Group 1 - The company, Zhongwen Media, announced that as of the date of the announcement, the cumulative balance of guarantees provided for bank credit to its subsidiaries is 1.542 billion yuan, accounting for 8.63% of the company's audited net assets as of December 31, 2024 [1] - The actual cumulative balance of external guarantees provided by the company is 680 million yuan, which represents 3.81% of the company's audited net assets as of December 31, 2024 [1] - As of the report date, Zhongwen Media's market capitalization is 13.6 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Zhongwen Media is as follows: publishing accounts for 37.34%, integrated marketing for 25.69%, distribution business for 24.41%, new business formats for 16.27%, and material trade for 7.29% [1]

（记者 王晓波） 2024年1至12月份，浙版传媒的营业收入构成为：发行占比78.56%，出版占比28.05%，印刷占比 3.65%，其他业务占比3.24%，其他占比3.22%。 截至发稿，浙版传媒市值为176亿元。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 每经AI快讯，浙版传媒（SH 601921，收盘价：7.92元）12月15日晚间发布公告称，浙江出版传媒股份 有限公司于2025年9月29日收到控股股东浙江出版联合集团有限公司通知，获悉其与浙报数字文化集团 股份有限公司在当日签署了《股份转让协议》，浙版集团将其持有的约1.33亿股公司股票（占公司总股 本的6%），以8.82元/股的价格，通过非公开协议转让方式转让至浙数文化，股份转让总价款为人民币 约11.76亿元。 公司于2025年12月15日收到浙版集团通知，浙版集团与浙数文化已取得中国证券登记结算有限公司出具 的《证券过户登记确认书》，股份过户登记时间为2025年12月12日。 本次股份过户登记完成后，不会导致公司控制权发生变 ...

Group 1 - The core point of the article is that Zhejiang Publishing (SH 601921) announced the convening of its third board meeting on December 12, 2025, to discuss the revision of the board meeting rules [1] - For the year 2024, the revenue composition of Zhejiang Publishing is as follows: distribution accounts for 78.56%, publishing for 28.05%, printing for 3.65%, and other businesses for 3.24% [1] - As of the report date, Zhejiang Publishing has a market capitalization of 17.6 billion yuan [1]

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有疯狂动物城的手办、钥匙扣、海报、图 书等衍生品销售吗？ 内蒙新华（603230.SH）12月8日在投资者互动平台表示，尊敬的投资者您好！公司没有疯狂动物城的 手办、钥匙扣、海报、图书等相关衍生品的销售。 ...

Group 1 - The core point of the article is the resignation of Chen Jialing, the Deputy General Manager of Zhongwen Media, effective immediately upon delivery of his written resignation to the board, which will not impact the company's operations [1] - In the first half of 2025, Zhongwen Media's revenue composition is as follows: publishing accounted for 37.34%, integrated marketing 25.69%, distribution business 24.41%, new business formats 16.27%, and material trade 7.29% [1] - As of the report date, Zhongwen Media has a market capitalization of 14.5 billion yuan [1]

Group 1 - The core announcement is regarding the approval of the transfer of 6% of shares of Zhejiang Publishing Media Group by its controlling shareholder, Zhejiang Publishing Group, to Zheshang Culture [1] - The share transfer is subject to compliance confirmation by the Shanghai Stock Exchange and registration with China Securities Depository and Clearing Corporation Limited, indicating uncertainty in the completion of the transaction [1] - As of the report, Zhejiang Publishing Media has a market capitalization of 17.6 billion yuan [1] Group 2 - For the fiscal year 2024, the revenue composition of Zhejiang Publishing Media is as follows: publishing accounts for 78.56%, publishing for 28.05%, printing for 3.65%, and other businesses for 3.24% [1] - The company emphasizes the importance of adhering to legal regulations for timely information disclosure regarding the share transfer process [1]

Group 1 - The core business of the company includes the distribution of textbooks, general books, and audio-visual products, as well as supply chain and logistics services [4][5] - The company's primary revenue source is the distribution of general and textbook publications, accounting for 41% of total revenue and contributing 68% of gross profit with a gross margin of 37% [5] - The company holds a unique position in the market as the only authorized distributor of textbooks in Anhui Province, which is a critical aspect of its business model [5] Group 2 - The company lacks publishing capabilities, which is a significant factor in its lower gross margin compared to peers, as its second-largest business segment (supply chain and logistics services) has a gross margin of only 3.4% [5] - The overall gross margin of the company is lower than that of competitors, which typically have gross margins in the range of 30-40% [5]

Core Insights - Shanghai Sanlian Bookstore (Yichang Store) officially opened, enhancing Yichang's cultural landscape with a unique space that combines reading, exhibitions, and social interactions [1][2] - The bookstore features a 2000 square meter area with a business model that integrates books, cultural products, coffee, and exhibitions, creating a 24/7 cultural hub [1] - The store emphasizes local culture by showcasing Yichang elements and Three Gorges culture in its design and book selection [1] Summary by Sections Store Features - The bookstore operates under the themes of "Aesthetic Reading Life" and "Urban Cultural Lighthouse," with distinct areas for cultural performances, designer products, and coffee [1] - It aims to provide a deep reading space focused on humanities and social sciences for readers aged 20 and above, differentiating itself from other local bookstores [2] Cultural Impact - Since its soft opening on October 1, the bookstore has quickly become a cultural landmark in Yichang, leading in book sales among Sanlian's nationwide stores, reflecting the local demand for high-quality cultural spaces [2] - The opening ceremony included a symbolic lighting of the "Cultural Lighthouse," representing the bookstore's role in Yichang's cultural development [2] Future Activities - The bookstore plans to host a series of cultural events, including sharing sessions and new book launches, to foster community engagement and cultural exchange [2] - It aims to connect Shanghai's cultural heritage with Yichang's local culture, allowing readers to explore the city's history and future [2]

Core Viewpoint - The evolution of the crime of illegal business operations reflects the complexity of economic and social development, transforming from a specific economic regulatory tool into a "catch-all" crime in market economic activities, posing unprecedented challenges for criminal defense [1]. Summary by Sections Legislative Evolution and Normative Structure - The regulatory framework of illegal business operations has evolved from specific to abstract, initially defined in 1997 with three specific scenarios, including unauthorized operation of exclusive goods and serious disruption of market order. This design reflected a clear delineation of economic regulation at that time [2]. - The scope of application has expanded through amendments and judicial interpretations, now encompassing over ten specific types, including illegal payment settlement and telecommunications operations, alongside a catch-all clause for "other serious disruptions to market order" [2]. - The crime's constitutive elements include three key factors: violation of national regulations, engagement in illegal business activities, and severity of circumstances, providing multiple layers of operational space for defense [2]. Typological Analysis: Main Behavior Patterns and Defense Points 1. **Unauthorized Operation of Specific Business Types** - Cases involve sectors like finance and telecommunications, with defense focusing on the scope and validity of administrative licenses. For instance, in illegal payment settlement cases, it is crucial to distinguish between mere fund transfers and professional payment services [3]. - In the publishing sector, the defense should differentiate between content legality and procedural legality, arguing that minor procedural flaws do not warrant criminal penalties [3]. 2. **Use of Prohibited Business Methods** - This category includes behaviors like cashing out via POS machines and pyramid schemes. The defense should accurately determine the nature of the actions and assess the social harm of the methods used [4]. - In credit card cash-out cases, distinguishing between legitimate promotions and illegal cash-outs is essential, while in pyramid scheme cases, the focus should be on the legitimacy of the profit sources [4]. 3. **Application of Other Catch-All Clauses** - For cases invoking the catch-all clause, a cautious approach is necessary, emphasizing the need to assess whether the actions reach a level of social harm comparable to explicitly defined types [5]. Multi-layered Defense Strategies 1. **Legality Level Defense** - Defense should scrutinize the "national regulations" cited in accusations, as only laws and administrative regulations can serve as bases for criminal liability, excluding departmental or local regulations [6]. - It is vital to check if the national regulations explicitly set criminal liability; if only administrative responsibility is mentioned, the principle of "no crime without a clear law" should be invoked [6]. 2. **Business Behavior Level Defense** - The core issue is distinguishing between "unlicensed operation" and "exceeding operational scope," requiring a review of business licenses and administrative permits [7]. - For technical service cases, the defense should argue the legitimate uses of the technology provided, demonstrating that the individual did not specifically support illegal activities [7]. 3. **Subjective Intent Level Defense** - The recognition of subjective intent is crucial, with defense focusing on the individual's professional background and understanding of the legality of their actions [8]. - In cases of joint crime, it is important to differentiate the subjective awareness of each participant, particularly those providing ancillary services [8]. 4. **Circumstantial Recognition Level Defense** - The determination of severity directly impacts the distinction between crime and non-crime, necessitating a detailed examination of quantitative indicators like business revenue and illegal gains [9]. - The defense should also evaluate the social harm of the actions, especially in emerging industries, to argue that exploratory mistakes in business development should not be criminalized [9]. Evidence Examination: Key Strategies - Evidence examination is a critical defense stage, focusing on the completeness of financial materials and the appropriateness of auditing methods [10]. - For electronic evidence, the legality of its extraction and the integrity of the data chain must be scrutinized, as it often plays a key role in determining business models and amounts [10]. - The analysis of testimonial evidence should identify contradictions and doubts to construct a favorable narrative for the defendant [10]. Policy Understanding: Application of Criminal Policy in Defense - Understanding the impact of criminal policy on the application of illegal business operations is essential, particularly in cases involving private enterprises [11]. - The defense should leverage policies encouraging innovation to argue for caution in criminal intervention, presenting industry analysis and expert opinions to highlight the unique nature of the business [11]. - Attention should be paid to established judicial practices and precedents that can support the defense's arguments, especially in contentious areas like the application of catch-all clauses [11]. Conclusion: Balancing Order and Innovation - The defense of illegal business operations fundamentally seeks to balance the maintenance of economic order with the development of market innovation, requiring a deep understanding of social and economic trends [17]. - Successful defense strategies must adhere to the principle of legality while limiting the expansion of catch-all clauses, ensuring that criminal prosecutions do not become overly broad [17]. - Through a typological analysis and refined defense strategies, each case can find the most suitable defense path, achieving a balance between individual justice and legal integrity [17].

Group 1 - The core point of the article is that Zhongnan Media (SH 601098) held its sixth board meeting on November 19, 2025, to discuss the proposal for adding an independent director to the board [1] - For the year 2024, Zhongnan Media's revenue composition is as follows: distribution accounts for 80.76%, publishing for 27.97%, materials for 10.36%, printing for 7.89%, and media for 6.4% [1] - As of the report, Zhongnan Media has a market capitalization of 21.2 billion yuan [1]