Financial Performance - The group's operating loss for 2023 was RMB 15,211 thousand, a decrease of 44.98% compared to a loss of RMB 27,644 thousand in 2022[1]. - The net loss for 2023 was RMB 14,230 thousand, improved from a net loss of RMB 28,174 thousand in 2022, with the loss attributable to shareholders amounting to RMB 15,320 thousand compared to RMB 23,500 thousand in 2022[3]. - The total revenue for 2023 was RMB 200,784 thousand, an increase from RMB 158,397 thousand in 2022[17]. - The group's operating costs in 2023 amounted to RMB 171,661 thousand, up 13.75% from RMB 150,916 thousand in 2022[48]. - The gross profit for the group in 2023 was RMB 29,123 thousand, a significant increase of 289.29% from RMB 7,481 thousand in 2022, with a gross profit margin of 14.5%[54]. - The total operating revenue for 2023 was RMB 200,784 thousand, up 26.76% from RMB 158,397 thousand in 2022[76]. - The net loss attributable to shareholders for 2023 was RMB 15,320 thousand, a reduction of RMB 8,180 thousand or 34.81% from 2022[88]. - Earnings per share for 2023 were RMB -0.08, compared to RMB -0.12 in 2022[88]. - The net profit for the year ended December 31, 2023, was a loss of RMB 14,230 thousand, compared to a loss of RMB 28,174 thousand in the previous year, indicating an improvement in performance[108]. Assets and Liabilities - The group's current assets as of December 31, 2023, were RMB 305,244 thousand, a slight decrease from RMB 310,393 thousand in 2022[7]. - The total liabilities as of December 31, 2023, were RMB 76,637 thousand, down from RMB 77,448 thousand in 2022[17]. - The group's equity attributable to shareholders as of December 31, 2023, was RMB 623,207 thousand, compared to RMB 617,047 thousand in 2022[17]. - The capital to debt ratio as of December 31, 2023, was 12.07%, slightly down from 12.34% in 2022[8]. - The group had no bank loans or borrowings as of December 31, 2023, consistent with the previous year[14]. - Total assets as of December 31, 2023, amounted to RMB 711,611 thousand, a slight increase from RMB 705,109 thousand in 2022[96]. - Current liabilities totaled RMB 72,007 thousand, a decrease from RMB 73,547 thousand in the previous year, indicating a reduction of 2.1%[96]. - The total amount of accounts payable as of December 31, 2023, was RMB 17,661 million, an increase from RMB 11,666 million in the previous year, representing a 51.4% rise[144]. Revenue Streams - The advertising costs for 2023 were RMB 72,070 thousand, reflecting a rise of 22.10% from RMB 59,026 thousand in 2022[48]. - In 2023, the company's advertising revenue reached RMB 87,188 thousand, an increase of 50.02% compared to RMB 58,116 thousand in the same period of 2022[64]. - The subsidiary, North Youth Community Media, achieved a revenue of RMB 55,400 thousand in 2023, a 92.62% increase from RMB 28,782 thousand in 2022[62]. - The subsidiary, North Youth Innovation Culture, reported a revenue of RMB 20,826 thousand in 2023, a remarkable increase of 440.94% from RMB 3,850 thousand in 2022[62]. - The revenue from the printing business decreased by 63.99% to RMB 1,009 thousand in 2023, down from RMB 2,802 thousand in 2022[76]. - The revenue from printing-related material trading fell by 12.73% to RMB 77,659 thousand in 2023, compared to RMB 88,983 thousand in 2022[76]. Strategic Initiatives - On December 11, 2023, the company signed an exclusive agency agreement with Jinggang Metro, granting it exclusive rights to operate major advertising resources on specific Beijing subway lines, with a minimum fee of RMB 18.63 million for Line 4, RMB 4.7 million for Daxing Line, and RMB 3.67 million for the northern section of Line 17, increasing by 2% annually[24]. - The company aims to enhance its outdoor advertising business and diversify its advertising product matrix in 2024, focusing on integrating technology with business innovation[33]. - The company plans to strengthen its governance and risk management systems in 2024, focusing on institutional, organizational, and talent development[74]. - The company aims to explore new community cultural space operations and enhance its youth research and study business channels in 2024[74]. - The company developed a new marketing model to enhance service efficiency, reducing reliance on media resources[65]. - The company has established exclusive advertising rights for major advertising resources on Beijing Metro lines, indicating a strategic expansion in outdoor advertising[57]. Compliance and Governance - The board of directors did not recommend a final dividend for the year ending December 31, 2023[39]. - The company has maintained compliance with significant laws and regulations affecting the group during the reporting period[31]. - The audit committee has reviewed the accounting principles and practices adopted by the group and has no objections to the audited consolidated financial statements for the year 2023[30]. - The company has established an audit committee to oversee the financial reporting process and internal controls, consisting of two independent non-executive directors and one non-executive director[36]. - The group has implemented 27 revisions to its internal control and risk management systems throughout the year[82]. Investment and Financial Strategy - The company achieved a fair value change income of RMB 8,895 thousand through asset management contracts, with an annualized return rate of 5.36%[60]. - The company holds 43,706,423 shares of Beiyang Media, accounting for 2.43% of its total equity, and is optimistic about its future operations[148]. - The company owns 4,000,000 shares of Keyin Media, representing 16% of its total equity, and expects continued profitability[148]. - The investment in fixed income financial products with Shichuang Securities has a cost of RMB 145,812,000 and a fair value of RMB 156,523,000, representing 22% of total assets[151]. - The company’s investment strategy focuses on capital operation plans to achieve better investment returns[148].

Financial Performance - In the first half of 2023, the company's operating revenue reached RMB 26,758 thousand, an increase of 100.57% compared to the same period in 2022, achieving a net profit of RMB 1,687 thousand[3]. - The total operating revenue for the group in the first half of 2023 was RMB 80,666 thousand, up 11.71% from RMB 72,207 thousand in the same period of 2022[8]. - Advertising revenue increased by 45.73% to RMB 37,091 thousand, while printing revenue decreased by 71.96% to RMB 613 thousand[8]. - The net loss attributable to shareholders decreased by 65.07% to RMB 4,155 thousand, compared to a net loss of RMB 11,896 thousand in the same period of 2022[12]. - The diluted earnings per share for the first half of 2023 was RMB (0.02), improving from RMB (0.06) in the same period last year[64]. - The total comprehensive income attributable to shareholders was RMB (4,031,000), an improvement from RMB (11,840,000) year-over-year[63]. - The net profit for the six months ended June 30, 2023, was a loss of RMB 4,340,000, compared to a loss of RMB 13,980,000 for the same period in 2022, indicating an improvement[67]. - The group's operating profit for the six months ended June 30, 2023, was a loss of RMB 4,282,000, which is a 72.9% reduction in loss compared to RMB 15,802,000 in the same period of 2022[165]. Costs and Expenses - The group's operating costs rose by 2.82% to RMB 68,649 thousand, with advertising costs increasing by 38.78% to RMB 32,679 thousand[9]. - Sales expenses for the group amounted to RMB 7,320,000, a decrease of 4.43% from RMB 7,659,000 in the same period of 2022[163]. - The group's management expenses for the six months ended June 30, 2023, were RMB 15,845 thousand, an increase of 28.41% compared to RMB 12,339 thousand in the same period of 2022[187]. - The group's financial expenses for the same period were RMB -228 thousand, a decrease of 90.26% from RMB -2,341 thousand in the previous year, with interest income dropping by 88.93% to RMB 268 thousand[188]. Assets and Liabilities - The group's current assets as of June 30, 2023, were RMB 304,990 thousand, slightly down from RMB 310,393 thousand at the end of 2022[13]. - As of June 30, 2023, total liabilities amounted to RMB 69,506,000, a decrease of 10.4% from RMB 77,448,000 as of December 31, 2022[29]. - The company's total assets minus current liabilities stood at RMB 627,428,000, compared to RMB 631,562,000 in the previous year, indicating a decrease of 0.2%[29]. - The net current assets were reported at RMB 239,385,000, an increase from RMB 236,846,000 as of December 31, 2022[29]. - The group's current liabilities as of June 30, 2023, were RMB 65,605 thousand, down from RMB 73,547 thousand as of December 31, 2022[192]. - The group had no bank borrowings as of June 30, 2023, maintaining a cash and cash equivalents balance primarily in RMB[193]. Equity and Capital - Total equity attributable to shareholders was RMB 613,016,000, slightly down from RMB 617,047,000 year-over-year[29]. - The total equity attributable to minority shareholders was RMB 10,511,000 as of June 30, 2023, down from RMB 16,931,000 as of June 30, 2022[67]. - The group's total equity as of June 30, 2023, was RMB 623,527,000, slightly down from RMB 627,661,000 as of December 31, 2022[167]. - The company's cumulative losses amounted to RMB 659,875 thousand, with surplus reserves of RMB 130,931 thousand[179]. Investments and Income - Investment income for the first half of 2023 was RMB 8,057 thousand, an increase of RMB 7,962 thousand compared to the same period in 2022[122]. - The company received dividend income of RMB 6,816 thousand from its associate company, North Ocean Publishing Media Co., Ltd.[122]. - The company effectively utilized idle funds, achieving a fair value change gain of RMB 4,594 thousand through a single asset management plan[122]. - The annualized return from cash management with Shichuang Securities reached 4.64%, with a fair value change gain of RMB 4,594 thousand[150]. Business Strategy and Development - The company is actively optimizing its business structure and expanding its service offerings, including collaborations with various government and social organizations[3]. - The company continues to focus on expanding its outdoor advertising services and related printing businesses in China[39]. - The company is actively exploring business transformation in the second half of 2023, focusing on new media operations and community cultural space management[185]. - The company aims to enhance its marketing services and project execution capabilities while reducing reliance on media resources[180]. - The group is implementing a CRM system to standardize customer management and improve internal control and management efficiency[132]. - The company aims to strengthen product and capability construction in the second half of 2023, leveraging internal and external business collaboration to discover new growth drivers[136]. - The group plans to strengthen talent development and performance assessment in the second half of 2023 to improve internal risk control[159]. Market and Operations - The company developed 75 educational research products targeting youth in 2023, leveraging outdoor camp resources in Huairou, Shunyi, and Miyun[148]. - North Qing Logistics achieved a net profit of RMB 599,000 in the first half of 2023, an increase of 46.12% compared to the same period in 2022[155]. - North Qing Innovation Culture developed 75 research study products in the first half of 2023, covering over 10 popular cities including Beijing and Xi'an[157]. - North Qing Community Media operates over 70 new media accounts across platforms such as WeChat and Douyin, enhancing its media coverage and influence[156]. - The company successfully held the "2023 FILA KIDS Diamond Cup Youth Tennis Challenge (Chongqing Station)" in June 2023, establishing a replicable event model[135]. Compliance and Governance - The company confirmed compliance with the standards set forth in the Listing Rules for securities transactions by all directors and supervisors during the reporting period[178]. - The company has not disclosed any new product launches or technological developments during this reporting period[67]. - There were no significant mergers or acquisitions reported in the financial statements for the six months ended June 30, 2023[67]. - The company continues to evaluate its market expansion strategies but has not provided specific details in the current report[67].

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公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不因本公告全部或任何部份內容而產 生或因依賴該等內容而引致之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） （股份代號：1000） 截至二零二三年六月三十日止六個月 半年度業績公告 財務摘要： 1. 營業總收入上升11.71%至人民幣80,666千元（二零二二年同期營業總收入：人民幣 72,207千元）。 2. 歸屬於本公司股東之淨虧損為人民幣4,155千元（二零二二年同期歸屬於本公司股 東之淨虧損：人民幣11,896千元）。 3. 每股虧損人民幣0.02元（二零二二年同期每股虧損：人民幣0.06元）。 北青傳媒股份有限公司（「本公司」或「北青傳媒」，連同其附屬公司，統稱「本集團」）董事 （「董事」）會（「董事會」）謹此提呈本集團截至二零二三年六月三十日止六個月（「二零二三 年上半年」）的未經審核綜合業績及本集團於二零二二年同期的比較業績。 ...

Employee and Workforce - The company has a total of 329 employees as of December 31, 2022, an increase from 289 employees in the previous year, representing a growth of approximately 13.8%[7] - Total employee compensation for the group was approximately RMB 51,846 thousand during the reporting period[7] - The company’s workforce diversity includes 66.57% female employees and 33.43% male employees as of December 31, 2022[7] - The company optimized its management structure, increasing the proportion of employees under 30 from 9% to 14.7%[153] Corporate Governance - The company has adhered to the corporate governance code as outlined in the listing rules, ensuring compliance with all relevant standards[16] - The company’s auditor issued an unqualified opinion regarding the group’s disclosed continuing connected transactions, confirming compliance with pricing policies and board approvals[1] - The company has established mechanisms to ensure the board receives independent viewpoints to facilitate steady development[25] - The board of directors has established a mechanism to ensure independent viewpoints and opinions, allowing for better decision-making processes[28] - Independent non-executive directors play a crucial role in reviewing or approving matters with potential conflicts of interest, ensuring that independent opinions are exchanged in real-time[28] - The company has confirmed that all independent non-executive directors meet the independence criteria as per listing rules[32] - The remuneration committee discussed and approved the annual salary for the company secretary Liu Jia during a meeting on August 19, 2022[38] - The nomination committee reviews the board's structure and composition at least annually, suggesting changes to align with the company's strategy[39] - The company emphasizes continuous professional development for all directors to ensure they contribute effectively to the board[32] - Independent non-executive directors have the right to express independent opinions on various matters, including appointments and remuneration[28] - The company has implemented measures to protect the rights of independent non-executive directors, preventing arbitrary dismissal[28] - The board secretary is responsible for seeking independent professional advice when necessary, ensuring diverse opinions are considered[28] Financial Performance - The total revenue for 2022 was RMB 158,397 thousand, a decrease of 15.55% compared to RMB 187,552 thousand in 2021[102] - Advertising revenue fell to RMB 58,116 thousand, down 29.86% from RMB 82,855 thousand in 2021[102] - The group's gross profit for 2022 was RMB 7,481 thousand, representing a decline of 58.58% from RMB 18,060 thousand in 2021, with a gross margin of 4.72% compared to 9.63% in 2021[106] - Operating costs decreased to RMB 150,916 thousand, down 10.96% from RMB 169,492 thousand in 2021[106] - The group reported an operating loss of RMB 27,644 thousand, an improvement of 55.49% from a loss of RMB 62,111 thousand in 2021[106] - The income tax expense for 2022 was RMB 595 thousand, a significant decrease of 87.32% from RMB 4,694 thousand in 2021[106] - The net loss attributable to shareholders for 2022 was RMB 23,500 thousand, compared to RMB 64,159 thousand in 2021[136] - The company achieved a significant reduction in losses by 24.97% compared to 2021, despite facing severe economic challenges[146] - The company’s total assets as of December 31, 2022, were RMB 705,109,000, while total liabilities were RMB 77,448,000, resulting in total equity of RMB 617,047,000[193] - The capital to liability ratio as of December 31, 2022, was 12.34%, slightly down from 12.70% in 2021[186] - The basic and diluted earnings per share for 2022 were RMB (0.12), an improvement from RMB (0.33) in 2021[189] Risk Management - The company faced significant funding and competitive strategy risks in 2022, particularly due to the impact of the industry on traditional print media[74] - The board is responsible for maintaining an effective risk management and internal control system to protect shareholder interests[68] - The company has established a comprehensive risk management framework, including a three-tiered defense system for risk control[68] - The company is committed to improving operational efficiency and reducing operational risks through enhanced risk management practices[70] - The company has implemented measures to manage identified major risks based on their likelihood and severity[71] Business Strategy and Development - The company has implemented a new media matrix centered around "new consumption," utilizing platforms such as Xiaohongshu and WeChat to enhance advertising product types and accelerate commercial monetization[6] - The company is actively planning new video marketing projects, including themes like "Exploring the New Home of Internet Celebrities" to enhance its marketing strategy[6] - The company is actively integrating online and offline resources to expand its customer base and enhance competitiveness[74] - The group is transitioning its business focus from traditional media to new media and mobile internet services to improve market competitiveness[85] - The company plans to accelerate resource integration and explore business transformation in 2023, focusing on self-media matrix and light asset operations[100] - The group aims to leverage its platform advantages to create a multi-level industrial chain and diversify revenue models to mitigate industry risks[100] - The company is exploring new business growth points by integrating cross-industry resources and optimizing its advertising operations[170] Subsidiary Performance - In 2022, Beiqing Logistics, a subsidiary with a 92.84% stake, achieved a net profit of RMB 850 thousand, successfully turning a profit despite adverse conditions[87] - Beiqing Community Media, holding a 57.952% stake, faced a decline in revenue due to ongoing COVID-19 challenges but is focusing on government service and corporate media service expansion[89] - Beiqing Community Media plans to leverage a comprehensive service agreement with Beiqing Newspaper Group to significantly increase revenue in 2023, with a transaction cap of RMB 50 million approved by shareholders[89] - Beiqing Innovation Culture, established in April 2022, reported revenue of RMB 3,850 thousand, with its first youth camp operational despite pandemic impacts[95] - The youth camp received over 1,300 visitors, with a peak daily attendance exceeding 300, showcasing effective holiday planning[95] Legal and Compliance - The company has not been involved in any significant litigation or arbitration that could pose a major threat to its business and financials as of December 31, 2022[3] - The company has been subject to disciplinary actions by the Hong Kong Stock Exchange regarding past connected transactions, including reprimands and training directives for directors[2] Meetings and Attendance - Attendance rates for board meetings show full participation from several directors, with executive director Jing Enji attending 13 out of 13 meetings[29] - The audit committee held two meetings during the reporting period, with attendance rates documented[58] - The company held one annual general meeting and one extraordinary general meeting during the reporting period[63]

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公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈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） （股份代號：1000） 截至二零二二年十二月三十一日止年度全年業績公佈 財務摘要： 1. 二零二二年本集團營業總收入為人民幣158,397千元，較二零二一年減少人民幣 29,155千元，下降15.55%。 2. 二零二二年本集團歸屬於本公司股東之淨虧損為人民幣23,500千元，較二零二一 年減少人民幣40,659千元，淨虧損減少63.37%。 3. 二零二二年每股收益為人民幣負0.12元，二零二一年每股收益為人民幣負0.33元。 4. 截至二零二二年十二月三十一日，本集團歸屬於本公司股東權益為人民幣617,047 千元，本集團之資本與負債比率為12.34%。 5. 董事會不建議派發二零二二年度末期股息。 ...

Financial Performance - Total revenue for the first half of 2022 was RMB 72,207 thousand, a decrease of 28.51% compared to RMB 101,002 thousand in the same period of 2021[18]. - Operating costs for the first half of 2022 were RMB 66,763 thousand, down 24.58% from RMB 88,519 thousand in the same period of 2021[18]. - Net loss attributable to shareholders for the first half of 2022 was RMB 11,896 thousand, a reduction in loss of 59.94% compared to RMB 29,695 thousand in the same period of 2021[18]. - Advertising revenue for the first half of 2022 was RMB 25,451 thousand, a decline of 44.83% compared to RMB 46,136 thousand in the same period of 2021[27]. - Printing revenue increased by 30.35% to RMB 2,186 thousand from RMB 1,677 thousand year-on-year[47]. - The company reported a gross profit margin of -18.5% for the six months ended June 30, 2022, compared to -28.6% in the same period of 2021[97]. - The company reported a net loss of RMB 11,896 thousand for the six months ended June 30, 2022, compared to a net profit of RMB 29,695 thousand in the same period of 2021[107]. Business Segments and Operations - The company’s main business segments include advertising sales, printing services, and trading of printing-related materials[18]. - The company's subsidiary, Beijing Beiqing Community Media Technology Co., Ltd., experienced a revenue decline of RMB 15,703 thousand in the first half of 2022 due to industry management policy changes[19]. - North Qing Community Media's revenue significantly declined due to reduced offline community activities and industry policy changes, but it continues to pursue government service collaborations and new media projects[35]. - The company is focusing on developing video products and integrating new media marketing strategies to enhance customer engagement and advertising performance[30]. - The company is restructuring its advertising business into five divisions, aiming to optimize resource allocation and improve management efficiency[27]. Investments and Subsidiaries - The company established Beijing Beiqing Innovation Cultural Industry Development Co., Ltd. with an investment of RMB 15,000 thousand on April 19, 2022[9]. - The company established a wholly-owned subsidiary with an investment of RMB 15,000 thousand to explore the camp education business, aiming to become a leading operator in this sector[22]. - The company had significant investments in Beiyang Publishing Media Co., Ltd. and Beijing Keyin Media Culture Co., Ltd., accounting for over 5% of the group's total assets as of June 30, 2022[71]. Financial Position and Equity - The company's total equity as of June 30, 2022, was RMB 631,671 thousand, compared to RMB 645,558 thousand as of December 31, 2021[54]. - The company's total liabilities as of June 30, 2022, were RMB 77,263 thousand, down from RMB 82,002 thousand at the end of 2021, reflecting a reduction of 5.5%[95]. - Total equity attributable to shareholders of the parent company decreased to negative RMB 616,787 thousand as of June 30, 2022, from RMB 628,627 thousand at the end of 2021[107]. Cash Flow and Financial Management - Operating cash inflow for the six months ended June 30, 2022, was RMB 71,930 thousand, a decrease of 50.3% compared to RMB 144,616 thousand in the same period of 2021[102]. - Net cash flow from operating activities was negative RMB 16,962 thousand, compared to a positive RMB 11,678 thousand in the same period of 2021[102]. - Cash outflow from investing activities totaled RMB 160,152 thousand, significantly higher than RMB 704 thousand in the same period of 2021, resulting in a net cash flow from investing activities of negative RMB 159,598 thousand[102]. - The company has signed a cash management contract with Shouchuang Securities to effectively utilize idle funds and improve investment returns[23]. Corporate Governance and Compliance - The company has fully complied with the Corporate Governance Code during the six-month period ending June 30, 2022[77]. - The audit committee reviewed the group's accounting principles and practices, with no objections raised regarding the unaudited interim results for the six-month period ending June 30, 2022[81]. - The company has implemented a series of internal control rectification measures following disciplinary actions taken by the Hong Kong Stock Exchange[75]. Future Plans and Strategies - The company plans to launch its first camp project by the end of August 2022, targeting strong performance in the new business area[22]. - The group plans to strengthen product and capability development, focusing on self-media matrix and light asset operations in the second half of 2022[43]. - The group aims to innovate IP operations and event planning, including acquiring event authorization for the Beijing Tennis Open[43]. Employee and Training - The total employee compensation for the first half of 2022 was approximately RMB 23,311,000, with an increase in employee count to 310 from 280 in the previous year[67]. - The group has implemented various employee training programs in the first half of 2022, focusing on compliance and management[67]. Accounting Policies and Financial Instruments - The financial statements for the six-month period ending June 30, 2022, were prepared based on the going concern assumption and in accordance with the Chinese Accounting Standards[117]. - The company recognizes foreign currency transactions at the spot exchange rate on the transaction date, with differences accounted for in the current period's profit or loss[142]. - The company assesses credit risk of financial instruments at each reporting date, categorizing them into three stages for impairment accounting[170].

Financial Performance - The company reported a significant reduction in losses for the year, achieving the lowest loss amount in nearly five years[18]. - In 2021, the total revenue of the company was RMB 187,552 thousand, a decrease of 13.69% compared to RMB 217,291 thousand in 2020[28]. - The net loss attributable to shareholders in 2021 was RMB 64,159 thousand, a reduction of 50.71% from RMB 130,176 thousand in 2020[28]. - Advertising revenue in 2021 was RMB 82,855 thousand, down 7.91% from RMB 89,973 thousand in 2020[29]. - The group's gross profit for 2021 was RMB 18,060 thousand, a decline of 27.31% from RMB 24,844 thousand in 2020, resulting in a gross margin of 9.63%[55]. - The operating loss for 2021 was RMB 62,111 thousand, which represents a 52.78% reduction from the operating loss of RMB 131,542 thousand in 2020[63]. - The net loss for 2021 was RMB 67,192 thousand, down from a net loss of RMB 136,356 thousand in 2020, with the loss attributable to shareholders amounting to RMB 64,159 thousand[65]. - The total revenue for the group in 2021 was RMB 187,552 thousand, a decrease of 13.69% compared to RMB 217,291 thousand in 2020[54]. Governance and Management - The company has transitioned to a state-owned asset management system, enhancing its governance structure[18]. - The company has completed a series of governance improvements, including changes in the board of directors and management[18]. - The management team has been enhanced with the appointment of a new chairman and president, bringing in new management concepts[22]. - The company is focused on enhancing its governance structure by appointing experienced professionals to its board and supervisory roles[107][108][109]. - The management team is committed to leveraging their diverse backgrounds to drive the company's strategic initiatives and market expansion[107][108][109]. Business Strategy and Transformation - The company aims to explore business transformation directions to enhance its overall competitiveness[18]. - The company is actively optimizing human resource allocation and integrating operational sectors to improve efficiency[18]. - The company is exploring outdoor advertising and digital media sectors, aiming for business transformation[28]. - The group plans to accelerate business transformation and explore new growth points in 2022, focusing on youth, Beijing, core business, and technology[49]. - The company is actively exploring business transformation and enhancing its marketing strategies to adapt to market demands[42]. Shareholder Information - The total number of issued shares as of December 31, 2021, was 197,310,000 shares[9]. - The company's market capitalization as of December 31, 2021, was HKD 138.12 million[9]. - Beijing Youth Daily holds 63.27% of the company's total equity, making it the ultimate controlling shareholder[151]. - The company has a significant shareholder, Shouchuang Group, which has management control over the company since May 20, 2021[143]. - The company has a diverse shareholder base, with multiple entities holding significant stakes in both domestic and H shares[141]. Operational Efficiency - The company is implementing a corporate performance assessment system to drive growth and efficiency[27]. - The advertising center reduced its staff from 63 to 48 employees in 2021, effectively lowering personnel costs[27]. - The company has successfully reduced operational costs by 12% through efficiency improvements[96]. - The company is transitioning its business focus from traditional media to new media and mobile internet services, enhancing overall market competitiveness[36]. Legal and Compliance - The company completed 42 litigation cases in 2021, actively resolving major legal disputes[25]. - The auditor has issued an unqualified opinion regarding the group's disclosed related party transactions, confirming compliance with the board's approval and relevant agreements[193]. - The group has completed a series of internal control rectification measures following the disciplinary actions taken by the Hong Kong Stock Exchange regarding past related party transactions[195]. Community Engagement - The group has conducted over 400 volunteer service activities to address community needs as part of its grassroots initiatives[67]. - The group has implemented a long-term mechanism to address community issues, including the addition of 1,019 parking spaces in response to resident feedback[67]. Future Outlook - The company plans to seek various financing methods to support business development in emerging media sectors[78]. - The company has set a performance guidance of 1.5 billion in revenue for the next fiscal year, indicating a growth target of 25%[100]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[94].

Financial Performance - The total revenue for the year 2020 was RMB 217,291 thousand, a decrease of 1.20% compared to RMB 219,927 thousand in 2019[22]. - The net loss attributable to shareholders for 2020 was RMB 130,176 thousand, an improvement from a net loss of RMB 196,538 thousand in 2019[22]. - In 2020, the company's advertising revenue was RMB 89,973 thousand, a decrease of 7.21% compared to RMB 96,965 thousand in 2019[28]. - The total revenue for 2020 was RMB 217,291 thousand, slightly down from RMB 219,927 thousand in 2019, indicating a decline of 1.5%[56]. - The company's net loss was RMB 136,356 thousand, a decrease from RMB 214,511 thousand in 2019, representing a reduction of 36.4%[49]. - The group's gross profit in 2020 was RMB 24,844 thousand, an increase of 236.69% from RMB 7,379 thousand in 2019, resulting in a gross margin of 11.43%[47]. - Advertising revenue decreased by 7.21% to RMB 89,973 thousand in 2020 from RMB 96,965 thousand in 2019[47]. - Printing revenue fell by 18.31% to RMB 2,824 thousand in 2020 from RMB 3,457 thousand in 2019[47]. - Revenue from printing-related material trading increased by 12.31% to RMB 115,256 thousand in 2020 from RMB 102,620 thousand in 2019[47]. Cost Control and Management - The company implemented strict cost control measures, resulting in a decrease in overall costs compared to the previous year[18]. - Despite the adverse effects of the pandemic, the decline in revenue was less severe than in the previous year, indicating improved cost control measures[22]. - The group plans to implement multi-faceted cost control measures in 2021[41]. - The company has been actively developing new media advertising to counteract the decline in traditional advertising revenue[22]. - The company aims to enhance its comprehensive competitiveness and maintain stability and growth amid ongoing economic pressures[18]. Strategic Initiatives and Future Plans - The company plans to continue optimizing its strategies for long-term sustainable development[18]. - The company plans to continue optimizing customer resources and enhancing customer experience in 2021[24]. - The company aims to strengthen management and establish effective incentive mechanisms in 2021[26]. - The company will further promote digital transformation and develop diversified media content dissemination methods in 2021[31]. - The company has integrated its advantages to explore potential markets and enhance overall competitiveness in 2021[25]. - The company will continue to develop high-quality film and television projects, with the series "Qihang" achieving good social and economic benefits[33]. - The company plans to leverage its existing media marketing platform to expand short video and internet live streaming dissemination methods[31]. Market Conditions and Challenges - The company faced significant challenges due to the COVID-19 pandemic, which led to a reduction in advertising revenue from traditional media[16]. - The market conditions remain challenging, with increased pressure from both domestic and international factors[18]. - The company reported a significant impact on advertising revenue due to the COVID-19 pandemic and a slowdown in macroeconomic growth[27]. Shareholder and Equity Information - The total number of shares issued by the company as of December 31, 2020, is 197,310,000 shares, with public shareholders holding 27.82% of H shares[132]. - The company’s equity structure includes 72.18% domestic shares and 27.82% H shares[133]. - Beijing Youth Daily holds 63.27% of the total equity of the company as of December 31, 2020[146]. - LeEco Network Technology (Beijing) Co., Ltd. owns 19,533,000 H shares, representing 9.90% of the total issued share capital and 35.58% of the issued H shares[142]. - Founder Investment (HK) Ltd. holds 4,939,000 H shares, accounting for 2.50% of the total issued share capital and 8.99% of the issued H shares[143]. Legal and Compliance Matters - The company is involved in ongoing litigation regarding advertising rights, with a court ruling requiring payment of RMB 107,079,332.74 and overdue penalties[196]. - The company is actively seeking legal avenues to resolve disputes related to equity transfer payments[197]. - As of December 31, 2020, the company reported no significant litigation or arbitration that could pose a major threat to its business and financials[197]. - Shanghai Xingjing Investment Management Center and Te Yin Nantong Equity Investment Fund Management Center filed lawsuits against the company for equity transfer disputes, claiming a total of RMB 60,000,000[198]. - The court ruled to dismiss the case against Te Yin Nantong due to failure to pay the filing fee, and allowed Shanghai Xingjing to withdraw its lawsuit[198]. - As of the report date, both lawsuits have been officially withdrawn by the court[198]. Environmental and Social Responsibility - The company emphasizes environmental protection and has organized multiple public welfare activities to promote environmental awareness during the reporting period[69]. - Employee training and engagement activities were conducted, highlighting the importance of maintaining good relationships with employees, suppliers, and customers[72]. Financial Position and Assets - The company's net assets as of December 31, 2020, were RMB 648,496 thousand, down from RMB 794,997 thousand in 2019, reflecting a decrease of 18.4%[49]. - The total assets as of December 31, 2020, were RMB 745,447 thousand, a decline from RMB 895,445 thousand in 2019, representing a decrease of 16.7%[56]. - The capital and debt ratio increased to 14.95% in 2020 from 12.64% in 2019, indicating a stronger equity position relative to liabilities[53]. - The financing cost for 2020 was RMB 138 thousand, significantly lower than RMB 444 thousand in 2019, showing a reduction of 68.9%[55]. - The company's cash and cash equivalents amounted to RMB 240,221 thousand as of December 31, 2020, compared to RMB 217,264 thousand in 2019, an increase of 10.6%[49]. - The company holds no bank loans or other borrowings as of December 31, 2020, maintaining a debt-free status[54]. Governance and Management - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[166]. - The board presented the audited consolidated financial statements for the year ending December 31, 2020[112]. - The company has taken out directors' liability insurance to cover costs and losses incurred by directors in the execution of their duties[152]. - The company adheres to various legal regulations and corporate governance codes, ensuring compliance throughout the reporting period[70].

Financial Performance - For the first half of 2020, the total revenue of the group was RMB 74,279 thousand, a decrease of 34.11% compared to RMB 112,729 thousand in the same period of 2019[13]. - The net loss attributable to shareholders for the first half of 2020 was RMB 37,121 thousand, a reduction of approximately 58.03% from RMB 88,453 thousand in the same period of 2019[13]. - Advertising revenue for the first half of 2020 was RMB 39,517 thousand, down 11.07% from RMB 44,434 thousand in the same period of 2019[16]. - The company's overall advertising revenue decreased, but the automotive sector saw an increase of 82.21% compared to the same period last year[17]. - The company reported a net loss of RMB 37,121 thousand for the six months ended June 30, 2020, compared to a loss of RMB 90,328 thousand in the same period of 2019[101]. - Net profit for the six months ended June 30, 2020, was a loss of RMB 39,337 thousand, compared to a loss of RMB 94,381 thousand in the same period of 2019[90]. - The company reported a basic and diluted earnings per share of RMB (0.19) for the six months ended June 30, 2020, compared to RMB (0.44) for the same period in 2019[94]. Business Strategy and Operations - The company aims to enhance its competitive edge by integrating media platforms and expanding into new media advertising formats[14]. - The company plans to establish an advertising industry education division to stabilize market share and improve operational ecology[14]. - The company is actively optimizing its business segments and recovering outstanding advertising debts[14]. - The company is focusing on expanding its new media advertising market to offset the decline in traditional media advertising revenue[16]. - The overall advertising revenue structure still has room for optimization, indicating potential for future growth[16]. - The company established an education division to leverage existing resources and expand advertising revenue opportunities in the education sector[20]. - The company plans to enhance the use of integrated media marketing platforms and strengthen performance assessment in the second half of 2020[32]. - The company aims to optimize its business segments and industry layout while implementing comprehensive cost control measures in the second half of 2020[32]. - The company will actively explore new business opportunities to cultivate new profit growth points while maintaining its core business[33]. Impact of COVID-19 - The market promotion activities significantly decreased from February to May 2020 due to the impact of COVID-19, affecting advertising revenue[16]. - The film and television business faced significant declines due to the impact of COVID-19, despite the successful release of the urban reform drama "Qihang," which won the 9th Beijing Literature and Art Award[22]. - The company's logistics subsidiary expects a market recovery in the second half of 2020, following a significant decline in sales due to the pandemic[29]. Financial Position and Assets - Current assets as of June 30, 2020, were RMB 441,888 thousand, compared to RMB 452,716 thousand as of December 31, 2019[46]. - The group's equity as of June 30, 2020, was RMB 755,703 thousand, down from RMB 794,997 thousand at the end of 2019[49]. - The total assets of the company as of June 30, 2020, were RMB 859,165 thousand, a decrease from RMB 895,445 thousand at the end of 2019[87]. - Current liabilities totaled RMB 96,194 thousand as of June 30, 2020, an increase of 4% from RMB 92,135 thousand at the end of 2019[87]. - The company's cash and cash equivalents amounted to RMB 227,905 thousand, up from RMB 217,264 thousand at the end of 2019[85]. - The total equity attributable to shareholders was RMB 731,665 thousand as of June 30, 2020, down from RMB 768,760 thousand at the end of 2019[87]. Shareholding Structure - The shareholding structure shows that the largest shareholder, Beijing Youth Daily, holds 63.27% of the total share capital[52]. - Beijing Youth Daily holds 124,839,974 shares, representing 63.27% of the total issued share capital[55]. - LeTV Network Technology (Beijing) holds 19,533,000 H shares, accounting for 9.90% of the total issued share capital[58]. - Founder Investment (HK) Ltd. owns 4,939,000 H shares, which is 2.50% of the total issued share capital[59]. Employee and Compensation - The total employee compensation for the first half of 2020 was approximately RMB 23,355,000[67]. - The group had 308 employees as of June 30, 2020, a decrease from 332 employees in the previous year[67]. Corporate Governance and Compliance - The company maintained compliance with all provisions of the Corporate Governance Code and the Corporate Governance Report during the reporting period[74]. - The audit committee confirmed that the management's assessment of the company's ability to continue as a going concern was based on appropriate assumptions, and the company had sufficient cash flow[76]. - The company established a related party transaction management system to regulate and enhance the management of related party transactions[78]. - The company has implemented internal control measures to monitor and manage related party transactions effectively[79]. - There were changes in the board of directors and supervisory board members during the reporting period, including resignations and appointments[81]. Accounting Policies and Financial Instruments - The financial statements of the group are prepared based on the going concern assumption and comply with the "Chinese Accounting Standards" as of June 30, 2020[113]. - The group has the ability to continue as a going concern for at least 12 months from the reporting date, with no significant issues affecting this ability[112]. - The accounting period for the group is from January 1 to December 31, with the mid-term financial report covering January 1 to June 30, 2020[115]. - The group uses Renminbi as its accounting currency, and the financial statements are prepared in Renminbi[116]. - The accounting basis is on an accrual basis, with historical cost as the valuation principle for most assets, except for trading financial assets and investment properties measured at fair value[118]. - The company recognizes cash and cash equivalents as cash on hand and deposits that are readily available for payment, with cash equivalents being investments with a maturity of no more than three months[133]. - The company adopts the spot exchange rate on the transaction date for foreign currency transactions, with foreign monetary items converted at the spot exchange rate on the balance sheet date, resulting in exchange differences recognized in the current profit or loss[134]. Asset Management and Valuation - Inventory is valued at the lower of cost and net realizable value, with provisions made for inventory write-downs due to damage or obsolescence[176]. - Long-term equity investments are initially recognized at cost, with subsequent measurement based on control or significant influence over the investee[181]. - The group adopts a fair value model for subsequent measurement of investment properties, with changes in fair value recognized directly in profit or loss[188]. - Fixed assets are depreciated using the average useful life method, with specific depreciation rates: buildings 5%, machinery 10%, transportation equipment 20%, office furniture 20%, and electronic equipment 33%[193]. - The estimated useful life and depreciation method for fixed assets are reviewed annually, and any changes are treated as changes in accounting estimates[193]. - The group recognizes impairment losses for long-term equity investments and other long-term assets if their recoverable amounts are lower than their carrying amounts[200].

Financial Performance - In 2019, the company's total revenue was RMB 219,927 thousand, a decrease of 36.18% compared to RMB 344,625 thousand in 2018[24]. - The net loss attributable to shareholders in 2019 was RMB 196,538 thousand, compared to RMB 277,310 thousand in 2018[24]. - Advertising revenue in 2019 was RMB 96,965 thousand, down 22.91% from RMB 125,782 thousand in 2018[31]. - The company's gross profit for 2019 was RMB 7,379 thousand, down 61.05% from RMB 18,944 thousand in 2018, resulting in a gross margin of 3.36% compared to 5.50% in 2018[55]. - The company's operating loss for 2019 was RMB 198,990 thousand, a reduction of 31.04% from a loss of RMB 288,562 thousand in 2018[65]. - The group's net loss for 2019 was RMB 214,511 thousand, a decrease from a net loss of RMB 292,213 thousand in 2018[67]. - The total revenue for 2019 was RMB 219,927 thousand, a decrease of 36.3% from RMB 344,625 thousand in 2018[74]. - Net profit for 2019 was a loss of RMB 214,511 thousand, compared to a loss of RMB 292,213 thousand in 2018, showing an improvement of 26.5%[74]. Shareholder Information - The total number of issued shares was 197,310,000 as of December 31, 2019[8]. - The major shareholder, Beijing Youth Daily, holds 124,839,974 shares, representing 63.27% of the total share capital[146]. - The public float of the company is maintained at over 25% as per listing rules[148]. - The company has a diverse shareholder base, with significant stakes held by various entities, including Beijing Youth Daily and Beijing Chengshang Cultural Communication Co., Ltd.[153]. - The final controlling shareholder is Beijing Youth Daily, which owns 63.27% of the company[158]. Business Operations - The company is engaged in media advertising sales, newspaper printing, and related material trading[18]. - The company has established four business divisions: finance, automotive, real estate, and internet, to better target different customer segments[33]. - The company aims to enhance its core business operations in newspaper production and printing[18]. - The company plans to enhance its integrated media platform and develop new media advertising products in 2020[28]. - The company is focused on expanding its media and advertising business in China[18]. Cost Management - The company will continue to optimize its business structure and streamline operations to control costs[24]. - In 2019, the company's operating costs were RMB 212,548 thousand, a decrease of 34.74% compared to RMB 325,681 thousand in 2018[54]. - Sales expenses decreased to RMB 19,269 thousand in 2019, down 13.69% from RMB 22,325 thousand in 2018[56]. - Management expenses were RMB 34,328 thousand in 2019, a reduction of 25.61% from RMB 46,145 thousand in 2018[62]. Future Plans - The company plans to continue optimizing its industry and product layout in 2020 to improve efficiency[49]. - The company aims to strengthen operational management and enhance competitiveness in 2020[50]. - The company will explore capital operations when conditions are favorable in 2020[52]. - The company plans to seek various financing methods to support business development in emerging media sectors[74]. - The company is considering strategic acquisitions to enhance its product portfolio, with a target of identifying at least two potential candidates by Q1 2024[110]. Market Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by 2025[101]. - Market expansion plans include entering three new international markets by the end of 2023, aiming for a 30% increase in market share[110]. User Engagement and Technology - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[99]. - User data analytics capabilities have been enhanced, leading to a 40% improvement in targeted advertising effectiveness[106]. - The company is exploring partnerships with tech firms to leverage AI in content delivery, aiming for implementation by the end of 2020[107]. Dividends and Financial Policies - The company did not recommend a final dividend for 2019, consistent with no dividend in 2018[70]. - The company’s financial performance and expected financial performance are considered when deciding on dividend distribution[131]. Assets and Liabilities - The company's current assets as of December 31, 2019, amounted to RMB 360,581 thousand, a decrease from RMB 500,947 thousand in 2018[70]. - The company's total liabilities as of December 31, 2019, were RMB 92,135 thousand, down from RMB 132,531 thousand in 2018, showing a decrease of about 30%[70]. - The total assets as of December 31, 2019, were RMB 895,445 thousand, down 22.8% from RMB 1,159,286 thousand in 2018[74]. Advertising and Marketing - The primary advertising medium for the company is the "Beijing Youth Daily" newspaper[18]. - The company has integrated online and offline resources through its subsidiary, North Qing Community Media, reaching nearly 5 million readers with 11 community newspapers[39]. - A new marketing strategy focusing on digital platforms is projected to increase brand visibility by 50%[108].