Investment Rating - The investment rating for the company is upgraded to "Buy" with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [10][14]. Core Views - The company's main business remains stable, with a significant increase in the dividend payout ratio, reaching 59.61%, compared to an average of 34.47% from 2018 to 2023 [9][10]. - The company is expected to benefit from a tax exemption period extending until December 31, 2027, which will lead to a substantial reduction in income tax expenses and enhance earnings potential [10]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 98.57 billion yuan, a year-on-year increase of 0.24%, while the net profit attributable to shareholders decreased by 25.84% to 10.30 billion yuan. However, the net profit after deducting non-recurring items increased by 12.11% to 12.50 billion yuan [6][9]. - For Q1 2025, the company reported an operating revenue of 19.16 billion yuan, up 1.04% year-on-year, and a net profit attributable to shareholders of 1.10 billion yuan, a significant increase of 234.61% [9]. Business Segments - The publishing segment generated revenue of 32.69 billion yuan, a growth of 3.37%, while the distribution segment's revenue was 80.56 billion yuan, up 0.68%. The gross margin for the distribution segment reached a record high of 30.40% [9]. - The company has secured a contract for the 2024-2027 compulsory education free textbook procurement project, ensuring a stable educational foundation for the next three years [9]. Dividend Policy - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 6.14 billion yuan, resulting in a dividend yield of 5.28%, which is significantly higher than the average yield of 4.50% from 2020 to 2023 [9][10]. Future Outlook - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.27 yuan, 1.32 yuan, and 1.38 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 9.46, 9.05, and 8.66 [10][12].

实际上，自2011年成功在深交所借壳上市后，中原传媒已连续12年以现金分红方式回馈股东，累计分红 高达33.24亿元。在保持高频率、高比例的分红下，中原传媒期末未分配利润连年升高，同时账上资金 充足也为后续连续稳定的回报提供保障。据统计，2022年至2024年，公司分别实施现金分红3.89亿元、 4.30亿元及6.14亿元，期末未分配母公司利润为6.45亿元、8.68亿元及11.37亿元。 总体来看，中原传媒在2024年通过深耕主业、创新驱动、管理优化等多方面努力，实现了稳健发展。展 望2025年，中原传媒表示，公司计划通过打造出版主业产融耦合新势能、创建教育服务AI赋能新体 系、升维阅读服务智能渗透新范式、释放产业集群资本聚合新引擎等举措，持续构建"四横七纵多生 态"产业发展新格局，为股东创造可持续回报，为文化强国建设贡献更大出版力量。（CIS） 高比例分红反映出公司对自身保持良好经营情况及盈利水平的信心。2024年中原传媒超额完成了核心盈 利指标，在营业总收入实现稳增长的同时，扣非净利润录得12.50亿元，同比增长12.11%。2025年一季 度，公司实现营收19.16亿元，扣非后归母净利润录得1.04亿 ...

中原传媒：2025Q1 业绩高增，分红大超预期 出版 中原传媒（000719.SZ） 证券研究报告/公司点评报告 2025 年 04 月 18 日 | 公司盈利预测及估值 | 买入（维持） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 9,833 | 9,857 | 10,346 | 10,752 | 11,160 | 分析师：康雅雯 | 增长率 | 2% | 0% | 5% | 4% | 4% | yoy% | | 归母净利润（百万元） | 1,389 | 1,030 | 1,366 | 1,444 | 1,516 | 执业证书编号：S0740515080001 | 增长率 | 35% | -26% | 33% | 6% | 5% | yoy% | | Email：kangyw@zts.com.cn | 每股收益（元） | 1.36 ...

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]

2024年度传媒行业分红排名 4月17日中原传媒发布2024年度分配预案，拟10派6元（含税），预计派现金额合计为6.14亿元。派现额 占净利润比例为59.61%，以该股2024年度成交均价计算，股息率为5.36%。这是公司上市以来，累计第 14次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派6元（含税） | 6.14 | 5.36 | | 2023.12.31 | 10派4.2元（含税） | 4.30 | 3.63 | | 2022.12.31 | 10派3.8元（含税） | 3.89 | 4.74 | | 2021.12.31 | 10派3.3元（含税） | 3.38 | 4.67 | | 2020.12.31 | 10派3.1元（含税） | 3.17 | 4.20 | | 2019.12.31 | 10派2.8元（含税） | 2.86 | 3.62 | | 2018.12.31 | 10派2.5元（含税） | 2.56 | 3.22 | | 2017.1 ...

重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居：控股股东筹划控制权变更事项股票18日起停牌 中国联通：一季度净利润同比增长6.5% 同飞股份：一季度净利润同比增长1104.89% 长盈精密：2024年净利润同比增长800.24% 拟10派1.3元 沪市重要公告： 华鲁恒升：拟2亿元—3亿元回购股份用于注销 亚振家居（603389）公告，因公司控股股东上海亚振投资有限公司正在筹划重大事项，该事项可能导致 公司控制权发生变更，经公司申请，公司股票将于2025年4月18日（星期五）开市起停牌，停牌时间不 超过2天。 圣泉集团：一季度净利润同比增长50.46% 圣泉集团（605589）公告，第一季度实现营业收入24.59亿元，同比增长15.14%；净利润2.07亿元，同 比增长50.46%；基本每股收益0.25元。 中国联通：一季度净利润同比增长6.5% 中国联通（600050）公告，公司2025年第一季度实现营业收入1033.5亿元，同比增长3.9%；归属于母公 司净利润26.1亿元，同比增长6.5%；基本每股收益0.083元。 华鲁恒升（600426）公告，公司拟2亿元—3亿元回购股份用于注销并 ...

Group 1 - Sanan Optoelectronics received a loan commitment letter from China Industrial Bank for a repurchase loan of 1 billion yuan, valid for three years, to support stock buybacks [2] - Changying Precision reported a 23.40% increase in revenue to 16.934 billion yuan and an 800.24% increase in net profit to 772 million yuan for 2024, driven by humanoid robot projects [2] - Zhuhai Group's Q1 net profit increased by 74.07% to 277 million yuan, attributed to gains from precious metals [2] Group 2 - Qianyuan Power expects a Q1 net profit increase of 330%-365%, driven by a 62.70% increase in water inflow and a 59.40% rise in power generation [3] - Guofang Group's stock has experienced significant volatility, with a current P/E ratio of 110.1, indicating potential irrational speculation [3] - Fangyuan Co. decided to terminate a 3 billion yuan lithium carbonate production project due to market conditions and strategic changes, having already invested 97 million yuan [4] Group 3 - Baosteel plans to acquire a 49% stake in Maanshan Steel for a total consideration of 9 billion yuan, consisting of 5.139 billion yuan for equity purchase and 3.861 billion yuan for capital increase [5]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 9.857 billion yuan, a year-on-year increase of 0.24% [1] - The net profit after deducting non-recurring gains and losses was 1.250 billion yuan, reflecting a year-on-year growth of 12.11% [1] - The company announced a cash dividend of 6 yuan per 10 shares, totaling approximately 614 million yuan, with a dividend payout ratio close to 60% [1] Group 2: Publishing and Education Services - The core publishing business generated revenue of 3.269 billion yuan, up 3.37% year-on-year [2] - The company secured a contract for the procurement of compulsory education textbooks in Henan Province for 2024-2027, ensuring stable income for three years [2] - The education services segment expanded rapidly, organizing nearly 4,000 research activities throughout the year [2] Group 3: Technological Advancements - The company increased its R&D investment by 48.33% in 2024, focusing on the "publishing + AI + education" strategy [3] - The establishment of the "Literature China" resource library and "Digital Book Version Museum" aims to diversify revenue streams from traditional publishing to digital products [3] - The company is leveraging AI applications in publishing processes, which may reshape content supply and dissemination methods [3]

关于中原大地传媒股份有限公司 非经营性资金占用及其他关联 资金往来的专项说明 致同会计师事务所（特殊普通合伙） 目 录 关于中原大地传媒股份有限公司非经营性资金占用及其他关联资 金往来的专项说明 中原大地传媒股份有限公司 2024 年度非经营性资金占用及其他关 联资金往来情况汇总表 1 致同会计师事务所（特殊普通合伙） 中国北京 朝阳区建国门外大街 22 号 赛特广场 5 层 邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于中原大地传媒股份有限公司 非经营性资金占用及其他关联资金往来的专项说明 致同专字（2025）第 410A008136 号 中原大地传媒股份有限公司全体股东： 我们接受中原大地传媒股份有限公司（以下简称"中原传媒公司"）委 托，根据中国注册会计师执业准则审计了中原传媒公司 2024 年 12 月 31 日的 合并及公司资产负债表，2024 年度合并及公司利润表、合并及公司现金流量 表、合并及公司股东权益变动表和财务报表附注，并出具了致同审字（2025） 第 410A012717 无保留意见审计报 ...