Core Viewpoint - The collaboration between China Publishing Group and Baibuting Community aims to establish a "Reading Community" to enhance cultural resources and promote reading among residents [1][2]. Group 1: Event Overview - The launch ceremony for the "Reading Community" took place in Wuhan, with speeches highlighting the importance of grassroots cultural development and the introduction of quality reading resources into the community [1]. - The initiative includes the establishment of a "Four Ones" reading service system, which consists of a national reading website, reading terminal devices, a digital library, and an online reading promotion alliance [1]. Group 2: Government and Organizational Support - The Hubei Provincial Party Committee emphasized the need for a long-term collaborative mechanism to provide precise reading services and engage more social forces in creating a rich reading atmosphere [1][2]. - China Publishing Group aims to extend the "Reader's Home" brand to grassroots levels, fulfilling diverse cultural needs and contributing to the construction of a reading society [2]. Group 3: Community Impact and Future Plans - A donation of RMB 150,000 worth of quality books was made to Baibuting Community, enriching the residents' cultural lives and laying a foundation for future reading community initiatives [3]. - Hubei cultural agencies plan to implement more high-quality reading activities to provide excellent reading services to the public, promoting a culture of reading across the region [3].

证券代码：601949 证券简称：中国出版 公告编号：2025-035 中国出版传媒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 9 月 19 日（星期五）至 9 月 25 日（星期四）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 zqb@cnpubc.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国出版传媒股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 9 月 26 日（星期五）上午 10:00-11:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度的 ...

Core Viewpoint - The publishing sector experienced a decline of 0.6% on September 17, with significant losses in the Guangdong media segment, while the Shanghai Composite Index rose by 0.37% and the Shenzhen Component Index increased by 1.16% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up 1.16% [1] - The publishing sector's individual stocks showed mixed performance, with notable declines in several companies [1] Group 2: Stock Performance - Major stocks in the publishing sector included: - Xinhua Wenhui (601811) closed at 15.70, up 1.16% with a trading volume of 69,500 shares and a turnover of 107 million yuan [1] - Southern Media (601900) closed at 13.07, up 0.38% with a trading volume of 73,800 shares [1] - Guangdong Media (002181) closed at 8.23, down 3.63% with a trading volume of 955,700 shares and a turnover of 788 million yuan [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2] - The capital flow for individual stocks indicated varying levels of interest from different investor types, with some stocks experiencing significant net inflows from retail investors [3]

Core Points - The publishing sector experienced a slight decline of 0.03% on September 16, with major losses led by Guangdong Media [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Publishing Sector Performance - Notable gainers in the publishing sector included: - Tianzhou Culture (300148) with a closing price of 5.22, up 3.78% and a trading volume of 767,000 shares, totaling 394 million yuan [1] - Xinhua Wenhui (601811) closed at 15.52, up 3.12% with a trading volume of 97,600 shares, totaling 151 million yuan [1] - Guomai Culture (301052) closed at 69.94, up 2.99% with a trading volume of 72,200 shares, totaling 503 million yuan [1] - Major decliners included: - Guangdong Media (002181) closed at 8.54, down 5.53% with a trading volume of 1,277,900 shares, totaling 1.106 billion yuan [2] - Zhongyuan Media (000719) closed at 12.11, down 1.46% with a trading volume of 71,200 shares, totaling 86.4937 million yuan [2] - Zhongnan Media (601098) closed at 12.58, down 1.10% with a trading volume of 127,800 shares, totaling 161 million yuan [2] Capital Flow Analysis - The publishing sector saw a net outflow of 44.20 million yuan from institutional investors, while retail investors contributed a net inflow of 82.39 million yuan [2] - Key stocks with significant capital flow included: - Zhongwen Online (300364) had a net inflow of 69.01 million yuan from institutional investors, but a net outflow of 74.83 million yuan from retail investors [3] - Tianzhou Culture (300148) experienced a net inflow of 31.57 million yuan from institutional investors, but a net outflow of 13.19 million yuan from retail investors [3] - Xinhua Wenhui (601811) had a net inflow of 23.92 million yuan from institutional investors, with a net outflow of 25.90 million yuan from retail investors [3]

Core Viewpoint - The publishing sector experienced a decline of 1.2% on September 15, with major stocks like Guomai Culture leading the drop, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index rose by 0.63% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3860.5, down 0.26% [1]. - The Shenzhen Component Index closed at 13005.77, up 0.63% [1]. - The publishing sector saw a net outflow of 462 million yuan from major funds, while retail investors contributed a net inflow of 407 million yuan [3]. Group 2: Individual Stock Performance - Tianzhou Culture (300148) closed at 5.03, with an increase of 1.21% and a trading volume of 513,100 shares [1]. - Rongxin Culture (301231) closed at 24.81, up 0.53% with a trading volume of 27,400 shares [1]. - Zhongwen Media (600373) remained unchanged at 10.22, with a trading volume of 156,000 shares [1]. - Other notable stocks include China Publishing (600373) at 7.12 (0.00%), New Classics (603096) at 18.15 (-0.27%), and Shiji Tianhong (300654) at 10.21 (-0.29%) [1].

Core Viewpoint - The launch of the "Digital Publishing Exchange Center Immersive Exhibition Hall" by Shanxi Huaxu Yuanyu Information Technology Co., Ltd. represents a significant step in promoting the internationalization of Chinese publishing and showcases the company's innovative capabilities in digital empowerment within the publishing and cultural tourism industries [1] Group 1: Company Overview - Shanxi Huaxu Yuanyu is focused on the application of VR, AR, and XR technologies, and has established itself in areas such as digital exhibition, smart cultural tourism, and immersive education [1] - The company has implemented multiple demonstration projects in Shanxi and Beijing, indicating its commitment to innovation and development in the digital space [1] Group 2: Industry Impact - The exhibition hall integrates advanced technologies like VR, AR, XR, and holographic imaging, breaking traditional publishing display methods and creating an immersive interactive experience [1] - This initiative aligns with the China Publishing Group's strategy to promote cultural exports, highlighting the ongoing digital transformation within the publishing industry [1] Group 3: Future Plans - The company plans to establish a branch in Shijingshan District, Beijing, to further expand its cultural IP and industry operation business [1] - Future collaborations with relevant partners are anticipated to enhance the international dissemination of Chinese digital culture and drive industry upgrades [1]

Market Overview - The publishing sector increased by 1.04% on September 10, with Guangdong Media leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Guangdong Media (002181) closed at 9.58, up 9.99% with a trading volume of 1.2464 million shares and a transaction value of 1.153 billion [1] - Chinese Online (300364) closed at 28.73, up 4.47% with a trading volume of 1.0244 million shares and a transaction value of 2.948 billion [1] - Tianzhou Culture (300148) closed at 5.02, up 3.08% with a trading volume of 616,400 shares and a transaction value of 307 million [1] - China Publishing (601949) closed at 7.18, up 2.43% with a trading volume of 1.2082 million shares and a transaction value of 149 million [1] Capital Flow Analysis - The publishing sector saw a net inflow of 312 million from institutional investors, while retail investors experienced a net outflow of 2.42 billion [2] - Major stocks like Chinese Online and Guangdong Media had significant institutional net inflows of 231 million and 129 million respectively [3] Summary of Stock Movements - Guangdong Media had a notable increase in institutional investment, with a net inflow of 1.29 billion, while retail investors withdrew 299.25 million [3] - Chinese Online also saw a positive institutional net inflow of 162.63 million, despite a retail outflow of 1.255 million [3] - Other stocks like Longjiang Media and China Publishing experienced mixed capital flows, with varying degrees of institutional and retail investor activity [3]

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Core Viewpoint - The report outlines the financial performance and fundraising activities of China Publishing Media Co., Ltd. for the first half of 2025, emphasizing the management and utilization of raised funds [3][31]. Group 1: Company Overview - China Publishing Media Co., Ltd. is engaged in the publishing industry and has undergone significant fundraising activities through public offerings and private placements [3][6]. - The company has a structured approach to managing its raised funds, ensuring compliance with regulatory requirements [8][19]. Group 2: Financial Data - The total amount raised from the initial public offering in 2017 was approximately RMB 1.217 billion, with a net amount of RMB 1.145 billion after deducting issuance costs [3][4]. - As of June 30, 2025, the company reported cumulative bank interest and investment income of approximately RMB 143.43 million from the 2017 fundraising [4]. - For the first half of 2025, the company reported a total of RMB 3.08 million in interest income from its fundraising accounts [5]. Group 3: Fund Utilization - The company has utilized RMB 1.020 billion for fundraising projects up to June 30, 2025, with specific projects achieving operational status [4][22]. - The report indicates that there were no idle funds used for temporary working capital, and all funds were managed according to established guidelines [18][20]. - The remaining funds from completed projects have been permanently supplemented into working capital, totaling RMB 22.28 million [22]. Group 4: Fund Management - The company has established a dedicated management framework for its raised funds, including specific accounts for different projects to ensure transparency and accountability [8][10]. - The company has signed multiple tripartite agreements with banks and securities firms to regulate the storage and use of raised funds [9][13]. Group 5: Board Meeting and Approvals - The board of directors convened on August 27, 2025, to approve the half-year report and the special report on the use of raised funds, with unanimous support from all attending members [28][30].

Group 1 - The core viewpoint of the article highlights that China Publishing is focusing on enhancing its humanistic and social science characteristics while continuing to strengthen thematic publishing [1] - The company is committed to serving the construction of a culturally strong nation and is advancing major publishing projects [1] - China Publishing is actively promoting international cooperation and high-level "going out" initiatives [1] Group 2 - In the first half of the year, China Publishing achieved an operating income of 2.098 billion yuan, a year-on-year decrease of 14.94% [3] - The net profit attributable to shareholders of the listed company was 133 million yuan, down 14.89% year-on-year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 68.96 million yuan, a significant decrease of 40.70% year-on-year [3]