Core Insights - The conference focused on "knowledge service innovation and international cooperation in the publishing industry in the digital age" [1] - Experts discussed the international innovation paths for knowledge services in the publishing industry, emphasizing the application of new media technologies, copyright trade, and the digital dissemination of traditional culture [1] Group 1: Key Discussions - The urgent need for the publishing industry to leverage emerging technologies like artificial intelligence for knowledge service transformation was highlighted [3] - The importance of top-level design, policy support, platform construction, and research to promote the integration and development of the publishing industry was emphasized [3] - Malaysia's National Book Council proposed the establishment of a national AI publishing guideline to guide the use of AI in the book industry [5] Group 2: Recommendations and Collaborations - Suggestions for deepening international cooperation in knowledge services included enhancing communication with industry peers and promoting cultural and technological integration [7] - The establishment of a "China-ASEAN Artificial Intelligence Publishing and Communication Innovation Development Center" aims to focus on technology breakthroughs and build a risk monitoring system [13] - A cooperation agreement was signed among several organizations to enhance knowledge service content provision in the China-ASEAN region [15] Group 3: Opportunities and Innovations - AI is transforming the creation and distribution of book content, presenting opportunities for multilingual societies to serve as testing grounds for AI-driven translation [11] - The digital platform BIBF is expected to improve copyright transaction rates, and plans for collaborative development of minority language publishing are underway [11] - The conference marked a significant milestone for high-quality cooperation in the China-ASEAN publishing industry [9]

投资要点 本报告导读： 公司主营业务稳健，持续高比例分红回馈投资者，展望长期公司进军课后服务、研学等新方向，有望实 现从内容生产向知识服务的拓展延伸。 图书业务经营稳健，体育科目教材实现安徽省全覆盖。2024 年公司代理的人教版义务教育阶段教材和 高中教材市场选用率均有效增长，其中小学《体育与健康》教材安徽省选用率 100%，实现全省"全覆 盖"，公司"基本盘"获得持续稳固提升。在一般图书出版方面，2024 年公司在图书综合零售市场实洋排 名保持稳定，实体店渠道实洋同比上升 1 位，保持品牌影响力。 进军课后服务、研学，实现从内容生产向知识服务拓展延伸。截至2024 年底，公司自主研发的课后服 务管理平台已覆盖安徽省 11 个地市，研发原创精品课程超 100 门，覆盖学校 6000 余所、服务学生 300 余万人。2024 年实现教育服务收入1.7 亿元，我们认为未来随付费率的提升，该业务收入和毛利未来有 望同步提升。在研学业务方面，公司自主开发的"皖美研学"数字化服务平台于 2024 年8 月底上线，并 已在安徽省 16 个市全部落地，我们认为研学业务有望在2025 年给公司带来收入和利润贡献。 风险提示。 ...