证券研究报告：传媒 | 公司点评报告 股票投资评级 买入|维持 个股表现 -8% -1% 6% 13% 20% 27% 34% 41% 48% 55% 62% 2024-09 2024-12 2025-02 2025-05 2025-07 2025-09 中南传媒 传媒 资料来源：聚源，中邮证券研究所 ⚫ 事件回顾 2025 年 8 月 27 日，公司发布 2025 年半年报， 2025H1，公司实 现营业收入 63.35 亿元，同比下降 8.09%；归母净利润 10.17 亿元，同 比下降 31.46%；扣非后归母净利润 9.95 亿元，同比下降 34.54%。 2025Q2，公司实现营业收入 34.61 亿元，同比下降 11.10%；归母净利 润 6.48 亿元，同比下降 32.31%；扣非后归母净利润 6.17 亿元，同比 下降 25.91%。 ⚫ 事件点评 公司基本情况 | 最新收盘价（元） | 12.20 | | --- | --- | | 总股本/流通股本（亿股）17.96 / 17.96 | | | 总市值/流通市值（亿元）219 / 219 | | | 52 周内最高/最低价 | 15.14 ...

Group 1 - The 15th China International Digital Publishing Expo showcased the theme "Integration of Digital and Real, Smart Win Future," featuring six exhibition areas, one main forum, four sub-forums, and over 150 events, attracting more than 600 participating companies from 23 provinces [2][3] - The expo highlighted innovations in digital publishing, including immersive XR films and AI reading libraries, indicating that digital technology is reshaping public lifestyles [2] - The "Remarkable Oracle Bone Script" exhibition engaged visitors with hands-on experiences, demonstrating the blend of traditional culture and modern technology [2] Group 2 - The international aspect of the expo was emphasized, with a significant increase in international cooperation areas and forums, facilitating potential collaborations among global peers [3] - Several partnerships were formed during the expo, such as the collaboration between Sanqin Publishing House and local tech companies for XR digital activation projects [4] - The concurrent hosting of the expo and the Fourth National Reading Conference in Henan allowed for a deep integration of digital technology with traditional reading practices, enhancing public engagement with literature [4]

Group 1 - The core viewpoint of the articles highlights the digital innovation achievements of Zhongyuan Media, showcasing its commitment to digital publishing and education [1][2] - Zhongyuan Media is the only state-owned cultural listed company in Henan Province, leading the market in educational publishing with comprehensive administrative licenses for all subjects and versions [1][2] - The company has implemented a series of "Internet+" strategic layouts, establishing foundational platforms for digital education, digital distribution, digital reading, database publishing, and digital printing [1][2] Group 2 - In the field of educational digitization, Zhongyuan Media is constructing a smart education platform covering all primary and secondary school students in Henan Province, currently promoting large-scale pilot projects [2] - The company utilizes digital twin, VR/AR technologies to revitalize historical artifacts and ancient texts, creating a cultural digitalization system that enhances traditional cultural education from "flat reading" to "immersive experience" [2] - In the first half of the year, Zhongyuan Media achieved operating revenue of 4.575 billion yuan, a year-on-year increase of 1%, and a net profit attributable to shareholders of 532 million yuan, a year-on-year increase of 50.39% [2]

Core Viewpoint - The 15th China International Digital Publishing Expo highlights the integration of digital technology in the publishing industry, showcasing opportunities and challenges in the digital transformation of publishing [1][2]. Group 1: Event Overview - The expo features the theme "Integration of Digital and Reality, Winning the Future," with one main forum, four sub-forums, and over 150 various activities aimed at promoting industry exchange and cross-border cooperation [2]. - Six major exhibition areas are set up, including digital publishing zones for central and local publishing units, digital technology innovation, international cooperation, interactive experiences, and a reading exhibition [2]. - The event attracts over 600 participating companies and nearly 40 international guests from 13 countries and regions [2]. Group 2: Digital Technology Applications - The project by Zhongzhou Ancient Books Publishing House utilizes classic mythological IPs like "Shan Hai Jing" and "Journey to the West," integrating AR, VR, and MR technologies to create an immersive experience space [4]. - Visitors can use a mobile app to scan book covers and pages, revealing over 40 AR images of mythical creatures from "Shan Hai Jing" and more than 20 from "Journey to the West" [4]. - The "Long March: Heroes" VR project, created by the "Learning Power" platform, allows users to experience historical scenes from the Long March, enhancing understanding of its spirit through AI and XR technologies [6]. Group 3: Educational Impact - Students engage with traditional Chinese culture through immersive experiences, such as exploring the story of "Niulang and Zhinu" in a digital format, making learning more interactive and engaging [6]. - The Indian GBD BOOKS publisher collaborates with over 40 Chinese publishers, translating more than 200 books, and plans to translate around 40 more into English and Hindi to promote Chinese literature in India [6]. Group 4: Reading Promotion - The concurrent "Book Fragrance Henan Fourth National Reading Conference" emphasizes deepening national reading initiatives and enhancing quality of life through reading activities across Henan province [7].

Group 1 - The 15th China International Digital Publishing Expo was held in Zhengzhou, showcasing advancements in digital publishing and technology [1] - Notable figures, including renowned writer Liu Zhenyun, delivered keynote speeches at the main forum of the expo [2][3] - The expo featured interactive experiences such as VR and MR projects, engaging visitors, especially children, in innovative digital content [5][7][9]

Core Insights - The 15th China International Digital Publishing Expo showcases cutting-edge achievements in digital publishing, bringing together industry leaders and experts to explore new paths for development [3][6] - The event highlights the transformation of reading experiences through digital technology, moving from traditional reading to immersive and interactive formats [4][6] Industry Developments - The expo features innovative areas such as the "Cloud Enjoy Reading" experience zone, where visitors can interact with books through audio, animations, and games, enhancing the reading experience [3][4] - The "Fire Knowledge" digital platform is introduced to create immersive knowledge consumption scenarios, aiming to better engage users and promote reading [4][6] Cultural Impact - The integration of new products, technologies, and cultural elements is seen as a way to create new attractions and value in the publishing industry [5] - Experts emphasize the importance of AI and digital tools in enhancing reading activities and fostering a new ecosystem for public reading [6][7] Future Trends - The concept of readers evolving into users is discussed, where individuals take on multiple roles as consumers, disseminators, and creators of content [6] - The theme of the expo, "Digital and Real Integration, Smart Win Future," reflects the belief that digital and print mediums coexist, offering diverse ways to engage with content [7]

Core Insights - The integration of digital publishing and reading is being propelled by AI technology, revitalizing the publishing industry in the digital age [1][2] - The Chinese government emphasizes cultural development, with digital publishing as a key focus, aligning with national strategies for cultural digitization [1][2] - The China International Digital Publishing Expo is the only national and international expo dedicated to promoting the digital publishing industry [1] Group 1: Digital Publishing Development - Henan province is leveraging its cultural heritage to promote digital publishing, with initiatives like the "China Handicraft Creative Industry Digital Service Platform" included in the national digital publishing excellence program [2] - The establishment of over 1,200 new cultural spaces, such as "Heluo Book Garden," and the provision of 241,000 free digital resources have significantly benefited over ten million people [2] - The synergy between digital publishing and nationwide reading initiatives is fostering a new ecosystem for reading, enhancing accessibility and engagement [2] Group 2: Future Directions - The focus is on content development, technological empowerment, and the creation of new digital publishing business models to enhance cultural influence [3] - Strengthening network governance and promoting a new ecological environment for digital publishing are essential for sustainable growth [3] - The aim is to deepen the concept of nationwide reading and establish a new service framework for digital publishing, contributing to the modernization of Chinese culture [3]

Core Viewpoint - Digital publishing is recognized as the future direction of the publishing industry, emphasizing the importance of cultural digital transmission and the integration of technology in enhancing the sector's development [1] Group 1: Event Overview - The 15th China International Digital Publishing Expo opened in Zhengzhou, Henan, with the theme "Integration of Digital and Reality, Winning the Future" [1] - The event lasts for four days and is organized by the China Academy of Press and Publication [1] Group 2: Key Themes and Discussions - Emphasis on value-driven approaches to expand the supply of quality products in digital publishing, enhancing cultural experiences for people worldwide [1] - The need for technological empowerment to promote deep integration between publishing and other industries such as education, film, and tourism, fostering new dynamics and business models in digital publishing [1] - A call for enhanced governance cooperation to establish safety measures, ensuring that AI technology aligns with authoritative content and supports high-quality development in digital publishing [1] - The importance of international exchange to foster mutual understanding among nations, promote digital copyright trade, and facilitate the global dissemination of cultural achievements [1] Group 3: Participation and Exhibits - Over 600 domestic and international companies from Europe, America, Japan, South Korea, and Southeast Asia participated in the expo, showcasing new achievements, technologies, and trends in the digital publishing field [1] - The event included main forums, specialized forums, industry-academia-research interactions, and various on-site activities, with multiple themed exhibition areas designed [1]

Core Viewpoint - Digital publishing represents the future direction of the publishing industry and is essential for the digital transmission of human culture [1] Group 1: Event Overview - The 15th China International Digital Publishing Expo opened in Zhengzhou, Henan, with the theme "Integration of Digital and Reality, Smart Win for the Future" [1] - The event lasts for four days and is organized by the China Academy of Press and Publication [1] Group 2: Key Themes and Discussions - Emphasis on value-driven approaches to expand the supply of quality products in digital publishing, enhancing cultural experiences for people worldwide [1] - The need for technological empowerment to promote deep integration between publishing and other industries such as education, film, and tourism, fostering new dynamics and business models in digital publishing [1] - Importance of governance cooperation to establish safety measures, ensuring that AI technology aligns with authoritative content for high-quality development in digital publishing [1] - Encouragement of international exchange to enhance mutual understanding among nations, promote digital copyright trade, and facilitate the global dissemination of cultural achievements [1] Group 3: Participation and Exhibits - Over 600 domestic and international companies from Europe, America, Japan, South Korea, and Southeast Asia participated in the expo, showcasing new achievements, technologies, and trends in digital publishing [1] - The expo includes main forums, specialized forums, industry-academia-research interactions, and various on-site activities, with multiple themed exhibition areas designed [1]

8月28日，第十五届中国国际数字出版博览会主论坛在郑州举行。中央宣传部分管日常工作的副部长胡 和平、省委书记刘宁致辞，省长王凯出席。 胡和平代表中央宣传部、国家新闻出版署对大会举办表示热烈祝贺。他说，数字出版是人类文化的数字 化传承，代表着出版业未来发展方向。在习近平文化思想的指引下，中国大力推动文化与科技融合，实 施国家文化数字化战略、重大文化产业项目带动战略，加大财政、税收、金融等方面政策支持，助力中 国数字出版业规模持续壮大，成为数字经济领域十分活跃的组成部分。希望大家以数博会为桥梁，坚持 价值引领，共同扩大优质产品供给，推出更多满足多元需求的数字出版精品；强化科技赋能，共同推动 深度融合发展，不断培育数字出版新动能、新业态、新模式；深化治理合作，共同筑牢安全防护屏障， 以高水平治理护航数字出版高质量发展；加强交流互鉴，共同增进人民相知相亲，推动人类文明优秀成 果数字化展示、网络化传播、全球化交流。 刘宁代表省委、省政府向大会举办表示祝贺，对出席大会的中外嘉宾表示欢迎。他说，河南正深入学习 贯彻习近平文化思想和习近平总书记在河南考察时重要讲话精神，着力推动文化繁荣兴盛，加快建设数 智强省、文旅强省。特别 ...