证券代码：601098 股票简称：中南传媒 编号：临 2025-034 中南出版传媒集团股份有限公司 第六届董事会第六次会议决议公告 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。 中南出版传媒集团股份有限公司（以下简称"公司"）第六届董事会 第六次会议于 2025 年 9 月 14 日以通讯方式召开。本次会议于 2025 年 9 月 9 日以电子邮件和送达的方式发出会议通知及相关资料。会议应参加表决董 事 9 人，实际参加表决董事 9 人。会议召开符合《公司法》和《公司章程》 的有关规定。 本次会议由董事长贺砾辉女士召集，采用记名投票方式，审议并通过 如下议案： 一、审议通过《关于修订<公司章程>及相关制度的议案》 详见上海证券交易所网站及刊载于《中国证券报》《上海证券报》《证 券时报》《证券日报》的《中南传媒关于修订<公司章程>及相关制度的公告》 （编号：临 2025-035）。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案需提交公司股东大会审议。 二、审议通过《关于修订<中南出版传媒集团股份有限公司内幕信 ...

Group 1 - The company Zhongnan Media (SH 601098) announced on September 14 that its sixth board meeting was held via communication, discussing the proposal for the reappointment of the accounting firm [1] - For the fiscal year 2024, Zhongnan Media's revenue composition is as follows: distribution accounts for 80.76%, publishing for 27.97%, materials for 10.36%, printing for 7.89%, and media for 6.4% [1] - As of the report date, Zhongnan Media has a market capitalization of 23.2 billion yuan [1]

Core Viewpoint - The publishing sector experienced a decline of 0.97% on September 12, with Chinese Online leading the drop, while the Shanghai Composite Index rose by 0.22% and the Shenzhen Component Index increased by 0.13% [1][2]. Group 1: Market Performance - The publishing sector's main stocks showed mixed performance, with notable declines in Chinese Online, which fell by 3.87% to a closing price of 27.81 [2]. - Key stocks in the sector included: - Yue Media: Closed at 10.11, up 6.09% - Longyuan Media: Closed at 15.50, up 4.03% - China Science Publishing: Closed at 21.57, up 0.94% [1]. Group 2: Trading Volume and Capital Flow - The total trading volume for the publishing sector was significant, with Chinese Online alone accounting for a trading volume of 726,900 shares and a transaction value of 2.019 billion [2]. - The sector saw a net outflow of 386 million from institutional investors, while retail investors contributed a net inflow of 346 million [2][3]. Group 3: Individual Stock Capital Flow - Notable capital flows for individual stocks included: - Zhongnan Media: Net inflow of 23.14 million from institutional investors, but a net outflow of 25.34 million from retail investors [3]. - Longyuan Media: Net inflow of 17.46 million from institutional investors, with a net outflow of 10.82 million from retail investors [3]. - The overall trend indicated a shift in capital dynamics, with retail investors showing resilience despite institutional outflows [3].

融资融券余额1.61亿元，较昨日上涨1.15%。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-09-10 | 230.90万 | 1.59亿 | 0.68% | | 2025-09-09 | 201.12万 | 1.56 Z | 0.68% | | 2025-09-08 | 312.20万 | 1.54亿 | 0.66% | | 2025-09-05 | -678.66万 | 1.51亿 | 0.65% | | 2025-09-04 | 218.97万 | 1.58亿 | 0.70% | 融券方面，当日融券卖出900.0股，融券偿还3.9万股，融券净买入3.81万股，融券余量20.29万股。 | 交易日 | (船) 田樹虎城區 | | 融券会量(股) | 融券余额(元) | | --- | --- | --- | --- | --- | | 2025-09-10 | | -3.81万 | 20.29万 | 262.76万 | | 2025-09-09 | | 1.78万 | 24.10万 | 310.89万 | ...

Core Insights - The article highlights the "Central South Publishing Back-to-School Celebration" event launched by JD Books in collaboration with Central South Publishing, offering a wide selection of books at discounted prices during the back-to-school season [1][16] Group 1: Event Details - The event runs from September 10 to September 12, allowing readers to access a variety of book categories including literature, youth comics, social sciences, management, children's books, science textbooks, and art [1][16] - During the event, customers can enjoy discounts on JD's self-operated books, with a promotion of 80 yuan off for purchases over 200 yuan [1] Group 2: Featured Books - The event includes a selection of high-quality educational books, such as "The Amazing Mathematics" by Li Yongle, which simplifies complex math concepts for students [3] - Other notable titles include "This is Physics," which uses engaging comics to introduce physics concepts, and "How Chinese Characters Came to Be," which explores the history of around 400 Chinese characters [3] Group 3: Children's Books - The event also features popular children's literature, including a collection of works by Yang Hongying that promotes positive values and reading interest among children [6] - "The Journey to the West" adapted for children and "Li Nezha Goes to School," which helps young children adapt to school life, are also highlighted [6] Group 4: Broader Selection - JD Books has curated quality books in various fields such as popular science, history, and traditional Chinese culture, including Stephen Hawking's "A Brief History of Time" and Ma Boyong's "Lychee in Chang'an" [10] - The classic collection "Ancient Literature Observations" is also featured, serving both educational and cultural purposes [10] Group 5: Publisher Collaboration - The event includes a "Central South Good Store" section, showcasing numerous well-known publishers and booksellers, enhancing the shopping experience for readers [14] - The strategic partnership between JD and Central South Publishing, established in May, aims to leverage resources for the development of the book retail and publishing industry [16]

Market Overview - The publishing sector increased by 1.12% on September 5, with Guomai Culture leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Guomai Culture (301052) closed at 84.34, up 4.20%, with a trading volume of 52,600 shares and a turnover of 436 million yuan [1] - China Science Publishing (601858) closed at 21.22, up 2.81%, with a trading volume of 92,500 shares and a turnover of 195 million yuan [1] - Tianzhou Culture (300148) closed at 4.92, up 2.71%, with a trading volume of 411,900 shares and a turnover of 200 million yuan [1] - Other notable stocks include Zhongnan Media (601098) at 12.95 (+2.53%) and Ning Media (002181) at 7.89 (+2.47%) [1] Capital Flow Analysis - The publishing sector saw a net inflow of 42.18 million yuan from institutional investors, while retail investors contributed a net inflow of 39.73 million yuan [2] - However, there was a net outflow of 81.91 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - Zhongnan Media (601098) had a net inflow of 65.89 million yuan from institutional investors, but a net outflow of 36.58 million yuan from speculative funds [3] - Chinese Online (300364) experienced a net inflow of 30.54 million yuan from institutional investors, with a net outflow of 46.36 million yuan from speculative funds [3] - Phoenix Media (601928) had a net inflow of 13.19 million yuan from institutional investors, while experiencing a net outflow of 10.85 million yuan from speculative funds [3]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Newray, Bull Group, and BYD leading the rankings with target price increases of 61.15%, 55.81%, and 54.81% respectively [1][2] - Newray shares are rated as "Strong Buy" by Huachuang Securities with a target price of 27.75 yuan, indicating a significant potential upside [2] - Bull Group is rated "Buy" by CITIC Securities with a target price of 72.00 yuan, reflecting strong market confidence [2] - BYD, also rated "Buy" by Dongwu Securities, has a target price of 161.00 yuan, showcasing its robust position in the passenger vehicle industry [2] Group 2 - On September 4, a total of 84 listed companies received recommendations from securities firms, with Jixiang Airlines, Newray, and BYD each receiving two recommendations [3][4] - The companies with the highest number of recommendations include Jixiang Airlines (2), Newray (2), and BYD (2), indicating strong interest from analysts [3][4] Group 3 - Six companies received their first coverage on September 4, including Beijing-Shanghai High-speed Railway rated "Recommended" by Minsheng Securities, and Dongfang Tower rated "Buy" by Northeast Securities [5] - Other companies receiving first coverage include Changjiang Securities, Zhongnan Media, and Source Pet, all rated positively by various securities firms [5]

Investment Rating - The report assigns a "Buy-A" rating to the company, with a target price of 15.36 CNY based on a 16x PE for 2025 [5][13]. Core Insights - The company reported a revenue of 6.335 billion CNY for H1 2025, a decrease of 8.09% year-on-year, while the net profit attributable to shareholders increased by 31.46% to 1.017 billion CNY [1]. - The decline in revenue is attributed to the company's strategic reduction in low-margin bulk business and a drop in traditional e-commerce sales [1]. - The gross margin improved to 45.84%, up 1.49 percentage points from 2024, due to lower raw material prices [1]. - The company demonstrated strong cost control, with sales, management, and R&D expense ratios decreasing by 1.83, 0.41, and 0.18 percentage points, respectively, compared to 2024 [1]. Business Structure and Market Position - The company operates nine publishing houses, five of which are among the top 100 in the country, and has a leading position in the mass-market book sector [2]. - In H1 2025, the company achieved a market share of 5.25% in the national book retail market, ranking second, and a 6.07% share in the new book retail market, ranking first [2]. - The company is actively exploring innovative business models in the education services market, including promoting campus reading and expanding into vocational education [2]. Financial Performance and Forecast - The company plans to distribute a cash dividend of 0.1 CNY per share, totaling 180 million CNY, continuing its trend of high dividend payouts [3]. - Revenue forecasts for 2025-2027 are 13.32 billion CNY, 13.45 billion CNY, and 13.60 billion CNY, with net profits projected at 1.727 billion CNY, 1.779 billion CNY, and 1.891 billion CNY, respectively [11][12]. - The overall gross margin is expected to be 44.53%, 44.90%, and 45.06% for 2025-2027 [10]. Valuation and Market Comparison - The company is positioned as a leading publishing group with a significant revenue scale, justifying a valuation premium compared to peers [13]. - The average PE of comparable companies is 12.52, while the company is valued at 16 times PE for 2025 [13][14].

Group 1 - The report highlights that the overall economic environment is favorable for the bond market, but structural changes may arise if the stock market continues to perform well, potentially diverting demand from bonds [4] - The report indicates that in H1 2025, Weichai Power's revenue reached 113.15 billion yuan, with a year-on-year growth of 0.6%, while the net profit attributable to shareholders decreased by 4.4% to 5.64 billion yuan [6][7] - The report notes that the heavy truck market in China is recovering, with wholesale sales increasing by 7% in H1 2025, and Weichai Power's engine sales reached 362,000 units, a 41% increase year-on-year [7][8] Group 2 - The report states that the REITs market has seen a significant breakthrough with the approval of the first foreign consumer REITs, indicating a growing interest in this investment vehicle [10][11] - The report mentions that the revenue of Hangcha Group reached 9.302 billion yuan in H1 2025, reflecting an 8.74% year-on-year increase, with a net profit of 1.121 billion yuan, up 11.38% [14][15] - The report highlights that the sales volume of industrial vehicles in China reached 739,000 units in H1 2025, with a year-on-year increase of 11.66%, indicating a robust market demand [15][16] Group 3 - The report indicates that Dou Shen Education achieved a revenue of 450 million yuan in H1 2025, representing a year-on-year growth of 36.13%, with a net profit of 104 million yuan, up 50.33% [20][21] - The report states that Weilon Co., Ltd. reported a revenue of 272 million yuan in H1 2025, with a year-on-year increase of 12.86%, and a net profit of 59 million yuan, up 15.14% [24] - The report notes that China Construction Bank's revenue grew by 10.36% year-on-year in Q2 2025, with a significant contribution from non-interest income, which increased by 18.53% [28][29] Group 4 - The report highlights that Anhui Heli's revenue reached 9.4 billion yuan in H1 2025, with a year-on-year increase of 6.2%, and a net profit of 800 million yuan, down 4.6% [32][33] - The report indicates that the entertainment sector, particularly Cat Eye Entertainment, saw a revenue of 2.47 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, despite a net profit decline of 37.3% [38][39] - The report mentions that Jingwei Hengrun achieved a revenue of 2.908 billion yuan in H1 2025, with a year-on-year growth of 43.48%, and successfully turned a profit in Q2 2025 [42][43]

Group 1 - The core viewpoint of the article highlights the investment behavior of the social security fund, which has invested in 577 stocks by the end of Q2, with 66 stocks held for over 20 consecutive quarters [1] - The longest-held stock by the social security fund is China Overseas Land & Investment, held for 57 quarters since Q2 2011, with a holding of 42.98 million shares, accounting for 0.62% of the circulating shares [1][3] - The top three stocks by the number of shares held by the social security fund at the end of Q2 are Changshu Bank, China State Construction, and Sany Heavy Industry, with holdings of 278 million shares, 205 million shares, and 171 million shares respectively [1][2] Group 2 - Among the 66 continuously held stocks, 15 saw an increase in holdings by the social security fund in Q2, with significant increases for Three Squirrels, Hongfa Technology, and Sheneng Co., with increases of 283.29%, 76.77%, and 44.59% respectively [2] - In contrast, 30 stocks were reduced, with the largest decreases in holdings for Yanjinpuzi, Aide Biology, and Zhongqi Co., with reductions of 53.00%, 52.54%, and 50.14% respectively [2] - The sectors with the most stocks held by the social security fund include basic chemicals, pharmaceuticals, and machinery, with 8, 6, and 5 stocks respectively [2] Group 3 - Of the 66 stocks continuously held, 40 reported year-on-year profit growth in the first half of the year, with the highest growth rates seen in Xiantan Co., Zhongsheng Pharmaceutical, and Lutai A, with profit increases of 344.55%, 114.96%, and 112.44% respectively [3] - Conversely, 25 stocks experienced a decline in net profit, with the largest declines reported by Jianlang Hardware, Zhongqi Co., and China Overseas Land & Investment, with decreases of 722.32%, 240.99%, and 171.52% respectively [3] - The sustainability of performance is indicated by 13 stocks that have shown year-on-year profit growth in the first half over the past three years, including Jieput, Sany Heavy Industry, and Zhengtai Electric [3]