证券代码：000719 证券简称：中原传媒 公告编号：2025-025 中原大地传媒股份有限公司 2024 年年度股东大会决议公告 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。 特别提示： 1.本次股东大会没有否决议案。 2.本次股东大会没有涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开时间 1.现场会议时间：2025 年 5 月 16 日（星期五）15:00； 2.网络投票时间：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 过深圳证券交易所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； （二）现场会议地点：郑州市金水东路 39 号 A 座 0811 会议室； （三）召开方式：现场投票与网络投票相结合； （四）会议召集人：公司第九届董事会； （五）会议主持人：公司董事长王庆先生； （六）本次会议的召开符合《中华人民共和国公司法》《上市公司股 东大会规则》《深交所股票上市规则》及《公司 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于中原大地传媒股份有限公司 2024年年度股东大会的法律意见书 致：中原大地传媒股份有限公司 国浩律师（上海）事务所（以下简称"本所"）作为中原大地传媒股份有限 公司（以下称"公司"）之特聘法律顾问，根据《中华人民共和国公司法》（以 下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下称"《股东会规则》"）、《中原大地传媒股份 有限公司章程》（以下称"《公司章程》"）等法律法规及规范性文件的规定， 指派律师出席并见证了公司于2025年5月16日15时00分在河南省郑州市金水东路 39号A座0811会议室召开的2024年年度股东大会（以下简称"本次股东大会"）， 并对本次股东大会的召集、召开程序、出席人员资格、会议表决程序等事宜进行 了审查。 本所依据本法律意见书出具日之前已经发生或存在的事实及中国现行法律、 法规及规范性文件发表法律意见。 本所同意将本法律意见书作为公司本次股东大会公告的法定文件，随公司其 他公告一并提交深圳证券交易所审查并予公告。 本所律师已经对公司提供的与本次股东大会有关的文 ...

证券代码：000719 证券简称：中原传媒 公告编号：2025-024 为进一步加强与投资者的互动交流，中原大地传媒股份有限公司 （以下简称"公司"）定于 2025 年 5 月 22 日（星期四）15:25-16:55 参加在全景网举办的河南辖区上市公司 2025 年投资者网上集体接待 日活动。本次活动将采用网络远程的方式举行，投资者可登录"全 景·路演天下"（http://rs.p5w.net）参与本次互动交流。 出席本次网上集体接待日活动的人员为公司财务总监兼董事会 秘书吴东升先生（如有特殊情况，参会人员将可能进行调整），届时 将通过网络在线问答互动的形式，与投资者就其关注的问题进行交流， 欢迎广大投资者积极参与。 特此公告。 中原大地传媒股份有限公司 董 事 会 2025 年 5 月 16 日 中原大地传媒股份有限公司 关于参加河南辖区上市公司2025年投资者网上集体 接待日活动的公告 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。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [2] Core Views - The company's core business remains stable, with a focus on shareholder returns. In 2024, the company achieved operating revenue of 9.857 billion yuan, a year-on-year increase of 0.24%, and a net profit attributable to shareholders of 1.030 billion yuan, a year-on-year decrease of 25.84% due to a one-time adjustment related to deferred tax assets [1][6] - The company plans to distribute a cash dividend of 6.00 yuan per 10 shares, totaling 614 million yuan, which accounts for approximately 59.61% of the net profit attributable to shareholders [1][6] Summary by Relevant Sections Financial Performance - In 2024, the publishing business generated revenue of 3.269 billion yuan, up 3.37% year-on-year, while the distribution business brought in 8.056 billion yuan, a 0.68% increase. The materials sales business saw a revenue decline of 1.77% to 1.785 billion yuan, and the printing business grew by 2.80% to 594 million yuan [4][6] - For Q1 2025, the company reported operating revenue of 1.916 billion yuan, a 1.04% increase, and a net profit attributable to shareholders of 110 million yuan, a significant year-on-year increase of 234.61% [1][6] Future Outlook - The company is expected to maintain stable growth in its core business over the next three years, with projected revenues of 10.122 billion yuan, 10.365 billion yuan, and 10.594 billion yuan for 2025, 2026, and 2027, respectively [6][7] - The net profit attributable to shareholders is forecasted to be 1.317 billion yuan in 2025, reflecting a year-on-year growth of 27.86% [6][7] Strategic Initiatives - The company is actively pursuing digital transformation and enhancing its technological capabilities, including smart upgrades to printing equipment and the development of digital education platforms [4][6] - The company has been awarded a contract for the supply of free textbooks for compulsory education in Henan Province from 2024 to 2027, which is expected to contribute to stable growth in related business segments [4][6]

Investment Rating - The report maintains a positive investment rating for the media and internet industry, specifically recommending leading companies in various segments such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1][3]. Core Insights - The media industry has shown resilience with a 1.73% increase in the past week, ranking 7th among all sectors. Year-to-date, the media sector has increased by 0.16% [7][10]. - The report highlights the strong performance of the film industry, particularly due to the success of "Nezha 2," which is expected to drive growth in the cinema sector. Hengdian Film's Q1 report exceeded market expectations, with a 50.76% increase in box office revenue [7][17]. - The gaming sector is also viewed positively, benefiting from valuation, performance growth, and policy support, particularly in relation to AI development [7][8]. Summary by Sections Market Performance Review - The media sector index rose by 1.73% from April 14 to April 20, outperforming the CSI 300 index, which increased by 0.59% [10]. - Individual stock performance showed significant gains for companies like Ciwen Media (14.58%) and Huawen Group (13.18%), while companies like Beijing Culture saw declines of up to 9.48% [12][13]. Film Industry Data - The top films for the week included "Xiangyang·Hua" and "Nezha: The Devil's Child," with weekly box office revenues of 47.21 million and 41.01 million respectively [18]. - The overall box office for the Chinese film market reached 24.39 billion, reflecting a 49.10% year-on-year increase [7][17]. Television and Streaming Insights - The top-rated TV dramas included "Chengjia" on Hunan TV with a rating of 2.331% and "Zhangxin" on Zhejiang TV with a rating of 2.095% [21][22]. - Online dramas such as "My Second Half" and "Manhao's Life" led in streaming indices, indicating strong viewer engagement [23][24]. Gaming Sector Highlights - Tencent's "Honor of Kings" topped the iOS sales chart, with six of its games in the top ten [30]. - The gaming industry continues to thrive, with significant contributions from mobile gaming and emerging titles [30][32]. Publishing Sector Overview - The report notes that the publishing industry remains stable, with companies like Zhongyuan Media increasing dividends and reporting high growth in Q1 [7][8]. - Best-selling books in March included "Nezha: The Three Realms" and "To Live (2021 Edition)," indicating strong consumer interest in both fiction and non-fiction categories [33][34].

事件: 公司2025 年4 月18 日公告2024 年报及2025 年一季报，2024 年实现收入98.6 亿元，yoy+0.2%，归母净 利润10.3 亿元，yoy-25.8%，扣非归母净利润12.5 亿元，yoy+12.1%。2025Q1 收入19.2 亿元，yoy+1%， 归母净利润1.1 亿元，yoy+234.6%。 投资要点: 2024 年分红大幅提升，股息率达4.8% 公司2024 年拟每股分红0.6 元，同比提升0.18 元，2024 年合计分红6.1亿元，分红率59.6%，同比提升近 30pct，以4 月22 日收盘价计算，股息率4.8%。 2025Q1：收入19.2 亿元，yoy+1%，归母净利润1.1 亿元，yoy+234.6%，归母净利润高速增长主要由于 所得税政策变化，剔除所得税影响，从利润总额层面来看，2025Q1 利润总额1.3 亿元，yoy+4.8%，经 营业绩稳健增长。 2025Q1 期末在手现金（货币资金+交易性金融资产+其他非流动资产）合计85.5 亿元。 教材保障稳中提质，数字化赋能融合出版 教育服务生态布局优化：公司教材教辅基本面稳固，中小学数字教材服务平台用户突破18 ...

Core Insights - The Social Security Fund (SSF) has invested in 87 stocks as of the end of Q1, with 24 stocks held for over 8 consecutive quarters, indicating a long-term investment strategy [1][2] Group 1: Investment Holdings - The SSF's longest-held stock is Zhongyuan Media, held for 43 quarters since Q3 2014, with a current holding of 10.54 million shares, representing 1.58% of the circulating shares [1][3] - Other notable long-term holdings include WoWo Biological (42 quarters), Blue Sky Technology (28 quarters), and Yilian Network (27 quarters) [1][3] - The top three stocks by SSF holding volume at the end of Q1 are Mingtai Aluminum (71.30 million shares), Shenhuo Co. (51.96 million shares), and Guanglian Da (42.17 million shares) [1][3] Group 2: Changes in Holdings - Among the 24 continuously held stocks, three saw an increase in SSF holdings, with China West Electric, Yanjin Shop, and Yilian Network increasing by 27.55%, 17.90%, and 11.98% respectively [2][3] - Thirteen stocks experienced a reduction in holdings, with the largest decreases in holdings for Taoli Bread, Huate Dain, and Shengquan Group, with reductions of 54.74%, 50.27%, and 49.99% respectively [2][3] Group 3: Industry Distribution - The 24 continuously held stocks are concentrated in the basic chemicals, pharmaceutical biology, and non-ferrous metals sectors, with 7, 3, and 3 stocks respectively [2][3] - In terms of market segments, 15 stocks are from the main board, 7 from the Growth Enterprise Market, and 2 from the Sci-Tech Innovation Board [2][3] Group 4: Financial Performance - Among the 24 stocks, 18 reported year-on-year net profit growth, with significant increases noted for Xiantan Co. (583.83%), Zhongyuan Media (234.61%), and Kaili New Materials (90.48%) [3][4] - Five stocks reported a decline in net profit, with the largest decreases for Huaheng Biological, Shenhuo Co., and Taoli Bread, with declines of 40.98%, 35.05%, and 27.07% respectively [3][4]

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 ...