证券代码：300654 证券简称：世纪天鸿 公告编号：2025-040 世纪天鸿教育科技股份有限公司 关于控股股东部分股份解除质押的公告 一、股东股份解除质押的基本情况 三、备查文件 1、中国证券登记结算有限责任公司深圳分公司证券质押明细表。 特此公告。 二、股东股份累计质押情况 截至本公告披露日，公司控股股东志鸿教育及其一致行动人所持股份质押 情况如下： | | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股 | 持股 | 累计被 质押股 | | 占其所 持股份 | 占公司 总股本 | 已质押 | 占已质 | 未质押 | 占未质 | | 名称 | 数量 | 比例 | 份数量 | | 比例 | 比例 | 股份限 | 押股份 | 股份限 | 押股份 | | | （股） | （%） | （股） | | （%） | （%） | 售和冻 | 比例 | 售和冻 | 比例 | | | | | | | | | 结数量 | （%） | 结数量 | ...

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]

Core Viewpoint - Century Tianhong, a company rooted in educational publishing, has faced significant challenges following the "double reduction" policy, leading to slow net profit growth in recent years. Despite launching an AI strategy in 2021, the business has not matured, resulting in a rapid contraction of cash flow [1][6][13]. Financial Performance - In 2021, Century Tianhong reported total revenue of 411 million yuan, a year-on-year increase of 15.17%, with net profit at 35.64 million yuan, up 9.73%. However, profit growth lagged behind revenue growth [6]. - By 2022, total revenue increased to 433 million yuan, a growth of 5.35%, while net profit rose to 36.68 million yuan, reflecting a mere 2.92% increase [6]. - In 2024, the company achieved revenue of 531 million yuan, with book sales accounting for 86.57% of total revenue. However, cash flow issues became apparent, with a net cash flow from operating activities of -8.17 million yuan, a decrease of 59.61% from the beginning of the year [7][13]. Share Pledge and Liquidity Issues - On July 8, 2025, Century Tianhong's controlling shareholder pledged 11.6 million shares for a loan, which raised concerns about the liquidity of shareholder funds. Cumulatively, 48.97 million shares have been pledged, representing 13.38% of the total share capital [1][8]. - The company has seen a total of 26.8 million shares pledged in the past six months, amounting to 7.32% of the total share capital, indicating ongoing liquidity challenges [3]. AI Strategy and Market Position - Century Tianhong's AI initiatives, including the development of "Xiao Hong Assistant" and "Bi Shen Composition," have attracted over 22 million users, but the company still faces significant hurdles in achieving commercial scale [7][10]. - The education AI market is projected to grow significantly, with estimates suggesting it could reach 700 billion yuan by 2025 and 3 trillion yuan by 2030. However, Century Tianhong's technological capabilities remain limited compared to competitors [10][12]. - The company's R&D expenses have increased significantly since the introduction of its AI strategy, but total spending remains low compared to industry leaders, highlighting a gap in investment [12][14]. Challenges and Future Outlook - Century Tianhong is struggling to balance its traditional publishing business, which serves as a cash cow, with the costly investments required for its AI initiatives. This dual pressure is compounded by inventory turnover issues and demographic changes [13]. - The company’s operating profit in 2024 was 62.58 million yuan, down 3.48% year-on-year, indicating that the AI segment has yet to make a significant impact on overall financial performance [13][14].

| | 是否为控 股股东或 | 本次质 | 占其所 | 占公司 | 是否为 限售股 | 是否 | 质押 | 质押 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 第一大股 | 押股份 | 持股份 | 总股本 | （如 | 为补 | 起始 | 到期 | 质权人 | 质押 | | 名称 | | 数量 | 比例 | 比例 | 是，注 | 充质 | 日 | 日 | | 用途 | | | 东及其一 致行动人 | （股） | （%） | （%） | 明限售 | 押 | | | | | | | | | | | 类型） | | | 至办 | | | | 志鸿 教育 | 控股股东 | 11,600, 000 | 6.78 | 3.17 | | 否 | 2025- 7-7 | 理解 除质 押登 | 国泰海 通证券 股份有 | 融资 | | | | | | | 否 | | | | | | | | | | | | | | | 记手 | 限公司 | | | | | | | | | | | 续之 | | | | | | | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the potential of AI applications in video understanding and generation, particularly through the launch of Kwai Keye-VL by Kuaishou, which showcases advanced multimodal capabilities [5] - The report suggests continued investment in the gaming sector, particularly with the recent approval of numerous domestic game licenses, indicating a favorable environment for new game launches [6] - The upcoming summer season is expected to boost consumption in various IP sectors, including games, animated films, concerts, and trendy toys, with specific recommendations for companies in these areas [6] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 28, 2025 [13][17] - The film "Sauce Garden Case" achieved the highest box office for the week, grossing 1.64 billion [28] Industry News Overview - AI advancements in embodied intelligence and brain-computer interfaces are highlighted, with ongoing releases in gaming and film sectors [35] - The report notes the launch of Gemini, the first model capable of running locally on robots, enhancing task adaptability and efficiency [35] Company Recommendations - For AI video applications, key recommendations include Kuaishou-W, Shanghai Film, and Tencent Holdings, with beneficiaries like Alibaba-W and Kunlun Wanwei [5] - In the gaming sector, companies such as Xindong Company, Giant Network, and Perfect World are recommended, with beneficiaries including Youyi Time and Kingsoft [6] - For animated films, Shanghai Film is highlighted, while beneficiaries include Zhongwen Online [6] - In the concert and performance sector, Fengshang Culture is recommended, with beneficiaries like Alibaba Pictures and Maoyan Entertainment [6] - The trendy toy sector recommends Blukoo and Aofei Entertainment, with beneficiaries including Pop Mart and Quantum Song [6]

证券代码：300654 证券简称：世纪天鸿 公告编号：2025-038 世纪天鸿教育科技股份有限公司（以下简称"公司"）接到控股股东新疆志 鸿教育投资有限公司的通知，经霍尔果斯市市场监督管理局核准，其名称由"新 疆志鸿教育投资有限公司"更名为"新疆志鸿教育投资（集团）有限公司"，并 已完成工商变更登记手续。现将具体情况公告如下： 一、控股股东更名后的《营业执照》信息 统一社会信用代码：91110105760132102U 企业名称：新疆志鸿教育投资（集团）有限公司 世纪天鸿教育科技股份有限公司 关于控股股东变更名称并完成工商变更登记的公告 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。 类型：有限责任公司（自然人投资或控股） 住所：新疆伊犁哈萨克自治州霍尔果斯市神州路 8 号新丝路（跨境）金融小 镇 C-1141 室 法定代表人：任志鸿 注册资本：肆仟肆佰万元整 成立日期：2004 年 03 月 16 日 经营范围：许可项目：金融信息服务。（依法须经批准的项目，经相关部门 批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准） 一般项目：以自有 ...

证券代码：300654 证券简称：世纪天鸿 公告编号：2025-036 世纪天鸿教育科技股份有限公司 第四届董事会第十次会议决议公告 经审议，董事会同意聘任善静宜女士为公司董事会秘书，任期自本次董事会 审议通过之日起至公司第四届董事会任期届满之日止。 本议案已经公司第四届董事会薪酬、考核与提名委员会 2025 年第一次会议 审议通过。具体内容详见公司在巨潮资讯网（www.cninfo.com.cn）披露的《关于 聘任公司董事会秘书的公告》。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 三、备查文件 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。 一、会议召开情况 世纪天鸿教育科技股份有限公司（以下简称"公司"）第四届董事会第十次会 议于 2025 年 6 月 7 日在公司会议室以现场结合通讯方式召开。会议通知已于 2025 年 6 月 4 日以专人送达、通讯等形式向全体董事发出。本次会议应出席董 事 7 人，实际出席会议董事 7 人。会议由董事长任志鸿先生召集和主持。本次会 议的召集、召开、表决程序符合《公司法》等法律法规、规范性文件和《公司章 程》 ...

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。 世纪天鸿教育科技股份有限公司（以下简称"公司"）于 2025 年 6 月 7 日召 开第四届董事会第十次会议，审议通过了《关于聘任公司董事会秘书的议案》。 经公司董事长提名，公司董事会薪酬、考核与提名委员会审查通过，公司同意聘 任善静宜女士（简历附后）为公司董事会秘书，任期自本次董事会审议通过之日 起至公司第四届董事会任期届满之日止。 证券代码：300654 证券简称：世纪天鸿 公告编号：2025-037 世纪天鸿教育科技股份有限公司 关于聘任公司董事会秘书的公告 联系电话：0533-3590083 电子邮箱：sjthzqb@zhnet.com.cn 联系地址：淄博市高新区天鸿路 9 号 邮政编码：255086 附件 善静宜女士简历 善静宜女士，1975 年出生，中国国籍，无境外永久居留权，本科学历，高级 会计师、注册税务师、国际注册管理会计师（CMA）。曾任山东华光集团股份有 限公司主管会计、世纪天鸿财务经理、财务总监等职务；现任世纪天鸿董事、财 务总监、董事会秘书。 特此公告。 世纪天鸿教育科技股份有限公司董 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the continuous iteration of multimodal AI and the acceleration of IP industry capitalization, driven by advancements in AI applications and new consumption trends [4][5] - Major model vendors are strengthening collaborations, leading to innovations in voice models, social applications, and agents, which are expected to enhance AI application penetration and commercialization [4] - The report suggests continued investment in AI-related companies and sectors, including AI virtual companionship, AI animation/film/short dramas, AI e-commerce/advertising, and AI education [4] Industry Data Overview - The game "Brave Land" ranked first on the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of May 24, 2025 [12][16] - The film "Dumpling Queen" achieved a weekly box office of 0.51 billion, with a cumulative box office of 3.79 billion [27] - The report notes that the A-share media sector outperformed major indices in the 21st week of 2025, with the gaming sector showing strong performance [9] Industry News Summary - The report discusses the launch of the "AI Virtual Human Podcast" feature by ShengTian Network, which aims to enhance user experience in podcast creation [4][33] - The AI comic drama business of Zhongwen Online has shown significant growth, with plans to produce 300 works in 2024 [35] - Tencent Cloud has launched a new intelligent agent development platform, marking a significant upgrade in its AI infrastructure [36] Company Recommendations - Key recommendations include Tencent Holdings and Kuaishou-W for major models/agents, with Alibaba-W and Kunlun Wanwei as beneficiaries [4] - For AI virtual companionship, recommended companies include ShengTian Network and NetEase Cloud Music, with beneficiaries like Tom Cat and Shifeng Culture [4] - In the AI animation/film/short drama sector, Shanghai Film is a key recommendation, with beneficiaries including Guomai Culture and Huace Film [4]

证券代码：300654 证券简称：世纪天鸿 公告编号：2025-035 公司现已完成相关工商变更登记和备案手续，并于 2025 年 5 月 22 日取得了 淄博市行政审批服务局换发的《营业执照》。具体登记信息如下： 名称：世纪天鸿教育科技股份有限公司 统一社会信用代码：913703007618736234 类型：股份有限公司（上市、自然人投资或控股） 住所：淄博市高新区天鸿路 9 号 法定代表人：任志鸿 注册资本：叁亿陆仟陆佰壹拾贰万肆仟捌佰伍拾贰元整 世纪天鸿教育科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 世纪天鸿教育科技股份有限公司（以下简称"公司"）于 2025 年 4 月 12 日召 开第四届董事会第八次会议、2025 年 5 月 12 日召开 2024 年年度股东大会，分别 审议通过了《关于变更注册资本暨修订〈公司章程〉的议案》，具体内容详见公司 在巨潮资讯网披露的《关于变更注册资本暨修订〈公司章程〉的公告》（公告编号： 2025-022）。 成立日期：2004 年 04 月 27 日 ...