Core Insights - The report by Zhiyan Consulting highlights the current state and development potential of the Chinese electronic magazine industry from 2025 to 2031 [1] Industry Overview - In the first half of 2025, the total number of subscribed magazines in China reached 30,403.7 million copies, reflecting a decline of 6.3% [1] - In June 2025, the number of subscribed magazines was 5,055.2 million copies, showing a year-on-year decrease of 4.1% but a quarter-on-quarter increase of 3.5% [1] Statistical Data - The report includes statistical charts detailing the number of subscribed magazines from 2020 to the first half of 2025, sourced from the National Bureau of Statistics [1] - Year-on-year growth statistics for the total number of subscribed magazines over the past year are also presented, with data sourced from the National Bureau of Statistics [1]

Summary of Conference Call Records Industry Overview - The conference call discusses the **media and internet industry** in 2025, highlighting ongoing recovery and accelerated differentiation within the sector [1][2]. Key Points and Arguments Game Sector Performance - The **game sector** showed remarkable performance in the first half of 2025, with mobile game revenue growth nearing **20%**, driven by increased game license approvals and a new game cycle [1][2][3]. - **Huatuo** reported a **26%** year-on-year growth for its product **Kingsoft**, achieving nearly **$100 million** in revenue. Despite initial performance drag from the domestic version "Dream Kingdom," the company expects a profit of **27 billion RMB** in 2025 and **80-100 billion RMB** in 2026, indicating a two-year compound growth rate of **100%** [1][5]. - **Giant Network** plans to launch new games "Famous General Kill" and "Five Thousand Years" in Q4, with existing product "Supernatural" expected to generate **22-23 billion RMB** in revenue for the year, potentially reaching **35-40 billion RMB** next year [1][5]. Revenue and Orders - The company signed three orders in July and August totaling **4.5 billion RMB**, surpassing half of last year's total revenue, indicating significant progress in integrating **Legend Box** [1][7]. - The **open-world game** from **Perfect World** is anticipated to launch in Q1 2026, with a potential annual revenue of **50 billion RMB**, which could significantly boost next year's performance [1][9][10]. Policy and Market Dynamics - The increase in game license approvals has synchronized market demand and supply growth. The new game cycle began in late May or June, with expectations for acceleration in Q3 [4]. - The **21 policies** from the broadcasting authority are beneficial for platform and production sides, with **Mango Super Media** being a key beneficiary due to improved advertising performance [12]. Other Notable Companies - **Kain** and **Perfect World** are also recommended for long-term investment, with Kain's IP games "Tomb Raider" and "Douluo" expected to launch next year [6]. - **Xindong**'s upcoming domestic version of "Ys" is seen as a significant growth factor, with the company achieving unexpected growth due to increased game licenses and AI integration [11]. Advertising and AI Integration - **Kuaishou** is rapidly developing in the AI video sector, enhancing marketing efficiency and reducing costs, making it a recommended company [13]. - **Dianzi Media** achieved an **18%** growth in Q2, driven by effective integration and new initiatives, with future revenue expectations significantly raised [14]. - **Yidian Tianxia** reported over **30%** revenue growth in Q2, with programmatic advertising growing by **60%** and operating profit increasing by **95%** [15]. Film and Publishing Sectors - The **film industry** is performing well, with box office revenues exceeding **400 billion RMB** this year, indicating a strong recovery [16]. - The **publishing sector** is seeing stable growth, particularly in IP-based publications, with companies like **Guomai Culture** and **Rongxin Culture** showing significant potential [17]. Conclusion - The media and internet industry is experiencing a robust recovery, particularly in the gaming sector, with several companies poised for significant growth driven by new product launches and favorable policies. Investors are encouraged to monitor key players and emerging opportunities within this dynamic landscape.

Core Points - The company held a shareholders' meeting on September 16, 2025, with all procedures and voting methods compliant with relevant laws and regulations [2][5]. - The meeting was chaired by the company's chairman, Zhang Dongping, and attended by all seven current directors [2][4]. - A key resolution to amend certain provisions of the company's articles of association was passed with over two-thirds of the voting rights in favor [3][5]. Group 1 - The shareholders' meeting adopted a combination of on-site and online voting methods [2]. - The meeting was legally witnessed by Beijing Yingke (Shenyang) Law Firm, with lawyers present to ensure compliance [4]. - The resolution passed at the meeting is considered legally valid and effective under applicable laws [5].

Meeting Overview - The shareholders' meeting was held on September 16, 2025, at the company's office in Jinan [1] - The meeting was chaired by the company's chairman, Liu Wenqiang, and utilized a combination of on-site and online voting methods [1][2] - Attendance included 4 out of 6 current directors, 3 out of 4 supervisors, and the company secretary [2] Resolutions Passed - The election of Li Tao as a director of the fourth board was approved [2] - The profit distribution plan for the first half of 2025 was approved [2] - Amendments to the company's articles of association and organizational structure were approved [3] - The reappointment of the financial and internal control auditing firm for 2025 was approved [3] Voting and Legal Compliance - The resolutions were significant matters affecting minority shareholders, and separate voting was conducted for them [3] - The special resolution regarding the amendments to the articles of association received more than two-thirds approval from the voting shareholders [3] - The legal firm Guohao (Jinan) provided witness services and confirmed the legality of the meeting's procedures and voting results [3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 戴卫东先生已按照公司相关管理规定做好工作交接，公司对戴卫东先生在任职期内为本公司发展所做出 的贡献表示衷心感谢。 特此公告。 新华文轩出版传媒股份有限公司董事会 2025年9月16日 注：鉴于公司董事会、监事会换届工作尚在筹备中，为保证相关工作的连续性及稳定性，公司董事会、 监事会的换届工作将适当延期，公司董事会及其专门委员会、监事会、高级管理人员的任期亦将相应顺 延。详见公司于2025年1月23日披露于上海证券交易所网站（www.sse.com.cn）的《新华文轩关于董事 会、监事会延期换届的公告》（公告编号：2025-002）。 二、离任对公司的影响 戴卫东先生的辞任不会导致公司董事低于法定人数，不会对公司董事会运作及公司经营管理造成影响。 根据《中华人民共和国公司法》以及《新华文轩出版传媒股份有限公司章程》的相关规定，戴卫东先生 的辞任自辞任函送达公司之日起生效。后续公司将按照法定程序补选董事及董事会战略与投资委员会委 员。戴卫东先生与公司董事会及管理层之间并无任何意见分歧 ...

Meeting Overview - The second extraordinary general meeting of shareholders was held on September 16, 2025, at the company's headquarters in Jinan [1] - The meeting was chaired by the company's chairman, Liu Wenqiang, and utilized a combination of on-site and online voting methods [1] Attendance - Out of 6 current directors, 4 attended the meeting, with 2 directors authorizing others to represent them [2] - 3 out of 4 current supervisors attended, while the chairman of the supervisory board was absent [2] - The company secretary and several senior management personnel were present at the meeting [2] Resolutions Passed - The following resolutions were approved during the meeting: 1. Election of Li Tao as a director of the fourth board of directors [3] 2. Approval of the 2025 semi-annual profit distribution plan [3] 3. Revision of the company's articles of association and corresponding adjustments to the organizational structure [4] 4. Renewal of the financial and internal control audit institution for 2025 [4] - The third resolution was a special resolution, requiring more than two-thirds approval from the voting shareholders [4] Legal Verification - The meeting was witnessed by lawyers from Guohao Law Firm (Jinan), who confirmed that the meeting's procedures complied with legal and regulatory requirements [4]

证券代码：601858 证券简称：中国科传 公告编号：2025-053 一、会议召开和出席情况 (一)股东大会召开的时间：2025年9月16日 (二)股东大会召开的地点：北京市东城区东黄城根北街16号四合院文津厅 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： ■ 中国科技出版传媒股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场会议和网络投票相结合的方式召开，由公司董事长胡华强先生主持 会议，公司部分董事、监事以及董事会秘书出席了会议，公司部分高级管理人员列席了本次会议，北京 德恒律师事务所的添先进、陈冬律师列席了本次会议。本次会议的召开及表决方式符合《中华人民共和 国公司法》《上海证券交易所股票上市规则》《上市公司股东会规则》等法律法规以及《中国科技出版 传媒股份有限公司章程》的规定。 (五)公司董事、 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's net profit attributable to the parent company has shown stable growth, supported by tax incentives, despite fluctuations in revenue due to declines in book and educational equipment sales [4][5] - The company is actively advancing its diversified business operations, including efficient textbook distribution and transformation in general book publishing [4] - The education sector is diversifying, with the company enhancing its online education platform and developing digital learning experiences for children [4] - The company is also expanding into supply chain logistics and gaming, with significant developments in smart warehousing and game publishing [4] Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 4.59 billion yuan, a decrease of 11.9% year-on-year, while the net profit attributable to the parent company was 680 million yuan, an increase of 17.2% [4] - The company's revenue for 2025 is projected to be 10.01 billion yuan, with a year-on-year decline of 6.85%, while net profit is expected to be 838 million yuan, reflecting an 18.8% increase [5] Business Operations - Textbook revenue reached 670 million yuan in H1 2025, with a gross margin of 25%, and the company successfully distributed 180 million textbooks [4] - The company is enhancing its digital platforms and has seen a 5.2 percentage point increase in the rate of educational support materials [4] - In the gaming sector, the company is entering the console game publishing market, successfully launching the PS5 version of "Black Myth: Wukong" [4] Cost Management - The overall expense ratios remained stable, with sales, management, and R&D expense ratios reported at 6.6%, 5.4%, and 0.2% respectively in H1 2025 [4] - The decrease in sales expense ratio was attributed to lower personnel costs and reduced promotional expenses [4] Valuation and Forecast - The company's valuation for 2025-2027 is projected at P/E ratios of 15.7x, 15.3x, and 14.7x respectively, indicating a stable long-term investment value [5]

Core Points - The publishing sector experienced a slight decline of 0.03% on September 16, with major losses led by Guangdong Media [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Publishing Sector Performance - Notable gainers in the publishing sector included: - Tianzhou Culture (300148) with a closing price of 5.22, up 3.78% and a trading volume of 767,000 shares, totaling 394 million yuan [1] - Xinhua Wenhui (601811) closed at 15.52, up 3.12% with a trading volume of 97,600 shares, totaling 151 million yuan [1] - Guomai Culture (301052) closed at 69.94, up 2.99% with a trading volume of 72,200 shares, totaling 503 million yuan [1] - Major decliners included: - Guangdong Media (002181) closed at 8.54, down 5.53% with a trading volume of 1,277,900 shares, totaling 1.106 billion yuan [2] - Zhongyuan Media (000719) closed at 12.11, down 1.46% with a trading volume of 71,200 shares, totaling 86.4937 million yuan [2] - Zhongnan Media (601098) closed at 12.58, down 1.10% with a trading volume of 127,800 shares, totaling 161 million yuan [2] Capital Flow Analysis - The publishing sector saw a net outflow of 44.20 million yuan from institutional investors, while retail investors contributed a net inflow of 82.39 million yuan [2] - Key stocks with significant capital flow included: - Zhongwen Online (300364) had a net inflow of 69.01 million yuan from institutional investors, but a net outflow of 74.83 million yuan from retail investors [3] - Tianzhou Culture (300148) experienced a net inflow of 31.57 million yuan from institutional investors, but a net outflow of 13.19 million yuan from retail investors [3] - Xinhua Wenhui (601811) had a net inflow of 23.92 million yuan from institutional investors, with a net outflow of 25.90 million yuan from retail investors [3]

Group 1 - The "Book Fragrance Yangtze" Reading Week will be held in Wuhan from September 19 to 21, featuring a total of 5 million yuan in benefit vouchers [1] - This event is part of the "2025 Yangtze Cultural and Art Season" and aims to promote reading and cultural exchange through various activities [1][2] - Over 400 publishing and distribution units will showcase more than 70,000 quality books, alongside nearly 10,000 unique cultural products from over 100 creative units [1][2] Group 2 - The event will include more than 300 cultural activities, such as reading salons and conferences focused on the high-quality development of the publishing industry [1][2] - A cross-regional cultural exchange platform will be established, linking publishing and cultural units along the Yangtze River to promote Yangtze culture [2] - The event will feature over 80 renowned scholars and authors who will conduct new book releases and cultural lectures for various reader groups [2]