上海澄明则正律师事务所 关于新经典文化股份有限公司 2024 年年度股东大会 之法律意见书 二零二五年五月 上海澄明则正律师事务所 关于新经典文化股份有限公司 2024 年年度股东大会之法律意见书 致:新经典文化股份有限公司 上海澄明则正律师事务所（以下简称"本所"），接受新经典文化股份有限 公司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年年度股东大 会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东大会规则》（以下简称"《股东大会规则》"）以及《新经典文化股 份有限公司章程》（以下简称"《公司章程》"）的规定出具本法律意见书。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法律、 法规及规范性文件发表法律意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交上海证券交易所审查并予公告。 本所律师已经对公司提供的与本次股东大会有关的文件、资料及证言进行审 查判断，并据此出具法律意见。 本所律师按照律师行业公认的业务标准、道德规范和勤勉 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][21]. Core Insights - The evolution of consumer behavior in Japan's fifth consumption era highlights a shift from material quantity to quality, personalization, and emotional value, indicating a growing focus on well-being and life quality, which is expected to benefit the media sector [5][17]. - The report emphasizes the importance of domestic demand and the dual nature of media as both a technology and consumer sector, suggesting that the integration of technology and content can stimulate curiosity-driven consumption [5][19]. Summary by Sections Industry Overview and Dynamics - The media sector has shown varied performance, with the media index rising by 9.1% over one month, while the Shanghai Composite Index increased by 4.3% [3][15]. - The report notes that the cinema content sector is still in a "low valley" and is expected to benefit from upcoming releases and policy support [18][19]. Key Recommended Stocks and Logic - The report recommends several stocks within the media sector, including: - Windy Zhi (603466) focusing on experience economy - Mango Super Media (300413) with upcoming variety shows - BlueFocus Communication (300058) as a leading digital marketing firm [6][10]. Game Industry Progress - In April 2025, Chinese mobile game publishers generated $2 billion, accounting for 38.4% of the global top 100 mobile game publishers' revenue, with Tencent leading the market [20]. Film Market - The report highlights the upcoming film "冲·撞" set to release on May 17, which is based on a true story, indicating a focus on culturally relevant content [29]. Television Market - The report provides insights into the television ratings, with "成家" leading the viewership, showcasing the competitive landscape in the drama sector [35]. Variety Show Market - The report mentions popular variety shows such as "哈哈哈哈哈 第五季," indicating strong viewer engagement in the entertainment sector [37].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to weak book consumption demand and business adjustments [1][2]. Financial Performance - The company achieved a revenue of 821 million yuan in 2024, a year-on-year decrease of 8.89% [2]. - The net profit attributable to shareholders was 127 million yuan, down 20.87% year-on-year [2]. - The net profit after deducting non-recurring items was 107 million yuan, a decrease of 23.26% year-on-year [2]. - The gross profit margin decreased by 1.48 percentage points to 47.20% [2]. Business Segments - The overseas business generated revenue of 123 million yuan, a decline of 9.40% year-on-year, with a net loss of 22 million yuan, increasing losses by 51.41% [2]. - Revenue from physical books was 746 million yuan, down 9.56% year-on-year; digital content revenue was 48 million yuan, up 2.75%; and copyright operations revenue was 19 million yuan, down 8.72% [2]. Cost and Expenses - Sales expenses were 159 million yuan, a decrease of 1.45% year-on-year, while management expenses were 75 million yuan, down 3.64% [2]. - Financial expenses were -3 million yuan, a decrease of 80.26% year-on-year, attributed to increased interest income from bank deposits [2]. - R&D expenses were 7 million yuan, down 29.43% due to a reduction in R&D personnel [2]. IP Development and Shareholder Returns - The company is focusing on diversified IP operations, with the "bibi zoo" IP achieving over 5 million fans and 3 billion views [3]. - The company plans to distribute cash dividends of 8.00 yuan per 10 shares, totaling approximately 123 million yuan, which represents 96.85% of the net profit [3]. - The total amount for cash dividends and share buybacks is 196 million yuan, exceeding the net profit by 154.56% [3]. Investment Outlook - The company maintains a strong recommendation for investment, with expected net profits of 144 million, 163 million, and 179 million yuan for 2025, 2026, and 2027, respectively [4].

Core Insights - Bellamy's, a leader in organic infant food in Australia, has launched two new products: Bellamy's New Classic and Bellamy's Organic Blue Shield formula, aimed at strengthening its market position in Australia and accelerating expansion in Southeast Asia [1][2] - The company maintains its commitment to organic feeding principles and aims to enhance its brand visibility through the "Champion Mom" campaign during the 2024 Olympics [1] - Bellamy's has been the top seller of organic milk powder in China for five consecutive years and is experiencing rapid sales growth in Southeast Asia [1][2] Product Development - The new product launches are part of Bellamy's strategy to enhance its product offerings, including the introduction of the premium organic A2 line and new formulations targeting specific nutritional needs [2] - The company plans to leverage its "Organic+" product positioning to further enrich its product matrix and strengthen its brand as the number one in Australia [2] Market Expansion - Bellamy's is actively expanding into the Vietnamese market, having previously provided brand cultural experiences to the Vietnamese government and industry associations, which has laid a solid foundation for its market entry [1] - The brand has significantly increased its exposure in Vietnam, including appearances on national television, which has contributed to its brand recognition [1]

新经典文化股份有限公司 2025年第一季度主要经营数据公告 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。 新经典文化股份有限公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》的相关规定，现将 2025 年第一季度主要经营 数据公告如下： 以上生产经营数据来自公司内部统计，仅为投资者及时了解公司生产经营概况之用，敬请广大投资者理性投资，注意投资风险。 特此公告。 新经典文化股份有限公司董事会 2025 年 4 月 28 日 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 纸质图书 43,699.95 29,932.95 -31.50 20,937.83 13,738.80 -34.38 11,085.78 7,116.07 -35.81 47.05 48.20 1.15 数字内容 1,197.34 940.06 -21.49 379.92 305.72 -19.53 68.27 67.48 -0. ...

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。 一、监事会会议召开情况 证券代码：603096 证券简称：新经典 公告编号：2025-018 新经典文化股份有限公司 第四届监事会第十次会议决议公告 监事会认为：公司 2025 年一季度报告的编制和审议程序符合法律、法规、 公司章程和公司内部管理制度的各项规定。内容和格式符合中国证监会和上海 证券交易所的各项规定，所包含的信息真实、全面、完整，客观地反映出公司 本报告期内的财务状况。截止本报告审议日，未发现参与编制和审议的人员有 违反保密规定的行为 表决结果：3 票同意、0 票反对、0 票弃权。 本议案无需提交股东大会审议。 特此公告。 新经典文化股份有限公司监事会 2025 年 4 月 28 日 新经典文化股份有限公司（以下简称"公司"）第四届监事会第十次会议于 2025 年 4 月 15 日以电子邮件及微信的方式发出会议通知及相关资料，于 2025 年 4 月 25 日在公司会议室以现场的形式召开。会议应到监事 3 名，实到 3 名， 由监事会主席杨静武先生主持，董事会秘书列 ...

证券代码：603096 证券简称：新经典 公告编号：2025-019 新经典文化股份有限公司 第四届董事会第十三次会议决议公告 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法律责任。 表决结果：7 票同意、0 票反对、0 票弃权。 本议案无需提交股东大会审议。 特此公告。 一、董事会会议召开情况 新经典文化股份有限公司（以下简称"公司"）第四届董事会第十三次会议 于 2025 年 4 月 15 日以电子邮件及微信的方式发出会议通知，议案资料在本次会 议召开前提交全体董事、监事和高级管理人员。会议于 2025 年 4 月 25 日在公司 会议室以现场及通讯相结合的方式召开，会议应到董事 7 名，实到 7 名，其中独 立董事胡世明先生、雷玟女士、叶俭先生以线上的方式参会。 会议由董事长陈明俊先生主持，公司监事及高级管理人员列席会议。会议的 召开符合《中华人民共和国公司法》等法律、行政法规、部门规章、规范性文件 和《新经典文化股份有限公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《公司 2025 年第一季度报告》 本议案在提交董 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥150,745,053.84, a decrease of 33.12% compared to ¥225,398,293.97 in the same period last year[3] - Net profit attributable to shareholders was ¥24,498,284.16, down 49.53% from ¥48,541,858.93 year-on-year[3] - Basic earnings per share decreased by 46.84% to ¥0.1588 from ¥0.2987 in the same period last year[4] - The company reported a 31.5% decline in sales of physical books, which significantly impacted overall revenue and profit[4] - Total operating revenue for Q1 2025 was ¥150,745,053.84, a decrease of 33.1% compared to ¥225,398,293.97 in Q1 2024[20] - Net profit for Q1 2025 was ¥24,660,276.04, a decline of 50.0% from ¥49,293,685.15 in Q1 2024[21] - Earnings per share for Q1 2025 was ¥0.1588, compared to ¥0.2987 in Q1 2024, reflecting a 46.9% decrease[21] Cash Flow - The net cash flow from operating activities was -¥127,793,880.60, a significant decline of 2,262.69% compared to ¥5,909,025.78 in the previous year[3] - Cash flow from operating activities for Q1 2025 was negative at -¥127,793,880.60, compared to a positive cash flow of ¥5,909,025.78 in Q1 2024[25] - Cash inflow from investment activities in Q1 2025 was ¥500,251,442.97, down from ¥777,395,465.14 in Q1 2024[25] - Total cash and cash equivalents at the end of the period amounted to $211,951,092.41, down from $284,131,282.24 in the previous period[26] - The net increase in cash and cash equivalents was $70,228,727.13, contrasting with a decrease of $2,694,948.92 in the prior period[26] - Cash outflow from financing activities totaled $2,600,133.74, which is a decrease from $53,238,260.12 in the previous period[26] - The impact of exchange rate changes on cash and cash equivalents was $296,798.50, compared to a negative impact of $1,849,357.88 previously[26] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,057,916,855.00, a slight increase of 0.27% from ¥2,052,313,747.05 at the end of the previous year[4] - As of March 31, 2025, the total assets of the company amounted to CNY 2,057,916,855, showing a slight increase from CNY 2,052,313,747.05 as of December 31, 2024[15] - The company's current assets totaled CNY 1,519,468,640.47, a decrease of approximately 3.86% from CNY 1,580,658,794.99 at the end of 2024[15] - The company's total liabilities decreased to CNY 97,744,727.02 from CNY 114,902,597.32, reflecting a reduction of about 14.9%[16] - The non-current assets increased to CNY 538,448,214.53 from CNY 471,654,952.06, marking an increase of approximately 14.1%[16] - The company's inventory decreased slightly to CNY 158,513,663.94 from CNY 163,807,966.91, a decline of about 3.2%[15] - The total liabilities amounted to ¥97,955,846.33, while total equity was ¥1,959,961,008.67 as of the reporting date[17] - The company’s total assets reached ¥2,057,916,855.00, indicating a stable financial position despite the decline in revenue[17] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 12,029[9] - The company has not reported any significant changes in shareholder structure or related party transactions during the reporting period[12] Strategic Initiatives - The company plans to enhance original content development and strengthen user research to adapt to changing market demands[5] Additional Information - There are no applicable reminders or additional important information regarding the company's operational status during the reporting period[13]

Core Viewpoint - New Classics (603096) reported a decline in both revenue and net profit for the year 2024, indicating challenges in the book industry and the need for transformation [2][15]. Financial Performance Overview - Total revenue for 2024 was 821 million yuan, a decrease of 8.89% year-on-year [2] - Net profit attributable to shareholders was 127 million yuan, down 20.87% year-on-year [2] - Non-recurring net profit was 107 million yuan, a decline of 23.26% year-on-year [2] - Q4 performance was particularly poor, with total revenue of 181 million yuan, down 25.69% year-on-year [2] - Q4 net profit was -31,320 yuan, a decrease of 101.01% year-on-year [2] - Q4 non-recurring net profit was -5.48 million yuan, down 121.7% year-on-year [2] Key Financial Metrics - Gross margin was 47.2%, a decrease of 3.04% year-on-year [3] - Net margin was 15.71%, down 12.9% year-on-year [4] - Earnings per share were 0.78 yuan, a decline of 20.54% year-on-year [5] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 231 million yuan, accounting for 28.11% of revenue, an increase of 6.75% year-on-year [6] - Financial expenses decreased by 80.26% year-on-year due to increased interest income from bank deposits [7] Cash Flow and Asset Status - Operating cash flow per share was 0.24 yuan, down 77.43% year-on-year [8] - Cash and cash equivalents were 148 million yuan, a decrease of 49.55% year-on-year, primarily due to the purchase of long-term deposits and share buybacks [8] - Accounts receivable stood at 101 million yuan, representing 80.15% of net profit, indicating a need to monitor collection [9] Business Composition Analysis - Revenue from physical books was 746 million yuan, accounting for 90.90% of total revenue, with a gross margin of 45.18% [10] - Digital content revenue was 47.97 million yuan, making up 5.85% of total revenue, with a gross margin of 72.07% [11] - Copyright operations generated 19.07 million yuan, accounting for 2.32% of total revenue, with a gross margin of 52.62% [12] Regional Distribution - Domestic revenue was 690 million yuan, accounting for 84.12% of total revenue, with a gross margin of 47.19% [13] - Overseas revenue was 123 million yuan, making up 14.95% of total revenue, with a gross margin of 45.55% [14] Development Review and Outlook - The book industry is facing challenges such as channel restructuring, traffic differentiation, and technological innovation, marking a critical phase of transformation [15] - The company aims to enhance quality content supply and operations, update marketing systems, and improve sales channel management to navigate these challenges [16]

这次演唱会上众多歌曲的品质告诉我们，只要从音乐的自身规律和受众的真实需求出发，多层次、更广 泛地进行社会动员，创作视角成人化和创作队伍分散的现状就能得到改观。新儿歌拔节生长的路径可以 复制。 更难的环节还是传播。经典在传唱中形成，分众化、多元化的传播格局下，"同唱一首歌"已经变得越来 越难。与流行歌曲等其他音乐门类相比，原创儿歌在流量竞速中并不具有优势，在商业逻辑面前也缺少 穿透力。好作品传不开是关键问题。 从新儿歌到新经典，既要破冰也要搭桥。破除"儿歌没有流量""儿歌没有收益"的观念，可以向少儿出版 取经，拓展儿歌的消费市场，激活消费端的需求，为创作人才的汇聚、好作品的层出不穷注入活力。业 界与传播平台也需要联手，不仅建立沟通合作的机制，更要强化平台的社会责任感，让灰色童谣远离孩 子们，让更多好作品登上主平台、主渠道，精准触达儿歌的主要受众群体。 从新儿歌到新经典，从拔节生长到春色满园，还需要我们多一些耐心去厚植土壤。这是一项不见显绩却 播种希望的事业。多一首优秀的儿歌，也许孩子们的生活就会多一份快乐与色彩。 《 人民日报 》（ 2025年04月24日 20 版） 从《小燕子》《找朋友》到《歌声与微笑》《让 ...