证券代码：601928 证券简称：凤凰传媒 公告编号：2025-019 江苏凤凰出版传媒股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.5元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/8 | － | 2025/7/9 | 2025/7/9 | 差异化分红送转： 否 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 13 日的2024年年度股东会审议通过。 二、 分配方案 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,544,900,000股为基数，每股派发现金红利0.5 元（含税），共计派发现金红利1 ...

Quantitative Factor and Model Analysis Quantitative Models and Construction 1. **Model Name**: GAN_GRU Model **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for generating realistic price-volume sequential features and Gated Recurrent Units (GRU) for encoding these sequential features into predictive signals for stock selection [2][9]. **Model Construction Process**: - **GRU Component**: - Input features include 18 price-volume features such as closing price, opening price, turnover, and turnover rate [10][13]. - Training data consists of the past 400 trading days' features, sampled every 5 trading days, forming a 40x18 feature matrix to predict the cumulative return over the next 20 trading days [14]. - Data preprocessing includes outlier removal and standardization at both time-series and cross-sectional levels [14]. - The GRU network consists of two layers (GRU(128, 128)) followed by an MLP (256, 64, 64), with the final output being the predicted return (pRet) [18]. - **GAN Component**: - The generator (G) uses an LSTM model to preserve the sequential nature of the input features, while the discriminator (D) employs a CNN to process the two-dimensional price-volume feature "images" [29][32]. - The generator's loss function is: $$ L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))] $$ where \( z \) represents random noise, \( G(z) \) is the generated data, and \( D(G(z)) \) is the discriminator's output probability [20][21]. - The discriminator's loss function is: $$ L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))] $$ where \( x \) is real data, \( D(x) \) is the discriminator's output for real data, and \( D(G(z)) \) is the output for generated data [23][25]. - Training alternates between updating the discriminator and generator parameters until convergence [26]. **Model Evaluation**: The GAN_GRU model effectively captures both sequential and cross-sectional price-volume features, leveraging the strengths of GANs and GRUs for stock selection [2][9][29]. --- Quantitative Factors and Construction 1. **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model's output, representing the encoded price-volume sequential features as a stock selection signal [2][9]. **Factor Construction Process**: - The factor is derived from the predicted return (pRet) output of the GAN_GRU model [18]. - The factor undergoes industry and market capitalization neutralization, followed by standardization [18]. **Factor Evaluation**: The GAN_GRU factor demonstrates strong predictive power across various industries, with consistent performance in both IC and excess returns [36][40]. --- Model Backtest Results 1. **GAN_GRU Model**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37]. --- Factor Backtest Results 1. **GAN_GRU Factor**: - **IC Mean**: 11.54% - **ICIR**: 0.89 - **Turnover Rate**: 0.83 - **Recent IC**: 8.34% - **1-Year IC Mean**: 11.09% - **Annualized Return**: 37.71% - **Annualized Volatility**: 24.95% - **IR**: 1.56 - **Max Drawdown**: 27.29% - **Annualized Excess Return**: 24.95% [36][37].

Group 1 - The core viewpoint of the articles emphasizes the transformative impact of generative artificial intelligence on the education publishing industry, highlighting the need for a deep integration of AI to navigate challenges and achieve sustainable development [1][2] - Key strategies for the education publishing sector include precise positioning, innovative learning scenarios, authentic content creation, and the development of new capabilities within teams [1] - The future of publishing is seen as a shift from "content co-creation" to "value co-existence," focusing on creating new demands and values in collaboration with ecosystem partners [1] Group 2 - The significance of digitalization in publishing is not merely about improving book quality or sales, but about forming new business models and fostering industry innovation [2] - A critical challenge in the publishing industry is the lack of professional technical teams, which hampers innovation and product development [2] - Enhancing the technical literacy of all employees is deemed essential for successful digital transformation and industry innovation [2]

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-018 三、审议通过了《关于公司第六届董事会专门委员会人员组成的议案》 江苏凤凰出版传媒股份有限公司 第六届董事会第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏凤凰出版传媒股份有限公司（以下简称"凤凰传媒"或"公司"）第 六届董事会第一次会议于2025年5月14日以现场会议结合通讯表决方式召开，会 议应参加表决董事11人，实际参加表决董事11人。会议召开符合《公司法》和 《公司章程》的有关规定。 本次会议由章朝阳先生召集，采用记名投票方式，审议并通过了如下议案： 一、审议通过了《关于选举公司第六届董事会董事长的议案》 选举章朝阳先生为公司第六届董事会董事长，任期自本次会议审议通过之 日起至本届董事会任期届满之日。 表决结果：同意11票，反对0票，弃权0票 二、审议通过了《关于选举公司第六届董事会副董事长的议案》 选举王译萱先生为公司第六届董事会董事长，任期自本次会议审议通过之 日起至本届董事会任期届满之日。 表决结果：同意11票，反对0票 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-017 江苏凤凰出版传媒股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：南京市湖南路 1 号凤凰广场 B 座 29 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 136 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,894,105,891 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.4275 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事长章朝阳主持。股东大会采取 现场记名投票方式与网络投票方式表决。本次股东大会网络投票由 ...

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

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-016 江苏凤凰出版传媒股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://eseb.cn/1nS0dI9Llsc 或使用微信扫描下方小程序码进行会前提问，公司将在 说明会上对投资者普遍关注的问题进行解答。 一、说明会类型 江苏凤凰出版传媒股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 22 日及 2025 年 4 月 30 日在上海证券交易所（以下简称"上交所"）网站及指定媒 体上披露公司《2024 年年度报告》和《2025 年第一季度报告》。 1、会议时间：2025 年 5 月 16 日（星期五）下午 15:00-16:00 2、召开方式：视频录制及网络文字互动 3、网络交流地址：价值在线（www.ir-online.cn） 三、参会人员 参加本次说明会的人员包括：公司董事长章朝阳先生、董事总经理宋吉述先生、 独立董事温素彬先生、汪进元先 ...

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

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]