Financial Performance - The company's operating revenue for Q1 2025 was RMB 2,487,814,739.84, representing a year-on-year increase of 0.56% compared to RMB 2,473,841,215.39 in the same period last year[7] - Net profit attributable to shareholders of the listed company reached RMB 259,864,121.11, marking a significant increase of 25.97% from RMB 206,287,043.02 in the previous year[7] - Basic and diluted earnings per share increased to RMB 0.21, up 23.53% from RMB 0.17 in the previous year[7] - Net profit for Q1 2025 was RMB 265,497,871.43, representing a 25.2% increase from RMB 212,045,515.35 in Q1 2024[22] - The weighted average return on net assets improved to 1.77%, an increase of 0.22 percentage points from 1.55% in the previous year[7] Cash Flow and Investments - The net cash flow from operating activities surged by 82.71%, amounting to RMB 238,660,866.05, compared to RMB 130,621,333.22 in the same period last year, primarily due to tax refund benefits[12] - Operating cash flow for Q1 2025 was $238.66 million, an increase of 82.8% compared to $130.62 million in Q1 2024[24] - Total cash inflow from operating activities in Q1 2025 was $2.82 billion, up from $2.66 billion in Q1 2024, reflecting a growth of 6.2%[24] - Cash outflow from investment activities in Q1 2025 was $408.49 million, significantly higher than $19.67 million in Q1 2024, indicating increased investment activity[24] - Net cash flow from investment activities for Q1 2025 was $(385.81) million, compared to $(18.91) million in Q1 2024, showing a substantial increase in cash outflow[24] Assets and Liabilities - Total assets at the end of the reporting period were RMB 23,750,224,367.03, reflecting a growth of 3.72% from RMB 22,898,703,360.27 at the end of the previous year[9] - Total liabilities increased to RMB 8,531,212,423.60 as of March 31, 2025, compared to RMB 7,891,774,311.86 at the end of 2024, reflecting a growth of 8.1%[19] - The company's total assets as of March 31, 2025, amounted to RMB 23,750,224,367.03, up from RMB 22,898,703,360.27 as of December 31, 2024[19] Shareholder Equity - Shareholders' equity attributable to the listed company was RMB 14,812,904,763.72, an increase of 1.41% from RMB 14,606,455,619.02 at the end of the last fiscal year[9] - The total equity attributable to shareholders increased to RMB 14,812,904,763.72 as of March 31, 2025, compared to RMB 14,606,455,619.02 at the end of 2024[19] Tax and Refunds - The company is actively pursuing tax benefits related to cultural enterprise transformation, which has positively impacted cash flow and profitability[12] - The company received $120.73 million in tax refunds in Q1 2025, compared to none in Q1 2024, indicating improved tax recovery[24] Other Comprehensive Income - The company reported a significant decrease in other comprehensive income, with a net loss of RMB 53,414,976.41 in Q1 2025 compared to a gain of RMB 229,994,623.20 in Q1 2024[22] Research and Development - Research and development expenses for Q1 2025 were RMB 6,461,905.67, an increase of 53.7% from RMB 4,205,484.42 in Q1 2024[20] Inventory and Compensation - The company's inventory increased to RMB 2,659,014,570.98 as of March 31, 2025, compared to RMB 2,422,588,723.48 at the end of 2024, indicating a growth of 9.8%[18] - Cash paid for employee compensation in Q1 2025 was $863.70 million, slightly down from $873.70 million in Q1 2024, reflecting cost management efforts[24]

Core Viewpoint - *ST Dongfang (600811) has received a termination of listing decision from the Shanghai Stock Exchange, with its stock set to be delisted on April 30, 2025, due to a continuous closing price below 1 yuan for 20 trading days [1][2]. Company Summary - *ST Dongfang, officially known as Dongfang Group Co., Ltd., was established in 1992 and is recognized as the first private enterprise in Heilongjiang Province to publicly issue and list stocks. It is also one of the earliest private enterprises in China to undergo shareholding reform and obtain a listing [3]. - The company operates in four major sectors: modern agriculture and health food, finance, port transportation, and new urbanization development [3]. Industry Context - Recently, several companies in the A-share market have faced delisting due to their stock prices falling below 1 yuan. This includes *ST Xulan, *ST Jiayu, *ST Dongfang, *ST Furun, and *ST Jiyao, all of which have triggered the delisting conditions by having closing prices below 1 yuan for 20 consecutive trading days [3]. - Prior to *ST Dongfang, *ST Jiayu received a termination of listing decision from the Shenzhen Stock Exchange on April 25, 2025, for similar reasons [3]. - Other companies, such as *ST Pengbo, have also seen their stock prices drop below 1 yuan, with the latest price reported at 0.65 yuan per share after 9 consecutive trading days below the threshold [3].

新華文軒出版傳媒股份有限公司 XINHUA WINSHARE PUBLISHING AND MEDIA CO., LTD. ( 於中華人民共和國註冊成立之股份有限公司 ) 香港交易所股份代號 : 00811 上海證券交易所股份代號 : 601811 2024 年度報告 僅供識別 目錄 | 釋義 | 2 | | --- | --- | | 重要提示 | 6 | | 公司資料 | 7 | | 財務摘要 | 9 | | 董事長致辭 | 10 | | 本集團股權架構 | 13 | | 管理層討論與分析 | 19 | | 董事會報告 | 40 | | 企業管治報告 | 58 | | 環境、社會及管治報告 | 76 | | 董事、監事、高級管理人員及員工情況 | 133 | | 監事會報告 | 143 | | 審計報告 | 146 | | 按中國企業會計準則編制的報表、附註及補充資料 | 152 | 釋義 在本報告書中（不含財務報告部分），除非文義另有所指，下列詞語具有如下含義： | 2024年度股東周年大會 | 指 | 本公司擬於2025年5月20日舉行之股東周年大會 | | --- | --- | --- | | A ...

Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 1.545 billion[11]. - The company achieved operating revenue of RMB 12.33 billion in 2024, representing a year-on-year growth of 3.88%[21]. - Total profit for the year was RMB 1.71 billion, an increase of 9.32% compared to the previous year[21]. - Net profit attributable to shareholders was RMB 1.54 billion, a decrease of 1.52% year-on-year[21]. - Basic earnings per share were RMB 1.25, while the earnings per share after deducting non-recurring gains and losses were RMB 1.34, reflecting a 2.10% increase[21]. - The company reported that sales to its top five customers accounted for less than 30% of total revenue for the year ending December 31, 2024[120]. - The company also noted that purchases from its top five suppliers accounted for less than 30% of total purchases for the same period[121]. - The net profit for the year was RMB 1.604 billion, a decrease of 1.52% year-on-year, while the net profit attributable to shareholders was RMB 1.545 billion, down 2.17%[82]. - Earnings per share for the year were RMB 1.25, a decrease of 2.34% from RMB 1.28 in the previous year[83]. Dividends - The proposed cash dividend is RMB 4.10 per 10 shares, totaling RMB 506 million to be distributed[11]. - The company declared an interim dividend of RMB 0.19 per share (tax included) for the first half of 2024, to be distributed on December 16, 2024[113]. - A proposal for a cash dividend of RMB 4.10 per 10 shares (tax included) for the fiscal year 2024 has been made, pending shareholder approval[113]. - The board recommends a final dividend of RMB 0.41 per share (tax included) for the year ending December 31, 2024, compared to RMB 0.40 per share in 2023, totaling RMB 506 million (tax included)[113]. - The final dividend for the fiscal year 2024 is expected to be paid by July 18, 2025, if approved by shareholders[117]. Operational Highlights - The company is focusing on high-quality development in its publishing and media sector, implementing tailored strategies for each business unit[23]. - There were no significant risks affecting the company's operations during the reporting period[11]. - The company is focusing on enhancing core functions and competitiveness to drive high-quality development amid industry transformation[38]. - The company is focusing on integrating traditional publishing with digital publishing and enhancing user experience through technology[56]. - The company aims to enhance content supply capabilities and digital transformation by 2025, focusing on high-quality publishing and educational services[104]. Investments and Subsidiaries - The group holds 100% ownership in multiple subsidiaries, including Sichuan Wenxuan Education Technology Co., Ltd. and Sichuan People's Publishing House Co., Ltd.[30]. - The group has a 51% indirect stake in Sichuan Times English Culture Communication Co., Ltd. and 100% ownership in several other companies under Sichuan Tiandi Publishing House Co., Ltd.[32]. - The group has a 92% direct stake in Sichuan Wenxuan Online E-commerce Co., Ltd., which owns 100% of several subsidiaries, enhancing its e-commerce capabilities[33]. - The group has a 50% stake in Hainan Publishing Co., Ltd. and a 38.49% stake in Sichuan Fudou Technology Co., Ltd., indicating strategic partnerships in the publishing and technology sectors[34]. - The group has made significant investments in various subsidiaries, ensuring a robust and diversified business model across multiple sectors[30][32][33][34]. Market and Sales Performance - The overall retail market for books in 2024 was RMB 112.9 billion, showing a decline of 1.52% year-on-year, with physical bookstores and e-commerce platforms experiencing negative growth[38]. - Content e-commerce saw a significant increase of 27.61%, indicating a shift in consumer purchasing behavior[38]. - The publishing segment generated revenue of RMB 2.98 billion, with a gross margin of 32.78%, showing a slight decrease in both revenue and margin compared to the previous year[44]. - The distribution segment reported revenue of RMB 10.87 billion, with a gross margin of 30.48%, reflecting an increase in revenue but a decrease in margin[44]. - The sales revenue from educational materials reached RMB 1.464 billion, a decline of 5.94% from RMB 1.556 billion in the previous year[57]. Financial Position - The company's total assets reached RMB 22.90 billion, with total liabilities of RMB 789.18 million[17]. - The asset-liability ratio decreased to 34.46% as of December 31, 2024, down 3.97 percentage points from 38.43% on December 31, 2023, indicating a more robust financial structure[93]. - The company’s cash and short-term deposits amounted to approximately RMB 9.18 billion as of December 31, 2024, compared to RMB 9.12 billion as of December 31, 2023[93]. - The company reported a significant increase in other non-current assets, rising by 131.30% to RMB 2.00 billion, primarily due to the increase in planned early withdrawals of fixed deposits and large bank certificates[91]. Governance and Compliance - The company has adopted and complied with the Corporate Governance Code, except for a deviation from clause B.2.2[156]. - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, complying with listing rules[190]. - The company has established an audit committee in compliance with listing rules, ensuring the financial reports meet applicable accounting standards[179]. - The company has maintained a focus on risk prevention by purchasing liability insurance for directors and senior management since its listing on the H-share market[197]. - The company has committed to enhancing its internal control and risk management systems[156]. Research and Development - Research and development expenses amounted to RMB 30.46 million, an increase of 52.47% compared to RMB 19.98 million in the previous year, driven by increased investment in business management systems and technology innovation applications[73]. - The total R&D investment for the year was RMB 210.39 million, a growth of 103.98% compared to RMB 103.14 million in the previous year, reflecting increased focus on technology innovation[85]. Shareholder Information - The total issued share capital of the company as of December 31, 2024, is RMB 1,233,841,000, divided into 1,233,841,000 shares, with A shares accounting for 64.18% and H shares for 35.82%[141]. - The public shareholding exceeds 25%, complying with the listing rules[152]. - The major shareholders include Sichuan Development, Sichuan Xinhua Publishing Group, and Sichuan Cultural Investment Group, with significant holdings in both A and H shares[147]. - The company’s board members and senior management do not hold any shares or related securities in the company as of December 31, 2024[149].

Core Viewpoint - The pricing of new books in China has significantly increased over the past 25 years, with average prices rising from around 20 yuan to 65 yuan, more than tripling, while the performance of publishing companies has deteriorated, indicating a disconnect between pricing and profitability in the industry [1][2]. Group 1: Pricing Trends - The average price of new books in China has increased from approximately 20 yuan in 1999 to 65 yuan in 2024, reflecting a growth rate that surpasses that of paper prices and overall inflation [1]. - The retail market for books in China is projected to reach 112.9 billion yuan in 2024, showing a year-on-year decline of 1.52%, with non-educational books experiencing a more significant drop [2]. Group 2: Declining Sales and Profitability - In the first three quarters of 2024, 16 out of 28 listed publishing companies reported revenue declines, and 24 companies saw net profit decreases, highlighting a widespread struggle within the industry [1][2]. - Over 30% of these companies have net profits of less than 100 million yuan, with three companies operating at a loss [1]. Group 3: Changing Consumer Behavior - The average adult reader in China read less than 5 physical books in 2023, compared to around 12 books in Japan and the United States, indicating a decline in interest in physical reading materials [2]. - The shift towards online entertainment and increased work pressure has contributed to a decrease in deep reading habits among consumers [2]. Group 4: Rising Costs - The costs associated with book publishing are rising, with direct costs (printing and royalties), indirect costs, and period expenses now accounting for 40-50% of book pricing [2][3]. - The price of cultural paper has fluctuated upwards, with major paper companies announcing price increases of 500 yuan per ton in early 2023 [2]. Group 5: Copyright and Market Dynamics - The increasing dominance of top-selling books has led to higher royalty rates, with some authors receiving over 15% in royalties compared to the traditional 7-8% [3]. - Less than 4% of new books sold over 5,000 copies in the first six months, with nearly 85% selling fewer than 500 copies, indicating a significant challenge in achieving economies of scale [3]. Group 6: Impact of E-commerce - The rise of e-commerce has shifted book sales from physical stores to online platforms, where aggressive discounting has diminished the perceived value of books [4]. - Nearly 50% of private bookstores have closed in the past decade, as publishers lose bargaining power against major e-commerce platforms [4]. Group 7: Content Marketing and Sales Strategies - The increasing reliance on online sales channels has led to a focus on creating viral content and engaging marketing strategies to boost book sales [5][7]. - Despite the high costs associated with live-streaming sales, publishers continue to invest in this area for potential long-term benefits, although immediate profitability remains elusive [5]. Group 8: Regulatory Environment - Unlike many countries that have price protection laws for books, China lacks such regulations, forcing publishers to raise prices to maintain profitability amid constant discounting [6].

Investment Rating - The report maintains an "Overweight" rating for the media industry, particularly focusing on the textbook and educational materials sector [1]. Core Insights - The industry benefits from strong policy barriers and a favorable competitive landscape, with regional monopolies forming due to stringent publishing qualifications [4][27]. - The demand for educational materials is inelastic, with stable performance expected in the coming years despite a slight decline in student numbers [31]. - Companies in the sector exhibit high dividend yields and robust cash flows, highlighting their defensive investment value [44][50]. Summary by Sections 1. Strong Policy Barriers and Competitive Landscape - The publishing and distribution of educational materials are subject to strict regulatory requirements, creating high entry barriers for new competitors [4][19]. - Major publishers include both central and local entities, with a trend towards regional monopolies in textbook distribution [21][27]. 2. Inelastic Demand and Steady Growth - The number of students in schools is projected to remain stable, with estimates of 195 million, 191 million, and 186 million students from 2025 to 2027, reflecting slight declines of 0.66%, 2.07%, and 2.89% respectively [31]. - The demand for textbooks and supplementary materials is consistent, with students requiring an average of 8 books in elementary school and 18 in middle and high school [31][38]. 3. High Dividends and Defensive Value - The median cash held by companies in the sector reached 5.27 billion, with a median cash-to-asset ratio of 40.13% in 2023, indicating strong liquidity [44][46]. - The median dividend payout ratio increased from 25.54% in 2014 to 45.32% in 2023, surpassing the median ratios of the broader media sector and the CSI 300 index [50].

董事會會議通告 新華文軒出版傳媒股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，董事會會議將於二零二五年四月二十九日（星期二）上午九時三十分於中華人 民共和國（「中國」）四川省成都市錦江區三色路238號新華之星A座舉行，藉以審 議及批准（其中包括）本公司及其附屬公司截至二零二五年三月三十一日止之三個 月未經審核的第一季度業績及其發佈。 承董事會命 新華文軒出版傳媒股份有限公司 董事長 周青 中國‧四川，二零二五年四月十五日 （於中華人民共和國註冊成立之股份有限公司） （股份代號：811） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 新華文軒出版傳媒股份有限公司 XINHUA WINSHARE PUBLISHING AND MEDIA CO., LTD. 於本公告日期，董事會成員包括(a)執行董事周青先生、劉龍章先生及李强先生； (b)非執行董事戴衛東先生、柯繼銘先生及譚鏖女士；以及(c)獨立非執行董事劉子 斌先生、鄧富民先生 ...

Core Viewpoint - The article discusses the impact of the U.S. "reciprocal tariffs" on various industries and companies, highlighting that many companies have limited exposure to the U.S. market, thus minimizing the potential negative effects of the tariffs. Food and Beverage Industry - The domestic functional beverage industry shows strong resilience amid the ongoing U.S.-China tariff disputes, with Dongpeng Beverage leveraging its fully localized supply chain and innovation to mitigate risks [3]. - Dongpeng has achieved 100% domestic sourcing for key raw materials and packaging, and plans to expand its distribution network to nearly 4 million outlets by the end of 2024 [3]. - Lehui International reports that about 50% of its equipment exports go to developing countries, indicating minimal impact from the tariffs [3]. Steel Industry - Several steel companies indicate that the tariffs will have little effect on their exports to the U.S. due to the small scale of such exports [4]. - The tariffs may indirectly affect domestic steel demand, but the industry is prepared with policy measures to manage supply and demand balance [4]. Information and Communication Industry - Some products, including semiconductors, are not affected by the new tariffs, and companies report limited direct impact due to low export ratios to the U.S. [5]. - Companies like Huakin Technology maintain a diversified client base, with only about 10% of their revenue coming from direct sales to the U.S., thus minimizing the impact of the tariffs [6]. New Energy and New Materials Industry - Camel Group states that its exports to the U.S. are minimal, and the impact of tariffs is manageable [7]. - Huamao Technology plans to focus on Southeast Asia and Europe, with only a small percentage of revenue from North America, indicating limited exposure to U.S. tariffs [7]. - Bowei Alloy highlights that its U.S. projects are designed to mitigate tariff impacts, and its new production facilities in Vietnam will target markets outside the U.S. [7]. Pesticides and Fertilizers Industry - A Shanghai-listed company notes that its main export product, glyphosate, has minimal direct exposure to the U.S. market, suggesting potential benefits from the tariff policy due to competitive dynamics [8]. Publishing Industry - Leading publishing companies like Xinhua Wenhui and Phoenix Media assert that the tariffs have negligible effects on their operations, as their business primarily focuses on domestic markets with no significant import/export activities [9].

证券代码：601811 证券简称：新华文轩 公告编号：2025-010 新华文轩出版传媒股份有限公司 关于召开 2024 年度股东周年大会的通知 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： 召开的日期时间：2025 年 5 月 20 日 9 点 30 分 召开地点：新华国际酒店（四川省成都市青羊区古中市街 8 号） (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 20 日 至 2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律 ...

证券代码：601811 证券简称：新华文轩 公告编号：2025-010 新华文轩出版传媒股份有限公司 关于召开 2024 年度股东周年大会的通知 召开的日期时间：2025 年 5 月 20 日 9 点 30 分 召开地点：新华国际酒店（四川省成都市青羊区古中市街 8 号） (五) 网络投票的系统、起止日期和投票时间。 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年度股东周年大会 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 5 月 20 日 至 2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东 ...