香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 此乃中信出版集團股份有限公司在二零二五年八月二十七日登載於 中華人民共和國深圳證券交易所網站（www.szse.cn）關於 2025 年半 年度報告。中信出版集團股份有限公司為中國中信股份有限公司的附 屬公司。 中信出版集团股份有限公司 2025 年半年度报告全文 1 中信出版集团股份有限公司 2025 年半年度报告 【披露时间】 中信出版集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人陈炜、主管会计工作负责人王亮及会计机构负责人（会计主 管人员）范中佳声明：保证本半年度报告中财务报告的真实、准确、完整。 中信出版集团股份有限公司 2025 年半年度报告全文 备查文件目录 （一）载有公司负责人、主管 ...

Core Viewpoint - Beijing Motie Culture Group Co., Ltd. has maintained its position as the leading book company (non-educational) in market share for the years 2023, 2024, and the first half of 2025, according to data from the authoritative institution Beijing Open Book [1] Group 1: Market Share Performance - Motie Group's market share has increased from 2.12% in 2023 to 2.66%, reaching a new high of 3.47% in the first half of 2025, marking the first time it has surpassed 3% [1] - The company has held the top position in market share for two and a half consecutive years [1] Group 2: Industry Context - The entire book publishing industry is undergoing significant turmoil due to channel transformations, which has put unprecedented pressure on various business segments of Motie Group [1] - The company is actively exploring innovations and transformations across its product, market, and sales sectors to adapt to the changing landscape [1]

Investment Rating - The investment rating for the company has been downgraded from "Buy" to "Hold" [5][7]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with total revenue of 315 million RMB, down 30.54% year-on-year, and a net profit attributable to shareholders of 47 million RMB, down 48.50% year-on-year [2]. - The decline in performance is attributed to pressures in the physical book retail market, particularly in literary and children's books, as well as increased losses in overseas operations due to high inventory disposal costs and royalty expenses [2][3]. - The company is actively exploring diverse monetization paths and enhancing its IP operation capabilities, including adaptations of original works into comics and potential expansions into animation and film [4]. Summary by Sections Financial Performance - In H1 2025, domestic book planning and publishing business generated revenue of 242 million RMB, a decrease of 35.89% year-on-year, with a gross margin of 48.83%, an increase of 1.18 percentage points [2]. - The overseas business saw a slight revenue decline to 62 million RMB, with losses increasing to 11 million RMB due to higher costs associated with unsold inventory and royalties [3]. Business Strategy - The company launched 65 new titles in H1 2025, focusing on both general and children's literature, while also venturing into graphic novels and comics [4]. - The company is developing its IP, with successful merchandise launches based on its original IP "bibi Zoo" and new IP "Good Frog" [4]. Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised downwards, with net profit estimates of 110 million RMB, 124 million RMB, and 139 million RMB respectively, reflecting a significant downward adjustment of approximately 29% [5][11]. - The target price has been adjusted to 19.24 RMB, corresponding to a PE ratio of 26.8 for 2025 [5][7].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, reflecting broader challenges in the book retail market [1] Company Performance - The company achieved a revenue of 315 million yuan, a year-on-year decrease of 30.54% [1] - The net profit attributable to the parent company was 46.88 million yuan, down 48.5% year-on-year [1] - The non-recurring net profit was 41.4 million yuan, representing a 49.3% decline compared to the previous year [1] - Basic earnings per share were reported at 0.3039 yuan [1] Industry Trends - The book retail market experienced a high opening but significant downward pressure in the first half of 2025, with a decline in sales volume exceeding 10% in May and June [1] - Only a few explosive hot topics drove growth in specific book categories, while demand for non-essential reading materials remained weak [1] - The company's key revenue segments, classic literature and children's books, also showed a notable decline in sales [1] - The overseas business faced increased losses due to the provision for unsold royalties, which widened compared to the same period last year [1]

Core Insights - The 31st Beijing International Book Fair (BIBF) showcased over 22,000 quality books from more than 1,700 exhibitors across 80 countries and regions, attracting nearly 300,000 visitors from June 18 to 22 [4][5] - The theme of this year's fair was "Promoting the Inheritance and Development of Civilization, and Promoting Mutual Learning and Win-Win Cooperation," aiming to create a high-level international exchange platform [5] - The fair achieved significant results in copyright trade, with a total of 2,826 agreements (including intentions) reached during the event [14] Event Highlights - The China Writers' Pavilion focused on commemorating the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression, showcasing literature related to this theme [6] - New book releases included works that explore historical culture, cutting-edge technology, and traditional Chinese culture, such as "The Horn" children's narrative poem and "The Beauty of Diversity: Art and Life in Ancient Greece" [7][8] - The fair featured a special exhibition of "50 Recommended International Copyright Books" from the guest country Malaysia, highlighting its multilingual publishing landscape [10][11] Digital Transformation - The fair emphasized the importance of digital reading and the transformation of reading habits, with nearly 80% of adults reading via mobile devices [9] - The integration of digital publishing and international cooperation was a focal point, with discussions on enhancing copyright transaction rates through digital platforms [13] International Cooperation - The fair facilitated various international collaborations, including the signing of copyright agreements for works like "The Yangtze River in the Last Decade" and "Integrated Circuit Manufacturing Technology" [15][16] - The event also highlighted the mutual translation projects between China and Italy, aiming to promote cultural exchange through literature [17] Ongoing Initiatives - Following the fair, online copyright exchanges continue, with initiatives like the "Global Cloud Book Sales Conference" and the "Sunshine Reading Plan" aimed at promoting Chinese literature globally [18]

Market Overview - The stock market experienced a significant trading volume of 1.25 trillion yuan, an increase of 59.6 billion yuan compared to the previous trading day, with over 4,600 stocks declining [1] - Key sectors that saw gains included oil and gas, petroleum processing, and short dramas, driven by a rise in international oil prices [1] Company Updates - **Zhun Oil Co. and Shandong Molong**: Both companies achieved a five-day consecutive increase in stock prices, indicating strong market performance [1] - **Sanno Biotech**: The company expects a net profit of 77.03 million to 94.14 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10%, attributed to strong performance in its peptide raw material business [3] - **Online and Offline**: The company announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock for up to two trading days [4] Investment Opportunities - **Times Publishing**: The company clarified its minimal indirect stake in JD Technology and confirmed it does not engage in stablecoin business, which may alleviate market concerns regarding its stock price volatility [2] - **New Stock Offering**: A new stock, Xintong Electronics, is available for subscription with an issue price of 16.42 yuan, listed on the Shenzhen Stock Exchange [6]

Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% during three consecutive trading days from June 17 to June 19, 2025, but confirmed that its business operations remain normal and there are no undisclosed significant matters [1] Group 1: Stock Performance - The company's stock price showed a cumulative increase of over 20% over three consecutive trading days [1] - The fluctuation in stock price is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1] Group 2: Business Operations - The company confirmed that its production and operational activities are normal [1] - There have been no significant changes in the internal and external operating environment [1] Group 3: Disclosure of Information - The company conducted a self-examination and confirmed with its controlling shareholder, Anhui Publishing Group Co., Ltd., that there are no undisclosed significant matters [1] - The company does not have any undisclosed major events, including but not limited to major asset restructuring, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1] Group 4: Business Focus - The company's main business is related to book publishing and does not involve stablecoin activities [1]

Core Insights - The article highlights the maturation of young scholars and authors influenced by the trend of introducing foreign history books over the past decade, leading to a new wave of original historical writing that resonates with contemporary readers [1][2]. Publishing Industry Developments - The establishment of "甲骨文" by the Social Sciences Academic Press in 2013 and "汗青堂" by 后浪图书 in 2015 marked the beginning of a surge in world history book publications, with many publishers joining the trend [4]. - "汗青堂" has consistently published an average of over ten history books annually, contributing to a stable output in the historical publishing sector [4]. - The brand has relied on continuous publication rather than large-scale promotional strategies, emphasizing the importance of maintaining a strong publishing foundation [4]. Reader Engagement and Cultural Context - The rise in historical book readership is attributed to an increase in educational levels and a growing public interest in understanding history, which is seen as foundational for various academic disciplines [5]. - The article notes that historical writing has evolved, with younger authors now able to engage readers without requiring extensive theoretical backgrounds, making history more accessible [7]. Notable Publications and Trends - "人类新史: 一次改写人类命运的尝试" has gained significant recognition, including the 20th Wenjin Book Award, reflecting its impact on readers' historical perspectives [1]. - The latest release from "汗青堂," "波斯人: 万王之王的时代," continues the trend of producing well-received historical works [4]. Future of Historical Writing - There is a call for the new generation of historians to take responsibility for disseminating academic viewpoints to the public, with an emphasis on the importance of narrative style and originality in historical writing [10]. - The article suggests that the ultimate goal of publishing foreign history books is to inspire a fresh approach to domestic historical writing in China [8].

这是房产经纪人麦克斯的工作日记，他在伦敦的豪宅交易市场浸淫了15年，而今他选择将自己亲身经历 的故事以非虚构的方式讲述出来。 而今，诺丁山已经成为对冲基金经理，以及科技公司、金融公司、独角兽公司的CEO热衷居住的地区。 伦敦高端房产中介麦克斯几年前曾帮他的客户斯宾塞和萨拉夫妇在这里选购了一套房产。然而，随着他 们婚姻出现危机，诺丁山的房产需要估价出售，麦克斯也需要为萨拉寻找新的住处，新居所的位置、风 格、价值与她对于未来生活的畅想休戚相关。 本书是房产经纪人麦克斯的工作日记，他在伦敦的豪宅交易市场浸淫了15年，近年开始为《金融时报》 撰写"秘密中介"专栏，并攻读创意写作硕士学位，让他得以将自己亲身经历的故事以非虚构的方式讲述 出来。 他服务的客户包括奥斯卡奖得主、亿万富翁、基金经理、隐居贵族……为了保护客户隐私，他对书中的 人物细节均做了虚化处理，但将他们的交易心理真实展现，也呈现了作为交易中介如何与性格各异的客 户打交道——在充分了解其需求的基础上，如何与他们沟通、谈判，为他们找到合适的交易对象并最终 促成交易的过程。 在书中，麦克斯会分享他在房产市场促成交易的一些技术性手段，比如，他在一位买家出价之后，会 ...

Core Viewpoint - The annual "Machine Industry Technology · Engineering Science Book Golden Gear Award and 2024 Annual Science and Technology Good Book Award Ceremony" was held in Beijing, aiming to recognize outstanding engineering and technology books, promote the development of scientific publishing, and support the construction of a technology-driven nation [1]. Group 1: Award Structure and Selection Process - The "Machine Industry Technology · Engineering Science Book Golden Gear Award" includes five categories: "Outstanding High-end Academic Works Award," "Outstanding Technology Application Works Award," "Classic Engineering Technical Manual Award," "Outstanding Technical Management Books Award," and "Excellent Engineering Popular Science Books Award" [4]. - Candidate books are recommended by top technical experts in various fields and evaluated by a team of scientific publishing experts based on multiple dimensions, including content advancement, practical application value, and writing quality [4]. - The selection for the "Machine Industry Technology · 2024 Annual Science and Technology Good Book" combines online voting and expert review, with 94 candidate books selected from nearly a thousand published in 2024, receiving nearly 100,000 valid votes during the voting period [4]. Group 2: Event Highlights and Expert Insights - The Deputy General Manager of the Machine Industry Press, Ding Cheng, emphasized the importance of the award in promoting scientific publishing and enhancing the authority of engineering technology book evaluations [5]. - Experts from various fields highlighted the significant value of the awarded books in strengthening China's technological capabilities and the role of professional scientific publishing in supporting national development [6]. - A roundtable forum discussed the exploration of diverse talent cultivation paths in the AI era, providing new insights for technological development and talent training [9].