Core Viewpoint - The stock price of Northern United Publishing and Media Co., Ltd. has experienced a continuous decline, dropping 5.04% on September 23, with a total market value of 3.631 billion yuan and a cumulative decline of 7.59% over the past seven days [1] Company Overview - Northern United Publishing and Media Co., Ltd. was established on August 29, 2006, and listed on December 21, 2007. The company is based in Shenyang, Liaoning Province, and its main business includes the publication, distribution, and printing of educational materials and general books [1] - The revenue composition of the company is as follows: educational materials 39.60%, paper and printing consumables 37.19%, general books 30.73%, and others 4.13% [1] Shareholder Information - CITIC Prudential Fund's multi-strategy mixed fund (LOF) A (165531) has entered the top ten circulating shareholders of Northern United Publishing, holding 3.2024 million shares, which accounts for 0.58% of the circulating shares [2] - The fund has incurred a floating loss of approximately 1.1208 million yuan today and a total floating loss of 1.8254 million yuan over the past seven days [2] - The fund was established on June 16, 2017, with a current scale of 1.245 billion yuan, and has achieved a year-to-date return of 37.35% [2] Fund Manager Performance - The fund manager Jiang Feng has a tenure of 5 years and 164 days, with a total fund asset scale of 5.782 billion yuan, achieving the best return of 122.91% during his tenure [2] - The other fund manager Wang Ying has a tenure of 8 years and 222 days, with a total fund asset scale of 6.176 billion yuan, achieving the best return of 52.38% during his tenure [2]

Core Viewpoint - The stock of Northern United Publishing and Media Co., Ltd. has experienced fluctuations, with a year-to-date increase of 9.50% but a recent decline in the last five days by 7.10% [1] Company Overview - Northern United Publishing and Media Co., Ltd. was established on August 29, 2006, and listed on December 21, 2007. The company is located in Shenyang, Liaoning Province [1] - The main business activities include the publication, distribution, and printing of educational materials, general books, and related supplies [1] - Revenue composition: Educational materials 39.60%, paper and printing supplies 37.19%, general books 30.73%, and others 4.13% [1] Financial Performance - For the first half of 2025, the company reported operating revenue of 999.2 million yuan, a year-on-year decrease of 5.21%. However, the net profit attributable to shareholders increased by 221.08% to 43.42 million yuan [1] - Cumulative cash dividends since the A-share listing amount to 494 million yuan, with 90.35 million yuan distributed over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders is 22,800, a decrease of 5.40% from the previous period, with an average of 24,148 circulating shares per person, an increase of 5.71% [1] - Notable institutional shareholders include CITIC Prudential Multi-Strategy Mixed Fund and Dachen CSI 360 Internet + Index Fund, both of which are new entrants among the top ten circulating shareholders [2]

Group 1 - The company held a half-year performance briefing on September 16, 2025, to communicate with investors regarding their concerns [1] - Key executives, including the chairman and independent directors, participated in the interactive session to address investor inquiries [1] Group 2 - Investors raised concerns about the decline in accounts receivable, primarily attributed to a decrease in textbook and auxiliary income, and inquired about the outlook for the second half of the year [2] - The company acknowledged the importance of capital market performance and stated that any share buyback plans would be considered based on various factors, including market conditions and financial status [3][5] - The company is focusing on enhancing publishing quality, improving educational service capabilities, and digital transformation in response to declining birth rates and changes in the education market [3][4][6] Group 3 - The company has established an online service platform to integrate traditional and digital education services, aiming to transition from product sales to a comprehensive education service model [4] - The company is actively exploring new cultural and technological innovations to enhance its publishing quality and efficiency [4][6] - The company is also considering expanding into the silver-haired reading market and modern vocational education in response to demographic changes [6]

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Core Viewpoint - Xinhua Wenhxuan (00811.HK) reported a decline in revenue for the six months ending June 30, 2025, primarily due to a downturn in its core educational business segments [1] Financial Performance - The company achieved operating revenue of RMB 5.527 billion, a decrease of 4.50% compared to RMB 5.788 billion in the same period last year [1] - Main business revenue was RMB 5.439 billion, down 4.72% year-on-year, attributed to declines in textbook, educational information technology, and educational equipment sectors [1] - The overall gross margin improved to 39.05%, up from 38.46% in the previous year, reflecting a 0.59 percentage point increase [1] - The gross margin for the main business was 38.34%, an increase of 0.61 percentage points from 37.73% year-on-year, driven by changes in sales structure [1] - Total profit reached RMB 907 million, representing a year-on-year growth of 6.98% [1] - Net profit was RMB 900 million, showing a significant increase of 19.63% compared to the previous year [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 新華文軒出版傳媒股份有限公司 XINHUA WINSHARE PUBLISHING AND MEDIA CO., LTD. （於中華人民共和國註冊成立之股份有限公司） （股份代號：811） 關於2025年半年度主要經營數據的公告 本公告乃由新華文軒出版傳媒股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.09條以及香港法例第571章證券及期貨條例 第XIVA部的規定作出。 人民幣萬元 | | | 主營 | 主營 | | | --- | --- | --- | --- | --- | | 業務板塊 | 銷售碼洋 | 業務收入 | 業務成本 | 毛利率(%) | | 出版業務 | —— | 127,989.26 | 84,295.71 | 34.14 | | 其中：教材教輔 | 113,274.05 | 64,936.88 | 35,661.68 | 45.08 | ...

Group 1 - The core viewpoint of the news is that Zhongnan Publishing Media Group Co., Ltd. has shown mixed financial performance, with a decrease in revenue but an increase in net profit year-on-year [2][3] - On August 26, Zhongnan Media's stock price fell by 0.23%, with a trading volume of 128 million yuan, and a net financing purchase of 2.13 million yuan [1] - As of August 26, the total balance of margin trading for Zhongnan Media was 164 million yuan, with a financing balance of 162 million yuan, representing 0.69% of the circulating market value [1] Group 2 - The company's main business segments include publishing (20.57% of revenue) and distribution (59.40% of revenue), with educational materials contributing 15.81% [2] - As of March 31, the number of shareholders increased by 8.62% to 23,400, while the average circulating shares per person decreased by 7.94% to 76,900 shares [2] - In the first quarter of 2025, Zhongnan Media achieved operating revenue of 2.874 billion yuan, a year-on-year decrease of 4.18%, while net profit attributable to the parent company was 369 million yuan, a year-on-year increase of 29.99% [2] Group 3 - Since its A-share listing, Zhongnan Media has distributed a total of 11.548 billion yuan in dividends, with 3.053 billion yuan distributed in the last three years [3] - As of March 31, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 83.9247 million shares, a decrease of 2.1901 million shares from the previous period [3] - The fifth-largest circulating shareholder, Huatai-PB SSE Dividend ETF, increased its holdings by 146,000 shares to 27.3281 million shares [3]

Core Viewpoint - Longban Media's stock price increased by 0.29% to 14.00 yuan as of August 26, 2025, indicating a positive market response [1] Financial Performance - For the first half of 2025, Longban Media reported a revenue of 624 million yuan and a net profit attributable to shareholders of 120 million yuan, reflecting a year-on-year growth of 13.28% [1] - The company recorded non-recurring gains and losses of 52.68 million yuan, while the net cash flow from operating activities was -21.31 million yuan [1] Market Activity - On August 26, 2025, the net outflow of main funds was 11.38 million yuan, with a cumulative net outflow of 14.17 million yuan over the past five days [1] Business Focus - Longban Media primarily engages in the publishing, distribution, and printing services of books, periodicals, and electronic publications, with a focus on providing educational materials for primary and secondary school students [1] - The company operates within sectors including cultural media, Heilongjiang, Shanghai Stock Connect, and central state-owned enterprise reform [1]

Core Viewpoint - The report highlights the financial performance and operational strategies of Heilongjiang Publishing and Media Holdings Co., Ltd. for the first half of 2025, indicating a decline in revenue but an increase in net profit, alongside ongoing efforts in digital transformation and governance improvements [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately CNY 624.34 million, a decrease of 24.01% compared to the same period last year [2][11]. - Total profit for the period was approximately CNY 120.05 million, down by 10.84% year-on-year [2][11]. - Net profit attributable to shareholders was approximately CNY 120.04 million, reflecting a 13.28% increase compared to the previous year [2][11]. - The company's total assets increased by 0.68% to approximately CNY 5.72 billion, while net assets rose by 2.19% to approximately CNY 3.80 billion [2][11]. Business Operations - The company focuses on publishing, distribution, and printing services, primarily targeting educational materials for middle and primary school students [3][4]. - The publishing sector is experiencing a shift towards digital integration, with the company actively pursuing digital transformation initiatives [5][6]. - The company has a comprehensive distribution network, including the Heilongjiang Xinhua Bookstore Group, which covers the entire province [9][10]. Strategic Initiatives - The company is implementing a three-year action plan to enhance its publishing capabilities, focusing on high-quality content and award-winning projects [4][5]. - Digital transformation efforts include partnerships with digital reading platforms and the development of educational resources [5][6]. - The company is enhancing its governance structure to improve decision-making and investor relations, holding multiple board meetings and maintaining transparency [6][7]. Market Trends - The publishing industry is witnessing a concentration of resources among leading publishers, with only 36% of publishers achieving year-on-year growth in sales [3][4]. - The company aims to adapt to changing market dynamics by integrating traditional and emerging publishing methods [3][4]. Social Responsibility - The company is committed to fulfilling its social responsibilities, including promoting reading initiatives and supporting rural revitalization efforts [8][9]. - It has engaged in various community support activities, including distributing educational materials and assisting underprivileged groups [8][9].

浙江出版传媒股份有限公司根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》（第十一号——新闻出版）的相关规定，现将 2025 年半年 度主要业务板块经营数据公告如下： 单位：万元 证券代码：601921 证券简称：浙版传媒 公告编号：2025-038 浙江出版传媒股份有限公司 关于 2025 年半年度主要经营数据的公告 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。 | 项目 | 去年 | 销售码洋 | 增长 | 去年 | 营业收入 | 增长 | 去年 | 营业成本 | 增长 | 去年 | 毛利率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本期 | | | 本期 | | | 本期 | | | 本期 | 增长 | | | 同期 | | 率(%) | 同期 | | 率(%) | 同期 | | 率(%) | 同期 | | 率(%) | | 出版业务 | 444,35 | 4 ...