作为南方出版传媒股份有限公司（以下简称"公司"）独立董事，2023 年 度（以下或称"报告期"）我严格按照《公司法》、《证券法》、《上市公司治 理准则》、《上海证券交易所股票上市规则》以及《南方出版传媒股份有限公司 章程》（以下简称"公司章程"）、《南方传媒独立董事工作制度》的有关规定， 诚信、勤勉、独立地履行职责。我关注公司生产经营及发展状况，客观、独立、 公正地参与公司决策，充分发挥独立董事作用及专业优势，认真审议董事会各项 议案，并对相关事项发表独立意见，切实维护公司及中小股东的各项合法权益。 现将 2023 年度履职情况报告如下： 南方出版传媒股份有限公司 独立董事 2023 年度述职报告 （述职人：辛宇） 一、基本情况 报告期内，作为独立董事及会计专业人士，我同时担任董事会审计委员会 委员（召集人）、提名与薪酬考核委员会委员。我积极参与专门委员会各项工作， 出席相关专门委员会会议。会议出席情况如下： 2023 年公司共召开 4 次审计委员会会议、2 次提名与薪酬考核委员会会议。 作为董事会专门委员会主要成员，按照职责参加所有会议，没有委托或缺席情况。 （三）审议议案和投票表决情况 本人为中山大学管理 ...

Investment Rating - The report assigns a "Buy - A" rating for the company with a target price of 17.7 CNY [4]. Core Insights - The company is a leading local publishing and distribution entity, backed by the Guangban Group, and has diversified into digital publishing, smart education, and extracurricular education [1][10]. - The company has made strategic acquisitions, including 100% stakes in Guangdong Education Bookstore, Guangdong Lingnan Publishing House, and Guangdong Map Publishing House, to consolidate its asset base and expand its business [1][11]. - The company is actively developing a smart education platform and an AI+ education product matrix, which is expected to become a significant profit growth point alongside its core publishing and distribution business [2][23]. Financial Overview - The company's revenue is projected to grow from 95.38 billion CNY in 2023 to 117.26 billion CNY in 2025, with net profit expected to reach 12.56 billion CNY in 2023 [23]. - The company reported a net profit of 943.4 million CNY in 2022, with an estimated increase to 1.26 billion CNY by 2025 [3]. - The earnings per share (EPS) is expected to rise from 1.05 CNY in 2022 to 1.40 CNY in 2023, before slightly declining in the following years [3]. Business Structure and Strategy - The company operates under a clear organizational structure with a strong state-owned background, ensuring stability and strategic direction [13][32]. - The publishing and distribution business is segmented into educational materials and general books, with a focus on enhancing operational efficiency and expanding sales channels [23][43]. - The company is leveraging its strong position in the education sector, particularly in Guangdong, to drive growth in its core business and new ventures [1][48].

Investment Rating - Buy rating (first coverage) with a market price of 17.59 RMB [2] Core Views - The company is actively expanding its education business, leveraging its content and channel advantages to develop smart education products and after-school services, which are expected to drive future growth [6] - The publishing and distribution business remains stable, with steady growth in textbook and general book sales, supported by the company's reform efforts in education publishing and mass publishing [12] - The company is well-positioned to benefit from the stable competitive landscape in the book publishing industry and the increasing demand for educational services, particularly in the Guangdong region [12] Industry Analysis - The book publishing industry is stable, with steady growth in textbook and general book sales driven by both volume and price increases [5] - AI and other emerging technologies are expected to enhance the education sector, with smart education products likely to accelerate their market penetration [5] - After-school services are in high demand, and the company is well-positioned to capitalize on this trend through its content and channel advantages [6] Company Overview - The company is a leading publisher and distributor in Guangdong, with a comprehensive media business structure that includes traditional publishing, digital publishing, smart education, and after-school education [20] - The company's main revenue sources are publishing and distribution, which accounted for 83.2% of total revenue in 2022 [23] - The company has a strong presence in the textbook and general book markets, with steady growth in both segments over the past four years [24] Financial Performance - The company's revenue grew from 7,598 million RMB in 2021 to 9,647 million RMB in 2023E, with a projected growth rate of 7% in 2023E [2] - Net profit increased from 808 million RMB in 2021 to 1,254 million RMB in 2023E, with a projected growth rate of 33% in 2023E [2] - The company's EPS is expected to grow from 0.90 RMB in 2021 to 1.40 RMB in 2023E [2] Growth Drivers - The company is leveraging AI and other technologies to develop smart education products, such as the "Yuejiao Xunfei E Listening" and "Yuejiao-Aisitong" AI education products, which are expected to drive growth in the education sector [6] - The company is expanding its after-school services, offering customized value-added services and leveraging its strong content and channel advantages to tap into the growing demand for after-school education [6] - The company's textbook and general book businesses are expected to benefit from the stable competitive landscape in the publishing industry and the increasing demand for educational materials [12] Valuation and Forecast - The company's revenue is expected to grow to 96.47 billion RMB in 2023, 108.95 billion RMB in 2024, and 122.15 billion RMB in 2025, with year-over-year growth rates of 6.54%, 12.94%, and 12.11%, respectively [36] - Net profit is expected to reach 1.254 billion RMB in 2023, 1.019 billion RMB in 2024, and 1.127 billion RMB in 2025, with year-over-year growth rates of 32.96%, -18.73%, and 10.54%, respectively [36] - The company's PE ratio is projected to be 12.6x in 2023, 15.5x in 2024, and 14.0x in 2025 [36] Risks - Policy risks related to cultural regulation and changes in preferential policies for state-owned media enterprises [37] - Increased competition from short video and live streaming platforms offering discounted books [37] - Risks associated with outdated information and data used in the research report [37]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 21.6 CNY [8][293]. Core Viewpoints - The company's main business logic remains stable, with a strong safety cushion due to a large and growing student population and strong consumer spending power in Guangdong [108][109]. - The company has significant potential for external growth through acquisitions, having recently acquired Guangzhou Education Bookstore and other publishers, which are expected to contribute to profit increments [239][240]. - The dividend level has been consistently increasing, with a forecasted further increase due to a strong cash position [263][278]. Summary by Sections 1. Main Business Stability - The existing business has a high safety cushion due to the large population and strong consumption capacity in Guangdong, which is expected to drive growth in educational materials [108][109]. - The forecast indicates that the number of students in Guangdong will continue to grow, supporting the company's core business [109]. - The company has a strong track record of increasing dividends, with a cash dividend rate rising from around 30% to 45% in recent years, indicating room for further increases [263][278]. 2. New Business Development - The company is actively expanding into new business areas, particularly in AI and education, demonstrating a strong capability for product iteration and revenue generation [243][266]. - The company has launched several AI-based educational products and continues to enhance their functionalities, which have already started generating income [243][266]. - The K12 education sector is seeing a normalization of regulatory oversight, with a focus on after-school services and quality education, which aligns with the company's strategic direction [267][283]. 3. External Growth Opportunities - The company has significant room for further integration of distribution channels and publishing resources, particularly in the Guangdong region, which could lead to additional profit increments [239][240]. - The integration of educational bookstores and publishing houses is expected to enhance the company's market competitiveness and operational efficiency [239][240]. - The company is also exploring opportunities in the children's programming education sector through a joint venture, which is anticipated to contribute to revenue growth [371].

证券代码：601900 证券简称：南方传媒 公告编号：临 2023-058 南方出版传媒股份有限公司 关于时代传媒集团收到中国证券监督管理委员会浙江监管局 《行政处罚决定书》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、基本情况 公司近日收到中国证券监督管理委员会浙江监管局下发的《行政处罚决定书》 （浙处罚字[2023]40 号），现公告如下： 二、《行政处罚决定书》的主要内容 当事人：徐侃，男，1973 年 3 月出生，住址：江苏省南通市崇川区。 广东时代传媒集团有限公司(以下简称时代传媒)，住所：广东省广州市越秀 区环市东路 472 号粤海大厦 11 楼 1121-1128 室。 依据《中华人民共和国证券法》(以下简称《证券法》)的有关规定，我局对 徐侃编造、传播虚假信息、时代传媒传播虚假信息行为进行了立案调查、审理， 1 并依法向当事人告知了作出行政处罚的事实、理由、依据及当事人依法享有的权 利。当事人时代传媒未提出陈述、申辩意见，也未要求听证。应当事人徐侃的要 求，2023 年 10 月 30 日举行了听 ...

●会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●问题征集方式：投资者可于 2023 年 11 月 7 日（星期二）至 11 月 13 日 （星期一）16：00 前登录上证路演中心网站首页点击"提问预征集"栏目或通 过公司邮箱 ir@nfcb.com.cn 进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 一、说明会类型 证券代码：601900 证券简称：南方传媒 公告编号： 临 2023-057 南方出版传媒股份有限公司 关于召开 2023 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：2023 年 11 月 14 日（星期二）10：00-11：00 南方出版传媒股份有限公司（以下简称"南方传媒"或"公司"）于 2023 年 10 月 27 日披露了《南方传媒 2023 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， ...

2.《关于增选第五届董事会非独立董事的议案》 证券代码：601900 证券简称：南方传媒 公告编号：临 2023-051 南方出版传媒股份有限公司 第五届董事会第七次会议决议公告 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。 一、董事会会议召开情况 南方出版传媒股份有限公司（以下简称"公司"）第五届董事会第七次会议 于 2023 年 10 月 26 日在公司二楼 203 会议室以现场结合通讯方式召开。本次董 事会会议通知于 2023 年 10 月 16 日以书面和电子邮件方式发出。会议应出席董 事 9 名，实际出席董事 9 名，公司监事、高级管理人员列席了本次会议。会议符 合《中华人民共和国公司法》和《南方出版传媒股份有限公司章程》等有关规定， 合法有效。 二、董事会会议审议情况 1.《关于公司 2023 年第三季度报告的议案》 表决结果：9 名同意，占参加表决的全体董事人数的 100％；0 名弃权，0 名反对。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）、中国证券报、 上海证券报、证券时报披露的《 ...

一、《关于增选第五届董事会非独立董事的议案》 南方出版传媒股份有限公司独立董事 关于 2023 年第五届董事会第七次会议相关事项独立董事 独立意见 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上海证券交易 所股票上市规则》、《南方出版传媒股份有限公司章程》等相关法律、法规和规范 性文件规定，作为南方出版传媒股份有限公司（以下简称"公司"）的独立董事， 本着认真、负责的态度，基于独立、审慎、客观的立场，我们对公司 2023 年第 五届董事会第七次会议相关事项进行了认真审核，并发表如下独立意见： 独立董事：蒋冬菊、辛宇、何云 2023 年 10 月 26 日 我们对崔松女士的教育背景、工作经历、兼职、专业素养等情况进行核查， 认为崔松女士具备较高的专业知识和丰富的实际工作经验，具备担任公司非独立 董事的资格和能力，未发现其有《公司法》规定不得担任公司非独立董事的情形， 不存在中国证券监督管理委员会、上海证券交易所规定的禁止任职情况和市场禁 入处罚并且尚未解除的情况。 1 我们同意提名崔松女士为公司第五届董事会非独立董事候选人。 二、《关于聘任公司首席信息官的议案》 我们对孙波先生的教育背景、工作经历 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2023-052 南方出版传媒股份有限公司 第五届监事会第七次会议决议公告 本公司监事会及全体监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监事会 2023 年 10 月 26 日 南方出版传媒股份有限公司（以下简称"公司"）第五届监事会第七次会议 于 2023 年 10 月 26 日，在公司二楼 203 会议室以现场方式召开。本次监事会会 议通知于 2023 年 10 月 16 日以电子邮件和电话方式发出。会议由监事会主席杨 效方女士召集和主持，会议应出席监事 3 名，实际出席监事 3 名，公司董事会秘 书雷鹤列席了本次会议。会议符合《中华人民共和国公司法》和《南方出版传媒 股份有限公司章程》等有关规定，合法有效。 二、监事会会议审议情况 1.《关于公司 2023 年第三季度报告的议案》 监事会认为公司 2023 年第三季度报告内容与格式符合中国证监会和上海证 券交易所的规定，真实、完整、准确地反映了公司报告期内的经营情况和财务状 况等事项。第三季度报告的编制 ...

公司董事会认为，崔松女士具备担任公司第五届董事会非独立董事的履职能 力，不存在《中华人民共和国公司法》《上海证券交易所股票上市规则》及《公 司章程》等规定的不得担任公司非独立董事的情形。公司独立董事均发表了同意 的独立意见。 证券代码：601900 证券简称：南方传媒 公告编号：临 2023-053 南方出版传媒股份有限公司 关于增选第五届董事会非独立董事公告 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"）于 2023 年 10 月 26 日召开 公司 2023 年第五届董事会第七次会议，审议通过《关于增选第五届董事会非独 立董事的议案》，董事会拟提名崔松女士为公司第五届董事会非独立董事候选人， 任期自股东大会审议通过之日起至第五届董事会届满日止。 特此公告。 南方出版传媒股份有限公司董事会 2023 年 10 月 26 日 附件：崔松女士简历 崔松，出生于 1970 年 12 月，中山大学会计硕士学位，正高级会计师，正高 级经济师，注册会计师，注册税务师。现任南方传媒党委委员、总 ...