Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. XINHUA WINSHARE P UBLISHING AND MEDIA CO., LT D. ʮ̡ (A joint stock limited company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 811) 2025 THIRD QUARTERLY REPORT The board (the “Board”) of directors (the “Director(s) ”) of Xinhua Winshare Publishing and Media Co., Ltd.* (ʮ̡ ) (the “Company ”) is pleased to announce the unaudited results (the “Third Quarterly Report ”) of the Company and its subsidiaries (collectively the “Group ”) for the three quarters ended 30 September 2025. This announcement is made pursuant to Rule 13.09(2) and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”) and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). 1. IMPORTANT NOTICE The Board, the supervisory committee and the Directors, supervisors and senior management of the Company warrant that the information contained in the Third Quarterly Report is true, accurate and complete without any false representations, misleading statements or material omissions, and severally and jointly accept legal responsibility for the above. The head of the Company Mr. Zhou Qing, the person-in-charge of accounting affairs Mr. Xu Yongping, and the person-in-charge of the accounting department (chief accountant) Mr. He Xiaomao warrant that the financial information in the Third Quarterly Report is true, accurate and complete. The Third Quarterly Report of the Company is unaudited. The audit committee of the Company has reviewed the results of the Group for the three quarters ended 30 September 2025.
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2 2. MAJOR FINANCIAL DATA (I) Major accounting data and financial indicators Unit: Yuan Currency: RMB Item Reporting Period Increase/decrease for the Reporting Period compared to the corresponding period of the prior year (%) From the beginning of the year to the end of the Reporting Period Increase/decrease from the beginning of the year to the end of the Reporting Period compared to the corresponding period of prior year (%) Operating income 2,369,444,717.93 (10.58) 7,896,874,144.86 (6.41) Gross profit 128,733,085.94 (41.23) 1,036,206,080.42 (2.91) Net profit attributable to shareholders of the listed company 120,168,341.75 (31.49) 976,713,098.67 9.60 Net profit attributable to shareholders of the listed company after deducting non-recurring profit or loss 92,246,572.92 (48.88) 938,889,598.12 1.57 Net cash flow from operating activities N/A N/A 870,333,335.85 12.88 Basic earnings per share (RMB/share) 0.10 (28.57) 0.79 9.72 Diluted earnings per share (RMB/share) 0.10 (28.57) 0.79 9.72 Weighted average return on net assets (%) 0.80 Decreased by 0.48 percentage point 6.59 Increased by 0.01 percentage point As at the end of the Reporting Period As at the end of prior year Increase/decrease as at the end of the Reporting Period compared to the end of the prior year (%) (Audited) Total assets 24,953,791,374.34 22,898,703,360.27 8.97 Owners ’ equity attributable to shareholders of the listed company 14,986,301,331.28 14,606,455,619.02 2.60 The “Reporting Period ” refers to the three-month period from the beginning of the current quarter to the end of the current quarter, the same below.
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3 (II) Items and amounts of non-recurring profit or loss Unit: Yuan Currency: RMB Item of non-recurring profit or loss Amount for the Reporting Period Amount from the beginning of the year to the end of the Reporting Period Profit or loss on disposal of non-current assets, including write-offs for which asset impairment provisions have been made 1,058,527.68 884,239.59 Government grants recognized in profit or loss for the period (other than grants which are closely related to the Company ’s normal business operations, comply with national policies and regulations, are entitled according to determined standards, and have a lasting impact on the Company ’s profit or loss) 3,822,696.63 9,286,586.59 In addition to the effective hedging business related to the Company ’s normal business operations, profit or loss from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and profit or loss from disposal of financial assets and financial liabilities 26,458,905.54 37,625,385.42 Other non-operating income and expenses apart from the above items (2,859,794.45) (5,798,386.34) Less: Effect of income tax 515,647.37 3,643,759.76 Effect of minority interests (after tax) 42,919.20 530,564.95 Total 27,921,768.83 37,823,500.55
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4 (III) Changes in the principal accounting information and financial indicators and reason thereof Name of the item Change proportion (%) Main reasons Total profit for the Reporting Period (41.23) Mainly due to the decrease in profits resulting from the decline in textbooks and supplementary materials and general books business. Net profit attributable to shareholders of the listed company for the Reporting Period (31.49) Mainly due to the decrease in profits resulting from the decline in textbooks and supplementary materials and general books business. Net profit attributable to shareholders of the listed company after deducting non-recurring profit or loss for the Reporting Period (48.88) Mainly due to the decrease in profits resulting from the decline in textbooks and supplementary materials and general books business. 3. SHAREHOLDER INFORMATION Total number of shareholdings of ordinary shares and the shareholdings of the top ten shareholders as at 30 September 2025 Unit: share Total number of holders of ordinary shares as at 30 September 2025 16,794 Shareholdings of top ten shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Number of shares held Shareholding percentage (%) Number of restricted shares held Pledged, marked or locked-up Status of shares Number Sichuan Xinhua Publishing and Distribution Group Co., Ltd.* (೯Бණ ʮ̡ ) State 491,623,465 39.84 – Nil – Hong Kong Securities Clearing Company Limited Overseas legal person 297,629,198 24.12 – Unknown – Sichuan Cultural Industry Investment Group Co., Ltd.* (̬ʇ˖ʷପุҳ༟ණྠϞ பʮ̡ ) State-owned legal person 228,935,005 18.55 – Nil –
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5 Shareholdings of top ten shareholders (excluding shares lent through refinancing) Name of shareholder Nature of shareholder Number of shares held Shareholding percentage (%) Number of restricted shares held Pledged, marked or locked-up Status of shares Number Chengdu Hua Sheng (Group) Industry Co., Ltd.* ( ϓே̹ ശସ(ණྠ)ʮ̡ ) Domestic non- state-owned legal person 53,336,000 4.32 – Nil – Beijing Maple Spring Investment Management Co., Ltd.* (ҳ༟၍ଣϞ ʮ̡) (Note 1) Unknown 53,307,000 4.32 – Unknown – Sichuan Daily Newspaper Group* ( ̬ʇ˚జజุණྠ ) State-owned legal person 9,264,513 0.75 – Nil – Liaoning Bohong Investment Co., Ltd.* ( ፱ྐྵ௹ᒿҳ༟Ϟ ʮ̡) (Note 2) State-owned legal person 6,485,160 0.53 – Nil – E Fund – China Life Insurance Company Limited – Traditional Insurance – E Fund China Life Balanced Equity Traditional Available for Sale Single Asset Management Plan (˙༺ ΅ ˙ ୃෂ ࠇ ྌ) Unknown 5,277,907 0.43 – Nil – E Fund Management – China Life Insurance Company Limited – Participating Insurance – E Fund China Life Balanced Equity Portfolio Single Asset Management Plan (available for sale) (Ñ ʕ ʮ̡ Ñ ྪ ଡ଼Υఊɓ༟ ྌ (̙Զ̈ਯ )) Unknown 4,438,200 0.36 – Nil – Basic Pension Insurance Fund 1003 Combination ( ਿ͉ቮ ɓཧཧɧଡ଼Υ ) Unknown 4,331,600 0.35 – Nil –
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6 Shareholding of top ten unrestricted shareholders (excluding shares lent through refinancing) Name of shareholder Number of unrestricted tradable shares held Class and number of shares Class of shares Number Sichuan Xinhua Publishing and Distribution Group Co., Ltd.* (ʮ̡ ) 491,623,465 RMB ordinary shares 400,843,465 Overseas listed foreign shares 90,780,000 Hong Kong Securities Clearing Company Limited 297,629,198 RMB ordinary shares 9,860,421 Overseas listed foreign shares 287,768,777 Sichuan Cultural Industry Investment Group Co., Ltd.* (பʮ̡ ) 228,935,005 RMB ordinary shares 222,539,005 Overseas listed foreign shares 6,396,000 Chengdu Hua Sheng (Group) Industry Co., Ltd.* (ϓே̹ശସ (ණྠ)ʮ̡ ) 53,336,000 RMB ordinary shares 53,336,000 Beijing Maple Spring Investment Management Co., Ltd.* (ʮ̡ ) (Note 1) 53,307,000 Overseas listed foreign shares 53,307,000 Sichuan Daily Newspaper Group* (̬ʇ˚జజุණྠ ) 9,264,513 RMB ordinary shares 9,264,513 Liaoning Bohong Investment Co., Ltd.* (ʮ̡ ) (Note 2) 6,485,160 RMB ordinary shares 6,485,160 E Fund – China Life Insurance Company Limited – Traditional Insurance – E Fund China Life Balanced Equity Traditional Available for Sale Single Asset Management Plan (ʮ̡ Ñ ୃෂ୕ ྌ ) 5,277,907 RMB ordinary shares 5,277,907 E Fund Management – China Life Insurance Company Limited – Participating Insurance – E Fund China Life Balanced Equity Portfolio Single Asset Management Plan (available for sale) (ʮ̡ Ñ ଡ଼Υ ྌ (̙Զ̈ਯ )) 4,438,200 RMB ordinary shares 4,438,200 Basic Pension Insurance Fund 1003 Combination (ɓཧཧɧଡ଼Υ ) 4,331,600 RMB ordinary shares 4,331,600 Notes: 1. Sourced from the “Disclosure of Interests ” form filed on the website of The Stock Exchange of Hong Kong Limited. 2. Liaoning Publication Group Co., Ltd.* (ʮ̡ ) holds 6,485,160 shares of the Company through its wholly-owned subsidiary, Liaoning Bohong Investment Co., Ltd.* (ʮ̡ ).
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7 4. QUARTERLY FINANCIAL STATEMENTS Consolidated balance sheet 30 September 2025 Unit: Yuan Currency: RMB Audit type: Unaudited Item 30 September 2025 31 December 2024 (Audited) Current assets: Cash and bank balances 8,634,518,748.18 9,179,678,124.68 Held-for-trading financial assets 41,360.77 60,122.67 Notes receivable – 933,791.30 Accounts receivable 2,489,020,666.20 1,526,810,256.53 Financing receivables 17,519,347.58 15,232,141.87 Prepayments 113,843,707.70 64,815,102.00 Other receivables 171,143,230.14 261,437,606.97 Including: Dividends receivable 108,000.00 1,578,000.00 Inventories 3,212,346,044.49 2,422,588,723.48 Contract assets 11,878,831.87 5,584,567.76 Non-current assets due within one year 27,794,642.35 49,263,308.47 Other current assets 69,338,506.20 77,116,925.26 Total current assets 14,747,445,085.48 13,603,520,670.99 Non-current assets: Long-term receivables 17,600,738.62 39,192,878.89 Long-term equity investments 824,354,520.61 806,322,100.70 Other equity instrument investment 2,193,028,193.81 2,284,471,141.07 Other non-current financial assets 457,004,202.46 422,828,090.06 Investment properties 75,929,352.60 76,601,687.11 Fixed assets 2,399,734,506.36 2,359,715,499.52 Construction in progress 11,547,863.01 73,670,872.15 Right-of-use assets 343,188,029.45 234,572,966.34 Intangible assets 316,333,399.96 336,018,285.26 Development cost 7,951,986.62 3,745,447.13 Goodwill 622,652,907.24 622,652,907.24 Long-term prepaid expenses 27,579,084.17 26,459,764.43 Deferred income tax assets 7,215,283.81 7,215,301.85 Other non-current assets 2,902,226,220.14 2,001,715,747.53 Total non-current assets 10,206,346,288.86 9,295,182,689.28 Total assets 24,953,791,374.34 22,898,703,360.27
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8 Item 30 September 2025 31 December 2024 (Audited) Current liabilities: Short-term borrowings 10,000,000.00 10,000,000.00 Notes payable 114,000.00 4,486,667.50 Accounts payable 6,232,223,067.33 5,453,032,475.59 Advance receipts 2,630,284.20 1,662,994.41 Contract liabilities 1,551,433,550.41 603,867,865.69 Employee benefits payable 723,386,146.67 908,819,864.44 Taxes payable 35,955,459.33 42,024,302.50 Other payables 323,507,823.17 308,454,407.85 Non-current liabilities due within one year 79,655,433.43 76,862,500.83 Other current liabilities 157,830,598.90 184,325,801.95 Total current liabilities 9,116,736,363.44 7,593,536,880.76 Non-current liabilities: Lease liabilities 273,012,331.59 179,938,995.53 Deferred income 61,086,691.38 53,436,961.20 Deferred income tax liabilities 67,819,842.04 64,861,474.37 Total non-current liabilities 401,918,865.01 298,237,431.10 Total liabilities 9,518,655,228.45 7,891,774,311.86 Owners ’ equity (or shareholders ’ equity): Paid-in capital (or share capital) 1,233,841,000.00 1,233,841,000.00 Capital reserve 2,524,643,969.45 2,524,643,969.45 Other comprehensive income 1,764,590,772.65 1,855,336,515.47 Surplus reserve 1,431,148,312.43 1,431,148,312.43 Undistributed profits 8,032,077,276.75 7,561,485,821.67 Total owners ’ equity (or shareholders ’ equity) attributable to the parent company 14,986,301,331.28 14,606,455,619.02 Minority interest 448,834,814.61 400,473,429.39 Total owners ’ equity (or shareholders ’ equity) 15,435,136,145.89 15,006,929,048.41 Total liabilities and owners ’ equity (or shareholders ’ equity) 24,953,791,374.34 22,898,703,360.27
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9 Consolidated income statement January – September 2025 Unit: Yuan Currency: RMB Audit type: Unaudited Item Nine months ended 30 September 2025 Nine months ended 30 September 2024 I. Total operating income 7,896,874,144.86 8,437,722,940.37 Including: Operating income 7,896,874,144.86 8,437,722,940.37 II. Total operating costs 7,041,534,135.30 7,427,160,801.03 Including: Operating costs 5,126,461,429.44 5,423,122,950.63 Taxes and surcharges 29,742,841.52 33,632,124.99 Selling expenses 928,255,485.71 975,226,031.70 Administrative expenses 1,095,107,686.35 1,112,118,274.99 Research and development expenditure 20,884,485.71 13,514,917.49 Finance expenses (158,917,793.43) (130,453,498.77) Including: Interest expense(s) 11,373,415.30 9,796,606.04 Interest income 171,497,929.73 150,571,665.04 Add: Other income 56,512,847.86 75,781,442.85 Investment income 110,141,142.76 137,478,908.14 Including: Income from investments in associates and joint ventures 21,516,926.95 22,408,240.90 Gain (loss) from changes in fair values 36,738,634.70 (40,149,338.27) Gain (loss) from credit impairment 22,117,900.58 (70,915,983.26) Gain (loss) from asset impairment (39,730,308.29) (26,761,328.05) Gain on disposal of assets 884,239.59 1,438,850.12 III. Operating profit 1,042,004,466.76 1,087,434,690.87 Add: Non-operating income 4,307,803.83 1,303,178.08 Less: Non-operating expenses 10,106,190.17 21,436,887.56 IV. Total profit 1,036,206,080.42 1,067,300,981.39 Less: Income tax expenses 10,573,761.59 133,071,759.24
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10 Item Nine months ended 30 September 2025 Nine months ended 30 September 2024 V. Net profit 1,025,632,318.83 934,229,222.15 (I) Categorized by the nature of continuing operations 1. Net profit from continuing operations 1,025,632,318.83 934,229,222.15 (II) Categorized by ownership 1. Net profit attributable to shareholders of the parent company 976,713,098.67 891,181,597.60 2. Profit or loss attributable to minority shareholders 48,919,220.16 43,047,624.55 VI. Other comprehensive income, net of tax (90,992,576.41) 369,761,374.63 (I) Other comprehensive income attributable to owners of the parent company, net of tax (90,992,576.41) 369,761,374.63 1. Other comprehensive income that cannot be reclassified to profit or loss (90,992,576.41) 369,761,374.63 (1) Fair value changes of other equity instrument investment (90,992,576.41) 369,761,374.63 VII. Total comprehensive income 934,639,742.42 1,303,990,596.78 (I) Total comprehensive income attributable to owners of the parent company 885,720,522.26 1,260,942,972.23 (II) Total comprehensive income attributable to minority shareholders 48,919,220.16 43,047,624.55 VIII. Earnings per share: (I) Basic earnings per share (RMB/share) 0.79 0.72 (II) Diluted earnings per share (RMB/share) 0.79 0.72
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11 Consolidated cash flow statement January – September 2025 Unit: Yuan Currency: RMB Audit type: Unaudited Item Nine months ended 30 September 2025 Nine months ended 30 September 2024 I. Cash flows from operating activities: Cash receipts from the sale of goods and the rendering of services 8,221,131,105.15 8,250,819,801.99 Receipts of tax refunds 163,195,647.45 32,535,658.45 Other cash receipts relating to operating activities 152,334,847.97 167,926,595.44 Sub-total of cash inflows from operating activities 8,536,661,600.57 8,451,282,055.88 Cash payments for goods purchased and services received 5,459,841,328.76 5,247,302,091.77 Cash payments to and on behalf of employees 1,571,171,697.67 1,527,608,341.31 Payments of various types of taxes 117,923,294.94 264,184,081.21 Other cash payments relating to operating activities 517,391,943.35 641,157,031.18 Sub-total of cash outflows from operating activities 7,666,328,264.72 7,680,251,545.47 Net cash flow from operating activities 870,333,335.85 771,030,510.41 II. Cash flows from investing activities: Cash receipts from recovery of investments 42,845,061.53 3,426,175.80 Cash receipts from investment income 98,653,384.92 177,493,206.62 Net cash receipts from disposals of fixed assets, intangible assets and other long-term assets 5,007,199.30 2,087,107.24 Other cash receipts relating to investing activities 60,000,000.00 510,000,000.00 Sub-total of cash inflows from investing activities 206,505,645.75 693,006,489.66 Cash payments to acquire or construct fixed assets, intangible assets and other long-term assets 98,251,720.14 93,574,150.94 Cash payments to acquire investments 50,240,224.26 211,663,554.24 Other cash payments relating to investing activities 1,882,711,289.08 1,010,000,000.00 Sub-total of cash outflows from investing activities 2,031,203,233.48 1,315,237,705.18 Net cash flow from investing activities (1,824,697,587.73) (622,231,215.52)
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12 Item Nine months ended 30 September 2025 Nine months ended 30 September 2024 III. Cash flows from financing activities: Cash payments for repayments of debts – 10,000,000.00 Cash payments for distribution of dividends, profit or settlement of interest expenses 506,682,367.13 715,895,154.99 Including: Dividends and profits paid by subsidiaries to minority shareholders 557,834.94 – Other cash payments relating to financing activities 89,633,512.39 102,665,591.88 Sub-total of cash outflows from financing activities 596,315,879.52 828,560,746.87 Net cash flow from financing activities (596,315,879.52) (828,560,746.87) IV. Net increase in cash and cash equivalents (1,550,680,131.40) (679,761,451.98) Add: Opening balance of cash and cash equivalents 8,962,582,856.29 9,078,342,824.79 V. Closing balance of cash and cash equivalents 7,411,902,724.89 8,398,581,372.81 By order of the Board Xinhua Winshare Publishing and Media Co., Ltd.* Chairman Zhou Qing Sichuan, the PRC, 30 October 2025 As at the date of this announcement, the Board comprises (a) Mr. Zhou Qing, Mr. Liu Longzhang and Mr. Li Qiang as executive Directors; (b) Mr. Ke Jiming and Ms. Tan Ao as non-executive Directors; and (c) Mr. Lau Tsz Bun, Mr. Deng Fumin and Mr. Han Wenlong as independent non-executive Directors. * For identification purposes only