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年年度主要經營數據的公告 出版業務涵蓋了圖書、報刊、音像製品及數字產品等出版物的出版；印刷服務及 物資供應等業務。 發行業務涵蓋了向學校及師生提供教學用書，中小學教育信息化及教育裝備業 務；出版物零售、分銷及互聯網銷售業務等。 特此公告。 本公告乃由新華文軒出版傳媒股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）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。 本公司董事會及全體董事保證本公告內容不存在任何虛假記載、誤導性陳述或者 重大遺漏，並對其內容的真實性、準確性和完整性承擔法律責任。 本公司根據《上海證券交易 ...

Core Insights - In 2025, South Korea's overseas online direct purchase amount is expected to exceed 85 trillion KRW for the first time, marking a historical high [1] - While direct purchases from the US are slowing down, those from China are rapidly expanding, reaching 55.7 trillion KRW and accounting for 65.5% of the total, an increase of 5.5 percentage points from 2024 [1] E-commerce Trends - The total online shopping transaction amount in South Korea for 2025 is projected to be 272.04 trillion KRW, reflecting a year-on-year growth of 4.9% [1] - Mobile transactions are expected to reach 211.14 trillion KRW, with a growth rate of 6.5%, surpassing the overall growth rate [1] Category Performance - Significant growth is observed in the food service (12.2%) and food and beverage (9.5%) categories [1] - Conversely, categories such as electronic vouchers (-27.5%), bags (-11.1%), and footwear (-4.5%) are experiencing notable declines due to decreased consumer confidence and previous e-commerce platform settlement issues [1] Overseas Direct Sales - South Korea's overseas direct sales are projected to reach 30.2 trillion KRW in 2025, marking a year-on-year increase of 16.4% [1] - Growth is seen across major markets including the US, EU, Japan, and China, with cosmetics, food and beverages, and audiovisual products performing particularly well [1] - However, sales in categories such as communication devices, agricultural products, and clothing remain relatively sluggish [1]

Group 1 - The core viewpoint of the news is that Phoenix Media has experienced fluctuations in its stock performance and financing activities, indicating a mixed outlook for the company [1][2]. Group 2 - As of December 29, Phoenix Media's stock price decreased by 0.89%, with a trading volume of 96.17 million yuan. The financing buy-in amount was 5.85 million yuan, while the financing repayment was 7.05 million yuan, resulting in a net financing buy of -1.19 million yuan [1]. - The total margin financing and securities lending balance for Phoenix Media reached 232 million yuan, with a financing balance of 225 million yuan, accounting for 0.89% of the market capitalization [1]. - On the same day, Phoenix Media repaid 100 shares in securities lending and sold 4,000 shares, with a selling amount of 40,000 yuan. The securities lending balance was 674.13 million yuan, exceeding the 70th percentile level over the past year [1]. Group 3 - As of September 30, the number of shareholders for Phoenix Media was 42,900, an increase of 19.44% compared to the previous period. The average circulating shares per person decreased by 16.28% to 59,383 shares [2]. - For the period from January to September 2025, Phoenix Media reported operating revenue of 9.159 billion yuan, a year-on-year decrease of 4.20%. However, the net profit attributable to shareholders increased by 26.64% to 1.701 billion yuan [2]. Group 4 - Since its A-share listing, Phoenix Media has distributed a total of 10.943 billion yuan in dividends, with 4.072 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the fourth largest circulating shareholder was Hong Kong Central Clearing Limited, holding 39.9752 million shares, a decrease of 5.1112 million shares from the previous period. Meanwhile, Huatai-PB SSE Dividend ETF increased its holdings by 1.608 million shares to 28.823 million shares [3].

Group 1 - The Ministry of Finance and the State Taxation Administration announced the continuation of VAT preferential policies for the cultural sector until December 31, 2027, specifically for the wholesale and retail of books [2] - The announcement clarifies that subscription certificates for books, newspapers, journals, and audio-visual products are exempt from stamp duty, following previous regulations [2] - Electronic publications that have already benefited from VAT refund policies for software products can also enjoy the VAT collection and refund policy [2]

Core Insights - The National Press and Publication Administration released the "2024 National Publishing Statistical Bulletin," highlighting trends in the publishing industry for the year [1] Group 1: Overall Industry Performance - The total revenue of the national digital publishing industry reached 1,748.536 billion yuan, which is not included in the national total due to being survey data [5] - The overall publishing sector saw a decline in various metrics, indicating a challenging environment for the industry [1] Group 2: Book Publishing - The number of new book varieties published increased to 227,800, a growth of 4.98% from 2023, while the total print volume decreased to 11.98 billion copies, down 4.1% [8] - Book publishing revenue was 116.06 billion yuan, a decrease of 2.7%, and total profit was 21.42 billion yuan, down 4.1% [6][8] Group 3: Newspaper Publishing - The number of newspapers published decreased to 1,642, a decline of 1.6%, with total print volume at 24.99 billion copies, down 4.3% [9][11] - Newspaper publishing revenue was 52.55 billion yuan, a decrease of 5.4%, and total profit dropped significantly by 20.2% to 4.15 billion yuan [9][11] Group 4: Periodical Publishing - The number of periodicals published increased slightly to 10,187, a growth of 0.3%, while total print volume decreased to 1.76 billion copies, down 4.9% [9][12] - Periodical publishing revenue remained stable at 21.96 billion yuan, with a slight profit decrease of 0.9% to 3.42 billion yuan [9][12] Group 5: Audio-Visual and Electronic Publishing - The number of audio-visual products published was 6,321, with a significant decline in quantity to 49.45 million boxes, down 45.7% [13] - Electronic publications saw a growth in the number of varieties to 12,457, with a revenue of 1.88 billion yuan, although total profit decreased by 5.3% [13][16] Group 6: Printing and Reproduction - The total revenue from printing and reproduction reached 1,304.82 billion yuan, an increase of 1.0%, while total profit decreased by 1.9% to 53.36 billion yuan [17][23] Group 7: Distribution of Publications - The total sales volume of publications was 25.90 billion copies, a decrease of 3.5%, with total revenue at 332.86 billion yuan, down 3.2% [18][20] Group 8: Import and Export of Publications - The total import of publications decreased to 3,928.31 million copies, down 1.7%, while exports increased to 727.7 million copies, a growth of 2.8% [24][29] - The revenue from import and export operations was 9.78 billion yuan, an increase of 3.7%, but total profit decreased by 10.6% to 1.61 billion yuan [24][29] Group 9: Copyright Management and Trade - The number of copyright contracts registered increased to 19,087, a growth of 14.3%, with voluntary registrations rising to 7.803 million, up 21.4% [25][26]

Core Insights - The urban renewal project in Sanyuanli Village, initiated in late August, has progressed rapidly, with over 9.1 billion yuan in compensation paid and more than 250,000 square meters of buildings demolished by mid-November, achieving over 90% signing rate for residential agreements [2][4][5] Group 1: Project Progress - As of mid-November, the project has seen over 9.1 billion yuan in compensation paid and over 250,000 square meters of buildings demolished [2] - The residential signing rate has exceeded 90%, and construction of the resettlement housing is fully underway, with a planned completion date in 2027 [2][4] Group 2: Unique Characteristics of Sanyuanli - Sanyuanli is a significant industrial urban village, hosting major wholesale markets for cosmetics, leather goods, and audio products, making it a unique case in urban renewal [5][7] - The area is recognized for its focus on trade rather than production, which allows for a more streamlined approach to urban renewal without the safety risks associated with small production workshops [7][9] Group 3: Merchant Retention Strategies - The local government has implemented policies to ensure all merchants remain in the area, including rental subsidies and transitional arrangements, achieving a 100% retention rate for merchants during the relocation process [5][8] - The approach taken in Sanyuanli is being adopted in other urban renewal projects in the Baiyun District, emphasizing the importance of merchant retention [8][9] Group 4: Future Development Plans - The renovation aims to create nearly 480,000 square meters of new industrial space, focusing on high-end industries such as beauty and fashion, transforming Sanyuanli into a global trade hub [11][12] - A promotional event for the new Sanyuanli project has already led to the signing of contracts with 11 key enterprises, indicating strong interest in the area’s future development [11][13]

Core Viewpoint - The article discusses the continuation of tax exemption policies for cultural publications, specifically focusing on the VAT exemption for books and related materials until December 31, 2027 [2]. Group 1: Tax Policies - Publications are defined as books, newspapers, periodicals, audio-visual products, and electronic publications published according to the regulations of the State Council's publishing administration [2]. - From now until December 31, 2027, there will be no VAT imposed on the wholesale and retail of books [2]. - Subscription certificates between various issuing units and between issuing units and subscribers or individuals are temporarily exempt from stamp duty [2]. - Electronic publications that have already benefited from VAT refund policies as software products cannot apply for the VAT pre-collection and post-refund policy under this announcement [2].

Core Viewpoint - Phoenix Media is a leading player in the domestic publishing and media industry, with a strong focus on book and audio-visual publishing, showcasing a comprehensive industry chain advantage and rich content resources [1] Group 1: Business Performance - In Q3 2025, Phoenix Media achieved an operating revenue of 9.159 billion, ranking first among 10 companies in the industry, surpassing the industry average of 5.397 billion and the median of 6.519 billion, leading the second-place Zhongnan Media by 848 million [2] - The net profit for the same period was 1.729 billion, also the highest in the industry, exceeding the industry average of 0.805 billion and the median of 0.908 billion, and outpacing the second-place Shandong Publishing by 1.242 billion [2] Group 2: Financial Ratios - As of Q3 2025, the asset-liability ratio of Phoenix Media was 35.45%, a decrease from 38.04% year-on-year, but slightly above the industry average of 34.52% [3] - The gross profit margin for Q3 2025 was 42.32%, an increase from 39.83% year-on-year, and higher than the industry average of 37.19% [3] Group 3: Management and Shareholder Information - The chairman, Zhang Chaoyang, has been in position since April 2023, while the general manager, Song Jishu, received a salary increase of 110,300 compared to the previous year [4] - As of September 30, 2025, the number of A-share shareholders increased by 19.44% to 42,900, while the average number of circulating A-shares held per account decreased by 16.28% [5] Group 4: Market Position and Future Outlook - In H1 2025, the total operating revenue was 7.113 billion, with a year-on-year decrease of 1.70%, while the net profit increased by 29.57% to 1.586 billion [6] - The company maintained a leading position in the retail market with a share of 2.94% and achieved significant recognition with multiple titles selected as "China Good Books" [6] - The company is focusing on digital transformation and has launched several innovative projects, aiming to enhance its market presence and operational efficiency [6]

Core Viewpoint - Phoenix Media's stock performance shows a slight increase, with significant financing activities indicating investor interest and a relatively high level of margin trading [1][2]. Financing Summary - On October 20, Phoenix Media recorded a financing buy-in of 18.41 million yuan, with a net buy of 7.15 million yuan after repayments [1]. - The total margin trading balance reached 262 million yuan, with the financing balance at 254 million yuan, accounting for 0.94% of the circulating market value, which is above the 60th percentile of the past year [1]. - The company also experienced a high level of short selling, with a short balance of 7.87 million yuan, exceeding the 90th percentile of the past year [1]. Financial Performance - For the first half of 2025, Phoenix Media reported a revenue of 7.11 billion yuan, a year-on-year decrease of 1.70%, while the net profit attributable to shareholders increased by 29.57% to 1.59 billion yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 10.94 billion yuan, with 4.07 billion yuan distributed in the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 20.20% to 35,900, while the average circulating shares per person increased by 25.31% to 70,928 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, increasing its holdings by 7.21 million shares to 45.09 million shares [3].

Core Viewpoint - Phoenix Media's stock experienced a slight decline of 0.65% on October 15, with a trading volume of 167 million yuan, indicating a stable yet cautious market sentiment towards the company [1]. Financing Summary - On October 15, Phoenix Media had a financing buy-in amount of 23.20 million yuan and a repayment of 17.03 million yuan, resulting in a net financing buy of 6.18 million yuan. The total financing and margin balance reached 270 million yuan [1]. - The current financing balance stands at 261 million yuan, accounting for 0.97% of the circulating market value, which is above the 70th percentile of the past year, indicating a relatively high level of financing activity [1]. - In terms of securities lending, on the same day, 15,050 shares were repaid, while 4,400 shares were sold, amounting to 46,800 yuan at the closing price. The remaining securities lending volume is 809,900 shares, with a balance of 8.61 million yuan, also above the 90th percentile of the past year [1]. Financial Performance - As of June 30, the number of shareholders for Phoenix Media was 35,900, a decrease of 20.20% from the previous period. The average circulating shares per person increased by 25.31% to 70,928 shares [2]. - For the first half of 2025, Phoenix Media reported a revenue of 7.11 billion yuan, a year-on-year decrease of 1.70%. However, the net profit attributable to shareholders increased by 29.57% to 1.59 billion yuan [2]. Dividend and Shareholding Structure - Since its A-share listing, Phoenix Media has distributed a total of 10.69 billion yuan in dividends, with 3.82 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 45.09 million shares, an increase of 7.21 million shares from the previous period. Other notable shareholders include Huatai-PB SSE Dividend ETF and Southern CSI 500 ETF, with varying changes in their holdings [3].