格隆汇9月15日丨*ST大晟(600892.SH)公布，公司近日收到股东许锦光发来的《减持告知函》，获悉其 因个人资金需求，拟通过集中竞价、大宗交易的方式减持大晟文化股份，减持数量合计不超过621.5万 股，减持比例不超过公司总股本的1.11%。其中，集中竞价减持不超过559.46万股（1.00%），大宗交易 减持不超过62.04万股（0.11%），减持价格根据市场价格确定。 ...

大股东持股的基本情况：股东许锦光持有大晟时代文化投资股份有限 公司（以下简称"公司"或"大晟文化"）股份 34,188,164 股，约占公司总 股本的 6.11%。 减持计划的主要内容： 证券代码：600892 证券简称：*ST 大晟 公告编号：临 2025-037 大晟时代文化投资股份有限公司 持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 公司近日收到股东许锦光发来的《减持告知函》，获悉其因个人资金需 求，拟通过集中竞价、大宗交易的方式减持大晟文化股份，减持数量合计 不超过 6,215,000 股，减持比例不超过公司总股本的 1.11%。其中，集中竞 价减持不超过 5,594,600 股（1.00%），大宗交易减持不超过 620,400 股 （0.11%），减持价格根据市场价格确定。 | 股东名称 | 许锦光 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 ...

每经AI快讯，*ST大晟（SH 600892，收盘价：3.51元）9月15日晚间发布公告称，股东许锦光持有大晟 时代文化投资股份有限公司股份约3419万股，约占公司总股本的6.11%。公司近日收到股东许锦光发来 的《减持告知函》，获悉其因个人资金需求，拟通过集中竞价、大宗交易的方式减持大晟文化股份，减 持数量合计不超过约622万股，减持比例不超过公司总股本的1.11%。其中，集中竞价减持不超过约559 万股，大宗交易减持不超过约62万股，减持价格根据市场价格确定。 2024年1至12月份，*ST大晟的营业收入构成为：网络游戏占比92.31%，影视剧占比7.29%，其他占比 0.4%。 每经头条（nbdtoutiao）——重大突破！中国这款新药，中美官方都认定有突破性疗效！世界肺癌大会 沸腾了 （记者 王晓波） 截至发稿，*ST大晟市值为20亿元。 ...

Core Viewpoint - *ST Dazheng (600892) reported a significant increase in revenue but continued to incur losses, indicating challenges in profitability despite a 39.11% year-on-year increase in total operating revenue to 1.09 billion yuan [1] Financial Performance - Total operating revenue for the first half of 2025 reached 1.09 billion yuan, up 39.11% from 2024 [1] - Net profit attributable to shareholders was -33.73 million yuan, a decline of 116.84% compared to the previous year [1] - In Q2 2025, total operating revenue was 52.89 million yuan, reflecting a 40.65% increase year-on-year, while net profit attributable to shareholders was -23.59 million yuan, down 241.46% [1] Profitability Metrics - Gross margin decreased to 69.95%, down 23.46% year-on-year [1] - Net margin was -36.43%, a drop of 92.37% compared to the previous year [1] - Total selling, administrative, and financial expenses amounted to 88.49 million yuan, accounting for 81.35% of revenue, an increase of 9.15% year-on-year [1] Balance Sheet Indicators - Cash and cash equivalents decreased by 30.50% to 43.90 million yuan [1] - Accounts receivable increased by 235.86% to 34.05 million yuan [1] - Interest-bearing liabilities rose by 76.56% to 24.87 million yuan [1] Shareholder Metrics - Earnings per share was -0.06 yuan, a 100% decrease year-on-year [1] - Net asset value per share fell to 0.08 yuan, down 65.88% from the previous year [1] - Operating cash flow per share was -0.13 yuan, a decline of 305.11% year-on-year [1] Historical Performance - The company has a median ROIC of -6.72% over the past decade, indicating poor investment returns [3] - The company has reported losses in 15 out of 38 annual reports since its listing, suggesting a challenging financial history [3] Business Model Insights - The company's performance relies heavily on research and marketing efforts, necessitating a deeper analysis of these drivers [3] - Cash flow concerns are highlighted, with a cash to current liabilities ratio of only 18.03% [3]

Group 1 - The core point of the article highlights that *ST Dazheng has experienced a significant decrease in the number of shareholders, with a reduction of 13,842 accounts, representing a decline of 44.22% from March 31, 2025, to June 30, 2025 [1][2] - As of June 30, 2025, the average number of shares held per shareholder increased from 17,900 shares to 32,000 shares, while the average market value of shares held per shareholder was 98,700 yuan, which is below the industry average [1][2] - The stock price of *ST Dazheng saw a slight decline of 0.65% during the period from March 31, 2025, to June 30, 2025, coinciding with the significant drop in the number of shareholders [1][2] Group 2 - The data indicates that from March 31, 2025, to June 30, 2025, the net outflow of main funds from *ST Dazheng was 119 million yuan, while retail investors contributed a net inflow of 115 million yuan [2] - The average number of shareholders in the gaming industry is 76,600, which is significantly higher than *ST Dazheng's 17,458 shareholders [1][2] - The average market value of shares held by shareholders in the gaming industry is 245,300 yuan, which is substantially higher than *ST Dazheng's average of 98,700 yuan [1][2]

Group 1 - The core viewpoint of the article highlights *ST Dazheng's financial performance for the first half of 2025, showing a significant increase in revenue but continued net losses [1] - The company's revenue for the first half of 2025 is approximately 109 million yuan, representing a year-on-year increase of 39.11% compared to 78.19 million yuan in the same period of 2024 [1] - The net loss attributable to shareholders for the first half of 2025 is approximately 33.73 million yuan, compared to a net loss of about 15.55 million yuan in the first half of 2024 [1] - The basic earnings per share for the first half of 2025 is a loss of 0.06 yuan, compared to a loss of 0.03 yuan in the same period of the previous year [1] Group 2 - As of the report date, *ST Dazheng's market capitalization is 1.8 billion yuan [2] - The article mentions a significant automotive event in Southwest China, indicating a competitive landscape with nearly 120 brands and 1,600 vehicles participating, which may impact the market dynamics for new energy vehicles [2]

[Important Notice](index=2&type=section&id=Important%20Notice) [Overview](index=2&type=section&id=Important%20Notice-Overview) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility, noting that this report is unaudited and contains no profit distribution or capital reserve conversion plans for the reporting period, while also cautioning investors about forward-looking statements and significant risks. - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, assuming legal responsibility[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - There are no profit distribution or capital reserve conversion plans for the reporting period[6](index=6&type=chunk) - The company advises investors to be aware of investment risks, with detailed descriptions of potential risks provided in "Section III Management Discussion and Analysis"[6](index=6&type=chunk)[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) [Overview](index=4&type=section&id=Definitions-Overview) This section defines common terms used throughout the report, including the company, its controlling shareholder, and actual controller, to ensure accurate understanding of the content. - This section provides definitions for common terms used in the report, including company names, related parties, regulatory bodies, and the definition of the reporting period[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Information](index=4&type=section&id=Company%20Information) This section presents the company's basic registration details, such as its Chinese name, abbreviation, foreign name, and legal representative, providing essential identification information for investors. Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 大晟时代文化投资股份有限公司 | | Chinese Abbreviation | 大晟文化 | | Foreign Name | DASHENG TIMES CULTURAL INVESTMENT CO.,LTD. | | Legal Representative | 崔洪山 | [II. Contact Persons and Information](index=4&type=section&id=Contact%20Persons%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, fax, and email, to facilitate investor communication and inquiries. Contact Persons and Information | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | 曾庆生 | 0755-82359089 | dswh@600892.com.cn | | Securities Affairs Representative | 张媛媛 | 0755-82359089 | dswh@600892.com.cn | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the current status of the company's registered address, office address, website, and email, noting that historical changes can be found in Shanghai Stock Exchange announcements and there were no changes during the reporting period. - The company's registered address is Room 2406, Luohu Business Center, No. 2028 Shennan East Road, Chengdong Community, Dongmen Street, Luohu District, Shenzhen[17](index=17&type=chunk) - The company's office address is 6th Floor, Postal Comprehensive Building, No. 28-1 Jingtian North First Street, Futian District, Shenzhen[17](index=17&type=chunk) - There were no changes in the company's basic information during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the company's chosen newspapers for information disclosure, the website for semi-annual report publication (www.sse.com.cn), and the company's Board of Directors Office as the document custody location, with no changes during the reporting period. - The company's designated newspapers for information disclosure include Shanghai Securities News, Securities Times, Securities Daily, and China Securities Journal[18](index=18&type=chunk) - The semi-annual report is published on www.sse.com.cn[18](index=18&type=chunk) - There were no changes in information disclosure or document custody locations during the reporting period[18](index=18&type=chunk) [V. Company Stock Profile](index=5&type=section&id=Company%20Stock%20Profile) This section provides essential information about the company's stock, including its type, listing exchange, stock abbreviation, stock code, and previous abbreviations, indicating that the company's A-shares are listed on the Shanghai Stock Exchange under stock code 600892. Company Stock Profile | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | *ST大晟 | 600892 | ST宝诚、宝诚股份、大晟文化 | [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue increased by 39.11% year-on-year, but total profit, net profit attributable to listed company shareholders, and non-recurring net profit all incurred significant losses, with the loss amount expanding year-on-year; net cash flow from operating activities also showed a substantial outflow, while net assets attributable to listed company shareholders decreased by 44.14% year-on-year, and total assets increased by 16.96% year-on-year. Key Accounting Data (January-June 2025 vs. Prior Year Period) | Key Accounting Data | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 108,778,620.36 | 78,193,878.61 | 39.11 | | Total Profit | -39,313,525.98 | -13,132,758.80 | N/A | | Net Profit Attributable to Listed Company Shareholders | -33,727,417.93 | -15,554,288.64 | N/A | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -33,498,443.95 | -17,094,373.85 | N/A | | Net Cash Flow from Operating Activities | -74,411,505.58 | -18,368,447.97 | N/A | Period-End Asset and Liability Data (June 30, 2025 vs. Prior Year-End) | Indicator | Current Period-End (yuan) | Prior Year-End (yuan) | Period-End vs. Prior Year-End Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Listed Company Shareholders | 42,677,786.77 | 76,405,204.70 | -44.14 | | Total Assets | 393,357,372.27 | 336,309,774.52 | 16.96 | Key Financial Indicators (January-June 2025 vs. Prior Year Period) | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.06 | -0.03 | N/A | | Diluted Earnings Per Share (yuan/share) | -0.06 | -0.03 | N/A | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | -0.06 | -0.03 | N/A | | Weighted Average Return on Net Assets (%) | -56.65 | -11.71 | N/A | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | -56.26 | -12.87 | N/A | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **-228,973.98 yuan**, primarily comprising gains and losses from disposal of non-current assets, fair value changes, and other non-operating income and expenses, which negatively impacted net profit. Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -18,450.00 | | Government grants included in current profit and loss | 11,951.04 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains and losses | -460,773.34 | | Capital occupation fees received from non-financial enterprises included in current profit and loss | 6,226.42 | | Other non-operating income and expenses apart from the above | -486,604.55 | | Other items meeting the definition of non-recurring gains and losses | 1,221,126.69 | | Less: Income tax impact | 48,411.50 | | Impact on minority interests (after tax) | 454,038.74 | | Total | -228,973.98 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) The company's main business encompasses online game R&D and operation, along with film/TV series and short drama production and distribution; the game business operates on an integrated R&D and operation model, generating revenue through virtual item consumption, while the film/TV business invests in and produces content for broadcasters, cinemas, and video platforms, and the short drama business employs a "dual-driven" strategy, monetizing through user payments or advertising via self-produced, externally acquired, self-operated, and distributed content; the game market saw significant growth in the first half of the year, with mobile games dominating and AI and mini-games gaining momentum, while the film/TV market exhibited a "long-form stable, short-form expanding" trend, with short dramas becoming more refined, receiving increased policy support, and AI technology increasingly applied in post-production. - The company's main business is online game research and development, operation, and film/TV series and short drama production and distribution[27](index=27&type=chunk) - The short drama business adopts a "dual-driven" strategy, utilizing self-produced, externally acquired, self-operated, and distributed content to attract users for paid unlocking or advertising monetization[28](index=28&type=chunk) - In the first half of 2025, the domestic game market achieved actual sales revenue of **168 billion yuan**, a year-on-year increase of over **14%**, with the game user base reaching nearly **679 million**, a year-on-year increase of **0.72%**, both setting new historical highs[29](index=29&type=chunk) - In the first half of 2025, the Chinese drama market showed a "long-form stable, short-form expanding" pattern, with micro-short dramas increasing to **35%** of the total, and average investment in short dramas rising to **800,000 yuan**, with production quality approaching that of long-form dramas[31](index=31&type=chunk) [(I) The Company's Main Business is Online Game R&D, Operation, and Film/TV Series and Short Drama Production and Distribution](index=7&type=section&id=The%20Company's%20Main%20Business%20is%20Online%20Game%20R%26D,%20Operation,%20and%20Film/TV%20Series%20and%20Short%20Drama%20Production%20and%20Distribution) The company's core business activities include the research, development, and operation of online games, alongside the production and distribution of film/TV series and short dramas. - The company's main business includes online game research and development, operation (PC client games, mobile games), and film/TV series and short drama production and distribution[27](index=27&type=chunk) - The short drama business acquires content through self-production and external procurement, employing both self-operated and distribution models, generating revenue from user paid unlocking or advertising views[28](index=28&type=chunk) [(II) Industry Overview](index=7&type=section&id=Industry%20Overview) The game market experienced significant growth in the first half of 2025, with mobile games maintaining dominance and mini-games emerging as a key growth driver, while the drama market saw a rise in micro-short dramas, which are becoming more refined and receiving increased policy support, with AI technology increasingly applied in post-production. - In the first half of 2025, the domestic game market achieved actual sales revenue of **168 billion yuan**, a year-on-year increase of over **14%**, with the game user base reaching nearly **679 million**, a year-on-year increase of **0.72%**, both setting new historical highs[29](index=29&type=chunk) - Mobile games continue to hold a dominant position, accounting for **74.59%** of the domestic game market's actual sales revenue; client games account for **21.07%**; the mini-game market is heating up, becoming an important driver for industry growth[29](index=29&type=chunk)[30](index=30&type=chunk) - In the first half of 2025, the Chinese drama market showed a "long-form stable, short-form expanding" pattern, with micro-short dramas increasing to **35%** of the total, and average investment in short dramas rising to **800,000 yuan**, with production quality approaching that of long-form dramas[31](index=31&type=chunk) - The National Radio and Television Administration has issued multiple regulations to promote the standardization and high-quality development of micro-short dramas, and AI technology is increasingly applied in film and television post-production visual effects[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=Discussion%20and%20Analysis%20of%20Operations) During the reporting period, the company focused on its "grand cultural strategic framework to build a pan-entertainment industry platform" goal, enhancing standardized management and risk control while improving business monetization capabilities; the game business, through its subsidiary Taole Network, boosted profitability by adjusting marketing strategies and optimizing game versions, with "Xian Ling Xiao Yao" and "Shao Nian Xian Jie Chuan" revenues increasing by **125%** and **90%** respectively; in the film and television cultural business, the company established a "creation-filming-editing-distribution" content matrix in the domestic short drama market and strengthened its pipeline of quality projects, while its overseas short drama platform App (Cafe Drama) launched a test version with approximately **100,000** installations and **10,000** daily active users; concurrently, mid-to-long-form dramas such as the licensed custom drama "Fly to My Heart" and the Chinese drama "My Name is Shen Qiye" commenced filming. - The company is committed to becoming a light-asset listed company integrating "culture, digital, and technology," aligning with its "grand cultural strategic framework to build a pan-entertainment industry platform" strategic goal[32](index=32&type=chunk) - The game business's profitability improved, with revenues from "Xian Ling Xiao Yao" and "Shao Nian Xian Jie Chuan" increasing by **125%** and **90%** year-on-year, respectively[34](index=34&type=chunk) - In the domestic short drama sector, the company has established a complete "creation-filming-editing-distribution" content matrix and continues to strengthen its pipeline of high-quality projects[34](index=34&type=chunk) - The overseas independent short drama platform App (Cafe Drama) has launched its first batch of test versions, with approximately **100,000** installations and a daily average active user (DAU) count of about **10,000**[34](index=34&type=chunk) - For mid-to-long-form dramas, licensed custom drama "Fly to My Heart" and Chinese drama "My Name is Shen Qiye" have successively commenced filming[35](index=35&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its experienced management team and talent advantages, robust R&D capabilities and stable user base in online games, and a continuously upgraded film and television production chain covering investment, production, post-production, distribution, and artist management, forming a vertically integrated advantage. - The company's core management team in the online game business possesses years of industry experience from well-known enterprises, with a mature team dynamic[36](index=36&type=chunk) - The company has accumulated strong R&D capabilities in client games, web games, and mobile games, particularly excelling in key technologies such as image compression and installation package size control[37](index=37&type=chunk) - The company boasts a large and loyal user base for turn-based and role-playing games, which are easily converted into high-quality mobile game users[37](index=37&type=chunk) - The film and television business has established a vertically integrated industry chain covering investment, custom dramas, mid-to-short drama production, post-production, short drama distribution, and artist management[37](index=37&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=10&type=section&id=Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **39.11%** year-on-year, primarily due to new short drama, performing arts, film and television post-production, and technical service businesses; operating costs, selling expenses, administrative expenses, and financial expenses all significantly increased, with selling expenses rising due to increased advertising for short dramas, administrative expenses due to new personnel costs and concert business expenses, and financial expenses due to increased borrowings; R&D expenses decreased by **10.61%** year-on-year; net cash flow from operating activities showed a substantial outflow, net cash flow from investing activities turned negative, and net cash flow from financing activities significantly increased; regarding assets and liabilities, inventories surged by **129.38%** due to increased film and television investments, and short-term borrowings and accounts payable also rose significantly; the company made several equity investments, established multiple subsidiaries, and held financial assets measured at fair value, but fair value changes resulted in a loss. Financial Statement Item Fluctuation Analysis (January-June 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 108,778,620.36 | 78,193,878.61 | 39.11 | | Operating Cost | 32,683,103.18 | 6,728,498.82 | 385.74 | | Selling Expenses | 56,533,635.05 | 38,694,452.71 | 46.10 | | Administrative Expenses | 29,750,690.63 | 18,869,753.36 | 57.66 | | Financial Expenses | 2,208,551.39 | 717,278.17 | 207.91 | | R&D Expenses | 25,714,400.58 | 28,766,072.44 | -10.61 | | Net Cash Flow from Operating Activities | -74,411,505.58 | -18,368,447.97 | N/A | | Net Cash Flow from Investing Activities | -904,569.58 | 4,479,911.98 | -120.19 | | Net Cash Flow from Financing Activities | 61,964,972.21 | -2,455,296.91 | N/A | - Operating revenue growth is primarily due to new short drama business, performing arts business, film and television post-production, and technical service revenue in the current period[38](index=38&type=chunk) - The increase in selling expenses is mainly due to increased advertising costs for the short drama business; the increase in administrative expenses is mainly due to new personnel costs, office rent, and concert business expenses; the increase in financial expenses is mainly due to increased borrowing in the current period[38](index=38&type=chunk) [(I) Main Business Analysis](index=10&type=section&id=Main%20Business%20Analysis) Operating revenue increased by **39.11%** due to new short drama, performing arts, film and television post-production, and technical service businesses, while operating costs, selling expenses, administrative expenses, and financial expenses all saw significant increases, primarily driven by the expansion of new businesses and increased borrowing, leading to a substantial outflow in net cash flow from operating activities and a significant increase in net cash flow from financing activities. - Operating revenue increased by **39.11%**, mainly due to new short drama business, performing arts business, film and television post-production, and technical service revenue in the current period[38](index=38&type=chunk) - Operating costs increased by **385.74%**, mainly due to increased costs from new short drama business, performing arts business, film and television post-production, and technical service business in the current period[39](index=39&type=chunk) - Selling expenses increased by **46.10%**, mainly due to increased advertising costs for the short drama business[39](index=39&type=chunk) - Administrative expenses increased by **57.66%**, mainly due to increased personnel costs, office rent, and concert business expenses[39](index=39&type=chunk) - Financial expenses increased by **207.91%**, mainly due to increased borrowing in the current period[39](index=39&type=chunk) - Net cash flow from operating activities showed a substantial outflow, mainly due to increased film and television investments in the current period[39](index=39&type=chunk) - Net cash flow from financing activities significantly increased, mainly due to increased borrowing in the current period[40](index=40&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) Inventories at period-end increased by **129.38%** due to increased film and television investments, while short-term borrowings and other payables also saw significant increases, primarily driven by increased loans and borrowings from the controlling shareholder, with overseas assets accounting for **2.63%** of total assets. Asset and Liability Fluctuation (June 30, 2025 vs. Prior Year-End) | Item Name | Current Period-End Amount (yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 43,898,773.73 | 11.16 | 57,788,313.44 | 17.18 | -24.04 | | | Accounts Receivable | 34,047,189.10 | 8.66 | 22,049,698.50 | 6.56 | 54.41 | Mainly due to business expansion in the current period | | Inventories | 71,974,085.79 | 18.30 | 31,377,013.80 | 9.33 | 129.38 | Mainly due to increased film and television investments in the current period | | Short-Term Borrowings | 21,019,111.12 | 5.34 | 10,011,611.11 | 2.98 | 109.95 | Mainly due to increased loans in the current period | | Accounts Payable | 72,334,465.86 | 18.39 | 47,982,188.84 | 14.27 | 50.75 | Mainly due to increased film and television business expansion in the current period | | Other Payables | 155,770,066.79 | 39.60 | 94,204,315.77 | 28.01 | 65.35 | Mainly due to increased borrowings from the controlling shareholder in the current period | - Inventories at period-end increased by **129.38%**, primarily due to increased film and television investments in the current period[41](index=41&type=chunk) - Short-term borrowings at period-end increased by **109.95%**, primarily due to increased loans in the current period[41](index=41&type=chunk) - Other payables at period-end increased by **65.35%**, primarily due to increased borrowings from the controlling shareholder in the current period[42](index=42&type=chunk) - Overseas assets amounted to **10,348,433.72 yuan**, accounting for **2.63%** of total assets[43](index=43&type=chunk) [(IV) Analysis of Investment Status](index=12&type=section&id=Analysis%20of%20Investment%20Status) The company made several new equity investments during the period, totaling **17.7 million yuan**, by establishing multiple subsidiaries, and held equity investments measured at fair value, which resulted in a negative fair value change loss of **460,741.81 yuan**. Significant Equity Investment Information | Investee Company Name | Main Business | Investment Method | Investment Amount (yuan) | Shareholding Ratio | Impact on Current Period Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Wanhe Ruisheng Culture Media Co., Ltd. | Film/TV series, short drama production | New establishment | 3,500,000.00 | 70% | -1,466,835.49 | | Guangzhou Yimeng Culture Media Co., Ltd. | Short drama production, distribution | New establishment | 1,000,000.00 | 100% | -510,605.89 | | Beijing Liuliang Qidian Media Technology Co., Ltd. | Other technology promotion services | New establishment | 1,200,000.00 | 60% | 0.00 | | Yixin Shuzhi Technology (Hebei) Co., Ltd. | Digital technology | New establishment | 12,000,000.00 | 60% | 996,440.97 | | Total | / | / | 17,700,000.00 | / | -981,000.41 | - The company made several new equity investments in the current period, including the establishment of Beijing Wanhe Ruisheng Culture Media Co., Ltd., Guangzhou Yimeng Culture Media Co., Ltd., Beijing Liuliang Qidian Media Technology Co., Ltd., and Yixin Shuzhi Technology (Hebei) Co., Ltd., with a total investment of **17.7 million yuan**[45](index=45&type=chunk) - Financial assets measured at fair value are primarily equity investments, with a period-end balance of **660,031.82 yuan**, and a fair value change loss of **-460,741.81 yuan** in the current period[47](index=47&type=chunk)[48](index=48&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, several key subsidiaries reported net losses attributable to the parent company's shareholders, while the acquisition and establishment of new subsidiaries are expected to contribute to the company's long-term development. - The net profit attributable to the parent company's shareholders for the holding subsidiary Shenzhen Taole Network Technology Co., Ltd. was **-1.406 million yuan** during the reporting period[49](index=49&type=chunk) - The net profit attributable to the parent company's shareholders for the wholly-owned subsidiary Wuxi Zhonglian Chuandong Culture Communication Co., Ltd. was **-0.1701 million yuan** during the reporting period[50](index=50&type=chunk) - The net profit attributable to the parent company's shareholders for the wholly-owned subsidiary Shenzhen Yuerong Investment Management Co., Ltd. was **-18.6677 million yuan** during the reporting period[51](index=51&type=chunk) - During the reporting period, the company acquired and established several subsidiaries, including Beijing Hongyou Culture Media Co., Ltd., Beijing Wanhe Ruisheng Culture Media Co., Ltd., and Guangzhou Yimeng Culture Media Co., Ltd., all of which are beneficial for the company's long-term development[52](index=52&type=chunk) [V. Other Disclosure Matters](index=16&type=section&id=Other%20Disclosure%20Matters) The company faces heightened market competition, development risks for online game products, and industry policy changes; intense competition in the game industry could lead to player attrition and market share decline; the rapid iteration and limited life cycle of online game products, coupled with the challenge of consistently launching new products or upgrading existing ones to meet market expectations, could negatively impact performance; both the film/TV and game industries are susceptible to policy changes, such as stricter game license approvals and content censorship, which may pose challenges to the company's operations. - The company faces risks of intensified market competition in the game and film/TV industries, which could lead to player attrition and reduced market share[53](index=53&type=chunk) - Online game product development carries risks, including rapid product iteration, limited life cycles, and quick shifts in user preferences, which could negatively impact operating performance[53](index=53&type=chunk) - Both the film/TV and game industries are subject to risks from changes in industry policies, such as stricter game license approvals and film/TV content censorship, which could pose challenges to the company's business development[54](index=54&type=chunk)[55](index=55&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=17&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=17&type=section&id=Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period. - There were no changes in the company's directors, supervisors, or senior management during the reporting period[57](index=57&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's proposed semi-annual profit distribution or capital reserve conversion plan is "none," meaning no distribution or conversion will occur. - The company's proposed semi-annual profit distribution or capital reserve conversion plan is "no," indicating no distribution or conversion will take place[57](index=57&type=chunk) [III. Information and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=17&type=section&id=Information%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures. - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures[58](index=58&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company is not included in the list of enterprises required to disclose environmental information by law, and therefore has no relevant environmental information to disclose. - The company is not included in the list of enterprises required to disclose environmental information by law[58](index=58&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=18&type=section&id=Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company has not disclosed specific progress regarding its efforts to consolidate poverty alleviation achievements and promote rural revitalization. - The company has not disclosed specific progress in consolidating poverty alleviation achievements or rural revitalization efforts[59](index=59&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) [I. Fulfillment of Commitments](index=19&type=section&id=Fulfillment%20of%20Commitments) The company's actual controller, controlling shareholder, and other related parties have strictly fulfilled all commitments during or continuing into the reporting period, primarily concerning share lock-up, personnel independence, asset independence and completeness, financial independence, organizational independence, business independence, resolution of horizontal competition, and regulation of related party transactions. - The **97,067,037 shares** acquired by the company through agreement transfer will not be transferred in any form within **18 months** from the completion of the transfer registration procedures[61](index=61&type=chunk) - Controlling shareholder Tangshan Wenlv committed to ensuring the listed company's independence in personnel, assets, finance, organization, and business, and to taking measures to avoid horizontal competition and regulate related party transactions[61](index=61&type=chunk)[62](index=62&type=chunk) - Zhou Zhenke and Dasheng Asset unconditionally and irrevocably waived voting rights for a total of **68,808,835 shares** (accounting for **12.30%** of the total share capital) of Dasheng Culture held by them[61](index=61&type=chunk) - Dasheng Asset and its affiliated companies committed to avoiding or reducing related party transactions with the company and to preventing horizontal competition[62](index=62&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties During the Reporting Period](index=21&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20During%20the%20Reporting%20Period) During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties. - During the reporting period, the company had no instances of non-operating funds being occupied by controlling shareholders or other related parties[64](index=64&type=chunk) [III. Irregular Guarantees](index=21&type=section&id=Irregular%20Guarantees) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures. - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[64](index=64&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=22&type=section&id=Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in multiple previously disclosed significant litigation and arbitration matters; specifically, in the shareholder liability dispute with Qinhuangdao Xinda Asset Information Co., Ltd. concerning damage to company creditors' interests, the company appealed the first-instance judgment, but the second-instance court rejected the appeal and upheld the original judgment; the company has since applied for a retrial review of this case and filed an objection to the freezing of its bank account funds, which involves an amount of **5.328 million yuan**. - The company has multiple significant litigation and arbitration matters that have been disclosed in temporary announcements, with no further progress[65](index=65&type=chunk) - In the shareholder liability dispute with Qinhuangdao Xinda Asset Information Co., Ltd. concerning damage to company creditors' interests, the company appealed the first-instance judgment, but the second-instance court rejected the appeal and upheld the original judgment[67](index=67&type=chunk) - The company has applied for a retrial review of this case, which was officially filed on August 19, 2025[67](index=67&type=chunk) - The lawsuit involves an amount of **5.328 million yuan**, and approximately **5.2243 million yuan** of the company's bank account deposits have been frozen, against which the company has filed an objection to the enforcement[67](index=67&type=chunk) [X. Significant Related Party Transactions](index=24&type=section&id=Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in related party transactions related to its daily operations, including leasing premises from related parties, custom game development, and technical services, with estimated amounts of **2 million yuan** and **8 million yuan** respectively, and actual amounts of **0.9464 million yuan** and **4.52 million yuan**; additionally, the company co-invested with its controlling shareholder, Tangshan Wenlv, to establish Yixin Shuzhi Technology (Hebei) Co., Ltd., with the company contributing **12 million yuan** for a **60%** stake; the company also applied for a loan not exceeding **50 million yuan** from its controlling shareholder, Tangshan Wenlv. - The company's holding subsidiary won a bid for a brand IP design and development service project from the controlling shareholder, Tangshan Wenlv, as disclosed in a temporary announcement[68](index=68&type=chunk) 2025 Annual Estimated and Actual Related Party Transactions | Related Party Transaction Category | Related Party | 2025 Estimated Amount (ten thousand yuan) | 2025 Semi-Annual Actual Amount (ten thousand yuan) | | :--- | :--- | :--- | :--- | | Leasing premises, materials, etc. from related parties | Tangshan Cultural Tourism Investment Group Co., Ltd. and its controlled subsidiaries | 200.00 | 94.64 | | Custom game development, design, information technology, and related services for related parties | Tangshan Cultural Tourism Investment Group Co., Ltd. and its controlled subsidiaries | 800.00 | 452.00 | - The company and its controlling shareholder, Tangshan Wenlv, jointly invested to establish Yixin Shuzhi Technology (Hebei) Co., Ltd., with the company planning to invest **12 million yuan** of its own funds, holding **60%** of the registered capital[72](index=72&type=chunk) - The company and its consolidated subsidiaries plan to apply for a loan not exceeding **50 million yuan** from the controlling shareholder, Tangshan Cultural Tourism Investment Group Co., Ltd[73](index=73&type=chunk) [Section VI Share Changes and Shareholder Information](index=26&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) [I. Changes in Share Capital](index=26&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure. - During the reporting period, there were no changes in the company's total share capital or share structure[75](index=75&type=chunk) [II. Shareholder Information](index=27&type=section&id=Shareholder%20Information) As of the end of the reporting period, the company had **17,458** common shareholders; among the top ten shareholders, Tangshan Cultural Tourism Investment Group Co., Ltd. is the controlling shareholder with a **17.35%** stake, and Zhou Zhenke and his concerted party, Shenzhen Dasheng Asset Management Co., Ltd., collectively hold company shares, though Zhou Zhenke and Dasheng Asset have waived a portion of their voting rights. - As of the end of the reporting period, the total number of common shareholders was **17,458**[76](index=76&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Tangshan Cultural Tourism Investment Group Co., Ltd. | 97,067,037 | 17.35 | None | 0 | | Zhou Zhenke | 44,306,083 | 7.92 | Pledged, Marked, Frozen | 35,000,000 (Pledged), 28,809,288 (Marked), 9,306,083 (Frozen) | | Xu Jinguang | 34,188,164 | 6.11 | Pledged, Frozen | 34,188,164 (Pledged), 17,094,082 (Frozen) | | Shenzhen Dasheng Asset Management Co., Ltd. | 24,502,752 | 4.38 | Pledged | 24,000,000 | - Zhou Zhenke and Dasheng Asset have unconditionally and irrevocably waived the voting rights corresponding to a total of **68,808,835 shares** (accounting for **12.30%** of the total share capital) of Dasheng Culture held by them[79](index=79&type=chunk) [Section VII Bond-Related Information](index=29&type=section&id=Section%20VII%20Bond-Related%20Information) [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=29&type=section&id=Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments. - During the reporting period, the company had no corporate bonds or non-financial enterprise debt financing instruments[82](index=82&type=chunk) [II. Convertible Corporate Bonds](index=29&type=section&id=Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds. - During the reporting period, the company had no convertible corporate bonds[82](index=82&type=chunk) [Section VIII Financial Report](index=30&type=section&id=Section%20VIII%20Financial%20Report) [I. Audit Report](index=30&type=section&id=Audit%20Report) This semi-annual report has not been audited. - This semi-annual report is unaudited[84](index=84&type=chunk) [II. Financial Statements](index=30&type=section&id=Financial%20Statements) This section presents 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; the consolidated statements show total assets of **393.36 million yuan**, total liabilities of **334.08 million yuan**, and owners' equity attributable to the parent company of **42.68 million yuan**, with consolidated operating revenue of **108.78 million yuan**, a net loss of **39.63 million yuan**, and net cash outflow from operating activities of **74.41 million yuan**; the parent company statements show total assets of **322 million yuan**, total liabilities of **232 million yuan**, and owners' equity of **90.47 million yuan**, with parent company operating revenue of **244,447.24 yuan**, a net loss of **40.77 million yuan**, and net cash outflow from operating activities of **7.91 million yuan**. Consolidated Balance Sheet (June 30, 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 393,357,372.27 | | Total Liabilities | 334,081,735.20 | | Total Owners' Equity Attributable to Parent Company | 42,677,786.77 | | Minority Interests | 16,597,850.30 | | Total Owners' Equity | 59,275,637.07 | Consolidated Income Statement (January-June 2025) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 108,778,620.36 | | Total Operating Costs | 147,228,002.09 | | Total Profit | -39,313,525.98 | | Net Profit | -39,625,573.36 | | Net Profit Attributable to Parent Company Shareholders | -33,727,417.93 | | Minority Interest Income/Loss | -5,898,155.43 | Consolidated Cash Flow Statement (January-June 2025) | Item | Amount (yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -74,411,505.58 | | Net Cash Flow from Investing Activities | -904,569.58 | | Net Cash Flow from Financing Activities | 61,964,972.21 | | Net Increase in Cash and Cash Equivalents | -13,360,267.90 | Parent Company Income Statement (January-June 2025) | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 244,447.24 | | Total Profit | -40,769,404.30 | | Net Profit | -40,769,404.30 | [III. Company Basic Information](index=49&type=section&id=Company%20Basic%20Information) The company, formerly "Shijiazhuang Quanyechang Co., Ltd.," underwent multiple name changes and equity transfers, eventually becoming "Dasheng Times Cultural Investment Co., Ltd." in 2016; on May 10, 2024, its controlling shareholder changed to Tangshan Wenlv, and its actual controller became Tangshan Municipal State-owned Assets Supervision and Administration Commission; the company's registered capital is **559.46 million yuan**, its legal representative is Cui Hongshan, and its main business scope includes investment and asset management, online game R&D and sales, and film and television cultural project investment, production, and distribution. - The company was formerly "Shijiazhuang Quanyechang Co., Ltd." and was listed on the Shanghai Stock Exchange in 1996[114](index=114&type=chunk) - On October 8, 2014, Dasheng Asset became the company's largest shareholder; after a non-public stock offering in 2015, Zhou Zhenke became the company's largest shareholder[115](index=115&type=chunk)[116](index=116&type=chunk) - Following the equity transfer on May 10, 2024, the company's controlling shareholder changed from Zhou Zhenke to Tangshan Wenlv, and the actual controller changed to Tangshan Municipal State-owned Assets Supervision and Administration Commission[121](index=121&type=chunk) - The company's registered capital is **559.46 million yuan**, and its legal representative is Cui Hongshan[121](index=121&type=chunk) - The company's business scope covers investment and asset management, metal ore sales, machinery and equipment leasing, import and export of goods, economic information consulting, film and television cultural project investment management, and online game research and development and operation[122](index=122&type=chunk) [IV. Basis for Preparation of Financial Statements](index=51&type=section&id=Basis%20for%20Preparation%20of%20Financial%20Statements) 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 relevant regulations, using the accrual basis of accounting, measuring assets at historical cost except for specific financial instruments, and making provisions for asset impairment; the company assesses its going concern ability as reasonable. - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and relevant regulations[125](index=125&type=chunk)[126](index=126&type=chunk) - Accounting is performed on an accrual basis, with historical cost as the measurement basis for all items except certain financial instruments[126](index=126&type=chunk) - The company assessed its ability to continue as a going concern for **12 months** from the end of the reporting period and found no issues affecting its going concern ability[127](index=127&type=chunk) [V. Significant Accounting Policies and Estimates](index=52&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) This section comprehensively details the company's adherence to enterprise accounting standards, accounting period, operating cycle, functional currency, materiality criteria, business combinations, consolidated financial statement preparation, joint arrangements, cash and cash equivalents, foreign currency transactions and translation, financial instruments, inventories, contract assets, assets held for sale, long-term equity investments, investment properties, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee benefits, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases, which form the foundation of the company's financial reporting and ensure the accuracy and comparability of financial information. - The company adheres to enterprise accounting standards, accurately and completely reflecting its financial position, operating results, and other information[129](index=129&type=chunk) - 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's inventories are categorized into film/TV series inventories and non-film/TV series inventories, with film/TV series inventories including raw materials, work-in-progress, and finished goods, and detailed provisions for their valuation and cost transfer methods[166](index=166&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the related goods, with detailed explanations for specific recognition methods for sales of goods (film/TV series, online games) and service revenue[218](index=218&type=chunk)[222](index=222&type=chunk)[224](index=224&type=chunk) [VI. Taxation](index=82&type=section&id=Taxation) The company's main taxes include Value-Added Tax, Urban Maintenance and Construction Tax, and Enterprise Income Tax; Enterprise Income Tax rates vary based on the taxpayer and tax incentives, with subsidiaries like Horgos Zhonglian Chuandong Film and Television Culture Co., Ltd., Shenzhen Taole Network Technology Co., Ltd., and Shenzhen Yuexiang Network Technology Co., Ltd. enjoying a **15%** high-tech enterprise tax rate or Western Development preferential policies, while some eligible small and micro enterprise subsidiaries benefit from a **20%** tax rate. Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable income | 1%, 6% | | Urban Maintenance and Construction Tax | Actual turnover tax paid | 5%, 7% | | Enterprise Income Tax | Taxable income | 9%, 15%, 16.5%, 20%, 25% | Taxpayers with Different Enterprise Income Tax Rates | Taxpayer Name | Income Tax Rate (%) | | :--- | :--- | | Dasheng Times Cultural Investment Co., Ltd. | 25% | | Horgos Zhonglian Chuandong Film and Television Culture Co., Ltd. | 15.00% | | Beihai Wanwu Keai Technology Co., Ltd. | 9.00% | | Shenzhen Taole Network Technology Co., Ltd. | 15.00% | | Shenzhen Yuexiang Network Technology Co., Ltd. | 15.00% | | Planet International Co., Ltd. | 16.50% | | Subsidiaries eligible for small and micro enterprise tax relief policies | 20.00% | - Beihai Wanwu Keai Technology Co., Ltd. is subject to a **15%** enterprise income tax rate from January 1, 2023, to December 31, 2030, and is exempt from the local share of enterprise income tax for **five years** from April 1, 2023, to December 31, 2027[241](index=241&type=chunk) - Shenzhen Taole Network Technology Co., Ltd. and Shenzhen Yuexiang Network Technology Co., Ltd. are both recognized as national high-tech enterprises and are subject to a **15%** enterprise income tax rate[242](index=242&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=84&type=section&id=Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures of the period-end balances, beginning balances, and changes for each major item in the consolidated financial statements, including monetary funds, trading financial assets, accounts receivable, prepayments, other receivables, inventories, other current assets, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, assets with restricted ownership or use rights, short-term borrowings, accounts payable, advances from customers, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, lease liabilities, provisions, deferred income, share capital, capital reserves, other comprehensive income, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, fair value change gains, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and foreign currency monetary items; notably, inventories significantly increased due to higher film and television investments, accounts receivable and short-term borrowings also rose considerably, while goodwill impairment provisions remained unchanged. - The period-end balance of monetary funds is **43,898,773.73 yuan**, of which the total amount deposited overseas is **1,419,374.75 yuan**[245](index=245&type=chunk) - The period-end book value of accounts receivable is **34,047,189.10 yuan**, with a single provision for bad debts amounting to **71,989,825.86 yuan**[251](index=251&type=chunk) - The period-end book value of inventories is **71,974,085.79 yuan**, including an inventory depreciation reserve for finished goods of **103,033,590.94 yuan**[277](index=277&type=chunk)[279](index=279&type=chunk) - The period-end balance of short-term borrowings is **21,019,111.12 yuan**, primarily comprising guaranteed borrowings and credit borrowings[320](index=320&type=chunk) - The period-end balance of other payables is **155,770,066.79 yuan**, mainly consisting of intercompany borrowings and accrued expenses[336](index=336&type=chunk)[338](index=338&type=chunk) - Operating revenue for the current period amounted to **108,778,620.36 yuan**, and operating costs were **32,683,103.18 yuan**[357](index=357&type=chunk) - Net cash flow from operating activities was **-74,411,505.58 yuan**, net cash flow from investing activities was **-904,569.58 yuan**, and net cash flow from financing activities was **61,964,972.21 yuan**[391](index=391&type=chunk) [VIII. Research and Development Expenses](index=131&type=section&id=Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenditure was **25,714,400.58 yuan**, all of which was expensed, with employee compensation being the largest component, followed by depreciation and other expenses. R&D Expenses by Nature of Expense | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 24,599,682.69 | 27,565,848.62 | | Lease Fees | 885.40 | | | Depreciation | 129,792.26 | 225,527.98 | | Office Expenses | 2,660.57 | | | Other | 981,379.66 | 974,695.84 | | Total | 25,714,400.58 | 28,766,072.44 | | Of which: Expensed R&D Expenditure | 25,714,400.58 | 28,766,072.44 | | Capitalized R&D Expenditure | | | - All R&D expenditure in the current period was expensed, with no capitalized R&D expenditure[397](index=397&type=chunk) [IX. Changes in Consolidation Scope](index=132&type=section&id=Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope changed through non-same-control business combinations and the establishment of new subsidiaries; specifically, its wholly-owned subsidiary Shenzhen Yuerong Investment Management Co., Ltd. acquired **100%** equity in Beijing Hongyou Culture Media Co., Ltd. and Wuhan Aoxing Technology Co., Ltd. for **0 yuan**, bringing them into the consolidation scope; additionally, the company established and consolidated several new subsidiaries, including Beijing Wanhe Ruisheng Culture Media Co., Ltd., Beijing Liuliang Qidian Media Technology Co., Ltd., Guangzhou Yimeng Culture Media Co., Ltd., Qingdao Guangying Haoxi Culture Media Co., Ltd., and Yixin Shuzhi Technology (Hebei) Co., Ltd. - The company's wholly-owned subsidiary, Shenzhen Yuerong Investment Management Co., Ltd., acquired **100%** equity in Beijing Hongyou Culture Media Co., Ltd. and Wuhan Aoxing Technology Co., Ltd. for **0 yuan**, bringing them into the consolidation scope[399](index=399&type=chunk) Non-Same-Control Business Combinations Occurring in the Current Period | Acquired Company Name | Acquisition Date | Acquisition Cost (yuan) | Acquisition Percentage (%) | Net Profit of Acquired Company from Acquisition Date to Period-End (yuan) | | :--- | :--- | :--- | :--- | :--- | | Beijing Hongyou Culture Media Co., Ltd. | February 2025 | 0 | 100 | -6,129,900.13 | | Wuhan Aoxing Technology Co., Ltd. | May 2025 | 0 | 100 | -171,257.83 | - During the reporting period, several new subsidiaries were established and included in the consolidation scope, including Beijing Wanhe Ruisheng Culture Media Co., Ltd., Beijing Liuliang Qidian Media Technology Co., Ltd., Guangzhou Yimeng Culture Media Co., Ltd., Qingdao Guangying Haoxi Culture Media Co., Ltd., and Yixin Shuzhi Technology (Hebei) Co., Ltd[402](index=402&type=chunk) [X. Interests in Other Entities](index=134&type=section&id=Interests%20in%20Other%20Entities) This section details the company's enterprise group structure, comprising multiple subsidiaries engaged in trade, online game R&D and operation, and film and television investment and production; Shenzhen Taole Network Technology Co., Ltd. is a significant non-wholly-owned subsidiary with a minority shareholder stake of **10.55%**, and its net loss attributable to minority shareholders for the current period was **-148,332.70 yuan**; its period-end current assets were **107 million yuan**, non-current assets **20.0754 million yuan**, total assets **127 million yuan**, current liabilities **41.558 million yuan**, non-current liabilities **3.2219 million yuan**, and total liabilities **44.78 million yuan**. - The company's enterprise group consists of multiple subsidiaries, with business activities spanning trade, online game research and development and operation, and film and television investment and production[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - Shenzhen Taole Network Technology Co., Ltd. is a significant non-wholly-owned subsidiary, with minority shareholders holding **10.55%** equity, and the net loss attributable to minority shareholders for the current period was **-148,332.70 yuan**[408](index=408&type=chunk) Key Financial Information of Significant Non-Wholly-Owned Subsidiary Shenzhen Taole Network Technology Co., Ltd. (June 30, 2025) | Item | Period-End Balance (yuan) | | :--- | :--- | | Current Assets | 106,912,467.00 | | Non-Current Assets | 20,075,354.33 | | Total Assets | 126,987,821.33 | | Current Liabilities | 41,558,021.44 | | Non-Current Liabilities | 3,221,937.13 | | Total Liabilities | 44,779,958.57 | Key Financial Information of Significant Non-Wholly-Owned Subsidiary Shenzhen Taole Network Technology Co., Ltd. for the Current Period (January-June 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Operating Revenue | 72,904,803.96 | | Net Profit | -525,351.14 | | Total Comprehensive Income | -525,351.14 | | Cash Flow from Operating Activities | -7,389,603.64 | [XI. Government Grants](index=139&type=section&id=Government%20Grants) As of the end of the reporting period, the company's deferred income from government grants totaled **2.11 million yuan**, primarily for the "Peach Blossom Spring" international brand cultivation and promotion project and the "100 Years of Chinese Animation" documentary subsidy; government grants recognized in current profit or loss amounted to **11,951.04 yuan**, mainly for income-related stable employment subsidies. Liability Items Involving Government Grants (June 30, 2025) | Financial Statement Item | Beginning Balance (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | | Deferred Income | 2,109,770.00 | 2,109,770.00 | - Government grants within deferred income primarily include development special funds for the "Peach Blossom Spring" international brand cultivation and promotion project and subsidy funds for the "100 Years of Chinese Animation" documentary[344](index=344&type=chunk)[345](index=345&type=chunk) Government Grants Recognized in Current Profit or Loss (January-June 2025) | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 11,951.04 | 2,371,408.01 | | Total | 11,951.04 | 2,371,408.01 | [XII. Risks Related to Financial Instruments](index=140&type=section&id=Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk; credit risk primarily arises from monetary funds, notes receivable, and accounts receivable, which the company controls by assessing customer creditworthiness and regularly monitoring credit records; liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs; market risk includes foreign exchange risk and interest rate risk, with interest rate risk managed by maintaining fixed-rate borrowings; as of June 30, 2025, the company's undiscounted remaining contractual obligations for financial liabilities are mainly concentrated within one year. - The company's main financial instruments include equity investments, borrowings, accounts receivable, accounts payable, and other payables, exposing it to credit risk, liquidity risk, and market risk[416](index=416&type=chunk) - Credit risk is controlled by assessing customer creditworthiness, the possibility of obtaining third-party guarantees, credit history, and market conditions[417](index=417&type=chunk) - Liquidity risk is managed by regularly monitoring short-term and long-term liquidity needs and borrowing agreements[422](index=422&type=chunk) Analysis of Undiscounted Remaining Contractual Obligations of Financial Liabilities by Maturity (June 30, 2025) | Item | Within 1 Year (yuan) | 1-2 Years (yuan) | 2-3 Years (yuan) | Over 3 Years (yuan) | | :--- | :--- | :--- | :--- | :--- | | Short-Term Borrowings | 21,019,111.12 | | | | | Accounts Payable | 25,877,535.69 | 554,054.00 | 28,406.00 | 45,874,470.17 | | Other Payables | 154,043,305.98 | 842,606.20 | 50,000.00 | 834,154.61 | | Non-Current Liabilities Due Within 1 Year | 3,849,257.62 | | | | | Lease Liabilities | | 2,421,730.28 | 1,285,762.66 | | | Total | 204,789,210.41 | 3,818,390.48 | 1,364,168.66 | 46,708,624.78 | [XIII. Disclosure of Fair Value](index=143&type=section&id=Disclosure%20of%20Fair%20Value) The company's assets measured at fair value primarily consist of equity instrument investments within trading financial assets, with a period-end fair value of **660,031.82 yuan**, classified as Level 1 fair value measurement and determined using active market quotations; for financial assets and liabilities not measured at fair value, such as monetary funds, accounts receivable, and short-term borrowings, their carrying amounts are close to their fair values due to short remaining maturities. Period-End Fair Value of Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Level 1 Fair Value Measurement (yuan) | Level 2 Fair Value Measurement (yuan) | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 660,031.82 | | | 660,031.82 | | 1. Financial assets measured at fair value with changes recognized in current profit or loss | 660,031.82 | | | 660,031.82 | | (2) Equity instrument investments | 660,031.82 | | | 660,031.82 | | Total assets continuously measured at fair value | 660,031.82 | | | 660,031.82 | - The market price for Level 1 fair value measurement items is the closing price at the end of the year in active markets such as stock exchanges[430](index=430&type=chunk) - For financial assets and liabilities not measured at fair value, such as monetary funds, accounts receivable, and short-term borrowings, their carrying amounts are close to their fair values due to their short remaining maturities[434](index=434&type=chunk) [XIV. Related Parties and Related Party Transactions](index=145&type=section&id=Related%20Parties%20and%20Related%20Party%20Transactions) The company's controlling shareholder is Tangshan Cultural Tourism Investment Group Co., Ltd., with the ultimate controlling party being Tangshan Municipal People's Government State-owned Assets Supervision and Administration Commission; during the reporting period, the company, as the guaranteed party, received **11 million yuan** in guarantees from Tangshan Investment Holding Group Co., Ltd. and Shenzhen Yuexiang Network Technology Co., Ltd.; the company also engaged in intercompany borrowing with its controlling shareholder, Tangshan Cultural Tourism Investment Group Co., Ltd., with actual borrowed funds totaling **120 million yuan** as of the end of the current period; additionally, the company has outstanding unsettled items with related parties, including accounts receivable, other payables, and contract liabilities. - The company's controlling shareholder is Tangshan Cultural Tourism Investment Group Co., Ltd., and the ultimate controlling party is Tangshan Municipal People's Government State-owned Assets Supervision and Administration Commission[436](index=436&type=chunk) Related Party Guarantees (Company as Guaranteed Party) | Guarantor | Guaranteed Amount (yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Tangshan Investment Holding Group Co., Ltd. | 11,000,000 | 2025-3-10 | 2029-3-9 | No | | Shenzhen Yuexiang Network Technology Co., Ltd. | 11,000,000 | 2025-3-10 | 2029-3-9 | No | - The company signed two loan agreements, each with a maximum limit of **60 million yuan**, with its parent company, Tangshan Cultural Tourism Investment Group

Market Overview - On August 29, the gaming sector rose by 1.54%, led by Xinghui Entertainment, while the Shanghai Composite Index closed at 3857.93, up 0.37% [1] - The Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers in Gaming Sector - Xinghui Entertainment (300043) closed at 5.25, up 5.85% with a trading volume of 2.2598 million shares and a transaction value of 1.194 billion [1] - ST Huaton (002602) closed at 15.53, up 5.00% with a trading volume of 1.6222 million shares and a transaction value of 2.476 billion [1] - Youzu Interactive (002174) closed at 66.91, up 4.55% with a trading volume of 670,000 shares and a transaction value of 1.133 billion [1] Top Losers in Gaming Sector - Glacier Network (300533) closed at 43.45, down 4.84% with a trading volume of 253,100 shares [2] - Shengtian Network (300494) closed at 15.10, down 3.64% with a trading volume of 482,400 shares [2] - Fuchun Co. (300299) closed at 6.96, down 3.33% with a trading volume of 441,500 shares [2] Capital Flow Analysis - The gaming sector experienced a net outflow of 481 million from major funds, while retail investors saw a net inflow of 505 million [2] - The net outflow from speculative funds was 24.3461 million [2] Individual Stock Capital Flow - Kunlun Wanwei (300418) had a net inflow of 330 million from major funds, but a net outflow of 1.57 billion from speculative funds [3] - ST Huaton (002602) saw a net inflow of 180 million from major funds, with a net outflow of 1.27 billion from speculative funds [3] - Youzu Interactive (002174) had a net inflow of 133 million from major funds, but a net outflow of 48.7022 million from speculative funds [3]

Core Viewpoint - The company has announced that part of its bank account funds has been frozen due to a legal dispute involving a creditor's rights case with Qinhuangdao Xinda Asset Information Co., Ltd. [1] Summary by Sections Frozen Funds Situation - The total amount of frozen funds is RMB 522.43 million, distributed across various bank accounts, including: - Everbright Bank: RMB 503.49 million - Citic Bank: RMB 13.81 million - Bank of China: RMB 4.87 million - Industrial and Commercial Bank: RMB 0.19 million - China Construction Bank: RMB 0.08 million [2] Reason for Frozen Funds - The dispute originates from a loan of RMB 2.5 million taken by Shijiazhuang Crown Bag Co., Ltd. in 1999, which was guaranteed by Hebei Longhai Metallurgy Co., Ltd. The loan went unpaid, leading to a court ruling in 2004 that required repayment, which has not been fulfilled. The creditor's rights have since been transferred to Xinda Company [3][4]. Legal Proceedings - The first instance ruling by Xinhua District Court in November 2024 ordered the company and two other entities to bear the costs associated with the case, totaling RMB 48,753.61 for litigation fees and RMB 400 for announcement fees. The company appealed this decision, but the appeal was rejected [3]. - The company has applied for a retrial at the Hebei High Court, which has accepted the application and is currently under review [4]. Impact on the Company - The frozen funds represent 6.84% of the company's audited net assets as of December 31, 2024, and 9.62% of the unaudited cash balance as of March 31, 2025. However, the company believes that this situation will not significantly impact its operational activities [4].

证券简称：*ST大晟 证券代码：600892 公告编号：临2025-036 大晟时代文化投资股份有限公司 关于公司部分银行账户资金被冻结的公告 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。 近日，大晟时代文化投资股份有限公司（以下简称"公司"）财 务人员查询银行账户时，获悉公司银行账户部分资金被冻结，现将有 关情况公告如下： 一、本次部分资金被冻结的情况 因与秦皇岛信达资产资讯有限公司（以下简称"信达公司"）股 东损害公司债权人利益责任纠纷一案，公司部分银行账户存款人民币 522.43万元被河北省石家庄市新华区人民法院（以下简称"新华区法院"） 冻结。具体情况如下： | 账户名称 | 开户银行 | 银行账户 | 账户性质 | 冻结金额 （万元） | | --- | --- | --- | --- | --- | | | 光大银行深圳***支行 | 390***088 | 一般结算账户 | 503.49 | | 大晟时代文化 | 中信银行深圳***支行 | 744201***7511 | 基本存款账户 | 13.81 | | ...