Core Viewpoint - Phoenix Media's stock experienced a slight decline of 0.65% on October 15, with a trading volume of 167 million yuan, indicating a stable yet cautious market sentiment towards the company [1]. Financing Summary - On October 15, Phoenix Media had a financing buy-in amount of 23.20 million yuan and a repayment of 17.03 million yuan, resulting in a net financing buy of 6.18 million yuan. The total financing and margin balance reached 270 million yuan [1]. - The current financing balance stands at 261 million yuan, accounting for 0.97% of the circulating market value, which is above the 70th percentile of the past year, indicating a relatively high level of financing activity [1]. - In terms of securities lending, on the same day, 15,050 shares were repaid, while 4,400 shares were sold, amounting to 46,800 yuan at the closing price. The remaining securities lending volume is 809,900 shares, with a balance of 8.61 million yuan, also above the 90th percentile of the past year [1]. Financial Performance - As of June 30, the number of shareholders for Phoenix Media was 35,900, a decrease of 20.20% from the previous period. The average circulating shares per person increased by 25.31% to 70,928 shares [2]. - For the first half of 2025, Phoenix Media reported a revenue of 7.11 billion yuan, a year-on-year decrease of 1.70%. However, the net profit attributable to shareholders increased by 29.57% to 1.59 billion yuan [2]. Dividend and Shareholding Structure - Since its A-share listing, Phoenix Media has distributed a total of 10.69 billion yuan in dividends, with 3.82 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 45.09 million shares, an increase of 7.21 million shares from the previous period. Other notable shareholders include Huatai-PB SSE Dividend ETF and Southern CSI 500 ETF, with varying changes in their holdings [3].

Core Insights - The 2025 "I and the Temple of Earth" Beijing Book Fair attracted 550,000 visitors and hosted over 100 cultural activities, indicating a strong interest in physical book events despite the prevalence of digital reading [1] - The fair's expansion included a total exhibition area of approximately 20,000 square meters, an increase of 2,000 square meters from the previous year, featuring 13 exhibition zones [1] - The integration of cultural products and experiences has transformed the book fair into a comprehensive cultural event rather than just a book-selling venue [2][5] Group 1: Event Highlights - The book fair saw a significant increase in foot traffic, with many attendees expressing that the event felt different this year due to government-issued vouchers and publisher discounts [1] - The presence of various cultural and creative stalls, along with food vendors, contributed to a lively atmosphere, enhancing the overall experience for visitors [1][2] - The combination of books and cultural products created a unique shopping experience, appealing particularly to younger audiences [2] Group 2: Consumer Experience - Attendees appreciated the immersive experience of browsing physical books, which contrasts with the targeted nature of online shopping [3][4] - The fair provided a platform for social interaction and cultural discovery, allowing visitors to engage with authors and fellow readers in a vibrant setting [4][6] - The event's design encouraged a multi-dimensional consumption experience, merging reading with cultural tourism [5] Group 3: Future Considerations - Maintaining the fair's popularity will require a focus on high-quality books and the participation of dynamic publishing houses and bookstores [6] - Experts suggest that the book fair should avoid becoming solely a cultural market and instead prioritize its identity as a book-centric event [6][7] - The challenge remains for physical bookstores to convert the temporary excitement generated by the fair into sustainable long-term patronage [7]

Core Viewpoint - The 2025 Tianfu Book Fair will be held from October 17 to 20 in Chengdu, focusing on promoting reading and cultural exchange, with a theme of "Book Fragrance Fills Tianfu · Enjoy Reading in Sichuan" [4][6] Group 1: Event Overview - The event is organized by Sichuan Xinhua Publishing and Distribution Group and Sichuan Provincial Publishing Industry Association, with participation from major publishing groups [4] - The fair will adopt an innovative model combining online and offline elements, aiming to create a high-level reading event that promotes cultural dissemination and industry development [4][6] Group 2: Cultural and Educational Focus - The fair emphasizes the dissemination of the Party's innovative theories, featuring a special exhibition area for significant publications related to Xi Jinping's thoughts [6][7] - It aims to enhance the integration of culture and tourism by showcasing the unique cultural heritage of Sichuan, including a dedicated area for cultural tourism [7] Group 3: Accessibility and Community Engagement - The event will utilize a "2+2N" model to ensure broader access to reading resources, including multiple exhibition venues [8] - Initiatives like the "Book Fragrance Tianfu Beneficial Month" and "Light Up Reading Micro-Wishes" will be implemented to engage various community demographics, including the elderly and youth [8] Group 4: International Collaboration - The fair will collaborate with the Frankfurt Book Fair, enhancing its international profile and facilitating cultural exchanges through various seminars and events [9] Group 5: Industry Development - The event will host the 13th National Publishing Material Distribution Conference, attracting over 500 publishing units and 1,000 libraries, showcasing nearly 150,000 book varieties [9] - A digital theme area will be established to highlight innovations in gaming, animation, and digital IP, fostering new growth points in information consumption [9]

Core Viewpoint - The 2025 Tianfu Book Fair will be held from October 17 to 20 in Chengdu, focusing on the theme "Book Fragrance Fills Tianfu, Comfortable Reading in Sichuan" and aims to create a high-level reading event that combines thought leadership, cultural dissemination, and industry promotion [1] Group 1: Event Overview - The Tianfu Book Fair has been held since 2019, adhering to the principles of spreading the Party's innovative theories, promoting mainstream values, and serving the spiritual and cultural needs of the public [1] - The event is organized by the Sichuan Xinhua Publishing and Distribution Group and the Sichuan Provincial Publishing Industry Association, with participation from major publishing groups [1] Group 2: Key Features - The book fair will focus on five key areas: 1. Promoting the Party's innovative theory to strengthen ideological leadership 2. Revitalizing Bashu culture to enhance cultural tourism integration 3. Promoting inclusive reading for all by making quality resources more accessible 4. Expanding international cultural exchanges 5. Building a professional trading platform for high-quality industry development [2] - A special exhibition area titled "Light of Truth - Exhibition of the Party's Innovative Theory Publishing Achievements" will showcase significant works by General Secretary Xi Jinping and the achievements of implementing the Party's innovative theories in the province [2]

Group 1 - The 2025 Tianfu Book Fair will deepen collaboration with the Frankfurt Book Fair, appointing its vice president as a senior advisor and establishing a dedicated Frankfurt Book Fair book area for the first time [1][3] - The event will focus on international cultural exchange and will host various activities, including a seminar on "Belt and Road" publishing cooperation and a book promotion event related to ecological civilization [3][4] - The fair aims to enhance the international cultural presence of Sichuan, showcasing local culture and tourism through a dedicated "Cultural and Tourism Integration Exhibition Area" featuring exhibits from Aba Prefecture and Beichuan County [3][4] Group 2 - A "Digital Theme Exhibition Area" will be set up to showcase innovations in gaming, animation, and digital IP, along with interactive activities like esports competitions [4] - The Tianfu Book Fair, initiated in 2019, has become a significant cultural event in the publishing sector, promoting national reading initiatives and contributing to the "Book Fragrant China" campaign [4] - The 2025 Tianfu Book Fair will be themed "Book Fragrance Fills Tianfu, Leisurely Reading in Sichuan," with participation from major publishing groups, including China Publishing Group and Shandong Publishing Group [4]

Group 1 - The core viewpoint of the news is that Zhongnan Publishing Media Group has shown mixed financial performance, with a decrease in revenue but an increase in net profit year-on-year [2] - On September 30, Zhongnan Media's stock price increased by 0.33%, with a trading volume of 168 million yuan, and the net financing buy was negative at 2.85 million yuan [1] - As of September 30, the total margin balance for Zhongnan Media was 213 million yuan, with a financing balance of 211 million yuan, which is high compared to the past year [1] Group 2 - The company's main business includes publishing, distribution, and new media operations, with the largest revenue source being distribution at 59.40% [2] - For the first half of 2025, Zhongnan Media reported a revenue of 6.335 billion yuan, a year-on-year decrease of 8.09%, while the net profit attributable to the parent company was 1.017 billion yuan, a year-on-year increase of 31.46% [2] - The company has distributed a total of 11.548 billion yuan in dividends since its A-share listing, with 3.053 billion yuan distributed in the last three years [3]

Core Viewpoint - The article highlights the opening of "Bay Area Eye," the world's largest physical bookstore in Shenzhen, which aims to become a cultural tourism destination and a cultural powerhouse in the Greater Bay Area [3][9]. Group 1: Overview of Bay Area Eye - "Bay Area Eye" officially opened on September 26, featuring over 8,400 square meters of reading space and more than 300,000 books, connecting with the city's library system [1][3]. - The bookstore complex has a commercial area that constitutes 50% of its total space, integrating reading spaces with diverse commercial offerings [3][12]. Group 2: Shenzhen's Reading Culture - Shenzhen is recognized for its extensive network of bookstores and libraries, with 1,039 bookstores as of now, ranking among the top cities in China [6]. - The city has set a goal to establish a "Library City," with 925 public libraries expected by the end of 2024, indicating a strong reading culture and community support for bookstores [6][9]. Group 3: Business Model and Commercial Strategy - The operational model of "Bay Area Eye" combines reading spaces with various commercial activities, including dining and retail, aiming to create a new cultural landmark [3][12]. - The commercial strategy includes nearly 200 rental spaces, with a significant portion dedicated to dining, reflecting a trend where bookstores are evolving into multi-functional cultural hubs [12][14]. Group 4: Cultural Significance - The establishment of "Bay Area Eye" represents an innovative approach to integrating market logic with public cultural development, positioning Shenzhen competitively in the global city landscape [14][15]. - The project aligns with national policies encouraging physical bookstores to participate in public cultural services, highlighting the importance of bookstores in community engagement [15].

编者按：南方财经、 21 世纪经济报道推出 " 城市新地标 " 专题报道，关注城市加快发展方式转型，推动高质量发展的新模式和新 做法。中央城市工作会议指出，依靠改革开放增强城市动能，高质量开展城市更新，充分发挥城市在国内国际双循环中的枢纽 作用。本文是该专题报道的第三篇。 按照定位，湾区之眼目标打造为具有一定全球影响力的文化旅游目的地和大湾区文化原动力中心。深圳本地媒体称，其"从建筑 本体的设计语言来看，它也是深圳引领未来主义建筑风潮的一大重要载体，生动展现出城市的创新活力"。 近年来，关于实体书店承压的新闻不绝于耳。深圳为何逆势加码？ 在这背后，既有深圳"千馆之城"的阅读底蕴支撑，也是一种商业模式的拓新。这座商业面积高达50%的书城综合体，将以"阅读 空间+多元商业配套"的模式打造文旅新地标。 十分钟爱开书城 深圳不缺书店——书城、图书馆、连锁书店、独立书店一应俱全。 在深圳，既能找到钟书阁、茑屋书店等知名连锁书店，也有愈欣书店、覔书店等深圳本土书店品牌。 甚至要论书店的数量，深圳可以排到全国城市前几名。连锁书店西西弗书店在深圳有28家店，与上海齐平，仅次于北京，比隔 壁广州多22家。企查查数据显示，截至目 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is focusing on shareholder returns and the new park's establishment is expected to empower diversified development [4] - The traditional main business is under pressure, while the digital and media segments show impressive growth [5] - The company plans to distribute dividends of approximately 1.8 billion yuan, reflecting its commitment to shareholder returns [8] Company Overview - Latest closing price: 12.20 yuan - Total shares: 1.796 billion - Total market capitalization: 21.9 billion yuan - 52-week high/low: 15.14/12.02 yuan - Debt-to-asset ratio: 40.1% - Price-to-earnings ratio: 16.05 [3] Financial Performance - In H1 2025, the company achieved revenue of 6.335 billion yuan, a year-on-year decrease of 8.09%, and a net profit of 1.017 billion yuan, down 31.46% [4] - The publishing business generated revenue of 5.327 billion yuan in H1 2025, a decline of 9.26%, while the digital and media business saw revenue growth of 44.89% [5][6] - The comprehensive gross margin improved to 45.84%, an increase of 1.26 percentage points year-on-year [6] Future Projections - Expected revenues for 2025, 2026, and 2027 are 13.7 billion, 14.2 billion, and 14.8 billion yuan respectively, with corresponding net profits of 1.72 billion, 1.83 billion, and 1.89 billion yuan [9] - Earnings per share (EPS) are projected to be 0.96, 1.02, and 1.05 yuan for the years 2025, 2026, and 2027 [9] Valuation Metrics - The company is expected to have a price-to-earnings ratio of 13, 12, and 12 times for the years 2025, 2026, and 2027 respectively [9]

Core Insights - The popularity of the Ditan Book Market remains strong despite the decline in physical book sales, attracting a large number of visitors and book enthusiasts [1][2][3] - The Ditan Book Market serves as a platform for publishers, cultural companies, and bookstores to showcase their offerings, including rare and discounted books, which benefits avid readers [2][3] - The demographic of visitors has shifted, with younger generations (post-90s and post-00s) becoming the main attendees, indicating a sustained interest in reading among new audiences [3] Summary by Sections - **Market Dynamics** - The Ditan Book Market continues to thrive with hundreds of publishers and bookstores participating, creating a vibrant atmosphere reminiscent of a fair [1] - The market has evolved from its early days, where discounted inventory was the main attraction, to a more diverse offering that includes new releases and unique finds [2] - **Visitor Experience** - Attendees often come prepared with bags and carts, indicating a serious commitment to book shopping, and the experience is marked by a sense of community among regular visitors [2] - The market has seen a mix of ages, from young couples to elderly book lovers, showcasing a broad appeal across generations [3] - **Cultural Significance** - The Ditan Book Market is not just a commercial event but a cultural gathering that fosters a love for reading and books, with many attendees sharing personal stories and experiences related to their reading journeys [3] - The resilience of the book market amidst changing reading habits reflects a deep-rooted appreciation for literature that transcends technological advancements [3]