Group 1 - The company, Urban Media, announced that its 2025 semi-annual performance briefing will be held on September 10, 2025 [2]

一、 业绩说明会类型 青岛城市传媒股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日披 露《城市传媒 2025 年半年度报告》。为便于广大投资者更加深入地了解公司发展 战略、经营状况，进一步加强与投资者的互动交流，公司计划举办 2025 年半年度 业绩说明会，就投资者关心的问题进行交流。 重要内容提示： ●会议召开时间：2025 年 9 月 10 日（星期三）15:00-16:00 ●会议召开平台：中国证券网路演中心（www.cs.com.cn/roadshow） ●会议召开方式：网络互动方式 股票代码：600229 股票简称：城市传媒 编号：临 2025-020 青岛城市传媒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 二、 业绩说明会召开时间、方式 1.召开时间：2025 年 9 月 10 日（星期三）15:00-16:00 2.召开平台：中国证券网路演中心（www.cs.com.cn/roadshow） 3.召开方式：网络互动方式 三、公司出 ...

Core Viewpoint - The publishing industry is experiencing a decline in revenue but an increase in net profit, indicating a shift in operational dynamics and reliance on specific segments like educational materials [1][9]. Revenue Summary - Total revenue for publishing companies in the first half of 2025 was 65.192 billion yuan, a decrease of 7.9% year-on-year [1]. - Five companies exceeded 5 billion yuan in revenue, with Phoenix Media leading at 7.113 billion yuan, followed by Central South Media at 6.335 billion yuan [2]. - Among the 10 companies with revenue between 1 billion and 5 billion yuan, only three reported year-on-year growth, indicating a broader decline in revenue across the sector [2]. Profit Summary - Net profit for the publishing sector reached 8.224 billion yuan, an increase of 9.29% year-on-year, with 10 companies reporting net profits exceeding 1 billion yuan [1][3]. - Central South Media entered the "10 billion club" with a net profit of 1.017 billion yuan, while Phoenix Media maintained its lead with 1.586 billion yuan [2][3]. - The number of companies with net profit growth has increased, with notable growth rates such as Central South Media's 50.39% increase [2][3]. Non-Operating Profit Summary - Excluding non-recurring items, Phoenix Media led with a non-operating profit of 1.514 billion yuan, followed by Central South Media at 0.995 billion yuan [3][4]. - Among the 13 companies reporting non-operating profits, only three experienced a decline, while the rest saw growth of over 10% [3][4]. Company Type Analysis - Comprehensive publishing companies, which include publishing and distribution, showed a revenue decline with only one company reporting growth, while 10 maintained profit growth [5]. - Pure publishing companies, such as Times Publishing and China Publishing, reported revenue and profit growth, particularly benefiting from educational materials [6]. - The digital publishing sector, represented by companies like iReader Technology and Chinese Online, faced challenges with significant profit declines despite revenue growth [10]. Tax Policy Impact - The continuation of tax exemption policies for certain publishing companies has significantly contributed to profit growth, with companies like Central South Media and Zhejiang Publishing reporting substantial increases in net profit due to these policies [7][8]. Market Trends and Challenges - The publishing industry is facing challenges from changing consumer demands, particularly in the educational materials sector, which has been a traditional revenue driver [12][14]. - Companies are increasingly focusing on digital transformation and innovative business models to adapt to market changes, with many investing in new content and technology [15][18]. Financial Management - Many publishing companies are utilizing idle funds for financial management, indicating a cautious approach to capital allocation amid operational challenges [17][18]. - The total cash and cash equivalents held by the 28 publishing companies reached 58.1 billion yuan, highlighting the need for effective capital utilization to drive innovation [18].

Group 1 - The company's total revenue for the first half of 2025 is 1.106 billion, a year-on-year decrease of 21.4% [1] - The net profit attributable to shareholders is 40.28 million, down 74.35% year-on-year [1] - In Q2, total revenue is 503 million, a decline of 32.29% year-on-year, with a net profit of -22.97 million, a decrease of 133.01% [1] Group 2 - The company's accounts receivable is significantly high, with accounts receivable to net profit ratio reaching 660.56% [1][2] - The gross margin is 23.85%, down 21.21% year-on-year, and the net margin is 3.63%, down 67.37% [1] - Total selling, administrative, and financial expenses amount to 201 million, accounting for 18.19% of revenue, an increase of 13.99% year-on-year [1] Group 3 - The company's return on invested capital (ROIC) for the previous year is 2.29%, indicating weak capital returns [2] - The historical median ROIC over the past 10 years is 12.26%, with two years of losses since the company went public [2] - The company's business model relies heavily on marketing, necessitating a deeper analysis of the underlying drivers [2]

Company Performance - City Media reported a revenue of approximately 1.106 billion yuan for the first half of 2025, representing a year-on-year decrease of 21.4% [1] - The net profit attributable to shareholders of the listed company was approximately 40.28 million yuan, a year-on-year decrease of 74.35% [1] - The basic earnings per share were 0.061 yuan, down 74.34% year-on-year [1]

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]