Group 1 - Southern Publishing Media Co., Ltd. has experienced a continuous decline in stock price for 7 consecutive days, with a total drop of 9.46% during this period, currently trading at 13.40 CNY per share [1] - The company's main business includes publishing and distributing books, newspapers, and electronic audio-visual publications, with a significant focus on textbooks and educational materials, which account for 92.26% of its main business revenue [1] - The total market capitalization of Southern Publishing Media is 11.818 billion CNY, with a trading volume of 134 million CNY and a turnover rate of 1.13% [1] Group 2 - Among the top ten circulating shareholders, Jin Ying Fund holds a position, having reduced its holdings by 620,000 shares, resulting in a floating loss of approximately 667.8 thousand CNY during the recent decline [2] - Jin Ying Technology Innovation Stock A has achieved a year-to-date return of 34.68% and a one-year return of 80.64%, ranking 850 out of 4222 and 672 out of 3789 respectively in its category [2] - The fund manager, Chen Ying, has a tenure of 10 years and 89 days, with the fund's total asset size at 8.662 billion CNY and a best return of 218.18% during his management period [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： ● 会议召开时间：2025年9月10日（星期三）15：00-16：00 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。 ● 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2025年9月9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"公司"）已于2025年8月27日发布了《南方传媒2025年半年度报 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9月10日 15:00-16:00举行2025年半年度业绩说明会，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9月10日15:00-16:00 联系人：公司证券部； 电话 ...

Group 1 - The company, Southern Media (601900), announced plans to hold a semi-annual performance briefing on September 10, 2025, from 15:00 to 16:00 [1]

重要内容提示： ● 问题征集方式：投资者可于 2025 年 9 月 9 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。 证券代码：601900 证券简称：南方传媒 公告编号： 临 2025-028 南方出版传媒股份有限公司 关于召开 2025 年半年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。 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 8 月 27 日 发布了《南方传媒 2025 年半年度报告》，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 9 月 10 日 15:00-16:00 举行 2025 年半年度业绩说明会，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 9 月 10 日 15:00-16:00 （二）会议召开地点：中国证券网（https://roads ...

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The report highlights the positive outlook for AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [39] - The report notes significant growth in the gaming sector, with several companies reporting strong financial performance in their mid-year reports [3][37] - The report emphasizes the importance of recent government policies, including the issuance of game licenses and the "Artificial Intelligence+" action plan, which aims to enhance AI integration across various sectors by 2035 [2][36] Summary by Sections Market Performance - The media industry (Shenwan) saw a weekly increase of 1.05%, ranking 12th among primary industries, while the Hang Seng Technology Index rose by 0.47% [10] - Notable performers included Jishi Media, Wento Holdings, ST Huatuo, and Sanqi Interactive Entertainment, with significant weekly gains [17] Key Industry Data AI Application Data - For the week of August 24-30, estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 394,000, 2,102,500, 658,600, and 893,000 respectively, with Doubao leading in downloads [21] Gaming Data - In August, 166 domestic and 7 imported game licenses were issued, with several major titles approved for release [24][25] - The iOS best-selling game rankings featured "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three titles [23] Film Data - The total box office for the week of August 22-28 reached 977 million yuan, with "Chasing the Wind" leading the box office [32][35] Industry Events and Announcements - The report discusses the launch of various AI models and applications by major companies, including ByteDance's new AI video generation model and Tencent's end-to-end video sound generation model [36] - The report also highlights the successful mid-year financial results of several companies, including Perfect World and Sanqi Interactive Entertainment, showcasing strong revenue growth [37][38]

投资建议：我们看好公司主业稳健性及股息价值，长期看好公司积极拥抱AI及教培等新业务，有望打 开收入与估值天花板。考虑到上半年业绩完成情况，我们小幅下调此前业绩预期，预计公司2025/26/27 年归母净利润分别为10.99/11.65/12.5 亿元（此前预期分别为12.18/13.33/14.42 亿元），当前股价对应 11/11/10 倍 PE，参考可比公司估值（凤凰传媒、中南传媒、山东出版、新华文轩），由于公司主业稳 健+新业务布局积极，给予公司25 年15xPE，目标市值165 亿元，对应目标价18.4 元，维持"强推"评 级。 风险提示：纸张成本上涨，教育政策变化，在校学生数变化，并购进展不及预期，新业务进展不及预期 受季度确认节奏影响利润有波动，但H1 纬度看仍稳健度较高。教育出版公司一般上半年确收春季学 期，下半年确收秋季学期，偶有季度间波动或属于正常确收节奏问题，建议【以半年纬度】观测业绩稳 健性。回归南方业绩，25h1 剔除税收影响后扣非净利口径增速～3%，仍保持较为稳健增长。 重申此前观点，公司质地较优+新业务兑现能力强。1）公司地处广东有人口优势+出版中为数不多仍有 外延并购逻辑的标的， ...

Core Viewpoint - The company reported a stable performance in H1 2025, with a slight decline in revenue but significant growth in net profit, indicating effective cost management and development potential in various business segments [1][3]. Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 3.972 billion yuan, a year-on-year decrease of 1.30% [1]. - The net profit attributable to shareholders was 451 million yuan, reflecting a year-on-year increase of 50.74% [1]. - The net profit excluding non-recurring items was 435 million yuan, up 31.66% year-on-year [1]. - Sales expenses decreased by 10.64% due to reduced promotional costs, while management expenses fell by 2.64% [1]. - R&D expenses surged by 398.31% due to increased investment in research and development [1]. Group 2: Strategic Development - The "Digital South Transmission" strategy is being advanced, focusing on digital transformation and integrating digital teaching materials into the free textbook directory [2]. - As of June 30, 2025, the platform covered 19,151 schools in Guangdong, activating 15.897 million users [2]. - The company launched AI applications such as "AI Assistant" and "AI Learning" to enhance educational services [2]. - The media influence has grown, with over 6.6 million reads across five platforms and a 43% increase in articles with over 100,000 reads [2]. Group 3: Shareholder Returns - As of H1 2025, the company had approximately 2.73 billion yuan in cash [3]. - The cumulative cash dividend over the past three years reached 1.384 billion yuan, with a 2024 dividend amounting to 493 million yuan, representing 60.85% of net profit [3]. - The company plans to continue optimizing its dividend policy and enhancing shareholder value through share buybacks and cancellations [3].

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Group 1 - On August 28, Southern Media executed a block trade of 1.2627 million shares, with a transaction value of 18.1447 million yuan, accounting for 9.66% of the total trading volume for the day [1] - The transaction price was 14.37 yuan, which remained stable compared to the market closing price of 14.37 yuan [1] - The buying brokerage was Guotai Junan Securities Co., Ltd., while the selling brokerage was China International Capital Corporation [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.41 [7][5]. Core Views - The company achieved total operating revenue of RMB 3.972 billion in H1 2025, a year-on-year decrease of 1.3%, while the net profit attributable to shareholders increased by 50.74% to RMB 451 million, aligning with the performance forecast [1]. - The company is expected to continue benefiting from the demographic advantages in Guangdong, leading to sustained performance improvements [1]. - The report highlights the company's effective cost control measures, particularly in paper costs, which contributed to a slight increase in gross margin to 35.01% [2]. - The publishing reform initiatives have shown significant results, with notable sales figures for new publications and a strong position in educational publishing [3]. - The company is advancing its "Digital and Intelligent South Transmission" strategy, enhancing its digital education platforms and AI applications, which are expected to drive future growth [4]. Summary by Sections Financial Performance - In H1 2025, the company reported total operating revenue of RMB 3.972 billion, with a net profit of RMB 451 million, reflecting a 50.74% increase year-on-year [1]. - The gross margin for H1 2025 was 35.01%, up by 0.79 percentage points, primarily due to effective paper cost management [2]. - The company’s net profit forecast for 2025-2027 has been slightly adjusted to RMB 11.19 billion, RMB 12.64 billion, and RMB 14.15 billion respectively [5]. Strategic Initiatives - The company has accelerated its publishing reform, achieving significant sales milestones with new titles and expanding its educational publishing footprint [3]. - The "Digital and Intelligent South Transmission" strategy has led to the deployment of digital educational resources across 19,151 schools in Guangdong, with over 15.89 million active users [4]. Valuation - The report assigns a PE ratio of 14.5X for 2025, based on the company's strong market position and growth potential, leading to a target price of RMB 18.41 [5].