新媒股份今年以来股价涨21.38%，近5个交易日涨0.94%，近20日涨9.19%，近60日涨17.45%。 资料显示，广东南方新媒体股份有限公司位于广东省广州市人民北路686号自编25幢后座，成立日期 2010年7月12日，上市日期2019年4月19日，公司主营业务涉及经广东广播电视台授权,公司独家运营与 广东IPTV集成播控服务、互联网电视集成服务和内容服务配套的经营性业务。主营业务收入构成为： IPTV基础业务50.67%，互联网视听业务41.77%，内容版权业务5.87%，其他(补充)1.66%，商务运营业 务0.03%。 10月10日，新媒股份盘中上涨2.01%，截至10:39，报48.13元/股，成交1.03亿元，换手率0.96%，总市值 109.66亿元。 资金流向方面，主力资金净流入57.86万元，特大单买入311.75万元，占比3.02%，卖出323.13万元，占 比3.13%；大单买入2149.21万元，占比20.84%，卖出2079.97万元，占比20.17%。 新媒股份所属申万行业为：传媒-电视广播Ⅱ-电视广播Ⅲ。所属概念板块包括：短剧概念、电子竞技、 云游戏、高派息、MSCI中国等。 ...

Company Overview - New Media Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on July 12, 2010. The company was listed on April 19, 2019. Its main business includes operating IPTV integrated broadcasting and control services, internet television integrated services, and content service operations authorized by Guangdong Radio and Television Station [1]. Financial Performance - For the first half of 2025, New Media achieved operating revenue of 817 million yuan, representing a year-on-year growth of 5.94%. The net profit attributable to the parent company was 346 million yuan, reflecting a year-on-year increase of 24.43% [2]. - Since its A-share listing, New Media has distributed a total of 1.969 billion yuan in dividends, with 1.395 billion yuan distributed over the past three years [3]. Stock Performance - As of September 22, New Media's stock price decreased by 2.02%, trading at 45.18 yuan per share, with a total market capitalization of 10.294 billion yuan. The stock has increased by 13.94% year-to-date, but has seen a decline of 5.84% over the past five trading days [1]. - The number of shareholders as of September 10 was 25,400, a decrease of 7.43% from the previous period, while the average number of circulating shares per person increased by 7.41% to 8,982 shares [2]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 2.4676 million shares, a decrease of 86,300 shares from the previous period [3]. Business Segmentation - The revenue composition of New Media includes: IPTV basic services (50.67%), internet audio-visual services (41.77%), content copyright services (5.87%), and other supplementary services (1.66%) [1].

Group 1 - The stock of Guangdong Southern New Media Co., Ltd. (新媒股份) fell by 5.05% on August 28, closing at 45.27 CNY per share, with a trading volume of 639 million CNY and a turnover rate of 5.97%, resulting in a total market capitalization of 10.373 billion CNY [1] - The company, established on July 12, 2010, and listed on April 19, 2019, primarily operates under the authorization of Guangdong Radio and Television Station, focusing on IPTV integrated broadcast control services, internet television integrated services, and content service operations. The revenue composition is as follows: IPTV basic services 50.67%, internet audio-visual services 41.77%, content copyright services 5.87%, others 1.66%, and business operation services 0.03% [1] Group 2 - According to data from the top ten holdings of funds, one fund under China Europe Fund holds a significant position in New Media Shares. The China Europe State-Owned Enterprise Dividend Mixed A Fund (中欧国企红利混合A) held 85,100 shares in the second quarter, accounting for 3.24% of the fund's net value, making it the fourth-largest holding. The estimated floating loss today is approximately 205,100 CNY [2] - The China Europe State-Owned Enterprise Dividend Mixed A Fund, managed by Qu Jing, has a total asset size of 2.689 billion CNY. Since its inception, the fund has achieved a return of 18.84%, with the best return during the manager's tenure being 163.36% and the worst being -24.21% [3]

Core Viewpoint - The company Wireless Media (301551) reported a slight decline in revenue but significant growth in net profit and cash flow for the first half of 2025, indicating strong operational efficiency and effective cash management [1][2]. Financial Performance - The company achieved operating revenue of 301 million yuan, a year-on-year decrease of 1.44% [1] - The net profit attributable to shareholders reached 147 million yuan, an increase of 16.60% year-on-year [1] - The net profit excluding non-recurring items was also 147 million yuan, reflecting a year-on-year growth of 34.45% [1] - The net cash flow from operating activities surged to 287 million yuan, a remarkable increase of 163.35% year-on-year, primarily due to the recovery of receivables [1] - Total assets at the end of the reporting period amounted to 2.649 billion yuan, a year-on-year increase of 1.39% [1] Business Operations - The main business of the company is IPTV integrated broadcast control services, generating 259 million yuan in revenue from basic IPTV services, offering nearly 300 live channels and over 200,000 hours of on-demand content [1] - The company enhanced its operational efficiency and user payment conversion through initiatives such as intelligent recommendation upgrades, content library display systems, and the launch of IPTV membership cards, resulting in 39.268 million yuan in revenue from value-added services [1] - Revenue from the shopping channel reached 1.0764 million yuan, indicating further improvement in business layout [1] Other Business Developments - The company is steadily advancing its copyright distribution, satellite television, and government-enterprise services, while also exploring innovative directions such as copyright investment and shopping malls, achieving 1.3508 million yuan in revenue from other business activities [2] - Wireless Media is conducting in-depth exploration of the smart development needs in vertical industries such as education, healthcare, and community services, gradually implementing a "one cloud, multiple screens" integrated development strategy [2]

Core Viewpoint - New Media Co., Ltd. reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, leading to a notable increase in stock price [2][3]. Financial Performance - The company achieved operating revenue of 817 million yuan, a year-on-year increase of 5.94% [2]. - The net profit attributable to shareholders reached 346 million yuan, reflecting a year-on-year growth of 24.43% [2]. - A cash dividend of 10 yuan per 10 shares (including tax) is proposed, totaling 228 million yuan, with a payout ratio of 65.88% [2]. Business Growth - As of June 30, the IPTV basic business had 20.8 million effective users, a year-on-year increase of 2.51% [2]. - IPTV basic business revenue remained stable at 414 million yuan [2]. - The value-added services for IPTV in Guangdong generated revenue of 237 million yuan, up 23.68% year-on-year [2]. User Engagement and Content Strategy - The cloud viewing series apps reached 225 million effective users, with 27.71 million smart terminals, a growth of 14.74% [3]. - Internet TV business revenue was 105 million yuan for the first half of the year [3]. - The company expanded its content copyright business, achieving revenue of 48 million yuan, a year-on-year increase of 24.10% [3]. Market Sentiment and Dividends - The mid-term dividend reflects the company's strong operational quality and is seen as a positive signal for the industry’s development outlook [3]. - Analysts note that leading companies are increasingly using cash dividends to stabilize investor expectations, indicating robust cash flow and a mature market ecosystem [3].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing mixed performance with a slight increase in revenue but a decline in net profit for 2024, while Q1 2025 showed improvement in net profit [1] Financial Performance - In 2024, the company achieved operating revenue of 1.579 billion yuan (YoY +3.63%) and a net profit attributable to shareholders of 658 million yuan (YoY -7.04%) [1] - For Q1 2025, the company reported operating revenue of 407 million yuan (YoY +1.48%) and a net profit attributable to shareholders of 161 million yuan (YoY +8.69%) [1] - The gross margin for 2024 and Q1 2025 was 50.20% and 48.94% respectively, showing a year-over-year decrease of 1.45 and 1.38 percentage points [1] IPTV Business Development - The company's IPTV basic business generated revenue of 834 million yuan in 2024 (YoY +3.13%), with effective users reaching 20.57 million (YoY +5.43%) [2] - The internet audio-visual business revenue was 633 million yuan in 2024 (YoY +4.49%), with the Guangdong IPTV value-added business contributing 413 million yuan (YoY +3.18%) [2] - The company focused on content operation and user experience to enhance user engagement and retention [2] Content Copyright Business - The content copyright business revenue decreased by 5.67% to 84 million yuan in 2024, but the decline was less severe compared to 2023 [3] - The company expanded its media library and signed contracts with various quality project parties, including projects in variety shows and films [3] - The company is actively exploring the provincial IPTV market and enhancing its cable TV value-added services [3] Future Outlook - The company is expected to achieve operating revenues of 1.67 billion, 1.80 billion, and 1.95 billion yuan from 2025 to 2027, with net profits of 700 million, 770 million, and 850 million yuan respectively [3] - The current market valuation corresponds to a price-to-earnings ratio of 13, 12, and 11 times for the years 2025 to 2027 [3]