Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company for the first half of 2025 in the range of 434 million to 464 million yuan, representing an increase of 134.84 million to 164.84 million yuan compared to the same period last year, with a year-on-year growth of 45.07% to 55.10% [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 417 million and 451 million yuan, which is an increase of 86.73 million to 120.73 million yuan compared to the previous year, reflecting a year-on-year increase of 26.26% to 36.56% [2] - The main reasons for the profit increase include deepening structural reforms, improvements in corporate governance, a reduction in fair value losses of shares held in Heilongjiang Publishing Media Co., Ltd., and a decrease in income tax expenses due to tax exemption policies [2] Group 2 - The previous year's net profit attributable to shareholders was 299.16 million yuan, and the net profit after deducting non-recurring gains and losses was 330.27 million yuan [2] - The earnings per share for the previous year was 0.34 yuan per share [2] - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants [2][3]

Group 1 - The company has decided to change the purpose of repurchased shares to "cancel and reduce registered capital" and will cancel 13,906,472 shares [1][2][3] - Following the cancellation, the total share capital will decrease from 895,876,566 shares to 881,970,094 shares, representing a reduction of 1.55% of the total share capital [1][3] - The cancellation process is expected to be completed by July 15, 2025, and the company will follow legal procedures for necessary regulatory approvals [2][3] Group 2 - The decision to cancel shares aims to enhance shareholder value, increase net assets per share, and boost investor confidence [2][3] - The company has complied with legal requirements for notifying creditors regarding the share cancellation, and no objections were raised by creditors [2][3] - The cancellation of shares will not affect the company's debt repayment ability, ongoing operations, or future development, nor will it harm the interests of shareholders, especially minority shareholders [3]

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-018 南方出版传媒股份有限公司 关于注销已回购股份实施公告 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。 公司已根据相关法律法规就本次注销部分回购股份事项履行了通知债权人 1 程序，详见公司于 2025 年 5 月 30 日在指定信息披露媒体披露的《南方传媒关于 注销回购股份减少注册资本暨通知债权人的公告》（公告编号：临 2025-016）。 截至申报期届满之日，公司未收到任何债权人对本次回购注销事项提出异议，也 未收到任何债权人向公司提出清偿债务或者提供相应担保的要求。 二、本次注销已回购股份情况 （一）本次注销已回购股份的原因及依据 重要内容提示： ● 南方出版传媒股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召 开第五届董事会第十一次会议，于 2025 年 5 月 29 日召开 2024 年年度股东大会， 审议并通过本次变更部分回购股份用途并注销的相关事项。 ● 本次注销股份的有关情况： | 回购专户股份数量 | 注销股份数量 | ...

[Highlights](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) The company projects a significant year-on-year increase in net profit attributable to parent company owners for the first half of 2025 - The performance forecast applies to situations of profitability where net profit increases by more than 50% compared to the same period last year[2](index=2&type=chunk) Key Metrics for the H1 2025 Performance Forecast | Item | Estimated Amount (CNY million) | YoY Growth (%) | Increase in Amount (CNY million) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of the Parent Company | 434.00 - 464.00 | 45.07 - 55.10 | 134.84 - 164.84 | | Net Profit Attributable to Owners of the Parent Company after Deducting Non-recurring Gains and Losses | 417.00 - 451.00 | 26.26 - 36.56 | 86.73 - 120.73 | [I. Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) This section details the forecast period, key financial projections, and the preliminary nature of the estimates [(I) Performance Forecast Period](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) The performance forecast covers the period from January 1, 2025, to June 30, 2025 - The performance forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) [(II) Performance Forecast Details](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company projects net profit attributable to parent company owners to be between CNY 434.00 million and CNY 464.00 million Key Financial Metrics for the H1 2025 Performance Forecast | Item | Estimated Amount (CNY million) | YoY Growth (%) | Increase in Amount (CNY million) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Owners of the Parent Company | 434.00 - 464.00 | 45.07 - 55.10 | 134.84 - 164.84 | | Net Profit Attributable to Owners of the Parent Company after Deducting Non-recurring Gains and Losses | 417.00 - 451.00 | 26.26 - 36.56 | 86.73 - 120.73 | [(III) Nature of the Performance Forecast](index=2&type=section&id=(%E4%B8%89)%20%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E4%B8%BA%E5%85%AC%E5%8F%B8%E6%A0%B9%E6%8D%AE%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E5%88%9D%E6%AD%A5%E6%B5%8B%E7%AE%97%EF%BC%8C%E6%9C%AA%E7%BB%8F%E6%B3%A8%E5%86%8C%E4%BC%9A%E8%AE%A1%E5%B8%88%E5%AE%A1%E8%AE%A1%E3%80%82) The performance forecast is based on preliminary calculations by the company's finance department and has not been audited - This performance forecast is a preliminary estimate based on the company's operating conditions and has not been audited by a certified public accountant[5](index=5&type=chunk) [II. Operating Performance and Financial Condition of the Same Period Last Year](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) This section presents the key financial indicators and earnings per share for the first half of 2024 [(I) Key Financial Indicators for the Same Period Last Year](index=2&type=section&id=%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) For the first half of 2024, the company's total profit was CNY 474.55 million, with net profit attributable to parent company owners at CNY 299.16 million Key Financial Indicators for H1 2024 | Item | Amount (CNY million) | | :--- | :--- | | Total Profit | 474.55 | | Net Profit Attributable to Owners of the Parent Company | 299.16 | | Net Profit Attributable to Owners of the Parent Company after Deducting Non-recurring Gains and Losses | 330.27 | [(II) Earnings Per Share for the Same Period Last Year](index=2&type=section&id=%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) The company's earnings per share for the first half of 2024 was CNY 0.34 Earnings Per Share for H1 2024 | Item | Amount (CNY/Share) | | :--- | :--- | | Earnings Per Share | 0.34 | [III. Main Reasons for the Projected Increase in Performance](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The performance increase is driven by supply-side reforms in the publishing business, improved governance, and favorable non-recurring items - The company has deepened the supply-side structural reform of its main publishing business, leading to continued improvement in operating performance[7](index=7&type=chunk) - The loss from changes in the fair value of shares held in Heilongjiang Publishing & Media Co, Ltd decreased year-on-year[7](index=7&type=chunk) - Income tax expenses decreased year-on-year due to the impact of corporate income tax exemption policies[7](index=7&type=chunk) [IV. Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The performance forecast is preliminary and unaudited, though no major uncertainties affecting its accuracy have been identified - The performance forecast data is preliminary data from the company's finance department and has not been audited by a certified public accountant[8](index=8&type=chunk) - As of the disclosure date of this announcement, the company is not aware of any major uncertainties that would affect the accuracy of this performance forecast[8](index=8&type=chunk) [V. Other Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Investors are advised that the forecast data is preliminary and should refer to the official 2025 semi-annual report for final figures - The forecast data above is only preliminary, and the specific accurate financial data will be based on the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk) - Investors are kindly reminded to be aware of investment risks[9](index=9&type=chunk)

Investment Rating - The report maintains a "Buy" rating for several companies in the media industry, including Giant Network, Kaiying Network, and Shenzhou Taiyue [4][6][9]. Core Insights - The media industry (Shenwan) saw a weekly increase of 3.11%, ranking 8th among industries, while the Shanghai Composite Index rose by 1.09% [12][20]. - Key performers in the media sector included Huamei Holdings, Shengyibao, and Zhongwen Online, with significant weekly gains [20] - The report highlights the positive trends in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing [4]. Industry Performance - The gaming sector's weekly performance showed a 1.34% increase, while advertising marketing rose by 5.32%, and the film industry saw a 2.96% increase [12][15]. - The top three best-selling games as of July 10, 2025, were "Honor of Kings," "Peace Elite," and "Delta Action" [27]. - The total box office for the week of July 4-10, 2025, reached 665 million yuan, with "Jurassic World: Rebirth" leading at 38.9% of the total box office [37][39]. Key Data and Updates - In AI applications, Deepseek led domestic web traffic with 380.15 million visits in June, despite an 11.94% decrease [24][26]. - The report notes that 33 Chinese manufacturers made it to the global mobile game publisher revenue list, accounting for 17.6 billion USD, representing 33% of the total revenue [30]. - Upcoming game releases include Tencent's "Star Resonance" on July 17 and the sequel "I'm Surrounded by Beautiful Women! 2" on the same day [34][35].

2025年3月18日，值此全球深刻变革之际，观察者网与巴西247新闻网共同发起《全球南方传媒联合体倡 议》，旨在强化全球南方媒体机构间的信息互通、资源共享与全球议程设定，在国际舆论场中推动公平 正义、平等互信、多边主义的核心理念。 倡议全文如下： 发出全球南方最强音 ——"全球南方传媒联合体"倡议书 我们，中国观察者网和巴西Brasil 247，共同发起建立"全球南方传媒联合体"。该联合体旨在加强全球 南方传媒之间的信息交流、资源共享及全球议题设置，推动建立以公平、平等、多边主义和相互尊重为 核心原则的国际舆论新秩序。 长期以来，全球南方国家一直处于国际舆论场的不平等地位，被置于显微镜下，成为被观察、被研究、 被定义的客体。全球南方的声音被淹没，故事被扭曲，真相被遮蔽。 今天，在这个世界格局大变动发生的历史性时刻，全球南方要成为自己故事的讲述者，自己命运的掌控 者。我们倡议：全球南方传媒组织团结起来，共同发出强有力的声音，共同终结全球舆论不对等的现 状。 我们将遵从以下原则，作为"全球南方传媒联合体"的行动指南和合作的基石。 ·建立全球南方媒体网络：形成跨平台交流协作机制，共享媒体资源；聚焦南方核心议题，推动 ...

Core Viewpoint - The "Global South Media Consortium Initiative" was officially launched on March 28, 2025, aiming to enhance cooperation among media organizations in Global South countries and to establish a new international narrative order based on justice, equality, and mutual respect [1][3]. Principles of the Initiative - **Multilateralism Principle**: The initiative firmly opposes unilateralism and hegemony, advocating for the right of countries to choose their own development paths and rejecting any form of neo-colonial intervention and economic coercion [3]. - **World Peace and Development Principle**: It aims to promote mutual understanding among peoples and resolve conflicts peacefully, viewing the right to development as an inalienable human right [4]. - **Community of Shared Future for Mankind Principle**: The initiative believes in a community of nations based on unity, cultural respect, and civilizational dialogue, with information dissemination serving as a bridge for cooperation and mutual trust [5]. - **Fairness and Justice Principle**: It opposes algorithmic manipulation of public opinion and advocates for a decentralized, open, and human-centered news content system to promote global economic prosperity, technological responsibility, and social justice [6]. Areas of Practical Cooperation - **Consensus Issues and Joint Actions**: Participating media organizations will discuss core human issues affecting 6.3 billion people in the Global South and adopt a unified stance [8]. - **Building a Global South Media Network**: Establishing a media platform for exchange and cooperation to share resources and promote decolonization media projects [8]. - **Shaping Global South Value System**: Promoting the adoption of a new public value framework aligned with the interests of the Global South by the international community [8]. - **Defending Digital Sovereignty**: Global South media institutions will unite to resist misinformation and cyberattacks, creating a fair digital ecosystem that serves the interests of Southern peoples [9]. Call to Action - The initiative concludes with a call to action, inviting all media organizations that agree with its principles and goals to join. It emphasizes that those who control public narratives shape the world, marking a significant step for Global South media in seeking a more equitable and balanced international discourse [10].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

Price Surge of Lemons - The average selling price of lemons in Beijing reached 7.0 yuan per jin on June 25, 2025, compared to 3.75 yuan per jin at the beginning of the year, marking a 113% increase in just half a month [1] - The supply price of lemons from Anyue County was around 8 yuan per jin on June 23, 2025, which is double the price from the same period last year [1] Production Challenges - The lemon production in Anyue County is expected to decline in 2024 due to drought and late spring cold, with spring-flowering lemons accounting for over 60% of the total production [5] - Global lemon production is projected to decrease by approximately 6% in 2025, particularly in Turkey and Argentina due to adverse weather during the flowering period [6] Industry Impact - The rising lemon prices are affecting the supply chain, with some beverage brands considering substituting fresh lemons with lemon juice if prices continue to rise [7] - A beverage brand executive expressed concerns about the supply pressure from Anyue, indicating a limited domestic lemon production capacity [8]

证券代码：601900 证券简称：南方传媒 公告编号：临 2025-017 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： ●投资标的：广西文化产业投资发展基金合伙企业（有限合伙）（暂名，以工 商部门核准为准） ●投资金额：总规模 50,000.00 万元，其中普通合伙人广东湾区创业投资有 限公司（以下简称"湾区创投"）认缴 10.00 万元。南方出版传媒股份有限公司 （以下简称"南方传媒""公司"）子公司广东南方传媒投资有限公司（以下简称 "南传投资"）作为有限合伙人认缴 14,990.00 万元，比例为 29.98%，广西出版 传媒集团文化投资有限公司（以下简称"广西文投"）认缴 35,000.00 万元，比 例为 70.00%。基金首期规模 13,000.00 万元，其中广西文投认缴 10,000.00 万 元、南传投资认缴 2990.00 万元、湾区创投认缴 10.00 万元，首期规模的 50%（即 6500.00 万元）需在基金工商注册完成后 5 个工作日内实缴。 ●风险提示：主要风险包括本产业基金尚 ...