1 | | 长江出版传媒股份有限公司 2024 年年度股东会会议议程 | 第 3 页 | | --- | --- | --- | | 议案 | 1：长江出版传媒股份有限公司董事会 2024 年度工作报告 | 第 5 页 | | 议案 | 2：长江出版传媒股份有限公司监事会 2024 年度工作报告 | 第 12 页 | | 议案 | 3：长江出版传媒股份有限公司独立董事 2024 年度述职报告 | 第 15 页 | | 议案 | 4：关于长江出版传媒股份有限公司 2024 年度财务决算的议案 | 第 45 页 | | 议案 | 5：关于长江出版传媒股份有限公司 2025 年度财务预算的议案 | 第 47 页 | | 议案 | 6：关于长江出版传媒股份有限公司 2024 年度利润分配预案的议案 | 第 49 页 | | 议案 | 7：长江出版传媒股份有限公司 2024 年度报告及摘要 | 第 51 页 | | 议案 | 8：关于长江出版传媒股份有限公司及子公司 2025 年度向银行 申请授信额度及担保事项的议案 | 第 52 页 | | 议案 | 9：关于公司 2025 年度使用部分闲置自有资金购买理财产品 | ...

Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].

内容概要：媒体融合是将数字化、智能化技术视为核心基础，将以往传统的信息媒体传播渠道与现阶段 的新型媒体以及数字化网络媒体相结合，融合彼此竞争与发展优势，从而将其组合成全新的媒体信息传 播方式以及行业生态系统。进入21世纪以来，传媒业发展迅速，但近几年是传媒业创新升级、结构优化 的重要节点，行业进入调整期和转折点。2023年我国传媒产业总值约为31518.23亿元，2024年约为 34000亿元。随着信息的传播方式也越来越多元化，新媒体迎来爆发式的发展，传播力和影响力的日益 增强。截止到2024年10月，我国五大新媒体平台全网去重活跃用户规模为10.71亿人，全网渗透率为 85.7%。在我国过去十年的媒体融合发展进程中，5G、大数据、云计算、AI等新技术层出不穷，AI将引 领媒体融合发展新趋势，未来行业将更加多元化、智能化、国际化。 上市企业：长江传媒(600757)、凤凰传媒(601928)、中原传媒(000719）、皖新传媒(601801）、中南传媒 （601098）、城市传媒（600229）、浙数文化（600633）、华闻集团（000793） 相关企业：百度、阿里巴巴、腾讯、央视频、大象新闻、看看新闻kn ...

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games [5][11] - The publishing and periodicals sector is facing revenue declines due to regulatory impacts and tax policy changes, with expected revenue drops of 2% in 2024 and 4% in Q1 2025 [2] - The gaming sector showed strong performance with a revenue increase of 21% in Q1 2025, supported by successful new game launches [20][29] - The marketing sector is experiencing revenue declines due to cautious ad spending amid economic recovery challenges, but top companies are showing resilience [5][20] - The film industry is expected to have a strong start in 2025, with Q1 revenue growth of 41% driven by popular films [5][20] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of 1,393 billion, a 2% year-on-year decline; however, in Q1 2025, revenue rose to 1,240 billion, marking a 5% year-on-year increase [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached 3,257.83 billion in 2024, with a year-on-year growth of 7.53%, and 857.04 billion in Q1 2025, growing by 17.99% [20][29] - A-share gaming companies reported total revenues of 873.7 billion and 248.2 billion for 2024 and Q1 2025, respectively, with year-on-year increases of 8% and 21% [29][37] Marketing Sector - The marketing industry faced revenue declines in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers; however, the sector showed signs of recovery with a 9% year-on-year increase in net profit in Q1 2025 [5][20] Film Industry - The film industry saw a revenue of 141.2 billion in Q1 2025, a 41% increase year-on-year, largely due to successful films like "Nezha: Birth of the Demon Child" [5][20] Digital Media - The digital media sector experienced slight revenue declines in both 2024 and Q1 2025, with major player Mango TV reporting a revenue of 140.8 billion in 2024, down 3.8% year-on-year [5][20] Publishing and Periodicals - The publishing sector is projected to see a revenue decline of 2% in 2024 and 4% in Q1 2025, influenced by regulatory changes in educational publishing [2][5]

Investment Rating - The report maintains an "Overweight" rating for the media industry [1] Core Insights - The overall performance of the media sector in Q1 2025 exceeded market expectations, driven by blockbuster films and games, with a revenue of CNY 1,240 billion, representing a 5% year-on-year growth [5][11] - The gaming sector showed strong performance with a revenue of CNY 248.2 billion in Q1 2025, marking a 21% year-on-year increase, supported by successful new game launches [20][29] - The marketing sector faced challenges due to a sluggish macroeconomic recovery, but leading companies demonstrated resilience, with a 9% year-on-year increase in net profit in Q1 2025 [5][12] - The film industry experienced a significant rebound in Q1 2025, with revenue reaching CNY 141.2 billion, a 41% year-on-year increase, largely due to popular films [5][12] - The digital media sector faced revenue declines, with a 12.8% year-on-year drop in Q1 2025, impacted by changes in tax policies [5][12] Summary by Sections Overall Performance - In Q4 2024, the media sector achieved a total revenue of CNY 1,393 billion, down 2% year-on-year, while Q1 2025 saw a revenue of CNY 1,240 billion, up 5% year-on-year, indicating a stabilization in growth [11][12] Gaming Sector - The domestic gaming market's actual sales revenue reached CNY 857.04 billion in Q1 2025, reflecting a 17.99% year-on-year increase, driven by the rapid development of mini-program games and successful new titles [20][29] - A total of CNY 68.4 billion in net profit was recorded for A-share gaming companies in 2024, with a 14% year-on-year decrease, but a significant recovery of 61% year-on-year in Q1 2025 [37] Marketing Sector - The marketing industry saw a decline in revenue in Q4 2024 and Q1 2025, primarily due to cautious spending from advertisers amid economic uncertainties, yet leading firms maintained market share and showed signs of recovery [5][12] Film Industry - The film industry reported a revenue of CNY 141.2 billion in Q1 2025, a 41% increase year-on-year, driven by successful releases like "Nezha" [5][12] Digital Media Sector - The digital media sector's revenue declined by 12.8% year-on-year in Q1 2025, with major player Mango TV reporting a revenue of CNY 29.0 billion [5][12]

Group 1 - The China Media Index (399971) has shown a strong increase of 1.38%, with notable gains from stocks such as Liou Co., Ltd. (002131) up by 9.91%, Shandong Publishing (601019) up by 4.50%, and Changjiang Media (600757) up by 3.77% [1] - The Media ETF (159805) also rose by 1.38%, with the latest price reported at 1.11 yuan [2] - As of April 28, 2025, the pre-sale box office for the "May Day" holiday films has exceeded 30 million yuan, indicating a positive trend in the film industry [2] Group 2 - The market size of China's "millet economy" is expected to reach 168.9 billion yuan in 2024, reflecting a growth of 40.63% compared to 2023, and is projected to surpass 300 billion yuan by 2029 [2] - Ping An Securities anticipates that favorable national policies will stimulate diverse growth in the cultural and entertainment industry, leading to a continued upward trend in the media sector [2] - The China Media Index comprises 50 large-cap listed companies from sectors such as marketing and advertising, cultural entertainment, and digital media, representing the overall performance of the media sector [2][3] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Media Index accounted for 48.72% of the index, including companies like Focus Media (002027) and Light Media (300251) [3]

Group 1 - The A-share cultural media sector is experiencing a strong rebound, with notable increases in stock prices [1] - Pingzhi Information has risen over 10%, indicating significant investor interest [1] - Guangxi Broadcasting has increased by more than 5%, reflecting positive market sentiment [1] Group 2 - Other companies such as Shandong Publishing, Rongxin Culture, and Changjiang Media are also seeing gains, contributing to the overall strength of the sector [1]

长江出版传媒股份有限公司 公司章程 2025 年 4 月修订 | | | | | | 长江出版传媒股份有限公司 公司章程 长江出版传媒股份有限公司 章 程 （2025 年 4 月 28 日经公司 2025 年第二次临时股东大会审议通过） 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公 司的组织和行为，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》）、《关于在深 化国有企业改革中坚持党的领导加强党的建设的若干意见》和其他法 律法规、规章及公司实际，制订本章程。 第二条 公司前身为上海华源企业发展股份有限公司，系依照 《公司法》和其他有关规定成立的股份有限公司（以下简称"公司"）， 以募集方式设立。 第三条 公司于 1996 年 8 月 30 日经中国证券监督管理委员会批 准，首次向社会公众发行人民币普通股 25，000，000 股，于 1996 年 10 月 3 日在上海证券交易所上市，证券代码 600757。 2011 年 12 月 29 日经中国证券监督委员会批准（《关于核准上海 华源企业发展股份有限公司向湖北长江出版传媒集团有限 ...

长江出版传媒股份有限公司 舆情管理制度 （2025 年 4 月 28 日经第七届董事会第一次会议审议通过） 第一章 总则 第一条 为提高长江出版传媒股份有限公司（以下简称 "公司"）应对各类舆情的能力，建立快速反应和应急处置 机制，充分发挥网络互动优势，正确把握和引导网络舆论导 向，及时、妥善处理各类舆情对公司股价、公司商业信誉及 正常生产经营活动造成的影响，切实保护投资者合法权益， 根据《上海证券交易所股票上市规则》等法律、法规、规范 性文件和《公司章程》的相关规定，制订本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、 不实报道。 （二）社会上存在的已经或将给公司资本市场形象造成 不良影响的传言或信息。 （三）可能或者已经影响社会公众投资者投资取向，造 成股价异常波动的信息。 （四）其他涉及公司信息披露且可能对公司股票及其衍 生品交易价格产生较大影响的事件信息。 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、 1 快速反应、协同应对。 第四条 公司成立应对舆情管理工作领导小组（以下简 称"舆情工作组"），由公司董事长任组长， ...

长江出版传媒股份有限公司 董事会议事规则 长江出版传媒股份有限公司 董事会议事规则 （2025 年 4 月 28 日经公司 2025 年第二次临时股东大会审议通过） 第一章 总则 第一条 为了保障董事会依法规范、独立、有效地行使职权，确 保董事会的工作效率和科学决策，充分发挥董事会的经营决策作用， 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》）、《上市公司治理准则》、《上海证 券交易所股票上市规则》等有关规定以及《长江出版传媒股份有限公 司章程》（以下简称《公司章程》），制定本规则。 第二条 董事会是公司的常设机构，是公司的经营决策和业务领 导机构，是股东会决议的执行机构，对股东会负责。董事会审议议案、 决定事项，应充分考虑维护股东和公司的利益，严格依法办事。 第三条 董事会决定公司重大事项，应事先听取公司党委的意见。 第四条 为完善法人治理结构，规范公司运作，设立董事会经费， 用于董事会各项业务开支。 第二章 董事会的组成和专门机构 第五条 董事会是公司经营决策的常设机构，对股东会负责。 第六条 董事会由 11 名董事组成，设董事长 1 人。 第七条 董 ...