Core Points - The company has approved the proposal to exit Beijing Wangcai Media Advertising Co., Ltd., in which it holds a 60% stake [1] - The exit is part of the company's efforts to deepen reforms and improve operational efficiency, which is expected to enhance performance and management quality [1] - As of August 31, 2025, Beijing Wangcai had total assets of 34.6347 million yuan, total liabilities of 0.7547 million yuan, and net assets of 33.88 million yuan [1] - The assessed value of the company's 60% stake in Beijing Wangcai is 20.3354 million yuan, which will be used for a targeted capital reduction [1] - The company plans to sign an agreement and complete the necessary public announcements and business registration changes following the exit [1]

2025年9月 读者出版传媒股份有限公司 2025 年第一次临时股东大会 会议资料 读者出版传媒股份有限公司 2025 年第一次临时股东大会会议资料 目 录 读者出版传媒股份有限公司 2025 年第一次临时股东大会会议资料 读者出版传媒股份有限公司 股东大会议事规则及注意事项 为了维护广大投资者的合法权益，确保股东在本次大会期间依法行使权利， 确保本次股东大会的正常秩序和议事效率，根据公司《股东大会议事规则》，对 股东大会召开及表决等有关事项说明如下： | 读者出版传媒股份有限公司股东大会议事规则及注意事项 | 1 | | --- | --- | | 读者出版传媒股份有限公司 2025 年第一次临时股东大会议程 | 2 | | 议案一 关于公司取消监事会的议案 | 3 | | 议案二 关于修订《公司章程》及相关管理制度的议案 | 4 | 一、董事会在股东大会的召开过程中，应当以维护股东的合法权益，确保会 议正常秩序和议事效率为原则，认真履行法定职责。 二、股东参加股东大会，依法享有表决权等各项权利，并认真履行法定义务。 不得侵犯其他股东权益，不得扰乱会议的正常秩序。股东行使表决权须提前予以 登记，登记办法详见 ...

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].

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].

Group 1 - The company Reader Media announced on August 28 that its fifth board meeting was held on August 26, 2025, both in-person and via communication methods [1] - The meeting reviewed the proposal regarding the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025 [1] Group 2 - The news highlights a significant medical advancement with the world's first successful transplantation of gene-edited pig lungs into a human [1] - A dialogue with key participants indicates that there is still a distance to clinical application for this breakthrough [1]

Core Viewpoint - Reader Publishing Media Co., Ltd. reported a decrease in revenue but an increase in net profit for the first half of 2025, indicating a successful strategic adjustment towards high-quality development [1] Financial Performance - The company achieved an operating income of 415 million yuan, a year-on-year decrease of 23.73% [1] - The net profit attributable to shareholders was 38.6047 million yuan, a year-on-year increase of 12.67% [1] Business Strategy - Reader Media is focusing on optimizing its business structure by divesting low-relevance operations, which has led to a temporary decline in revenue but improved overall profitability [1] - The company aims to deepen its publishing core and implement a high-quality publishing project, leveraging the "Reader" brand for diversified development [1] Publishing and Content Development - The book segment is advancing towards premium publishing, with a steady increase in total print numbers [2] - The core journal "Reader" achieved a circulation of 30.18 million copies, with a cumulative circulation exceeding 2.3 billion copies [2] Copyright Trade and International Cooperation - The company has made significant strides in copyright trade, enhancing cooperation with international publishing entities and signing agreements for copyright output [3] - Collaborations with publishers in the UAE and South Korea have been established to promote specific publications [3] New Media and Marketing - The company is enhancing its new media presence, with significant growth in user numbers and reading volumes across various platforms [4] - The "Reader" brand's value reached 57.685 billion yuan, reflecting a year-on-year increase of 12.3% [4] Cultural and Creative Products - Reader Media is exploring new paths for brand transformation through the development of diverse cultural and creative product lines [5] - The company has opened a "Reader Cultural Space" and established various branded locations to enhance its cultural footprint [5]

Core Insights - The company reported a revenue of 415 million yuan for the first half of 2025, a decrease of 23.73% year-on-year, primarily due to the strategic decision to optimize its business structure by divesting low-relevance operations [1] - Despite the decline in revenue, the net profit attributable to shareholders increased by 12.67% to 38.6047 million yuan, indicating strong profitability resilience and effective strategic adjustments [1] - Basic earnings per share rose by 13.56% to 0.067 yuan per share [1] Business Performance - The core product, the magazine "Reader," maintained its market leadership with a circulation of 30.18 million copies in the first half, averaging 5.03 million copies per month, and cumulative circulation exceeding 2.3 billion copies [2] - The publishing of high-quality books continued, with 3,408 new titles approved, a year-on-year increase of 32.3%, and several publications selected for national funding projects [2] - The educational materials segment remained stable, successfully completing the political task of delivering textbooks for the spring semester to over 40,000 teachers [2] Innovation and Brand Development - The company is actively advancing media integration and digital transformation, with the "Reader" public account reaching 7.7357 million users and the Toutiao account having 6.122 million users, expanding its media influence [3] - A total of 656 live broadcasts were conducted in the first half, generating a total transaction volume of 2.0718 million yuan, reflecting a year-on-year growth of 4.72% [3] - The brand value of "Reader" reached 57.685 billion yuan, an increase of 6.323 billion yuan from 2024, marking a growth rate of 12.3%, and it has been recognized as one of the "Top 500 Most Valuable Brands in China" for 22 consecutive years [3]

Group 1 - The board of directors of Reader Publishing Media Co., Ltd. held its 18th meeting on August 26, 2025, with all 8 directors present, confirming the legality and validity of the meeting and resolutions passed [1] - The board approved the proposal to abolish the supervisory board, transferring its powers to the audit committee of the board, which will not adversely affect the company's governance and operations [2][3] - The board also approved the revision of the company's articles of association and related management systems to enhance governance and compliance with new regulations [3] Group 2 - The board approved the company's 2025 semi-annual report and summary, which had previously been reviewed by the audit committee [5] - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Recovery" action plan for 2025, which had been reviewed by the strategic committee [5] - The board proposed to hold the first extraordinary general meeting of shareholders in 2025 on September 24, 2025, to discuss related proposals [6]

Group 1 - The company held its 14th meeting of the 5th Supervisory Board on August 26, 2025, with all four supervisors present, ensuring compliance with relevant laws and regulations [1][2]. - The Supervisory Board approved the proposal to abolish the Supervisory Board, transferring its powers to the Audit Committee of the Board of Directors, effective from July 1, 2024 [1][2]. - The decision to abolish the Supervisory Board will not adversely affect the company's governance or operations [1]. Group 2 - The Supervisory Board also approved the 2025 semi-annual report and its summary, with all votes in favor [2].