Group 1 - The core business of the company includes the distribution of textbooks, general books, and audio-visual products, as well as supply chain and logistics services [4][5] - The company's primary revenue source is the distribution of general and textbook publications, accounting for 41% of total revenue and contributing 68% of gross profit with a gross margin of 37% [5] - The company holds a unique position in the market as the only authorized distributor of textbooks in Anhui Province, which is a critical aspect of its business model [5] Group 2 - The company lacks publishing capabilities, which is a significant factor in its lower gross margin compared to peers, as its second-largest business segment (supply chain and logistics services) has a gross margin of only 3.4% [5] - The overall gross margin of the company is lower than that of competitors, which typically have gross margins in the range of 30-40% [5]

昨天，上海三联书店（宜昌店）正式开业，为"三峡明珠"宜昌再添一张亮眼的文化名片。 步入上海三联书店（宜昌店），油墨香与咖啡香交织扑面。这处占地2000平方米的文化空间，突破 传统书店的边界，以"图书+文创+咖酒+策展"的复合业态为核心特色，融合阅读、展览与社交，通 过"日咖夜酒"的运营创新，构建起集阅读、社交与文化体验于一体的全天候城市人文会客厅。 书店以"悦读生活美学"与"都市人文灯塔"两大主题进行分区布局。前者通过开放式场景整合文化剧 场、设计师文创、精品咖啡、文化茶饮等多元业态；后者则将成为AI数字艺术策展、文化大咖讲座等 活动的举办地。 从空间规划到产品选择，从内容策划到视觉呈现，宜昌元素与三峡文化被巧妙融入书店细节。《三 峡文物与中华文明》《江流有声》等地方文史类书籍被精心陈列在醒目位置，成为读者了解宜昌的窗 口。 记者 施晨露 自10月1日试营业以来，上海三联书店（宜昌店）在短时间内成为这座城市的文化新地标，图书销 量在上海三联书店全国多家门店中名列榜首，这也折射出宜昌市民对高品质文化空间的渴望。 "我们致力于打造一个与城市气质相契合的阅读空间。"上海三联书店总经理陈逸凌说，宜昌店与当 地其他书店 ...

二、类型化分析：主要行为模式与辩护要点 在刑事法律的演进历程中，非法经营罪以其独特的兜底条款特性，逐渐从特定的经济管制工具演变为市场经济活动中的"口袋罪"。这一转变既反映了经济社 会发展的复杂性，也给刑事辩护带来了前所未有的挑战。 非法经营罪的规范体系经历了从具体到抽象的演进过程。1997年刑法最初确立本罪时，仅规定了三种具体情形：未经许可经营专营专卖物品、买卖进出口许 可证和批文、其他严重扰乱市场秩序的非法经营行为。这一立法设计体现了当时对经济管制领域的明确界定。 然而，随着市场经济的发展和社会情势的变迁，通过《刑法修正案》及司法解释的不断补充，非法经营罪的适用范围持续扩大。目前已经形成包括非法从事 资金支付结算、非法经营出版物、非法经营电信业务等十余种具体类型，以及"其他严重扰乱市场秩序"的兜底条款。这种"具体列举+兜底条款"的立法模 式，既为打击新型非法经营行为提供了法律依据，也为辩护工作创造了空间。 1. 未经许可经营特定业务类型 此类案件涉及金融、电信、出版等特许经营领域。辩护重点应当围绕行政许可的范围和效力展开。例如在非法从事支付结算业务案件中，需要准确界定"支 付结算业务"的范围，区分单纯的资金 ...

截至发稿，中南传媒市值为212亿元。 每经头条（nbdtoutiao）——展望"十五五" | 专访黄群慧：既要重视AI赋能千行百业，也要考量其对就业 的替代效应和带来的收入极化 （记者 曾健辉） 每经AI快讯，中南传媒（SH 601098，收盘价：11.79元）11月20日晚间发布公告称，公司第六届第八次 董事会会议于2025年11月19日以通讯方式召开。会议审议了《关于增补公司第六届董事会独立董事的议 案》等文件。 2024年1至12月份，中南传媒的营业收入构成为：发行占比80.76%，出版占比27.97%，物资占比 10.36%，印刷占比7.89%，报媒占比6.4%。 ...

Core Viewpoint - The company, Zhongwen Media, held its second board meeting of 2025 on November 18, 2025, to discuss the proposal for the third extraordinary shareholders' meeting of 2025 [1] Financial Performance - For the first half of 2025, Zhongwen Media's revenue composition is as follows: Publishing accounted for 37.34%, Integrated Marketing for 25.69%, Distribution for 24.41%, New Business for 16.27%, and Material Trade for 7.29% [1] Market Position - As of the report date, Zhongwen Media has a market capitalization of 15.5 billion yuan [1]

Core Viewpoint - Zhongnan Publishing and Media Group experienced a slight decline in stock price, with a trading volume of 168 million yuan on November 17, and notable financing activities indicating high investor interest [1] Financing Summary - On November 17, Zhongnan Publishing had a financing buy-in amount of 13.13 million yuan, with a net financing buy of 2.66 million yuan, while the total financing and securities balance reached 235 million yuan [1] - The current financing balance is 229 million yuan, accounting for 1.06% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - In terms of securities lending, 1,000 shares were repaid and 800 shares were sold on November 17, with a total selling amount of approximately 9,648 yuan, and the securities lending balance was 6.53 million yuan, also above the 90th percentile level over the past year [1] Financial Performance - As of September 30, Zhongnan Publishing reported a total revenue of 8.49 billion yuan for the first nine months of 2025, a year-on-year decrease of 9.37%, while the net profit attributable to shareholders increased by 22.32% to 1.17 billion yuan [2] - The company has cumulatively distributed dividends of 11.73 billion yuan since its A-share listing, with 3.23 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 42.59% to 30,200, while the average circulating shares per person decreased by 29.87% to 59,434 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 41.28 million shares, a decrease of 4.46 million shares from the previous period [3]

Core Insights - The Capital Cultural Technology Group has officially moved into the North Third Ring Road office area, marking a significant step in its establishment as a state-owned enterprise [1] - The group was approved by the municipal government in July 2023 and is tasked with integrating cultural resources and reforming the management of state-owned cultural assets [1] - The restructuring is part of a broader initiative for deepening state-owned enterprise reform in Beijing [1] Company Structure - The Capital Cultural Technology Group is structured into three main divisions: publishing, performing arts, and media, managing a total of 54 secondary enterprises [1] - The group aims to enhance strategic collaboration among its divisions to strengthen core functions and improve competitiveness [1] Strategic Goals - The group focuses on core business areas such as publishing, performing arts, media activities, and cultural services [1] - There is an emphasis on integrating culture and technology to create a leading cultural enterprise characterized by excellence in products, outstanding brands, innovation, and modern governance [1]

机构持仓方面，截止2025年9月30日，果麦文化十大流通股东中，华夏行业景气混合A（003567）位居 第四大流通股东，持股194.10万股，为新进股东。华夏卓越成长混合A（024928）位居第八大流通股 东，持股80.12万股，为新进股东。工银圆兴混合（009076）退出十大流通股东之列。 资料显示，果麦文化传媒股份有限公司位于上海市徐汇区云锦路555号6栋，成立日期2012年6月6日，上 市日期2021年8月30日，公司主营业务涉及图书策划与发行、数字内容业务、IP衍生与运营。主营业务 收入构成为：图书策划与发行92.08%，图书代理发行3.43%，数字内容业务2.78%，其他服务0.77%，其 他商品销售0.52%，IP衍生与运营0.42%。 截至9月30日，果麦文化股东户数1.65万，较上期增加37.64%；人均流通股4865股，较上期减少 27.35%。2025年1月-9月，果麦文化实现营业收入4.97亿元，同比增长26.51%；归母净利润1206.58万 元，同比减少43.18%。 分红方面，果麦文化A股上市后累计派现2534.32万元。近三年，累计派现1777.90万元。 11月11日，果麦文化 ...

Group 1 - The core point of the article is that Zhongyuan Media announced the convening of its ninth board meeting on November 7, 2025, to discuss the appointment of a new general manager and other documents [1] - For the first half of 2025, Zhongyuan Media's revenue composition is as follows: publishing business accounted for 80.71%, publishing business 34.19%, material sales 19.45%, printing business 4.65%, and other businesses 3.74% [1] - As of the time of reporting, Zhongyuan Media has a market capitalization of 12.6 billion yuan [1] Group 2 - The article also highlights the challenges in the domestic art insurance market, noting that the market is valued at 4.8 billion yuan, with insurers finding pricing difficult [1] - The theft of artifacts from the Louvre without insurance raises concerns about the art insurance sector's viability [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The impact of educational materials reform is gradually being digested, and performance is expected to recover [6] - The company reported a revenue of 1.76 billion yuan for Q3 2025, a year-on-year increase of 10.4%, while the net profit attributable to shareholders was 109 million yuan, a year-on-year decrease of 5.4% [2] - The company achieved a revenue of 5.29 billion yuan in the first three quarters of 2025, a year-on-year decrease of 26.5%, with a net profit of 399 million yuan, down 49.1% [3] - The game subsidiary, Zhixing Tong, is undergoing significant personnel changes, which may reshape its business [4] - The company is actively embracing technological changes and diversifying its business to enhance performance [5] Summary by Sections Financial Performance - The company experienced a significant decline in revenue and net profit due to changes in the educational materials subscription and distribution model in Jiangxi Province [3] - The revenue for 2025-2027 is projected to be 7.3 billion, 12 billion, and 12.5 billion yuan, respectively, with net profits of 732 million, 1.204 billion, and 1.248 billion yuan [6][10] - The earnings per share (EPS) for the same period are expected to be 0.54, 0.88, and 0.91 yuan [6][10] Business Outlook - The core business position is stable, and if the new procurement policies in Jiangxi are streamlined, the main publishing and distribution revenue is expected to stabilize [3] - The game business is currently in a transitional phase, but with personnel restructuring and cost reductions, it is anticipated to stabilize and lay the foundation for future performance recovery [4] - The company is focusing on nurturing digital and emerging businesses as future growth points, including IP development and AI-driven marketing solutions [5]