证券代码：601900 证券简称：南方传媒 公告编号：临 2024-012 南方出版传媒股份有限公司 关于召开 2023 年年度股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 年年度股东大会 召开的日期时间：2024 年 5 月 29 日 15 点 00 分 召开地点：广州市越秀区水荫路 11 号出版大楼二楼 203 会议室 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 29 日 至 2024 年 5 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

第一章 总则 第一条 为建立和完善南方出版传媒股份有限公司（以下简 称"公司"）董事（指非独立董事，下同）及高级管理人员（以 下简称"高管人员"）的的产生，业绩考核与评价体系，制订科 学、有效的薪酬管理制度，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《南方出版传媒股份有限公司章程》（以下 简称"公司章程"）的有关规定，公司董事会设立董事会提名与 薪酬考核委员会（以下简称"提名与薪酬考核委员会"），并制定 本工作制度。 第二条 提名与薪酬考核委员会是董事会按照股东大会决议 设立的专门工作机构，主要负责对公司董事和高级管理人员的人 选、选择标准和程序进行选择并提出建议，负责董事及高管人员 的薪酬方案的制定及执行，负责公司董事及高管人员的考评方案 的制定及执行。提名与薪酬考核委员会对董事会负责。 本工作制度所称董事是指在本公司支取薪酬的正、副董事长、 董事，高级管理人员，是指公司的总经理、副总经理、财务负责人 和公司章程规定的其他人员。 第三条 提名与薪酬考核委员会成员及其下设工作组成员， 应当受本工作制度的约束。 第二章 人员组成 第四条 提名与薪酬考核委员会成员由 3 名董事组成，其中 2 名为 ...

南方出版传媒股份有限公司 2023 年 12 月 31 日 内部控制审计报告 索引 内部控制审计报告 页码 1-2 信永中和会计师事务所 | 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系电话: telenhone· Dongcheng District. Be 内部控制审计报告 XYZH/2024GZAA1B0161 南方出版传媒股份有限公司 南方出版传媒股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了南方出版传媒股份有限公司(以下简称南方传媒)2023年12月31日财务报告内部控 制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是南方传媒董事会的 责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意 见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 审计报告(续) XYZH/2024GZAA1B0161 南方出版传媒股份有限公司 (本页无正文) 三、内部控制 ...

其他专项资金主要包括：广东省文化繁荣发展专项资金 2,940 万元；广东省 委宣传部外宣专项资金 505 万元；广东省委宣传部文艺人才专项资金 530 万元； 广东省委宣传部其他专项资金 42 万元；国家出版基金图书补助 680 万元；中宣 部对公司所属企业的境外出版图书补贴 35 万元；其他政府部门对公司所属企业 补贴 693 万元。 公司根据《企业会计准则》等有关规定对政府补助资金进行会计处理，当年 收到的政府补助计入递延收益金额为 2,442 万元，计入当期损益金额为 8,253 万元（包括增值税返还 5,270 万元及其他专项资金等补助 2,983 万元）。 证券代码：601900 证券简称：南方传媒 公告编号：临 2024-007 南方出版传媒股份有限公司 关于 2023 年度政府补助资金情况统计的提示性公告 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。 2023 年，南方出版传媒股份有限公司（以下简称"公司"）及所属企业收到 政府补助资金累计为 10,695 万元，其中增值税返还 5,270 万元、其他专项资金 ...

第一章 总则 第一条 为了更好地规范南方出版传媒股份有限公司（以下 简称"公司"）关联交易行为，提高公司规范运作水平，保护 公司和全体股东的合法权益，保证公司与各关联方所发生的关 联交易合法、 公允、合理，根据《中华人民共和国公司法》、 《上海证券交易所股票上市规则》、《上海证券交易所上市公司 自律监管指引第 5 号——交易与关联交易》和公司章程及国 家其他有关规定，制定本制度。 第二章 关联人及关联交易范围的界定 第二条 公司关联人包括关联法人（或者其他组织）和关 联自然人。 具有以下情形之一的法人（或者其他组织），为公司的关 联法人（或者其他组织）： （一）直接或者间接控制公司的法人（或者其他组织）； （二）由前项所述法人（或者其他组织）直接或者间接控 制的除公司、控股子公司及控制的其他主体以外的法人（或者 其他组织）； （三）关联自然人直接或者间接控制的、或者担任董事（不 1 含同为双方的独立董事）、高级管理人员的，除公司、控股子 公司及控制的其他主体以外的法人（或者其他组织）； （四）持有公司 5%以上股份的法人（或者其他组织）及其 一致行动人； 具有以下情形之一的自然人，为公司的关联自然人： （一） ...

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]

-3.3096 0.75% -0.87% 0. 11% 2026E 1.74% 0.28% -2.08% -2.07% 南方传媒（601900）跟踪分析报告 强推（维持） 公司研究 当前价：16.59 元 市场表现对比图(近 12 个月) 南方传媒（601900）跟踪分析报告 2、基于渠道优势校内外布局课后服务，增长迅速 . 2 图表 3 各省人均可支配收入（万元,2022年） 图表 ８ 公司期末现金余额（亿元） 图表 13 图表 16 新华乐育: 备投课一体教学管理平台 图表 18 广东南传科技有限公司股权结构 . 编程猫线下冬夏令营/游学活动 图表目录 在校学生数《万人》 w川省 江西省 黑龙江 740.65 1725.60 591.97 135.03 732.11 575.45 247.45 1422.68 800,17 295.26 293.61 1154.56 691.62 1450.43 735.26 289.32 1487.33 证券分析师：刘欣 相关研究报告 (一) AI+教育：持续推进，验证了公司新业务兑现能力 4、研学业务:布局已久,焕发新机 . 各地区在校学生数预测（万人，%，未考虑人口 ...

Revenue and Profit - Revenue for the reporting period was 2,388,763,004.15 RMB, a slight increase of 0.24% compared to the same period last year[1] - Net profit attributable to shareholders of the listed company increased by 27.31% to 269,497,318.30 RMB[1] - Net profit attributable to shareholders of the listed company rose to 7,356,946,976.37 RMB, a 0.62% increase[32] - Total revenue for the first three quarters of 2023 was 6.45 billion yuan, compared to 6.26 billion yuan in the same period last year[47] - Net profit for the first three quarters of 2023 was 646.82 million yuan, up from 602.99 million yuan in the same period last year[47] - Net profit attributable to parent company shareholders reached 680,572,584.20 RMB, an increase from 557,839,101.67 RMB in the previous year[51] - Revenue from sales of goods and services was 5,891,202,766.45 RMB, slightly lower than 6,006,459,884.95 RMB in the previous year[58] - Total comprehensive income for the period was 769,859,422.16 RMB, up from 613,007,518.35 RMB in the same period last year[53] Cash Flow - Cash flow from operating activities for the year-to-date was 420,338,999.48 RMB, a significant decrease of 69.83% compared to the same period last year[1] - Net cash flow from operating activities decreased by 69.83 million yuan due to the integration of Education Bookstore[39] - Operating cash flow for the first three quarters of 2023 was 420,338,999.48 RMB, compared to 1,393,132,292.47 RMB in 2022[59] - Cash and cash equivalents at the end of the period totaled 1,746,085,276.83 RMB, down from 2,224,332,251.39 RMB at the beginning of the year[56] - Cash outflow for investment activities was 1,766,921,909.24 RMB, compared to 1,486,891,277.17 RMB in 2022[59] - Cash inflow from financing activities was 615,375,709.44 RMB, an increase from 492,036,916.31 RMB in the previous year[59] - Net cash flow from financing activities was -378,036,778.12 RMB, compared to -818,163,664.35 RMB in 2022[56] - Total cash outflow for operating activities was 5,742,314,135.70 RMB, down from 6,096,825,153.57 RMB in the previous year[59] Assets and Liabilities - Total assets increased to 16,495,909,709.11 RMB, a 9.99% growth compared to the previous period[32] - Monetary funds decreased to 2,060,382,368.97 RMB from 3,357,377,238.52 RMB[11] - Accounts receivable increased to 2,316,341,484.59 RMB from 1,446,749,821.77 RMB[11] - Inventory grew to 2,162,472,167.59 RMB from 1,464,977,778.62 RMB[14] - Long-term equity investments increased to 327,817,611.70 RMB from 298,390,135.40 RMB[14] - Fixed assets decreased to 911,114,668.99 RMB from 937,125,216.89 RMB[14] - Intangible assets slightly decreased to 2,950,039,908.38 RMB from 3,012,518,670.99 RMB[14] - Total current liabilities increased to 4,665,736,429.31 RMB from 3,718,620,468.81 RMB[14] - Total liabilities increased to 8.3 billion yuan, up from 6.88 billion yuan in the previous period[44] - Total equity attributable to shareholders increased to 7.36 billion yuan, up from 7.31 billion yuan in the previous period[46] - Minority interest increased to 838.08 million yuan, up from 810.82 million yuan[46] Investments and Acquisitions - The company acquired 100% equity of Guangdong Lingnan Art Publishing House and Guangdong Map Publishing House for a total of 212,055,300 RMB[2] - The company completed the acquisition of Guangdong Education Bookstore Co., Ltd., which was included in the consolidated financial statements from August 2022[32] - Net cash flow from investing activities decreased by 439.18 million yuan, mainly due to reduced redemptions of financial products[39] Non-Recurring Items and Subsidies - Non-recurring gains and losses for the reporting period amounted to 3,897,793.80 RMB, with government subsidies contributing 14,276,581.22 RMB[6][9] Accounts Receivable and Prepayments - Accounts receivable increased by 60.11% due to pending payments for autumn textbooks and supplementary materials[10] - Prepayments increased by 88.78% due to advance payments for construction projects and book purchases[10] - Inventory increased by 47.61% due to preparations for autumn supplementary materials[10] - Contract liabilities increased by 35.44% due to uncompleted settlements of advance receipts[10] - Other current liabilities surged by 362.84% due to pending invoicing for autumn textbook revenues[10] Earnings Per Share and Interest Income - Basic earnings per share (EPS) stood at 0.77 RMB, up from 0.63 RMB in the same period last year[53] - Interest income increased to 49.75 million yuan, up from 40.53 million yuan in the same period last year[47] - Investment income decreased to 26.21 million yuan, down from 28.91 million yuan in the same period last year[47]

| --- | --- | |----------------------|-------------------------------------------------------------------------------------------| | | 项 目 确定组合的依据 | | 低风险组合 | 本组合为日常经常活动中应收取的各类保证金、押金、备用金、应收 关联方款项、应收政府款项等。 | | 账龄信用风险特征组合 | 本组合以其他应收款的初始确认日期所在年度作为信用风险特征。 | 58 / 185 16. 合同资产 (2).合同资产预期信用损失的确定方法及会计处理方法 √适用 □不适用 若某项非流动资产在其当前状况下仅根据出售此类资产的惯常条款即可立即出售，本公司已 就处置该项非流动资产作出决议，已经与受让方签订了不可撤销的转让协议，且该项转让将在一 年内完成，则该非流动资产作为持有待售非流动资产核算，自划分为持有待售之日起不计提折旧 或进行摊销，按照账面价值与公允价值减去处置费用后的净额孰低计量。持有待售的非流动资产 包括单项资产和处置组。如果处置组是一个《企业会计准则第 8 号——资 ...