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]

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]