Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

Core Insights - The publishing industry is currently stable, with new growth opportunities arising from AI in education and IP development, indicating significant growth potential [1][2] - Despite a decline in overall revenue, the net profit of the publishing industry is expected to grow by 16.41% in the first half of 2025, primarily due to ongoing tax incentives benefiting state-owned publishing companies [1][3] Group 1: Industry Overview - The publishing sector is characterized by a dual advantage of stable dividends and the potential for growth through AI applications, making it a high-quality investment area [2][18] - The industry has shown resilience, with smaller declines compared to other media sectors during downturns, and is currently positioned at a historically low valuation, offering high cost-effectiveness for investors [2][34] Group 2: Growth Drivers - AI-enabled educational products are diversifying, moving from traditional print to digital formats and smart educational systems, which enhances innovation in educational publishing [2][4] - The IP development sector within publishing has demonstrated strong growth potential, particularly in commercialization and cross-industry collaborations, extending the value chain of IP [2][4] Group 3: Investment Recommendations - Three main investment lines are identified: 1. Companies with stable core businesses and advantageous demographics, such as Phoenix Media and Zhejiang Publishing [3][9] 2. Companies leading in AI and education, like Southern Media and Century Tianhong [3][9] 3. Companies excelling in IP development, such as Chinese Online and Zhongxin Publishing [3][9] Group 4: Financial Performance - The overall revenue of the publishing industry has faced pressure, with a projected decline of 2.17% in 2024, but several companies have reported significant growth, with some exceeding 20% [50][51] - The net profit for the publishing industry is expected to rise due to tax incentives, with several companies reporting over 100% growth in net profit [55][56] Group 5: Market Dynamics - The publishing industry has a cyclical nature, with better performance observed in specific months (March, August, November) compared to the overall market [24][34] - The industry is currently benefiting from a favorable policy environment, including extended tax incentives and improved intellectual property protections, which support its transition and growth [46][49]

| 1、出席会议的股东和代理人人数 | 384 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,897,920,893 | | 3、出席会议的股东所持有表决权股份数占公司有 | 74.5774 | | 表决权股份总数的比例（%） | | 证券代码：601928 证券简称：凤凰传媒 公告编号：2026-007 江苏凤凰出版传媒股份有限公司 2026年第一次临时股东会决议公告 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 (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，会议由董事长章朝阳主持。股东会采取现场 记名投票方式与网络投票方式表决。本次股东会网络投票由公司通过上海证券交 易所交易系统向公司股东提供网络形式的投票平台。表决方式符合《公司法》及 公司《章程》的规定。 | 议案 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- ...

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 2026 年第一次临时股东会的 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 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2026年第一次临时股东会(以 下简称"本次股东会"）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会的召集和召开程序、出席本次 股东会人员的资格、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。 贸司 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会的公告材料, 随同其他需公告的信息向公众披露,本所律师将 ...

江苏凤凰出版传媒股份有限公司 江苏凤凰出版传媒股份有限公司 601928 2026 年第一次临时股东会会议材料 二Ｏ二六年三月三日召开 1 目 录 | 1．江苏凤凰出版传媒股份有限公司 | 2026 | 年第一次临时股东会议程 | ... | 3 | | --- | --- | --- | --- | --- | | 2．江苏凤凰出版传媒股份有限公司 | 2026 | 年第一次临时股东会须知 | ... | 4 | | 3．关于修订公司《章程》的议案 | | 6 | | | 2 2026 年第一次临时股东会议程 会议时间：2026 年 3 月 3 日（星期二）上午 9:30 会议地点：南京市湖南路 1 号凤凰广场 B 座 2701 会议室 召 集 人：公司董事会 参加人员：符合条件的股东或其授权委托人、公司董事、高级管理人员、 见证律师 一、会议主持人宣布 2026 年第一次临时股东会开始，报告出席会议 股东、持有股份数及比例、参会人员 二、董事会秘书宣读本次股东会须知 三、审议股东会议案 （一）宣读议案 1、关于修订《公司章程》的议案 （二）股东及股东代表发言，回答问题 3 江苏凤凰出版传媒股份有限公司 2 ...

Group 1 - The core point of the news is that Jiangsu Phoenix Publishing and Media Group has signed a share transfer agreement with China Mobile Investment, where the latter will acquire 10% of Phoenix Media's shares for 1.967 billion yuan, making it the second-largest shareholder [1] - The strategic cooperation between the two parties will focus on cultural digital publishing and smart education, aiming to promote digital transformation [1] - The involvement of state-owned capital is expected to have a positive impact on the long-term business expansion of the company [1] Group 2 - Recently, Phoenix Media's stock price has shown volatility, with a rise of 3.17% to 10.40 yuan on February 10, followed by a decline of 2.40% to 10.15 yuan on February 11, and further drops on subsequent days [2] - As of February 13, the stock closed at 10.01 yuan, reflecting a daily decrease of 0.50% and a cumulative increase of 0.20% over the past five days, with a trading range of 4.50% [2] - The funding situation indicates a net inflow of retail investor funds recently, while the financing balance remains at 236 million yuan, highlighting significant market divergence [2] Group 3 - Institutional ratings for Phoenix Media are generally neutral, with three firms giving a "buy" rating in the past 90 days and a composite target price of 14.13 yuan [3] - The latest institutional forecasts predict a 27.95% year-on-year growth in net profit for 2025, with a slowdown to 3.66% growth in 2026 [3] - The current price-to-earnings ratio stands at 13.03 times, with a dividend yield of 5.99%, indicating a valuation at a medium level within the industry [3] - Institutions like Kaiyuan Securities suggest that AI video technology innovations may present structural opportunities for the media sector, but Phoenix Media needs to focus on the progress of its digital transformation [3]

江苏凤凰出版传媒股份有限公司 章 程 （2026 年 3 月修订） | 第一章 | 总 则 2 | | --- | --- | | 第二章 | 经营宗旨和范围 4 | | 第三章 | 股份 4 | | 第四章 | 股东和股东会 8 | | 第五章 | 董事和董事会 25 | | 第六章 | 党建工作 36 | | 第七章 | 高级管理人员 37 | | 第八章 | 财务会计制度、利润分配和审计 39 | | 第九章 | 通知和公告 44 | | 第十章 | 合并、分立、增资、减资、解散和清算 45 | | 第十一章 | 修改章程 50 | | 第十二章 | 附则 50 | 第一章 总 则 第一条 为维护江苏凤凰出版传媒股份有限公司（以下简称"公司"或"本公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，坚持和加强党的全面领 导，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《中国共产党章程》（以下简称"《党 章》"）、《中华人民共和国企业国有资产法》《企业国有资产监督管理暂行条例》 《国有企业公司章程制定管理办法》和其他有关规定，制 ...

本公司及董事会全体成员保证本公告内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。 因公司业务发展需要，现对公司章程第十五条涉及经营范围的相关内容进行 相应修订。 | 原章程条款 | 修订后章程条款 | | --- | --- | | 第十五条 经依法登记，公司的经营范围 | 第十五条 经依法登记，公司的经营范围为： | | 为： | 许可经营项目：出版物批发，出版物零售，出 | | 许可经营项目：出版物批发，出版物零售， | 版物互联网销售，电子出版物制作，出版物印刷，包 | | 出版物互联网销售，电子出版物制作，网络文化经 | 装装潢印刷品印刷，文件、资料等其他印刷品印刷， | | 营，第二类增值电信业务。（依法须经批准的项目， | 网络文化经营，第二类增值电信业务。（依法须经批 | | 经相关部门批准后方可开展经营活动，具体经营项 | 准的项目，经相关部门批准后方可开展经营活动，具 | | 目以相关部门批准文件或许可证件为准） | 体经营项目以相关部门批准文件或许可证件为准） | | 一般经营项目：以自有资金从事投资活动， | 一般经营项目：以自有资金从事投 ...

江苏凤凰出版传媒股份有限公司 关于召开2026年第一次临时股东会的通知 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 证券代码：601928 证券简称：凤凰传媒 公告编号：2026-006 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 3 月 3 日 9 点 30 分 召开地点：南京市湖南路 1 号凤凰广场 B 座 2701 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年3月3日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东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会网络投票系统 网络投票起止时间：自2026 年 3 月 3 日 至2026 年 3 月 3 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 东会召开当日的交易时间段， ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2026-004 江苏凤凰出版传媒股份有限公司 第六届董事会第六次会议决议公告 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。 根据江苏凤凰出版传媒股份有限公司（以下简称"公司"）《董事会议事规则》 的有关规定，公司于 2026 年 2 月 9 日以电子邮件的方式向全体董事发出了关于召开第 六届董事会第六次会议的通知。 公司第六届董事会第六次会议于 2026 年 2 月 13 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》有关规定。 本次会议由董事长章朝阳先生召集，采用记名投票方式审议并通过了以下议案： 1 江苏凤凰出版传媒股份有限公司董事会 二〇二六年二月十三日 表决结果：同意 11 票，反对 0 票，弃权 0 票。 详见同日登载于上海证券交易所网站（www.sse.com.cn）的《凤凰传媒关于修订 公司<章程>的公告》（2026-005）。 该议案尚需提交公司股东会审议。 2、《关于 ...