传媒 分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 多主线布局，攻守兼备 证券研究报告-行业半年度策 略 《传媒行业月报：一季度板块业绩增长优异， IP 衍生品市场高景气》 2025-05-26 《传媒行业专题研究：2025Q1 业绩增长显 著，内容板块表现亮眼》 2025-05-22 《传媒行业月报：政策指引提振消费，关注游 戏、广告、国有出版主线》 2025-04-14 联系人：李智 投资要点： 风险提示：宏观经济变化影响文化消费需求；政策效果不及预期；内 容质量不及预期；AI 技术进展及应用效果不及预期；海外业务受国际 关系变化影响；知识产权侵权风险；二级市场主题轮动 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共36页 ——传媒行业半年度策略 传媒相对沪深 300 指数表现 -11% -2% 7% 16% 25% 34% 43% 52% 2024.06 2024.10 2025.02 2025.06 传媒 沪深300 资料来源：中原证券研究所，聚源 相关报告 同步大市(维持) 发 ...

Core Viewpoint - The company emphasizes its commitment to high-quality development and reform innovation, achieving a slight increase in revenue while facing a decrease in net profit for the year 2024 [1][2]. Group 1: Overall Business Performance - The company achieved an operating income of 242,625.45 million yuan, a year-on-year increase of 0.60% [1]. - The net profit attributable to shareholders was 10,217.64 million yuan, representing a year-on-year decrease of 8.87% [2]. - Total assets at the end of the period amounted to 410,614.19 million yuan, with net assets of 260,614.15 million yuan and a debt-to-asset ratio of 36.04% [3]. Group 2: Governance and Management - The company has established a comprehensive governance structure in compliance with relevant laws and regulations, ensuring clear responsibilities among shareholders, the board of directors, and management [3][6]. - The board of directors held six meetings during the reporting period, discussing various matters including financial reports and the appointment of external auditors [6]. Group 3: Operational Highlights - The company published 7,472 types of books during the year, with significant awards received for various titles, enhancing its market presence [8][9]. - The company has focused on improving the quality of educational materials and has successfully completed the "political task" of ensuring timely delivery of textbooks [10]. Group 4: Future Plans - The company plans to deepen its publishing business, optimize its industrial structure, and enhance management efficiency to achieve steady growth in both social and economic benefits [12][13]. - There is a commitment to continue implementing a strategy for high-quality publishing and to expand the market share of educational materials [12]. Group 5: Financial Decisions - The company proposed a cash dividend of 0.60 yuan per share, totaling 10,168,234.95 yuan to be allocated from the net profit [19]. - The company plans to apply for a comprehensive credit facility of 1.3 billion yuan for operational needs, with a portion allocated for guarantees [23]. Group 6: Related Party Transactions - The company reported a total of 171.15 million yuan in daily operational transactions with its controlling shareholder, which exceeded the previously approved estimates [21]. - The expected related party transactions for 2025 are projected to be 178 million yuan, reflecting the ongoing operational needs [21].

海南自贸港主题新书发布及版权输出活动在京举行 以书为媒，"阅"见自贸港新机遇 该书突破传统政策解读的文本局限，采用"政策漫画+双语出版"形式，将自贸港建设中的"极简审批""全 省通办"等创新实践转化为妙趣横生的漫画场景，让抽象政策具象化、复杂流程可视化、专业术语通俗化，并 采用中英双语对照，使其传播力突破地域和语言限制，有效触达全球投资者，进一步提升海南自贸港政策环 境、营商环境的国际能见度。 同时，海南集结省委深改办（自贸港工委办）、省委政策研究室、省委党校、省社科联（社科院）等多 方权威力量，组织编写《海南自由贸易港热点释读》，从17个关键维度出发，深入浅出地剖析了自贸港建设 中的热点问题，以精准的政策解读、丰富的案例支撑，为广大干部群众理解自贸港建设的内涵与政策提供了 权威指引。 当天，海南省委宣传部、海南日报报业集团、海南省营商环境建设厅、海南出版社相关负责人为 《"营"在自贸港 "画"说新海南》新书揭幕，海南出版社与印度GDB出版社进行《海南自由贸易港热点释读》 版权输出签约。活动现场还举办了海南自贸港推介活动，海南国际经济发展局全球新闻官鲁斯兰、海南省营 商环境建设厅企业促进处负责人与现场观众互动 ...

Core Points - The 31st Beijing International Book Fair has opened, featuring over 1,700 exhibitors from 80 countries and regions, with Shandong showcasing 1,700 types of books and electronic publications [2][3] - Shandong, as the birthplace of Confucian culture, has a rich collection of ancient texts, with approximately 120,000 ancient books totaling nearly 2 million volumes, accounting for 7.3% of the national total [2] - The publication "Rudian," a significant cultural project from Shandong, has gained attention since its debut at the Nishan World Civilization Forum in September 2022 [2][3] Group 1 - The Shandong exhibition area features 12 types of classic literature, including "Rudian" and "Qishu," with over 280 books that highlight Shandong's cultural achievements and support the transmission of traditional Chinese culture in the digital age [3] - Shandong's publishing industry has been dedicated to producing influential quality books, including titles that reflect red memories and international editions in various languages [3][4] - The exhibition also includes new releases and successful copyright signings for multilingual editions, showcasing Shandong's commitment to international publishing [4][5] Group 2 - The variety of books presented by Shandong covers themes such as literature, social sciences, and children's literature, reflecting the province's rich historical and cultural heritage [4] - The fair features 14 cultural activities organized by Shandong's publishing institutions, further promoting the province's international publishing strategy [4][5] - Upcoming events include the release of new books and projects aimed at enhancing the global presence of Shandong's publications [5]

Group 1: Event Overview - The 31st Beijing International Book Fair (BIBF) took place from June 18 to 22, featuring over 1,700 exhibitors from 80 countries and regions, showcasing 220,000 high-quality books in a 60,000 square meter exhibition area [1] - The theme of this year's fair was "Promoting the Inheritance and Development of Civilization, and Promoting Mutual Learning and Win-Win Cooperation" [1] - The fair saw participation from renowned global publishing companies such as Elsevier, Penguin Random House, Wiley, Pearson, Springer Nature, and Oxford University Press [1] Group 2: Participation and Exhibitors - Malaysia was the guest of honor with a dedicated exhibition space of approximately 500 square meters, showcasing over 20 libraries, publishing institutions, and industry associations [1] - The domestic pavilion featured over 600 units from 31 provinces, municipalities, and regions, including major publishing groups like China Publishing Group and China International Publishing Group [2] - Notable international academic publishers such as Harvard University Press and Princeton University Press were also invited to enhance academic publishing collaboration [2] Group 3: Digital and New Media Focus - The fair emphasized the enhancement of digital exhibition standards, showcasing products from emerging publishing fields like online literature and gaming [3] - A new "Online Literature Special Exhibition Area" was established to highlight the diversity and contemporary value of online literature through various formats [3] Group 4: Future Initiatives and Programs - The 2025 Beijing International Publishing Forum will focus on "New Productive Forces and Global Publishing Cooperation," exploring new models for international publishing collaboration [4] - Various initiatives were introduced to promote international publishing exchanges, including the "Global South" exhibition funding plan aimed at inviting notable publishing institutions from developing countries [4] - The fair will also enhance its online presence through live streaming, online promotion, and trade negotiations to facilitate cultural exchange and copyright trade [4]

虽然今日指数集体小幅收涨，但市场整体跌多涨少。 题材方面，稳定币概念继续局部走强，时代出版一字板，协鑫能科4连板，东信和平3连板，安妮股份5天3板，楚天龙、翠微股份、华峰超纤 （20CM炸）、恒宝股份（3板炸）涨停，古鳌科技、正元智慧、海联金汇、科蓝软件、飞天诚信等盘中均有强势表现； 军工板块局部发力，长城军工、新光光电（20CM）、贵绳股份、北方长龙（20CM）先后涨停，捷强装备、科新机电、晨曦航空、富吉瑞涨超 10%； 1、行情 内存概念连续2天异动，大为股份涨停，聚辰股份、江波龙、朗科科技、德明利、好上好等集体走强； PCB板块全天单边大涨，中京电子、逸豪新材（20CM）、沪电股份、科翔股份（20CM）先后涨停，生益电子、大族数控、满坤科技、中富电 路均涨超10%； CPO概念午后反弹，联特科技（20CM炸）涨停，源杰科技、德科立、中际旭创、新易盛、剑桥科技等上涨； 此外，算力、AI眼镜、核污染防治等均有局部强势表现，稀土、农药、IP经济、创新药等跌幅居前。 截至收盘，沪指、深成指、创业板指分别收涨0.04%、0.24%、0.23%，市场近3500股下跌，1800股上涨。 2、稳定币 稳定币近期真的是一 ...

Core Insights - The 2025 Publishing High-Level Forum and Brand Promotion Conference focuses on "brand building" as a key topic, aiming to recognize and celebrate outstanding brands, books, marketing accounts, and publishing institutions in the publishing industry [1][4] - The "2025 Publishing Brand Development Report" reveals that the development of channels and segments in the book retail market is uneven, becoming a norm in the current landscape [4] Market Trends - The overall book retail market showed a high opening but declining trend from January to May 2025, with positive growth in the first quarter, while the second quarter saw negative growth rates, with April's sales down by 0.56% and May's decline exceeding 10% year-on-year [4] - The impact of the "double reduction" policy and new regulations on educational materials has made educational books a significant variable in the retail market, with market demand shifting towards retail [5] Brand Strategy - Brand building is identified as a strategic competitive resource for publishing companies, with an increasing number of companies focusing on establishing brand systems to gain competitive advantages [4] - Jiangsu Phoenix Science and Technology Publishing House has developed a brand strategy that emphasizes consistency, flexibility, and long-term development, creating a brand matrix for lifestyle books and enhancing user interaction through various channels [7] Technological Innovation - The People's Health Electronic Audio-Visual Publishing House is exploring AI technology in medical education, creating a closed-loop development path that integrates intelligent technology with educational scenarios and clinical needs [8] - The use of AI in the publishing industry is transforming content production processes, enhancing efficiency through automation and intelligent planning [8] Case Studies - The "Humanities Treasure" brand has successfully transformed traditional publishing IP into cultural and creative products, emphasizing continuous innovation as key to brand longevity [8] - The "Pillar of History" brand under Yilin Publishing House has adopted a dual-track model of "import + original" to address market needs while enhancing social benefits through immersive exhibitions and interactive marketing [10]

Core Insights - The 31st Beijing International Book Fair (BIBF) is being held from June 18 to 22, 2023, with Malaysia as the guest of honor [1][3] - The fair features over 22,000 types of quality books from more than 1,700 exhibitors across 80 countries and regions, covering an exhibition area of 60,000 square meters [3] Highlights of the Book Fair - The exhibition includes six major categories: thematic books, philosophy and social sciences, ancient books, science and technology, literature and arts, and children's books, showcasing both domestic and international classics [3] - Two new thematic exhibition areas have been added: one commemorating the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the other focusing on world cultural heritage [3] Activities and Events - A series of literary dialogues and seminars will take place, including the "Beijing Writers' Day" and the "World Writers Talk China" seminar, featuring renowned authors [4] - The newly established Author Focus aims to connect authors with readers through dedicated sessions [4] Special Exhibitions - The fair will showcase a special exhibition on the works of Chinese author Mai Jia, featuring around 80 translated works in over 30 languages [5] - A digital exhibition area will highlight the application of big data, cloud computing, and artificial intelligence in publishing [5] Thematic Zones - The fair includes various thematic zones such as the BIBF Art Book Exhibition, BIBF Illustration Exhibition, and BIBF Food Book Exhibition, catering to diverse cultural interests [6] - The BIBF Art Book Exhibition spans 1,200 square meters and focuses on the visual language and structural expression of books [6]

库存高企加剧了书业的困境。 过去十年里，行业库存册数、码洋金额持续增长。《全国新闻出版业基本情况》数据显示，2021年全国新华书店系统、出版社自办发行单位库存册数 达73.95亿册（张、份、盒），码洋金额1705.77亿元。而10年之前，行业库存册数则是55.86亿册（张、份、盒），码洋金额804.5亿元。出版机构的库 存规模持续攀升。在《出版人》杂志的调研中，多家出版机构在库图书码洋金额超过5亿元，库位不得不持续扩容。 这无疑与行业近几年的销售业绩背离。实际上，图书库存的持续膨胀背后是市场销售萎靡、机构决策失效的共同作用，最终指向了多数书企经营管理 水平的滞后。而当库存规模与业绩增长不再同步，库存问题也已经脱离了供应链管理的逻辑，演变为对行业商业模式的拷问。 销售无力 销售的乏力是库存增长的核心原因。 过去三年里，图书零售市场码洋持续下降，进入2025年第一季度，下行的趋势并没有发生改变。据中金易云统计，2025年第一季度图书市场码洋为 239.24亿元，同比2024年第一季度下降5.34%，动销品种数和动销新品数也同步下滑。 图书市场下行背景下，滞销书却在增多。2019年至2023年图书零售市场销量数据显 ...

此外，系统梳理和深入挖掘北京文化内涵的"北京文化书系"格外抢眼，为海内外读者解锁北京文化的奥 秘提供了新鲜视角。现场，北京彩塑技艺代表性传承人张忠强展示了北京彩塑的神奇。"用陶土泥转一 转，搓一搓，转一转，搓一搓，弯成一个大大的对钩儿，轻轻地一捏，左手和右手相互配合，它已经成 为一只大公鸡的造型了。"他边说边做，一个彩塑公鸡就展现到观众面前。 本报讯（记者路艳霞）今天，第31届北京国际图书博览会在国家会议中心拉开帷幕。北京展区以"书香 京城 悦读世界"为主题，展示图书超过3500册。其中，纪念中国人民抗日战争暨世界反法西斯战争胜利 80周年主题图书集中亮相。 记者在现场看到，主题出版区位于北京展区最显著的位置，市属出版单位精心策划的主题出版类图书 呈"品"字形陈列。其中包括《现代化的中国选择》等主题出版类图书、《艺文北京丛书》等获奖类图 书、《抗日年代》等纪念中国人民抗日战争暨世界反法西斯战争胜利80周年主题图书，共约270种。 在文化传承区，则以实物陈列、科技冰屏播放等形式，重点突出北京中轴线主题，精彩呈现中华文化的 深厚底蕴。《北京中轴线文化遗产图典》《京之轴》《了不起的故宫宝贝》《雨燕飞越中轴线》《北京 ...