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].

2019 2019 目錄 2019 北青傳媒股份有限公司 | --- | --- | --- | |-------|--------------------------------|-------| | | | | | | 公司簡介 | 2 | | | 公司資料 | 3 | | | 主席報告 | 5 | | | 管理層討論及分析 | 11 | | | 合併資產負債表（未經審核） | 23 | | | 合併利潤表（未經審核） | 25 | | | 合併現金流量表（未經審核） | 27 | | | 合併股東權益變動表（未經審核） | 29 | | | 財務報表附註 | 30 | 1 2019 公司簡介 公司簡介 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為「本集團」），是中華 人民共和國（「中國」）領先的媒體公司之一，其主要廣告媒介為《北京青年報》。本集團其他核 心業務還包括報章製作、印刷以及印刷相關物料貿易。本公司於二零零四年十二月二十二日 於香港聯交所主板上市。 公司架構（於二零一九年六月三十日） 92.84% 100% 51% 60% 84.69% 100% 52.661% 100% ...