Core Viewpoint - Zhejiang Publishing (601921.SH) reported a decline in revenue for the first three quarters of 2025, while showing significant growth in net profit and net profit excluding non-recurring items [1] Financial Performance - The company achieved a revenue of 6.756 billion yuan for the first three quarters, representing a year-on-year decrease of 4.77% [1] - The net profit attributable to shareholders reached 633 million yuan, marking a year-on-year increase of 46.12% [1] - The net profit excluding non-recurring items was 520 million yuan, reflecting a year-on-year growth of 57.91% [1] - Basic earnings per share stood at 0.29 yuan [1]

Core Insights - Zhejiang Version Media (601921.SH) reported a total operating revenue of 6.756 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 4.77% [1] - The net profit attributable to shareholders of the parent company was 633 million yuan, showing a year-on-year increase of 46.12% [1] - The basic earnings per share stood at 0.29 yuan [1]

Group 1 - The core point of the article is that Zhejiang Publishing Media Co., Ltd. (浙版传媒) held its third board meeting on October 27, 2025, to discuss the revision of its external investment management measures [1] - For the fiscal year 2024, the revenue composition of Zhejiang Publishing Media is as follows: distribution accounts for 78.56%, publishing for 28.05%, printing for 3.65%, and other businesses for 3.24% [1] - As of the report date, the market capitalization of Zhejiang Publishing Media is 18.5 billion yuan [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Zhejiang Publishing Media Group, indicating a decline in revenue but a significant increase in net profit for the third quarter of 2025 [1] Group 2 - For the first three quarters of 2025, the company's revenue was approximately 6.756 billion yuan, representing a year-on-year decrease of 4.77% [1] - The net profit attributable to shareholders was around 633 million yuan, showing a year-on-year increase of 46.12% [1] - The basic earnings per share were reported at 0.29 yuan, which is an increase of 45% compared to the previous year [1] Group 3 - As of the report date, the market capitalization of Zhejiang Publishing Media Group was 18.5 billion yuan [2]

证券代码：601921 证券简称：浙版传媒 公告编号：2025-046 第三届监事会第七次会议决议 审议通过《关于〈浙江出版传媒股份有限公司 2025 年第三季度报告〉的议案》 具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《浙江出 版传媒股份有限公司 2025 年第三季度报告》。 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查文件 浙江出版传媒股份有限公司 第三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。 一、监事会会议召开情况 浙江出版传媒股份有限公司（以下简称"公司"）第三届监事会第七次会议于 2025 年 10 月 27 日（星期一）在浙江省杭州市拱墅区环城北路 177 号公司会议室 以现场方式结合通讯方式召开。会议通知已于 2025 年 10 月 22 日通过书面通知送 达全体监事。本次会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席 吴明华主持。本次会议的召集、召开和表决程序均符合《公司法》和《公司章程》 等有关规定。 二、监事会会议 ...

证券代码：601921 证券简称：浙版传媒 公告编号：2025-045 浙江出版传媒股份有限公司 第三届董事会第九次会议决议公告 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 浙江出版传媒股份有限公司（以下简称"公司"）第三届董事会第九次会议于 2025 年 10 月 27 日（星期一）在浙江省杭州市拱墅区环城北路 177 号公司会议室 以现场结合通讯方式召开。会议通知已于 2025 年 10 月 22 日通过电话、电子邮件、 即时通讯工具等方式送达各位董事。本次会议应出席董事 9 人，实际出席董事 9 人，会议由董事长程为民先生主持，公司监事和高级管理人员列席了会议。本次 会议的召集、召开和表决程序均符合《公司法》和《公司章程》等有关规定。 二、董事会会议审议情况 1. 审议通过《关于〈浙江出版传媒股份有限公司 2025 年第三季度报告〉的议 案》 公司董事会风险控制与审计委员会事前已审议通过本议案，并同意提交董事 会审议。公司董事会审议通过了本议案。具体内容详见公司披露于上海证券交易 所网站（ww ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥1,662,332,079.30, a decrease of 10.68% compared to the same period last year[2] - The total profit for the period was -¥40,337,632.01, representing an increase of 34.26% year-on-year[2] - The net profit attributable to shareholders was -¥42,635,990.79, a decline of 41.53% compared to the previous year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥72,491,269.20, an increase of 52.88% year-on-year[2] - The basic earnings per share for the period was -¥0.01, a decrease of 66.67% compared to the same period last year[2] - Total operating revenue for the first three quarters of 2025 was ¥6,755,566,332.21, a decrease of 4.76% compared to ¥7,093,706,809.80 in the same period of 2024[22] - Net profit for the first three quarters of 2025 reached ¥636,013,533.14, an increase of 45.5% compared to ¥437,322,132.26 in 2024[24] - Earnings per share for the first three quarters of 2025 was ¥0.29, up from ¥0.20 in the same period of 2024[26] - The company’s total equity attributable to shareholders was ¥13,604,627,449.08, slightly down from ¥13,696,300,546.36 in the previous year[19] - The company’s other comprehensive income after tax was -¥643,415.36 for the first three quarters of 2025, compared to ¥6,471,286.00 in 2024[26] - The company's net profit for the first three quarters of 2025 reached CNY 992,331,096.65, an increase from CNY 857,878,866.63 in the same period of 2024, representing a growth of approximately 15.6%[42] - The company reported a significant increase in investment income, totaling CNY 982,796,628.44 in 2025, compared to CNY 832,933,082.29 in 2024, marking a growth of about 18%[42] Assets and Liabilities - The total assets at the end of the period were ¥21,819,159,915.42, an increase of 0.25% from the end of the previous year[3] - The equity attributable to shareholders decreased by 0.67% to ¥13,604,627,449.08 compared to the end of the previous year[3] - As of September 30, 2025, the total assets of Zhejiang Publishing Media Co., Ltd. amounted to CNY 21,819,159,915.42, an increase from CNY 21,763,771,819.45 at the end of 2024[14] - The company's current assets totaled CNY 16,714,130,850.43, slightly up from CNY 16,536,976,425.70 in the previous period[15] - The total liabilities increased to CNY 8,172,736,210.05 from CNY 8,027,172,354.63, marking a rise of approximately 1.8%[17] - The total liabilities decreased to 3,368,054,769.16 RMB from 3,630,524,726.05 RMB[38] - The company's total assets remained stable at 13,257,419,900.71 RMB compared to 13,251,982,450.15 RMB[38] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥73,684,141.56, an increase of 242.30% year-on-year[2] - Cash inflow from operating activities for the first three quarters of 2025 was ¥7,133,474,331.31, a decrease of 6.45% from ¥7,627,223,019.60 in 2024[29] - The net cash flow from operating activities was 73,684,141.56 RMB, a significant improvement compared to -51,782,526.08 RMB in the previous period[31] - Total cash outflow from operating activities amounted to 7,059,790,189.75 RMB, down from 7,679,005,545.68 RMB[31] - The net cash flow from investing activities was -513,740,045.33 RMB, an improvement from -3,402,743,420.85 RMB year-over-year[31] - The cash inflow from investment activities was 3,534,168,446.10 RMB, compared to 3,247,892,536.37 RMB in the previous period[31] - Investment activities generated a net cash flow of CNY 471,942,217.15 in the first three quarters of 2025, a recovery from a negative cash flow of CNY -326,975,630.34 in the same period of 2024[44] Operational Metrics - The company expects stable sales for educational materials throughout the year, contributing to the profit increase[7] - The total non-recurring gains and losses for the period amounted to ¥29,855,278.41, with significant contributions from government subsidies and investment management gains[5] - The company has not disclosed any new product developments or market expansion strategies in the current report[12] - Total operating costs for the first three quarters of 2025 were ¥6,283,755,815.03, down 5.22% from ¥6,629,953,344.26 in 2024[22] - The company reported a financial income of ¥122,593,913.54 for the first three quarters of 2025, down from ¥203,918,609.27 in 2024[24] - Research and development expenses for the first three quarters of 2025 were ¥15,467,498.30, a decrease of 10.06% compared to ¥17,198,785.83 in 2024[24] - The company's operating profit for the first three quarters of 2025 was CNY 992,779,675.97, up from CNY 857,887,963.03 in 2024, reflecting a growth of approximately 15.7%[42] Inventory and Receivables - Cash and cash equivalents decreased to CNY 4,697,621,765.89 from CNY 6,037,889,179.01, indicating a decline of approximately 22.2%[14] - The accounts receivable stood at CNY 930,230,134.47, down from CNY 1,097,547,517.09, reflecting a decrease of about 15.3%[14] - Inventory increased significantly to CNY 4,237,915,288.75 from CNY 3,155,379,953.04, representing an increase of about 34.3%[15] - The total non-current assets decreased to CNY 5,105,029,064.99 from CNY 5,226,795,393.75, a decline of approximately 2.3%[15] - The company reported a total of CNY 5,678,773,401.07 in accounts payable, up from CNY 5,409,728,802.74, indicating an increase of about 4.9%[17]

浙江出版传媒股份有限公司 对外投资管理办法 （2025 年 10 月修订） 第一章 总 则 第一条 为进一步规范浙江出版传媒股份有限公司（以下简称 "公司"）对外投资行为，建立科学、高效的投资决策体系和管理 机制，保障投资安全，提高投资效益，维护公司和股东的合法权益。 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》 及《浙江出版传媒股份有限公司章程》（以下简称"《公司章程》"） 等有关规定，结合公司实际，制定本办法。 第二条 本办法所称对外投资是指公司以获取收益为目的而将 货币资金、实物或无形资产等作价出资，对外进行的各种形式投资 活动。 第三条 本办法适用于公司本级及所属全资、控股子公司（以 下简称"子公司"）的对外投资活动。 第四条 公司对外投资活动应当遵循以下原则： （二）符合公司发展战略，有利于合理配置公司资源； （三）投资规模应当与公司资产经营规模、负债水平和实际筹 - 1 - 资能力相适应，不影响公司主业发展； （四）投资活动应当注重投资风险防控，科学决策。 第二章 对外投资管理的组织机构 第五条 公司股东大会、董事会、总经理办公会是公司对外投 资的决策机构，各自在其权限范围内对公司对 ...

单位：万元 | 项目 | | 销售码洋 | | 增长 | | 营业收入 | | | 营业成本 | 增长 | | 毛利率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 去年 同期 | | 本期 | 率 (%) | 去年 同期 | 本期 | 增长 率(%) | 去年 同期 | 本期 | 率 (%) | 去年 同期 | 本期 | 增长 率 (%) | | 一般图 | | | | | | | | | | | | | 减少 | | 书出版 | 512,651 .62 | | 456,663 .13 | -10.92 | 111,798 .10 | 101,924 .14 | -8.83 | 84,50 3.32 | 78,52 2.33 | -7.08 | 24.41 | 22.96 | 1.45 个百 | | 业务 | | | | | | | | | | | | | 分点 | 特此公告。 浙江出版传媒股份有限公司董事会 证券代码：601921 证券简称：浙版传媒 公告编号 ...

Core Insights - The company reported a third-quarter revenue of 1.662 billion yuan, representing a year-on-year decline of 10.68% [1] - The net profit for the third quarter was -42.636 million yuan, showing a year-on-year increase of 41.53% [1] - For the first three quarters, the total revenue was 6.756 billion yuan, down 4.77% year-on-year [1] - The net profit for the first three quarters reached 633 million yuan, reflecting a year-on-year growth of 46.12% [1]