证券代码：601928 证券简称：凤凰传媒 公告编号：2025-026 根据公司 2024 年年度股东大会授权，本次利润分配方案经董事会审议通过后即 可实施。 本次利润分配方案不会导致公司触及《上海证券交易所股票上市规则（2025 年 4 月修订）》第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 江苏凤凰出版传媒股份有限公司 关于 2025 年度中期利润分配方案的公告 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。 重要提示： 每股分配比例：每股派发现金红利 0.1 元（含税） 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在权 益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额不变， 相应调整每股分配比例，并将另行公告具体调整情况。 （二）董事会的召开、审议和表决情况 公司于 2025 年 8 月 27 日召开第六届董事会第三次会议，审议通过了《关于公司 2025 年中期利润分配的议案》，审议的中期利润分配方案符合公司章程 ...

凤凰传媒8月27日披露半年报，公司上半年实现营业收入71.13亿元，同比下降1.70%；归属于上市公司 股东的净利润15.86亿元，同比增长29.57%；基本每股收益0.6231元。 ...

Important Notes [Board Statement](index=2&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%A3%B0%E6%98%8E) The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility - The board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the report[3](index=3&type=chunk) [Directors' Attendance](index=2&type=section&id=%E4%BA%8C%E3%80%81%E8%91%A3%E4%BA%8B%E5%87%BA%E5%B8%AD%E6%83%85%E5%86%B5) All company directors attended the board meeting - All company directors attended the board meeting[4](index=4&type=chunk) [Report Audit Status](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Officer's Statement](index=2&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%A3%B0%E6%98%8E) The company's head, chief accountant, and head of accounting department declare that the financial report is true, accurate, and complete - Company head Zhang Chaoyang, chief accountant Song Jishu, and head of accounting department Chen Min declare the financial report is true, accurate, and complete[6](index=6&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.00 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 254.49 million Yuan - A cash dividend of **1.00 Yuan (tax inclusive) per 10 shares** will be distributed[6](index=6&type=chunk) - A total cash dividend of **254.49 million Yuan** will be distributed[6](index=6&type=chunk) - No other distribution plans, such as capital reserve capitalization, will be implemented[6](index=6&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in the report involve known or unknown risks and uncertainties, which may lead to significant differences between actual results and statements, reminding investors to exercise caution - Forward-looking statements involve various known or unknown risks and uncertainties[7](index=7&type=chunk) - The company's future actual results may differ significantly from these statements, investors are advised to exercise caution[7](index=7&type=chunk) [Controlling Shareholder and Related Party Fund Occupation](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B3%E8%81%94%E6%96%B9%E8%B5%84%E9%87%91%E5%8D%A0%E7%94%A8%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by controlling shareholders or other related parties - No non-operating occupation of funds by controlling shareholders or other related parties existed[8](index=8&type=chunk) [External Guarantees](index=2&type=section&id=%E5%85%AB%E3%80%81%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, there were no external guarantees provided in violation of prescribed decision-making procedures - No external guarantees were provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Directors' Assurance of Report Truthfulness](index=2&type=section&id=%E4%B9%9D%E3%80%81%E8%91%A3%E4%BA%8B%E4%BF%9D%E8%AF%81%E6%8A%A5%E5%91%8A%E7%9C%9F%E5%AE%9E%E6%80%A7%E6%83%85%E5%86%B5) During the reporting period, there was no situation where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report - No situation existed where more than half of the directors could not guarantee the truthfulness, accuracy, and completeness of the company's disclosed semi-annual report[8](index=8&type=chunk) [Major Risk Alert](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) Relevant risk matters have been elaborated in detail in "Management Discussion and Analysis" in Section III of the report - Relevant risk matters have been elaborated in detail in "Management Discussion and Analysis" in Section III of the report[8](index=8&type=chunk) Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including abbreviations for regulatory bodies, exchanges, the company itself, and its main subsidiaries/affiliates, to ensure clear understanding of the report content - CSRC refers to China Securities Regulatory Commission[16](index=16&type=chunk) - Phoenix Media, the Company, this Company refers to Jiangsu Phoenix Publishing & Media Co., Ltd[16](index=16&type=chunk) - Lists abbreviations and full names of major subsidiaries including People's Publishing House, Science & Technology Publishing House, Education Publishing House, Children's Publishing House, Fine Arts Publishing House, Phoenix Publishing House, Literature & Art Publishing House, Yilin Press, Electronic Audio-Visual Publishing House, Phoenix Education Development Company, Phoenix Vocational Education, Phoenix Digital Media, Phoenix Data, Phoenix Chuangyi, Xk.com, Phoenix Legend, Phoenix Investment, Phoenix Xinyun, Commercial Management Company, and Newspaper & Periodical Media[16](index=16&type=chunk) Section II Company Profile and Major Financial Indicators [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Introduces the company's full Chinese and English names, abbreviations, and legal representative information - Company Chinese name: Jiangsu Phoenix Publishing & Media Co., Ltd[14](index=14&type=chunk) - Company Chinese abbreviation: Phoenix Media[14](index=14&type=chunk) - Legal representative of the company: Zhang Chaoyang[14](index=14&type=chunk) [Contact Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Xie Zhijian, contact address: 27th Floor, Block B, Phoenix Plaza, No. 1 Hunan Road, Nanjing, telephone: 025-51883338, email: xiezhj@ppm.cn[15](index=15&type=chunk) - Securities Affairs Representative: Zhu Hao, contact address: 27th Floor, Block B, Phoenix Plaza, No. 1 Hunan Road, Nanjing, telephone: 025-83651217, email: zhuhao@ppm.cn[15](index=15&type=chunk) [Company Registration and Office Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Discloses the company's registered address, office address, postal code, and website, stating no changes during the reporting period - Company registered address: Block B, Phoenix Plaza, No. 1 Hunan Road, Nanjing[17](index=17&type=chunk) - Company website: www.ppm.cn[17](index=17&type=chunk) - No changes during the reporting period[17](index=17&type=chunk) [Information Disclosure Channels](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Lists the company's selected newspapers for information disclosure, website address for semi-annual reports, and report availability location, stating no changes during the reporting period - Selected newspapers for information disclosure: "Shanghai Securities News", "Securities Times"[18](index=18&type=chunk) - Website address for semi-annual reports: www.sse.com.cn[18](index=18&type=chunk) - Location for company semi-annual reports: Company Investment Securities Department[18](index=18&type=chunk) [Stock Information](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Provides the listing exchange, abbreviation, and code for the company's A-shares - Stock type: A-shares[19](index=19&type=chunk) - Stock listing exchange: Shanghai Stock Exchange[19](index=19&type=chunk) - Stock abbreviation: Phoenix Media, Stock code: 601928[19](index=19&type=chunk) [Major Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Discloses the company's major accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in net profit attributable to parent and EPS, but a decrease in net cash flow from operating activities 2025 Semi-Annual Major Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7.11 billion Yuan | 7.24 billion Yuan | -1.70 | | Total Profit | 1.62 billion Yuan | 1.60 billion Yuan | 0.71 | | Net Profit Attributable to Parent Company Shareholders | 1.59 billion Yuan | 1.22 billion Yuan | 29.57 | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | 1.51 billion Yuan | 1.21 billion Yuan | 25.17 | | Net Cash Flow from Operating Activities | 200.54 million Yuan | 324.26 million Yuan | -38.16 | | Net Assets Attributable to Parent Company Shareholders (Period-end) | 19.98 billion Yuan | 19.47 billion Yuan | 2.58 | | Total Assets (Period-end) | 31.57 billion Yuan | 30.75 billion Yuan | 2.68 | 2025 Semi-Annual Major Financial Indicators | Major Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.6231 | 0.4810 | 29.54 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 0.5947 | 0.4751 | 25.17 | | Weighted Average Return on Net Assets (%) | 7.75 | 6.11 | Increased by 1.64 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 7.71 | 6.33 | Increased by 1.38 percentage points | [Non-Recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Lists detailed non-recurring gains and losses for the reporting period, totaling 72.30 million Yuan 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the write-back of impairment provisions already made | 9,188,577.35 | | Government grants recognized in current profit or loss, except those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 23,486,687.80 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedging activities related to normal business operations | -426,828.48 | | Gains or losses from entrusted investments or asset management | 39,669,413.39 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 6,000,000.00 | | Other non-operating income and expenses apart from the above items | -4,852,637.03 | | Less: Income tax impact | 343,985.03 | | Impact on minority interests (after tax) | 422,230.32 | | Total | 72,298,997.68 | Section III Management Discussion and Analysis [Company's Industry and Main Business](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Phoenix Media's main business covers editing, publishing, and distribution of books, newspapers, electronic publications, and audio-visual products, while actively expanding into smart education, data centers, and film/television, forming a multimedia, multi-business cultural industry ecosystem - Main business involves editing, publishing, and distributing books, newspapers, electronic publications, and audio-visual products[27](index=27&type=chunk) - While consolidating traditional business advantages, the company continues to strengthen transformation and upgrading, actively improving its industrial layout, and expanding into smart education, data centers, film and television, and vocational education industries[27](index=27&type=chunk) - The company's main business models include publishing (textbooks, supplementary materials, general books), distribution (textbook/supplementary material distribution, general book distribution), data services (server room leasing, bandwidth operations, cloud services), software (educational software, virtual simulation software), and film/television (TV series, film production and distribution)[28](index=28&type=chunk)[29](index=29&type=chunk) [Operating Performance Analysis](index=7&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of the year, the company made significant progress in content innovation, brand building, education publishing, knowledge and cultural services, and digital-intelligence integration, maintaining a leading retail market share and actively promoting AI education product development and vocational education internationalization - In the first half of 2025, the company's open-book retail market share by value was **2.94%**, maintaining its position in the top tier[29](index=29&type=chunk) - **Five books** were selected for the 2024 "China Good Books" list, achieving a record high and ranking first nationwide[29](index=29&type=chunk) - Established a full-chain service system of "books before class, assistance during class, and expansion after class" to ensure stable operation of the core education publishing business[30](index=30&type=chunk) - The vocational education segment, relying on the "Chinese + Vocational Education" publishing project, successfully held the "Jiangsu-Central Asia Vocational Education Industry-Education Integration Exchange Conference," further expanding its vocational education internationalization business[31](index=31&type=chunk)[32](index=32&type=chunk) - Government and enterprise knowledge and cultural services generated **67.50 million Yuan** in revenue, of which **over 2.60 million Yuan** came from organizing cultural events, reading clubs, and specialized training, achieving a breakthrough in scaled cultural service fees[33](index=33&type=chunk) - Focused on education digitalization, promoting AI education product development and operation, and building an intelligent teaching product matrix such as Zhiling Xueba and Jiaoban[33](index=33&type=chunk) [Core Competitiveness](index=8&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company possesses significant advantages in comprehensive strength, content resources, distribution channels, smart education, and transformation layout, particularly excelling in its leading position in the publishing industry, market share of educational products, distribution network coverage, and smart education industry chain construction - Comprehensive strength advantage: Operating revenue, net profit, total market value, and other key indicators have ranked first in the industry for many consecutive years, and the company was selected among the "Global Top 50 Publishers"[35](index=35&type=chunk) - Content resource advantage: After the full replacement of national unified textbooks for three subjects, the company still holds **18 sets of primary and secondary school curriculum standard textbooks**, ranking second nationwide in market share[35](index=35&type=chunk) - Distribution channel advantage: The distribution segment's sales value has exceeded **10 billion Yuan** for many consecutive years, with total sales, profit, and assets ranking among the top nationwide for **33 consecutive years**, operating **1,400 outlets**[36](index=36&type=chunk)[37](index=37&type=chunk) - Leading advantage in smart education: Actively developing smart education business, with Xk.com having become a leading and professional educational information content provider in China[37](index=37&type=chunk) - Comprehensive advantage in transformation layout: Actively promoting digital transformation and upgrading around digital reading, digital education, and new publishing and communication systems, focusing on new AI technologies and deploying artificial intelligence initiatives[37](index=37&type=chunk) [Major Operating Performance](index=9&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section details the company's financial statement item changes and asset-liability situation during the reporting period. Operating revenue slightly decreased, but net profit attributable to parent significantly increased. In terms of assets, monetary funds and trading financial assets increased substantially, as did accounts receivable and non-current assets due within one year. On the liability side, other payables significantly increased due to unpaid dividends [Main Business Financial Analysis](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue decreased by 1.70% year-on-year, but total profit and net profit attributable to parent increased by 0.71% and 29.57% respectively. Net cash flow from operating activities decreased by 38.16%, mainly due to uncollected accounts receivable. R&D expenses increased by 57.36% Major Accounting Item Changes Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 7,113,060,233.20 | 7,235,965,447.40 | -1.70 | Sales volume decreased compared to the prior year period | | Total Profit | 1,616,039,906.12 | 1,604,606,336.44 | 0.71 | | | Net Profit Attributable to Parent Company Shareholders | 1,585,850,163.32 | 1,223,979,526.07 | 29.57 | | | Net Cash Flow from Operating Activities | 200,535,696.26 | 324,257,664.11 | -38.16 | Mainly due to uncollected accounts receivable of subsidiaries at the end of the current period | | R&D Expenses | 19,636,427.55 | 12,478,536.30 | 57.36 | Mainly due to increased R&D investment by subsidiaries | | Net Cash Flow from Investing Activities | 1,047,369,073.02 | -1,427,500,800.74 | 173.37 | Mainly due to significant recovery of previously purchased wealth management products and large-denomination certificates of deposit in the current period | [Asset and Liability Status Changes](index=10&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets and net assets attributable to parent both increased. Monetary funds and trading financial assets significantly increased, mainly due to the recovery and purchase of wealth management products. Accounts receivable and non-current assets due within one year also grew substantially. On the liability side, other payables significantly increased due to unpaid dividends Major Asset and Liability Item Changes | Item Name | Current Period End Amount (Yuan) | Current Period End % of Total Assets | Prior Year End Amount (Yuan) | Prior Year End % of Total Assets | Period-on-Period Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 3,354,316,679.71 | 10.62 | 1,946,040,727.35 | 6.33 | 72.37 | Mainly due to the company recovering previously purchased wealth management products and large-denomination certificates of deposit | | Trading Financial Assets | 4,032,466,904.66 | 12.77 | 1,069,014,579.65 | 3.48 | 277.21 | Increased purchase of wealth management products by the company | | Accounts Receivable | 1,869,414,780.64 | 5.92 | 632,131,918.35 | 2.06 | 195.73 | Increased accounts receivable of subsidiaries | | Inventories | 1,044,724,733.58 | 3.31 | 1,763,151,443.23 | 5.73 | -40.75 | Mainly due to changes in sales and production cycles | | Non-current Assets Due Within One Year | 3,681,375,547.91 | 11.66 | 1,666,489,520.55 | 5.42 | 120.91 | Increased long-term deposits of the company due within one year | | Other Current Assets | 713,731,208.53 | 2.26 | 4,218,184,777.14 | 13.72 | -83.08 | Significant maturity of the company's short-term large-denomination certificates of deposit | | Other Non-current Assets | 7,371,866,222.96 | 23.35 | 9,819,624,725.27 | 31.94 | -24.93 | | | Short-term Borrowings | 20,314,616.39 | 0.06 | 14,512,848.61 | 0.05 | 39.98 | Subsidiaries increased external short-term borrowings | | Other Payables | 1,976,138,240.01 | 6.26 | 567,588,980.21 | 1.85 | 248.16 | Dividends payable to shareholders not yet paid at the end of the current period | | Long-term Borrowings | - | 0.00 | 6,600,000.00 | 0.02 | -100.00 | Subsidiaries repaid all long-term borrowings | - Overseas assets amounted to **568.58 million Yuan**, accounting for **1.80%** of total assets[43](index=43&type=chunk) [Investment Status](index=11&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's total financial assets measured at fair value significantly increased during the reporting period, mainly due to the purchase of wealth management products and trust products Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (Yuan) | Amount Purchased in Current Period (Yuan) | Amount Sold/Redeemed in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Other (Equity Instrument Investments) | 65,205,642.74 | 10,000,000.00 | 5,000,000.00 | 70,217,016.37 | | Other (Bank Wealth Management Products) | 501,739,508.20 | 2,770,000,000.00 | - | 3,301,448,001.35 | | Trust Products | 502,069,428.71 | 200,000,000.00 | 50,000,000.00 | 660,801,886.94 | | Total | 1,076,853,806.45 | 2,980,000,000.00 | 55,000,000.00 | 4,038,127,080.17 | [Operating Performance of Major Holding and Participating Companies](index=13&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Details the financial data of the company's major holding subsidiaries, with Jiangsu Phoenix Xinhua Bookstore Group Co., Ltd. being the largest subsidiary, contributing the vast majority of operating revenue and net profit. During the reporting period, the company sold part of its equity in Shanghai Muhe Network Technology Co., Ltd Major Subsidiary Financial Data (2025 Semi-Annual) | Subsidiary Full Name | Registered Capital (10k Yuan) | Shareholding Ratio (%) | Total Assets (Yuan) | Net Assets (Yuan) | Operating Revenue (Yuan) | Operating Profit (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Phoenix Xinhua Bookstore Group Co., Ltd. | 195,000.00 | 100.00 | 16,313,481,569.29 | 7,182,031,420.58 | 5,883,013,022.74 | 994,011,039.51 | 988,918,948.91 | | Jiangsu Phoenix Education Publishing House Co., Ltd. | 29,000.00 | 100.00 | 1,656,694,111.14 | 1,227,983,037.04 | 507,284,793.02 | 77,975,194.97 | 79,782,712.12 | | Jiangsu Yilin Press Co., Ltd. | 3,000.00 | 100.00 | 1,050,145,833.49 | 636,284,448.90 | 342,453,101.57 | 94,968,593.97 | 94,752,104.22 | | Jiangsu Phoenix Science and Technology Publishing House Co., Ltd. | 4,000.00 | 100.00 | 986,867,021.87 | 550,645,345.82 | 501,607,023.94 | 91,138,377.24 | 91,513,329.25 | - During the reporting period, the sale of part of the equity in Shanghai Muhe Network Technology Co., Ltd. had no significant impact on overall production, operations, and performance[51](index=51&type=chunk) [Other Important Disclosures](index=14&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces transformation risks from declining student numbers and rapid development of digital intelligence technology, and has formulated an "Enhancing Quality, Efficiency, and Returns" action plan to address challenges by focusing on core business, increasing investor returns, accelerating digital transformation, improving information disclosure quality, and perfecting corporate governance [Major Risks](index=14&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces pressure on its core education publishing business due to an impending decline in student numbers, as well as the impact of rapidly developing digital intelligence technologies like the internet and artificial intelligence on traditional business models - The number of enrolled students is expected to decline, putting pressure on the company's core education publishing business[52](index=52&type=chunk) - Transformation risks brought by the rapid development of digital intelligence technology, with artificial intelligence profoundly impacting various areas of the publishing industry, and traditional business models facing significant challenges[52](index=52&type=chunk) ["Enhancing Quality, Efficiency, and Returns" Action Plan](index=15&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company formulated and disclosed an "Enhancing Quality, Efficiency, and Returns" action plan, aiming to continuously improve the quality of listed companies and investor returns through six aspects: focusing on core business, high cash dividend ratios, accelerating digital transformation, improving information disclosure quality, and perfecting corporate governance - Focus on core responsibilities and main business, improving operational quality; the company's open-book retail market share by value was **2.94%**, maintaining its position in the top tier[53](index=53&type=chunk) - Share development achievements and increase investor returns; the average cash dividend ratio over the past three years exceeded **55%**, and interim dividends will be implemented starting this year[53](index=53&type=chunk) - Accelerate digital transformation and develop new productive forces; implement the "AI + Education" comprehensive publishing service system construction, exploring the development of digital intelligent supplementary materials and Zhiling Xueba products[54](index=54&type=chunk) - Improve information disclosure quality and strengthen investor communication through performance briefings, reverse roadshows, and SSE e-interaction platforms[54](index=54&type=chunk) - Perfect corporate governance and adhere to standardized operations; comprehensively revised the "Articles of Association" and supporting rules, successfully completing the board re-election[54](index=54&type=chunk) - Strengthen compliance awareness and implement responsibilities of "key minorities," enhancing supervision and control over key areas such as related party transactions, external guarantees, and internal controls[55](index=55&type=chunk) Section IV Corporate Governance, Environment and Society [Changes in Directors and Senior Management](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors underwent re-election, with Zhang Chaoyang elected as Chairman, Wang Yixuan as Vice Chairman, Song Jishu appointed as General Manager, and new Deputy General Managers, Chief Financial Officer, and Board Secretary appointed - Zhang Chaoyang was elected Chairman, and Wang Yixuan was elected Vice Chairman[57](index=57&type=chunk) - Song Jishu was appointed General Manager, and Hu Xiaodong, Yuan Nan, Qin Junjun, and Xie Zhijian were appointed Deputy General Managers[57](index=57&type=chunk) - Chen Min was appointed Chief Financial Officer, and Xie Zhijian was appointed Board Secretary[57](index=57&type=chunk) [Profit Distribution or Capital Reserve Capitalization Plan](index=16&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The board of directors approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of 1.00 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 254.49 million Yuan - Semi-annual proposed profit distribution plan: **1.00 Yuan (tax inclusive) per 10 shares** cash dividend[58](index=58&type=chunk) - No bonus shares or capital reserve capitalization will be implemented[58](index=58&type=chunk) - The semi-annual profit distribution plan has been reviewed and approved by the company's Third Meeting of the Sixth Board of Directors[58](index=58&type=chunk) Section V Important Matters [Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Controlling shareholder Jiangsu Phoenix Publishing & Media Group Co., Ltd. continues to fulfill its commitments to avoid horizontal competition and not reduce its shareholding in the company, both strictly adhered to during the reporting period - The controlling shareholder, Publishing Group, issued a "Commitment Letter to Avoid Horizontal Competition and Conflicts of Interest," pledging not to directly or indirectly engage in business activities that compete with the company's existing main businesses, and has strictly fulfilled this commitment[62](index=62&type=chunk) - The controlling shareholder committed not to reduce its shareholding in the company in any way for 12 months from March 6, 2024, to March 5, 2025, and has strictly fulfilled this commitment[62](index=62&type=chunk) [Integrity Status](index=19&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company's controlling shareholder and actual controller maintained good integrity, with no unfulfilled court judgments, overdue large debts, or unperformed major contracts - During the reporting period, the company's controlling shareholder and actual controller maintained good integrity[64](index=64&type=chunk) - There were no unfulfilled effective court judgments, overdue large debts, or unperformed major contracts[64](index=64&type=chunk) [Major Related Party Transactions](index=19&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company has daily operating related party transactions involving purchase and sale of goods, provision of labor, leasing, and financial services. Specifically, deposit business with Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd. had an ending balance of **3.03 billion Yuan**, and loan business had an ending balance of **7 million Yuan** [Daily Related Party Transactions](index=19&type=section&id=(%E4%B8%80)%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The execution of the company's annual daily related party transactions and the 2024 annual forecast have been disclosed in temporary announcements - The execution of annual daily related party transactions and the 2024 annual forecast for daily related party transactions have been disclosed in temporary announcements[65](index=65&type=chunk) [Financial Services with Related Finance Companies](index=20&type=section&id=(%E4%BA%94)%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%B8%82%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company has deposit, loan, and credit line businesses with Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd. The ending deposit balance was **3.03 billion Yuan**, and the loan balance was **7 million Yuan** Deposit Business with Related Finance Company | Related Party | Related Relationship | Maximum Daily Deposit Limit (Yuan) | Deposit Interest Rate Range | Beginning Balance (Yuan) | Total Deposits in Current Period (Yuan) | Total Withdrawals in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd. | Controlled by the same ultimate controlling party | 14,000,000,000.00 | 0.385%-1.35% | 1,049,379,492.65 | 27,078,081,632.56 | 25,100,491,544.96 | 3,026,969,580.25 | Loan Business with Related Finance Company | Related Party | Related Relationship | Loan Limit (Yuan) | Loan Interest Rate Range | Beginning Balance (Yuan) | Total Loans in Current Period (Yuan) | Total Repayments in Current Period (Yuan) | Ending Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd. | Controlled by the same ultimate controlling party | 250,000,000.00 | 2.90% | 14,500,000.00 | - | 7,500,000.00 | 7,000,000.00 | - Credit line businesses with the related finance company include non-financing guarantees (**200 million Yuan**) and company guarantees for subsidiaries (**48 million Yuan**, actual amount incurred **6.72 million Yuan**)[71](index=71&type=chunk) [Fulfillment of Major Contracts](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no external guarantees during the reporting period, but guarantees for subsidiaries totaled **79.10 million Yuan**, accounting for **0.4%** of the company's net assets [Major Guarantees](index=22&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) The company had no external guarantees during the reporting period, but guarantees for subsidiaries totaled **79.10 million Yuan**, accounting for **0.4%** of the company's net assets - Total guarantee amount incurred during the reporting period (excluding guarantees for subsidiaries): **0 Yuan**[74](index=74&type=chunk) - Total guarantee balance for subsidiaries at the end of the reporting period: **79.10 million Yuan**[74](index=74&type=chunk) - Total guarantee amount as a percentage of the company's net assets: **0.4%**[74](index=74&type=chunk) [Use of Raised Funds](index=22&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The company has cumulatively invested **4.30 billion Yuan** of funds raised from its initial public offering, with an investment progress of **99.59%**. All over-raised funds have been invested. During the reporting period, the company closed out some fundraising projects and permanently supplemented working capital with **461.73 million Yuan** of surplus funds [Overall Use of Raised Funds](index=22&type=section&id=(%E4%B8%80)%20%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%95%B4%E4%BD%93%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) Total funds raised from the initial public offering were **4.48 billion Yuan**, net amount **4.32 billion Yuan**, with **4.30 billion Yuan** cumulatively invested, representing **99.59%** of the investment progress. All **1.56 billion Yuan** of over-raised funds have been invested Overall Use of Raised Funds | Indicator | Amount (Yuan) | | :--- | :--- | | Total Raised Funds | 4,479,200,000 | | Net Raised Funds | 4,318,450,704 | | Total Committed Investment in Prospectus/Offering Document | 2,761,570,000.00 | | Total Over-Raised Funds | 1,556,880,704.00 | | Total Raised Funds Cumulatively Invested as of Reporting Period End | 4,300,564,920.69 | | Cumulative Investment Progress of Raised Funds as of Reporting Period End (%) | 99.59 | | Cumulative Investment Progress of Over-Raised Funds (%) | 100.00 | [Details of Raised Fund Investment Projects](index=23&type=section&id=(%E4%BA%8C)%20%E5%8B%9F%E6%8A%95%E9%A1%B9%E7%9B%AE%E6%98%8E%E7%BB%86) Details the investment status of initial public offering fundraising projects, including large bookstore construction, ERP project, basic education publishing digitalization project, etc., with most projects completed or nearing completion, and some projects closed out - Large Bookstore (Cultural Mall) Construction Project cumulatively invested **818.48 million Yuan**, with an investment progress of **100%**[77](index=77&type=chunk) - ERP Project cumulatively invested **192.13 million Yuan**, with an investment progress of **95.78%**[77](index=77&type=chunk) - Basic Education Publishing Digitalization Project cumulatively invested **353.50 million Yuan**, with an investment progress of **100%**[77](index=77&type=chunk) - Xingang Logistics Center Phase II Construction Project cumulatively invested **340.47 million Yuan**, with an investment progress of **97.31%**[77](index=77&type=chunk) [Other Uses of Raised Funds](index=26&type=section&id=(%E5%9B%9B)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E7%9A%84%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) The company has closed out the ERP Project and Xingang Logistics Center Phase II Construction Project, and permanently supplemented working capital with a total of **461.73 million Yuan** in surplus raised funds - The company's 2011 initial public offering A-share fundraising investment projects "ERP Project" and "Xingang Logistics Center Phase II Construction Project" have been closed out[78](index=78&type=chunk) - A total of **461.73 million Yuan** in surplus raised funds was used to permanently supplement working capital[82](index=82&type=chunk) Section VI Share Changes and Shareholder Information [Share Capital Changes](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[84](index=84&type=chunk) [Total Number of Shareholders and Top Ten Shareholders' Holdings](index=27&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **35,880** common shareholders. The top two shareholders were Jiangsu Phoenix Publishing & Media Group Co., Ltd. and China Mobile Investment Holdings Co., Ltd., holding **62.80%** and **10.00%** respectively - As of the end of the reporting period, the total number of common shareholders was **35,880**[86](index=86&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Ending Shareholding Quantity (Shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jiangsu Phoenix Publishing & Media Group Co., Ltd. | 1,598,290,258 | 62.80 | State-owned Legal Person | | China Mobile Investment Holdings Co., Ltd. | 254,490,000 | 10.00 | State-owned Legal Person | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 005L - CT001 Shanghai | 63,525,909 | 2.50 | Domestic Non-state-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 45,086,379 | 1.77 | Overseas Legal Person | | China Life Insurance (Group) Company - Traditional - Ordinary Insurance Products - Hong Kong Stock Connect (Innovative Strategy) | 33,604,847 | 1.32 | Domestic Non-state-owned Legal Person | | China Merchants Bank Co., Ltd. - SSE Dividend ETF | 27,215,002 | 1.07 | Domestic Non-state-owned Legal Person | | China Post Life Insurance Co., Ltd. - Traditional Insurance | 12,847,100 | 0.50 | Domestic Non-state-owned Legal Person | | Guolian Minsheng Securities Co., Ltd. | 11,673,100 | 0.46 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 11,319,448 | 0.44 | Domestic Non-state-owned Legal Person | | National Council for Social Security Fund 413 Portfolio | 11,070,000 | 0.43 | State-owned Legal Person | - Jiangsu Phoenix Publishing & Media Group Co., Ltd. is the controlling shareholder of the company; the company has no information indicating any related party relationships or concerted actions among other shareholders as defined by the "Measures for the Administration of Listed Company Acquisitions"[89](index=89&type=chunk) Section VII Bond-Related Information [Corporate Bonds and Debt Financing Instruments](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[93](index=93&type=chunk) [Convertible Corporate Bonds](index=30&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[93](index=93&type=chunk) Section VIII Financial Report [Financial Statements](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, as well as consolidated and parent company statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow situation - Includes consolidated balance sheet and parent company balance sheet[95](index=95&type=chunk)[98](index=98&type=chunk) - Includes consolidated income statement and parent company income statement[102](index=102&type=chunk)[106](index=106&type=chunk) - Includes consolidated cash flow statement and parent company cash flow statement[109](index=109&type=chunk)[112](index=112&type=chunk) - Includes consolidated statement of changes in owners' equity and parent company statement of changes in owners' equity[115](index=115&type=chunk)[121](index=121&type=chunk) [Company Profile](index=51&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Jiangsu Phoenix Publishing & Media Co., Ltd. was established on April 2, 1999, and listed on the Shanghai Stock Exchange on November 30, 2011. The company's main business includes publishing and distribution of books, audio-visual products, and cultural goods sales, as well as software development, game development and operation, and film and television production and distribution - Jiangsu Phoenix Publishing & Media Co., Ltd. was established on **April 2, 1999**[127](index=127&type=chunk) - The company's shares were listed on the Shanghai Stock Exchange on **November 30, 2011**[127](index=127&type=chunk) - The company and its subsidiaries are primarily engaged in the publishing and distribution of books, audio-visual products, and cultural goods sales, as well as software development, game development and operation, and film and television production and distribution[127](index=127&type=chunk) [Basis of Financial Statement Preparation](index=51&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, and management believes the company can continue to operate for the foreseeable future - The company's financial statements are prepared on a going concern basis[128](index=128&type=chunk) - The company's management believes that the company can continue to operate for a foreseeable period of not less than 12 months from the approval date of these financial statements[129](index=129&type=chunk) [Significant Accounting Policies and Estimates](index=51&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section elaborates on the company's specific accounting policies and estimates regarding revenue recognition, impairment provisions for accounts receivable, inventories, fixed assets, depreciation of investment properties, financial instruments, long-term equity investments, intangible assets, impairment of long-term assets, employee compensation, government grants, and deferred income tax - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[131](index=131&type=chunk) - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar[132](index=132&type=chunk) - The company uses a **12-month operating cycle** as the standard for classifying assets and liabilities as current or non-current[134](index=134&type=chunk) - Financial assets are classified into: financial assets measured at amortized cost; financial assets measured at fair value through other comprehensive income; financial assets measured at fair value through profit or loss[147](index=147&type=chunk) Accounts Receivable Aging and Expected Credit Loss Rate Table | Aging | Accounts Receivable Expected Credit Loss Rate | | :--- | :--- | | Within 1 year (inclusive) | 10% | | 1 to 2 years | 20% | | 2 to 3 years | 50% | | Over 3 years | 80% | - Inventories are valued using the **first-in, first-out method** when issued, and other inventories are valued using the **weighted average method** when issued, adopting a perpetual inventory system[160](index=160&type=chunk) - Fixed assets are depreciated using the **straight-line method**; buildings and structures have a depreciation period of **35 years**, a residual value rate of **3%**, and an annual depreciation rate of **2.77%**[176](index=176&type=chunk) - Intangible assets (land use rights, software, etc.) are amortized using the **straight-line method** over their useful lives[181](index=181&type=chunk) - Research expenditures are recognized as current period expenses when incurred; development expenditures are capitalized when specific conditions are met simultaneously[182](index=182&type=chunk) - The company recognizes revenue when it fulfills its performance obligations in the contract, i.e., when the customer obtains control of the relevant goods or services, at the transaction price allocated to that performance obligation[196](index=196&type=chunk) [Major Taxes and Tax Rates](index=69&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include value-added tax and corporate income tax. For VAT, book wholesale and retail are exempt, and some publications are subject to a "collect first, refund later" policy. For corporate income tax, the company and some subsidiaries enjoy exemption for cultural enterprise restructuring, high-tech enterprises are taxed at 15%, and some subsidiaries benefit from small and micro-profit enterprise preferential policies Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income calculated at applicable tax rates for output tax, and VAT paid on the difference after deducting deductible input tax for the current period | 13%, 9%, 6%, 5%, 3% | | Corporate Income Tax | Levied on taxable income | 25%, 20%, 15% | - Before **December 31, 2027**, the company and its subsidiaries are exempt from VAT on book wholesale and retail activities[213](index=213&type=chunk) - Some publications are subject to a **100% or 50% "collect first, refund later" VAT policy** at the publishing stage[213](index=213&type=chunk) - The company and some subsidiaries are exempt from corporate income tax from the date of restructuring registration until **December 31, 2027**[215](index=215&type=chunk) - Jiangsu Phoenix Digital Media Co., Ltd., Jiangsu Phoenix Data Co., Ltd., Jiangsu Phoenix Xinyun Network Technology Co., Ltd., and Shanghai Muhe Network Technology Co., Ltd. enjoy a **15% preferential tax rate** as high-tech enterprises requiring key national support[217](index=217&type=chunk) - Some of the company's subsidiaries are subject to corporate income tax under the small and micro-profit enterprise preferential policy for the first half of 2025[217](index=217&type=chunk) [Notes to Consolidated Financial Statements](index=71&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes to the items in the consolidated financial statements, including assets, liabilities, owners' equity, and profit and loss items such as monetary funds, trading financial assets, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, intangible assets, goodwill, short-term borrowings, notes payable, accounts payable, contract liabilities, employee benefits payable, other payables, deferred income, share capital, capital reserves, other comprehensive income, retained earnings, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income and expenses, income tax expenses, and cash flow statement items - Monetary funds ending balance was **3.35 billion Yuan**, of which **137.96 million Yuan** was deposited overseas[221](index=221&type=chunk) - Trading financial assets ending balance was **4.03 billion Yuan**, mainly consisting of bank wealth management products and trust products[223](index=223&type=chunk) - Accounts receivable ending book value was **1.87 billion Yuan**, with impairment provision of **404.66 million Yuan**[233](index=233&type=chunk) - Inventories ending book value was **1.04 billion Yuan**, with inventory impairment provision of **2.09 billion Yuan**[257](index=257&type=chunk)[259](index=259&type=chunk) - Long-term equity investments ending book value was **1.36 billion Yuan**[268](index=268&type=chunk) - Fixed assets ending book value was **5.72 billion Yuan**[277](index=277&type=chunk) - Goodwill ending book original value was **191.65 million Yuan**, with impairment provision of **136.49 million Yuan**[297](index=297&type=chunk)[298](index=298&type=chunk) - Short-term borrowings ending balance was **20.31 million Yuan**[313](index=313&type=chunk) - Dividends payable ending balance was **1.27 billion Yuan**[333](index=333&type=chunk) - Operating revenue was **7.11 billion Yuan**, operating cost was **4.00 billion Yuan**[359](index=359&type=chunk) - Net profit attributable to parent company owners was **1.59 billion Yuan**[356](index=356&type=chunk) - Net cash flow from operating activities was **200.54 million Yuan**[388](index=388&type=chunk) [Research and Development Expenses](index=122&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) During the reporting period, the company's total R&D expenses were **19.64 million Yuan**, a year-on-year increase of **57.36%**, mainly for salary expenses, outsourced technical service fees, and energy and power costs. All R&D expenditures were expensed R&D Expense Composition | Item | Amount in Current Period (Yuan) | Amount in Prior Period (Yuan) | | :--- | :--- | :--- | | Salary Expenses | 6,711,749.62 | 5,979,913.64 | | Depreciation and Amortization | 1,332,900.90 | 1,326,209.37 | | Outsourced Technical Service Fees | 6,270,648.70 | 2,917,795.44 | | Energy and Power Costs | 2,165,936.36 | 1,964,852.73 | | Other | 3,155,191.97 | 289,765.12 | | Total | 19,636,427.55 | 12,478,536.30 | - All R&D expenditures in the current period were expensed[397](index=397&type=chunk) [Changes in Consolidation Scope](index=123&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company established Jiangsu Phoenix Yunling Service Co., Ltd. and deregistered Jiangsu Phoenix Clay Education Information Consulting Co., Ltd. Additionally, the company disposed of part of its equity in Shanghai Muhe Network Technology Co., Ltd., resulting in loss of control and subsequent accounting under the equity method - Newly established subsidiary: Jiangsu Phoenix Yunling Service Co., Ltd., registered capital **30 million Yuan**, shareholding ratio **100.00%**[400](index=400&type=chunk) - Deregistered subsidiary: Jiangsu Phoenix Clay Education Information Consulting Co., Ltd., registered capital **19 million Yuan**, shareholding ratio **51%**[400](index=400&type=chunk) - Disposed of part of the equity in Shanghai Muhe Network Technology Co., Ltd., losing control, and subsequently accounted for using the equity method[399](index=399&type=chunk) [Interests in Other Entities](index=125&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's interests in subsidiaries, joint ventures, and associates. The company has numerous wholly-owned or controlled subsidiaries and significant influence in several associates, such as Xinhua United Distribution Co., Ltd. and Xk.com (Beijing) Co., Ltd - Lists the names, main operating locations, registered capital, shareholding ratios, and acquisition methods of the company's major subsidiaries, including Jiangsu Phoenix Xinhua Bookstore Group Co., Ltd., Jiangsu People's Publishing House Co., Ltd., Jiangsu Phoenix Science and Technology Publishing House Co., Ltd., etc[402](index=402&type=chunk)[403](index=403&type=chunk)[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - Lists the company's important associates, including Xinhua United Distribution Co., Ltd., Xk.com (Beijing) Co., Ltd., Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd., Xiamen Phoenix Chuangyi Software Co., Ltd., and Nanjing Huatai Phoenix Equity Investment Mother Fund (Limited Partnership)[409](index=409&type=chunk) - Discloses key financial information for important associates, such as total assets, total liabilities, and net profit[413](index=413&type=chunk)[414](index=414&type=chunk) [Government Grants](index=134&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) At the end of the reporting period, the company's liabilities related to government grants included special payables and deferred income, totaling **990.73 million Yuan**. The total government grants recognized in current profit or loss for the period amounted to **76.19 million Yuan** Liabilities Related to Government Grants | Financial Statement Item | Beginning Balance (Yuan) | New Grants in Current Period (Yuan) | Recognized in Non-operating Income in Current Period (Yuan) | Transferred to Other Income in Current Period (Yuan) | Other Changes in Current Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Special Payables | 585,666,384.77 | - | - | - | -213,992.82 | 585,452,391.95 | Asset-related | | Deferred Income | 414,080,364.70 | 4,772,401.89 | - | 13,574,722.70 | - | 405,278,043.89 | Asset/Income-related | | Total | 999,746,749.47 | 4,772,401.89 | - | 13,574,722.70 | -213,992.82 | 990,730,435.84 | / | - The total government grants recognized in current profit or loss for the period amounted to **76.19 million Yuan**[420](index=420&type=chunk) [Financial Instrument Risks](index=135&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces market risks (including foreign exchange risk, interest rate risk, and commodity price risk), credit risk, and liquidity risk. The company manages these risks by closely monitoring exchange rate fluctuations, controlling credit limits, conducting credit approvals, and maintaining sufficient cash and cash equivalents - The company faces market risks (including foreign exchange risk, interest rate risk, and commodity price risk), credit risk, and liquidity risk in its daily activities[420](index=420&type=chunk) - Foreign exchange risk is mainly related to borrowings and bank deposits denominated in USD, EUR, GBP, and purchase/sale transactions settled in USD, EUR, GBP[421](index=421&type=chunk) - Interest rate risk primarily arises from fixed-rate short-term borrowings, long-term borrowings, and lease liabilities[422](index=422&type=chunk) - Credit risk is mitigated by controlling credit limits, conducting credit approvals, and making adequate impairment provisions for bad debts[423](index=423&type=chunk) - Liquidity risk is managed by maintaining and monitoring what management considers sufficient cash and cash equivalents; as of June 30, 2025, the company's current assets exceeded current liabilities by **4.90 billion Yuan**, indicating a low level of liquidity risk[424](index=424&type=chunk) [Fair Value Disclosure](index=138&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) At the end of the period, the company's total assets measured at fair value amounted to **4.04 billion Yuan**, primarily including trading financial assets (bank wealth management products, trust products, and equity instrument investments) and other equity instrument investments, and other non-current financial assets Assets and Liabilities Measured at Fair Value at Period End | Item | Ending Fair Value (Yuan) | | :--- | :--- | | Trading Financial Assets | 4,032,466,904.66 | | Of which: Equity Instrument Investments | 70,217,016.37 | | Bank Wealth Management Products | 3,301,448,001.35 | | Trust Products | 660,801,886.94 | | Other Equity Instrument Investments | 4,791,146.94 | | Other Non-current Financial Assets | 869,028.57 | | Total Assets Continuously Measured at Fair Value | 4,038,127,080.17 | [Related Parties and Related Party Transactions](index=140&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and lists the amounts and ending balances of various related party transactions during the reporting period, including purchase and sale of goods, provision and acceptance of labor, related leases, related guarantees, related party fund borrowings, and key management personnel compensation - The ultimate controlling party of the enterprise is the Jiangsu Provincial People's Government, and the parent company is Jiangsu Phoenix Publishing & Media Group Co., Ltd., with a shareholding ratio of **62.80%**[431](index=431&type=chunk) - Total related party transactions for purchase of goods/acceptance of labor during the reporting period: **444.30 million Yuan**[435](index=435&type=chunk) - Total related party transactions for sale of goods/provision of labor during the reporting period: **33.92 million Yuan**[435](index=435&type=chunk) - As a lessee, the company recognized related lease expenses of **2.01 million Yuan** and paid rent of **40.07 million Yuan** in the current period[439](index=439&type=chunk) - As a guarantor, the company provided a guarantee of **48 million Yuan** for its subsidiary Jiangsu Phoenix Xinyun Network Technology Co., Ltd[442](index=442&type=chunk) - Related party fund borrowing: Borrowed **7 million Yuan** from Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd[443](index=443&type=chunk) - Key management personnel compensation: **2.27 million Yuan**[445](index=445&type=chunk) - Related party Jiangsu Phoenix Publishing & Media Group Finance Co., Ltd. provides deposit, settlement, and credit financial services to the company[446](index=446&type=chunk) [Share-based Payment](index=149&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) During the reporting period, the company had no share-based payment related matters - During the reporting period, the company had no share-based payment related matters[454](index=454&type=chunk) [Commitments and Contingencies](index=149&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) At the end of the reporting period, the company had no significant commitments or important contingencies requiring disclosure - At the end of the reporting period, the company had no significant commitments[454](index=454&type=chunk) - The company had no important contingencies requiring disclosure[454](index=454&type=chunk) [Post-Balance Sheet Events](index=149&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) After the reporting period, the company plans to distribute profits or dividends totaling **254.49 million Yuan** - Proposed profit or dividend distribution amounts to **254.49 million Yuan**[456](index=456&type=chunk) - Profits or dividends approved for distribution amount to **254.49 million Yuan**[456](index=456&type=chunk) [Other Important Matters](index=150&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section discloses the company's segment financial information, including operating revenue, operating costs, net profit, total assets, and total liabilities for the company headquarters, publishing segment, distribution segment, and other segments Report Segment Financial Information (2025 Semi-Annual) | Item | Company Headquarters (Yuan) | Publishing Segment (Yuan) | Distribution Segment (Yuan) | Other Segments (Yuan) | Inter-segment Eliminations (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 297,158,361.11 | 2,349,255,018.78 | 6,153,105,357.44 | 215,646,127.23 | -1,902,104,631.36 | 7,113,060,233.20 | | Operating Costs | 210,613,791.52 | 1,416,676,590.00 | 4,076,986,386.03 | 124,956,548.56 | -1,832,714,537.31 | 3,996,518,778.80 | | Net Profit | 1,319,581,408.60 | 374,807,225.21 | 999,298,560.94 | 18,110,110.85 | -1,103,753,596.22 | 1,608,043,709.38 | | Total Assets | 29,015,193,280.11 | 6,713,201,019.19 | 17,273,894,537.75 | 1,627,761,286.67 | -23,058,398,268.44 | 31,571,651,855.28 | | Total Liabilities | 15,072,005,084.06 | 2,507,698,581.69 | 9,746,538,440.57 | 846,994,185.17 | -16,876,341,997.30 | 11,296,894,294.19 | [Notes to Parent Company Financial Statement Major Items](index=151&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes to the major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income - Parent company accounts receivable ending book value was **153.45 million Yuan**, of which **149.39 million Yuan** was from related party combinations[462](index=462&type=chunk) - Parent company other receivables ending book value was **178.13 million Yuan**, including **230 million Yuan** in intercompany balances with Phoenix Legend Pictures Co., Ltd[473](index=473&type=chunk)[481](index=481&type=chunk) - Parent company long-term equity investments ending book value was **7.43 billion Yuan**, including **6.24 billion Yuan** in investments in subsidiaries and **1.19 billion Yuan** in investments in associates and joint ventures[484](index=484&type=chunk) - Parent company operating revenue was **297.16 million Yuan**, operating cost was **210.61 milli

江苏凤凰出版传媒股份有限公司 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。 财务公司董事会下设审计委员会和风险管理委员会。其 中，审计委员会负责监督财务公司的内部审计制度及其实施、 审查内控制度等，促进其规范、稳健、持续发展，保障财务 公司安全稳健运行；风险管理委员会负责定期评估财务公司 的风险管理状况、审议重大风险事项等，就董事会会议提案 中涉及委员会职责的内容进行预审，防范重大风险，促进 ...

现根据贵所印发的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 及相关格式指引的规定，将江苏凤凰出版传媒股份有限公司（以下简称公司或本公司） 2025 年上半年度募集资金存放与使用情况专项说明如下。 江苏凤凰出版传媒股份有限公司 关于募集资金2025年上半年度存放与使用情况的专项报告 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准江苏凤凰出版传媒股份有限公司首次公开发 行股票的批复》（证监许可[2011]1802 号）核准，公司于 2011 年 11 月 21 日至 2011 年11月22日通过网下向询价对象询价配售与网上资金申购发行相结合的方式首次公开 发行人民币普通股（A 股）50,900 万股，每股发行价格为 8.80 元，募集资金总额为人 民币 4,479,200,000.00 元，扣除各项发行费用后实际募集资金净额为人民币 4,318,450,704.00 元。上述募集资金已于 2011 年 11 月 25 日全部到账，并经立信会计 师事务所有限公司出具的信会师报字[2011]第 13684 号《验资报告》审验。 （二）2025 年上半年 ...

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 为了使广大投资者更加全面、深入地了解公司情况，公司定于 2025 年 9 月 11 日（星期四）下午 15:00-16:00 召开"凤凰传媒 2025 年半年度业绩说明会"，就公 司业绩和经营情况与广大投资者进行沟通交流，在信息披露允许的范围内就投资者 普遍关注的问题进行解答。 1 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： https://eseb.cn/1r1k9M0GjjG 或扫描下方小程序码进行会前提问，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。 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"）于 2025 年 8 月 28 日在 上海证券交易所网站及指定媒体上披露了公司《2025 年半年度报告》及其摘要。 会议召开时间：2025 年 9 月 11 日（星期四）下午 15:00-16:00 会议 ...

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。 证券代码：601928 证券简称：凤凰传媒 公告编号：2025-027 江苏凤凰出版传媒股份有限公司 关于 2025 年半年度主要经营数据的公告 特此公告。 江苏凤凰出版传媒股份有限公司董事会 二〇二五年八月二十七日 1 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 指引第十一号—新闻出版》的相关规定，现将2025年上半年度主要经营数据（未经 审计）公告如下： 单位：万元 | | 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 | 去年 | 本期 | 增长 | 去年 | 本期 | 增长 | | | | | (%) | | | 率(%) | | | 率(%) | | | 率 | | 出 | | ...

凤凰传媒公告，2025年上半年营业收入71.13亿元，同比下降1.70%。净利润15.86亿元，同比增长 29.57%。 ...

从资金流向上来看，当日出版板块主力资金净流出2.7亿元，游资资金净流出2226.95万元，散户资金净流 入2.92亿元。出版板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601921 | 浙版传媒 | 3082.69万 | 11.39% | September 1998 401.01万 | 1.48% | -3483.70万 | -12.88% | | 301052 | 果麦文化 | 2354.94万 | 7.64% | -180.25万 | -0.58% | -2174.70万 | -7.06% | | 301231 | 荣信文化 | 942.76万 | 4.50% | -2266.75万 | -10.83% | ﻟﻠ 1323.99万 | 6.33% | | 601098 | 中南传媒 | 687.77万 | 5.63% | -983.84万 | -8.06% | 296.07万 | ...

Market Overview - The publishing sector experienced a decline of 0.32% on August 8, with Century Tianhong leading the drop [1] - The Shanghai Composite Index closed at 3635.13, down 0.12%, while the Shenzhen Component Index closed at 11128.67, down 0.26% [1] Individual Stock Performance - Notable gainers included: - Yue Media (002181) with a closing price of 7.22, up 1.55% [1] - Phoenix Media (601928) at 11.20, up 0.90% [1] - Xinhua Wenhxuan (601811) at 15.72, up 0.58% [1] - Significant decliners included: - Century Tianhong (300654) at 11.49, down 3.93% [2] - Zhongwen Online (300364) at 25.26, down 3.70% [2] - New Classic (603096) at 18.76, down 2.70% [2] Capital Flow Analysis - The publishing sector saw a net outflow of 401 million yuan from institutional investors, while retail investors contributed a net inflow of 313 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Phoenix Media had a net inflow of 16.98 million yuan from institutional investors [3] - Yue Media experienced a net outflow of 18.23 million yuan from retail investors [3] - New Classic had a net inflow of 5.24 million yuan from institutional investors [3]