Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Views - The company is well-positioned in Guangdong, with a solid main business and active expansion into new sectors, particularly in AI and digital education [6][9]. - The company is expected to achieve stable revenue growth driven by its core educational materials business, supported by the demographic advantages of Guangdong province [6][9]. - The target market capitalization is set at 15.7 billion, with projected revenue and net profit growth over the next few years [6][7]. Financial Data and Profit Forecast - Total revenue is projected to reach 98.06 billion, 104.95 billion, and 112.42 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7% [5][7]. - The net profit attributable to shareholders is expected to be 11.30 billion, 12.15 billion, and 13.08 billion for the same years, with growth rates of 39%, 8%, and 8% respectively [5][7]. - The earnings per share are forecasted to be 1.28, 1.38, and 1.48 for 2025, 2026, and 2027 [5][7]. Company Overview - The company, established in 2009, is a key player in the publishing and distribution sector in Guangdong, inheriting assets from the Guangdong Publishing Group [6][14]. - It is a state-owned enterprise with a stable management team and a significant market share in educational materials [6][16][19]. Educational Materials Business - The educational materials sector is characterized by high entry barriers and stable market dynamics, with the company being the only legal entity for K-12 textbook distribution in Guangdong [6][41]. - The company benefits from a growing student population in Guangdong, which supports the demand for educational materials [6][47]. AI and Digital Education Initiatives - The company is actively developing AI-driven educational products and digital platforms, enhancing its service capabilities in the education sector [6][57]. - Notable projects include the "Yuejiao Xiangyun" digital textbook platform and various AI educational tools in collaboration with major tech firms [6][57]. Shareholder Returns - The company has a history of stable dividends and plans to enhance shareholder returns through share buybacks and consistent profit distribution [6][37].

Core Insights - Guomai Culture has established a cultural industry fund in collaboration with CICC Capital and Hengqin Guangdong-Macao Deep Cooperation Zone Industrial Investment Fund, with an investment amount of approximately 200 million yuan [1] - The publishing industry in China is undergoing a strategic transformation from a "paper-dominated medium" to a "full-media content ecosystem," driven by the digital technology revolution and cultural consumption upgrades [1] - The Chinese publishing market is projected to maintain a steady annual growth rate of 5.2%, with the market size expected to exceed 320 billion yuan in 2024 and potentially surpass 500 billion yuan by 2030 [1] Company Overview - Guomai Culture has embraced the internet and new media, creating a unique "publishing + internet" business model that focuses on publishing valuable and beautiful books while leveraging internet-driven content development [2] - In 2024, Guomai Culture reported a revenue of 582 million yuan, a year-on-year increase of 21.76%, and continued strong growth into Q1 2025 with a revenue of 124 million yuan, up 33.14% year-on-year [2] - The company has developed a matrix of over 143 internet products across platforms like WeChat, Weibo, Douyin, and Xiaohongshu, achieving a user base growth from 90.08 million at the end of 2023 to 99 million by the end of 2024, a 9.90% increase [3] Technological Advancements - Guomai Culture is actively investing in AI technology, having developed the "AI Proofreading King" product, which automates proofreading processes and enhances efficiency in the publishing industry [4] - The self-developed large language model "Pyramid" has been successfully registered with the Cyberspace Administration of China, marking it as the only large model developed and registered by a publishing company [4] New Business Ventures - In 2023, Guomai Culture entered the animation sector, with the animated film "The Stars of the Three Kingdoms 1" set to release in 2025, leveraging partnerships with leading media companies to enhance market penetration [5] - The company aims to establish a second growth curve through this venture, focusing on unique content and leveraging industry resources for long-term development [5] Strategic Goals - Guomai Culture's strategic plan for 2025 includes consolidating its publishing business, adding 500 new titles, and accelerating the deployment of new businesses like "AI Proofreading King" [6] - The company aims for a transformation towards industrialization and intelligence in publishing, utilizing AI to enhance processes across proofreading, translation, and marketing [6][7] - The long-term vision includes extending into film and IP derivatives, creating a comprehensive cultural ecosystem that balances social value and commercial efficiency [7]

Group 1 - The 9th Inner Mongolia Cultural Industry Expo opened in Hohhot, themed "Creative North Border, Intelligent Cultural Heritage" [1] - Inner Mongolia Xinhua Publishing Group showcased a variety of cultural activities, becoming a highlight of the expo and enhancing the cultural atmosphere in the region [1][11] - The expo featured five main display areas: themed publications, digital integration, quality books, "Inner Mongolia Xinhua Selected" cultural products, and achievements in national reading promotion [3] Group 2 - The themed publications area highlighted significant works, including those related to Xi Jinping's thoughts and commemorative publications for historical events [3] - The digital integration area showcased projects like a new retail live streaming base and an online book purchasing platform, emphasizing the convenience of digital reading and cultural consumption [5] - The quality books area presented nearly 100,000 premium books in collaboration with over 100 publishers, catering to diverse reading needs across different age groups [7] Group 3 - The "Inner Mongolia Reading" area demonstrated the group's achievements in cultural promotion and its ongoing efforts in education services, cultural consumption, and modern logistics [9] - Various public welfare activities were displayed, including initiatives aimed at promoting reading and cultural heritage in the region [9] - The expo also featured popular reading events and author discussions, enhancing community engagement and cultural exchange [11] Group 4 - Inner Mongolia Xinhua Publishing Group offered significant discounts and promotions during the expo, encouraging book purchases and participation in cultural activities [11] - The group aims to revitalize reading and cultural engagement through diverse products and services, contributing to the cultural development of Inner Mongolia [11]

Core Points - The 2025 Shanghai Book Fair will take place from August 13 to 19, featuring a "dual main venue + X + N" model, with the main venue covering approximately 42,000 square meters [1] - Hunan Province will be the guest province for this year's book fair, enhancing regional representation [1] - The event will introduce a ticketed entry for the Shanghai Exhibition Center while allowing free access to the Shanghai Book City [1] - The fair aims to integrate cultural, tourism, and commercial elements, launching initiatives like the "Reading Night Market" and "Book Fair Day Tours" to stimulate consumer spending [1] - Multiple "X" sub-venues will be established across the city, including district-level venues and unique locations like bookstores and libraries, promoting a rich literary atmosphere [1] - The event will leverage community centers to enhance accessibility and engagement, focusing on selected locations with strong community ties [1] Innovations - The book fair will introduce six new initiatives, including the "Five Major Libraries" book shelves under the Shanghai Philosophy and Social Science Innovation Project [2] - A national invitation exhibition titled "Old Books, New Knowledge" will be held for the first time, showcasing the importance of historical literature [2] - A dedicated exhibition area for brand physical bookstores in the Yangtze River Delta will be established, promoting regional literary businesses [2] - The fair will issue reading vouchers to promote public engagement and accessibility [2] - The integration of artificial intelligence in book content transformation and promotional activities will enhance the technological aspect of the event [2]

Group 1 - Qingdao Guoxin Development Group Co., Ltd. announced a change in general manager, with Jiang Luqing being removed from his position as general manager and director [1] - The company stated that the position of general manager is temporarily vacant and will be filled after relevant procedures are completed [1] - Jiang Luqing has a background in various governmental roles, including positions in urban construction and airport management [1] Group 2 - Qingdao Huaton State-owned Capital Investment Operation Group Co., Ltd. also announced personnel changes, removing Wang Yongli as chairman and Zhang Wei as general manager, while appointing Jiang Luqing as chairman and Sun Mingming as general manager [3] - Sun Mingming has a long tenure at Huaton Group, previously serving as assistant to the general manager and in various leadership roles [3] - Qingdao Publishing Group Co., Ltd. announced that Liu Guang no longer serves as general manager and director due to job relocation [3] Group 3 - Guoxin Group is a state-owned enterprise authorized by the Qingdao Municipal Government, focusing on operating state-owned capital, managing state-owned equity, and engaging in investment and asset management [3] - In 2023, Guoxin Group implemented strategic restructuring and professional integration, aiming to reshape the industrial landscape and activate new economic growth drivers [4] - The group has established Qingdao Ocean Group, focusing on modern marine fisheries, marine biomedicine, and shipping logistics, and aims to become a leading enterprise in regional marine industries [4] Group 4 - Huaton Group is a pilot enterprise for the reform of state-owned capital investment and operation, focusing on intelligent advanced manufacturing, capital operation, and industrial park development [4] - The group is developing a four-in-one operational model that includes industry, parks, funds, and financial services, aiming to create a professional platform for market-oriented operation of state-owned capital [4] - Qingdao Publishing Group, established in 1987, has transformed into a wholly state-owned company with various business segments, including publishing, media, and investment [5]

Core Viewpoint - The 15th Jiangsu Book Fair is being held in Suzhou, featuring over 400 publishing units and more than 500 suppliers, showcasing over 100,000 publications across various genres, and promoting reading culture through numerous activities [1][2][3] Group 1: Event Overview - The book fair lasts for 5 days and includes the China Publishing Association's 2025 Collection Book Exhibition and the National Children's Book Trade Fair [1] - The theme of the fair is "Book Fragrance Converges in Suzhou, Reading Joys Compete First," emphasizing a reader-centric approach and cultural promotion [1][2] Group 2: Activities and Features - The fair features over 190 reading promotion activities and collaborates with more than 220 physical bookstores across the province for reading promotion and book sales [1][2] - New features include the "Old Books New Knowledge" exhibition area and various interactive activities such as "Stamp Collection" [2][3] - Notable authors are invited for reading promotion activities, enhancing reader engagement and book selection [2][3] Group 3: Online and Offline Integration - The fair emphasizes online and offline integration, with discounts available on various platforms, including Tmall and JD, and live streaming sales at the venue [3] - A total of 12 live streaming rooms are set up at the fair to boost book sales [3] - The event also includes the launch of the 2025 Provincial Youth Reading Activities and the first session of the "Book Fragrance China·National Reading Lecture Hall" [3]

Core Points - The 15th Jiangsu Book Fair is being held in Suzhou, featuring over 400 publishing units and more than 100,000 publications [1][2] - The theme of this year's book fair is "Book Fragrance Converges with Su Rhythm, Reading Brings Joy," focusing on promoting reading culture and enhancing consumer engagement in the publishing industry [2][3] - The event includes various activities such as book launches, reading sharing sessions, and exhibitions that highlight local culture and literature [3][4] Group 1 - The book fair emphasizes reader-centered services and promotes new reading trends, with over 190 reading promotion activities planned [1][3] - A special focus is placed on showcasing books related to Xi Jinping's thoughts and the high-quality development of Jiangsu's economy and culture [2][3] - The fair features a variety of themed exhibitions, including a special area for "Old Books, New Knowledge" and a "Cultural Life Quality Exhibition" [3][4] Group 2 - The event aims to enhance the reputation of "Su Edition" books by showcasing local authors and award-winning titles [4] - The fair includes a series of professional exhibitions and experiential activities related to books, such as photo exhibitions and literary showcases [3][4] - Notable authors and cultural figures are participating in the event to promote good books and engage with readers [3]

Core Viewpoint - The 10th Non-Book Product Management Seminar, co-hosted by China Publishing Media Business News and Jiangxi Xinhua Distribution Group, took place in Nanchang, focusing on the development and innovation of non-book products in the publishing industry [4][5]. Group 1: Event Overview - The seminar attracted over 100 attendees, including key figures from various Xinhua bookstores and more than 10 suppliers from the industry [3]. - The event aimed to share experiences and explore new paths and models for non-book product management in the publishing sector [4]. Group 2: Jiangxi Xinhua Distribution Group Initiatives - Jiangxi Xinhua Distribution Group has been actively developing diverse products and projects, leveraging local cultural resources, such as the "My Jinggang Journey" educational brand and the "Tao Xiaoxin" cultural brand [4]. - The group has also launched various products inspired by local culture, including "Xinhua Collection" and "Three Red Three Green" Gan tea [4]. Group 3: Seminar Highlights - The seminar featured discussions on industry trends, operational practices, and innovative educational projects, with contributions from experts across different regions [5]. - The event also announced awards for outstanding individuals, teams, and innovative projects in the non-book product management sector, generating significant industry interest [4][5]. Group 4: Awards and Recognitions - The seminar recognized several categories, including outstanding leaders, gold medal teams, exemplary stores, and innovative operating units, highlighting the achievements within the industry [4][5].

Core Viewpoint - The article highlights the transformation and innovation of the Strait Publishing and Distribution Group, focusing on its efforts to promote reading culture through various initiatives, including the upgrade of physical bookstores and the development of digital reading platforms. Group 1: Transformation and Upgrading of Physical Bookstores - The 2025 Strait Reader Carnival is being held from June 12 to July 31, featuring activities like book exhibitions and author interactions across various bookstores [2] - The Xinhua Bookstore in Xiamen has transformed a third of its space into a "Xinhua Thinking and Sharing Space," which includes quiet study areas and interactive spaces [5] - The Xinhua Bookstore in Zhangzhou has partnered with a local science lab to create a "Xinhua Science Experience Hall," which has seen high participation from children [6] - The Strait Publishing and Distribution Group has completed over 80% of the upgrade and transformation of its 104 Xinhua bookstores by March 2025 [8] Group 2: Innovative Thematic Bookstores - The "Bookstore Phenomenon" theme bookstore showcased at the 2025 Strait Reader Carnival allowed readers to experience the charm of various Xinhua bookstores [9] - The Quanzhou Xinhua City Memory Theme Bookstore integrates cultural tourism and has become a new cultural landmark [11] - The "Fu Culture" theme bookstore "Fu Shuxuan" offers a variety of cultural exhibitions and activities related to Fujian's "Fu Culture" [13] - The "Xinhua Reading Sea" marine culture theme bookstore in Fuzhou attracts readers with its unique marine-themed publications and events [15] Group 3: Digital Empowerment and New Reading Era - The "Xinhua Cloud Library" launched at Fuzhou Railway Station allows travelers to access a digital library by scanning a QR code [18] - The "Xinhua Cloud Library" has been implemented in over 50 units, including universities and community organizations, providing a new reading ecosystem [18] - The integration of traditional reading with digital technology is evident in the development of immersive reading experiences and virtual spaces [20] Group 4: Campus Bookstores and Educational Integration - The Xiamen University Xinhua Bookstore has become a part of the campus culture, offering unique experiences and differentiated book selections [23] - The Strait Publishing and Distribution Group has opened nearly 70 campus bookstores, covering over 10,000 square meters [27] - Campus bookstores are seen as vital for ideological education and need to align closely with educational environments and student needs [26]

第一条 为规范内蒙古新华发行集团股份有限公司（以下简称"公 司"）信息披露暂缓与豁免行为，督促公司及相关信息披露义务人（以 下简称"信息披露义务人" ）依法合规履行信息披露义务，根据《中华 人民共和国证券法》 《上海证券交易所股票上市规则》 （以下简称"《股 内蒙古新华发行集团股份有限公司 信息披露暂缓与豁免业务管理制度 第一章 总 则 票上市规则》 "）、 《上市公司信息披露暂缓与豁免管理规定》 《内蒙古新 华发行集团股份有限公司章程》以及《内蒙古新华发行集团股份有限 公司信息披露事务管理制度》 （以下简称"《信息披露事务管理制度》"） 等规定，制定本制度。 第二条 信息披露义务人按照《股票上市规则》及上海证券交易所 其他相关业务规则的规定，办理信息披露暂缓、豁免业务的，适用本 制度。 第二章 暂缓、豁免信息的范围 第三条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、 豁免事项，履行内部审核程序后实施。 第四条 公司及相关信息披露义务人有确实充分的证据证明拟披 露的信息涉及国家秘密或者其他因披露可能导致违反国家保密规定、 管理要求的事项（以下统称"国家秘密" 公司的董事长、董事会秘书应当增强保守国家秘 ...