证券代码：601928 证券简称：凤凰传媒 公告编号：2025-016 江苏凤凰出版传媒股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： https://eseb.cn/1nS0dI9Llsc 或使用微信扫描下方小程序码进行会前提问，公司将在 说明会上对投资者普遍关注的问题进行解答。 一、说明会类型 江苏凤凰出版传媒股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 22 日及 2025 年 4 月 30 日在上海证券交易所（以下简称"上交所"）网站及指定媒 体上披露公司《2024 年年度报告》和《2025 年第一季度报告》。 1、会议时间：2025 年 5 月 16 日（星期五）下午 15:00-16:00 2、召开方式：视频录制及网络文字互动 3、网络交流地址：价值在线（www.ir-online.cn） 三、参会人员 参加本次说明会的人员包括：公司董事长章朝阳先生、董事总经理宋吉述先生、 独立董事温素彬先生、汪进元先 ...

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]

4月30日，A股市场整体涨跌互现。 截至收盘，上证指数收报3279.03点，下跌0.23%，深证成指收报9899.82点，上涨0.51%，创业板指数收报1948.03点，上涨0.83%， 北证50指数上涨2.96%。A股市场合计成交11932.82亿元，较上一交易日增加1513.9亿元。 1. A股市场全天主力资金净流出7.13亿元 沪深300今日主力资金净流出26.46亿元，创业板净流入4.09亿元，科创板净流出8.13亿元。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-4-30 | -26. 46 | 4. 09 | -8. 13 | | 2025-4-29 | -19.97 | -4. 91 | -7.54 | | 2025-4-28 | -76. 36 | -84. 04 | -11. 49 | | 2025-4-25 | 35. 72 | 11. 40 | -6. 56 | | 2025-4-24 | -80. 72 | -133.38 | -17.28 | ...

Group 1: Fixed Income Market - The recent volatility in the US Treasury market is largely attributed to the upcoming June maturity, which may be overestimated in terms of its impact on financial markets [2] - In the short term, the supply pressure from maturing US Treasuries is expected to be limited, with a more significant focus on the debt ceiling adjustments anticipated in Q3 [2] - Long-term demand for US Treasuries may face a downward trend, with potential alternatives including European and Japanese bonds, as well as gold [2] Group 2: Technology Sector - The report discusses India's potential as the next manufacturing hub for Apple, highlighting the competitive tariff advantages for Indian exports compared to China [4] - Apple theoretically has the capacity to produce the required number of iPhones in India, but initial production will still rely on Chinese exports due to current limitations [4] - The localization of components in India is still in its early stages, with significant reliance on supply chains from other Asian countries for critical parts [4] Group 3: Energy and New Energy - The lithium battery production forecast for May shows a slight decline in overall production, primarily due to the cancellation of mandatory storage policies and the impact of US tariffs on exports [5] - Despite short-term fluctuations, the long-term outlook for the lithium battery industry remains positive, driven by new vehicle models and technologies [5] - Recent power outages in Spain, Portugal, and southern France have underscored the need for investment in grid upgrades and DC grid technology, presenting opportunities for Chinese power equipment companies [6] Group 4: Media and Publishing - Phoenix Media reported a Q1 2025 revenue of 3.226 billion yuan, reflecting a year-over-year decline, but a significant increase in net profit due to continued tax incentives [7] - The company maintains a stable core business and is rated as a "buy" based on its solid performance and favorable tax policies [7] Group 5: Financial Sector - The report indicates that the China Construction Bank's Q1 2025 net profit and revenue showed slight year-over-year changes, with a focus on asset quality and credit expansion [9] - The bank's diversified income sources and stable operations support a "buy" rating [9] Group 6: Consumer Goods - The report highlights the strong performance of China National Offshore Oil Corporation, with Q1 revenues showing a significant year-over-year increase, driven by stable oil and gas production [20] - The company is expected to maintain a "buy" rating due to its robust operational performance and project advancements [20] Group 7: Real Estate - The report notes that China Petroleum's Q1 2025 revenue and net profit exceeded expectations, attributed to increased natural gas production and sales [34] - The company is rated as "increase" based on its strong performance and potential for further growth in the natural gas sector [34]

江苏凤凰出版传媒股份有限公司 601928 2024 年年度股东大会会议材料 二Ｏ二五年五月十三日召开 1 目 录 | 1．江苏凤凰出版传媒股份有限公司 2024 年年度股东大会议程 | | 3 | | --- | --- | --- | | 2．江苏凤凰出版传媒股份有限公司 2024 年年度股东大会会议须知 ... | | 5 | | 3．关于《公司 年度董事会工作报告》的议案 | 2024 | 7 | | 4．关于《公司 年度监事会工作报告》的议案 | 2024 | 17 | | 5．关于《公司 年年度报告及其摘要》的议案 | 2024 | 20 | | 6．关于《公司 年度财务决算报告》的议案 | 2024 | 27 | | 7．关于《公司 年度财务预算报告》的议案 | 2025 | 36 | | 8．关于公司 年度利润分配的议案 | 2024 | 38 | | 9．关于提请股东大会授权董事会决定 2025 年度中期分红方案的议案 | | 39 | | 10．关于2024年度日常性关联交易执行情况与2025年度日常性关联交易 | | | | 预计情况的议案 | | 40 | | 11．关于公司募投项目结 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-015 江苏凤凰出版传媒股份有限公司根据《上海证券交易所上市公司行业信息披露 指引第十二号—新闻出版》的相关规定，现将2025年第一季度主要经营数据（未经 审计）公告如下： 特此公告。 江苏凤凰出版传媒股份有限公司董事会 二〇二五年四月二十九日 1 单位： 万元 币种： 人民币 销售码洋 营业收入 营业成本 毛利率(%) 去年 本期 增长率 （%） 去年 本期 增长率 （%） 去年 本期 增长率 （%） 去年 本期 增长率 （%） 出 版 业 务 205,295.92 237,193.79 15.54% 100,694.41 106,094.33 5.36% 61,160.71 64,269.12 5.08% 39.26% 39.42% 增加 0.16 个 百分点 发 行 业 务 399,471.17 359,158.52 -10.09% 269,807.96 267,523.67 -0.85% 194,628.58 187,516.03 -3.65% 27.86% 29.91% 增加 2.04 个 百分点 江苏凤凰出版传媒股份有限公司 关于 2 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 3,225,677,662.78, a decrease of 3.52% compared to the same period last year[3] - Net profit attributable to shareholders increased by 42.30% to CNY 506,729,059.34, compared to CNY 356,110,791.77 in the previous year[3] - The basic earnings per share rose by 42.32% to CNY 0.1991, reflecting the growth in net profit[3] - Net profit for Q1 2025 reached CNY 517,578,996.27, an increase of 43.14% compared to CNY 362,041,173.87 in Q1 2024[15] - Earnings per share for Q1 2025 was CNY 0.1991, up from CNY 0.1399 in Q1 2024[16] - The company reported a total comprehensive income of CNY 516,707,145.86 for Q1 2025, compared to CNY 342,941,195.36 in Q1 2024[16] Cash Flow and Investments - The net cash flow from operating activities increased by 33.03% to CNY 303,282,276.37, indicating improved operational efficiency[3] - Cash received from sales of goods and services was CNY 2,762,373,416.89 in Q1 2025, down from CNY 2,954,637,329.59 in Q1 2024[19] - Net cash flow from operating activities amounted to $303.28 million, an increase from $227.98 million year-over-year[20] - Total cash inflow from investment activities was $4.36 billion, compared to $4.53 billion in the previous period[20] - Net cash flow from investment activities was negative at -$719.23 million, a decline from a positive $223.85 million year-over-year[20] - Cash inflow from financing activities totaled $221.30 million, while cash outflow was $38.02 million, resulting in a net cash flow of $183.28 million[21] - The company's cash and cash equivalents decreased by $226.36 million, compared to an increase of $424.19 million in the previous period[21] - Cash received from operating activities was $2.97 billion, a decrease from $3.18 billion in the previous period[20] - Total cash outflow from operating activities was $2.67 billion, compared to $2.95 billion last year[20] - The company received $147.73 million in cash related to other operating activities, down from $221.94 million[20] - The company paid $1.98 billion related to other investment activities, a decrease from $4.10 billion in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 31,507,123,142.49, up 2.47% from the end of the previous year[4] - The company's current assets totaled CNY 14,627,832,903.43, up from CNY 11,524,044,971.02, indicating a significant increase of about 27.83%[11] - The cash and cash equivalents decreased to CNY 1,719,133,231.81 from CNY 1,946,040,727.35, representing a decline of approximately 11.69%[10] - Accounts receivable rose to CNY 1,068,902,039.07, compared to CNY 632,131,918.35, marking an increase of around 69.00%[10] - The company's total liabilities increased to CNY 14,000,000,000, reflecting a rise from the previous period, although specific figures were not disclosed[11] - Total liabilities increased to CNY 11,027,532,798.50 in Q1 2025 from CNY 10,990,810,119.98 in Q1 2024[12] - Total equity attributable to shareholders rose to CNY 20,185,099,688.05 in Q1 2025, compared to CNY 19,474,241,824.99 in Q1 2024[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 44,961[8] - The largest shareholder, Jiangsu Phoenix Publishing & Media Group Co., Ltd., holds 62.8% of the shares, totaling 1,598,290,258 shares[8] - The company reported a total of 1,598,290,258 shares outstanding, with Jiangsu Phoenix Publishing Group Co., Ltd. being the largest shareholder[9] - The company has not disclosed any significant changes in shareholder structure or related party transactions during the reporting period[10] Other Information - Investment income surged by 367.20%, attributed to an increase in the total amount of financial products held by the company[6] - The company reported a significant increase in short-term borrowings by 60.61%, indicating a rise in external financing[6] - The long-term equity investments slightly increased to CNY 1,347,080,115.77 from CNY 1,345,236,001.59, showing a marginal growth of about 0.14%[11] - The total inventory as of March 31, 2025, was CNY 1,753,433,055.04, slightly down from CNY 1,763,151,443.23, indicating a decrease of about 0.45%[10] - The company has not reported any new product launches or technological advancements during this period[10] - Research and development expenses increased to CNY 7,515,225.64 in Q1 2025 from CNY 6,013,810.73 in Q1 2024[14]

Group 1 - The A-share market shows stable performance in major indices, with a notable preference for defensive dividend assets, while high-growth sectors are undergoing adjustments [1] - A total of 1,156 listed companies in the A-share market plan to distribute cash dividends for the 2024 fiscal year, amounting to a total of 1.13 trillion yuan, with 841 companies expected to have dividends exceeding 0.1 yuan per share, representing 72.75% of the total [1] - The high dividend ETF (563180) is gaining traction, with significant trading volume, and it tracks a high-yield strategy index focusing on dividend leaders, emphasizing dividend quality and capability [1] Group 2 - Citic Securities highlights the investment value of dividend stocks, which offer high dividend yields and low valuation levels, making them particularly valuable in the current market environment characterized by uncertainty [2] - In the context of global economic stagnation risks, the demand for dividend assets is becoming more rigid, especially in essential consumption sectors such as agriculture, food and beverage, utilities, and transportation, which can withstand economic cycles and provide stable shareholder returns [2] - Dividend assets are increasingly viewed as a scarce resource with long-term investment value, transcending their defensive attributes in the face of a more uncertain global order [2]