WANXIN MEDIA(SH:601801) China Post Securities·2025-12-22 08:48Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has abundant funds that will support its long-term diversified development and continues to fulfill its high dividend commitment [5] - The recent announcement regarding the liquidation of a subsidiary is expected to release funds, enhancing the company's capital structure and resource allocation flexibility [6] - The core school-age population is still on the rise, and with the winter vacation peak approaching, the pressure on the company's publishing business is expected to gradually ease [7] - The company has maintained a stable dividend policy since its listing, with cumulative dividends exceeding 4.5 billion yuan from 2009 to the third quarter of 2025 [8] - Revenue projections for 2025, 2026, and 2027 are estimated at 11.1 billion, 11.4 billion, and 11.8 billion yuan, respectively, with corresponding net profits of 832 million, 903 million, and 955 million yuan [9] Company Overview - The latest closing price is 6.71 yuan, with a total market capitalization of 13.1 billion yuan [4] - The company has a total share capital of 1.958 billion shares and a debt-to-asset ratio of 39.7% [4] - The company is the only entity in Anhui province with the qualification to publish textbooks, providing a significant competitive advantage [7]