证券研究报告 2025年05月16日 行业报告： 行业专题研究 传媒 2024年及2025年第一季度传媒行业回顾 作者： 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 曹睿 SAC执业证书编号：S1110523020003 摘要 传媒行业 2025年传媒行业以景气度回升为核心趋势，一季度已见报表层面明显得到改善，估值层面传媒整体估值处在中枢水平，部分龙头公司估值仍 具优势，未来在政策改善、内容常态化供给、以及AI带来的产业变革下，我们坚定看好传媒行业25年投资机会。 游戏 2025年1-3月国内游戏市场收入同比增长18%，环比-1.2%；国内移动游戏收入同比增长20.3%，环比-2.2%；端游市场收入同比增长6.8%，环比 +3.6%；自研游戏海外收入同比增长17.9%，环比-0.6%。 影视院线 供给影响大盘复苏，行业承压。2024年影视院线板块公司实现总营收357.33亿元，yoy-14.3%；实现归母净利润-25.13亿元，yoy-348.6%。 25Q1影视院线板块公司实 ...

Group 1 - The core event was the launch of the English version of the picture book "Tiger, Don't Worry!" in London, which was inspired by the author's trip to Anxi, Fujian in 2016 [1] - The book's original Chinese version has received positive reviews in China, and its global launch aims to promote Chinese tea culture to international audiences [1] - The event was attended by nearly a hundred guests from political, publishing, and artistic sectors in both China and the UK [1] Group 2 - The UK-China Trade Association described the English version launch as a "visual feast" and highlighted a future collaboration for a new picture book titled "The Last Tiger" [2] - The establishment of the "Post-Wave Global Illustration Award" aims to encourage artists to create works that reflect Anxi's culture and tea heritage, with the first theme being "Time For Tea" [2] - Notable scholars from prestigious art institutions expressed their support for the award, emphasizing its potential to engage both children and adults [2]

《2024中国城市咖啡发展报告》显示，2023年，中国咖啡产业规模达到2654亿元。咖啡相关企业达 384859家，上海咖啡门店数总计9553家，依然是全球咖啡门店最多的城市。 5月15日，2025·上海国际咖啡主题图书暨100幅优秀封面大展在上海香港三联书店开展，上海市书刊发 行行业协会联合上海香港三联书店、上海外文书店首次集中展示全球多语种的350种咖啡主题图书。 上海香港 三联书店贴起咖啡主题图书展海报。 此次展出的简体中文版咖啡主题图书共122种，其中，上海出版的有10种。《上海咖啡：历史与风景》 以第一手资料阐述了1920年代至1940年代上海咖啡文化的多样性与包容性；《近代上海咖啡地图》选录 了1895年至1949年间有关咖啡馆的资料；《好书店·好咖啡》收录了上海45家实体书店咖啡文化的故 事；《咖香书香在上海》记载了上海75家实体书店共同参与2022年上海咖啡文化周活动的盛况；最新出 版的《在上海，品咖啡读好书》记录了上海80家品牌实体书店参与2023年上海咖啡文化周和2024上海国 际咖啡文化节的活动成果。这些具有突出的地域特色和时间阶段的图书，体现了上海这座全国咖啡馆数 量最多的城市的咖啡文 ...

与会者表示，党领导下的中国社联成立，有力推动了马克思主义中国化时代化，对推动社会变革发 挥了重要作用，也为新时代文化建设提供了宝贵启示。要坚持党的文化领导权，坚持以人民为中心的工 作导向，坚持文化传承和创新，坚持统一战线，坚持文明交流互鉴，创造属于我们这个时代的新文化。 上海是中国共产党的诞生地、初心始发地和伟大建党精神孕育地，也是左翼文化运动的重要策源地。要 进一步传承上海左翼文化运动的革命精神，发扬中国社联的光荣传统，推动新时代中国特色社会主义文 化的繁荣发展，为建设习近平文化思想最佳实践地贡献社科力量。 昨天，市社联、市委党史研究室、虹口区委宣传部、上海世纪出版集团携手市档案馆、上海图书馆 联合发起的"创造时代的新文化——中国社联研究系列丛书出版发布"活动在上海社会科学馆举行。 1930年5月20日，党领导下的第一个全国性的哲学社会科学团体——中国社会科学家联盟（以下简 称"中国社联"）在上海成立，成为左翼文化运动的重要骨干力量和新兴社会科学运动的领导组织。在鲁 迅、瞿秋白、潘汉年、冯雪峰、茅盾、夏衍、洪深等人的引领和支持下，汇聚了郭沫若、李达、艾思 奇、邓初民、王学文、杨贤江、杜国庠、彭康、朱镜我、沈 ...

文创产品与图书展示结合，中国展台亮相多哈书展。第34届多哈国际书展8日在卡塔尔开幕。文创产品 与图书展示相结合成为今年中国展台的一大亮点，吸引了众多观众。图为5月8日在卡塔尔多哈书展中国 展台拍摄的文创产品。 新华社发（尼库 摄） 在2025年新年贺词中，习近平总书记强调，从五千多年中华文明的传承中一路走来，"中国"二字镌刻 在"何尊"底部，更铭刻在每个华夏儿女心中。当敦煌莫高窟的千年壁画与卢浮宫的古典雕塑在数字光影 中交相辉映，当良渚古城的玉琮纹饰与希腊德尔菲神庙的橄榄枝浮雕跨越时空对话，人类文明正以亘古 未有的深度交融书写新的篇章。在这个世界百年未有之大变局的十字路口，共建美美与共的文明百花 园，不仅是历史智慧的当代回响，更是人类命运共同体的价值溯源。 全球文明倡议引导文明交流互鉴的恢弘气象 多样文明是世界的本色，各种文明相互遇见、彼此成就，共同构成人类文明绚丽多彩的百花园，书写了 美美与共、交流互鉴的灿烂篇章。2023年3月，习近平总书记以"和羹之美，在于合异"的智慧，郑重提 出全球文明倡议，系统阐释推动不同文明包容共存、交流互鉴的中国主张。全球文明倡议，强调要共同 倡导尊重世界文明多样性、共同倡导弘扬 ...

Group 1 - The core viewpoint emphasizes the increasing enthusiasm for reading among the public, highlighting its importance for civilization, national prosperity, social progress, and personal growth [1] - A survey indicates that 60% of people consider reading more important than other leisure activities like sports and travel, with over 70% reading weekly and an average of 7.3 books read per year [1] - The investment in books is significant, with 52.2% of individuals spending over 500 yuan annually on book purchases, and 25.3% have developed a daily reading habit [1] Group 2 - In terms of reading preferences, 54% of individuals prefer physical books, while 34.2% favor e-books, with the latter's popularity increasing by nearly 5% from the previous year [1] - The top-selling book categories for 2024 include educational materials for primary and secondary schools, children's books, and literary novels, with niche genres like health, manga, and self-help gaining traction [1] - The focus on parent-child reading is growing, with children averaging 9.4 extracurricular books per year, and 76.7% of parents spending over 500 yuan annually on books for their children [2]

Financial Data and Key Metrics Changes - The company reported a positive adjusted EBITDA of $2.4 million for Q1 2025, marking its first positive EBITDA quarter since 2023 [21][22] - There were $1 million in personnel-related costs in Q1 that have been eliminated, which would have resulted in a positive adjusted EBITDA of $3.4 million [22] Business Line Data and Key Metrics Changes - Licensing revenue increased significantly by 175% year-over-year, and even without the ByBorg deal, it was still up over 50% [33] - The ByBorg deal, effective January 1, contributes $5 million per quarter, with the first two payments already made [33][34] Market Data and Key Metrics Changes - The company is seeing improvements in its China licensing business despite a challenging environment due to tariffs, indicating potential for continued growth [34] Company Strategy and Development Direction - The company is focusing on an asset-light model and aims to reduce overhead while increasing EBITDA [21][28] - There are plans to develop new licensing deals in gaming and hospitality, with potential projects like a Playboy Club expected to take one to two years for physical build-out [23][28] - The company is also exploring opportunities in mainstream content, including TV shows and paid voting campaigns, which could generate additional revenue streams [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the next few years, particularly in gaming and content licensing [28] - The company is preparing for potential revenue recognition from multi-year deals in the second half of the year [24][28] Other Important Information - The company plans to release an additional magazine issue this year, with hopes to ramp up to four issues next year, which could create ancillary revenue streams [25][28] - A second equity investment vote has been moved to the annual meeting scheduled for June 16 [17] Q&A Session Summary Question: Expectations for Honeybird debt and gross margin changes - Management indicated that they are ahead of plan for the second quarter and expect an easy comparable from last year [8] - The near-term gross margin is expected to remain stable, with a $1 million impact from tariffs, which has been mitigated by a 10% price increase [9][11] Question: Plans for new product development with ByBorg - Management confirmed ongoing collaboration with ByBorg and a minimum guarantee of $20 million per year, with a $5 million payment scheduled for July 1 [14][15] Question: Potential in other licensing categories - Management highlighted enthusiasm for new licensing opportunities in clubs and hospitality, with a focus on an asset-light model and positive EBITDA [21][28]

证券代码：605577 证券简称：605577 公告编号：2025-024 黑龙江出版传媒股份有限公司 2024年度股东会决议公告 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。 重要内容提示： (一)股东会召开的时间：2025年5月15日 (二)股东会召开的地点：哈尔滨市松北区龙川路258号出版大厦323会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由董事会召集，董事长曲柏龙先生主持会议，在会议召开20日前（2025年4月25日）依法通 知了全体股东。会议通知的时间、方式及会议表决程序符合《中华人民共和国公司法》（以下简称《公 司法》）等有关法律法规及《黑龙江出版传媒股份有限公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 1、公司在任董事9人，出席9人；其中3名为独立董事； 2、董事会秘书出席；其他高管列席。 ● 本次会议是否有否决议案：无 一、会议召开和出席情况 二、议案审议情况 (一)非累积投 ...

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2025 年 Q1 SW 传媒行业指数上升 6.37%，资金保持高活跃度，估值 （PE-TTM）震荡调整，跑赢近七年均值水平。从 2025 年 Q1 的基金 重仓配置情况看，SW 传媒行业仍处于低配，以 SW 传媒行业重仓为基 准，游戏板块及广告营销板块受到市场关注，维持超配，基金重仓 配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置维持低配，游戏及广告营销板块仍为市场关注重 点。2025 年 Q1 SW 传媒行业的适配比例为 1.71%，基金重仓比例为 1.04%，低配比例为 0.68%，环比来看有所修复。以 SW 传媒行业重仓 为基准，游戏板块与广告营销维持超配，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 来看， 2025 年 Q1 SW 传媒行业的前十大重仓股分别为分众传媒、恺 英网络、芒果超媒、巨人网络、完美世界 ...

Core Viewpoint - The legal opinion letter from Heilongjiang Tianfu Law Firm confirms the legality of the procedures, qualifications, and voting results of the 2024 annual shareholders' meeting of Heilongjiang Publishing and Media Co., Ltd. [1][11] Group 1: Meeting Procedures - The shareholders' meeting was convened in accordance with the relevant laws and regulations, including the Securities Law and Company Law, with proper notice given on April 25, 2025 [2][3][4] - The meeting was held at the company's conference room on April 25, 2025, and was presided over by the chairman [3][4] Group 2: Attendance and Qualifications - A total of 213 participants attended the meeting, representing 363,417,157 shares, which is 81.77% of the total share capital of 444,444,445 shares [5][6] - The attendees included shareholders, directors, supervisors, senior management, and the appointed lawyers, all of whom were verified for their qualifications [5][6] Group 3: Voting Procedures and Results - The voting was conducted through both on-site and online platforms, with a total of 99.91% of the votes in favor of the proposed resolutions [7][8][11] - The voting results showed a high level of agreement among shareholders, with minimal opposition and abstentions across various resolutions [8][9][10]