证券代码：300148 证券简称：天舟文化 天舟文化股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □ 特定对象调研 ☑分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 华鑫证券、国新证券、拉曼资产、泰信基金、广发金控、润财资 | | 人员姓名 | 产、IGWT Investment、中邮保险、上汽颀臻、名禹资产、东兴 | | | 基金、八零后资产、浩源投资、正德泰投、大道兴业投资、华商 | | | 基金、君和资本、富唐资产、荷荷基金、三登投资、德若基金、 | | | 创金合信、华福证券、睿源基金、渝汇投资、度势投资、橡果资 | | | 产、途灵资产、霄沣投资、陆家嘴国际信托、友邦人寿 | | 时间 | 2025 年 7 月 21 日 （周一）15:30-16:10 | | 地点 | 线上电话会议 | | 上市公司接待人 | 总裁 喻宇汉先生 | | 员姓名 | 证券事务代表、董秘处主任 姜玲 ...

Industry Overview - The book retail industry refers to the process of selling books directly to end consumers, utilizing careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [3] - Since 2020, China's book retail market has experienced fluctuations, with the market size declining from 98.7 billion yuan in 2021 to 87.1 billion yuan in 2022 [6] - In 2023, the market began to recover, with the retail market size slightly increasing to 91.2 billion yuan, representing a growth rate of 4.7% [6] Market Trends - By 2024, the integration of online and offline book sales channels has been established, driven by the rise of short video e-commerce and innovations in physical bookstores, leading to a significant market growth [6] - The industry code volume has reached 112.9 billion yuan in 2024, with a year-on-year growth rate of 23.8% [6] - The market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [8] Sales Channel Structure - In 2024, the market share of different sales channels is as follows: platform e-commerce accounts for 40.92%, short video e-commerce for 30.48%, vertical and other e-commerce for 14.71%, and offline physical stores for 13.99% [8] - The significant increase in the market share of short video e-commerce and offline physical stores compared to the previous year indicates a dynamic growth in the book retail sector [8] Key Players - Notable listed companies in the industry include CITIC Publishing (300788), China South Publishing (601098), Xinhua Wenhui (601811), and others [2] - Other relevant enterprises include Zhejiang Xinhua Bookstore Group, Beijing Ren Tian Bookstore Group, and various local bookstores [2]

证券代码：300148 证券简称：天舟文化 编号：2025-016 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、 （一）业绩预告期间 天舟文化股份有限公司 2025 年 1 月 1 日至 2025 年 6 月 30 日 （二）业绩预告情况 预计净利润为正值且属于下列情形之一： □扭亏为盈 √ 同向上升 □同向下降 完整，没有虚假记载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1、预计公司 2025 年净利润同比增长。剔除股份支付费用影响后， 图书出版发行业务和移动网络游戏业务的净利润均同比增长；此外， 参股公司海南元游新上线游戏表现突出，其业绩同比大幅提升，公司 确认的投资收益随之显著增加。 2、预计公司 2025 年半年度非经常性损益对净利润的影响金额为 200-300 万元。 四、其他相关说明 本次业绩预告相关的财务数据是公司财务部初步测算的结果，具 体财务数据将在 2025 年半年度报告中详细披露。敬请广大投资者注 意投资风险。 特此公告。 | 项 目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | ...

Core Insights - The Chinese book retail market has experienced fluctuations since 2020, with a decline in market size from 987 billion yuan in 2021 to 871 billion yuan in 2022, followed by a slight recovery to 912 billion yuan in 2023, representing a growth rate of 4.7% [1][5] - In 2024, the market is expected to achieve rapid growth, with the industry scale reaching 1,129 billion yuan, a year-on-year growth rate of 23.8%, driven by the rise of short video e-commerce and innovations in physical bookstores [1][5] Industry Overview - Book retail refers to the process of selling books directly to end consumers, involving careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [2] - The industry has seen a stable growth in the number of physical bookstores, with a rise of distinctive and diverse new bookstores, contributing to a preliminary establishment of an integrated online and offline sales channel [2] Market Dynamics - The book retail market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [7] - In 2024, the market structure shows that platform e-commerce accounts for 40.92% of the market, short video e-commerce for 30.48%, while vertical and other e-commerce and offline physical stores account for 14.71% and 13.99%, respectively [7] Book Categories - The largest category in the book retail market is children's books, accounting for 28.16% of the market in 2024, followed by educational materials at 25.33%, supported by a large user base of students [9] Competitive Landscape - The market competition is characterized by diversification and the integration of online and offline sales. Major online platforms like Dangdang and JD Books dominate the market, while physical bookstores like Xinhua Bookstore and independent bookstores enhance their competitiveness through cultural experiences and events [11] - Companies such as CITIC Publishing, Zhongnan Media, and Xinhua Wenhui are key players in the market, each with distinct business focuses ranging from educational materials to digital publishing [13] Development Trends - The integration of online and offline channels is accelerating, with a predicted stable online channel share of 65%-70% and offline bookstores achieving 30%-35% in the next five years [17] - Digitalization and personalized services are emerging trends, with the digital education market expected to exceed 5 billion yuan by 2025, accounting for 15% of the overall market [18][19] - Government policies are continuously supporting the industry's transformation and high-quality development, with initiatives like a 5 billion yuan fund for physical bookstore upgrades [20]

近日公司收到袁雄贵先生出具的《关于股份减持计划实施完毕的 告知函》，截至 2025 年 7 月 8 日，袁雄贵先生通过集中竞价方式累计 减持公司股份 8,150,000 股，占公司总股本的 1%；通过大宗交易方式 累计减持公司股份 1,131,748 股，占公司总股本的 0.14%，合计减持 公司股份 9,281,748 股，占公司总股本的 1.13%，其本次减持公司股 份计划已全部实施完毕，现将有关情况公告如下： 一、股东减持股份计划实施情况 | 股东名称 减持期间 | 减持方式 | | | | | | 减持均价 | | 减持股数 | | | 减持比例 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | （元） （股） | | | | | | | | | | | | （%） | | | 2025 | 盘后定价 | 年 | 7 | 月 | 1 | 日 | | 5.02 | | 2,000,000 | | 0.24 | | | 2025 | 集中竞价 | 年 | 7 | 月 | 4 ...

证券代码：300148 证券简称：天舟文化 编号：2025-015 天舟文化股份有限公司（以下简称"公司"） 于 2025 年 6 月 6 日 发布了《关于董事股份减持计划的预披露公告》（公告编号：2025- 014），公司董事袁雄贵先生计划自本公告披露之日起十五个交易日 后的三个月内以集中竞价交易或大宗交易等方式减持本公司股份数 量不超过 9,485,100 股，占本公司总股本比例 1.16%（总股本已剔除 公司回购专用账户中的股份数量，下同）。 近日公司收到袁雄贵先生出具的《关于股份减持计划实施完毕的 告知函》，截至 2025 年 7 月 8 日，袁雄贵先生通过集中竞价方式累计 减持公司股份 8,150,000 股，占公司总股本的 1%；通过大宗交易方式 累计减持公司股份 1,131,748 股，占公司总股本的 0.14%，合计减持 公司股份 9,281,748 股，占公司总股本的 1.13%，其本次减持公司股 份计划已全部实施完毕，现将有关情况公告如下： 1 一、股东减持股份计划实施情况 1、股东减持股份情况 天舟文化股份有限公司 关于董事股份减持计划实施完毕的公告 公司董事袁雄贵保证向本公司提供的内容 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][10]. Core Insights - The media industry is expected to benefit from the integration of AI applications, particularly with the launch of GPT-5 and AI glasses, which are anticipated to drive new consumption patterns and enhance content creation across various sectors [5][17]. - The report emphasizes the importance of leveraging IP (Intellectual Property) to stimulate consumer spending and highlights the potential of AI to improve operational efficiency and create innovative applications [5][16]. Summary by Sections 1. Industry Review - The media sector has shown significant performance, with a 47.3% increase over the past 12 months, outperforming the Shanghai and Shenzhen 300 indices [2][15]. - The gaming index has seen substantial growth, while the animation index has experienced a decline [15][24]. 2. Key Recommendations - The report recommends several stocks within the media sector, including Tianzhou Culture, Wanda Film, and Mango Super Media, highlighting their potential for financial recovery and growth through AI integration [6][10]. 3. AI Glasses and Applications - AI glasses are positioned as a new focus for the summer season, with companies like Xiaomi and Rokid launching new products that enhance user interaction and content consumption [5][16]. - The report discusses the potential market expansion for AI glasses as they reach a technological tipping point, with applications in daily life and creative processes [16]. 4. Upcoming Market Trends - The report anticipates a surge in AI applications across various fields, including digital marketing, education, and entertainment, driven by the release of GPT-5 and advancements in AI technology [17][18]. - The summer box office is projected to benefit from new film releases, with total box office earnings exceeding 2 billion yuan as of early July 2025 [28][31]. 5. Company Performance and Forecasts - The report provides detailed earnings forecasts for key companies, indicating a positive outlook for several firms in the media sector, with expected EPS growth in the coming years [10][18].

天舟文化（300148）公告，公司董事袁雄贵计划自公告披露之日起十五个交易日后的三个月内，以集中 竞价交易或大宗交易等方式减持公司股份不超过948.51万股，占公司总股本的1.16%。截至公告日，袁 雄贵持有公司股份3794.06万股，占公司总股本比例4.63%。减持原因系个人财务安排，减持股份来源为 首次公开发行后持有的股份及非公开发行股份。减持价格将根据市场价格及交易方式确定。袁雄贵不是 公司控股股东、实际控制人，其减持不会对公司治理结构及未来持续经营产生重大影响。 ...

天舟文化股份有限公司 关于董事股份减持计划的预披露公告 公司董事袁雄贵保证向本公司提供的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 证券代码：300148 证券简称：天舟文化 编号：2025-014 天舟文化股份有限公司（以下简称"公司"） 于近日收到公司董 事袁雄贵先生的《关于股份减持计划告知函》，计划自本公告披露之 日起十五个交易日后的三个月内以集中竞价交易或大宗交易等方式 减持本公司股份数量不超过 9,485,100 股，占本公司总股本比例 1.16% （总股本已剔除公司回购专用账户中的股份数量，下同）。 一、股东基本情况 1、减持股东名称：袁雄贵 2、减持股东持股情况：截至本公告日，袁雄贵先生持有公司股 份37,940,567股，占本公司总股本比例4.63%。 2、减持股份来源：首次公开发行后持有的股份及非公开发行股 份 3、拟减持数量及比例： 袁雄贵先生计划减持公司股份不超过 9,485,100 股，占公司总股 本的 1.16%。其中，采取集中竞价交易方式减持的，在任意连续 90 个 自然日内，减持股 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [6]. Core Insights - The company is experiencing a positive trend in its core business, with a net profit of 0.33 billion yuan in 2024 and 0.24 billion yuan in the first quarter of 2025, indicating a recovery from previous performance challenges [5]. - The company is exploring AI+education new business models in 2025, focusing on deepening its publishing and gaming sectors while collaborating with tech firms to enhance AI educational products [5]. - Revenue projections for 2025-2027 are estimated at 5.15 billion yuan, 5.77 billion yuan, and 6.50 billion yuan respectively, with net profits expected to reach 0.74 billion yuan, 1.03 billion yuan, and 1.37 billion yuan [6][9]. Summary by Sections Company Overview - The current stock price is 4.83 yuan, with a total market capitalization of 4 billion yuan and a total share count of 835 million [2]. Financial Performance - In 2024, the company's main business revenue from book publishing was 3.93 billion yuan, a year-on-year increase of 12.37%, with youth book sales contributing 3.4 billion yuan [5]. - The company launched a self-developed educational book series in 2024, achieving over 10 million in sales volume in its first year, which is expected to be a new profit growth point [5]. Future Outlook - The company aims to build a digital education ecosystem by enhancing its core publishing and gaming businesses and leveraging AI technology for educational applications [5]. - The company is also investing in new technology and industries, including cultural creation and digital technology, to expand its business portfolio [5]. Profitability Forecast - The earnings per share (EPS) are projected to be 0.09 yuan, 0.12 yuan, and 0.16 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 54.9, 39.0, and 29.4 [6][12].