Investment Rating - The report maintains a positive investment rating for the media and entertainment sector, particularly highlighting leading companies such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][2]. Core Insights - The media sector has shown resilience with a slight increase of 0.14% in the past week, ranking 22nd among all sectors, while year-to-date performance is up by 0.30%, placing it 9th overall [1]. - The publishing industry is experiencing a rebound, with companies like Southern Media and Phoenix Media exceeding market expectations, driven by stable cash flow from educational materials [1]. - The film industry is expected to benefit significantly from the success of "Nezha 2," with companies like Wanda Film anticipated to see substantial growth [1]. - The gaming sector is also highlighted for its strong performance, supported by favorable valuations, growth rates, and the impact of AI development [1][2]. Summary by Sections Media Sector Performance - The media industry index increased by 0.14% in the last week, with notable individual stock performances, including significant gains from companies like Xingyibao and Hengdian Film [10][12]. - The publishing sector is characterized by stable cash flows and attractive valuations, with many companies trading at around 10 times earnings and offering dividend yields of approximately 4% [1][2]. Film and Television Insights - The top films in the box office include "Nezha: The Devil Child," which grossed 51.69 million, and "The Hunt," with a box office of 17.18 million [17][18]. - Upcoming films are expected to attract significant audience interest, with "The Kowloon Walled City" leading in pre-release interest [19]. Gaming Sector Highlights - Tencent dominates the mobile gaming market, with seven titles in the iOS top ten, including "Honor of Kings" at the top position [30][31]. - The gaming industry is benefiting from AI advancements, enhancing operational efficiencies and advertising capabilities [2]. Publishing and Literature Trends - The top-selling fictional books include "Nezha: The Three Realms' Past" and "To Live (2021 Edition)," indicating strong consumer interest in literary works [32][33]. - The report notes a diverse range of successful titles across various genres, reflecting a robust publishing market [32][33].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 20.16 CNY for the next six months [5][3]. Core Views - The company has shown a strong performance in Q1 2025 with a revenue increase of 1.21% year-on-year, reaching 2.113 billion CNY, and a significant profit increase of 110.25% year-on-year, amounting to 320 million CNY [1]. - The company’s 2024 annual revenue was 9.172 billion CNY, a slight decrease of 2.07% year-on-year, with a net profit of 810 million CNY, down 36.91% year-on-year, primarily due to changes in income tax policies [1][3]. - The company has increased its dividend payout to 493 million CNY in 2024, corresponding to a payout ratio of 60.85%, which is a 23.75% increase compared to 2023 [1]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.113 billion CNY, with a net profit of 320 million CNY, reflecting a significant profit growth [1]. - The 2024 annual revenue was 9.172 billion CNY, with a net profit of 810 million CNY, indicating a decline in profitability due to increased deferred tax expenses [1][4]. - The company’s gross margin improved by 4.63 percentage points to 38.17% in Q1 2025, contributing to the profit growth [1]. Business Segments - The educational materials segment remains robust, with a sales volume of 5.36 billion CNY in 2024, up 4.65% year-on-year, supported by an increase in the birth rate in Guangdong [2]. - The general book segment saw a significant increase in sales, reaching 4.247 billion CNY in 2024, a 51.61% year-on-year growth, with a gross margin of 17.53% [2]. Future Outlook - The company is actively exploring new business opportunities in AI and education, aiming to enhance its smart education platform capabilities [2]. - Revenue projections for 2025-2027 are estimated at 9.562 billion CNY, 10.075 billion CNY, and 10.625 billion CNY, respectively, with corresponding net profits of 1.006 billion CNY, 1.076 billion CNY, and 1.173 billion CNY [3][4].

Core Viewpoint - The company reported a decline in revenue for 2024 but showed significant growth in net profit, driven by non-recurring gains from tax incentives and improved gross margins [1][2]. Financial Performance - 2024 revenue was 9.172 billion, down 2.07% year-over-year, with net profit at 810 million, a decrease of 36.91% compared to previous estimates [1] - Q1 2025 revenue reached 2.113 billion, up 1.21% year-over-year, with net profit soaring to 320 million, an increase of 110.25% [1] - The company plans to distribute a cash dividend of 0.55 per share, yielding a dividend rate of 3.48% based on the closing price on April 25 [1] Gross Margin and Cost Management - The overall gross margin for 2024 was 33.54%, an increase of 1.71 percentage points, attributed to lower paper costs and optimized management expenses [2] - Q1 2025 gross margin improved to 38.16%, up 4.12 percentage points, due to price increases on educational materials and continued reductions in paper costs [2] - The expense ratios for sales, management, R&D, and finance remained stable, indicating effective cost control [2] Digital Development - The company launched the "Yuejiao Xiangyun Digital Textbook Application Platform," making digital textbooks part of the free teaching materials, establishing a regular supply mechanism for digital textbooks [3] - The company was recognized as a national technology-based small and medium-sized enterprise, with two projects awarded the Guangdong Provincial Science and Technology Progress Award [3] Publishing Achievements - In 2024, the company published 5,291 types of popular books, 193 audio-visual products, and 453 electronic publications, reflecting a commitment to high-quality development [4] - General book publishing achieved sales of 4.247 billion, marking a growth of 51.61% [5] Profit Forecast and Valuation - Adjustments to net profit forecasts for 2025-2027 are 1.12 billion, 1.266 billion, and 1.42 billion, reflecting increases of 13.36% and 17% for 2025-2026 [6] - The company is assigned a target price of 20, based on a 16X PE valuation for 2025, maintaining a "buy" rating [6]

Core Viewpoint - The company reported a revenue of 9.172 billion yuan in 2024, a year-over-year decrease of 2.1%, and a net profit attributable to shareholders of 810 million yuan, down 36.9% year-over-year, while the non-recurring net profit increased by 5.6% to 941 million yuan [1][2]. Revenue Summary - In 2024, the company achieved a total revenue of 9.172 billion yuan, with publishing revenue at 7.143 billion yuan (down 2.6% year-over-year) and educational materials revenue at 3.451 billion yuan (up 2% year-over-year) [2]. - For Q1 2025, the company reported a revenue of 2.113 billion yuan, reflecting a year-over-year growth of 1.2% [3]. Profit Summary - The net profit attributable to shareholders for 2024 was 810 million yuan, a decrease of 36.9% year-over-year, while the non-recurring net profit was 941 million yuan, an increase of 5.6% year-over-year [1][2]. - In Q1 2025, the net profit attributable to shareholders reached 320 million yuan, a significant increase of 110% year-over-year, with a non-recurring net profit of 306 million yuan, up 81% year-over-year [3]. Dividend Announcement - The company announced a dividend plan for 2024, proposing a cash dividend of 0.55 yuan per share (including tax), totaling approximately 493 million yuan, which represents a year-over-year increase of 3.46% and a payout ratio of about 60.85% [3]. Growth Potential - The company is well-positioned for growth due to its location in Guangdong, which offers demographic advantages, and its ongoing expansion into vocational education and educational materials for Hong Kong, Macau, and Taiwan, indicating a strong growth trajectory [4]. - The company is actively pursuing new business opportunities, particularly in AI and education products, with expectations for continued innovation and revenue growth [4]. Investment Outlook - The company is viewed positively for its stable core business and dividend value, with long-term prospects bolstered by its embrace of AI and educational training initiatives, which are expected to enhance revenue and valuation [4]. - The profit forecasts for 2025, 2026, and 2027 have been revised upward to 1.218 billion yuan, 1.333 billion yuan, and 1.442 billion yuan, respectively, with a target market capitalization of 18.3 billion yuan and a target price of 20 yuan per share [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.00 RMB [8][9]. Core Insights - The company reported a revenue of 9.172 billion RMB for 2024, a year-over-year decrease of 2.07%, primarily due to a reduction in themed educational publications and a decline in lower-margin products [2][5]. - The net profit attributable to the parent company for 2024 was 809.81 million RMB, down 36.91% year-over-year, while the non-recurring net profit increased by 5.6% to 941 million RMB [1][2]. - In Q1 2025, the company achieved a revenue of 2.113 billion RMB, reflecting a year-over-year increase of 1.21%, and a net profit of 320 million RMB, up 110.25% year-over-year [1][2]. Summary by Sections Financial Performance - The company’s gross margin improved to 33.54% in 2024, an increase of 1.71 percentage points year-over-year, attributed to lower paper costs and optimized management expenses [2]. - For Q1 2025, the gross margin further increased to 38.16%, up 4.12 percentage points year-over-year, driven by price increases in educational materials and continued reductions in paper costs [2]. Digital Development - The company has established a regular supply mechanism for digital textbooks, becoming the first in Guangdong to implement pricing for digital textbooks [3]. - The issuance of the "Yue High School" and "Language Fun Learning" cards exceeded 12.32 million, marking a year-over-year growth of over 59% [3]. Publishing and Reform - In 2024, the company published 5,291 types of popular books, 193 audio-visual products, and 453 electronic publications, with general book sales reaching 4.247 billion RMB, a growth of 51.61% [4]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is adjusted to 1.12 billion RMB for 2025, reflecting a 38.33% increase year-over-year [5]. - The company is valued at a PE ratio of 16X for 2025, with a target price of 20 RMB, indicating a potential upside from the current market price [5].

南方出版传媒股份有限公司 2024 年度审计委员会年度履职情况报告 南方出版传媒股份有限公司（以下简称"公司"）董事会审计委员会，根 据《上海证券交易所上市公司董事会审计委员会运作指引》、《上海证券交易所股 票上市规则》以及《公司章程》、《公司董事会审计委员会工作制度》等有关规定， 本着勤勉尽责的原则认真积极地开展各项工作。现将公司董事会审计委员会 2024 年度的履职情况汇报如下： 一、董事会审计委员会基本情况 公司第五届董事会审计委员会委员共 3 名，分别由 2 名独立董事辛宇先生、 蒋冬菊女士及 1 名非独立董事叶河先生组成，其中召集人由具有专业会计资格的 独立董事辛宇先生担任。公司于 2024 年 4 月 24 日召开第五届董事会第八次会议， 审议通过了《关于调整第五届董事会审计委员会成员的议案》，调整后公司董事、 总经理叶河先生不再担任公司第五届董事会审计委员会委员职务，公司董事会选 举何云女士为公司第五届董事会审计委员会委员。 （三）指导内部审计工作 报告期内，审计委员会对公司年度审计工作总结及下年度工作计划进行了审 阅，在审阅公司的内部审计工作时，未发现内部审计工作存在重大问题的情况， 对内部审 ...

公司代码：601900 公司简称：南方传媒 南方出版传媒股份有限公司 2024年度内部控制评价报告 南方出版传媒股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 3. 是否发现非财务报告内部控制重大缺陷 □是 √否 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日，公司未发现非财务 报告内部控制重大缺陷。 4. 自内部控制评价报告基准日至内部控制评价报告发 ...

一、会计师事务所基本情况 南方出版传媒股份有限公司 对会计师事务所 2024 年度履职情况评估报告 公司聘请信永中和会计师事务所（特殊普通合伙）（以下简称"信永中和会 计师事务所"或"信永中和"）作为公司 2024 年度审计机构。根据财政部、国资 委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理办法》等法律法 规的要求，公司对信永中和 2024 年度履职情况进行了评估，具体情况汇报如下： (一)基本信息 机构名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 首席合伙人：谭小青先生 截止 2024 年 12 月 31 日，信永中和合伙人（股东）259 人，注册会计师 1780 人。签署过证券服务业务审计报告的注册会计师人数超过 700 人。 签字项目合伙人：凌朝晖先生，1998 年获得中国注册会计师资质，2017 年 开始从事上市公司审计,2011 年开始在信永中和执业，2020 年开始为本公司提供 审计服务，近三年签署和复核的上市公司超过 4 家。 担任独立复核合伙人：廖朝 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-008 南方出版传媒股份有限公司 关于子公司参与设立投资基金的公告 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： ●投资标的：广东南传创智创业投资基金合伙企业（有限合伙）（暂名，以工 商部门核准为准） ●投资金额：总规模 2,500 万元，其中普通合伙人广东湾区创业投资有限公 司（以下简称"湾区创投"）拟出资 1 万元。南方出版传媒股份有限公司（以下 简称"南方传媒""公司"）子公司广东南方传媒投资有限公司（以下简称"南传 投资"）拟出资437万元，比例为17.48%，广州番禺创新投资有限公司拟出资2,000 万元，比例为 80.00%，吴君宏拟出资 60 万元，比例为 2.4%，甄福来拟出资 1 万元，比例为 0.04%，邱莉娜拟出资 1 万元，比例为 0.04%。 ●风险提示：主要风险包括本产业基金尚需履行中国证券投资基金协会等的 登记注册、备案等手续，具体设立和开始投资运作的时间存在一定的不确定性； 产业基金后续能否按预期募集成功存在不 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-012 南方出版传媒股份有限公司 一、公司一般图书出版业务 异，仅供各位投资者参考。 2025 年一季度主要经营数据的公告 特此公告。 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。 南方出版传媒股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司行业信息披露指引第十三号—新闻出版》的相关规定，现将 2025 年一季 度主要经营数据（未经审计）公告如下： 单位：万元 项 目 销售码洋 营业收入 营业成本 毛利率 上年 同期 本期 增长 率 上年同 期 本期 增长率 上年同 期 本期 增长 率 上年 同期 本期 增长 率 一 般 图 书 出 版 业 务 39,763.77 39,861.92 0.25% 6,491.09 6,299.81 -2.95% 6,611.75 5,886.57 -10.97% -1.86% 6.56% 上升 8.42 个百 分点 二、公司报纸和期刊业务 | 项目 | 发行量（万册） | | 已签订的广告订单 | 已确认的广告 ...