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].

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 ...