Market Overview - The publishing sector increased by 0.45% on November 5, with the Shanghai Composite Index closing at 3969.25, up 0.23%, and the Shenzhen Component Index at 13223.56, up 0.37% [1] Publishing Sector Performance - Notable gainers in the publishing sector included: - Publishing Media (code: 666169) with a closing price of 7.97, up 6.98% and a trading volume of 300,400 shares, totaling 238 million yuan - Guangdong Media (code: 002181) closed at 13.15, up 3.14% with a trading volume of 2,641,500 shares, totaling 3.412 billion yuan - Other companies like CITIC Publishing (code: 300788) and Chinese Media (code: 600373) also saw increases of 1.44% [1] Fund Flow Analysis - The publishing sector experienced a net outflow of 668 million yuan from institutional investors, while retail investors saw a net inflow of 631 million yuan [2] - Specific stock fund flows included: - Chinese Media (code: 600373) had a net inflow of 49.34 million yuan from institutional investors - Publishing Media (code: 601999) saw a net inflow of 42.11 million yuan from institutional investors [3]

Core Viewpoint - China Publishing (601949.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 3.21 billion yuan, representing a year-on-year decrease of 15.28% [1] - The net profit attributable to shareholders was 238 million yuan, down 23.91% year-on-year [1] - The basic earnings per share stood at 0.1251 yuan [1]

证券代码：601949 证券简称：中国出版 公告编号：2025-037 | | | 销售码洋 | | 营业收入 | | | 营业成本 | | | | 毛利率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项 目 | 去年同期 | 本期 | 增长 | | | 增长 | | | 增长 | 去年同 | | 增 | | | | | 率% | 去年同期 | 本期 | 率% | 去年同期 | 本期 | 率% | 期 | 本期 | 长 率 | | 一 | | | | | | | | | | | | 减 少 | | 般 | 600,460.31 | 541,723.13 | -9.78 | 216,500.66 | 174,538.96 | -19.38 | 136,293.04 | 110,648.44 | -18.82 | 37.05 | 36.61 | 0.44 个 | | 图 书 | | | | | | | | | | | | 百 | | | | | | | | | | | | | | ...

本议案已经第四届董事会审计委员会第二次会议全票审议通过。 第四届董事会第三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 中国出版传媒股份有限公司（以下简称"公司"）根据《中华人民共和国公 司法》（以下简称《公司法》）和《中国出版传媒股份有限公司章程》（以下简 称《公司章程》）的规定，于 2025 年 10 月 30 日召开第四届董事会第三次会议， 本次会议通知已于 2025 年 10 月 24 日发出。会议应出席董事 9 名，实际出席董 事 9 名，符合《公司法》和《公司章程》关于召开董事会会议人数的规定。会议 的召集、召开、表决程序符合《公司法》和《公司章程》的规定。 二、董事会会议审议情况 审议通过《关于公司 2025 年第三季度报告的议案》。 证券代码：601949 证券简称：中国出版 公告编号：2025-036 中国出版传媒股份有限公司 具体内容详见公司同日在上交所网站和次日在公司指定媒体披露的《中国出 版传媒股份有限公司 2025 年第三季度报告》。 1 本议案表决结果 ...

Financial Performance - The company's operating revenue for the third quarter was ¥1,112,141,697.37, a decrease of 15.91% compared to the same period last year[4] - The total profit for the third quarter was ¥122,605,626.41, down 39.45% year-on-year[4] - The net profit attributable to shareholders was ¥105,292,826.77, reflecting a decline of 32.89% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥60,676,665.86, a decrease of 45.62% year-on-year[4] - The basic and diluted earnings per share for the third quarter were both ¥0.0553, down 32.89% from the same period last year[5] - Total operating revenue for the first three quarters of 2025 was CNY 3,210,477,679, a decrease of 15.2% compared to CNY 3,789,304,505 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was CNY 238,642,005.56, a decline of 23.5% from CNY 311,959,214.95 in 2024[20] - Operating profit for the first three quarters of 2025 was CNY 248,047,154.29, down 38.5% from CNY 403,314,109.01 in 2024[19] - Basic earnings per share for the first three quarters of 2025 were CNY 0.1251, compared to CNY 0.1644 in 2024, reflecting a decrease of 23.9%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥16,026,167,850.38, a decrease of 0.47% from the end of the previous year[5] - The company's total current assets as of September 30, 2025, amounted to ¥9,189,573,827.01, a decrease from ¥10,082,047,731.52 as of December 31, 2024[14] - The total assets of the company were reported at ¥16,026,167,850.38, slightly down from ¥16,102,030,920.64 in the previous period[15] - The company's cash and cash equivalents stood at ¥1,842,021,138.45, compared to ¥1,961,699,030.94 at the end of 2024, indicating a decrease of approximately 6.06%[14] - The company's inventory increased to ¥2,543,574,761.29 from ¥2,303,680,022.87, reflecting a growth of about 10.43%[15] - Accounts receivable decreased to ¥749,342,818.68 from ¥789,828,452.49, showing a decline of approximately 5.11%[14] - The total non-current assets were reported at ¥6,836,594,023.37, up from ¥6,019,983,189.12, indicating an increase of about 13.59%[15] - The company reported a total of 1,949,388,502.57 in accounts payable, down from 1,998,308,044.70, reflecting a decrease of approximately 2.45%[15] - The total liabilities of the company included short-term borrowings of ¥5,000,000.00, unchanged from the previous period[15] - Total liabilities as of the reporting date were CNY 5,321,434,222.39, a slight decrease from CNY 5,431,347,110.84 in the previous period[16] Cash Flow - In the first three quarters of 2025, the cash inflow from operating activities was CNY 3,741,092,354.83, a decrease of 9.0% compared to CNY 4,111,222,697.96 in the same period of 2024[21] - The net cash flow from operating activities was negative at CNY -12,146,972.33, improving from CNY -93,614,109.95 in the previous year[21] - Cash inflow from investment activities totaled CNY 7,571,908,711.55, significantly increasing from CNY 4,068,387,377.62 in the prior year, marking an increase of 86.5%[22] - The net cash flow from investment activities was CNY 86,926,590.57, a turnaround from a negative cash flow of CNY -2,390,680,112.35 in the same period last year[22] - Cash inflow from financing activities was CNY 54,400,000.00, up from CNY 31,000,000.00 in the previous year[22] - The net cash flow from financing activities was CNY -229,072,947.81, an improvement from CNY -309,254,013.86 in the same period of 2024[22] - The total cash and cash equivalents at the end of the period stood at CNY 240,029,803.96, compared to CNY 223,656,450.94 at the end of the previous year[22] - The company reported a cash outflow from operating activities of CNY 3,753,239,327.16, down from CNY 4,204,836,807.91 in the same period last year[21] - The company received CNY 70,069,886.46 in tax refunds, an increase from CNY 36,510,362.50 in the previous year[21] Shareholder Information - Total shareholders of common stock at the end of the reporting period reached 51,957, with the largest shareholder being China Publishing Group Co., Ltd. holding 1,328,829,443 shares, representing 69.79% of the total[11] - Total equity attributable to shareholders was CNY 9,644,928,523.50, an increase from CNY 9,597,624,728.60 in the previous period[16] Non-Recurring Items - Non-recurring gains and losses for the current period amounted to ¥44,616,160.91, with significant contributions from government subsidies and asset disposals[6] - The decrease in total profit was primarily due to a reduction in revenue leading to lower gross profit margins[8] - The company reported a financial income of CNY 35,970,962.26, down from CNY 46,819,623.21 in the previous year[19] - Other income for the first three quarters of 2025 was CNY 121,739,444.26, slightly down from CNY 126,902,393.87 in 2024[19] - The company’s deferred income tax liabilities were CNY 68,414,902.04, a minor decrease from CNY 69,873,766.20 in the previous period[16] Product and Development - The company has no significant new product launches or technological developments reported in the current financial period[13] - The company did not report any net profit from the merged entity, with both current and previous periods showing a net profit of CNY 0[21]

Market Overview - The publishing sector experienced a decline of 1.57% on the trading day, with Zhongyuan Media leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Individual Stock Performance - Longban Media (605577) saw an increase of 3.49%, closing at 14.25 with a trading volume of 170,100 shares and a turnover of 242 million [1] - Zhongyuan Media (000719) reported a significant decline of 5.22%, closing at 11.99 with a trading volume of 204,500 shares and a turnover of 250 million [2] - Phoenix Media (601928) decreased by 4.02%, closing at 10.03 with a trading volume of 515,900 shares and a turnover of 519 million [2] Capital Flow Analysis - The publishing sector experienced a net outflow of 308 million from institutional investors, while retail investors saw a net inflow of 151 million [2] - The main capital inflow and outflow for selected stocks indicate varied investor sentiment, with Zhongnan Media (601098) showing a net outflow of 23.05 million from institutional investors [3] Summary of Trading Data - The trading data for various stocks in the publishing sector reflects mixed performance, with some stocks like Longban Media showing gains while others like Zhongyuan Media and Phoenix Media faced significant losses [1][2] - The overall trading volume and turnover in the sector indicate active trading, with notable figures such as 2.50 billion for Zhongyuan Media and 5.19 billion for Phoenix Media [2]

Core Insights - The report highlights the deepening penetration of artificial intelligence (AI) in the global publishing industry, which is becoming a key variable in driving industrial structure upgrades and efficiency reshaping [1][2] - AI is reshaping roles within publishing, enabling business expansion, and driving service innovation to enhance user experience and content delivery efficiency [1][2] Group 1: AI's Role in Publishing - AI is taking on multiple roles in the publishing process, including editor, author, illustrator, reviewer, and translator, while also creating new professions such as AI ethics consultant and AI trainer [1] - The collaboration between companies like Bertelsmann and OpenAI is enhancing content production capabilities, while Amazon's Audible is reshaping audiobooks through proprietary end-to-end AI production technology [2] Group 2: Challenges and Recommendations - The report identifies challenges such as data illusion, privacy risks, and academic integrity issues, which vary across different publishing groups due to business areas and ethical considerations [2] - Recommendations include accelerating the improvement of copyright laws related to AI-generated content, introducing technologies like blockchain for content traceability, and cultivating a new generation of publishers with skills in digital technology, AI application, and data analysis [2]

Core Viewpoint - The financing activities of China Publishing (601949) show a net buying trend, indicating increased investor interest and confidence in the stock [1]. Financing Summary - On October 15, 2025, China Publishing had a financing buy-in of 5.16 million yuan, with a repayment of 3.78 million yuan, resulting in a net buy of 1.38 million yuan. The financing balance reached 166.7 million yuan, with a net buying total of 3 consecutive trading days amounting to 3.29 million yuan [1][2]. - The financing balance as of October 15, 2025, was 168 million yuan, reflecting an increase of 1.38 million yuan or 0.83% from the previous day [4]. Margin Trading Summary - On October 15, 2025, there was a margin sell-off of 2,000 shares, with a repayment of 400 shares, leading to a net sell of 1,600 shares. The remaining margin balance was 133,800 shares, with a total margin balance of 893,800 yuan [2][3]. - Over the past 20 trading days, there have been net sell-offs in 13 of those days, indicating a trend in margin trading activity [2]. Additional Information - The total margin financing balance has shown a consistent upward trend, with the latest figures indicating a healthy market activity for China Publishing [4].

Core Insights - The company, China Publishing, reported that as of June 30, 2025, the number of shareholders is expected to reach 58,804 [2] Company Information - China Publishing is actively engaging with investors through interactive platforms to provide updates on shareholder statistics [2]

Market Overview - The publishing sector increased by 0.01% compared to the previous trading day, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up by 1.22%, while the Shenzhen Component Index closed at 13118.75, up by 1.73% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 23.70, with a rise of 2.20% and a trading volume of 24,500 lots, amounting to a transaction value of 57.44 million [1] - Tianzhou Culture (300148) closed at 4.57, up by 1.78%, with a trading volume of 197,600 lots and a transaction value of 89.65 million [1] - Zhongwen Online (300364) closed at 25.59, increasing by 1.31%, with a trading volume of 259,400 lots and a transaction value of 654 million [1] - Other notable stocks include Guomai Culture (301052) at 46.20 (+1.09%) and Yuedu Media (002181) at 8.24 (+0.73%) [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 41.87 million from institutional investors, while retail investors saw a net inflow of 23.18 million [2] - The net inflow from speculative funds was 18.69 million [2] Detailed Capital Flow for Selected Stocks - Zhongyuan Media (000719) had a net outflow of 12.14 million from institutional investors, with a retail net outflow of 17.89 million [3] - Zhongwen Online (300364) saw a net inflow of 10.05 million from institutional investors, but a net outflow of 7.53 million from retail investors [3] - Publishing Media (601999) had a net inflow of 5.02 million from institutional investors, while retail investors experienced a net outflow of 2.55 million [3]