JIANGSU PHOENIX PUBLISHING & MEDIA (601928) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥13.61 billion in 2024, down 0.29% year-over-year; net profit attributable to shareholders was ¥1.60 billion, down 45.88% year-over-year, mainly due to reversal of deferred tax assets from tax policy extension.

• Adjusted net profit (excluding non-recurring items) was ¥2.04 billion, down 1.54% year-over-year.

• Maintained leading position in China's publishing industry, ranked top among domestic publishing groups, and continued to be listed in the Global Top 50 Publishers.

Financial highlights

• Operating cash flow was ¥1.84 billion, down 29.34% year-over-year.

• Total assets at year-end were ¥30.75 billion, down 1.93% from the previous year; net assets attributable to shareholders increased 1.73% to ¥19.47 billion.

• Basic EPS was ¥0.63, down 45.68% year-over-year; adjusted EPS was ¥0.80.

• Gross margin for publishing was 38.98% (up 2.11 percentage points), for distribution 30.01% (down 1.04 percentage points).

Outlook and guidance

• Plans to strengthen original content, digital transformation, and AI integration.

• Will focus on education publishing, digital education, and knowledge services, and expand new business models and external investments.

• Faces pressure from declining student numbers and rapid digital transformation; will mitigate through business diversification and innovation.