Financial Performance - The company's operating revenue for Q3 2024 was CNY 2,324,339,631.61, a decrease of 5.99% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was CNY 119,397,048.23, down 44.33% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 97,950,465.63, a decline of 48.84% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was CNY 0.0469, representing a decrease of 44.37% year-on-year[3]. - Total operating revenue for the first three quarters of 2024 was CNY 9,560,305,079.01, a decrease of 0.94% compared to CNY 9,651,105,205.52 in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was CNY 1,363,350,263.37, a decline from CNY 1,805,116,127.22 in the same period of 2023[16]. - The net profit attributable to the parent company for Q3 2024 was CNY 1,343,376,574.30, a decrease of 24.2% compared to CNY 1,773,990,414.02 in Q3 2023[17]. - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 1,310,077,190.54, down from CNY 1,791,134,060.62 in Q3 2023, reflecting a decline of 26.8%[19]. - Basic earnings per share for Q3 2024 were CNY 0.5279, compared to CNY 0.6971 in Q3 2023, representing a decrease of 24.4%[17]. Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 1,170,305,403.44, down 55.41% compared to the same period last year[3]. - Cash inflow from operating activities for the first three quarters of 2024 was CNY 9,865,180,194.32, down 11.8% from CNY 11,196,607,126.05 in the same period of 2023[19]. - The net cash flow from operating activities for the first three quarters of 2024 was CNY 1,170,305,403.44, a significant decrease of 55.5% compared to CNY 2,624,354,515.27 in the first three quarters of 2023[19]. - Cash and cash equivalents decreased to CNY 2.08 billion from CNY 3.07 billion, representing a significant drop of approximately 32.4%[12]. - Cash and cash equivalents at the end of Q3 2024 were CNY 2,067,182,885.76, down from CNY 3,333,433,703.34 at the end of Q3 2023, a decrease of 38.0%[20]. - The company received CNY 20,500,000.00 in cash from borrowings in Q3 2024, slightly up from CNY 20,000,000.00 in Q3 2023[20]. - The company paid CNY 1,283,848,007.94 in dividends and interest in Q3 2024, a marginal increase from CNY 1,281,374,098.35 in Q3 2023[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 31,453,858,699.99, an increase of 0.33% from the end of the previous year[3]. - The company's total assets reached CNY 31,453,858,699.99, compared to CNY 31,350,414,031.44 at the end of the previous quarter[14]. - Total liabilities amounted to CNY 11,965,822,295.57, slightly up from CNY 11,921,086,397.53 in the previous quarter[14]. - The company's equity attributable to shareholders was CNY 19,181,185,494.28, a slight increase of 0.20% year-on-year[3]. - The total equity attributable to shareholders reached CNY 19,181,185,494.28, up from CNY 19,143,558,303.74[14]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 41,254[7]. - The top shareholder, Jiangsu Phoenix Publishing and Media Group Co., Ltd., holds 62.8% of the shares, maintaining its position as the controlling shareholder[9]. - The company reported a total of 1.60 billion shares held by its top shareholder, with no shares under pledge or freeze[9]. - The total number of shares held by the top ten shareholders represents 78.5% of the total shares outstanding[9]. - The company has not disclosed any significant changes in shareholder relationships among the top ten shareholders[10]. Operational Highlights - The company reported a significant increase in income tax expenses by 4279.24% due to the expiration of tax exemption policies[6]. - The company experienced a 116.78% increase in trading financial assets, primarily due to investments in trust products[6]. - The company's long-term equity investments reached CNY 1.30 billion, up from CNY 1.28 billion, reflecting a growth of approximately 4.7%[12]. - Research and development expenses for the first three quarters were CNY 16,932,224.30, down from CNY 24,668,824.79 in the same period last year[16]. - The company plans to enhance its market expansion strategies and invest in new product development to drive future growth[16]. Inventory and Receivables - As of September 30, 2024, the company's total current assets amounted to approximately CNY 11.87 billion, a decrease from CNY 12.20 billion at the end of 2023, reflecting a decline of about 2.7%[12]. - Accounts receivable increased to CNY 971.94 million, up from CNY 635.92 million, indicating a growth of approximately 53%[12]. - Inventory rose to CNY 2.30 billion, compared to CNY 2.17 billion at the end of 2023, marking an increase of about 5.5%[12].

鉴于江苏凤凰出版传媒股份有限公司（以下简称"公司"）监事、监事会主席钱 亮先生及监事李澜女士已于近期提出辞职，公司监事目前空缺两名。根据《公司章程》 有关条款规定，公司控股股东江苏凤凰出版传媒集团有限公司提名林海涛先生、单嵩 先生为公司第五届监事会监事候选人，林海涛先生、单嵩先生简历详见附件。 公司于 2024 年 10 月 30 日召开了第五届监事会第十二次会议，会议审议通过了 《关于选举公司监事的议案》。监事会同意推荐林海涛先生、单嵩先生为公司第五届 监事会监事候选人，任期与第五届监事会任期一致，自股东大会审议通过之日起生效。 本次选举监事的议案尚需提交公司股东大会审议。 特此公告。 江苏凤凰出版传媒股份有限公司监事会 证券代码：601928 证券简称：凤凰传媒 公告编号：2024-040 江苏凤凰出版传媒股份有限公司 关于选举公司监事的公告 本公司监事会及全体监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。 林海涛，男，1976 年 11 月生，中共党员，研究生经济学博士，2021 年 5 月 至今任江苏凤凰出版传媒集团有限公司董事、副总经 ...

1、投保人：江苏凤凰出版传媒股份有限公司； 2、被投保人：公司及公司全体董事、监事、高级管理人员，以及其他相关责任人 员（以最终签订的保险合同为准）； 3、赔偿限额：不超过人民币 10,000 万元/年（以最终签订的保险合同为准）； 4、保险费用：不超过人民币 50 万元/年（以最终签订的保险合同为准）； 证券代码：601928 证券简称：凤凰传媒 公告编号：2024-038 江苏凤凰出版传媒股份有限公司 关于为公司及董事、监事、高级管理人员购买责任保险的公告 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。 为进一步完善江苏凤凰出版传媒股份有限公司（以下简称"公司"）风险管理体 系，降低运营风险，促进董事、监事和高级管理人员在其职责范围内充分履职，根据《公 司法》《上市公司治理准则》《上市公司独立董事管理办法》《关于上市公司独立董事 制度改革的意见》的相关规定，公司拟为公司及全体董事、监事和高级管理人员购买责 任保险（以下简称"董监高责任险"）。 一、董监高责任险投保方案 5、保险期限：12 个月（后续可按年续保或重新投保）。 ...

| | 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 | 增长率 (%) | 去年 | 本期 | 增长 率(%) | 去年 | 本期 | 增长率 | | 出 | | | | | | | | | | | | | | 版 业 | 752,590.57 | 712,000.42 | -5.39 | 333,948.83 | 324,182.05 | -2.92 | 213,735.53 | 195,268.83 | -8.64 | 36.00 | 39.77 | 增加 3.77 个 百分点 | | 务 | | | | | | | | | | | | | | 发 | | | | | | | | | | | | | | 行 业 | 1,069,612.00 | 1,057,881.11 | -1.10 | 757,952.58 | 759,122.03 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2024-035 江苏凤凰出版传媒股份有限公司 关于公司监事会主席及监事辞职的公告 特此公告。 江苏凤凰出版传媒股份有限公司监事会 二〇二四年十月二十五日 1 本公司监事会及全体监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"公司"）监事会于近日收到公司监事 会主席钱亮先生、监事李澜女士提交的书面辞呈。钱亮先生因到达法定退休年龄，请求 辞去公司监事、监事会主席职务；李澜女士因工作调整，请求辞去公司监事职务。钱亮 先生、李澜女士辞职后，将不再担任公司任何职务。 根据《中华人民共和国公司法》《公司章程》的有关规定，钱亮先生、李澜女士的 辞职导致公司监事会成员低于法定人数，其辞职报告将在公司股东大会选举产生新任监 事后生效。在公司股东大会补选产生新任监事之前，钱亮先生及李澜女士仍将继续履行 监事职责。公司将根据相关规定，尽快完成监事的补选工作。 公司对钱亮先生及李澜女士在公司任职期间的勤勉尽责以及对公司发展做出的贡 献表示衷心的感谢。 ...

近日，谢志坚先生参加了上海证券交易所 2024 年第 4 期主板董事会秘书任 职培训并完成测试，取得了上海证券交易所颁发的董事会秘书任职培训证明，符 合《上海证券交易所股票上市规则》规定的董事会秘书任职资格。 公司董事会秘书联系方式如下： 联系电话：025-51883338 证券代码：601928 证券简称：凤凰传媒 公告编号：2024-034 江苏凤凰出版传媒股份有限公司 关于董事会秘书取得任职培训证明的公告 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。 2024 年 7 月 23 日，江苏凤凰出版传媒股份有限公司（以下简称 "公司"） 召开第五届董事会第十九次会议，审议通过了《关于聘任公司高级管理人员的议 案》，董事会同意聘任谢志坚先生为公司副总经理、董事会秘书，具体情况详见 公司于 2024 年 7 月 24 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于调整董事会秘书及聘任高级管理人员的公告》（2024-027）。 联系地址：南京市湖南路 1 号凤凰广场 B 座 27 层 特此公告。 江苏凤凰出 ...

当前价格（元） 11.60 总市值（百万） 29,520.84 2024 年 09 月 11 日 公司研究 评级：买入(首次覆盖) [Table_Title] 核心主业增长稳健，出版分部毛利率提升 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 谭瑞峤 S0350521120004 tanrq@ghzq.com.cn ——凤凰传媒（601928）公司动态研究 投资要点: 最近一年走势 2024H1 营收增长平稳，2024Q2 实际税率明显下降 收入端：2024H1 公司实现营收 72.36 亿元，yoy+0.80%，毛利润 30.55 亿元，yoy+2.04%，毛利率 42.21%，同比+0.51pct；2024Q2 营收 38.92 亿元，yoy-1.26%，qoq+16.42%，2024Q2 毛利润 18.55 亿元，yoy+6.20%， 毛利率 47.65%，同比+3.35pct。 利润端：2024H1 公司实现归母净利润 12.24 亿元，yoy-21.51%，扣非 归母净利润 12.09 亿元，yoy-19.78%；2024Q2 归母 ...

[Table_MainInfo] 公司研究/传媒 证券研究报告 凤凰传媒（601928）公司研究报告 2024 年 09 月 06 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 | --- | --- | |---------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 05 日收盘价（元） ] | 11.37 | | 52 周股价波动（元） | 8.29-12.22 | | 总股本 / 流通 A 股（百万股） | 2545/2545 | | 总市值 / 流通市值（百万元） | 28936/28936 | | 市场表现 | | 凤凰传媒 海通综指 -24.75% -15.75% -6.75% 2.25% 11.25% 20.25% 2023/9 2023/12 2024/3 2024/6 资料来源：海通证券研究所 [Table_AuthorInfo] | --- | --- | --- | --- | |------------------- ...

Investment Rating - The report maintains a "Buy" rating for Phoenix Media (601928) [1] Core Views - Phoenix Media's revenue remained stable in H1 2024, with a slight increase of 0.8% YoY to 7.24 billion RMB [3] - Net profit attributable to shareholders decreased by 21.5% YoY to 1.22 billion RMB, better than expected due to a lower effective tax rate [3] - The effective tax rate dropped to 22.6% in H1 2024, mainly due to tax benefits from 5 high-tech subsidiaries (15% tax rate) and 13 small enterprises (20% of 25% tax rate) [2] - The company's core publishing business maintained stable performance, while the distribution business grew by 6.5% YoY [3] Financial Performance Revenue and Profit - H1 2024 revenue: 7.24 billion RMB (+0.8% YoY) [3] - H1 2024 net profit: 1.22 billion RMB (-21.5% YoY) [3] - Q2 2024 revenue: 3.89 billion RMB (-1.3% YoY) [3] - Q2 2024 net profit: 870 million RMB (-19.4% YoY) [3] Profitability Ratios - H1 2024 gross margin: 42.2% (+0.5 pct YoY) [3] - Q2 2024 gross margin: 47.7% (+3.4 pct YoY) [3] - H1 2024 sales expense ratio: 11.4% (+0.5 pct YoY) [3] - H1 2024 management expense ratio: 11.6% (+0.4 pct YoY) [3] Business Segments Publishing Business - H1 2024 revenue: 2.27 billion RMB (flat YoY) [3] - Maintained leading position in retail market with 3.01% market share [3] - Successfully revised and approved 9 sets of new curriculum textbooks [3] Distribution Business - H1 2024 revenue: 6.14 billion RMB (+6.5% YoY) [3] - Organized over 5,000 reading activities with sales of 250 million RMB [3] - Established new media operation teams and optimized inventory management [3] New Businesses - Generated approximately 18 million RMB from innovative projects [3] - Focused on digital textbook development and platform construction [3] - Expanded study tour business, well-received by users [3] Valuation and Forecast - Current PE ratio: 14.42x (2024E) [2] - Forecasted net profit: 1.88/1.98/2.15 billion RMB for 2024/2025/2026 [4] - Expected EPS: 0.74/0.78/0.84 RMB for 2024/2025/2026 [2] - Forecasted revenue growth: 0.89%/5.00%/5.00% for 2024/2025/2026 [8] Market Data - Current price: 10.63 RMB [5] - 52-week range: 8.29-12.22 RMB [5] - Market cap: 27.05 billion RMB [5] - P/B ratio: 1.42x [5]

证券代码：601928 证券简称：凤凰传媒 公告编号：2024-032 江苏凤凰出版传媒股份有限公司 关于为子公司授信提供担保的公告 本公司及董事会全体成员保证本公告内不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 （一）基本情况 为保证凤凰传媒全资子公司凤凰教育与凤凰传媒共同投资的子公司PIP公司 日常经营周转，2020年PIP公司向民生银行申请1,100万美元授信；2022年凤凰教 育向中国银行江苏省分行申请2,000万美元流动资金贷款授信，在PIP公司有贷款 需要时通过"内保外贷"的方式将额度切分使用。上述授信均由凤凰传媒提供担 保。 上述两笔授信已陆续到期。目前PIP公司经营状况良好，现金流正常。鉴于 PIP公司生产经营需要，PIP公司和凤凰教育拟继续申请授信，凤凰传媒继续为民 生银行对PIP公司的1,100万美元的授信及中国银行对凤凰教育的2,000万美元的 授信提供担保，其中民生银行对PIP公司的1,100万美元的授信和担保期限均为三 1 ● 担保人：江苏凤凰出版传媒股份有限公司（以下简称"公司"、"凤凰传媒"） ● ...