Market Overview - On September 2, the Jiangsu state-owned enterprise reform sector fell by 0.85% compared to the previous trading day, with Lianhuan Pharmaceutical leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Notable gainers in the Jiangsu state-owned enterprise reform sector included: - Huami Environmental Energy (600475) with a closing price of 23.86, up 10.00% [1] - Zhongsheng High-Tech (002778) with a closing price of 20.94, up 5.23% [1] - Nanjing Port (002040) with a closing price of 10.03, up 3.62% [1] - Major decliners included: - Lianhuan Pharmaceutical (600513) with a closing price of 21.96, down 6.63% [2] - Tongxingbao (301339) with a closing price of 16.73, down 4.35% [2] - Nanjing Chemical Fiber (600889) with a closing price of 15.16, down 4.29% [2] Capital Flow - The Jiangsu state-owned enterprise reform sector experienced a net outflow of 720 million yuan from institutional investors, while retail investors saw a net inflow of 409 million yuan [2][3] - The capital flow for specific stocks showed: - Huami Environmental Energy (600475) had a net inflow of 1.421 billion yuan from institutional investors [3] - Jiangsu Jinzhu (002091) had a net inflow of 12.13 million yuan from institutional investors [3] - Nanjing Travel (600250) had a net inflow of 10.72 million yuan from institutional investors [3]

南非电商平台Loot公司品类经理马丁·贝克尔表示，去年成功举行了首届南非中国主题图书展。在此基 础上，今年南非与中国的出版商和文化代表齐聚一堂，围绕图书出版与发行、翻译合作等展开讨论，促 进双方更深入的理解和更持久的合作。 本报南非开普敦9月1日电 （记者戴楷然、郑翔）8月29日至9月1日，以"书香传友谊 文韵连中非"为主题 的南非中国主题图书展在南非立法首都开普敦举行。本届图书展由中国国际图书贸易集团公司与南非独 立传媒集团、南非电商平台Loot公司及南非西开普大学国际处联合举办。 中国驻开普敦总领事尤文泽在书展开幕式上致辞表示，书籍是文化交流与合作的重要组成部分，不仅是 各国民众沟通的重要载体，更是增进彼此了解的纽带。本届书展为展示中国文化魅力提供重要窗口，将 增进中国与南非的文化交流。 《 人民日报 》（ 2025年09月02日 17 版） (责编：卫嘉、白宇) 图为两国出版商在书展期间交流。 本报记者 戴楷然摄 本届书展上，中国国际图书贸易集团公司携高等教育出版社、中国金融出版社、中国税务杂志社、江苏 凤凰出版传媒集团等出版单位，展示中国传统文化、汉语教学、中医健康、民间艺术、少儿读物等领域 的出版物 ...

中期分红彰显股东回报力度。公司近三年平均分红比例超55%，股利支付率和股息率（以8 月27 日收盘 价计算，股息率为4.5%）均位居出版上市公司前列。为了提升投资者的获得感，公司自2025 年起实施 中期分红，每10 股派发现金红利1.00 元（含税），合计派发2.54 亿元。 维持"强烈推荐"投资评级。考虑到公司出版发行主业平稳运行，积极推动实施"人工智能+教育"综合出 版服务体系建设，我们预计2025-2027 年实现归母净利润22.28/22.66/23.23 亿元，对应12.9/12.7/12.4 倍 PE，维持"强烈推荐"投资评级。 风险提示：在校学生数量即将出现下降趋势、数智技术快速发展带来的转型风险等 公司发布2025 年半年报，2025 年H1 公司实现营业收入71.13 亿元，同比-1.70%；实现归母净利润15.86 亿元，同比+29.57%；扣非归母净利润15.14亿元，同比+25.17%。单季度看，25Q2 实现营业收入38.87 亿元，同比降低0.13%；实现归母净利润10.79 亿元，同比+24.31%；实现归母扣非净利润10.33亿元，同 比+19.81%。 出版发行主业平稳运行 ...

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Core Viewpoint - The company has announced a cash dividend distribution plan for the first half of 2025, with a proposed distribution of 0.1 yuan per share, based on the total share capital as of June 30, 2025 [1][2]. Group 1: Profit Distribution Plan - The company plans to distribute a total cash dividend of 1,272,450,000 yuan to shareholders, with available profits for distribution amounting to 4,250,381,948.11 yuan for the first half of 2025 [1][2]. - The distribution will be based on a total share capital of 2,544,900,000 shares as of June 30, 2025, with any changes in total share capital before the record date leading to an adjustment in the per-share distribution amount [2]. Group 2: Decision-Making Process - The board of directors was authorized by the 2024 annual general meeting to determine the mid-year cash dividend plan, which was approved in the board meeting held on August 27, 2025, with unanimous support [2]. - The resolution passed with 11 votes in favor, and no votes against or abstentions [2].

据证券之星公开数据整理，近期凤凰传媒（601928）发布2025年中报。截至本报告期末，公司营业总收 入71.13亿元，同比下降1.7%，归母净利润15.86亿元，同比上升29.57%。按单季度数据看，第二季度营 业总收入38.87亿元，同比下降0.13%，第二季度归母净利润10.79亿元，同比上升24.34%。本报告期凤 凰传媒盈利能力上升，毛利率同比增幅3.79%，净利率同比增幅31.69%。 本次财报公布的各项数据指标表现一般。其中，毛利率43.81%，同比增3.79%，净利率22.61%，同比增 31.69%，销售费用、管理费用、财务费用总计14.27亿元，三费占营收比20.06%，同比减0.52%，每股净 资产7.85元，同比增4.71%，每股经营性现金流0.08元，同比减38.16%，每股收益0.62元，同比增29.54% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 72.36亿 | 71.13亿 | -1.70% | | 归母净利润(元) | 12.24亿 | 15.86(Z | 29.57% ...

证券之星消息，8月28日出版板块较上一交易日上涨0.35%，中原传媒领涨。当日上证指数报收于 3843.6，上涨1.14%。深证成指报收于12571.37，上涨2.25%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000719 | 中原传媒 | 13.65 | 3.25% | 13.07万 | | 1.75亿 | | 603230 | 内蒙新华 | 15.06 | 2.87% | 22.96万 | | 3.37亿 | | 601928 | 凤凰传媒 | 11.30 | 2.82% | 48.48万 | | 5.46亿 | | 601811 | 新华文轩 | 16.48 | 2.62% | 4.63万 | | 7604.81万 | | 601858 | 中国科传 | 21.06 | 1.99% | 11.56万 | | 2.40亿 | | 6101019 | 山东出版 | 9.28 | 1.42% | 11.64万 | | 1.07亿 | | 002 ...

中文传媒表示，2024年秋季学期开始，江西省学生教辅图书征订发行方式改变。由于教育部门停止教辅 材料评议推荐，学校不再向学生统一征订或代购教辅材料，导致公司教辅图书收入和利润下降。 对此，公司积极应对，结合江西省基础教育实际，发挥多年深耕教育出版的优势，编写更具针对性、适 用性、科学性的教辅材料，创新营销方式，通过内容质量优化和渠道升级，更好地服务中小学生，尽量 减小上述风险因素带来的影响。同时，公司将继续保持对国家相关行业及税收政策调整的高度关注，进 一步强化政策研究能力，提升经营的灵活性和应对能力。 尽管业绩数据有所回落，但中文传媒在其报告中指出，公司"持续深化主业转型升级与融合发展布局， 积极应对行业结构性调整，经营韧性持续彰显，发展质量稳步提升"。 8月27日晚，中文传媒（600373.SH，股价10.51元，市值143.72亿元）发布2025年半年报，期内公司营 收35.27亿元，净利润2.91亿元，营收与净利润同比双双下滑。 同日，国内出版行业多家上市公司也交出上半年"成绩单"，行业分化态势显现。其中，凤凰传媒 （601928.SH，股价10.99元，市值279.68亿元）表现亮眼，其营收与净利润 ...

每经记者｜于垚峰 每经编辑｜陈俊杰 8月27日晚，中文传媒（600373.SH，股价10.51元，市值143.72亿元）发布2025年半年报，期内公司营 收35.27亿元，净利润2.91亿元，营收与净利润同比双双下滑。 同日，国内出版行业多家上市公司也交出上半年"成绩单"，行业分化态势显现。其中，凤凰传媒 （601928.SH，股价10.99元，市值279.68亿元）表现亮眼，其营收与净利润在已发布中报的出版公司中 均稳居首位。中原传媒、新华文轩、中南传媒等公司在营收规模、净资产等维度呈现不同发展态势，共 同勾勒出2025年上半年国内出版业整体发展图景。 中文传媒上半年营收、净利润双降 上半年，中文传媒实现营业收入35.27亿元，同比下降 35.56%，归属于上市公司股东的净利润为2.91亿 元，同比下降 56.75%，扣非后归属于上市公司股东的净利润0.21亿元，同比下降96.93%。财务数据直 接反映出公司在期内面临营收与利润双重下滑的挑战。 中文传媒表示，2024年秋季学期开始，江西省学生教辅图书征订发行方式改变。由于教育部门停止教辅 材料评议推荐，学校不再向学生统一征订或代购教辅材料，导致公司教辅图书 ...

关于江苏凤凰出版传媒集团财务有限公司 的风险持续评估报告 一、财务公司基本情况 江苏凤凰出版传媒股份有限公司 江苏凤凰出版传媒集团财务有限公司（以下简称"财务 公司"）是经原中国银行业监督管理委员会批准，于 2016 年 9 月取得营业执照正式成立的非银行金融机构。财务公司 金融许可证机构编码 L0246H232010001，营业执照统一社会 信用代码 91320000MA1MTHXT03。 财务公司是由江苏凤凰出版传媒集团有限公司（以下简 称"凤凰集团"）和江苏凤凰出版传媒股份有限公司（以下 简称"凤凰传媒"）共同出资创立，注册资本 10 亿元人民 币，其中凤凰集团持股比例为 51%，凤凰传媒持股比例为 49%。 截至 2025 年 6 月末，财务公司共有员工 27 人，服务客户 204 户。 财务公司经营业务范围包括：（一）吸收成员单位存款； （二）办理成员单位贷款；（三）办理成员单位票据贴现； （四）办理成员单位资金结算与收付；（五）提供成员单位 委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证 及咨询代理业务；（六）从事同业拆借；（七）办理成员单 位票据承兑；（八）从事固定收益类有价证券投资；（九 ...