证券代码：601900 证券简称：南方传媒 公告编号： 临 2025-014 南方出版传媒股份有限公司 一、说明会类型 南方出版传媒股份有限公司（以下简称"公司"）已于 2025 年 4 月 26 日 发布了《南方传媒 2024 年年度报告》和《南方传媒 2025 年第一季度报告》，为 便于广大投资者更全面深入地了解公司经营成果、财务状况，公司计划于 2025 年 5 月 28 日 15:00-16:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投 资者关心的问题进行交流。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 28 日 15:00-16:00 （二）会议召开地点：中国证券网（https://roadshow.cnstock.com/） （三）会议召开方式：线上文字互动 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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： ● 问题征集方式：投资者可于 2025 年 5 月 27 日（星期二）16：00 ...

Group 1: Industry Overview - The media sector showed signs of recovery in April 2025, outperforming the market with a decline of 2.23%, which was 0.78 percentage points better than the CSI 300 index, ranking 14th among 31 industries [2][11][4] - In Q1 2025, the A-share media sector achieved a total revenue of 1258.53 billion yuan and a net profit of 110.77 billion yuan, representing year-on-year growth of 5.59% and 28.63% respectively, indicating a significant improvement after four consecutive quarters of decline [28][23][24] Group 2: Gaming Sector - The gaming market experienced double-digit revenue growth in the first quarter of 2025, with actual sales revenue reaching 857.04 billion yuan, a year-on-year increase of 17.99%, and mobile gaming revenue at 636.26 billion yuan, up 20.29% [54][55] - In April 2025, 118 domestic games and 9 imported games were approved, with a total of 510 game licenses issued from January to April, marking a 7.6% year-on-year increase [46][47] Group 3: Film and Television Sector - The film market faced challenges in April 2025, with total box office revenue of 11.97 billion yuan, down 46.5% year-on-year, indicating a lack of new releases with box office appeal [68][73] - In the television sector, the top 10 online dramas in April included "无忧渡" with 865 million views, leading the rankings, while Mango TV continued to dominate the variety show market with a market share of 16.09% for "乘风2025" [91][92] Group 4: AI Applications - The AI sector is rapidly advancing, with Google launching the Agent2Agent (A2A) protocol, which allows AI agents to communicate and collaborate effectively [106][99] - ByteDance introduced a universal AI agent platform called "扣子空间," designed for task collaboration and intelligent execution, showcasing its potential in enterprise applications [107][109]

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]

Summary of Southern Media's Conference Call Company Overview - **Company**: Southern Media - **Industry**: Education Publishing and AI in Education Key Financial Performance - **Q1 2024 Revenue**: 21.13 billion CNY, net profit of 3.2 billion CNY, a year-on-year increase of 110%, and non-recurring net profit of 3.606 billion CNY, up 81.5%, marking a three-year high [2][5] - **2024 Total Revenue**: 91.7 billion CNY, with a scale profit of 8.1 billion CNY and non-recurring net profit of 9.4 billion CNY, showing slight revenue decline due to macroeconomic impacts on general books and paper media [3][4] - **2024 Textbook and Auxiliary Income**: 84.6 billion CNY, a 1.9% increase year-on-year [2][6] Core Business Insights - **Textbook Sales**: The Guangdong education version textbooks passed the Ministry of Education's review and are being sold nationwide, with market share in Guangdong continuing to rise [2][6] - **General Book Sales**: Achieved a sales volume of 42.5 billion CNY, a 51% increase, but revenue growth was impacted by short video platforms and e-commerce discounts [2][6] - **Cost Reduction Measures**: Significant cost reductions were achieved, including a decrease in paper costs by over 10 million CNY and a reduction of 174 employees [5] AI and Digital Transformation - **AI in Education**: Launched AI lesson preparation and assistance features on the Yuexiu Xiangyun platform, currently in internal testing with positive feedback [2][7] - **Digital Business Growth**: Digital business revenue is expected to grow by 35% year-on-year in 2024, driven by the success of various digital products [2][13] Dividend Policy - **2024 Dividend**: 0.55 CNY per share, totaling 4.92 billion CNY, with a dividend payout ratio of 60.85% [2][9] - **Share Buyback**: Plans to repurchase approximately 14 million shares to enhance earnings per share and net assets per share [2][9] Market Position and Competitive Advantage - **Yuejiao Star's Digital Textbooks**: Offers a comprehensive range of digital textbooks and free access to compulsory education students through government funding, leveraging user data for targeted marketing [2][10][11] - **Market Competitiveness**: Strong market position due to a wide range of digital textbooks and the ability to understand student needs through data analytics [11][12] Future Outlook - **Population Trends**: Guangdong's population growth and net inflow of people are expected to peak student numbers around 2028-2029, providing a favorable environment for business growth [4][17] - **Response to Declining School-Age Population**: The company is diversifying into AI education, customer service, and Hong Kong-Macau textbooks to find new profit growth points [4][17] Tax Policy Impact - **Tax Changes**: The effective corporate income tax rate was 25% in 2024, with new policies providing tax exemptions in 2025, which will positively impact profits [14][15] Conclusion - Southern Media is positioned for growth through strategic investments in AI and digital education, while maintaining a strong financial performance and a commitment to shareholder returns through dividends and share buybacks. The company is adapting to demographic changes and market challenges by diversifying its offerings and leveraging technology.

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's main business operations remain stable, with significant achievements in educational publishing and digital transformation [6] - The company reported a revenue of 9.172 billion yuan in 2024, a decrease of 2.07% year-on-year, while the net profit attributable to shareholders was 810 million yuan, down 36.91% year-on-year [6][7] - The company has a strong cash reserve of 2.314 billion yuan as of Q1 2025 and has implemented an active dividend policy, distributing a total of 1.384 billion yuan in cash dividends over the past three years [6][7] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 91.72 billion yuan, with a year-on-year decrease of 2.07% due to various factors including changes in consumer habits and reduced income from after-school services [6] - The revenue from textbooks and educational materials was 84.62 billion yuan, an increase of 1.91% year-on-year, while general book revenue was 18.14 billion yuan, a decrease of 7.98% [6] - The company’s net profit attributable to shareholders was 8.10 billion yuan, reflecting a significant decline of 36.91% year-on-year, primarily due to one-time impacts from tax and accounting adjustments [6][7] Future Outlook - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 11.80 billion yuan, 12.84 billion yuan, and 13.26 billion yuan respectively, with corresponding PE ratios of 13.4, 12.3, and 11.9 [6][7] - The company is expected to benefit from the extension of tax incentives for state-owned publishing enterprises in 2025, which will eliminate the impact of income tax expenses [6] Market Position - The company has enhanced its digital capabilities, becoming the first in the country to include digital textbooks in the free teaching materials directory, and has significantly increased the issuance of its learning cards [6] - The company has also expanded its international presence, with 319 types of book copyrights exported, including successful exports to Southeast Asia [6]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported strong profit performance in Q1 2025, with a significant increase in net profit by 110% year-on-year, reaching 320 million yuan [1] - The company is a leading publishing and distribution enterprise in Guangdong Province, with stable growth in core businesses such as educational materials and general books, while educational services are expected to become another growth point [2] - The company has announced a record high dividend payout ratio of 61%, reflecting its commitment to shareholder returns [7] Financial Performance Summary - In Q4 2024, the company achieved operating revenue of 2.69 billion yuan, a year-on-year decrease of 7.7%, and a net profit of 280 million yuan, down 53.5% year-on-year [1] - For the full year 2024, the company reported operating revenue of 9.17 billion yuan, a decrease of 2.1% year-on-year, and a net profit of 810 million yuan, down 36.9% year-on-year [2] - In Q1 2025, the company recorded operating revenue of 2.11 billion yuan, an increase of 1.2% year-on-year, and a net profit of 320 million yuan, up 110% year-on-year [1][2] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 1.15 billion yuan, 1.19 billion yuan, and 1.25 billion yuan respectively, with corresponding EPS of 1.28 yuan, 1.33 yuan, and 1.39 yuan [2] - The target price for 2025 is set at 17.92 yuan, based on a P/E ratio of 14 times [2] Market Performance - The company's stock price as of April 30, 2025, was 16.49 yuan, with a 52-week high of 17.36 yuan and a low of 10.66 yuan [3] - The company has shown strong relative performance against the market, with a 1-week return of 5.5% and a 1-month return of 3.13% [4]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported strong profit performance in Q1 2025, with a significant increase in net profit by 110% year-on-year, reaching 320 million yuan [1] - The company is a leading publishing and distribution enterprise in Guangdong Province, with stable growth in core businesses such as educational materials and general books, while educational services are expected to become another growth driver [2] - The company has announced a record high dividend payout ratio of 61%, reflecting its commitment to shareholder returns [7] Financial Performance Summary - In Q4 2024, the company achieved operating revenue of 2.69 billion yuan, a year-on-year decrease of 7.7%, and a net profit of 280 million yuan, down 53.5% year-on-year [1] - For the full year 2024, the company reported operating revenue of 9.17 billion yuan, a decrease of 2.1% year-on-year, and a net profit of 810 million yuan, down 36.9% year-on-year [2] - In Q1 2025, the company recorded operating revenue of 2.11 billion yuan, an increase of 1.2% year-on-year, and a net profit of 320 million yuan, up 110% year-on-year [1][2] Earnings Forecast - The company is expected to achieve net profits of 1.15 billion yuan, 1.19 billion yuan, and 1.25 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.28, 1.33, and 1.39 yuan [2] - The estimated operating revenue for 2025 is projected to be 9.83 billion yuan, reflecting a year-on-year growth of 7.1% [9] Valuation - The target price for the company is set at 17.92 yuan, based on a P/E ratio of 14 times for 2025 [2] - The company's current stock price is 16.49 yuan, with a market capitalization of 14.77 billion yuan [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong start to 2025, with a more than doubling of net profit attributable to shareholders [1] - The revenue for 2024 decreased by 2.1% to 9.17 billion yuan, while net profit attributable to shareholders fell by 36.9% to 810 million yuan, primarily due to significant losses from fair value changes in financial assets [8] - The first quarter of 2025 showed positive growth, with revenue increasing by 1.2% to 2.11 billion yuan and net profit attributable to shareholders rising by 110.3% to 320 million yuan [8] - The company has maintained stable growth in its textbook and auxiliary materials business, while the general book segment faced challenges [8] - The company is actively enhancing its AI and digital education business, with significant progress in digital textbook applications [8] - The dividend payout is set to increase, with a proposed cash dividend of 5.50 yuan per 10 shares, totaling 490 million yuan, which is 60.9% of the 2024 net profit [8] - Profit forecasts for 2025-2026 have been revised upwards, with net profit estimates of 1.03 billion yuan and 1.07 billion yuan respectively, reflecting improved gross margins and cost control [8] Summary by Sections Financial Performance - Total revenue for 2023 was 9.365 billion yuan, with a projected decrease to 9.172 billion yuan in 2024, followed by a recovery to 9.534 billion yuan in 2025 [1] - Net profit attributable to shareholders for 2023 was 1.284 billion yuan, expected to drop to 809.81 million yuan in 2024, before rebounding to 1.025 billion yuan in 2025 [1] - The latest diluted EPS is projected to be 0.90 yuan for 2024, increasing to 1.14 yuan in 2025 [1] Business Segments - The textbook and auxiliary materials segment saw a revenue increase of 1.9% to 8.46 billion yuan in 2024, while the general book segment experienced an 8.0% decline to 1.50 billion yuan [8] - The gross margin for the textbook segment improved to 25.8%, while the general book segment's gross margin increased to 12.3% despite revenue declines [8] Future Outlook - The company plans to enhance its digital education capabilities, with the "Yuejiao Xiangyun" digital textbook platform being a key focus for 2025 [8] - The projected net profit for 2027 is estimated at 1.11 billion yuan, with corresponding P/E ratios of 14, 14, and 13 for 2025-2027 [8]

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].