Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company is confident in its future development and aims to create long - term value for shareholders through various strategies such as enhancing operation management, expanding business, and strengthening brand building [24][26][27] - The company will continue to deepen its "creative industrialization" and "Dooker Method" advantages, optimize product structure, and explore new business models to maintain its leading position in the book publishing industry [26] - The company will increase investment in digital content business, expand its channels and platforms, and innovate its commercialization models to adapt to the digital reading trend [25][31] 3. Summaries by Relevant Catalogs 3.1. Research Basic Situation - Research object: Dooker Culture, belonging to the cultural and media industry [17] - Reception time: May 20, 2025 - Listed company reception personnel: Chairman Hua Nan, General Manager Fu Li, Board Secretary Liu Baorui, Financial Controller Ding Fangfang, and Sponsor Representative Yang Xinqiang [17] 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Shareholder reduction**: Shareholders' reduction is due to personal capital needs. The company and management are optimistic about the company's future [24] - **Digital content business growth**: In 2024, the growth was mainly due to the internal creative pipeline and paper - e - audio linkage. In the future, the company will increase investment, expand cooperation, and innovate business models [24][25] - **2025 business plan**: The company will deepen advantages, optimize product structure, strengthen copyright operation, and expand digital content business to consolidate its leading position [26] - **Transformation plan**: The company focuses on its main business and will consider appropriate operations according to industry development and its own strategy. It will disclose stock repurchase plans in a timely manner [27] - **Contribution to the industry**: The company promotes industry innovation through "creative production lines", sets an example in content and operation, and contributes to cultural inheritance and exchange [27] - **IP project progress**: In 2024, 13 projects were exported overseas, and 2 film and television copyright projects were implemented [28] - **Future development strategy**: The company will enhance creative production, deepen operation, expand markets, and explore new business models [28] - **Competition response**: The company will create high - quality content, strengthen copyright reserves, and integrate resources [28] - **Competitive advantages**: The company has advantages in variety efficiency, creative production line models, operation strategies, and copyright reserves [29][30] - **Market expansion and brand influence**: Through refined operation, the company creates a positive cycle, discovers potential works, and conducts precise marketing [30] - **Business development in the market adjustment**: The company will promote "creative industrialization", focus on content, strengthen copyright reserves, and increase investment in digital content [30][31] - **Refined operation success cases**: In 2024, the sales of "Eighteen - year - old Going Out for a Journey" exceeded 500,000 copies, and the commercial value of Yu Hua's copyright was enhanced [31][32] - **Copyright development and IP operation**: The company maintains long - term cooperation with international copyright agents and explores domestic copyright upstream to develop IP [32][33] - **International market expansion**: The company entered the international market in 2012 and will strengthen cooperation and explore new models in the future [33] - **Growth and market value**: The company is confident in development, plans to distribute dividends, and will conduct market value management in accordance with regulations [34] - **Impact of the "Regulations on Promoting National Reading"**: The regulations create a good policy environment. The company will evaluate the application of AI technology [34] - **Business loss reduction**: In 2024, the digital content business had positive growth, and the paper - book business improved profitability through optimization [35] - **Reasons for turning losses into profits**: In 2024, the company adjusted strategies, optimized products, and controlled costs to achieve profitability [35][36][37]

Group 1: Company Performance and Financials - The company achieved a revenue of 54.83 million in digital content business in 2024, representing a year-on-year growth of 4.16% with a gross margin increase of 9.40% [7] - The print book business generated a revenue of 348 million, although it saw a decline of 5.02% year-on-year, the gross margin improved from 27.71% to 32.33%, an increase of 4.62 percentage points [7] - The company plans to distribute 12.0093 million to all shareholders, with a cumulative dividend amount of 88.8435 million since its listing [7] Group 2: Strategic Initiatives and Market Positioning - The company will continue to deepen its "creative industrialization" and "Reader Method" advantages, optimizing product structure and cost control while enhancing copyright operations and content creation [2] - The company aims to expand its digital content business and strengthen brand promotion and marketing to enhance its market presence [2] - The company has established long-term stable partnerships with dozens of copyright agencies globally, ensuring timely access to high-quality copyrights [6] Group 3: Challenges and Responses - The company is focused on core business development and sustainable growth, emphasizing social benefits alongside economic gains [3] - In response to intensified market competition, the company will adhere to its "creative production line" strategy to maintain high efficiency and healthy growth [5] - The company plans to explore new business models and growth points, particularly in digital content, to enhance profitability and market competitiveness [5] Group 4: Future Outlook and Growth Plans - The company is committed to enhancing its creative production capabilities and expanding domestic and international markets [6] - The release of the "National Reading Promotion Regulations" is expected to create a favorable environment for the company's business development [7] - The company will continue to assess the impact of artificial intelligence on its operations and explore its integration with business processes [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual and quarterly performance met expectations, with continuous growth driven by its main business in Q4 2024 and Q1 2025 [1] - The company is focusing on fan economy and deepening its engagement in vertical markets such as celebrity copyright books [1] - The "Publishing + Internet" strategy is showing initial success, with significant growth in user numbers and internet product accounts [1] - The company is actively developing its second growth curve through the animated film "The Three Kingdoms: The Starry Sky," expected to be released in 2025 [7] - The company is making notable progress in AI applications, particularly with its AI proofreading product [7] Financial Summary - For 2024, the company expects revenue of 582.15 million yuan, a year-on-year increase of 21.76%, and a net profit of 40.83 million yuan, a decrease of 23.87% [9] - Revenue projections for 2025, 2026, and 2027 are 806.14 million yuan, 974.98 million yuan, and 1.25 billion yuan, representing growth rates of 38.48%, 20.94%, and 28.06% respectively [9] - The company anticipates net profits of 138.35 million yuan in 2025, 135.64 million yuan in 2026, and 200.68 million yuan in 2027 [9] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 25.33, 25.84, and 17.47 respectively [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's annual and quarterly performance met expectations, with continuous growth driven by its main business in Q4 2024 and Q1 2025 [1] - The company is focusing on fan economy and deepening its engagement in vertical markets such as celebrity copyright books [1] - The "Publishing + Internet" strategy is showing initial success, with significant growth in user numbers and internet product accounts [1] - The company is actively developing its second growth curve through the animated film "The Three Kingdoms: The Starry Sky," expected to be released in 2025 [7] - The company is making notable progress in AI applications, particularly with its AI proofreading product [7] Financial Summary - For 2024, the company expects revenue of 582.15 million yuan, a year-on-year increase of 21.76%, and a net profit of 40.83 million yuan, a decrease of 23.87% [9] - Revenue projections for 2025, 2026, and 2027 are 806.14 million yuan, 974.98 million yuan, and 1.25 billion yuan, respectively, with growth rates of 38.48%, 20.94%, and 28.06% [9] - The company anticipates net profits of 138.35 million yuan in 2025, 135.64 million yuan in 2026, and 200.68 million yuan in 2027 [9] - The estimated P/E ratios for the years 2025, 2026, and 2027 are 25.33, 25.84, and 17.47, respectively [9]

张适之，图书策划者、出版人。现为读道社创办人，致力于以出版为桥梁，为在日华人输送精神养分， 提供简体中文珍贵文本。 东渡日本 张适之出身湖南乡村。初中毕业时，他考上重点高中，却因家庭经济压力一度想放弃，是母亲的咬牙坚 持让他得以继续学业。 大学中文系毕业后，他被分配到当地重点中学教语文，然而这份工作与他最初的设想存在差距。年轻的 心向往着更广阔的天地，他渴望以丰富多元的方式，让文化的力量惠及更多人。 2001年，24岁的张适之毅然裸辞，奔赴北京闯荡。一次偶然机会让他踏入了出版行业。一次，参观朋友 经营的小型图书公司，触发了他对出版行业的热爱。"我为他们公司出版的书写了一篇书评，很快就在 《北京青年报》发表了。"张适之回忆道，他由此开启了自己的出版生涯。 同时，文化差异也带来诸多难题。海外出版行业规则和图书市场与中国大不相同，且他对日本社会文化 和阅读趣味缺乏了解，一切都要重新摸索。这些让他陷入迷茫，从觉得"一切皆有可能"走到了"绝无可 能"的阶段。 转机终于在2023年出现。6月，东京大学的与中国相关的讲座，吸引了大量在日华人。8月起，单向街书 店、局外人书店等中文书店相继开业。"因为有人群聚集，我觉得提供图 ...

Core Viewpoint - The article discusses various tax incentives related to the book industry, highlighting how tax policies support the growth and sustainability of this sector [2]. Tax Incentives Summary Value-Added Tax (VAT) Benefits - A "first collect, then refund" VAT policy is in place until December 31, 2027, for specific publications including those from the Communist Party and various governmental organizations [4][5]. - Publications aimed at children, textbooks for primary and secondary schools, publications for the elderly, minority language publications, and Braille books are eligible for a 100% VAT refund at the publishing stage [5][6]. - A 50% VAT refund policy applies to certain printing businesses, particularly those producing minority language publications [6]. - From now until December 31, 2027, VAT is exempted for book wholesale and retail activities [6]. - Ticket revenues from science popularization activities conducted by government departments and associations at the county level and above are also exempt from VAT until December 31, 2027 [6][9]. Stamp Duty Benefits - Stamp duty is temporarily exempted for subscription certificates established between various publishing units and between publishing units and subscribers or individuals [11][12]. Policy References - The article references several official announcements and policies that underpin these tax incentives, including those from the Ministry of Finance and the State Taxation Administration [15].

近日，济南市市场监督管理局发布2024年济南市知识产权保护典型案例。 1.济南市中级人民法院审理杭某某与济南某水处理公司商标权纠纷案 【基本案情】 原告杭某某系"海德能"注册商标专用权人。2020年，原告因发现某水处理公司存在侵害其商标权的行为 提起诉讼，双方达成和解，并由法院出具调解书确认某水处理公司停止使用涉案商标。后双方于2020年 11月10日签订《协议书》，某水处理公司承诺将涉及侵权的商品、标识、包装箱等清理完毕，如再次侵 权赔偿原告200万元。2023年，原告主张某水处理公司和某设备公司再次使用与原告注册商标相同标识 的侵权产品，应当依据200万元的约定确定赔偿金额。法院经审理认为，原告与某水处理公司签订的 《协议书》内容并未违反法律强制性规定，某水处理公司存在再次侵权行为，应当依照该协议书约定内 容确定赔偿金额。2023年12月25日，法院作出一审判决，判令某水处理公司及其一人股东赔偿原告经济 损失200万元。2024年5月24日，法院作出二审判决维持原判。 【案例简析】 齐鲁晚报 齐鲁壹点记者 李培乐 3.钢城区人民检察院起诉胡某某等3人假冒注册商标、非法制造、销售非法制造的注册商标标识案 【 ...

Group 1: Fixed Income and Currency - The recent decline in the US dollar index indicates a weakening of its safe-haven attributes, influenced by multiple long-term and short-term factors, including tariff policies and economic recession concerns [2][3] - Gold is identified as a primary beneficiary of a weak dollar, although it is currently overbought and sensitive to negative news [2] - The report suggests that Eurozone assets may replace US dollar assets as a new safe haven, with potential opportunities in the Japanese yen and Japanese stocks [2] Group 2: Internet and Gaming Industry - The gaming industry shows resilience with new game launches, particularly from Tencent and NetEase, expected to enhance revenue streams [3][4] - In Q1, domestic iOS game revenue increased by 2.8% year-on-year, with significant growth during the Spring Festival for popular games [3] - The government is providing more policy support for the gaming industry, including initiatives to promote overseas expansion and the establishment of new educational programs [3] Group 3: Real Estate Sector - Public fund holdings in real estate stocks have decreased, while concentration has increased, indicating a mixed sentiment among institutional investors [5] - The report anticipates a potential increase in policy support for the real estate sector, driven by seasonal trends and external economic factors [5] Group 4: Pharmaceutical and Health Sector - The gene sequencing industry is entering a new era, with domestic companies expected to accelerate their market share due to recent government restrictions on foreign competitors [6] - Companies like BGI are positioned as leaders in the sequencing service market, with a comprehensive approach to health and disease prevention [6] Group 5: Telecommunications Industry - China Mobile reported a slight increase in revenue and a notable growth in net profit, driven by advancements in AI services [7][8] - The company is transitioning from cloud computing to AI-integrated services, which is expected to become a new revenue growth driver [7] Group 6: Consumer Goods and Retail - Pop Mart's Q1 performance exceeded expectations, with significant revenue growth attributed to both domestic and international markets [9] - The company is expanding its product offerings and optimizing its store formats to enhance customer engagement and sales [9] Group 7: Electric Equipment and New Energy - Dongfang Cable reported a substantial increase in revenue and net profit, driven by growth in high-margin export sales [10] - The company is well-positioned to benefit from the increasing demand for offshore wind projects and related cable installations [10] Group 8: Agriculture and Food Sector - Salted Fish's revenue and net profit showed strong growth, driven by an expanding product range and improved distribution channels [15] - The company is leveraging its diverse product offerings to capture market share and enhance profitability [15] Group 9: Financial Services - The internet finance sector is experiencing stable growth, with healthy loan quality and increasing profitability [6] - Regulatory changes are expected to positively impact leading platforms while potentially accelerating the exit of smaller players [6] Group 10: Materials and Chemicals - Feikai Materials reported significant growth in net profit, supported by new projects and a strong market position in the semiconductor sector [22] - The company is expected to continue benefiting from the demand for lithium battery materials, with improving profitability anticipated [22]

Core Viewpoint - New Classics (603096) reported a decline in both revenue and net profit for the year 2024, indicating challenges in the book industry and the need for transformation [2][15]. Financial Performance Overview - Total revenue for 2024 was 821 million yuan, a decrease of 8.89% year-on-year [2] - Net profit attributable to shareholders was 127 million yuan, down 20.87% year-on-year [2] - Non-recurring net profit was 107 million yuan, a decline of 23.26% year-on-year [2] - Q4 performance was particularly poor, with total revenue of 181 million yuan, down 25.69% year-on-year [2] - Q4 net profit was -31,320 yuan, a decrease of 101.01% year-on-year [2] - Q4 non-recurring net profit was -5.48 million yuan, down 121.7% year-on-year [2] Key Financial Metrics - Gross margin was 47.2%, a decrease of 3.04% year-on-year [3] - Net margin was 15.71%, down 12.9% year-on-year [4] - Earnings per share were 0.78 yuan, a decline of 20.54% year-on-year [5] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 231 million yuan, accounting for 28.11% of revenue, an increase of 6.75% year-on-year [6] - Financial expenses decreased by 80.26% year-on-year due to increased interest income from bank deposits [7] Cash Flow and Asset Status - Operating cash flow per share was 0.24 yuan, down 77.43% year-on-year [8] - Cash and cash equivalents were 148 million yuan, a decrease of 49.55% year-on-year, primarily due to the purchase of long-term deposits and share buybacks [8] - Accounts receivable stood at 101 million yuan, representing 80.15% of net profit, indicating a need to monitor collection [9] Business Composition Analysis - Revenue from physical books was 746 million yuan, accounting for 90.90% of total revenue, with a gross margin of 45.18% [10] - Digital content revenue was 47.97 million yuan, making up 5.85% of total revenue, with a gross margin of 72.07% [11] - Copyright operations generated 19.07 million yuan, accounting for 2.32% of total revenue, with a gross margin of 52.62% [12] Regional Distribution - Domestic revenue was 690 million yuan, accounting for 84.12% of total revenue, with a gross margin of 47.19% [13] - Overseas revenue was 123 million yuan, making up 14.95% of total revenue, with a gross margin of 45.55% [14] Development Review and Outlook - The book industry is facing challenges such as channel restructuring, traffic differentiation, and technological innovation, marking a critical phase of transformation [15] - The company aims to enhance quality content supply and operations, update marketing systems, and improve sales channel management to navigate these challenges [16]

7 播 客 厂 播 客 厂 牌 声 动 活 泼 原 创 内 容 图书出版的价格困境: 成本、定价与营销 打破惯性思维 深入反直觉的商业科技世界 澎湃新闻的报道指出，近年来新书的定价在大幅上涨。图书行业机构北京开卷的数据显示，从 1999 年到 2024 年，国内新书的平均定价从 20 元左右上涨到了 65 元，在 25 年间翻了 3 倍多。这个增长幅度超过了纸张价格 和整体物价的涨幅，说明 图书行业的产品定价增长比其他行业更加明显。 然而，新书定价上涨的同时，出版企业的业绩却在变差。根据出版人杂志的统计，国内共有 28 家上市出版发 行企业，包括我们熟知的中信出版、凤凰传媒，以及新华书店旗下的新华文轩等。2024 年前三季度，这 28 家 公司中，16 家营收出现下滑，净利润下滑的企业更是多达 24 家。值得注意的是，这些企业本身净利润规模也 比较小，超过 3 成公司的净利润都不超过 1 亿元，其中还有 3 家处于亏损状态。可以说， 「日子不好过」几 乎成了出版行业的共同困境。 出版人杂志的分析指出，出版公司业绩不佳最直接的原因，是大家都不爱看纸质书了。庞大的工作压力、各式 各样的线上娱乐平台，使得越来越少有 ...