | 778,555,990.71 | 3.04 | 1,130,244,331.64 | 4.13 | -31.12 | 销售季节性导致的存货减少 | | 其他流动资产 | 2,740,583,062.87 | 10.72 | 5,690,699,103.69 | 20.82 | -51.84 | 财务公司持有的买入返售金融资产到期赎回 | | 固定资产 | 2,637,713,974.03 | 10.31 | 1,296,556,029.38 | 4.74 | 103.44 | 马栏山视频文创产业园项目转固增加 | | 在建工程 | 246,705,614.09 | 0.96 | 1,561,633,621.34 | 5.71 | -84.20 | 马栏山视频文创产业园项目转固减少 | | 合同负债 | 1,348,255,877.58 | 5.27 | 1,926,892,479.14 | 7.05 | -30.03 | 预收的客户货款减少 | | 应付职工薪酬 | 656,502,668.49 | 2.57 | 1,189,755,820.73 | 4.35 | -44.82 | 支付了上年度计提的绩效工资 | | 其他流动负债 | 993,387,646.59 | 3.88 | 1,592,447,122.12 | 5.82 | -37.62 | 财务公司吸收控股集团的存款减少 | - Overseas assets totaled **CNY 4,432,547.50**, accounting for **0.02%** of total assets[52](index=52&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) Investment increased, with the Malanshan project progressing and details provided on fair value-measured financial assets - Investment amount during the reporting period was **CNY 163,120,749.78**, a year-on-year increase of **8.10%**[55](index=55&type=chunk) - The total investment for the **Zhongnan National Digital Publishing Base Malanshan Park Construction Project** was adjusted to **CNY 2.449 billion**, with a decoration project investment of **CNY 658.56 million**[57](index=57&type=chunk) - The **Malanshan Video Cultural and Creative Industrial Park Project** passed engineering completion acceptance on January 9, 2025, obtained the filing certificate on May 30, and has signed a SOHO office building lease intention agreement[58](index=58&type=chunk) 证券投资情况 (期末数) | 资产类别 | 期末数 (CNY '000) | | :--- | :--- | | 股票 | 4,993.93 | | 基金 | 22,729.31 | | 债券 | 60,336.98 | | 其他 | 299,793.60 | | **合计** | **387,853.82** | [(V) Significant Asset and Equity Disposals](index=18&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) The company plans to transfer a 29% equity stake in Zhongnan Boji Tianjuan Culture Media Co., Ltd., pending regulatory approval - The company plans to publicly list and transfer a **29% equity stake** in **Zhongnan Boji Tianjuan Culture Media Co., Ltd.**[63](index=63&type=chunk) - This transfer has been approved by the board of directors and shareholders' meeting but is **pending approval from the state-owned cultural assets authority**[63](index=63&type=chunk) [(VI) Analysis of Major Holding and Associate Companies](index=18&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section provides key financial data for Hunan Xinhua Bookstore Co., Ltd., a significant subsidiary impacting net profit 湖南省新华书店有限责任公司主要财务数据 (报告期) | 指标 | 金额 (CNY '000) | | :--- | :--- | | 注册资本 | 153,858.52 | | 总资产 | 1,045,970.89 | | 净资产 | 448,172.19 | | 营业收入 | 443,692.61 | | 营业利润 | 71,306.13 | | 净利润 | 69,971.57 | [Other Disclosure Matters](index=18&type=section&id=V.%20Other%20Disclosure%20Matters) This section addresses major risks, including AI impact, media transformation, and declining birth rates, alongside the 'Quality and Efficiency' action plan [(I) Potential Risks](index=18&type=section&id=(I)%20Potential%20Risks) The company faces challenges from AI, traditional media transformation, and declining birth rates impacting education publishing - AI and large model technologies accelerate the adjustment and systemic transformation of the traditional publishing industry, requiring the company to advance **content digitalization**, **production process restructuring**, and **meet personalized demands**[65](index=65&type=chunk) - Traditional media faces risks and pressures from the macro economy and new internet media diversion, prompting the company to actively implement **transformation strategies** and **expand diverse advertising and marketing channels**[66](index=66&type=chunk) - The continuous decline in China's birth rate poses potential pressure on education publishing, leading the company to focus on **quality education needs**, **extend the education service chain**, and **develop digital education products**[66](index=66&type=chunk) [(II) Other Disclosure Matters](index=19&type=section&id=(II)%20Other%20Disclosure%20Matters) The company implemented a 'Quality and Efficiency' action plan, focusing on core business, stable dividends, governance, and market communication - The company focused on **quality improvement in its main business**, fostering new productive forces, and was consecutively selected as one of the **Top 30 National Cultural Enterprises** for the seventeenth time[67](index=67&type=chunk) - Maintained **stable dividends**, following the 2024 annual dividend, a **2025 semi-annual dividend plan** was launched, distributing **CNY 1.00 per 10 shares** (including tax)[67](index=67&type=chunk) - Adhered to **standardized governance**, completed the re-election of directors, supervisors, and senior management, scientifically adjusted professional committee members, and strengthened information disclosure[68](index=68&type=chunk) - Enhanced **market communication** through shareholder meetings, performance briefings, and investor engagement activities to strengthen value transmission[68](index=68&type=chunk) - Deepened **responsibility**, strengthening supervision over controlling shareholders, directors, supervisors, and other "key individuals" to prevent potential risks[68](index=68&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [Changes in Company Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Changes in the board of directors and senior management occurred, including a new non-independent director and a vice general manager's resignation - Ms. Li Hui was elected as a **non-independent director** and **vice chairman** of the company's Sixth Board of Directors[71](index=71&type=chunk) - Ms. Liu Hong resigned from her position as **vice general manager** due to age[72](index=72&type=chunk) [Profit Distribution or Capital Reserve to Share Capital Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company proposes a cash dividend of CNY 1.0 per 10 shares for the first half of 2025, totaling CNY 179.6 million - For the first half of 2025, a cash dividend of **CNY 1.0 per 10 shares** (including tax) is proposed[6](index=6&type=chunk) - The total proposed cash dividend is **CNY 179,600,000.00** (including tax)[6](index=6&type=chunk) - No capital reserve will be converted to share capital[6](index=6&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company prioritizes environmental protection, with Hunan Tianwen Xinhua Printing actively promoting green printing and aiming for a national green factory - Hunan Tianwen Xinhua Printing Co., Ltd. obtained multiple international standard system certifications, such as **China Environmental Labeling Products** and **Environmental Management System**[75](index=75&type=chunk) - Production raw and auxiliary materials include **green and environmentally friendly soybean-based inks**, **water-based varnishes**, **alcohol-free dampening solutions**, and **low-VOCs adhesives**[75](index=75&type=chunk) - Awarded **"Provincial Green Factory"** title in 2023, actively striving towards **"National Green Factory"** status[76](index=76&type=chunk) [Specific Situations of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=21&type=section&id=V.%20Specific%20Situations%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company's rural revitalization efforts achieved significant results in poverty alleviation, industry promotion, and digital governance - Assisted in selling characteristic agricultural products, achieving **consumer assistance of over CNY 3 million** and **profit exceeding CNY 500,000**[78](index=78&type=chunk) - Transferred nearly **60 mu of land** and built a **300-square-meter cold storage base**; introduced a rural revitalization themed online short drama filming project, establishing Hunan's first short drama filming base[79](index=79&type=chunk) - Promoted the implementation of the Ministry of Agriculture and Rural Affairs' **"Village-level Service Platform"** to build a smart rural governance system[79](index=79&type=chunk) - The company's newly dispatched two rural revitalization assistance teams have entered **Yongjia Community in Luguan Town, Xinhua County**, and **Shuangyan Village in Yanxi Town, Anhua County**, respectively[79](index=79&type=chunk) [Significant Matters](index=23&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the controlling shareholder's commitments regarding competition, social security, property defects, and contract disputes - Controlling shareholder **Hunan Publishing Investment Holding Group Co., Ltd.** committed to **avoiding horizontal competition** with the company's main business[81](index=81&type=chunk) - The controlling shareholder committed to bearing responsibility for **recovering and penalizing violations of labor and social security laws and regulations** arising from pre-restructuring matters[82](index=82&type=chunk) - The controlling shareholder committed to injecting **Hunan Education Audio-Visual Electronic Press**, **Hunan Map Publishing House**, and **Hunan Education Newspaper Group** into Zhongnan Media, or avoiding substantive competition through entrusted management, under permissible national laws and policies[83](index=83&type=chunk)[84](index=84&type=chunk) - On December 8, 2023, the company signed an **entrusted management contract** with its controlling shareholder to manage the Education Newspaper Group, Education Audio-Visual Press, and Map Publishing House for a provisional period of **2 years**[84](index=84&type=chunk) [Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller During the Reporting Period](index=27&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) The company, its controlling shareholder, and actual controller maintained good integrity during the reporting period - The company, its controlling shareholder, and actual controller maintained **good integrity** during the reporting period[85](index=85&type=chunk) - There were no instances of **unfulfilled effective court judgments** or **large outstanding debts due and unpaid**[85](index=85&type=chunk) [Significant Related Party Transactions](index=27&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section discloses significant related party transactions in daily operations, asset acquisitions, and financial services [(I) Related Party Transactions Related to Daily Operations](index=27&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company's projected and actual related party transactions for procurement and services remained within approved limits 2025年度预计与关联方日常关联交易及实际发生额 | 关联方 | 交易内容 | 预计交易额度 (CNY) | 报告期实际发生额 (CNY) | | :--- | :--- | :--- | :--- | | 湖南教育报刊集团有限公司 | 采购货物 | 160,000,000.00 | 65,852,673.38 | | 湖南教育音像电子出版社有限责任公司 | 采购货物 | 110,000,000.00 | 54,439,931.31 | | 湖南出版投资控股集团普瑞实业有限公司 | 接受劳务 | 39,000,000.00 | 9,910,762.37 | | 潇湘晨报社 | 接受劳务 | 23,000,000.00 | 6,436,376.36 | | 湖南新华印刷集团有限责任公司 | 接受劳务 | 22,000,000.00 | 1,727,409.97 | - The controlling group's estimated maximum daily deposit balance in the finance company for 2025 is **CNY 800 million**, with the actual daily average deposit balance during the reporting period being **CNY 273.69 million**, not exceeding the transaction limit[86](index=86&type=chunk)[87](index=87&type=chunk) [(II) Related Party Transactions Involving Asset or Equity Acquisitions/Disposals](index=28&type=section&id=(II)%20Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%2FDisposals) A subsidiary acquired assets from a related party's shantytown renovation project, with most payments completed - Hunan Tianwen Xinhua Printing Shaoyang Co., Ltd., a wholly-owned sub-subsidiary, acquired part of a shantytown renovation project's assets from a related party, including **33 houses**, **50 underground parking spaces**, and **1,574.35 square meters of commercial space**, at a transaction price not exceeding the appraised value of **CNY 30.99 million**[88](index=88&type=chunk) - As of June 30, 2025, **90% of the housing payment** and **all parking space usage fees totaling CNY 11.63 million** (including tax) have been paid, along with a commercial property prepayment of **CNY 10.80 million** (including tax)[88](index=88&type=chunk) [(V) Financial Business Between the Company and Related Financial Companies, and Between the Company's Controlled Financial Company and Related Parties](index=29&type=section&id=(V)%20Financial%20Business%20Between%20the%20Company%20and%20Related%20Financial%20Companies%2C%20and%20Between%20the%20Company's%20Controlled%20Financial%20Company%20and%20Related%20Parties) This section details deposit transactions between the financial company and related parties, including maximum daily limits and interest rates 存款业务 (期末余额) | 关联方 | 关联关系 | 每日最高存款限额 (CNY '000) | 存款利率范围 | 期末余额 (CNY '000) | | :--- | :--- | :--- | :--- | :--- | | 湖南出版投资控股集团有限公司 | 母公司 | 80,000.00 | 0.01%-1.65% | 48,374.62 | | 湖南教育报刊集团有限公司 | 母公司的全资子公司 | (未披露) | 0.01%-1.65% | 39,617.92 | | 湖南教育音像电子出版社有限责任公司 | 母公司的全资子公司 | (未披露) | 0.01%-1.65% | 5,900.00 | | 湖南地图出版社有限责任公司 | 母公司的全资子公司 | (未披露) | 0.01%-1.65% | 3,553.04 | | **合计** | / | / | / | **97,445.58** | [Significant Contracts and Their Performance](index=29&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section outlines the performance of two major contracts: a financial service agreement and a government procurement contract [(III) Other Significant Contracts](index=30&type=section&id=(III)%20Other%20Significant%20Contracts) Key contracts include a financial service agreement with the holding group and a government procurement contract for educational materials - The finance company signed a financial service agreement with **Hunan Publishing Investment Holding Group Co., Ltd.**, with the holding group's maximum daily deposit balance in the finance company not exceeding **CNY 800 million**[92](index=92&type=chunk) - The Hunan Provincial Department of Education procured **2025 Hunan Province compulsory education free textbooks**, teaching auxiliary learning resources, special education reading books, and local curriculum textbooks from **Hunan Xinhua Bookstore Co., Ltd.**, with a total procurement price of **CNY 1.009 billion**[92](index=92&type=chunk) [Explanation of Progress in Use of Raised Funds](index=31&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) This section details the overall use of IPO proceeds and specific project progress, including terminated or adjusted projects [(I) Overall Use of Raised Funds](index=31&type=section&id=(I)Overall%20Use%20of%20Raised%20Funds) As of the reporting period end, total raised funds were CNY 4.24 billion, with a cumulative investment progress of 66.75% 募集资金整体使用情况 | 指标 | 金额 (CNY) | | :--- | :--- | | 募集资金总额 | 4,242,680,000.00 | | 募集资金净额 | 4,123,002,010.00 | | 招股书或募集说明书中募集资金承诺投资总额 | 1,852,215,600.00 | | 超募资金总额 | 2,270,786,410.00 | | 截至报告期末累计投入募集资金总额 | 2,752,282,897.52 | | 截至报告期末募集资金累计投入进度 (%) | 66.75 | | 截至报告期末超募资金累计投入总额 | 2,003,195,483.58 | | 截至报告期末超募资金累计投入进度 (%) | 88.22 | [(II) Details of Fund-raising Investment Projects](index=32&type=section&id=(II)Details%20of%20Fund-raising%20Investment%20Projects) Several fund-raising projects were terminated or adjusted due to market changes, while others, like the new technical renovation project, progressed - The **Zhongnan Basic Education Composite Publishing Project**, **Hunan Xinhua Bookstore Regional Center Store Renovation and Upgrade Project**, **Hunan Xinhua Bookstore E-commerce Platform Project**, and **Zhongnan Publishing & Media Group Publishing and Distribution Information Platform Construction Project** have been terminated or canceled, mainly due to market changes, technological updates, business development adjustments, and policy environment changes[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) - The total investment for the **Hunan Tianwen Xinhua Printing Co., Ltd. New Technical Renovation Project** increased to **CNY 213,888,800.00**, with the additional **CNY 13,978,800.00** funded by interest from over-raised funds[97](index=97&type=chunk) 超募资金利息使用情况 | 用途 | 拟投入超募资金利息总额 (CNY) | 本年投入金额 (CNY) | 截至报告期末累计投入超募资金利息总额 (CNY) | | :--- | :--- | :--- | :--- | | 湖南天闻新华印务有限公司新技改项目 | 13,978,800.00 | 1,312,520.00 | 4,977,162.31 | | 湖南省新华书店衡阳市新华文化广场项目 | (未披露) | (未披露) | 118,487.37 | | 运用超募资金利息永久补充流动资金项目（2022年） | 522,000,000.00 | 0.00 | 522,000,000.00 | | **合计** | **535,978,800.00** | **1,312,520.00** | **527,095,649.68** | [Changes in Shares and Shareholder Information](index=40&type=section&id=Section%206%20Changes%20in%20Shares%20and%20Shareholder%20Information) [Changes in Share Capital](index=40&type=section&id=I.%20Changes%20in%20Share%20Capital) No changes occurred in the company's total share capital or share structure during the reporting period - No changes occurred in the company's total share capital or share structure during the reporting period[107](index=107&type=chunk) [Shareholder Information](index=40&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 21,192 common shareholders, with the controlling shareholder holding 61.46% - As of the end of the reporting period, the total number of common shareholders was **21,192**[108](index=108&type=chunk) 前十名股东持股情况 (期末) | 股东名称 | 期末持股数量 (shares) | 比例 (%) | 股份状态 | 数量 (shares) | 股东性质 | | :--- | :--- | :--- | :--- | :--- | :--- | | 湖南出版投资控股集团有限公司 | 1,103,789,306 | 61.46 | 无 | | 国家 | | 香港中央结算有限公司 | 85,880,910 | 4.78 | 无 | | 未知 | | 湖南盛力投资有限责任公司 | 58,094,174 | 3.23 | 无 | | 国有法人 | | 中国人寿保险股份有限公司－传统－普通保险产品－沪005L－CT001 | 45,934,700 | 2.56 | 无 | | 未知 | | 东吴证券股份有限公司 | 29,899,417 | 1.66 | 冻结 | 11,494,684 | 未知 | | 中国人寿保险（集团）公司－传统－普通保险产品－港股通（创新策略） | 24,210,209 | 1.35 | 无 | | 未知 | | 招商银行股份有限公司－上证红利交易型开放式指数证券投资基金 | 22,692,510 | 1.26 | 无 | | 未知 | | 全国社保基金四一三组合 | 11,520,000 | 0.64 | 无 | | 未知 | | 中国太平洋人寿保险股份有限公司－传统保险高分红股票管理组合 | 10,797,300 | 0.60 | 无 | | 未知 | | 中国农业银行股份有限公司－中证500交易型开放式指数证券投资基金 | 10,674,164 | 0.59 | 无 | | 未知 | - Hunan Shengli Investment Co., Ltd. is a **wholly-owned subsidiary** of Hunan Publishing Investment Holding Group Co., Ltd[111](index=111&type=chunk) [Bond-Related Information](index=42&type=section&id=Section%207%20Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=42&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) Not applicable - Not applicable[113](index=113&type=chunk) [Convertible Corporate Bonds](index=42&type=section&id=II.%20Convertible%20Corporate%20Bonds) Not applicable - Not applicable[113](index=113&type=chunk) [Financial Report](index=43&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=43&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is **unaudited**[5](index=5&type=chunk)[115](index=115&type=chunk) [Financial Statements](index=43&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025 [Consolidated Balance Sheet](index=43&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were CNY 25.57 billion, total liabilities CNY 9.09 billion, and net assets attributable to shareholders CNY 15.78 billion 合并资产负债表关键数据 (2025年6月30日) | 项目 | 金额 (CNY) | | :--- | :--- | | 货币资金 | 10,899,615,768.33 | | 交易性金融资产 | 3,760,061,489.92 | | 应收账款 | 1,809,981,431.81 | | 存货 | 778,555,990.71 | | 固定资产 | 2,637,713,974.03 | | 总资产 | 25,572,215,289.55 | | 应付账款 | 4,154,685,834.47 | | 合同负债 | 1,348,255,877.58 | | 负债合计 | 9,087,827,520.67 | | 归属于母公司所有者权益合计 | 15,781,218,875.31 | [Parent Company Balance Sheet](index=45&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were CNY 13.19 billion, total liabilities CNY 1.79 billion, and total owners' equity CNY 11.40 billion 母公司资产负债表关键数据 (2025年6月30日) | 项目 | 金额 (CNY) | | :--- | :--- | | 货币资金 | 4,570,898,322.75 | | 长期股权投资 | 5,541,134,483.17 | | 固定资产 | 1,551,525,288.71 | | 总资产 | 13,191,179,391.61 | | 应付账款 | 460,057,635.46 | | 负债合计 | 1,789,441,593.12 | | 所有者权益合计 | 11,401,737,798.49 | [Consolidated Income Statement](index=47&type=section&id=Consolidated%20Income%20Statement) For H1 2025, consolidated total operating revenue was CNY 6.34 billion, net profit CNY 1.05 billion, and basic EPS CNY 0.57 合并利润表关键数据 (2025年1-6月) | 项目 | 金额 (CNY) | | :--- | :--- | | 营业总收入 | 6,335,287,088.10 | | 营业总成本 | 5,235,172,638.84 | | 利润总额 | 1,068,549,470.85 | | 所得税费用 | 18,421,397.86 | | 净利润 | 1,050,128,072.99 | | 归属于母公司股东的净利润 | 1,017,271,727.57 | | 基本每股收益 (CNY/股) | 0.57 | [Parent Company Income Statement](index=49&type=section&id=Parent%20Company%20Income%20Statement) For H1 2025, parent company operating revenue was CNY 934.72 million, and net profit was CNY 303.35 million 母公司利润表关键数据 (2025年1-6月) | 项目 | 金额 (CNY) | | :--- | :--- | | 营业收入 | 934,715,116.72 | | 营业利润 | 306,190,698.04 | | 利润总额 | 303,351,855.29 | | 净利润 | 303,351,855.29 | [Consolidated Cash Flow Statement](index=50&type=section&id=Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was -CNY 582.46 million, from investing activities -CNY 3.37 billion, and from financing activities -CNY 920.32 million 合并现金流量表关键数据 (2025年1-6月) | 项目 | 金额 (CNY) | | :--- | :--- | | 经营活动产生的现金流量净额 | -582,462,559.38 | | 投资活动产生的现金流量净额 | -3,374,550,360.99 | | 筹资活动产生的现金流量净额 | -920,321,149.07 | | 现金及现金等价物净增加额 | -4,877,334,069.44 | | 期末现金及现金等价物余额 | 7,016,582,532.31 | [Parent Company Cash Flow Statement](index=51&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, parent company net cash flow from operating activities was CNY 1.79 million, from investing activities CNY 1.15 billion, and from financing activities -CNY 808.34 million 母公司现金流量表关键数据 (2025年1-6月) | 项目 | 金额 (CNY) | | :--- | :--- | | 经营活动产生的现金流量净额 | 1,785,631.97 | | 投资活动产生的现金流量净额 | 1,153,801,215.51 | | 筹资活动产生的现金流量净额 | -808,340,380.74 | | 现金及现金等价物净增加额 | 347,246,466.74 | | 期末现金及现金等价物余额 | 4,570,598,322.75 | [Consolidated Statement of Changes in Owners' Equity](index=53&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) For H1 2025, consolidated owners' equity increased by CNY 111.22 million, primarily due to comprehensive income and profit distribution - For the first half of 2025, the consolidated owners' equity totaled **CNY 16,484,387,768.88** at period-end, compared to **CNY 16,373,168,123.90** at period-start, with a change of **CNY 111,219,644.98** for the current period[135](index=135&type=chunk)[137](index=137&type=chunk) - Total comprehensive income attributable to parent company owners was **CNY 1,017,271,727.57**, and distribution to owners (or shareholders) was **-CNY 808,200,000.00**[135](index=135&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=55&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) For H1 2025, parent company owners' equity decreased by CNY 512.50 million, primarily due to profit distribution - For the first half of 2025, the parent company's owners' equity totaled **CNY 11,401,737,798.49** at period-end, compared to **CNY 11,914,239,529.10** at period-start, with a change of **-CNY 512,501,730.61** for the current period[139](index=139&type=chunk)[140](index=140&type=chunk) - Total comprehensive income was **CNY 303,351,855.29**, and distribution to owners (or shareholders) was **-CNY 808,200,000.00**[140](index=140&type=chunk) [Company Overview](index=59&type=section&id=III.%20Company%20Overview) The company, listed on SSE since 2010, engages in publishing, distribution, printing, media, digital services, and finance, with one new subsidiary added - The company was listed on the **Shanghai Stock Exchange** on October 28, 2010[143](index=143&type=chunk) - Main businesses include **publishing, distribution, printing, printing material supply, newspaper and new media, digital services, and financial services**[143](index=143&type=chunk) - The parent company is **Hunan Publishing Investment Holding Group Co., Ltd.**[143](index=143&type=chunk) - From January to June 2025, a total of **63 subsidiaries and sub-subsidiaries** were included in the consolidation scope, an increase of **1 subsidiary** compared to the previous year[144](index=144&type=chunk) [Basis of Preparation of Financial Statements](index=59&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) Financial statements are prepared on a going concern basis, adhering to accounting standards, using accrual basis and historical cost - Financial statements are prepared on a **going concern basis**[145](index=145&type=chunk) - Accounting is based on the **accrual basis**, and, except for certain financial instruments, uses the **historical cost** as the measurement basis[145](index=145&type=chunk) - The Group possesses the ability to continue as a going concern for at least **12 months** from the end of the reporting period[146](index=146&type=chunk) [Significant Accounting Policies and Estimates](index=59&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details accounting policies and estimates for financial instruments, inventory, revenue, and other key areas, including significant judgments - The company has formulated specific accounting policies and estimates for **inventory impairment provision methods** and **revenue recognition transactions and events** based on its actual production and operation characteristics[147](index=147&type=chunk) - Financial assets are classified into three categories: measured at **amortized cost**, measured at **fair value with changes recognized in other comprehensive income**, and measured at **fair value with changes recognized in profit or loss**[167](index=167&type=chunk) - Financial asset impairment uses the **expected credit loss model** to assess whether credit risk has significantly increased since initial recognition[175](index=175&type=chunk) - Revenue is recognized when the customer obtains **control of the related goods or services**[233](index=233&type=chunk) - Significant accounting judgments and estimates include **lease classification**, **financial asset impairment**, **inventory impairment provision**, **fair value of financial instruments**, **long-term asset impairment provision**, **depreciation and amortization**, **deferred income tax assets**, **income tax**, and **provisions**[252](index=252&type=chunk)[253](index=253&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) [Taxation](index=83&type=section&id=VI.%20Taxation) This section outlines major tax types and rates, along with various tax incentives and reductions enjoyed by the company and its subsidiaries 主要税种及税率 | 税种 | 税率 | | :--- | :--- | | 增值税 | 13%、9%、6%、5%、3% | | 城市维护建设税 | 7%、5% | | 企业所得税 | 25%、20%、15% | | 教育费附加 | 5% | | 文化事业建设费 | 3% | | 房产税 | 1.2%、12% | - VAT incentives: Before December 31, 2027, **VAT exemption for wholesale and retail of books**; **100% VAT refund** for children's books, primary and secondary school textbooks, and elderly newspapers at the publishing stage; **50% VAT refund** for other books, periodicals, audio-visual products, and electronic publications at the publishing stage[259](index=259&type=chunk) - Corporate Income Tax incentives: Before December 31, 2027, **cultural reform enterprises are exempt from corporate income tax**; high-tech enterprises like Tianwen Shumei Technology (Beijing) Co., Ltd. are subject to a reduced corporate income tax rate of **15%**[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk) - Cultural Development Fee incentives: From January 1, 2025, to December 31, 2027, a **50% reduction** for cultural development fees attributable to central revenue; from July 1, 2019, to June 30, 2025, a **50% reduction** for local enterprises, institutions, and individuals[268](index=268&type=chunk) [Notes to Consolidated Financial Statement Items](index=90&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for all consolidated financial statement items, including assets, liabilities, equity, and income statement accounts - Period-end monetary funds totaled **CNY 10,899,615,768.33**, of which **CNY 3,250,000,000.00** were fixed deposits that could not be withdrawn early[270](index=270&type=chunk) - Period-end balance of transactional financial assets was **CNY 3,760,061,489.92**, a **302.31% increase** from the beginning of the period, primarily due to debt instrument investments[272](index=272&type=chunk) - Period-end book value of fixed assets was **CNY 2,637,713,974.03**, a **103.44% increase** from the beginning of the period, mainly due to the capitalization of the Malanshan Video Cultural and Creative Industrial Park project[353](index=353&type=chunk) - Period-end book value of construction in progress was **CNY 246,705,614.09**, an **84.20% decrease** from the beginning of the period, mainly due to the capitalization of the Malanshan Video Cultural and Creative Industrial Park project[359](index=359&type=chunk) - Period-end balance of contract liabilities was **CNY 1,348,255,877.58**, a **30.03% decrease** from the beginning of the period[395](index=395&type=chunk) - Period-end balance of undistributed profits was **CNY 7,755,125,893.00**[430](index=430&type=chunk) [Research and Development Expenses](index=136&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenditure for the period was CNY 34.60 million, fully expensed, primarily comprising personnel and outsourced R&D costs 研发支出构成 (本期) | 项目 | 金额 (CNY) | | :--- | :--- | | 人工成本 | 22,370,243.01 | | 委托研发费用 | 6,149,529.63 | | 折旧费 | 2,755,498.76 | | 直接投入费用 | 1,425,035.96 | | 其他费用 | 1,897,695.44 | | **合计** | **34,598,002.80** | - All R&D expenditures for the current period were **expensed**[478](index=478&type=chunk) - R&D expenditures increased by **4.35%** compared to the previous period[46](index=46&type=chunk) [Changes in Consolidation Scope](index=136&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company's consolidation scope increased by one subsidiary due to the establishment of Hunan Gengxin Education Technology Co., Ltd - Wholly-owned subsidiary **Hunan Xinhua Bookstore Co., Ltd.** established a new subsidiary, **Hunan Gengxin Education Technology Co., Ltd.**[480](index=480&type=chunk) - Hunan Gengxin Education Technology Co., Ltd. has a registered capital of **CNY 40 million** and a **100% shareholding**, and was included in the consolidation scope for the current period[480](index=480&type=chunk) [Interests in Other Entities](index=137&type=section&id=X.%20Interests%20in%20Other%20Entities) This section lists major subsidiaries and important non-wholly owned subsidiaries, including their financial information and control basis - The company owns multiple subsidiaries, covering **financial services, advertising operations, digital services, publishing, and distribution**[481](index=481&type=chunk)[482](index=482&type=chunk)[483](index=483&type=chunk)[484](index=484&type=chunk)[485](index=485&type=chunk) 重要非全资子公司主要财务信息 (期末余额) | 子公司名称 | 少数股东持股比例 (%) | 本期归属于少数股东的损益 (CNY) | 本期向少数股东宣告分派的股利 (CNY) | 期末少数股东权益余额 (CNY) | | :--- | :--- | :--- | :--- | :--- | | 湖南出版投资控股集团财务有限公司 | 30 | 9,251,260.83 | 63,048,736.50 | 527,980,198.25 | | 中南博集天卷文化传媒有限公司 | 49 | 17,617,596.94 | 50,968,448.33 | 86,561,410.45 | - Hubei Zhongnan Metro Media Co., Ltd. holds a **40% equity stake** in Hunan Airport Culture Technology Co., Ltd., but exercises control with a **70% voting right** through a concerted action agreement[485](index=485&type=chunk) [Government Grants](index=144&type=section&id=XI.%20Government%20Grants) This section discloses government grants recognized as receivables, related liabilities, and amounts recognized in current period profit or loss 涉及政府补助的负债项目 (期末余额) | 财务报表项目 | 期末余额 (CNY) | 与资产/收益相关 | | :--- | :--- | :--- | | 递延收益 | 90,017,657.17 | 与收益相关 | | 递延收益 | 41,232,484.11 | 与资产相关 | | **合计** | **131,250,141.28** | / | 计入当期损益的政府补助 (本期发生额) | 类型 | 金额 (CNY) | | :--- | :--- | | 与收益相关 | 71,230,133.34 | | 与资产相关 | 2,000,805.60 | | **合计** | **73,230,938.94** | [Risks Related to Financial Instruments](index=144&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate, foreign exchange) associated with its financial instruments through various controls - The company's main financial instruments include **equity investments, debt investments, loans granted, deposits absorbed, accounts receivable, and accounts payable**[495](index=495&type=chunk) - The primary risks are **credit risk, liquidity risk, and market risk** (interest rate risk, foreign exchange risk)[496](index=496&type=chunk) - Credit risk and liquidity risk are mitigated by **reviewing customer credit**, **monitoring collection procedures**, and **ensuring fund liquidity**[504](index=504&type=chunk)[505](index=505&type=chunk) - Foreign exchange risk has **minimal impact** on financial statements as transactions are primarily domestic, and assets and liabilities are mainly denominated in RMB[505](index=505&type=chunk) [Disclosure of Fair Value](index=147&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value, detailing valuation techniques and input levels 持续以公允价值计量的资产总额 (期末) | 项目 | 第一层次公允价值计量 (CNY) | 第二层次公允价值计量 (CNY) | 第三层次公允价值计量 (CNY) | 合计 (CNY) | | :--- | :--- | :--- | :--- | :--- | | 交易性金融资产 | 3,519,071,459.92 | 239,990,030.00 | 1,000,000.00 | 3,760,061,489.92 | | 其他权益工具投资 | 0.00 | 0.00 | 118,476,712.25 | 118,476,712.25 | | **合计** | **3,519,071,459.92** | **239,990,030.00** | **119,476,712.25** | **3,878,538,202.17** | - Level 1 fair value measurement uses **unadjusted quoted prices in active markets**[511](index=511&type=chunk) - Level 2 fair value measurement employs **market valuation techniques**, such as comparable listed company method, transaction case comparison method, and recent financing price method[512](index=512&type=chunk) - Level 3 fair value measurement uses **unobservable inputs**[513](index=513&type=chunk) [Related Parties and Related Party Transactions](index=148&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details related parties and transactions, including purchases, sales, services, leases, and outstanding balances with related entities - The parent company is **Hunan Publishing Investment Holding Group Co., Ltd.**, with a **64.69% shareholding**, and the ultimate controlling party is the **Hunan Provincial People's Government**[515](index=515&type=chunk) 采购商品/接受劳务关联交易 (本期发生额) | 关联方 | 交易内容 | 本期发生额 (CNY) | | :--- | :--- | :--- | | 湖南教育报刊集团有限公司 | 采购商品 | 65,852,673.38 | | 湖南教育音像电子出版社有限责任公司 | 采购商品、接受劳务 | 60,136,253.39 | | 湖南出版投资控股集团普瑞实业有限公司 | 接受劳务 | 9,910,762.37 | | 潇湘晨报社 | 接受劳务 | 6,436,376.36 | | 湖南新华印刷集团有限责任公司 | 接受劳务 | 1,727,409.97 | 出售商品/提供劳务关联交易 (本期发生额) | 关联方 | 交易内容 | 本期发生额 (CNY) | | :--- | :--- | :--- | | 长沙天使文化股份有限公司 | 销售商品 | 17,094,416.90 | | 湖南教育报刊集团有限公司 | 销售商品 | 8,523,970.15 | | 湖南教育音像电子出版社有限责任公司 | 销售商品、提供劳务 | 4,809,778.17 | | 湖南出版投资控股集团有限公司 | 销售商品、提供劳务 | 4,549,778.83 | - The company is entrusted with managing the **Education Newspaper Group, Education Audio-Visual Press, and Map Publishing House** for a provisional period of **2 years** to resolve horizontal competition issues[522](index=522&type=chunk) 应收关联方款项 (期末账面余额) | 项目名称 | 关联方 | 期末账面余额 (CNY) | | :--- | :--- | :--- | | 应收账款 | 湖南教育音像电子出版社有限责任公司 | 4,715,550.00 | | 预付款项 | 湖南出版投资控股集团普瑞实业有限公司 | 5,935,634.35 | | 其他应收款 | 湖南出版投资控股集团有限公司 | 147,635.96 | | 其他非流动资产 | 湖南新华印刷集团有限责任公司 | 9,821,583.21 | 应付关联方款项 (期末账面余额) | 项目名称 | 关联方 | 期末账面余额 (CNY) | | :--- | :--- | :--- | | 应付账款 | 湖南教育音像电子出版社有限责任公司 | 40,373,843.81 | | 合同负债 | 湖南教育报刊集团有限公司 | 4,395,011.94 | | 其他应付款 | 湖南出版投资控股集团普瑞实业有限公司 | 13,414,947.33 | | 其他流动负债 | 湖南教育报刊集团有限公司 | 557,614.85 | | 租赁负债 | 湖南新华书店实业发展有限责任公司 | 4,135,345.70 | [Commitments and Contingencies](index=157&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company faces 24 unresolved lawsuits totaling CNY 14.22 million, but no provisions were made; it also has CNY 58.41 million in outstanding guarantees - During the reporting period, **41 new litigation cases** occurred, of which **24 are unresolved**, involving an amount of **CNY 14,219,270.89**[533](index=533&type=chunk) - The company believes the claims in these cases are unfounded and has **not recognized any provisions for contingencies**[533](index=533&type=chunk) - As of June 30, 2025, the company had **100 outstanding guarantees** totaling **CNY 58,407,976.70**[534](index=534&type=chunk) [Events After the Balance Sheet Date](index=157&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) The company plans to distribute profits or dividends totaling CNY 179.60 million after the balance sheet date - Proposed profit or dividend distribution of **CNY 179,600,000.00**[535](index=535&type=chunk) [Other Significant Matters](index=158&type=section&id=XVIII.%20Other%20Significant%20Matters) This section covers the company's annuity plan, segment reporting, and the repayment of interbank borrowing - The company's 2010 annual general meeting, held on May 10, 2011, approved the **"Company Enterprise Annuity Plan"**, with a total enterprise annuity provision of **CNY 58.46 million** from January to June 2025[536](index=536&type=chunk) - The company's business operations are divided into **7 operating segments**, including headquarters, publishing, distribution, printing, materials, digital services and media communication, and financial services[537](index=537&type=chunk) 报告分部的财务信息 (主营业务收入) | 项目 | 总部分部 (CNY '000) | 出版分部 (CNY '000) | 发行分部 (CNY '000) | 印刷分部 (CNY '000) | 物资分部 (CNY '000) | 数字化服务及媒体传播分部 (CNY '000) | 金融服务分部 (CNY '000) | 分部间抵销 (CNY '000) | 合计 (CNY '000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 主营业务收入 | 13.58 | 173,073.73 | 532,676.34 | 48,949.30 | 56,570.66 | 37,414.81 | 9,384.66 | 230,442.47 | 627,640.61 | - The principal of **CNY 300 million** for two interbank borrowing transactions between the company's subsidiary finance company and Xinhua Lian Holding Group Finance Co., Ltd. has been repaid[539](index=539&type=chunk) [Notes to Major Items in Parent Company Financial Statements](index=159&type=section&id=XIX.%20Notes%20to%20Major%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for key parent company financial statement items, including receivables, long-term equity investments, and investment income - Parent company's accounts receivable period-end book balance was **CNY 153,389,007.02**, with an impairment provision of **CNY 549,885.32**[159](index=159&type=chunk)[543](index=543&type=chunk) - Parent company's other receivables period-end book balance was **CNY 55,855,083.15**, with an impairment provision of **CNY 5,272,471.73**[164](index=164&type=chunk)[165](index=165&type=chunk)[563](index=563&type=chunk)[565](index=565&type=chunk) - Parent company's long-term equity investment period-end book value was **CNY 5,541,134,483.17**, including **CNY 5,400,591,776.90** in investments in subsidiaries and **CNY 140,542,706.27** in investments in associates and joint ventures[166](index=166&type=chunk)[570](index=570&type=chunk) - Parent company's operating revenue for January-June 2025 was **CNY 934,715,116.72**, and operating cost was **CNY 599,951,075.42**[169](index=169&type=chunk)[578](index=578&type=chunk) - Parent company's investment income for January-June 2025 was **CNY 211,204,602.80**, primarily from long-term equity investments accounted for using the cost method[169](index=169&type=chunk)[576](index=576&type=chunk) [Supplementary Information](index=169&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses, and key profitability ratios - Total non-recurring gains and losses for the current period: **CNY 22,297,925.50**[170](index=170&type=chunk)[579](index=579&type=chunk) 净资产收益率及每股收益 (本报告期) | 报告期利润 | 加权平均净资产收益率 (%) | 基本每股收益 | 稀释每股收益 | | :--- | :--- | :--- | :--- | | 归属于公司普通股股东的净利润 | 6.38 | 0.57 | 0.57 | | 扣除非经常性损益后归属于公司普通股股东的净利润 | 6.24 | 0.55 | 0.55 |

证券代码：601098 股票简称：中南传媒 编号：临 2025-032 中南出版传媒集团股份有限公司 关于召开2025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： 问题征集方式：投资者可于 2025 年 9 月 11 日中午 12:00 前将相关 问题通过电子邮件的形式发送至公司邮箱：zncmjt@zncmjt.com。公司将在 2025 年半年度业绩说明会（以下简称"业绩说明会"）上对投资者普遍关注 的问题进行统一回答。 一、说明会类型 1 / 3 会议召开时间：2025 年 9 月 12 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：2025 年 9 月 12 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 三、参加人员 公司董事长贺砾辉女士，董事、董事会 ...

证券代码：601098 股票简称：中南传媒 编号：临 2025-030 中南出版传媒集团股份有限公司关于2025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《上市公司募集资金监管规则》、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（2025 年 5 月修订）》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 2025 年 6 月 30 日募集资金存放与实际使 用情况报告如下： 一、募集资金基本情况 （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 424,268.00 万元， 扣除承销及保荐费用人民币 11,032.43 ...

中南出版传媒集团股份有限公司 关于湖南出版投资控股集团财务有限公司 2025 年半年度风险持续评估报告 根据上海证券交易所《上市公司自律监管指引第 5 号—— 交易与关联交易》的要求，中南出版传媒集团股份有限公司（以 下简称"本公司"）通过查验湖南出版投资控股集团财务有限公 司（以下简称"财务公司")《金融许可证》《营业执照》等证 件资料，审阅包括资产负债表、利润表、现金流量表、所有者 权益变动表等在内的财务公司的定期财务报告，并了解财务公 司内部控制及风险监管指标动态，对财务公司的经营资质、业 务和风险状况进行了评估，具体情况报告如下： 一、财务公司基本情况 财务公司是经原中国银行业监督管理委员会批准设立的为 湖南出版投资控股集团有限公司及其成员单位提供财务管理服 务的非银行金融机构，自 2013 年 12 月 2 日获准筹建，于 2014 年 4 月 21 日获得原中国银行业监督管理委员会开业批复（湘银 监复〔2014〕102 号），于同年 4 月 21 日取得《金融许可证》（机 构编码：L0196H243010001)，于同年 4 月 23 日办理工商登记 并取得《营业执照》（注册号：430000000 ...

Core Viewpoint - The company reported a decline in revenue but an increase in net profit, attributed to tax policy benefits [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 6.335 billion yuan, a year-on-year decrease of 8.09% [1] - The net profit attributable to shareholders was 1.017 billion yuan, reflecting a year-on-year increase of 31.46% [1] - Basic earnings per share were reported at 0.57 yuan [1] Dividend Distribution - The company plans to distribute a cash dividend of 1.0 yuan (including tax) for every 10 shares to all shareholders [1] Tax Policy Impact - The increase in net profit is primarily due to the continuation of tax exemption policies for cultural reform enterprises, resulting in a year-on-year decrease in income tax expenses [1]

Market Overview - The publishing sector experienced a decline of 2.16% on August 27, with the Shanghai Composite Index closing at 3800.35, down 1.76%, and the Shenzhen Component Index at 12295.07, down 1.43% [1] Individual Stock Performance - Inner Mongolia Xinhua (603230) led the gains with a closing price of 14.64, up 5.10% with a trading volume of 184,400 shares and a transaction value of 271 million [1] - Chinese Online (300364) saw the largest drop, closing at 32.35, down 9.10% with a trading volume of 1,616,700 shares and a transaction value of 545.9 million [2] - Other notable declines included Tianzhou Culture (300148) down 4.71% and Duku Culture (301025) down 4.39% [2] Capital Flow Analysis - The publishing sector had a net outflow of 719 million from institutional investors, while retail investors saw a net inflow of 416 million [2] - The main capital inflow was observed in Inner Mongolia Xinhua with a net inflow of 26.82 million, while Chinese Online experienced a significant net outflow of 33.38 million from retail investors [3]

Group 1 - The core viewpoint of the news is that Zhongnan Publishing Media Group Co., Ltd. has shown mixed financial performance, with a decrease in revenue but an increase in net profit year-on-year [2][3] - On August 26, Zhongnan Media's stock price fell by 0.23%, with a trading volume of 128 million yuan, and a net financing purchase of 2.13 million yuan [1] - As of August 26, the total balance of margin trading for Zhongnan Media was 164 million yuan, with a financing balance of 162 million yuan, representing 0.69% of the circulating market value [1] Group 2 - The company's main business segments include publishing (20.57% of revenue) and distribution (59.40% of revenue), with educational materials contributing 15.81% [2] - As of March 31, the number of shareholders increased by 8.62% to 23,400, while the average circulating shares per person decreased by 7.94% to 76,900 shares [2] - In the first quarter of 2025, Zhongnan Media achieved operating revenue of 2.874 billion yuan, a year-on-year decrease of 4.18%, while net profit attributable to the parent company was 369 million yuan, a year-on-year increase of 29.99% [2] Group 3 - Since its A-share listing, Zhongnan Media has distributed a total of 11.548 billion yuan in dividends, with 3.053 billion yuan distributed in the last three years [3] - As of March 31, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 83.9247 million shares, a decrease of 2.1901 million shares from the previous period [3] - The fifth-largest circulating shareholder, Huatai-PB SSE Dividend ETF, increased its holdings by 146,000 shares to 27.3281 million shares [3]

金融界消息 截至2025年8月25日收盘，中南传媒（601098）报收于13.2元，下跌0.6%，换手率0.79%， 成交量14.24万手，成交金额1.88亿元。 资金流向方面，今日主力资金净流出1123.27万元，占比成交额5.98%。其中，超大单净流入76.19万 元、占成交额0.41%，大单净流出1199.46万元、占成交额6.39%，中单净流出流出300.22万元、占成交 额1.6%，小单净流入1423.49万元、占成交额7.58%。 中南传媒最新一期业绩显示，截至2025一季报，公司营业总收入28.74亿元、同比减少4.18%，归属净利 润3.69亿元，同比增长29.99%，扣非净利润3.78亿元，同比增长51.47%，流动比率2.437、速动比率 2.299、资产负债率37.16%。 天眼查商业履历信息显示，中南出版传媒集团股份有限公司，成立于2008年，位于长沙市，是一家以从 事新闻和出版业为主的企业。企业注册资本179600万人民币，实缴资本120000万人民币。公司法定代表 人为贺砾辉。 通过天眼查大数据分析，中南出版传媒集团股份有限公司共对外投资了37家企业，参与招投标项目152 次，知识 ...

证券之星消息，8月22日出版板块较上一交易日上涨0.68%，果麦文化领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301052 | 果麦文化 | 78.12 | 5.37% | 10.21万 | | 7.73亿 | | 300364 | 中文在线 | 28.29 | 3.25% | 91.31万 | | 25.50亿 | | 601921 | 浙版传媒 | 9.02 | 1.92% | 65.91万 | | 5.91亿 | | 300654 | 世纪天鸿 | 11.30 | 1.44% | 16.93万 | | 1.90亿 | | 605577 | 龙版传媒 | 14.13 | 1.44% | 4.89万 | | 6865.42万 | | 601858 | 中国科传 | 20.88 | 1.41% | 11.33万 | | 2.35亿 | | 00 ...

证券之星消息，8月20日出版板块较上一交易日上涨0.57%，浙版传媒领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601921 | 浙版传媒 | 8.77 | 2.93% | 85.34万 | 7.60亿 | | 605577 | 龙版传媒 | 14.07 | 1.88% | 5.00万 | 6955.99万 | | 601811 | 新华文轩 | 15.96 | 1.72% | 3.99万 | 6343.18万 | | 600373 | 中文传媒 | 10.52 | 1.25% | 27.85万 | 2.94亿 | | 601801 | 皖新传媒 | 7.03 | 1.01% | 19.35万 | 1.35亿 | | 300788 | 中信出版 | 33.00 | 0.92% | 7.19万 | 2.40亿 | | 601949 | 中国出版 | 6.95 | ...