证券代码：601928 证券简称：凤凰传媒 公告编号：2025-018 三、审议通过了《关于公司第六届董事会专门委员会人员组成的议案》 江苏凤凰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。 江苏凤凰出版传媒股份有限公司（以下简称"凤凰传媒"或"公司"）第 六届董事会第一次会议于2025年5月14日以现场会议结合通讯表决方式召开，会 议应参加表决董事11人，实际参加表决董事11人。会议召开符合《公司法》和 《公司章程》的有关规定。 本次会议由章朝阳先生召集，采用记名投票方式，审议并通过了如下议案： 一、审议通过了《关于选举公司第六届董事会董事长的议案》 选举章朝阳先生为公司第六届董事会董事长，任期自本次会议审议通过之 日起至本届董事会任期届满之日。 表决结果：同意11票，反对0票，弃权0票 二、审议通过了《关于选举公司第六届董事会副董事长的议案》 选举王译萱先生为公司第六届董事会董事长，任期自本次会议审议通过之 日起至本届董事会任期届满之日。 表决结果：同意11票，反对0票 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-017 江苏凤凰出版传媒股份有限公司 2024年年度股东大会决议公告 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)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：南京市湖南路 1 号凤凰广场 B 座 29 楼会议室 (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 | 136 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,894,105,891 | | 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 | | | 份总数的比例（%） | 74.4275 | (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。 本次股东大会由公司董事会召集，会议由董事长章朝阳主持。股东大会采取 现场记名投票方式与网络投票方式表决。本次股东大会网络投票由 ...

江苏同与泽律师事务所 法律意见书 江苏同与泽律师事务所 关于江苏凤凰出版传媒股份有限公司 2024 年年度股东大会的 法律意见书 致:江苏凤凰出版传媒股份有限公司 江苏同与泽律师事务所(以下简称"本所")接受江苏凤凰 出版传媒股份有限公司(以下简称"公司")的委托,根据《中 华人民共和国公司法》(以下简称《公司法》)、《上市公司股 东会规则》(以下简称《股东会规则》)等法律、法规、规范性 文件及《江苏凤凰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,就公司 2024年年度股东大会(以下简 称"本次股东大会"）的有关事项出具法律意见书。 为出具本法律意见书,本所律师对公司本次股东大会所涉及 的有关事项进行了审查,查阅了本所律师认为出具本法律意见书 所必须查阅的文件。 本法律意见书仅就本次股东大会的召集和召开程序、出席本 次股东大会人员的资格、召集人资格、会议表决程序是否符合中 国相关法律、法规、规范性文件及《公司章程》的规定以及表决 结果是否合法有效发表意见。 1 图 江苏同与泽律师事务所 法律意见书 本所同意将本法律意见书作为公司本次股东大会的公告材 料,随同其他需公告的信息向公众披露,本所 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-016 江苏凤凰出版传媒股份有限公司 关于召开 2024 年度暨 2025 年第一季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。 重要内容提示： https://eseb.cn/1nS0dI9Llsc 或使用微信扫描下方小程序码进行会前提问，公司将在 说明会上对投资者普遍关注的问题进行解答。 一、说明会类型 江苏凤凰出版传媒股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 22 日及 2025 年 4 月 30 日在上海证券交易所（以下简称"上交所"）网站及指定媒 体上披露公司《2024 年年度报告》和《2025 年第一季度报告》。 1、会议时间：2025 年 5 月 16 日（星期五）下午 15:00-16:00 2、召开方式：视频录制及网络文字互动 3、网络交流地址：价值在线（www.ir-online.cn） 三、参会人员 参加本次说明会的人员包括：公司董事长章朝阳先生、董事总经理宋吉述先生、 独立董事温素彬先生、汪进元先 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.96 RMB [7][5]. Core Insights - The company reported Q1 2025 revenue of 3.226 billion RMB, a year-over-year decrease of 3.52% and a quarter-over-quarter decrease of 20.27%. However, the net profit attributable to shareholders increased by 42.30% year-over-year to 507 million RMB, primarily due to the continuation of tax incentives [1][2]. - The company's core business remains stable, and the continuation of tax incentives in 2025 is expected to support profitability [1][5]. - The gross margin improved to 39.08%, up 3.19 percentage points year-over-year, driven by increased revenue from self-published educational materials and a decrease in paper costs [2]. Summary by Sections Revenue and Profitability - Q1 2025 revenue decreased by 3.52%, with publishing business revenue increasing by 5.36% to 1.061 billion RMB, while distribution business revenue fell by 0.85% to 2.698 billion RMB [2]. - The overall expense ratio increased to 20.97%, up 1.15 percentage points year-over-year, mainly due to the decline in revenue [3]. Strategic Initiatives - The company is focusing on AI technology, exploring application scenarios, and has launched initiatives to promote AI development, including a partnership with Huawei for AI planning consulting [4]. Earnings Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 2.242 billion RMB, 2.310 billion RMB, and 2.274 billion RMB respectively. The report assigns a PE ratio of 17X for 2025, reflecting the expected improvement in gross margin and operational efficiency from AI applications [5][11].

江苏凤凰出版传媒股份有限公司 601928 2024 年年度股东大会会议材料 二Ｏ二五年五月十三日召开 1 目 录 | 1．江苏凤凰出版传媒股份有限公司 2024 年年度股东大会议程 | | 3 | | --- | --- | --- | | 2．江苏凤凰出版传媒股份有限公司 2024 年年度股东大会会议须知 ... | | 5 | | 3．关于《公司 年度董事会工作报告》的议案 | 2024 | 7 | | 4．关于《公司 年度监事会工作报告》的议案 | 2024 | 17 | | 5．关于《公司 年年度报告及其摘要》的议案 | 2024 | 20 | | 6．关于《公司 年度财务决算报告》的议案 | 2024 | 27 | | 7．关于《公司 年度财务预算报告》的议案 | 2025 | 36 | | 8．关于公司 年度利润分配的议案 | 2024 | 38 | | 9．关于提请股东大会授权董事会决定 2025 年度中期分红方案的议案 | | 39 | | 10．关于2024年度日常性关联交易执行情况与2025年度日常性关联交易 | | | | 预计情况的议案 | | 40 | | 11．关于公司募投项目结 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-015 江苏凤凰出版传媒股份有限公司根据《上海证券交易所上市公司行业信息披露 指引第十二号—新闻出版》的相关规定，现将2025年第一季度主要经营数据（未经 审计）公告如下： 特此公告。 江苏凤凰出版传媒股份有限公司董事会 二〇二五年四月二十九日 1 单位： 万元 币种： 人民币 销售码洋 营业收入 营业成本 毛利率(%) 去年 本期 增长率 （%） 去年 本期 增长率 （%） 去年 本期 增长率 （%） 去年 本期 增长率 （%） 出 版 业 务 205,295.92 237,193.79 15.54% 100,694.41 106,094.33 5.36% 61,160.71 64,269.12 5.08% 39.26% 39.42% 增加 0.16 个 百分点 发 行 业 务 399,471.17 359,158.52 -10.09% 269,807.96 267,523.67 -0.85% 194,628.58 187,516.03 -3.65% 27.86% 29.91% 增加 2.04 个 百分点 江苏凤凰出版传媒股份有限公司 关于 2 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,225,677,662.78, a decrease of 3.52% compared to the same period last year[3] - Net profit attributable to shareholders increased by 42.30% to CNY 506,729,059.34, compared to CNY 356,110,791.77 in the previous year[3] - The basic earnings per share rose by 42.32% to CNY 0.1991, reflecting the growth in net profit[3] - Net profit for Q1 2025 reached CNY 517,578,996.27, an increase of 43.14% compared to CNY 362,041,173.87 in Q1 2024[15] - Earnings per share for Q1 2025 was CNY 0.1991, up from CNY 0.1399 in Q1 2024[16] - The company reported a total comprehensive income of CNY 516,707,145.86 for Q1 2025, compared to CNY 342,941,195.36 in Q1 2024[16] Cash Flow and Investments - The net cash flow from operating activities increased by 33.03% to CNY 303,282,276.37, indicating improved operational efficiency[3] - Cash received from sales of goods and services was CNY 2,762,373,416.89 in Q1 2025, down from CNY 2,954,637,329.59 in Q1 2024[19] - Net cash flow from operating activities amounted to $303.28 million, an increase from $227.98 million year-over-year[20] - Total cash inflow from investment activities was $4.36 billion, compared to $4.53 billion in the previous period[20] - Net cash flow from investment activities was negative at -$719.23 million, a decline from a positive $223.85 million year-over-year[20] - Cash inflow from financing activities totaled $221.30 million, while cash outflow was $38.02 million, resulting in a net cash flow of $183.28 million[21] - The company's cash and cash equivalents decreased by $226.36 million, compared to an increase of $424.19 million in the previous period[21] - Cash received from operating activities was $2.97 billion, a decrease from $3.18 billion in the previous period[20] - Total cash outflow from operating activities was $2.67 billion, compared to $2.95 billion last year[20] - The company received $147.73 million in cash related to other operating activities, down from $221.94 million[20] - The company paid $1.98 billion related to other investment activities, a decrease from $4.10 billion in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 31,507,123,142.49, up 2.47% from the end of the previous year[4] - The company's current assets totaled CNY 14,627,832,903.43, up from CNY 11,524,044,971.02, indicating a significant increase of about 27.83%[11] - The cash and cash equivalents decreased to CNY 1,719,133,231.81 from CNY 1,946,040,727.35, representing a decline of approximately 11.69%[10] - Accounts receivable rose to CNY 1,068,902,039.07, compared to CNY 632,131,918.35, marking an increase of around 69.00%[10] - The company's total liabilities increased to CNY 14,000,000,000, reflecting a rise from the previous period, although specific figures were not disclosed[11] - Total liabilities increased to CNY 11,027,532,798.50 in Q1 2025 from CNY 10,990,810,119.98 in Q1 2024[12] - Total equity attributable to shareholders rose to CNY 20,185,099,688.05 in Q1 2025, compared to CNY 19,474,241,824.99 in Q1 2024[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 44,961[8] - The largest shareholder, Jiangsu Phoenix Publishing & Media Group Co., Ltd., holds 62.8% of the shares, totaling 1,598,290,258 shares[8] - The company reported a total of 1,598,290,258 shares outstanding, with Jiangsu Phoenix Publishing Group Co., Ltd. being the largest shareholder[9] - The company has not disclosed any significant changes in shareholder structure or related party transactions during the reporting period[10] Other Information - Investment income surged by 367.20%, attributed to an increase in the total amount of financial products held by the company[6] - The company reported a significant increase in short-term borrowings by 60.61%, indicating a rise in external financing[6] - The long-term equity investments slightly increased to CNY 1,347,080,115.77 from CNY 1,345,236,001.59, showing a marginal growth of about 0.14%[11] - The total inventory as of March 31, 2025, was CNY 1,753,433,055.04, slightly down from CNY 1,763,151,443.23, indicating a decrease of about 0.45%[10] - The company has not reported any new product launches or technological advancements during this period[10] - Research and development expenses increased to CNY 7,515,225.64 in Q1 2025 from CNY 6,013,810.73 in Q1 2024[14]

Core Viewpoint - The company reported a stable operational performance in 2024, with a slight decline in revenue and a significant drop in net profit, while maintaining a consistent dividend policy and cash reserves [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 13.6 billion, a year-over-year decrease of 0.3%, and a net profit attributable to shareholders of 1.6 billion, down 45.9% year-over-year [1][3]. - The quarterly revenue breakdown for 2024 was 3.34 billion, 3.89 billion, 2.32 billion, and 4.05 billion, with year-over-year changes of +3.3%, -1.3%, -6%, and +1.3% respectively [3]. Dividend Policy - The company has maintained a stable dividend for four consecutive years, with a dividend yield of 4.2% and a payout of 0.5 yuan per share for 2024, resulting in a dividend rate of 80% [2]. Cash Reserves - As of the end of 2024, the company had cash reserves totaling 18.72 billion, indicating a strong liquidity position [2]. Business Segments - The educational publishing segment showed robust growth, with total revenue of 10.3 billion from educational materials, a year-over-year increase of 13.2%, driven by a shift in revenue recognition from procurement to rental models [3]. - General book publishing and distribution revenue totaled 4 billion, down 9.5% year-over-year, with a market share of 2.8%, ranking fourth [3]. Strategic Initiatives - The company is focusing on transforming its knowledge and cultural services, with initiatives such as the launch of intelligent teaching design and testing features, resulting in a revenue of 510 million, up 13.88% year-over-year [4]. - The company’s research and study services reached nearly 100,000 participants, generating revenue of 24.82 million [4]. Future Outlook - The company is projected to achieve revenues of 13.7 billion, 13.81 billion, and 13.92 billion from 2025 to 2027, with net profits of 2.22 billion, 2.25 billion, and 2.31 billion respectively, maintaining a "buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [8][5]. Core Views - The company achieved a revenue of 13.606 billion RMB in 2024, a slight decrease of 0.29% year-on-year, with a net profit attributable to shareholders of 1.598 billion RMB, down 45.88% year-on-year [1][2]. - The company plans to distribute a cash dividend of 0.5 RMB per share, resulting in a dividend yield of 4.2% based on the closing price on April 21 [1]. - The report highlights the continuation of tax incentives in 2025, which supports the company's stable performance [5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 38.64%, an increase of 1.05 percentage points, primarily due to improved margins in the publishing segment [2]. - The publishing business generated revenue of 4.893 billion RMB in 2024, reflecting an 8.14% year-on-year increase, attributed to a shift from a procurement model to a rental model with a key partner [3]. - The distribution business achieved revenue of 10.625 billion RMB, a 1.29% increase year-on-year, maintaining a leading position in the industry [3]. Digital Transformation and New Business Development - The company is deepening its digital transformation, with user coverage exceeding 22 million across various digital platforms, generating over 70 million RMB in revenue in 2024 [4]. - The company is actively expanding into the AI sector and has developed intelligent education products, enhancing its educational services [4]. - The company conducted over 6,000 educational activities, serving nearly 100,000 people, generating revenue of 24.82 million RMB in 2024 [4]. Valuation and Forecast - The report adjusts the net profit forecasts for 2025-2027 to 2.242 billion RMB, 2.310 billion RMB, and 2.274 billion RMB, respectively, reflecting a 15% and 12% increase for 2025 and 2026 [5]. - The target price is set at 14.96 RMB, based on a 17X PE ratio for 2025, considering the company's leading position and ongoing digital transformation [5].