Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The media sector is positioned to benefit from the dual attributes of technology application and domestic demand, particularly in the context of the government's economic development goals for 2026, which aim for a growth rate of 4.5% to 5% [3][14]. - The transition to Web4.0 is expected to enhance the media landscape through AI empowerment, leading to new applications and content production paradigms [3][15]. - The report highlights the emergence of new consumption patterns, such as the "reward economy" and "accompaniment economy," which are anticipated to drive demand for media products and services [19][20]. Summary by Sections 1. Industry Review - The media industry has shown varied performance, with the internet marketing index experiencing significant declines while other sectors like vocational education have fared better [13]. - The report notes a substantial increase in the popularity of female-oriented AI dramas, which have become a key growth area within the industry [31][32]. 2. Industry Dynamics - The gaming sector continues to thrive, with major players like Tencent and NetEase leading in revenue generation, particularly during festive periods [27]. - E-commerce platforms are innovating with AI technologies, enhancing user engagement and operational efficiency [29][30]. - The report emphasizes the growing importance of AI in content creation, particularly in the realm of female-centric narratives, which are gaining traction in the market [31][32]. 3. Recommended Stocks - The report identifies several stocks to watch, including: - Shunwang Technology (300113) benefiting from Web4.0 applications - Mango Super Media (300413) focusing on AI-driven content - Wanda Film (002739) expected to recover post-holiday adjustments [4][8]. 4. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally optimistic outlook for the media sector [8].

湖南启元律师事务所 关于 天舟文化股份有限公司 2026年第一次临时股东会的 法律意见书 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410005 电话：（0731）82953-778 传真：（0731）82953-779 网站：www.qiyuan.com 致：天舟文化股份有限公司 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》（以下简称 "《股东会规则》"）等我国现行法律、法规、规范性文件以及《天舟文化股份有 限公司章程》（以下简称"《公司章程》"）的规定，湖南启元律师事务所（以下 简称"本所"）接受天舟文化股份有限公司（以下简称"公司"）的委托，指派本 律师出席了公司 2026 年第一次临时股东会（以下简称"本次股东会"），对本次股 东会的召集和召开程序、召集人及出席会议人员的资格、表决程序和表决结果的合 法有效性进行现场律师见证，并发表律师见证意见。 为发表律师见证意见，本律师依法审核了公司提供的下列资料： 1、刊登在深圳证券交易所网站（http://www.szse.cn）上的公司关于召开 20 ...

证券代码：300148 证券简称：天舟文化 编号：2026-008 天舟文化股份有限公司 二〇二六年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 特别提示 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2026年2月27日（星期五）下午15:00 （2）网络投票时间：2026年2月27日 其中，通过深圳证券交易所交易系统进行网络投票的时间为2026 年2月27日上午 9:15-9:25，9:30-11:30，下午13:00-15:00。通过深圳证 券交易所互联网系统投票的具体时间为2026年2月27日09:15-15:00的 任意时间。 2、现场会议召开地点：湖南省长沙市开福区匍园路71号马栏山信 息港6栋3楼会议室。 1、本次股东会以现场投票和网络投票相结合的方式召开； 2、本次会议召开期间未增加、否决或变更提案； 3、本次股东会不涉及变更以往股东会已通过的决议； 4、本次股东会对中小股东的表决单独计票，中小股东是指除公司 董事、监事、高级管理人员以及单独或者合计持有本公司 5%以上股 份的股东以外的其他股东。 一 ...

天舟文化股份有限公司 第五届董事会第一次会议决议公告 证券代码：300148 证券简称：天舟文化 编号：2026-009 一、董事会会议召开情况 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 天舟文化股份有限公司（以下简称"公司"）第五届董事会第一次 会议于 2026 年 2 月 27 日以现场方式召开，会议通知于 2026 年 2 月 24 日以电子邮件的方式发出。本次会议由公司董事长肖志鸿先生主持，会 议应出席董事 7 名，实际出席董事 7 名。本次会议的召集和召开符合《公 司法》等有关法律、行政法规、部门规章、规范性文件及《公司章程》 的有关规定。 二、董事会会议审议情况 （一）审议通过了《关于选举公司第五届董事会董事长的议案》 经全体董事审议，同意选举肖志鸿先生为公司第五届董事会董事 长，任期三年，自本次会议审议通过之日起至第五届董事会任期届满 之日止。 表决结果：7 票同意，0 票反对，0 票弃权。 具体请详见2026年2月27日披露于中国证监会指定信息披露网站 巨潮资讯网（www.cninfo.com.cn）上的《关于公司董事会完成换届选 举及 ...

证券代码：300148 证券简称：天舟文化 编号：2026-010 天舟文化股份有限公司 关于公司董事会完成换届选举暨聘任公司高级管理 人员、证券事务代表的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 天舟文化股份有限公司（以下简称"公司"）于 2026 年 2 月 27 日 召开 2026 年第一次临时股东会，完成董事会的换届选举工作。同日， 公司召开了第五届董事会第一次会议选举产生了第五届董事会董事长、 第五届董事会各专门委员会成员，聘任了高级管理人员、证券事务代 表。具体情况如下： 一、公司第五届董事会组成情况 1、第五届董事会成员 董事长：肖志鸿先生 非独立董事：肖翛女士、喻宇汉先生 独立董事：苏历铭先生、阳秋林女士、刘婷女士 职工代表董事：李剑先生 第五届董事会成员任期三年，自 2026 年第一次临时股东会审议通 过之日起至第五届董事会任期届满之日止。 1 公司第五届董事会成员兼任公司高级管理人员的董事人数未超过 公司董事总数的二分之一，独立董事的人数未低于公司董事总数的三 分之一，符合相关法规及《公司章程》的规定。独立董事的任职资格 已经 ...

证券代码：300148 证券简称：天舟文化 编号：2026-007 天舟文化股份有限公司 关于召开 2026 年第一次临时股东会通知的提示性公 告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或者重大遗漏。 天舟文化股份有限公司（以下简称"公司"）于2026年1月30日 在巨潮资讯网披露了《关于召开2026年第一次临时股东会的通知》， 本次股东会将采用现场和网络投票相结合的方式召开。现将有关事项 再次提示如下： 一、召开会议的基本情况 1、股东会的届次：2026年第一次临时股东会 2、股东会召集人：公司董事会 3、会议召开的合法性及合规性：经公司第四届董事会第三十次 会议审议通过，决定召开2026年第一次临时股东会，召集程序符合《公 司法》等有关法律、行政法规、部门规章、规范性文件及《公司章程》 等规定。 4、会议时间： （1）现场会议召开时间：2026年2月27日下午15:00（星期五） （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 票的时间为2026年2月27日上午9:15-9:25，9:30-11:30，下午13:00-15:00。 通过深圳证券交易所 ...

Core Viewpoint - Tianzhou Culture (300148.SZ) experienced a stock price decline of 3.79% to 5.59 yuan on February 11, influenced by significant capital outflows, technical corrections, performance and valuation disparities, industry adjustments, and fundamental concerns [1] Group 1: Capital Flow Situation - On February 11, the net outflow of main funds was 64.99 million yuan, accounting for 7.54% of the total transaction volume, with a cumulative net outflow exceeding 100 million yuan over the past five days [2] - Large orders saw a net outflow of 57 million yuan, indicating concentrated withdrawal of institutional funds, while the turnover rate of 18.92% suggests a high level of trading activity and weak control by major investors [2] Group 2: Stock Price Situation - On February 10, the stock price peaked at 6.14 yuan, with the KDJ indicator reaching 86.88, indicating an overbought condition, which corrected to 63.41 on February 11, reflecting a technical adjustment [3] - The stock price fell below the 5-day moving average of 5.46 yuan but remained above the 20-day moving average of 5.16 yuan, with the upper Bollinger Band resistance at 5.63 yuan [3] Group 3: Performance and Operating Situation - The company expects a net profit of 55 to 70 million yuan in 2025, representing a year-on-year growth of 67.68% to 113.41%, although this absolute value remains lower than industry leaders [4] - The price-to-earnings ratio (TTM) stands at 69.49, significantly higher than the average level in the publishing industry, raising concerns about overvaluation [4] Group 4: Industry Sector Situation - On February 11, the cultural media concept sector declined by 2.35%, and the publishing sector fell by 3.61%, with Tianzhou Culture being more susceptible to sector sentiment due to its small to mid-cap status [5] - Although the company is involved in AI education and virtual digital human concepts, recent capital inflows into these related sectors have slowed down [5] Group 5: Company Fundamentals - The mid-year report for 2025 indicates that accounts receivable accounted for 130% of net profit, highlighting cash flow pressure that warrants attention [6] - In the first three quarters of 2025, investment income reached 47.84 million yuan, constituting 85.5% of net profit, while the profitability of self-developed games still needs to be validated [6]

Group 1 - Tianzhou Culture's stock price dropped by 5.16% to 5.51 CNY per share, with a trading volume of 546 million CNY and a turnover rate of 11.97%, resulting in a total market capitalization of 4.644 billion CNY [1] - The company, established on August 18, 2003, and listed on December 15, 2010, primarily engages in book publishing and distribution, educational services, and mobile game development, with revenue composition of 85.41% from book publishing and 14.59% from mobile network games [1] Group 2 - Among Tianzhou Culture's top ten circulating shareholders, Dazhong Fund's Dazhong CSI 360 Internet+ Index A (002236) entered the list in the third quarter, holding 3.2229 million shares, which is 0.4% of the circulating shares, with an estimated floating loss of approximately 966,900 CNY [2] - Dazhong CSI 360 Internet+ Index A was established on February 3, 2016, with a latest scale of 754 million CNY, achieving a year-to-date return of 11.75% and a one-year return of 41.78%, ranking 559 out of 5569 and 1364 out of 4295 respectively [2]

Market Overview - The publishing sector declined by 0.93% compared to the previous trading day, with Rongxin Culture leading the decline [1] - The Shanghai Composite Index closed at 4102.2, up by 0.85%, while the Shenzhen Component Index closed at 14156.27, up by 0.21% [1] Individual Stock Performance - Zhongyuan Media (000719) saw a closing price of 13.44, with an increase of 5.16% and a trading volume of 461,300 shares, amounting to 626 million yuan [1] - Reader Media (603999) experienced a decrease of 1.32% with a net outflow of 227.44 million yuan from main funds [3] - Rongxin Culture (301231) closed at 36.29, down by 6.95%, with a trading volume of 94,500 shares and a transaction value of 350 million yuan [2] Fund Flow Analysis - The publishing sector experienced a net outflow of 649 million yuan from main funds, while retail investors saw a net inflow of 726 million yuan [2] - Main funds showed a net inflow of 2.39 million yuan into Zhongyuan Media, while other stocks like Zhejiang Publishing (601921) and City Media (600229) had mixed fund flows [3]

Core Insights - The publishing sector experienced a rise of 1.52% on February 3, with notable gains from companies like Zhongwen Online, which led the sector with a 4.01% increase [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Group 1: Stock Performance - Zhongwen Online (300364) closed at 31.91 with a gain of 4.01%, trading volume of 588,700 shares and a transaction value of 1.855 billion [1] - Ning Media (002181) saw a 3.25% increase, closing at 12.38 with a trading volume of 1,254,400 shares and a transaction value of 1.536 billion [1] - Other notable performers included Southern Media (601900) with a 2.68% increase, China Science Publishing (601858) up 2.27%, and Anhui New Media (601801) up 2.21% [1] Group 2: Market Flow - The publishing sector experienced a net outflow of 171 million from institutional investors, while retail investors saw a net inflow of 242 million [2] - The data indicates that retail investors were more active in the market, contrasting with the outflows from institutional and speculative funds [2] Group 3: Individual Stock Flows - Zhejiang Publishing (601921) had a net inflow of 10.2522 million from institutional investors, while it faced a net outflow of 11.2103 million from speculative funds [3] - Southern Media (601900) recorded a net inflow of 7.0367 million from institutional investors, with a significant outflow of 14.4210 million from speculative funds [3] - Retail investors contributed a net inflow of 738.43 million to Southern Media, indicating strong retail interest [3]