Group 1 - The company, Chengdu Borui Communication Co., Ltd., will participate in the "2025 Investor Online Collective Reception Day and Semi-Annual Report Performance Briefing" organized by the Sichuan Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [1] - The event will be held online on September 12, 2025, from 14:00 to 17:00, with interactive communication scheduled from 15:00 to 17:00 [1][3] - Key company representatives, including the General Manager Mr. Zhang Tao and the Financial Officer Mr. Gou Jun, will engage with investors regarding the company's semi-annual performance, operational status, corporate governance, and development strategy [1]

证券代码：600880 证券简称：博瑞传播 公告编号：2025-025 成都博瑞传播股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日及半年度 报告业绩说明会活动的公告 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五）14:00—17:00，其中网络互动交流时间为 15：00-17： 00。届时公司董事、总经理张涛先生，董事会秘书、副总经理、财务 负责人苟军先生，独立董事、审计委员会主任委员王雪女士将在线就 公司 2025 年半年度业绩、经营情况、公司治理、发展战略等内容， 与投资者进行沟通与交流，欢迎广大投资者积极参与。 特此公告。 成都博瑞传播股份有限公司 2025 年 9 月 5 日 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。 为进一步加强与投资者的互动交流，成都博瑞传播股份有限公司 （以下简称"公司"）将参加由四川省上市公司协会、深圳市全景网 络有限公司联合举办的"四川辖区 2025 ...

Market Overview - The education sector experienced a decline of 2.7% on September 2, with Guomai Technology leading the drop [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] Individual Stock Performance - Action Education (605098) closed at 36.05, with a slight increase of 0.14% and a trading volume of 15,700 shares [1] - Kevin Education (002659) remained unchanged at 5.24, with a trading volume of 214,400 shares [1] - Xueda Education (000526) fell by 0.98% to 47.70, with a trading volume of 27,300 shares [1] - ST Dongshi (603377) decreased by 1.39% to 3.56, with a trading volume of 212,600 shares [1] - Zhonggong Education (002607) dropped 1.66% to 2.97, with a trading volume of 3,027,500 shares [1] - Angli Education (600661) fell by 1.92% to 10.70, with a trading volume of 60,100 shares [1] - Borui Communication (600880) decreased by 2.15% to 5.01, with a trading volume of 292,400 shares [1] - ST Kaiyuan (300338) fell by 2.17% to 4.05, with a trading volume of 57,100 shares [1] - ST Chuan Zhi (003032) decreased by 2.38% to 6.56, with a trading volume of 67,600 shares [1] - Quantu Education (300359) fell by 2.45% to 5.96, with a trading volume of 170,300 shares [1] Capital Flow Analysis - The education sector saw a net outflow of 401 million yuan from institutional investors, while retail investors experienced a net inflow of 307 million yuan [2] - The net inflow from speculative funds was 93.74 million yuan [2] Detailed Capital Flow for Selected Stocks - Kevin Education (002659) had a net inflow of 8.16 million yuan from institutional investors, while speculative funds saw a net outflow of 4.64 million yuan [3] - Action Education (605098) experienced a net inflow of 6.19 million yuan from institutional investors, with a net outflow of 3.53 million yuan from speculative funds [3] - Xueda Education (000526) had a minimal net inflow of 143,500 yuan from institutional investors, with a net outflow of 3.46 million yuan from speculative funds [3] - Kede Education (300192) saw a slight net outflow of 187,300 yuan from institutional investors, with a significant net outflow of 24.17 million yuan from speculative funds [3] - ST Kaiyuan (300338) experienced a net outflow of 3.39 million yuan from institutional investors, while speculative funds had a net inflow of 711,800 yuan [3] - ST Chuan Zhi (003032) had a net outflow of 6.13 million yuan from institutional investors, with a net inflow of 890,700 yuan from speculative funds [3] - Angli Education (600661) saw a net outflow of 8.87 million yuan from institutional investors, while retail investors had a net inflow of 9.28 million yuan [3] - ST Dongshi (603377) experienced a net outflow of 12.71 million yuan from institutional investors, with a net inflow of 9.10 million yuan from retail investors [3] - Quantu Education (300359) had a net outflow of 12.94 million yuan from institutional investors, while retail investors saw a net inflow of 7.30 million yuan [3]

Financial Performance - The company reported a total revenue of 305 million yuan for the first half of 2025, representing a year-on-year increase of 60.14% [1] - The net profit attributable to shareholders was 9.1751 million yuan, up 6.29% year-on-year [1] - In Q2 2025, total revenue reached 121 million yuan, a 38.02% increase compared to the same quarter last year, with net profit of 3.2527 million yuan, showing a significant increase of 333.36% [1] Profitability Metrics - The gross margin decreased to 24.11%, down 51.55% year-on-year, while the net margin fell to 2.42%, a decline of 51.24% [1] - The company's return on invested capital (ROIC) was 0.77% last year, indicating weak capital returns [2][3] - Historical data shows a median ROIC of 1.14% over the past decade, with a particularly poor performance in 2018, where ROIC was -25.62% [1] Financial Health - The company has a significant accounts receivable issue, with accounts receivable amounting to 2054.58% of the net profit [1][3] - Cash assets are reported to be healthy, but the cash flow situation is concerning, with a cash flow to current liabilities ratio of only 86.38% [3] - The company has seen a 49.09% increase in interest-bearing debt, rising to 206 million yuan [1] Cost Structure - Total selling, administrative, and financial expenses amounted to 62.731 million yuan, accounting for 20.58% of revenue, which is a decrease of 37.76% year-on-year [1] - The company reported a negative operating cash flow per share of -0.14 yuan, a significant decline of 355.56% year-on-year [1]

Core Viewpoint - Chengdu Borui Communication Co., Ltd. plans to publicly transfer 60% equity of its subsidiary Wuhan Yinfu Advertising Co., Ltd. at a base price of 1 RMB due to the negative valuation of -37.06 million RMB as of December 31, 2024 [12][15][24]. Group 1: Company Overview - Chengdu Borui Communication Co., Ltd. is engaged in the advertising and gaming business, with a focus on transitioning from traditional outdoor advertising to new media [6]. - The company reported a significant decline in advertising revenue and costs, primarily due to the adverse market environment affecting traditional outdoor advertising [6]. Group 2: Financial Data - The company’s financial report for the first half of 2025 has not been audited and does not include any profit distribution or capital reserve increase plans [3][4]. - The company’s board of directors and supervisory board confirmed the accuracy and completeness of the financial report [1][9]. Group 3: Major Transactions - The transfer of 60% equity in Wuhan Yinfu is part of a resolution to a legal dispute with Shanghai Yueying Advertising Co., Ltd. regarding media usage fees [14]. - The transaction does not constitute a major asset restructuring and will proceed through public listing [13][16]. Group 4: Impact of the Transaction - The sale of the equity is expected to resolve disputes and optimize the company's asset structure, enhancing asset quality and operational efficiency [27]. - Following the transfer, Wuhan Yinfu will no longer be included in the company’s consolidated financial statements, which may lead to a reduction in the total profit by approximately 8.2 million RMB [27].

Core Viewpoint - The company, Borye Media (600880.SH), plans to transfer 60% equity of its subsidiary, Wuhan Borye Yinfeng Advertising Co., Ltd. (referred to as "Wuhan Yinfeng"), through a public listing at the Southwest United Property Exchange, with a base price of 1 RMB due to a negative valuation [1] Group 1 - The equity transfer involves 60% of Wuhan Yinfeng [1] - The valuation report from Yachao (Chengdu) Asset Appraisal Co., Ltd. indicates that the assessed value of the 60% equity is -37.0646 million RMB [1] - The transfer price is set at 1 RMB as the listing base price [1]

Group 1: Banking Sector Performance - Bank of China reported a net profit of 117.59 billion yuan for the first half of the year, a year-on-year decrease of 0.85% [1] - Industrial and Commercial Bank of China achieved a net profit of 168.1 billion yuan, down 1.4% year-on-year, with total assets exceeding 52 trillion yuan [2] - Agricultural Bank of China saw a net profit increase of 2.7% year-on-year, reaching 139.5 billion yuan [3] - China Construction Bank reported a net profit of 162.64 billion yuan, a decline of 1.45% year-on-year [4] Group 2: Corporate Developments - SMIC announced plans to issue A-shares to acquire minority stakes in its subsidiary, leading to a temporary suspension of its stock [5] - Changfei Fiber reported a net profit of 296 million yuan, down 21.71% year-on-year, despite a revenue increase of 19.38% [6] - China Rare Earth achieved a turnaround with a net profit of 162 million yuan, compared to a loss of 244 million yuan in the previous year [7] - CNOOC Engineering won a bid for two segments of the "BH" project from Qatar Energy, with a contract value of approximately 4 billion USD [8] - Aerospace Hongtu signed a procurement contract for satellite and ground systems with a total value of 990 million yuan [9] - Tailin Micro plans to acquire 100% of Panqi Micro's equity, with its stock set to resume trading [10][11] Group 3: Performance Highlights - Shanshan Co. reported a net profit of 207 million yuan, a significant increase of 1079.59% year-on-year [12] - Wanfu Co. achieved a net profit of 25.14 million yuan, up 91.69% year-on-year [12] - Various companies reported substantial profit increases, including Youyan New Materials with a 218.47% rise and Pacific with a 76.65% increase [12][14]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 284 million yuan, a 64.38% increase from 173 million yuan in the same period last year, and net profit growing by 6.29% [1] - The company aims to establish itself as a key capital platform for digital cultural innovation in Chengdu, focusing on three main business areas: smart management, digital cultural creation, and modern media [1][7] - The successful implementation of the Intangible Cultural Heritage Expo Park project has laid a solid foundation for future monetization and commercial value transformation [1][2] Business Development - The company has successfully hosted large-scale events such as the 9th China Chengdu International Intangible Cultural Heritage Festival and the Strawberry Music Festival, attracting an average of 30,000 visitors per day [2] - A partnership with Singapore's Green Willow Creative Private Limited has been established to enhance the park's offerings, including high-profile outdoor concerts and international food streets [2][3] - The company plans to create Asia's largest Livehouse and XR center within the park, aiming to provide immersive experiences and accommodate large audiences [3][4] Digital Cultural Innovation - The company is leveraging its media, advertising, and marketing expertise to enhance the park's visibility and cultural experience [3] - The digital cultural sector is experiencing sustained growth, supported by technological innovation and resource integration [4][7] - The smart management business is focusing on AI and big data solutions for education and urban management, with successful collaborations and product developments [5][6] Game and Media Strategy - The company's gaming business has seen significant success with a comprehensive strategy for overseas expansion, achieving notable revenue from both domestic and international markets [6] - The modern media segment has made strides in digital transformation, securing partnerships with major platforms like Xiaohongshu to enhance service offerings [5][7] - The company is building a multi-business ecosystem that integrates digital economy and cultural consumption trends, aligning with national strategies for cultural digitization [7]

Core Viewpoint - Chengdu B-ray Media Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by its strategic focus on digital cultural innovation and smart management solutions [1][3]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 284.93 million yuan, a year-on-year increase of 64.38% compared to 173.33 million yuan in the same period last year [2][3]. - Total profit reached approximately 17.83 million yuan, reflecting an 11.01% increase from 16.07 million yuan in the previous year [2][3]. - Net profit attributable to shareholders was approximately 9.18 million yuan, up from 8.63 million yuan, marking a 6.29% increase [2][3]. - The company reported a net cash flow from operating activities of approximately -155.47 million yuan, a significant decline compared to -34.13 million yuan in the previous year [2][3]. Business and Industry Analysis - The company focuses on "smart management, digital cultural innovation, and modern media," with key business areas including smart education, game development, media advertising, and cultural finance [3][4]. - The smart education sector has developed a comprehensive product system, leveraging AI and big data to provide solutions for regional education [3][4]. - The gaming business has expanded its overseas operations, with notable success in markets like Singapore and Malaysia, achieving significant revenue from popular titles [3][4]. - The media business is transitioning towards digital and new media, enhancing its capabilities in advertising and marketing [3][4]. Market Trends and Opportunities - The digital economy is expected to grow significantly, with the advertising market projected to exceed 1.5 trillion yuan in 2024, driven by digital advertising and new business models [5][6]. - The integration of emerging technologies such as 5G, AI, and VR/AR in gaming is creating new opportunities for immersive experiences and industry growth [4][5]. - The government's push for smart city development and digital education is expected to further expand the market for AI and digital solutions in education [3][4].

Core Viewpoint - Chengdu Borui Communication Co., Ltd. held its 47th board meeting, where several key resolutions were passed, including the approval of the 2025 semi-annual report and the transfer of a 60% stake in Wuhan Yinfu [1][2]. Group 1: Board Meeting Resolutions - The board unanimously approved the 2025 semi-annual report and its summary, with all 7 directors voting in favor [1]. - The board also approved the plan to transfer 60% of its stake in Wuhan Yinfu, with all 7 directors voting in favor [2]. - The board passed several amendments to internal management and control systems, including the investment management system for fixed assets, internal control management system, and compliance management measures, all with unanimous support from the directors [2].