Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth, with a total revenue of 1.174 billion yuan for the first three quarters of 2023, representing a year-over-year increase of 5.94%. However, the net profit attributable to shareholders decreased by 14.38% to 428 million yuan due to changes in tax rates [1] - The IPTV business has shown significant growth, with basic business revenue reaching 418.59 million yuan, a year-over-year increase of 13.32%, and effective users reaching 20.29 million, up 2.42% year-over-year [2] - The company has effectively controlled expenses, maintaining stable expense ratios, with a sales expense ratio of 2.21%, management expense ratio of 3.17%, and R&D expense ratio of 3.17% [1] Revenue and Profit Forecast - The forecast for operating revenue from 2024 to 2026 is adjusted to 1.611 billion yuan, 1.699 billion yuan, and 1.791 billion yuan respectively, with net profits expected to be 644 million yuan, 676 million yuan, and 712 million yuan [6][7] - The earnings per share (EPS) are projected to be 2.81 yuan, 2.95 yuan, and 3.11 yuan for the years 2024, 2025, and 2026 respectively [6][7] Business Operations - The company is enhancing member benefits and viewing experiences, strengthening monetization capabilities through various product operations, including esports, karaoke, and short video products [5] - As of June 2024, the overall business revenue reached 111.22 million yuan, a year-over-year increase of 19.61%, with effective users of cloud viewing apps at 248 million [5]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 1.174 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.94%. However, the net profit attributable to shareholders decreased by 14.38% to 428 million yuan due to the loss of corporate income tax exemptions starting in 2024 [1]. - The IPTV business is expected to continue its growth trajectory, supported by government policies promoting the upgrade of smart set-top boxes and high-definition content delivery [2]. - The company is enhancing its content production and operational capabilities, expanding its content library, and actively engaging in partnerships to strengthen its market position [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 403 million yuan, a slight increase of 0.26% year-on-year, while the net profit attributable to shareholders was 150 million yuan, down 12.07% year-on-year. The gross margin and net margin for the first three quarters were 49.31% and 36.41%, respectively, both showing a decline compared to the previous year [1]. - The company’s operating expenses remained stable, with sales, management, and R&D expense ratios at 2.21%, 3.15%, and 3.15%, respectively [1]. Business Development - The company is the only IPTV integrated broadcasting and control platform operator in Guangdong province, maintaining stable collaborations with major telecom operators. It is actively promoting its "喜粤 TV" brand through various marketing initiatives [2]. - The report highlights the company's focus on content refinement and user engagement strategies to enhance the conversion rate of paid users in its internet audiovisual business [2]. Content and Copyright - The company is expanding its content matrix through strategic partnerships and projects, including collaborations with notable directors and institutions to produce high-quality content [3]. - The company is also exploring opportunities in the provincial IPTV market and enhancing its cable TV value-added services [3]. Profit Forecast - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 570 million, 620 million, and 660 million yuan, respectively. The current market capitalization corresponds to a price-to-earnings ratio of 17, 15, and 14 times for the respective years [3].

广东南方新媒体股份有限公司 一、本人已经通过广东南方新媒体股份有限公司第三届董事会提名委员会或 者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响 独立履职情形的密切关系。 是 □ 否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任 公司董事的情形。 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件。 是 □ 否 如否，请详细说明：______________________________ 独立董事候选人声明与承诺 声明人聂新军作为广东南方新媒体股份有限公司第三届董事会独立董事候 选人，已充分了解并同意由提名人广东南方新媒体股份有限公司董事会提名为广 东南方新媒体股份有限公司（以下简称该公司）第三届董事会独立董事候选人。 现公开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符 合相关法律、行政法规、部门规章、规范性文件和深圳证券交 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥402,872,609.08, representing a year-on-year increase of 0.26%[2] - The net profit attributable to shareholders for the same period was ¥149,619,118.22, a decrease of 12.07% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥149,597,127.66, down 10.04% year-on-year[2] - Total operating revenue for Q3 2024 reached ¥1,174,291,698.78, an increase of 5.94% compared to ¥1,108,500,826.03 in Q3 2023[13] - Net profit for Q3 2024 was ¥427,583,005.71, a decrease of 14.39% from ¥499,450,028.02 in Q3 2023[14] - Earnings per share (EPS) for Q3 2024 was ¥1.87, down from ¥2.18 in Q3 2023, reflecting a decline of 14.19%[14] - Operating profit for the period was ¥498,597,271.38, a slight decrease from ¥500,769,648.40 in the same quarter last year[14] Assets and Liabilities - The total assets at the end of the reporting period reached ¥5,140,029,598.43, an increase of 11.26% from the end of the previous year[2] - Total assets increased to ¥5,140,029,598.43, up from ¥4,619,845,816.06, representing a growth of 11.25% year-over-year[12] - Total liabilities rose to ¥1,449,560,382.06, compared to ¥930,776,114.66 in the previous year, marking a significant increase of 55.61%[12] - The company's total equity reached ¥3,690,469,216.37, slightly up from ¥3,689,069,701.40, indicating a marginal growth of 0.04%[12] Cash Flow - The cash flow from operating activities for the year-to-date was ¥920,738,682.20, reflecting a significant increase of 54.27%[6] - The total cash inflow from operating activities for the current period was CNY 2,707,822,389.77, an increase of 20.2% compared to CNY 2,251,060,882.99 in the previous period[15] - The net cash flow from operating activities was CNY 920,738,682.20, up from CNY 596,835,492.65, representing a growth of 54.2%[15] - Cash inflow from investment activities totaled CNY 1,031,367,555.47, compared to CNY 920,528,564.97 in the previous period, marking an increase of 12.1%[15] - The cash outflow for investment activities was CNY 1,069,296,049.95, down from CNY 1,279,586,022.82, indicating a decrease of 16.4%[15] - The net cash flow from financing activities was -CNY 433,283,282.84, an improvement from -CNY 502,384,195.81 in the previous period[16] - The ending balance of cash and cash equivalents was CNY 2,459,029,970.51, up from CNY 2,141,741,184.90, reflecting an increase of 14.8%[16] Shareholder Information - The total number of common shareholders at the end of the reporting period is 21,969[7] - Guangdong Southern Broadcasting Media Group Co., Ltd. holds 39.07% of shares, totaling 89,524,119 shares[8] - The company has no significant changes in the top ten shareholders participating in margin trading[9] - The company has not disclosed any related party relationships among the top shareholders[8] - There are no changes in restricted shares or preferred shareholders during the reporting period[9] Tax and Expenses - The company reported a significant increase in income tax expenses, which rose by 3040.95% to ¥70,846,391.71, due to changes in tax policies effective from 2024[6] - The total cost of operations was ¥672,611,276.93, an increase of 10.67% from ¥607,744,647.17 in Q3 2023[13] - Research and development expenses were ¥37,177,056.52, remaining stable compared to ¥37,180,758.17 in Q3 2023[13] - The company reported a financial expense of -¥29,965,184.75, an improvement from -¥44,067,476.23 in the previous year[13] - The cash paid for employee compensation was CNY 120,657,440.08, compared to CNY 112,689,831.14, showing an increase of 7.0%[15] - The cash paid for taxes was CNY 99,128,116.22, significantly higher than CNY 36,013,163.97 in the previous period, indicating an increase of 175.5%[15] Accounts Receivable and Contract Assets - The accounts receivable decreased by 60.24% to ¥61,968,373.79, primarily due to a reduction in receivables from the Guangdong IPTV business[5] - The company's contract assets increased by 42.33% to ¥743,452,371.24, attributed to higher receivables from the Guangdong IPTV business[5] - The company's contract assets increased to approximately ¥743.45 million from ¥522.36 million[10] - The company reported a decrease in accounts receivable from RMB 155.87 million to RMB 61.97 million[10]

证券代码：300770 证券简称：新媒股份 公告编号：2024-061 广东南方新媒体股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 根据《公司法》和《公司章程》等相关规定，广东南方新媒体股份有限公司 （以下简称"公司"）第三届董事会第十九次会议审议通过了《关于召开 2024 年第三次临时股东大会的议案》，决定于 2024 年 11 月 13 日（星期三）下午 15:00 召开 2024 年第三次临时股东大会。本次股东大会采用现场投票与网络投票相结 合的方式召开，现就召开公司 2024 年第三次临时股东大会的相关事项通知如下： 一、召开会议的基本情况 1．股东大会届次：2024 年第三次临时股东大会。 2．股东大会的召集人：公司董事会。 3．会议召开的合法、合规性：经公司第三届董事会第十九次会议审议通过， 决定召开 2024 年第三次临时股东大会，会议的召集程序符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的相关规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2024 年 ...

广东南方新媒体股份有限公司 独立董事提名人声明与承诺 提名人广东南方新媒体股份有限公司董事会现就提名聂新军为广东南方新 媒体股份有限公司第三届董事会独立董事候选人发表公开声明。被提名人已书面 同意作为广东南方新媒体股份有限公司第三届董事会独立董事候选人（参见该独 立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细 的工作经历、全部兼职、有无重大失信等不良记录等情况后作出的，本提名人认 为被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券交易所 业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过广东南方新媒体股份有限公司第三届董事会提名委员 会或者独立董事专门会议资格审查，提名人与被提名人不存在利害关系或者其他 可能影响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、被提名人不存在《中华人民共和国公司法》第一百七十八条等规定不得 担任公司董事的情形。 是 □ 否 如否，请详细说明：______________________________ 三、被提名人符合中国证 ...

证券代码：300770 证券简称：新媒股份 公告编号：2024-059 广东南方新媒体股份有限公司 关于回报股东特别分红方案的公告 二、本次特别分红方案的合法性、合规性 本次特别分红方案符合《公司法》《上市公司监管指引第 3 号—上市公司现 金分红》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》及《公司章程》等有关规定，充分考虑了公司实际经营情况、未来发展 资金需求及股东投资回报等综合因素，有利于全体股东共享公司经营成果、提升 股东回报、提振市场信心，具备合法性、合规性与合理性。 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。 广东南方新媒体股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日 召开第三届董事会第十九次会议、第三届监事会第十三次会议，审议通过了《关 于回报股东特别分红方案的议案》，该事项尚需提交公司 2024 年第三次临时股东 大会审议。现将具体情况公告如下： 一、本次特别分红方案基本情况 截至 2024 年 9 月 30 日，公司合并累计未分配利润 2,165,273,859.57 元，母 公司累 ...

证券代码：300770 证券简称：新媒股份 公告编号：2024-056 广东南方新媒体股份有限公司 第三届监事会第十三次会议决议公告 本公司及监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、监事会会议召开情况 广东南方新媒体股份有限公司（以下简称"公司"）第三届监事会第十三次 会议于 2024 年 10 月 21 日以邮件方式发出通知，并于 2024 年 10 月 25 日以通讯 表决方式召开。本次会议由监事会主席召集并主持，应出席会议监事 5 人，实际 出席会议监事 5 人。本次会议召集、召开及审议程序均符合《中华人民共和国公 司法》等法律法规和《公司章程》的有关规定。 1 本议案尚需提交公司股东大会审议。 1. 审议通过了《关于公司 2024 年第三季度报告的议案》 经审议，监事会认为：董事会编制和审核公司 2024 年第三季度报告的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日刊载于巨潮资讯网（www.cninfo.com.cn）上的《2024 ...

证券代码：300770 证券简称：新媒股份 公告编号：2024-060 一、关于公司独立董事辞职的情况说明 广东南方新媒体股份有限公司（以下简称"公司"）董事会于近日收到独立 董事张富明先生提交的书面辞职报告，张富明先生因连续担任本公司独立董事即 将满六年申请辞去独立董事及董事会审计委员会主任委员、薪酬与考核委员会委 员、提名委员会委员的职务，其原定任期至 2025 年 8 月 28 日止。辞职后，张富 明先生将不在公司担任任何职务。 根据《上市公司独立董事管理办法》《公司章程》及《公司独立董事工作制 度》等相关规定，由于张富明先生的辞职，将导致公司独立董事中缺少一名会计 专业人士且审计委员会等董事会专门委员会不满足独立董事过半数的要求，其辞 职报告将在股东大会选举新任独立董事后生效。在新任独立董事就任前，张富明 先生将继续履行独立董事及其在董事会专门委员会中的相应职务。 截至本公告披露日，张富明先生未持有公司股票，不存在应当履行而未履行 的承诺事项。公司及董事会对张富明先生在任公司独立董事期间为公司发展所作 出的贡献表示衷心的感谢。 二、关于补选公司独立董事的情况 广东南方新媒体股份有限公司 关于独立董事任 ...

证券代码：300770 证券简称：新媒股份 公告编号：2024-055 广东南方新媒体股份有限公司 第三届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 广东南方新媒体股份有限公司（以下简称"公司"）第三届董事会第十九次 会议于 2024 年 10 月 21 日以邮件方式发出通知，并于 2024 年 10 月 25 日以通讯 表决方式召开。本次会议由董事长召集并主持，应出席会议董事 7 人，实际出席 会议董事 7 人。本次会议召集、召开及审议程序均符合《中华人民共和国公司法》 等法律法规和《公司章程》的有关规定。 二、董事会会议审议情况 1. 审议通过了《关于公司 2024 年第三季度报告的议案》 经审议，董事会认为：公司 2024 年第三季度报告真实反映了公司 2024 年前 三季度的财务状况和经营成果，符合法律、行政法规、中国证监会和深圳证券交 易所的相关规定，报告内容真实、准确、完整，不存在虚假记载、误导性陈述或 者重大遗漏。 具体内容详见公司同日刊载于巨潮资讯网（www.cninfo.com.cn）上 ...