Core Viewpoint - New Classics (603096) reported a decline in both revenue and net profit for the year 2024, indicating challenges in the book industry and the need for transformation [2][15]. Financial Performance Overview - Total revenue for 2024 was 821 million yuan, a decrease of 8.89% year-on-year [2] - Net profit attributable to shareholders was 127 million yuan, down 20.87% year-on-year [2] - Non-recurring net profit was 107 million yuan, a decline of 23.26% year-on-year [2] - Q4 performance was particularly poor, with total revenue of 181 million yuan, down 25.69% year-on-year [2] - Q4 net profit was -31,320 yuan, a decrease of 101.01% year-on-year [2] - Q4 non-recurring net profit was -5.48 million yuan, down 121.7% year-on-year [2] Key Financial Metrics - Gross margin was 47.2%, a decrease of 3.04% year-on-year [3] - Net margin was 15.71%, down 12.9% year-on-year [4] - Earnings per share were 0.78 yuan, a decline of 20.54% year-on-year [5] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 231 million yuan, accounting for 28.11% of revenue, an increase of 6.75% year-on-year [6] - Financial expenses decreased by 80.26% year-on-year due to increased interest income from bank deposits [7] Cash Flow and Asset Status - Operating cash flow per share was 0.24 yuan, down 77.43% year-on-year [8] - Cash and cash equivalents were 148 million yuan, a decrease of 49.55% year-on-year, primarily due to the purchase of long-term deposits and share buybacks [8] - Accounts receivable stood at 101 million yuan, representing 80.15% of net profit, indicating a need to monitor collection [9] Business Composition Analysis - Revenue from physical books was 746 million yuan, accounting for 90.90% of total revenue, with a gross margin of 45.18% [10] - Digital content revenue was 47.97 million yuan, making up 5.85% of total revenue, with a gross margin of 72.07% [11] - Copyright operations generated 19.07 million yuan, accounting for 2.32% of total revenue, with a gross margin of 52.62% [12] Regional Distribution - Domestic revenue was 690 million yuan, accounting for 84.12% of total revenue, with a gross margin of 47.19% [13] - Overseas revenue was 123 million yuan, making up 14.95% of total revenue, with a gross margin of 45.55% [14] Development Review and Outlook - The book industry is facing challenges such as channel restructuring, traffic differentiation, and technological innovation, marking a critical phase of transformation [15] - The company aims to enhance quality content supply and operations, update marketing systems, and improve sales channel management to navigate these challenges [16]

图书零售市场整体呈现负增长，新经典（603096）去年业绩显著下挫。 新经典4月22日晚间发布2024年年报，2024年公司营业收入8.21亿元，同比减少8.89%；净利润1.27亿 元，同比减少20.87%。 2024年，图书行业面临渠道重塑、流量分化、技术革新等多重挑战，进入转型变革的关键阶段。就去年 业绩下挫，新经典表示，公司业绩受到图书市场消费需求特别是对非刚需品类的需求疲软影响，此外， 海外业务在2024年聚焦优化调整，对现有产品线评估并调整出版计划，加大了对滞销库存的处置，亏损 同比增幅加大。 海外业务方面，2024年海外业务聚焦优化调整，随着海外业务发展初期签约选题陆续上市，公司以数据 为依据，结合海外市场发展趋势，客观评估各个业务单元的产品表现和发展潜力，推进部分产品线的整 合，加大了对滞销库存的处置力度，同时转让了法国菲利普·毕吉耶出版社股权，以上举措对报告期内 的营收和利润表现带来一定压力，报告期内，新经典海外业务实现营收1.23亿元，同比减少9.40%，海 外业务净利润-2159.77万元，亏损同比增加51.41%。 图书策划与发行方面，2024年新经典国内图书策划与发行业务实现营业收入 ...

7 播 客 厂 播 客 厂 牌 声 动 活 泼 原 创 内 容 图书出版的价格困境: 成本、定价与营销 打破惯性思维 深入反直觉的商业科技世界 澎湃新闻的报道指出，近年来新书的定价在大幅上涨。图书行业机构北京开卷的数据显示，从 1999 年到 2024 年，国内新书的平均定价从 20 元左右上涨到了 65 元，在 25 年间翻了 3 倍多。这个增长幅度超过了纸张价格 和整体物价的涨幅，说明 图书行业的产品定价增长比其他行业更加明显。 然而，新书定价上涨的同时，出版企业的业绩却在变差。根据出版人杂志的统计，国内共有 28 家上市出版发 行企业，包括我们熟知的中信出版、凤凰传媒，以及新华书店旗下的新华文轩等。2024 年前三季度，这 28 家 公司中，16 家营收出现下滑，净利润下滑的企业更是多达 24 家。值得注意的是，这些企业本身净利润规模也 比较小，超过 3 成公司的净利润都不超过 1 亿元，其中还有 3 家处于亏损状态。可以说， 「日子不好过」几 乎成了出版行业的共同困境。 出版人杂志的分析指出，出版公司业绩不佳最直接的原因，是大家都不爱看纸质书了。庞大的工作压力、各式 各样的线上娱乐平台，使得越来越少有 ...

Core Viewpoint - The pricing of new books in China has significantly increased over the past 25 years, with average prices rising from around 20 yuan to 65 yuan, more than tripling, while the performance of publishing companies has deteriorated, indicating a disconnect between pricing and profitability in the industry [1][2]. Group 1: Pricing Trends - The average price of new books in China has increased from approximately 20 yuan in 1999 to 65 yuan in 2024, reflecting a growth rate that surpasses that of paper prices and overall inflation [1]. - The retail market for books in China is projected to reach 112.9 billion yuan in 2024, showing a year-on-year decline of 1.52%, with non-educational books experiencing a more significant drop [2]. Group 2: Declining Sales and Profitability - In the first three quarters of 2024, 16 out of 28 listed publishing companies reported revenue declines, and 24 companies saw net profit decreases, highlighting a widespread struggle within the industry [1][2]. - Over 30% of these companies have net profits of less than 100 million yuan, with three companies operating at a loss [1]. Group 3: Changing Consumer Behavior - The average adult reader in China read less than 5 physical books in 2023, compared to around 12 books in Japan and the United States, indicating a decline in interest in physical reading materials [2]. - The shift towards online entertainment and increased work pressure has contributed to a decrease in deep reading habits among consumers [2]. Group 4: Rising Costs - The costs associated with book publishing are rising, with direct costs (printing and royalties), indirect costs, and period expenses now accounting for 40-50% of book pricing [2][3]. - The price of cultural paper has fluctuated upwards, with major paper companies announcing price increases of 500 yuan per ton in early 2023 [2]. Group 5: Copyright and Market Dynamics - The increasing dominance of top-selling books has led to higher royalty rates, with some authors receiving over 15% in royalties compared to the traditional 7-8% [3]. - Less than 4% of new books sold over 5,000 copies in the first six months, with nearly 85% selling fewer than 500 copies, indicating a significant challenge in achieving economies of scale [3]. Group 6: Impact of E-commerce - The rise of e-commerce has shifted book sales from physical stores to online platforms, where aggressive discounting has diminished the perceived value of books [4]. - Nearly 50% of private bookstores have closed in the past decade, as publishers lose bargaining power against major e-commerce platforms [4]. Group 7: Content Marketing and Sales Strategies - The increasing reliance on online sales channels has led to a focus on creating viral content and engaging marketing strategies to boost book sales [5][7]. - Despite the high costs associated with live-streaming sales, publishers continue to invest in this area for potential long-term benefits, although immediate profitability remains elusive [5]. Group 8: Regulatory Environment - Unlike many countries that have price protection laws for books, China lacks such regulations, forcing publishers to raise prices to maintain profitability amid constant discounting [6].

Market Overview - The three major indices experienced slight declines, with the Shanghai Composite Index down by 0.25%, the Shenzhen Component down by 0.38%, and the ChiNext Index down by 0.4% [1] - The total trading volume in the Shanghai and Shenzhen markets was 873.1 billion, a decrease of 87.5 billion compared to the previous trading day [1] Sector Performance - The tourism sector showed resilience, with stocks like Emei Mountain A and Zhangjiajie hitting the daily limit [1][2] - The cyclical sectors, particularly non-ferrous metals, were active, with Electric Alloy reaching the daily limit [1][4] - The robotics and computing power sectors continued to adjust, with several stocks hitting the daily limit down [1][9] Individual Stock Highlights - Emei Mountain A rose by 10.01%, Zhangjiajie increased by 10.04%, and Dalian Shengya gained 9.99% [2][16] - Electric Alloy surged by 20.00%, while North Copper and New Weiling also saw significant gains [4][19] - The number of stocks hitting the daily limit was 32, with a 44% limit-up rate [1] Travel Trends - Recent reports from online travel platforms indicate a rise in travel enthusiasm for the Qingming holiday, with short-distance trips being the primary focus [3] - Major cities like Beijing, Shanghai, and Guangzhou are seeing increased travel activity, particularly in the surrounding areas [3] Commodity Prices - International copper prices have been rising, with COMEX copper futures reaching a new high of $5.1490 per pound and LME copper prices exceeding $10,000 per ton [5][19] - The closure of a major production facility in Rotterdam by global chemical giants is expected to impact the chemical sector significantly [7][14]