JIANGSU PHOENIX PUBLISHING & MEDIA (601928) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 12.35 billion, down 9.25% year-over-year; net profit attributable to shareholders was RMB 1.80 billion, up 12.37% year-over-year.

• Operating cash flow was RMB 1.54 billion, down 16.47% year-over-year.

• Company maintained industry leadership, ranked first among Chinese publishing enterprises and continued to be listed in the Global Top 50 Publishers.

• Dividend payout ratio was 56.71%, with RMB 1.02 billion in cash dividends distributed.

Financial highlights

• Gross margin for main business was 39.52%, up 1.82 percentage points year-over-year.

• Net assets attributable to shareholders at year-end were RMB 19.94 billion, up 2.39% year-over-year.

• Total assets at year-end were RMB 30.56 billion, down 0.61% year-over-year.

• Basic and diluted EPS were RMB 0.71, up 12.70% year-over-year.

• Adjusted net profit (excluding non-recurring items) was RMB 1.55 billion, down 24.03% year-over-year.

Outlook and guidance

• Industry faces structural adjustment, with traditional product markets shrinking and digital transformation accelerating.

• Company will focus on content innovation, digital education, and integrated cultural services, aiming for high-quality growth.

• Risks include slower-than-expected transformation and declining student enrollment due to demographic trends.