Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6][7] Core Views - The company's main business in book publishing remains strong, with digital technology effectively enhancing gross margins. In 2024, the company achieved revenue of 1.687 billion yuan, a year-on-year decrease of 1.72%, while net profit attributable to the parent company was 119 million yuan, a year-on-year increase of 1.99%. The adjusted net profit after excluding non-recurring items reached 157 million yuan, a significant year-on-year increase of 155.31% [6][7] - The company continues to lead in the general book publishing sector, with significant growth in its IP-linked products. In 2024, it maintained the top position in the national book retail market, particularly excelling in management, psychology, and biography categories. The company has also expanded its IP collaborations in animation and gaming, with new derivative books set to launch in early 2025 [6][7] - The integration of digital technology across the publishing and distribution chain has been a key focus, enhancing both consumer and business services. The company launched the "Supernova Plan" to explore data analysis and AI capabilities, resulting in over 50% efficiency improvements in various operational aspects. The digital service segment generated revenue of 222 million yuan in 2024, reflecting a year-on-year growth of 14.94% [6][7] Financial Summary - In 2024, the company reported total revenue of 1.687 billion yuan, with a projected revenue growth of 4% for 2025-2027. The net profit attributable to the parent company is expected to grow significantly, reaching 174 million yuan in 2025, with corresponding PE ratios of 36.4, 33.9, and 30.1 for the years 2025, 2026, and 2027 respectively [7][9]

Summary of Citic Publishing's Conference Call Company Overview - **Company**: Citic Publishing - **Fiscal Year**: 2024 - **Revenue**: 1.687 billion CNY, a decrease of 1.72% year-on-year - **Net Profit**: 119 million CNY, an increase of 1.99% year-on-year - **Net Profit (Excluding Non-recurring Items)**: 157 million CNY, an increase of 155.31% year-on-year [3][4] Key Points Financial Performance - Revenue decline attributed to overall industry downturn and strict channel distribution management [3][4] - Overall gross margin improved by 4.09 percentage points due to price control, cost reduction, and digital management optimization [4][8] Market Position - Citic Publishing maintains the top market share in the book retail market, leading in categories such as management, psychology, and biography, with second place in children's and natural science categories [4][5] - The anime sector saw revenue growth exceeding 25% year-on-year [4][5] Digital Business Development - The Citic Academy APP achieved over 300 million in annual dissemination, serving approximately 350 corporate clients and over 32,000 high-net-worth users [6] - Services include financial think tank, corporate learning, and entrepreneur reading clubs [6] Urban Cultural Space Operations - Focus on business travel, cultural, and trendy consumption through curation models, with physical store efficiency increasing by 7% year-on-year and e-commerce GMV growing by 30% [7] AI Technology Application - Implementation of AI technologies in data publishing, content planning, and translation, contributing to cost reduction and efficiency improvement [8][9] IP Strategy - Significant progress in IP strategy, particularly in anime and children's sectors, with a focus on developing derivative products and maintaining a full industry chain layout [12] - Successful pre-sale performance of "Nezha" related books during the Spring Festival [15] Copyright and Investment Management - Gradual reduction of early signed but unusable copyrights to minimize business impact [14] - Prudent handling of long-term equity investments to maintain business stability [13] Future Outlook - Optimistic about the publishing industry, particularly in K12 education and anime sectors, despite overall slow growth in the general book market [20] - Plans to maintain a stable opening trend for physical bookstores, leveraging opportunities from national cultural consumption promotion [19] Dividend Policy - Discussion on potential semi-annual dividends to provide returns to shareholders, reflecting the company's stable and flexible development approach [21]

Core Viewpoint - The company has experienced a continuous decline in revenue for three consecutive years, reaching a new low since its listing, while net profit has only slightly increased despite a significant drop compared to its initial public offering year [2][3]. Company Performance - In 2024, the company achieved an operating income of 1.687 billion yuan, a year-on-year decrease of 1.72%, and a net profit of 119 million yuan, a year-on-year increase of 1.99% [2]. - The company's operating income has declined for three consecutive years, with 2024 marking the lowest revenue since its listing [2]. - The net profit for the fourth quarter of 2024 was a loss of 11.46 million yuan, the worst quarterly performance in two years [3]. Industry Context - The overall book retail market in 2024 experienced negative growth, with the scale of book sales declining by 1.52% and actual sales down by 2.69% [3]. - Various sales channels, including physical stores and e-commerce platforms, have shown negative growth, with the largest e-commerce platforms experiencing a more significant decline compared to 2023 [3]. Asset Impairment - The company reported a total asset impairment loss of 78.75 million yuan for 2024, impacting net profit, with significant provisions for prepaid expenses, inventory, and long-term equity investments [3]. - The total asset impairment losses over the past three years have shown a significant increasing trend [3]. Market Position and Management - The company is positioned below the industry average in terms of revenue and net profit, with its market capitalization ranking below the industry median [4]. - The company has not yet established a market value management system or disclosed a valuation enhancement plan, unlike many of its industry peers [4].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 1.687 billion RMB in 2024, a year-on-year decrease of 1.72%, while the net profit attributable to the parent company was 119 million RMB, an increase of 1.99% year-on-year. The non-recurring profit was 158 million RMB, showing a significant increase of 155.31% year-on-year due to the continuation of tax policy benefits [1][5] - The decline in revenue is primarily attributed to a weak industry environment, with the book retail market experiencing a 1.52% decline in 2024. However, the company demonstrated resilience with an increase in gross profit margin by 4.09 percentage points to 38.96% [2][3] - The company has restructured and upgraded its publishing divisions, maintaining a leading position in various book categories, and has seen over 25% revenue growth in its newly incubated anime product line [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.687 billion RMB, with a gross profit margin of 38.96%, reflecting a 4.09 percentage point increase. The operating profit margin improved significantly due to cost reduction and efficiency enhancement measures [2][5] - The forecast for net profit attributable to the parent company for 2025-2027 is projected to be 226 million RMB, 243 million RMB, and 261 million RMB respectively, with significant growth expected in 2025 [5][7] Market Position - The company remains the top player in the national book retail market, leading in categories such as management, psychology, and biography, while holding the second position in children's and natural science categories [3] - The company has successfully launched collaborations with popular IPs, expanding its market reach and product offerings [3] Technological Integration - The company is actively leveraging AI technology to enhance production efficiency, achieving over 50% improvement in various publishing processes through its "KuaFu AI" platform [4]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company is advancing its digital transformation strategy, significantly enhancing efficiency in publishing and distribution through technological innovations, such as the "Kuafu AI" platform, which has improved operational efficiency by over 50% [5]. - The company is deepening its IP operation strategy, creating a new cultural consumption ecosystem by linking various media formats and developing a comprehensive IP value chain [5]. - The core publishing business remains stable, while digital and IP derivative businesses are expected to contribute to performance growth, supported by the application of AI technologies [5]. Financial Performance Forecast - Projected revenue for 2024 is 1,687.48 million yuan, with a slight decline of 1.72% year-on-year, followed by a recovery with expected growth rates of 3.72%, 5.18%, and 6.63% for 2025, 2026, and 2027 respectively [2]. - The net profit attributable to shareholders is forecasted to be 118.67 million yuan in 2024, with a growth of 1.99%, and is expected to rise significantly to 165.08 million yuan in 2025, reflecting a growth rate of 39.11% [2]. - The gross profit margin is projected to improve from 38.96% in 2024 to 41.13% by 2027, indicating a positive trend in profitability [2]. Market Data - As of March 17, 2025, the closing price of the company's stock is 33.44 yuan, with a market capitalization of 6.4 billion yuan [3].

中信出版集团股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 单位：万元 ■ 说明：①公司向关联方销售的商品主要为图书，向关联方提供的劳务是与公司主营相关的文化活动，购 买关联方商品、接受劳务是与公司日常经营相关的合作。鉴于中信集团和中信有限下属公司众多，故在 向关联方销售商品、提供劳务、接受劳务等处未列明关联人明细，仅以"中信集团、中信有限及其下属 公司"列报；②公司向关联人租入房屋的实际发生金额包括公司作为承租方于当年确认的短期租赁和低 价值租赁的租金支出。③购买关联方理财产品的预计额度为任一时点使用资金的最高额度，在该额度内 资金可滚动使用；实际发生金额为2024年任一时点购买关联方理财产品的最高额；④关联存款业务，预 计金额为日最高存款限额，2024年实际发生金额为2024年期末存款余额。 二、关联人介绍和关联关系 上述关联人中，中信集团为公司实际控制人，中信有限为公司控股股东，中信银行股份有限公司、中信 财务有限公司等公司均为中信集团实际控制的公司，与公司构成关联关系；郁栞文化生活（苏州）有限 公司及北京华普亿方科技集团股份有限公司均为公司的参股公司，与公司构成关联关系。 三、履约能力 ...

中信出版集团股份有限公司 2024 年度 涉及中信财务有限公司关联交易的存、贷款 等金融业务的专项报告 | 蒙引 ： * | 页码 | | --- | --- | | 专项报告 | 1-2 | | 2024 年度涉及中信财务有限公司关联交易的存、贷款 | 1-1 | | 等金融业务情况汇总表 | | 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.eov.cn）"进行全 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.eov.cn）"进行全 " 联系申话: +86 (010) 6554 2288 北京市东城区朝阳门北大街 出於國生言了外不是不同 8 号宣 华大厦 A 座 9 层 9/F Block A. Fu Hua Mansio lo.8. Chaovangmen Beidai Donacheng District, Beijin 关于中信出版集团股份有限公司 2024 年度涉及中信财务有限公司关联交易的存、贷款等金融 业务情况的专项报告 本专项说明仅供中信出版 2024年度报告披露之目的使用,未经本事务所书面同意, 不得用于其他任 ...

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