浙版传媒：积极培育新的增长极

Core Viewpoint - Zhejiang Publishing Media Co., Ltd. (referred to as "Zhejiang Media") reported a mixed performance in the first half of 2025, with a revenue decline but a significant increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - In the first half of 2025, Zhejiang Media achieved an operating income of 5.093 billion yuan, a year-on-year decrease of 2.66% [1]. - The net profit attributable to shareholders was 676 million yuan, reflecting a year-on-year increase of 33.50% [1]. Business Development - The decline in revenue was primarily attributed to a sluggish growth in the overall book retail market, with online book sales experiencing a year-on-year decrease [1]. - Despite the drop in online sales, the company's educational materials business showed stable growth, contributing to an increase in total profit and net profit attributable to shareholders [1]. Tax and Operational Efficiency - The increase in net profit was significantly aided by a 25% tax burden optimization resulting from the restoration of cultural enterprise income tax policies [1]. - The company has focused on strengthening its publishing core business and optimizing its distribution service system to enhance operational efficiency [1]. Digital Transformation - Zhejiang Media is advancing its digital transformation by focusing on three main areas: developing a large model for the publishing industry, enhancing data connectivity across the entire production chain, and exploring AI+education integration [2][3]. - The company is collaborating with iFlytek to improve content production quality and efficiency through intelligent editing and review processes [2]. Publishing Ecosystem and Investment - The company is expanding its publishing qualifications and ecosystem, with new electronic and audio-visual publishing qualifications to promote cross-industry integration [3]. - Zhejiang Media is actively investing in the Zhejiang Digital Publishing Fund to strategically position itself in the "culture + technology" sector [3]. Future Outlook - The company plans to continue focusing on the entire industry chain of "editing, printing, distribution, and supply" while balancing the five elements of "books, stores, digital, chains, and people" [3]. - Future strategies include solidifying the core publishing business, enhancing cultural services, promoting nationwide reading, and driving digital empowerment to improve core competitiveness and create long-term value for shareholders [3].