Core Insights - The company reported a revenue of 13.349 billion yuan in 2024, a year-on-year decrease of 1.94%, and a net profit attributable to shareholders of 1.370 billion yuan, down 26.12% year-on-year [1][2] - In Q1 2025, the company achieved a revenue of 2.874 billion yuan, a decline of 4.18% year-on-year, while the net profit attributable to shareholders increased by 29.99% to 369 million yuan [1] Revenue Breakdown - The publishing segment generated a revenue of 3.742 billion yuan in 2024, an increase of 3.90% year-on-year, driven by enhanced promotion in the provincial textbook market [2] - The media segment achieved a revenue of 859 million yuan, up 4.90% year-on-year, benefiting from the company's multi-media strategy [2] - The printing segment reported a revenue of 1.104 billion yuan, a slight increase of 0.29% year-on-year [2] Expense Analysis - Sales expenses rose by 2.34% year-on-year due to increased marketing efforts in provincial markets [3] - Management expenses increased by 6.04% year-on-year, primarily due to natural growth in labor costs [3] - Research and development expenses remained stable, with a slight decrease of 1.10% year-on-year [3] Strategic Initiatives - The company is advancing its "e-tang hao ke" project, which integrates educational publishing resources and technology to create a comprehensive smart education product system [3] - The project aims to provide high-quality digital course services and has received positive feedback from users [3] Financial Health - As of Q1 2025, the company had a cash and cash equivalents balance of 7.347 billion yuan [4] - The company has maintained an active dividend policy, with cumulative cash dividends reaching 3.053 billion yuan over the past three years [4] - The total dividend amount for 2024 was 808 million yuan, resulting in a distribution ratio of 72% [4]