Group 1: Company Performance Overview - In 2024, the company achieved a consolidated revenue of CNY 1.579 billion, a year-on-year increase of 3.63% [3] - The net profit attributable to shareholders was CNY 658 million, a decrease of 7.04% compared to the previous year, primarily due to reduced interest income and changes in tax policies [3] - As of the end of 2024, total assets amounted to CNY 4.517 billion, a decline of 2.22%, while net assets attributable to shareholders were CNY 3.606 billion, down 2% [3] Group 2: Q1 2025 Performance - In Q1 2025, the company reported a revenue of CNY 407 million, an increase of 1.48% year-on-year [3] - The net profit attributable to shareholders for Q1 2025 was CNY 161 million, reflecting a growth of 8.69% [3] - The net cash flow from operating activities reached CNY 561 million, a significant increase of 174.61% compared to the same period last year [3] Group 3: Main Business Development - The IPTV user base exceeded 20.57 million in 2024, while internet TV users surpassed 230 million, with effective smart terminal numbers reaching 25.42 million [5] - The company expanded its content library, covering various genres including web dramas and animations, enhancing its market presence [5] Group 4: Future Development Strategy - The company aims to consolidate its platform advantages and expand regional coverage, focusing on personalized operations and enhancing user engagement [6] - Plans include optimizing internet TV competitiveness and improving user experience through product design and management [6] - The company will invest in content creation, particularly in micro-short dramas, to meet diverse user demands [7] Group 5: Dividend and Buyback Information - For 2024, the board proposed a cash dividend of CNY 7.60 per 10 shares, totaling approximately CNY 657 million, with a payout ratio of 99.86% [7] - The company completed its first round of share buybacks, amounting to over CNY 5 million, contributing to a total of CNY 662 million in cash dividends and buybacks for the year [7]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing mixed performance with a slight increase in revenue but a decline in net profit for 2024, while Q1 2025 showed improvement in net profit [1] Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1] - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit attributable to shareholders of 161 million yuan (YoY +8.69%) [1] - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively, showing a year-over-year decrease of 1.45 and 1.38 percentage points [1] IPTV Business Development - The company's IPTV basic business generated revenue of 834 million yuan in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2] - The internet audio-visual business revenue was 633 million yuan in 2024 (YoY +4.49%), with the Guangdong IPTV value-added business contributing 413 million yuan (YoY +3.18%) [2] - The company focused on content operation and user experience to enhance user engagement and retention [2] Content Copyright Business - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024, but the decline was less severe compared to 2023 [3] - The company expanded its media library and signed contracts with various quality project parties, including projects in variety shows and films [3] - The company is actively exploring the provincial IPTV market and enhancing its cable TV value-added services [3] Future Outlook - The company is expected to achieve operating revenues of 1.67 billion, 1.80 billion, and 1.95 billion yuan from 2025 to 2027, with net profits of 700 million, 770 million, and 850 million yuan respectively [3] - The current market valuation corresponds to a price-to-earnings ratio of 13, 12, and 11 times for the years 2025 to 2027 [3]

Group 1 - The company reported a revenue of 1.579 billion yuan for 2024, maintaining positive growth, and a net profit of 669 million yuan after deducting non-recurring items [1] - Since its listing in 2019, the company has achieved a cumulative revenue of 8.157 billion yuan and a cumulative net profit of 3.707 billion yuan [1] - The profit distribution plan includes a cash dividend of 7.60 yuan per 10 shares, resulting in a total cash dividend of approximately 655 million yuan for 2024, with a payout ratio of 99.86% [1] Group 2 - The company is enhancing the operational efficiency of its internet audio-visual business and improving the value-added capabilities of its core products [2] - The IPTV platform integrates quality resources from various content providers, creating a comprehensive content matrix [2] - The cloud viewing product has over 230 million users and 25.42 million effective smart terminals [2] Group 3 - The chairman emphasized the company's commitment to expanding the business boundaries of core products and exploring integration with smart home and smart city sectors [3] - The company aims to deepen collaboration within the content industry chain and innovate content types, leveraging AI to meet diverse user needs [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a content value closed loop, despite a slight decline in revenue [3]. - The company is expected to achieve revenue of 16.7 billion, 18.0 billion, and 19.5 billion yuan from 2025 to 2027, with corresponding net profits of 7.0 billion, 7.7 billion, and 8.5 billion yuan [3]. Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit of 161 million yuan (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94%, respectively [1]. - The company’s IPTV basic business revenue for 2024 was 834 million yuan (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business revenue for 2024 was 633 million yuan (YoY +4.49%) [2]. - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024 [3]. Future Projections - The company is projected to achieve operating revenues of 1.670 billion, 1.801 billion, and 1.950 billion yuan from 2025 to 2027, with net profits of 701 million, 771 million, and 851 million yuan respectively [5]. - The current market capitalization corresponds to a price-to-earnings ratio (PE) of 13, 12, and 11 times for the years 2025 to 2027 [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [6]. Core Views - The company has shown steady growth in its main business, with its core audiovisual platform continuing to strengthen [1]. - The IPTV basic business has seen robust growth, with effective user numbers steadily increasing [2]. - The content copyright business is integrating industry resources to build a closed-loop value chain, despite a slight decline in revenue [3]. - The company is expected to achieve revenue growth in the coming years, with projected revenues of 16.7 billion, 18.0 billion, and 19.5 billion for 2025, 2026, and 2027 respectively [3]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.579 billion (YoY +3.63%) and a net profit attributable to shareholders of 658 million (YoY -7.04%) [1]. - For Q1 2025, the company reported operating revenue of 407 million (YoY +1.48%) and a net profit attributable to shareholders of 161 million (YoY +8.69%) [1]. - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively [1]. - The company’s IPTV basic business revenue reached 834 million in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2]. - The internet audiovisual business generated revenue of 633 million in 2024 (YoY +4.49%) [2]. - The content copyright business revenue declined to 84 million in 2024 (YoY -5.67%) [3]. Future Projections - The company is projected to achieve net profits of 701 million, 771 million, and 851 million for 2025, 2026, and 2027 respectively [3]. - The current market capitalization corresponds to a PE ratio of 13, 12, and 11 for the years 2025, 2026, and 2027 [3].

Core Viewpoint - New Media Co., Ltd. demonstrated steady growth in Q1 2025, particularly in operating cash flow per share and net profit margin [2][3][7] Financial Overview - The company achieved total revenue of 407 million yuan, a year-on-year increase of 1.48% [2] - The net profit attributable to shareholders reached 161 million yuan, growing by 8.69% year-on-year [2] - The net profit excluding non-recurring items was also 161 million yuan, reflecting an 8.72% year-on-year increase [2] Profitability - The gross margin was 48.94%, a decrease of 2.75 percentage points compared to the same period last year [3] - The net profit margin increased to 39.53%, up by 7.02 percentage points year-on-year [3] - Earnings per share were 0.7 yuan, representing a year-on-year growth of 7.69% [3] Cash Flow and Asset Status - Operating cash flow per share significantly increased to 2.45 yuan, a year-on-year rise of 176.92% [4] - Cash and cash equivalents decreased from 3.607 billion yuan to 2.626 billion yuan, a decline of 27.21% year-on-year [4] - Accounts receivable also decreased from 246 million yuan to 228 million yuan, down by 7.29% year-on-year [4] Cost and Expenses - Total operating expenses (selling, administrative, and financial expenses) amounted to 19.87 million yuan, accounting for 4.89% of revenue, which is a significant increase of 153.00% year-on-year [5] Debt Repayment Ability and Capital Structure - Interest-bearing liabilities decreased from 8.5319 million yuan to 6.929 million yuan, a year-on-year decline of 18.79% [6] Investor Returns - Since its listing, the company has raised a total of 1.161 billion yuan and distributed a total of 1.805 billion yuan in dividends, resulting in a dividend-to-financing ratio of 1.55, indicating a strong commitment to shareholder returns [7]

广东南方新媒体股份有限公司 2024 年度独立董事述职报告 （韩国强） 席 8 次，其中以通讯方式出席 8 次，对董事会各项议案均投了赞成票，没有提出异 议。在董事会会议中，本人遵循勤勉尽责、独立自主的原则，认真审议董事会的各 项议案，与各位董事积极交流意见，并对董事会召开程序、决策过程进行了监督。 各位股东及股东代表： 本人韩国强，作为广东南方新媒体股份有限公司（以下简称"公司"）第三届董 事会独立董事，在报告期内严格按照《公司法》《证券法》《上市公司独立董事管 理办法》《公司章程》等相关法律、法规、规章制度及规范性文件的规定和要求， 勤勉尽责，独立自主行使各项职权，积极发挥独立董事参与决策、监督制衡、专业 咨询的作用。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事基本情况 （一）工作履历、专业背景 韩国强先生，1962 年出生，中国国籍，无境外永久居留权，博士。1988 年 7 月至 1990 年 12 月任华南理工大学计算机系讲师；1990 年 12 月至 1993 年 12 月任 华南理工大学计算机系副教授；1993 年 12 月至今任华南理工大学计算机科学与工 程学院教授，现为 ...

（张富明） 各位股东及股东代表： 本人张富明，作为广东南方新媒体股份有限公司（以下简称"公司"）第三届董 事会原独立董事，在报告期内严格按照《公司法》《证券法》《上市公司独立董事 管理办法》《公司章程》等相关法律、法规、规章制度及规范性文件的规定和要求， 勤勉尽责，独立自主行使各项职权，积极发挥独立董事参与决策、监督制衡、专业 咨询的作用。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事基本情况 （一）工作履历、专业背景 张富明先生，1966 年出生，中国国籍，无境外永久居留权，硕士，注册会计师。 1993 年 7 月至 2000 年 4 月，任仲恺农业工程学院讲师；2000 年 5 月至 2009 年 6 月，任广州市东方会计师事务所合伙人；2009 年 7 月至今，任广州万隆康正会计师 事务所有限公司执行董事兼总经理、主任会计师；2016 年 10 月至 2017 年 10 月， 任深圳维盟科技股份有限公司独立董事；2018 年 10 月至 2024 年 11 月，任公司独 立董事。 （二）独立性说明 广东南方新媒体股份有限公司 2024 年度独立董事述职报告 本人未在公司担任除独立董 ...

广东南方新媒体股份有限公司 2024 年度独立董事述职报告 （聂新军） 各位股东及股东代表： 本人聂新军，作为广东南方新媒体股份有限公司（以下简称"公司"）第三届董 事会独立董事，在报告期内严格按照《公司法》《证券法》《上市公司独立董事管 理办法》《公司章程》等相关法律、法规、规章制度及规范性文件的规定和要求， 勤勉尽责，独立自主行使各项职权，积极发挥独立董事参与决策、监督制衡、专业 咨询的作用。现将本人 2024 年度履行独立董事职责情况汇报如下： 一、独立董事基本情况 （一）工作履历、专业背景 聂新军先生，1973 年出生，中国国籍，无境外永久居留权，中山大学会计学博 士，华南师范大学经济与管理学院会计系副教授；1996 年 8 月至 2000 年 8 月，任 江西农业大学园艺系助教；2000 年 9 月至 2003 年 7 月，江西财经大学会计硕士研 究生；2003 年 8 月至今，华南师范大学经济与管理学院讲师、副教授；2023 年 7 月至今，任顶固集创（300749）独立董事；2024 年 6 月至今，任利元亨（688499） 独立董事。2024 年 11 月至今，任公司独立董事。 （二）独立性说 ...

广东南方新媒体股份有限公司 2024 年度独立董事述职报告 一、独立董事基本情况 （一）工作履历、专业背景 本人王建业，1953 年出生，中国国籍，无境外永久居留权，经济学博士。曾就 职于国际货币基金组织、中国进出口银行、丝路基金有限责任公司；2013 年 9 月至 2022 年 6 月任上海纽约大学访问教授，2022 年 6 月至今任上海纽约大学波动研究 所名誉所长；2018 年 3 月至 2023 年 2 月任广州国际金融研究院特聘教授，2020 年 6 月至 2023 年 2 月任名誉院长。2019 年 3 月至今，任公司独立董事。 （二）独立性说明 本人未在公司担任除独立董事以外的其他职务，与公司及其主要股东不存在直 接或者间接利害关系，或者其他可能影响本人进行独立客观判断的关系，符合《上 市公司独立董事管理办法》对独立董事独立性的相关要求。本人已将独立董事独立 性自查情况表提交公司董事会，经董事会评估，不存在影响公司独立董事履职独立 性的情况。 二、本年度履职概况 （一）出席董事会、股东大会情况 2024 年度，公司董事会召开了 8 次会议。本人应出席董事会会议 8 次，实际出 席 8 次，其中以通 ...