9月17日，皖新传媒跌0.15%，成交额5018.38万元。两融数据显示，当日皖新传媒获融资买入额661.37 万元，融资偿还700.89万元，融资净买入-39.52万元。截至9月17日，皖新传媒融资融券余额合计2.04亿 元。 分红方面，皖新传媒A股上市后累计派现43.83亿元。近三年，累计派现13.57亿元。 机构持仓方面，截止2025年6月30日，皖新传媒十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股943.75万股，相比上期增加172.24万股。南方中证1000ETF（512100）位居第八大流通股 东，持股542.14万股，相比上期增加101.29万股。东方红睿元混合（000970）位居第九大流通股东，持 股474.31万股，持股数量较上期不变。永赢科技驱动A（008919）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，皖新传媒9月17日融券偿还300.00股，融券卖出1800.00股，按当日收盘价计算，卖出金额 1.20万元；融券余量18.76万股，融券余额125.50万元，超过近一年60%分位水平，处于较高位。 资料显示，安徽新华传媒股份有限公司位于安徽省合肥市包河区万年 ...

从资金流向上来看，当日出版板块主力资金净流出2.39亿元，游资资金净流入3840.54万元，散户资金净 流入2.0亿元。出版板块个股资金流向见下表： 证券之星消息，9月17日出版板块较上一交易日下跌0.6%，粤 传 媒领跌。当日上证指数报收于3876.34， 上涨0.37%。深证成指报收于13215.46，上涨1.16%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002181 | 粤传媒 | 8.23 | -3.63% | 95.57万 | 7.88亿 | | 601858 | 中国科传 | 20.70 | -2.59% | 8.72万 | 1.81亿 | | 605577 | 龙版传媒 | 14.36 | -2.05% | 10.45万 | 1.50亿 | | 301052 | 果麦文化 | 68.80 | -1.63% | 5.95万 | 4.09亿 | | 301025 | 读客文化 | 10.14 | -1.36% | 5.13万 | 5211.14万 | ...

证券代码：601801 证券简称：皖新传媒 公告编号：临2025-040 安徽新华传媒股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月16日 (二)股东大会召开的地点：合肥市包河区云谷路1718号2806会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长张克文先生主持。大会的召集、召开及表决方式符合《公司 法》《公司章程》等法律法规及规范性文件的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席5人，董事袁荣俭先生、独立董事胡泳先生因公务未能出席本次会议； 二、议案审议情况 (一)非累积投票议案 1、议案名称：公司关于取消监事会并修订《公司章程》的议案 审议结果：通过 表决情况： ■ 2、议案名称：公 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's net profit attributable to the parent company has shown stable growth, supported by tax incentives, despite fluctuations in revenue due to declines in book and educational equipment sales [4][5] - The company is actively advancing its diversified business operations, including efficient textbook distribution and transformation in general book publishing [4] - The education sector is diversifying, with the company enhancing its online education platform and developing digital learning experiences for children [4] - The company is also expanding into supply chain logistics and gaming, with significant developments in smart warehousing and game publishing [4] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 4.59 billion yuan, a decrease of 11.9% year-on-year, while the net profit attributable to the parent company was 680 million yuan, an increase of 17.2% [4] - The company's revenue for 2025 is projected to be 10.01 billion yuan, with a year-on-year decline of 6.85%, while net profit is expected to be 838 million yuan, reflecting an 18.8% increase [5] Business Operations - Textbook revenue reached 670 million yuan in H1 2025, with a gross margin of 25%, and the company successfully distributed 180 million textbooks [4] - The company is enhancing its digital platforms and has seen a 5.2 percentage point increase in the rate of educational support materials [4] - In the gaming sector, the company is entering the console game publishing market, successfully launching the PS5 version of "Black Myth: Wukong" [4] Cost Management - The overall expense ratios remained stable, with sales, management, and R&D expense ratios reported at 6.6%, 5.4%, and 0.2% respectively in H1 2025 [4] - The decrease in sales expense ratio was attributed to lower personnel costs and reduced promotional expenses [4] Valuation and Forecast - The company's valuation for 2025-2027 is projected at P/E ratios of 15.7x, 15.3x, and 14.7x respectively, indicating a stable long-term investment value [5]

2025 年第一次临时股东大会的 法 律 意 见 书 安徽承义律师事务所 安徽承义律师事务所 关于 安徽新华传媒股份有限公司 中国. 合肥市政务区怀宁路 200 号栢悦中心 5 楼 邮编：230031 电话(Tel): （86-551）65609815 传真(Fax)：（86-551）65608051 网址(Website): www.chengyi-law.com 电子信箱 (E-mail) : 13605515675@139. com 安徽承义律师事务所关于 安徽新华传媒股份有限公司 (2025) 承义法字第 222 号 致：安徽新华传媒股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以 下简称"《股东大会规则》"）等法律法规和《安徽新华传媒股份有限公司公司 章程》〈以下简称"《公司章程》"）的要求，安徽承义律师事务所接受安徽新 华传媒股份有限公司（以下简称"皖新传媒"或"公司"）的委托，指派李鹏峰、 张可欣律师（以下简称"本所律师"）就皖新传媒召开 2025 年第一次临时股东 大会（以下简称"本次股东大 ...

证券代码：601801 证券简称：皖新传媒 公告编号：临 2025-040 安徽新华传媒股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 16 日 (二)股东大会召开的地点：合肥市包河区云谷路 1718 号 2806 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 171 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,546,272,172 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的 | 78.9747 | | 比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次股东大会由公司董事会召集，董事长张克文先生主持。大会的召集、召 开及表决方式符合《公司法》《公司章程》等法律法规及规范 ...

安徽新华传媒股份有限公司 601801 2025 年第一次临时股东大会 会议材料 二〇二五年九月十六日召开 目 录 一、会议须知 二、会议议案 议案 1：《公司关于取消监事会并修订<公司章程>的议案》 议案 6：《公司关于修订<关联交易管理制度>的议案》 议案 7：《公司关于修订<利润分配管理制度>的议案》 议案 8：《公司关于修订<董事及高级管理人员薪酬管理 办法>的议案》 议案 9：《公司关于续聘会计师事务所的议案》 议案 2：《公司关于修订<股东会议事规则>的议案》 议案 3：《公司关于修订<董事会议事规则>的议案》 议案 4：《公司关于修订<独立董事管理办法>的议案》 议案 5：《公司关于修订<募集资金使用管理办法>的议案》 1 会 议 须 知 为了维护安徽新华传媒股份有限公司(以下简称本公司、 公司)全体股东的合法权益，确保本次股东大会的正常秩序 和议事效率，保证大会顺利进行，依据有关法律法规、《公 司章程》以及公司《股东大会议事规则》的有关规定，特制 定本须知，请参会人员认真阅读。 一、为保证本次大会正常进行，除出席现场会议的股东 及股东代理人（以下简称股东）、董事、监事、高级管理人 员、公司聘请 ...

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, with a year-on-year decrease of 12%, while net profit increased by 17% [1] Financial Performance - 25H1 revenue was 4.593 billion yuan, with a net profit of 678 million yuan and a non-recurring net profit of 559 million yuan [1] - 25Q2 revenue was 1.844 billion yuan, with a net profit of 292 million yuan and a non-recurring net profit of 225 million yuan [1] - The company's gross margin for 25H1 was 22.6%, down 2.28 percentage points year-on-year, and for 25Q2 it was 18.6%, down 2.91 percentage points year-on-year [2] Business Segmentation - In 25H1, education service revenue was 4.1 billion yuan, down 14% year-on-year, with textbook revenue down 7.9% and general books and audiovisual products down 18% [2] - Modern logistics revenue was 1.7 billion yuan, down 3% year-on-year, while educational equipment and sports supplies revenue was 500 million yuan, down 47% year-on-year [2] Cost Management - The company has been actively managing costs, with sales, management, and R&D expense ratios for 25H1 at 6.58%, 5.37%, and 0.23%, respectively [2] - For 25Q2, these ratios were 5.96%, 6.24%, and 0.39%, indicating a continued focus on cost control [2] Future Outlook - The company maintains a positive outlook on its core business due to its licensing advantages and stable attributes [3] - New business initiatives include digital transformation of bookstores, smart education platforms, and game development, which are expected to enhance long-term revenue potential [3] Investment Recommendation - The company is expected to see net profits of 780 million, 810 million, and 830 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 10%, 4%, and 2% [3] - The target market capitalization is set at 14 billion yuan, with a target price of 7.2 yuan, maintaining a "recommended" rating [3]

Core Viewpoint - The report highlights that despite a decline in revenue for the first half of 2025, the company achieved a year-on-year increase in net profit due to reduced tax expenses and increased fair value gains from investments [1][2]. Financial Performance - In H1 2025, the company reported revenue of 4.593 billion, a year-on-year decrease of 11.90%. However, net profit attributable to shareholders was 678 million, reflecting a year-on-year increase of 17.19%. The net profit after deducting non-recurring items was 559 million, down 8.33% year-on-year [1]. - For Q2 2025, revenue was 1.844 billion, a decline of 19.28% year-on-year, while net profit was 292 million, an increase of 2.38% year-on-year. The net profit after deducting non-recurring items was 225 million, down 23.57% year-on-year [1]. Tax Impact and Fair Value Gains - The increase in net profit was primarily due to a significant reduction in income tax expenses, which fell to 9.95 million from 178 million in the same period last year. This was a result of a policy extension allowing certain cultural enterprises to be exempt from corporate income tax until December 31, 2027 [2]. - Additionally, fair value gains increased to 83 million from a loss of 32 million in the previous year, driven by higher returns from investment products and changes in the value of non-current financial assets [2]. Development in Smart Education - The company is actively integrating AI technology into educational scenarios, developing various digital education products. Notable initiatives include the Wanmei Education Platform, which processed online payments of 519 million and sales of 91.74 million in H1 2025, with a total user base of 7.4 million [3]. - Other projects include the Wanxin Research Study mini-program, which launched 63 routes, and the Wanxin Digital Picture Book Library, which offers tailored digital learning experiences for children using AI and big data [3]. Profit Forecast and Valuation - The company is expected to maintain stable operations, with the impact of tax expenses on performance eliminated. Future revenue projections for 2025-2027 are 9.61 billion, 9.98 billion, and 10.38 billion, respectively, with corresponding growth rates of -10.6%, 3.80%, and 4.05%. Net profit forecasts for the same period are 798 million, 835 million, and 892 million, with growth rates of 13.3%, 4.52%, and 6.90% [4].

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].