（股份代號：811） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列新華文軒出版傳媒股份有限公司在上海證券交易所網站( www.sse.com.cn ) 發佈的《新華文軒出版傳媒股份有限公司2025年年度報告》《新華文軒出版傳媒股 份有限公司2025年年度報告摘要》《新華文軒出版傳媒股份有限公司第五屆董事會 2026年第四次會議決議公告》《新華文軒出版傳媒股份有限公司2025年度利潤分配 建議方案暨關於貫徹落實「提質增效重回報」專項行動的公告》《新華文軒出版傳 媒股份有限公司關於聘任本公司2026年度會計師事務所及內控審計機構的公告》 《新華文軒出版傳媒股份有限公司關於2025年度募集資金存放、管理與實際使用 情況的專項報告》《新華文軒出版傳媒股份有限公司2025年度環境、社會及管治報 告摘要》《新華文軒出版傳媒股份有限公司2025年度環境、社會及管治報告》《新 華文軒出版傳媒股份有限公司2025年度獨立董事述職報告（劉子斌）》《新華文軒 出版傳媒股份有限公司2025年度獨立董事述職報告（鄧富民）》《新華文軒出版傳 媒股份有限公司2025年度獨立董事述職報告（韓文 ...

Core Insights - The audio economy is rapidly expanding, with the number of Chinese podcast listeners expected to exceed 150 million by 2025, a 25% increase from 120 million in 2023, indicating a growing market for audio consumption [1] - The rise of 5G and artificial intelligence, along with an increasing awareness of paid knowledge, is driving the development of various audio products, enhancing the audio experience and meeting the cultural needs of consumers in a fast-paced lifestyle [1][2] - The audio industry is projected to reach a market size of over 740 billion yuan by 2029, with online audio users expected to grow to 822 million [2] Industry Challenges - Despite the promising outlook for the audio economy, challenges such as inconsistent content quality, copyright issues, unclear profit models, uneven revenue distribution, and homogeneity in offerings are hindering further development [2] - The industry requires a regulated environment to meet the growing demand for high-quality audio content, prompting creators to innovate and provide meaningful content that resonates with diverse user groups [2] Future Opportunities - The continuous advancement of smart wearable devices and AI technology will create more diverse scenarios for audio engagement, necessitating platforms to optimize their audio product ecosystems and innovate business models to attract more content creators [2] - The audio market is experiencing a phenomenon of "many voices," highlighting the need for stringent content review and regulatory mechanisms to ensure quality and compliance [2]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 COL Global Co., Ltd. 中文在線集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本 申 請 版 本 為 草 擬 本，其 內 所 載 資 料 並 不 完 整，亦 可 能 會 作 出 重 大 變 動。閣 下 閱 覽 本 文 件，即 代 表 閣下知悉、接納並向中文在線集團股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問或包 銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據送呈香港公司註冊處處長登 記的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本 文件中的資料作出任何投 ...

Core Viewpoint - The company is actively transforming and adapting to the pressures of the traditional publishing industry by leveraging new technologies and focusing on high-quality development through strategic partnerships and digital initiatives [1]. Group 1: Partnerships and Collaborations - The company has established collaborations with platforms such as Ximalaya, Tencent TME, and WeChat Reading for its audiobook business, and with Tomato Novel, WeChat Reading, and Dedao for its e-book business [1]. - These partnerships have yielded positive results, indicating a successful expansion into digital content distribution channels [1]. Group 2: Strategic Initiatives - The company is accelerating its digital transformation by utilizing technology to enhance content production, channel operations, and service upgrades [1]. - It is also focusing on a premium publishing strategy to optimize product structure and improve the profitability and brand value of individual products [1]. Group 3: Industry Context - The company is responding to growth pressures in the traditional publishing sector and demographic changes by fostering new growth drivers such as digital publishing and knowledge services [1]. - The emphasis on high-quality development aims to ensure stable operations and protect shareholder interests [1].

Core Insights - China is expected to become a significant force in the global publishing industry within the next decade, driven by domestic market growth, strategic expansion, rapid development in academic publishing, and early adoption of digital technologies [1] Group 1: Embracing the Digital Age - China's book publishing market is one of the largest globally, with millions of active readers and increasing disposable income driving demand for both print and e-books [2] - Platforms like Dangdang and JD Books are expanding their catalogs, while audiobooks and mobile reading applications gain popularity, showcasing the market's diversity [2] - Despite challenges such as intense price competition and a slowdown in the children's book sector, the innovation capacity remains strong [2] - Chinese publishers are quickly adapting to the digital era, utilizing platforms like Douyin for sales, and showing flexibility that allows them to reach a large digital-native audience [2] - There is a growing demand for high-quality original content that blends traditional Chinese narratives with modern themes, supported by a rising cultural pride [2] Group 2: Expanding International Markets - The internationalization of China's mass publishing industry is a key component of a government-supported soft power strategy [4] - Major state-owned groups like China Publishing Group and China International Communication Group are actively promoting Chinese narratives abroad through multilingual publications [4] - Chinese publishers are acquiring international book copyrights and forming strategic partnerships with global publishing institutions to expand cultural influence [4] - More Chinese narratives are expected to enter mainstream markets, particularly in Asia, Africa, and Latin America over the next decade [4] Group 3: Rapid Development in Academic Publishing - The academic publishing sector in China is undergoing significant transformation, with substantial investments in research and development [5] - Open access is a rapidly growing area, encouraged by policy adjustments that promote data sharing and transparent research practices [5] - By 2030, Chinese academic publishers are projected to have a larger global influence, particularly in STEM fields [6] - The Chinese government is fostering the creation of world-class domestic academic journals to reduce reliance on foreign institutions [6] - Investments in digital publishing and knowledge platforms are accelerating modernization and expansion of local publishers [6] - Collaborative projects, such as the Belt and Road Initiative, are enhancing connections with emerging markets and increasing China's influence in historically Western-dominated regions [6]

Core Viewpoint - The increasing interest of middle-aged and elderly individuals in voice-related activities, such as voice acting and audio storytelling, is driven by personal interests, skill development, and social engagement [1][8]. Group 1: Individual Experiences - A 73-year-old participant, Ms. Yu, discovered the charm of reciting poetry after hearing a poem that resonated with her, leading her to enroll in voice training to regain her speaking abilities post-surgery [2][3]. - Ms. Chen, a retired manager, pursued her childhood passion for recitation by joining a voice training program, eventually becoming a voice broadcaster with over 200 followers on an audio platform [5][6]. - Ms. Zhang, aged 68, found that reciting poetry not only brought her joy but also allowed her to connect with her 5-year-old grandson through storytelling, enhancing their relationship [7]. Group 2: Market Trends - The "silver economy" and "voice economy" are emerging industries, with the elderly population in China projected to reach 310.31 million by the end of 2024, highlighting the growing market for both material and spiritual needs [8]. - The online audio user base in China is expected to reach 540 million by 2024, with the voice economy market projected to grow by 10.2% year-on-year, reaching 568.82 billion yuan [8]. - The voice acting industry in China had a market size of 6.48 billion yuan in 2022, expanding into areas such as advertising voiceovers and audiobooks [8]. Group 3: Educational Insights - Voice training courses for adults, particularly among the elderly, are gaining popularity, driven by a desire for social interaction and mental engagement rather than just skill enhancement [9]. - A voice training instructor noted that learning voice acting provides a fresh and challenging experience for older adults, helping to alleviate feelings of loneliness post-retirement [9].

Core Insights - The article emphasizes the importance of promoting new technologies and platforms for reading in the digital age, as highlighted by the recently released "National Reading Promotion Regulations" [1] Group 1: Digital Reading Trends - The comprehensive reading rate in China has increased from 76.3% in 2012 to 82.1% in 2024, driven by new technologies [1] - New reading formats, such as e-books and audiobooks, are making reading more accessible and enjoyable for a wider audience [1] Group 2: Targeted Development of New Platforms - Reading platforms should develop new carriers tailored to different reader demographics, such as interactive visual and audio content for youth [2] - For elderly readers, reading devices need to incorporate features like enlarged text and voice control to bridge the digital divide [2] Group 3: Service Optimization and Accessibility - There is a need for a human-centered reading service system that coordinates hardware and software improvements, enhancing the usability of reading facilities [3] - Localized reading facilities, such as mobile libraries, should be developed to reflect regional cultural characteristics and promote cultural exchange [3]

Core Insights - Public libraries are evolving into multifunctional cultural spaces, leading to increased foot traffic during summer vacations due to factors such as family visits, cultural activities, and study needs [1] Group 1: Increased Foot Traffic - The rise in visitor numbers during summer is attributed to three main factors: the vacation of middle and primary school students, the appeal of cultural activities, and the need for study spaces among students and professionals [1] - Cultural activities in July and August are more than double those in other months, attracting diverse reader groups [1] Group 2: Space Expansion and Optimization - To address the seating shortage, libraries are restructuring existing spaces to create open reading areas, adding 108 new seats [2] - New functional areas such as children's picture book sections and digital experience zones are being established to cater to different reading needs and disperse crowds [2] - Community book-sharing systems are being implemented in various locations to extend library services beyond traditional settings [2] Group 3: Time Management and Service Innovation - Libraries are optimizing study room hours from 9 AM to 9 PM to accommodate peak study times, effectively reducing pressure on traditional reading areas [3] - Strict regulations against seat reservation abuse are being enforced to ensure fair access for all readers [3] - Digital transformation is being leveraged to reduce reliance on physical seating, with upgrades to digital resource libraries and inter-library cooperation agreements to enhance resource sharing [3]

Core Insights - The "14th Five-Year Plan" emphasizes the healthy development of online literature, games, and audiovisual content, encouraging cultural enterprises to expand globally [1] - Chinese online literature has emerged as a unique narrative form in the digital age, enhancing the influence of Chinese civilization [1] User Growth and Market Resilience - By the end of 2024, the user base of Chinese online literature is projected to reach 575 million, accounting for 51.9% of internet users [2] - The number of overseas active users is approximately 200 million, with 30 million new registered users in 2024 [2] - Revenue from the overseas market is expected to reach 4.815 billion yuan, reflecting a year-on-year growth of 10.68% [2] Technological Advancements in Translation - AI technology is significantly improving the efficiency and cost-effectiveness of translating online literature [3] - By 2025, over 10,000 new AI-translated works are anticipated, with translation volume increasing nearly 300% compared to 2024 [3] - The efficiency of translation has improved by 100 times, while translation costs have decreased by 90% [3] Comprehensive Ecosystem for International Expansion - The international dissemination of Chinese online literature has developed a robust industry ecosystem, expanding into various derivative forms such as audiobooks, comics, and animations [4] - The transition from text export to a comprehensive ecosystem involving creation, translation, IP derivatives, and local co-creation marks a significant evolution in the industry [4] - AI translation has addressed efficiency bottlenecks, leading to a mature stage of overseas expansion characterized by a "three-tier leap" from content export to cultural export [4]

Core Viewpoint - Sohu's "Attention Flow" is a strategic product aimed at enhancing real human interaction in the age of AI, emphasizing the need for genuine emotional expression and communication [1]. Group 1: Business Strategy - Sohu Video's "Attention Flow" focuses on social distribution through real human interactions, allowing users to connect with like-minded individuals while consuming content [3]. - The platform is transitioning from a traditional internet media platform to a social platform, with "Attention Flow" leading this transformation [3]. - Sohu is increasing its procurement of American TV shows and movies to enrich the content ecosystem of "Attention Flow," despite challenges from pirated content [3]. Group 2: Content and User Engagement - "Attention Flow" supports various content formats, including short videos, mid-length videos, live broadcasts, and text, prioritizing human social distribution over algorithmic recommendations [3]. - The platform is positioned as a "new force" in the vertical short drama sector, attracting numerous content providers, with some vertical short dramas performing exceptionally well [3]. - "Attention Flow" is also expanding into audio books and audio dramas to enhance its content matrix [3]. Group 3: User Interaction and Community Building - Sohu emphasizes the importance of real social interactions, encouraging users to engage through sharing and commenting to boost visibility and support for content creators [5]. - The platform actively fosters community culture, particularly among younger demographics, with successful niche communities in areas like Hanfu, K-pop, and dance [5]. - Sohu organizes offline events to enhance user engagement and community bonding, such as the upcoming "Guofeng Festival" and dance competitions [5]. Group 4: Creator Opportunities - The platform encourages young individuals to become content creators, suggesting that they can develop a second career by sharing their skills and interests through video [5]. - Sohu's CEO actively participates in knowledge-based live streaming, demonstrating the platform's commitment to educational content and creator engagement [5]. - The company promotes diverse content creation, allowing individuals to leverage their unique talents, whether in audio narration or writing [5].