Company Overview - Gohua Cable is a core operator of broadcasting networks in Beijing, focusing on the planning, construction, operation, and maintenance of the city's broadcasting network [1] - The company is a subsidiary of China Broadcasting Network, which is wholly owned by the State Council [1] - Gohua Cable is transitioning from a "cable transmission provider" to a "smart broadcasting service platform," integrating traditional cable with broadband and 5G services [3] Financial Performance - In Q1 2024 and Q1 2025, Gohua Cable reported revenues of 2.314 billion and 456 million yuan, respectively, showing a year-on-year decline of 4.92% and 13.95% [1] - The net profit attributable to shareholders for Q1 2024 was -70 million yuan, while for Q1 2025, it was 34 million yuan, reflecting a year-on-year growth of 59.68% and 470.15% [1] Industry Trends - The traditional television industry is experiencing moderate growth, with the total revenue of the broadcasting industry in 2024 reaching 1.49 trillion yuan, a year-on-year increase of 5.34% [2] - The integration of broadcasting networks is nearing completion, transitioning to a unified structure, which provides opportunities for broadband and 5G business development [2] - The rural internet penetration rate in China is 65.6%, significantly lower than the national average, indicating ongoing infrastructure expansion opportunities [2] Strategic Initiatives - Gohua Cable is focusing on digital transformation in sectors such as hotels and elderly care, signing contracts with over 1,300 hotels and 214 elderly care institutions in 2024 [3] - The company is enhancing its broadband operations through bundled packages and is accelerating the implementation of 5G applications, particularly in low-latency scenarios [3] Shareholder Engagement - In February 2025, Gohua Cable launched a "Valuation Enhancement Plan" aimed at improving operational quality, exploring mergers and acquisitions, and stabilizing dividend returns [4] - This plan reflects the company's commitment to shareholder returns and aims to create a long-term value management mechanism [4] Profit Forecast and Investment Recommendation - Revenue projections for Gohua Cable from 2025 to 2027 are estimated at 2.230 billion, 2.254 billion, and 2.367 billion yuan, with corresponding year-on-year growth rates of -3.65%, +1.10%, and +5.00% [5] - The net profit attributable to shareholders is forecasted to be -15 million, 9 million, and 19 million yuan for the same period, with significant year-on-year growth rates [5] - The company is rated as a "buy" due to its ongoing efforts in 5G and broadband business development and the implementation of the Valuation Enhancement Plan [5]

Investment Rating - The report assigns a "Buy" investment rating to the company, Gohua Cable [1]. Core Views - Gohua Cable is positioned as a core operator of broadcasting networks in Beijing, with a focus on digital and intelligent upgrades, and is actively expanding into broadband and 5G communication services [2][5]. - The traditional television industry is experiencing moderate growth, while broadband and 5G present structural growth opportunities [2][5]. - The company is transitioning from a "cable transmission provider" to a "smart broadcasting service platform," leveraging both traditional cable and new broadband and 5G businesses [2][5]. Summary by Sections 1. Core Operator in Beijing's Broadcasting Network - Gohua Cable has been deeply involved in the broadcasting field for over 20 years, showcasing confidence in its development through the "Valuation Enhancement Plan" [8][20]. - The company has established a large-scale integrated information network covering all 16 administrative districts of Beijing, supporting various new-generation information services [8][11]. 2. Industry Overview - The broadcasting industry is in a structural transition phase, with total revenue reaching 1.49 trillion yuan in 2024, reflecting a year-on-year growth of 5.34% [2][35]. - The industry is moving towards a unified operational structure, with the integration of local cable companies nearing completion [36]. 3. Gohua Cable's Business Strategy - The company is focusing on both consumer (C-end) and business (B-end) markets, with significant growth in broadband and 5G services [2][5]. - Gohua Cable has signed contracts with over 1,300 hotels and 214 elderly care institutions, enhancing its digital transformation efforts [2][5]. 4. Financial Forecast and Investment Suggestions - The company is expected to generate revenues of 2.23 billion yuan in 2025, with a projected growth rate of -3.65% [5][4]. - The net profit attributable to the parent company is forecasted to improve significantly, with a projected increase of 78.49% in 2025 [5][4]. 5. Valuation Enhancement Plan - The plan includes measures to improve operational quality, explore mergers and acquisitions, and enhance shareholder returns [5][21]. - The company aims to stabilize dividends and optimize investor relations as part of its long-term value management strategy [5][21].

新京报讯（记者周怀宗）受强降雨影响，怀柔北部山区五镇乡通信设施受损、群众生活受影响。怀柔区 文旅局联合歌华有线（600037）怀柔分公司，以"四通一保"为核心推进通信服务恢复，并同步强化安置 点文化服务保障，为受灾群众筑牢"通信生命线"与"文化暖心堤"。 通信抢修方面，此次强降雨致使怀柔北部山区琉璃庙、汤河口等5个乡镇的110个行政村歌华有线电视及 宽带信号中断，12支抢修队伍在保障安全的前提下紧急奔赴灾区，连续奋战抢通"生命线"。截至10日早 8点，5个乡镇机房信源已全部恢复，110个行政村中100个村已重现清晰信号，剩余10个村正加紧抢修， 全力推动通信服务全面回归。 文化服务方面，怀柔区电影中心迅速行动，为北京市学生军训基地、怀柔区职业学校、北京市一零一中 学怀柔校区三个区级安置点调配公益电影放映设备，组织了《家有爹娘》《绝地先锋》等62部优质片 源，截至8月9日已放映48场。此外，工作人员还同步对潮白河泄洪区及北房镇、杨宋镇转移群众所在的 临时安置点开展公益电影放映指导，确保灾后文化服务持续覆盖。 ...

Core Insights - The report highlights that in 2024, the total salary of A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan, and over 21% of secretaries earning more than 1 million yuan [1] Industry Overview - In the television broadcasting sector, the total salary for secretaries amounted to 10.144 million yuan, with an average annual salary of 676,300 yuan [2] Educational Background - The majority of secretaries in the television broadcasting industry hold a master's degree, accounting for 53.85%, followed by bachelor's degree holders at 46.15% [3] Age and Tenure - Most secretaries in the television broadcasting sector are over 40 years old, with the youngest being Xu Wenhai from Liujin Technology, born in 1987, making him 38 years old [3] - Zhang Chao from Guangxi Radio and Television has the longest tenure at 11 years, while Ding Yinglei from Gehua Cable has the shortest tenure, having served for less than 2 years [3] Salary Distribution - Only 2 companies in the television broadcasting sector have secretaries earning over 1 million yuan, representing 15.38% of the total [4] - Yao Jun from New Media Co. has the highest salary at 2.1134 million yuan, approximately 3.1 times the industry average, while the lowest is Sun Yi from Jishi Media at 189,600 yuan, less than one-third of the average [4] - Jiangsu Cable's secretary, Sun Sheng'an, experienced the highest salary increase of 68.39%, with a new salary of 962,200 yuan [4] Performance Metrics - New Media Co. reported a revenue of 1.579 billion yuan in 2024, a year-on-year increase of 3.63%, but a net profit decline of 7.04% to 658 million yuan [4] - Jishi Media achieved a revenue of 1.982 billion yuan, a 7.99% increase, but reported a net loss of 465 million yuan, a 27.71% increase in losses [4] - Jiangsu Cable's revenue was 7.98 billion yuan, up 5.04%, with a net profit of 365 million yuan, a 7.46% increase [4] Regulatory Issues - In 2024, only one secretary in the television broadcasting sector faced regulatory penalties, specifically Huang Zongwen from Guigang Network [5][6]

Group 1 - The company, Gehua Cable (600037.SH), stated on August 7 that the national network integration is being coordinated by China Broadcasting Network [1] - The company's main business currently remains unchanged [1] Group 2 - An investor inquired about the potential impact of the national network integration on the company's cable television business, suggesting that it may eventually be transferred to the broadcasting network [3] - The investor also questioned the company's future main business direction, considering its cash reserves and potential transformation plans [3]

歌华有线（600037.SH）8月7日在投资者互动平台表示，涿州智慧云项目办公楼（1号楼）于2023年竣 工，2024年已投入使用。涿州智慧云项目数据中心（2号楼）基础设施部分目前已竣工，后续将视业务 量分步启用。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，请问贵公司在涿州的智慧云项目（1号楼与 2号楼）是否已经全面完工？贵公司考虑多久开始投入使用？预计给贵公司能带来哪些方面增量业务？ ...

Group 1 - The television broadcasting sector increased by 2.04% on the trading day, with Hubei Broadcasting leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] - Hubei Broadcasting's stock price rose by 10.09% to 6.22, with a trading volume of 1.39 million shares and a transaction value of 830 million yuan [1] Group 2 - The net inflow of main funds in the television broadcasting sector was 219 million yuan, while retail funds experienced a net outflow of 18.14 million yuan [1] - Hubei Broadcasting had a main fund net inflow of 236 million yuan, accounting for 28.49% of its total trading volume, while retail funds saw a net outflow of 132 million yuan [2] - Other notable stocks included Gehua Cable, which had a main fund net inflow of 29.12 million yuan, and Dongfang Mingzhu, with a net inflow of 24.85 million yuan [2]

Core Viewpoint - The announcement from Gehua Cable Network indicates a leadership change within the company, with two assistant general managers resigning and new appointments being made to enhance internal governance [2] Group 1: Leadership Changes - Gehua Cable Network announced the resignation of assistant general managers Chen Mufeng and Dong Yuan due to work adjustments, although they will remain employed by the company [2] - The board approved the appointment of Chen Mufeng and Ding Yinglei as vice general managers, and Dong Yuan as the chief engineer [2]

2025 年 8 月 1 日，北京歌华有线电视网络股份有限公司（以下简称"公司"） 董事会收到公司总经理助理陈慕风先生、董原先生的书面辞呈。因工作调整原因， 陈慕风先生、董原先生向公司董事会申请辞去总经理助理职务，辞职后仍在公司 任职。具体情况如下： | 姓名 | 离任职务 | | 离任时间 | | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 股子公司任职 | （如适用） | 公开承诺 | | 陈慕风 | 总经理助理 | 2025 | 年 | 8 | 2027 | 年5 月 | 工作调整 | 是 | 副总经理 | 否 | | | | 月 1 | 日 | | 20 日 | | | | | | | 董原 | 总经理助理 | 2025 | 年 | 8 | 2027 | 年5 月 | 工作调整 | 是 | 总工程师 | 否 | | | | 月 1 | 日 | | 20 日 | | ...

歌华有线8月4日公告，公司董事会收到总经理助理陈慕风、董原的书面辞呈，因工作调整原因，陈慕 风、董原申请辞去总经理助理职务，辞职后仍在公司任职。此外，歌华有线宣布，公司董事会同意聘任 陈慕风、丁颖磊为公司副总经理，聘任董原为公司总工程师，任期自本次董事会审议通过之日起至第七 届董事会任期届满之日止。 ...