江苏凤凰出版传媒股份有限公司 601928 2024 年年度股东大会会议材料 二Ｏ二五年五月十三日召开 1 目 录 | 1．江苏凤凰出版传媒股份有限公司 2024 年年度股东大会议程 | | 3 | | --- | --- | --- | | 2．江苏凤凰出版传媒股份有限公司 2024 年年度股东大会会议须知 ... | | 5 | | 3．关于《公司 年度董事会工作报告》的议案 | 2024 | 7 | | 4．关于《公司 年度监事会工作报告》的议案 | 2024 | 17 | | 5．关于《公司 年年度报告及其摘要》的议案 | 2024 | 20 | | 6．关于《公司 年度财务决算报告》的议案 | 2024 | 27 | | 7．关于《公司 年度财务预算报告》的议案 | 2025 | 36 | | 8．关于公司 年度利润分配的议案 | 2024 | 38 | | 9．关于提请股东大会授权董事会决定 2025 年度中期分红方案的议案 | | 39 | | 10．关于2024年度日常性关联交易执行情况与2025年度日常性关联交易 | | | | 预计情况的议案 | | 40 | | 11．关于公司募投项目结 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-015 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 指引第十二号—新闻出版》的相关规定，现将2025年第一季度主要经营数据（未经 审计）公告如下： 特此公告。 江苏凤凰出版传媒股份有限公司董事会 二〇二五年四月二十九日 1 单位： 万元 币种： 人民币 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 务 205,295.92 237,193.79 15.54% 100,694.41 106,094.33 5.36% 61,160.71 64,269.12 5.08% 39.26% 39.42% 增加 0.16 个 百分点 发 行 业 务 399,471.17 359,158.52 -10.09% 269,807.96 267,523.67 -0.85% 194,628.58 187,516.03 -3.65% 27.86% 29.91% 增加 2.04 个 百分点 江苏凤凰出版传媒股份有限公司 关于 2 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,225,677,662.78, a decrease of 3.52% compared to the same period last year[3] - Net profit attributable to shareholders increased by 42.30% to CNY 506,729,059.34, compared to CNY 356,110,791.77 in the previous year[3] - The basic earnings per share rose by 42.32% to CNY 0.1991, reflecting the growth in net profit[3] - Net profit for Q1 2025 reached CNY 517,578,996.27, an increase of 43.14% compared to CNY 362,041,173.87 in Q1 2024[15] - Earnings per share for Q1 2025 was CNY 0.1991, up from CNY 0.1399 in Q1 2024[16] - The company reported a total comprehensive income of CNY 516,707,145.86 for Q1 2025, compared to CNY 342,941,195.36 in Q1 2024[16] Cash Flow and Investments - The net cash flow from operating activities increased by 33.03% to CNY 303,282,276.37, indicating improved operational efficiency[3] - Cash received from sales of goods and services was CNY 2,762,373,416.89 in Q1 2025, down from CNY 2,954,637,329.59 in Q1 2024[19] - Net cash flow from operating activities amounted to $303.28 million, an increase from $227.98 million year-over-year[20] - Total cash inflow from investment activities was $4.36 billion, compared to $4.53 billion in the previous period[20] - Net cash flow from investment activities was negative at -$719.23 million, a decline from a positive $223.85 million year-over-year[20] - Cash inflow from financing activities totaled $221.30 million, while cash outflow was $38.02 million, resulting in a net cash flow of $183.28 million[21] - The company's cash and cash equivalents decreased by $226.36 million, compared to an increase of $424.19 million in the previous period[21] - Cash received from operating activities was $2.97 billion, a decrease from $3.18 billion in the previous period[20] - Total cash outflow from operating activities was $2.67 billion, compared to $2.95 billion last year[20] - The company received $147.73 million in cash related to other operating activities, down from $221.94 million[20] - The company paid $1.98 billion related to other investment activities, a decrease from $4.10 billion in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 31,507,123,142.49, up 2.47% from the end of the previous year[4] - The company's current assets totaled CNY 14,627,832,903.43, up from CNY 11,524,044,971.02, indicating a significant increase of about 27.83%[11] - The cash and cash equivalents decreased to CNY 1,719,133,231.81 from CNY 1,946,040,727.35, representing a decline of approximately 11.69%[10] - Accounts receivable rose to CNY 1,068,902,039.07, compared to CNY 632,131,918.35, marking an increase of around 69.00%[10] - The company's total liabilities increased to CNY 14,000,000,000, reflecting a rise from the previous period, although specific figures were not disclosed[11] - Total liabilities increased to CNY 11,027,532,798.50 in Q1 2025 from CNY 10,990,810,119.98 in Q1 2024[12] - Total equity attributable to shareholders rose to CNY 20,185,099,688.05 in Q1 2025, compared to CNY 19,474,241,824.99 in Q1 2024[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 44,961[8] - The largest shareholder, Jiangsu Phoenix Publishing & Media Group Co., Ltd., holds 62.8% of the shares, totaling 1,598,290,258 shares[8] - The company reported a total of 1,598,290,258 shares outstanding, with Jiangsu Phoenix Publishing Group Co., Ltd. being the largest shareholder[9] - The company has not disclosed any significant changes in shareholder structure or related party transactions during the reporting period[10] Other Information - Investment income surged by 367.20%, attributed to an increase in the total amount of financial products held by the company[6] - The company reported a significant increase in short-term borrowings by 60.61%, indicating a rise in external financing[6] - The long-term equity investments slightly increased to CNY 1,347,080,115.77 from CNY 1,345,236,001.59, showing a marginal growth of about 0.14%[11] - The total inventory as of March 31, 2025, was CNY 1,753,433,055.04, slightly down from CNY 1,763,151,443.23, indicating a decrease of about 0.45%[10] - The company has not reported any new product launches or technological advancements during this period[10] - Research and development expenses increased to CNY 7,515,225.64 in Q1 2025 from CNY 6,013,810.73 in Q1 2024[14]

Core Viewpoint - The company reported a stable operational performance in 2024, with a slight decline in revenue and a significant drop in net profit, while maintaining a consistent dividend policy and cash reserves [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 13.6 billion, a year-over-year decrease of 0.3%, and a net profit attributable to shareholders of 1.6 billion, down 45.9% year-over-year [1][3]. - The quarterly revenue breakdown for 2024 was 3.34 billion, 3.89 billion, 2.32 billion, and 4.05 billion, with year-over-year changes of +3.3%, -1.3%, -6%, and +1.3% respectively [3]. Dividend Policy - The company has maintained a stable dividend for four consecutive years, with a dividend yield of 4.2% and a payout of 0.5 yuan per share for 2024, resulting in a dividend rate of 80% [2]. Cash Reserves - As of the end of 2024, the company had cash reserves totaling 18.72 billion, indicating a strong liquidity position [2]. Business Segments - The educational publishing segment showed robust growth, with total revenue of 10.3 billion from educational materials, a year-over-year increase of 13.2%, driven by a shift in revenue recognition from procurement to rental models [3]. - General book publishing and distribution revenue totaled 4 billion, down 9.5% year-over-year, with a market share of 2.8%, ranking fourth [3]. Strategic Initiatives - The company is focusing on transforming its knowledge and cultural services, with initiatives such as the launch of intelligent teaching design and testing features, resulting in a revenue of 510 million, up 13.88% year-over-year [4]. - The company’s research and study services reached nearly 100,000 participants, generating revenue of 24.82 million [4]. Future Outlook - The company is projected to achieve revenues of 13.7 billion, 13.81 billion, and 13.92 billion from 2025 to 2027, with net profits of 2.22 billion, 2.25 billion, and 2.31 billion respectively, maintaining a "buy" rating [4].

Core Viewpoint - The pricing of new books in China has significantly increased over the past 25 years, with average prices rising from around 20 yuan to 65 yuan, more than tripling, while the performance of publishing companies has deteriorated, indicating a disconnect between pricing and profitability in the industry [1][2]. Group 1: Pricing Trends - The average price of new books in China has increased from approximately 20 yuan in 1999 to 65 yuan in 2024, reflecting a growth rate that surpasses that of paper prices and overall inflation [1]. - The retail market for books in China is projected to reach 112.9 billion yuan in 2024, showing a year-on-year decline of 1.52%, with non-educational books experiencing a more significant drop [2]. Group 2: Declining Sales and Profitability - In the first three quarters of 2024, 16 out of 28 listed publishing companies reported revenue declines, and 24 companies saw net profit decreases, highlighting a widespread struggle within the industry [1][2]. - Over 30% of these companies have net profits of less than 100 million yuan, with three companies operating at a loss [1]. Group 3: Changing Consumer Behavior - The average adult reader in China read less than 5 physical books in 2023, compared to around 12 books in Japan and the United States, indicating a decline in interest in physical reading materials [2]. - The shift towards online entertainment and increased work pressure has contributed to a decrease in deep reading habits among consumers [2]. Group 4: Rising Costs - The costs associated with book publishing are rising, with direct costs (printing and royalties), indirect costs, and period expenses now accounting for 40-50% of book pricing [2][3]. - The price of cultural paper has fluctuated upwards, with major paper companies announcing price increases of 500 yuan per ton in early 2023 [2]. Group 5: Copyright and Market Dynamics - The increasing dominance of top-selling books has led to higher royalty rates, with some authors receiving over 15% in royalties compared to the traditional 7-8% [3]. - Less than 4% of new books sold over 5,000 copies in the first six months, with nearly 85% selling fewer than 500 copies, indicating a significant challenge in achieving economies of scale [3]. Group 6: Impact of E-commerce - The rise of e-commerce has shifted book sales from physical stores to online platforms, where aggressive discounting has diminished the perceived value of books [4]. - Nearly 50% of private bookstores have closed in the past decade, as publishers lose bargaining power against major e-commerce platforms [4]. Group 7: Content Marketing and Sales Strategies - The increasing reliance on online sales channels has led to a focus on creating viral content and engaging marketing strategies to boost book sales [5][7]. - Despite the high costs associated with live-streaming sales, publishers continue to invest in this area for potential long-term benefits, although immediate profitability remains elusive [5]. Group 8: Regulatory Environment - Unlike many countries that have price protection laws for books, China lacks such regulations, forcing publishers to raise prices to maintain profitability amid constant discounting [6].

Investment Rating - The report maintains a "Buy" rating for the company [8][5]. Core Views - The company achieved a revenue of 13.606 billion RMB in 2024, a slight decrease of 0.29% year-on-year, with a net profit attributable to shareholders of 1.598 billion RMB, down 45.88% year-on-year [1][2]. - The company plans to distribute a cash dividend of 0.5 RMB per share, resulting in a dividend yield of 4.2% based on the closing price on April 21 [1]. - The report highlights the continuation of tax incentives in 2025, which supports the company's stable performance [5]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 38.64%, an increase of 1.05 percentage points, primarily due to improved margins in the publishing segment [2]. - The publishing business generated revenue of 4.893 billion RMB in 2024, reflecting an 8.14% year-on-year increase, attributed to a shift from a procurement model to a rental model with a key partner [3]. - The distribution business achieved revenue of 10.625 billion RMB, a 1.29% increase year-on-year, maintaining a leading position in the industry [3]. Digital Transformation and New Business Development - The company is deepening its digital transformation, with user coverage exceeding 22 million across various digital platforms, generating over 70 million RMB in revenue in 2024 [4]. - The company is actively expanding into the AI sector and has developed intelligent education products, enhancing its educational services [4]. - The company conducted over 6,000 educational activities, serving nearly 100,000 people, generating revenue of 24.82 million RMB in 2024 [4]. Valuation and Forecast - The report adjusts the net profit forecasts for 2025-2027 to 2.242 billion RMB, 2.310 billion RMB, and 2.274 billion RMB, respectively, reflecting a 15% and 12% increase for 2025 and 2026 [5]. - The target price is set at 14.96 RMB, based on a 17X PE ratio for 2025, considering the company's leading position and ongoing digital transformation [5].

江苏凤凰出版传媒股份有限公司 独立董事 2024年度述职报告 (温素彬) 二、年度履职情况 (一) 出席会议概况 本人温素彬,2022年5月起担任公司独立董事。南京审计大学会计学院,教 授,博士生导师,智能管理会计与内部控制研究院院长,曾任南京理工大学经 济管理学院教授、副院长。研究专长:智能财务、管理会计、内部控制。2019 年入选财政部全国会计名家工程,2014年获财政部全国会计领军人才称号, 2016年被评为江苏省"青蓝工程"中青年学术带头人,兼任财政部管理会计咨 询专家、中国会计学会财务管理专业委员会委员、江苏省会计学会总会计师分 会副会长、江苏省会计学会管理会计专业委员会主任委员、江苏省管理会计咨 询专家、南京市管理会计咨询专家、南京市内部控制咨询专家。 本人未在公司担任除独立董事以外的任何职务,也未在公司主要服东公司 担任任何职务,与公司以及主要股东之间不存在利害关系或其他可能妨碍进行 独立客观判断的关系,符合《上市公司独立董事管理办法》规定的独立性要 求。 作为江苏凤凰出版传媒股份有限公司(简称"公司"或"凤凰传媒")独立 董事,我在报告期内按照《公司法》《上市公司独立董事管理办法》等法律法 规 ...

作为江苏凤凰出版传媒股份有限公司(简称"公司"或"凤凰传媒")独立 董事,我在报告期内按照《公司法》《上市公司独立董事管理办法》等法律法 规及《公司章程》《独立董事工作制度》等的规定,本着对公司及全体股东负 责的态度,忠实勤勉行使独立董事职权、履行独立董事义务,积极维护公司整 体利益和全体股东尤其是中小股东合法权益,现将 2024 年度履职情况报告如 下： 一、独立董事基本情况 本人尤劲柏,2022年5月起担任公司独立董事。现任江苏毅达股权投资基金 管理有限公司管理合伙人、总裁。历任江苏会计师事务所审计员、华泰证券有 限责任公司投资银行事业部高级经理、江苏高科技投资集团有限公司投资总 监、江苏高投创业投资管理有限公司副总经理。 本人未在公司担任除独立董事以外的任何职务,也未在公司主要股东公司 担任任何职务,与公司以及主要股东之间不存在利害关系或其他可能妨碍进行 独立客观判断的关系,符合《上市公司独立董事管理办法》规定的独立性要 球。 二、年度履职情况 | | 报告期内会议召开次数 | 报告期内参会次数 | | --- | --- | --- | | 股东大会 | 2 | 2 | | 董事会 | | | | 薪 ...

江苏凤凰出版传媒股份有限公司 独立董事 2024年度述职报告(汪进元) 作为江苏凤凰出版传媒股份有限公司(简称"公司"或"凤凰传媒")独立董 事,我在报告期内按照《公司法》《上市公司独立董事管理办法》等法律法规及 《公司章程》《独立董事工作制度》等的规定,本着对公司及全体股东负责的态 度,忠实勤勉行使独立董事职权、履行独立董事义务,积极维护公司整体利益和 全体股东尤其是中小股东合法权益,现将 2024 年度履职情况报告如下: 一、独立董事基本情况 本人汪进元,2022年5月起担任公司独立董事。法学博士,美国哥伦比亚大 学富布莱特高级访问学者,东南大学法学院教授、博士生导师。兼任江苏省人大 决策咨询专家,杭州市人民政协理论研究会特邀研究员,南京仲裁委员会仲裁员, 江苏泓远律师事务所律师,江苏省金智科技股份有限公司独立董事,江苏省天瑞 仪器股份有限公司独立董事。曾经兼任过中国宪法学会常务理事,江苏省法学会 常务理事,江苏省港澳台法律研究会常务副会长兼秘书长,东南大学法学院学术 委员会副主任,武汉仲裁委员会仲裁员,湖北珞珈律师事务所律师。 本人未在公司担任除独立董事以外的任何职务,也未在公司主要股东公司担 任任何职 ...

江苏凤凰出版传媒股份有限公司董事会审计委员会 2024 年度履职情况报告 根据中国证监会《上市公司治理准则》、上海证券交易所《上 海证券交易所上市公司董事会审计委员会运作指引》、《上海证券交 易所股票上市规则》和《公司章程》、《凤凰传媒董事会审计委员会 工作细则》等规定,2023年公司董事会审计委员会本着勤勉尽责的原 则,认真履行了审计监督职责。现对审计委员会2023年度的履职情况 汇报如下： 一、 审计委员会会议召开情况 二、 定期报告工作情况 (一) 2023年报 2024年公司审计委员会共召开4次会议。审计委员会委员充分发 挥各自专业特长,对全年所议的财务信息的准确性和完整性进行审查; 对内部控制制度的制定与执行进行审批和监督;对聘任审计事务所事 项进行了审核;对内外部审计师的工作安排、审计情况进行认定;听 取了外部审计师对2023年年报审计、2023年内控审计情况的报告；对 关联交易识别进行控制和管理;对公司合规运作和舞弊防控进行持续 关注,为董事会科学决策提供依据。 1、在公司2023年度报告审计工作开始前,审计委员会与公司年 报审计机构天衡会计师事务所(特殊普通合伙)通过现场会议、电话 沟通等方式 ...