Summary of Southern Media Conference Call Company and Industry Overview - **Company**: Southern Media - **Industry**: Digital Publishing and Education Key Points and Arguments 1. **Collaboration with Tencent Cloud**: Southern Media has partnered with Tencent Cloud to explore digital publishing commercialization, launching various intelligent agents, including a Cantonese cuisine master agent with over 8,000 recipes and 200 intangible cultural heritage recipes, offering paid services and planning further AI education applications [2][3] 2. **AI Features on Yuejiao Cloud Platform**: In April, CICC launched AI lesson preparation and AI tutoring features on the Yuejiao Cloud platform, achieving significant breakthroughs in lesson plan generation and personalized services, with positive feedback from 250 schools during internal testing [4] 3. **After-School Services**: Southern Media will start promoting after-school service enrollment in June, with classes officially beginning in July. Full-day care services are a significant revenue source during summer and winter breaks, with around 80 locations offering this service [6] 4. **Performance Outlook**: The company expects stable performance in Q2, benefiting from a low deferred tax base from the previous year. Key growth drivers include price increases for first and seventh-grade textbooks, the launch of the first AI textbook, and the advancement of Hong Kong and Macau textbook businesses [7] 5. **Market Size in Hong Kong and Macau**: The textbook market in Hong Kong and Macau is comparable to that of small provinces in mainland China, with a high average transaction value despite a smaller student population of around 1 million. The company plans to introduce new subjects in Macau and Hong Kong, aiming to increase market share [8] 6. **Competitive Landscape**: The main competitor in the Hong Kong and Macau textbook market is Renjiao Publishing, with both companies currently engaged in differentiated competition. Southern Media's geographical and cultural advantages are expected to enhance its content creation capabilities [9] 7. **Future Plans with Tencent**: The collaboration with Tencent will focus on AI in education, developing intelligent products related to Cantonese language, cuisine, and tourism, while exploring new business models and maintaining close cooperation with Tencent [10] 8. **AI Textbook Development**: The company will know by the end of the month whether its AI textbooks will enter the provincial catalog, which would significantly impact sales. If not, there are backup plans to enter local catalogs in 21 cities [11] 9. **AI Curriculum Implementation**: The specific coverage of AI courses is still uncertain, pending decisions from local education departments regarding grade levels and course structure. Prepared materials include full sets for sixth grade and junior high school [12] 10. **Content Continuity Concerns**: If AI courses start from the third grade, there may be continuity issues for students who have not learned relevant content in earlier grades, highlighting the need for careful curriculum planning by education authorities [13] Additional Important Information - The company is actively working to recover from last year's decline in in-school care services through new measures like mock exams and teacher training [6] - The introduction of AI textbooks is seen as a potential game-changer for sales, with the company aiming to adapt to local market conditions and student acceptance [8][11]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous innovation in AI applications across various sectors such as social media, publishing, and e-commerce, with significant advancements in AI models and their commercial viability [4][32] - The gaming sector is experiencing a surge with new game launches and IP products, indicating potential revenue growth for companies involved [5][12] - The report suggests a focus on AI applications and their commercialization, recommending specific companies for investment based on their market positioning and product offerings [4][5] Industry Data Overview - The mobile game "暴吵萌厨" ranked first in the iOS free games chart in mainland China, while "王者荣耀" topped the iOS revenue chart [12][17] - The film "水饺皇后" achieved the highest box office revenue for the week, indicating strong performance in the film sector [27] - The report notes that the A-share media sector outperformed major indices, suggesting a positive market trend [9] Industry News Summary - AI technology continues to evolve, with breakthroughs in generative AI and applications in various fields, including gaming and entertainment [32] - The report emphasizes the importance of new game releases and IP product launches as key drivers for revenue growth in the gaming sector [5][12] - The report also discusses the performance of various media products, including TV dramas and variety shows, highlighting their market share and audience engagement [28][29][30]

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-016 南方出版传媒股份有限公司 关于注销回购股份减少注册资本暨通知债权人的公告 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。 一、通知债权人的原由 南方出版传媒股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第五届董事会第十一次会议，于 2025 年 5 月 29 日召开 2024 年年度股东大会， 审议通过了《关于变更公司回购股份用途并注销的议案》。根据相关规定并结合 公司实际情况，公司拟对回购专用证券账户中的 13,906,472 股股份的用途变更 为"用于注销并减少注册资本"，并在履行法定审批程序后予以注销。注销完成 后，公司总股本将由 895,876,566 股减少为 881,970,094 股,注册资本将由 895,876,566 元减少为 881,970,094 元。上述具体内容请见本公司于 2025 年 4 月 26 日在上海证券交易所网站（http://www.sse.com.cn）披露的《南方出版传 媒股份有限公司 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-015 南方出版传媒股份有限公司 2024年年度股东大会决议公告 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 5 月 29 日 (二) 股东大会召开的地点：广州市越秀区水荫路 11 号出版大楼二楼 203 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 | 146 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 572,220,887 | | 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 | | | 份总数的比例（%） | 63.8727 | (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。 本次股东大会由董事会召集，根据相关规定，由公司董事长谭君铁先生主持 会议。本次股东大会的召集、召开及表决方式符合《中华 ...

广东省广州市天河区天河北路 189 号中国市长大厦 1801 室 邮编：510620 电话：（86-20）38061168 传真：（86-20）87551834 北京浩天（广州）律师事务所 关于南方出版传媒股份有限公司 2024 年年度股东大会的 法律意见书 致：南方出版传媒股份有限公司 根据中国证监会发布的《上市公司股东大会规则》（下称"《股东 大会规则》"）的有关规定，北京浩天（广州）律师事务所（以下简称 "本所"）受南方出版传媒股份有限公司（以下简称"公司"）的委托， 指派律师出席公司于 2025 年 5 月 29 日在广州市越秀区水荫路 11 号 出版大楼二楼 203 会议室召开的南方出版传媒股份有限公司 2024 年 年度股东大会（下称"本次股东大会"），并就本次股东大会的召集和 召开程序、召集人资格、出席和列席会议人员资格、表决程序及表决 结果等事宜发表法律意见。 《南方出版传媒股份有限公司股东大会议事规则》（以下简称"公司 股东大会议事规则"）的有关规定，就本次股东大会有关事宜出具本 法律意见。 本所经办律师按照律师行业公认的业务标准、道德规范和勤勉尽 责精神，对公司提供的有关文件和资料进行了核 ...

今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...

Summary of Southern Media Conference Call Company and Industry Overview - **Company**: Southern Media - **Industry**: Publishing and AI Integration Key Points and Arguments 1. Southern Media has partnered with Tencent to explore a "Publishing + AI" model, aiming to support Guangdong's cultural development strategy and enhance productivity for high-quality growth [2][4][5] 2. The collaboration has led to the development of intelligent book agents that integrate publishing content into an AI knowledge base, providing professional guidance on topics such as Cantonese cuisine and wellness [2][6] 3. Seven intelligent products have been launched by Guangdong People's Publishing House, covering Lingnan culture and lifestyle, demonstrating advanced knowledge processing capabilities [2][7] 4. The partnership marks the first instance in China where an authoritative knowledge base is connected with a large model, enhancing content credibility and commercializing copyright content [2][8] 5. The "Le Jiao Xiang Yun" platform has introduced AI teaching assistant and learning features, receiving positive feedback with a satisfaction rate exceeding 98% [3][11][16] Additional Important Content 1. The strategic goal of Southern Media is "Digital Intelligence Nanguang," leveraging AI to transform the publishing industry and explore new commercial models [5][10] 2. The intelligent book agents provide detailed answers to user inquiries about Cantonese cooking techniques and cultural aspects, enhancing user experience and promoting paid reading [6][8][14] 3. The intelligent agents serve as traffic entry points, guiding users to purchase related books and content, thus driving long-term sales [14][15] 4. Southern Media's extensive copyright library and knowledge base in Lingnan culture provide a competitive advantage in the market [13][28] 5. The company plans to expand its AI applications beyond education, indicating a broader market strategy [28][29] 6. The intelligent teaching assistant features are expected to significantly increase user adoption in schools, with plans for a public release to enhance accessibility [16][20] 7. Southern Media's position in the Guangdong textbook market is strong, with a market share of approximately 70% for its core textbook versions [22][26] Future Outlook 1. Southern Media aims to continue developing intelligent agents and expand their applications across various sectors, enhancing their market presence [28][29] 2. The company is exploring hardware integration with AI, such as an AI-enabled mouse for educational purposes [18][19] 3. Future developments may include video interaction capabilities for a more engaging user experience [17]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4]

Core Viewpoint - The company aims to enhance its operational efficiency and shareholder value through strategic reforms and digital transformation initiatives, while maintaining a focus on high-quality publishing and educational services [4][10][11]. Meeting Organization - The annual shareholders' meeting is scheduled for May 29, 2025, in Guangzhou, with participation from eligible shareholders, board members, and legal representatives [1][2]. - The meeting will include the reading of proposals, shareholder discussions, and voting procedures [3][4]. Financial Performance - The company achieved total revenue of 17.383 billion yuan in 2024, representing a year-on-year growth of 7.05% [4]. - The net profit attributable to shareholders was 9.281 billion yuan, with a 0.95 billion yuan increase compared to the previous year [27]. - The total assets reached 173.83 billion yuan, marking a 7.05% increase from the previous year [28]. Business Development - The company published 5,291 titles and 193 audio-visual products in 2024, with significant sales in educational materials, achieving a revenue of 5.36 billion yuan from textbooks and supplementary materials [4][6]. - The company is focusing on digital transformation and enhancing its distribution channels, with a revenue of 7.143 billion yuan from its distribution segment [7][10]. Future Strategy - The company plans to deepen reforms in its publishing sector and enhance its educational publishing ecosystem, aiming to become a leader in local educational publishing [9][10]. - There is a commitment to integrating digital technologies into operations, including the use of big data and AI to meet consumer demands [11][12]. Shareholder Proposals - The board proposed a cash dividend of 5.50 yuan per share, totaling 492.73 million yuan, which represents 80.98% of the net profit attributable to shareholders [24]. - The company plans to continue its focus on high-quality publishing and educational services while exploring new investment opportunities [10][11].

南方出版传媒股份有限公司 601900 2024 年度股东大会 会议材料 2025 年 5 月 29 日 南方出版传媒股份有限公司 2024 年度股东大会议程 会议时间：2025 年 5 月 29 日（星期四）下午 3:00 会议地点：广州市越秀区水荫路 11 号二楼 203 会议室 召 集 人：公司董事会 参加人员：符合条件的股东或其授权委托人、公司董事、 监事及高级管理人员、见证律师 一、大会主持人宣布 2024 年年度股东大会开始，报告 出席会议股东、持有股份数及比例、参会人员 二、董事会秘书宣读本次股东大会须知 8.关于变更公司回购股份用途并注销的议案 （二）股东及股东代表发言，回答问题 三、审议股东大会议案 （一）宣读议案 1.关于公司 2024 年度董事会工作报告的议案 2.关于公司 2024 年度监事会工作报告的议案 3.关于公司 2024 年度报告及其摘要的议案 4.关于公司 2024 年度利润分配方案的议案 5.关于公司 2024 年度财务决算报告的议案 6.关于公司 2024 年度独立董事述职报告的议案 7.关于续聘审计机构的议案 （三）推荐计票、监票的股东、监事代表及律师 （四）对议案进 ...