证券代码：301025 证券简称：读客文化 读客文化股份有限公司 2023 年 4 月 27 日投资者关系活动记录表 编号：2023-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资关系活动类 | □媒体采访 √业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2023 年 4 月 27 日 (周四) 下午 15:00-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | | 1、董事、总经理 朱筱筱 | | 上市公司接待人 | 2、财务总监、董事会秘书 龚平 | | 员姓名 | 3、独立董事 张轶华 | | | 4、中信建投保荐代理人 杨鑫强 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、请问朱总，AI 相关技术对公司的"创意工业化"有什么影响？ | | | 尊敬的投资者 ...

Group 1: Company Overview - Reader Culture Co., Ltd. was established in 2009, focusing on "creative industrialization" and efficiency improvement, aiming to stimulate personal growth through quality content in literature, social sciences, and children's fields [1] - The company's main business includes physical books, digital content, copyright operations, and new media [1] Group 2: Creative Industrialization - The "Reader Method" was developed to systematize creative production, allowing for high-quality output through a structured approach [2] - In 2022, the company integrated the "Reader Method" into its operations, establishing a "creative assembly line" to enhance production efficiency [2] - The introduction of the "one-hour standard creative workshop" allows project teams to rapidly develop content, improving focus and quality [2] Group 3: Market Dynamics - The book market experienced a double-digit growth trend until 2019, with significant changes in sales channels, particularly the rise of short video e-commerce platforms like Douyin, which accounted for 16.4% of the retail market in 2022 [2] - The Chinese government's "14th Five-Year Cultural Development Plan" aims to strengthen cultural development, providing opportunities for the book industry [2] Group 4: Financial Performance - The company's self-operated channels generated revenue of 119 million yuan in 2022, a year-on-year increase of 34.06%, with their share in physical book business rising from 20.36% to 26.61% [2] - The average gross margin for offline channels is higher than online due to higher retail prices, although offline contributions have decreased recently [2] Group 5: Future Strategies - The company plans to issue convertible bonds to expand its copyright library, as copyright is its core competitive advantage [2] - AI technology's impact on "creative industrialization" is still under exploration, with careful evaluation of its social and economic benefits [3]

Financial Performance - The company's operating revenue for 2022 was ¥513,792,659.10, a decrease of 1.04% compared to ¥519,201,674.91 in 2021[20]. - The net profit attributable to shareholders for 2022 was ¥62,320,788.15, representing a decline of 7.48% from ¥67,254,505.31 in 2021[20]. - The net profit after deducting non-recurring gains and losses was ¥46,535,788.77, down 17.36% from ¥56,205,283.87 in the previous year[20]. - The net cash flow from operating activities was negative at -¥12,211,230.52, a significant decrease of 129.17% compared to ¥41,856,368.66 in 2021[20]. - Basic earnings per share for 2022 were ¥0.1557, a decrease of 12.92% from ¥0.1785 in 2021[20]. - Total assets at the end of 2022 amounted to ¥808,782,012.26, an increase of 4.00% from ¥777,584,291.62 at the end of 2021[20]. - The net assets attributable to shareholders increased by 5.13% to ¥656,185,562.71 from ¥624,017,395.13 in 2021[20]. - The company reported a weighted average return on net assets of 9.79% for 2022, down from 11.93% in 2021, a decrease of 2.14%[20]. - The company reported a total revenue of 1.2 billion RMB for the year 2022, representing a year-over-year growth of 15%[148]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion yuan in 2022, representing a year-over-year growth of 25%[153]. Dividend Distribution - The company plans to distribute a cash dividend of 1.08 RMB per 10 shares to all shareholders, based on a total of 400,309,400 shares[4]. - The cash dividend per 10 shares is 1.08 yuan (including tax), with a total cash dividend amounting to 43,233,415.20 yuan (including tax)[128]. - The total cash dividend represents 100% of the distributable profit of 181,620,881.19 yuan for the year[128]. - The company distributed a cash dividend of 0.84 yuan per 10 shares, totaling 33,600,840 yuan for the 2021 fiscal year[125]. Risk Factors and Compliance - The company has stated that there are no significant risk factors that could adversely affect its production, operation, financial status, or sustainable profitability[4]. - The company has acknowledged uncertainties regarding its ability to continue as a going concern, as indicated by negative net profits in recent years[26]. - The company faces regulatory risks due to strict government oversight in the news and publishing industry, necessitating rigorous content planning and quality control[87]. - The company emphasized its compliance with corporate governance standards, ensuring equal treatment of all shareholders[93]. - The company has committed to transparency and will publicly explain any failures to meet commitments made in the IPO prospectus[157]. Corporate Governance - The company has a governance structure that includes independent directors, with Liang Xiaomin and Zhang Yihua serving in this capacity since February 2018[106]. - The board of directors operated in accordance with established rules, maintaining a structured decision-making process[95]. - The company maintained independence from its controlling shareholders in terms of assets, personnel, and operations[100]. - The company has established a Compensation and Assessment Committee to oversee remuneration policies[111]. - The board of directors held a total of 6 meetings during the reporting period, with all meetings disclosed on the company's information platform[114]. Market Expansion and Product Development - The company is focused on market expansion and new product development, although specific details are not provided in the content[4]. - The company is investing 200 million RMB in R&D for new technologies aimed at enhancing user experience in 2023[148]. - Market expansion efforts are focused on entering three new provinces, targeting a 10% increase in market share by the end of 2023[148]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[153]. - The company launched 247 new book titles in 2022, an increase of 18.75% compared to 2021, reflecting enhanced efficiency in the "creative assembly line" process[41]. Employee Management and Training - The total number of employees at the end of the reporting period was 296, with 261 in the parent company and 35 in major subsidiaries[121]. - The company conducted 38 training sessions in 2022, focusing on various aspects such as professional knowledge and leadership skills[123]. - The company emphasized the cultivation of new employees through targeted training programs to help them integrate into the company culture[124]. Financial Management and Investments - The company has engaged Lixin Certified Public Accountants for auditing services, ensuring compliance and transparency[19]. - The company reported a total of 28,100,000 CNY in entrusted financial management, with 2,000,000 CNY remaining unexpired[187]. - The company’s investment activities saw a total investment of ¥327,514,933.69, a decrease of 22.35% compared to the previous year[71]. - The company is exploring potential acquisitions to enhance its content library, with a budget of 300 million RMB allocated for this purpose[148]. Share Capital and Stock Management - The total number of shares held by the board members at the end of the reporting period was 180,300 shares, with an increase of 7,072 shares during the period[103]. - The total number of shares increased from 400,010,000 to 400,309,400, reflecting a change of 299,400 shares[192]. - The company completed the first vesting period of the 2021 restricted stock incentive plan, with a total of 299,400 shares listed for circulation[195]. - The company will not transfer or allow others to manage its shares within 12 months of the IPO[149]. Legal and Regulatory Matters - The company is involved in litigation with a total amount of RMB 188.086 million, with some cases partially concluded and having no significant impact on operations[169]. - There were no penalties or rectifications during the reporting period[170]. - The company has not reported any significant changes in accounting estimates or errors that would affect the financial statements[161]. Strategic Initiatives - The "Creative Industrialization" initiative aims to standardize and industrialize the creative process, allowing for the mass production of high-quality creative products[80]. - The company aims to cultivate local authors and promote traditional culture, focusing on high-quality works that resonate with contemporary values[79]. - The company is committed to sustainability initiatives, allocating 50 million yuan towards eco-friendly practices and technologies[153].

Financial Performance - The company's revenue for Q1 2023 was ¥104,353,601.14, a decrease of 7.85% compared to ¥113,243,741.28 in the same period last year[5] - Net profit attributable to shareholders was ¥6,047,221.49, down 20.59% from ¥7,614,913.80 year-on-year[5] - Operating profit for Q1 2023 was ¥3,022,188.44, down 66.8% from ¥9,128,007.22 in Q1 2022[19] - Basic earnings per share for Q1 2023 were ¥0.0151, down from ¥0.0190 in Q1 2022[20] - The overall book retail market declined by 6.55% year-on-year, with the company's market share increasing from 1.09% to 1.15%[8] - The sales revenue from physical books decreased by 6.52%, while digital content business grew by 5.13%[8] Cash Flow and Liquidity - The net cash flow from operating activities improved by 55.03%, reaching -¥5,820,179.84 compared to -¥12,941,685.35 in the previous year[5] - Cash inflow from investment activities was significantly higher at ¥405,463,618.30 compared to ¥40,101,651.33 in the same period last year[22] - The total cash and cash equivalents at the end of the period increased to 318,621,376.63 CNY, compared to 159,487,818.74 CNY in the same period last year[23] - The net increase in cash and cash equivalents for the quarter was 12,241,420.28 CNY, contrasting with a decrease of -164,924,949.88 CNY in the previous year[23] - The cash outflow from financing activities totaled 2,040,035.45 CNY, slightly higher than 2,039,022.46 CNY in the same quarter last year[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥795,937,640.66, a decrease of 1.59% from ¥808,782,012.26 at the end of the previous year[5] - The total current liabilities decreased from CNY 135,340,806.83 to CNY 118,837,181.39, indicating a reduction of approximately 12.19%[16] - The total non-current liabilities decreased from CNY 17,255,642.72 to CNY 14,867,675.07, a reduction of about 13.83%[16] - The company's accounts receivable decreased from CNY 90,262,519.78 to CNY 83,514,994.89, a decline of about 7.83%[15] - The inventory increased from CNY 160,965,647.21 to CNY 177,299,010.16, showing an increase of approximately 10.09%[15] Product Development and Market Strategy - The company plans to launch 387 new products in 2023, representing an increase of over 50% compared to the previous year[9] - Research and development expenses were reported as zero, indicating a potential area for future investment[18] Shareholder Information - The company reported a total of 304,480,692 shares, with 301,104,931 shares remaining after the release of restricted shares[14] - The company's equity remained stable at CNY 400,309,400.00, unchanged from the beginning of the year[16] Audit and Reliability - The report for the first quarter was not audited, which may affect the reliability of the financial data presented[24]

证券代码：301025 证券简称：读客文化 公告编号：2023-026 读客文化股份有限公司 关于举办 2022 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内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 读客文化股份有限公司（以下简称"公司"）于 2023 年 4 月 21 日发布了《2022 年年度报告》，为便于广大投资者更深入的了解公 司 2022 年度经营情况，公司将于 2023 年 4 月 27 日（星期四） 15:00-17:00 在全景网举办 2022 年度业绩说明会，现将相关事项公 告如下： 本次说明会将采用网络远程方式举行，投资者可登陆 全景网"投 资者关系互动平台"（http://ir.p5w.net）参与本次业绩说明会。 出席本次年度业绩说明会的人员有：公司董事、总经理朱筱筱女 士，公司独立董事张轶华先生，公司财务总监、董事会秘书龚平先生， 公司保荐代表人杨鑫强先生。 为充分尊重投资者、提升交流的针对性，现就公司 2022 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 2023 年 04 月 26 日(星期三)15:00 ...

Group 1: Company Overview and Market Context - The company adheres to the principle of "creative industrialization" and focuses on integrating quality copyrights across various fields, including literature, social sciences, and children's content [1] - The domestic book retail market experienced a year-on-year decline of 13.8% in the first half of 2022, with physical stores facing the largest drop [1] - The market share of mass-market book companies is approximately 30%, with leading companies gradually increasing their market share [2] Group 2: Business Performance and Sales Channels - The company's self-operated e-commerce channels and short video e-commerce channels saw a revenue increase of 65.30% in the first half of 2022 [2] - Online consignment model revenue decreased by 8.30%, while offline consignment model revenue grew by 4.77% [2] - The main costs of the company's operations include copyright costs, paper costs, and publishing costs [1] Group 3: Strategic Plans and Innovations - The company is cautious about mergers and acquisitions, focusing on the copyright reserves and management teams of potential targets [2] - The company prioritizes content quality over blind expansion, aiming to create high-efficiency and profitable book varieties [2] - The company has launched several long-term bestselling series and brand libraries, such as "Half-Hour Comics" and "Classic Library" [2] Group 4: Team Management and Performance - The company has implemented a "partner system" to attract external talent and optimize team structure [2] - A performance bonus system for marketing personnel is based on sales revenue, operating profit, and business action indicators [2] - The company maintains a healthy cash flow and will choose financing methods based on quality targets [3]

证券代码：301025 证券简称：读客文化 读客文化股份有限公司 2022 年 11 月 10 日投资者关系活动记录表 编号：2022-005 | --- | --- | --- | |--------------------------|-------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | √特定对象调研 □分析师会议 | | | 投资关系活动类 | □媒体采访 ...

[Major Financial Data](index=2&type=section&id=Item%201.%20Major%20Financial%20Data) [Key Accounting Data and Financial Indicators](index=2&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q3 2022, revenue grew 12.65% year-on-year, but net profit attributable to shareholders slightly decreased by 1.27%, and non-recurring net profit fell 16.39%, with operating cash flow significantly negative 2022 Q3 and Year-to-Date Key Financial Indicators | Indicator | Year-to-Date (CNY) | Year-on-year Change (Year-to-Date) | Current Period (Q3) (CNY) | Year-on-year Change (Q3) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 369,112,184.93 | 8.12% | 114,647,315.94 | 12.65% | | Net Profit Attributable to Shareholders | 48,941,618.38 | 8.10% | 17,637,224.41 | -1.27% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 33,631,063.41 | -15.19% | 13,888,642.90 | -16.39% | | Net Cash Flow from Operating Activities | -20,654,628.02 | -674.38% | -- | -- | | Basic Earnings Per Share | 0.1224 CNY/share | -0.24% | 0.0441 CNY/share | -4.55% | | Total Assets (Period-end) | 818,311,041.60 | 5.24% (vs. prior year-end) | -- | -- | [Non-Recurring Gains and Losses](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses) Non-recurring gains and losses totaled CNY 15.31 million in the first three quarters of 2022, primarily from wealth management investments and government subsidies, significantly supplementing net profit Year-to-Date Non-Recurring Gains and Losses | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Fair value changes and investment income from financial assets held for trading | 4,754,298.76 | Primarily due to the company's investment in wealth management products with idle funds | | Other non-operating income and expenses | 15,069,792.52 | Primarily from park investment promotion subsidies and funds obtained from combating infringement and piracy | | **Total** | **15,310,554.97** | -- | [Analysis of Key Financial Indicator Changes](index=3&type=section&id=Analysis%20of%20Key%20Financial%20Indicator%20Changes) Despite a declining market, the company achieved 8.12% revenue growth and increased market share through strategic operations and channel expansion, though significant copyright investments led to negative operating cash flow - The company's core business achieved high-quality growth, increasing market share against the trend: In a declining overall book market, the company's sales revenue grew **8.12%** in the first three quarters, paper book revenue increased **7.23%**, gross profit margin improved by **1.3 percentage points**, and market share rose to **1.22%**[9](index=9&type=chunk)[10](index=10&type=chunk) - Emerging channels and digital content business developed rapidly: Revenue from self-operated e-commerce and short video e-commerce channels increased by **54.98%** year-on-year, accounting for **23.67%** of paper book business; digital content segment grew **34.01%** year-on-year[10](index=10&type=chunk) - Increased copyright investment led to negative operating cash flow: To strengthen copyright accumulation, the company invested **CNY 55.14 million** in new copyright agreements in the first three quarters, which was the main reason for the **CNY 20.65 million** net outflow in operating cash flow[11](index=11&type=chunk) [Shareholder Information](index=3&type=section&id=Item%202.%20Shareholder%20Information) [Shareholding Structure](index=3&type=section&id=Shareholding%20Structure) As of the reporting period end, the company had 14,017 common shareholders, with highly concentrated ownership where controlling shareholders Hua Nan and Hua Shan collectively hold 70.65% - As of the end of the reporting period, the company had **14,017** common shareholders[13](index=13&type=chunk) - Equity is highly concentrated, with actual controllers Hua Nan and Hua Shan (brothers) collectively holding **70.65%** of shares[13](index=13&type=chunk)[14](index=14&type=chunk) [Changes in Restricted Shares](index=4&type=section&id=Changes%20in%20Restricted%20Shares) During the reporting period, total restricted shares decreased from 360 million to 304 million, primarily due to the release of pre-IPO restricted shares and adjustments to executive lock-up shares Changes in Restricted Shares | Item | Number of Shares | | :--- | :--- | | Restricted shares at the beginning of the period | 360,000,000 | | Restricted shares released in the current period | 77,394,175 | | Restricted shares increased in the current period | 21,874,867 | | Restricted shares at the end of the period | 304,480,692 | [Quarterly Financial Statements](index=5&type=section&id=Item%204.%20Quarterly%20Financial%20Statements) [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2022, total assets increased by 5.24% to CNY 818 million, with significant shifts from cash to financial assets and prepayments, maintaining a healthy debt-to-asset ratio Consolidated Balance Sheet Key Item Changes | Item | September 30, 2022 (CNY) | January 1, 2022 (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 79,576,893.30 | 325,413,985.63 | -75.55% | | Financial Assets Held for Trading | 239,843,527.72 | 51,622,008.65 | 364.62% | | Prepayments | 197,647,002.11 | 115,954,196.47 | 70.45% | | Inventories | 166,626,182.32 | 130,889,291.89 | 27.31% | | **Total Assets** | **818,311,041.60** | **777,584,291.62** | **5.24%** | | Accounts Payable | 138,757,495.25 | 91,235,778.85 | 52.09% | | **Total Liabilities** | **167,630,058.94** | **153,566,896.49** | **9.16%** | | **Total Owners' Equity** | **650,680,982.66** | **624,017,395.13** | **4.27%** | [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2022, total revenue grew 8.12% to CNY 369 million, but operating costs outpaced revenue growth, leading to a 10.33% decline in operating profit, with net profit supported by non-recurring gains Consolidated Income Statement Key Items (Year-to-Date) | Item | Amount for the Current Period (CNY) | Amount for the Prior Period (CNY) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 369,112,184.93 | 341,396,979.18 | 8.12% | | Total Operating Costs | 317,246,814.32 | 278,843,544.12 | 13.79% | | Of which: Selling Expenses | 35,300,467.94 | 25,487,681.59 | 38.50% | | Administrative Expenses | 47,357,328.80 | 37,455,391.12 | 26.44% | | Operating Profit | 48,157,514.17 | 53,705,638.17 | -10.33% | | Total Profit | 63,625,284.92 | 60,452,443.54 | 5.25% | | Net Profit | 48,941,618.38 | 45,275,669.43 | 8.10% | [Consolidated Cash Flow Statement](index=9&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2022, cash and cash equivalents decreased by CNY 245 million, driven by negative operating cash flow due to increased expenditures, significant investment in wealth management, and dividend payments Consolidated Cash Flow Statement Summary (Year-to-Date) | Item | Amount for the Current Period (CNY) | Amount for the Prior Period (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -20,654,628.02 | -2,667,253.68 | | Net Cash Flow from Investing Activities | -185,451,243.93 | -152,289,377.36 | | Net Cash Flow from Financing Activities | -38,730,003.37 | 26,992,792.02 | | **Net Increase in Cash and Cash Equivalents** | **-244,835,875.32** | **-127,963,839.02** |

Financial Performance - The company's operating revenue for the first half of 2022 was ¥254,464,868.99, representing a 6.19% increase compared to ¥239,627,435.08 in the same period last year[20]. - Net profit attributable to shareholders was ¥31,304,393.97, up 14.20% from ¥27,411,135.33 year-on-year[20]. - The net profit after deducting non-recurring gains and losses decreased by 14.32% to ¥19,742,420.51 from ¥23,040,734.78 in the previous year[20]. - Basic earnings per share increased by 2.89% to ¥0.0783 from ¥0.0761 year-on-year[20]. - Total operating revenue for the first half of 2022 was CNY 254,464,868.99, an increase of 6.1% compared to CNY 239,627,435.08 in the first half of 2021[137]. - Net profit for the first half of 2022 reached CNY 31,304,393.97, representing a 14.0% increase from CNY 27,411,135.33 in the same period of 2021[139]. - Total profit for the first half of 2022 was CNY 41,352,052.80, an increase of 12.5% from CNY 36,588,784.06 in the previous year[138]. Cash Flow and Investments - The net cash flow from operating activities was -¥17,858,900.57, a decline of 189.95% compared to -¥6,159,216.88 in the same period last year[20]. - The company's operating cash flow for the first half of 2022 was negative at -17,858,900.57 CNY, compared to -6,159,216.88 CNY in the same period of 2021, indicating a decline in operational efficiency[144]. - The net cash flow from investing activities was -215,709,457.47 CNY in the first half of 2022, significantly worse than -39,491,767.58 CNY in the same period of 2021[146]. - Cash inflow from investment activities decreased to 50,200,638.04 CNY in 2022 from 200,842,690.42 CNY in 2021, a decline of approximately 75%[146]. - The total cash outflow from investment activities increased to 265,910,095.51 CNY in 2022 from 240,334,458.00 CNY in 2021, reflecting a rise of approximately 10.6%[146]. Assets and Liabilities - Total assets at the end of the reporting period were ¥789,908,262.59, a 1.58% increase from ¥777,584,291.62 at the end of the previous year[20]. - The company's total liabilities increased to CNY 165,263,677.02 from CNY 153,566,896.49, reflecting a growth of about 7.4%[132]. - The company's inventory increased to approximately ¥144.32 million, accounting for 18.27% of total assets, up from 16.83% the previous year[50]. - The company's total current assets reached CNY 739,718,313.63, up from CNY 725,242,227.65, indicating an increase of about 2.1%[130][132]. Revenue Breakdown - The paper book business generated revenue of CNY 219.14 million, with a year-on-year growth of 7.15%, and its share of total revenue increased from 85.35% to 86.12%[30]. - Digital content business revenue grew by 37.35% to CNY 30.20 million, driven by continuous investment in content[33]. - The copyright operation revenue significantly declined by 98.42% due to the impact of the pandemic on business negotiations[34]. - New media business revenue decreased by 37.67% to CNY 5.05 million, affected by reduced promotional spending during the pandemic[35]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[4]. - The total number of shares after the recent changes is 400,010,000, with 100% ownership[110]. - The largest shareholder, Huanan, holds 164,211,547 shares, which remains unchanged[112]. - The company has not reported any share buybacks or other significant changes in shareholder structure[111]. Corporate Governance and Compliance - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance, ensuring compliance and transparency[165]. - The company’s financial reports reflect its continuous operation basis, indicating stability in its business operations[166]. - The company’s accounting policies are tailored to its operational characteristics, ensuring accurate financial reporting[167]. - The company’s financial reports are approved by the board of directors, ensuring governance and oversight in financial disclosures[168]. Market Position and Strategy - The company’s market share in the general book sector rose to 1.31%, an increase of 0.25 percentage points year-on-year, ranking third among major publishers[31]. - The company continues to enhance its creative industrial process and talent development mechanisms to improve operational efficiency[36]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[140]. Risks and Challenges - The ongoing COVID-19 pandemic poses risks to the company's operations and cash flow, which the company is actively monitoring[68]. - The company faces uncertainties in selecting top copyrights and potential risks of not meeting sales expectations for its books[66].