Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [6]. Core Insights - The company's main business is showing continuous improvement, with projected revenues of 5.15 billion, 5.77 billion, and 6.50 billion yuan for 2025, 2026, and 2027 respectively, alongside a significant increase in net profit [5][6]. - The company is exploring AI+education new business models in 2025, focusing on deepening its core publishing and gaming businesses while collaborating with tech firms to enhance AI education products [5][6]. Summary by Sections Market Performance - The current stock price is 4.83 yuan, with a total market capitalization of 4 billion yuan and a 52-week price range of 2.21 to 5.55 yuan [2]. Business Development - In 2024, the company achieved a net profit of 0.33 billion yuan, with a revenue of 3.93 billion yuan from its publishing business, reflecting a year-on-year growth of 12.37% [5]. - The company launched a self-developed educational book series that generated over 10 million in sales in its first year, contributing to profit growth [5]. Financial Forecast - The forecast for net profit shows a recovery from a previous decline, with expected figures of 0.74 billion, 1.03 billion, and 1.37 billion yuan for 2025, 2026, and 2027 respectively [6][9]. - The report anticipates a significant increase in earnings per share (EPS) from 0.04 yuan in 2024 to 0.16 yuan by 2027 [12]. Key Financial Metrics - The report highlights a projected revenue growth rate of 11.7% for 2025, with a net profit growth rate of 124.2% [9][12]. - The gross margin is expected to improve from 28.3% in 2024 to 41.8% in 2027, indicating enhanced profitability [12].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [6]. Core Insights - The company's main business is showing continuous improvement, with projected net profits of 0.33 billion and 0.24 billion for 2024 and Q1 2025 respectively, 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 forecasts for 2025-2027 are estimated at 5.15 billion, 5.77 billion, and 6.50 billion respectively, with net profits expected to reach 0.74 billion, 1.03 billion, and 1.37 billion [6][9]. Summary by Sections Business Performance - In 2024, the company's publishing revenue reached 3.93 billion, a year-on-year increase of 12.37%, with youth book sales contributing 3.4 billion [5]. - The company launched a self-developed educational series that achieved over 10 million in sales in its first year, becoming a new profit growth point [5]. AI+Education Strategy - The company aims to build a digital education ecosystem by enhancing its publishing and gaming businesses and collaborating with companies like iFLYTEK to optimize AI educational products [5]. - The launch of the "Biaoji Sauce" app in October 2024 has shown stable growth in daily active users, indicating a successful entry into the youth culture market [5]. Financial Projections - The company anticipates a significant increase in net profit growth rates, with projections of 124.2% for 2025 and 40.7% for 2026 [12]. - Key financial metrics include an expected EPS of 0.09, 0.12, and 0.16 for 2025, 2026, and 2027 respectively, with corresponding P/E ratios decreasing from 54.9 to 29.4 over the same period [6][12].

Core Viewpoint - Tianzhou Culture Co., Ltd. has turned a corner in 2024 after four consecutive years of losses, achieving a net profit of 32.8 million yuan, driven by strong performance in its two main businesses: book publishing and mobile online gaming [1][2] Group 1: Financial Performance - In Q1 2025, the company continued its momentum with a quarterly net profit of 24.3 million yuan, representing a year-on-year increase of 4635.85%, the highest growth rate among listed companies in Hunan [1] - The book publishing segment generated revenue of 393 million yuan in 2024, a year-on-year increase of 12.37%, with self-developed educational books achieving over 10 million in sales in their first year [1] - The mobile online gaming segment saw profits increase by 375.17% in 2024, with significant contributions from games launched by its affiliate, Hainan Yuanyou [1] Group 2: Strategic Direction - The company has redefined its strategic direction under the leadership of founder and controlling shareholder Xiao Zhihong, focusing on a "Big Culture + Technology" strategy [1] - The strategy includes deepening its core businesses while exploring new growth areas such as AI + education, AI digital humans, and the ACG (Anime, Comic, and Games) sector [1][2] - The company is collaborating with iFLYTEK to develop AI + education solutions, enhancing various educational processes through technology [1] Group 3: Innovation and Future Outlook - Tianzhou Culture is actively exploring innovative paths, including investments in the emerging ACG industry, with its subsidiary, Xi'an Biaomeng Technology, rapidly developing a two-dimensional social platform [2] - The company plans to continue integrating culture and technology, focusing on the digitalization, intelligence, and internationalization of the cultural education industry in 2025 [2]

Core Viewpoint - Tianzhou Culture is actively addressing challenges in cash flow and competition while focusing on expanding its core businesses in publishing, education services, and gaming [2][4][5] Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 74.6 million yuan, an increase of 52.44% year-on-year [5] - The net profit attributable to shareholders reached 24.3 million yuan, a significant increase of 4635.85% year-on-year [5] - The company’s net profit after deducting non-recurring items was 23.0 million yuan, up by 892.31% year-on-year [5] - The debt ratio stands at 24.3%, indicating a stable financial position [5] - The gross profit margin is reported at 43.17% [5] Group 2: Business Operations - The company’s core competencies in the book publishing sector include over 1,000 copyrights and partnerships with top publishing institutions, contributing to a revenue of 393 million yuan in 2024, up 12.37% year-on-year [2] - The establishment of new subsidiaries in 2024 is expected to generate over 47 million yuan in revenue, enhancing sustainable growth [2] - The company is focusing on developing a digital education ecosystem and plans to launch new educational products in collaboration with AI firms [3] Group 3: Industry Challenges and Strategies - The gaming industry is shifting towards high-quality, globalized products, prompting the company to enhance its game development strategy and invest in promising gaming enterprises [3] - The company is implementing a proactive approach to monitor and adapt to regulatory changes affecting the cultural and educational sectors [4] - To combat increasing competition, the company is prioritizing technological innovation and expanding its product matrix while leveraging new technologies like AI and big data [4]

Group 1: Financial Performance - The company's operating cash flow for 2024 was negative, decreasing by 153.02% compared to the previous year, primarily due to payments for last year's goods and purchases [2] - In Q1 2025, the operating cash flow net amount increased by 93.43% year-on-year [2] - The publishing and distribution business generated revenue of 393 million CNY in 2024, an increase of 12.37% year-on-year [3] Group 2: Core Competencies - The company holds over 1,000 copyrights and maintains deep partnerships with top publishing institutions, reaching over 20 provinces and cities in China [3] - The newly established subsidiaries contributed over 47 million CNY in revenue in 2024, enhancing sustainable development [3] - The self-developed educational book series achieved over 10 million CNY in sales in its first year, becoming a new profit growth point [3] Group 3: Strategic Development - The company plans to build a smart education ecosystem in 2025, focusing on AI and personalized education products [4] - It aims to optimize and upgrade educational internet platforms and AI education products in collaboration with AI companies [4] - The company is exploring new business opportunities in digital technology and cultural creativity, including cloud gaming and live streaming sales [4] Group 4: Industry Challenges and Responses - The company is aware of significant policy impacts on the cultural education and gaming industries, particularly regarding content review and data security [5][6] - It has established a mechanism for tracking and interpreting policy dynamics to align business development with regulatory requirements [6] - To address intensified market competition, the company will focus on technological R&D, enhance product differentiation, and strengthen brand value [6]

致：天舟文化股份有限公司 天舟文化股份有限公司 2024年年度股东大会的 法律意见书 湖南启元律师事务所 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 关于 2、出席会议的股东或其代理人的资格、身份证明文件等； 2、公司董事会于 2025 年 4 月 24 日在深圳证券交易所网站（http://www.szse.cn） 上公告了公司关于召开 2024 年年度股东大会的通知。 3、公司本次股东大会会议文件。 公司已承诺所有提供给本律师的文件的正本以及经本律师查验与正本保持一致 的副本均为真实、完整、可靠。 本律师现按照律师行业公认的业务标准、道德规范和勤勉尽责精神，就本次股 东大会发表律师见证意见如下： 3、公司本次股东大会采取现场投票和网络投票相结合的方式召开： 一、本次股东大会的召集、召开程序 1、经查验，本次股东大会由公司董事会召集。 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 ...

证券代码：300148 证券简称：天舟文化 编号：2025-013 天舟文化股份有限公司 二〇二四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 1、本次股东大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、本次股东大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、会议召开情况 1、召开时间： （1）现场会议召开时间：2025年5月20日（星期二）下午15:00 （2）网络投票时间：2025年5月20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2025 年5月20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2025年5月20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。 3、召开方式：本次股东大会采取现场投票和网络投票相结合 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥74,596,640.29, representing a 52.44% increase compared to ¥48,934,354.37 in the same period last year[5] - Net profit attributable to shareholders was ¥24,256,988.33, a significant increase of 4635.85% from a loss of ¥534,783.81 in the previous year[5] - Basic earnings per share rose to ¥0.030, up 3100.00% from -¥0.001 in the previous year[5] - Net profit for the period was ¥22,236,684.28, a turnaround from a net loss of ¥4,487,180.74 in the previous year[22] - The company reported an operating profit of ¥24,922,392.14, compared to an operating loss of ¥4,491,258.60 in the same quarter last year[22] Cash Flow - The net cash flow from operating activities improved to -¥5,138,728.90, a 93.43% increase compared to -¥78,266,823.95 in the same period last year[5] - The net cash flow from operating activities was -5,138,728.90 yuan, an improvement from -78,266,823.95 yuan in the previous period, indicating a significant reduction in losses[24] - Cash inflow from investment activities totaled 488,707,096.97 yuan, compared to 554,927,937.68 yuan in the prior period, reflecting a decrease of approximately 11.93%[25] - The net cash flow from financing activities was 3,104,461.46 yuan, a recovery from -38,891,521.36 yuan in the previous period, showing a positive turnaround[25] - The cash inflow from sales of goods and services was 89,918,775.95 yuan, a significant increase from 57,374,985.19 yuan in the prior period, representing a growth of approximately 56.67%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,448,993,068.25, a 1.55% increase from ¥1,426,823,900.80 at the end of the previous year[5] - Total liabilities decreased slightly to ¥352,173,545.77 from ¥357,291,620.65 in the previous year[19] - The company's equity attributable to shareholders rose to ¥963,877,259.99, compared to ¥936,641,860.40 in the previous year[19] - Total current assets at the end of the reporting period amount to 793,062,489.88 RMB, compared to 784,933,481.05 RMB at the beginning of the period, reflecting an increase of approximately 1.38%[17] Investment and R&D - The company reported a significant increase in investment income, reaching ¥21,322,989.71, up 923.46% from a loss of ¥2,589,437.15 in the previous year[10] - The company has maintained a strong focus on R&D, with expenses amounting to ¥1,890,200.26, although this represents a decrease from ¥3,140,681.34 in the previous year[21] - The company’s cash and cash equivalents increased by 123.21% to ¥43,043,165.85, compared to a decrease of -¥185,448,807.04 in the previous year[10] Shareholder Information - Total number of common shareholders at the end of the reporting period is 56,992[12] - Hunan Jiachuan Investment Co., Ltd. holds 11.84% of shares, totaling 98,940,202 shares[12] - Yuan Xionggui, a natural person, holds 4.54% of shares, totaling 37,940,567 shares, with 28,455,425 shares under lock-up[12] - The total number of restricted shares held by Yuan Xionggui at the end of the period is 28,455,425, down from 33,571,986, after 5,116,561 shares were released from lock-up[15] - The company has not reported any significant changes in the shareholding structure among the top ten shareholders[12]

Core Viewpoint - Tianzhou Culture (300148) reported significant improvements in its financial performance for the year 2024, with notable increases in revenue and net profit, indicating enhanced profitability and operational efficiency [2][3]. Financial Performance - The total operating revenue for 2024 reached 461 million yuan, a year-on-year increase of 2.9%. The net profit attributable to shareholders was 32.8 million yuan, a substantial increase of 154.83% [2]. - In Q4, the total operating revenue was 219 million yuan, up 7.11% year-on-year, with a net profit of 11.84 million yuan, reflecting a 126.25% increase [3]. Key Financial Metrics - The gross margin was 28.34%, down 10.34 percentage points from the previous year, while the net margin increased to 6.4%, a rise of 153.15% [4]. - Total selling, administrative, and financial expenses amounted to 114 million yuan, accounting for 24.76% of revenue, a decrease of 16.75 percentage points year-on-year [5]. Earnings Per Share - The earnings per share (EPS) was 0.04 yuan, an increase of 157.14% year-on-year, while the net asset per share decreased by 3.8% to 1.12 yuan [6]. Accounts Receivable and Cash Flow - As of the end of 2024, accounts receivable stood at 43.43 million yuan, a year-on-year increase of 78.79%, indicating potential cash flow management challenges [7]. - The net cash flow from operating activities was -0.05 yuan per share, a decrease of 153.02% year-on-year, highlighting cash outflow issues [7]. Business Segmentation - The publishing and distribution segment generated 393 million yuan in revenue, accounting for 85.23% of total revenue, with a gross margin of 20.70% [8]. - The mobile gaming segment achieved revenue of 68.06 million yuan, representing 14.77% of total revenue, with a high gross margin of 72.43% [9]. Strategic Outlook - The company aims to become a leading content and technology innovation cultural enterprise in China over the next five years, focusing on "AI + publishing, education, and entertainment" [11].

关于天舟文化股份有限公司 专项说明 CAC 专字[2025]1349 号 审计机构：中审华会计师事务所（特殊普通合伙） 目 录 | | 目 录 | 页 码 | | --- | --- | --- | | 一、专项说明 | | 1-2 | | 二、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 | 3 | | 三、附件 | | | 审计机构营业执照和执业许可证复印件 关于天舟文化股份有限公司 2024 年度 控股股东及其他关联方资金占用情况的专项说明 2024 年度控股股东及其他关联方资金占用情况的 我们审计了天舟文化股份有限公司（以下简称"天舟文化"）2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公 司现金流量表和合并及母公司股东权益变动表以及相关财务报表附注（以下简称 "财务报表"），并于 2025 年 4 月 22 日出具了 CAC 审字[2025]1096 号的无保留意 见审计报告。财务报表的编制和公允列报是天舟文化管理层的责任，我们的责任 是在按照中国注册会计师审计准则执行审计工作的基础上对财务报表整体发表 审计意见。 根据《上市 ...