证券代码：300148 证券简称：天舟文化 编号：2025-028 天舟文化股份有限公司 关于2024年股票期权与限制性股票激励计划之限制性 股票第一个归属期归属结果暨股份上市的公告 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。 重要内容提示： 1、本次归属股票上市流通日：2025 年 9 月 15 日。 2、本次符合第二类限制性股票归属条件的激励对象人数：53 人。 3、本次可归属的第二类限制性股票数量：822 万份，占公司总股 本的 0.98%。 4、归属股票来源：公司从二级市场回购的公司人民币 A 股普通股 股票。 天舟文化股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日 召开第四届董事会第二十五次会议、第四届监事会第十七次会议，审议 通过了《关于 2024 年股票期权与限制性股票激励计划之限制性股票第 一个归属期归属条件成就的议案》，根据《2024 年股票期权与限制性 股票激励计划》（以下简称"《激励计划》"、"本次激励计划"或"本 激励计划"）的相关规定及 2024 年第一次临时股东大会的授权，董事 会认为《激励计划》中规定的第二 ...

Core Viewpoint - The publishing sector experienced a decline of 1.2% on September 15, with major stocks like Guomai Culture leading the drop, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index rose by 0.63% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3860.5, down 0.26% [1]. - The Shenzhen Component Index closed at 13005.77, up 0.63% [1]. - The publishing sector saw a net outflow of 462 million yuan from major funds, while retail investors contributed a net inflow of 407 million yuan [3]. Group 2: Individual Stock Performance - Tianzhou Culture (300148) closed at 5.03, with an increase of 1.21% and a trading volume of 513,100 shares [1]. - Rongxin Culture (301231) closed at 24.81, up 0.53% with a trading volume of 27,400 shares [1]. - Zhongwen Media (600373) remained unchanged at 10.22, with a trading volume of 156,000 shares [1]. - Other notable stocks include China Publishing (600373) at 7.12 (0.00%), New Classics (603096) at 18.15 (-0.27%), and Shiji Tianhong (300654) at 10.21 (-0.29%) [1].

Market Overview - The publishing sector increased by 1.04% on September 10, with Guangdong Media leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Individual Stock Performance - Guangdong Media (002181) closed at 9.58, up 9.99% with a trading volume of 1.2464 million shares and a transaction value of 1.153 billion [1] - Chinese Online (300364) closed at 28.73, up 4.47% with a trading volume of 1.0244 million shares and a transaction value of 2.948 billion [1] - Tianzhou Culture (300148) closed at 5.02, up 3.08% with a trading volume of 616,400 shares and a transaction value of 307 million [1] - China Publishing (601949) closed at 7.18, up 2.43% with a trading volume of 1.2082 million shares and a transaction value of 149 million [1] Capital Flow Analysis - The publishing sector saw a net inflow of 312 million from institutional investors, while retail investors experienced a net outflow of 2.42 billion [2] - Major stocks like Chinese Online and Guangdong Media had significant institutional net inflows of 231 million and 129 million respectively [3] Summary of Stock Movements - Guangdong Media had a notable increase in institutional investment, with a net inflow of 1.29 billion, while retail investors withdrew 299.25 million [3] - Chinese Online also saw a positive institutional net inflow of 162.63 million, despite a retail outflow of 1.255 million [3] - Other stocks like Longjiang Media and China Publishing experienced mixed capital flows, with varying degrees of institutional and retail investor activity [3]

证券代码：300148 证券简称：天舟文化 编号：2025-027 天舟文化股份有限公司 关于2024年股票期权与限制性股票激励计划之股票期 权第一个行权期采用自主行权模式的提示性公告 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。 重要内容提示： 1、本次行权的股票期权简称：天舟 JLC2，股票期权代码：036577。 2、本次可行权的激励对象人数：51 人。 3、本次可行权股票期权数量：782 万份，占公司总股本的 0.94%。 4、行权价格：2.61 元/股。 5、行权模式：自主行权模式。 6、根据自主行权业务办理的实际情况第一个行权期行权期限为 2025 年 9 月 15 日至 2026 年 9 月 11 日止。 7、若本次可行权股票期权全部行权，公司股份分布仍具备上市条 件。 天舟文化股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日 召开第四届董事会第二十五次会议、第四届监事会第十七次会议，审议 通过了《关于 2024 年股票期权与限制性股票激励计划之股票期权第一 1 个行权期行权条件成就的议案》，根据《2024 年股票期权与限制性 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth driven by AI applications [4][8]. Core Insights - The integration of AI is expected to enhance the commercial value of cultural media internet applications, with a continuous upward trend in AI development from hardware to applications [3][14]. - The Chinese government has launched initiatives to implement "Artificial Intelligence +" actions, aiming for over 90% penetration of new intelligent terminals and applications by 2030, which will support the iteration of AI models and applications in enterprises [3][14]. - Key companies in the media sector are recommended for investment, including Oriental Pearl, Mango Super Media, BlueFocus, Wanda Film, and others, with specific growth drivers identified for each [4][8]. Summary by Sections Industry Review - The media sector has shown significant performance, with the media index rising by 72.7% over the past 12 months, outperforming the CSI 300 index [1][3]. - The report notes a recovery in the film industry, with the summer box office reaching 11.966 billion yuan, surpassing the previous year's total [28]. Key Company Recommendations - Companies such as Oriental Pearl (600637), Mango Super Media (300413), and BlueFocus (300058) are highlighted for their potential growth in the AI-driven market [4][8]. - Specific forecasts for earnings per share (EPS) and price-to-earnings (PE) ratios are provided for various companies, indicating strong growth prospects [8]. AI and Technology Trends - The report emphasizes the importance of AI in driving new business models and applications, particularly in the fields of digital marketing and content creation [14][18]. - The upcoming Alibaba Cloud Summit is expected to showcase advancements in AI technology and its applications across various sectors [14]. Market Dynamics - The report discusses the evolving landscape of e-commerce and digital marketing, with companies like Alibaba and JD.com leveraging AI to enhance user experience and operational efficiency [25][26]. - The gaming sector is also highlighted, with Tencent's integration of social media and gaming platforms indicating a trend towards deeper user engagement [24]. Future Outlook - The report anticipates continued growth in the media sector, driven by AI innovations and supportive government policies, with a focus on companies that are well-positioned to capitalize on these trends [3][4][14].

Market Overview - The publishing sector experienced a decline of 1.78% on September 2, with Inner Mongolia Xinhua leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - China Science Publishing (601858) saw a closing price of 22.13, with an increase of 2.50% and a trading volume of 248,600 shares, amounting to a transaction value of 551 million yuan [1] - Inner Mongolia Xinhua (603230) closed at 12.98, down 4.98%, with a trading volume of 126,300 shares and a transaction value of 165 million yuan [2] - The stock of Chinese Online (300364) closed at 28.75, down 3.75%, with a trading volume of 700,000 shares and a transaction value of 2.044 billion yuan [2] Capital Flow Analysis - The publishing sector experienced a net outflow of 261 million yuan from institutional investors, while retail investors saw a net inflow of 221 million yuan [2] - Major stocks like China Science Publishing and Guomai Culture had varying levels of net inflow and outflow from different investor categories [3] - For instance, China Science Publishing had a net inflow of 32.39 million yuan from institutional investors, while it faced a net outflow of 36.13 million yuan from retail investors [3]

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Core Viewpoint - The publishing sector experienced a decline of 0.43% on August 29, with Inner Mongolia Xinhua leading the drop. The Shanghai Composite Index rose by 0.37% to close at 3857.93, while the Shenzhen Component Index increased by 0.99% to 12696.15 [1]. Group 1: Stock Performance - ST Huawen (000793) closed at 2.59, up 4.86% with a trading volume of 390,300 shares and a turnover of 100 million yuan [1]. - China Science Publishing (601858) closed at 21.53, up 2.23% with a trading volume of 333,300 shares and a turnover of 747 million yuan [1]. - Inner Mongolia Xinhua (603230) closed at 14.09, down 6.44% with a trading volume of 217,900 shares and a turnover of 314 million yuan [2]. - Zhongyuan Media (000719) closed at 13.02, down 4.62% with a trading volume of 182,000 shares and a turnover of 241 million yuan [2]. - The overall trading volume and turnover for the publishing sector indicate varied performance among individual stocks, with some showing significant gains while others faced declines [1][2]. Group 2: Capital Flow - The publishing sector saw a net outflow of 260 million yuan from institutional investors, while retail investors contributed a net inflow of 319 million yuan [2]. - The data suggests a divergence in investor sentiment, with institutional investors pulling back while retail investors increased their positions in the sector [2].

Financial Performance - The company achieved a revenue of 20.25 billion yuan in the first half of 2025, representing a year-on-year growth of 2.49% [2] - The net profit attributable to shareholders reached 51.67 million yuan, with a significant increase of 170.93% [2] - The publishing and distribution business saw a revenue increase of 26.6%, primarily driven by the growth in youth book sales [2] Game Business Outlook - The gaming segment's growth was largely attributed to the performance of the associate company Hainan Yuanyou, which contributed over 34.34 million yuan in investment income [3] - The newly launched mobile game "Xianyu" and the revamped "Qingyun Jue" have shown strong market feedback and revenue growth [3] AI and Education Strategy - The company has launched an AI pen aimed at improving writing posture and is expanding into AI education products [4] - A new subsidiary, Tianzhou Zhimiao, was established to focus on developing educational technology products for middle and primary school students [4] - Upcoming products include AI-assisted English learning tools and personalized learning solutions for high school students [7] Blockchain Initiatives - The company has invested in Tianhe Guoyun to explore blockchain applications in various sectors, including culture and education [6] - The NFT digital product platform developed by Tianhe Wenchain has achieved transaction volumes exceeding 10 billion yuan [8] Organizational Efficiency and Shareholder Returns - The implementation of an equity incentive plan in 2024 has enhanced team motivation and operational efficiency, leading to significant revenue and profit growth [9] - The company plans to address historical losses through capital reserves and aims to increase dividends to investors as performance improves [9] Policy and Development - The Marlan Mountain Cultural and Technological Integration Park is progressing towards national-level recognition, with expected supportive policies forthcoming [9]

Financial Performance - The company reported a total revenue of 249 million yuan for the first half of 2025, representing a year-on-year increase of 20.25% [1] - The net profit attributable to shareholders reached 51.67 million yuan, a significant increase of 170.93% compared to the previous year [1] - The gross profit margin was 30.41%, down 13.9% year-on-year, while the net profit margin improved to 21.41%, up 149.46% [1] Cash Flow and Debt Management - The net cash flow from operating activities increased by 121.1%, attributed to higher cash receipts from sales and lower cash payments for purchases [2] - The company’s cash and cash equivalents saw a net increase of 131.4%, driven by increased cash receipts and reduced expenditures on financial products and stock buybacks [2] - The company’s receivables accounted for 130% of the net profit, indicating a significant amount of accounts receivable relative to earnings [4] Business Strategy and Outlook - The company is expected to achieve a profit forecast of 45 to 55 million yuan for the first half of 2025, reflecting a growth of 135.94% to 188.38% year-on-year, primarily due to business optimization and strategic adjustments [5] - The gaming segment has implemented cost-cutting measures and retained profitable areas, contributing to improved performance, while the educational support sector has stabilized its business structure post-policy adjustments [5] - Analysts predict continued revenue and profit growth in the second half of the year, particularly in the gaming sector during peak seasons [5] Historical Performance and Investment Considerations - The company's historical return on invested capital (ROIC) has been low, with a median ROIC of -1.8% over the past decade, indicating poor investment returns [3] - The company has experienced five years of losses since its listing, suggesting caution for value investors [3] - The company’s reliance on research and marketing for performance necessitates careful examination of the underlying drivers of these activities [4]