2025 年半年度主要经营数据公告 证券代码：600229 证券简称：城市传媒 公告编号：临 2025-019 青岛城市传媒股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 青岛城市传媒股份有限公司根据《上海证券交易所上市公司自律监管指引第 3号——行业信息披露》（第十一号——新闻出版）的相关规定，现将2025年半 年度出版发行业务主要经营数据公告如下： 以上经营数据未经审计，仅供投资者参考。 特此公告。 青岛城市传媒股份有限公司董事会 2025 年 8 月 28 日 单位：万元 项目 销售码洋 营业收入 营业成本 毛利率（%） 上年同期 本期 增长 率（%） 上年同 期 本期 增长 率（%） 上年同 期 本期 增长率 （%） 上年 同期 本期 增长 率 出版 业务 114,16 5.68 107,11 4.41 -6.18 52,013 .83 41,915. 83 -19. 41 30,03 8.56 27,14 8.13 -9.62 42.2 5 35.2 3 -7.02 发行 业务 149,70 8.11 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥1,106,201,396.86, a decrease of 21.40% compared to ¥1,407,453,150.58 in the same period last year[22]. - The total profit for the first half of 2025 was ¥40,222,415.89, down 82.11% from ¥224,798,425.68 in the previous year[22]. - The net profit attributable to shareholders was ¥40,277,138.23, representing a decline of 74.35% from ¥157,037,104.99 year-on-year[22]. - The basic earnings per share for the first half of 2025 was ¥0.0610, a decrease of 74.34% from ¥0.2377 in the previous year[23]. - The weighted average return on net assets was 1.26%, down 3.42 percentage points from 4.68% in the same period last year[23]. - The decline in total profit was primarily due to a significant decrease in sales of educational auxiliary books, influenced by changes in ordering methods[24]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was ¥56,557,968.43, down 55.52% from ¥127,154,407.73 in the previous year[22]. - The company reported a net profit of CNY 131,559,010.22 for the first half of 2025, indicating a positive trend in profitability[118]. Cash Flow and Assets - The net cash flow from operating activities increased by 38.67% to ¥25,866,726.40 compared to ¥18,654,050.75 in the same period last year[22]. - Cash and cash equivalents at the end of the period amounted to ¥1,264,637,413.76, representing 29.85% of total assets, an increase of 0.99% compared to the previous year[53]. - Accounts receivable increased by 16.60% to ¥641,101,568.19, accounting for 15.13% of total assets[53]. - Inventory and contract assets decreased by 10.89% to ¥600,008,828.72, which is 14.16% of total assets[53]. - The total number of shares decreased from 671,208,000 to 660,707,784 after the cancellation of 10,500,216 shares for capital reduction[81]. - The total number of ordinary shareholders as of the end of the reporting period was 31,695[82]. Market and Industry Trends - The cultural industry in China saw a revenue increase of 7.4% year-on-year, reaching 71,292 billion RMB in the first half of 2025[27]. - The book market experienced a decline of 9.64% year-on-year, with total sales at 468.19 billion RMB, indicating significant market pressure[28]. - New cultural business formats, including digital publishing and smart cultural devices, grew by 13.6%, contributing 76.8% to the overall growth of cultural enterprises[29]. Strategic Initiatives - The company operates 23 subsidiaries, focusing on publishing, copyright management, and cultural product sales[30]. - The company emphasizes a user-centered approach, enhancing service capabilities for diverse educational and cultural products[32]. - The integration of new technologies such as VR/AR and AIGC is a key focus, aiming to develop innovative cultural products and ecosystems[33]. - The company is expanding its cultural space operations, including themed bookstores and customized cultural services, to meet high-quality demands[34]. - The company is focusing on enhancing its IP development and operational strategies across various sectors, including technology and entertainment[40]. Challenges and Risks - The company is facing risks from rapid technological updates, particularly in digital content production and copyright conversion, which may impact expected growth outcomes[65]. - Rising costs of raw materials, especially paper, are a concern due to environmental regulations and quality demands, which may affect profitability; the company plans to mitigate this through strategic procurement and digital product offerings[67]. - The publishing industry is subject to significant policy changes that could affect operational environments and market competition, prompting the company to enhance its innovation and market-oriented strategies[66]. Corporate Governance and Shareholder Relations - No profit distribution or capital reserve increase plans were proposed for the current period, indicating a focus on reinvestment[71]. - The company has not disclosed any updates regarding stock incentive plans or employee shareholding initiatives, suggesting stability in management strategies[72]. - The largest shareholder, Qingdao Publishing Group Co., Ltd., holds 374,191,691 shares, representing 55.75% of the total shares[84]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder alone holding over half[84]. Accounting Policies and Financial Reporting - The company's financial statements are prepared based on the going concern assumption, with no significant doubts about its ability to continue operations[126]. - The accounting policies are in accordance with the enterprise accounting standards, reflecting the company's financial status accurately[128]. - The company recognizes investment income upon loss of control over a subsidiary, adjusting for the fair value of remaining equity investments[139]. Inventory and Asset Management - Inventory includes raw materials, work in progress, and finished goods, with costs recognized upon completion of filming and obtaining necessary licenses[169]. - The inventory valuation method involves actual cost for acquisition and weighted average or specific identification for issuance[170]. - The company recognizes impairment losses for non-current assets held for sale when their carrying amount exceeds fair value less selling costs[177].

Group 1 - The company's operating revenue for the first half of 2025 is 1.106 billion yuan, representing a year-on-year decrease of 21.40% [1] - The net profit for the same period is 40.2771 million yuan, showing a year-on-year decline of 74.35% [1]

Market Overview - The publishing sector experienced a decline of 2.16% on August 27, with the Shanghai Composite Index closing at 3800.35, down 1.76%, and the Shenzhen Component Index at 12295.07, down 1.43% [1] Individual Stock Performance - Inner Mongolia Xinhua (603230) led the gains with a closing price of 14.64, up 5.10% with a trading volume of 184,400 shares and a transaction value of 271 million [1] - Chinese Online (300364) saw the largest drop, closing at 32.35, down 9.10% with a trading volume of 1,616,700 shares and a transaction value of 545.9 million [2] - Other notable declines included Tianzhou Culture (300148) down 4.71% and Duku Culture (301025) down 4.39% [2] Capital Flow Analysis - The publishing sector had a net outflow of 719 million from institutional investors, while retail investors saw a net inflow of 416 million [2] - The main capital inflow was observed in Inner Mongolia Xinhua with a net inflow of 26.82 million, while Chinese Online experienced a significant net outflow of 33.38 million from retail investors [3]

Market Performance - The publishing sector increased by 1.52% on August 18, with Rongxin Culture leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Individual Stock Performance - Rongxin Culture (301231) closed at 27.20, up 8.58% with a trading volume of 83,200 shares and a transaction value of 223 million yuan [1] - City Media (600229) closed at 7.41, up 7.24% with a trading volume of 531,800 shares and a transaction value of 396 million yuan [1] - Chinese Online (300364) closed at 27.25, up 5.95% with a trading volume of 983,900 shares and a transaction value of 2.666 billion yuan [1] - Other notable performers include Guomai Culture (301052) up 4.95% and Tianzhou Culture (300148) up 3.73% [1] Capital Flow Analysis - The publishing sector saw a net inflow of 235 million yuan from institutional investors, while retail investors experienced a net inflow of 25.7934 million yuan [2] - The sector faced a net outflow of 260 million yuan from speculative funds [2] Detailed Capital Flow for Selected Stocks - Chinese Online (300364) had a net inflow of 16.9 million yuan from institutional investors, but a net outflow of 17.5 million yuan from speculative funds [3] - City Media (600229) saw a net inflow of 74.2235 million yuan from institutional investors, with a net outflow of 42.9649 million yuan from speculative funds [3] - Guomai Culture (301052) had a net inflow of 19.4754 million yuan from institutional investors, but a net outflow of 18.6916 million yuan from speculative funds [3]

Market Overview - The Shanghai Composite Index closed at 3740.50 points, above the annual line, with an increase of 1.18% [1] - The total trading volume of A-shares reached 1,746.728 billion yuan [1] Stocks Breaking Annual Line - A total of 86 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Huazhi Shumedia (19.19%) - Mango Super Media (11.03%) - Urban Media (9.22%) [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Huazhi Shumedia: Today's increase of 20.02%, turnover rate of 8.50%, latest price at 11.57 yuan [1] - Mango Super Media: Today's increase of 19.99%, turnover rate of 11.53%, latest price at 27.13 yuan [1] - Urban Media: Today's increase of 9.99%, turnover rate of 6.20%, latest price at 7.60 yuan [1] - Other stocks with smaller deviation rates that just crossed the annual line include: - Renfu Pharmaceutical - China Railway Construction - Ningbo Fuda [1] Additional Stock Data - Other stocks with lower deviation rates include: - Longqi Technology (5.67%) - Great Wall Motors (5.55%) - Shenglong Co. (4.61%) [1] - The table provides a comprehensive view of various stocks, their performance, turnover rates, annual line prices, and latest prices [2]

Market Overview - As of 10:30 AM today, the Shanghai Composite Index stands at 3723.16 points, with a gain of 0.71% and total A-share trading volume reaching 1,254.384 billion yuan [1] - A total of 74 A-shares have surpassed their annual moving average, indicating positive market sentiment [1] Notable Stocks - The stocks with the highest deviation rates from their annual moving averages include: - Huazhi Shumedia (300426) with a deviation rate of 19.19% and a daily increase of 20.02% [1] - Mango Super Media (300413) with a deviation rate of 11.03% and a daily increase of 19.99% [1] - Urban Media (600229) with a deviation rate of 7.07% and a daily increase of 7.81% [1] - Other stocks with smaller deviation rates that have just crossed their annual moving averages include China Railway Construction (601186) and Guanglian Aviation (600893) [1] Trading Data - The trading data for stocks that broke through their annual moving averages includes: - Huazhi Shumedia: Latest price 11.57 yuan, turnover rate 7.96% [1] - Mango Super Media: Latest price 27.13 yuan, turnover rate 9.57% [1] - Urban Media: Latest price 7.45 yuan, turnover rate 4.60% [1] - Additional stocks with notable performance include: - Saint Dragon (603178) with a daily increase of 5.51% and a deviation rate of 4.97% [1] - Longqi Technology (603341) with a daily increase of 6.09% and a deviation rate of 4.64% [1]

Group 1 - The publishing sector increased by 1.04% on August 1, with Guomai Culture leading the gains [1] - The Shanghai Composite Index closed at 3559.95, down 0.37%, while the Shenzhen Component Index closed at 10991.32, down 0.17% [1] - Guomai Culture's stock price rose by 16.41% to 63.34, with a trading volume of 115,900 shares and a transaction value of 690 million yuan [1] Group 2 - The publishing sector experienced a net outflow of 97.81 million yuan from institutional investors, while retail investors saw a net inflow of 75.89 million yuan [3] - The overall capital flow in the publishing sector indicates a mixed sentiment, with retail investors showing interest despite institutional outflows [3]

Summary of City Media Conference Call Company Overview - **Company**: City Media - **Industry**: Education and Publishing Key Points and Arguments Financial Performance - City Media reported a net profit attributable to shareholders of between 38 million to 46 million in the first half of 2025, indicating a significant year-on-year decline due to several factors [4] - The decline was attributed to tightened regulations affecting supplementary educational materials, a loss of approximately 35 million from the West Coast Cultural Building's suspension last year, and a decrease in the fair value of financial assets following the acquisition of Himalaya by Tencent Music [4] Market Dynamics and Strategic Response - The tightening of regulations in the supplementary education market has shifted the subscription model from a unified school-based approach to a more market-oriented strategy [5] - City Media is enhancing its offline marketing system and developing the Tsinghua Assistance Service Platform to increase market share and adapt to the new competitive landscape [5] - The company aims to optimize internal efficiency through digital content production and operational mechanisms [5] Emerging Business Ventures - City Media is investing in new business areas, particularly in VR education, where it has made significant progress with multiple projects [6] - The company plans to expand its educational services by covering more schools and integrating various services such as AI assistance and research learning [7] Competitive Advantages - State-owned publishing companies like City Media have an inherent advantage due to their close ties with educational departments and schools, enhancing their credibility and trustworthiness in a regulated environment [8][9] Tsinghua Assistance Platform - The Tsinghua Assistance Platform has evolved to include research learning information, free educational resources, and AI assistance, aiming for high-frequency interaction with users [10] - The platform has already covered over 100 schools and is expected to expand further [10] Market Expansion - City Media's supplementary educational business covers 26 provinces, with high market share in products like the "Add Points Treasure" series and "Top Student Classroom Notes" [3][14] - In Shandong Province, the company holds over 90% market share in science textbooks and nearly 60% in mathematics textbooks [13] Product Development and Innovation - The company is launching new titles in children's literature and thematic publishing, aiming to create a billion-yuan product group and several ten-million-yuan product lines in 2025 [15] - City Media has seen rapid growth in its "two-dimensional" product line, collaborating with well-known IPs and gaming companies [16] AI and VR Integration - City Media has developed an AI reading platform and an AI essay grading system, with over 100,000 users benefiting from these services [19] - The company is also exploring VR experiences, with plans to establish 20 to 30 VR experience locations nationwide by the end of the year [21] Investment Strategy - City Media is actively seeking investment opportunities in cultural technology and digital culture, with a focus on high-quality targets [23][24] Shareholder Returns - The company has consistently paid cash dividends, totaling over 1.1 billion since its listing, and aims to maintain a stable dividend policy despite fluctuations in earnings [25] Inventory Management - The decline in inventory turnover is attributed to decreased consumer purchasing and increased inventory for new educational products [26] Long-term Strategy - City Media is adapting to new policy environments while expanding its general book sector and exploring new business areas like AI and VR education [27] Additional Important Insights - The company is learning from private sector strategies while leveraging its state-owned advantages to navigate regulatory challenges [9] - The focus on integrating various educational services aims to enhance user engagement and drive growth in a competitive market [10][19]

Group 1 - The announcement states that Liu Wenguang, the vice chairman of Qingdao Urban Media Co., Ltd., has submitted his resignation due to a job transfer [1][2]. - Liu Wenguang's resignation will not affect the minimum number of board members required by law, ensuring the normal operation of the board [2]. - The company expresses gratitude for Liu Wenguang's contributions during his tenure and confirms that he did not hold any shares in the company [2]. Group 2 - The company will complete the election of a new board member in accordance with its articles of association [2]. - Liu Wenguang's resignation is effective immediately upon delivery to the board [2]. - The board acknowledges Liu Wenguang's diligence and commitment during his time as vice chairman [2].