Investment Rating - The investment rating for Shandong Publishing is "Buy" (maintained) [2][9] Core Views - The report indicates that Shandong Publishing's performance has been under pressure, primarily due to a decline in educational materials revenue, but the company is accelerating the development of its educational business model [5][6] - The company reported a revenue of 5.01 billion yuan for H1 2025, a decrease of 15.7% year-on-year, with a net profit of 670 million yuan [5] - The report highlights the company's focus on enhancing its core product lines and expanding its innovative business models, including the establishment of cultural education centers [5][6] Summary by Sections Financial Performance - For 2023A, the company reported a revenue of 12.154 billion yuan, with a projected decline to 10.425 billion yuan in 2025E, reflecting a year-on-year decrease of 11% [2] - The net profit for 2023A was 2.376 billion yuan, expected to decrease to 1.479 billion yuan in 2025E, with a year-on-year growth rate of 16% [2] - The earnings per share (EPS) is projected to rise from 0.61 yuan in 2024A to 0.79 yuan in 2026E [2] Business Development - The company is focusing on content specialization and the transformation of its publishing and distribution models, with a reported publishing revenue of 1.63 billion yuan in H1 2025 [5] - Shandong Publishing has launched new educational titles and is expanding its educational offerings, including the establishment of 20 cultural education centers across the province [5] - The company is also enhancing its digital education ecosystem through the development of a smart education platform [5] Cost Management - The report notes an increase in management expenses, with sales, management, and R&D expense ratios rising to 9.3%, 11.6%, and 0.2% respectively in H1 2025 [5] - The increase in management expenses is attributed to higher depreciation costs and a decline in revenue [5] Future Outlook - The company is expected to see a gradual recovery in its educational materials segment, with projected revenues for 2025-2027 being 10.425 billion yuan, 10.582 billion yuan, and 10.958 billion yuan respectively [5] - The net profit is projected to grow from 1.479 billion yuan in 2025E to 1.839 billion yuan in 2027E, indicating a positive long-term investment outlook [5][6]

Core Points - The "Book Fragrance Yangtze" Reading Week and Wuhan Book Fair will be held from September 19 to 21, 2025, at the Wuhan International Convention and Exhibition Center, featuring a unique integrated online and offline exhibition model [1][2] - The event aims to promote cultural development in the Yangtze Economic Belt and support the construction of a "Book Fragrant Hubei" [1] - Over 300 cultural activities will be organized during the event, creating a rich reading atmosphere across Hubei [1][2] Company and Industry Summary - Changjiang Publishing Media Group will showcase its publishing houses and 14 subsidiaries, presenting over a thousand quality works across various fields including thematic publishing, humanities, literature, and children's education [2] - The event will feature more than 40 cultural activities, highlighting the cultural strength and innovative achievements of Changjiang Publishing Media [2] - Key cultural activities include the "Reading Salon," new book launches, and the "Long River Good Books" recommendation event, aimed at enhancing reader engagement and promoting knowledge [2][4]

Group 1 - The company held a half-year performance briefing on September 16, 2025, to communicate with investors regarding their concerns [1] - Key executives, including the chairman and independent directors, participated in the interactive session to address investor inquiries [1] Group 2 - Investors raised concerns about the decline in accounts receivable, primarily attributed to a decrease in textbook and auxiliary income, and inquired about the outlook for the second half of the year [2] - The company acknowledged the importance of capital market performance and stated that any share buyback plans would be considered based on various factors, including market conditions and financial status [3][5] - The company is focusing on enhancing publishing quality, improving educational service capabilities, and digital transformation in response to declining birth rates and changes in the education market [3][4][6] Group 3 - The company has established an online service platform to integrate traditional and digital education services, aiming to transition from product sales to a comprehensive education service model [4] - The company is actively exploring new cultural and technological innovations to enhance its publishing quality and efficiency [4][6] - The company is also considering expanding into the silver-haired reading market and modern vocational education in response to demographic changes [6]

Core Viewpoint - Xinhua Wenhui Publishing Media Co., Ltd. announced the resignation of non-executive director Dai Weidong due to work adjustments, effective September 16, 2025 [1] Group 1: Company Announcement - Dai Weidong will no longer hold any positions within the company or its subsidiaries after his resignation [1] - The company reported its revenue composition for the first half of 2025, with publishing business accounting for 87.99%, publishing business for 23.16%, and other businesses for 3.73%, after deducting a consolidation offset of -16.48% [1] Group 2: Market Information - As of the announcement, the market capitalization of Xinhua Wenhui is 19.1 billion yuan [1]

Group 1 - The company provided a credit guarantee of 159,900 RMB for its wholly-owned subsidiary, Inner Mongolia Ordos Xinhua Bookstore Co., Ltd, to apply for a performance bond from the Industrial and Commercial Bank of China [1] - The guarantee period does not exceed 4 months and aims to support the subsidiary's business development, aligning with the company's overall interests and development strategy [1] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 159,900 RMB, which represents 0.01% of the company's most recent audited net assets, with no overdue guarantees [1]

Core Viewpoint - Rongxin Culture (301231) focuses on children's book planning and publishing, as well as the export of children's cultural products, with a strong emphasis on digital content and IP development [1] Group 1: Business Overview - The company's main business includes the planning and publishing of children's books and the export of children's cultural products [1] - The animated series based on the book IP "Lily Lan's Little Bug" has launched its first two seasons on Youku, introducing children to a wonderful natural world filled with friendship and growth [1] Group 2: Digital Services and Content Development - The Lelequ Reading Service Center offers children thousands of online digital resources, including audio-visual reading courses, interactive games, and animated series, enhancing their reading experience and fostering "invisible competitiveness" [1] - The company plans to increase investment in the development of animated series based on existing mature and classic IPs, while also promoting the digital transformation of current book content [1] - Future initiatives include developing new content reading guidance courses and interactive games to enhance digital service capabilities and drive content ecosystem upgrades [1]

Group 1 - The company Zhongnan Media (SH 601098) announced on September 14 that its sixth board meeting was held via communication, discussing the proposal for the reappointment of the accounting firm [1] - For the fiscal 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 date, Zhongnan Media has a market capitalization of 23.2 billion yuan [1]

北京商报记者了解到，本届书市设有13大主题专区，其中，"名社精品专区"和"特色书店专区"将集中展现社、店风采。中国出版集团旗下人民文学出版社、 生活·读书·新知三联书店、北京出版集团、中信出版集团等多家全国重点出版社，北京磨铁文化集团、中南博集天卷公司、后浪出版、读客文化等知名出版 机构将悉数亮相，共同呈现中国出版业的蓬勃活力与多元风貌。重点推出2025年最新获奖作品、上榜好书，如《到中国去》《昆仑约定》《故宫生活志》 等。 值得注意的是，作为北京文化消费促进行动的重点举措，本届书市将开展2025（秋季）北京书市惠民书香活动，向读者发放总额500万元的图书惠民券。为 最大化惠及读者，本次惠民券的发放聚焦不同人群服务需求，通过线上即时领券和线下纸质券定向发放相结合的形式，为大众读者、银发读者、中小学生及 残障人士打造"零门槛、高福利"的购书体验，进一步扩大全民阅读覆盖面，助力全民阅读的普及化向纵深迈进，让阅读成为人人可享、人人悦享的生活方 式。本次发放的惠民券包含"满100元减50元、满50元减20元、满30元减10元"三档面额，持券读者在领券当日购买图书时，可叠加享受"展位优惠+惠民券满 减"双重福利。 20 ...

9月12日至22日，2025"我与地坛"北京书市将在地坛公园举办。书市以"阅读，遇见更好的自己"为主题，全面升级 规模，主展场总面积约2万平方米，比去年增加2000平方米。 王府井书店特意为地坛书市设计的"地坛小鸽"首次亮相。新京报记者 浦峰 摄 推出中国人民抗日战争胜利80周年文创 主题出版专区亮点纷呈，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年专台呈现《烈火芳菲》《队伍 重 整山河》《北平抗日斗争群英荟》《北平抗日斗争文物故事》《魂兮归来-金一南讲抗日战争》等图书，再现中华 民族英勇不屈的抗争历程。该展区还应时推出中国人民抗日战争暨世界反法西斯战争胜利80周年文创产品，包括 邮品、徽章等。 在"名社精品专区"和"特色书店专区"，生活·读书·新知三联书店，北京出版集团、北京磨铁文化集团等著名出版 社、出版机构亮相，涵芬楼、风入松、钟书阁、PAGEONE、MPK黑胶、北京人艺戏剧等百家实体书店同台亮 相，带来多样化的阅读选择。 北京人艺戏剧书店负责人介绍，书店多次参与北京书市，深耕专业领域，带来一些北京人艺特色书，包括独家发 行的舞台艺术图书、编剧图书等，以及特色文创，包括《李白》演出33周年纪念产品 ...

2025"我与地坛"北京书市将于9月12日至22日在地坛公园举办。作为北京文化（000802）论坛会客厅常 态化活动，"我与地坛"北京书市已成为京城文化生活中最具人气的阅读品牌之一。 ...