中原大地传媒股份有限公司 2024 年度社会责任报告 本报告根据中原大地传媒股份有限公司（以下简称"公司"）在 履行社会责任方面的具体情况进行编制，客观、真实地反映公司在报 告期内从事生产经营活动中履行社会责任的重要信息。 2024 年，公司坚持以习近平新时代中国特色社会主义思想为根 本遵循，深入学习贯彻党的二十届三中全会精神，持续落实文化强省 和书香河南建设各项部署安排，秉承"为人民立心、为文化举旗、为 产业领航，创新创造美好生活的精神世界"的初心使命，以出版传媒 行业为支点，在文化引领、绿色转型、员工关怀与社会共益四大领域 深耕细作，持续释放企业社会价值，充分发挥国有文化企业自觉履行 社会责任的表率作用，树立了企业勇于担当、善于担当的良好社会形 象，履行社会责任工作取得显著成效。 一、企业基本情况 公司于 2011 年 12 月 2 日在深圳证券交易所主板挂牌上市（股票 简称：中原传媒，股票代码：000719），是全国新闻出版业登陆资本 市场的先行者。公司主要从事图书、期刊、报纸、电子音像制品、网 络出版物以及其他媒介产品的编辑出版、印刷复制、营销发行、物资 供应，兼及版权贸易、资产管理、资本运营、文化创 ...

中原大地传媒股份有限公司 关于召开 2024 年年度股东大会的通知 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、会议召开基本情况 （一）股东大会届次：2024 年年度股东大会 （二）股东大会的召集人：本次股东大会由中原大地传媒股份有限公司 （以下简称："公司"）第九届董事会召集，经公司九届十一次董事会会议 决议通过。 证券代码：000719 证券简称：中原传媒 公告编号：2025-020 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 16 日 9:15-9:25、9:30-11:30、13:00-15:00； 通过互联网投票系统投票的具体时间为：2025年5月16日9:15-15:00。 （五）召开方式：本次股东大会采取会议现场投票和网络投票相结合的 方式召开。 公司将通过深圳证券交易所交易系统和互联网投票系统（ http://wltp.cninfo.com.cn）向公司股东提供网络形式的投票平台，公司 股东可以在网络投票时间内通过上述系统行使表决权。公司股东只能选择 1 （三）会议召开的合法、合规性：公司于 2025 年 ...

中原大地传媒股份有限公司 证券代码：000719 证券简称：中原传媒 公告编号：2025-019 九届九次监事会会议决议公告 本公司及监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、监事会会议召开情况 中原大地传媒股份有限公司（以下简称"公司"）九届九次监事 会会议于 2025 年 4 月 17 日以现场表决方式召开。本次监事会会议通 知于 2025 年 4 月 7 日以书面送达和电子邮件形式发出。会议由公司 监事任刚先生主持，会议应参加表决监事 5 名，实际参与表决 5 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、监事会会议审议情况 1.审议通过《关于选举公司第九届监事会主席的议案》 表决结果：5 票同意，0 票反对，0 票弃权，表决通过。 具体内容详见同日在巨潮资讯网（http://www.cninfo.com.cn） 公告的《关于选举公司第九届监事会主席的公告》（公告编号：2025- 023）。 2.审议通过《公司 2024 年度监事会工作报告》 表决结果：5 票同意，0 票反对，0 票弃权，表决通过。 具体内容详见同日 ...

证券代码：000719 证券简称：中原传媒 公告编号：2025-018 中原大地传媒股份有限公司 1.审议通过《公司 2024 年度董事会工作报告》 表决结果：8 票赞成，0 票反对，0 票弃权，表决通过。 具体内容详见同日在巨潮资讯网（http://www.cninfo.com.cn） 公告的《公司 2024 年度董事会工作报告》。 本议案尚需提交公司股东大会审议。 九届十一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"）九届十一次董 事会会议于 2025 年 4 月 17 日以现场表决方式召开。本次董事会会议 通知于 2025 年 4 月 7 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 2.审议通过《公司 2024 年度独立董事述职报告》 表决结果：8 票赞成，0 票反对，0 票弃权，表决通过。 具体内容详 ...

证券代码：000719 证券简称：中原传媒 公告编号：2025-013 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、审议程序 （一）董事会审议情况 2025 年 4 月 17 日，公司九届十一次董事会会议以 8 票同意、0 票反对、0 票弃权审议通过了《公司 2024 年度利润分配预案》，同意 将该议案提交公司股东大会审议。 （二）监事会审议情况 2025 年 4 月 17 日，公司九届九次监事会会议以 5 票同意、0 票 反对、0 票弃权审议通过了《公司 2024 年度利润分配预案》，全体监 事一致认为：公司 2024 年度利润分配预案符合《公司法》《上市公 司监管指引第 3 号——上市公司现金分红》和《公司章程》等的规 定，符合公司发展规划，充分考虑了全体股东的利益，不存在损害公 司及中小股东利益的情形，同意将该议案提交公司股东大会审议。 二、2024 年度利润分配预案的内容 经致同会计师事务所（特殊普通合伙）审计确认，2024 年度公司 合并报表实现净利润 1,041,659,722.76 元，其中归属于母公司所有 者的 ...

Financial Performance - The company's operating revenue for 2024 was ¥9,856,912,090.72, representing a slight increase of 0.24% compared to ¥9,833,398,879.24 in 2023[19] - Net profit attributable to shareholders decreased by 25.84% to ¥1,029,908,315.98 from ¥1,388,835,038.10 in the previous year[19] - The net profit after deducting non-recurring gains and losses increased by 12.11% to ¥1,249,920,268.23 from ¥1,114,916,178.38 in 2023[19] - Cash flow from operating activities decreased by 37.47% to ¥1,369,248,028.16 compared to ¥2,189,814,228.41 in 2023[19] - Basic earnings per share fell by 25.74% to ¥1.01 from ¥1.36 in the previous year[19] - Total assets at the end of 2024 were ¥18,178,764,890.58, an increase of 3.96% from ¥17,486,831,251.00 at the end of 2023[19] - Net assets attributable to shareholders increased by 5.19% to ¥11,491,269,147.95 from ¥10,924,547,103.71 in 2023[19] - Total revenue for the year reached 10,856,911,091.72 CNY, with a significant increase in Q4 revenue to 3,158,007,118.16 CNY, representing a 45.5% increase from Q3[23] - Net profit attributable to shareholders for the year was 1,029,110,315.98 CNY, with Q4 net profit reaching 521,710,025.90 CNY, a 236.5% increase compared to Q3[23] - The company reported a net cash flow from operating activities of 1,488,846,697.51 CNY in Q2, recovering from a negative cash flow of -433,841,945.10 CNY in Q1[23] Business Operations - The company’s main business includes editing, producing, and selling publications, with a diverse range of products catering to consumer knowledge and cultural needs[31] - The company is focusing on integrating artificial intelligence into educational services, aligning with national policies to enhance digital education and create a smart education ecosystem[29] - The company is leveraging its extensive distribution network through provincial bookstores and e-commerce platforms to increase sales of its educational materials[32] - The company’s printing division is expanding its operations, particularly in the Beijing area, to enhance its production capabilities for educational materials[33] - The company achieved total revenue of 9.857 billion yuan in 2024, a year-on-year increase of 0.24%[43] - Operating profit reached 1.33 billion yuan, reflecting a 10.03% increase compared to the previous year[43] - Total profit amounted to 1.325 billion yuan, up by 8.97% year-on-year[43] - The publishing business generated ¥3,269,161,143.91, accounting for 33.17% of total revenue, with a year-on-year growth of 3.37%[51] - The distribution business contributed ¥8,055,565,497.67, representing 81.73% of total revenue, with a growth of 0.68%[50] - The material sales business saw a decline of 1.77%, with revenue of ¥1,784,817,966.69, making up 18.11% of total revenue[51] Research and Development - The company launched 38 technology innovation projects with a total R&D investment of ¥737,000, marking a significant step in its "technology empowerment publishing" strategy[46] - Research and development expenses increased by 48.33% to 44.73 million yuan in 2024, driven by increased investment in R&D initiatives[60] - The number of R&D personnel increased by 30.97% from 268 in 2023 to 351 in 2024, with the proportion of R&D personnel rising from 2.03% to 2.75%[64] - R&D investment amounted to ¥44,730,353.25 in 2024, representing a 48.33% increase from ¥30,156,174.84 in 2023, with R&D investment as a percentage of operating revenue rising from 0.31% to 0.45%[65] Strategic Initiatives - The company aims to enhance educational resource integration and develop intelligent subject tools to meet diverse student learning needs, contributing to digital transformation in education[63] - The company is committed to technological innovation and cross-industry integration to drive growth and create new business opportunities in the publishing sector[30] - The company is focusing on optimizing printing processes and improving product quality, having launched 11 series of technological innovations to address production challenges[65] - The company is developing a new quality assessment tool that integrates big data collection, analysis, and feedback for educational evaluation[64] - The company plans to enhance its digital textbook service platform by upgrading client frameworks and optimizing user interfaces to improve user experience[65] Governance and Compliance - The company has established a comprehensive governance structure, including a shareholder meeting, board of directors, and supervisory board, to ensure effective decision-making and oversight[97] - The company has conducted regular independent audits to ensure compliance with governance standards and protect shareholder rights[96] - The company has a complete financial management system with 15 dedicated financial personnel, ensuring strict independent accounting practices[96] - The company has implemented a "Quality Return Dual Improvement" action plan, although details on its disclosure were not provided[91] - The company has engaged in 12 on-site investor meetings and nearly 200 telephone communications with investors during the reporting period[94] Shareholder Information - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares (including tax), totaling 613,922,249.40 yuan, based on a total share capital of 1,023,203,749 shares as of December 31, 2024[143] - The total distributable profit available for shareholders is 1,137,115,016.45 yuan, indicating a strong capacity for profit distribution[143] - The cash dividend amount represents 100% of the total profit distribution amount, reflecting a commitment to returning value to shareholders[141] - The company reported a total share count of 1,023,203,749, with 34.80% being restricted shares and 65.20% unrestricted shares[195] Management Changes - Lin Jiangyan resigned as General Manager but remains a board member and committee member[101] - The company is undergoing significant management changes, with multiple positions being filled and vacated, indicating a potential shift in strategic direction[104] - The company has appointed Guo Mengliang as the new deputy general manager effective October 29, 2024[104] - The company is actively managing its board composition to ensure compliance with the legal requirements regarding independent directors[104] Environmental and Social Responsibility - The company has not reported any significant environmental penalties during the reporting period[154] - There are no major environmental issues reported, and the company is not classified as a key pollutant discharge unit[154] - The company has committed to ensuring the independence of its management team, including the general manager and financial officer, who will work exclusively for the company and receive their salaries from it[158] Employee Development - The company conducts regular training programs, including monthly editing training and specialized training for digital publishing and management[135][136] - The training programs aim to enhance skills in areas such as AI tools, marketing strategies, and financial management[137][138] - The company emphasizes the importance of employee development through various training initiatives to improve overall performance and adaptability[135]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,916,065,289.47, representing a 1.04% increase compared to ¥1,896,300,949.76 in the same period last year[5] - Net profit attributable to shareholders increased by 234.61% to ¥109,965,381.13 from ¥32,863,747.22 year-on-year[5] - The net profit after deducting non-recurring gains and losses rose by 244.22% to ¥104,390,543.30 from ¥30,326,555.69 in the previous year[5] - Basic earnings per share increased by 266.67% to ¥0.11 from ¥0.03 in the same period last year[5] - The operating profit for the current period is 126,684,172.05, compared to 117,645,076.13 in the previous period, showing an increase of about 7.5%[18] - The total profit for the current period is 125,219,503.22, compared to 119,439,474.67 in the previous period, indicating an increase of about 5.5%[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,307,211,782.51, a 0.71% increase from ¥18,178,764,890.58 at the end of the previous year[5] - The total current assets amount to CNY 8,689,911,631.30, an increase from CNY 8,266,105,811.69 at the beginning of the period[15] - The total liabilities stand at CNY 6,640,628,064.25, slightly up from CNY 6,625,720,696.30 in the previous period[16] - The cash and cash equivalents at the end of the period are CNY 5,286,199,635.90, compared to CNY 5,224,641,090.68 at the beginning[14] - The accounts receivable have risen to CNY 1,445,451,471.52 from CNY 1,193,620,438.86, indicating improved credit sales[14] - The inventory has increased to CNY 1,073,282,572.13 from CNY 926,282,285.58, suggesting a buildup of stock[15] - The retained earnings have grown to CNY 7,693,512,986.53 from CNY 7,583,547,605.40, reflecting a positive trend in profitability[16] Cash Flow - The company reported a net cash flow from operating activities of -¥387,967,178.92, an improvement of 10.57% from -¥433,841,945.10 in the previous year[5] - Cash flow from operating activities shows a net outflow of -387,967,178.92, an improvement from -433,841,945.10 in the previous period[21] - Cash flow from investment activities generated a net inflow of 349,573,449.88, compared to a net outflow of -466,564,942.14 in the previous period[21] - The company received cash from the recovery of investments amounting to 1,381,551,776.54, significantly higher than 598,000,000.00 in the previous period[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 26,247[11] - The largest shareholder, Zhongyuan Publishing Media Investment Holding Group Co., Ltd., holds 70.34% of the shares[11] Expenses - The total operating costs for the current period are CNY 1,797,147,344.74, which is marginally lower than CNY 1,797,180,096.29 from the previous period[17] - The operating cost of goods sold is CNY 1,280,660,858.08, up from CNY 1,265,476,644.22 in the previous period, indicating a rise in costs[17] - Research and development expenses rose to 8,267,318.19, up from 4,997,109.08, reflecting a growth of approximately 65.5%[18] - The company reported a decrease in sales expenses to 290,817,371.17 from 289,869,449.17, a marginal increase of about 0.3%[18] Other Income - The company received government subsidies amounting to ¥6,776,367.97 during the reporting period[7]

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]