中原传媒（000719）公告，2025年第一季度营业收入19.16亿元，同比增长1.04%。净利润1.1亿元，同 比增长234.61%。 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry, particularly focusing on the textbook and educational materials sector [1]. Core Insights - The industry benefits from strong policy barriers and a favorable competitive landscape, with regional monopolies forming due to stringent publishing qualifications [4][27]. - The demand for educational materials is inelastic, with stable performance expected in the coming years despite a slight decline in student numbers [31]. - Companies in the sector exhibit high dividend yields and robust cash flows, highlighting their defensive investment value [44][50]. Summary by Sections 1. Strong Policy Barriers and Competitive Landscape - The publishing and distribution of educational materials are subject to strict regulatory requirements, creating high entry barriers for new competitors [4][19]. - Major publishers include both central and local entities, with a trend towards regional monopolies in textbook distribution [21][27]. 2. Inelastic Demand and Steady Growth - The number of students in schools is projected to remain stable, with estimates of 195 million, 191 million, and 186 million students from 2025 to 2027, reflecting slight declines of 0.66%, 2.07%, and 2.89% respectively [31]. - The demand for textbooks and supplementary materials is consistent, with students requiring an average of 8 books in elementary school and 18 in middle and high school [31][38]. 3. High Dividends and Defensive Value - The median cash held by companies in the sector reached 5.27 billion, with a median cash-to-asset ratio of 40.13% in 2023, indicating strong liquidity [44][46]. - The median dividend payout ratio increased from 25.54% in 2014 to 45.32% in 2023, surpassing the median ratios of the broader media sector and the CSI 300 index [50].

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [1] Core Insights - The media sector has underperformed compared to major indices, with a decline of 12.20% from March 14 to April 11, 2025, while the Shanghai Composite Index and CSI 300 fell by 3.59% and 4.12%, respectively [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - The advertising market is expected to rebound due to government initiatives aimed at boosting consumption, with stable demand from consumer goods clients [12][18] - State-owned publishing companies are highlighted for their high dividend yields and defensive value, with some companies achieving an average dividend yield of over 6% in the past three years [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover in valuation due to minimal impact from tariffs and strong domestic demand [11][12] - Monitor the advertising market for cyclical recovery driven by government consumption stimulus policies [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, ranking 28th among all sectors [3][13] - The sector's PE ratio as of April 11, 2025, is 26.38, above the historical average of 24.46 [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which includes 30 key tasks aimed at boosting consumer spending [18] - The gaming industry continues to receive support from government policies, with a significant number of game licenses issued in Q1 2025 [11][41] - The advertising market is showing signs of recovery, with notable increases in spending in various sectors [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21][27] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow, with a 1.6% increase in overall spending in 2024 [52][54]

近年来，各行各业加速推动数字化转型，出版行业也在积极探索传统出版与新兴出版融合的新发展模 式。2025年1月，国家新闻出版署公布"2024年出版业科技与标准创新项目"入选名单，中原传媒 （000719）（股票代码：000719.SZ）有三个项目入选，彰显出其在出版业数字化和科技创新方面的丰 硕成果。 日前，首批13家河南省人工智能行业赋能中心及人工智能典型应用场景名单公示，中原出版传媒集团榜 上有名，中原传媒作为该集团公司旗下重要成员，在人工智能赋能出版行业方面进行了积极探索，成效 显著，为AI赋能行业数字化转型升级做出重要贡献。 积极参与行业评选，入选项目数量屡创新高 2021年，中原传媒子公司河南教育电子音像出版社入选标准应用示范单位，为中原传媒在出版业科技与 标准应用方面奠定了坚实基础；2022年，中原传媒子公司大象出版社的"流媒体技术中台和大数据技术 在融媒教育云平台的应用"项目入选科技创新成果，进一步提升了在数字出版领域的技术实力；2023 年，河南教育电子音像出版社的"基于知识图谱和云原生技术的数字教育云平台"项目入选科技创新成 果，同时大象出版社入选科技应用示范单位，标志着中原传媒在教育出版领域 ...

中原传媒近日即将发布2024年年报，根据3月24日发布的业绩快报，归属净利润盈利10.53亿元，同比减 少24.18%。扣除非经常性损益后的归属于上市公司股东的净利润127266.06万元，同比增长14.15%。 截至2025年3月28日收盘，中原传媒（000719）报收于11.4元，较上周的10.89元上涨4.68%。本周，中 原传媒3月25日盘中最高价报12.16元。3月24日盘中最低价报10.84元。中原传媒当前最新总市值116.65 亿元，在出版板块市值排名12/29，在两市A股市值排名1367/5139。 本周关注点 业绩披露要点 报告期内，公司实现营业总收入985691.21万元，同比增长0.24%；营业利润135331.69万元，同比增长 11.99%；利润总额134835.93万元，同比增长10.93%；归属于上市公司股东的净利润105298.39万元，同 比减少24.18%。归属于上市公司股东的净利润同比下降24.18%，主要原因是出版、图书发行单位所得 税政策变化，公司需冲回2023年度确认的递延所得税资产2.27亿元。2023年10月，财政部、国家税务总 局、中央宣传部发布相关公告，自2 ...

中原传媒: 2024年度业绩快报 证券代码：000719 证券简称：中原传媒 公告编号：2025-011 中原大地传媒股份有限公司 本公司及董事会全体成员保证公告内容真实、准确和完整,没有虚假记 载、没有误导性陈述或重大遗漏。 特别提示：本公告所载2024年度的财务数据仅为初步核算数据， 未经会计师事务所审计，与年度报告中披露的最终数据可能存在差异， 请投资者注意投资风险。 一、2024年度主要财务数据和指标 单位：万元 项 目 本报告期 上年同期 增减变动幅度（％） 营业总收入 985,691.21 983,339.89 0.24 营业利润 135,331.69 120,838.31 11.99 利润总额 134,835.93 121,555.65 10.93 归属于上市公司股东的净利 润 扣除非经常性损益后的归属 于上市公司股东的净利润 基本每股收益（元） 1.03 1.36 -24.26 加权平均净资产收益率 （%） 项 目 本报告期末 本报告期初 增减变动幅度（％） 总 资 产 1,818,018.12 1,748,683.13 3.96 归属于上市公司股东的所有 者权益 股 本 102,320.37 ...

Financial Performance - Total operating revenue for 2024 reached CNY 985.69 million, a year-on-year increase of 0.24%[5] - Operating profit was CNY 135.33 million, reflecting a growth of 11.99% compared to the previous year[5] - Net profit attributable to shareholders decreased by 24.18% to CNY 105.30 million, primarily due to changes in tax policies affecting publishing and book distribution units[6] - The net profit after deducting non-recurring gains and losses increased by 14.15% to CNY 127.27 million[5] - Basic earnings per share were CNY 1.03, down 24.26% from the previous year[5] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 1,818.02 million, a 3.96% increase from the beginning of the period[4] - Shareholders' equity increased by 5.40% to CNY 1,151.43 million[4] Return on Investment - The weighted average return on net assets decreased by 3.98 percentage points to 9.39%[4] Tax Policy Impact - The company had to reverse a deferred tax asset of CNY 22.70 million due to tax policy changes, impacting net profit[6] - The company did not provide prior performance forecasts for 2024 before this earnings announcement[8]

中原传媒（000719）3月24日主力资金净流入 1413.06万元 金融界消息 截至2025年3月24日收盘，中原传媒（000719）报收于11.05元，上涨1.47%，换手率 2.02%，成交量13.46万手，成交金额1.47亿元。 资金流向方面，今日主力资金净流入1413.06万元，占比成交额9.59%。其中，超大单净流入331.41万 元、占成交额2.25%，大单净流入1081.65万元、占成交额7.34%，中单净流出流出1040.32万元、占成交 额7.06%，小单净流出372.74万元、占成交额2.53%。 中原传媒最新一期业绩显示，截至2024三季报，公司营业总收入66.99亿元、同比增长1.02%，归属净利 润5.08亿元，同比减少25.87%，扣非净利润4.89亿元，同比减少26.37%，流动比率1.342、速动比率 1.166、资产负债率36.07%。 通过天眼查大数据分析，中原大地传媒股份有限公司共对外投资了21家企业，参与招投标项目126次， 知识产权方面有商标信息15条。 来源：金融界 天眼查商业履历信息显示，中原大地传媒股份有限公司，成立于1996年，位于焦作市，是一家以从事化 学 ...

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [4] Core Insights - The gaming industry is experiencing rapid market expansion, with the virtual goods trading market in China reaching a total scale of 742.5 billion yuan in 2023 [5][12] - The industry is evolving towards a more mature three-tiered supply chain, consisting of game developers, distributors, trading platforms, and end-users [5][12] - The report highlights the increasing diversification of trading goods, including accounts, items, in-game currency, and services [5][12] Summary by Sections 1. Gaming Trading Industry Market and Leading Platforms - The gaming trading market is rapidly expanding, with a total market size of 742.5 billion yuan in 2023, including segments for equipment (248.7 billion yuan), currency (253.9 billion yuan), consumables (190.1 billion yuan), accounts (5.2 billion yuan), and boosting services (33.4 billion yuan) [12] - The industry has formed a mature three-tier supply chain, with upstream players including game developers and studios, midstream trading platforms, and downstream players being the gamers [12][15] 2. Feasibility of Data Asset Trading in Cultural and Digital Exchanges - The report discusses the legal protection of virtual assets in online games, indicating that the legal framework is evolving to support such transactions [46] - The trading of virtual goods is seen as a growing trend, with cultural and digital exchanges like the Zhejiang Cultural Exchange gaining traction in facilitating these transactions [51] 3. Growth Drivers of the Second-Hand Trading Market - From the manufacturer’s perspective, a mature second-hand trading system is crucial for sustaining game operations and enhancing market transparency [5] - From the player’s perspective, the second-hand market meets the demand for virtual asset monetization and fosters a complete gaming ecosystem [5] 4. Advantages of Cultural and Digital Exchanges Over In-Game Trading Systems - Cultural and digital exchanges offer more secure and regulated trading environments compared to in-game systems, which are often prone to fraud [5] - These exchanges can facilitate the conversion of virtual currencies into legal tender, addressing a significant limitation of in-game trading systems [5] 5. Market Outlook - The gaming industry is moving towards the standardization of in-game trading markets, with manufacturers shifting from merely restricting transactions to actively designing rules to guide market order [5]

证券代码：000719 证券简称：中原传媒 公告编号：2025-010 中原大地传媒股份有限公司 关于聘任高级管理人员的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 中原大地传媒股份有限公司（以下简称"公司"）于 2025 年 3 月 3 日召开九届十次董事会会议，审议通过了《公司关于聘任高级管理人员 的议案》。 因公司经营发展需要，根据《中华人民共和国公司法》《中华人民 共和国证券法》等法律法规及《公司章程》的相关规定，经公司董事长 王庆先生提名并经董事会提名委员会审查，公司董事会同意聘任刘永民 先生担任公司副总经理（简历详见附件），任期自本次董事会审议通过 之日起至第九届董事会任期届满之日止。 特此公告。 附件：个人简历 中原大地传媒股份有限公司 董 事 会 2025 年 3 月 3 日 1 刘永民，男，汉族，1970 年 12 月出生，中共党员，河南宁陵人，大 学学历，1992 年 12 月入党，1986 年 8 月参加工作，历任河南省商丘市 梁园区双八镇政府团委书记、副镇长，梁园区平台镇党委副书记，商丘 市经济技术开发区平台镇党委书记，梁园区委 ...