Group 1 - The core point of the article is that Guomai Culture reported a decline in operating revenue for the first half of 2025, while net profit attributable to shareholders increased significantly [2] - The company achieved operating revenue of 875,511,624.91 yuan, representing a year-on-year decrease of 9.7995% [2] - The net profit attributable to shareholders was 13,922,739.07 yuan, showing a year-on-year increase of 18.8905% [2]

Core Insights - In the first half of 2025, the company reported a revenue of 876 million yuan, a year-on-year decrease of 9.80% [1] - The net profit attributable to shareholders was 13.92 million yuan, an increase of 18.89% year-on-year [1] - The company’s basic earnings per share were 0.02 yuan, with a weighted average return on equity of 0.35% [1] Financial Performance - The gross profit margin for the first half of 2025 was 16.27%, up 0.82 percentage points year-on-year [1] - The net profit margin was 1.57%, an increase of 0.22 percentage points compared to the same period last year [1] - In Q2 2025, the gross profit margin was 16.98%, up 1.97 percentage points year-on-year and 1.36 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the first half of 2025 were 109 million yuan, a decrease of 13.41 million yuan year-on-year [2] - The expense ratio was 12.50%, down 0.16 percentage points from the previous year [2] - Sales expenses increased by 35.50%, while management and R&D expenses decreased by 15.21% and 13.44%, respectively [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 28,300, a decrease of 646 from the previous quarter [2] - The average market value per shareholder increased by 3.83%, from 328,600 yuan to 341,200 yuan [2] Business Overview - The company is primarily engaged in business travel booking, hotel operation and management, and points operation services [2] - The revenue composition includes digital content (27.33%), hotel operations (24.41%), rights operation and new consumption (22.64%), smart applications (18.55%), and other services (0.45%) [2] - The company is classified under the media industry, specifically in advertising and marketing [2]

Core Insights - The company reported a revenue of 876 million yuan for the first half of the year, representing a decline of 9.8% compared to the same period last year [1] - The company is actively optimizing its business structure by reducing low-quality and inefficient operations, focusing on high-value core businesses [1] - The revenue from digital business has increased, now accounting for 40% of total revenue, laying a solid foundation for sustainable high-quality development [1] - The net profit attributable to shareholders reached 14 million yuan, an increase of 18.89% year-on-year [1] - The overall gross profit margin improved to 16.3%, reflecting a year-on-year increase of 5.3% [1]

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。 证券代码：600640 证券简称：国脉文化 公告编号：临 2025-026 新国脉数字文化股份有限公司 第十一届董事会第十五次会议决议公告 该事项已经审计委员会审议通过，审计委员会发表的审核意见认为： 公司2025年半年度报告及摘要中披露的财务信息客观、真实、公允地反映 了公司2025年半年度的经营情况，信息真实、准确、完整，不存在任何虚 假记载、误导性陈述或重大遗漏。 表决结果：同意9票，反对0票，弃权0票。 新国脉数字文化股份有限公司 新国脉数字文化股份有限公司（以下简称"公司"）于2025年8月22 日以现场结合通讯方式召开了公司第十一届董事会第十五次会议。会议通 知及资料已于2025年8月12日向全体董事发出。会议应到董事9名，实际出 席9名，本次会议由董事长张伟先生主持，公司部分高级管理人员列席了本 次会议。本次会议的召开及其程序符合有关法律、法规和《公司章程》等 规定。会议审议并通过了以下议案： 董事会 一、关于《公司2025年半年度报告》及摘要的议案 二、关于《中国 ...

证券代码：600640 证券简称：国脉文化 公告编号：临 2025-027 新国脉数字文化股份有限公司 关于 2025 年半年度计提信用减值准备的公告 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。 一、本次计提信用减值准备情况概述 新国脉数字文化股份有限公司（以下简称"公司"）根据《企业 会计准则》和公司相关会计政策的规定，为真实、准确反映公司截至 2025 年 6 月 30 日的财务状况及 2025 年半年度的经营成果，公司对截 至 2025 年半年度期末各类资产进行了清查、分析，经资产减值测试， 公司认为部分资产存在一定的减值迹象。基于谨慎性原则，公司对存 在减值迹象的相关资产计提减值准备，具体情况如下： 本次计提信用减值准备符合《企业会计准则》和公司内部控制制 度的相关规定，遵循谨慎性、合理性原则，符合公司的实际情况，能 够更真实、准确地反映截至 2025 年 6 月 30 日公司的财务状况、资产 价值及经营成果。 上述事项未经会计师事务所审计，请投资者注意投资风险。 特此公告。 新国脉数字文化股份有限公司 董事会 二 ...

新国脉数字文化股份有限公司 关于中国电信集团财务有限公司 关联交易 2025 年半年度风险持续评估报告 根据《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》要求，新国脉数字文化股份有限公司（以下 简称"本公司"）通过查验中国电信集团财务有限公司（以下 简称"中国电信财务公司"）《金融许可证》与《营业执照》 等资料，审阅其资产负债表、利润表等定期财务报告，对其经 营资质、业务和风险状况进行了评估，具体情况报告如下： 一、中国电信财务公司基本情况 中国电信财务公司是经原中国银行保险监督管理委员会 北京监管局批准，于 2019 年 1 月 8 日正式成立的非银行金融 机构。目前注册资本为 50 亿元，由中国电信股份有限公司、 中国电信集团有限公司（以下简称"电信集团"）、中国通 信服务股份有限公司分别出资 35 亿元、7.5 亿元、7.5 亿元。 法定代表人为李英辉，注册地址为北京市西城区西直门内大 街 118 号八层。截至 2025 年 6 月 30 日，中国电信财务公司 经批准的业务范围包括：吸收成员单位存款；办理成员单位 贷款；办理成员单位票据贴现；办理成员单位资金结算与收 付；提供成员单 ...

证券代码：600640 证券简称：国脉文化 公告编号：临 2025-026 新国脉数字文化股份有限公司 第十一届董事会第十五次会议决议公告 该事项已经独立董事专门会议审议通过，独立董事发表的审核意见认 为：中国电信集团财务有限公司持有合法有效的《金融许可证》和《营业 执照》，作为非银行金融机构，其业务范围、业务内容和流程、内部的风 险控制制度等措施都受到国家金融监督管理总局的严格监管，未发现其风 险管理存在重大缺陷。公司在中国电信集团财务有限公司的存款安全性和 流动性良好，公司与中国电信集团财务有限公司之间开展存款金融服务业 务的风险可控，且存款利率定价公允，不存在损害公司及中小股东利益的 情形。 关联董事陈文俊、赵昱锋、李原回避表决。 表决结果：同意6票，反对0票，弃权0票。 新国脉数字文化股份有限公司（以下简称"公司"）于2025年8月22 日以现场结合通讯方式召开了公司第十一届董事会第十五次会议。会议通 知及资料已于2025年8月12日向全体董事发出。会议应到董事9名，实际出 席9名，本次会议由董事长张伟先生主持，公司部分高级管理人员列席了本 次会议。本次会议的召开及其程序符合有关法律、法规和《公司章程 ...

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, ensuring a clear understanding of the company, reporting period, and related parties - Defines common terms such as "Guomai Culture", "Reporting Period", and "China Telecom", clarifying the company entity and reporting timeframe[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese and English names, abbreviation, and legal representative - Company Chinese name: Xin Guomai Digital Culture Co., Ltd., abbreviation: **Guomai Culture**[15](index=15&type=chunk) - Legal Representative: **Zhang Wei**[15](index=15&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%20%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the detailed contact information for the company's Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: **Wei Zhaohui**; Securities Affairs Representative: **Dong Xuning**[16](index=16&type=chunk) - Contact Address: 20th Floor, No. 1207 Jiangning Road, Shanghai[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%20%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section introduces the historical changes in the company's registered address and specifies the current registered address - The company's registered address changed to Floors 4, 18, 20-21, No. 1207 Jiangning Road, Shanghai, from July 24, 2023, to present[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%20%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the company's designated information disclosure newspapers, website address, and the location for storing semi-annual reports - Information disclosure newspapers: "China Securities Journal", "Securities Times"[18](index=18&type=chunk) - Website for semi-annual reports: www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides the company's listing exchange, stock abbreviation, and stock code - The company's stock is listed on the Shanghai Stock Exchange, abbreviation: **Xin Guomai**, code: **600640**[20](index=20&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue decreased year-on-year, but total profit and net profit attributable to shareholders increased, while net cash flow from operating activities significantly declined Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 875,511,624.91 RMB | 970,627,924.10 RMB | -9.7995 | | Total Profit | 25,835,191.50 RMB | 21,888,202.74 RMB | 18.0325 | | Net Profit Attributable to Shareholders of the Listed Company | 13,922,739.07 RMB | 11,710,558.72 RMB | 18.8905 | | Net Cash Flow from Operating Activities | -335,810,060.32 RMB | 148,493,798.44 RMB | -326.1442 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.0175 | 0.0147 | 19.0476 | | Diluted Earnings Per Share (RMB/share) | 0.0175 | 0.0147 | 19.0476 | | Weighted Average Return on Net Assets (%) | 0.3505 | 0.2956 | Increased by 0.0549 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the composition and total amount of non-recurring gains and losses during the reporting period, totaling **RMB 4.40 million** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -100,256.57 | | Government grants recognized in current profit or loss | 1,575,925.71 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 3,802,268.64 | | Other non-operating income and expenses apart from the above | 290,239.96 | | Less: Income tax impact | 1,018,969.94 | | Impact on minority interests (after tax) | 146,744.11 | | Total | 4,402,463.69 | Section III Management Discussion and Analysis [I. Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section describes the development of the digital culture industry under macro policies, technological empowerment, policy regulation, and cultural tourism consumption boost, and details the company's operating model as China Telecom's digital content operation platform, building a new digital culture ecosystem around five major business segments [(I) Industry Development](index=8&type=section&id=%28%E4%B8%80%29%20%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) The digital culture industry is driven by macro policies, technological advancements, and a recovering cultural tourism market, while also facing evolving regulatory frameworks - Macro policy guidance: The 2025 "Government Work Report" lists "developing new quality productive forces tailored to local conditions" as a key task, explicitly proposing to stimulate innovation vitality in the digital economy and deeply advance the "AI+" initiative[29](index=29&type=chunk) - Deep technological empowerment: Long-text and multi-modal large model technologies represented by DeepSeek, GPT-4o, and Veo3 have achieved leapfrog development, with AIGC technology widely applied in gaming, film and television entertainment, enterprise services, and marketing scenarios[30](index=30&type=chunk) - Improved policy regulation: The "Network Data Security Management Regulations" officially came into effect in 2025, and four departments jointly issued the "Measures for the Identification of AI-Generated Synthetic Content", aiming to standardize content identification methods and clarify the obligations and control requirements of various responsible entities[31](index=31&type=chunk) - Cultural tourism consumption boost: In the first half of 2025, domestic cultural tourism consumption demand continued to recover, with both domestic travel numbers and total tourism spending increasing year-on-year during the Spring Festival and May Day holidays, providing broad space for the transformation and upgrading of the cultural tourism industry through digital and AIGC technologies[32](index=32&type=chunk)[33](index=33&type=chunk) [(II) Company's Main Business and Operating Model](index=9&type=section&id=%28%E4%BA%8C%29%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) As China Telecom's digital content operation platform, the company leverages its resources to focus on digital content operations, building a new digital culture ecosystem across five key business segments - The company, as China Telecom's digital content operation platform, relies on China Telecom's resource support and the Tianyi digital business ecosystem, with digital content operation as its main axis[34](index=34&type=chunk) - It strategically develops five major business segments: digital content, smart applications, physical scenarios, digital rights, and digital creativity, actively building a new digital culture ecosystem driven by "culture + technology"[34](index=34&type=chunk)[35](index=35&type=chunk) - The digital content segment focuses on Tianyi Ultra HD and Tianyi Cloud Gaming 5G application development; the smart applications segment revolves around travel and exhibition businesses; the physical scenarios segment centers on Zunmao Hotel Group; the digital rights segment serves as China Telecom's exclusive points operation service provider; and the digital creativity segment builds 3D creative communities and holographic display spaces[34](index=34&type=chunk)[35](index=35&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In the first half of the year, the company deeply implemented China Telecom's strategy, optimized its business structure, scaled back inefficient operations, and focused on high-value core businesses, increasing the proportion of digital business revenue to 40%; net profit attributable to shareholders increased by 18.89%, and overall business gross margin improved by 5.3%; the company made progress in its five major segments: digital content, smart applications, physical scenarios, digital rights, and digital creativity, while continuously advancing technological innovation, reform initiatives, and Party building leadership - The company achieved operating revenue of **RMB 876 million**, a **9.8% decrease** year-on-year, primarily due to continuous business structure optimization and proactive scaling back of low-quality, inefficient businesses[35](index=35&type=chunk) - The proportion of digital business revenue increased to **40%**, laying a solid foundation for the company's high-quality sustainable development[35](index=35&type=chunk) Core Performance Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of the Listed Company | 0.14 billion RMB | 0.1171 billion RMB | 18.89% | | Overall Business Gross Margin | 16.3% | 11.0% | Improved by 5.3 percentage points | [(I) Dual Improvement in Operational Quality and Efficiency, Breakthroughs in Digital Intelligence Layout](index=9&type=section&id=%28%E4%B8%80%29%20%E7%BB%8F%E8%90%A5%E8%B4%A8%E6%95%88%E5%8F%8C%E5%8D%87%EF%BC%8C%E6%95%B0%E6%99%BA%E5%B8%83%E5%B1%80%E7%AA%81%E7%A0%B4) The company achieved significant advancements in its digital content, smart applications, physical scenarios, digital rights, and digital creativity segments, leveraging AI technology for intelligent upgrades and ecosystem expansion - The digital content segment integrates AI technology to achieve intelligent upgrades across the entire "acquisition, production, broadcasting, and viewing" process; Tianyi Ultra HD builds a film and television tag library based on video analysis, establishing an Ultra HD AI search intelligent agent to enhance user viewing intent recognition and film matching and recommendation capabilities[37](index=37&type=chunk) - In the first half of 2025, **125 episodes of AI short dramas** were produced and launched, with cumulative views exceeding **30 million**, marking the first integration of "object and product in-picture" technology into AIGC creation[37](index=37&type=chunk) - Tianyi Cloud Gaming deepens AI services, creating an in-app "Yibao" long-text dialogue model, currently holding over a thousand console, mobile, and mini-games, with approximately **150 new games introduced** in the first half of the year[37](index=37&type=chunk) - The smart applications segment's Tianyi Travel creates an "AI + quantum encryption" smart travel ecosystem, launching "Travel PLUS" services exclusive to China Telecom users; Tianyi Exhibition deeply applies technologies such as AI navigation, metaverse exhibition halls, and digital humans, successfully hosting large international events like the Digital China Construction Summit and Mobile World Congress (MWC)[40](index=40&type=chunk) - The physical scenarios segment, Zunmao Hotel Group, operates over **60 hotels** across 34 locations in 11 provinces and cities nationwide through management contracts, franchise agreements, and consulting services, earning the "Top 60 Chinese Hotel Groups" award for **11 consecutive years**, and actively expanding into e-sports hotels and other businesses[41](index=41&type=chunk) - The digital rights segment's Tianyi Points Mall creates a comprehensive points redemption platform covering clothing, food, housing, and transportation for China Telecom's star-rated customers, introducing high-quality products from over ten central enterprises including COFCO and China Resources[42](index=42&type=chunk) - The digital creativity segment's self-developed "Cloud-Native 3D Visual Large Model" achieved a technological breakthrough in real-time 2D to 3D conversion in the cloud, increasing 3D transcoding efficiency by **20 times** and reducing resource consumption by **90%**, and established an "online creation - intelligent management - multi-terminal distribution" 3D creative community[43](index=43&type=chunk) [(II) Technology Leadership, Continuously Advancing Technological Innovation](index=10&type=section&id=%28%E4%BA%8C%29%20%E6%8A%80%E6%9C%AF%E5%BC%95%E9%A2%86%EF%BC%8C%E6%8C%81%E7%BB%AD%E6%8E%A8%E8%BF%9B%E7%A7%91%E6%8A%80%E5%88%9B%E6%96%B0) The company has established a "One Body, Two Wings" sci-tech innovation strategy for the AI era, focusing on building AIGC and AIDC capability platforms, fostering innovation, and collaborating with academic and research institutions - The company has built a sci-tech innovation top-level design adapted to the AI era – the Guomai Culture "One Body, Two Wings" overall sci-tech innovation strategy, focusing on building two major capability platforms: AIGC and AIDC[44](index=44&type=chunk) - In the AIGC digital creativity platform, it continues to build generative content application scenarios such as AI short dramas, AI Party building, AI travel, and 3D creative communities, and has completed the overall planning for AIGC multi-modal content generation general capabilities[44](index=44&type=chunk) - In the AIDC management innovation platform, focusing on Guomai Cloud Governance, it completed the planning of the Cloud Governance special zone, DS private deployment, and developed and launched data visualization systems such as the Party Member Data Dashboard, Business Data Dashboard, and "Eight Regulations Governance" Assistant Dashboard[44](index=44&type=chunk) - In terms of sci-tech innovation ecosystem cooperation, it actively explores industry-university-research collaboration with renowned universities and research institutions such as Fudan University, Beijing Institute of Telecommunication Research, Shanghai Academy of Sciences, and Shanghai Astronomy Museum[44](index=44&type=chunk) [(III) Reform Initiatives, Building an Efficient Operating System](index=10&type=section&id=%28%E4%B8%89%29%20%E6%94%B9%E9%9D%A9%E6%94%BB%E5%9D%9A%EF%BC%8C%E6%9E%84%E5%BB%BA%E9%AB%98%E6%95%88%E8%BF%90%E8%90%A5%E4%BD%93%E7%B3%BB) The company is actively implementing state-owned enterprise reform measures, optimizing organizational structures, and refining human resource management to build a highly efficient operating system - The company fully implements various measures of the State-owned Assets Supervision and Administration Commission's deepening and upgrading action for state-owned enterprise reform, optimizing and updating state-owned enterprise reform work measures, and clarifying reform directions and specific goals[45](index=45&type=chunk) - Combining the principle of "separation of management and operation", it optimizes internal organizational structure settings, synergistically promotes the reform of the business unit system and the reduction of legal entity numbers, ensuring that the enterprise's organizational system and operating mechanisms better adapt to new situations and requirements[45](index=45&type=chunk) - It continuously optimizes the three-system reform, promoting "up and down" for cadres, "in and out" for employees, and "high and low" for salaries[45](index=45&type=chunk) [(IV) Leading and Ensuring High-Quality Development with New Achievements in Party Building](index=10&type=section&id=%28%E5%9B%9B%29%20%E4%BB%A5%E5%85%9A%E5%BB%BA%E6%96%B0%E6%88%90%E6%95%88%E5%BC%95%E9%A2%86%E4%BF%9D%E9%9A%9C%E9%AB%98%E8%B4%A8%E9%87%8F%E5%8F%91%E5%B1%95) The company strengthens Party building by studying Xi Jinping Thought, optimizing governance mechanisms, enforcing discipline, and fostering a positive corporate culture to drive high-quality development - Deeply studies and implements Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, strictly implements the "first topic" system, and deepens the study and promotion of the Party's innovative theories[46](index=46&type=chunk) - Deepens the construction of the "two-way integration" mechanism, systematically optimizes the Party Committee's pre-research procedures, and improves a governance system with statutory powers and responsibilities and coordinated operation[46](index=46&type=chunk) - Deeply implements the spirit of the Central Eight Provisions, carries out special rectification of discipline and work style, and standardizes performance of duties and exercise of power according to Party constitution and regulations[46](index=46&type=chunk)[47](index=47&type=chunk) - Focuses on cultural construction, creating an uplifting atmosphere, actively implementing the "Implementation Opinions of Guomai Culture Company on Strengthening Enterprise Culture Construction in the New Era", and continuously striving to inherit the spirit of red telecom, cultivating and building a "four-in-one" characteristic culture and value culture[47](index=47&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=%E4%B8%89%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company possesses unique competitive advantages in the digital culture industry, leveraging its state-owned enterprise brand, China Telecom's resources, rich business ecosystem, and comprehensive operating licenses to drive continuous innovation and value growth - State-owned enterprise brand positioning advantage: As a state-controlled listed company, it has inherent advantages in policy interpretation, content control, and value orientation, ensuring that the company always keeps pace with the times in its development[48](index=48&type=chunk) - China Telecom's resource advantage: As China Telecom's digital content operation platform, it is responsible for the development and operation of China Telecom's 5G content applications, accumulating massive digital content resources and long-term subscribers, possessing full-domain scenario implementation capabilities[49](index=49&type=chunk) - Rich business ecosystem advantage: Online, it has abundant entertainment content resources and distribution resources; offline, it has physical resources such as cultural tourism and hotels; it also holds the operating rights for China Telecom's points, forming a large user base and a complete business ecosystem chain[50](index=50&type=chunk) - Comprehensive license operation advantage: Possesses complete internet media operating qualifications and licenses, including the National Value-Added Telecommunications Business Operating License, Network Culture Operating License, Radio and Television Program Production and Operation License, Information Network Dissemination of Audio-Visual Programs License, Network Publishing Service License, Publication Operating License, Internet Publishing License, Travel Agency Business Operating License, etc[51](index=51&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=11&type=section&id=%E5%9B%9B%E3%80%81%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the reasons for changes in key financial statement items, noting stable asset-liability structure with significant fluctuations in certain accounts, and discloses equity investments and financial assets measured at fair value during the reporting period [(I) Main Business Analysis](index=11&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section analyzes the changes in key financial statement items, including revenue, costs, and expenses, and their impact on cash flow from operations Analysis of Changes in Financial Statement Items (Unit: RMB, Currency: RMB) | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 875,511,624.91 | 970,627,924.10 | -9.80 | | Operating Cost | 733,082,814.48 | 820,664,036.13 | -10.67 | | Selling Expenses | 11,300,446.09 | 8,339,965.38 | 35.50 | | Administrative Expenses | 111,384,943.79 | 131,370,155.01 | -15.21 | | Financial Expenses | -41,123,770.95 | -49,068,410.76 | N/A | | R&D Expenses | 27,906,529.50 | 32,238,169.32 | -13.44 | | Net Cash Flow from Operating Activities | -335,810,060.32 | 148,493,798.44 | -326.14 | | Net Cash Flow from Investing Activities | -204,357,274.37 | -620,547,645.15 | N/A | | Net Cash Flow from Financing Activities | -3,833,896.07 | -3,234,991.37 | N/A | - Reason for change in selling expenses: Primarily due to the company strengthening its proprietary marketing channels and enhancing brand promotion and cultural creativity capabilities, leading to a year-on-year increase in selling expenses[53](index=53&type=chunk) - Reason for change in net cash flow from operating activities: Primarily due to the company accelerating settlement of digital rights and smart application business payments in accordance with the requirements of the special work for clearing enterprise funds[54](index=54&type=chunk) - Reason for change in net cash flow from investing activities: Primarily due to a year-on-year decrease in the purchase of large-denomination time deposits[54](index=54&type=chunk) [(III) Analysis of Assets and Liabilities](index=12&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) This section provides a detailed analysis of the company's asset and liability structure, highlighting significant changes in key accounts such as monetary funds, trading financial assets, and accounts payable Asset and Liability Status (Unit: RMB 10,000, Currency: RMB) | Item | Current Period End Amount | Proportion of Total Assets (%) | Prior Year End Amount | Proportion of Total Assets (%) | Change from Prior Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 74,170 | 13.9 | 128,528 | 22.3 | -42.29 | Primarily due to payment of business settlement funds and purchase of structured deposits during the reporting period | | Trading Financial Assets | 20,000 | 3.7 | 0 | 0.0 | N/A | Primarily due to an increase in structured deposits | | Prepayments | 4,450 | 0.8 | 2,453 | 0.4 | 81.40 | Primarily due to an increase in business prepayments during the reporting period | | Non-current Assets Due Within One Year | 120,548 | 22.5 | 37,744 | 6.5 | 219.38 | Primarily due to a net increase in time deposits maturing within one year compared to the beginning of the period, a reclassification effect due to changes in maturity of time deposits | | Debt Investments | 155,347 | 29.1 | 234,190 | 40.5 | -33.67 | Primarily due to reclassification of time deposits maturing in over one year at the beginning of the year to non-current assets due within one year as their maturity changed | | Accounts Payable | 54,725 | 10.2 | 90,794 | 15.7 | -39.73 | Primarily due to a decrease in settlement of digital rights business payables | | Contract Liabilities | 8,085 | 1.5 | 12,756 | 2.2 | -36.62 | Primarily due to gradual recognition of prepaid business funds as revenue during the reporting period | - As of June 30, 2025, the company's consolidated total assets were **RMB 5.347 billion**, a decrease of **RMB 429 million** from the end of the previous period[56](index=56&type=chunk) [(IV) Analysis of Investment Status](index=13&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) This section outlines the company's equity investments and financial assets measured at fair value during the reporting period, including new investments and significant holdings - During the reporting period, the company added **two new equity investments**: Hangzhou Yijing Culture Technology Co., Ltd. and Shanghai Guiran Technology Co., Ltd., with paid-in capital contributions of **RMB 1.5 million** and **RMB 300,000** respectively[57](index=57&type=chunk) - At the end of the reporting period, the company's significant equity investment was a **RMB 200 million** contribution to CCTV Rongmedia Industry Investment Fund (Limited Partnership), representing approximately **5.39%** of the capital[57](index=57&type=chunk)[59](index=59&type=chunk) Financial Assets Measured at Fair Value (Unit: RMB, Currency: RMB) | Asset Category | Beginning Balance | Amount Purchased in Current Period | Amount Sold/Redeemed in Current Period | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Private Equity Funds | 194,053,398.09 | 0 | 0 | 194,053,398.09 | | Others (Structured Deposits) | 51,141,286.31 | 1,160,000,000 | 960,000,000 | 251,141,286.31 | | Total | 245,194,684.40 | 1,160,000,000 | 960,000,000 | 445,194,684.40 | [V. Other Disclosure Matters](index=15&type=section&id=%E4%BA%94%E3%80%81%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses potential risks related to reform and business transformation, industry policy control, and technological innovation, and details the implementation of the company's "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan [(I) Potential Risks](index=15&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from business transformation due to AI, evolving industry regulations, and the need for continuous technological innovation - Reform and business transformation risks: Generative AI technology brings significant changes, and the company's transformation process may lead to short-term business instability and customer loss; failure to accurately grasp market demand and technological trends will result in resource waste and decreased competitiveness[62](index=62&type=chunk) - Industry policy control risks: With the rapid development of the digital creative industry, industry supervision continues to increase; the implementation of policies such as the "Network Data Security Management Regulations" imposes higher requirements on market access, operating licenses, and content review, potentially leading to business model restructuring and increased compliance costs for enterprises[65](index=65&type=chunk) - Technological innovation risks: In the digital content field, technological innovation is key to maintaining core competitiveness, requiring continuous investment of significant human, material, and financial resources; insufficient investment or research and development directions detached from market demand will lead to loss of competitive advantage[66](index=66&type=chunk) [(II) Other Disclosure Matters](index=16&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively implements its "Quality Improvement, Efficiency Enhancement, and Return Focus" action plan, emphasizing investor returns, share buybacks, investor relations, ESG, and continuous standardized operations - The company actively responded to the Shanghai Stock Exchange's "Quality Improvement, Efficiency Enhancement, and Return Focus" special action and released its action plan on February 28, 2025[67](index=67&type=chunk) - Emphasis on investment returns: The 2024 profit distribution plan has been implemented, with the cash dividend amount as a percentage of net profit attributable to shareholders in the consolidated financial statements increasing from **30.6%** in the previous year to **47%**[67](index=67&type=chunk) - Share repurchase: On May 7, 2025, the chairman proposed a partial share repurchase plan, intending to repurchase shares using self-owned funds of **RMB 50 million to RMB 100 million** through centralized bidding (at a price not exceeding **RMB 16/share**); the repurchased shares will all be cancelled to reduce registered capital[68](index=68&type=chunk) - Strengthening investor relations: The company has built a multi-dimensional investor relations management system, responding to a total of **45 investor questions** through SSE E-interaction and IR email in the first half of the year, with a **100% response rate**[69](index=69&type=chunk) - The company actively practices ESG principles, released its 2024 ESG report, and its WindESG rating improved from **BBB to AA**[70](index=70&type=chunk) - Continuous standardized operation: The company promptly revised its "Articles of Association" in accordance with the new "Company Law" and exchange requirements, abolished the Supervisory Board, strengthened the functions of the Audit Committee, and enhanced the study of relevant laws and regulations by "key minorities"[70](index=70&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Company Directors and Senior Management](index=18&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's Chief Financial Officer changed, new directors were appointed to the Board, and former supervisors were dismissed due to the abolition of the Supervisory Board - Mr. Hu Wei no longer serves as the company's Chief Financial Officer due to work adjustments, and Mr. Wei Zhaohui has been appointed as the company's Chief Financial Officer[72](index=72&type=chunk) - Mr. Yan Dong no longer serves as a company director due to work adjustments, and Mr. Zhao Yufeng has been appointed as a new company director[72](index=72&type=chunk) - Due to the company's revision of the "Articles of Association" to abolish the Supervisory Board, former company supervisors Mr. Wang Yu, Ms. Dou Liping, and Mr. Zhang Yi no longer serve as company supervisors[72](index=72&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company will not carry out profit distribution or capital reserve conversion in the semi-annual period - The company will not carry out profit distribution or capital reserve conversion in the semi-annual period[6](index=6&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=18&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, there were no developments or changes in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, the company had no equity incentive, employee stock ownership plans, or other employee incentive measures[74](index=74&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=19&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively fulfills its social responsibility as a central state-owned enterprise by supporting rural revitalization through its "Points Mall Assistance Pavilion," achieving significant results in the first half of the year - The company consistently prioritizes rural revitalization, actively fulfilling its central state-owned enterprise responsibility and continuously deepening its points-based assistance operating model[75](index=75&type=chunk) - Leveraging the China Telecom Points Mall platform, it established the "Points Mall Assistance Pavilion," successfully covering **27 assisted counties** including Muli in Sichuan and Jiuzhi in Qinghai, offering **115 featured assistance products**[75](index=75&type=chunk) - In the first half of the year, the "Points Mall Assistance Pavilion" achieved **RMB 11.263 million** in redemption value, a **24% increase** year-on-year, delivering an impressive performance for rural revitalization[75](index=75&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=20&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller, shareholders, and related parties are strictly fulfilling their commitments regarding resolving horizontal competition and related party transactions, with no breaches during or continuing into the reporting period - China Telecom committed that the company's subsidiaries would be the sole operating entities for the restructured businesses, and China Telecom itself would no longer engage in businesses identical or similar to the restructured businesses, and would ensure that China Telecom's subsidiaries also would not engage in such businesses[78](index=78&type=chunk) - China Telecom committed to manage existing businesses with horizontal competition that cannot be temporarily transferred to the company, and to legally transfer them to the company or terminate the businesses once the inability to transfer ceases[79](index=79&type=chunk) - China Telecom committed to minimize and regulate related party transactions with the company and its controlled subsidiaries, adhering to the principles of openness, fairness, and impartiality in market transactions, conducting transactions at legal, fair, and reasonable prices, and not obtaining any undue benefits through related party transactions[81](index=81&type=chunk)[82](index=82&type=chunk) - All commitments are being fulfilled, with no breaches of the aforementioned commitments[80](index=80&type=chunk)[82](index=82&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties During the Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, the company had no non-operating funds occupied by its controlling shareholder or other related parties - During the reporting period, the company had no non-operating funds occupied by its controlling shareholder or other related parties[8](index=8&type=chunk) [III. Irregular Guarantees](index=22&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk) [IV. Semi-Annual Report Audit Status](index=22&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report is unaudited; the company has appointed ShineWing Certified Public Accountants as its financial and internal control audit firm for 2025 - This semi-annual report is unaudited[5](index=5&type=chunk) - The company's Board of Directors approved on May 12, 2025, and the Shareholders' Meeting approved on June 27, 2025, the appointment of ShineWing Certified Public Accountants (Special General Partnership) as the company's 2025 financial audit firm and internal control audit firm[83](index=83&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=22&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[83](index=83&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of the Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=22&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controller were not involved in alleged violations, penalties, or rectification - During the reporting period, the company, its directors, supervisors, senior management, controlling shareholder, and actual controller were not involved in alleged violations, penalties, or rectification[83](index=83&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=23&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity with no adverse records - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity with no adverse records[84](index=84&type=chunk) [X. Significant Related Party Transactions](index=23&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's estimated annual related party transaction limits for 2025 have been approved by the Shareholders' Meeting; purchases and sales of goods, provision and acceptance of services, and other transactions are estimated at **RMB 1.1 billion** for the full year, with **RMB 322 million** actually incurred in the first half; financial services with China Telecom Group Finance Company generated **RMB 13.37 million** in interest income in the first half - On June 27, 2025, the company's 2024 Annual Shareholders' Meeting approved the estimated annual limits for daily related party transactions for 2025[84](index=84&type=chunk) - The estimated annual amount for purchases and sales of goods, provision and acceptance of services, and other transactions is **RMB 1.1 billion**, with **RMB 322 million** actually incurred from January to June 2025[84](index=84&type=chunk) - For financial services, the maximum daily deposit balance with China Telecom Group Finance Company is estimated not to exceed **RMB 1.5 billion** annually, with an estimated related party transaction amount of **RMB 35 million** for interest income; **RMB 13.37 million** in interest income was actually received from the Finance Company from January to June 2025[84](index=84&type=chunk) Deposit Business (Unit: RMB, Currency: RMB) | Related Party | Beginning Balance | Total Deposits in Current Period | Total Withdrawals in Current Period | Ending Balance | Maximum Daily Deposit Limit | Deposit Interest Rate Range | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Telecom Group Finance Co., Ltd. | 1,107,039,291.65 | 3,816,234,247.58 | 3,638,242,145.68 | 1,285,031,393.55 | 1,500,000,000.00 | 1.30%-4.00% | [XI. Significant Contracts and Their Fulfillment](index=25&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, or leasing matters, nor any significant guarantees or other major contracts - During the reporting period, the company had no entrustment, contracting, or leasing matters[90](index=90&type=chunk) - During the reporting period, the company had no significant guarantees[90](index=90&type=chunk) - During the reporting period, the company had no other significant contracts[90](index=90&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=25&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) During the reporting period, the company had no explanation regarding the progress in the use of raised funds - During the reporting period, the company had no explanation regarding the progress in the use of raised funds[90](index=90&type=chunk) [XIII. Explanation of Other Significant Matters](index=25&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no other significant matters requiring explanation - During the reporting period, the company had no other significant matters requiring explanation[90](index=90&type=chunk) Section VI Share Changes and Shareholder Information [I. Changes in Share Capital](index=26&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[92](index=92&type=chunk) [II. Shareholder Information](index=26&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **28,262** common shareholders; China Telecom Group Co., Ltd. is the largest shareholder, holding **51.16%** of the shares; the top three shareholders are all related parties of China Telecom - Total number of common shareholders at the end of the reporting period: **28,262 households**[93](index=93&type=chunk) Top Ten Shareholders' Shareholdings (excluding shares lent through securities refinancing) | Shareholder Name | Ending Shareholding Quantity | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Telecom Group Co., Ltd. | 407,061,147 | 51.16 | State-owned Legal Person | | China Telecom Group Industrial Asset Management Co., Ltd. | 112,178,462 | 14.1 | State-owned Legal Person | | China Telecom Corporation Limited | 32,823,936 | 4.13 | State-owned Legal Person | | Liao Guopei | 13,462,705 | 1.69 | Domestic Natural Person | - Among the top ten shareholders, China Telecom Group Co., Ltd. is the state-controlled shareholder of our company and has an associated relationship with the second and third shareholders, China Telecom Group Industrial Asset Management Co., Ltd. and China Telecom Corporation Limited[97](index=97&type=chunk) [III. Information on Directors, Supervisors, and Senior Management](index=28&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management, nor were they granted any equity incentives - During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management[98](index=98&type=chunk) - During the reporting period, directors, supervisors, and senior management were not granted equity incentives[98](index=98&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=28&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[98](index=98&type=chunk) [V. Preferred Share Related Information](index=28&type=section&id=%E4%BA%94%E3%80%81%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred share related information - During the reporting period, the company had no preferred share related information[98](index=98&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[100](index=100&type=chunk) [II. Convertible Corporate Bonds](index=29&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[100](index=100&type=chunk) Section VIII Financial Report [I. Audit Report](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [II. Financial Statements](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=30&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This section presents the consolidated financial position of the company as of June 30, 2025, highlighting key changes in assets and liabilities Key Consolidated Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 5,346,972,239.97 | 5,776,014,673.11 | | Total Liabilities | 875,961,290.00 | 1,318,777,798.69 | | Total Owners' Equity Attributable to Parent Company | 3,979,043,102.81 | 3,965,120,363.74 | - Monetary funds ending balance was **RMB 741.70 million**, a **42.29% decrease** from the beginning of the period, primarily due to business settlement payments and structured deposit purchases[102](index=102&type=chunk)[55](index=55&type=chunk) - Trading financial assets ending balance was **RMB 200 million**, compared to **RMB 0** at the beginning of the period, primarily due to an increase in structured deposits[102](index=102&type=chunk)[55](index=55&type=chunk) - Non-current assets due within one year ending balance was **RMB 1.205 billion**, a **219.38% increase** from the beginning of the period, primarily due to a net increase in time deposits maturing within one year and reclassification effects[102](index=102&type=chunk)[55](index=55&type=chunk) - Accounts payable ending balance was **RMB 547.25 million**, a **39.73% decrease** from the beginning of the period, primarily due to reduced settlement of digital rights business payables[103](index=103&type=chunk)[56](index=56&type=chunk) [Parent Company Balance Sheet](index=32&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) This section presents the parent company's financial position as of June 30, 2025, detailing key asset and liability figures Key Parent Company Balance Sheet Data (June 30, 2025) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Total Assets | 7,259,453,440.49 | 7,493,466,176.07 | | Total Liabilities | 2,322,988,903.18 | 2,528,787,580.73 | | Total Owners' Equity | 4,936,464,537.31 | 4,964,678,595.34 | - Monetary funds ending balance was **RMB 693.46 million**, a **41.57% decrease** from the beginning of the period[105](index=105&type=chunk) - Accounts receivable ending balance was **RMB 37.03 million**, a **385.84% increase** from the beginning of the period[105](index=105&type=chunk) - Non-current assets due within one year ending balance was **RMB 1.203 billion**, a **220.91% increase** from the beginning of the period[105](index=105&type=chunk) - Debt investments ending balance was **RMB 744.62 million**, a **51.83% decrease** from the beginning of the period[106](index=106&type=chunk) [Consolidated Income Statement](index=34&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) This section presents the consolidated operating results for the first half of 2025, showing total revenue, costs, and net profit attributable to the parent company Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 875,511,624.91 | 970,627,924.10 | | Total Operating Costs | 854,176,308.22 | 953,476,677.82 | | Total Profit | 25,835,191.50 | 21,888,202.74 | | Net Profit Attributable to Parent Company Shareholders | 13,922,739.07 | 11,710,558.72 | | Basic Earnings Per Share (RMB/share) | 0.0175 | 0.0147 | - Total operating revenue decreased by **9.79%** year-on-year, while total operating costs decreased by **10.42%** year-on-year[109](index=109&type=chunk) - Selling expenses increased by **35.50%** year-on-year, administrative expenses decreased by **15.21%** year-on-year, and R&D expenses decreased by **13.44%** year-on-year[109](index=109&type=chunk) [Parent Company Income Statement](index=36&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) This section presents the parent company's operating results for the first half of 2025, detailing revenue, costs, and net profit Key Parent Company Income Statement Data (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 56,519,661.27 | 35,186,784.03 | | Operating Cost | 39,803,006.71 | 31,115,441.27 | | Total Profit | -28,214,058.03 | -34,689,135.02 | | Net Profit | -28,214,058.03 | -34,689,135.02 | - Operating revenue increased by **60.65%** year-on-year, while operating costs increased by **27.91%** year-on-year[113](index=113&type=chunk) - Selling expenses increased by **191.79%** year-on-year, administrative expenses decreased by **15.26%** year-on-year, and R&D expenses increased by **281.95%** year-on-year[113](index=113&type=chunk) [Consolidated Cash Flow Statement](index=37&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section presents the consolidated cash flow activities for the first half of 2025, detailing net cash from operating, investing, and financing activities Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -335,810,060.32 | 148,493,798.44 | | Net Cash Flow from Investing Activities | -204,357,274.37 | -620,547,645.15 | | Net Cash Flow from Financing Activities | -3,833,896.07 | -3,234,991.37 | | Net Increase in Cash and Cash Equivalents | -544,001,230.76 | -475,288,838.08 | - Net cash flow from operating activities significantly decreased by **326.14%** year-on-year, primarily due to a decrease in cash received from sales of goods and provision of services, and a decrease in cash paid for other operating activities[117](index=117&type=chunk)[118](index=118&type=chunk) - Net cash outflow from investing activities decreased year-on-year, primarily due to a significant increase in cash received from investment recovery[117](index=117&type=chunk)[118](index=118&type=chunk) [Parent Company Cash Flow Statement](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This section presents the parent company's cash flow activities for the first half of 2025, detailing net cash from operating, investing, and financing activities Key Parent Company Cash Flow Statement Data (Jan-Jun 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -78,784,698.01 | -21,253,426.66 | | Net Cash Flow from Investing Activities | -186,754,937.59 | -1,295,679,318.58 | | Net Cash Flow from Financing Activities | -227,863,578.17 | 1,321,827,980.83 | | Net Increase in Cash and Cash Equivalents | -493,403,213.77 | 4,895,235.59 | - Net cash outflow from operating activities expanded year-on-year, primarily due to increased cash paid for purchases of goods and acceptance of services, and increased cash paid to and for employees[119](index=119&type=chunk) - Net cash outflow from investing activities significantly decreased year-on-year, primarily due to a substantial increase in cash received from investment recovery[119](index=119&type=chunk) - Net cash outflow from financing activities decreased year-on-year, primarily due to a decrease in cash received from borrowings[119](index=119&type=chunk)[120](index=120&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=41&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) This section presents the consolidated changes in owners' equity for the first half of 2025, including total equity attributable to the parent company and minority interests Consolidated Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (RMB) | Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 3,965,120,363.74 | 13,922,739.07 | 3,979,043,102.81 | | Minority Interests | 492,116,510.68 | -148,663.52 | 491,967,847.16 | | Total Owners' Equity | 4,457,236,874.42 | 13,774,075.55 | 4,471,010,949.97 | - Total comprehensive income for the current period was **RMB 13.77 million**[124](index=124&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=46&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) This section presents the parent company's changes in owners' equity for the first half of 2025, detailing the total equity and comprehensive income Parent Company Changes in Owners' Equity (Jan-Jun 2025) | Item | Beginning Balance (RMB) | Change in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 4,964,678,595.34 | -28,214,058.03 | 4,936,464,537.31 | - Total comprehensive income for the current period was **-RMB 28.21 million**[127](index=127&type=chunk) [III. Company Basic Information](index=50&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company, formerly Shanghai Post and Telecommunications Development Service General Company, underwent multiple name and equity changes, finally becoming Xin Guomai Digital Culture Co., Ltd. in 2021, with China Telecom Group Co., Ltd. as its ultimate controlling party - Company history: Established in 1983, listed in 1993, underwent multiple name changes and controlling shareholder changes, and was renamed Xin Guomai Digital Culture Co., Ltd. in 2021[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) - Main business: Centered on digital content operations, it strategically develops five major business segments: digital content, smart applications, physical scenarios, digital rights, and digital creativity[137](index=137&type=chunk) - Ultimate controlling party: China Telecom Group Co., Ltd[137](index=137&type=chunk) [IV. Basis of Financial Statement Preparation](index=50&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The Group's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and CSRC disclosure regulations, using the accrual basis of accounting and historical cost measurement, except for specific financial instruments - Preparation basis: The Group's financial statements are prepared on a going concern basis, based on actual transactions and events, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the disclosure requirements of the China Securities Regulatory Commission's "Information Disclosure Rules for Companies Issuing Securities No. 15 – General Provisions for Financial Reports (Revised 2023)"[138](index=138&type=chunk) - Accounting basis: The Group's accounting is based on the accrual basis; except for certain financial instruments, these financial statements are measured at historical cost[138](index=138&type=chunk) - Going concern: The Group evaluated its ability to continue as a going concern for 12 months from December 31, 2024, and found no matters or circumstances that would cast significant doubt on its ability to continue as a going concern[140](index=140&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=51&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, and significant accounting policies and estimates for various financial statement items - Compliance with Enterprise Accounting Standards: The financial statements prepared by the Group comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[142](index=142&type=chunk) - Accounting period: The Group's accounting year runs from January 1 to December 31 of the Gregorian calendar[143](index=143&type=chunk) - Operating cycle: The Group considers 12 months as an operating cycle and uses it as the criterion for classifying assets and liabilities as current or non-current[144](index=144&type=chunk) - Functional currency: RMB is the currency of the main economic environment in which the company and its subsidiaries operate; the company and its subsidiaries use RMB as their functional currency[145](index=145&type=chunk) - Materiality criteria: For example, significant individually impaired accounts receivable are those with an individually impaired asset provision amount greater than or equal to **RMB 5 million**[146](index=146&type=chunk) - Classification of financial assets: The Group classifies financial assets into financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income, and financial assets measured at fair value through profit or loss, based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[163](index=163&type=chunk) - Revenue recognition: The Group recognizes revenue when the customer obtains control of the related goods, provided that the contract with the customer simultaneously meets specific conditions, and considers the impact of variable consideration and significant financing components in the contract[220](index=220&type=chunk)[221](index=221&type=chunk) - Significant accounting judgments and estimates: The Group makes judgments, estimates, and assumptions regarding the carrying amounts of financial statement items such as revenue recognition, impairment of financial assets, fair value of financial instruments, impairment provisions for long-term assets, depreciation and amortization, deferred income tax assets, and income tax in the process of applying accounting policies[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk)[240](index=240&type=chunk)[241](index=241&type=chunk) [VI. Taxation](index=73&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, and corporate income tax; the company and some subsidiaries enjoy high-tech enterprise income tax benefits (15%), while some subsidiaries benefit from small low-profit enterprise tax incentives (20%) and R&D expense super deduction policies Main Tax Categories and Rates | Tax Category | Taxable Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Paid | 7% | | Corporate Income Tax | Taxable Income | 15%, 25% | | Education Surcharge | Amount of Turnover Tax Paid | 3% | | Local Education Surcharge | Amount of Turnover Tax Paid | 1%, 2% | | Property Tax | Taxable Value of Property or Rental Income | 1.2%, 12% | - The company, Xuancai Interactive Network Technology Co., Ltd., and Xin Guomai Cultural Tourism Technology Co., Ltd. have obtained high-tech enterprise certificates and are subject to a **15%** corporate income tax rate[243](index=243&type=chunk) - Chengdu Tianyi Space Technology Co., Ltd. enjoys the Western Development income tax preferential policy, subject to a **15%** corporate income tax rate[243](index=243&type=chunk) - Xin Guomai (Jiangxi) Virtual Reality Technology Co., Ltd. qualifies for small low-profit enterprise tax preferential policies, enjoying income tax exemption and a **20%** income tax rate in the corresponding year as per regulations[244](index=244&type=chunk) - Some of the company's subsidiaries, when calculating taxable income during the reporting period, are allowed to deduct qualified research and development expenses at **100%** of the actual amount incurred before tax[244](index=244&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=74&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on various consolidated financial statement items, including assets, liabilities, owners' equity, income, costs, and expenses, explaining their ending balances, beginning balances, changes, accounting methods, and composition - Monetary funds ending balance was **RMB 741.70 million**, a **42.29% decrease** from the beginning of the period, primarily due to business settlement payments and structured deposit purchases[246](index=246&type=chunk)[55](index=55&type=chunk) - Trading financial assets ending balance was **RMB 200 million**, compared to **RMB 0** at the beginning of the period, primarily due to an increase in structured deposits[248](index=248&type=chunk)[55](index=55&type=chunk) - Accounts receivable ending book value was **RMB 377.70 million**, with a bad debt provision of **RMB 48.87 million**; among these, accounts receivable for which bad deb

Group 1 - The advertising and marketing sector increased by 1.02% on August 22, with Zhidu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Major stocks in the advertising and marketing sector showed significant price increases, with Zhidu Co., Ltd. rising by 10.01% to a closing price of 10.88 [1] Group 2 - The net inflow of main funds in the advertising and marketing sector was 799 million yuan, while retail investors experienced a net outflow of 530 million yuan [1] - The trading volume and turnover for key stocks in the sector were notable, with BlueFocus Communication Group achieving a turnover of 2.08 billion yuan [1]

Core Insights - The advertising and marketing sector experienced a rise of 1.11% on August 15, with Sanrenxing leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - Sanrenxing (605168) closed at 34.03, with a gain of 5.19% and a trading volume of 99,100 shares, totaling a transaction value of 333 million [1] - Qida Technology (300061) closed at 13.15, up 3.54%, with a trading volume of 464,400 shares and a transaction value of 605 million [1] - Zhidu Co. (000676) closed at 9.03, increasing by 2.50%, with a trading volume of 449,200 shares and a transaction value of 402 million [1] - BlueFocus Communication Group (300058) closed at 6.94, up 2.06%, with a trading volume of 1,486,100 shares and a transaction value of 1.025 billion [1] - Tianlong Group (300063) closed at 9.22, gaining 1.99%, with a trading volume of 858,900 shares and a transaction value of 783 million [1] - Longyun Co. (603729) closed at 17.56, up 1.80%, with a trading volume of 25,200 shares and a transaction value of 43.9 million [1] - Yuanlong Yatu (002878) closed at 18.56, increasing by 1.75%, with a trading volume of 151,000 shares and a transaction value of 280 million [1] - Guomai Culture (600640) closed at 12.63, up 1.69%, with a trading volume of 56,000 shares and a transaction value of 70.3 million [1] - Inse Group (300781) closed at 42.30, gaining 1.61%, with a trading volume of 60,100 shares and a transaction value of 252 million [1] - Fuya International (300612) closed at 15.53, up 1.44%, with a trading volume of 57,400 shares and a transaction value of 88.6 million [1] Fund Flow - The advertising and marketing sector saw a net outflow of 158 million from institutional funds, while retail investors contributed a net inflow of 235 million [3]