Core Viewpoint - Phoenix Media (601928) reported mixed financial results for the first half of 2025, with a slight decline in total revenue but a significant increase in net profit, indicating improved profitability despite revenue challenges [1] Financial Performance - Total revenue for the first half of 2025 was 7.113 billion yuan, a decrease of 1.7% year-on-year - Net profit attributable to shareholders reached 1.586 billion yuan, an increase of 29.57% year-on-year - In Q2 2025, total revenue was 3.887 billion yuan, down 0.13% year-on-year, while net profit was 1.079 billion yuan, up 24.34% year-on-year [1] - Gross margin improved to 43.81%, up 3.79% year-on-year, and net margin increased to 22.61%, up 31.69% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 1.427 billion yuan, accounting for 20.06% of revenue, a slight decrease of 0.52% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.62 yuan, a 29.54% increase year-on-year - Operating cash flow per share decreased to 0.08 yuan, down 38.16% year-on-year - Book value per share increased to 7.85 yuan, up 4.71% year-on-year [1] Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 5.96%, indicating average capital returns - Historical data shows a median ROIC of 8.76% over the past decade, with the lowest ROIC recorded in 2024 [3] Debt and Cash Position - The company maintains a healthy cash position, with significant cash assets reported [4] Business Model Insights - The company's performance is primarily driven by marketing efforts, necessitating further investigation into the underlying factors of this drive [5] Accounts Receivable Concerns - Analysts suggest monitoring the accounts receivable situation, as accounts receivable to profit ratio has reached 117.02% [6] Fund Holdings - The largest fund holding Phoenix Media is Bosera Technology Innovation Mixed A, with a current scale of 320 million yuan and a recent net value increase of 0.47% [7]

Market Overview - The publishing sector increased by 0.35% on August 28, with Zhongyuan Media leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Zhongyuan Media (000719) closed at 13.65, up 3.25% with a trading volume of 130,700 shares and a turnover of 175 million yuan [1] - Inner Mongolia Xinhua (603230) closed at 15.06, up 2.87% with a trading volume of 229,600 shares and a turnover of 337 million yuan [1] - Phoenix Media (601928) closed at 11.30, up 2.82% with a trading volume of 484,800 shares and a turnover of 546 million yuan [1] - Other notable performers include Xinhua Wenshu (601811) at 16.48 (+2.62%), China Science Publishing (601858) at 21.06 (+1.99%), and Shandong Publishing (6101019) at 9.28 (+1.42%) [1] Fund Flow Analysis - The publishing sector experienced a net outflow of 711 million yuan from institutional investors, while retail investors saw a net inflow of 562 million yuan [2] - The overall market saw a net inflow of 150 million yuan from speculative funds [2] Detailed Fund Flow for Selected Stocks - Phoenix Media (601928) had a net outflow of 8.82 million yuan from institutional investors, with a retail net inflow of 714,000 yuan [3] - Shandong Publishing (601019) saw a net inflow of 799,180 yuan from institutional investors and a net outflow of 554,210 yuan from retail investors [3] - China Science Publishing (601858) had a net inflow of 780,630 yuan from institutional investors, while retail investors experienced a net inflow of 1,001,750 yuan [3]

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 ...

Core Viewpoint - The domestic publishing industry is experiencing a divergence in performance, with Chinese Media facing significant declines in revenue and profit, while Phoenix Media stands out with strong growth in both metrics [1][2][4]. Company Performance - Chinese Media reported a revenue of 3.527 billion yuan, a year-on-year decrease of 35.56%, and a net profit of 291 million yuan, down 56.75% [2]. - The company attributed the decline to changes in the distribution of educational supplementary materials in Jiangxi Province, which affected its income from educational books [2]. - Despite the challenges, Chinese Media is focusing on enhancing the quality of its educational materials and adapting its marketing strategies to mitigate risks [2][3]. Key Products - Chinese Media's core IP products, such as "The Great China Treasure Hunt" and "The Unusual Camila," continue to perform well, with sales of over 9.5 million and 3.48 million copies respectively in the first half of 2025 [3]. Industry Comparison - Phoenix Media led the industry with a revenue exceeding 7.1 billion yuan, showing stable growth, and a net profit of 1.586 billion yuan, an increase of 29.57% [4][6]. - Other companies like Changjiang Media, Zhongyuan Media, and Xinhua Wenhui also reported varied performances, with Zhongyuan Media achieving a revenue of approximately 4.575 billion yuan and a net profit increase of 50.39% [5][6]. - The overall performance of the publishing industry reflects a mix of opportunities and challenges amid digital transformation and structural adjustments [6].

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 ...

Core Viewpoint - Jiangsu Phoenix Publishing and Media Co., Ltd. announced its major operating data for the first half of 2025, indicating a decrease in sales and revenue compared to the previous year [1]. Financial Performance - The sales volume (in ten thousand yuan) for the current period showed a decrease compared to last year, with a specific figure of 1.21 [1]. - The operating revenue for the current period also decreased compared to last year, reflecting a decline in overall business performance [1]. - The gross profit margin for the current period was reported at 0.56%, indicating a slight increase from the previous year [1].

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-028 江苏凤凰出版传媒股份有限公司 关于召开 2025 年半年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个别及连带责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 11 日（星期四）下午 15:00-16:00 二、说明会召开的时间、方式 三、参会人员 参加本次说明会的人员包括：董事长章朝阳先生、董事兼总经理宋吉述先生、独 立董事张志强先生、独立董事张广兴先生、副总经理兼董事会秘书谢志坚先生及财 务总监陈敏女士（如有特殊情况，参会人员可能调整）。 四、投资者参加方式 投资者可于 2025 年 9 月 11 日（星期四）15:00-16:00 通过网址 https://eseb.cn/1r1k9M0GjjG 或使用微信扫一扫以下小程序码即可进入参与互动交 流。投资者可于 2025 年 9 月 11 日（星期四）前进行会前提问，公司将通过本次业 绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 ? 会议召开方式：网络互动方式 ...

Core Viewpoint - Phoenix Media (601928.SH) reported a decline in revenue for the first half of the year, while net profit showed significant growth, indicating a mixed performance in financial results [1]. Financial Performance - The company achieved an operating revenue of 7.113 billion yuan, representing a year-on-year decrease of 1.70% [1]. - The net profit attributable to shareholders of the listed company was 1.586 billion yuan, reflecting a year-on-year increase of 29.57% [1]. - Basic earnings per share were reported at 0.6231 yuan [1].

人民财讯8月27日电，凤凰传媒（601928）8月27日晚间披露半年报，2025年上半年，公司实现营业收入 为71.13亿元，同比下降1.70%；归母净利润15.86亿元，同比增长29.57%；基本每股收益0.6231元。公司 拟向全体股东每10股派发现金股利1.00元(含税)。 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-025 江苏凤凰出版传媒股份有限公司 第六届董事会第三次会议决议公告 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"、"凤凰传媒"）《董事 会议事规则》的有关规定，公司于 2025 年 8 月 22 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三次会议的通知。公司第六届董事会第三次会议于 2025 年 8 月 27 日以现场会议结合通讯表决方式召开。本次会议应到董事 11 人，实到董事 11 人。会议召开符合《中华人民共和国公司法》和《江苏凤凰出版传媒股份有限公司 章程》的有关规定。 本次会议由董事长章朝阳先生主持，采用记名投票方式，审议并通过了以下议案： 一、关于公司 2025 年半年度报告及其摘要的议案 表决结果：同意 11 票，反对 0 票，弃权 0 票，该议案已经公司第六届董事会审计 委员会 2025 年第一次会议审议通过。 详见同日刊登于《上海证券报》和《证券时报》的《江苏凤凰出版传媒股份 ...