皖新传媒（601801）：归母净利润稳定增长，多元业态纵深推进

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's net profit attributable to the parent company has shown stable growth, supported by tax incentives, despite fluctuations in revenue due to declines in book and educational equipment sales [4][5] - The company is actively advancing its diversified business operations, including efficient textbook distribution and transformation in general book publishing [4] - The education sector is diversifying, with the company enhancing its online education platform and developing digital learning experiences for children [4] - The company is also expanding into supply chain logistics and gaming, with significant developments in smart warehousing and game publishing [4] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 4.59 billion yuan, a decrease of 11.9% year-on-year, while the net profit attributable to the parent company was 680 million yuan, an increase of 17.2% [4] - The company's revenue for 2025 is projected to be 10.01 billion yuan, with a year-on-year decline of 6.85%, while net profit is expected to be 838 million yuan, reflecting an 18.8% increase [5] Business Operations - Textbook revenue reached 670 million yuan in H1 2025, with a gross margin of 25%, and the company successfully distributed 180 million textbooks [4] - The company is enhancing its digital platforms and has seen a 5.2 percentage point increase in the rate of educational support materials [4] - In the gaming sector, the company is entering the console game publishing market, successfully launching the PS5 version of "Black Myth: Wukong" [4] Cost Management - The overall expense ratios remained stable, with sales, management, and R&D expense ratios reported at 6.6%, 5.4%, and 0.2% respectively in H1 2025 [4] - The decrease in sales expense ratio was attributed to lower personnel costs and reduced promotional expenses [4] Valuation and Forecast - The company's valuation for 2025-2027 is projected at P/E ratios of 15.7x, 15.3x, and 14.7x respectively, indicating a stable long-term investment value [5]