Group 1: Business Overview - The company has published a total of 2,739 titles, with an average of 1.5 new titles added daily, including over 700 classic works, establishing a long-term copyright advantage [1][2] - The education and supplementary materials segment generated a sales volume of 28.587 million yuan in 2024, accounting for 21% of the total book sales, with a year-on-year increase of nearly 14 times [5][6] Group 2: Strategic Initiatives - The company is focusing on consolidating its publishing business while exploring new growth avenues, including AI and film sectors [2][3] - The "AI Proofreading King" product has been successfully registered and patented, marking it as the only large language model developed by a publishing company [2][4] Group 3: Financial Performance - In 2024, the company reported a revenue growth of 21.76% but a decline in net profit attributable to shareholders by 23.87% [5] - The operating cash flow for 2024 showed a net inflow of 91.96 million yuan, a year-on-year increase of 18.72% [4] Group 4: Market Position and Future Plans - The company aims to maintain a 9.99 times "product effectiveness" advantage in its publishing business by adding 500 new titles in 2025 [3] - The animation film "The Stars of the Three Kingdoms" is set to be released in 2025, with expectations of leveraging partnerships for marketing and distribution [3][4]

Summary of Guomai Culture Conference Call Company Overview - Guomai Culture is a publishing company focused on book planning and distribution, aiming to influence society through valuable and beautiful book products. The company has published 2,739 titles since July 1, 2012, with a rapid growth rate of 1.5 titles per day. Guomai holds approximately 1.3‰ market share in the Chinese book market, with a product efficiency optimization of 9.99 times, indicating high operational efficiency [3][4]. Key Business Developments - In 2024, Guomai expanded into the education sector by collaborating with online celebrity teacher Zhang Xuefeng to launch a high school study guide series, selling nearly 10 million copies. In 2025, a middle school series was also launched with similar success. The company also released Lin Junjie’s "Beyond the Notes," selling 98,757 copies on the first day and generating a revenue of 50 million yuan [2][6][12]. Financial Performance - For 2024, Guomai reported revenue of 582 million yuan, a year-on-year increase of 21.76%. However, the net profit attributable to shareholders decreased by 23.87% to 40.83 million yuan, primarily due to increased costs from new business investments and support for the supply chain [13][16][23]. Innovative Operational Strategies - Guomai employs a CBC model for efficient operations, allowing for small batch testing of products based on user feedback before full-scale sales. This model enhances decision-making quality and operational speed [4][10]. - The company utilizes an hourly printing supply chain system, enabling on-demand production and avoiding inventory buildup, thus promoting digital transformation in the publishing industry [11]. AI and Technology Integration - Guomai is focusing on AI proofreading technology, which has been commercialized and is generating significant revenue. The company aims to integrate AI capabilities across the publishing industry through various products, including AI proofreading, translation, and marketing tools [14][20][22]. - The AI proofreading product has a competitive edge due to a rich corpus of data accumulated over 20 years, meeting the high demand for quality proofreading in the publishing sector [20]. Market Trends and Future Directions - The education sector is expected to see significant growth due to demographic trends and policy changes, with Guomai leveraging its strong internet presence to promote educational materials effectively [26]. - The company plans to continue expanding into new business areas, including animation films and AI applications, while enhancing its core publishing operations [10][14]. Strategic Partnerships - Guomai has adopted a platform strategy to collaborate with state-owned publishers, offering efficient book planning and distribution services. This approach aims to enhance sales and accelerate revenue growth [12]. Challenges and Solutions - Despite revenue growth, Guomai faces challenges in profitability due to increased operational costs and investments in new business areas. The company plans to improve profitability through better selection quality and operational efficiency [24][25]. Conclusion - Guomai Culture is positioned for growth through innovative operational strategies, a strong focus on AI technology, and expansion into new markets. The company aims to enhance its competitive edge while navigating the challenges of profitability in a rapidly evolving industry landscape [10][30].

上海澄明则正律师事务所 法律意见书 上海澄明则正律师事务所 关于果麦文化传媒股份有限公司 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公 司本次股东大会的相关法律问题发表如下意见： 一、本次股东大会的召集、召开程序 公司召开本次股东大会，董事会已于 2025 年 4 月 28 日于深圳证券交易所 网站、巨潮资讯网等指定网站，以公告方式通知各股东。公司发布的公告载明 了会议的时间、地点、会议审议的事项，说明了股东有权出席，并可委托代理 人出席和行使表决权及有权出席股东的股权登记日，出席会议股东的登记办法 和联系电话等事项。 上海澄明则正律师事务所 法律意见书 2024 年年度股东大会的法律意见书 致：果麦文化传媒股份有限公司 上海澄明则正律师事务所（以下简称"本所"），接受果麦文化传媒股份有 限公司（以下简称"公司"）的委托，指派本所律师出席公司 2024 年年度股东 大会（以下简称"本次股东大会"），并根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股东会规则》（以下简称"《股东会规则》"）以及《果麦文化传媒股份有限公 ...

证券代码：301052 证券简称：果麦文化 公告编号：2025-024 果麦文化传媒股份有限公司 2024 年年度股东大会决议公告 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： 1、本次股东大会无否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议； 3、本次股东大会采取现场投票与网络投票相结合的方式召开； 4、本次股东大会对中小投资者进行单独计票。中小投资者是指除单独或合 计持有上市公司 5%以上股份的股东以及上市公司的董事、监事、高级管理人员 以外的其他股东。 一、会议召开和出席情况 （一）会议召开情况 1、会议通知情况：果麦文化传媒股份有限公司（以下简称"公司"） 2024 年 年度股东大会通知于 2025 年 4 月 28 日以公告形式发出。 2、会议召开时间 （1）现场会议时间：2025 年 5 月 20 日（星期二）下午 15:00； （2）网络投票时间：2025 年 5 月 20 日（星期二）。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 20 日上午 9:15-9:25，9:30 ...

Market Overview - The Shanghai Composite Index closed at 3380.45 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 752.206 billion yuan [1] Stocks Performance - A total of 730 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Fulejia (Code: 301371) with a deviation rate of 8.24% and a daily increase of 12.17% [1] - Huahai Pharmaceutical (Code: 600521) with a deviation rate of 7.56% and a daily increase of 10.00% [1] - Aofei Entertainment (Code: 002292) with a deviation rate of 7.46% and a daily increase of 10.02% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Fulejia: Latest price 36.05 yuan, five-day moving average 33.31 yuan [1] - Huahai Pharmaceutical: Latest price 15.62 yuan, five-day moving average 14.52 yuan [1] - Aofei Entertainment: Latest price 9.77 yuan, five-day moving average 9.09 yuan [1] - Other notable stocks with high daily turnover rates include: - Huifeng Diamond (Code: 839725) with a daily increase of 9.56% and a turnover rate of 14.77% [1] - Beiningmei (Code: 002570) with a daily increase of 10.07% and a turnover rate of 22.33% [1]

Core Viewpoint - The publishing industry is undergoing significant changes due to the rise of short video platforms like Douyin, shifting from a supply-driven model to a demand-driven one, where user needs dictate supply [1][21][34]. Group 1: Changes in the Publishing Industry - The media environment has transitioned from a tree structure to a network structure, increasing the weight of demand and shifting the publishing industry from "supply determines demand" to "demand influences supply" [1][21]. - Short video platforms have transformed book sales from "people searching for books" to "books finding people," leading to more efficient supply-demand matching [1][21][34]. - The emergence of generative AI will serve as a creative aid, but the ultimate value still lies in human judgment and creativity [1][21]. Group 2: The Role of Literature - Literature may continue to decline under the influence of media technology, as it occupies a brief period in human cultural history, with modern novels flourishing for only about 160 years [2][44]. - The era of super bestsellers, like Han Han's 20 million copies sold, has passed, but the content market has become more diverse and equitable, allowing more voices from ordinary writers to be heard [2][44]. Group 3: Historical Context of Chinese Literature - Three significant "baby booms" in modern Chinese culture are identified, each corresponding to key historical events that shaped the literary landscape [4]. - The first generation was born around 1898, participating in the May Fourth Movement; the second around 1955, coinciding with the Reform and Opening Up in 1978; and the third around 1978, emerging during the internet era [4]. Group 4: The Impact of Short Video Platforms - Short video platforms have become major channels for book sales, with a notable increase in the popularity of social science books during the period from 2020 to 2023 [14][16]. - The publishing industry has seen a shift where books are now used as a primary entry point for new platforms seeking to expand their user base [16][34]. Group 5: Supply Chain Innovations - The publishing company has adopted a zero-inventory model, allowing for rapid response to demand through a highly efficient supply chain that can produce books within hours [32][37]. - This shift has enabled the company to reduce warehouse space while increasing the speed and efficiency of matching supply with demand [32][37]. Group 6: The Future of Literature and AI - The decline of literature is anticipated as other media forms, such as short videos and AI-generated content, become more prevalent [44][60]. - AI is seen as a tool to enhance productivity in the publishing process, but the intrinsic value of content will still rely on human creativity and judgment [61][62]. Group 7: The Role of the Publisher - The publisher's role is evolving into that of a cultural merchant, utilizing technology to discover demand while maintaining a cultural judgment to match supply [65][66]. - The focus remains on discovering value and producing quality content, adapting to the changing landscape of media and consumer preferences [66].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual and quarterly performance met expectations, with continuous growth driven by its main business in Q4 2024 and Q1 2025 [1] - The company is focusing on fan economy and deepening its engagement in vertical markets such as celebrity copyright books [1] - The "Publishing + Internet" strategy is showing initial success, with significant growth in user numbers and internet product accounts [1] - The company is actively developing its second growth curve through the animated film "The Three Kingdoms: The Starry Sky," expected to be released in 2025 [7] - The company is making notable progress in AI applications, particularly with its AI proofreading product [7] Financial Summary - For 2024, the company expects revenue of 582.15 million yuan, a year-on-year increase of 21.76%, and a net profit of 40.83 million yuan, a decrease of 23.87% [9] - Revenue projections for 2025, 2026, and 2027 are 806.14 million yuan, 974.98 million yuan, and 1.25 billion yuan, representing growth rates of 38.48%, 20.94%, and 28.06% respectively [9] - The company anticipates net profits of 138.35 million yuan in 2025, 135.64 million yuan in 2026, and 200.68 million yuan in 2027 [9] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 25.33, 25.84, and 17.47 respectively [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual and quarterly performance met expectations, with continuous growth driven by its main business in Q4 2024 and Q1 2025 [1] - The company is focusing on fan economy and deepening its engagement in vertical markets such as celebrity copyright books [1] - The "Publishing + Internet" strategy is showing initial success, with significant growth in user numbers and internet product accounts [1] - The company is actively developing its second growth curve through the animated film "The Three Kingdoms: The Starry Sky," expected to be released in 2025 [7] - The company is making notable progress in AI applications, particularly with its AI proofreading product [7] Financial Summary - For 2024, the company expects revenue of 582.15 million yuan, a year-on-year increase of 21.76%, and a net profit of 40.83 million yuan, a decrease of 23.87% [9] - Revenue projections for 2025, 2026, and 2027 are 806.14 million yuan, 974.98 million yuan, and 1.25 billion yuan, respectively, with growth rates of 38.48%, 20.94%, and 28.06% [9] - The company anticipates net profits of 138.35 million yuan in 2025, 135.64 million yuan in 2026, and 200.68 million yuan in 2027 [9] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 25.33, 25.84, and 17.47, respectively [9]

Core Insights - Guomai Culture (301052) reported a revenue of 582 million yuan for 2024, marking a year-on-year growth of 21.76%, despite a decline in net profit [1][2] - The company’s main business remains stable, with significant growth in the book agency distribution business, which saw a revenue increase of 566.52% [1][2] - In Q1 2025, the company achieved a revenue of 124 million yuan, reflecting a year-on-year growth of 33.14%, and a net profit increase of 78.52% [1] Revenue and Profitability - In 2024, the overall book retail market in China faced a decline, with a total market scale of 112.9 billion yuan, down 1.52% year-on-year [2] - Guomai Culture's revenue from book planning and distribution reached 536 million yuan, growing by 17.71%, while digital content revenue increased by 28.23% to 17.51 million yuan [2] - The company maintained high gross margins, with book distribution and internet book sales gross margins at 43.61% and 54.29%, respectively [2] Sales and Marketing Innovations - Guomai Culture has developed an innovative "CBC" sales model, effectively connecting "2C + 2B" sales channels, reaching nearly 100 million users [4] - The company’s internet user base grew from 90.08 million at the end of 2023 to 99 million by the end of 2024, a 9.90% increase [3] - The average ROI for internet advertising reached 4.7, with internet sales revenue increasing from 116 million yuan in 2023 to 130 million yuan in 2024, a growth of 11.80% [5] AI and Technological Advancements - Guomai Culture is actively engaging in AI development, having created the "AI Proofreading King" product, which automates proofreading processes [6] - The company’s self-developed large language model "Pyramid" is the only one in the publishing industry to receive regulatory approval, enhancing proofreading accuracy [6] Content Development and Market Expansion - The company has built a vast database of over 4,000 classic books, with 46 titles selling over 100,000 copies in 2024 [7] - Guomai Culture's entry into the educational book market saw a dramatic increase in sales, reaching 286 million yuan, a nearly 14-fold growth compared to 2023 [7] - The company successfully launched the commemorative book "Beyond the Notes: Lin Junjie 20th Anniversary," achieving a remarkable sales figure of 400 million yuan in its first month [8]

中原证券股份有限公司 关于果麦文化传媒股份有限公司 首次公开发行股票并在创业板上市之保荐总结报告书 中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）作为果麦 文化传媒股份有限公司（以下简称"果麦文化""发行人"或"公司"）首次公 开发行股票的保荐机构和持续督导机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等有关规定，对果麦文化的持续督导时间为该公司发 行股票上市当年剩余时间及其后 3 个完整的会计年度，果麦文化股票于 2021 年 8 月 30 日起在深圳证券交易所创业板挂牌上市，其持续督导期为 2021 年 8 月 30 日至 2024 年 12 月 31 日，现中原证券对果麦文化的持续督导期限已满，中原证 券根据相关法律法规，出具本保荐总结报告。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书及相关资料的内容不存在虚假记载、误导性陈述或重大 遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称"中 国证监会"）对保荐总结 ...