教辅不进校，新华书店挤进直播间

Core Viewpoint - The decline in the number of school-age children and the implementation of strict educational materials policies are significantly impacting the revenue of Xinhua Bookstore, which relies heavily on the distribution of educational materials [1][2][5]. Group 1: Financial Performance - In 2024, Xinhua Bookstore reported a revenue of 137.165 billion yuan and a net profit of 10.741 billion yuan, marking the first occurrence of a "double decline" in recent years, with the revenue drop being the largest [2][11]. - Various publishing companies in the educational materials sector have also reported significant revenue declines, with Dragon Media's revenue down 24% and City Media's down 21.4% [4][7]. Group 2: Market Trends - The educational materials market is facing challenges due to a decrease in school-age population and new policies that restrict the distribution of supplementary materials, leading to a shift in sales channels from traditional methods to online platforms [5][16]. - The retail market for educational materials is expanding, with a reported 18.73% year-on-year growth in retail sales of educational materials in 2024 [16]. Group 3: Strategic Shifts - Xinhua Bookstore is increasingly turning to online sales and live streaming to adapt to changing market conditions, with some bookstores even selling non-book items to diversify revenue streams [17][19]. - The shift to online platforms has shown mixed results, with some bookstores achieving significant sales while others lag behind, indicating a disparity in adaptation to the new retail environment [20][21].