Core Viewpoint - The company is the largest comprehensive cultural media group in Henan Province, focusing on publishing, distribution, material trade, printing, and other businesses, with a strong emphasis on digital transformation and online sales growth [1][2]. Business Overview - The company is the exclusive agent for compulsory education textbooks in Henan Province, with steady growth in publishing business [1]. - The company has a full industry chain covering "editing, printing, distribution, and supply" [3]. - The company has a strong offline sales network through 130 Xinhua bookstores, achieving four-level coverage across provinces, cities, counties, and towns [3]. Financial Performance - The company's revenue and net profit have shown steady growth, with revenue recovering to 98.57 billion yuan in 2024 after a decline due to the pandemic [2]. - The net profit attributable to the parent company reached a historical high of 13.89 billion yuan in 2023, with a compound annual growth rate (CAGR) of 13.78% from 2019 to 2023 [2]. - The company expects net profits of 13.81 billion, 14.58 billion, and 15.31 billion yuan for 2025, 2026, and 2027, respectively [4]. Market Position - The company benefits from the population advantage in Henan Province, which has a stable number of enrolled students, providing a broad market space for educational services [2]. - The company is positioned as a leading enterprise in the cultural industry in Henan Province, supported by the "Cultural Strong Province" strategy [1][4]. Innovation and Growth - The company is focusing on educational services through initiatives like the "Xinhua Youth Research Camp," which is expected to become a new growth point [3]. - The company has developed 84 high-quality school-based courses in 2024, reaching 140,000 students, and has conducted 3,889 research activities [3]. Cash Flow and Dividends - The company has a strong cash flow, with total cash dividends increasing from 317 million yuan in 2020 to 614 million yuan in 2024, representing a CAGR of 17.97% [4]. - The dividend payout ratio reached a historical high of 59.61% in 2024, reflecting the company's commitment to shareholder value [4].

事件: 公司2025 年4 月18 日公告2024 年报及2025 年一季报，2024 年实现收入98.6 亿元，yoy+0.2%，归母净 利润10.3 亿元，yoy-25.8%，扣非归母净利润12.5 亿元，yoy+12.1%。2025Q1 收入19.2 亿元，yoy+1%， 归母净利润1.1 亿元，yoy+234.6%。 投资要点: 2024 年分红大幅提升，股息率达4.8% 公司2024 年拟每股分红0.6 元，同比提升0.18 元，2024 年合计分红6.1亿元，分红率59.6%，同比提升近 30pct，以4 月22 日收盘价计算，股息率4.8%。 2025Q1：收入19.2 亿元，yoy+1%，归母净利润1.1 亿元，yoy+234.6%，归母净利润高速增长主要由于 所得税政策变化，剔除所得税影响，从利润总额层面来看，2025Q1 利润总额1.3 亿元，yoy+4.8%，经 营业绩稳健增长。 2025Q1 期末在手现金（货币资金+交易性金融资产+其他非流动资产）合计85.5 亿元。 教材保障稳中提质，数字化赋能融合出版 教育服务生态布局优化：公司教材教辅基本面稳固，中小学数字教材服务平台用户突破18 ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 9.857 billion yuan, a year-on-year increase of 0.24% [1] - The net profit after deducting non-recurring gains and losses was 1.250 billion yuan, reflecting a year-on-year growth of 12.11% [1] - The company announced a cash dividend of 6 yuan per 10 shares, totaling approximately 614 million yuan, with a dividend payout ratio close to 60% [1] Group 2: Publishing and Education Services - The core publishing business generated revenue of 3.269 billion yuan, up 3.37% year-on-year [2] - The company secured a contract for the procurement of compulsory education textbooks in Henan Province for 2024-2027, ensuring stable income for three years [2] - The education services segment expanded rapidly, organizing nearly 4,000 research activities throughout the year [2] Group 3: Technological Advancements - The company increased its R&D investment by 48.33% in 2024, focusing on the "publishing + AI + education" strategy [3] - The establishment of the "Literature China" resource library and "Digital Book Version Museum" aims to diversify revenue streams from traditional publishing to digital products [3] - The company is leveraging AI applications in publishing processes, which may reshape content supply and dissemination methods [3]