中报显示，2025年上半年新媒股份各项业务均取得了不错增速。截止6月底，公司IPTV基础业务有效用 户达到2080万户，同比增长2.51%；IPTV基础业务收入4.14亿元，基本保持稳定。 8月27日开盘，新媒股份（300770.SZ）股价走强，盘中一度涨超15%。26日晚，新媒股份披露2025年半 年度报告，上半年实现营业收入8.17亿元，同比增长5.94%；归母净利润3.46亿元，同比增长24.43%。 公司拟向全体股东每10股派发现金人民币10元（含税），总计现金股利2.28亿元（含税），中期股利支 付率65.88%。 国信证券首席策略分析师王开表示，一批行业龙头正在用真金白银稳定投资者预期，这不仅是企业自身 经营稳健、现金流充沛的实力展现，更是A股市场生态走向成熟、更加注重股东回报的标志性信号。头 部公司的引领示范清晰地向市场传递了一个积极信号——国内核心资产具备为投资者提供持续、稳定现 金回报的能力，价值投资的压舱石作用愈发凸显。（文穗） 在IPTV视听类增值业务方面，广东IPTV持续引入华视网聚、华数、百视通、咪咕、优酷、腾讯、爱奇 艺等头部内容，实现院线大片、热门剧集、少儿、综艺等全品类内容的同 ...

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]