公司简称：博瑞传播 证券代码：600880 编号：临 2023-019 号 会议召开时间：2023 年 5 月 31 日下午 15:00-16:00 会议召开地点：中国证券网（http://roadshow.cnstock.com/） 会议召开方式：网络平台在线交流 三、参加人员 公司董事、总经理张涛先生和公司董事会秘书、副总经理、财务负责人苟军 成都博瑞传播股份有限公司 关于召开 2022 年度暨 2023 年一季度网上业绩说明会的公告 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： 一、说明会类型 公司于 2023 年 4 月 28 日在上海证券交易所网站披露了《2022 年年度报告》 及《2023 年第一季度报告》。为加强与投资者的深入交流，使投资者更加全面、 深入地了解公司情况，公司拟以网络平台在线交流的方式召开 2022 年度暨 2023 年一季度业绩说明会，欢迎广大投资者积极参与。公司现就业绩说明会提前向投 资者征集相关问题，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点 会议召开时间：2 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥135,140,531.36, representing a 21.45% increase compared to ¥109,254,066.52 in the same period last year[6]. - The net profit attributable to shareholders was ¥9,091,473.58, a decrease of 9.88% from ¥9,517,232.31 in the previous year[6]. - The total profit for the period was ¥15,308,949.48, reflecting a 34.67% increase from ¥11,367,576.60 in the same period last year[6]. - Total revenue for Q1 2023 was CNY 143,935,914.42, an increase of 16.7% compared to CNY 123,398,255.78 in Q1 2022[20]. - Operating income for Q1 2023 was CNY 135,140,531.36, up from CNY 111,273,410.34 in the same period last year, reflecting a growth of 21.5%[20]. - Net profit for Q1 2023 reached CNY 11,133,252.84, a significant increase of 66.5% from CNY 6,701,035.16 in Q1 2022[21]. - The company reported a significant increase in operating profit to CNY 15,094,241.40, up from CNY 11,348,075.72 in the previous year, representing a growth of 32.4%[21]. - The total operating costs for Q1 2023 were CNY 118,312,879.52, slightly higher than CNY 116,398,045.69 in Q1 2022, indicating a marginal increase of 1.6%[20]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥121,541,710.76, a significant decline of 529.68% compared to -¥14,934,834.61 in the previous year[6]. - The company's cash and cash equivalents decreased to RMB 509,212,042.74 from RMB 643,939,838.47, representing a decline of approximately 20.9%[16]. - The cash flow from operating activities totaled $111,574,532.67, compared to $148,653,636.52 in the same quarter last year, indicating a decline of 25%[24]. - The net cash outflow from operating activities was -$121,541,710.76, worsening from -$19,302,014.41 in the same period last year[25]. - The ending cash and cash equivalents balance was $506,142,047.20, down from $530,242,892.81 at the end of Q1 2022[27]. - The total cash outflow from investing activities was $10,442,999.86, significantly reduced from $52,467,022.94 in Q1 2022[25]. - The net cash flow from financing activities was -$954,298.06, a decline from a positive cash flow of $25,244,735.75 in Q1 2022[27]. Assets and Liabilities - The total assets at the end of the period were ¥3,861,486,501.39, showing a slight decrease of 0.02% from the previous year[6]. - As of March 31, 2023, the company's total assets amounted to RMB 3,861,486,501.39, a slight decrease from RMB 3,862,192,062.31 at the end of 2022[16]. - The total liabilities decreased to CNY 644,698,091.76 from CNY 656,536,905.52, indicating a reduction of approximately 1.3%[19]. - The total liabilities of the company were not explicitly stated but can be inferred from the balance sheet[15]. Shareholder and Equity Information - The equity attributable to shareholders was ¥3,018,423,828.28, which increased by 0.3% from ¥3,009,332,354.70 at the end of the previous year[6]. - The total equity attributable to shareholders of the parent company increased to CNY 3,018,423,828.28 from CNY 3,009,332,354.70, reflecting a growth of 0.3%[19]. - The company reported a total of 1,140,000 shares held by shareholder Wang Linbing through a regular securities account, and 6,200,296 shares through a margin account[14]. - The company has a significant shareholder structure, with Chengdu Borui Investment Holding Group Co., Ltd. holding 95% of the shares, making Chengdu Media Group a concerted actor[13]. Strategic Developments - The company completed the acquisition of 76% equity in Hongxing Wisdom, which is expected to enhance its market position and operational capabilities[6]. - The company is focused on maintaining its market position and exploring new strategies for growth, although specific future outlooks were not detailed in the provided content[15]. Research and Development - Research and development expenses rose to CNY 12,841,091.08, compared to CNY 7,716,639.89 in the previous year, marking a 66.5% increase[20]. Earnings and Returns - The basic earnings per share remained at ¥0.01, unchanged from the previous year[6]. - The weighted average return on net assets was 0.30%, a decrease of 0.06 percentage points from 0.33% in the previous year[6]. - Earnings per share remained stable at CNY 0.01 for both basic and diluted earnings per share[22].

Financial Performance - The total revenue for 2022 was 468,394,890.36 RMB, a decrease of 29.4% compared to 2021 [26]. - The net profit attributable to shareholders for 2022 was 41,193,346.33 RMB, reflecting a decline of 42.82% from the previous year [26]. - The company reported a significant drop in operating income, which was 40,246,421.64 RMB, down 48.80% year-on-year [26]. - The company's total revenue for 2022 was approximately ¥506.96 million, a decrease of 29.6% compared to ¥720.22 million in 2021 [27]. - Net profit attributable to shareholders for 2022 was ¥68.45 million, down 44.7% from ¥123.78 million in 2021 [27]. - Basic and diluted earnings per share for 2022 were both ¥0.04, representing a decline of 42.86% from ¥0.07 in 2021 [28]. - The weighted average return on equity decreased to 1.34% in 2022 from 2.65% in 2021, a drop of 1.31 percentage points [29]. - The company reported a total profit of 68.45 million RMB for 2022, a decline of 44.70% year-on-year [39]. - The net profit for the fourth quarter of 2022 was ¥1.24 million, a significant decrease compared to previous quarters [29]. - The company’s revenue for the third quarter of 2022 was ¥135.93 million, showing a recovery trend compared to the second quarter [29]. Cash Flow and Investments - The company’s cash flow from operating activities showed a positive trend, indicating potential for future growth despite the current challenges [26]. - Operating cash flow for the first quarter of 2022 was negative at ¥19.30 million, while the second quarter showed a positive cash flow of ¥57.58 million [29]. - Cash flow from operating activities increased by 20.79% to CNY 85.97 million, indicating improved operational efficiency [57]. - The net cash flow from investment activities improved by 75.55%, primarily due to the loss of control over subsidiaries affecting cash balances [72]. - The company achieved a total recovery amount of 44.1 million yuan from bad loans through various measures, including asset disposal and compensation strategies [42]. Dividends and Shareholder Returns - The company distributed a cash dividend of 0.12 RMB per 10 shares, totaling 13,119,985.10 RMB, which represents 32.60% of the net profit attributable to shareholders for the year [4]. - The company has established a three-year shareholder return plan for 2021-2023, which has been approved by the board and independent directors [143]. Acquisitions and Strategic Partnerships - The company completed the acquisition of 76% of Chengdu Jingmiao Education Technology Co., Ltd. in July 2022, enhancing its market position [31]. - The company has made strategic acquisitions, including a 45% stake in a digital media firm, to strengthen its influence in the education media sector [55]. - The company approved the acquisition of 76% equity in Jingmiao Education at the tenth session of the board meeting [175]. Digital Transformation and Innovation - The company is focusing on digital transformation and has initiated new projects to enhance operational efficiency [39]. - The company’s digital economy business focuses on a cultural asset trading platform utilizing blockchain technology for secure transactions [50]. - The company is currently involved in ongoing litigation with a claim amounting to 1,600,000 RMB [171]. - The company plans to invest 50 million RMB in building a significant cross-border e-commerce park, certified by TikTok for six countries [40]. Risk Management and Compliance - The company has outlined potential risks in its annual report, advising investors to remain vigilant [7]. - The company is committed to ensuring the accuracy and completeness of its financial reports, as confirmed by the audit report from Sichuan Huaxin (Group) Accounting Firm [8]. - The company has established a comprehensive internal control system covering five key elements: internal environment, risk assessment, control activities, information and communication, and internal supervision [149]. - The internal control audit report received a standard unqualified opinion, indicating effective internal controls [151]. Employee and Management Structure - The company employed a total of 611 staff, with 293 in technical roles and 131 in sales [139]. - The number of R&D personnel is 203, accounting for 33.22% of the total workforce [71]. - The total remuneration for directors and senior management during the reporting period amounted to 386.53 million yuan [126]. - The company has implemented a differentiated assessment and incentive mechanism for senior management, linking compensation strictly to performance evaluation results [148]. Market Position and Future Plans - The company plans to expand its game products internationally, targeting markets in Europe, the United States, Japan, and South Korea [109]. - The company aims to upgrade its advertising business towards digital media and secure internet advertising agency qualifications [109]. - The company is focusing on improving the quality and efficiency of its small loan business, leveraging intermediary platforms and state-owned guarantee companies to enhance customer flow and control risks [110]. - The company plans to achieve total revenue of RMB 800 million and total costs of RMB 670 million in 2023 [106].

证券代码：600880 证券简称：博瑞传播 成都博瑞传播股份有限公司 2022 年第三季度报告 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。 重要内容提示： 2022 年第三季度报告 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 审计师发表非标意见的事项 □适用 √不适用 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | | 本报告 | | | 年初至 | | --- | --- | --- | --- | --- | --- | --- | | | | | 期比上 | 年初至 | | 报告期 | | 项目 | 本报告期 | 上年同期 | 年同期 | 报告期 | 上年同期 | 末比上 | | | | | 增减变 | 末 | | 年同期 | | ...

2022 年半年度报告 公司代码：600880 公司简称：博瑞传播 成都博瑞传播股份有限公司 2022 年半年度报告 1 / 187 2022 年半年度报告 重要提示 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司无半年度利润分配预案或资本公积金转增股本预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告"经营情况讨论与分析"有关章节中详细描述公司可能面对的风险，敬请投资者 予以关注。 十一、 其他 □适用 √不适用 2 / 187 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审 ...

2021 年年度报告 公司代码：600880 公司简称：博瑞传播 成都博瑞传播股份有限公司 2021 年年度报告 1 / 239 2021 年年度报告 重要提示 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 1、向全体股东每10 股派发现金红利 0.25元(含税)。截止2021年12月31日，公司总股本 1,093,332,092股，以此计算合计派发现金红利27,333,302.30元（含税）。本年度公司现金分红 占当年实现归属于母公司股东的净利润(合并报表数)比例为 34.83%。 2、不实施送股和资本公积金转增股本，剩余可分配利润留存下一年度。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本年度报告"经营情况讨论与分析"有关章节中详细描述公司可能面对的风险，敬请投 ...

2021 年第三季度报告 证券代码：600880 证券简称：博瑞传播 成都博瑞传播股份有限公司 2021 年第三季度报告 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个别及连带责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 2 / 15 2021 年第三季度报告 | 并日的当期净损益 | | | | --- | --- | --- | | 与公司正常经营业务无关的或有事项产生的 | | | | 损益 | | | | 除同公司正常经营业务相关的有效套期保值 | | | | 业务外，持有交易性金融资产、交易性金融 | | | | 负债产生的公允价值变动损益，以及处置交 | | | | 易性金融 ...

2022 年第一季度报告 证券代码：600880 证券简称：博瑞传播 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 上年同期 | | 本报告期比上年 同期增减变动幅 | | --- | --- | --- | --- | --- | | | | | | 度(%) | | | | 调整前 | 调整后 | 调整后 | | 营业收入 | 109,254,066.52 | 123,391,626.61 | 123,391,626.61 | -11.46 | | 利润总额 | 15,080,042.05 | 23,932,261.52 | 23,421,526.91 | -35.61 | | 归属于上市公司股 东的净利润 | 9,993,413.29 | 15,528,617.63 | 15,298,787.06 | -34.68 | 1 / 13 成都博瑞传播股份有限公司 2022 年第一季度报告 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个别及 ...

[Key Content Highlights](index=1&type=section&id=Key%20Content%20Highlights) The board and management guarantee the quarterly report's accuracy and completeness, noting the financial statements are unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report[2](index=2&type=chunk) - The quarterly financial statements are unaudited[3](index=3&type=chunk) [Major Financial Data](index=1&type=section&id=Major%20Financial%20Data) This section details major accounting data, financial indicators, non-recurring gains and losses, and explains key financial data changes [Major Accounting Data and Financial Indicators](index=1&type=section&id=Major%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved significant operating revenue growth in Q3 and YTD 2021, with Q3 net profit attributable to parent company shareholders decreasing, YTD slightly increasing, and negative YTD operating cash flow Major Accounting Data and Financial Indicators Overview | Project | Current Reporting Period (Q3 2021) (CNY) | Percentage Change from Same Period Last Year (%) | Year-to-Date (YTD 2021) (CNY) | Percentage Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 162,356,885.10 | 54.82 | 453,978,594.73 | 64.06 | | Net Profit Attributable to Parent Company Shareholders | 21,754,040.95 | -14.59 | 56,803,305.96 | 1.76 | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains and Losses | 20,718,509.71 | -15.78 | 53,254,185.87 | -7.70 | | Net Cash Flow from Operating Activities | Not Applicable | Not Applicable | -22,835,182.13 | -204.92 | | Basic Earnings Per Share (CNY/share) | 0.0199 | -14.59 | 0.0520 | 1.76 | | Diluted Earnings Per Share (CNY/share) | 0.0199 | -14.59 | 0.0520 | 1.76 | | Weighted Average Return on Net Assets (%) | 0.74 | Decreased by 0.14 percentage points | 1.93 | 0.00 | | Total Operating Revenue | 177,758,773.43 | 50.65 | 495,301,168.53 | 57.52 | | **End of Current Reporting Period** | | | **End of Last Fiscal Year** | **Percentage Change from End of Last Fiscal Year (%)** | | Total Assets | 3,567,144,061.43 | | 3,553,964,126.36 | 0.37 | | Total Equity Attributable to Parent Company Shareholders | 2,961,926,230.84 | | 2,929,148,479.82 | 1.12 | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **CNY 1.04 million** for the current period and **CNY 3.55 million** year-to-date, mainly from government subsidies and funds occupancy fees Non-Recurring Gains and Losses Items and Amounts | Project | Amount for Current Reporting Period (CNY) | Amount Year-to-Date (CNY) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 2,700.00 | -88,537.62 | | Government Subsidies Included in Current Period P&L | 2,136,611.86 | 3,953,884.49 | | Funds Occupancy Fees Collected from Non-Financial Enterprises Included in Current Period P&L | | 228,190.36 | | Other Non-Operating Income and Expenses Apart from the Above | -111,711.28 | -259,620.32 | | Other Profit and Loss Items Meeting the Definition of Non-Recurring Gains and Losses | | 1,935,054.20 | | Less: Income Tax Impact | -261,303.16 | -951,715.27 | | Impact on Minority Interests (After Tax) | -730,766.18 | -1,268,135.75 | | **Total** | **1,035,531.24** | **3,549,120.09** | [Changes and Reasons for Major Accounting Data and Financial Indicators](index=3&type=section&id=Changes%20and%20Reasons%20for%20Major%20Accounting%20Data%20and%20Financial%20Indicators) Revenue growth is due to consolidation changes from an acquisition; operating cash flow declined due to increased loans; Q3 net profit decreased, while YTD slightly increased, influenced by the epidemic, revenue structure, and prior year policies - Operating revenue and total operating revenue significantly increased (by **54.82%** and **50.65%** respectively for the current period; by **64.06%** and **57.52%** respectively year-to-date), primarily due to a change in consolidation scope following the acquisition of **60%** equity in Sichuan Shengxue Education Technology Co., Ltd. at the end of last year[9](index=9&type=chunk) - Net cash flow from operating activities decreased by **204.92%** year-to-date, mainly due to an increase in net customer loans and advances from Borui Microfinance compared to the previous period[9](index=9&type=chunk) - Net profit attributable to parent company shareholders decreased by **14.59%** in the current period, primarily because business activities heavily impacted by the epidemic in Q1 and Q2 of the previous year were concentrated and released in Q3[9](index=9&type=chunk) - Net profit attributable to parent company shareholders increased by **1.76%** year-to-date, with revenue growth exceeding profit growth, mainly due to the significant increase in revenue from the expanded consolidation scope, changes in revenue structure, and the impact of preferential policies during the epidemic in the prior year, which led to lower related costs and expenses in the prior period compared to the current period[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) This section discloses the total common shareholders, top ten shareholders' holdings and relationships, and details some shareholders' participation in margin trading and securities lending [Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Holdings](index=4&type=section&id=Total%20Number%20of%20Common%20Shareholders%2C%20Number%20of%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the reporting period end, the company had **49,638** common shareholders; top two are state-owned entities Chengdu Borui Investment and Chengdu Media Group, holding **23.37%** and **12.16%** respectively, with Chengdu Media Group as controlling shareholder and acting in concert - The total number of common shareholders at the end of the reporting period was **49,638**[11](index=11&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Number of Shares with Restricted Conditions (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Borui Investment Holding Group Co., Ltd. | State-owned Legal Person | 255,519,676 | 23.37 | 0 | None 0 | | Chengdu Media Group | State-owned Legal Person | 132,966,737 | 12.16 | 0 | None 0 | | E Fund Management Co., Ltd. - Central Huijin Asset Management Co., Ltd. - E Fund Management Co., Ltd. - Huijin Asset Management Single Asset Management Plan | Unknown | 16,853,900 | 1.54 | 0 | Unknown | | Chen Changzhi | Domestic Natural Person | 9,356,600 | 0.86 | 0 | Unknown | | Wu Bin | Unknown | 8,287,568 | 0.76 | 0 | Unknown | | Wang Linbing | Unknown | 5,112,562 | 0.47 | 0 | Unknown | | Tianjin Shengxue Enterprise Management Partnership (Limited Partnership) | Unknown | 4,319,665 | 0.40 | 0 | Unknown | | Shenzhen Xuneng Investment Co., Ltd. | Unknown | 3,720,000 | 0.34 | 0 | Unknown | | Boshi Fund Management Co., Ltd. - Agricultural Bank of China - Boshi China Securities Financial Asset Management Plan | Unknown | 3,445,400 | 0.32 | 0 | Unknown | | Harvest Fund Management Co., Ltd. - Agricultural Bank of China - Harvest China Securities Financial Asset Management Plan | Unknown | 3,445,400 | 0.32 | 0 | Unknown | - Chengdu Media Group holds **95%** equity in Chengdu Borui Investment Holding Group Co., Ltd., the company's largest shareholder, thus Chengdu Media Group and Borui Investment are parties acting in concert, and Chengdu Media Group also becomes the company's controlling shareholder through equity control[12](index=12&type=chunk) - Shareholder Wu Bin holds a total of **8,287,568** shares through ordinary securities accounts and margin trading and securities lending accounts; shareholder Wang Linbing holds a total of **5,112,562** shares through ordinary securities accounts and margin trading and securities lending accounts[12](index=12&type=chunk) [Other Reminders](index=5&type=section&id=Other%20Reminders) The company completed the Chengdu Cultural Property Exchange capital increase and share expansion, signed a voting rights entrustment agreement for consolidation, and the controlling shareholder is implementing a share increase plan - The company, in conjunction with China Digital Library, completed the capital increase and share expansion project for Chengdu Cultural Property Exchange and signed a voting rights entrustment agreement with Chengdu Lanhai Investment Management Co., Ltd., which will result in the Cultural Property Exchange being included in the company's consolidated financial statements[13](index=13&type=chunk) - The company's controlling shareholder, Chengdu Media Group, plans to increase its shareholding in the company within **12 months** from August 9, 2021, with a cumulative increase of no less than **5,466,661** shares (representing **0.5%** of total share capital) and no more than **21,866,642** shares (representing **2%** of total share capital), at a price not exceeding **CNY 4.5** per share[13](index=13&type=chunk) - As of the report disclosure date, Chengdu Media Group has increased its shareholding by **6,541,600** shares, directly holding **132,966,737** shares, accounting for **12.16%** of the company's total shares[13](index=13&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=Quarterly%20Financial%20Statements) This section presents the company's unaudited consolidated balance sheet, income statement, and cash flow statement, and explains the impact of first-time adoption of new lease standards [Type of Audit Opinion](index=6&type=section&id=Type%20of%20Audit%20Opinion) The quarterly financial statements are unaudited - The quarterly financial statements are unaudited[14](index=14&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the consolidated balance sheet as of September 30, 2021, and the consolidated income and cash flow statements for January-September 2021, detailing financial position, operating results, and cash flows [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) As of September 30, 2021, total assets slightly increased, current assets decreased, non-current assets increased, total liabilities decreased, and owner's equity grew Consolidated Balance Sheet Key Data | Project | September 30, 2021 (CNY) | December 31, 2020 (CNY) | Change Amount (CNY) | Change Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Total Assets | 3,567,144,061.43 | 3,553,964,126.36 | 13,179,935.07 | 0.37 | | Total Current Assets | 1,018,429,288.93 | 1,155,390,407.16 | -136,961,118.23 | -11.85 | | Total Non-Current Assets | 2,548,714,772.50 | 2,398,573,719.20 | 150,141,053.30 | 6.26 | | Total Liabilities | 477,481,514.79 | 511,121,482.91 | -33,639,968.12 | -6.58 | | Total Current Liabilities | 376,190,302.39 | 408,327,338.97 | -32,137,036.58 | -7.87 | | Total Non-Current Liabilities | 101,291,212.40 | 102,794,143.94 | -1,502,931.54 | -1.46 | | Total Equity Attributable to Parent Company Shareholders | 2,961,926,230.84 | 2,929,148,479.82 | 32,777,751.02 | 1.12 | | Minority Interests | 127,736,315.80 | 113,694,163.63 | 14,042,152.17 | 12.35 | | Total Owners' Equity | 3,089,662,546.64 | 3,042,842,643.45 | 46,819,903.19 | 1.54 | [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) In the first three quarters of 2021, the company achieved growth in total operating revenue, operating profit, net profit, and net profit attributable to parent company shareholders Consolidated Income Statement Key Data (January-September 2021 vs. January-September 2020) | Project | First Three Quarters 2021 (CNY) | First Three Quarters 2020 (CNY) | Change Amount (CNY) | Change Percentage (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 495,301,168.53 | 314,436,873.22 | 180,864,295.31 | 57.52 | | Operating Revenue | 453,978,594.73 | 276,720,738.36 | 177,257,856.37 | 64.06 | | Total Operating Costs | 424,995,961.28 | 250,618,960.34 | 174,377,000.94 | 69.58 | | Operating Profit | 84,644,200.13 | 85,402,940.33 | -758,740.20 | -0.89 | | Total Profit | 86,674,297.01 | 82,019,170.93 | 4,655,126.08 | 5.68 | | Net Profit | 62,845,458.13 | 60,368,240.99 | 2,477,217.14 | 4.10 | | Net Profit Attributable to Parent Company Shareholders | 56,803,305.96 | 55,823,616.48 | 979,689.48 | 1.76 | | Minority Interests Income | 6,042,152.17 | 4,544,624.51 | 1,497,527.66 | 32.95 | | Basic Earnings Per Share (CNY/share) | 0.0520 | 0.0511 | 0.0009 | 1.76 | | Diluted Earnings Per Share (CNY/share) | 0.0520 | 0.0511 | 0.0009 | 1.76 | [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first three quarters of 2021, net cash flow from operating activities turned negative, investing cash outflow significantly increased, and financing cash flow shifted from negative to positive Consolidated Cash Flow Statement Key Data (January-September 2021 vs. January-September 2020) | Project | First Three Quarters 2021 (CNY) | First Three Quarters 2020 (CNY) | Change Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -22,835,182.13 | 21,764,993.07 | -44,600,175.20 | | Net Cash Flow from Investing Activities | -81,210,848.63 | -3,133,948.44 | -78,076,800.19 | | Net Cash Flow from Financing Activities | 35,948,901.33 | -11,441,363.14 | 47,390,264.47 | | Net Increase in Cash and Cash Equivalents | -68,097,129.43 | 7,189,681.49 | -75,286,810.92 | | Cash and Cash Equivalents at End of Period | 716,540,286.30 | 874,617,142.47 | -158,076,856.17 | [First-time Adoption of New Lease Standards from 2021 and Adjustments to Financial Statements at the Beginning of the First Year of Adoption](index=13&type=section&id=First-time%20Adoption%20of%20New%20Lease%20Standards%20from%202021%20and%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Adoption) The company adopted new lease standards from 2021 but made no adjustments to the January 1, 2021, financial statements, indicating no significant impact on the opening financial position - The company adopted new lease standards starting from 2021[24](index=24&type=chunk) - The explanation of adjustments to various items indicates that the company made no adjustments to the financial statements at the beginning of the year on January 1, 2021[27](index=27&type=chunk)

[Definitions](index=4&type=section&id=Section%20I.%20Definitions) [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=I.%20Company%20Information) This chapter outlines the fundamental corporate details of Chengdu Bory Communications Co., Ltd., such as its name, stock code, and legal representative Company Basic Information | Item | Information | | :--- | :--- | | Chinese Name | Chengdu Bory Communications Co., Ltd. | | Chinese Abbreviation | Bory Communications | | Stock Code | 600880 | | Legal Representative | Mu Tao | [Key Financial Data and Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported **292 million yuan** in operating revenue, a **69.69%** increase, and **35.05 million yuan** in net profit attributable to shareholders, up **15.47%**, with operating cash flow at **-124 million yuan** Key Accounting Data for H1 2021 (Unit: Yuan) | Key Accounting Data | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 291,621,709.63 | 171,853,248.09 | 69.69 | | Net Profit Attributable to Shareholders | 35,049,265.01 | 30,354,663.07 | 15.47 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | 32,535,676.16 | 33,093,182.57 | -1.68 | | Net Cash Flow from Operating Activities | -123,679,821.38 | -48,313,368.44 | -156.00 | | **Asset Data** | **End of Current Period** | **End of Prior Year** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders | 2,940,172,189.89 | 2,929,148,479.82 | 0.38 | | Total Assets | 3,559,546,680.82 | 3,553,964,126.36 | 0.16 | Key Financial Indicators for H1 2021 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.03 | 0.03 | 0.00% | | Weighted Average ROE (%) | 1.19 | 1.05 | Increased by 0.14 percentage points | | Weighted Average ROE (Excl. Non-recurring Items) (%) | 1.11 | 1.15 | Decreased by 0.04 percentage points | - During the reporting period, the company's total non-recurring gains and losses amounted to **2.51 million yuan**, primarily from government subsidies[19](index=19&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Operations](index=7&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The company's main businesses include education, gaming, outdoor advertising, and micro-lending, each navigating distinct policy and market environments, from tightening K12 education regulations to digital transformation in advertising - The company's main businesses include education, gaming, outdoor advertising, property leasing, and micro-lending services[21](index=21&type=chunk) - Education industry: Policies for private K12 education are tightening, with stricter regulation in compulsory education, while smart education is policy-driven with broad development prospects[21](index=21&type=chunk) - Gaming industry: Market potential remains strong, with sub-segments like ACG, overseas expansion, and IP adaptation becoming new growth drivers, though game license approvals remain restricted[22](index=22&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=II.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from favorable regional development and policy support in Chengdu, a mature corporate governance system with an experienced management team, and robust financial health with ample capital and low debt - Regional and Policy Advantages: As a state-owned cultural media listed company in Chengdu, the company benefits from Chengdu's urban development strategy to build 'Three Cities and Three Capitals'[25](index=25&type=chunk) - Governance and Management Advantages: The company has established a mature and standardized governance system, with mature operating mechanisms and an experienced management team[26](index=26&type=chunk) - Financial Advantages: The company maintains robust financial health with ample capital, low debt, and good credit ratings, laying a solid foundation for future development[27](index=27&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=III.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2021, the company achieved **318 million yuan** in total operating revenue, up **61.65%**, and **35.05 million yuan** in net profit attributable to shareholders, up **15.47%**, driven by strategic adjustments across its diverse business segments and proactive external investments Overall Operating Performance for H1 2021 | Indicator | Amount (Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Total Operating Revenue | 317,542,400 | 61.65% | | Net Profit Attributable to Shareholders | 35,049,300 | 15.47% | [Main Business Operations](index=8&type=section&id=(I)%20Company's%20Main%20Business%20Operations) During the reporting period, all main business segments showed progress, with the gaming sector reducing losses, education and training revenue increasing, smart education securing significant new contracts, and positive growth in advertising, micro-lending, and property leasing Operating Performance of Business Segments (H1 2021) | Business Segment | Operating Revenue (Yuan) | Net Profit (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Gaming Business | 41,673,600 | -6,557,900 | Loss reduced by 2,174,000 yuan | | School Education and Training | 66,133,900 | 16,098,400 | Revenue increased by 9,516,700 yuan, net profit increased by 1,488,700 yuan | | Shengxue Education (Smart Education) | 90,420,900 | 6,760,400 | New contract value of 169,000,000 yuan, YoY increase of 152.24% | | Advertising Business (Bory Horizon) | 65,680,700 | 5,966,600 | Revenue increased by 15,875,100 yuan, net profit increased by 1,448,300 yuan | | Micro-lending Business | 25,920,700 | 12,729,100 | Net profit decreased by 8,600,000 yuan YoY (due to reversal of impairment loss in prior period) | | Property Leasing | 25,888,300 | 6,655,900 | Revenue increased by 4,859,800 yuan, net profit increased by 2,437,000 yuan | [Key Initiatives Progress](index=8&type=section&id=(II)%20Progress%20of%20Key%20Initiatives) During the reporting period, the company actively advanced key initiatives to foster cultural and creative economic development, including restructuring Chengdu Cultural Exchange, investing in the Locke Park project, and subscribing to New Caihuazhang and Ganbei fund shares - Completed the reorganization and transformation of Chengdu Cultural Exchange and signed capital increase agreements, actively pursuing business collaborations[35](index=35&type=chunk) - Invested in the Locke Park project through the Bory Libao Fund, exploring a new integrated sports venue development model combining sports and entertainment experiences[37](index=37&type=chunk) - Subscribed to New Caihuazhang Fund shares with **100 million yuan** and Ganbei Fund shares with **50 million yuan** of self-owned capital, aiming to strategically position in the cultural industry and cultivate new profit growth points[38](index=38&type=chunk) [Financial Analysis of Key Operating Performance](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This chapter provides an in-depth analysis of the company's H1 2021 operating performance, covering financial statement item changes, non-core business impacts, asset and liability status, investment activities, subsidiary analysis, and potential risks [Main Business Analysis](index=9&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, operating revenue and costs increased by **69.69%** and **83.85%** respectively, driven by the acquisition of Shengxue Education and growth in advertising, gaming, and education, while operating cash flow decreased by **156.00%** due to increased micro-lending and investment payments Analysis of Major Financial Statement Item Changes (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 291,621,709.63 | 171,853,248.09 | 69.69 | Change in consolidation scope and increase in revenue from multiple businesses | | Operating Cost | 197,233,634.15 | 107,282,390.68 | 83.85 | Costs increased proportionally with revenue | | Selling Expenses | 17,747,108.00 | 8,880,674.89 | 99.84 | Change in consolidation scope and increase in game promotion expenses | | Net Cash Flow from Operating Activities | -123,679,821.38 | -48,313,368.44 | -156.00 | Increase in net loans and advances to customers by Bory Micro-lending | | Net Cash Flow from Investing Activities | -72,130,048.04 | -8,114,136.93 | -788.94 | Increase in cash paid for investments | | Net Cash Flow from Financing Activities | 88,852,740.43 | 6,214,365.04 | 1,329.80 | Shengxue Education obtained borrowings and absorbed minority shareholder investments | [Analysis of Assets and Liabilities](index=10&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, total assets were **3.56 billion yuan**, a slight **0.16%** increase, driven by a **229.45%** rise in other non-current financial assets from new investments, while short-term borrowings surged **451.85%** due to subsidiary loans Changes in Major Balance Sheet Items (Unit: Yuan) | Item Name | Current Period End Balance | Prior Year End Balance | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 100,220,700.00 | 30,421,000.00 | 229.45 | New investments in companies such as Shanghai Bilibili E-sports. | | Short-term Borrowings | 48,364,000.00 | 8,764,000.00 | 451.85 | Increase in short-term borrowings by subsidiaries Shengxue Education and Caizi Software. | | Employee Remuneration Payable | 14,749,768.64 | 40,937,469.73 | -63.97 | Year-end bonuses accrued at the end of the prior year have been paid. | [Analysis of Investment Status](index=11&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) During the reporting period, the company's total external equity investment significantly increased to **70 million yuan**, primarily comprising a **50 million yuan** investment in Shanghai Bilibili E-sports Information Technology Co., Ltd., for a **6.02%** stake Major External Equity Investments in H1 2021 | Investee Company | Main Business | Investment Amount During Reporting Period (Yuan) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Shanghai Bilibili E-sports Information Technology Co., Ltd. | Information Technology, Sports Competition Organization | 50,000,000 | 6.02 | [Analysis of Major Holding and Associate Companies](index=12&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) During the reporting period, major subsidiaries showed varied performance, with Bory Horizon, Bory Education, Media Property, Bory Micro-lending, and Shengxue Education all profitable, while gaming subsidiaries Dream Factory and Manyougu remained at a loss, albeit with reduced deficits Operating Performance of Major Holding and Associate Companies in H1 2021 (Unit: Yuan) | Company Name | Business Type | Operating Revenue/Total Revenue | Net Profit | | :--- | :--- | :--- | :--- | | Chengdu Dream Factory Network Information Co., Ltd. | Online Gaming | 9,308,437.82 | -2,607,815.18 | | Beijing Manyougu Information Technology Co., Ltd. | Online Gaming | 32,365,135.35 | -3,950,082.33 | | Sichuan Bory Horizon Outdoor Media Co., Ltd. | Advertising | 65,680,710.80 | 5,966,606.26 | | Sichuan Bory Education Co., Ltd. | Education | 66,133,887.87 | 16,098,365.44 | | Sichuan Bory Media Property Co., Ltd. | Property Leasing | 25,888,333.82 | 6,655,874.43 | | Chengdu Bory Micro-lending Co., Ltd. | Micro-lending | 25,920,685.47 | 12,729,114.84 | | Sichuan Shengxue Education Technology Co., Ltd. | Smart Education | 90,420,915.75 | 6,760,425.66 | [Potential Risks](index=13&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks, including potential goodwill impairment of **223 million yuan** in the gaming segment, Shengxue Education's inability to meet profit commitments, overall transformation falling short of expectations, and regulatory uncertainties in the education sector impacting future growth or requiring business restructuring - The gaming segment faces a **223 million yuan** goodwill impairment risk, potentially leading to impairment if operating performance falls short of expectations[60](index=60&type=chunk) - Subsidiary Shengxue Education faces the risk of not fulfilling its performance commitments for 2020-2023[60](index=60&type=chunk) - The company is in a critical period of transformation and upgrading; if new stable profit growth points are not found, there is a risk of transformation falling short of expectations[60](index=60&type=chunk) - Tightening education regulatory policies, such as the Private Education Promotion Law implementation rules, may limit the future growth of the company's education segment or even lead to the risk of private-to-public conversion[61](index=61&type=chunk) [Corporate Governance](index=13&type=section&id=Section%20IV.%20Corporate%20Governance) [Changes in Directors, Supervisors, and Senior Management](index=14&type=section&id=II.%20Changes%20in%20the%20Company's%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, the company experienced changes in its directors, supervisors, and senior management, including the passing of independent director Mr. Zhang Jinsong, the departure of Vice General Manager and CFO Mr. Ye Tao, and the election of Mr. Shen Dingding as a non-independent director Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Zhang Jinsong | Independent Director | Resigned | | Ye Tao | Vice General Manager and CFO | Resigned | | Shen Dingding | Director | Elected | [Environmental and Social Responsibility](index=15&type=section&id=Section%20V.%20Environmental%20and%20Social%20Responsibility) [Environmental Information](index=15&type=section&id=I.%20Environmental%20Information) The company and its major subsidiaries are not classified as key pollutant-discharging entities by environmental protection authorities, with no significant environmental information requiring disclosure during the reporting period - Neither the company nor its major subsidiaries are classified as key pollutant-discharging entities[70](index=70&type=chunk) [Significant Matters](index=16&type=section&id=Section%20VI.%20Significant%20Matters) [Fulfillment of Commitments](index=16&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controller, Chengdu Media Group, and other related parties strictly fulfilled their commitments regarding resolving horizontal competition and regulating related-party transactions - Controlling shareholder Chengdu Media Group committed to avoiding new horizontal competition with the listed company and prioritizing business opportunities for the listed company[72](index=72&type=chunk) - The controlling shareholder committed to conducting necessary related-party transactions based on market fairness principles, minimizing related-party transactions with the listed company, and not occupying the listed company's funds[72](index=72&type=chunk)[73](index=73&type=chunk) [Significant Related-Party Transactions](index=19&type=section&id=X.%20Significant%20Related-Party%20Transactions) During the reporting period, the company engaged in routine related-party transactions, including **12.54 million yuan** in purchases/services and **7.01 million yuan** in sales/services, while its subsidiary Shengxue Education received **40 million yuan** in loans from its second and third largest shareholders - Routine Related-Party Transactions: During the reporting period, the company's total purchases of goods/acceptance of services amounted to **12,543,014.98 yuan**, and sales of goods/provision of services totaled **7,011,557.26 yuan**[77](index=77&type=chunk) - Related-Party Borrowings: Holding subsidiary Shengxue Education received a total of **40 million yuan** in borrowings from its second largest shareholder Chen Changzhi and third largest shareholder Tianjin Shengxue to alleviate operating capital pressure[79](index=79&type=chunk) [Significant Guarantees](index=22&type=section&id=2.%20Significant%20Guarantees%20Performed%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company provided a joint and several liability guarantee for a **40 million yuan** credit line granted by Chengdu Bank to its holding subsidiary Shengxue Education, representing **1.36%** of the company's net assets as of the period end Company's Total Guarantee Status | Item | Amount (Yuan) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries During Reporting Period | 40,000,000 | | Total Outstanding Guarantees to Subsidiaries at Period End (B) | 40,000,000 | | Total Guarantee Amount (A+B) | 40,000,000 | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 1.36 | [Share Changes and Shareholder Information](index=24&type=section&id=Section%20VII.%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=24&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and structure remained unchanged; post-period, controlling shareholder Chengdu Media Group initiated a plan to increase its stake by **0.5%** to **2%** of total share capital - During the reporting period, the company's total number of shares and share capital structure remained unchanged[88](index=88&type=chunk) - Controlling shareholder Chengdu Media Group plans to increase its stake in the company by no less than **0.5%** and no more than **2%** of the total share capital within 12 months starting from August 9, 2021[89](index=89&type=chunk) [Shareholder Information](index=24&type=section&id=(II)%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Unrestricted%20Shareholders)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the reporting period end, the company had **51,612** common shareholders, with Chengdu Bory Investment Holding Group Co., Ltd. and Chengdu Media Group as the top two, holding a combined **34.93%** as parties acting in concert Top Ten Shareholders' Shareholding Status | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | | :--- | :--- | :--- | | Chengdu Bory Investment Holding Group Co., Ltd. | 255,519,676 | 23.37 | | Chengdu Media Group | 126,425,137 | 11.56 | | E Fund Management - Central Huijin Asset Management... | 16,853,900 | 1.54 | | Chen Changzhi | 9,356,600 | 0.86 | | Wu Bin | 7,729,830 | 0.71 | - Chengdu Media Group and Chengdu Bory Investment Holding Group Co., Ltd. are parties acting in concert, jointly holding **34.93%** of the company's shares[94](index=94&type=chunk) [Preferred Shares Information](index=27&type=section&id=Section%20VIII.%20Preferred%20Shares%20Information) - During the reporting period, the company had no preferred shares information to disclose[98](index=98&type=chunk) [Bonds Information](index=27&type=section&id=Section%20IX.%20Bonds%20Information) - During the reporting period, the company had no information regarding corporate bonds, company bonds, or non-financial enterprise debt financing instruments[99](index=99&type=chunk) [Financial Report](index=28&type=section&id=Section%20X.%20Financial%20Report) [Financial Statements](index=28&type=section&id=II.%20Financial%20Statements) This chapter presents the company's unaudited consolidated and parent company financial statements for H1 2021, including the balance sheet, income statement, cash flow statement, and statement of changes in equity - This semi-annual report is unaudited[7](index=7&type=chunk)[101](index=101&type=chunk) [Consolidated Balance Sheet](index=28&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2021, the company's total assets were **3.56 billion yuan**, a **0.16%** increase, with equity attributable to the parent company at **2.94 billion yuan**, up **0.38%**, and total liabilities at **495 million yuan**, resulting in a **13.9%** asset-liability ratio Consolidated Balance Sheet Summary (June 30, 2021) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **3,559,546,680.82** | | Total Current Assets | 1,027,652,770.39 | | Total Non-current Assets | 2,531,893,910.43 | | **Total Liabilities** | **494,785,592.01** | | Total Current Liabilities | 392,311,707.13 | | Total Non-current Liabilities | 102,473,884.88 | | **Total Owners' Equity** | **3,064,761,088.81** | | Total Owners' Equity Attributable to Parent Company | 2,940,172,189.89 | | Minority Interests | 124,588,898.92 | [Consolidated Income Statement](index=32&type=section&id=Consolidated%20Income%20Statement) In H1 2021, the company achieved **318 million yuan** in total operating revenue, a **61.65%** increase, with total operating costs of **273 million yuan**, resulting in a total profit of **53.69 million yuan** and net profit attributable to parent company shareholders of **35.05 million yuan**, up **15.47%** Consolidated Income Statement Summary (Jan-Jun 2021) | Item | Amount (Yuan) | | :--- | :--- | | I. Total Operating Revenue | 317,542,395.10 | | II. Total Operating Costs | 273,016,788.66 | | III. Operating Profit | 53,626,544.43 | | IV. Total Profit | 53,690,356.27 | | V. Net Profit | 37,944,000.30 | | Net Profit Attributable to Parent Company Shareholders | 35,049,265.01 | | Minority Interest Income/Loss | 2,894,735.29 | | Basic Earnings Per Share (Yuan/share) | 0.03 | [Consolidated Cash Flow Statement](index=35&type=section&id=Consolidated%20Cash%20Flow%20Statement) In H1 2021, net cash flow from operating activities was **-124 million yuan**, a significant decrease from **-48 million yuan** in the prior period, primarily due to increased customer loans; net cash flow from investing activities was **-72 million yuan** due to higher investment payments; and net cash flow from financing activities was **89 million yuan** from borrowings and investments, with cash and equivalents at **678 million yuan** at period end Consolidated Cash Flow Statement Summary (Jan-Jun 2021) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -123,679,821.38 | | Net Cash Flow from Investing Activities | -72,130,048.04 | | Net Cash Flow from Financing Activities | 88,852,740.43 | | Net Increase in Cash and Cash Equivalents | -106,957,128.99 | | Cash and Cash Equivalents at Period End | 677,680,286.74 | [Notes to Consolidated Financial Statements](index=68&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statements) This chapter provides detailed explanations and analyses of significant items in the consolidated financial statements, covering the composition, changes, and related risks of key accounts such as cash, accounts receivable, goodwill, operating revenue and costs, and investment income [Goodwill](index=93&type=section&id=29.%20Goodwill) As of the reporting period end, the company's goodwill had a gross book value of **1.323 billion yuan**, impairment provisions of **902 million yuan**, and a net book value of **421 million yuan**, primarily from acquisitions in education and gaming, with significant impairment already recognized for gaming subsidiaries Composition of Goodwill Gross Book Value (Unit: Yuan) | Goodwill-Generating Event | Period-End Balance | | :--- | :--- | | Sichuan Bory Education Co., Ltd. | 16,022,994.64 | | Chengdu Dream Factory Network Information Co., Ltd. | 363,998,494.43 | | Beijing Manyougu Information Technology Co., Ltd. | 761,435,434.18 | | Sichuan Shengxue Education Technology Co., Ltd. | 181,562,394.20 | | **Total** | **1,323,019,317.45** | Goodwill Impairment Provisions (Unit: Yuan) | Goodwill-Generating Event | Period-End Balance | | :--- | :--- | | Chengdu Dream Factory Network Information Co., Ltd. | 315,579,833.58 | | Beijing Manyougu Information Technology Co., Ltd. | 586,704,722.96 | | **Total** | **902,284,556.54** | [Operating Revenue and Operating Cost](index=109&type=section&id=63.%20Operating%20Revenue%20and%20Operating%20Cost) In H1 2021, the company's main business revenue reached **291 million yuan**, up **69.69%**, with costs at **197 million yuan**, up **83.85%**, primarily due to the acquisition of Shengxue Education and growth in advertising, gaming, and education, making smart education the largest revenue contributor at **90.42 million yuan** Main Business by Industry (Unit: Yuan) | Industry Name | Operating Revenue | Operating Cost | | :--- | :--- | :--- | | Advertising Business | 68,213,414.30 | 61,186,245.76 | | Smart Education Business | 90,420,915.75 | 65,708,966.43 | | School Business | 66,103,037.39 | 39,415,414.60 | | Leasing and Property Management Business | 24,438,764.59 | 6,081,352.50 | | Online Gaming Business | 41,673,573.17 | 24,825,213.61 | | **Total** | **290,849,705.20** | **197,217,192.90** |