李氏企业（Lee Enterprises, Inc.）是美国中型社区本地新闻、信息和广告的领先提供商，已发布其 2025 年 10-K 表格报告。该报告全面概述了公司的财务表现、业务运营、战略举措以及在不断变化的媒体环境中面临的挑战。
财务亮点
<ul>
<li>总营业收入：5.623 亿美元，比 2024 年下降 8.0%，主要由于印刷广告和订阅收入的减少。</li>
<li>营业（亏损）收入：亏损 470 万美元，而 2024 年为盈利 450 万美元，主要受收入减少和重组成本的影响。</li>
<li>净亏损：3570 万美元，较 2024 年的净亏损 2360 万美元有所增加，受较低的营业收入和增加的重组成本影响。</li>
<li>每普通股亏损：6.20 美元，较 2024 年的每股亏损 4.35 美元有所增加，反映出净亏损的增加。</li>
</ul>
业务亮点
<ul>
<li>数字优先战略：李氏企业专注于数字优先的方法，强调数字订阅和营销服务的扩展。该公司在 25 个州服务 72 个中型社区，数字平台的数字专属订阅用户超过 633,000 人。</li>
<li>收入细分：公司的主要收入来源包括订阅、广告和数字营销服务。订阅收入来自数字和印刷订阅，而广告收入则来自全面的全渠道营销解决方案。</li>
<li>地理表现：公司在 25 个州运营，拥有《圣路易斯邮报》（St. Louis Post-Dispatch）、《奥马哈世界先驱报》（Omaha World Herald）和《布法罗新闻》（Buffalo News）等知名出版物。每个出版物都有大量的数字和印刷订阅用户，为公司的整体覆盖和参与度做出贡献。</li>
<li>销售单位：截至 2025 年 9 月，公司报告其出版物的数字和印刷订阅用户总数为 889,802 人，主要网站的独立访客流量和页面浏览量显著。</li>
<li>新产品发布：公司继续创新，推出 AI 驱动的解决方案和针对性的印刷产品，增强其数字产品和营销服务的组合。</li>
<li>运营挑战：公司面临印刷收入和发行量下降、广告需求变化以及影响印刷广告能力的网络事件等挑战。</li>
<li>未来展望：李氏企业致力于投资数字增长，提升订阅用户体验，并扩展其数字营销服务。公司还在考虑一项拟议的优先权发行，以筹集资金用于进一步的技术和运营投资。</li>
</ul>
战略举措
<ul>
<li>战略举措：公司积极追求战略举措，以增强流动性和降低成本。这包括针对性的成本削减和现金管理举措，如降低可自由支配和资本支出、加强对印刷相关运营成本的控制，以及增强收款工作以改善营运资金。此外，公司还在考虑一项拟议的优先权发行，以筹集 5000 万美元，如果成功，可能将其定期贷款的年利率从 9% 降低至 5%，从而实现显著的利息节省。</li>
<li>资本管理：公司专注于去杠杆化和有纪律的资本管理，以增强其资产负债表。它利用非核心资产销售的收益进行本金债务偿还，并将债务减少作为资本管理战略的关键组成部分。公司还获得了临时租赁和利息支付豁免，以支持在网络恢复计划期间的流动性。此外，根据其信贷协议，公司被限制支付普通股的股息，同时限制额外的债务和某些资本交易。</li>
<li>未来展望：展望未来，公司计划继续关注成本削减和流动性保护。预计将通过运营和现有现金余额满足现金需求，同时保持遵守债务契约。如果完成拟议的优先权发行，可能为一般企业用途提供额外资本并减少利息支出。尽管在执行战略举措方面可能面临挑战，公司相信其流动性将足以支持运营并满足至少未来十二个月的债务服务要求。</li>
</ul>
挑战与风险
<ul>
<li>经济状况：零售行业的疲软和经济衰退可能会减少广告收入，特别是来自实体店的收入。</li>
<li>内部控制：财务报告内部控制的缺陷可能会损害投资者信心，并导致监管制裁。</li>
<li>网络安全：公司在 2025 年经历了一次重大的网络安全事件，影响了运营和财务结果。持续的威胁需要增加对安全措施的投资。</li>
<li>竞争：数字媒体和人工智能技术的崛起带来了竞争挑战，需要进行大量资本投资以适应。</li>
<li>债务：公司的巨额债务可能限制运营灵活性并增加财务风险。</li>
<li>自然灾害：极端天气和公共卫生紧急事件等事件可能会干扰运营和供应链。</li>
<li>股东权利计划：采用股东权利计划可能会阻止潜在的收购，影响股东利益。</li>
<li>数字化转型：公司专注于扩大数字受众和增强数字产品，以弥补印刷收入的下降。</li>
<li>成本管理：减少成本和保持流动性的举措包括降低可自由支配支出和改善营运资金管理。</li>
<li>拟议的配股发行：拟议的配股发行旨在为一般企业用途筹集 5000 万美元，潜在的利率降低取决于其成功。</li>
<li>网络事件恢复：正在进行努力以从 2025 年的网络事件中恢复，包括对 IT 基础设施和安全的投资。</li>
<li>市场风险：公司面临市场风险，例如新闻纸价格波动，这可能影响运营成本。此外，利率变化可能影响债务服务成本，特别是如果拟议的配股发行未能实现预期的利率降低。</li>
</ul>
SEC 文件：LEE ENTERPRISES, Inc [ LEE ] - 10-K -2025 年 11 月 26 日

李氏企业

李氏企业发布了 2025 年 10-K 表格报告，强调由于印刷广告和订阅量下降，收入减少了 8%，降至 5.623 亿美元。公司报告净亏损 3570 万美元，主要由于收入减少和重组成本。李氏企业正专注于数字优先战略，扩大数字订阅，并考虑进行 5000 万美元的权利发行以降低利率。面临的挑战包括网络安全事件、经济状况以及来自数字媒体的竞争。战略举措旨在增强流动性并降低成本

Lee Enterprises, Inc., a leading provider of local news, information, and advertising in mid-sized communities across the United States, has released its 2025 Form 10-K report. The report provides a comprehensive overview of the company's financial performance, business operations, strategic initiatives, and the challenges it faces in the evolving media landscape.
<div class="lb-trans">李氏企业（Lee Enterprises, Inc.）是美国中型社区本地新闻、信息和广告的领先提供商，已发布其 2025 年 10-K 表格报告。该报告全面概述了公司的财务表现、业务运营、战略举措以及在不断变化的媒体环境中面临的挑战。
</div>Financial Highlights
<div class="lb-trans">财务亮点
</div><ul>
<li>Total Operating Revenue: $562.3 million, reflecting an 8.0% decrease compared to 2024, primarily due to declines in print advertising and subscription revenues.</li>
<li>Operating (Loss) Income: $(4.7) million, compared to a gain of $4.5 million in 2024, driven by reduced revenues and restructuring costs.</li>
<li>Net Loss: $(35.7) million, compared to a net loss of $23.6 million in 2024, impacted by lower operating income and increased restructuring costs.</li>
<li>Loss Per Common Share: $(6.20), compared to a loss of $4.35 per share in 2024, reflecting the increased net loss.</li>
</ul>
<div class="lb-trans"><ul>
<li>总营业收入：5.623 亿美元，比 2024 年下降 8.0%，主要由于印刷广告和订阅收入的减少。</li>
<li>营业（亏损）收入：亏损 470 万美元，而 2024 年为盈利 450 万美元，主要受收入减少和重组成本的影响。</li>
<li>净亏损：3570 万美元，较 2024 年的净亏损 2360 万美元有所增加，受较低的营业收入和增加的重组成本影响。</li>
<li>每普通股亏损：6.20 美元，较 2024 年的每股亏损 4.35 美元有所增加，反映出净亏损的增加。</li>
</ul>
</div>Business Highlights
<div class="lb-trans">业务亮点
</div><ul>
<li>Digital-First Strategy: Lee Enterprises is focused on a digital-first approach, emphasizing the expansion of digital-only subscriptions and marketing services. The company serves 72 mid-sized communities across 25 states, with a digital platform reaching over 633,000 digital-only subscribers.</li>
<li>Revenue Segments: The company's primary revenue streams include subscriptions, advertising, and digital marketing services. Subscription revenue is derived from both digital and print subscriptions, while advertising revenue comes from a comprehensive suite of omni-channel marketing solutions.</li>
<li>Geographical Performance: The company operates in 25 states, with notable publications such as the St. Louis Post-Dispatch, Omaha World Herald, and Buffalo News. Each publication has a significant number of digital and print subscribers, contributing to the company's overall reach and engagement.</li>
<li>Sales Units: As of September 2025, the company reported a total of 889,802 digital and print subscribers across its publications, with significant unique visitor traffic and page views on its primary websites.</li>
<li>New Product Launches: The company continues to innovate with AI-powered solutions and targeted print products, enhancing its portfolio of digital products and marketing services.</li>
<li>Operational Challenges: The company faced challenges such as declining print revenue and circulation, changes in advertising demand, and impacts from a cyber incident that affected print advertising capacity.</li>
<li>Future Outlook: Lee Enterprises is committed to investing in digital growth, enhancing subscriber experiences, and expanding its digital marketing services. The company is also considering a proposed rights offering to raise capital for further investments in technology and operations.</li>
</ul>
<div class="lb-trans"><ul>
<li>数字优先战略：李氏企业专注于数字优先的方法，强调数字订阅和营销服务的扩展。该公司在 25 个州服务 72 个中型社区，数字平台的数字专属订阅用户超过 633,000 人。</li>
<li>收入细分：公司的主要收入来源包括订阅、广告和数字营销服务。订阅收入来自数字和印刷订阅，而广告收入则来自全面的全渠道营销解决方案。</li>
<li>地理表现：公司在 25 个州运营，拥有《圣路易斯邮报》（St. Louis Post-Dispatch）、《奥马哈世界先驱报》（Omaha World Herald）和《布法罗新闻》（Buffalo News）等知名出版物。每个出版物都有大量的数字和印刷订阅用户，为公司的整体覆盖和参与度做出贡献。</li>
<li>销售单位：截至 2025 年 9 月，公司报告其出版物的数字和印刷订阅用户总数为 889,802 人，主要网站的独立访客流量和页面浏览量显著。</li>
<li>新产品发布：公司继续创新，推出 AI 驱动的解决方案和针对性的印刷产品，增强其数字产品和营销服务的组合。</li>
<li>运营挑战：公司面临印刷收入和发行量下降、广告需求变化以及影响印刷广告能力的网络事件等挑战。</li>
<li>未来展望：李氏企业致力于投资数字增长，提升订阅用户体验，并扩展其数字营销服务。公司还在考虑一项拟议的优先权发行，以筹集资金用于进一步的技术和运营投资。</li>
</ul>
</div>Strategic Initiatives
<div class="lb-trans">战略举措
</div><ul>
<li>Strategic Initiatives: The company is actively pursuing strategic initiatives to enhance liquidity and reduce costs. This includes targeted cost-reduction and cash-management initiatives such as lowering discretionary and capital spending, tightening control of print-related operating costs, and enhancing collection efforts to improve working capital. Additionally, the company is considering a proposed rights offering to raise $50 million, which, if successful, could lead to a reduction in the annual interest rate on its term loan from 9% to 5%, resulting in significant interest savings.</li>
<li>Capital Management: The company has focused on deleveraging and disciplined capital management to strengthen its balance sheet. It has made principal debt payments using proceeds from non-core asset sales and has prioritized debt reduction as a key component of its capital management strategy. The company has also received temporary lease and interest payment waivers to support liquidity during the cyber-recovery plan. Furthermore, the company is restricted from paying dividends on its common stock under its Credit Agreement, which also limits additional indebtedness and certain capital transactions.</li>
<li>Future Outlook: Looking ahead, the company plans to continue its focus on cost reduction and liquidity preservation. It expects to meet its cash requirements through operations and existing cash balances, while remaining in compliance with debt covenants. The proposed rights offering, if completed, could provide additional capital for general corporate purposes and reduce interest expenses. The company believes its liquidity will be sufficient to fund operations and meet debt service requirements for at least the next twelve months, despite potential challenges in executing strategic initiatives.</li>
</ul>
<div class="lb-trans"><ul>
<li>战略举措：公司积极追求战略举措，以增强流动性和降低成本。这包括针对性的成本削减和现金管理举措，如降低可自由支配和资本支出、加强对印刷相关运营成本的控制，以及增强收款工作以改善营运资金。此外，公司还在考虑一项拟议的优先权发行，以筹集 5000 万美元，如果成功，可能将其定期贷款的年利率从 9% 降低至 5%，从而实现显著的利息节省。</li>
<li>资本管理：公司专注于去杠杆化和有纪律的资本管理，以增强其资产负债表。它利用非核心资产销售的收益进行本金债务偿还，并将债务减少作为资本管理战略的关键组成部分。公司还获得了临时租赁和利息支付豁免，以支持在网络恢复计划期间的流动性。此外，根据其信贷协议，公司被限制支付普通股的股息，同时限制额外的债务和某些资本交易。</li>
<li>未来展望：展望未来，公司计划继续关注成本削减和流动性保护。预计将通过运营和现有现金余额满足现金需求，同时保持遵守债务契约。如果完成拟议的优先权发行，可能为一般企业用途提供额外资本并减少利息支出。尽管在执行战略举措方面可能面临挑战，公司相信其流动性将足以支持运营并满足至少未来十二个月的债务服务要求。</li>
</ul>
</div>Challenges and Risks
<div class="lb-trans">挑战与风险
</div><ul>
<li>Economic Conditions: Weakness in the retail sector and economic downturns can reduce advertising revenues, particularly from brick-and-mortar businesses.</li>
<li>Internal Controls: Deficiencies in internal controls over financial reporting could harm investor confidence and lead to regulatory sanctions.</li>
<li>Cybersecurity: The company experienced a significant cybersecurity incident in 2025, impacting operations and financial results. Ongoing threats require increased investment in security measures.</li>
<li>Competition: The rise of digital media and AI technologies presents competitive challenges, requiring significant capital investments to adapt.</li>
<li>Indebtedness: The company's substantial debt could limit operational flexibility and increase financial risk.</li>
<li>Natural Disasters: Events such as extreme weather and public health emergencies could disrupt operations and supply chains.</li>
<li>Stockholder Rights Plan: The adoption of a stockholder rights plan may deter potential takeovers, affecting stockholder interests.</li>
<li>Digital Transformation: The company is focusing on expanding its digital audience and enhancing digital products to offset declines in print revenue.</li>
<li>Cost Management: Initiatives to reduce costs and preserve liquidity include lowering discretionary spending and improving working capital management.</li>
<li>Proposed Rights Offering: A proposed rights offering aims to raise $50 million for general corporate purposes, with potential interest rate reductions contingent on its success.</li>
<li>Cyber Incident Recovery: Efforts are underway to recover from the 2025 cyber incident, including investments in IT infrastructure and security.</li>
<li>Market Risks: The company is exposed to market risks such as fluctuations in newsprint prices, which can impact operating costs. Additionally, interest rate changes could affect debt servicing costs, particularly if the proposed rights offering does not result in the anticipated interest rate reduction.</li>
</ul>
<div class="lb-trans"><ul>
<li>经济状况：零售行业的疲软和经济衰退可能会减少广告收入，特别是来自实体店的收入。</li>
<li>内部控制：财务报告内部控制的缺陷可能会损害投资者信心，并导致监管制裁。</li>
<li>网络安全：公司在 2025 年经历了一次重大的网络安全事件，影响了运营和财务结果。持续的威胁需要增加对安全措施的投资。</li>
<li>竞争：数字媒体和人工智能技术的崛起带来了竞争挑战，需要进行大量资本投资以适应。</li>
<li>债务：公司的巨额债务可能限制运营灵活性并增加财务风险。</li>
<li>自然灾害：极端天气和公共卫生紧急事件等事件可能会干扰运营和供应链。</li>
<li>股东权利计划：采用股东权利计划可能会阻止潜在的收购，影响股东利益。</li>
<li>数字化转型：公司专注于扩大数字受众和增强数字产品，以弥补印刷收入的下降。</li>
<li>成本管理：减少成本和保持流动性的举措包括降低可自由支配支出和改善营运资金管理。</li>
<li>拟议的配股发行：拟议的配股发行旨在为一般企业用途筹集 5000 万美元，潜在的利率降低取决于其成功。</li>
<li>网络事件恢复：正在进行努力以从 2025 年的网络事件中恢复，包括对 IT 基础设施和安全的投资。</li>
<li>市场风险：公司面临市场风险，例如新闻纸价格波动，这可能影响运营成本。此外，利率变化可能影响债务服务成本，特别是如果拟议的配股发行未能实现预期的利率降低。</li>
</ul>
</div>SEC Filing: LEE ENTERPRISES, Inc [ LEE ] - 10-K - Nov. 26, 2025
<div class="lb-trans">SEC 文件：LEE ENTERPRISES, Inc [ LEE ] - 10-K -2025 年 11 月 26 日
</div>

李氏企业公司 SEC 10-K 年度报告