Summary of Zhongyuan Media Conference Call Company Overview - **Company**: Zhongyuan Media - **Industry**: Publishing and Education Key Points Financial Performance - **Revenue Growth**: Zhongyuan Media's main business revenue increased in the first half of the year, with a focus on optimizing the material business structure and enhancing sales of educational materials, leading to a slight increase in gross margin [2][4] - **Net Profit Increase**: The company expects net profit growth to exceed 50%, estimated between 50% to 60%, due to the absence of a significant tax expense from the previous year [3] - **Cost Management**: The company achieved double-digit natural growth through increased revenue and reduced costs, including lower personnel expenses and decreased sales promotion costs [3] Market Dynamics - **General Book Market**: The general book market faces significant pressure from e-books, with sales accounting for approximately 8%-10% of total book sales, estimated at 3-4 billion yuan in the first half of the year [2][6] - **Educational Materials**: The educational materials market in Henan province remains stable, unaffected by policy changes, with the "one lesson, one supplement" policy still in effect [2][12] Growth Strategies - **Research and Study Business**: The research and study business is identified as a future growth point, with a target revenue of 200 million yuan for the year. The company is investing in various initiatives, including transforming bookstores and building camps [2][7] - **AI and Smart Education**: The AI business is integrated with the smart education platform, with phase one completed and expected to be fully operational in over 300 schools by the end of the year. This initiative is anticipated to contribute to future revenue growth but will not generate direct income in 2025 [2][10] Profitability and Margins - **Gross Margin Outlook**: The gross margin for 2025 is expected to be low due to significant investments in research and study equipment and camp construction, making profit predictions challenging [2][8] - **Future Profitability**: The company aims to establish its business first, with a clearer understanding of gross margins expected by 2026 [2][8] Workforce Management - **Employee Count**: The workforce has decreased to 12,700, down from 18,000 at the time of listing, leading to an older age structure. The company anticipates a reduction of 300-400 employees by the end of the year [2][9] - **Cost Savings**: Reducing the workforce is expected to save approximately 14 million yuan if 100 employees are let go [2][9] Dividend Policy - **Dividend Strategy**: Zhongyuan Media has a stable growth dividend policy, with a relatively high payout ratio in the publishing sector. The plan is to increase dividends based on a base of 0.6 yuan per share in 2025, subject to shareholder approval [2][14][15] Future Considerations - **Market Performance Monitoring**: The company will continue to monitor market performance closely, especially in the general book sector, where pressures from digital formats persist [2][6] - **Third Quarter Expectations**: The company expects a normal revenue recognition period in the third quarter of 2025, unlike the previous year, which faced delays due to policy changes [2][13]

[Expected Performance for the Current Period](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company expects 2025 first-half net profit to rise significantly, with attributable net profit growing 44% to 62% 2025 Semi-Annual Performance Forecast Summary | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | **Profit: 510.49 - 571.42** | Profit: 353.58 | | | **Year-on-year Growth: 44% - 62%** | | | **Net Profit Excluding Non-recurring Items** | **Profit: 500.49 - 566.42** | Profit: 341.13 | | | **Year-on-year Growth: 47% - 66%** | | | **Basic Earnings Per Share (RMB/share)** | **Profit: 0.50 - 0.56** | Profit: 0.35 | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company explicitly states this performance forecast's financial data remains unaudited by an accounting firm - The financial data in this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) Significant performance growth is primarily due to a tax policy change, enabling continued corporate income tax exemption - The core reason for the substantial performance growth is a change in tax policy, allowing the company's publishing and book distribution units to continue enjoying corporate income tax exemption from 2024 to 2027, as per a December 2024 announcement[5](index=5&type=chunk)[6](index=6&type=chunk) - Benefiting from the tax preferential policy, the company did not accrue relevant income tax expenses in H1 2025, directly leading to a significant increase in net profit attributable to shareholders and other profit indicators[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company confirms no significant uncertainties impact the accuracy of this performance forecast - The company states there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [Other Relevant Information](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) This performance forecast is preliminary; final figures will be in the official 2025 semi-annual report, investors should note investment risks - This performance forecast represents preliminary company data, with final figures subject to the officially disclosed 2025 semi-annual report[8](index=8&type=chunk)

Investment Rating - The report gives a "Strong Buy" rating for Zhongyuan Media (000719) [1] Core Views - Zhongyuan Media is a high-quality local education publishing company with strong dividend capabilities and a high safety margin, while its new business prospects are promising [1][6] - The company benefits from its unique position as the only listed cultural enterprise in Henan Province, with a complete industrial chain covering publishing, distribution, printing, and educational services [6][13] - The company has a robust business model supported by its licensing advantages and stable revenue from its core publishing and distribution operations [6][8] Financial Summary - Total revenue is projected to grow from 9,857 million in 2024 to 11,189 million in 2027, with a compound annual growth rate (CAGR) of approximately 4.3% [2] - Net profit attributable to shareholders is expected to increase from 1,030 million in 2024 to 1,397 million in 2027, with a notable growth of 22.5% in 2025 [2] - The earnings per share (EPS) is forecasted to rise from 1.01 in 2024 to 1.37 in 2027, reflecting a steady growth trajectory [2] Business Analysis - The company's revenue structure shows that publishing and distribution account for over 75% of total revenue, with distribution contributing 57% and publishing 23% in 2024 [25][31] - The company holds exclusive rights for textbook publishing and distribution in Henan, ensuring a stable demand base due to the large number of K12 students in the province [6][44] - Zhongyuan Media is actively expanding into vocational education, market-oriented supplementary materials, and AI+ education, which are expected to provide additional growth opportunities [6][8] Dividend Capability - The company has a strong willingness and ability to pay dividends, supported by its stable cash flow and low capital expenditure [6][8] - The controlling shareholder, the Henan Provincial Government, has a vested interest in maintaining high dividend payouts, further enhancing the company's safety margin [6][8] Investment Recommendation - The report anticipates steady growth in the company's core business, with potential increases in dividends providing a stronger safety margin [9] - The target price is set at 18.49 yuan, based on a relative valuation method using a 15x PE ratio for 2025 [2][9]

Group 1 - The childcare service concept sector rose by 1.82%, leading the concept sectors in terms of growth, with 13 stocks increasing in value [1][2] - Notable gainers in the sector included Huamei Holdings, which hit the daily limit, and other companies like Dou Shen Education, Hejing Technology, and Chuangyuan Co., which rose by 5.98%, 5.55%, and 4.21% respectively [1][2] - The sector experienced a net outflow of 243 million yuan in main funds, with Dou Shen Education receiving the highest net inflow of 69.37 million yuan [2][3] Group 2 - The top three stocks in terms of net inflow ratio were Chuangyuan Co. at 4.71%, Huamei Holdings at 3.96%, and Zhongyuan Media at 3.49% [3] - Stocks with significant declines included Tuo Wei Information, *ST Jinke, and Yuexin Health, which fell by 1.42%, 1.34%, and 1.15% respectively [1][2] - The overall market showed mixed performance, with various sectors experiencing both gains and losses, highlighting the volatility in the current investment landscape [2][4]

Summary of Zhongyuan Media Conference Call Company Overview - **Company**: Zhongyuan Media - **Industry**: Education Publishing and Smart Education Solutions Key Points Industry and Market Dynamics - The 2025 textbook procurement budget in Henan Province remains stable, primarily focused on compulsory education, with a slight decline in elementary school enrollment offset by an increase in high school students and record high college entrance exam candidates [2][3] - The total number of students in Henan Province is approximately 14.6 million, with over 1.8 million high school students, indicating growth potential for the company [2][6] - The smart education platform in Henan is being developed in two phases, with the second phase expected to be completed by September 2025, covering 20,000 primary and secondary schools [2][7][8] Financial Performance - In the first half of 2025, Zhongyuan Media's educational materials and auxiliary business showed stable performance, with revenue and profit experiencing slight growth [3] - The Henan Provincial Finance Department allocated 1.15 billion yuan for textbook procurement, consistent with previous years, primarily for grades 1-9 [3] - The company expects to maintain growth in overall performance for the year [2][3] Strategic Initiatives - The company plans to reduce its workforce by over 300 employees through natural attrition, which is expected to decrease labor costs by 10-20 million yuan, impacting profits by approximately 1 percentage point [4][17] - The company is focusing on expanding its market share in the educational materials sector, which currently accounts for 12-13% of total revenue, indicating significant growth potential in the Henan market [10][11] - The Elephant Publishing House is a key profit contributor, with expected growth rates surpassing other publishers [12] Future Outlook - The company is optimistic about exceeding its growth targets for educational materials, despite challenges [13] - The general book segment is under pressure from e-books, with sales expected to remain flat or slightly decline [14] - The company is investing in research and study services, with a revenue target of 200 million yuan over the next two years, expecting significant profit contributions in three years [18][20] Investment and Dividend Policy - The company plans to maintain a stable dividend policy, with a minimum of 0.6 yuan per share in 2025, gradually increasing thereafter [22] - Future investments will focus on technology and cultural enterprises that enhance earnings per share (EPS) [23] Digital Infrastructure - The digital industrial park project has a total budget of 3.5 billion yuan, with approximately 1.8 billion yuan already invested [25] - The company is exploring partnerships in emerging sectors like virtual reality and the metaverse to enhance user experience and operational efficiency [27][29] Regulatory Environment - There have been no significant changes in the regulatory environment for educational materials in Henan, with ongoing efforts to standardize procurement practices [9] Conclusion - Zhongyuan Media is positioned for growth in the educational publishing sector, with strategic initiatives aimed at expanding market share and enhancing profitability through technology integration and operational efficiency [30]

Group 1 - The company has approved a cash dividend distribution plan for the year 2024, which will distribute 6.0 yuan per 10 shares to all shareholders, totaling approximately 613.92 million yuan [1][2] - The dividend distribution will be based on the total share capital as of December 31, 2024, with specific tax treatments for different types of shareholders [1][2] - The record date for the dividend distribution is set for June 27, 2025, and the ex-dividend date will follow [1][2] Group 2 - The cash dividends will be directly credited to shareholders' accounts through their custodial securities companies on June 30, 2025 [2] - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shareholders' securities accounts during the application period [2][3]

证券代码：000719 证券简称：中原传媒 公告编号：2025-028 一、股东大会审议通过权益分派方案情况 1.经公司 2025 年 5 月 16 日召开的 2024 年年度股东大会审议通 过，公司 2024 年年度权益分派方案为：以 2024 年 12 月 31 日总股本 1,023,203,749 股为基数，向全体股东按每 10 股派发现金红利 6.0 元 （含税），共计派发现金红利 613,922,249.40 元。 2.自 2024 年年度权益分派方案披露至实施期间，公司股本总额 未发生变化。 中原大地传媒股份有限公司 2024 年年度权益分派实施公告 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"）2024 年年度权 益分派方案已获 2025 年 5 月 16 日召开的 2024 年年度股东大会审议 通过，现将权益分派事宜公告如下： 3.本次实施的权益分派方案与公司 2024 年年度股东大会审议通 过的分派方案一致。 4.本次实施权益分派方案距离公司 2024 年年度股东大会审议通 过的时间未超过两个月。 ...

中原大地传媒股份有限公司 投资收益分配管理办法 （经公司 2025 年 6 月 11 日召开的九届十二次董事会审议通过） 第一条 为了加强中原大地传媒股份有限公司（以下简称"本公 司"或"公司"）投资收益分配管理，规范被投资企业利润分配行为， 特制定本办法。 第二条 本办法所指的被投资企业是指公司直接投资的全资子公 司、控股子公司和参股公司；投资收益分配管理是指公司以投资者的 身份对全资子公司、控股子公司行使利润分配决定权，对参股公司参 与利润分配决策，并依据最终的利润分配进行相关的会计处理及资金 收付。 第三条 投资收益管理必须遵循下列原则： （一）年度利润分配 1.全资子公司按当年合并报表归属于母公司所有者净利润的 60% （大象出版社郑东新区分公司按 85%）计算向公司进行分配。 2.控股子公司的利润分配方案由公司作为控股股东提出，并由控 股子公司股东会审议决定。 3.参股公司的利润分配方案，由参股公司股东会审议决定。 1.合法性原则。依据《中华人民共和国公司法》和公司章程并符 合《企业会计准则》对投资收益确认的规定行使对被投资企业的投资 收益权； 2.规范性原则。包括：（一）利润分配方案必须符合被投资 ...

中原大地传媒股份有限公司 九届十二次董事会会议决议公告 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。 一、董事会会议召开情况 中原大地传媒股份有限公司（以下简称"公司"）九届十二次董 事会会议于 2025 年 6 月 11 日在通讯方式下召开。本次董事会会议通 知于 2025 年 6 月 6 日以书面送达和电子邮件形式发出。会议由公司 董事长王庆先生主持，会议应出席董事 8 名，实际出席董事 8 名。会 议符合《中华人民共和国公司法》和《公司章程》等有关规定，合法 有效。 二、董事会会议审议情况 1.审议通过《关于修订<投资收益分配管理办法>主要条款的议案》 表决结果：8 票赞成，0 票反对，0 票弃权，表决通过。 证券代码：000719 证券简称：中原传媒 公告编号：2025-027 具体内容详见同日在巨潮资讯网（http://www.cninfo.com.cn） 公告的《投资收益分配管理办法》。 三、备查文件 1.九届十二次董事会会议决议； 2.深圳证券交易所规定的其他文件。 特此公告。 中原大地传媒股份有限公司 董 事 会 2025 年 6 月 11 ...

Group 1 - The "Chinese Good Books" youth special list has been officially released, selecting 100 outstanding books with ideological, artistic, and contemporary value [2] - Zhongyuan Media has six books selected, showcasing its content planning and publishing capabilities, as well as its long-term commitment to the educational publishing sector [2] - Selected works include three from Daxiang Publishing that highlight innovation in red education, two picture books from Haiyan Publishing that strengthen the low-age reading market, and a series from Science Publishing that aligns with national scientific literacy enhancement strategies [2] Group 2 - Zhongyuan Media continues to optimize its topic structure in the youth book sector, balancing thematic publishing with market orientation, emphasizing ideological guidance and aesthetic enlightenment [2] - The inclusion of multiple works in the "Chinese Good Books" special list affirms the company's high-quality publishing capabilities and reflects its growing brand influence in the industry [2][3] - As a key practitioner of the "National Reading" strategy, Zhongyuan Media leverages the largest educational publishing resource pool in the Central Plains and a vertical distribution network covering all primary and secondary schools in the province [3]