Core Viewpoint - The company announced the cancellation of 1,292,318 shares, which represents 0.5640% of the total shares before cancellation [1] Summary by Relevant Sections - **Share Repurchase and Cancellation** - The total number of shares canceled is 1,292,318 [1] - The actual amount spent on the repurchase and cancellation is 50,016,405.48 yuan [1] - Following the cancellation, the total share capital of the company decreased from 229,130,909 shares to 227,838,591 shares [1]

关于回购股份注销完成暨股份变动的公告 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。 特别提示： 证券代码：300770 证券简称：新媒股份 公告编号：2025-037 广东南方新媒体股份有限公司 1. 广东南方新媒体股份有限公司（以下简称"公司"）本次注销的回购股 份数量为 1,292,318 股，占注销前公司总股本的 0.5640%，本次实际回购注销金 额 50,016,405.48 元。本次注销完成后，公司总股本由 229,130,909 股变更为 227,838,591 股。 2. 经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次回购 股份注销日期为 2025 年 9 月 1 日。 公司于 2024 年 8 月 6 日召开第三届董事会第十七次会议、第三届监事会第 十一次会议，并于 2024 年 8 月 23 日召开 2024 年第一次临时股东大会，审议通 过了《关于回购公司股份方案的议案》，公司拟使用自有资金以集中竞价方式回 购公司股份，本次回购的股份将用于减少公司注册资本。截至 2025 年 8 月 22 日，公司累计通过股票回购专用证券账 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][20][21] Core Views - The company demonstrated stable business performance with a revenue growth of 11% in the second quarter, driven by internet audio-visual and content copyright businesses [1][8] - The introduction of the "Broadcasting 21 Regulations" is expected to enhance the supply of quality content in the industry, benefiting the company's IPTV, internet audio-visual, and content copyright businesses [3][19] - The company is actively expanding into new areas such as micro-short dramas and AI technologies, maintaining a positive long-term outlook [20] Financial Performance Summary - For the first half of 2025, the company reported a revenue of 820 million yuan, a year-on-year increase of 5.9%, with a net profit of 350 million yuan, up 25.2% [1][8] - In the second quarter alone, revenue reached 410 million yuan, reflecting a year-on-year growth of 10.7%, while the net profit increased by 43.9% to 190 million yuan [1][8] - The company's IPTV basic business saw a revenue of 410 million yuan in the first half of 2025, a slight decline of 1.08%, but the gross margin improved by 0.6 percentage points to 52.4% [2][18] - Internet audio-visual business revenue was 340 million yuan, up 12.8%, with significant growth in Guangdong IPTV value-added and internet TV services [2][18] - Content copyright business revenue increased by 24.1% to 84 million yuan [2][18] Future Earnings Forecast - The company is expected to maintain steady growth in net profit, with projections of 710 million, 750 million, and 780 million yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 8%, 5%, and 4% [20][22] - The diluted EPS is forecasted to be 3.11, 3.27, and 3.39 yuan for the years 2025, 2026, and 2027 [20][22] - The current stock price corresponds to a PE ratio of 15, 14, and 14 for the years 2025, 2026, and 2027 [20][22]

Market Overview - The television broadcasting sector experienced a decline of 2.66% on the trading day, with the leading stock, Gehua Cable, falling significantly [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] Stock Performance - Key stocks in the television broadcasting sector showed varied performance, with ST Guangwang rising by 1.24% to a closing price of 4.89, while Gehua Cable dropped by 5.92% to 9.06 [2] - The trading volume and turnover for major stocks included: - ST Guangwang: 102,700 shares, turnover of 49.72 million yuan - Gehua Cable: 545,000 shares, turnover of 506 million yuan [2] Capital Flow Analysis - The television broadcasting sector saw a net outflow of 1.168 billion yuan from main funds, while retail investors contributed a net inflow of 821 million yuan [2] - The capital flow for specific stocks indicated that: - Huashu Media had a main fund net inflow of 7.18 million yuan, but retail investors had a net outflow of 4.24 million yuan [3] - Gehua Cable experienced a significant main fund net outflow of 32.21 million yuan [3]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.38% as of September 2, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Chongqing Rural Commercial Bank (601077) up by 3.45%, Shanghai Rural Commercial Bank (601825) up by 2.97%, and China Merchants Bank (600036) up by 2.22% [1] - The National Enterprise Dividend ETF (159515) was adjusted downwards, with the latest price at 1.14 yuan [1] Group 2 - The National Enterprise Dividend ETF reached a new high in size at 51.2135 million yuan and a new high in shares at 44.7866 million shares in the past month [1] - China Galaxy Securities predicts a volatile upward trend in the A-share market, emphasizing the appeal of dividend assets with high safety margins and low valuations in the current market environment [1] - Everbright Securities highlights the irreplaceable value of dividend assets as core assets in the A-share market, especially with many companies implementing profit distribution plans for the 2024 fiscal year [1] Group 3 - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with China COSCO Shipping Holdings (601919) being the highest at 2.36% [2][4]

Core Insights - As of September 1, a total of 178 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest streak of net inflows is Qilu Bank, which has seen net buying for 18 consecutive trading days [1] - Other notable stocks with significant net inflow days include Kosen Technology, China Steel International, Huagong Technology, Aiwai Electronics, Meishuo Technology, Chengdi Xiangjiang, Changxin Bochuang, and Xinmei Shares [1]

Investment Rating - The report maintains a "Recommended" investment rating for the media industry [5] Core Insights - The report highlights the positive outlook for AI applications and cultural exports, with a focus on sub-sectors such as gaming, IP, short dramas, and publishing [39] - The report notes significant growth in the gaming sector, with several companies reporting strong financial performance in their mid-year reports [3][37] - The report emphasizes the importance of recent government policies, including the issuance of game licenses and the "Artificial Intelligence+" action plan, which aims to enhance AI integration across various sectors by 2035 [2][36] Summary by Sections Market Performance - The media industry (Shenwan) saw a weekly increase of 1.05%, ranking 12th among primary industries, while the Hang Seng Technology Index rose by 0.47% [10] - Notable performers included Jishi Media, Wento Holdings, ST Huatuo, and Sanqi Interactive Entertainment, with significant weekly gains [17] Key Industry Data AI Application Data - For the week of August 24-30, estimated iOS downloads for Deepseek, Doubao, Quark, and Tencent Yuanbao were 394,000, 2,102,500, 658,600, and 893,000 respectively, with Doubao leading in downloads [21] Gaming Data - In August, 166 domestic and 7 imported game licenses were issued, with several major titles approved for release [24][25] - The iOS best-selling game rankings featured "Honor of Kings," "Peacekeeper Elite," and "Endless Winter" as the top three titles [23] Film Data - The total box office for the week of August 22-28 reached 977 million yuan, with "Chasing the Wind" leading the box office [32][35] Industry Events and Announcements - The report discusses the launch of various AI models and applications by major companies, including ByteDance's new AI video generation model and Tencent's end-to-end video sound generation model [36] - The report also highlights the successful mid-year financial results of several companies, including Perfect World and Sanqi Interactive Entertainment, showcasing strong revenue growth [37][38]

Core Viewpoint - The company reported a positive financial performance for the first half of 2025, with significant growth in net profit and a strategic focus on enhancing its content and technology capabilities [2] Group 1: Financial Performance - In the first half of 2025, the company achieved a consolidated revenue of 817 million yuan, representing a year-on-year increase of 5.94% [2] - The net profit attributable to shareholders was 346 million yuan, up 24.43% year-on-year, while the net profit after deducting non-recurring items was 348 million yuan, reflecting a growth of 25.18% [2] - As of the end of the reporting period, total assets reached 4.922 billion yuan, an increase of 8.95% compared to the end of the previous year [2] Group 2: Business Segment Performance - The IPTV core business generated revenue of 414 million yuan, a slight decline of 1.08%, with effective users reaching 20.8 million, up 2.51% [2] - Internet audio-visual business revenue was 341 million yuan, showing a year-on-year growth of 12.80%, while internet television revenue was 105 million yuan, down 5.94% [2] - Content copyright business revenue was 48.01 million yuan, marking a year-on-year increase of 24.10% [2] Group 3: Strategic Focus and Shareholder Returns - For the second half of 2025, the company aims to enhance its position as a leading internet audio-visual platform by deepening collaborations with operators and content providers, increasing technological advancements, and expanding content copyright business [2] - The mid-2025 equity distribution plan includes a cash dividend of 10 yuan per 10 shares (before tax), totaling 228 million yuan, which accounts for 65.88% of the net profit for the first half of the year [2] - The company has initiated a new round of share repurchase, having repurchased approximately 1.29 million shares, representing about 0.56% of the total share capital, with a total transaction amount of 50.02 million yuan [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved consolidated operating revenue of 817 million RMB, a year-on-year increase of 5.94% [3] - The net profit attributable to shareholders was 346 million RMB, reflecting a year-on-year growth of 24.43% [3] - The net profit after deducting non-recurring gains and losses reached 348 million RMB, up 25.18% year-on-year [3] - Total assets at the end of the reporting period amounted to 4.922 billion RMB, an increase of 8.95% compared to the end of the previous year [3] Group 2: Business Development - IPTV basic business revenue was 414 million RMB, a decline of 1.08% year-on-year, with effective users reaching 20.8 million, up 2.51% [4] - Internet audio-visual business revenue grew to 341 million RMB, a year-on-year increase of 12.80% [5] - Content copyright business revenue was 48.0015 million RMB, reflecting a growth of 24.10% year-on-year [6] Group 3: Strategic Initiatives - The company plans to deepen strategic cooperation with telecom operators and content providers to enhance the content ecosystem of IPTV and internet television [7][8] - There will be increased investment in technology, exploring AI and big data applications for content recommendation and user operations [8] - The company aims to expand its content copyright business and strengthen the production of high-quality content [8] Group 4: Shareholder Returns - The mid-year dividend plan for 2025 includes a cash dividend of 10 RMB per 10 shares, totaling 228 million RMB, which accounts for 65.88% of the net profit attributable to shareholders [8] - The company has initiated a share buyback program, repurchasing approximately 1.29 million shares, representing about 0.56% of the total share capital, with a total transaction amount of 50.0164 million RMB [8]

Core Viewpoint - The company reported a strong performance in H1 2025, with significant revenue and profit growth, driven by tax policy changes and the growth of IPTV value-added services [1][2]. Financial Performance - Total revenue for H1 2025 reached 817 million yuan, a year-on-year increase of 5.94% - Net profit attributable to shareholders was 346 million yuan, up 24.43% year-on-year - In Q2 2025, revenue was 411 million yuan, reflecting a year-on-year growth of 10.75% and a quarter-on-quarter increase of 1.01% - Q2 net profit attributable to shareholders was 185 million yuan, a year-on-year increase of 42.35% and a quarter-on-quarter increase of 15.04% [1][2]. Business Segments - IPTV business revenue was 414 million yuan, down 1.08% year-on-year - Internet audio-visual business revenue was 341 million yuan, up 12.80% year-on-year - Content copyright business revenue was 48 million yuan, up 24.10% year-on-year - The growth in internet audio-visual business was primarily driven by a 23.68% increase in Guangdong IPTV value-added services, reaching 237 million yuan [3][5]. Cost and Expenses - The company's comprehensive gross margin was 49.00%, a decrease of 1.05 percentage points year-on-year - The decline in gross margin was mainly due to a 1.60 percentage point drop in the gross margin of the internet audio-visual business [3][4]. Strategic Initiatives - The company is deepening cooperation with major telecom operators to enhance brand visibility and engagement - Effective IPTV users reached 20.8 million, a year-on-year increase of 2.51% - The number of effective smart terminals serviced by the company reached 27.71 million, a year-on-year increase of 14.74% [5][6]. Content Development - The company is actively building its content library, integrating various content types including movies, dramas, and animations - Recent successful projects include the web drama "Blind Spot" and various animated series, which have gained significant traction on major platforms [6]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 706 million yuan, 744 million yuan, and 771 million yuan for 2025-2027 - The estimated price-to-earnings (PE) ratio for 2025 is set at 18X, with a target price of 55.49 yuan, reflecting an increase from the previous target of 43.12 yuan [7].