Core Viewpoint - The company, Xinhua Wenhui Publishing Media Co., Ltd., has submitted its 2024 annual board work report and financial statements for shareholder approval, highlighting its commitment to maintaining corporate governance and shareholder interests [2][3][19]. Meeting Overview - The board held 16 meetings in the year, including 7 in-person and 9 via communication, to discuss various matters including financial reports and profit distribution [2][3]. - The upcoming shareholder meeting is scheduled for May 20, 2025, at Xinhua International Hotel, Chengdu [2]. Business and Financial Performance - The company operates in content creation, cultural consumption services, education services, and supply chain services, with key business segments including publishing and reading services [3]. - For the year ending December 31, 2024, the company reported a net profit attributable to ordinary shareholders of RMB 1.545 billion, with the parent company achieving a net profit of RMB 1.364 billion [21]. Profit Distribution - The company distributed an interim dividend of RMB 0.19 per share for the first half of 2024 and proposed a final dividend of RMB 0.41 per share for the full year, totaling RMB 505.87 million [3][21]. Related Transactions - The company engaged in related transactions with its controlling shareholder, Sichuan Xinhua Publishing Group, including property leasing and management services, with actual transaction amounts being within the approved limits [4][10]. - The company confirmed compliance with disclosure obligations regarding related transactions [10][29]. Corporate Governance - The company emphasizes good corporate governance and adherence to relevant laws and regulations, having adopted the Corporate Governance Code and complied with listing rules [12][15]. - The board and supervisory committee have undergone changes, including the appointment of new independent directors and supervisors [12][13]. Charity and Sustainability - The company made charitable donations totaling approximately RMB 43.65 million during the year and is committed to sustainable development and social responsibility [15][30]. Audit and Financial Reporting - The 2024 consolidated financial report has been audited by KPMG Huazhen, which issued an unqualified opinion [17][28]. - The supervisory committee confirmed that the financial reports comply with applicable accounting standards and accurately reflect the company's financial status [28][30].

新华文轩出版传媒股份有限公司 2024 年度股东周年大会会议文件 （时间：上午 09：30） 2025 年 5 月 20 日 2024 年度股东周年大会会议文件 新华文轩出版传媒股份有限公司 2024 年度股东周年大会会议议程 会议时间：2025 年 5 月 20 日上午 09:30 会议地点：新华国际酒店（四川省成都市青羊区古中市街 8 号） 召 集 人：新华文轩出版传媒股份有限公司（以下简称"公司" "本公司"或"新华文轩"）董事会 列席人员：本公司董事、监事、总经理及其他部分高级管理人员 会议议程： 一、会议议程说明 五、会议主席宣读股东周年大会决议 六、签署股东周年大会决议 2024 年度股东周年大会会议文件 二、宣读审议议案 四、与会股东或委托代理人审议议案、填写投票卡、验票 2 （一）《关于本公司 2024 年度董事会工作报告的议案》 （二）《关于本公司 2024 年度经审计的合并财务报告的议案》 （三）《关于本公司 2024 年年度报告的议案》 （四）《关于本公司 2024 年度利润分配建议方案的议案》 （五）《关于聘任本公司 2025 年度会计师事务所及内控审计机构的议案》 （六）《关于本公司 ...

Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華文軒出版傳媒股份有限公司 呈交日期: 2025年5月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00811 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 441,937,100 | RMB | | 1 RMB | | 441,937,100 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 441,937,100 | RMB | | 1 RMB | | 441,937,100 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,487,814,739.84, representing a year-on-year increase of 0.56% compared to CNY 2,473,841,215.39 in the same period last year[4] - Net profit attributable to shareholders increased by 25.97% to CNY 259,864,121.11 from CNY 206,287,043.02 in the previous year[4] - Basic and diluted earnings per share rose to CNY 0.21, a 23.53% increase from CNY 0.17 in the previous year[4] - Net profit for Q1 2025 was ¥265,497,871.43, up from ¥212,045,515.35 in Q1 2024, reflecting a growth of approximately 25.2%[18] - Earnings per share for Q1 2025 were ¥0.21, compared to ¥0.17 in Q1 2024, marking an increase of 23.53%[18] Cash Flow - The net cash flow from operating activities surged by 82.71% to CNY 238,660,866.05, up from CNY 130,621,333.22 in the same quarter last year[4] - The company received a tax refund related to corporate income tax, contributing to the increase in cash flow from operating activities[6] - The net cash flow from operating activities was ¥238,660,866.05, significantly up from ¥130,621,333.22 in the same period last year, marking an increase of 82.7%[20] - The company reported a cash inflow from operating activities totaling ¥2,821,356,266.55, up from ¥2,656,483,283.17 in Q1 2024, representing a growth of 6.2%[20] - The company received tax refunds amounting to ¥120,728,581.46, contributing positively to the cash flow from operating activities[20] Assets and Liabilities - Total assets at the end of Q1 2025 were CNY 23,750,224,367.03, reflecting a 3.72% increase from CNY 22,898,703,360.27 at the end of the previous year[5] - Total liabilities increased to ¥8,531,212,423.60 from ¥7,891,774,311.86, reflecting a rise of approximately 8.14%[14] - The company's equity attributable to shareholders rose to ¥14,812,904,763.72, compared to ¥14,606,455,619.02, indicating an increase of about 1.41%[14] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,646[8] - The top three shareholders held a combined 79.76% of the company's shares, with Sichuan Xinhua Publishing Group Co., Ltd. holding 39.84%[9] Expenses and Investments - Total operating costs for Q1 2025 were ¥2,229,369,740.94, compared to ¥2,186,778,011.72 in Q1 2024, indicating an increase of about 1.93%[17] - Research and development expenses for Q1 2025 were ¥6,461,905.67, up from ¥4,205,484.42 in Q1 2024, showing an increase of approximately 53.73%[17] - The net cash flow from investing activities was -¥385,812,951.91, a decline from -¥18,905,376.26 in Q1 2024, indicating increased investment expenditures[21] - Cash outflow from investing activities totaled ¥408,491,183.79, a significant increase from ¥19,670,035.52 in the previous year[21] Other Comprehensive Income - Other comprehensive income after tax for Q1 2025 was -¥53,414,976.41, compared to ¥229,994,623.20 in Q1 2024, reflecting a significant decline[18] Cash Management - Payments to employees were ¥863,703,378.57, slightly down from ¥873,695,306.61 in the same quarter last year, a decrease of 1.1%[20] - The company experienced a cash outflow of ¥38,374,587.23 from financing activities, compared to a much larger outflow of ¥244,027,133.85 in Q1 2024, indicating improved cash management[21]

| 业务板块 | 销售码洋 | 主营业务收入 | 主营业务成本 | 毛利率(%) | | --- | --- | --- | --- | --- | | 出版业务 | —— | 85,864.11 | 53,850.11 | 37.28 | | 其中：教材教辅 | 96,010.57 | 56,247.97 | 31,567.51 | 43.88 | | 一般图书 | 113,445.04 | 21,361.00 | 16,943.26 | 20.68 | | 发行业务 | —— | 219,153.31 | 159,067.99 | 27.42 | | 其中：教材教辅 | 120,311.25 | 116,862.27 | 78,986.14 | 32.41 | | 一般图书 | 179,937.05 | 99,850.10 | 78,171.38 | 21.71 | 证券代码：601811 证券简称：新华文轩 公告编号：2025-011 新华文轩出版传媒股份有限公司 关于 2025 年第一季度主要经营数据的公告 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 ...

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].