Core Viewpoint - The investment management system of Zhongnan Publishing and Media Group Co., Ltd. aims to enhance investment management, ensure compliance with legal processes, control investment risks, and achieve expected investment outcomes [1][2]. Investment Management Overview - The term "investment" refers to economic activities conducted by Zhongnan Media and its subsidiaries through cash, physical assets, or intangible assets to achieve expected operational returns [1]. - Investment management encompasses pre-investment evaluation, ongoing management, and post-investment management of various investment activities [1]. Principles of Investment Management - Investments must comply with national laws, relevant industrial policies, and the company's strategic development goals, focusing on core business and creating value [2]. - A centralized management approach is adopted for all investment activities, ensuring that investment plans align with annual financial budgets [2]. - Strict measures are implemented to minimize risks associated with investments, aiming for maximum investment returns [2]. Management Structure and Responsibilities - Investment decisions are made by the shareholders' meeting, board of directors, and chairman within their authority [3]. - The investment management department is responsible for formulating and implementing investment strategies, reviewing investment projects, and overseeing post-investment management [4]. Investment Project Approval Process - The project selection process involves information collection, preliminary review, and submission of pre-review opinions to relevant leaders [4][5]. - After initial analysis, project units submit project establishment applications for approval according to their authority [5]. - Due diligence is conducted on approved projects, involving financial, legal, and business assessments [5]. Investment Classification Management - Investment management is categorized into professional investment company management, equity investment management, financial investment management, fixed asset investment management, and major research and development project management [6][8]. - Specific investment limits are set for different subsidiaries, with varying approval requirements based on the investment amount [8][9]. Risk Control Measures - A comprehensive risk control system is established to minimize investment risks, including regular guidance from headquarters to subsidiaries [10]. - Specialized risk control committees or departments are required for professional investment companies to oversee investment safety and risk management [10]. Post-Investment Management - The implementation of investment projects is the responsibility of the project unit, which must track progress and report on performance [12]. - A post-investment evaluation system is established to assess the effectiveness of investment projects, with evaluations conducted at specified intervals [15]. Investment Project Disposal and Exit - The company may dispose of or exit investment projects under specific circumstances, such as the completion of the investment period or significant changes in market conditions [17]. - The procedures for disposal and exit align with the approval processes for initial investments [17]. Information and Document Management - An investment management information system is established to monitor and analyze investment plans, project progress, and returns [25]. - Confidentiality is maintained for major investment project information until officially disclosed [26].

Core Viewpoint - The company plans to distribute a cash dividend of 0.1 RMB per share, amounting to a total of 179.6 million RMB based on the current total share capital of 1.796 billion shares [1][2]. Group 1: Profit Distribution Plan - As of June 30, 2025, the company's undistributed profits amounted to 3,338,178,820.30 RMB [1]. - The cash dividend distribution will be based on the total share capital registered on the equity distribution record date [1]. - The company will maintain the per-share distribution ratio even if there are changes in total share capital due to various corporate actions [1]. Group 2: Decision-Making Process - The profit distribution plan was approved by the company's board of directors with a unanimous vote of 9 in favor and no opposition or abstentions [2]. - This decision aligns with the profit distribution policy outlined in the company's articles of association [2].

Core Points - The board of directors of Zhongnan Publishing and Media Group Co., Ltd. held its fifth meeting of the sixth session on August 26, 2025, via telecommunication, with all nine directors participating in the voting process [1]. - The meeting approved several key proposals, including the 2025 semi-annual report and its summary, the special report on the use of raised funds, and the profit distribution plan for the first half of 2025 [1][2][3]. Summary by Categories Financial Reports - The board approved the 2025 semi-annual report and its summary with a unanimous vote of 9 in favor [1]. - A special report on the storage and actual use of raised funds for the first half of 2025 was also approved, with the same voting outcome [1]. Risk Assessment - The board reviewed and approved the risk assessment report for Hunan Publishing Investment Holding Group Financial Co., Ltd. for the first half of 2025, with 3 votes in favor and no opposition or abstentions [2]. Profit Distribution - The profit distribution plan for the first half of 2025 was approved unanimously by the board [3]. Governance and Structural Adjustments - The board approved the revision of the investment management system and further optimization of the headquarters' organizational structure, both with unanimous support [3].

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 2025 年半年度一般 图书出版业务相关数据（未经审计）公告如下： 中南出版传媒集团股份有限公司 关于2025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。 证券代码：601098 股票简称：中南传媒 编号：临 2025-033 特此公告。 中南出版传媒集团股份有限公司董事会 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 89,568.1 8 96,806.7 0 8.08 31,242.7 6 31,798.3 2 1.78 15,459.3 4 15,386.6 5 -0.47 50.52 51.6 1 增加 1.09 个百 分点 二〇二五年八月二十七日 1 / 1 ...

证券代码：601098 股票简称：中南传媒 编号：临 2025-028 中南出版传媒集团股份有限公司 第六届董事会第五次会议决议公告 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 第五次会议于 2025 年 8 月 26 日以通讯方式召开。本次会议于 2025 年 8 月 21 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《关于公司 2025 年半年度报告及其摘要的议案》 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案事先已经公司第六届董事会审计委员会第五次会议审议通过。 二、《关于公司 2025 年上半年募集资金存放与实际使用情况的专项报 告的议案》 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 2 ...

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，并将另行公告具体调整情 况。 一、利润分配方案内容 截至 2025 年 6 月 30 日，公司母公司报表中期末未分配利润为人 民币 3,338,178,820.30 元。经董事会决议，公司 2025 年半年度拟以实 施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配 方案如下： 公司拟向全体股东每股派发现金红利 0.1 元（含税）。截至 2025 年 8 月 26 日，公司总股本 17.96 亿股，以此计算合计拟派发现金红 利 179,600,000.00 元（含税）。自 2025 年 8 月 26 日至实施权益分派 证券代码：601098 股票简称：中南传媒 编号：临 2025-031 中南出版传媒集团股份有限公司 2025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 每股分配比例：每股派发现金红利 0.1 元（含税）。 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 ...

[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 ...