Market Overview - The television broadcasting sector increased by 1.61% compared to the previous trading day, with Jishi Media leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Jishi Media (601929) closed at 6.11, up 5.89%, with a trading volume of 6.35 million shares and a turnover of 3.8 billion yuan [1] - Gehua Cable (600037) closed at 8.51, up 2.78%, with a trading volume of 266,600 shares and a turnover of 226 million yuan [1] - Tianwei Video (002238) closed at 8.58, up 1.18%, with a trading volume of 60,700 shares and a turnover of 51.89 million yuan [1] - Hubei Broadcasting (000665) closed at 6.13, up 0.82%, with a trading volume of 255,400 shares and a turnover of 156 million yuan [1] - Other notable stocks include Dongfang Mingzhu (600637) and Jiangsu Cable (600959), which saw minor increases of 0.35% and 0.26% respectively [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 24.26 million yuan from institutional investors, while retail investors saw a net inflow of 21.2 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Detailed Capital Flow for Selected Stocks - Hubei Broadcasting (000665) had a net inflow of 25.62 million yuan from institutional investors, while retail investors had a net outflow of 11.75 million yuan [3] - Jishi Media (601929) saw a net inflow of 21.80 million yuan from retail investors, despite a significant outflow of 169 million yuan from institutional investors [3] - Guangxi Broadcasting (600936) had a net inflow of 8.35 million yuan from institutional investors, while retail investors experienced a net outflow of 8.37 million yuan [3]

Market Overview - The television broadcasting sector increased by 0.35% compared to the previous trading day, with Oriental Pearl leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up by 1.65%, while the Shenzhen Component Index closed at 12979.89, up by 3.36% [1] Individual Stock Performance - Oriental Pearl (600637) closed at 69.8, rising by 1.88% with a trading volume of 837,900 shares and a transaction value of 717 million yuan [1] - Other notable stocks include: - Haoliang Co. (301262) at 25.63, up by 1.10% [1] - Guiguang Network (600996) at 8.28, up by 0.61% [1] - Tianwei Video (002238) at 8.48, up by 0.59% [1] - Wireless Media (301551) at 49.00, up by 0.51% [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 164 million yuan from institutional investors and 122 million yuan from speculative funds, while retail investors saw a net inflow of 286 million yuan [2] - The capital flow for individual stocks shows: - Oriental Pearl had a net inflow of 43.39 million yuan from institutional investors, but a net outflow of 25.59 million yuan from speculative funds [3] - New Media Co. (300770) had a net inflow of 1.88 million yuan from institutional investors, with a significant outflow from speculative funds [3] - ST Guangwang (600831) faced a net outflow of 6.43 million yuan from institutional investors [3]

Market Overview - The television broadcasting sector experienced a decline of 2.66% on the trading day, with the leading stock, Gehua Cable, falling significantly [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Key stocks in the television broadcasting sector showed varied performance, with ST Guangwang rising by 1.24% to a closing price of 4.89, while Gehua Cable dropped by 5.92% to 9.06 [2] - The trading volume and turnover for major stocks included: - ST Guangwang: 102,700 shares, turnover of 49.72 million yuan - Gehua Cable: 545,000 shares, turnover of 506 million yuan [2] Capital Flow Analysis - The television broadcasting sector saw a net outflow of 1.168 billion yuan from main funds, while retail investors contributed a net inflow of 821 million yuan [2] - The capital flow for specific stocks indicated that: - Huashu Media had a main fund net inflow of 7.18 million yuan, but retail investors had a net outflow of 4.24 million yuan [3] - Gehua Cable experienced a significant main fund net outflow of 32.21 million yuan [3]

Financial Performance - The company's total revenue for the first half of 2025 was 647 million yuan, a decrease of 24.58% year-on-year [1] - The net profit attributable to shareholders was -360 million yuan, showing a slight improvement of 0.85% compared to the previous year [1] - In Q2 2025, total revenue was 296 million yuan, down 33.79% year-on-year, while the net profit attributable to shareholders was -212 million yuan, an increase of 21.47% year-on-year [1] Profitability Metrics - The gross margin improved to 12.94%, a significant increase of 170.45% year-on-year [1] - The net margin was -56.12%, a decrease of 31.07% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 354 million yuan, accounting for 54.79% of revenue, which is an increase of 25.38% year-on-year [1] Cash Flow and Debt Situation - The company's cash and cash equivalents decreased by 62.11% to 158 million yuan [1] - The current ratio was reported at 0.87, indicating rising short-term debt pressure [1] - The interest-bearing debt was 5.741 billion yuan, down 5.77% year-on-year [1] Historical Performance and Business Model - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.01% over the past decade, and a particularly poor ROIC of -10.11% in 2024 [3] - The business model relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [3] - The company has reported losses in five out of its 32 annual reports since its listing, indicating a generally poor financial track record [3]

Core Viewpoint - The report highlights the financial performance of Shaanxi Broadcasting Network Media Group Co., Ltd. for the first half of 2025, indicating a significant decline in revenue and net profit, primarily due to increased competition from new media and changing consumer habits [3][7][19]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 646.83 million yuan, a decrease of 24.58% compared to 857.62 million yuan in the same period last year [3][19]. - The total profit for the period was a loss of approximately 362.83 million yuan, slightly improved from a loss of 365.45 million yuan in the previous year [3][19]. - The net profit attributable to shareholders was approximately -360.46 million yuan, compared to -363.54 million yuan in the previous year [3][19]. - The net cash flow from operating activities was approximately 100.46 million yuan, down 33.27% from 150.54 million yuan in the previous year [3][19]. - The company's total assets decreased by 2.11% to approximately 10.53 billion yuan from 10.75 billion yuan at the end of the previous year [3][19]. Industry Context - The company operates in the "Information Transmission, Software and Information Technology Services" sector, specifically in "Telecommunications, Broadcasting, Television, and Satellite Transmission Services" [7]. - As the only legal cable television operator in Shaanxi Province, the company faces no direct competition from other local operators but competes with telecom operators and internet video service providers [7][19]. - The industry is undergoing significant changes due to the emergence of IPTV and internet television, necessitating a transformation in traditional broadcasting operations [7][19]. Business Strategy and Operations - The company is transitioning from a traditional cable television operator to a multimedia operator, focusing on integrated media services and a "cable + 5G" development model [7][19]. - The company has introduced various products and services, including high-definition digital television, 4K ultra-high-definition television, and interactive value-added services [7][19]. - The company aims to enhance its operational capabilities by improving business coordination and internal control management [8][9]. Challenges and Future Outlook - The company faces challenges such as user attrition in traditional cable services and the need to adapt to rapid technological changes [7][19]. - Despite the decline in revenue, the company has made efforts to reduce costs and improve operational efficiency, with some subsidiaries showing signs of profitability [7][19]. - The company plans to continue focusing on user retention and expanding its service offerings to adapt to changing market conditions [7][19].

Company Overview - Shaanxi Broadcasting Network Media (Group) Co., Ltd. is listed on the Shanghai Stock Exchange under the stock code 600831 and is referred to as ST Guangwang [1] - The company reported a total asset value of approximately 10.53 billion yuan, reflecting a decrease of 2.11% compared to the previous year [1] - The net assets attributable to shareholders decreased by 17.39% to approximately 1.71 billion yuan [1] Financial Performance - The company's operating revenue for the reporting period was approximately 646.83 million yuan, down 24.58% from the previous year [1] - The total profit for the period was reported as a loss of approximately 362.83 million yuan, consistent with the previous year's loss [1] - The net profit attributable to shareholders was a loss of approximately 360.46 million yuan, slightly improved from the previous year's loss [1] - The net cash flow from operating activities was approximately 100.46 million yuan, a decrease of 33.27% compared to the previous year [1] - The weighted average return on net assets was -19.04%, a decrease of 6.71 percentage points from the previous year [1] - Basic and diluted earnings per share were both reported at -0.5070 yuan [1] Shareholder Information - The largest shareholder, Shaanxi Broadcasting Media Group Co., Ltd., holds 29.20% of the shares, amounting to approximately 207.59 million shares [2] - Other significant shareholders include Oriental Pearl New Media Co., Ltd. with 2.75% and individual shareholders such as Zhao Zhangcai with 1.68% [2]

Company Performance - ST Guangwang reported a revenue of approximately 647 million yuan for the first half of 2025, representing a year-on-year decrease of 24.58% [1] - The net profit attributable to shareholders for the same period was a loss of approximately 360 million yuan, with a basic earnings per share loss of 0.507 yuan [1] - In comparison, for the first half of 2024, the company had a revenue of approximately 858 million yuan and a net profit loss of about 364 million yuan, with a basic earnings per share loss of 0.512 yuan [1] Market Context - As of the report, ST Guangwang's market capitalization stands at 3.4 billion yuan [1] - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to positive movements among industry-listed companies [1]

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions of common terms used in the report, including company names, regulatory bodies, exchanges, major shareholders, actual controllers, and various business and technical terms, ensuring accurate understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms used in the report, including company names, regulatory bodies, exchanges, major shareholders, actual controllers, and various business and technical terms such as OTT, IPTV, and 5G, ensuring accurate understanding of the report content - The full name of the company is Shaanxi Broadcasting & TV Network Media (Group) Co., Ltd., referred to as "**the Company**" or "**Company**"[12](index=12&type=chunk) - The Propaganda Department of the CPC Shaanxi Provincial Committee is the actual controller of the Company[12](index=12&type=chunk) - Shaanxi Broadcasting & TV Convergence Media Group Co., Ltd. is the Company's largest shareholder[12](index=12&type=chunk) - The report defines key technical terms such as OTT (Over The Top), IPTV (IP Television), and 5G (Fifth Generation Mobile Communication Technology)[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, historical changes, information disclosure, stock profile, and key financial data and indicators for the reporting period [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The full Chinese name of the company is Shaanxi Broadcasting & TV Network Media (Group) Co., Ltd., abbreviated as "**Broadcasting & TV Network**"[15](index=15&type=chunk) - The company's legal representative is Han Pu[15](index=15&type=chunk) [II. Contact Persons and Information](index=5&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, telephone numbers, fax numbers, and email addresses, to facilitate communication with investors and relevant parties - The Board Secretary is Zhang Yun, and the Securities Affairs Representative is Li Li, both located at Qujiang First Tower, Qujiang Administrative Business District, Qujiang New District, Xi'an[16](index=16&type=chunk) - The company's contact number is **(029) 58000831**, and the email address is **600831@china.com**[16](index=16&type=chunk) [III. Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the historical changes in the company's registered address and specifies the current office address, postal code, company website, and email address - The company's registered address has changed multiple times, currently located at Floors 14-16, 18-19, 22-24, Qujiang First Tower, Qujiang Administrative Business District, Qujiang New District, Xi'an[17](index=17&type=chunk)[18](index=18&type=chunk) - The company's website is **http://www.600831.com**[18](index=18&type=chunk) [IV. Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=IV.%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's designated newspapers for information disclosure, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept - The company's selected newspapers for information disclosure are Shanghai Securities News, Securities Times, and Securities Daily[19](index=19&type=chunk) - The semi-annual report is published on **www.sse.com.cn**, and the document custody location is the company's Securities Investment Department[19](index=19&type=chunk) [V. Company Stock Profile](index=6&type=section&id=V.%20Company%20Stock%20Profile) This section introduces the company's stock listing exchange, abbreviation, code, and the reasons for the stock abbreviation change and subsequent plans Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | ST Guangwang | 600831 | - The company's stock has been subject to other risk warnings by the Shanghai Stock Exchange since **July 9, 2024**, with the stock abbreviation changing from "Guangdian Network" to "**ST Guangwang**"; the company plans to apply for the removal of the risk warning 12 months after receiving the "Administrative Penalty Decision Letter"[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in operating revenue, a narrowed net loss attributable to shareholders of listed companies, and a decline in both net assets and total assets Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 646.83 million yuan | 857.62 million yuan | -24.58 | | Total Profit | -362.83 million yuan | -365.45 million yuan | - | | Net Profit Attributable to Shareholders of Listed Company | -360.46 million yuan | -363.54 million yuan | - | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains and Losses) | -343.00 million yuan | -365.65 million yuan | - | | Net Cash Flow from Operating Activities | 100.46 million yuan | 150.54 million yuan | -33.27 | | **End of Current Period** | **End of Prior Year** | **Change from Prior Year-end (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 1.71 billion yuan | 2.07 billion yuan | -17.39 | | Total Assets | 10.53 billion yuan | 10.75 billion yuan | -2.11 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.507 | -0.512 | - | | Diluted Earnings Per Share (yuan/share) | -0.507 | -0.512 | - | | Basic EPS Excluding Non-recurring Gains and Losses (yuan/share) | -0.4825 | -0.515 | - | | Weighted Average Return on Net Assets (%) | -19.04 | -12.33 | Decrease of 6.71 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | -18.12 | -12.4 | Decrease of 5.72 percentage points | [IX. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **-17.45 million yuan**, primarily including gains and losses from disposal of non-current assets, fair value changes, debt restructuring, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 114,638.71 | | Gains and losses from fair value changes and disposal of financial assets and liabilities | 698,114.57 | | Gains and losses from debt restructuring | 6,873,656.57 | | Other non-operating income and expenses | -25,084,969.83 | | Impact on minority interests (after tax) | 55,303.75 | | Total | -17,453,863.73 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's industry, main business operations, financial performance, core competitiveness, and risk factors during the reporting period [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section elaborates on the policy orientation, market competition landscape, and transformation needs of the company's industry (telecommunications, radio, television, and satellite transmission services within information transmission, software, and information technology services), and introduces the company's progress in transforming its main business from traditional cable television to a converged media operator, forming a new "cable + 5G" integrated development pattern [(I) Industry Overview](index=7&type=section&id=(I)%20Industry%20Overview) The company operates in the "telecommunications, radio, television, and satellite transmission services" sector within "information transmission, software, and information technology services," which is heavily influenced by national policies; facing competition from IPTV and internet TV, the industry is accelerating its transformation towards a "nationwide unified network," "cable + wireless" integration, and diversified converged services, with **over 35 million** cable TV 5G users - The company belongs to the "telecommunications, radio, television, and satellite transmission services" sector within "information transmission, software, and information technology services," and is the **sole legal cable television network operator** in Shaanxi Province[27](index=27&type=chunk) - The industry faces intense competition from telecom operators and internet video service providers, compelling the broadcasting and television operation industry to accelerate its transformation[28](index=28&type=chunk) - Breakthrough progress has been made in the integrated development of national cable television network consolidation and broadcasting and television 5G construction, achieving "four transformations": from "one province, one network" to a "nationwide unified network," from cable networks to "cable + wireless" networks, from single cable television services to diversified services, and from traditional broadcasting and television technology to an integrated and open technology system[28](index=28&type=chunk) - As of the end of June, the actual number of national cable television users reached **206 million**, and the number of broadcasting and television 5G service users exceeded **35 million**, with broadcasting and television 5G transitioning from the "scale expansion" stage to the "quality improvement" stage[30](index=30&type=chunk) [(II) Company's Main Business Operations](index=8&type=section&id=(II)%20Company%27s%20Main%20Business%20Operations) The company is accelerating its transformation into a converged media operator with a focus on smart new broadcasting and television, forming a new "cable + 5G" integrated development pattern; its business system includes products for mass customers such as high-definition digital TV, 4K ultra-high-definition TV, interactive on-demand, large-bandwidth data, and broadcasting and television 5G mobile services, as well as products for enterprise customers such as dedicated networks and lines, broadcasting and television 5G industry applications, IoT, emergency broadcasting, and computing services - The company is accelerating its transformation from a traditional cable television operator to a converged media operator with a focus on smart new broadcasting and television, forming a comprehensive, multi-network business system and a new "**cable + 5G**" integrated development pattern[30](index=30&type=chunk)[31](index=31&type=chunk) - For mass customers such as households and hotels, the company provides live broadcasting services including high-definition digital TV, 4K ultra-high-definition TV, and pay-TV channels; interactive value-added services such as time-shift, on-demand, value-added applications, and internet video; large-bandwidth data services; broadcasting and television 5G voice calls and mobile internet services; and digital home and smart hotel solutions[31](index=31&type=chunk) - For enterprise customers such as government agencies and public institutions, the company provides dedicated networks and lines, video surveillance, broadcasting and television 5G industry applications, IoT, emergency broadcasting, system integration, converged media, cultural big data, safe communities, digital villages, computing services, and fixed-line voice call services[31](index=31&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) The company's operating revenue for the first half of the year decreased by **24.58%** to **647 million yuan**, primarily due to the decline in traditional core businesses; the net loss attributable to shareholders of listed companies was **360 million yuan**, a **0.85%** reduction in loss year-on-year, mainly benefiting from cost reduction and efficiency improvement; the company focused on profit centers, enhanced business coordination and internal control management capabilities, centered on three main lines: financial revenue, cash flow, and cost reduction/efficiency improvement, and implemented four key tasks: stabilizing core business, deploying new initiatives, adjusting structure, and preventing risks Operating Performance for H1 2025 | Indicator | Amount (100 million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 6.47 | Decrease of 24.58% | | Net Profit Attributable to Shareholders of Listed Company | -3.60 | Loss reduction of 0.85% | - The decline in revenue is primarily due to the development of new media formats and changes in user consumption habits leading to cable TV user loss, resulting in a decline in traditional core business revenue; new businesses have not fully compensated for the shortfall; additionally, the company adjusted its sales strategy to control low-profit-contributing businesses such as commodity sales and engineering construction[32](index=32&type=chunk) - The reduction in net loss is mainly attributed to clearing redundant resources, intensifying cost reduction and efficiency improvement efforts, and strictly controlling cost expenditures, but fixed asset depreciation, network maintenance, interest-bearing debt, and outstanding accounts receivable still significantly impact profit[32](index=32&type=chunk) - In the first half of the year, the company focused on "profit" as its central objective, with **8 out of 12** core business companies achieving their profit targets, and **5 of them turning losses into profits**[33](index=33&type=chunk) - Enhanced business coordination capabilities through measures such as production-sales synergy, product lifecycle management, new product piloting, unified account 2.0, enriching the product toolbox, and reforming fund payment rules, to optimize user experience and marketing[34](index=34&type=chunk)[35](index=35&type=chunk) - Improved internal control management capabilities by formulating and advancing the construction of a "grand internal control" system, perfecting the governance structure, strengthening management capabilities, and completing internal control surveys, diagnoses, system梳理, and process optimization for the company headquarters, branches, and sub-branches, establishing a three-level internal control process management framework[35](index=35&type=chunk) - Focused on the financial revenue line by concentrating on core responsibilities and businesses, optimizing revenue structure, and improving revenue quality; focused on the cash flow line by strengthening accounts receivable collection and ensuring financial chain security; focused on the cost reduction and efficiency improvement line by controlling costs and expenses through measures such as reducing transmission costs through cooperation with Tencent, reusing equipment, and promoting green office practices[36](index=36&type=chunk) - Implemented four key tasks: stabilizing core business, deploying new initiatives, adjusting structure, and preventing risks: Mass market business added **251,000** broadcasting and television 5G users, **37,300** digital TV users, and **33,400** broadband users; enterprise customer business signed multiple dedicated network and information technology construction projects, with emergency broadcasting covering **89** counties across the province; converged media business supported **over 900** live broadcasting events and promoted the construction of provincial and municipal converged media platforms; cultural digitalization business launched **30 new projects**, forming multiple cultural resource databases, and the AI digital human platform was applied in cultural tourism, news, and legal popularization scenarios[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk) - In terms of deploying new initiatives, completed the landing of Beijing Satellite TV's ultra-high-definition channel, explored "micro-drama + cultural tourism" and "micro-drama + brand" models, conducted Douyin live streaming matrix operations, and laid out new tracks for low-altitude economy development[41](index=41&type=chunk)[42](index=42&type=chunk) - In terms of adjusting structure, progress was made in software R&D innovation, securing government support, and improving investment structure (formulating "closure, suspension, merger, and transfer" implementation plans for **8 subsidiaries** and completing the deregistration of **1 subsidiary**)[43](index=43&type=chunk) - In terms of risk prevention, successfully completed security broadcasting assurance tasks for the National People's Congress and Chinese New Year, with no security broadcasting incidents; conducted specialized training on network information security to enhance network security protection levels; strengthened confidentiality learning and training, and regular safety supervision and inspection[44](index=44&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) This section indicates that the company's core competitiveness has not substantially changed, primarily reflected in its new infrastructure foundation advantage of "cloud-network-edge-device" integrated development, the party media and government network advantage supported by party committees and government, the open and integrated advantage of its digital and intelligent converged media ecosystem, and its localized service advantage based in Shaanxi - The company's core competitiveness has not substantially changed, with key advantages including: the new infrastructure foundation advantage of "**cloud-network-edge-device**" integrated development across the province, the party media and government network advantage supported by party committees and government, the open and integrated advantage of its digital and intelligent converged media ecosystem, and its localized advantage in serving social development based in Shaanxi[45](index=45&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=13&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's main operating conditions during the reporting period, including changes in financial statement items, asset and liability status, restrictions on major assets, and the operating performance and changes of controlled and investee companies [(I) Analysis of Main Business](index=13&type=section&id=(I)%20Analysis%20of%20Main%20Business) This section analyzes changes in relevant financial statement items, revealing a decrease in the company's operating revenue and costs, a slight increase in selling expenses, a decrease in administrative expenses and income tax expenses, a significant increase in financial expenses, credit impairment losses, and non-operating expenses, and an increase in investment income and non-operating income Analysis of Changes in Financial Statement Items for H1 2025 | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 646,826,074.98 | 857,623,747.91 | -24.58 | Decrease in revenue from cable TV, commodity sales, etc | | Operating Cost | 563,132,606.04 | 816,592,111.98 | -31.04 | Decrease in costs from commodity sales, engineering construction, etc | | Selling Expenses | 69,826,445.58 | 68,809,255.36 | 1.48 | Increase in advertising expenses | | Administrative Expenses | 160,339,467.12 | 190,339,585.80 | -15.76 | Decrease in labor costs for management personnel | | Financial Expenses | 124,252,741.33 | 115,657,653.30 | 7.43 | Increase in bank loan interest expenses | | Net Cash Flow from Operating Activities | 100,455,341.71 | 150,535,952.70 | -33.27 | Decrease in cash received from sales of goods and services | | Net Cash Flow from Investing Activities | -65,540,334.30 | -227,862,096.99 | - | Decrease in cash paid for fixed asset investments | | Net Cash Flow from Financing Activities | -35,703,800.68 | 146,318,929.36 | -124.40 | Decrease in bank borrowings | | Other Income | 209,004.94 | 3,863,697.83 | -94.59 | Decrease in government grants received | | Investment Income | 3,199,862.72 | -3,071,349.48 | 204.18 | Recognition of debt restructuring gains | | Credit Impairment Losses | -66,855,352.43 | -21,832,687.70 | -206.22 | Increase in aging of receivables, increase in credit impairment provisions | | Non-operating Income | 1,487,926.93 | 347,553.76 | 328.11 | Increase in penalty income | | Non-operating Expenses | 26,667,262.99 | 6,396,369.93 | 316.91 | Increase in expenses for penalties, late fees, etc | | Income Tax Expense | 145,606.47 | 1,719,130.84 | -91.53 | Decrease in taxable income | | Net Increase in Cash and Cash Equivalents | -788,793.27 | 68,992,785.07 | -101.14 | Increase in net cash outflow from financing activities | [(III) Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the company's asset and liability status at period-end, showing increases in monetary funds, construction in progress, contract liabilities, long-term borrowings, and lease liabilities, while long-term equity investments, short-term borrowings, non-current liabilities due within one year, and other current liabilities decreased; it also discloses major asset restrictions due to pledge of collection rights and accounts receivable factoring Changes in Assets and Liabilities for H1 2025 | Item Name | Current Period-end Amount (yuan) | Proportion of Total Assets at Period-end (%) | Prior Year-end Amount (yuan) | Proportion of Total Assets at Prior Year-end (%) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 158,099,237.46 | 1.50 | 147,505,385.47 | 1.37 | 7.18 | Increase in bank deposits | | Long-term Equity Investments | 18,910,847.83 | 0.18 | 32,584,641.68 | 0.30 | -41.96 | Withdrawal from associate company Changtian Zhiyuan | | Construction in Progress | 214,831,877.13 | 2.04 | 153,565,114.46 | 1.43 | 39.90 | Increase in investments for system optimization, platform construction, etc | | Short-term Borrowings | 768,446,626.74 | 7.30 | 867,696,626.74 | 8.07 | -11.44 | Decrease in short-term bank borrowings | | Contract Liabilities | 117,689,703.45 | 1.12 | 80,636,069.92 | 0.75 | 45.95 | Increase in advance receipts | | Long-term Borrowings | 4,015,638,042.43 | 38.14 | 3,404,756,222.51 | 31.66 | 17.94 | Increase in long-term borrowings | | Lease Liabilities | 217,078,070.25 | 2.06 | 101,463,254.98 | 0.94 | 113.95 | New finance leases | | Payroll Payable | 141,087,846.04 | 1.34 | 77,096,374.99 | 0.72 | 83.00 | Increase in employee salaries and social security payments payable | | Non-current Liabilities Due Within One Year | 911,109,514.03 | 8.65 | 1,465,785,744.96 | 13.69 | -37.84 | Decrease in long-term borrowings due within one year | | Other Current Liabilities | 29,591,701.67 | 0.28 | 98,056,897.59 | 0.91 | -69.82 | Decrease in commercial acceptance bills and accounts receivable not derecognized | | Provisions | 32,121,446.66 | 0.31 | 6,625,421.04 | 0.06 | 384.82 | Increase in pending litigations | - The company and Video Big Data Company applied for a **4.37 billion yuan** 15-year medium-to-long-term loan credit line from China Development Bank Shaanxi Branch, secured by pledge of collection rights and asset mortgages, specifically for the "Xueliang Project" construction in Shaanxi Province, with actual drawdown of **348 million yuan**[52](index=52&type=chunk) - As of June 30, 2025, **169.05 million yuan** of the company's assets had restricted ownership or use rights, including **13.93 million yuan** in monetary funds restricted due to bill deposits and frozen litigation funds; and **155.12 million yuan** in accounts receivable and other current assets restricted due to Guanghua Investment entrusting a third party to indirectly purchase accounts receivable and debt assets from the company and its subsidiaries[52](index=52&type=chunk)[53](index=53&type=chunk) [(VI) Analysis of Major Controlled and Investee Companies](index=16&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This section lists the operating performance of the company's major subsidiaries and investee companies, including their main businesses, registered capital, total assets, net assets, operating revenue, operating profit, and net profit; during the reporting period, Guangdian Da Jiankang completed its deregistration, and Guanghua Investment transferred its equity in Changtian Zhiyuan Major Subsidiaries and Investee Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (10,000 yuan) | Total Assets (10,000 yuan) | Net Assets (10,000 yuan) | Operating Revenue (10,000 yuan) | Operating Profit (10,000 yuan) | Net Profit (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Silk Road Film & TV | Subsidiary | Advertising business; satellite TV landing business; development and sales of value-added services; converged media content production and operation, etc | 5,000 | 20,984.86 | 5,928.72 | 3,612.62 | 75.70 | -1,830.19 | | Baoji Broadcasting & TV | Subsidiary | Baoji City cable TV network operation and related businesses, etc | 18,224.38 | 59,558.46 | 38,912.03 | 14,550.02 | -5,642.17 | -5,622.05 | | Huatong Holdings | Subsidiary | Internet information services; venture capital and consulting services; equity investment, etc | 15,000 | 11,973.94 | -3,322.93 | 462.87 | -7,989.78 | -7,989.78 | | Broadcasting & TV Microcredit | Subsidiary | Microcredit business | 5,000 | 5,172.03 | -9,778.90 | 72.79 | -219.58 | -219.72 | | Broadcasting & TV Tongfang | Subsidiary | Design and operation of broadcasting and television program coverage services using terrestrial wireless methods; network system integration and technical services, etc | 3,296.70 | 8,150.76 | 1,215.62 | 2,183.63 | -1,322.15 | -1,316.39 | | Guangtong Boda | Subsidiary | Integrated cabling, network server room, computer system integration, software development, design, construction, maintenance, and technical consulting services for audio and video systems, etc | 1,010 | 4,673.90 | -3,935.19 | 950.30 | -1,292.21 | -1,292.21 | | Community Information Company | Subsidiary | Design and construction of community information system projects; data information management, technology development, transfer, technology, and services in the computer field, etc | 1,000 | 12,118.92 | -1,425.97 | 2,823.82 | -1,664.06 | -1,661.57 | | Smart Community Company | Subsidiary | Operation, management, and maintenance of broadcasting and television information networks, property management, wholesale and retail of goods, computer system integration, information services, internet access services; cooperative issuance of "U" Huijia cards, etc | 20,000 | 1,794.07 | -2,111.33 | 43.81 | -2,083.21 | -2,083.21 | - During the reporting period, the controlled subsidiary Guangdian Da Jiankang completed its industrial and commercial deregistration procedures[58](index=58&type=chunk) - Among the investee companies, Copyright Exchange recognized an investment loss of **-3.31 million yuan** for the current period, Huaqin Yonghe recognized an investment loss of **-0.08 million yuan**, Dacheng Hongtai recognized an investment loss of **-0.03 million yuan**, and Guantian Xinan Company recognized an investment loss of **-0.14 million yuan**[60](index=60&type=chunk)[61](index=61&type=chunk) - Guanghua Investment transferred its equity in Changtian Zhiyuan through an agreement, and Changtian Zhiyuan has withdrawn its investment[61](index=61&type=chunk) [V. Other Disclosure Matters](index=21&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the four major risks faced by the company: operational and financial risks arising from the transition of old and new growth drivers during the transformation period, user churn risks due to changes in industry market and user habits, technological adaptability risks due to accelerated technological iteration, and the risk of its stock being subject to other risk warnings; concurrently, the company actively promotes its valuation enhancement plan, strengthens investor relations management, and improves the quality of information disclosure - The company faces operational and financial risks arising from the transition of old and new growth drivers during the transformation period, with declining traditional businesses and insufficient development of new businesses to cover the shortfall, leading to increased accounts receivable balances and aging, large debt financing scale, high asset-liability ratio, high financial expenses, and poor performance of some subsidiaries[63](index=63&type=chunk) - The company faces user churn risks due to changes in industry market and user habits, with competition from OTT, IPTV, and smart TV, and the shift in user viewing habits from large screens to small screens, and from long-form video to online audio-visual content, leading to reduced user stickiness and accelerated loss of cable TV users[64](index=64&type=chunk) - The company faces technological adaptability risks due to accelerated technological iteration, as the construction of new broadcasting and television networks and the development of cutting-edge technologies such as artificial intelligence and big data pose new challenges to the company's technological capabilities and talent reserves[65](index=65&type=chunk) - The company's stock has been subject to other risk warnings by the Shanghai Stock Exchange since **July 9, 2024**, with the stock abbreviation changing to "**ST Guangwang**"; the company has corrected accounting errors in its 2022 annual financial report and plans to apply for the removal of the risk warning 12 months after receiving the "Administrative Penalty Decision Letter"[66](index=66&type=chunk) - The company actively promotes its "2025 Valuation Enhancement Plan and Quality Improvement, Efficiency Increase, and High Returns Program," strengthens investor relations management, organizes earnings briefings and shareholder meetings, and communicates with investors through investor hotlines and SSE e-interaction platforms[68](index=68&type=chunk) - The company discloses periodic and interim reports on time, strictly regulates insider information and insider registration management, and improves the quality of information disclosure[68](index=68&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=22&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's corporate governance practices, including profit distribution plans, and its commitment to environmental and social responsibilities, particularly in consolidating poverty alleviation achievements and promoting rural revitalization [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's board of directors resolved that there is no profit distribution plan or capital reserve conversion to share capital plan for the current reporting period, meaning no profit distribution or capital reserve conversion will be carried out - The company has no profit distribution plan or capital reserve conversion to share capital plan for the current reporting period[70](index=70&type=chunk) [V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization Efforts](index=23&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization%20Efforts) The company actively fulfills its social responsibilities by participating in consolidating poverty alleviation achievements and rural revitalization through network upgrades, emergency broadcasting coverage, and the construction of a broadcasting and television 5G digital rural big data cloud platform, empowering rural digital economy, smart green villages, information-benefiting services, rural digital governance, and rural network culture - Based on its core business, the company leverages its resources and business advantages to participate in effectively linking the consolidation of poverty alleviation achievements with rural revitalization, fulfilling its social responsibilities[72](index=72&type=chunk) - The company has increased rural network upgrades and emergency broadcasting coverage, continuously improving and enhancing Shaanxi's rural information infrastructure, ensuring rural residents enjoy high-quality television, network, and telephone services[72](index=72&type=chunk) - Constructed, developed, and promoted the application of the broadcasting and television 5G digital rural big data cloud platform, integrating multiple functions such as grassroots party building, rural governance, safe villages, smart agriculture, smart tourism, health monitoring, rural e-commerce, and rural services, empowering rural revitalization[72](index=72&type=chunk) [Section V Significant Matters](index=23&type=section&id=Section%20V%20Significant%20Matters) This section details significant matters including the fulfillment of commitments, major litigation and arbitration, regulatory penalties and rectification, significant related-party transactions, and major contracts and their performance [I. Fulfillment of Commitments](index=23&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments made by the company's actual controller, shareholders, and the company itself in acquisition reports, equity change reports, and refinancing-related commitments, indicating that all commitments have been strictly fulfilled with no unfulfilled instances - The Provincial Party Committee Propaganda Department committed to maintaining independence from Broadcasting & TV Network in personnel, finance, assets, business, and organization, ensuring Broadcasting & TV Network's independent and standardized operation, which has been strictly fulfilled[74](index=74&type=chunk) - Broadcasting & TV Group committed not to overstep its authority in interfering with Broadcasting & TV Network's business management activities, not to infringe upon Broadcasting & TV Network's interests, and to strictly fulfill all commitments, which has been strictly fulfilled[74](index=74&type=chunk)[75](index=75&type=chunk) [VII. Major Litigation and Arbitration Matters](index=24&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section discloses major litigation and arbitration matters involving the company during the reporting period, including construction project contract disputes, sales contract disputes, and false statement liability disputes, involving significant amounts, with some already resulting in provisions Major Litigation and Arbitration Matters During the Reporting Period | Plaintiff (Applicant) | Defendant (Respondent) | Litigation Type | Amount Involved in Litigation (Arbitration) (10,000 yuan) | Whether Litigation (Arbitration) Resulted in Provision and Amount (10,000 yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Judgment and Impact | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Terminus Intelligent Engineering Co., Ltd. | The Company, Tongguan Branch | Construction Project Contract Dispute | 3,868.84 | 654.45 | Second instance | Appeal rejected, original judgment upheld, court has issued enforcement ruling | | Shenzhen Zhishang Information Technology Co., Ltd. | Silk Road Film & TV, The Company | Sales Contract Dispute | 5,771.48 | 1423.16 | First instance judgment rendered | Ordered Silk Road Film & TV to pay for goods and liquidated damages | | Xi'an Xiaobandian Technology Co., Ltd. | Silk Road Film & TV, The Company | Sales Contract Dispute | 3,115.43 | 482.73 | First instance judgment rendered | Ordered Silk Road Film & TV to pay for goods and liquidated damages | | Community Information Company | Shaanxi Construction Engineering Sixth Construction Group Co., Ltd. | Construction Project Contract Dispute | 3,720.15 | - | Case filed, not yet heard | - | | Some Company Investors | The Company, then-directors, supervisors, senior management, and accountants | False Statement Liability Dispute | 617.63 | 617.63 | Case filed | Not yet heard | [VIII. Alleged Violations, Penalties, and Rectification of Listed Company, its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=25&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company received the "Administrative Penalty Decision Letter" from the Shaanxi Regulatory Bureau on October 9, 2024, and a public censure decision from the Shanghai Stock Exchange on October 23, 2024; the company has corrected accounting errors in its 2022 annual financial report, established a special rectification team, formulated rectification measures, strengthened internal governance, improved information disclosure quality, and ensured standardized operations - The company received the "Administrative Penalty Decision Letter" from the Shaanxi Regulatory Bureau on **October 9, 2024**, and a public censure decision from the Shanghai Stock Exchange on **October 23, 2024**[79](index=79&type=chunk) - The company corrected accounting errors in its 2022 annual financial report on **April 15, 2024**, and revised the relevant content of the 2022 annual report accordingly[79](index=79&type=chunk) - The company's management established a special rectification team, formulated rectification measures, clarified responsible units and individuals, promoted the implementation of rectification, accelerated the addressing of management shortcomings, continuously optimized internal control mechanisms, and ensured standardized company operations[79](index=79&type=chunk) - The company submitted a "Rectification Report" to the Shanghai Stock Exchange and Shaanxi Securities Regulatory Bureau on **November 19, 2024**, committing to strengthen the scientific, standardized, and timely nature of major decision-making, build a "three-line defense," and improve the quality of financial information disclosure and the level of standardized corporate governance[79](index=79&type=chunk) [X. Significant Related-Party Transactions](index=25&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses that the company's estimated annual related-party transactions for 2025 will not exceed **33.9 million yuan**, with **4.81 million yuan** executed during the reporting period, primarily involving property leasing, property management, providing services to related parties, and purchasing goods or services from related parties - The company expects its annual related-party transactions for 2025 not to exceed **33.9 million yuan**, a matter approved by the board of directors and the general meeting of shareholders[81](index=81&type=chunk) Execution of Daily Related-Party Transactions for H1 2025 | Related-Party Transaction Type | Related Party Name | Related-Party Transaction Item | 2025 Annual Estimated Amount (10,000 yuan) | Amount Executed During Reporting Period (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Property Leasing | Shaanxi Broadcasting & TV Information Network Co., Ltd., etc | Leasing properties from Broadcasting & TV Shares, etc | 510 | 239.45 | | Property Management (incl. utilities) | Shaanxi Broadcasting & TV Information Network Co., Ltd., etc | Broadcasting & TV Shares collects property management fees for leased properties and collects utility fees on behalf of others, etc | 630 | 217.71 | | Providing Services to Related Parties | Shaanxi Lejia TV Shopping Co., Ltd., etc | Providing network resource leasing and maintenance services, news hotline platform operation and maintenance services, media asset services, program production, etc., to Lejia Shopping and other related parties | 1200 | 23.11 | | Purchasing Goods or Services from Related Parties | Shaanxi TV Industry Group Co., Ltd., etc | Engaging in advertising agency or advertising publishing, event operation, media convergence, and other businesses with Shaanxi TV Industry Group and other related parties | 1050 | 0.50 | | Total | | | 3,390 | 480.77 | [XI. Major Contracts and Their Performance](index=27&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section discloses multiple finance lease contracts for set-top boxes and electronic equipment signed by the company as lessee with Far East Horizon Limited, Chengtai Financial Leasing (Shanghai) Co., Ltd., and Xi'an Caijin Financial Leasing Co., Ltd., as well as an electronic equipment finance lease contract with Shaanxi Nonferrous Financial Leasing Co., Ltd., involving significant total lease amounts and mostly 5-year lease terms Finance Lease Situations as Lessee | Lessor Name | Lessee Name | Leased Asset Description | Amount Involved in Leased Assets (10,000 yuan) | Lease Commencement Date | Lease Termination Date | | :--- | :--- | :--- | :--- | :--- | :--- | | Far East Horizon Limited | The Company | Set-top box | 15,000.00 | 2020-08-26 | 2025-08-26 | | Far East Horizon Limited | The Company | Set-top box | 4,872.33 | 2020-12-04 | 2025-12-04 | | Far East Horizon Limited | The Company | Set-top box | 5,000.00 | 2021-03-08 | 2026-03-08 | | Far East Horizon Limited | The Company | Set-top box | 10,000.00 | 2021-05-27 | 2026-05-27 | | Far East Horizon Limited | The Company | Set-top box | 5,000.00 | 2021-06-24 | 2026-06-24 | | Far East Horizon Limited | The Company | Set-top box | 5,000.00 | 2022-04-21 | 2027-04-21 | | Far East Horizon Limited | The Company | Set-top box | 5,000.00 | 2022-04-21 | 2027-04-21 | | Chengtai Financial Leasing (Shanghai) Co., Ltd. | The Company | Set-top box | 5,000.00 | 2021-02-08 | 2026-02-07 | | Chengtai Financial Leasing (Shanghai) Co., Ltd. | The Company | Set-top box | 5,000.00 | 2021-02-25 | 2026-02-24 | | Chengtai Financial Leasing (Shanghai) Co., Ltd. | The Company | Set-top box | 5,000.00 | 2021-03-17 | 2026-03-16 | | Far East Horizon Limited | The Company | Set-top box | 5,000.00 | 2023-09-08 | 2027-09-08 | | Xi'an Caijin Financial Leasing Co., Ltd. | The Company | Electronic equipment | 2,000.00 | 2024-06-28 | 2027-06-28 | | Xi'an Caijin Financial Leasing Co., Ltd. | The Company | Electronic equipment | 3,000.00 | 2024-06-28 | 2027-06-28 | | Xi'an Caijin Financial Leasing Co., Ltd. | The Company | Electronic equipment | 5,000.00 | 2024-06-28 | 2027-06-28 | | Xi'an Caijin Financial Leasing Co., Ltd. | The Company | Electronic equipment | 5,000.00 | 2025-03-28 | 2028-03-28 | | Shaanxi Nonferrous Financial Leasing Co., Ltd. | The Company | Electronic equipment | 5,000.00 | 2025-06-02 | 2028-06-20 | | Shaanxi Nonferrous Financial Leasing Co., Ltd. | The Company | Electronic equipment | 1,700.00 | 2025-06-12 | 2028-06-30 | - In the aforementioned finance leases, the company is the lessee, and there are no lease income[85](index=85&type=chunk) [Section VI Share Changes and Shareholder Information](index=28&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital changes and detailed information about its shareholders, including the total number of shareholders and the top ten shareholders [I. Share Capital Changes](index=28&type=section&id=I.%20Share%20Capital%20Changes) 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[87](index=87&type=chunk) [II. Shareholder Information](index=29&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the total number of common shareholders was **36,943**; this section details the shareholding of the top ten shareholders and the top ten unrestricted common shareholders, with Shaanxi Broadcasting & TV Convergence Media Group Co., Ltd. being the largest shareholder, holding **29.20%** - As of the end of the reporting period, the total number of common shareholders was **36,943**[89](index=89&type=chunk) Shareholding of Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Change During Reporting Period | Shares Held at Period-end | Proportion (%) | Number of Restricted Shares Held | Pledge, Mark, or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shaanxi Broadcasting & TV Convergence Media Group Co., Ltd. | 0 | 207,590,648 | 29.20 | 0 | None 0 | State-owned Legal Person | | Oriental Pearl New Media Co., Ltd. | 0 | 19,526,952 | 2.75 | 0 | None 0 | State-owned Legal Person | | Zhao Zhangcai | 3,496,807 | 11,971,007 | 1.68 | 0 | None 0 | Domestic Natural Person | | Wan Neng | 9,640,100 | 9,640,100 | 1.36 | 0 | None 0 | Domestic Natural Person | | Tsinghua Tongfang Co., Ltd. | 0 | 9,413,472 | 1.32 | 0 | None 0 | State-owned Legal Person | | Ge Yan | 8,620,000 | 8,620,000 | 1.21 | 0 | None 0 | Domestic Natural Person | | Zhang Sufen | 0 | 6,610,000 | 0.93 | 0 | None 0 | Domestic Natural Person | | Li Xialiang | 3,762,800 | 5,362,800 | 0.75 | 0 | None 0 | Domestic Natural Person | | Zhang Yiping | 5,340,200 | 5,340,200 | 0.75 | 0 | None 0 | Domestic Natural Person | | Wei Wei | 5,221,839 | 5,221,839 | 0.73 | 0 | None 0 | Domestic Natural Person | - There is no related-party relationship between the largest shareholder, Broadcasting & TV Convergence Media Group, and the other top ten shareholders, nor are they acting in concert[90](index=90&type=chunk) [Section VII Bond-Related Information](index=30&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=30&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the current reporting period [II. Convertible Corporate Bonds](index=30&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company has no convertible corporate bonds during the current reporting period [Section VIII Financial Report](index=31&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax items, and financial statement items [II. Financial Statements](index=31&type=section&id=II.%20Financial%20Statements) 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 situation - The consolidated balance sheet shows that as of **June 30, 2025**, the company's total assets were **10.53 billion yuan**, total liabilities were **8.83 billion yuan**, and total equity attributable to parent company owners was **1.71 billion yuan**[94](index=94&type=chunk)[96](index=96&type=chunk) - The consolidated income statement shows that for the first half of 2025, operating revenue was **646.83 million yuan**, net profit was **-362.98 million yuan**, and net profit attributable to parent company shareholders was **-360.46 million yuan**[102](index=102&type=chunk)[104](index=104&type=chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **100.46 million yuan**, net cash flow from investing activities was **-65.54 million yuan**, and net cash flow from financing activities was **-35.70 million yuan**[109](index=109&type=chunk)[110](index=110&type=chunk) [III. Company Basic Information](index=45&type=section&id=III.%20Company%20Basic%20Information) This section provides a detailed introduction to the company's historical evolution, share capital changes, controlling shareholder and actual controller, main business activities, and business scope, clarifying the company's positioning as a broadcasting and television information network operator within Shaanxi Province - The company's predecessor was Huanghe Electromechanical Co., Ltd., which underwent multiple equity transfers and name changes, finally becoming Shaanxi Broadcasting & TV Network Media (Group) Co., Ltd. on **March 16, 2011**[121](index=121&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) - As of **June 30, 2025**, the company's parent company is Broadcasting & TV Convergence Media Group, and the ultimate controlling party is the Propaganda Department of the CPC Shaanxi Provincial Committee[127](index=127&type=chunk) - The company's business scope is extensive, including broadcasting and television program planning, production, and distribution, telecommunications services, broadcasting and television network construction, development, operation management, and maintenance, and computer information system integration[128](index=128&type=chunk) - The company primarily engages in basic broadcasting and television viewing, data transmission services, satellite TV landing services, network installation services, as well as engineering construction and commodity sales[128](index=128&type=chunk) [IV. Basis of Financial Statement Preparation](index=47&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) This section explains that the company's financial statements are prepared on a going concern basis, in accordance with "Enterprise Accounting Standards" and relevant regulations of the China Securities Regulatory Commission, using the accrual basis of accounting and historical cost as the measurement basis - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and the "No. 15 Rules for Information Disclosure by Companies Issuing Securities to the Public - General Provisions on Financial Reports" (Revised 2023) by the China Securities Regulatory Commission[132](index=132&type=chunk) - The company's accounting is based on the accrual method, and except for certain financial instruments, all are measured at historical cost[132](index=132&type=chunk) - The company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[133](index=133&type=chunk) [V. Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering various aspects such as financial instruments, inventories, fixed assets, intangible assets, revenue recognition, government grants, deferred income tax, and leases, providing a foundation for understanding the financial data - Based on the business model for managing financial assets and the characteristics of contractual cash flows, the company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss for the current period[153](index=153&type=chunk) - The company makes impairment provisions for financial assets such as notes receivable, accounts receivable, contract assets, and other receivables based on expected credit losses[160](index=160&type=chunk) - Fixed assets are depreciated using the straight-line method, with clear stipulations for the useful life, estimated net salvage value, and annual depreciation rate for each category of fixed assets[193](index=193&type=chunk) - Intangible assets (such as land use rights, software) are amortized using the straight-line method over their useful lives; R&D expenditures are divided into research and development phases, with development phase expenditures capitalized if specific conditions are met[201](index=201&type=chunk)[202](index=202&type=chunk) - Revenue recognition follows the principle of recognizing revenue when the customer obtains control of the related goods, and different specific methods are adopted based on business types (e.g., basic viewing, data transmission, network installation, engineering construction, commodity sales)[215](index=215&type=chunk)[218](index=218&type=chunk) - Government grants are classified as asset-related or income-related, and are recognized as deferred income or directly included in profit or loss for the current period, respectively[221](index=221&type=chunk) - As a lessee, the company recognizes right-of-use assets and lease liabilities for leases other than short-term leases and leases of low-value assets, and recognizes depreciation expenses and interest expenses separately over the lease term[224](index=224&type=chunk) [VI. Taxation](index=68&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and local education surcharge, and details the tax preferential policies enjoyed by the company, such as those related to cultural system reform, Western Development, high-tech enterprises, and small and micro enterprises Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT | Taxable Income | 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual Turnover Tax Paid | 5%, 7% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | | Education Surcharge | Actual Turnover Tax Paid | 3% | | Local Education Surcharge | Actual Turnover Tax Paid | 2% | - The preferential policies for the company and its subsidiaries Baoji Broadcasting & TV, Silk Road Film & TV, Xixian Broadcasting & TV, and Guolian Company, which include exemption from corporate income tax and property tax on self-used properties, are extended until **December 31, 2027**[230](index=230&type=chunk) - Baoji Video Big Data Company, a subsidiary of the company, enjoys high-tech enterprise tax incentives, with corporate income tax levied at a reduced rate of **15.00%**, valid until **November 17, 2025**[231](index=231&type=chunk) - The company enjoys small and micro enterprise income tax preferential policies, where the portion of annual taxable income not exceeding **1 million yuan** is included in taxable income at a reduced rate of **25%** and corporate income tax is paid at a rate of **20%**, with resource tax, urban maintenance and construction tax, etc., levied at half rate, extended until **December 31, 2027**[231](index=231&type=chunk)[232](index=232&type=chunk) - The company enjoys VAT preferential policies, with basic viewing maintenance fees for cable digital TV and basic viewing fees for rural cable TV collected by broadcasting and television operating service enterprises exempt from VAT, extended until **December 31, 2027**[232](index=232&type=chunk)[233](index=233&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=69&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major items in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, other receivables, inventories, contract assets, long-term equity investments, fixed assets, construction in progress, intangible assets, long-term prepaid expenses, deferred income tax assets/liabilities, short-term borrowings, notes payable, accounts payable, contract liabilities, payroll payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, provisions, deferred income, share capital, capital reserves, surplus reserves, and undistributed profits, disclosing changes and reasons for each item - The period-end balance of monetary funds was **158.10 million yuan**, of which **13.93 million yuan** was restricted monetary funds, primarily for bank acceptance bill deposits and frozen funds[235](index=235&type=chunk)[236](index=236&type=chunk) - The period-end book balance of accounts receivable was **3.23 billion yuan**, bad debt provision was **685.06 million yuan**, and book value was **2.54 billion yuan**[243](index=243&type=chunk)[245](index=245&type=chunk) - The period-end book value of inventories was **104.62 million yuan**, primarily including raw materials, merchandise inventory, and contract performance costs[275](index=275&type=chunk) - The period-end book value of long-term equity investments was **18.91 million yuan**, primarily including investments in joint ventures and associates[284](index=284&type=chunk) - The period-end book value of fixed assets was **5.37 billion yuan**, with accumulated depreciation of **7.02 billion yuan**[290](index=290&type=chunk)[291](index=291&type=chunk) - The period-end book balance of construction in progress was **214.83 million yuan**, mainly due to increased investments in system optimization and platform construction[295](index=295&type=chunk) - The period-end book value of intangible assets was **230.74 million yuan**, primarily including land use rights and software[300](index=300&type=chunk)[301](index=301&type=chunk) - The period-end balance of short-term borrowings was **768.45 million yuan**, primarily credit borrowings[318](index=318&type=chunk) - The period-end balance of accounts payable was **2.22 billion yuan**, of which **22.31%** was due within 1 year[315](index=315&type=chunk) - The period-end balance of long-term borrowings was **4.02 billion yuan**, primarily including pledged borrowings and credit borrowings[328](index=328&type=chunk) - The period-end balance of undistributed profits was **-946.05 million yuan**, further expanding the loss compared to the beginning of the period[341](index=341&type=chunk)[342](index=342&type=chunk) [VIII. Research and Development Expenses](index=112&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section discloses the company's R&D expenditures for the first half of 2025, totaling **744,865.01 yuan**, all of which were capitalized R&D expenditures, primarily for projects such as the first phase of the Smart Cultural Tourism TV + Mobile Platform R&D Expenditures by Nature of Expense for H1 2025 | Item | Current Period Amount (yuan) | | :--- | :--- | | Technical Service Costs | 654,533.32 | | Employee Compensation | 90,331.69 | | Total | 744,865.01 | | Of which: Expensed R&D Expenditures | - | | Capitalized R&D Expenditures | 744,865.01 | - Current period capitalized R&D expenditures were primarily for projects such as the first phase of the Smart Cultural Tourism TV + Mobile Platform, with a period-end balance of **1.36 million yuan**[383](index=383&type=chunk) [IX. Changes in Consolidation Scope](index=112&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section discloses changes in the company's consolidation scope, with the controlled subsidiary Guangdian Da Jiankang completing liquidation and deregistration during the reporting period, resulting in a reduction in the consolidation scope - During the reporting period, the controlled subsidiary Guangdian Da Jiankang completed liquidation and deregistration, leading to a change in the consolidation scope[384](index=384&type=chunk) [X. Interests in Other Entities](index=113&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the composition of the company's enterprise group, including the names, operating locations, registered capital, business nature, and shareholding percentages of major subsidiaries; it also discloses key financial information for the significant non-wholly-owned subsidiary Guangdian Tongfang, as well as aggregated financial information for insignificant joint ventures and associates, indicating cumulative unrecognized losses for both joint ventures and associates Composition of the Enterprise Group (Major Subsidiaries) | Subsidiary Name | Main Operating Location | Registered Capital (10,000 yuan) | Registered Place | Business Nature | Shareholding (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | :--- | | Yan'an Guangtong | Yan'an City | 550 | Yan'an City, Shaanxi Province | Telecommunications, Radio, TV, and Satellite Transmission Services | 100.00 | | Guolian Company | Xi'an City | 1,000 | Xi'an City High-tech Zone | Internet and Related Services | 100.00 | | Silk Road Film & TV | Xi'an City | 5,000 | Xi'an City High-tech Zone | Broadcasting, TV, Film, and Sound Recording Production | 100.00 | | Video Big Data Company | Shaanxi Province | 10,000 | Xixian New Area, Shaanxi Province | Software and Information Technology Services | 100.00 | | Guangdian Tongfu | Xi'an City | 200 | Qujiang New Area, Xi'an | Software and Information Technology Services | 100.00 | | Xixian Broadcasting & TV | Xi'an City | 10,000 | Xixian New Area, Shaanxi Province | Telecommunications, Radio, TV, and Satellite Transmission Services | 100.00 | | Huatong Holdings | Xi'an City | 15,000 | Qujiang New Area, Xi'an | News and Publishing Industry | 99.00 | | Guanghua Investment | Xi'an City | 20,802 | Qujiang New Area, Xi'an | Capital Market Services | 93.74 | | Baoji Broadcasting & TV | Baoji City | 18,224.38 | Weibin District, Baoji City | Software and Information Technology Services | 100.00 | | Guangtong Boda | Xi'an City | 1,010 | Xi'an City High-tech Zone | Software and Information Technology Services | 60.00 | | Sandi Company | Xi'an City | 500 | Qujiang New Area, Xi'an | Broadcasting, TV, Film, and Sound Recording Production | 60.00 | | Jinma Media | Xi'an City | 500 | Qujiang New Area, Xi'an | Broadcasting, TV, Film, and Sound Recording Production | 55.00 | | Smart Community Company | Xi'an City | 20,000 | Qujiang New Area, Xi'an | Telecommunications, Radio, TV, and Satellite Transmission Services | 55.00 | | New Media Technology | Xi'an City | 500 | Qujiang New Area, Xi'an | Telecommunications, Radio, TV, and Satellite Transmission Services | 51.00 | | Cloud Service Company | Shaanxi Province | 10,000 | Xixian New Area, Shaanxi Province | Internet and Related Services | 51.00 | | Community Information Company | Xi'an City | 1,000 | Qujiang New Area, Xi'an | Software and Information Technology Services | 51.00 | | Guangdian Tongfang | Xi'an City | 3,296.70 | Qujiang New Area, Xi'an | Tele

Market Overview - The television broadcasting sector increased by 1.88% compared to the previous trading day, with Jishi Media leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - Jishi Media (601929) closed at 3.96, up 10.00% with a trading volume of 10.58 million shares and a transaction value of 3.728 billion [1] - Other notable performers include: - Oriental Pearl (600637) at 8.52, up 4.67% [1] - Hubei Broadcasting (000665) at 6.01, up 1.35% [1] - Wireless Media (301551) at 52.79, up 1.30% [1] - Guangxi Broadcasting (600936) at 3.81, up 1.06% [1] Capital Flow - The television broadcasting sector saw a net inflow of 53.09 million from institutional investors, while retail investors experienced a net outflow of 5.65 million [2] - The capital flow for key stocks includes: - Oriental Pearl had a net outflow of 55.07 million from institutional investors [3] - Jishi Media experienced a net inflow of 19.98 million from institutional investors [3] - New Media Co. (300770) had a net inflow of 18.42 million from institutional investors [3]

证券之星消息，8月20日电视广播板块较上一交易日下跌0.88%，吉视传媒领跌。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。电视广播板块个股涨跌见下表： 从资金流向上来看，当日电视广播板块主力资金净流出4.27亿元，游资资金净流入672.21万元，散户资金 净流入4.2亿元。电视广播板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300770 | 新媒股份 | 1418.71万 | 6.99% | 766.95万 | 3.78% | -2185.66万 | -10.77% | | 000917 | 电广传媒 | 1321.40万 | 4.27% | -1699.54万 | -5.49% | 378.14万 | 1. ...