Core Insights - The 31st Beijing International Book Fair concluded with over 1,700 exhibitors from 80 countries and regions, showcasing 220,000 types of books and achieving 2,826 international copyright trade agreements [1] Group 1: Exhibition Highlights - The fair featured a prominent display of quality publications, including themed books and ancient texts, with over 2,400 titles showcased in six major sections [2] - Shanghai organized nearly 30 publishers to exhibit over 2,000 titles, highlighting red culture and award-winning publications, demonstrating the city's achievements in copyright export [3] Group 2: International Cooperation - A signing ceremony for the "China-Azerbaijan Classic Works Translation" project took place, granting rights for translating and publishing significant Chinese literary works in Azerbaijani [4] - Beijing's exhibition area displayed over 3,500 titles and established over 350 output intentions with nearly 40 foreign publishing institutions [5] Group 3: Copyright Trade Agreements - The fair resulted in 2,826 international copyright trade agreements, with 1,955 related to copyright output and 753 for imports, indicating significant progress in promoting Chinese literature abroad [7] - Shanghai's initiatives to support copyright export have led to over 200 projects funded since 2013, with financial support exceeding 8 million yuan [7] Group 4: Literary Promotion - The China Writers Association has been actively promoting copyright output, signing over 160 translation projects covering 29 languages, enhancing the global reach of Chinese literature [8] - Notable author Mai Jia participated in a dialogue with international scholars and publishers, emphasizing the importance of literary communication in bridging cultural gaps [8]

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-019 重要内容提示： ● 每股分配比例 江苏凤凰出版传媒股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本2,544,900,000股为基数，每股派发现金红利0.5元（含税），共 计派发现金红利1,272,450,000.00元。 A股每股现金红利0.5元 本次利润分配方案经公司2025年5月13日的2024年年度股东会审议通过。 ● 相关日期 ■ ● 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 1.实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交 易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者 可于红 ...

Core Points - The company announced a cash dividend of 0.5 CNY per share for its A shares, totaling 1,272,450,000 CNY to be distributed to shareholders [1][2] Related Dates - The key dates for the dividend distribution are as follows: - Record date: July 8, 2025 - Last trading date: July 9, 2025 - Ex-dividend date: July 9, 2025 [2] Distribution Implementation - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date. Shareholders who have designated trading can receive their cash dividends on the payment date, while those without designated trading will have their dividends held until they complete the necessary procedures [2][5] - For individual shareholders holding shares for over one year, the cash dividend is exempt from personal income tax. For those holding shares for one year or less, the tax will be calculated upon the transfer of shares [2][3] Taxation for Foreign Investors - Qualified Foreign Institutional Investors (QFII) will have a withholding tax of 10% applied, resulting in a net cash dividend of 0.45 CNY per share [3] - For Hong Kong investors, a similar 10% withholding tax applies, with the same net cash dividend of 0.45 CNY per share, unless they apply for tax treaty benefits [4] Other Institutional Investors - Other institutional investors and corporate shareholders will not have taxes withheld by the company, and the actual cash dividend remains at 0.50 CNY per share [5]

Meeting Overview - The first extraordinary general meeting of shareholders for China Science Publishing & Media Co., Ltd. is scheduled for July 10, 2025, at 14:30 in Beijing [3] - The meeting will be presided over by Chairman Hu Huaqiang, and the agenda includes announcing the meeting's start, electing representatives for vote counting, discussing and voting on agenda items, and concluding with a legal opinion from the witnessing lawyer [3] Voting Procedures - Shareholders must choose either on-site or online voting and cannot vote multiple times; if a shareholder has registered but does not vote, it will be considered an automatic waiver of voting rights [3] - The meeting will not allow for additional speeches after the voting process begins, and any disruptive behavior will be addressed by staff [2][3] Agenda Items - Proposal One: Replacement of a Director - Wang Yuan is nominated as a candidate for the board of directors, with his term starting from the approval date of the shareholders' meeting until the end of the current board's term [4] - Zhang Li will continue to fulfill her duties as a director until a new director is elected due to her work transfer [4] - Proposal Two: Replacement of a Supervisor - Wang Guoxing is nominated as a candidate for the supervisory board, with his term starting from the approval date of the shareholders' meeting until the end of the current supervisory board's term [5]

Meeting Overview - The shareholders' meeting of China Publishing Media Co., Ltd. was held on June 30, 2025, with a total attendance representing 78.1149% of the shares [1] - The meeting was presided over by Chairman Huang Zhijian and utilized a combination of on-site and online voting methods, complying with the Company Law and Articles of Association [1] Voting Results - All non-cumulative voting proposals were approved with significant support, including: - Proposal 1: 1,486,638,247 votes in favor (99.9566%) [1] - Proposal 2: 1,486,633,247 votes in favor (99.9562%) [1] - Proposal 3: 1,486,635,247 votes in favor (99.9564%) [1] - Proposal 4: 1,480,979,854 votes in favor (99.5761%) [1] - Proposal 5: 1,486,712,647 votes in favor (99.9616%) [1] Special Resolutions - Proposals 5 and 13 were special resolutions that received more than two-thirds of the effective voting rights [5] - Proposal 6 involved related party transactions, with the controlling shareholder, China Publishing Group Co., Ltd., abstaining from voting [5] Legal Compliance - The meeting's procedures, participant qualifications, and voting processes were confirmed to be in compliance with relevant laws and regulations by the witnessing lawyers [5]

Group 1 - The legal opinion letter confirms that the 2024 annual shareholders' meeting of China Publishing Media Co., Ltd. was convened and conducted in accordance with relevant laws and regulations [1][4][16] - The meeting was announced 20 days in advance, including details such as date, time, location, agenda items, voting methods, and record date, complying with legal requirements [3][4] - A total of 6 shareholders and their proxies attended the meeting, representing 1,340,851,445 shares, which is 70.42% of the total shares, indicating a valid quorum [4][5] Group 2 - The meeting allowed for online voting, with 299 shareholders participating, representing 146,431,802 shares, or 7.69% of the total shares [5][6] - The voting process was conducted in accordance with the rules, with results announced immediately after counting [6][8] - The meeting included separate voting for small investors, with 97.1266% voting in favor of the relevant proposals, demonstrating strong support [9][10] Group 3 - The meeting's resolutions included the election of several non-independent and independent directors, all of which were approved by a majority vote [16][17] - The legal opinion concludes that all procedures and results of the shareholders' meeting are valid and comply with the relevant laws and regulations [16][17]

Core Viewpoint - The event highlighted the innovative integration of traditional culture and modern technology through the release of the "Most Beautiful Regular Script" font library and the book series "Daily Writing of Classical Chinese Studies" [1][3][4] Group 1: Book Series Highlights - The book series emphasizes a composite inheritance model of "calligraphy art + classical Chinese studies," aiming to merge classic texts with calligraphy [3] - The first volume introduces a "Daily Eight Characters" learning system, breaking down "Thousand Character Classic" into a 125-day practice plan [3] - The second volume features hard pen versions of "Thousand Character Classic," "Three Character Classic," and "Hundred Family Surnames," designed with the Most Beautiful Regular Script [3][4] Group 2: Font Library Development - The "Most Beautiful Regular Script" font library was created over five years, undergoing 12 iterations and averaging over 10 revisions per character [4][5] - The font combines the essence of Tang regular script with the elegance of small regular script and the fluidity of Han clerical script, achieving a balance between strict structure and visual comfort [4] - The font has been downloaded over 2 million times and is used in various brand mobile systems [5] Group 3: Cultural and Educational Impact - The event included a donation of 100 book sets and 10 font library sets to a Tibetan school, emphasizing the role of these resources in cultural transmission [7] - Experts highlighted the series as a practical example of integrating traditional culture into modern education, particularly for youth [8][10] - The series aims to promote cultural heritage through community and rural school initiatives, making traditional culture a part of daily life [12] Group 4: Industry Voices - Industry leaders noted that the release of the book series and font library aligns with the implementation of cultural policies and educational reforms [8] - The design of the book series is praised for its innovative approach to learning, making the process engaging and effective for students [8][9] - The project is seen as a significant step in the digital transformation of traditional culture, setting a new benchmark for cultural preservation [8][12]

Core Insights - The report emphasizes the importance of AI and the overall positive sentiment in the media industry, highlighting the need to focus on certainty assets and optimistic outlooks for 2025 [2][3]. Game Industry - The game industry has shown significant growth, with a year-on-year increase in revenue of 17% in the first five months of 2025, totaling 1411.06 billion yuan [30]. - Mobile games have particularly thrived, generating 1052.28 billion yuan, reflecting a 20% increase year-on-year [30]. - The report suggests that the competitive landscape is easing, with major companies like Tencent and NetEase reducing their sales expenses significantly in Q1 2025, indicating a potential for improved profitability [32][39]. IP Derivatives - The domestic IP derivatives market is rapidly growing, driven by structural opportunities from consumer transitions, with companies like Pop Mart expanding successfully in international markets [7][30]. - The report highlights the differentiated competition among leading players in various segments of the IP derivatives market [30]. Publishing - The publishing sector is advised to focus on high-dividend and certainty assets, with recommendations for companies that show strong cash dividend capabilities or potential changes in AI/IP business margins [7][30]. Advertising and Marketing - The advertising sector is witnessing resilience in offline media, particularly with companies like Focus Media, which is expected to see improved profitability due to a better competitive landscape [7][30]. - The report notes that AI is likely to enhance the performance of marketing companies, with a focus on basic fundamentals improving as the macro environment stabilizes [7][30]. Film and Television - The film industry is currently facing challenges with a lack of major new releases post-Spring Festival, leading to a low box office outlook for the summer season [7][30]. - There are potential opportunities for bottom-fishing in stocks with favorable odds for summer releases, with recommendations for companies like Maoyan Entertainment and Wanda Film [7][30]. Education - The education sector is experiencing heightened demand for quality training, particularly in K12 education, with a focus on major training institutions that are expected to see high revenue growth [7][30]. - The report mentions the competitive landscape in the public examination sector, where leading companies are maintaining strategic focus and delivering quality products [7][30]. Valuation and Financial Analysis - The report provides a detailed valuation analysis of key companies in the media sector, with recommendations for stocks like Mango Excellent Media and Wanda Film, indicating their potential for growth based on current and projected earnings [8][30].

Group 1 - The children's book market is experiencing a "two extremes" phenomenon, with luxury books priced at hundreds of yuan and low-quality, potentially harmful counterfeit books flooding the market [1][2] - Factors contributing to the pricing chaos include profit-driven merchants engaging in excessive packaging and high-price speculation, as well as parents' anxiety leading to misguided spending on children's books [2] - The publishing industry is urged to focus on creating high-quality, cost-effective children's books and to implement transparent pricing systems, while retailers should avoid exploitative pricing strategies [2] Group 2 - E-commerce platforms are called to enhance regulatory responsibilities to combat the prevalence of counterfeit books, and regulatory authorities are encouraged to crack down on piracy and infringement at all levels [2] - There is a wealth of quality children's literature available in the market, and careful selection of appropriate books is emphasized as a valuable gift for children [3]

Group 1 - The 2025 China-ASEAN Book Culture Week will be held from July 3 to 6 in Nanning, Guangxi, focusing on the theme "Books Open New Chapters and See the Future," with a particular emphasis on youth reading [1] - High-quality reading is essential for youth to establish correct worldviews, life views, and values, highlighting the importance of solidifying the cultural foundation of publishing and improving the quality of youth reading [1] - Youth publications should possess spiritual appeal and reasonable artistic expression, combining literary, artistic, and readability aspects to provide aesthetic enjoyment and emotional resonance for young readers [1] Group 2 - Publishing institutions should meet the digital reading cultural needs of youth by utilizing digital publishing technologies and professional online platforms to create interactive and engaging reading products [2] - The exploration of integrated publishing models, such as "literature + film" and "cultural tourism + research," is crucial for enhancing the production and development of the publishing industry [2] - The continuous development of diverse products like songs, cultural creations, audiobooks, and educational tours is fostering a positive interaction between high-quality publishing and derivative products, extending the value chain of existing business segments [2] Group 3 - The healthy development of online literature is essential, with a focus on contemporary and science fiction themes that reflect social values and innovative storytelling [3] - The "Qingzhou Plan" supports the creation of 30 works, providing deep guidance and professional evaluation through workshops and events to enhance the quality of published works [3] - Publishing institutions should enhance their brand image through good reputation and resource aggregation, aiming for sustainable, healthy, and high-quality development by fostering ecological cooperation and resource sharing [3]