读客文化股份有限公司 2025 年半年度报告全文 读客文化股份有限公司 2025 年半年度报告 2025-031 1 读客文化股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人华楠、主管会计工作负责人丁芳芳及会计机构负责人(会计主 管人员)陈芳声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事 | 未亲自出席董事 | 未亲自出席会议 | 被委托人姓名 | | --- | --- | --- | --- | | 姓名 | 职务 | 原因 | | | 潘志勇 | 独立董事 | 工作原因 | 钱臻 | 本报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质承诺，请 投资者及相关人士对此保持足够的风险认识，并理解计划、预测与承诺之间 的差异。 公司在本报告"第三节 管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存 ...

Core Insights - The publishing sector experienced a rise of 0.82% on August 21, with Guomai Culture leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Publishing Sector Performance - Guomai Culture (301052) saw a significant increase of 11.37%, closing at 74.14 with a trading volume of 126,300 shares and a transaction value of 926 million [1] - Other notable performers included: - Zhongwen Online (300364) up 2.28% to 27.40 with a transaction value of 2.017 billion [1] - Dook Culture (301025) up 1.49% to 11.55 with a transaction value of 157 million [1] - Central Plains Media (000719) up 1.38% to 13.24 with a transaction value of 129 million [1] Capital Flow Analysis - The publishing sector saw a net inflow of 406 million from institutional investors, while retail investors experienced a net outflow of 279 million [2] - The capital flow for key stocks included: - Zhongwen Online (300364) with a net inflow of 23.2 million from institutional investors [3] - Guomai Culture (301052) with a net inflow of 14.7 million from institutional investors [3] - China Science Publishing (601858) with a net inflow of 29.68 million from institutional investors [3]

Core Insights - The 21st Shanghai Book Fair has evolved from a book-centric event to a diverse cultural venue, showcasing various products beyond books, such as canvas bags, perfumes, and collaborative merchandise [4][14] - The event attracted over 382,000 visitors, a 28.4% increase year-on-year, with total book sales reaching 64.72 million yuan, up 31.6%, and cultural product sales exceeding 10 million yuan, marking a 100.1% growth [4][8] - The fair generated approximately 181 million yuan in related consumption, with significant increases in foot traffic and retail spending in the surrounding areas [4][8] Book Sales Trends - New sales methods, such as "book blind boxes," have gained popularity, allowing readers to discover unfamiliar authors through a surprise purchase experience [8] - The influence of film adaptations on book sales remains strong, with titles linked to popular media seeing increased demand [8][9] - Educational books continue to dominate sales, particularly during the back-to-school season, with notable growth in both supplementary and student-related materials [9][10] Product Innovations - The demand for smaller book formats is rising, with publishers introducing compact editions to cater to fragmented reading habits [10][12] - Cultural products have become a focal point, with many readers showing interest in merchandise rather than books, prompting a reevaluation of the role of cultural products in book fairs [14][15] Cultural Product Development - The evolution of cultural products is categorized into three phases, with the current "3.0" stage focusing on creating independent cultural products that reflect literary themes and concepts [15][16] - Emotional value is increasingly important in cultural product design, resonating with contemporary themes of personal well-being and mental health [16][18] - Publishers are exploring direct promotional strategies between cultural products and books, enhancing sales through cross-marketing [19][21] Market Dynamics - The perception that cultural products overshadow book sales may not reflect the true interest in books, as many purchases occur online after the event [23][24] - The pricing mechanism for books can deter on-site purchases, leading readers to seek better deals through other channels [24]

Group 1 - The 21st Shanghai Book Fair attracted over 382,000 visitors, a year-on-year increase of 28.4%, with total book sales reaching 64.727 million yuan, up 31.6% [1] - Sales of cultural and creative products exceeded 10 million yuan for the first time, showing a remarkable growth of 100.1% [1] - The fair generated approximately 181 million yuan in related consumption, with significant increases in foot traffic and retail dining spending in the surrounding areas [1] Group 2 - New sales methods emerged at the fair, including "book blind boxes," which offer readers a surprise element in their purchases, enhancing the reading experience [4] - The influence of film adaptations on book sales remains strong, with titles linked to popular media experiencing high demand and even selling out [4][6] - Educational books continue to be a major sales driver, particularly during the back-to-school season, with notable sales growth compared to previous years [6] Group 3 - The trend towards smaller book formats is rising, catering to the demand for more portable reading options [7][9] - Cultural and creative products have gained significant attention, with many readers shifting their focus from books to related merchandise, leading to a re-evaluation of the book fair's purpose [11][13] - The evolution of cultural products is categorized into three phases, with the current phase emphasizing the integration of literary themes into standalone creative products [15] Group 4 - The popularity of canvas bags and other cultural products is attributed to their low production costs and practical use, making them accessible to a wider audience [17] - The relationship between cultural products and book sales is complex, with many readers purchasing creative items first and then exploring the related literature [18][22] - The book fair serves as a platform for showcasing books, but actual purchasing decisions often occur off-site due to pricing mechanisms and discount transparency issues [22]

Core Insights - The 2025 Shanghai Book Fair has launched with various innovative activities, including the "Reading Night Market," which attracted a large number of visitors and showcased cultural products and leisure food [5][6] - The event features a new exhibition model called "Double Main Venue + X + N," and includes initiatives such as the distribution of book purchase vouchers and the integration of artificial intelligence with book content [6][7] - The number of reading activities at this year's fair has reached a record high of 1,267, representing a 23.8% increase year-on-year [6] Company Participation - Major publishing companies such as China Publishing, Central South Media, Xinhua Media, Guomai Culture, and CITIC Publishing actively participated in the Shanghai Book Fair, highlighting their importance as exhibitors [5] - Companies like Reading Group and Bilibili, along with innovative firms like Siwei Media, are focusing on cultural and creative products, indicating a trend towards deeper integration of cultural tourism and commerce [8] Cultural and Creative Products - The Shanghai Book Fair has seen a significant emphasis on cultural and creative products, with exhibitors showcasing a variety of original IP products and themed exhibitions [8][9] - The Shanghai Library's cultural dissemination company has developed nearly 500 products across 19 series, aiming to promote reading through creative products [9] Collaborative Initiatives - The Shanghai Book Company has partnered with the Shanghai Film Group to create a themed exhibition area, promoting the synergy between literature and film [10] - The event aims to enhance the "ticket economy" by introducing new formats that combine exhibitions, tourism, and cultural activities, thereby fostering a vibrant cultural atmosphere [7]

Group 1 - The latest stock price of Dook Culture is 11.54 yuan, an increase of 0.16 yuan from the previous trading day [1] - The stock reached a high of 11.55 yuan and a low of 11.31 yuan during the trading session, with a trading volume of 72,517 hands and a transaction amount of 0.83 billion yuan [1] - Dook Culture operates in the cultural media industry, focusing on book planning and publishing, as well as digital reading services [1] Group 2 - Dook Culture is listed on the Growth Enterprise Market in Shanghai and has made investments in AI corpus and digital reading [1] - On August 11, the net outflow of main funds was 4.6678 million yuan, with a cumulative net outflow of 17.4492 million yuan over the past five trading days [1]

Core Insights - The summer box office in China has approached 8 billion yuan as of August 8, with notable performances from animated films like "The King's Avatar: The Movie" and "The Little Monster of Langlang Mountain" [3] - The rapid growth of the Chinese animation industry is highlighted, with the market expected to exceed 270 billion yuan by 2024 and a user base of 503 million in the broader "ACG" (Anime, Comic, Game) sector [3] - The success of domestic animated films is attributed to innovative storytelling and strong production values, with "The King's Avatar: The Movie" achieving a box office of 15.446 billion yuan and 324 million viewers [3][5] Industry Developments - Major streaming platforms like Tencent, iQIYI, Youku, Bilibili, and Mango TV have launched "The King's Avatar: The Movie," setting a record for the fastest online release of a domestic blockbuster, just 33 days after its theatrical run [4] - The film "The Little Monster of Langlang Mountain," produced by Shanghai Animation Film Studio, has received a high rating of 8.6 on Douban and has grossed over 340 million yuan, with projections reaching 1.3 billion yuan [5] - Bilibili has emerged as a key player in the domestic animation sector, having aired 642 domestic animation works and produced 78 original animations from 2018 to 2024, with a user base of approximately 320 million [6] Market Trends - The animation industry is driving offline consumption, with Shanghai leading in the number of top-tier ACG shopping centers and generating nearly 1.2 billion yuan in sales in 2024 [8] - The release of "The Little Monster of Langlang Mountain" has spurred innovative marketing strategies, such as transforming cinemas into themed parks and launching related merchandise, which generated over 7 million yuan in sales on the premiere day [9] - The integration of animation IP into various consumer products is expanding, with over 400 licensed merchandise items launched alongside "The Little Monster of Langlang Mountain," and collaborations with companies like Yili and Morning Glory [9] Future Outlook - The animation industry is expected to continue its deep integration across various sectors, enhancing collaboration among upstream and downstream players to maximize IP value [10] - Companies are increasingly focusing on the emotional connection of animation IP with consumers, as seen in the successful merchandise sales linked to films like "The King's Avatar" and "The Little Monster of Langlang Mountain" [9]

格隆汇8月7日丨读客文化(301025.SZ)在投资者互动平台表示，公司始终密切关注人工智能领域的前沿 发展，并积极探索其在数字阅读和内容生产中的应用。目前，公司并未被列为2025年世界人工智能大会 的AI语料支持公司之一。 ...

Robotics - Light Media participated in the investment and distribution of the film "Dongji Island" [1] - Huichuan Technology is actively developing components for humanoid robots [1] - Huayi Technology has supplied IMU products for Zhi Yuan humanoid robots [1] - Funeng Technology recently completed sample delivery of all-solid-state batteries to a leading humanoid robot client [1] - Leadshine Technology has hundreds of robot companies and module manufacturers testing its products [1] Liquid Cooling - Tongxing Technology has liquid cooling products applied in the data center sector [1] Other Collaborations - Dook Culture has an e-book licensing collaboration with the Tomato Novel platform [1] - Tongyu Communication's invested company has successfully delivered the first batch of 800G OSFP 2×DR4 optical modules [1] - Silver禧 Technology provides materials for DJI's sweeping robots [1] - Yutong Optical's aspheric glass lenses are indirectly supplied to DJI [1] - Defu Technology has achieved bulk supply of copper foil for the drone sector [1] - Yonggui Electric has established cooperative relationships with multiple main engine manufacturers in the new energy sector [1]

Group 1 - The company Readke Culture (301025.SZ) is currently collaborating with ByteDance on the content ecosystem of the "Tomato Novel" platform [2] - Readke Culture has an e-book licensing business partnership with the Tomato Novel platform operated by ByteDance [2] - The company also has an audiobook licensing business collaboration with the Tomato Listening platform operated by ByteDance [2]