提升垂类渠道运营能力，以数据和AI 等前沿技术驱动效率提升。面对渠道变革，公司不断提升垂类渠道运营能力，撬动细分市场增量发展。如针对Z世代、二次元人群，与专业渠道合作，持续完成《再见绘梨》《不见上仙三百年》《天官赐福》等重点作品的宣推。应对人工智能技术的兴起，公司加大研发投入，23 年研发费用0.11 亿元，同比增长24.89%。在阅读场景创新方面，公司与百度联合发布“中信书院AI 阅读助手”插件；在传统出版业务流程方面，公司通过AIGC 数智出版平台辅助出版科幻系列小说《血与锈》；在资源管理效率方面，公司通过自行研发的“夸父”AI 智能应用系统，助力图书资源整合与动态管理。Incident: The company achieved revenue of 1,717 billion yuan in 2023, a year-on-year decrease of 4.65%, and realized net profit of 116 million yuan to mother, a year-on-year decrease of 7.72%.
The main advantages of the book publishing business are stable, and structural changes in channels are putting pressure on revenue. According to the opening data, the company's market share in the overall market in '23 was 3.25%, an increase of 0.22 percentage points over the previous year, and the leading position is stable. Among the segments, books on management, psychological self-help, and biography ranked first in the market, while children's and natural science books jumped to second place in the market. However, due to structural changes in book channels, discounts have been further reduced, and overall demand in the book industry has not been repaired, and the company's book publishing and distribution business revenue fell 5.20% year-on-year to 1,319 billion yuan in '23.
The knowledge services business performed well. In 2023, the company's knowledge service business revenue was 58 million yuan, an increase of 15.02% over the previous year. The company insisted on content innovation, launched the “Enterprise Academy” benchmark enterprise visit product; insisted on model breakthroughs, launched an online learning platform, and launched more than 2,000 training courses.
Improve vertical channel operation capabilities, and drive efficiency improvements with cutting-edge technologies such as data and AI. Faced with channel changes, the company continuously improved its vertical channel operation capabilities and leveraged the incremental development of market segments. For example, for Gen Z and two-dimensional people, we have collaborated with professional channels to continue promoting key works such as “Goodbye Elie,” “300 Years Without Seeing the Immortals,” and “A Blessing from Heaven.” In response to the rise of artificial intelligence technology, the company increased investment in R&D, with R&D expenses of 23 million yuan, an increase of 24.89% over the previous year. In terms of innovative reading scenarios, the company and Baidu jointly released the “CITIC Academy AI Reading Assistant” plug-in; in terms of traditional publishing business processes, the company assisted in publishing the sci-fi series “Blood and Rust” through the AIGC digital publishing platform; in terms of resource management efficiency, the company helped integrate and dynamically manage book resources through the self-developed “KuaFu” AI intelligent application system.
Profit forecast and investment advice: The company's net profit for 2024/25/26 is expected to be 1.60/1.91/221 million yuan, +38%/+19%/+16% over the same period last year, maintaining the “gain” rating.
Risk warning: The recovery in demand in the book industry falls short of expectations; market competition intensifies; technological development falls short of expectations.
