证券代码：600358 证券简称：ST 联合 公告编号：2025-临 066 国旅文化投资集团股份有限公司 监事会 2025 年第三次临时会议决议公告 的各项规定，所包含的信息能从各个方面真实地反映出公司 2025 年半年度的经 营管理和财务状况等事项； 有违反保密规定的行为。 特此公告。 本公司监事会及全体监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。 与会监事就议案进行了审议、表决，形成如下决议： （一）审议通过《关于公司 2025 年半年度报告全文及摘要的议案》。表决 结果为：3 票同意，0 票反对，0 票弃权。 同意公司《关于公司 2025 年半年度报告全文及摘要的议案》，并形成公司 2025 年半年度报告的书面审核意见如下： 公司内部管理制度的各项规定； 一、监事会召开情况 国旅文化投资集团股份有限公司（以下简称"公司"或"上市公司"）监事 会2025年第三次临时会议通知于2025年8月16日以电话、邮件等方式发出，本次 会议于2025年8月22日下午15:00在江西省南昌市东湖区福州路169号江旅产业大 厦A座19层会议室以现场结合 ...

（以下无正文） （本页无正文，为《国旅文化投资集团股份有限公司独立董事专门会 议 2025 年第六次会议书面审核意见》之签署页） 杨翼飞 胡大立 谢奉军 2025 年 8 月 19 日 国旅文化投资集团股份有限公司独立董事专门会议 2025 年第六次会议书面审核意见 国旅文化投资集团股份有限公司（以下简称"公司"）独立董事 专门会议 2025 年第六次会议于 2025 年 8 月 19 日（星期二）在江西 省南昌市采取通讯表决的方式召开。会议应到独董 3 人，实到独董 3 人。会议的召开符合法律、法规及相关制度的规定，合法有效。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司独立董事管理办法》等有关法律、法规、规范性文件以及《公司 章程》的有关规定，在提交董事会审议前，公司已召开独立董事专门 会议对《关于出售江西国贵文旅发展有限责任公司 100%股权暨关联 交易的议案》进行审议，形成审核意见如下： 本次股权转让事项，遵循了公开、公平和价格公允的原则，符合 相关法律、法规和规范性文件及公司《关联交易管理制度》的规定， 不存在向关联方输送利益的情形，不存在损害公司及中小股东利益的 情形。因此，独 ...

Important Notice [Report Content Assurance](index=2&type=section&id=Report%20Content%20Assurance) The Board, Supervisory Board, and senior management assure the semi-annual report's truthfulness, accuracy, and completeness, with key financial officers also affirming the financial statements - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume legal responsibility[4](index=4&type=chunk) - Company head He Xinyue, chief accountant Li Ying, and head of accounting department Li Wencai declare the financial report's truthfulness, accuracy, and completeness[6](index=6&type=chunk) [Audit Status](index=2&type=section&id=Audit%20Status) This semi-annual report has not been audited - This semi-annual report has not been audited[6](index=6&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The Board's resolution for the current period's profit distribution or capital reserve capitalization plan is 'none' - The Board's resolution for the current period's profit distribution or capital reserve capitalization plan is 'none'[7](index=7&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking statements regarding future plans and development strategies do not constitute a substantive commitment to investors, who are advised to be aware of investment risks - Forward-looking statements in this report, including future plans and development strategies, do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20External%20Guarantees) The company has no non-operating fund occupation by controlling shareholders or other related parties, nor any external guarantees violating prescribed decision-making procedures - There is no non-operating fund occupation by controlling shareholders or other related parties[8](index=8&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[8](index=8&type=chunk) [Major Risk Warning](index=2&type=section&id=Major%20Risk%20Warning) The company has detailed potential risks in 'Section III Management Discussion and Analysis,' urging investors to pay attention - The company has detailed potential risks in 'Section III Management Discussion and Analysis' of this report, urging investors to pay attention[8](index=8&type=chunk) Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, including company abbreviations, major related party names, currency units, and industry-specific terms (e.g., Bilibili, MAU, UGC, Gen Z), ensuring clarity and consistency - The company's abbreviation 'ST United' refers to 'China Travel Culture Investment Group Co., Ltd'[13](index=13&type=chunk) - Related parties mentioned in the report include Jiangxi SASAC, Jiangxi Changlv Group, Jianglv Group, Xinxian Zhongshi, Yiwei Investment, Jiangxi CITS United, Haijigou Company, and others[13](index=13&type=chunk) - Industry terms such as 'Bilibili' refer to the Bilibili video website, 'MAU' to monthly active users, 'UGC' to user-generated content, and 'Gen Z' to the new generation[13](index=13&type=chunk) Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative information - The company's Chinese name is 'China Travel Culture Investment Group Co., Ltd.', abbreviated as 'ST United'[14](index=14&type=chunk) - The company's legal representative is He Xinyue[14](index=14&type=chunk) [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, and email addresses - The Board Secretary is Peng Huibin, and the Securities Affairs Representative is Zeng Limei[15](index=15&type=chunk) - The contact address for both is 19th Floor, Jianglv Industrial Building, No. 169 Fuzhou Road, Donghu District, Nanchang City, Jiangxi Province, and the telephone number is 0791-82263019[15](index=15&type=chunk) [III. Overview of Basic Information Changes](index=5&type=section&id=III.%20Overview%20of%20Basic%20Information%20Changes) This section introduces changes in the company's registered and office addresses, as well as its website and email address - The company's registered address changed from Nanjing City to 6th Floor, Building 34, Alpha, No. 1 Xuefu Avenue, Honggutan District, Nanchang City, Jiangxi Province on August 19, 2022[16](index=16&type=chunk) - The company's office address is 19th Floor, Jianglv Industrial Building, No. 169 Fuzhou Road, Donghu District, Nanchang City, Jiangxi Province[16](index=16&type=chunk) - The company's website is http://www.cutc.com.cn, and its email address is cutc@cutc.com.cn[17](index=17&type=chunk) [IV. Overview of Information Disclosure and Document Storage Location Changes](index=5&type=section&id=IV.%20Overview%20of%20Information%20Disclosure%20and%20Document%20Storage%20Location%20Changes) This section lists the designated media, website, and storage location for the company's semi-annual report disclosure - The company's designated disclosure media include China Securities Journal, Securities Daily, Shanghai Securities News, and Securities Times[18](index=18&type=chunk) - The stock exchange website for the company's semi-annual report disclosure is http://www.sse.com.cn[18](index=18&type=chunk) - The report is available at the Board Secretary's Office of China Travel Culture Investment Group Co., Ltd[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides company stock listing information, including type, exchange, abbreviation, code, noting the stock has been subject to other risk warnings since March 18, 2025 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation 'ST United' and stock code '600358'[19](index=19&type=chunk) - The company's stock has been subject to other risk warnings by the Shanghai Stock Exchange since March 18, 2025[19](index=19&type=chunk) - The company disclosed the 'Announcement on Retrospective Adjustment of Prior Period Financial Data' on March 29, 2025, and retrospectively adjusted performance compensation receivables[19](index=19&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for H1 2025, compared to the prior year, noting a slight reduction in operating losses Key Accounting Data for H1 2025 (Consolidated Statements) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 194,334,652.08 | 200,282,307.20 | -2.97 | | Total Profit | -15,362,661.84 | -16,212,273.59 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -16,123,168.20 | -17,216,326.69 | Not applicable | | Net Cash Flow from Operating Activities | -63,975,262.24 | -3,998,856.09 | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 61,820,090.50 | 84,692,180.24 | -27.01 | | Total Assets (Period-End) | 492,871,140.10 | 425,130,680.55 | 15.93 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.0319 | -0.0341 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.0319 | -0.0341 | Not applicable | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.0316 | -0.0327 | Not applicable | | Weighted Average Return on Net Assets (%) | -22.01 | -10.77 | Decreased by 11.24 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -21.75 | -10.34 | Decreased by 11.41 percentage points | - During the reporting period, the company's operating loss slightly decreased year-on-year, but the weighted average return on net assets significantly declined[23](index=23&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses for H1 2025, including disposal gains/losses on non-current assets, government grants, reversal of impairment provisions for receivables, and other non-operating income/expenses Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 16,302.59 | | Government grants recognized in current profit or loss | 2,181,973.60 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 86,000.00 | | Other non-operating income and expenses apart from the above | -2,007,310.95 | | Less: Income tax impact | 165,100.15 | | Impact on minority interests (after tax) | 299,092.02 | Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the development of the company's industries (internet digital marketing, cross-border e-commerce, tourism) and its main business operating models. Both gaming and cross-border e-commerce markets show growth, while tourism faces consumption stratification and transformation challenges - From January to June 2025, China's gaming market reached a cumulative size of **168 billion yuan**, a **14.08% year-on-year increase**, with the mobile gaming market growing by **16.55%**[27](index=27&type=chunk) - In H1 2025, China's cross-border e-commerce imports and exports totaled approximately **1.32 trillion yuan**, a **5.7% year-on-year increase**, with strengthened policy support[27](index=27&type=chunk) - Domestic tourism trips increased by **26.4% year-on-year** in H1, but consumption stratification intensified, per capita spending decreased, and the tourism industry is transitioning from 'attraction economy' to 'experience economy'[28](index=28&type=chunk)[29](index=29&type=chunk) - The company's main businesses include internet digital marketing (Xinxian Zhongshi, focusing on the gaming industry), 'cross-border e-commerce' (Haijigou Company, bonded goods import/export supply chain), and tourism destination business (channel integrated marketing, tourism retail, scenic area operations)[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) This section analyzes the operating status of the company's main business segments, including internet digital marketing, cross-border e-commerce, and tourism destination, summarizing overall performance and highlighting the strategic importance of the major asset restructuring of Runtian Industrial - The company continues to pursue a development strategy guided by party building, market value-oriented, performance-driven, business-supported, mechanism-powered, synergy-focused, and organization-guaranteed, to build a new pattern of sustainable development for the listed company[31](index=31&type=chunk) - Internet digital marketing business (Xinxian Zhongshi) achieved slight profitability in H1 by leveraging key client potential, expanding mid-tier and non-gaming client resources, and broadening marketing channels to enhance risk resistance[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - 'Cross-border e-commerce' business (Haijigou Company) focuses on over a hundred well-known overseas brands, expanding sales channels like JD, Tmall, and Douyin, and developing a 'bonded display + online transaction' new retail model, with steadily increasing sales[34](index=34&type=chunk)[35](index=35&type=chunk) - Tourism destination business is no longer a primary business segment for expansion; significant loss reduction was achieved by downsizing teams and controlling labor costs, with plans to divest scenic area investment and operation businesses[35](index=35&type=chunk) - The company achieved operating revenue of **194.33 million yuan** in H1, largely flat year-on-year; net profit attributable to shareholders was a loss of **16.12 million yuan**, with the loss decreasing by **1.09 million yuan** year-on-year[35](index=35&type=chunk) - In May, the company initiated a major asset restructuring of Runtian Industrial, planning to inject packaged drinking water business, aiming to form a business layout with packaged drinking water as the core and internet digital marketing and cross-border e-commerce as two wings, enhancing profitability[36](index=36&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) This section analyzes the company's three core competencies: content creation and integrated marketing, cross-border e-commerce business, and state-owned major shareholder resources, which collectively support its market development - Subsidiary Xinxian Zhongshi leverages its understanding of Gen Z's cultural consumption, deeply cultivates ACG culture, provides marketing solutions through 'content + traffic + conversion,' and expands its multi-platform self-media resource library[38](index=38&type=chunk) - Haijigou Company, as a Jiangxi state-owned cross-border e-commerce service platform, has established strategic partnerships with over a hundred renowned overseas brands and operates nearly twenty cross-border stores on mainstream online platforms, forming a solid supply channel barrier[38](index=38&type=chunk) - As the sole listed tourism enterprise under Jiangxi Changlv Group, the company fully utilizes the background and resource advantages of its state-owned major shareholder to enhance operating performance and company value[39](index=39&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes changes in financial statement items, detailing reasons for variations in operating revenue, costs, expenses, and cash flow, and assessing the company's asset and liability status Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 194,334,652.08 | 200,282,307.20 | -2.97 | No significant change in market environment and business situation | | Operating Costs | 177,031,423.85 | 186,920,688.98 | -5.29 | Increased proportion of revenue from high-margin products and projects | | Selling Expenses | 5,624,566.26 | 4,424,582.49 | 27.12 | Actively expanding new clients, increased investment in business development | | Administrative Expenses | 16,293,895.24 | 17,069,126.09 | -4.54 | Quality improvement, efficiency enhancement, and cost reduction measures | | Finance Expenses | 6,964,838.04 | 6,574,054.64 | 5.94 | Increased exchange losses for subsidiary Haijigou | | Net Cash Flow from Operating Activities | -63,975,262.24 | -3,998,856.09 | Not applicable | Decreased cash received from sales of goods and services by subsidiary Xinxian Zhongshi | | Net Cash Flow from Financing Activities | 76,600,666.55 | -21,102,358.67 | Not applicable | New loan of **50 million yuan** from Jianglv Group | Changes in Assets and Liabilities | Item Name | Current Period End Amount (yuan) | Proportion of Total Assets at Period End (%) | Prior Year End Amount (yuan) | Proportion of Total Assets at Prior Year End (%) | YoY Change in Amount at Period End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 54,974,505.46 | 11.15 | 42,824,702.94 | 10.07 | 28.37 | | Accounts Receivable | 139,652,275.09 | 28.33 | 88,394,225.71 | 20.79 | 57.99 | | Inventories | 35,436,652.23 | 7.19 | 26,160,264.35 | 6.15 | 35.46 | | Short-Term Borrowings | 288,954,904.94 | 58.63 | 253,608,923.58 | 59.65 | 13.94 | | Total Assets | 492,871,140.10 | 100.00 | 425,130,680.55 | 100.00 | 15.93 | - Overseas assets totaled **8,848,884.73 yuan**, accounting for **1.80%** of total assets[46](index=46&type=chunk) - The main restricted asset at period-end was a tourism deposit of **250,000 yuan**[48](index=48&type=chunk) [IV. Investment Status Analysis](index=12&type=section&id=IV.%20Investment%20Status%20Analysis) This section primarily discloses the progress of the company's major asset restructuring of Runtian Industrial, aimed at optimizing business structure and enhancing profitability and sustainable operating capacity - On May 28, 2025, the company initiated a major asset restructuring of Runtian Industrial, planning to inject packaged drinking water business[50](index=50&type=chunk) - Runtian Industrial primarily engages in the production and sale of purified and mineral water, with strong profitability, healthy operating cash flow, and significant market potential[50](index=50&type=chunk) - Upon completion of this transaction, the company will form a business layout with packaged drinking water as the core and internet digital marketing and cross-border e-commerce as two wings[50](index=50&type=chunk) - The restructuring work is progressing in an orderly manner, but its final implementation is uncertain, and investors are advised to be aware of the risks[51](index=51&type=chunk) [VI. Analysis of Major Holding and Participating Companies](index=13&type=section&id=VI.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section lists financial data for the company's major holding subsidiaries and mentions plans to divest scenic area investment and operation businesses Financial Data of Major Subsidiaries (H1 2025) | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Xinxian Zhongshi Cultural Communication Co., Ltd. | Subsidiary | Advertising Marketing | 1,000.00 | 20,896.34 | 4,546.67 | 15,446.15 | 160.85 | 95.78 | | Jiangxi CITS United Cultural Tourism Co., Ltd. | Subsidiary | Tourism Services | 2,000.00 | 3,180.78 | -505.57 | 614.06 | -448.91 | -451.33 | | CITS United Outdoor Cultural Tourism Development Co., Ltd. | Subsidiary | Tourism Services | 7,000.00 | 725.93 | -610.45 | 640.44 | -33.76 | -33.80 | | Jiangxi Haijigou Import and Export Co., Ltd. | Subsidiary | Cross-border E-commerce | 5,000.00 | 9,016.84 | 4,138.33 | 2,722.69 | -73.86 | -71.03 | - The company plans to divest its scenic area investment and operation businesses by selling 100% equity of Jiangxi Guogui Cultural Tourism Development Co., Ltd.[53](index=53&type=chunk) [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses five major risks the company may face: intensified market competition, accounts receivable recovery, loss of key management personnel, customer and supplier concentration, and exchange rate fluctuations, along with corresponding countermeasures - The company faces intensified market competition risk and will enhance core competitiveness through capital-driven and innovation-led strategies[54](index=54&type=chunk) - Accounts receivable constitute a high proportion of total assets, posing recovery risks; the company will intensify collection efforts, transform business models, and strengthen risk management[54](index=54&type=chunk) - Subsidiary Xinxian Zhongshi faces risks of key management personnel loss and high customer/supplier concentration; it will transform business models, improve appraisal mechanisms, optimize business structure, and expand client and media resources[54](index=54&type=chunk) - Subsidiary Haijigou's cross-border e-commerce business is primarily settled in USD, facing exchange rate fluctuation risks; the company will establish exchange rate risk management objectives[55](index=55&type=chunk) Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section discloses changes in the company's directors, supervisors, and senior management during the reporting period, including the dismissal and appointment of independent directors, and the resignation and appointment of the chief financial officer - Independent directors Huang Xinjian and Zhang Wangxia resigned after serving for 6 years, and Hu Dali and Xie Fengjun were appointed as new independent directors[58](index=58&type=chunk) - Deputy General Manager and CFO Shi Lei resigned due to work changes, and Li Wencai was appointed as the company's CFO[59](index=59&type=chunk) [II. Profit Distribution or Capital Reserve Capitalization Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Capitalization%20Plan) This section states that the company will not undertake profit distribution or capital reserve capitalization for the semi-annual period - The company's proposed semi-annual profit distribution or capital reserve capitalization plan is 'none,' meaning no distribution or capitalization[60](index=60&type=chunk) Significant Matters [I. Fulfillment of Commitments](index=17&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments by the company's actual controller, shareholders, and the company itself during or continuing into the reporting period, mainly concerning resolving horizontal competition, regulating related party transactions, maintaining listed company independence, and commitments related to major asset restructuring - Jiangxi Tourism Group Co., Ltd. committed to resolving horizontal competition, regulating related party transactions, and maintaining the listed company's independence, all commitments have been timely and strictly fulfilled[64](index=64&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[70](index=70&type=chunk) - The company itself committed to actively exploring equity incentive and employee stock ownership plans and strengthening investor relations management, which have been timely and strictly fulfilled[64](index=64&type=chunk)[65](index=65&type=chunk) - For the major asset restructuring of Runtian Industrial, the listed company and its directors, supervisors, senior management, Jiangxi Changlv Group, and other relevant parties issued necessary commitments[65](index=65&type=chunk) [VII. Major Litigation and Arbitration Matters](index=20&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section details multiple major litigation and arbitration matters involving the company during the reporting period, including disputes with former actual controllers and executives over company interests, contract disputes, and equity transfer disputes, with updates on case progress and judgment enforcement - In the company's lawsuit against former actual controller Wang Chunfang, Xiamen Contemporary Tourism Resources Development Co., Ltd., and others for harming company interests, the court ordered the defendants to return company seals and documents, dismissed other claims, and the enforcement has been concluded[72](index=72&type=chunk)[73](index=73&type=chunk) - In the company's contract dispute lawsuit against Luo Hansheng, Zhao Liwei, and others, the court ordered the defendants to pay **13 million yuan** plus liquidated damages, and the enforcement process is currently being resumed[77](index=77&type=chunk) - In subsidiary CITS Outdoor's contract dispute lawsuit against Nanjing Chunpu Tourism Development Co., Ltd. and others, the court ordered the defendants to return prepayments and profits, pay liquidated damages, and granted priority repayment rights over relevant equity and operating rights; the case is currently under enforcement[78](index=78&type=chunk)[79](index=79&type=chunk) - In subsidiary Xinxian Zhongshi's service contract dispute lawsuit against Wuhan Dianzhiyou Network Technology Co., Ltd. and others, the court ordered the defendants to pay service fees, liquidated damages, and attorney fees, with partial enforcement funds already received[81](index=81&type=chunk)[82](index=82&type=chunk) - In Chongqing Puyi Enterprise Management Co., Ltd.'s equity transfer dispute lawsuit against Beijing Xinxian Zhongshi Cultural Communication Co., Ltd., equity industrial and commercial change registration has been completed through mediation, and the case has been fully enforced[83](index=83&type=chunk) - The company's lawsuit against Beijing Badaling Wildlife World Co., Ltd. for company resolution revocation is currently under trial[84](index=84&type=chunk) [VIII. Listed Company, Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers Suspected of Violations, Penalties, and Rectification](index=26&type=section&id=VIII.%20Listed%20Company%2C%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20Suspected%20of%20Violations%2C%20Penalties%2C%20and%20Rectification) This section discloses administrative penalties imposed by the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission on the company and relevant responsible persons for information disclosure violations, and outlines the rectification measures taken by the company - The company was ordered to rectify, warned, and fined **2 million yuan** by the Jiangxi Regulatory Bureau of the China Securities Regulatory Commission for information disclosure violations[85](index=85&type=chunk) - Former Chairman Zeng Shaoxiong, former Director and General Manager Peng Cheng, and CFO Shi Lei were each warned and fined **600,000 yuan**, **500,000 yuan**, and **500,000 yuan** respectively[85](index=85&type=chunk) - The company has retrospectively adjusted prior period financial data and strengthened training on laws, regulations, and accounting standards to improve standardized operations[85](index=85&type=chunk)[86](index=86&type=chunk) [X. Major Related Party Transactions](index=27&type=section&id=X.%20Major%20Related%20Party%20Transactions) This section discloses the company's estimated and actual daily related party transactions during the reporting period, as well as the progress of major related party transactions such as asset acquisitions and equity sales, including the major asset restructuring of Runtian Industrial and debt transfer matters Estimated and Actual Daily Related Party Transactions for 2025 | Related Party Transaction Type | Related Party | Estimated Amount for 2025 (10,000 yuan) | Actual Amount for 2025 (10,000 yuan) | | :--- | :--- | :--- | :--- | | Sales of products/goods to related parties | Jiangxi Tourism Group Co., Ltd. and its controlled enterprises | 100.00 | 0.58 | | Provision of services to related parties | Jiangxi Tourism Group Co., Ltd. and its controlled enterprises | 100.00 | 22.58 | | Acceptance of entrusted sales of products/goods from related parties | Jiangxi Tourism Group Co., Ltd. and its controlled enterprises | 50.00 | 0.00 | | Acceptance of services from related parties | Jiangxi Tourism Group Co., Ltd. and its controlled enterprises | 500.00 | 103.02 | | Other | Jiangxi Tourism Group Co., Ltd. and its controlled enterprises | 50.00 | 0.00 | - The company initiated a major asset restructuring of Runtian Industrial, planning to inject packaged drinking water business, aiming to optimize business structure and enhance profitability[89](index=89&type=chunk)[90](index=90&type=chunk) - The company transferred the receivable related to Xinxian Zhongshi's performance compensation from Yiwei Investment to Jianglv Group for **37.24 million yuan** through a non-public agreement, with partial transfer payments received[90](index=90&type=chunk) - The company's Board of Directors approved the proposal to sell 100% equity of Jiangxi Guogui Cultural Tourism Development Co., Ltd., which will divest scenic area investment and operation businesses upon equity transfer completion[91](index=91&type=chunk) [XI. Major Contracts and Their Fulfillment](index=29&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This section primarily discloses major guarantees performed and unfulfilled during the reporting period, indicating a high proportion of the company's guarantee balance to net assets for its subsidiaries Total Company Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (yuan) | | :--- | :--- | | Total guarantees for subsidiaries incurred during the reporting period | 49,000,000.00 | | Total guarantee balance for subsidiaries at period-end (B) | 108,658,446.20 | | Total guarantees (A+B) | 108,658,446.20 | | Proportion of total guarantees to company's net assets (%) | 156.51 | | Debt guarantee amount provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 68,000,000.00 | | Amount of total guarantees exceeding 50% of net assets (E) | 73,946,526.07 | | Total of the above three guarantee amounts (C+D+E) | 141,946,526.07 | Share Changes and Shareholder Information [I. Share Capital Change](index=31&type=section&id=I.%20Share%20Capital%20Change) This section states that the company's total share capital and equity structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and equity structure remained unchanged[97](index=97&type=chunk) [II. Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of common shareholders, the top ten shareholders, and the top ten unrestricted shareholders at the end of the reporting period, including shareholding quantity, proportion, share status, and shareholder nature - As of the end of the reporting period, the total number of common shareholders was **28,292**[98](index=98&type=chunk) Top Ten Shareholders' Shareholding at Period End | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Tourism Group Co., Ltd. | 98,803,000 | 19.57 | Pledged | 30,000,000 | State-owned Legal Person | | Sichuan Trust Co., Ltd. - Wenhuitong No. 1 Bond Investment Collective Fund Trust Plan | 25,250,726 | 5.00 | None | | Other | | Nanchang Jianglv Asset Management Co., Ltd. | 23,875,934 | 4.73 | None | | State-owned Legal Person | | Hangzhou Zhijiang Development General Company | 11,392,273 | 2.26 | None | | State-owned Legal Person | | Nanjing Jiangning State-owned Assets Management Group Co., Ltd. | 8,732,290 | 1.73 | None | | State-owned Legal Person | | Li Ximing | 7,774,500 | 1.54 | None | | Domestic Natural Person | | Shanghai Grand World (Group) Company | 5,904,685 | 1.17 | None | | State-owned Legal Person | | Yan Cheng | 3,758,800 | 0.74 | None | | Domestic Natural Person | | Li Yanrui | 3,000,000 | 0.59 | None | | Domestic Natural Person | | Gong Guofeng | 3,000,000 | 0.59 | None | | Domestic Natural Person | | Chen Lihong | 3,000,000 | 0.59 | None | | Domestic Natural Person | - Jiangxi Tourism Group Co., Ltd. is the company's controlling shareholder, holding a combined direct and indirect total of **24.30%** of the company's total share capital[102](index=102&type=chunk)[131](index=131&type=chunk) Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[105](index=105&type=chunk) [II. Convertible Corporate Bonds](index=34&type=section&id=II.%20Convertible%20Corporate%20Bonds) This section states that the company has no convertible corporate bonds - The company has no convertible corporate bonds[105](index=105&type=chunk) Financial Report [I. Audit Report](index=35&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual report has not been audited - This semi-annual report has not been audited[6](index=6&type=chunk) [II. Financial Statements](index=35&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting its financial position, operating results, and cash flow Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | June 30, 2025 (yuan) | December 31, 2024 (yuan) | | :--- | :--- | :--- | | Total Assets | 492,871,140.10 | 425,130,680.55 | | Total Liabilities | 423,447,299.84 | 332,980,043.52 | | Total Owners' Equity Attributable to Parent Company | 61,820,090.50 | 84,692,180.24 | Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 194,334,652.08 | 200,282,307.20 | | Operating Profit | -13,355,350.89 | -15,100,799.52 | | Net Profit | -15,977,875.23 | -17,865,149.26 | | Net Profit Attributable to Parent Company Shareholders | -16,123,168.20 | -17,216,326.69 | | Basic Earnings Per Share (yuan/share) | -0.0319 | -0.0341 | Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -63,975,262.24 | -3,998,856.09 | | Net Cash Flow from Investing Activities | -441,975.68 | -1,167,887.52 | | Net Cash Flow from Financing Activities | 76,600,666.55 | -21,102,358.67 | | Net Increase in Cash and Cash Equivalents | 12,149,802.52 | -26,128,529.22 | [III. Company Basic Information](index=54&type=section&id=III.%20Company%20Basic%20Information) This section introduces the company's registration date, total share capital, changes in registered address and company name, business nature, and main operating activities, clarifying its industry as business services, primarily internet digital marketing, tourism destination investment/development/operation, and cross-border e-commerce - The company was registered on December 29, 1998, with a total share capital of **504.93666 million shares**[136](index=136&type=chunk) - The company's registered address changed to Honggutan District, Nanchang City, Jiangxi Province on August 19, 2022, and its name changed to China Travel Culture Investment Group Co., Ltd. on January 17, 2023[136](index=136&type=chunk) - The company's industry is business services, with main operating activities including internet digital marketing, tourism destination investment, development and operation, and cross-border e-commerce businesses[137](index=137&type=chunk) [IV. Basis of Financial Statement Preparation](index=54&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section states that the company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue as a going concern - The company's financial statements are prepared on a going concern basis[138](index=138&type=chunk) - There are no matters or circumstances that cast significant doubt on the company's ability to continue as a going concern for 12 months from the end of the reporting period[139](index=139&type=chunk) [V. Significant Accounting Policies and Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including accounting standards, financial instruments, receivables, inventories, fixed assets, revenue, government grants, and deferred taxes - The company's financial statements comply with enterprise accounting standards, accurately and completely reflecting its financial position[140](index=140&type=chunk) - The accounting year is from January 1 to December 31, and the operating cycle is 12 months[141](index=141&type=chunk)[142](index=142&type=chunk) - The criterion for significant non-wholly-owned subsidiaries is operating revenue exceeding **50%** of consolidated operating revenue[144](index=144&type=chunk) - Business combinations are classified as under common control or not under common control, measured at the book value share of net assets and fair value, respectively[145](index=145&type=chunk)[146](index=146&type=chunk) - The scope of consolidated financial statements is determined based on control, with unified accounting policies and periods[147](index=147&type=chunk)[150](index=150&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[155](index=155&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - Accounts receivable and long-term receivables are grouped by credit risk characteristics for impairment provision, using the aging analysis method[167](index=167&type=chunk)[168](index=168&type=chunk)[171](index=171&type=chunk) - Inventories primarily include merchandise inventory, revolving materials, and goods in transit, valued using weighted average and FIFO methods, with impairment provisions based on the lower of cost and net realizable value[173](index=173&type=chunk)[174](index=174&type=chunk) - Long-term equity investments in subsidiaries are accounted for using the cost method, while those in joint ventures and associates use the equity method[181](index=181&type=chunk)[182](index=182&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods and residual value rates determined by asset category[190](index=190&type=chunk) - Revenue is recognized when customers obtain control of related goods or services, recognized over time or at a point in time based on the type of performance obligation[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in profit or loss, respectively[209](index=209&type=chunk)[210](index=210&type=chunk) - Deferred income tax assets and liabilities are recognized based on differences between the carrying amounts and tax bases of assets and liabilities[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk) - As a lessee, right-of-use assets and lease liabilities are recognized; as a lessor, leases are classified as finance leases or operating leases[214](index=214&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) [VI. Taxation](index=72&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, education surcharge, local education surcharge, and corporate income tax, along with applicable tax incentives Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 3%, 5%, 6%, 13% | | Urban Maintenance and Construction Tax | Actual VAT paid | 5%, 7% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | | Corporate Income Tax | Taxable income | 8.25%, 20%, 25% | - Some of the company's subsidiaries enjoy VAT exemption or a reduced **1%** levy for small-scale taxpayers[221](index=221&type=chunk) - For small low-profit enterprises, the portion of annual taxable income not exceeding **1 million yuan** is included in taxable income at **25%** and subject to a **20%** corporate income tax rate[221](index=221&type=chunk) - Some of the company's subsidiaries enjoy a **50%** reduction or **100%** exemption from cultural construction fees[222](index=222&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major consolidated financial statement items, including cash, receivables, inventories, fixed assets, goodwill, borrowings, payables, revenue, costs, and cash flow, with period-end balances and changes Composition of Cash and Bank Balances (June 30, 2025) | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Cash on Hand | 2,645.00 | 920.00 | | Bank Deposits | 54,349,748.15 | 42,265,360.33 | | Other Cash and Bank Balances | 622,112.31 | 558,422.61 | | Total | 54,974,505.46 | 42,824,702.94 | - Period-end overseas deposits totaled **7,918,856.43 yuan**; other cash and bank balances include securities account funds, Alipay balance, and tourism deposits[224](index=224&type=chunk) Aging Analysis of Accounts Receivable (June 30, 2025) | Aging | Period-End Book Balance (yuan) | Beginning-of-Period Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year | 136,858,901.87 | 82,217,737.60 | | 1-2 years | 1,286,955.09 | 6,798,742.32 | | 2-3 years | 17,698,212.64 | 16,908,371.13 | | Over 5 years | 6,283,044.12 | 6,304,907.74 | | Total | 167,300,647.44 | 112,610,861.73 | - The period-end balance of allowance for doubtful accounts for accounts receivable was **27,648,372.35 yuan**, with **25,938,020.28 yuan** individually provided and **1,710,352.07 yuan** collectively provided[228](index=228&type=chunk) Other Receivables Classified by Nature of Payment (June 30, 2025) | Nature of Payment | Period-End Book Balance (yuan) | Beginning-of-Period Book Balance (yuan) | | :--- | :--- | :--- | | Deposits and Guarantees | 3,576,695.37 | 2,979,956.14 | | Employee Petty Cash | 827,858.45 | 349,111.27 | | Other Intercompany Payables/Receivables | 355,340,294.59 | 356,189,222.56 | | Total | 359,744,848.41 | 359,518,289.97 | - The period-end balance of allowance for doubtful accounts for other receivables was **323,181,887.62 yuan**[245](index=245&type=chunk) Inventory Classification (June 30, 2025) | Item | Book Balance (yuan) | Inventory Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Merchandise Inventory | 32,300,688.64 | 1,018,632.50 | 31,282,056.14 | | Goods in Transit | 4,150,875.89 | 0.00 | 4,150,875.89 | | Revolving Materials | 3,720.20 | 0.00 | 3,720.20 | | Total | 36,455,284.73 | 1,018,632.50 | 35,436,652.23 | - Goodwill's original book value was **92,205,808.22 yuan**, with goodwill impairment provision of **73,743,844.22 yuan**[283](index=283&type=chunk)[285](index=285&type=chunk) Short-Term Borrowings Classification (June 30, 2025) | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Guaranteed Loans | 108,658,446.20 | 93,300,000.00 | | Credit Loans | 180,000,000.00 | 160,000,000.00 | | Interest Payable | 296,458.74 | 308,923.58 | | Total | 288,954,904.94 | 253,608,923.58 | Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 194,146,876.41 | 176,980,689.60 | | Other Businesses | 187,775.67 | 50,734.25 | | Total | 194,334,652.08 | 177,031,423.85 | Reconciliation of Net Cash Flow from Operating Activities (Jan-Jun 2025) | Supplementary Information | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Profit | -15,977,875.23 | -17,865,149.26 | | Add: Asset impairment provisions | 65,548.85 | 147,133.59 | | Credit impairment losses | 3,827,265.91 | 298,272.47 | | Depreciation of fixed assets, depletion of oil and gas assets, depreciation of productive biological assets | 1,782,849.30 | 1,858,932.89 | | Amortization of right-of-use assets | 1,417,235.70 | 1,050,763.38 | | Amortization of intangible assets | 12,293.28 | 9,866.55 | | Amortization of long-term prepaid expenses | 2,353,182.71 | 2,396,088.86 | | Finance expenses | 6,894,300.93 | 6,929,707.25 | | Decrease in deferred income tax assets (increase indicated by '-') | -1,323,519.99 | -303,702.57 | | Increase in deferred income tax liabilities (decrease indicated by '-') | 457,457.30 | 417,804.81 | | Decrease in inventories (increase indicated by '-') | -9,089,190.55 | 695,449.23 | | Decrease in operating receivables (increase indicated by '-') | -57,860,278.20 | 36,896,510.17 | | Increase in operating payables (decrease indicated by '-') | 3,465,467.75 | -36,530,533.46 | | Net cash flow from operating activities | -63,975,262.24 | -3,998,856.09 | [X. Equity in Other Entities](index=123&type=section&id=X.%20Equity%20in%20Other%20Entities) This section details the company's corporate group structure, including the main operating locations, registered capital, business nature, and shareholding percentages of each subsidiary, and discloses financial information for significant non-wholly-owned subsidiaries Composition of Corporate Group | Subsidiary Name | Main Operating Location | Registered Capital (yuan) | Business Nature | Shareholding Proportion (%) (Direct) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | | CITS United Outdoor Cultural Tourism Development Co., Ltd. | Xiamen City | 7,000.00 | Culture and Sports Investment | 100.00 | Acquired through establishment or investment | | CITS United (Hong Kong) Investment Co., Ltd. | Hong Kong | 3,103.11 | Investment Management | 100.00 | Acquired through establishment or investment | | Beijing Xinxian Zhongshi Cultural Communication Co., Ltd. | Beijing City | 1,000.00 | Advertising Marketing | 85.93 | Acquired through purchase and capital increase | | Jiangxi CITS United Cultural Tourism Co., Ltd. | Nanchang City | 2,000.00 | Tourism Services | 100.00 | Acquired through establishment or investment | | Jiangxi Haijigou Import and Export Co., Ltd. | Nanchang | 5,000.00 | Trade | 100.00 | Business combination under common control | Key Financial Information of Significant Non-Wholly-Owned Subsidiary (Beijing Xinxian Zhongshi Cultural Communication Co., Ltd.) | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Current Assets | 194,804,431.03 | 161,857,166.95 | | Non-Current Assets | 14,158,927.73 | 10,259,690.61 | | Total Assets | 208,963,358.76 | 172,116,857.56 | | Current Liabilities | 161,276,406.72 | 127,428,440.67 | | Non-Current Liabilities | 2,220,282.22 | 179,550.29 | | Total Liabilities | 163,496,688.94 | 127,607,990.96 | | Operating Revenue | 154,461,495.35 | 164,803,670.56 | | Net Profit | 957,803.22 | -2,751,281.15 | | Total Comprehensive Income | 957,803.22 | -2,751,281.15 | | Cash Flow from Operating Activities | -30,309,664.57 | 26,258,038.66 | [XI. Government Grants](index=127&type=section&id=XI.%20Government%20Grants) This section discloses government grants recognized as receivables at the end of the reporting period, along with liability items involving government grants and the amount of government grants recognized in current profit or loss Liability Items Involving Government Grants (June 30, 2025) | Financial Statement Item | Beginning-of-Period Balance (yuan) | New Grants Added This Period (yuan) | Recognized in Other Income This Period (yuan) | Period-End Balance (yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 8,000,000.00 | 0.00 | 0.00 | 8,000,000.00 | Income Related | | Deferred Income | 0.00 | 240,000.00 | 24,000.00 | 216,000.00 | Asset Related | | Total | 8,000,000.00 | 240,000.00 | 24,000.00 | 8,216,000.00 | / | Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Amount Incurred This Period (yuan) | Amount Incurred Prior Period (yuan) | | :--- | :--- | :--- | | Asset Related | 24,000.00 | 0.00 | | Income Related | 2,157,973.60 | 90,000.00 | | Total | 2,181,973.60 | 90,000.00 | [XIII. Disclosure of Fair Value](index=129&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily involving other equity instrument investments, and explains the basis for determining market prices of Level 1 fair value measurement items Period-End Fair Value of Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 0.00 | 3,442,718.03 | 45,466,074.55 | 48,908,792.58 | | Total Assets Continuously Measured at Fair Value | 0.00 | 3,442,718.03 | 45,466,074.55 | 48,908,792.58 | - The basis for determining market prices of continuous and non-continuous Level 1 fair value measurement items is the closing price in an active market[380](index=380&type=chunk) [XIV. Related Parties and Related Party Transactions](index=130&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, subsidiaries, other related parties, and related party transactions during the reporting period, including purchases and sales of goods, provision and acceptance of services, related party leases, guarantees, and fund borrowings, along with outstanding related party receivables and payables - The company's controlling shareholder is Jiangxi Tourism Group Co., Ltd., and the ultimate controlling party is Jiangxi Provincial State-owned Assets Supervision and Administration Commission[382](index=382&type=chunk)[383](index=383&type=chunk) - Jiangxi Tourism Group Co., Ltd. directly and indirectly holds a combined total of **24.30%** of the company's total share capital[383](index=383&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Jan-Jun 2025) | Related Party | Related Party Transaction Content | Amount Incurred This Period (yuan) | | :--- | :--- | :--- | | Nanchang Hongzhouwan Tourism Development Co., Ltd. | Property Management Fees | 305,812.62 | | Jiangxi Tourism Development Group Co., Ltd. | Rent | 392,682.67 | | Jiangxi Benwuchen Tea Industry Co., Ltd. | Tea Purchase | 37,557.16 | | Jiangxi Tourism Group Qinlu Catering Development Co., Ltd. | Catering Expenses | 235,114.95 | Related Party Transactions for Sale of Goods/Provision of Services (Jan-Jun 2025) | Related Party | Related Party Transaction Content | Amount Incurred This Period (yuan) | | :--- | :--- | :--- | | Jiangxi Changlv Scenic Area Management Group Co., Ltd. | Lease Income | 545.10 | | Jiangxi Tourism Planning and Design Institute Co., Ltd. | Service Fees | 20,047.17 | | Jiangxi Ganyoutong International Travel Agency Co., Ltd. | Service Fees | 97,608.58 | Related Party Guarantees by the Company as Guarantor (June 30, 2025) | Guaranteed Party | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Guogui Cultural Tourism Development Co., Ltd. | 2,000,000.00 | 2024/09/29 | 2025/09/28 | No | | Jiangxi Haijigou Import and Export Co., Ltd. | 10,000,000.00 | 2024/11/25 | 2025/11/24 | No | | Beijing Xinxian Zhongshi Cultural Communication Co., Ltd. | 10,000,000.00 | 2025/03/07 | 2026/03/06 | No | - The company borrowed **50 million yuan** from Jiangxi Tourism Group Co., Ltd., with a start date of 2025/05/25 and an end date of 2026/05/24[393](index=393&type=chunk) - Key management personnel compensation incurred this period was **569,600 yuan**[395](index=395&type=chunk) Receivables from Related Parties (June 30, 2025) | Item Name | Related Party | Period-End Book Balance (yuan) | Allowance for Doubtful Accounts (yuan) | | :--- | :--- | :--- | :--- | | Accounts Receivable | Jiangxi Ganyoutong International Travel Agency Co., Ltd. | 50,000.00 | 15,000.00 | | Prepayments | Xinlv Construction Group Co., Ltd. | 186,904.58 | 0.00 | | Other Receivables | Zhangshu Yiwei Investment Management Center (Limited Partnership) | 11,912,672.25 | 1,674,028.47 | | Other Receivables | Shanghai Hongyun Information Technology Co., Ltd. | 17,567,215.01 | 17,404,554.41 | Payables to Related Parties (June 30, 2025) | Item Name | Related Party | Period-End Book Balance (yuan) | | :--- | :--- | :--- | | Other Payables | Jiangxi Tourism Group Co., Ltd. | 50,239,047.10 | | Other Payables | Nanchang Hongzhouwan Tourism Development Co., Ltd. | 605,739.17 | [XVIII. Other Significant Matters](index=139&type=section&id=XVIII.%20Other%20Significant%20Matters) This section reiterates the progress of the company's major asset restructuring of Runtian Industrial, as well as related party transactions involving debt transfer and divestment of scenic area investment and operation businesses - On May 28, 2025, the company initiated a major asset restructuring of Runtian Industrial, planning to inject packaged drinking water business, aiming to optimize business structure and enhance profitability[402](index=402&type=chunk)[403](index=403&type=chunk) - The company transferred the receivable related to Xinxian Zhongshi's performance compensation from Yiwei Investment to Jianglv Group for **37.24 million yuan** through a non-public agreement, with partial transfer payments received[404](index=404&type=chunk) - The company's Board of Directors approved the proposal to sell 100% equity of Jiangxi Guogui Cultural Tourism Development Co., Ltd., which will divest scenic area investment and operation businesses upon equity transfer completion[404](index=404&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=140&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides notes on major items in the parent company's financial statements, including other receivables, long-term equity investments, operating revenue, and operating costs, presenting period-end balances, beginning-of-period balances, current period changes, and related explanations Parent Company Other Receivables Item Listing (June 30, 2025) | Item | Period-End Balance (yuan) | Beginning-of-Period Balance (yuan) | | :--- | :--- | :--- | | Other Receivables | 247,087,502.97 | 208,173,181.45 | | Total | 247,087,502.97 | 208,173,181.45 | Parent Company Other Receivables Classified by Nature of Payment (June 30, 2025) | Nature of Payment | Period-End Book Balance (yuan) | Beginning-of-Period Book Balance (yuan) | | :--- | :--- | :--- | | Employee Petty Cash | 56,707.69 | 19,323.15 | | Other Intercompany Payables/Receivables | 480,286,655.99 | 441,409,245.16 | | Total | 480,343,363.68 | 441,428,568.31 | - The period-end balance of allowance for doubtful accounts for parent company other receivables was **233,255,860.71 yuan**[412](index=412&type=chunk)[414](index=414&type=chunk) Parent Company Investments in Subsidiaries (June 30, 2025) | Investee | Period-End Balance (Book Value) (yuan) | Impairment Provision Period-End Balance (yuan) | | :--- | :--- | :--- | | CITS United (Hong Kong) Investment Co., Ltd. | 31,031,085.00 | 0.00 | | Nanjing Yijin Hotel Management Co., Ltd. | 10,000,000.00 | 10,000,000.00 | | Beijing Xinxian Zhongshi Cultural Communication Co., Ltd. | 249,175,000.00 | 0.00 | | Jiangxi CITS United Cultural Tourism Co., Ltd. | 20,000,000.00 | 0.00 | | Jiangxi Haijigou Import and Export Co., Ltd. | 45,631,271.32 | 0.00 | | Total | 445,837,357.32 | 20,000,000.00 | Parent Company Operating Revenue and Operating Costs (Jan-Jun 2025) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 76,900.46 | 41,344.00 | | Other Businesses | 595,960.16 | 309,435.30 | | Total | 672,860.62 | 350,779.30 | [XX. Supplementary Information](index=149&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, and return on net assets and earnings per share Detailed Statement of Non-Recurring Gains and Losses for the Current Period (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 16,302.59 | | Government grants recognized in current profit or loss | 2,181,973.60 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 86,000.00 | | Other non-operating income and expenses apart from the above | -2,007,310.95 | | Less: Income tax impact | 165,100.15 | | Impact on minority interests (after tax) | 299,092.02 | | Total | -187,226.93 | Return on Net Assets and Earnings Per Share (Jan-Jun 2025) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | -22.01 | -0.0319 | -0.0319 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | -21.75 | -0.0316 | -0.0316 |

国旅文化投资集团股份有限公司 关于出售江西国贵文旅发展有限责任公司 100%股权 暨关联交易的公告 证券代码：600358 证券简称：ST 联合 公告编号：2025-临 067 本次交易已经公司 2025 年 8 月 22 日召开的董事会 2025 年第八次临时会 议审议通过，关联董事已回避表决；本次交易未达到股东大会审议标准，尚需经 有关国资部门批准后方可实施。 2025 年 5 月 28 日，公司董事会 2025 年第六次临时会议审议通过《关于 本次重大资产重组方案的议案》等重大资产重组相关议案（详见公司于 2025 年 5 月 29 日披露的重大资产重组预案等相关公告）；2025 年 7 月 22 日及 8 月 8 日，公司董事会 2025 年第七次临时会议、2025 年第三次临时股东大会分别审议 通过《关于出售公司部分债权暨关联交易的议案》，同意公司将应收相关业绩补 偿款债权及其从权利以人民币 3,724.00 万元的价格转让给控股股东江旅集团。 除上述事项外，公司过去 12 个月与同一关联人或与不同关联人之间未发生相同 交易类别下标的相关的关联交易。本次交易系独立交易，不属于上述重大资产重 组或出售 ...

本次担保金额及已实际为其提供的担保余额：本次累计已担保金额为 6,000 万元人民币。截至本公告披露日，公司已实际为江西新线中视提供的担 保余额为 6,800 万元（含本次担保）、为海际购提供的担保余额为 3,500 万元 （含本次担保）、为北京新线中视提供的担保余额为 2,000 万元（含本次担保）、 为国贵文旅提供的担保余额为 1,500 万元（含本次担保）。 证券代码：600358 证券简称：ST联合 公告编号： 2025-临068 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。 重要内容提示： 被担保人名称：国旅文化投资集团股份有限公司（以下简称"公司"）控 股子公司江西省海际购进出口有限公司（以下简称"海际购"）、北京新线中视 文化传播有限公司（以下简称"北京新线中视"）、控股孙公司江西国贵文旅发 展有限责任公司（以下简称"国贵文旅"）、江西新线中视文化传媒有限公司 （以下简称"江西新线中视"）。 本次担保是否有反担保：本次被担保对象江西新线中视、北京新线中视有 反担保。 对外担保逾期的累计数量：无。 特别风险提示： ...

Market Overview - The advertising and marketing sector experienced a decline of 0.52% on August 21, with Tianlong Group leading the drop [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Notable gainers in the advertising and marketing sector included: - Zhidu Co., Ltd. (Code: 000676) with a closing price of 68.6, up 2.81% and a trading volume of 1.2698 million shares, totaling 1.256 billion yuan [1] - ST United (Code: 600358) closed at 5.98, up 1.70% with a trading volume of 159,300 shares, totaling 95.0463 million yuan [1] - Major decliners included: - Tianlong Group (Code: 300063) closed at 9.27, down 3.34% with a trading volume of 684,400 shares, totaling 641 million yuan [2] - Zhejiang Wenlian (Code: 600986) closed at 9.45, down 2.17% with a trading volume of 653,900 shares, totaling 621 million yuan [2] Capital Flow - The advertising and marketing sector saw a net outflow of 744 million yuan from institutional investors, while retail investors contributed a net inflow of 741 million yuan [2][3] - The table of capital flow indicates that: - Zhidu Co., Ltd. had a net inflow of 1.31 billion yuan from institutional investors, while retail investors had a net outflow of 596.2 million yuan [3] - Fenjun Media (Code: 002027) experienced a net inflow of 1.22 billion yuan from institutional investors, with retail investors also seeing a net outflow of 3.177 million yuan [3]

Group 1: Market Performance - The advertising marketing sector increased by 1.14% on August 19, with Zhidu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Group 2: Individual Stock Performance - Zhidu Co., Ltd. (code: 000676) closed at 9.62, up 5.25% with a trading volume of 1.5688 million shares and a transaction value of 15 million yuan [1] - Yidian Tianxia (code: 301171) closed at 33.42, up 4.44% with a trading volume of 745,400 shares and a transaction value of 2.488 billion yuan [1] - ST United (code: 600358) closed at 5.95, up 3.66% with a trading volume of 231,100 shares and a transaction value of 13.5 million yuan [1] Group 3: Capital Flow Analysis - The advertising marketing sector saw a net inflow of 103 million yuan from institutional investors, while retail investors contributed a net inflow of 201 million yuan [2] - The sector experienced a net outflow of 305 million yuan from speculative funds [2] Group 4: Detailed Capital Flow for Key Stocks - Zhidu Co., Ltd. had a net inflow of 254 million yuan from institutional investors, while speculative funds saw a net outflow of 134 million yuan [3] - Yidian Tianxia experienced a net inflow of 238 million yuan from institutional investors, with a net outflow of 61.855 million yuan from speculative funds [3] - Fenzhong Media (code: 002027) had a net inflow of 55.9769 million yuan from institutional investors, while speculative funds had a net outflow of 30.0524 million yuan [3]

金融界消息 截至2025年8月15日收盘，ST联合（600358）报收于5.84元，下跌0.68%，换手率3.12%，成 交量15.77万手，成交金额9175.91万元。 通过天眼查大数据分析，国旅文化投资集团股份有限公司共对外投资了32家企业，参与招投标项目5 次，知识产权方面有商标信息39条，此外企业还拥有行政许可6个。 资金流向方面，今日主力资金净流出1892.04万元，占比成交额20.62%。其中，超大单净流出1245.50万 元、占成交额13.57%，大单净流出646.54万元、占成交额7.05%，中单净流出流入600.71万元、占成交 额6.55%，小单净流入1291.32万元、占成交额14.07%。 ST联合最新一期业绩显示，截至2025一季报，公司营业总收入8705.69万元、同比减少29.16%，归属净 利润853.63万元，同比减少94.98%，扣非净利润831.70万元，同比减少123.94%，流动比率0.955、速动 比率0.864、资产负债率81.95%。 天眼查商业履历信息显示，国旅文化投资集团股份有限公司，成立于1998年，位于南昌市，是一家以从 事商务服务业为主的企业。企业注册 ...

Meeting Details - The shareholders' meeting was held on August 8, 2025, at Jianglv Industrial Building, Nanchang, Jiangxi Province [1] - The attendance rate of ordinary shareholders and preferred shareholders with restored voting rights was 33.43% [1] Voting Process - The meeting was conducted in accordance with the Company Law and the Articles of Association, combining on-site and online voting methods [1] - The meeting was presided over by the company's chairman, He Xinyue [1] Voting Results - The non-cumulative voting proposal was approved with 99.40% of A-share votes in favor, 0.43% against, and 0.17% abstaining [1] - A total of 143,075,784 A-share votes were cast, with 84.76% in favor, 0.21% against, and 15.03% abstaining [1] Major Matters - The proposal regarding partial debt and related party transactions was approved with 99.07% in favor, 0.67% against, and 0.26% abstaining [1] - The related party shareholder, Jiangxi Tourism Group Co., Ltd., abstained from voting on the relevant proposal [1] Legal Compliance - The procedures for convening and holding the shareholders' meeting, as well as the qualifications of the conveners and attendees, complied with the Company Law and relevant regulations [1]

证券代码：600358 证券简称：ST 联合 公告编号：2025-临 064 国旅文化投资集团股份有限公司 2025年第三次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 会议由公司董事长何新跃先生主持。本次会议的召集、召开及表决方式均符合《公 司法》及《公司章程》的有关规定。 (一)股东大会召开的时间：2025 年 8 月 8 日 (二)股东大会召开的地点：江西省南昌市东湖区福州路 169 号江旅产业大厦 A 座 19 层会议室。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 516 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 168,800,447 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 33.4300 | (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 ...