中文传媒解除重大资产重组协议并完成净资产补偿支付
——投资者重点解读
一、事件概述
2026年5月12日，中文天地出版传媒集团股份有限公司（以下简称“中文传媒”）发布公告，披露于2025年11月18日与江西省出版传媒集团有限公司（以下简称“江西出版传媒集团”）签署了附条件生效的《发行股份及支付现金购买资产协议》及其相关协议的解除协议。此次解除协议涉及资产返还、现金及股份返还、以及持有期间净资产变动补偿，相关内容及进展对公司经营和投资者决策具有重要影响。
二、解除协议的详细内容
- 协议解除：中文传媒将向江西出版传媒集团返还江西教育传媒集团有限公司（简称“江教传媒”）100%股权和江西高校出版社有限责任公司（简称“高校出版社”）51%股权。江西出版传媒集团则向中文传媒返还对应的现金对价和股份，实现已履行部分的恢复原状，未履行部分不再履行。
- 协议生效条件：解除协议自中文传媒2025年第三次临时股东大会审议通过相关议案之日起生效。
- 净资产变动专项审计：大信会计师事务所（特殊普通合伙）专项审计报告显示，在中文传媒持有江教传媒和高校出版社期间（2024年10月至2025年11月）：
- 江教传媒净资产减少32,042,548.95元
- 高校出版社净资产增加4,264,250.74元
- 净资产变动补偿：根据解除协议，江西出版传媒集团需按持股比例补偿中文传媒净资产变动金额：
补偿金额=江教传媒净资产减少 – 高校出版社净资产增加×51% = 32,042,548.95元 – 4,264,250.74元×51%= 29,867,781.07元
三、事件进展与履行情况
2026年5月11日，江西出版传媒集团已向中文传媒支付完毕标的资产持有期间净资产变动补偿款共计29,867,781.07元。
四、对公司与投资者的影响与风险提示
- 资本结构恢复原状：解除重大资产重组协议及相关资产和现金、股份的返还，标志着公司资本结构和资产配置恢复至重组前状态。
- 资金回流与财务影响：公司获得近3,000万元的现金补偿，有助于提升短期现金流和财务稳健性。
- 业绩影响：此次标的资产持有期间净资产变动呈现整体负值，表明相关资产在持有期间未能为公司带来正向收益，反而略有损失，投资者需关注公司未来资产配置及收购决策的谨慎性。
- 股价波动风险：本次解除重大资产重组及补偿事项对公司资产规模、净利润等财务指标可能产生影响，属于可能引发股价波动的重大事项，投资者需关注后续公司业务调整和经营策略变化。
- 后续事项：解除协议已履行完毕，相关公告已披露在《中国证券报》《上海证券报》《证券日报》及上海证券交易所网站，投资者可查阅详细内容。
五、结论与投资者建议
本次重大资产重组解除及净资产变动补偿的顺利完成，显示公司管理层对资本结构和资产质量的及时调整能力。投资者应关注公司未来在出版传媒领域的战略规划及由此带来的经营业绩变化。
免责声明：本文仅为信息披露和投资参考，不构成任何投资建议。投资有风险，入市需谨慎。请投资者以公司公告及相关法律法规为准，理性判断和决策。
English Version
Zhongwen Media Terminates Major Asset Restructuring and Completes Asset Compensation Payment
— Key Details for Investors
1. Event Overview
On May 12, 2026, Zhongwen Tiandi Publishing & Media Group Co., Ltd. (“Zhongwen Media”) announced the termination of its conditional “Share Issuance and Cash Payment for Asset Purchase Agreement” signed with Jiangxi Publishing & Media Group (“Jiangxi Publishing Media Group”) on November 18, 2025. This termination agreement involves returning assets, cash and shares, and compensating for net asset changes during the holding period. These developments are critical for company operations and investor decisions.
2. Details of the Termination Agreement
- Agreement Termination: Zhongwen Media will return 100% equity in Jiangxi Education Media Group Co., Ltd. and 51% equity in Jiangxi University Press Co., Ltd. to Jiangxi Publishing Media Group. In exchange, Jiangxi Publishing Media Group will return the corresponding cash consideration and shares, restoring the status prior to the transaction for any performed obligations, and discontinuing any unperformed obligations.
- Effective Date: The termination agreement comes into effect upon approval by Zhongwen Media’s third extraordinary shareholders’ meeting in 2025.
- Special Audit of Net Asset Changes: According to the audit by DaXin CPA, during Zhongwen Media’s holding period (October 2024 – November 2025):
- Jiangxi Education Media Group’s net assets decreased by RMB 32,042,548.95
- Jiangxi University Press’s net assets increased by RMB 4,264,250.74
- Net Asset Change Compensation: Per the agreement, Jiangxi Publishing Media Group must compensate Zhongwen Media based on equity proportion:
Compensation = Net asset decrease of Jiangxi Education Media Group – (Net asset increase of Jiangxi University Press × 51%) = RMB 32,042,548.95 – RMB 4,264,250.74 × 51% = RMB 29,867,781.07
3. Progress and Execution
On May 11, 2026, Jiangxi Publishing Media Group paid Zhongwen Media the full compensation for net asset changes during the holding period, totaling RMB 29,867,781.07.
4. Impact on Company and Investors & Risk Reminder
- Restoration of Capital Structure: The reversal of the asset restructuring and the return of assets, cash, and shares restore the company’s capital structure to its pre-restructuring state.
- Cash Inflow and Financial Impact: The receipt of nearly RMB 30 million enhances Zhongwen Media’s short-term liquidity and financial stability.
- Profitability Impact: The net asset changes indicate an overall loss during the holding period of these assets, highlighting the need for caution in future asset acquisitions and strategies.
- Share Price Fluctuation Risk: The termination and compensation may affect key financial metrics, potentially impacting the share price. Investors should pay close attention to subsequent business adjustments and strategy shifts.
- Further Details: All relevant announcements have been published in major securities newspapers and on the Shanghai Stock Exchange website.
5. Conclusion & Investor Recommendations
The swift completion of this major transaction reversal and compensation demonstrates the management’s proactive approach to capital and asset management. Investors should closely monitor the company’s future strategic moves in the publishing and media sector and their potential impact on performance.
Disclaimer: This article is for information disclosure and reference only and does not constitute investment advice. Investments carry risks. Please refer to official company announcements and exercise independent judgment.
