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].

本次电话会议服务于中泰证券正式签约客户为非公开交流活动未经中泰证券授权请勿对外传播本次会议的内容包括但不限于视频音频文字记录内容等信息感谢您的理解与配合 中泰证券对违反上述要求的行为保留追究法律责任的权利市场有风险投资需谨慎本会议信息仅供参考不代表任何投资建议本公司不对任何人因使用本会议中的信息所引致的任何损失负担任何责任 各位投资者大家下午好欢迎参加我们今天下午三点钟的这个南方传媒的这个线上交流因为我们今年一直持续的这个看好啊以及跟踪AI教育的这个相关的一些方向那南方在这个维度上呢我们认为是有非常明确的一个投资的一个亮点 另外一个方面呢那我们其实从去年以来在出版这一侧的这个跟踪以及研究上也是比较深入的那对于出版板块的我们认为现在这个位置也是处在一个相对有一个配置性价比体现的一个阶段所以我们就是两个维度结合吧然后也是在三月份的时候也是重点来call这个南方的一个机会所以我们今天非常有幸是邀请到了 公司的IRD李总跟大家做一个线上近期公司近况的一个交流今天的这个线上交流的形式我们主要以QA的交流方式为主各位投资者如果有感兴趣的问题的话可以随时网络端举手示意然后电话端是新意见然后可以有提示我们有可以接触的机会 H ...

Investment Rating - The report maintains a rating of "Overweight" for the industry [4]. Core Insights - The AI Agent has reached a critical point of explosive growth, with all necessary components now integrated, leading to enhanced user experience and accelerated penetration into various sectors [5][10]. Summary by Sections Industry Overview - The industry comprises 131 listed companies with a total market value of 15,067.40 billion and a circulating market value of 13,714.81 billion [2]. Key Companies and Financials - Notable companies include: - Southern Media: Stock price 16.43, EPS 1.06 for 2022, projected EPS of 1.15 for 2026, rating "Buy" [4]. - Kaiying Network: Stock price 16.45, EPS 0.49 for 2022, projected EPS of 1.00 for 2026, rating "Buy" [4]. - Century Tianhong: Stock price 10.76, EPS 0.17 for 2022, projected EPS of 0.21 for 2026, rating "Overweight" [4]. Technological Evolution - The development of AI Agents is likened to building blocks, where previously isolated technologies are now integrated, enabling AI Agents to operate autonomously [5][10]. - Key advancements include: - Enhanced coding capabilities of large models, allowing for industry-level applications [5]. - The introduction of standardized tool invocation protocols like MCP, which simplifies the integration of various tools and data sources [31][32]. Market Dynamics - The report anticipates a surge in the availability of tools and software interfaces for large models, driven by the decreasing costs of token usage [5][20]. - The MCP platform has launched over 3,500 servers across multiple fields, indicating a robust ecosystem for AI Agents [5]. Computational Demand - A global AI Agent application with 1 billion daily active users is estimated to require approximately 141,500 NVIDIA H100 SXM GPUs for daily operations [66]. - The report provides a detailed sensitivity analysis on token consumption and computational needs based on user interaction patterns [54][60]. Investment Recommendations - The report suggests focusing on companies across various segments of the AI ecosystem, including hardware (NVIDIA, AMD), model development (Alphabet, Microsoft), and applications (Tesla, Salesforce) [9].

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-001 南方出版传媒股份有限公司 特此公告。 南方出版传媒股份有限公司董事会 2025 年 4 月 3 日 1 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"）第五届董事会、监事会任 期将于 2025 年 4 月 5 日届满。鉴于公司董事会、监事会换届工作尚在筹备中， 为保证相关工作的连续性及稳定性，公司董事会、监事会的换届工作将适当延期， 公司董事会及其专门委员会、监事会、高级管理人员的任期亦将相应顺延。 在换届选举工作完成前，公司第五届董事会及其专门委员会全体成员、第五 届监事会全体成员、公司高级管理人员将按照法律法规和《公司章程》的相关规 定继续履行职责和义务。 公司董事会及监事会延期换届不会影响公司正常运营。公司将积极推进董事 会、监事会换届选举工作，并按照相关规定及时履行信息披露义务。 关于董事会、监事会延期换届的提示性公告 ...

南方传媒 20250326 摘要 • 南方传媒受益于广东省良好的人口结构和出生率，2024 年广东省出生人口 增加 10 万，常住人口增加 74 万，为教材教辅业务提供稳定增长的市场基 础，预计学生人数高峰将延至 2029 年，业务高峰预计在 2032 至 2033 年出 现。 • 公司推出校园智能体并接入 DPC 系统，已在广东部分地级市试用，该产品 能满足教师课前、课中、课后备课需求，节省 80%信息筛选时间，支持 PPT 教案、测试题生成等功能，降低使用门槛，并已对接国家中小学智慧教育 平台及公司内部月度翔云平台。 • 南方传媒计划与省内互联网企业合作开发更多教育机器人和智能体产品， 此前推出的 AI 产品运营情况良好，如星火美育将拓展省外市场，优教祥云 每年政府采购收入超 1 亿元，AI 布局为数字化转型奠定基础。 • 新华乐育采用 To B 收费模式，面向学校销售，初步计划每年收费 2.1 万或 3.1 万元，当前战略重点是普及产品，待数据和功能完善后正式收费。华 福 AI 板块在省外推广方面具有产品领先性优势，通常与当地出版集团合作， 实现共赢。 • 2024 年税收政策变化对公司影响偏中性，已交 ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [2][3]. Core Insights - The introduction of the AI Agent product Manus marks a significant advancement in human-machine collaboration, showcasing its ability to autonomously deliver results across various tasks [3]. - Manus has demonstrated superior performance in GAIA benchmark tests, outperforming similar products from OpenAI, particularly in complex problem-solving and tool utilization [3]. - The report emphasizes the growing demand for reasoning computing power as AI applications penetrate various sectors, presenting new opportunities for the related industry chain [3]. Summary by Sections Industry Overview - The report discusses the launch of Manus, a universal AI agent capable of connecting thought and action, which can perform tasks such as travel planning, stock analysis, and resume screening [3]. - Manus's innovative architecture and task handling capabilities are highlighted, with specific examples of its functionality provided [3]. Investment Recommendations - The report suggests focusing on companies that integrate AI into various sectors, including gaming (Kying Network, Giant Network), education (Century Tianhong, Southern Media), marketing (Easy Point Tianxia), advertising (Gravity Media, Focus Media), and large models (Tencent Holdings) [3]. - The report indicates that the acceleration of AI applications is expected to drive the development of edge AI applications and expand the scope of AI usage [3]. Key Companies and Earnings Forecast - The report includes a table of key companies with their stock prices and earnings per share (EPS) forecasts for 2023 to 2026, highlighting companies such as Century Tianhong, Tencent Holdings, Kying Network, and Southern Media [4]. - Notable EPS projections include Kying Network with an EPS of 1.13 in 2025 and Southern Media with an EPS of 1.14 in the same year [4].

Summary of Southern Media Conference Call Company Overview - Southern Media is involved in the publishing and distribution of educational materials, particularly textbooks and supplementary educational resources in China, with a focus on the Guangdong region and expanding into Hong Kong and Macau markets [2][3][4]. Key Points and Arguments Industry and Market Performance - In 2024, Southern Media's revenue from textbook and supplementary materials publishing saw a slight increase, driven by population growth leading to an increase in student numbers, particularly in Guangdong where over 1.1 million new residents were recorded, accounting for 20% of the national increase [3][4]. - The company is actively expanding its business in Hong Kong and Macau, with plans to officially sell Chinese history textbooks in the second quarter of 2025 after modifications based on trial feedback [4][24]. Educational Materials and Standards - Southern Media has achieved a leading position in the approval of national standard textbooks, having passed the Ministry of Education's review for 16 subjects and 96 volumes in 2024, with plans to secure approval for additional high school subjects in 2025 [6][11]. AI Technology Integration - The company is leveraging AI technology in education, incorporating self-developed models into its platforms to enhance teaching and learning functionalities. The "Yuejiao Xiangyun" platform is expected to significantly increase its sales, with AI-assisted lesson preparation projected to double its revenue in 2025 [7][16][17]. New Business Development - To counteract the decline in after-school services, Southern Media is diversifying into new areas such as teacher training and labor practice courses, while also anticipating a rebound in after-school service procurement as local financial pressures ease [5][9]. Financial Performance Expectations - For the first quarter of 2025, the company anticipates a slight increase in revenue and performance, aided by a low comparative base from the previous year and reduced fair value impacts from Dragon Edition Media [13][27]. Tax and Financial Strategy - The company has benefited from tax incentives, which are expected to positively impact its financial results in 2025, with a significant improvement in apparent profits anticipated due to a low base effect from 2024 [15][27]. Expansion and M&A Strategy - Southern Media is focusing on domestic acquisitions to consolidate resources and address competition issues, with plans to pursue further projects as market conditions improve [22]. International Outreach - The company is promoting its educational materials in Belt and Road countries and has plans to translate works by Chinese authors into various languages for international audiences [23]. Market Dynamics in Hong Kong and Macau - The market size in Hong Kong and Macau is comparable to that of a central Chinese province, with high customer spending despite a smaller population. The company is establishing joint ventures to enhance its competitive edge in these markets [24]. Feedback on New Products - The AI lesson preparation tool has received positive feedback from teachers, filling a market gap for music educators and showing strong sales potential even without school procurement [20]. Other Important Insights - The overall trend in general book sales is declining, but this has a minimal impact on the company's performance due to the small proportion of revenue derived from this segment [12]. - The company plans to maintain a stable dividend policy, with potential increases in absolute amounts based on improved operational performance in 2025 [21].

我这个税率的影响我们规模是增长了17.8然后后费是14整体的一个经营情况应该还是非常正面的一个积极的然后我们现在因为已经到第四季度了就公司的这一个教材教辅的这一个主业呢还是保持着一个稳中有增这样的一个情况那秋季我们的教材我们无论是市占率还是我们的一个马阳其实还是在提升啊我们整体的一个 尤其是市场化教育也是目前是已经马阳已经3.7亿然后增长了17%然后今年因为还有一些新的一些科目比如是国防教育等等的一些读本我们整体的销量也非常好像我们秋季的国防教育的一些读本已经销售了将近40多万快50万册了然后我们其实从去年 开始公司也在布局这一个职业教育职业教育其实也是公司未来在主业里面一个新的一个增长点就是在一些技校院校里面和大中专等等给他们去提供一些教材那今年我们现在有今年秋季的话是心理学的一个教材以及体育和 体育和健康教育这两个职业教材在秋季也是在广东的这些职工院校里面去已经在发行 这是我们整体的主页因为主页的逻辑可能大家都已经很熟了就是这个人口的逻辑就广东这个人口无论是我们的在校的义务教育也好高中生包括这个技校其实还是在稳步的增长其实我们这个红利还没到见底所以这也其实会拉动整体主页的一个提升然后第二个就介绍一下我们这 ...

证券代码：601900 证券简称：南方传媒 公告编号： 临 2024-032 南方出版传媒股份有限公司 关于召开 2024 年第三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： ●会议召开时间：2024 年 12 月 11 日（星期三）15：00-16：00 ●会议召开地点：中国证券网(https://roadshow.cnstock.com/) ●会议召开方式：线上文字互动 ●问题征集方式：投资者可于 2024 年 12 月 10 日（星期二）16：00 前将相 关问题通过电子邮件方式发送公司邮箱：ir@nfcb.com.cn。公司将在说明会上就 投资者普遍关注的问题，在信息披露允许的范围内进行说明。 一、说明会类型 南方出版传媒股份有限公司（以下简称"南方传媒"或"公司"）于 2024 年 10 月 30 日披露了《南方传媒 2024 年第三季度报告》，为使广大投资者更加全 面深入地了解公司发展战略、经营业绩等情况，公司定于 2024 年 12 月 11 日 15： 00-16：00 ...

今年就是被评为国家的一个文化出口重点企业全球的海外场馆的百强出版社我们有六家都是有入选整体我们在这一个版权贸易就是版权输出上面应该还是做得非常好的像今年我们公司有一个畅销书叫我的阿勒泰今年在 国内其实已经卖了应该是超过一百万克那我们现在已经马上推出了这个阿拉伯语版阿拉伯语版就是也是服务于我们这一个一带一路的一些中东的一些国家其实我们公司的这一个就是脚步还是慢的会比较快的 此外我们公司除了这一些版权或者一般图书的一个出海我们还有一个教材的一个出海就是我们在港澳地区其实都布局了我们的一些因为把教材走出去像香港我们现在是把推出了一个中国历史我们现在是10月份已经送去给教育局审讯同时有40个学校在试用争取明年特许的订单 在澳门的市场我们是推出了中国语文目前中国语文已经覆盖了他们中小学80%的一个学校同时也还推出了像基本法还有他们的国安教育等等的一些读本未来这一个也是公司作为新的一个市场去一个开拓而且这一个市场应该也算是我们 比较独家的一个市场因为这个是利用了两个优势第一就是地缘因为广东跟港澳就是一直都是比例就在旁边所以也是方便我们去开拓跟经营 第二就是我们两三地的文化是比较相近的都来源于这个岭南文化就是大家的比如所说 ...