Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth [11][18]. Core Insights - In 2023, the company reported a revenue of 1.717 billion yuan, a year-on-year decline of 4.65%, and a net profit attributable to shareholders of 116 million yuan, down 7.72% year-on-year [4]. - The company's market share in the overall book market increased to 3.25%, up 0.22 percentage points from the previous year, solidifying its position as a leader in mass publishing [4]. - The company has made significant progress in its "Golden Product Project," with a total of 309 bestselling titles in 10 major segments, an increase of 5.5% year-on-year [4]. Financial Performance Summary - The company expects net profits for 2024-2026 to be 160 million, 190 million, and 207 million yuan, respectively, corresponding to PE ratios of 35.2, 29.7, and 27.3 times based on the current stock price [11]. - The gross profit margin is projected to improve from 34.87% in 2023 to 36.77% by 2026 [9]. - The return on equity (ROE) is expected to rise from 5.53% in 2023 to 7.94% by 2026 [9]. Market and Business Strategy - The company is actively transforming its channels, collaborating with over 300 publishers and offering more than 400,000 book SKUs [15]. - The company has seen a 15.02% year-on-year growth in knowledge service revenue, reaching 58 million yuan in 2023 [15]. - The launch of the AIGC digital publishing platform is expected to enhance publishing efficiency and marketing precision [15].

Investment Rating - The report maintains a "Buy" investment rating for the company [3] Core Views - The company is expected to recover its main business, driven by both internal and external growth strategies, with a focus on AI technology integration and digital transformation [2][3] - Revenue forecasts for 2024-2026 are projected at 1.899 billion, 2.130 billion, and 2.350 billion yuan, respectively, with corresponding net profits of 151 million, 201 million, and 251 million yuan [3][6] - The company’s market share remains stable, and the implementation of new tax policies is anticipated to impact its financials starting January 1, 2024 [3] Summary by Sections Financial Performance - In 2023, the company reported revenues of 1.72 billion yuan and a net profit of 116 million yuan, reflecting a year-on-year decline of 4.7% and 7.7%, respectively [3][16] - The company’s gross margin and net margin were slightly improved at 34.87% and 6.96% [16] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.80, 1.06, and 1.32 yuan, respectively [3][6] Market Position - The company holds a 3.25% share of the overall book retail market in 2023, an increase of 0.22 percentage points from the previous year, maintaining its leading position in various segments [16] - The retail book market in China saw a total scale of 912 billion yuan in 2023, with a year-on-year growth of 4.72% [16] Strategic Initiatives - The company is enhancing its digital infrastructure and collaborating with major AIGC model technology firms to develop intelligent reading brands [2] - The introduction of the "CITIC Academy AI Reading Assistant" in partnership with Baidu aims to innovate reading experiences and drive future business growth [2]

中信出版（300788.SZ） 事件：公司发布 2023 年年报。2023 年公司实现营收 17.17 亿元，同比下滑 4.65%； 归母净利润 1.16 亿元，同比下滑 7.72%；扣非归母净利润 6188 万元，同比下滑 47.75%；经营性现金流净额 2.00 亿元，同比增长 36.63%。其中，2023Q4 公司实现 营收 4.31 亿元，同比下滑 8.98%；实现归母净利润-992 万元，同比增长 21.54%，同 比亏损有所收窄。公司营收与利润双端承压，主要受消费市场疲软以及图书渠道结构 性变化导致折扣进一步降低的影响。 风险提示：政策趋严风险；版权方无法续约风险。 | --- | --- | |-------------------------------|----------| | | | | 买入（维持） | | | 股票信息 | | | 行业 | 出版 | | 前次评级 | 买入 | | 3 月 14 日收盘价 ( 元 ) | 30.57 | | 总市值 ( 百万元 ) | 5,812.93 | | 总股本 ( 百万股 ) | 190.15 | | 其中自由流通股 (%) | 100.00 ...

中信出版集团股份有限公司（以下简称"公司"）董事会于近日收到公司董 事长王斌先生递交的《辞呈》，王斌先生原定任期至第五届董事会届满之日，因 已到法定退休年龄，王斌先生申请辞去公司董事长、法定代表人、董事会战略委 员会主任委员职务。王斌先生荣退后不再担任公司其他职务。 王斌先生的离任不会导致公司董事会人数低于法定最低人数，不会影响公司 董事会的规范运作和公司正常的生产经营。根据《公司法》《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》《公司章程》等有关 规定，王斌先生的离任自《辞呈》送达公司董事会之日起生效。截至本公告披露 日，王斌先生未持有公司股份，不存在应当履行而未履行的承诺事项。 证券代码：300788 证券简称：中信出版 公告编号：2024-009 王斌先生自2001年上任以来，秉持"前瞻思维、全球视角、社会责任"理念， 始终坚持精品出版，兢兢业业、卓识远虑、锐意创新，率领公司实现从0到1、由 弱至强的突破式发展，成就了公司的卓著品牌，奠定了公司的大众出版行业龙头 地位。公司和董事会对王斌先生任职期间的杰出领导和卓越贡献致以诚挚的敬意 与衷心的感谢！ 特此公告。 中信出版集团股份 ...

Financial Performance - The company's operating revenue for 2023 was approximately ¥1.72 billion, a decrease of 4.65% compared to ¥1.80 billion in 2022[20] - The net profit attributable to shareholders for 2023 was approximately ¥116.36 million, down 7.72% from ¥126.09 million in 2022[20] - The net profit after deducting non-recurring gains and losses was approximately ¥61.88 million, a significant decline of 47.75% from ¥118.43 million in the previous year[20] - The basic earnings per share for 2023 was ¥0.61, a decrease of 7.58% compared to ¥0.66 in 2022[20] - The total assets at the end of 2023 amounted to approximately ¥3.34 billion, reflecting a growth of 4.52% from ¥3.19 billion at the end of 2022[20] - The net assets attributable to shareholders increased by 2.14% to approximately ¥2.11 billion at the end of 2023, compared to ¥2.06 billion at the end of 2022[20] - The cash flow from operating activities for 2023 was approximately ¥200.02 million, representing a 36.63% increase from ¥146.39 million in 2022[20] - The weighted average return on equity for 2023 was 5.59%, down from 6.16% in 2022[20] - Total revenue for 2023 was CNY 1,118,271,339.14, a decrease of 5.56% compared to CNY 1,184,166,643.29 in 2022[50] Market and Business Development - The Chinese book retail market saw a year-on-year growth of 4.72% in 2023, although the actual sales volume decreased by 7.04% due to reduced retail discounts[30] - The knowledge payment user base in China is expected to exceed 570 million, with a market size of approximately CNY 180.27 billion in 2023[30] - The company has established a digital content supply chain through its app, providing e-books, audiobooks, and various knowledge services, enhancing its market presence[32] - The company is leveraging AIGC technology to enhance publishing efficiency and optimize marketing strategies, with a new AIGC digital publishing platform launched during the reporting period[37] - The company has expanded its marketing strategies, utilizing data-driven models to improve channel control and pricing capabilities[36] - The company is actively exploring new content planning models and has successfully linked with popular IPs, resulting in positive social responses to its publications[34] - The company’s market share in the overall book market increased to 3.25%, up 0.22 percentage points from the previous year, maintaining its leading position[40] Awards and Recognition - The company received 44 national and ministerial-level awards in 2023, marking a record high in both the number and level of awards[33] - The company published 404 copyright outputs to over 30 countries and regions, and established publishing cooperation with 27 "Belt and Road" countries[39] Research and Development - Research and development expenses increased by 24.89% to CNY 11,188,850.23, reflecting a focus on innovation[55] - The company is developing an AI tool integration platform aimed at enhancing content creation and operational efficiency[57] - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing digital content delivery[97] Cash Flow and Investments - The net cash flow from operating activities for 2023 was ¥200,024,067.06, an increase of 36.63% compared to the previous year, primarily due to enhanced collection efforts on accounts receivable[59] - The net cash flow from investing activities for 2023 was -¥203,917,996.15, a significant decrease of 1,054.93% year-on-year, influenced by reduced redemption of time deposits and new investments in China Economic Information Center[60] - The total investment amount for 2023 was ¥774,968,439.23, a decrease of 38.24% compared to the previous year[65] Corporate Governance - The company emphasizes investor relations management, ensuring fair and transparent communication with investors through various channels, including a dedicated investor hotline and performance briefings[88] - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, and operations, with no instances of fund or asset occupation by the controlling shareholders[90] - The company has established a complete and independent business system, conducting operations autonomously without competition or unfair transactions with controlling shareholders[91] - The company has a clear governance structure with established rules for the shareholders' meeting, board of directors, and supervisory board, ensuring effective management and oversight[91] Employee and Training Initiatives - The total number of employees at the end of the reporting period was 987, with 676 at the parent company and 311 at major subsidiaries[120] - The company conducted 125 training sessions in 2023, with a total of 5,263 participants and 18,701.5 hours of training[122] - The company has established a training system to enhance the political quality and job performance of its employees[122] Social Responsibility and Community Engagement - The company donated over 11,000 science books to schools in Gansu Province to enhance students' scientific literacy[143] - A total of 12,000 books and over 100 bookshelves were donated in 2023, along with the recording of online courses for local students[145] - The company invested 100,000 yuan in skill training for local ethnic groups in Yunnan Province, aiming to build a sustainable talent pool[145] Future Outlook and Strategic Plans - The company plans to focus on high-quality development and innovation in the cultural industry, aiming to enhance its influence in global cultural exchanges[73] - The company aims to optimize resource allocation from a market value management perspective, integrating strategic planning, product innovation, and brand development[73] - In 2024, the company plans to focus on ten key publishing projects across various fields, including finance, social sciences, and youth literature, enhancing content quality and resource allocation[74] - The company will enhance its marketing and distribution capabilities by leveraging data and technology, establishing a digital distribution system based on content planning[75] Financial Management and Profit Distribution - The profit distribution policy will be improved to strengthen investor returns, with a focus on stable cash dividends[152] - The company has a total of 1,060.65 million yuan in distributable profits available for dividend distribution[127] - The company maintained a cash dividend payout ratio of 100% of the total profit distribution amount[125]

中信出版集团股份有限公司 2023 年度财务决算报告 一、2023年度财务报表及其审计情况 中信出版集团股份有限公司（以下简称"公司"）财务报表，包括2023年12月 31日的合并及公司资产负债表，2023年度的合并及公司利润表、合并及公司现金 流量表、合并及公司股东权益变动表以及财务报表附注已经普华永道中天会计师 事务所（特殊普通合伙）审计，并由普华永道中天会计师事务所出具标准无保留 意见的审计报告（普华永道中天审字(2024)第10101号）。 二、2023年度财务状况和经营成果 1．主要会计数据和财务指标 | | 2023 年 | 2022 年 | 同比变动 | | --- | --- | --- | --- | | 营业收入（万元） | 171,695.71 | 180,073.46 | -4.65% | | 归属于上市公司股东的净利润 | 11,635.72 | 12,608.80 | -7.72% | | （万元） | | | | | 归属于上市公司股东的扣除非 经常性损益的净利润（万元） | 6,188.48 | 11,843.48 | -47.75% | | 经营活动产生的现金流量净额 | 2 ...

证券代码：300788 证券简称：中信出版 公告编号：2024-008 中信出版集团股份有限公司 2023 年度内部控制评价报告及相关意见公告 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全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合中信出版集团股份有限公司（以下 简称"公司"）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础 上，对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行 了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会及董事、监事会及监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安 ...

中信出版集团股份有限公司 关于对中信财务有限公司的风险评估报告 根据《深圳证券交易所上市公司自律监管指引第 7 号—交易与关联交易》等 相关规定的要求，中信出版集团股份有限公司（以下简称"公司"）通过查验中信 财务有限公司（以下简称"财务公司"）《金融许可证》《企业法人营业执照》等 证件资料，并审阅了财务公司 2023 年 12 月 31 日的资产负债表、利润表，对财 务公司的经营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如 下： 一、 财务公司基本情况 1.财务公司注册地、组织形式和总部地址 中信财务有限公司成立于 2012 年 11 月 19 日，统一社会信用代码为 91110000717834635Q。财务公司于 2012 年 10 月 11 日取得原中国银行保险监督 管理委员会北京监管局颁发的《中华人民共和国金融许可证》（机构编码为 L0163H111000001）。 财务公司注册资本为 47.51 亿元，股权结构如下： | 股东 | 出资额（万元） | 出资比例（%） | | --- | --- | --- | | 中国中信有限公司 | 204,000.00 | 42.94 | | 中 ...

证券代码：300788 证券简称：中信出版 公告编号：2024-003 中信出版集团股份有限公司 2023 年度利润分配预案的公告 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 2024 年 3 月 14 日召开第 五届董事会第十五次会议及第五届监事会第十一次会议，分别审议通过了《关于 公司 2023 年度利润分配预案的议案》。现将相关事宜公告如下： 一、2023 年度利润分配预案情况 经普华永道中天会计师事务所（特殊普通合伙）审计，公司2023年度归属于 上市公司股东的净利润为116,357,228.74元。根据《公司法》及《公司章程》的规 定，公司法定盈余公积金累计额已达到注册资本的50%以上，公司2023年不再提 取法定盈余公积金。公司本年度可供股东分配的利润为1,060,646,445.34元。 依据《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》："上市公司制定利润分配方案时，应当以母公司报表中可供分配利润为 依据。同时，为避免出现超分配的情况，公司应当以合并报表、母公司报表中可 ...

中信出版集团股份有限公司 2023 年度财务报表及审计报告 中信出版集团股份有限公司 2023 年度财务报表及审计报告 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - | 6 | | 2023 年度财务报表 | | | | 合并及公司资产负债表 | | 1 | | 合并及公司利润表 | | 2 | | 合并及公司现金流量表 | | 3 | | 合并股东权益变动表 | | 4 | | 公司股东权益变动表 | | 5 | | 财务报表附注 | 6 - 118 | | | 补充资料 | | | | 一、非经常性损益明细表 | 1 - | 2 | | 二、净资产收益率及每股收益 | | 2 | (二) 我们的意见 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允 反映了中信出版 2023 年 12 月 31 日的合并及公司财务状况以及 2023 年度的合并及公 司经营成果和现金流量。 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会 计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。我们 ...