FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北青傳媒股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 142,409,000 RMB | | | 1 RMB | | 142,409,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 142,409,000 RMB | | | 1 RMB | | 142,409,000 | | 2. 股份分類 | 普通股 | 股 ...

Core Insights - Bitcoin has fallen below $101,000, experiencing a decline of 4.94% in the past 24 hours [1] Price Movement - The current price of Bitcoin is reported to be below $101,000 [1] - The percentage drop of 4.94% indicates a significant movement in the cryptocurrency market within a short time frame [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 公司名稱: 北青傳媒股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 142,409,000 RMB | | | 1 RMB | | 142,409,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 142,409,000 RMB | | | 1 RMB | | 142,409,000 | | 2. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯 ...

[Company Profile](index=3&type=section&id=Company%20Profile) This section provides an overview of Beiqing Media Co., Ltd., detailing its core businesses, listing status, and key stock information [Company Overview](index=3&type=section&id=Company%20Overview) Beiqing Media, a leading Chinese media company listed on HKEX, specializes in multi-platform advertising, youth education, new media, and printing - Beiqing Media is a leading Chinese media company, with core businesses including multi-platform media advertising sales, youth study tours, new media operations, printing, and related material trade[5](index=5&type=chunk) Company Stock Information (As of June 30, 2025) | Indicator | Value | | :--- | :--- | | Stock Code | 1000 | | Shares per Lot | 500 shares | | Shares Issued | 197,310,000 shares | | Market Capitalization | HKD 118.386 million | | Fiscal Year End | December 31 | | Bloomberg Ticker | 1000HKEquity | | Reuters Ticker | 1000.HK | [Company Information](index=4&type=section&id=Company%20Information) This section details the company's board of directors, corporate governance structure, and key administrative information as of June 30, 2025 [Board of Directors and Corporate Governance](index=4&type=section&id=Board%20of%20Directors%20and%20Corporate%20Governance) This section lists the company's board members, joint company secretaries, committees, registered office, and key advisors as of June 30, 2025 - The company's board of directors completed its re-election on June 13, 2025, with Ms. Sun Baojie appointed as the Chairman of the Ninth Board and Mr. Li Xiaowei appointed as a Non-executive Director[12](index=12&type=chunk) [Chairman's Report](index=5&type=section&id=Chairman%27s%20Report) This report reviews the group's business performance, financial results, and strategic initiatives for the first half of 2025, outlining future plans [Group Business Review](index=5&type=section&id=Group%20Business%20Review) In H1 2025, Beiqing Media's total revenue decreased by 32.63% to RMB 65.985 million, with net loss attributable to shareholders increasing by 102.20% to RMB 19.047 million, driven by traditional business contraction and increased expenses Group's Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | -32.63% | | Operating Costs | 72,388 | 93,066 | -22.22% | | Net Loss Attributable to Shareholders | 19,047 | 9,420 | +102.20% | - The increase in net loss was primarily due to decreased operating revenue, higher administrative expenses from new business development and transformation, and increased credit impairment losses affected by accounts receivable collection[16](index=16&type=chunk) - The company continues to expand its outdoor advertising and Beijing City Cultural Annual Pass businesses, driving revenue growth to counter declining traditional business revenues (e.g., printing and related material trade, community media, innovative culture)[16](index=16&type=chunk) - The company enhances operational efficiency by completing board re-election, advancing the "15th Five-Year Plan" strategic planning, building a risk management system, and optimizing the OA office system[19](index=19&type=chunk) - The company accelerates advertising business transformation, completing media upgrades at Beijing Metro Line 4 Xidan Station, developing "Metro Station" creative interactive scene advertising projects, and deepening its proprietary media matrix operations[20](index=20&type=chunk) - Actively integrating capital's cultural and tourism resources, the company expands cultural, sports, and tourism integration businesses, including organizing the 2025 KOD World Street Dance Competition, strategic cooperation with "The Color Run," and strengthening Beijing City Cultural Annual Pass product development and channel expansion, having partnered with over 40 central and state-owned enterprises[20](index=20&type=chunk) - Focusing on youth quality education, the company completed 16 group camp reception projects in H1, serving a cumulative **10,421 person-days**, and developed 24 high-quality study tour courses[22](index=22&type=chunk) - Focusing on new media operations and government event businesses, the company innovatively incubated the "Beijing Community Culture Festival" brand, promoted commercial operation of community spaces, and launched 15 "Beiqing Community HUI" projects[22](index=22&type=chunk) - Optimizing asset structure, the company achieved **RMB 2,320 thousand** in fair value change gains from entrusted idle fund management with Shouyao Securities, **RMB 2,246 thousand** in rental income from idle properties, and accelerated the cleanup of inefficient assets and inventory paper sales[23](index=23&type=chunk) [Advertising Business](index=8&type=section&id=Advertising%20Business) In H1 2025, China's advertising market continued to grow, with digital advertising increasing its share and outdoor advertising undergoing structural adjustments, while Beiqing Media's advertising revenue decreased by 11.14% to RMB 46.038 million - China's advertising market continues to grow, with digital advertising increasing its share, and the outdoor advertising market undergoing structural adjustments, with digital media advertising spending like subway electronic screens growing against the trend[26](index=26&type=chunk) Advertising Business Revenue Comparison | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Advertising Revenue | 46,038 | 51,808 | -11.14% | | Outdoor Advertising Business Revenue | 13,482 | - | +12.56% (compared to H1 2024) | | New Annual Pass Business Revenue | 3,256 | - | New | - Advertising revenue decline was primarily due to Beiqing Community Media being affected by tighter client budgets and increased market competition[27](index=27&type=chunk) - The company completed media upgrades at Beijing Metro Line 4 Xidan Station, introducing super-large lightboxes and high-definition LED electronic screens, and developed "Metro Station" creative interactive scene advertising projects[29](index=29&type=chunk) - The company meticulously built its proprietary media matrix, incorporating short videos and live streaming, achieving **RMB 2,955 thousand** in account operation revenue in H1, with a focus on operating vertical accounts like "Qingche Tan," "Yanglao Xinyixian," and "Yujie Jianfang"[30](index=30&type=chunk) - The new annual pass business strengthened channel expansion, partnering with over 40 central and state-owned enterprises, and advanced the annual pass mini-program upgrade to improve operational efficiency and user experience[32](index=32&type=chunk) [Performance of Major Group Subsidiaries](index=10&type=section&id=Performance%20of%20Major%20Group%20Subsidiaries) This section reviews the H1 2025 performance of Beiqing Innovative Culture, Beiqing Community Media, and Jingjian Media, highlighting their progress in youth cultural activities, media transformation, and new media business expansion - Beiqing Innovative Culture completed 16 study tour, social practice, and enterprise training group reception projects in H1, serving a cumulative **10,421 person-days**, and developed 24 high-quality study tour courses[33](index=33&type=chunk) - Beiqing Community Media has transformed from traditional newspaper business to a government integrated media service model, covering nine districts in Beijing, operating nearly 50 new media accounts, and launching 15 "Beiqing Community HUI" projects[35](index=35&type=chunk)[36](index=36&type=chunk) - Jingjian Media optimized its business structure, expanding into new media video and online/offline event businesses, successfully acquiring 8 new clients, and achieving commercial monetization through its self-media video account "Qingcheng 0819"[40](index=40&type=chunk) [Outlook and Future Plans](index=12&type=section&id=Outlook%20and%20Future%20Plans) For H2 2025, Beiqing Media will focus on transformation and development, prioritizing foundational and growth-oriented core businesses to enhance operational efficiency - In H2 2025, the group will adopt a transformation and development strategy, accelerating business layout adjustments and focusing on foundational and growth-oriented core businesses[41](index=41&type=chunk) - Advertising business will strengthen innovation in subway outdoor advertising, promote media resource integration, solidify comprehensive advertising service capabilities, and accelerate the development and commercialization of proprietary new media products[41](index=41&type=chunk) - The cultural, sports, and tourism integration sector will focus on implementing high-quality cultural and sports event IPs (e.g., KOD World Street Dance Competition) and continuously expanding Beijing City Cultural Annual Pass channel resources and product models[41](index=41&type=chunk) - The company will explore new business models such as "video + government affairs" and "culture & tourism + consumption," strengthen the commercial operation of community cultural spaces, and build a distinctive brand for youth study tours[41](index=41&type=chunk) - The company will continue to deepen management, focusing on asset structure optimization and internal risk control, optimizing organizational and talent structures, and comprehensively strengthening institutional and information technology development[43](index=43&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the group's financial performance, operational results, and key financial indicators for the first half of 2025 [Financial Position and Operating Results](index=14&type=section&id=Financial%20Position%20and%20Operating%20Results) In H1 2025, the group's total operating revenue decreased by 32.63% to RMB 65.985 million, primarily due to the contraction of printing and related material trade and reduced revenue from Beiqing Community Media and Beiqing Innovative Culture, resulting in a net loss of RMB 19.047 million H1 2025 Total Operating Revenue Details | Revenue Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | -32.63% | | Advertising Revenue (incl. new media operations) | 46,038 | 51,808 | -11.14% | | Printing Revenue | 0 | 2 | -100.00% | | Printing Related Material Trade Revenue | 8,654 | 29,905 | -71.06% | | Other Revenue (incl. study tours) | 11,293 | 16,222 | -30.38% | H1 2025 Operating Costs and Expenses Details | Cost/Expense Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Costs | 72,388 | 93,066 | -22.22% | | Advertising Costs (incl. new media operations) | 54,105 | 52,021 | +4.01% | | Selling Expenses | 3,724 | 6,908 | -46.09% | | Administrative Expenses | 19,822 | 17,323 | +14.43% | | Finance Costs | -493 | -658 | -25.08% (absolute value decrease) | | Operating Profit | -20,736 | -11,260 | +84.16% (loss increase) | | Net Loss Attributable to Shareholders | 19,047 | 9,420 | +102.20% (loss increase) | - Selling expenses decreased year-on-year primarily due to adjustments in Beiqing Community Media's sales personnel structure[52](index=52&type=chunk) - Administrative expenses increased year-on-year mainly due to personnel structure adjustments, employee benefits, and intermediary fees resulting from new business development and business transformation[53](index=53&type=chunk) - As of June 30, 2025, the group's current assets totaled **RMB 269,225 thousand**, non-current assets totaled **RMB 452,410 thousand**; current liabilities totaled **RMB 65,712 thousand**, and non-current liabilities totaled **RMB 706 thousand**, with a capital to liability ratio of **10.14%**[60](index=60&type=chunk)[62](index=62&type=chunk) [Share Capital Structure](index=17&type=section&id=Share%20Capital%20Structure) As of June 30, 2025, Beiqing Media's total share capital was 197,310,000 shares, with domestic shares accounting for 72.18% and H-shares for 27.82%, and Beijing Youth Daily Agency being the largest domestic shareholder Share Capital Structure (As of June 30, 2025) | Shareholder Category | Number of Shares | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | Domestic Shares (Subtotal) | 142,409,000 | 72.18 | | H-shares | 54,901,000 | 27.82 | | **Total Share Capital** | **197,310,000** | **100.00** | | Beijing Youth Daily Agency (Domestic Shares) | 124,839,974 | 63.27 | | LeTV Information Technology (Beijing) Co., Ltd. (H-shares) | 19,533,000 | 9.90 | [Interests of Major Shareholders in Shares and Related Shares](index=18&type=section&id=Interests%20of%20Major%20Shareholders%20in%20Shares%20and%20Related%20Shares) This section discloses the interests of major shareholders in the company's shares and related shares as of June 30, 2025, including Beijing Youth Daily Agency and LeTV Information Technology (Beijing) Co., Ltd - Beijing Capital Group Co., Ltd. has taken over the company since May 20, 2021, exercising the rights of investor/shareholder, and holds interests in the 124,839,974 domestic shares held by Beijing Youth Daily Agency[70](index=70&type=chunk) - LeTV Information Technology (Beijing) Co., Ltd. holds 19,533,000 H-shares of the company, representing **9.90%** of the total share capital[70](index=70&type=chunk) [Capital Expenditures](index=20&type=section&id=Capital%20Expenditures) In H1 2025, the group's capital expenditures increased significantly to RMB 2,124 thousand from RMB 650 thousand in H1 2024, with H2 expenditures expected to focus on office equipment and intangible assets Capital Expenditures Comparison | Period | Amount (RMB thousand) | | :--- | :--- | | H1 2025 | 2,124 | | H1 2024 | 650 | - Expected capital expenditures for H2 2025 primarily include office equipment and intangible asset expenditures consistent with business strategy[73](index=73&type=chunk) [Contingent Liabilities and Pledged Assets](index=20&type=section&id=Contingent%20Liabilities%20and%20Pledged%20Assets) As of June 30, 2025, the group had no contingent liabilities or pledged assets - As of June 30, 2025, the group had no contingent liabilities or pledged assets[74](index=74&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=Foreign%20Exchange%20Risk) The group's functional currency is RMB, with domestic business primarily settled in RMB, and while some payables are in foreign currencies, exchange rate fluctuations have a limited impact on cash flow or liquidity - The group's functional currency is RMB, with domestic business primarily settled in RMB[75](index=75&type=chunk) - Certain payables are settled in foreign currencies (USD and HKD), but exchange rate fluctuations have a limited impact on cash flow or liquidity[75](index=75&type=chunk) [Employees](index=20&type=section&id=Employees) As of June 30, 2025, the group had 346 employees, an increase from the previous year, mainly due to new subsidiaries and business needs, with total employee compensation of approximately RMB 41.055 million and active employee training programs Employee Count and Compensation Comparison | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 346 | 310 | | Total Employee Compensation (RMB thousand) | 41,055 | - | - The increase in employee count was primarily due to the addition of a new subsidiary and personnel structure adjustments driven by normal business needs[76](index=76&type=chunk) - The group actively encourages employee self-development, conducting training in financial management, related party transactions, legal compliance, archives management, outdoor advertising operations, and information technology[76](index=76&type=chunk) [Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares or Debentures of the Company or its Associated Corporations](index=21&type=section&id=Directors%20and%20Chief%20Executive%20Interests) As of June 30, 2025, no directors or chief executive of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - As of June 30, 2025, no directors or chief executive of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations[77](index=77&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78](index=78&type=chunk) - As of June 30, 2025, the company held no treasury shares[78](index=78&type=chunk) [Significant Investments](index=21&type=section&id=Significant%20Investments) The company entered into a single asset management contract with Shouyao Securities and Bank of Communications on April 19, 2022, to manage idle funds, which has been extended to June 16, 2026, with this investment and others in companies like Beiyang Media and Keyin Media exceeding 5% of the group's total assets - The company entrusted Shouyao Securities with idle fund management, and this single asset management plan has been extended for three years to June 16, 2026; as of June 30, 2025, this investment accounted for over **5%** of the group's total assets[79](index=79&type=chunk) - As of June 30, 2025, the company's investments in Beiyang Publishing & Media Co., Ltd. and Beijing Keyin Media Culture Co., Ltd. accounted for over **5%** of the group's total assets[79](index=79&type=chunk) - Except as disclosed in this report, as of June 30, 2025, the group had no other significant investments or plans to acquire assets[79](index=79&type=chunk) [Significant Acquisitions and Disposals of Assets](index=22&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Assets) During the reporting period, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[82](index=82&type=chunk) [Changes in Group Performance After December 31, 2024](index=22&type=section&id=Changes%20in%20Group%20Performance%20After%20December%2031%2C%202024) Except as disclosed in this report, there have been no significant changes in the company's current information compared to the most recently published annual report - Except as disclosed in this report, there have been no significant changes in the company's current information compared to the most recently published annual report[83](index=83&type=chunk) [Compliance with Laws and Regulations and the Corporate Governance Code](index=22&type=section&id=Compliance%20with%20Laws%20and%20Regulations%20and%20the%20Corporate%20Governance%20Code) During the reporting period, the company complied with laws and regulations materially affecting the group and the code provisions set out in Appendix C1 of the Listing Rules, "Corporate Governance Code" - During the reporting period, the company complied with laws and regulations materially affecting the group and the code provisions set out in Appendix C1 of the Listing Rules, "Corporate Governance Code"[84](index=84&type=chunk) [Compliance with Model Code](index=22&type=section&id=Compliance%20with%20Model%20Code) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors and supervisors in securities transactions, and all directors and supervisors confirmed compliance during the reporting period - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors and supervisors confirmed compliance with the Model Code during the reporting period[85](index=85&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The company established an Audit Committee in accordance with the Listing Rules, responsible for reviewing, supervising, and adjusting the group's financial reporting process and internal controls, and has reviewed the unaudited interim results for the six months ended June 30, 2025, without objection - The Audit Committee has reviewed the group's unaudited interim results for the six months ended June 30, 2025, and has no objection thereto[86](index=86&type=chunk) [Distributable Reserves](index=22&type=section&id=Distributable%20Reserves) As of June 30, 2025, the company's accumulated losses were RMB 708,276 thousand, and surplus reserves were RMB 130,931 thousand, with surplus reserves available to offset losses upon shareholder approval Distributable Reserves (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Accumulated Losses | (708,276) | | Surplus Reserves | 130,931 | - According to the company's articles of association, surplus reserves may be used to offset the company's losses upon approval by the general meeting of shareholders[88](index=88&type=chunk) [Interim Dividend](index=23&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the distribution of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the distribution of any interim dividend for the six months ended June 30, 2025[89](index=89&type=chunk) [Changes in Directors, Supervisors and Senior Management and Their Information](index=23&type=section&id=Changes%20in%20Directors%2C%20Supervisors%20and%20Senior%20Management%20and%20Their%20Information) Following approval at the Annual General Meeting on June 13, 2025, the company completed the election of the Ninth Board of Directors, with Mr. Li Xiaowei appointed as a Non-executive Director and Mr. Zhang Lei retiring, while the Supervisory Committee was abolished - On June 13, 2025, the company completed the election of the Ninth Board of Directors, with Mr. Li Xiaowei appointed as a Non-executive Director and Mr. Zhang Lei retiring[90](index=90&type=chunk) - The company abolished the Supervisory Committee, and the supervisors of the Eighth Supervisory Committee retired upon expiration of their terms[90](index=90&type=chunk) - Ms. Sun Baojie and Mr. Kong Weiping no longer held certain external positions during the reporting period and up to the report date[91](index=91&type=chunk) [Consolidated Balance Sheet (Unaudited)](index=23&type=section&id=Consolidated%20Balance%20Sheet%20(Unaudited)) This section presents the group's consolidated balance sheet, providing a snapshot of its financial position as of June 30, 2025 [Balance Sheet Overview](index=23&type=section&id=Balance%20Sheet%20Overview) As of June 30, 2025, Beiqing Media Group's total assets were RMB 721,635 thousand, a slight increase from December 31, 2024, with total liabilities of RMB 66,418 thousand and total shareholders' equity of RMB 655,217 thousand Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Current Assets | 269,225 | 294,314 | | Total Non-current Assets | 452,410 | 418,439 | | **Total Assets** | **721,635** | **712,753** | | Total Current Liabilities | 65,712 | 63,118 | | Total Non-current Liabilities | 706 | 706 | | **Total Liabilities** | **66,418** | **63,824** | | Total Equity Attributable to Shareholders of the Company | 653,049 | 637,736 | | Non-controlling Interests | 2,168 | 11,193 | | **Total Shareholders' Equity** | **655,217** | **648,929** | - Cash and cash equivalents decreased from **RMB 81,523 thousand** at year-end 2024 to **RMB 41,463 thousand** as of June 30, 2025, while financial assets held for trading increased from **RMB 114,270 thousand** to **RMB 127,388 thousand**[94](index=94&type=chunk) - Investment properties significantly increased from **RMB 53,633 thousand** at year-end 2024 to **RMB 95,743 thousand**[94](index=94&type=chunk) [Consolidated Income Statement (Unaudited)](index=25&type=section&id=Consolidated%20Income%20Statement%20(Unaudited)) This section presents the group's consolidated income statement, detailing its revenues, expenses, and net profit or loss for the six months ended June 30, 2025 [Income and Cash Flow Overview](index=25&type=section&id=Income%20and%20Cash%20Flow%20Overview) In H1 2025, the group's total operating revenue was RMB 65,985 thousand, a 32.63% year-on-year decrease, resulting in a net loss of RMB 20,275 thousand, an expansion from the RMB 11,300 thousand loss in the prior year, with basic loss per share of RMB 0.10 Consolidated Income Statement Key Data (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | | Total Operating Costs | 96,287 | 117,668 | | Operating Profit | (20,736) | (11,260) | | Net Profit | (20,275) | (11,300) | | Net Profit Attributable to Shareholders of the Company | (19,047) | (9,420) | | Basic Earnings Per Share (RMB) | (0.10) | (0.05) | - Net amount of other comprehensive income after tax was **RMB 34,248 thousand**, primarily from changes in fair value of investment properties[100](index=100&type=chunk) [Consolidated Cash Flow Statement (Unaudited)](index=27&type=section&id=Consolidated%20Cash%20Flow%20Statement%20(Unaudited)) This section presents the group's consolidated cash flow statement, outlining cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 [Cash Flow Overview](index=27&type=section&id=Cash%20Flow%20Overview) In H1 2025, the group's net cash flow from operating activities was negative RMB 34,008 thousand, an improvement from negative RMB 55,636 thousand in the prior year, while net cash flow from investing activities was negative RMB 4,659 thousand, and net cash flow from financing activities was negative RMB 7,441 thousand, with cash and cash equivalents at period-end totaling RMB 33,705 thousand Consolidated Cash Flow Statement Key Data (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (34,008) | (55,636) | | Net Cash Flow from Investing Activities | (4,659) | 37,221 | | Net Cash Flow from Financing Activities | (7,441) | (404) | | Net Increase in Cash and Cash Equivalents | (46,090) | (18,819) | | Cash and Cash Equivalents at Period-End | 33,705 | 41,495 | - Cash outflow from investing activities increased, primarily due to cash paid for investments rising from **RMB 0 thousand** in H1 2024 to **RMB 27,000 thousand** in H1 2025[101](index=101&type=chunk) - Cash outflow from financing activities significantly increased, mainly due to cash paid for other financing-related activities rising from **RMB 404 thousand** in H1 2024 to **RMB 7,441 thousand** in H1 2025[103](index=103&type=chunk) [Consolidated Statement of Changes in Equity (Unaudited)](index=29&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity%20(Unaudited)) This section presents the group's consolidated statement of changes in equity, detailing the movements in various equity components for the six months ended June 30, 2025 [Equity Changes Overview](index=29&type=section&id=Equity%20Changes%20Overview) As of June 30, 2025, the group's total shareholders' equity was RMB 655,217 thousand, an increase from RMB 648,929 thousand on December 31, 2024, with a net loss of RMB 19,047 thousand offset by a RMB 34,222 thousand increase in other comprehensive income, mainly from investment property fair value changes Consolidated Statement of Changes in Equity Key Data (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 197,310 | 197,310 | | Capital Reserve | 919,114 | 918,976 | | Other Comprehensive Income | 265,460 | 231,238 | | Surplus Reserve | 130,931 | 130,931 | | Retained Earnings | (859,766) | (840,719) | | Total Equity Attributable to Parent Company Shareholders | 653,049 | 637,736 | | Non-controlling Interests | 2,168 | 11,193 | | **Total Shareholders' Equity** | **655,217** | **648,929** | - Net profit for the period was negative **RMB 19,047 thousand**, but other comprehensive income increased by **RMB 34,222 thousand**, primarily from changes in fair value of investment properties[104](index=104&type=chunk) [Notes to Financial Statements](index=30&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations and supplementary information for the figures presented in the consolidated financial statements, enhancing transparency and understanding of the group's financial position and performance [I. General Information](index=31&type=section&id=I.%20General%20Information) This section introduces Beiqing Media Co., Ltd.'s basic information, including its incorporation date, listing location, parent company, ultimate controlling party, and primary business scope - Beiqing Media was incorporated in China on May 28, 2001, and listed on the main board of the Hong Kong Stock Exchange[106](index=106&type=chunk) - The company's parent company is Beijing Youth Daily Agency, and its ultimate controlling party is Beijing Capital Group Co., Ltd[106](index=106&type=chunk) - The group's main businesses are providing newspaper, magazine, and outdoor advertising services, printing, and engaging in printing-related material trade in China[106](index=106&type=chunk) [II. Scope of Consolidated Financial Statements](index=31&type=section&id=II.%20Scope%20of%20Consolidated%20Financial%20Statements) This section lists the subsidiaries included in the group's consolidated financial statements as of June 30, 2025, such as Beijing Beiqing Outdoor Advertising Co., Ltd., Beiqing Network Culture Communication Co., Ltd., and Beiqing Community Media Technology (Beijing) Co., Ltd - As of June 30, 2025, the group's consolidation scope includes subsidiaries such as Beijing Beiqing Outdoor Advertising, Beiqing Network Culture Communication, Beiqing Logistics, Beiqing Community Media, Chongqing Youth Media, Chongqing Youth America, Beiqing Innovative Culture, and Jingjian (Beijing) Culture Media[107](index=107&type=chunk) [III. Basis of Preparation of Financial Statements](index=32&type=section&id=III.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The group's financial statements are prepared in accordance with Chinese Enterprise Accounting Standards, CSRC Disclosure Rules No. 15, and HKEX Listing Rules, presented on a going concern basis - The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards, CSRC Disclosure Rules No. 15 for Companies Issuing Securities to the Public, and the Hong Kong Stock Exchange Listing Rules[110](index=110&type=chunk) - The group evaluated its ability to continue as a going concern for 12 months from June 30, 2025, and found no significant doubts[111](index=111&type=chunk) [IV. Statement of Compliance with Enterprise Accounting Standards](index=32&type=section&id=IV.%20Statement%20of%20Compliance%20with%20Enterprise%20Accounting%20Standards) The group's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting the consolidated financial position and operating results as of June 30, 2025 - The group's financial statements comply with the requirements of Enterprise Accounting Standards, truly, accurately, and completely reflecting the consolidated financial position, operating results, cash flows, and other information as of June 30, 2025[113](index=113&type=chunk) [V. Significant Accounting Policies and Estimates](index=32&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the group's significant accounting policies and estimates, covering accounting period, functional currency, measurement bases, business combinations, financial instruments, expected credit losses, inventories, long-term equity investments, investment properties, fixed assets, intangible assets, impairment, employee benefits, revenue recognition, government grants, deferred income tax, leases, and segment information - The group uses RMB as its functional currency, with accounting based on the accrual basis, and all items measured at historical cost except for specific financial assets and investment properties measured at fair value[117](index=117&type=chunk)[118](index=118&type=chunk) - Financial instruments are classified based on business model and contractual cash flow characteristics as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[141](index=141&type=chunk) - Expected credit losses are measured using a three-stage model or simplified approach, with impairment provisions recognized for accounts receivable and lease receivables[161](index=161&type=chunk)[164](index=164&type=chunk) - Revenue recognition principles are based on when the customer obtains control of the goods, primarily including advertising space sales, printing, leasing, and group camp project revenue[198](index=198&type=chunk)[200](index=200&type=chunk) - Investment properties are subsequently measured using the fair value model, with changes in fair value recognized in profit or loss for the current period[177](index=177&type=chunk) - Significant accounting estimates involve depreciation of property, plant and equipment, fair value of investment properties, impairment provisions for accounts receivable and other receivables, impairment of interests in joint ventures and associates, and inventory impairment losses[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) [VI. Changes in Significant Accounting Policies and Estimates](index=67&type=section&id=VI.%20Changes%20in%20Significant%20Accounting%20Policies%20and%20Estimates) The group had no changes in accounting policies or accounting estimates during the current period - The group had no changes in accounting policies during the current period[245](index=245&type=chunk) - The group had no changes in accounting estimates during the current period[246](index=246&type=chunk) [VII. Taxation](index=67&type=section&id=VII.%20Taxation) This section lists the group's main tax types and rates, including VAT, cultural construction tax, urban maintenance and construction tax, education surcharges, and corporate income tax, along with tax incentives for small low-profit enterprises and converted cultural institutions Main Tax Types and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Cultural Undertaking Construction Tax | 3% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 25% | - Small low-profit enterprises are subject to a **20%** corporate income tax rate on the portion of annual taxable income not exceeding **RMB 3 million**, calculated at **25%** of the taxable income, effective until December 31, 2027[249](index=249&type=chunk) - Operating cultural institutions converted into enterprises are exempt from corporate income tax from the date of conversion registration until December 31, 2027[249](index=249&type=chunk) [VIII. Notes to Major Items of Financial Statements](index=69&type=section&id=VIII.%20Notes%20to%20Major%20Items%20of%20Financial%20Statements) This section provides detailed notes on major items in the group's financial statements, including period-end balances, changes, and aging analysis for various assets, liabilities, revenues, costs, and expenses [1. Financial Assets Held for Trading](index=69&type=section&id=1.%20Financial%20Assets%20Held%20for%20Trading) As of June 30, 2025, the group's financial assets held for trading totaled RMB 127,388 thousand, all consisting of broker asset management products, an increase from RMB 114,270 thousand on December 31, 2024 Financial Assets Held for Trading | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products | 127,388 | 114,270 | | Of which: Broker Asset Management Products | 127,388 | 114,270 | [2. Accounts Receivable](index=69&type=section&id=2.%20Accounts%20Receivable) As of June 30, 2025, the group's net accounts receivable were RMB 39,897 thousand, an increase from RMB 28,235 thousand on December 31, 2024, with bad debt provisions of RMB 330,005 thousand, and the top five units accounting for 49.84% of total accounts receivable Net Accounts Receivable and Bad Debt Provisions | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accounts Receivable | 369,902 | 361,354 | | Less: Bad Debt Provisions | 330,005 | 333,119 | | Net Accounts Receivable | 39,897 | 28,235 | Accounts Receivable Aging Analysis (After deducting bad debt provisions) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–90 days | 22,468 | 19,995 | | 91–180 days | 5,963 | 1,241 | | 181–365 days | 6,932 | 1,499 | | 1–2 years | 2,624 | 3,325 | | Over 2 years | 1,910 | 2,175 | | Total | 39,897 | 28,235 | - As of June 30, 2025, the top five units by accounts receivable amount accounted for **49.84%** of the total accounts receivable[254](index=254&type=chunk) [3. Prepayments](index=70&type=section&id=3.%20Prepayments) As of June 30, 2025, the group's net prepayments were RMB 9,390 thousand, an increase from RMB 6,061 thousand on December 31, 2024, with prepayments within one year totaling RMB 8,389 thousand Net Prepayments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments | 9,390 | 6,061 | | Less: Bad Debt Provisions | — | — | | Net Prepayments | 9,390 | 6,061 | Prepayments Aging Analysis | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 8,389 | 5,978 | | Over 1 year | 1,001 | 83 | | Total | 9,390 | 6,061 | - As of June 30, 2025, the top five units by prepayment amount accounted for **72.95%** of the total prepayments[257](index=257&type=chunk) [4. Other Receivables](index=71&type=section&id=4.%20Other%20Receivables) As of June 30, 2025, the group's net other receivables were RMB 22,366 thousand, a decrease from RMB 28,712 thousand on December 31, 2024, comprising net dividends receivable of RMB 8,792 thousand and net other receivables of RMB 13,574 thousand Net Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Dividends Receivable | 8,842 | 8,196 | | Other Receivables | 207,222 | 221,806 | | Less: Bad Debt Provisions | 193,698 | 201,290 | | Net Other Receivables | 22,366 | 28,712 | Other Receivables Aging Analysis (After deducting bad debt provisions) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 3,787 | 15,005 | | 1–2 years | 9,341 | 5,189 | | 2–3 years | 25 | 304 | | 3–4 years | 298 | 148 | | Over 4 years | 123 | 5 | | Total | 13,574 | 20,651 | Other Receivables by Nature | Nature of Amount | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Related Party Balances | 3,664 | 2,473 | | External Unit Balances | 190,285 | 205,446 | | Deposits and Guarantees | 10,153 | 9,635 | | Petty Cash | 1,915 | 1,580 | | Other | 1,205 | 2,672 | | Total | 207,222 | 221,806 | [5. Other Current Assets](index=73&type=section&id=5.%20Other%20Current%20Assets) As of June 30, 2025, the group's other current assets totaled RMB 28,669 thousand, primarily comprising deductible VAT and prepaid income tax, a slight decrease from RMB 29,595 thousand on December 31, 2024 Other Current Assets | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Deductible VAT | 26,901 | 29,595 | | Prepaid Income Tax | 1,768 | — | | Total | 28,669 | 29,595 | [6. Long-term Equity Investments](index=74&type=section&id=6.%20Long-term%20Equity%20Investments) As of June 30, 2025, the group's long-term equity investments were zero, primarily because investments in associates had been written down to zero using the equity method Long-term Equity Investments | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Investments in Associates — Accounted for using equity method | — | — | | Less: Impairment Provisions for Investments in Associates | — | — | | Total | — | — | - Investments in associates such as Beijing Leisure Fashion Advertising Co., Ltd. and Beijing Shengyi Automobile Technology Service Co., Ltd. have been written down to zero using the equity method[268](index=268&type=chunk) [7. Investments in Other Equity Instruments](index=75&type=section&id=7.%20Investments%20in%20Other%20Equity%20Instruments) As of June 30, 2025, the group's investments in other equity instruments totaled RMB 341,253 thousand, primarily including investments in Beiyang Publishing & Media Co., Ltd., Beijing Keyin Media Culture Co., Ltd., and Beijing International Advertising Media Group Co., Ltd Investments in Other Equity Instruments | Item | Investment Cost (RMB thousand) | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Dividend Income Recognized in Current Period (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Beijing Youth Daily New Media Co., Ltd. | 500 | 3,577 | 3,577 | — | | Beijing International Advertising Media Group Co., Ltd. | 33,119 | 36,853 | 36,853 | — | | Beiyang Publishing & Media Co., Ltd. | 103,000 | 264,379 | 264,379 | 8,842 | | Beijing Keyin Media Culture Co., Ltd. | 6,560 | 36,444 | 36,444 | — | | Total | 143,179 | 341,253 | 341,253 | 8,842 | - Dividend income recognized in the current period primarily came from Beiyang Publishing & Media Co., Ltd., totaling **RMB 8,842 thousand**[271](index=271&type=chunk) [8. Investment Properties](index=76&type=section&id=8.%20Investment%20Properties) As of June 30, 2025, the group's investment properties measured at fair value significantly increased to RMB 95,743 thousand from RMB 53,633 thousand on December 31, 2024, mainly due to the conversion of some self-owned properties to investment properties, resulting in an appraisal increment of RMB 34,183 thousand Investment Properties (Measured at fair value) | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Buildings | 95,743 | 53,633 | | Total | 95,743 | 53,633 | - The company converted some self-owned properties into investment properties, resulting in an appraisal increment of **RMB 34,183 thousand**[277](index=277&type=chunk) - As of June 30, 2025, the book value of the group's investment properties for which formal title deeds have not yet been obtained was approximately **RMB 4,099 thousand**, which the directors believe does not affect their value[275](index=275&type=chunk) [9. Property, Plant and Equipment](index=77&type=section&id=9.%20Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the group's property, plant and equipment increased by RMB 153 thousand, and depreciation expense of RMB 366 thousand was recognized Property, Plant and Equipment Movement | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Increase in Property, Plant and Equipment | 153 | 785 | | Depreciation of Property, Plant and Equipment | 366 | 256 | [10. Intangible Assets](index=77&type=section&id=10.%20Intangible%20Assets) For the six months ended June 30, 2025, the group's intangible assets increased by RMB 8 thousand, and amortization expense of RMB 234 thousand was recognized Intangible Assets Movement | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Increase in Intangible Assets | 8 | 99 | | Amortization of Intangible Assets | 234 | 447 | [11. Other Non-current Assets](index=78&type=section&id=11.%20Other%20Non-current%20Assets) As of June 30, 2025, the group's other non-current assets were zero, primarily due to a full impairment provision of RMB 24,000 thousand for film and television project prepayments Other Non-current Assets | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Film and Television Project Prepayments | 24,000 | 24,000 | | Less: Impairment Provisions | 24,000 | 24,000 | | Total | — | — | - Film and television project prepayments relate to the company's participation in the film and television project "Oriental Football King," which has not yet been released[281](index=281&type=chunk) [12. Details of Asset Impairment Provisions](index=78&type=section&id=12.%20Details%20of%20Asset%20Impairment%20Provisions) As of June 30, 2025, the group's total asset impairment provisions were RMB 556,218 thousand, with bad debt provisions of RMB 1,783 thousand recognized in the current period and inventory depreciation provisions decreasing by RMB 1,324 thousand Details of Asset Impairment Provisions (As of June 30, 2025) | Item | January 1, 2025 (RMB thousand) | Increase in Current Period (Provision) (RMB thousand) | Decrease in Current Period (Reversal) (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Bad Debt Provisions | 534,409 | 1,783 | 13,560 | 523,703 | | Inventory Depreciation Provisions | 1,379 | — | 1,324 | 55 | | Intangible Asset Impairment Provisions | 8,460 | — | — | 8,460 | | Other Non-current Asset Impairment Provisions | 24,000 | — | — | 24,000 | | Total | 568,248 | 1,783 | 14,884 | 556,218 | [13. Accounts Payable](index=79&type=section&id=13.%20Accounts%20Payable) As of June 30, 2025, the group's total accounts payable were RMB 17,125 thousand, a decrease from RMB 21,184 thousand on December 31, 2024, with accounts payable aged 0-90 days totaling RMB 8,293 thousand Accounts Payable | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accounts Payable | 17,125 | 21,184 | | Total | 17,125 | 21,184 | Accounts Payable Aging Analysis | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–90 days | 8,293 | 7,180 | | 91–180 days | 859 | 8,954 | | 181–365 days | 2,937 | 10 | | Over 1 year | 5,036 | 5,040 | | Total | 17,125 | 21,184 | [14. Other Payables](index=79&type=section&id=14.%20Other%20Payables) As of June 30, 2025, the group's total other payables were RMB 17,469 thousand, a slight decrease from RMB 18,006 thousand on December 31, 2024, primarily including intercompany balances, deposits, and guarantees Other Payables by Nature | Nature of Amount | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Intercompany Balances | 13,156 | 15,789 | | Deposits and Guarantees | 889 | 1,200 | | Amounts Collected/Paid on Behalf of Others | 648 | 383 | | Other | 2,776 | 634 | | Total | 17,469 | 18,006 | [15. Other Comprehensive Income](index=80&type=section&id=15.%20Other%20Comprehensive%20Income) As of June 30, 2025, the group's total other comprehensive income was RMB 265,460 thousand, an increase of RMB 34,222 thousand from January 1, 2025, primarily due to changes in the fair value of investment properties Other Comprehensive Income Movement (As of June 30, 2025) | Item | January 1, 2025 (RMB thousand) | Amount Incurred Before Tax in Current Year (RMB thousand) | Attributable to Parent Company After Tax (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | I. Other Comprehensive Income Not to be Reclassified to Profit or Loss | 230,487 | — | — | 230,487 | | Of which: Fair Value Changes of Investments in Other Equity Instruments | 230,487 | — | — | 230,487 | | II. Other Comprehensive Income to be Reclassified to Profit or Loss | 751 | 34,248 | 34,222 | 34,973 | | Of which: Fair Value Changes of Investment Properties | — | 34,183 | 34,183 | 34,183 | | Exchange Differences on Translation of Foreign Currency Financial Statements | 201 | 65 | 39 | 240 | | **Total Other Comprehensive Income** | **231,238** | **34,248** | **34,222** | **265,460** | - The increase in other comprehensive income in the current period primarily came from changes in the fair value of investment properties, totaling **RMB 34,183 thousand**[287](index=287&type=chunk) [16. Total Operating Revenue and Operating Costs](index=81&type=section&id=16.%20Total%20Operating%20Revenue%20and%20Operating%20Costs) In H1 2025, the group's total operating revenue was RMB 65,985 thousand, a 32.63% year-on-year decrease, while operating costs were RMB 72,388 thousand, a 22.22% year-on-year decrease, resulting in a gross loss of RMB 6,403 thousand, compared to a gross profit of RMB 4,871 thousand in the prior year Total Operating Revenue, Operating Costs, and Gross Profit (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | | Total Operating Costs | 72,388 | 93,066 | | Gross Profit | (6,403) | 4,871 | Main Business Revenue and Costs (By Business Category) | Item | 2025 Operating Revenue (RMB thousand) | 2025 Operating Costs (RMB thousand) | 2024 Operating Revenue (RMB thousand) | 2024 Operating Costs (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Advertising | 46,038 | 54,105 | 51,808 | 52,021 | | Printing | — | — | 2 | 1 | | Printing Related Material Trade | 8,654 | 9,745 | 29,905 | 28,711 | | Other | 7,915 | 8,533 | 11,728 | 12,192 | | Total | 62,607 | 72,383 | 93,443 | 92,925 | - Operating revenue from the top five customers totaled **RMB 18,536 thousand**, accounting for **28.09%** of H1 2025 business revenue[291](index=291&type=chunk) [17. Taxes and Surcharges](index=83&type=section&id=17.%20Taxes%20and%20Surcharges) In H1 2025, the group's total taxes and surcharges were RMB 846 thousand, a decrease from RMB 1,029 thousand in H1 2024, primarily including property tax, cultural undertaking construction fees, and urban construction tax Taxes and Surcharges (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property Tax | 512 | 633 | | Cultural Undertaking Construction Fee | 211 | 245 | | Urban Construction Tax | 52 | 58 | | Education Surcharge | 30 | 24 | | Local Education Surcharge | 20 | 17 | | Other | 21 | 52 | | Total | 846 | 1,029 | [18. Finance Costs](index=83&type=section&id=18.%20Finance%20Costs) In H1 2025, the group's finance costs were negative RMB 493 thousand, an increase (absolute value decrease) from negative RMB 658 thousand in H1 2024, primarily due to reduced interest income Finance Costs (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expense | 64 | 90 | | Less: Interest Income | 573 | 785 | | Exchange Gains/(Losses) | (2) | — | | Plus: Handling Fees and Other Expenses | 18 | 37 | | Total | (493) | (658) | [19. Investment Income](index=84&type=section&id=19.%20Investment%20Income) In H1 2025, the group's investment income was RMB 8,989 thousand, a decrease from RMB 11,103 thousand in H1 2024, primarily from investment income during the holding period of other equity instrument investments Investment Income (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Share of Profit of Associates | — | (1,377) | | Investment Income from Disposal of Financial Assets Measured at Fair Value Through Profit or Loss | (131) | 12,441 | | Investment Income from Holding Other Equity Instruments | 8,842 | 39 | | Other Investment Income | 278 | — | | Total | 8,989 | 11,103 | [20. Gains from Changes in Fair Value](index=84&type=section&id=20.%20Gains%20from%20Changes%20in%20Fair%20Value) In H1 2025, the group's gains from changes in fair value were RMB 2,320 thousand, a turnaround from a loss of RMB 5,563 thousand in H1 2024, primarily due to fair value changes in financial assets held for trading Gains from Changes in Fair Value (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Changes of Financial Assets Held for Trading | 2,320 | (5,563) | | Total | 2,320 | (5,563) | [21. Credit Impairment Losses](index=84&type=section&id=21.%20Credit%20Impairment%20Losses) In H1 2025, the group's credit impairment losses were negative RMB 1,783 thousand, compared to positive RMB 2,893 thousand in H1 2024, indicating an increase in credit impairment losses for the current period Credit Impairment Losses (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bad Debt Losses | (1,783) | 2,893 | | Total | (1,783) | 2,893 | [22. Non-operating Income](index=85&type=section&id=22.%20Non-operating%20Income) In H1 2025, the group's non-operating income was RMB 380 thousand, a significant increase from RMB 13 thousand in H1 2024 Non-operating Income (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gains on Disposal of Property, Plant and Equipment | — | 5 | | Other | 380 | 8 | | Total | 380 | 13 | [23. Non-operating Expenses](index=85&type=section&id=23.%20Non-operating%20Expenses) In H1 2025, the group's non-operating expenses were RMB 4 thousand, a decrease from RMB 38 thousand in H1 2024 Non-operating Expenses (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Other | 4 | 38 | | Total | 4 | 38 | [24. Income Tax Expense](index=86&type=section&id=24.%20Income%20Tax%20Expense) In H1 2025, the group's income tax expense was negative RMB 85 thousand, a significant decrease from RMB 15 thousand in H1 2024, primarily due to a reversal by subsidiary Jingjian Media based on income tax reconciliation results Income Tax Expense (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax Expense | (85) | 15 | | Total | (85) | 15 | - The income tax expense for the current period was negative, primarily due to a reversal by the company's subsidiary Jingjian Media based on the income tax reconciliation results[58](index=58&type=chunk) - The group was not required to provide for Hong Kong profits tax during the current period as no profits were derived from Hong Kong[307](index=307&type=chunk) [25. Dividends](index=86&type=section&id=25.%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[308](index=308&type=chunk) [26. Cash and Cash Equivalents](index=87&type=section&id=26.%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, the group's cash and cash equivalents balance at period-end was RMB 33,705 thousand, a significant decrease from RMB 79,795 thousand on December 31, 2024 Cash and Cash Equivalents | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Balances and Cash | 41,463 | 81,523 | | Less: Restricted Bank Deposits | 7,758 | 1,728 | | Cash and Cash Equivalents at Period-End | 33,705 | 79,795 | [IX. Changes in Consolidation Scope](index=87&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains changes in the group's consolidation scope, including the consolidation of Jingjian Media in December 2024, which led to restatement of prior period financial data, and the deconsolidation of Beiqing Longteng Investment Management (Beijing) Co., Ltd. due to compulsory liquidation in January 2025 - The consolidation of Jingjian Media, an enterprise under common control, was completed in December 2024, leading to the restatement of prior period financial data[311](index=311&type=chunk) - On January 10, 2025, Beiqing Longteng Investment Management (Beijing) Co., Ltd. was no longer included in the group's consolidation scope due to compulsory liquidation[313](index=313&type=chunk) - The group had no changes in consolidation scope due to the disposal of subsidiaries[312](index=312&type=chunk) [X. Interests in Other Entities](index=88&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the group's interests in subsidiaries, associates, other equity instrument investments, and financial assets held for trading, including their composition, shareholding percentages, key financial information, and investment strategies [1. Interests in Subsidiaries](index=88&type=section&id=1.%20Interests%20in%20Subsidiaries) The group owns several subsidiaries, including Beijing Youth Daily Modern Logistics Co., Ltd. and Beiqing Community Media Technology (Beijing) Co., Ltd., which are significant non-wholly owned subsidiaries Key Financial Information of Significant Non-wholly Owned Subsidiaries (As of June 30, 2025) | Subsidiary Name | Non-controlling Interest Shareholding (%) | Profit/(Loss) Attributable to Non-controlling Interests in Current Period (RMB thousand) | Non-controlling Interests Balance (RMB thousand) | | :--- | :--- | :--- | :--- | | Beijing Youth Daily Modern Logistics Co., Ltd. | 7.16 | (227) | (899) | | Beiqing Community Media Technology (Beijing) Co., Ltd. | 24.18 | (854) | 6,611 | Operating Performance of Significant Non-wholly Owned Subsidiaries (For the Six Months Ended June 30, 2025) | Subsidiary Name | Operating Revenue (RMB thousand) | Net Profit/(Loss) (RMB thousand) | Net Cash Flow from Operating Activities (RMB thousand) | | :--- | :--- | :--- | :--- | | Beijing Youth Daily Modern Logistics Co., Ltd. | 11,248 | (3,171) | (3,887) | | Beiqing Community Media Technology (Beijing) Co., Ltd. | 12,278 | (2,757) | (3,041) | [2. Interests in Associates](index=90&type=section&id=2.%20Interests%20in%20Associates) The group accounts for its investments in several associates, including Beijing Leisure Fashion Advertising Co., Ltd. and Beijing Shengyi Automobile Technology Service Co., Ltd., using the equity method, with the total book value of investments in associates being zero as of June 30, 2025, due to write-downs Key Financial Information of Associates (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Book Value of Investments | — | 1,664 | | Net Profit/(Loss) | — | (1,423) | | Total Comprehensive Income | — | (1,423) | - As of the reporting date, some associates had not yet provided their financial statements for January to June 2025, and their accumulated unrecognized losses continued to exist[325](index=325&type=chunk) [3. Interests in Investments in Other Equity Instruments](index=92&type=section&id=3.%20Interests%20in%20Investments%20in%20Other%20Equity%20Instruments) The group holds interests in other equity instrument investments, including Beiyang Publishing & Media Co., Ltd., Beijing Keyin Media Culture Co., Ltd., and Beijing International Advertising Media Group Co., Ltd., which represent a significant portion of the group's total assets, primarily based on favorable operating conditions and investment returns Basic Information of Companies Related to Investments in Other Equity Instruments (As of June 30, 2025) | Company Name | Shareholding (%) | Fair Value (RMB thousand) | Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | | Beijing Youth Daily New Media Co., Ltd. | 5.00 | 3,577 | 0.50 | | Beijing International Advertising Media Group Co., Ltd. | 11.44 | 36,853 | 5.11 | | Beiyang Publishing & Media Co., Ltd. | 2.43 | 264,379 | 36.64 | | Beijing Keyin Media Culture Co., Ltd. | 16.00 | 36,444 | 5.05 | - The investment in Beiyang Media is primarily based on its favorable operating conditions and capital operation plans, aiming for better investment returns[331](index=331&type=chunk) - The investment in Jingguang Media aims to achieve investment returns, and in conjunction with the business transformation strategy, the company may consider gradually advancing its exit plan[332](index=332&type=chunk) [4. Interests in Financial Assets Held for Trading](index=94&type=section&id=4.%20Interests%20in%20Financial%20Assets%20Held%20for%20Trading) The company manages idle funds through a single asset management contract with Shouyao Securities, with the fair value of this fixed-income wealth management product totaling RMB 127,388 thousand as of June 30, 2025, representing 17.65% of total assets Basic Information of Financial Assets Held for Trading (As of June 30, 2025) | Counterparty Name | Product Type | Investment Cost (RMB thousand) | Fair Value (RMB thousand) | Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Shouyao Securities | Fixed-Income Wealth Management Product | 118,390 | 127,388 | 17.65 | - The company will continue to entrust Shouyao Securities with the management of idle funds, provided it does not affect daily operational liquidity and is authorized by the shareholders' meeting[335](index=335&type=chunk) [XI. Fair Value Disclosures](index=95&type=section&id=XI.%20Fair%20Value%20Disclosures) This section discloses the amounts and measurement levels of assets and liabilities measured at fair value as of June 30, 2025, with total assets continuously measured at fair value amounting to RMB 564,384 thousand, primarily comprising financial assets held for trading, investments in other equity instruments, and investment properties Period-End Assets Measured at Fair Value and Fair Value Measurement Levels (As of June 30, 2025) | Item | Level 2 Fair Value Measurement (RMB thousand) | Level 3 Fair Value Measurement (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 127,388 | — | 127,388 | | Investments in Other Equity Instruments | — | 341,253 | 341,253 | | Investment Properties | 95,743 | — | 95,743 | | **Total Assets Continuously Measured at Fair Value** | **223,131** | **341,253** | **564,384** | [XII. Related Parties and Related Party Transactions](index=96&type=section&id=XII.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the group's related party relationships, parent company, ultimate controlling party, and various related party transactions in H1 2025, including purchases, sales, asset management, leasing, and key management personnel compensation, along with related party balances [1. Related Party Relationships](index=96&type=section&id=1.%20Related%20Party%20Relationships) The group's related parties include its parent company Beijing Youth Daily Agency and its subsidiaries, the ultimate controlling party Beijing Capital Group Co., Ltd. and its subsidiaries, the company's associates, and other related parties - The group's related parties include its parent company Beijing Youth Daily Agency and its subsidiaries, the ultimate controlling party Beijing Capital Group Co., Ltd. and its subsidiaries, the company's associates, and other related parties[339](index=339&type=chunk)[341](index=341&type=chunk) [2. Parent Company and Ultimate Controlling Party](index=98&type=section&id=2.%20Parent%20Company%20and%20Ultimate%20Controlling%20Party) The company's parent company is Beijing Youth Daily Agency, and its ultimate controlling party is Beijing Capital Group Co., Ltd., with Beijing Youth Daily Agency holding 124,840 thousand shares, representing 63.27% of the company's share capital as of June 30, 2025 Parent Company and Ultimate Controlling Party Information | Item | Parent Company Name | Ultimate Controlling Party Name | | :--- | :--- | :--- | | Enterprise Type | State-owned Enterprise | State-owned Enterprise | | Registered Address | Beijing | Beijing | | Busin

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北青傳媒股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 142,409,000 RMB | | | 1 RMB | | 142,409,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 142,409,000 RMB | | | 1 RMB | | 142,409,000 | | 2. 股份分類 | 普通股 | 股份類 ...

Core Points - The company reported total revenue of 65.985 million, a year-on-year decrease of 32.63% [1] - The net loss attributable to shareholders was 19.047 million, an increase of 102.2% year-on-year [1] - The loss per share was 0.1 yuan [1] Revenue Analysis - The significant decline in revenue is attributed to a reduction in business activities [1] - The total revenue for the period was 65.985 million, reflecting a substantial drop compared to the previous year [1] Profitability and Loss - The net loss increased primarily due to decreased revenue and increased management expenses related to restructuring for new business initiatives [1] - Credit impairment losses also rose due to the impact of accounts receivable collection [1]

Core Insights - The company reported a total revenue of 65.985 million, representing a year-on-year decrease of 32.63% [1] - The net loss attributable to shareholders reached 19.047 million, an increase of 102.2% compared to the previous year [1] - The loss per share was recorded at 0.1 yuan [1] Revenue Performance - Total revenue for the six months ending June 30, 2025, was 65.985 million, down 32.63% year-on-year [1] Profitability - The net loss attributable to shareholders was 19.047 million, which is a significant increase of 102.2% year-on-year [1] - The loss per share was reported at 0.1 yuan [1] Cost and Expenses - The increase in net loss was primarily due to a decrease in revenue and an increase in management expenses resulting from personnel restructuring related to new business development and business transformation [1] - Credit impairment losses increased due to the impact of accounts receivable collection [1]

[Report Overview](index=1&type=section&id=Report%20Overview) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group reported a 32.63% year-over-year decrease in total operating revenue and a 102.20% increase in net loss attributable to equity holders, with loss per share reaching RMB0.10 Financial Highlights for H1 2025 | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | -32.63 | | Net Loss Attributable to Equity Holders of the Company | 19,047 | 9,420 | +102.20 | | Loss Per Share (RMB) | 0.10 | 0.05 | +100.00 | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) The Group's H1 2025 total operating revenue decreased by 32.63% to RMB65,985 thousand, with operating and net losses significantly expanding year-over-year Key Consolidated Income Statement Data (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | | Total Operating Costs | 96,287 | 117,668 | | Operating Profit | (20,736) | (11,260) | | Net Profit | (20,275) | (11,300) | | Net Profit Attributable to Equity Holders of the Company | (19,047) | (9,420) | | Net Other Comprehensive Income After Tax | 34,248 | 138 | | Total Comprehensive Income | 13,973 | (11,162) | | Basic Earnings Per Share (RMB) | (0.10) | (0.05) | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets reached RMB721,635 thousand, with non-current assets increasing due to investment properties, and both total liabilities and equity rising Key Consolidated Balance Sheet Data (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Current Assets | 269,225 | 294,314 | | Total Non-current Assets | 452,410 | 418,439 | | Total Assets | 721,635 | 712,753 | | Total Current Liabilities | 65,712 | 63,118 | | Total Non-current Liabilities | 706 | 706 | | Total Liabilities | 66,418 | 63,824 | | Total Equity Attributable to Equity Holders of the Company | 653,049 | 637,736 | | Total Equity | 655,217 | 648,929 | | Total Liabilities and Equity | 721,635 | 712,753 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Preparation and Going Concern](index=6&type=section&id=Basis%20of%20Preparation%20and%20Going%20Concern) Financial statements are prepared under PRC Accounting Standards, CSRC, and HKEX regulations on a going concern basis, with no significant doubts identified - Financial statements are prepared in accordance with PRC Accounting Standards for Business Enterprises, CSRC's No. 15 Rules on Information Disclosure by Companies Issuing Securities to the Public, and the HKEX Listing Rules and Hong Kong Companies Ordinance[13](index=13&type=chunk) - The Group assessed its ability to continue as a going concern for 12 months from June 30, 2025, and found no material uncertainties that cast significant doubt on its going concern ability[14](index=14&type=chunk) [Total Operating Revenue, Operating Costs, and Gross Profit](index=7&type=section&id=Total%20Operating%20Revenue%2C%20Operating%20Costs%2C%20and%20Gross%20Profit) H1 2025 total operating revenue decreased by 32.63% to RMB65,985 thousand, driven by main business decline, while gross profit turned to a loss of RMB(6,403) thousand Total Operating Revenue, Operating Costs, and Gross Profit (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Main Business Revenue | 62,607 | 93,443 | | Other Business Revenue | 3,378 | 4,494 | | Total Operating Revenue | 65,985 | 97,937 | | Main Business Costs | 72,383 | 92,925 | | Other Business Costs | 5 | 141 | | Total Operating Costs | 72,388 | 93,066 | | Gross Profit | (6,403) | 4,871 | Main Business Revenue and Costs by Segment (For the six months ended June 30) | Item | 2025 Operating Revenue (RMB thousands) | 2025 Operating Costs (RMB thousands) | 2024 Operating Revenue (RMB thousands) | 2024 Operating Costs (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Advertising | 46,038 | 54,105 | 51,808 | 52,021 | | Printing | — | — | 2 | 1 | | Printing-related Material Trading | 8,654 | 9,745 | 29,905 | 28,711 | | Other | 7,915 | 8,533 | 11,728 | 12,192 | | Total | 62,607 | 72,383 | 93,443 | 92,925 | - In H1 2025, operating revenue from the top five customers totaled **RMB18,536 thousand**, accounting for **28.09%** of business revenue[18](index=18&type=chunk) [Taxes and Surcharges](index=8&type=section&id=Taxes%20and%20Surcharges) H1 2025 taxes and surcharges decreased by 17.78% to RMB846 thousand, mainly due to lower property tax, cultural development fees, and urban construction tax Taxes and Surcharges (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Property Tax | 512 | 633 | | Cultural Development Fees | 211 | 245 | | Urban Construction Tax | 52 | 58 | | Education Surcharge | 30 | 24 | | Local Education Surcharge | 20 | 17 | | Other | 21 | 52 | | Total | 846 | 1,029 | [Finance Costs](index=8&type=section&id=Finance%20Costs) H1 2025 finance costs were negative RMB493 thousand, an absolute decrease of 25.08% year-over-year, primarily driven by reduced interest income Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Expense | 64 | 90 | | Less: Interest Income | 573 | 785 | | Exchange Gains/Losses | (2) | — | | Add: Handling Fees and Other Expenses | 18 | 37 | | Total | (493) | (658) | [Investment Income](index=8&type=section&id=Investment%20Income) H1 2025 investment income decreased by 19.04% to RMB8,989 thousand, primarily from other equity instrument investments, contrasting with higher disposal gains in the prior year Investment Income (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Share of Profit from Associates | — | (1,377) | | Investment Income from Disposal of Financial Assets Measured at Fair Value Through Profit or Loss | (131) | 12,441 | | Investment Income from Other Equity Instrument Investments Held | 8,842 | 39 | | Other Investment Income | 278 | — | | Total | 8,989 | 11,103 | [Gains from Changes in Fair Value and Credit Impairment Losses](index=9&type=section&id=Gains%20from%20Changes%20in%20Fair%20Value%20and%20Credit%20Impairment%20Losses) H1 2025 saw fair value gains of RMB2,320 thousand, a significant improvement, while credit impairment losses were RMB(1,783) thousand, primarily from bad debts Gains from Changes in Fair Value (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair Value Changes of Financial Assets Held for Trading | 2,320 | (5,563) | | Total | 2,320 | (5,563) | Credit Impairment Losses (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Bad Debt Losses | (1,783) | 2,893 | | Total | (1,783) | 2,893 | [Non-operating Income and Expenses](index=9&type=section&id=Non-operating%20Income%20and%20Expenses) H1 2025 non-operating income significantly increased to RMB380 thousand, primarily from other income, while non-operating expenses substantially decreased to RMB4 thousand Non-operating Income (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Gains on Disposal of Fixed Assets | — | 5 | | Other | 380 | 8 | | Total | 380 | 13 | Non-operating Expenses (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Other | 4 | 38 | | Total | 4 | 38 | [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense was negative RMB85 thousand, a 666.67% decrease, primarily due to a reversal by subsidiary Jingjian Media from tax reconciliation Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense | (85) | 15 | | Total | (85) | 15 | - The Group was not required to provide for Hong Kong profits tax during the period as no profits arose in Hong Kong[24](index=24&type=chunk) [Other Comprehensive Income](index=11&type=section&id=Other%20Comprehensive%20Income) H1 2025 net other comprehensive income after tax significantly increased to RMB34,248 thousand, primarily driven by a RMB34,183 thousand gain from investment property fair value changes Other Comprehensive Income (As of June 30) | Item | Balance as of January 1, 2025 (RMB thousands) | Amount Incurred Before Tax for the Year (RMB thousands) | Attributable to Parent Company After Tax (RMB thousands) | Attributable to Non-controlling Interests After Tax (RMB thousands) | Balance as of June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Other Comprehensive Income Not to be Reclassified to Profit or Loss | 230,487 | — | — | — | 230,487 | | Of which: Fair Value Changes of Other Equity Instrument Investments | 230,487 | — | — | — | 230,487 | | Other Comprehensive Income to be Reclassified to Profit or Loss | 751 | 34,248 | 34,222 | 26 | 34,973 | | Of which: Fair Value Changes of Investment Properties | — | 34,183 | 34,183 | — | 34,183 | | Exchange Differences on Translation of Foreign Currency Financial Statements | 201 | 65 | 39 | 26 | 240 | | Total Other Comprehensive Income | 231,238 | 34,248 | 34,222 | 26 | 265,460 | [Earnings Per Share and Dividends](index=11&type=section&id=Earnings%20Per%20Share%20and%20Dividends) H1 2025 basic and diluted loss per share expanded to RMB0.10, and the Board does not recommend an interim dividend Earnings Per Share (For the six months ended June 30) | Item | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Net Profit Attributable to Equity Holders of the Company for the Half Year | (19,047) | (9,420) | | Weighted Average Number of Ordinary Shares Issued (thousands) | 197,310 | 197,310 | | Basic Earnings Per Share | (0.10) | (0.05) | | Diluted Earnings Per Share | (0.10) | (0.05) | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (2024: nil)[27](index=27&type=chunk) [Details of Current Assets](index=12&type=section&id=Details%20of%20Current%20Assets) As of June 30, 2025, total current assets were RMB269,225 thousand, with cash decreasing, financial assets held for trading increasing, and mixed movements in receivables and prepayments Key Current Asset Items (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 41,463 | 81,523 | | Financial Assets Held for Trading | 127,388 | 114,270 | | Net Accounts Receivable | 39,897 | 28,235 | | Net Prepayments | 9,390 | 6,061 | | Net Other Receivables | 22,366 | 28,712 | | Inventories | 52 | 5,282 | | Other Current Assets | 28,669 | 29,595 | - Financial assets held for trading primarily consist of broker asset management products, totaling **RMB127,388 thousand**, an **11.48% increase** from the end of 2024[28](index=28&type=chunk) - Net accounts receivable amounted to **RMB39,897 thousand**, with the 0-90 day aging period accounting for the largest proportion, and the top five entities representing **49.84%** of total accounts receivable[28](index=28&type=chunk) - Net other receivables were **RMB22,366 thousand**, including **RMB8,842 thousand** in dividends receivable; other receivables by nature include related party balances, external entity balances, deposits, and guarantees[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk) [Details of Non-current Assets](index=15&type=section&id=Details%20of%20Non-current%20Assets) As of June 30, 2025, total non-current assets increased to RMB452,410 thousand, driven by investment properties' fair value gains, while long-term equity investments were written down to zero Key Non-current Asset Items (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 341,253 | 341,253 | | Investment Properties | 95,743 | 53,633 | | Fixed Assets | 1,219 | 1,432 | | Right-of-use Assets | 695 | 1,390 | | Intangible Assets | 8,298 | 16,450 | | Long-term Prepayments | 5,202 | 4,281 | | Other Non-current Assets | — | — | - Long-term equity investments, including those in associates like Beijing Leisure Fashion Advertising Co., Ltd., have been written down to **zero** under the equity method[37](index=37&type=chunk) - Investment properties' fair value was **RMB95,743 thousand**, a **78.51% increase** from the end of 2024, mainly due to the conversion of some self-owned properties to investment properties measured at fair value, resulting in an appraisal gain of **RMB34,183 thousand**[41](index=41&type=chunk) - Among other non-current assets, a prepayment of **RMB24,000 thousand** for the film project "Oriental Football King" has been fully impaired, as the project has not yet been released[44](index=44&type=chunk) [Details of Current Liabilities](index=19&type=section&id=Details%20of%20Current%20Liabilities) As of June 30, 2025, total current liabilities slightly increased to RMB65,712 thousand, with notes payable and contract liabilities rising, while other payables decreased Key Current Liability Items (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Notes Payable | 7,552 | 1,365 | | Accounts Payable | 17,125 | 21,184 | | Contract Liabilities | 14,653 | 9,674 | | Payroll Payable | 6,250 | 6,981 | | Taxes Payable | 971 | 1,528 | | Other Payables | 17,469 | 18,006 | | Non-current Liabilities Due Within One Year | 750 | 1,106 | | Other Current Liabilities | 942 | 3,274 | - Accounts payable amounted to **RMB17,125 thousand**, with the 0-90 day aging period accounting for the largest proportion at **RMB8,293 thousand**[45](index=45&type=chunk) - Other payables were **RMB17,469 thousand**, mainly comprising intercompany balances, deposits and guarantees, and collections/payments on behalf of others[45](index=45&type=chunk) [Details of Non-current Liabilities](index=5&type=section&id=Details%20of%20Non-current%20Liabilities) As of June 30, 2025, total non-current liabilities remained at RMB706 thousand, entirely consisting of deferred income tax liabilities Key Non-current Liability Items (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Deferred Income Tax Liabilities | 706 | 706 | | Total Non-current Liabilities | 706 | 706 | [Details of Equity](index=5&type=section&id=Details%20of%20Equity) As of June 30, 2025, total equity increased to RMB655,217 thousand, driven by higher other comprehensive income, despite a decrease in retained earnings due to expanded losses Key Equity Items (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Share Capital | 197,310 | 197,310 | | Capital Reserve | 919,114 | 918,976 | | Other Comprehensive Income | 265,460 | 231,238 | | Surplus Reserve | 130,931 | 130,931 | | Retained Earnings | (859,766) | (840,719) | | Total Equity Attributable to Equity Holders of the Company | 653,049 | 637,736 | | Non-controlling Interests | 2,168 | 11,193 | | Total Equity | 655,217 | 648,929 | [Interests in Other Entities](index=20&type=section&id=Interests%20in%20Other%20Entities) The Group holds interests in other entities through other equity instrument investments in Beiyang Publishing and Beijing Keyin Media, and financial assets held for trading in Capital Securities [Interests in Other Equity Instrument Investments](index=20&type=section&id=Interests%20in%20Other%20Equity%20Instrument%20Investments) The Group holds significant equity stakes in Beiyang Publishing (2.43%, RMB264,379 thousand) and Beijing Keyin Media (16.00%, RMB36,444 thousand) for investment returns Basic Information of Companies Related to Other Equity Instrument Investments (As of June 30) | Company Name | Shareholding (%) | Fair Value (RMB thousands) | % of Total Assets | | :--- | :--- | :--- | :--- | | Beiyang Publishing & Media Co., Ltd. | 2.43 | 264,379 | 36.64 | | Beijing Keyin Media Culture Co., Ltd. | 16.00 | 36,444 | 5.05 | | Beijing Youth Daily New Media Co., Ltd. | 5.00 | 3,577 | 0.50 | | Beijing International Advertising Media Group Co., Ltd. | 11.44 | 36,853 | 5.11 | - Investments in Beiyang Media and Keyin Media are primarily based on their sound operating conditions and capital operation plans, aiming for better investment returns[47](index=47&type=chunk) [Interests in Financial Assets Held for Trading](index=21&type=section&id=Interests%20in%20Financial%20Assets%20Held%20for%20Trading) The Group's idle funds managed by Capital Securities in fixed-income products had a fair value of RMB127,388 thousand, recognizing RMB2,739 thousand in unrealized gains Basic Information of Financial Assets Held for Trading (As of June 30) | Counterparty Name | Product Type | Investment Cost (RMB thousands) | Unrealized Gains and Losses for the six months ended June 30 (RMB thousands) | Fair Value (RMB thousands) | % of Total Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Capital Securities | Fixed-income Wealth Management Products | 118,390 | 2,739 | 127,388 | 17.65 | - The Company will continue to entrust Capital Securities with managing idle funds, provided it does not affect daily operating liquidity and is authorized by the shareholders' meeting[49](index=49&type=chunk) [Group Business Review](index=22&type=section&id=Group%20Business%20Review) [Overall Operating Performance and Market Environment](index=22&type=section&id=Overall%20Operating%20Performance%20and%20Market%20Environment) H1 2025 total operating revenue decreased by 32.63% to RMB65,985 thousand, with net loss attributable to equity holders increasing by 102.20% due to revenue decline, higher expenses, and credit losses amid a challenging market - H1 2025 total operating revenue was **RMB65,985 thousand**, a **32.63% decrease** from H1 2024[51](index=51&type=chunk) - Net loss attributable to equity holders of the Company was **RMB19,047 thousand**, a **102.20% increase** from H1 2024[51](index=51&type=chunk) - The increase in net loss was primarily due to: (1) decreased operating revenue; (2) increased administrative expenses from personnel restructuring for new business development and transformation; (3) increased credit impairment losses affected by accounts receivable collection[51](index=51&type=chunk) - Operating revenue from traditional business segments generally decreased, with the printing and related material trading business contraction leading to a **RMB21,253 thousand** decline in operating revenue[51](index=51&type=chunk) - Despite market challenges, the Company continued to expand its outdoor advertising and Beijing City Cultural Annual Pass businesses, contributing to operating revenue growth[51](index=51&type=chunk) - The global economy experienced uneven recovery due to geopolitical conflicts and inflationary pressures; the domestic economy faced dual pressures of demand contraction and structural adjustment, leading to slower advertising market growth and digital transformation challenges for traditional advertising[50](index=50&type=chunk) [Strategic Initiatives and Operational Optimization](index=23&type=section&id=Strategic%20Initiatives%20and%20Operational%20Optimization) H1 2025 focused on strategic transformation, optimizing governance, fostering growth drivers, and enhancing asset structure through top-level design, business layout, and brand building [Optimizing Governance System and Enhancing Operational Efficiency](index=23&type=section&id=Optimizing%20Governance%20System%20and%20Enhancing%20Operational%20Efficiency) The Group optimized its governance by re-electing the Board, enhancing the Supervisory Board, advancing strategic planning, building a risk management system, and improving OA and state-owned asset management - Completed the re-election of the Company's new Board of Directors, resulting in a more professional and diversified board composition[52](index=52&type=chunk) - Carried out reforms to the Supervisory Board, optimizing the corporate governance structure[52](index=52&type=chunk) - Advanced the '15th Five-Year' strategic plan, strengthening top-level design[52](index=52&type=chunk) - Established a comprehensive system-wide risk management framework, enhancing risk prevention and control[52](index=52&type=chunk) - Enhanced the intelligence of the OA office system, optimizing financial and business process management systems[52](index=52&type=chunk) - Formulated and revised company policies, improving the state-owned asset management system[52](index=52&type=chunk) [Optimizing Business Layout and Fostering Growth Drivers](index=23&type=section&id=Optimizing%20Business%20Layout%20and%20Fostering%20Growth%20Drivers) The Group transformed advertising with metro media upgrades and interactive projects, expanded cultural tourism integration with events like KOD, developed youth education programs, and innovated new media operations and government activities - Accelerated advertising business transformation and innovation, completing media upgrades at Beijing Metro Line 4 Xidan Station and developing 'Metro Station' creative interactive scene advertising projects[53](index=53&type=chunk)[54](index=54&type=chunk) - Meticulously built its own media matrix, deeply cultivating vertical account operations in elderly care, automotive, and real estate, integrating short video and live streaming content marketing formats[53](index=53&type=chunk)[54](index=54&type=chunk) - Actively integrated capital cultural tourism resources, deeply expanding cultural, sports, and tourism integration businesses, including organizing the 2025 KOD World Street Dance Competition and forming a strategic partnership with 'The Color Run'[53](index=53&type=chunk)[54](index=54&type=chunk) - Strengthened Beijing City Cultural Annual Pass product development and channel expansion, collaborating with **over 40 central and state-owned enterprises** in H1 2025[53](index=53&type=chunk)[54](index=54&type=chunk) - Focused on youth quality education, providing diversified science popularization study tours and camp education practical services, completing **16 group camp reception projects** and cumulatively hosting **10,421 person-days**[53](index=53&type=chunk)[54](index=54&type=chunk) - Focused on new media operations and government event businesses, innovatively incubating the 'Beijing Community Culture Festival' brand, promoting commercial operation of community spaces, and implementing **15 'Beiqing Community HUI' projects**[53](index=53&type=chunk)[54](index=54&type=chunk) [Optimizing Asset Structure and Strengthening Internal Control Empowerment](index=24&type=section&id=Optimizing%20Asset%20Structure%20and%20Strengthening%20Internal%20Control%20Empowerment) The Group revitalized idle assets, generating RMB2,320 thousand from fund management and RMB2,246 thousand from property rentals, while accelerating the divestment of 6 inefficient enterprises and liquidating paper inventory - Entrusted Capital Securities Co., Ltd. with idle fund management, realizing fair value change gains of **RMB2,320 thousand**[55](index=55&type=chunk) - Generated rental income of **RMB2,246 thousand** by leasing idle office properties and bartered properties[55](index=55&type=chunk) - Accelerated the cleanup of inefficient assets, systematically advancing the divestment of **6 inefficient enterprises**, with **1 already deregistered**[55](index=55&type=chunk) - Expedited the liquidation sale of paper inventory, accelerating the mitigation of trade business risks[55](index=55&type=chunk) [Details of Advertising Business](index=25&type=section&id=Details%20of%20Advertising%20Business) [Market Environment and Business Performance](index=25&type=section&id=Market%20Environment%20and%20Business%20Performance) H1 2025 saw China's advertising market grow with digital dominance, while the Group's advertising revenue decreased by 11.14% to RMB46,038 thousand, offset by growth in outdoor advertising and annual pass services - China's advertising market size continued to grow, with digital advertising's share steadily increasing, and traditional media accelerating its digital and interactive transformation[56](index=56&type=chunk) - The outdoor advertising market showed structural adjustments, with overall spending trending downwards, but digital media advertising, such as subway electronic screens, experienced counter-trend growth[56](index=56&type=chunk) - In H1 2025, the Group's advertising revenue was **RMB46,038 thousand**, an **11.14% decrease** from H1 2024[57](index=57&type=chunk) - Outdoor advertising business revenue was **RMB13,482 thousand**, a **12.56% increase** from H1 2024[57](index=57&type=chunk) - Annual pass business generated new revenue of **RMB3,256 thousand**[57](index=57&type=chunk) [Core Initiatives and Business Breakthroughs](index=25&type=section&id=Core%20Initiatives%20and%20Business%20Breakthroughs) The Group achieved advertising breakthroughs through innovation, content, and channel empowerment, building a differentiated outdoor advertising system, a refined media matrix, and diversified annual pass brand [Innovation Empowerment, Differentiated Outdoor Advertising Product System Construction](index=25&type=section&id=Innovation%20Empowerment%2C%20Differentiated%20Outdoor%20Advertising%20Product%20System%20Construction) The Group upgraded Beijing Metro Line 4 Xidan Station media with large lightboxes and LED screens, developing 'Metro Station' interactive advertising projects and partnering with major brands - Completed media upgrades at Beijing Metro Line 4 Xidan Station, introducing oversized lightboxes and high-definition LED electronic screens[57](index=57&type=chunk)[58](index=58&type=chunk) - Developed the 'Metro Station' project, conducting creative interactive scene activities such as product displays and experiences in subway station halls[57](index=57&type=chunk)[58](index=58&type=chunk) [Content Empowerment, Meticulously Building Own Media Matrix](index=26&type=section&id=Content%20Empowerment%2C%20Meticulously%20Building%20Own%20Media%20Matrix) The Group enhanced its new media matrix with short videos and live streaming, generating RMB2,955 thousand in H1 2025, and successfully grew vertical accounts like 'Qingche Tan' and 'Elderly Care New Frontline' - H1 2025 account operating revenue reached **RMB2,955 thousand**[59](index=59&type=chunk) - 'Qingche Tan' meticulously categorized content sections, including hot topic tracking, cloud car reviews, and engaging test drives[59](index=59&type=chunk) - 'Elderly Care New Frontline' deeply cultivated live streaming services, conducting themed activities for elderly care institutions, driving fan growth and sales conversion[59](index=59&type=chunk) - 'Sister Yu's Property Review' focused on the real estate vertical, interpreting market trends, reviewing properties, and analyzing policies, achieving widespread dissemination[59](index=59&type=chunk) [Channel Empowerment, Diversified Deep Cultivation of Annual Pass Business Brand](index=26&type=section&id=Channel%20Empowerment%2C%20Diversified%20Deep%20Cultivation%20of%20Annual%20Pass%20Business%20Brand) The Group expanded annual pass channels, collaborating with over 40 state-owned enterprises, and upgraded its mini-program to enhance user experience and operational efficiency - Expanded the core sales network to central and state-owned enterprise unions, collaborating with **over 40 enterprises** on annual pass projects[60](index=60&type=chunk) - Advanced annual pass mini-program upgrades, completing backend management system reconstruction and user interface optimization, and launching new features like a scenic spot verification system[60](index=60&type=chunk) [Performance of Major Subsidiaries](index=27&type=section&id=Performance%20of%20Major%20Subsidiaries) [Beiqing Innovation Culture](index=27&type=section&id=Beiqing%20Innovation%20Culture) Beiqing Innovation Culture, a wholly-owned subsidiary, completed 16 youth camp projects, hosting 10,421 person-days, expanded projects, and developed curricula, with one project selected for a Hong Kong youth study tour collection - In H1 2025, completed **16 group camp reception projects** for study tours, social practices, and enterprise/public institution training, cumulatively hosting **10,421 person-days**[61](index=61&type=chunk) - Successfully expanded **8 Beijing school projects** and **5 provincial client projects**[61](index=61&type=chunk) - The 'National Science and Technology Innovation Development System Study Tour – Beijing' project was successfully selected for the '2025 Hong Kong Youth Study Tour to Mainland China Collection of Excellent Projects'[61](index=61&type=chunk) [Beiqing Community Media](index=27&type=section&id=Beiqing%20Community%20Media) Beiqing Community Media transformed into a government integrated media service, covering nine Beijing districts with nearly 50 new media accounts, acquired 16 new clients, implemented 15 'Beiqing Community HUI' projects, and incubated the 'Beijing Community Culture Festival' brand - Beiqing Community Media has transformed from a traditional newspaper business model to one primarily focused on government integrated media services[62](index=62&type=chunk) - Government affairs business covers **nine districts** in Beijing, including Changping, Shunyi, Miyun, Fangshan, Dongcheng, Xicheng, Shijingshan, Haidian, Chaoyang, and the Sub-center, and publishes 'Beiqing Community News'[62](index=62&type=chunk) - Operates nearly **50 new media accounts** on platforms such as WeChat, Weibo, Douyin, Kuaishou, Xiaohongshu, Toutiao, and NetEase, and is present on news apps like People's Daily, Beijing Daily, and Beijing Time[62](index=62&type=chunk)[63](index=63&type=chunk) - Successfully acquired **16 new clients** in H1 2025[63](index=63&type=chunk) - Implemented **15 'Beiqing Community HUI' projects** in communities, such as Tongniu Film Industrial Park and Beijing Agricultural Guarantee Township Service Station, established a brand marketing center, and innovatively incubated the 'Beijing Community Culture Festival' brand[63](index=63&type=chunk) [Jingjian Media](index=28&type=section&id=Jingjian%20Media) Jingjian Media, a wholly-owned subsidiary, optimized its business, acquired 8 new government and state-owned enterprise clients, and monetized its 'Qingcheng 0819' self-media video account - Successfully acquired **8 new clients**, including government agencies and state-owned enterprise groups[64](index=64&type=chunk) - Operated the self-media video account 'Qingcheng 0819', publishing **35 episodes** of content and achieving commercial monetization[64](index=64&type=chunk) [Outlook and Future Plans](index=28&type=section&id=Outlook%20and%20Future%20Plans) H2 2025 strategy focuses on transformational development, optimizing business layout, and growing core businesses, including advertising, cultural tourism integration, leveraging Capital Group's platform, and enhancing asset management and risk control - In H2 2025, the Group will strategically focus on transformational development, accelerating business layout adjustments, and concentrating on developing cornerstone and cultivation-type core businesses to improve quality and efficiency, building core competitive advantages[65](index=65&type=chunk) - Comprehensively build an advertising operating system: strengthen innovation in subway outdoor advertising models, promote integration of subway media resources and product development; solidify full-service advertising capabilities; deeply cultivate advertising content operations, accelerating the development and commercialization of proprietary new media products[65](index=65&type=chunk)[66](index=66&type=chunk) - Deeply expand cultural, sports, and tourism integration: focus on implementing high-quality cultural and sports event IPs, such as successfully hosting the internationally renowned KOD World Street Dance Competition; continuously explore Beijing City Cultural Annual Pass channel resources and product models[65](index=65&type=chunk)[66](index=66&type=chunk) - Continuously leverage Capital Group's cultural and sports industry market expansion platform function: explore new business models like 'video + government affairs' and 'cultural tourism + consumption,' strengthen commercial operation of community cultural spaces, implement 'Beijing Community Culture Festival' activities; build a distinctive brand for youth study tours[65](index=65&type=chunk)[66](index=66&type=chunk) - Persistently deepen management: focus on optimizing asset structure and internal risk control, optimize organizational and talent structures, comprehensively strengthen institutional and informatization construction, driving improved management efficiency[65](index=65&type=chunk)[66](index=66&type=chunk) [Analysis of Financial Position and Operating Results](index=29&type=section&id=Analysis%20of%20Financial%20Position%20and%20Operating%20Results) [Total Operating Revenue](index=29&type=section&id=Total%20Operating%20Revenue) H1 2025 total operating revenue decreased by 32.63% to RMB65,985 thousand, primarily due to declines in printing, Beiqing Community Media advertising, and Beiqing Innovation Culture study tour revenue Total Operating Revenue by Segment (For the six months ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Advertising Revenue (including New Media Operations Revenue) | 46,038 | 51,808 | -11.14 | | Printing Revenue | 0 | 2 | -100.00 | | Printing-related Material Trading Revenue | 8,654 | 29,905 | -71.06 | | Other Revenue (including Study Tour Revenue) | 11,293 | 16,222 | -30.38 | | Total | 65,985 | 97,937 | -32.63 | - Key factors for the overall year-over-year decrease in operating revenue include: contraction of printing and printing-related material trading businesses, lower advertising revenue from subsidiary Beiqing Community Media, and reduced study tour revenue from Beiqing Innovation Culture, partially offset by growth in outdoor advertising and Beijing City Cultural Annual Pass businesses[68](index=68&type=chunk) [Operating Costs and Taxes and Surcharges](index=30&type=section&id=Operating%20Costs%20and%20Taxes%20and%20Surcharges) H1 2025 operating costs decreased by 22.22% to RMB72,388 thousand, driven by lower printing and study tour costs, while taxes and surcharges decreased by 17.78% to RMB846 thousand Operating Costs by Segment (For the six months ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Advertising Costs (including New Media Operations Costs) | 54,105 | 52,021 | +4.01 | | Printing Costs | 0 | 1 | -100.00 | | Printing-related Material Trading Costs | 9,745 | 28,711 | -66.06 | | Other Costs (including Study Tour Costs) | 8,538 | 12,333 | -30.77 | | Total | 72,388 | 93,066 | -22.22 | - Taxes and surcharges were **RMB846 thousand**, a **17.78% decrease** from H1 2024[69](index=69&type=chunk) - The overall decrease in operating costs was mainly due to the reduction in printing and related material trading businesses and lower study tour revenue from Beiqing Innovation Culture, partially offset by increased costs in outdoor advertising and Beijing City Cultural Annual Pass businesses[69](index=69&type=chunk) [Selling Expenses](index=30&type=section&id=Selling%20Expenses) H1 2025 selling expenses decreased by 46.09% to RMB3,724 thousand, primarily due to sales personnel restructuring at Beiqing Community Media Selling Expenses (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling Expenses | 3,724 | 6,908 | -46.09 | - The year-over-year decrease in selling expenses was mainly due to personnel restructuring in Beiqing Community Media's sales team[70](index=70&type=chunk) [Administrative Expenses](index=31&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses increased by 14.43% to RMB19,822 thousand, driven by personnel restructuring for new businesses, higher labor and office costs, and increased intermediary fees Administrative Expenses (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 19,822 | 17,323 | +14.43 | - The year-over-year increase in administrative expenses was mainly due to personnel restructuring for new business development and transformation, increased labor and office expenses from providing employee meal benefits, and higher intermediary fees[71](index=71&type=chunk) [Finance Costs](index=31&type=section&id=Finance%20Costs) H1 2025 finance costs were negative RMB493 thousand, an absolute decrease of 25.08% year-over-year, primarily due to reduced interest income from time deposits Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance Costs | (493) | (658) | -25.08 | - Interest income was **RMB573 thousand**, a **27.01% decrease** from H1 2024[72](index=72&type=chunk) - The year-over-year increase in finance costs was mainly due to reduced interest income from time deposits[72](index=72&type=chunk) [Share of Profit from Associates](index=31&type=section&id=Share%20of%20Profit%20from%20Associates) H1 2025 share of profit from associates was RMB0 thousand, an improvement from a prior year loss, as investments in associates were written down to zero Share of Profit from Associates (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Share of Profit from Associates | — | (1,377) | +1,377 | - Share of profit from associates for the current period was **zero** as investments in associates have been written down to zero under the equity method[73](index=73&type=chunk) [Operating Profit](index=31&type=section&id=Operating%20Profit) H1 2025 operating profit was a loss of RMB20,736 thousand, an 84.16% increase in loss year-over-year, driven by lower revenue, higher administrative expenses, and increased credit impairment losses Operating Profit (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Profit | (20,736) | (11,260) | +84.16 | - The increase in loss was mainly due to decreased operating revenue, increased administrative expenses, and higher credit impairment losses affected by accounts receivable collection[74](index=74&type=chunk) [Income Tax Expense](index=31&type=section&id=Income%20Tax%20Expense) H1 2025 income tax expense was negative RMB85 thousand, a 666.67% decrease, primarily due to a reversal by subsidiary Jingjian Media from tax reconciliation Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Income Tax Expense | (85) | 15 | -100 | - The Company's subsidiary, Jingjian Media, recorded a negative income tax expense for the current period due to a reversal based on income tax reconciliation results[75](index=75&type=chunk) [Net Profit/Loss Attributable to Equity Holders of the Company](index=32&type=section&id=Net%20Profit%2FLoss%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) H1 2025 net loss attributable to equity holders increased by 102.20% to RMB19,047 thousand, driven by lower revenue, higher administrative expenses, and increased credit impairment losses Net Profit/Loss Attributable to Equity Holders of the Company (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Loss Attributable to Equity Holders of the Company | 19,047 | 9,420 | +102.20 | - The increase in net loss was mainly due to decreased operating revenue, increased administrative expenses, and higher credit impairment losses affected by accounts receivable collection[76](index=76&type=chunk) [Financial Resources and Liquidity](index=32&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, current assets were RMB269,225 thousand and current liabilities RMB65,712 thousand, with cash decreasing, financial assets held for trading increasing, and total equity at RMB655,217 thousand Financial Resources and Liquidity (As of June 30) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Assets | 269,225 | 294,314 | | Cash and Bank Balances | 41,463 | 81,523 | | Financial Assets Held for Trading | 127,388 | 114,270 | | Non-current Assets | 452,410 | 418,439 | | Current Liabilities | 65,712 | 63,118 | | Non-current Liabilities | 706 | 706 | | Equity | 655,217 | 648,929 | - The Group's funds primarily originate from operating activities and deposit balances, mainly used for working capital and general recurring expenses[77](index=77&type=chunk) [Bank Borrowings, Overdrafts and Other Borrowings](index=32&type=section&id=Bank%20Borrowings%2C%20Overdrafts%20and%20Other%20Borrowings) As of June 30, 2025, the Group had no bank loans, overdrafts, or other borrowings - As of June 30, 2025, the Group had no bank loans, overdrafts, or other borrowings (December 31, 2024: nil)[78](index=78&type=chunk) [Capital and Debt Ratio](index=32&type=section&id=Capital%20and%20Debt%20Ratio) As of June 30, 2025, the Group's capital and debt ratio slightly increased to 10.14% from 9.84% at 2024 year-end Capital and Debt Ratio (As of June 30) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital and Debt Ratio | 10.14% | 9.84% | [Share Capital Structure and Major Shareholders](index=33&type=section&id=Share%20Capital%20Structure%20and%20Major%20Shareholders) [Share Capital Structure](index=33&type=section&id=Share%20Capital%20Structure) As of June 30, 2025, total share capital was 197,310,000 shares, with domestic shares at 72.18% and H shares at 27.82%, Beijing Youth Daily being the largest domestic shareholder at 63.27% Share Capital Structure (As of June 30) | Shareholder Category | Number of Shares | % of Total Share Capital | | :--- | :--- | :--- | | Domestic Shares (Subtotal) | 142,409,000 | 72.18 | | H Shares | 54,901,000 | 27.82 | | Total Share Capital | 197,310,000 | 100.00 | - Beijing Youth Daily holds **124,839,974 domestic shares**, accounting for **63.27%** of the total share capital[80](index=80&type=chunk) - LeEco Information Technology (Beijing) Co., Ltd. holds **19,533,000 H shares** of the Company, accounting for **9.90%** of the Company's total share capital[80](index=80&type=chunk) [Interests of Major Shareholders in Shares and Related Shares](index=34&type=section&id=Interests%20of%20Major%20Shareholders%20in%20Shares%20and%20Related%20Shares) As of June 30, 2025, Beijing Youth Daily is the largest shareholder with 63.27% domestic share interest, with Beijing Capital Group holding an interest via trusteeship, and LeEco holding 9.90% H share interest Interests of Major Shareholders in Shares and Related Shares (As of June 30) | Shareholder Name | Class of Shares | Nature of Interest | Number of Shares Interested | % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | | Beijing Youth Daily | Domestic Shares | Beneficial Owner | 124,839,974 | 63.27 | | Beijing Capital Group Co., Ltd. | Domestic Shares | Other | 124,839,974 | 63.27 | | Beijing Chengshang Culture Communication Co., Ltd. | Domestic Shares | Beneficial Owner | 7,367,000 | 3.73 | | Guofu Shangtong Information Technology Development Co., Ltd. | Domestic Shares | Interest of a Controlled Corporation | 7,367,000 | 3.73 | | LeEco Information Technology (Beijing) Co., Ltd. | H Shares | Beneficial Owner | 19,533,000 | 9.90 | | Founder Investment (HK) Ltd. | H Shares | Beneficial Owner | 4,939,000 | 2.50 | - Capital Group has been included in the scope of trusteeship for enterprises under Beijing Youth Daily since May 20, 2021, exercising the Company's investor/shareholder functions, thus holding an interest in shares held by Beijing Youth Daily[83](index=83&type=chunk) - The nature of the interest in **7,367,000 domestic shares** held by Beijing Chengshang Culture Communication Co., Ltd. has changed, being provided as security to parties other than qualified lenders[83](index=83&type=chunk) [Other Information](index=36&type=section&id=Other%20Information) [Capital Expenditure](index=36&type=section&id=Capital%20Expenditure) H1 2025 capital expenditure significantly increased to RMB2,124 thousand, with H2 spending anticipated for office equipment and intangible assets Capital Expenditure (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Capital Expenditure | 2,124 | 650 | - The Group anticipates H2 2025 capital expenditure will primarily include office equipment and intangible asset expenses consistent with its business strategy[85](index=85&type=chunk) [Contingent Liabilities and Pledged Assets](index=36&type=section&id=Contingent%20Liabilities%20and%20Pledged%20Assets) As of June 30, 2025, the Group had no contingent liabilities or pledged assets - As of June 30, 2025, the Group had no contingent liabilities or pledged assets[86](index=86&type=chunk) [Foreign Exchange Risk](index=36&type=section&id=Foreign%20Exchange%20Risk) The Group's functional currency is RMB, with limited foreign exchange risk from foreign currency payables, having minimal impact on cash flow or liquidity - The Group uses RMB as its functional currency, with domestic operations primarily settled in RMB[87](index=87&type=chunk) - Certain payables are settled in foreign currencies (mainly USD and HKD), but foreign exchange fluctuations have a very limited impact on the Group's operating cash flows or liquidity[87](index=87&type=chunk) [Employees](index=36&type=section&id=Employees) As of June 30, 2025, the Group had 346 employees, an increase due to a new subsidiary and restructuring, with total payroll of RMB41,055 thousand and active employee training - As of June 30, 2025, the Group had **346 employees** (June 30, 2024: 310 employees), an increase from the prior year, mainly due to the addition of a new subsidiary and personnel restructuring for normal business needs[88](index=88&type=chunk) - During the reporting period, the Group paid total payroll expenses of approximately **RMB41,055 thousand**[88](index=88&type=chunk) - The Group conducted various employee training programs, including financial management, related party transactions and inside information management, legal and compliance management, archives management, outdoor advertising operations, and information technology and office applications[88](index=88&type=chunk) [Directors' and Chief Executive's Interests](index=37&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2025, no directors or chief executive held disclosable interests or short positions in the Company's or its associated corporations' shares or debentures - As of June 30, 2025, none of the Company's directors or chief executive had any interests or short positions in the shares, underlying shares, or debentures of the Company or any of its associated corporations that were required to be notified to the Company and the HKEX under Part XV of the Securities and Futures Ordinance[89](index=89&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held as of June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[90](index=90&type=chunk) - As of June 30, 2025, the Company held no treasury shares[90](index=90&type=chunk) [Significant Investments](index=37&type=section&id=Significant%20Investments) The Company's asset management plan with Capital Securities and investments in Beiyang Media and Keyin Media each exceed 5% of total assets; no other significant investments or acquisition plans exist - The Company's single asset management contract entrusted to Capital Securities was approved by shareholders for a three-year extension until June 16, 2026, with this investment accounting for **over 5%** of the Group's total assets[91](index=91&type=chunk) - The Company's investments in Beiyang Media and Keyin Media each account for **over 5%** of the Group's total assets[92](index=92&type=chunk) - Except as disclosed in this announcement, as of June 30, 2025, the Group had no significant investments or plans for significant investments or asset acquisitions[92](index=92&type=chunk) [Significant Acquisitions and Disposals of Assets](index=38&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Assets) During the reporting period, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[93](index=93&type=chunk) [Changes in the Group's Performance After December 31, 2024](index=38&type=section&id=Changes%20in%20the%20Group%27s%20Performance%20After%20December%2031%2C%202024) Except as disclosed, no material changes in the Company's current information compared to its most recently published annual report - Except as disclosed in this announcement, there have been no material changes in the Company's current information regarding matters listed in paragraph 32 of Appendix D2 to the Listing Rules compared to that disclosed in its most recently published annual report[94](index=94&type=chunk) [Compliance with Laws and Regulations and Corporate Governance Code](index=38&type=section&id=Compliance%20with%20Laws%20and%20Regulations%20and%20Corporate%20Governance%20Code) During the reporting period, the Company complied with all material laws, regulations, and the Corporate Governance Code provisions of the Listing Rules - During the reporting period, the Company complied with laws and regulations materially affecting the Group and the code provisions set out in Appendix C1 'Corporate Governance Code' of the Listing Rules[95](index=95&type=chunk) [Compliance with Model Code](index=38&type=section&id=Compliance%20with%20Model%20Code) The Company adopted the Model Code for directors' and supervisors' securities transactions, with all confirming compliance during the reporting period - The Company adopted the Model Code set out in Appendix C3 of the Listing Rules for securities transactions by directors and supervisors[96](index=96&type=chunk) - All directors and supervisors confirmed compliance with the standards stipulated in the Model Code during the reporting period[96](index=96&type=chunk) [Audit Committee](index=38&type=section&id=Audit%20Committee) The Audit Committee, established per Listing Rules, reviewed the Group's H1 2025 unaudited interim results and internal controls, raising no objections - The Company established an Audit Committee in accordance with the Listing Rules to review, supervise, and adjust the Group's financial reporting process and internal controls[97](index=97&type=chunk) - The Audit Committee comprises one non-executive director and two independent non-executive directors[97](index=97&type=chunk) - The Company's Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and raised no objections[98](index=98&type=chunk) [Distributable Reserves](index=39&type=section&id=Distributable%20Reserves) As of June 30, 2025, accumulated losses were RMB708,276 thousand, with a surplus reserve of RMB130,931 thousand available to offset losses upon shareholder approval Distributable Reserves (As of June 30) | Item | Amount (RMB thousands) | | :--- | :--- | | Accumulated Losses | 708,276 | | Surplus Reserve | 130,931 | - According to the Company's Articles of Association, the surplus reserve can be used to offset the Company's losses upon approval by the Company's general meeting of shareholders[100](index=100&type=chunk) [Interim Dividend](index=39&type=section&id=Interim%20Dividend) The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the distribution of any interim dividend for the six months ended June 30, 2025[101](index=101&type=chunk) [Disclosure of Information on HKEX and Company Website](index=39&type=section&id=Disclosure%20of%20Information%20on%20HKEX%20and%20Company%20Website) The Company's H1 2025 interim report will be published on the HKEXnews website and the Company's website - The Company's interim report for the six months ended June 30, 2025, will be published on the HKEXnews website (http://www.hkexnews.hk) and the Company's website (http://www.bjmedia.com.cn)[102](index=102&type=chunk)

Group 1 - The company, Beiqing Media (01000.HK), will hold a board meeting on August 22, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1] - For the fiscal year 2024, Beiqing Media reported a net loss of 2.042 million [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BEIJING MEDIA CORPORATION LIMITED 北青傳媒股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 主席 董事會會議日期通告 孫寶傑 北青傳媒股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二 五年八月二十二日（星期五）下午二時正在中華人民共和國（「中國」）北京市朝陽區白 家莊東里23號北青大廈舉行董事會會議，藉以（其中包括）審議及批准本公司及其附 屬公司截至二零二五年六月三十日止六個月之中期業績。 中國 北京 承董事會命 北青傳媒股份有限公司 二零二五年八月七日 於本通告日期，董事會成員包括：本公司執行董事靜恩基及吳敏；本公司非執行董 事孫寶傑、崔萍、王昊、李曉偉及王澤臣；以及本公司獨立非執行董事石紅英、陳 貽平、杜國清及孔偉平。 （股份代號：1000） 亦可於本公司網站www.bjmedia.com.cn參閱已刊發的通告。 ...