证券代码：601900 证券简称：南方传媒 公告编号：临 2025-031 关于完成董事会换届选举及聘任高级管理人员的公告 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。 南方出版传媒股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召开 公司 2025 年第一次临时股东大会，选举产生了公司第六届董事会董事。同日， 公司召开第六届董事会第一次会议，选举产生了公司董事长、董事会各专门委员 会成员及召集人，并聘任了高级管理人员。现将相关情况公告如下： 一、董事会换届选举 （一）董事换届选举情况 2025 年 9 月 23 日，公司召开 2025 年第一次临时股东大会，本次股东大会 选举谭君铁先生、叶河先生、肖延兵先生、蒋鸣涛先生、雷鹤女士、崔松女士为 非独立董事，选举何云女士、万良勇先生、陈作科先生为独立董事，共同组成公 司第六届董事会，任期自 2025 年第一次临时股东大会审议通过之日起三年，其 简历详见附件。 （二）董事长选举情况 2025 年 9 月 23 日，公司召开第六届董事会第一次会议，审议通过了《关于 ...

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 2025 年第一次临时股东大会的 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 9 月 23 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 2025 年 年第一次临时股东大会（以下简称"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。 本所同意公司将本法律意见书随本次股东大会决议一并公告，且 仅用于为公司 2025 年第一次临时股东大会见证之目的，不得用作任 何其他目的。 现根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-029 南方出版传媒股份有限公司 2025年第一次临时股东大会决议公告 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)非累积投票议案 (一)股东大会召开的时间：2025 年 9 月 23 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 | 274 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 566,782,745 | | 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 | 64.2632 | | 份总数的比例（%） | | (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 ...

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-030 二、董事会会议审议情况 1.《关于选举公司第六届董事会董事长的议案》 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。 公司董事会同意选举谭君铁先生为公司第六届董事会董事长，任期自公司第 六届董事会第一次会议审议通过之日起至公司第六届董事会任期届满之日止。 2.《关于选举公司董事会各专门委员会委员及召集人的议案》 南方出版传媒股份有限公司 第六届董事会第一次会议决议公告 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"）第六届董事会第一次会议 于 2025 年 9 月 23 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 2025 年 9 月 12 日以书面和电子邮件方式发出。会议由董事长谭君 铁先生召集并主持，会议应出席董事 9 名，实际出席董事 9 名，公司高级管理人 员列席了本次会议。会议符合《中华人民共和国公司法》 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [6][9]. Core Insights - The media industry saw a weekly increase of 0.92%, ranking 8th among industries, while the Shanghai Composite Index fell by 1.30% [12][19]. - Notable performers in the media sector included Xinghui Entertainment, Perfect World, and Mango Super Media, with significant weekly gains [19]. - The report highlights the growth of AI applications, with native AI software users reaching 277 million in August 2025, and Byte's Doubao surpassing Deepseek in monthly active users [23][24]. - The gaming segment is thriving, with the game "Delta Force" achieving over 30 million daily active users and topping the iOS sales chart [27][28]. - The film industry reported a total box office of 831 million yuan for the week, with the film "731" leading the box office [32][33]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.92%, outperforming the Shanghai Composite Index, which fell by 1.30% [12][19]. - The gaming sector saw a 3.51% increase, while advertising and publishing sectors faced declines [15]. Key Industry Data - AI applications reported a user base of 277 million, with significant growth in Tencent's products [23][24]. - The iOS game sales chart was led by "Delta Force," followed by "Honor of Kings" and "Peacekeeper Elite" [27][28]. - The total box office for the week was 831 million yuan, with "731" accounting for 69.7% of the total [32][33]. Investment Recommendations - The report expresses optimism towards AI applications and cultural exports, focusing on sub-sectors like gaming, IP, short dramas, and publishing [37]. - Specific companies highlighted for investment include Giant Network, Perfect World, and Mango Super Media [37].

Core Viewpoint - The publishing sector experienced a decline of 0.6% on September 17, with significant losses in the Guangdong media segment, while the Shanghai Composite Index rose by 0.37% and the Shenzhen Component Index increased by 1.16% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up 1.16% [1] - The publishing sector's individual stocks showed mixed performance, with notable declines in several companies [1] Group 2: Stock Performance - Major stocks in the publishing sector included: - Xinhua Wenhui (601811) closed at 15.70, up 1.16% with a trading volume of 69,500 shares and a turnover of 107 million yuan [1] - Southern Media (601900) closed at 13.07, up 0.38% with a trading volume of 73,800 shares [1] - Guangdong Media (002181) closed at 8.23, down 3.63% with a trading volume of 955,700 shares and a turnover of 788 million yuan [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2] - The capital flow for individual stocks indicated varying levels of interest from different investor types, with some stocks experiencing significant net inflows from retail investors [3]

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 2025 年第一次临时股东大会开始， 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 三、审议股东大会议案 南方出版传媒股份有限公司 601900 2025 年第一次临时股东大会 会议材料 2025 年 9 月 23 日 南方出版传媒股份有限公司 2025 年第一次临时股东大会议程 会议时间：2025 年 9 月 23 日（星期二）下午 3:00 （一）宣读议案 1.关于修订《公司章程》的议案 6.关于修订《募集资金专项存储及使用管理制度》的 议案 7.关于选举公司第六届董事会非独立董事的议案 8.关于选举公司第六届董事会独立董事的议案 （二）股东及股东代表发言，回答问题 （三）推荐计票、监票的股东、监事代表及律师 2.关于修订《董事会议事规则》的议案 3.关于修订《股东大会议事规则》的议案 4.关于修订《独立董事工作制度》的议案 5.关于修订《关联交易管理制度》的议案 （四）对议案进行审议和 ...

Core Viewpoint - The company reported strong performance in H1 2025, with stable revenue and significant profit growth driven by tax incentives and strategic initiatives in AI and educational materials [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 3.97 billion yuan, a decrease of 1.3% year-on-year; total profit reached 550 million yuan, an increase of 16.2%; net profit attributable to shareholders was 450 million yuan, up 50.7%; and net profit excluding non-recurring items was 430 million yuan, an increase of 31.7% [1] - In Q2 2025, revenue was 1.86 billion yuan, total profit was 190 million yuan, net profit attributable to shareholders was 130 million yuan, and net profit excluding non-recurring items was also 130 million yuan [1] Business Segments - The company consolidated its research and development capabilities in educational materials, issuing approximately 172 million copies of K-12 textbooks in Spring 2025, with 23 national standard textbooks approved by the Ministry of Education [1][2] - General book publishing revenue reached 160 million yuan in H1 2025, supported by a dedicated annual fund of 80 million yuan for high-quality development [1][2] AI Initiatives - The company has made significant progress in AI applications in education, with its digital textbook platform covering 19,151 schools and activating 15.897 million users by H1 2025 [2] - New AI products include "AI Assistant" and "AI Learning" applications, along with an upgraded product line "Southern E-Classroom" and a self-developed mini-program "Yuejiao AI Learning Assistant" [2] Cost Management - In H1 2025, the company's sales, management, and R&D expense ratios were 9.4%, 10.8%, and 0.5%, respectively, with slight year-on-year changes [2] - The decrease in sales expense ratio was primarily due to reduced promotional costs, while management and R&D expense ratios remained stable [2] Profit Forecast and Valuation - The company maintains its revenue forecasts for 2025-2027 at 9.589 billion, 10.018 billion, and 10.410 billion yuan, with expected year-on-year growth rates of 4.55%, 4.48%, and 3.91% [3] - Net profit attributable to shareholders is projected at 1.124 billion, 1.210 billion, and 1.289 billion yuan for the same period, with growth rates of 38.76%, 7.66%, and 6.55% [3] - Current market valuations are 10.5x, 9.7x, and 9.1x, reflecting the company's strong growth potential driven by demographic advantages and digital transformation efforts [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company reported a stable revenue of 3.97 billion yuan in H1 2025, with a net profit of 450 million yuan, reflecting a significant year-on-year increase of 50.7% [5] - The company's AI initiatives are advancing, with the digital textbook application platform covering 19,151 schools and activating 15.9 million users [5] - The company is focusing on high-quality development in its publishing sector, with a special fund of 80 million yuan allocated annually for this purpose [5] Summary by Sections Financial Performance - In H1 2025, the company achieved a total profit of 550 million yuan, marking a year-on-year increase of 16.2% [5] - The company's revenue for 2025 is projected to be 9.59 billion yuan, with a growth rate of 5% [2] - The net profit for 2025 is estimated at 1.12 billion yuan, reflecting a growth rate of 39% [2] Business Development - The company has published approximately 172 million copies of textbooks and developed original materials, with 23 subjects approved by the Ministry of Education [5] - The general book publishing revenue reached 160 million yuan in H1 2025 [5] - The company is enhancing its AI capabilities, launching products like "AI Assistant" and "AI Learning Assistant" [5] Cost Management - The sales expense ratio decreased to 9.4% in H1 2025, driven by reduced promotional costs [5] - The management and R&D expense ratios remained stable, indicating effective cost control [5] Market Outlook - The company is expected to maintain a robust growth trajectory, with projected revenues of 9.59 billion yuan in 2025, 10.02 billion yuan in 2026, and 10.41 billion yuan in 2027 [2] - The estimated net profit for 2026 and 2027 is 1.21 billion yuan and 1.29 billion yuan, respectively, indicating continued profitability [2]

Investment Rating - The investment rating for the company is "Buy" [2][15]. Core Views - The company reported a slight decline in revenue for the first half of 2025, with total revenue of 3.972 billion yuan, down 1.30% year-on-year, while net profit attributable to shareholders increased by 50.74% to 451 million yuan [1][7]. - The company's gross margin improved to 35.01%, up 0.80 percentage points year-on-year, and the net profit margin increased to 13.19%, up 4.35 percentage points year-on-year [1][7]. - The company is leveraging its regional resource advantages and the integration of AI in education to enhance its growth potential, with a focus on digital transformation and the development of new educational products [9][11]. Financial Performance Summary - In the first half of 2025, the company achieved revenue of 3.972 billion yuan, with a quarterly breakdown showing Q1 revenue of 2.113 billion yuan (up 1.21% year-on-year) and Q2 revenue of 1.859 billion yuan (down 4.01% year-on-year) [1][7]. - The company's publishing business saw revenue growth of 23.80% year-on-year, while the distribution business grew by 2.21% [7]. - The company has a total market capitalization of 11.818 billion yuan and a total share capital of 881.97 million shares [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is projected to be 1.061 billion yuan in 2025, with expected growth rates of 31.07% in 2025, 6.69% in 2026, and 5.85% in 2027 [12]. - The earnings per share (EPS) is expected to be 1.20 yuan in 2025, with a price-to-earnings (P/E) ratio of 11.13 [12]. Strategic Initiatives - The company is actively promoting its "Digital South Transmission" strategy, integrating digital textbooks and services into the educational system, and has launched AI-assisted educational tools [11][9]. - The company has established a strong presence in the educational publishing sector, with its textbooks covering 28 provinces and autonomous regions in China [9][11]. Market Position - The company benefits from a solid foundation in the education sector, supported by favorable demographic trends and government spending on education in its core regions [9][11]. - The company is positioned to capitalize on the growing demand for digital education resources and AI applications in the educational landscape [11].