证券代码：300788 证券简称：中信出版 公告编号：2026-009 二、提前征集投资者问题 关于举行 2025 年度业绩说明会的公告 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。 中信出版集团股份有限公司（以下简称"公司"）于 2026 年 3 月 17 日在中 国证监会指定信息披露网站巨潮资讯网披露了《2025 年年度报告》及其摘要。 为方便广大投资者进一步了解公司的经营情况，加强与中小投资者的沟通交流， 公司将于 2026 年 4 月 2 日（星期四）15:00－16:00 在全景网举办 2025 年度业绩 说明会。本次年度业绩说明会将采用网络远程的方式举行，投资者可登录全景网 参与本次年度业绩说明会。现就相关事宜公告如下： 公司高度重视与广大投资者的交流机会，为提升交流效率，现就公司 2025 年度业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投 资者可于 2026 年 4 月 1 日 17:00 前，将关注的问题通过电子邮件的形式发送至 公司投资者关系邮箱 IR@citicpub.com，邮件标题请注明"中信出版业绩说明会"。 ...

今日早参 2026 年 3 月 19 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 债券策略研究组长 座机：13910895671 邮箱：qiuwenzhu@htsc.com 今日热点 宏观：3 月 FOMC：联储对降息更加谨慎 概览：北京时间 3 月 19 日（周四）凌晨美联储公布 3 月议息会议决定，政 策利率维持在 3.5-3.75%，点阵图维持 2026-27 年各降息 1 次的指引，但联 储上调增长通胀预测以及鲍威尔表态均显示，联储对降息变得更加谨慎。 风险提示：美国就业市场超预期走弱，中东冲突持续性与烈度超预期。 研报发布日期：2026-03-19 研究员 易峘 SAC:S0570520100005 SFC:AMH263 胡李鹏 SAC:S0570525010001 SFC:BWA860 固定收益：在防御中挖掘信用债结构性机会 通胀担忧上行+政策观察期+供给潜在扰动，3-4 月债市相比 1-2 月份胜率不 高、赔率降低，但资金面仍平稳、外部扰动短空长多，债市调整空间有限。 机构行为方面，分红险增速放缓+心态谨慎，保险 ...

Core Viewpoint - On March 18, brokerages provided target prices for listed companies, with notable increases for Nanjing Steel, Fuyao Glass, and Wancheng Group, showing target price increases of 47.23%, 45.45%, and 43.52% respectively, across the steel, automotive parts, and retail sectors [1][2]. Group 1: Target Price Increases - Nanjing Steel (600282) received a target price of 8.51 yuan, reflecting a target price increase of 47.23% [2] - Fuyao Glass (600660) has a target price of 84.00 yuan, with a target price increase of 45.45% [2] - Wancheng Group (300972) was assigned a target price of 280.00 yuan, indicating a target price increase of 43.52% [2] - Wanhua Chemical (600309) has a target price of 113.60 yuan, with a target price increase of 40.84% [2] - China Merchants Shekou (001979) received a target price of 12.80 yuan, reflecting a target price increase of 35.02% [2] Group 2: Brokerage Recommendations - A total of 34 listed companies received brokerage recommendations on March 18, with China Merchants Shekou, CITIC Publishing, Fuyao Glass, and Wancheng Group each receiving recommendations from three brokerages [3][4] - China Merchants Shekou (001979) closed at 9.48 yuan with three brokerage recommendations [4] - Fuyao Glass (600660) closed at 57.75 yuan, also receiving three brokerage recommendations [4] - Wancheng Group (300972) closed at 195.09 yuan, with three brokerages recommending it [4] Group 3: Rating Adjustments - On March 18, one company had its rating upgraded, with Zhongtai Securities raising Shanghai Bank's rating from "Hold" to "Buy" [5] - Shanghai Bank (601229) is now rated "Buy" by Zhongtai Securities [5] Group 4: First Coverage - Eight companies received initial coverage on March 18, with Hesheng Co. receiving a "Strong Buy" rating from Huachuang Securities [6] - Tian Gong Co. was given an "Add" rating by Dongwu Securities [6] - Neipu Mining (300818) received an "Add" rating from Guotai Junan Securities [6] - Bozhong Precision (688097) was rated "Add" by Northeast Securities [6] - Bojie Co. (002975) received a "Buy" rating from Zhongyou Securities [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company demonstrated stable performance in 2025, with revenue reaching 1.702 billion yuan, a year-on-year increase of 0.87%. The gross profit was 653 million yuan, with a gross margin of 38.36%, down 0.6 percentage points year-on-year. The net profit attributable to shareholders was 130 million yuan, up 9.63% year-on-year, while the net profit excluding non-recurring items was 118 million yuan, down 25.34% year-on-year due to a high base effect from a one-time tax adjustment in 2024 [1][3] - The company is actively exploring opportunities in IP and AI, leveraging its strengths in the publishing sector to expand into new retail and enhance operational efficiency through AI technologies [4][8] Revenue Summary - The company's revenue sources include: - Book publishing and distribution: 1.295 billion yuan, down 1.35% year-on-year, accounting for 76.05% of total revenue - Smart services: 236 million yuan, up 6.02% year-on-year, accounting for 13.84% - Urban cultural space operations: 345 million yuan, up 10.02% year-on-year, accounting for 20.26% [2] Profit Summary - The gross margins for different business segments in 2025 were: - Book publishing and distribution: 39.74%, up 0.5 percentage points year-on-year - Smart services: 29.42%, down 1.76 percentage points year-on-year - Urban cultural space operations: 34.35%, down 0.49 percentage points year-on-year - The company achieved a net profit of 130 million yuan, with a year-on-year growth of 9.63%. The net profit excluding non-recurring items was 118 million yuan, down 25.34% year-on-year, primarily due to a tax adjustment that inflated the base in 2024 [3][9] Future Growth Expectations - The company is expected to achieve the following revenue and net profit figures: - 2026: Revenue of 1.818 billion yuan (up 6.8% year-on-year), net profit of 186 million yuan (up 42.8%) - 2027: Revenue of 1.908 billion yuan (up 4.9% year-on-year), net profit of 207 million yuan (up 11.3%) - 2028: Revenue of 1.991 billion yuan (up 4.4% year-on-year), net profit of 233 million yuan (up 13.0%) [8][9]

2026 年 03 月 18 日 夯实精品内容供给 看 AI 产品商业化 买入(维持) 事件 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 基本数据 | 2026-03-17 | | --- | --- | | 当前股价（元） | 33.31 | | 总市值（亿元） | 63.3 | | 总股本（百万股） | 190.2 | | 流通股本（百万股） | 190.2 | | 52 周价格范围（元） | 25.57-47.77 | | 日均成交额（百万元） | 122.3 | 市场表现 -40 -20 0 20 40 60 (%) 中信出版 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中信出版（300788）：大众阅 读龙头 AI 时代如何践行文化强国建 设》2025-03-24 2、《中信出版（300788）：单季度 利润同环比双增拥抱 AI 赋能主业》 2024-08-31 —中信出版（300788.SZ）公司事件点评报告 中信出版发布 2025 年年报公告：2025 年公司营业总收入 17.02 亿 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has demonstrated stable performance with a focus on IP and AI for future growth potential. In 2025, the company achieved revenue of 1.702 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 130 million yuan, up 9.63% year-on-year [1][3][4] Revenue Performance - The company's revenue sources include: - Book publishing and distribution: 1.295 billion yuan, down 1.35% year-on-year, accounting for 76.05% of total revenue - Smart services: 236 million yuan, up 6.02% year-on-year, accounting for 13.84% - Urban cultural space operations: 345 million yuan, up 10.02% year-on-year, accounting for 20.26% [2] Profitability Analysis - The gross margins for different business segments in 2025 were: - Book publishing and distribution: 39.74%, up 0.5 percentage points year-on-year - Smart services: 29.42%, down 1.76 percentage points - Urban cultural space operations: 34.35%, down 0.49 percentage points - The overall gross margin remained stable, with the company achieving a net profit of 130 million yuan, a year-on-year increase of 9.63% [3] Future Growth Projections - The company is actively exploring IP and AI business opportunities, leveraging its resources in book publishing to expand into new retail through IP derivatives. The company expects to achieve revenues of 1.818 billion yuan, 1.908 billion yuan, and 1.991 billion yuan in 2026, 2027, and 2028, respectively, with corresponding net profits of 186 million yuan, 207 million yuan, and 233 million yuan [4][8][9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is focusing on solidifying its premium content supply and commercializing AI products [1] - In 2025, the company achieved a total revenue of 1.702 billion yuan, with a year-on-year growth of 0.87%, and a net profit attributable to shareholders of 130 million yuan, reflecting a year-on-year increase of 9.63% [4][5] - The company is positioned as a leader in the retail book market, with significant sales in various categories, including strong performance in IP books related to film and gaming [5][6] Revenue and Profitability - The company's main revenue streams in 2025 were from book publishing (1.29 billion yuan), digital services (236 million yuan), and urban cultural space operations (344 million yuan), with respective year-on-year growth rates of -1.35%, +6.02%, and +10.2% [5] - The overall gross margin for the three main business segments was 39.74%, 29.42%, and 34.35% respectively [5] - The company forecasts revenues of 1.756 billion yuan, 1.817 billion yuan, and 1.899 billion yuan for 2026, 2027, and 2028 respectively, with corresponding EPS of 0.87, 1.03, and 1.20 yuan [9][11] Strategic Initiatives - The company is actively building a "knowledge community" and enhancing its product capabilities through its KuaFu AI platform, which significantly improves publishing efficiency [6][7] - The company aims to commercialize AI technology outcomes and explore new product offerings, including AI-powered publishing platforms and intelligent book agents [9]

| 基本状况 | | --- | | 总股本(百万股) | 190.15 | | --- | --- | | 流通股本(百万股) | 190.15 | | 市价(元) | 36.18 | | 市值(百万元) | 6,879.68 | | 流通市值(百万元) | 6,879.68 | 股价与行业-市场走势对比 1、《主业固本拓新强根基，看好 IP 与 AI 布局赋能》2026-03-05 中信出版：2025 年业绩稳健，IP、AI 布局实现突破 出版 中信出版（300788.SZ） 证券研究报告/公司点评报告 2026 年 03 月 17 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2024A | | 2025A | 2026E | 2027E | 2028E | | 分析师：康雅雯 | | 营业收入（百万元） | | 1,687 | 1,702 | 1,785 | 1,865 | 1,948 | | | | 增长率 yoy% | | - ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信出版集團股份有限公司在二零二六年三月十六日登載於中 華人民共和國深圳證券交易所網站（www.szse.cn）關於 2025 年年度 報告。中信出版集團股份有限公司為中國中信股份有限公司的附屬公 司。 中信出版集团股份有限公司 2025 年年度报告全文 1 中信出版集团股份有限公司 2025 年年度报告 【披露时间】 中信出版集团股份有限公司 2025 年年度报告全文 2025 年年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律 责任。 公司负责人陈炜、主管会计工作负责人王亮及会计机构负责人(会计主管 人员)范中佳声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中涉及的未来发展等陈述，不构成本公司对任何投资者及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信出版集團股份有限公司在二零二六年三月十六日登載於中 華人民共和國深圳證券交易所網站（www.szse.cn）關於 2025 年年度 報告摘要。中信出版集團股份有限公司為中國中信股份有限公司的附 屬公司。 中信出版集团股份有限公司 2025 年年度报告摘要 证券代码：300788 证券简称：中信出版 公告编号：2026-004 中信出版集团股份有限公司 2025 年年度报告摘要 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当到证监会指 定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 信永中和会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 非标准审计意见提示 □适用 不适用 公司上市时未盈利且目前未实现盈利 □适用 不适用 董事会审议的报告期利润分配预案或公积金转增 ...