智通财经APP讯，长江传媒(600757.SH)发布2025年半年度报告，该公司营业收入为35.48亿元，同比减 少0.70%。归属于上市公司股东的净利润为6.85亿元，同比增长28.83%。归属于上市公司股东的扣除非 经常性损益的净利润为6.62亿元，同比增长30.03%。基本每股收益为0.56元。 ...

(相关资料图) 格隆汇8月25日丨长江传媒(600757.SH)公布2025年半年度报告，报告期实现营业收入35.48亿元，同比下 降0.70%；归属于上市公司股东的净利润6.85亿元，同比增长28.83%；归属于上市公司股东的扣除非经 常性损益的净利润6.62亿元，同比增长30.03%；基本每股收益0.56元。 ...

格隆汇8月25日丨长江传媒(600757.SH)公布2025年半年度报告，报告期实现营业收入35.48亿元，同比下 降0.70%；归属于上市公司股东的净利润6.85亿元，同比增长28.83%；归属于上市公司股东的扣除非经 常性损益的净利润6.62亿元，同比增长30.03%；基本每股收益0.56元。 ...

第一条 为规范长江出版传媒股份有限公司(以下简称 "本公司"或"公司")的信息披露行为，确保公司信息披 露内容的真实、准确、完整，切实维护公司、股东及投资者 的合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司信息披露 管理办法》《上市公司治理准则》《上海证券交易所股票上市 规则》(以下简称"《上市规则》")等相关法律法规及公司《公 司章程》《信息披露暂缓与豁免管理制度》的规定，制定本 制度。 第二条 公司及法律、行政法规和国务院证券监督管理 机构规定的其他信息披露义务人，应当及时依法履行信息披 露义务。 信息披露义务人披露的信息，应当真实、准确、完整， 简明清晰，通俗易懂，不得有虚假记载、误导性陈述或者重 大遗漏。 长江出版传媒股份有限公司 信息披露管理制度 （2025 年 8 月 25 日经第七届董事会第三次会议审议通过） 第一章 总则 信息披露义务人披露的信息应当同时向所有投资者披 露，不得提前向任何单位和个人泄露。但是，法律、行政法 规另有规定的除外。 1 任何单位和个人不得非法要求信息披露义务人提供依 法需要披露但尚未披露的信息。任何单位和个人提前 ...

长江出版传媒股份有限公司 信息披露暂缓与豁免管理制度 （2025 年 8 月 25 日经第七届董事会第三次会议审议通过） 第一章 总则 （三）披露后可能严重损害公司、他人利益的其他情形。 第一条 为了规范长江出版传媒股份有限公司（以下简 称"公司"）信息披露暂缓与豁免行为，督促公司及相关信 息披露义务人（以下简称"信息披露义务人"）依法合规履 行信息披露义务，根据《中华人民共和国证券法》《上海证 券交易所股票上市规则》（以下简称"《股票上市规则》"）、《上 市公司信息披露暂缓与豁免管理规定》《长江出版传媒股份 有限公司章程》以及《长江出版传媒股份有限公司信息披露 管理制度》（以下简称"《信息披露管理制度》"）等规定，制 定本制度。 第二条 信息披露义务人按照《股票上市规则》及上海 证券交易所（以下简称"上交所"）其他相关业务规则的规 定，办理信息披露暂缓、豁免业务的，适用本制度。 第二章 暂缓、豁免信息的范围 第三条 公司及相关信息披露义务人有确实充分的证 据证明拟披露的信息涉及国家秘密或者其他因披露可能导 致违反国家保密规定、管理要求的事项（以下统称"国家秘 密"），依法豁免披露。 1 公司及相关信息披露义 ...

证券代码：600757 证券简称：长江传媒 公告编号：临 2025-031 长江出版传媒股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国证监会发布的《上市公司募集资金监管规则》和上海证券交易所发 布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定， 长江出版传媒股份有限公司（以下简称"公司"或"本公司"）董事会编制了截 至 2025 年 6 月 30 日止的《公司 2025 年半年度募集资金存放与实际使用情况 的专项报告》。 一、募集资金基本情况 （一）实际募集资金金额及资金到账时间 经中国证券监督管理委员会证监许可〔2013〕331 号文核准，由主承销商 国泰君安证券股份有限公司采用非公开发行方式，向特定对象非公开发行人民币 普通股（A 股）股票 173,965,824 股，发行价为每股人民币 6.73 元，共计募集 资金 117,079 万元，扣除承销和保荐费用 2,680 万元后的募集资金为 114,399 万元，已由主承销商国泰君安证券股份有限公司于 2013 年 9 月 ...

证券代码：600757 证券简称：长江传媒 公告编号：临 2025-032 长江出版传媒股份有限公司 关于 2025 年"提质增效重回报"行动方案半年度实施 情况评估报告 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。 长江出版传媒股份有限公司（以下简称"公司"）为深入贯彻党 的二十大、二十届三中全会和中央金融工作会议精神，认真落实国务 院《关于进一步提高上市公司质量的意见》要求，积极响应上海证券 交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》， 深入践行以"投资者为本"的理念，持续提升公司经营质量、优化治 理结构，进一步推动公司高质量发展，增强投资者回报、提升投资者 获得感，公司于2025年3月4日披露了《长江传媒关于2025年度"提质 增效重回报"行动方案的公告》（以下简称"行动方案"）。自行动 方案发布以来，公司切实履行并持续评估相关举措。公司于2025年8 月25日召开第七届董事会第三次会议，审议通过《公司2025年"提质 增效重回报"行动方案半年度实施情况评估报告》，现将2025年行动 方案的半年度实施进 ...

证券代码：600757 证券简称：长江传媒 公告编号：临 2025-029 长江出版传媒股份有限公司 2025 年半年度主要经营数据的公告 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。 长江出版传媒股份有限公司（以下简称"公司"）根据《上海证 券交易所上市公司自律监管指引第3号行业信息披露：第十一号——新 闻出版》的相关规定，现将公司2025年半年度主要经营数据（未经审 计）公告如下： | | | | | | | | | | 单位：万元 | | 币种：人民币 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 销售码洋 | | | | 营业收入 | | | 营业成本 | | | 毛利率(%) | | | | | 2024 年 | 2025 | 年 | 增长 | 2024 年 2025 | 年 | 增长 | 2024 年 | 2025 年 | 增长 | 2024 年 | ...

证券代码：600757 证券简称：长江传媒 公告编号：临 2025-033 长江出版传媒股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 16 日(星期二) 下午 14:00-15:00 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 16 日下午 14:00-15:00 （二）会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 9 日(星期二) 至 9 月 15 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 cjcm@600757.com.cn 进行提问。公司将在说明会上 ...

[Important Notice](index=2&type=section&id=Important%20Notice) [Statement by the Board of Directors and Senior Management](index=2&type=section&id=Statement%20by%20the%20Board%20of%20Directors%20and%20Senior%20Management) The Board of Directors and senior management affirm the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility - The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, and bear corresponding legal responsibilities[5](index=5&type=chunk) - All directors of the company attended the Board of Directors meeting[6](index=6&type=chunk) - This semi-annual report is unaudited[7](index=7&type=chunk) [Profit Distribution Plan](index=2&type=section&id=Profit%20Distribution%20Plan) The Board of Directors resolved not to distribute profits or convert capital reserves into share capital for this semi-annual period - The company will not distribute profits or convert capital reserves into share capital for the semi-annual period[8](index=8&type=chunk) [Risk Statement for Forward-Looking Statements](index=2&type=section&id=Risk%20Statement%20for%20Forward-Looking%20Statements) Forward-looking descriptions regarding future plans and development strategies in this report do not constitute substantial commitments, urging investors to be aware of investment risks - Forward-looking descriptions in this report, such as future plans and development strategies, do not constitute substantial commitments by the company to investors; investors are advised to read carefully and be aware of investment risks[9](index=9&type=chunk) [Fund Occupation and Guarantees](index=2&type=section&id=Fund%20Occupation%20and%20Guarantees) The company confirms no non-operating fund occupation by controlling shareholders or related parties, nor any unauthorized external guarantees - There is no non-operating fund occupation by controlling shareholders or other related parties[10](index=10&type=chunk) - There are no external guarantees provided in violation of prescribed decision-making procedures[10](index=10&type=chunk) [Significant Risk Warning](index=2&type=section&id=Significant%20Risk%20Warning) The company has described potential risks in the Management Discussion and Analysis, advising investors to review the relevant section - The company has described potential risks in this report; please refer to the section on potential risks in Other Disclosures within Section III Management Discussion and Analysis[10](index=10&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, including company names, subsidiary names, regulatory bodies, and the reporting period, to ensure clear understanding - Defines common terms such as “Yangtze River Media”, “Group Company”, “Xinhua Printing”, as well as “China Securities Regulatory Commission”, “Exchange”, and “Reporting Period”[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=4&type=section&id=Company%20Basic%20Information) This section lists the company's Chinese name, abbreviation, foreign name and its abbreviation, and legal representative information - The company's Chinese name is Yangtze River Publishing & Media Co., Ltd., abbreviated as Yangtze River Media, with Mr. Huang Guobin as the legal representative[17](index=17&type=chunk) [Contact Person and Information](index=5&type=section&id=Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email - The Board Secretary is Leng Xue, and the Securities Affairs Representative is Deng Tao, both located at 12th Floor, Block B, No. 268 Xiongchu Avenue, Wuchang, Wuhan, Hubei Province[18](index=18&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines historical changes to the company's registered address and provides current office address, postal code, website, and email - The company's registered address changed from Pudong New Area, Shanghai to Block B, Publishing Culture City, No. 268 Xiongchu Avenue, Wuhan on **December 16, 2011**[19](index=19&type=chunk) [Information Disclosure and Document Availability Locations](index=5&type=section&id=Information%20Disclosure%20and%20Document%20Availability%20Locations) This section specifies the company's chosen newspapers for information disclosure, the website for semi-annual reports, and document availability locations, noting no changes during the reporting period - The company's information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times, with the website address www.sse.com.cn[20](index=20&type=chunk) [Company Stock Overview](index=5&type=section&id=Company%20Stock%20Overview) This section provides details on the company's A-share listing exchange, stock abbreviation, stock code, and previous stock abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation “Yangtze River Media”, stock code “600757”, and former stock abbreviation “ST Yuanfa”[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, compared to the prior year, showing significant growth in net profit attributable to shareholders and EPS Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,547,735,716.47 | 3,572,804,787.27 | -0.70 | | Total Profit | 689,064,983.09 | 712,386,202.85 | -3.27 | | Net Profit Attributable to Listed Company Shareholders | 685,422,224.07 | 532,016,906.69 | 28.83 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | 662,140,773.11 | 509,221,532.63 | 30.03 | | Net Cash Flow from Operating Activities | 124,053,040.95 | -135,571,222.39 | N/A | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.56 | 0.44 | 27.27 | | Diluted Earnings Per Share (CNY/share) | 0.56 | 0.44 | 27.27 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (CNY/share) | 0.55 | 0.42 | 30.95 | | Weighted Average Return on Net Assets (%) | 7.00 | 5.75 | Up 1.25 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 6.76 | 5.50 | Up 1.26 percentage points | Balance Sheet Data (End of Current Period vs. End of Prior Year) | Indicator | End of Current Period (CNY) | % of Total Assets at Period-End | End of Prior Year (CNY) | % of Total Assets at Prior Year-End | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Assets Attributable to Listed Company Shareholders | 9,716,939,236.44 | N/A | 9,527,311,896.51 | N/A | 1.99 | | Total Assets | 13,745,019,963.69 | N/A | 13,804,444,381.17 | N/A | -0.43 | [Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and their amounts for the reporting period, totaling 23.28 million CNY, primarily from fair value changes of financial assets and government grants Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 24,132.77 | | Government Grants Recognized in Current Profit or Loss | 7,944,539.52 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities | 22,770,924.20 | | Other Non-Operating Income and Expenses Apart from the Above | -6,571,790.93 | | Less: Income Tax Impact | 844,282.10 | | Minority Interests Impact (After Tax) | 42,072.50 | | **Total** | **23,281,450.96** | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview](index=7&type=section&id=Industry%20and%20Main%20Business%20Overview) The company's main business covers publishing, distribution, printing, and material trade, expanding into digital reading, online education, cultural creativity, and investment finance, with reported market share data - The company's main business covers the entire industry chain of “editing, printing, distribution, and supply”, and extends to digital reading, online education, cultural creativity, and investment finance[30](index=30&type=chunk) - Procurement models include printing services, printing materials, and publications procurement, with bulk materials subject to centralized procurement[31](index=31&type=chunk) - Production primarily involves independent topic planning, manuscript solicitation, and editing by publishing houses, with printing mainly entrusted to Xinhua Printing[32](index=32&type=chunk) - Sales models include system distribution and retail distribution, integrating online and offline channels, selling through e-commerce platforms and education service platforms[33](index=33&type=chunk) - Promotion models have built an online education service platform matrix and live streaming account matrix, with total channel members and followers exceeding **3.17 million**[34](index=34&type=chunk)[35](index=35&type=chunk) - Logistics primarily relies on the independent logistics system of subsidiary Hubei Xinhua Bookstore Group, and the Yangtze River Publishing & Media Cultural Technology Park provides smart logistics services[36](index=36&type=chunk) Book Market Share in H1 2025 | Indicator | Market Share (%) | National Publishing Group Ranking | | :--- | :--- | :--- | | Physical Bookstore Sales Share | 2.16 | 7 | | Online Store Sales Share | 1.19 | 16 | | Overall Retail Market Sales Share | 1.39 | 15 | | Art Books Sales Share | 7.54 | 1 | | Biography Books Sales Share | 1.76 | 8 | [Discussion and Analysis of Operations](index=9&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company achieved 3.548 billion CNY in revenue and 685 million CNY in net profit attributable to shareholders, a 29% increase, driven by high-quality development and strategic initiatives - The company was again honored as one of the “Top 30 National Cultural Enterprises”, achieving operating revenue of **3.548 billion CNY** and net profit attributable to listed company shareholders of **685 million CNY**, a **29% year-on-year increase**[38](index=38&type=chunk) - Over **70 publications** received national and provincial honors, **14** were selected for national publishing fund projects, and **8** were included in “China Good Books” monthly and special lists[39](index=39&type=chunk)[40](index=40&type=chunk) - Deepened reform and innovation, revised digital publishing special fund measures, promoted intensive operation of material supply and printing businesses, explored investment innovation, and accelerated construction of major projects like the Cultural Technology Park[41](index=41&type=chunk) - Strengthened talent team building, organized over **100 training sessions**, trained over **2,000 participants**, and multiple employees received national and provincial honors[42](index=42&type=chunk) - Comprehensively strengthened Party discipline, promoted the implementation of Party building responsibilities, deepened Party discipline education, and fostered a clean and upright development environment[42](index=42&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=Analysis%20of%20Core%20Competencies) The company's core competencies include strong publishing brand advantages, high-quality content production capabilities, excellent talent resources, and increasing international communication influence - Significant publishing brand advantage, again honored as one of the “**2025 • Top 30 National Cultural Enterprises**”, with several affiliated publishing houses holding advantages in niche markets[44](index=44&type=chunk) - Outstanding content production advantage, over **70 publications** received national and provincial honors, **14** selected for national publishing funds, and **8** included in “China Good Books”[45](index=45&type=chunk) - Clear talent resource advantage, improved “cultivation, selection, management, and utilization” mechanism, with multiple talents selected for national and provincial talent programs and awards[46](index=46&type=chunk) - Enhanced international communication capability, consecutively recognized as a key national cultural export enterprise for two terms, with over **60 book copyrights exported overseas**, a **40% year-on-year increase**[47](index=47&type=chunk) [Key Operating Performance](index=11&type=section&id=Key%20Operating%20Performance) This section detailedly analyzed changes in financial statement items, asset and liability status, and investment activities. Operating revenue and costs slightly decreased, but net profit attributable to shareholders significantly increased. Accounts receivable and construction in progress increased, while contract liabilities decreased. In terms of investments, trading financial assets and private equity funds showed changes Analysis of Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,547,735,716.47 | 3,572,804,787.27 | -0.70 | Decrease in product sales | | Operating Cost | 2,238,482,362.47 | 2,242,611,727.55 | -0.18 | Decrease in product sales | | Selling Expenses | 298,946,964.29 | 291,020,330.88 | 2.72 | Increase in promotional expenses | | Administrative Expenses | 408,014,561.87 | 446,132,653.10 | -8.54 | Cost reduction and efficiency improvement | | Financial Expenses | -65,876,163.70 | -66,238,850.41 | N/A | Decrease in interest income | | R&D Expenses | 8,113,044.29 | 6,327,513.97 | 28.22 | Increase in R&D investment | | Net Cash Flow from Operating Activities | 124,053,040.95 | -135,571,222.39 | N/A | Increase in cash received from sales of goods and services, and decrease in taxes and fees paid | | Net Cash Flow from Investing Activities | 104,605,472.93 | 258,221,047.61 | -59.49 | Decrease in net recovery of bank wealth management and time deposits | | Net Cash Flow from Financing Activities | -516,359,615.59 | -502,084,442.18 | N/A | Increase in external dividends | Changes in Assets and Liabilities (End of Current Period vs. End of Prior Year) | Item Name | End of Current Period (CNY) | % of Total Assets at Period-End | End of Prior Year (CNY) | % of Total Assets at Prior Year-End | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 1,579,327,801.39 | 11.49 | 1,178,784,451.18 | 8.54 | 33.98 | Spring 2025 textbook and supplementary material payments not fully recovered, including 134 million CNY for free textbooks from government procurement | | Prepayments | 51,314,376.39 | 0.37 | 18,975,475.91 | 0.14 | 170.42 | Increase in prepayments for books in current period | | Other Receivables | 55,393,320.35 | 0.40 | 39,740,575.88 | 0.29 | 39.39 | Approved VAT refund for current period not yet received | | Construction in Progress | 174,453,092.12 | 1.27 | 102,963,715.61 | 0.75 | 69.43 | Increase in investment in construction in progress in current period | | Contract Liabilities | 468,418,650.40 | 3.41 | 863,338,919.28 | 6.25 | -45.74 | Decrease in advance receipts for books | | Advance Receipts | 10,851,467.34 | 0.08 | 18,210,420.72 | 0.13 | -40.41 | Decrease in advance rental receipts | Restricted Assets at Period-End | Item | Period-End Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 5,623.88 | Bill deposit | | Cash and Cash Equivalents | 17,500.00 | ETC deposit | | Cash and Cash Equivalents | 744,758.30 | Project deposit | | **Total** | **767,882.18** | | Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gain/Loss for Current Period (CNY) | Amount Sold/Redeemed in Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Stocks | 69,349,525.65 | 1,584,234.35 | 0 | 70,933,760.00 | | Private Equity Funds | 57,530,000.00 | 0 | 20,000,000.00 | 37,530,000.00 | | Other | 2,744,592,304.96 | 9,665,890.41 | 551,877,004.01 | 2,202,381,191.36 | | **Total** | **2,871,471,830.61** | **11,250,124.76** | **571,877,004.01** | **2,310,844,951.36** | - Recovered the entire investment principal of **20 million CNY** from Wuhan Optics Valley Star Bio-industry Venture Capital Fund Partnership (Limited Partnership) in the current period[58](index=58&type=chunk)[106](index=106&type=chunk) [Other Disclosures](index=16&type=section&id=Other%20Disclosures) The company faces risks from digital technology changes, evolving online sales, and education market fluctuations, planning to increase R&D, diversify e-commerce channels, and adjust strategies - Digital technology transformation brings risks such as content quality control, infringement disputes, and data security vulnerabilities; the company will increase R&D investment and establish a data security management mechanism[60](index=60&type=chunk)[61](index=61&type=chunk) - Changes in the online sales landscape (rise of content e-commerce) bring risks such as product overstocking, discount chaos, traffic exploitation, and rampant pirated books; the company will create high-quality distinctive content and expand diversified e-commerce channels[61](index=61&type=chunk) - Declining birth rates and standardized supplementary education market lead to education market volatility risks; the company will deeply implement the “Education Service Capability Enhancement” special action and establish a dynamic market tracking mechanism[62](index=62&type=chunk) [Section IV Corporate Governance, Environment and Society](index=18&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors and Senior Management](index=18&type=section&id=Changes%20in%20Directors%20and%20Senior%20Management) The company completed the re-election of its Board of Directors on April 28, 2025, with new non-independent and independent directors elected, and some directors departing Changes in Directors and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Cheng Jiazhong | Director | Elected | | He Long | Director | Elected | | Qiu Congjun | Director | Elected | | Yu Jingzhong | Independent Director | Elected | | Chen Huiping | Director | Departed | | Zhang Huide | Independent Director | Departed | - The term of the company's Sixth Board of Directors expired, and members of the Seventh Board of Directors were elected through re-election[65](index=65&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=18&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company will not distribute profits or convert capital reserves into share capital for the semi-annual period - The company will not distribute profits or convert capital reserves into share capital for the semi-annual period[66](index=66&type=chunk) [Rural Revitalization Work](index=19&type=section&id=Rural%20Revitalization%20Work) During the reporting period, the company actively supported national rural revitalization through industrial development, collective economic growth, aid projects, grassroots governance, and cultural development - Strengthened industrial development, enhanced leading industries of rice and tea, promoted high-quality grain varieties, optimized tea garden construction, and ensured tea sales channels[67](index=67&type=chunk) - Developed village collective economy, assisted in strengthening the standardized operation of village collective operating companies, guided the development of advantageous industries, and enhanced supporting infrastructure[67](index=67&type=chunk) - Implemented aid project construction, planning to invest **1.1 million CNY** in **7 aid projects**, covering industrial development, human settlement environment improvement, village collective economic development, and rural cultural development[67](index=67&type=chunk) - Deepened grassroots governance, strengthened grassroots Party organization building, enhanced organizational capacity, improved villagers' self-governance system, and promoted the “three governance integration” model[67](index=67&type=chunk) - Carried out rural cultural development, promoted human settlement environment improvement, built cultural leisure areas, focusing on creating the Banqiao River Greenway Cultural Leisure Area[68](index=68&type=chunk) - Implemented consumption assistance, helped village collective operating companies operate, products entered the National 832 Platform, promoting the production and sales of agricultural specialty products[68](index=68&type=chunk) [Section V Significant Matters](index=20&type=section&id=Section%20V%20Significant%20Matters) [Fulfillment of Commitments](index=20&type=section&id=Fulfillment%20of%20Commitments) The controlling shareholder, Yangtze River Publishing & Media Group Co., Ltd., made commitments regarding land title defects, avoiding horizontal competition, standardizing related-party transactions, and preventing fund occupation, with most commitments fulfilled - Yangtze River Publishing & Media Group committed to urging the processing of property title deeds for buildings without them and compensating for potential asset impairment with cash. As of the disclosure date, **three properties** have completed processing, and **one** is in progress[71](index=71&type=chunk)[72](index=72&type=chunk) - Yangtze River Publishing & Media Group committed to ensuring the listed company's “five independences” in business, assets, personnel, organization, and finance after this transaction[72](index=72&type=chunk)[73](index=73&type=chunk) - To avoid horizontal competition, Yangtze River Publishing & Media Group committed that if it acquires business assets that compete with the listed company in the future, it will inject them into the listed company through legal means[73](index=73&type=chunk) - To standardize related-party transactions, Yangtze River Publishing & Media Group committed not to use its controlling shareholder status to seek rights superior to market third parties, not to transfer funds or profits from the listed company, and to conduct necessary related-party transactions based on fair and reasonable principles[75](index=75&type=chunk) - Yangtze River Publishing & Media Group committed to strictly implementing relevant systems to ensure that the listed company's funds are not occupied[76](index=76&type=chunk) [Statement on Integrity Status](index=23&type=section&id=Statement%20on%20Integrity%20Status) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue significant debts - During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue significant debts[78](index=78&type=chunk) [Significant Related Party Transactions](index=23&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in ordinary related-party transactions during the reporting period, including procurement, sales, and leases, all within the expected scope - The company's 2025 annual ordinary related-party transactions were estimated, with actual purchases of goods and acceptance of services totaling **5.5525 million CNY** during the reporting period[79](index=79&type=chunk) - Sales of goods and provision of services to related parties totaled **37,300 CNY**[79](index=79&type=chunk) - Related-party lease transactions as a lessee with related parties totaled **22.9237 million CNY**[79](index=79&type=chunk) [Significant Contracts and Their Performance](index=24&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company's significant contracts primarily involve guarantees for subsidiaries, totaling 219.27 million CNY, representing 2.25% of net assets, mainly for bank credit lines and compliant with regulations Total Company Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees for Subsidiaries Incurred in Current Period | 219,461,251.60 | | Total Guarantees for Subsidiaries Outstanding at Period-End (B) | 219,269,693.15 | | Total Guarantees (A+B) | 219,269,693.15 | | Total Guarantees as % of Company Net Assets | 2.25 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 219,269,693.15 | - The company provides bank comprehensive credit line guarantees for its wholly-owned subsidiaries, which is necessary for their production and operation and complies with relevant laws, regulations, and the company's articles of association[83](index=83&type=chunk) [Progress of Raised Funds Utilization](index=26&type=section&id=Progress%20of%20Raised%20Funds%20Utilization) The company raised 1.17 billion CNY, with 647.3 million CNY invested (56.72% progress); some projects were terminated or changed, and idle funds were managed Overall Utilization of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY) | Net Raised Funds (CNY) | Total Committed Investment of Raised Funds (CNY) | Total Raised Funds Cumulatively Invested as of Period-End (CNY) | Cumulative Investment Progress of Raised Funds (%) | Amount Invested in Current Year (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 1,170,790,000 | 1,141,185,200 | 1,141,185,200 | 647,304,400 | 56.72 | 94,522,800 | - The “Large Cross-Regional Chain Cultural MALL Phase I Project” was terminated in **2018** due to reduced investment feasibility caused by the impact of the internet economy on physical retail[88](index=88&type=chunk) - Three raised fund investment projects, including the “Education Digital Content Service Operation Platform Project”, had their unutilized raised funds totaling **423.6293 million CNY** reallocated due to market environment and technological changes, with **410 million CNY** invested in the “Yangtze River Publishing & Media Cultural Technology Park” project and the remainder used to supplement working capital[89](index=89&type=chunk)[90](index=90&type=chunk) Cash Management of Idle Raised Funds | Board Approval Date | Approved Limit for Cash Management of Raised Funds (10k CNY) | Start Date | End Date | Cash Management Balance at Period-End (10k CNY) | Did Highest Balance During Period Exceed Authorized Limit | | :--- | :--- | :--- | :--- | :--- | :--- | | July 19, 2024 | 90,000 | July 19, 2024 | July 18, 2025 | 55,000 | No | [Section VI Share Changes and Shareholder Information](index=30&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=30&type=section&id=Changes%20in%20Share%20Capital) 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[96](index=96&type=chunk) [Shareholder Information](index=31&type=section&id=Shareholder%20Information) As of the reporting period end, the company had 24,739 common shareholders. Hubei Yangtze River Publishing & Media Group Co., Ltd. held 56.31% as the controlling shareholder. Other major shareholders included Central Huijin Asset Management Co., Ltd. and China Life Insurance Co., Ltd - As of the end of the reporting period, the total number of common shareholders was **24,739**[98](index=98&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Hubei Yangtze River Publishing & Media Group Co., Ltd. | 683,374,204 | 56.31 | State-owned Legal Person | | Central Huijin Asset Management Co., Ltd. | 29,138,800 | 2.40 | State-owned Legal Person | | China Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products - 005L - CT001 Shanghai | 26,666,400 | 2.20 | Other | | Hong Kong Securities Clearing Company Limited | 25,394,067 | 2.09 | Other | | CITIC Securities Co., Ltd. - Social Security Fund 1106 Portfolio | 13,615,541 | 1.12 | Other | | China Life Insurance (Group) Company - Traditional - Ordinary Insurance Products - Hong Kong Stock Connect (Innovative Strategy) | 10,770,375 | 0.89 | Other | | China Life Property and Casualty Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | 10,711,205 | 0.88 | Other | | Basic Pension Insurance Fund 1002 Portfolio | 8,280,000 | 0.68 | Other | | Bank of China Co., Ltd. - E Fund CSI Dividend ETF | 8,230,051 | 0.68 | Other | | Li Wen | 7,000,000 | 0.58 | Domestic Natural Person | - The company has no information indicating any related-party relationships among the top ten shareholders or that they are acting in concert as defined by the Measures for the Administration of the Acquisition of Listed Companies[101](index=101&type=chunk) [Section VII Bond-Related Information](index=33&type=section&id=Section%20VII%20Bond-Related%20Information) [Corporate Bonds and Debt Financing Instruments](index=33&type=section&id=Corporate%20Bonds%20and%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - Information on corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments is not applicable[104](index=104&type=chunk) [Convertible Corporate Bonds](index=33&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - Information on convertible corporate bonds is not applicable[104](index=104&type=chunk) [Section VIII Financial Report](index=34&type=section&id=Section%20VIII%20Financial%20Report) [Audit Report](index=34&type=section&id=Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[106](index=106&type=chunk) [Financial Statements](index=34&type=section&id=Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first half of 2025, comprehensively reflecting financial position, operating results, and cash flows - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, and parent company cash flow statement[106](index=106&type=chunk)[109](index=109&type=chunk)[113](index=113&type=chunk)[117](index=117&type=chunk)[120](index=120&type=chunk)[124](index=124&type=chunk) [Company Basic Information](index=55&type=section&id=Company%20Basic%20Information) Yangtze River Publishing & Media Co., Ltd., established in 1996 and listed in 1996, completed a major asset restructuring in 2011, changing its controlling shareholder and registered address, and expanding its business scope - The company was established on **August 13, 1996**, and listed on the Shanghai Stock Exchange on **October 3, 1996**[139](index=139&type=chunk) - Completed a major asset restructuring in **2011**, with the controlling shareholder changing to Hubei Yangtze River Publishing & Media Group Co., Ltd., and the registered address relocated to Wuhan, Hubei Province[139](index=139&type=chunk) - The Group belongs to the publishing industry, with main businesses covering the publishing, distribution, printing, and material trade of books, periodicals, newspapers, audio-visual products, and electronic publications, and gradually expanding into digital reading, online education, cultural creativity, and investment finance[140](index=140&type=chunk) [Basis of Preparation of Financial Statements](index=55&type=section&id=Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared in accordance with Accounting Standards for Business Enterprises and relevant regulations, presented on a going concern basis - The financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations of the China Securities Regulatory Commission[142](index=142&type=chunk) - The Group assessed its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or matters, thus the financial statements are presented on a going concern basis[143](index=143&type=chunk) [Significant Accounting Policies and Estimates](index=56&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, including financial instrument classification, inventory impairment, revenue recognition, government grants, deferred taxes, and leases, ensuring financial information accuracy and comparability - The company formulated specific accounting policies and estimates, such as bad debt provisions for receivables, inventory impairment provisions, and revenue recognition and measurement, based on its actual production and operation characteristics[144](index=144&type=chunk) - Financial instruments are classified as financial assets and liabilities measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[158](index=158&type=chunk)[162](index=162&type=chunk) - Inventories are measured at the lower of cost and net realizable value, and inventory impairment provisions are made proportionally based on publication type and age[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) - Revenue is recognized upon the fulfillment of performance obligations, when the customer obtains control of the related goods or services, distinguishing between performance obligations satisfied over time or at a point in time[214](index=214&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk) - Government grants are classified as asset-related or income-related, recognized as deferred income or directly in current profit or loss, respectively[222](index=222&type=chunk)[223](index=223&type=chunk) - Deferred income tax assets and liabilities are recognized based on temporary differences between the tax base and carrying amount of assets and liabilities[224](index=224&type=chunk) - As a lessee, right-of-use assets and lease liabilities are recognized for leases, with simplified treatment for short-term leases and leases of low-value assets[227](index=227&type=chunk)[231](index=231&type=chunk) [Taxation](index=82&type=section&id=Taxation) This section lists the company's main tax categories and rates, along with detailed explanations of tax incentives enjoyed by the company and its subsidiaries, including enterprise income tax reductions, VAT exemptions or refunds, and other tax reductions Main Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value Added | 13, 9, 6, 5, 3, 1 | | Urban Maintenance and Construction Tax | VAT Paid | 5, 7 | | Enterprise Income Tax | Taxable Income | Exempt, 25, 20, 15 | | Education Surcharge | VAT Paid | 3 | | Local Education Surcharge | VAT Paid | 2 | | Property Tax | Ad Valorem/Rental-based | Exempt, 1.2% Ad Valorem, 12% Rental-based | - The company and some subsidiaries enjoy preferential policies of enterprise income tax exemption or reduced rates of **15%** and **20%**[238](index=238&type=chunk) - All subsidiaries of the company enjoy VAT exemption for book wholesale and retail, and a "collect first, refund later" policy for VAT in the publishing segment[239](index=239&type=chunk) - Some subsidiaries, as small-scale VAT taxpayers, enjoy VAT exemption or a reduced **1%** VAT rate[240](index=240&type=chunk) - Some subsidiaries' self-used properties are exempt from property tax, and some small and micro enterprises enjoy **half-reduction** in resource tax, urban maintenance and construction tax, property tax, urban land use tax, and stamp duty[242](index=242&type=chunk)[243](index=243&type=chunk) [Notes to Consolidated Financial Statement Items](index=86&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows - Cash and cash equivalents balance at period-end was **1.436 billion CNY**, including **767,882.18 CNY** of restricted cash[246](index=246&type=chunk) - Trading financial assets balance at period-end was **1.884 billion CNY**, primarily equity instrument investments and structured deposits[248](index=248&type=chunk) - Accounts receivable book value at period-end was **1.579 billion CNY**, with **545.703 million CNY** individually provided for bad debts[261](index=261&type=chunk)[263](index=263&type=chunk) - Inventory book value at period-end was **1.114 billion CNY**, with **346.649 million CNY** provided for inventory impairment[290](index=290&type=chunk)[292](index=292&type=chunk) - Long-term equity investments book value at period-end was **292.187 million CNY**, primarily investments in associates[299](index=299&type=chunk)[300](index=300&type=chunk) - Fixed assets book value at period-end was **1.059 billion CNY**, with some property title deeds currently under negotiation[313](index=313&type=chunk)[316](index=316&type=chunk) - Construction in progress book value at period-end was **174.453 million CNY**, mainly including the Jiangxia Logistics Industrial Park and Cultural Technology Park projects[321](index=321&type=chunk)[322](index=322&type=chunk) - Contract liabilities balance at period-end was **468.419 million CNY**, primarily advance receipts for books[354](index=354&type=chunk) - Net profit attributable to owners of the parent company was **685.422 million CNY**, a **28.83% year-on-year increase**[23](index=23&type=chunk)[116](index=116&type=chunk) - Net cash flow from operating activities was **124.053 million CNY**, compared to a negative value in the prior year period[23](index=23&type=chunk)[123](index=123&type=chunk) [Research and Development Expenses](index=140&type=section&id=Research%20and%20Development%20Expenses) This section details the company's R&D expenditures for the reporting period, totaling 8.24 million CNY, with 8.11 million CNY expensed and 0.13 million CNY capitalized for specific projects R&D Expenses by Nature | Item | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Employee Compensation | 6,440,521.79 | 5,713,026.00 | | Material Costs | 1,152,829.26 | 202,466.41 | | Depreciation and Amortization Expenses | 0 | 10,384.60 | | Office and Meeting Expenses | 9,352.03 | 31,029.98 | | Travel Expenses | 33,699.83 | 51,688.18 | | Other Expenses | 604,441.38 | 318,918.80 | | **Total** | **8,240,844.29** | **6,327,513.97** | | Of which: Expensed R&D | 8,113,044.29 | 6,327,513.97 | | Capitalized R&D | 127,800.00 | 0 | Development Expenditures for Capitalized R&D Projects | Project | Beginning Balance (CNY) | Internal Development Expenditure for Current Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | AI-Generated Content Publishing Application Engineering Based on Large Language Models | 933,793.14 | 127,800.00 | 1,061,593.14 | | Digital Resource Service Platform for Art and Design Textbooks in Higher Education Institutions | 780,896.23 | 0 | 780,896.23 | | **Total** | **1,714,689.37** | **127,800.00** | **1,842,489.37** | [Changes in Consolidation Scope](index=141&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to business combinations or loss of control over subsidiaries - During the reporting period, the company had no business combinations not involving entities under common control, business combinations involving entities under common control, reverse acquisitions, or disposals of subsidiaries leading to loss of control[443](index=443&type=chunk)[444](index=444&type=chunk) [Interests in Other Entities](index=142&type=section&id=Interests%20in%20Other%20Entities) This section detailedly disclosed the company's interests in subsidiaries, joint ventures, and associates, including the enterprise group's composition, key financial information of important non-wholly-owned subsidiaries, and significant associates - The company owns multiple wholly-owned and controlled subsidiaries, with business activities covering publishing, distribution, education research, art production, printing, and investment[445](index=445&type=chunk)[446](index=446&type=chunk)[447](index=447&type=chunk)[448](index=448&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiaries (Period-End Balance) | Subsidiary Name | Minority Shareholding (%) | Profit/Loss Attributable to Minority Shareholders for Current Period (CNY) | Dividends Declared to Minority Shareholders for Current Period (CNY) | Minority Interests Balance at Period-End (CNY) | | :--- | :--- | :--- | :--- | :--- | | Wuhan Ailifang Children's Education Media Co., Ltd. | 20.65 | 470,520.27 | 564,720.00 | 38,274,801.46 | | Hubei Beiyue Cultural Creative Co., Ltd. | 10.00 | 18,987.16 | 30,265.85 | 3,036,783.96 | Key Financial Information of Significant Associates (Period-End Balance/Current Period Amount) | Item | Beijing Yangtze River New Century Culture Media Co., Ltd. | Dolphin Media Co., Ltd. | Xiaogan Chongwen Plaza Real Estate Co., Ltd. | | :--- | :--- | :--- | :--- | | Total Assets (CNY) | 69,076,388.18 | 473,161,205.65 | 659,354,012.59 | | Total Liabilities (CNY) | 13,190,017.91 | 153,548,483.21 | 229,688,684.36 | | Equity Attributable to Parent Company Shareholders (CNY) | 55,886,370.27 | 292,720,985.11 | 429,665,328.23 | | Net Profit (CNY) | -6,649,406.70 | 849,278.53 | 10,410,413.69 | - Associate Shanghai Kubang Asset Management Co., Ltd. has accumulated unrecognized excess losses of **10.085 million CNY**[460](index=460&type=chunk) [Government Grants](index=150&type=section&id=Government%20Grants) This section discloses government grant liabilities and amounts recognized in profit or loss for the reporting period. Deferred income from government grants totaled 85.15 million CNY at period-end, and 47.71 million CNY was recognized in current profit or loss Liability Items Involving Government Grants | Financial Statement Item | Beginning Balance (CNY) | New Grants Added in Current Period (CNY) | Transferred to Other Income in Current Period (CNY) | Ending Balance (CNY) | Asset-Related/Income-Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 12,200,216.73 | 500,000.00 | 711,134.54 | 11,989,082.19 | Asset-Related | | Deferred Income | 74,639,294.77 | 9,641,800.00 | 11,102,168.96 | 73,164,672.98 | Income-Related | | **Total** | **86,839,511.50** | **10,141,800.00** | **11,813,303.50** | **85,153,755.17** | | Government Grants Recognized in Current Profit or Loss | Type | Amount for Current Period (CNY) | Amount for Prior Period (CNY) | | :--- | :--- | :--- | | Asset-Related | 711,134.54 | 1,423,527.14 | | Income-Related | 47,002,779.34 | 43,567,959.43 | | **Total** | **47,713,913.88** | **44,991,486.57** | [Risks Related to Financial Instruments](index=151&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces market risk (primarily exchange rate risk), credit risk, and liquidity risk, managed through credit limits, monitoring, and liquidity assurance, with minimal foreign exchange impact on profit or loss - The company faces market risk (primarily exchange rate risk), credit risk, and liquidity risk[466](index=466&type=chunk) - Credit risk is managed through setting credit limits, credit approval, and monitoring procedures, with liquid funds deposited in banks with higher credit ratings[467](index=467&type=chunk) - Ensures sufficient liquidity to meet maturing debts by regularly analyzing liability structure and maturity[467](index=467&type=chunk) - Due to the small amount of foreign currency monetary items held, reasonable exchange rate fluctuations have a minor after-tax impact on current profit or loss and equity[468](index=468&type=chunk) [Disclosure of Fair Value](index=152&type=section&id=Disclosure%20of%20Fair%20Value) This section discloses the fair value of assets and liabilities measured at fair value at period-end, primarily financial assets, using Level 1 and Level 3 valuation methods, with Level 3 relying on adjusted market financing prices Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 70,933,760.00 | 1,812,919,315.17 | 1,883,853,075.17 | | Other Equity Instrument Investments | 0 | 121,885,496.19 | 121,885,496.19 | | Other Non-Current Financial Assets | 0 | 305,106,380.00 | 305,106,380.00 | | **Total Assets Continuously Measured at Fair Value** | **70,933,760.00** | **2,239,911,191.36** | **2,310,844,951.36** | - The fair value of Level 1 fair value measurement items is determined based on unadjusted quoted prices in active markets[473](index=473&type=chunk) - Level 3 fair value measurement items use a market's most recent round of financing price adjustment model, with inputs including historical benchmark adjustment coefficients and market condition adjustment coefficients for the investee[474](index=474&type=chunk) [Related Parties and Related Party Transactions](index=154&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) This section discloses the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and details related-party transactions during the reporting period, including purchases, sales, services, leases, and outstanding balances - The parent company is Hubei Yangtze River Publishing & Media Group Co., Ltd., with both shareholding and voting power ratios at **56.31%**[476](index=476&type=chunk) - During the reporting period, the company purchased property management and utility services totaling **5.552 million CNY** from Hubei Yangtze River Dongguang Property Management Co., Ltd., and purchased books totaling **4.760 million CNY** from Dolphin Media Co., Ltd.[480](index=480&type=chunk) - The company sold books totaling **5.906 million CNY** to Dolphin Media Co., Ltd., and books totaling **7.620 million CNY** to Beijing Yangtze River New Century Culture Media Co., Ltd.[481](index=481&type=chunk) - As a lessee, the company paid **16.232 million CNY** in rent to Hubei Yangtze River Publishing & Media Group Co., Ltd., and **3.612 million CNY** in rent to Hubei Xinhua Asset Management Co., Ltd.[482](index=482&type=chunk) - Accounts receivable at period-end include **3.176 million CNY** from Shanghai Kubang Asset Management Co., Ltd., for which a full bad debt provision has been made[485](index=485&type=chunk) - Accounts payable at period-end include **1.010 million CNY** to Beijing Yangtze River New Century Culture Media Co., Ltd.[487](index=487&type=chunk) - Other payables at period-end include **27 million CNY** to Xiaogan Chongwen Plaza Real Estate Co., Ltd.[488](index=488&type=chunk) [Share-based Payment](index=161&type=section&id=Share-based%20Payment) During the reporting period, the company had no share-based payment transactions - During the reporting period, the company had no share-based payment transactions[490](index=490&type=chunk) [Commitments and Contingencies](index=161&type=section&id=Commitments%20and%20Contingencies) During the reporting period, the company had no significant commitments or contingencies requiring disclosure - During the reporting period, the company had no significant commitments or contingencies requiring disclosure[490](index=490&type=chunk)[491](index=491&type=chunk) [Events After the Balance Sheet Date](index=161&type=section&id=Events%20After%20the%20Balance%20Sheet%20Date) From the reporting period end to the financial report approval date, the company had no significant non-adjusting events, profit distribution, or sales returns - From the end of the reporting period to the date of approval for issuance of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns[490](index=490&type=chunk)[491](index=491&type=chunk)[492](index=492&type=chunk) [Other Significant Matters](index=162&type=section&id=Other%20Significant%20Matters) This section discloses the company's annuity plan, discontinued operations (a kindergarten), and segment information. The company established an enterprise annuity plan to ensure employee benefits and talent incentives. During the reporting period, Wuhan Economic and Technological Development Zone Dolphin Golden Harbor Kindergarten was identified as a discontinued operation. The company's business operations are divided into five reporting segments: publishing, distribution, materials, printing, and others - The company established an enterprise annuity plan, with employer contributions capped at **8.33%** of the prior year's total payroll, and employee contributions at **2%** of their prior year's total payroll[492](index=492&type=chunk)[493](index=493&type=chunk)[494](index=494&type=chunk)[495](index=495&type=chunk)[496](index=496&type=chunk) Discontinued Operations | Item | Revenue (CNY) | Expenses (CNY) | Total Profit (CNY) | Income Tax Expense (CNY) | Net Profit (CNY) | Discontinued Operations Profit Attributable to Parent Company Owners (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Wuhan Economic and Technological Development Zone Dolphin Golden Harbor Kindergarten | 0 | 3,326.87 | -164,377.42 | 0 | -164,377.42 | -130,439.40 | - The company's business operations are divided into five reporting segments: publishing, distribution, materials, printing, and others, with management regularly evaluating the operating results of each segment[499](index=499&type=chunk) Segment Financial Information (Current Period Amount) | Item | Publishing Segment (CNY) | Distribution Segment (CNY) | Materials Segment (CNY) | Printing Segment (CNY) | Other Segments (CNY) | Inter-segment Eliminations (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Main Business Revenue | 987,753,176.78 | 2,677,553,843.74 | 212,974,558.11 | 99,527,841.10 | 350,954,873.27 | -867,960,568.93 | 3,460,803,724.07 | | Main Business Cost | 617,418,538.95 | 1,868,495,857.11 | 204,021,732.47 | 76,414,271.44 | 321,184,085.20 | -871,269,183.88 | 2,216,265,301.29 | - Wholly-owned subsidiary Hubei Yangtze River Publishing & Printing Materials Co., Ltd. has significant overdue accounts receivable of **365.2803 million CNY**, with **328.7523 million CNY** provided for bad debts[503](index=503&type=chunk)[504](index=504&type=chunk) [Notes to Key Items in Parent Company Financial Statements](index=166&type=section&id=Notes%20to%20Key%20Items%20in%20Parent%20Company%20Financial%20Statements) This section provides detailed notes for key items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating income and cost, and investment income - Parent company accounts receivable book balance at period-end was **193.877 million CNY**, with related-party combinations accounting for **99.61%**[510](index=510&type=chunk) - Parent company dividends receivable balance at period-end was **1.010 billion CNY**, primarily from multiple subsidiaries[517](index=517&type=chunk) - Parent company long-term equity investments book value at period-end was **3.663 billion CNY**, primarily investments in subsidiaries[532](index=532&type=chunk) - Parent company operating revenue for the current period was **259.720 million CNY**, mainly from publishing and distribution businesses[539](index=539&type=chunk)[540](index=540&type=chunk) - Parent company investment income for the current period was **584.733 million CNY**, mainly from long-term equity investment income accounted for using the cost method and wealth management income[545](index=545&type=chunk) [Supplementary Information](index=177&type=section&id=Supplementary%20Information) This section provides supplementary information, including a detailed statement of non-recurring gains and losses and key metrics such as net asset return and earnings per share. Non-recurring gains and losses totaled 23.28 million CNY, and basic earnings per share was 0.56 CNY/share Detailed Statement of Non-Recurring Gains and Losses for the Current Period | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 24,132.77 | | Government Grants Recognized in Current Profit or Loss | 7,944,539.52 | | Gains/Losses from Fair Value Changes of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities | 22,770,924.20 | | Other Non-Operating Income and Expenses Apart from the Above | -6,571,790.93 | | Less: Income Tax Impact | 844,282.10 | | Minority Interests Impact (After Tax) | 42,072.50 | | **Total** | **23,281,450.96** | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (CNY/share) | | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 7.00 | 0.56 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-Recurring Gains and Losses | 6.76 | 0.55 |