Industry Overview - The book retail industry refers to the process of selling books directly to end consumers, utilizing careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [3] - Since 2020, China's book retail market has experienced fluctuations, with the market size declining from 98.7 billion yuan in 2021 to 87.1 billion yuan in 2022 [6] - In 2023, the market began to recover, with the retail market size slightly increasing to 91.2 billion yuan, representing a growth rate of 4.7% [6] Market Trends - By 2024, the integration of online and offline book sales channels has been established, driven by the rise of short video e-commerce and innovations in physical bookstores, leading to a significant market growth [6] - The industry code volume has reached 112.9 billion yuan in 2024, with a year-on-year growth rate of 23.8% [6] - The market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [8] Sales Channel Structure - In 2024, the market share of different sales channels is as follows: platform e-commerce accounts for 40.92%, short video e-commerce for 30.48%, vertical and other e-commerce for 14.71%, and offline physical stores for 13.99% [8] - The significant increase in the market share of short video e-commerce and offline physical stores compared to the previous year indicates a dynamic growth in the book retail sector [8] Key Players - Notable listed companies in the industry include CITIC Publishing (300788), China South Publishing (601098), Xinhua Wenhui (601811), and others [2] - Other relevant enterprises include Zhejiang Xinhua Bookstore Group, Beijing Ren Tian Bookstore Group, and various local bookstores [2]

Group 1 - The event "I am a shareholder" organized by Guohai Securities provided insights into the operational dynamics and innovative practices of Zhongnan Publishing and Media Group [1] - Hunan Fine Arts Publishing House is transitioning from a "fine arts publisher" to a "comprehensive fine arts service provider," focusing on digital transformation since 2011 [2] - The company is developing the China Malanshan Digital Cultural and Art Future Center, emphasizing the digital transformation of Hunan culture [2] Group 2 - Zhongnan Publishing, established in 2008 and listed in 2010, is the first fully integrated publicly listed publishing media leader in China, with 30 subsidiaries covering various media sectors [3] - The company has been recognized as one of the top 30 cultural enterprises in China for 17 consecutive years and has received multiple awards for its contributions to cultural reform and publishing [4] - Hunan Fine Arts Publishing House has a significant presence in the fine arts education publishing sector, serving nearly 50 million primary and secondary school students across 26 provinces [2][4] Group 3 - The event allowed investors to gain a deeper understanding of Zhongnan Publishing's development strategy and innovative achievements, reinforcing confidence in the company's future [5] - The integration of traditional publishing with technology is seen as a key factor in driving high-quality development in the cultural industry [5]

Core Insights - The Chinese book retail market has experienced fluctuations since 2020, with a decline in market size from 987 billion yuan in 2021 to 871 billion yuan in 2022, followed by a slight recovery to 912 billion yuan in 2023, representing a growth rate of 4.7% [1][5] - In 2024, the market is expected to achieve rapid growth, with the industry scale reaching 1,129 billion yuan, a year-on-year growth rate of 23.8%, driven by the rise of short video e-commerce and innovations in physical bookstores [1][5] Industry Overview - Book retail refers to the process of selling books directly to end consumers, involving careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [2] - The industry has seen a stable growth in the number of physical bookstores, with a rise of distinctive and diverse new bookstores, contributing to a preliminary establishment of an integrated online and offline sales channel [2] Market Dynamics - The book retail market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [7] - In 2024, the market structure shows that platform e-commerce accounts for 40.92% of the market, short video e-commerce for 30.48%, while vertical and other e-commerce and offline physical stores account for 14.71% and 13.99%, respectively [7] Book Categories - The largest category in the book retail market is children's books, accounting for 28.16% of the market in 2024, followed by educational materials at 25.33%, supported by a large user base of students [9] Competitive Landscape - The market competition is characterized by diversification and the integration of online and offline sales. Major online platforms like Dangdang and JD Books dominate the market, while physical bookstores like Xinhua Bookstore and independent bookstores enhance their competitiveness through cultural experiences and events [11] - Companies such as CITIC Publishing, Zhongnan Media, and Xinhua Wenhui are key players in the market, each with distinct business focuses ranging from educational materials to digital publishing [13] Development Trends - The integration of online and offline channels is accelerating, with a predicted stable online channel share of 65%-70% and offline bookstores achieving 30%-35% in the next five years [17] - Digitalization and personalized services are emerging trends, with the digital education market expected to exceed 5 billion yuan by 2025, accounting for 15% of the overall market [18][19] - Government policies are continuously supporting the industry's transformation and high-quality development, with initiatives like a 5 billion yuan fund for physical bookstore upgrades [20]

中南出版传媒集团股份有限公司 证券代码：601098 证券简称：中南传媒 公告编号：2025-026 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。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/27 | － | 2025/6/30 | 2025/6/30 | | 四、 分配实施办法 重要内容提示： ? 每股分配比例 A 股每股现金红利0.45元 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 （2）对于合格境外机构投资者（QFII）股东，公司将根据国家税务总局颁布的《国家税 务总局关于中国居民企业向 QFII 支付股息、红利、利息代扣代缴企业 ...

证券代码：601098 证券简称：中南传媒 公告编号：2025-026 中南出版传媒集团股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/27 | － | 2025/6/30 | 2025/6/30 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 重要内容提示： 每股分配比例 A 股每股现金红利0.45元 相关日期 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收 市后登记在册股东持股数，按比例直接 ...

Core Viewpoint - The China Securities Communication Service Dividend Index has shown a modest increase over the past month, three months, and year-to-date, indicating a stable performance in the communication services sector [2]. Group 1: Index Performance - The China Securities Communication Service Dividend Index reported a value of 12337.93 points [1]. - The index has increased by 0.82% over the past month, 0.41% over the past three months, and 0.95% year-to-date [2]. Group 2: Index Composition - The top ten weighted stocks in the index include Phoenix Media (4.54%), Changjiang Media (4.48%), and Zhongnan Media (4.48%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (67.47%) and the Shenzhen Stock Exchange (32.53%) [2]. Group 3: Sector Allocation - The index's sector allocation shows that cultural entertainment comprises 63.17%, communication equipment 19.39%, and telecom operation services 9.54% [2]. - Other sectors include data centers (4.61%), marketing and advertising (1.37%), communication technology services (0.98%), and telecom value-added services (0.94%) [2]. Group 4: Sample Adjustment Criteria - The index samples are adjusted annually, with the adjustment occurring on the next trading day after the second Friday of December [3]. - A buffer is set for dividend conditions, allowing samples with a cash dividend yield greater than 0.5% and ranking in the top 80% of average daily trading volume to be exempt from certain requirements [3]. - The adjustment ratio is generally limited to 20%, unless specific conditions are met [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is optimizing its business structure and focusing on a "Culture + Technology" growth strategy, particularly in the AI education sector [4][6] - In 2024, the company reported a revenue of 13.349 billion yuan, a year-on-year decrease of 1.94%, and a net profit attributable to shareholders of 1.370 billion yuan, down 26.12% year-on-year [4][5] - The company plans to distribute a cash dividend of 0.45 yuan per share for 2024 and 0.1 yuan per share for the first half of 2025, reflecting a high dividend payout ratio of 72.09% [5] Financial Performance - The company’s gross margin improved by 3.00 percentage points to 44.35% in 2024, further increasing to 45.29% in Q1 2025 due to a reduction in low-margin sales and a decrease in paper prices [5] - The forecast for revenue is 13.685 billion yuan for 2025, with a slight increase in net profit to 1.720 billion yuan, reflecting a growth rate of 25.52% [10][11] - The earnings per share (EPS) is projected to be 0.96 yuan for 2025, with a corresponding price-to-earnings (P/E) ratio of 14.30 [10][11] Business Strategy - The company is focusing on AI education and plans to leverage its existing educational services and data advantages to create new business models in digital publishing and smart educational platforms [6] - The company is also enhancing its presence in children's education through animation, live streaming, and short video channels [6] Shareholder Returns - The company is committed to high dividend payouts, with a dividend yield of 4.02% based on the closing price on June 16 [5] - The company’s strategy includes continuous shareholder returns and maintaining stable profit levels despite some business contraction [7]

Core Viewpoint - The company held its sixth board meeting on May 28, 2025, where several key executive appointments were approved, indicating a stable leadership transition within the organization [1][12]. Group 1: Meeting Details - The meeting was conducted via communication methods, with all 9 board members participating in the voting process [1]. - The meeting adhered to the relevant provisions of the Company Law and the Articles of Association [1]. Group 2: Executive Appointments - The board approved the appointment of Zhou Yixiang as the General Manager, with a unanimous vote of 9 in favor [2]. - The board approved the appointment of Xie Qingfeng as the Chief Editor, also with a unanimous vote of 9 in favor [4]. - The board approved the appointment of Liang Wei, Yi Yanzhe, Yang Junjie, Liu Junliang, and Zhong Wuyong as Deputy General Managers, with a unanimous vote of 9 in favor [6]. - The board approved the appointment of Wang Qingxue as the Board Secretary, with a unanimous vote of 9 in favor [8]. - The board approved the appointment of Ma Rui as the Chief Financial Officer, with a unanimous vote of 9 in favor [10]. Group 3: Background of Appointed Executives - Zhou Yixiang has extensive experience in the publishing industry, having held various positions within the Hunan publishing sector and currently serving as the General Manager of the company since February 2023 [12]. - Xie Qingfeng has a strong academic background and has held significant roles in publishing, including serving as the General Manager of Hunan People's Publishing House [13]. - Liang Wei has a diverse background in management and has been with the company in various capacities since 2011 [14]. - Yi Yanzhe has a long history in the publishing industry, having served in multiple leadership roles [15]. - Yang Junjie has held various positions in the Hunan publishing sector, contributing to the company's strategic direction [16]. - Liu Junliang has a solid background in management and has been involved in the company's operations for several years [17]. - Zhong Wuyong has experience in human resources management within the publishing industry [18]. - Wang Qingxue has a strong financial background and has served in various financial roles within the company [19]. - Ma Rui has extensive experience in finance and has held several key positions in the company [20].

Core Points - The company held its sixth board meeting on May 28, 2025, via communication methods, with all nine directors participating in the voting process [1][2] - The board approved several key appointments, including the General Manager, Chief Editor, Deputy General Manager, Board Secretary, and Chief Financial Officer, with unanimous support from all directors [1][2] Group 1 - The board meeting was conducted in accordance with the Company Law and the company's articles of association [1] - The appointment of the General Manager received 9 votes in favor, with no opposition or abstentions [1] - The appointment of the Chief Editor also received unanimous approval with 9 votes in favor [2] Group 2 - The Deputy General Manager's appointment was approved with 9 votes in favor, reflecting full support from the board [2] - The Board Secretary's appointment was similarly approved with unanimous support [2] - The Chief Financial Officer's appointment was also passed with 9 votes in favor, indicating strong consensus among the board members [2]

Core Viewpoint - The company has appointed a new senior management team, renewing the terms of several key executives for a three-year period, indicating a commitment to continuity and stability in leadership [1]. Management Appointments - Zhou Yixiang has been reappointed as General Manager, Xie Qingfeng as Chief Editor, and several others as Vice General Managers, Board Secretary, and Chief Financial Officer [1]. - The new management team includes experienced professionals with extensive backgrounds in publishing and management, reflecting a strategic choice to leverage their expertise [2][3][4][5][6][7][8][9][10]. Individual Profiles - Zhou Yixiang, born in January 1971, has a Master's degree in Business Administration and has held various positions in the publishing industry since 1990, including roles at Hunan Xinhua Bookstore and Hunan Publishing Investment Holding Group [1]. - Xie Qingfeng, also born in January 1971, holds a Doctorate in Management and has served in multiple leadership roles at Hunan Children's Publishing House and Hunan People's Publishing House [2]. - Liang Wei, born in January 1980, has a Master's degree in Industrial Economics and has worked in various capacities within the company since 2011 [3]. - Yi Yanzhe, born in November 1969, has extensive experience in marketing and management, having worked at Yue Lu Publishing House for over 30 years [4]. - Yang Junjie, born in September 1969, has a Master's degree in Modern Chinese History and has held various positions in the Hunan Provincial Press and Publication Bureau [5]. - Liu Junliang, born in January 1972, has a Master's degree in Business Administration and has been involved in the publishing sector since 1990 [6]. - Zhong Wuyong, born in August 1976, has a Master's degree in Business Administration and has worked in human resources within the publishing industry [7]. - Wang Qingxue, born in October 1971, is a certified accountant with a Master's degree in Business Administration and has held various financial roles in the publishing sector [8]. - Ma Rui, born in October 1974, is a senior accountant with a Master's degree in Business Administration and has been involved in financial management since 1996 [9][10].