（文章来源：证券日报） 证券日报网讯 9月26日晚间，山东出版发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.06元（含税），股权登记日为2025年10月10日，除权（息）日为2025年10月13日。 ...

Core Insights - The article discusses the perspective of economist Tyler Cowen on the food industry, emphasizing the availability of affordable and high-quality food options globally [1][4] - Cowen's book "What to Eat at Noon" explores the economics behind food choices and consumption patterns, aiming to reshape decision-making regarding food [1][3] Group 1: Economic Perspective on Food - Cowen believes that good food is often inexpensive and can be found nearby, challenging the notion that quality food must be expensive [4] - He argues that understanding the economics of food can empower consumers to make better choices and positively impact both national and international economies [4] Group 2: Food as a Market Product - Cowen views food as a result of market supply and demand, highlighting the commercialization and entrepreneurial spirit within the food industry [4] - He suggests that the best food options are found in places where suppliers are creative and consumers are well-informed [4]

Core Viewpoint - The recent revision of the articles of association by China Citic Publishing Group aims to enhance corporate governance and operational efficiency through adjustments in various clauses [1][2]. Group 1: Organizational Structure - The legal representative of the company will be elected by the board of directors, and the legal responsibilities and company recourse mechanisms for the legal representative have been clarified [1]. - The expression "within the city" in the business scope has been changed to "Beijing," and regulations regarding share issuance, capital increase, and share repurchase have been optimized [1]. Group 2: Responsibilities of Shareholders and Management - The term "other senior management personnel" has been simplified to "senior management personnel," with a clear definition of the scope [1]. - New regulations have been added regarding shareholders' rights and obligations, including compliance with laws for accessing company materials and handling disputes [1]. - The decision-making process for share repurchase has been detailed, and the responsibilities of controlling shareholders and actual controllers have been refined [1][2]. Group 3: Governance and Operational Procedures - Adjustments have been made to the powers of the shareholders' meeting, including conditions for convening, notification content, proposal requirements, and voting procedures [2]. - Revisions have been made to the board of directors regarding employee directors, establishment and responsibilities of special committees, and independent director systems [2]. - The hiring, responsibilities, and compensation liabilities of senior management have been further clarified, along with optimizations in financial accounting, profit distribution, and internal auditing procedures [2].

Group 1 - The core point of the article is that CITIC Publishing (SZ 300788) held a temporary board meeting on September 26, 2025, to review the proposal for revising the "Audit Committee Work Rules" [1] - For the first half of 2025, CITIC Publishing's revenue composition was as follows: 79.32% from book publishing and distribution, 18.68% from urban cultural space operations, 12.08% from digital services, and -10.07% from other businesses [1] - As of the report date, CITIC Publishing's market capitalization was 5.6 billion yuan [1] Group 2 - There is a growing trend in the insurance industry, with new insurance products experiencing a 33-fold growth over five years, attracting over 30 insurance companies to enter the market [1]

Group 1 - The company Shandong Publishing Media Co., Ltd. announced the implementation of its 2025 semi-annual profit distribution plan [1] - The profit distribution was approved at the second extraordinary general meeting of shareholders held on September 16, 2025 [1] - The total share capital is 2,086,900,000 shares, with a cash dividend of 0.06 yuan per share (including tax), totaling 125,214,000 yuan [1] Group 2 - The A-share equity registration date is set for October 10, 2025 [1] - The ex-dividend date and cash dividend payment date are both scheduled for October 13, 2025 [1]

Group 1 - The core point of the article is that Longban Media held its 36th board meeting on September 26, 2025, to discuss the revision of the audit committee's working rules [1] - For the fiscal year 2024, Longban Media's revenue composition is as follows: publishing segment accounts for 74.95%, publishing segment for 51.17%, printing segment for 11.52%, and other businesses for 3.62%, with inter-segment eliminations at -41.26% [1] - As of the report date, Longban Media has a market capitalization of 6.2 billion yuan [1]

Group 1 - The company, Century Tianhong, held its 12th board meeting on September 26, 2025, to review the proposal for amending the "Board Secretary Work Guidelines" [1] - For the first half of 2025, the revenue composition of Century Tianhong was as follows: 86.37% from educational auxiliary books, 7.86% from planning service fees, 3.11% from sales of cultural and educational products, 1.31% from other businesses, and 1.01% from consulting services [1] - As of the report date, Century Tianhong's market capitalization was 3.6 billion yuan [1] Group 2 - The insurance industry is experiencing significant growth, with new insurance products seeing a 33-fold increase over five years, attracting over 30 insurance companies to enter the market [1]

Market Overview - The publishing sector experienced a decline of 0.47% on September 26, with the Shanghai Composite Index closing at 3828.11, down 0.65%, and the Shenzhen Component Index closing at 13209.0, down 1.76% [1]. Individual Stock Performance - Guomai Culture led the decline with a significant drop of 13.91%, closing at 79.10 [2]. - Other notable declines included Zhongwen Online at -2.80% and China Science Publishing at -2.44% [2]. - Conversely, ST Huawen saw an increase of 4.65%, closing at 2.70, making it one of the few gainers in the sector [1]. Trading Volume and Capital Flow - The total trading volume for the publishing sector showed a net outflow of 25.94 million yuan from institutional investors, while retail investors saw a net inflow of 24.58 million yuan [2][3]. - The top stocks by net inflow from institutional investors included Zhongnan Media with 32.69 million yuan and Nanfang Media with 27.92 million yuan [3]. Summary of Key Stocks - ST Huawen: Closed at 2.70, up 4.65%, with a trading volume of 852,300 shares [1]. - Guomai Culture: Closed at 79.10, down 13.91%, with a trading volume of 179,600 shares [2]. - Zhongwen Online: Closed at 27.06, down 2.80%, with a trading volume of 480,900 shares [2].

Core Insights - The global publishing giants have transitioned from digital transformation to a new phase centered on artificial intelligence (AI), cloud platforms, and open access, focusing on business intelligence and integrated solutions to reshape the value chain and create new business moats [1] Group 1: Financial Performance - RELX reported a revenue of £4.741 billion (approximately ¥45.695 billion) for the first half of 2025, with a potential year-on-year growth of 7% and an adjusted operating profit of £1.652 billion (approximately ¥15.903 billion), also showing a potential growth of 9% [6][7] - Wolters Kluwer achieved a revenue of €3.052 billion (approximately ¥25.419 billion) for the first half of 2025, with a potential year-on-year growth of 5% and an adjusted operating profit of €865 million (approximately ¥7.204 billion), reflecting a 14% increase [11] - Springer Nature's revenue for the first half of 2025 was €926 million (approximately ¥7.715 billion), with a potential year-on-year growth of 6.2% and an adjusted operating profit of €241 million (approximately ¥2.008 billion), showing a potential growth of 9.8% [16][17] - Taylor & Francis reported a revenue of £3.29 billion (approximately ¥31.69 billion) for the first half of 2025, with a potential year-on-year growth of 11.9% and an adjusted operating profit of £110 million (approximately ¥1.06 billion), reflecting a potential growth of 17.8% [18] - Wiley's revenue for Q1 of FY2026 was $397 million (approximately ¥2.699 billion), a decrease from the previous year, but with an operating profit of $31 million, showing a 7% year-on-year increase [20] Group 2: Strategic Focus and Innovations - RELX has completed its transition from traditional print to digital publishing, with print revenue now accounting for only 4% of total revenue, and is focusing on personalized customer needs [8] - Wolters Kluwer is emphasizing cloud-based expert solutions, with 59% of total revenue coming from expert solutions, and is integrating generative AI technology into its product platforms [12] - Springer Nature is leading in open access business, with a significant increase in the number of articles published in fully open access journals, and has completed nearly all contract renewals for 2025 [17] - Taylor & Francis is accelerating the application of AI technology in publishing, including translating books into English to reduce costs and enhance international dissemination [18] - Wiley is focusing on content licensing and AI model training, with a significant increase in AI-related revenue and partnerships with leading tech companies to enhance its AI capabilities [21][22]

Core Viewpoint - China Science Publishing & Media Co., Ltd. (CSPM) has experienced a decline in stock price and trading activity, with a notable drop in net capital inflow, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - For the first half of 2025, CSPM reported a revenue of 1.253 billion yuan, reflecting a year-on-year growth of 2.38% [2]. - The net profit attributable to shareholders for the same period was 190 million yuan, showing a significant year-on-year increase of 35.76% [2]. Stock Performance - As of September 26, CSPM's stock price was 19.63 yuan per share, down 2.09% for the day, with a total market capitalization of 15.518 billion yuan [1]. - Year-to-date, the stock has decreased by 2.37%, with a 3.16% drop over the last five trading days and an 8.82% decline over the past 20 days [1]. Shareholder Information - As of June 30, 2025, CSPM had 50,300 shareholders, an increase of 5.81% from the previous period [2]. - The average number of circulating shares per shareholder was 15,716, which decreased by 5.50% compared to the previous period [2]. Dividend Distribution - CSPM has distributed a total of 1.446 billion yuan in dividends since its A-share listing, with 642 million yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, the top circulating shareholder was the Southern CSI 500 ETF, holding 2.311 million shares, an increase of 352,400 shares from the previous period [3]. - Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 2.2932 million shares, a decrease of 550,700 shares [3]. - The Guangfa CSI Media ETF Connect A was a new entrant among the top ten circulating shareholders, holding 611,100 shares [3].