荣信文化 20250925 摘要 荣信文化 2024 年上半年营收增长 34%，毛利率提升至 42.5%，实现 扭亏为盈。产品结构优化和投流效率提高有望改善长期盈利能力，预计 全年收入增长 20-30%，并保持盈利趋势。 少儿图书市场受益于家长对子女综合素质的重视，以及对百科、科普类 图书的需求增加，2023 年企稳向上，2024 年上半年增长约 5%，未受 人口下降的显著影响。 荣信文化积极拓展 AI 教育陪伴市场，通过内容数据资产化打造点读笔及 AI 玩具产品，实现数据授权及软硬件服务变现，预计到 2028 年市场规 模将达到约 600 亿。 荣信文化强化自主版权创作，自主版权图书收入占比稳定在 45%以上， 并针对不同年龄段儿童推出个性化品牌，2024 年市占率达 2.3%，市场 领先。 荣信文化通过全域营销计划提升市占率，以抖音和小红书为核心平台推 广，引流至京东和淘宝，并通过私域会员运营中心提高复购率，类似于 青葫芦文化。 Q&A 荣信文化今年的经营状况如何？ 荣信文化今年（2025 年）迎来了明显的经营拐点。公司通过业务调整，特别 是针对抖音等新媒体渠道进行产品 IP 化转型和推出全域营销计划，取 ...

Core Viewpoint - The company plans to use part of the excess raised funds to permanently supplement its working capital, which is expected to enhance the efficiency of fund utilization and align with the interests of all shareholders [6]. Fundraising Overview - The company raised a total of RMB 537,839,000.00 from its initial public offering, with a net amount of RMB 469,051,085.05 after deducting issuance costs [1]. - The funds were deposited into a special account approved by the board of directors, and a tripartite supervision agreement was signed with the bank [2]. Investment Project Details - The total investment for the children's book development and copyright reserve project is RMB 31,000,000.00, with the entire amount funded by the raised capital [2]. - As of June 30, 2025, all funds from the initial public offering have been fully utilized for the investment projects [2]. Excess Fund Utilization - The company has approved the use of RMB 47,700,000.00 of excess funds to permanently supplement working capital, which accounts for 29.99% of the total excess funds [3]. - An additional resolution allows for the management of idle excess funds up to RMB 100,000,000.00 within a 12-month period [3]. Current Plan for Excess Fund Usage - The company intends to use RMB 45,000,000.00 of excess funds for permanent working capital, representing 28.29% of the total excess funds, pending shareholder approval [4]. - The cumulative amount used for permanent working capital in the last 12 months does not exceed 30% of the total excess funds [4]. Decision-Making Process - The board of directors and the supervisory board have approved the proposal to use part of the excess funds for working capital, which will be submitted for shareholder approval [5]. - The supervisory board confirmed that this use of funds does not conflict with the investment project implementation and does not harm the interests of shareholders [5]. Sponsor's Verification Opinion - The sponsor has verified that the decision to use part of the excess funds for working capital has followed necessary approval procedures and complies with relevant regulations [6]. - The sponsor believes this action will improve fund utilization efficiency and is in the best interest of all shareholders [6].