证券代码：601811 证券简称：新华文轩 公告编号：2023-042 新华文轩出版传媒股份有限公司 关于 2023 年半年度业绩说明会召开情况的公告 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： 新华文轩出版传媒股份有限公司（以下简称或"公司""本公 司"或"新华文轩"）于 2023 年 9 月 27 日（星期三）15:30-16:30， 通过网络平台在线交流的方式（全景网 https://ir.p5w.net） 召开了 2023 年半年度业绩说明会，就投资者关注的问题进行 了沟通和交流。 一、本次业绩说明会情况 2023 年 9 月 23 日，公司刊登了《新华文轩关于召开 2023 年半 年度业绩说明会的公告》（公告编号：2023-040）。公司 2023 年半年 度业绩说明会于 2023 年 9 月 27 日（星期三）15:30-16:30 通过网络 平台在线交流的方式（全景网 https://ir.p5w.net）召开。公司党委 副书记、执行董事、总经理李强先生，副总经理马晓峰先生，独立董事 方炳希 ...

证券代码：601811 证券简称：新华文轩 公告编号：2023-041 新华文轩出版传媒股份有限公司 关于认购私募基金份额暨关联交易的进展公告 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。 一、对外投资概述 新华文轩出版传媒股份有限公司(以下简称"公司"或"本公司") 于 2023 年 8 月 1 日召开第五届董事会 2023 年第十次会议,审议通过《关 于本公司认购四川文投锦文股权投资基金份额暨关联交易的议案》，同 意公司以最大损失金额不超过人民币 4,040 万元为限参与认购四川文 投锦文股权投资基金合伙企业（有限合伙）（以下简称"标的基金"） 份额。 2023 年 8 月 1 日，公司与四川文投文化产业私募基金管理有限公 司及四川文化产业投资基金合伙企业（有限合伙）、四川文化产业投资 集团有限责任公司签署了《四川文投锦文股权投资基金合伙企业（有限 合伙）合伙协议》，共同投资标的基金并专项投资于中国经济信息社有 限公司。 公司会持续关注标的基金的后续进展情况，并根据相关法律法规、 规范性文件及时履行信息披露义务，敬请广 ...

新华文轩出版传媒股份有限公司 关于召开 2023 年半年度业绩说明会的公告 证券代码：601811 证券简称：新华文轩 公告编号：2023-040 （一）会议召开时间：2023 年 9 月 27 日（星期三）15:30-16:30 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ●会议召开时间：2023 年 9 月 27 日（星期三）15:30-16:30 ●会议召开地点：全景网（https://ir.p5w.net） ●会议方式：网络文字互动 ●投资者可于 2023 年 9 月 26 日（星期二）17:00 前将需要了解的情况和 有关问题预先通过后附的电话或电子邮件方式联系新华文轩出版传媒股份有 限公司（以下简称"公司"）。公司将在业绩说明会上在信息披露允许的范围 内对投资者普遍关注的问题进行回答。 一、业绩说明会类型 公司 2023 年半年度报告全文及其摘要于 2023 年 8 月 30 日在上海证券交 易所官网(www.sse.com.cn)刊登。为便于广大投资者更加全面深入地了解公司 经营情况，公司决 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2023, representing a 15% increase compared to the same period last year[5]. - The company has set a revenue guidance of RMB 2.5 billion for the full year 2023, which reflects a projected growth of 10%[5]. - The company achieved operating revenue of RMB 5.428 billion, a year-on-year increase of 8.99%, primarily driven by growth in education services and internet sales, as well as revenue from the acquisition of Liangshan Xinhua Bookstore[11]. - Net profit for the period was RMB 789 million, reflecting a year-on-year growth of 10.35%, mainly due to increased gross profit from sales growth[11]. - The overall gross margin improved to 38.83%, up 0.75 percentage points from the previous year, with the main business gross margin at 38.10%, an increase of 0.88 percentage points[14]. - The publishing segment generated main business revenue of RMB 1.238 billion, a 12.58% increase from RMB 1.100 billion in the previous year, driven by growth in educational materials and general books[19]. - The retail book market saw a decline of 2.41% year-on-year, with physical store sales dropping by 23.55%, while short video e-commerce grew by 47.36%[10]. - The company’s strategic focus includes strengthening the publishing and education service industry chains, transitioning to a smart industry chain, and extending its industry chain advantages externally[11]. - The company reported a total comprehensive income of RMB 1,062,549,393.62 for the period, driven by a profit allocation of RMB (419,505,940.00)[87]. User Growth and Market Expansion - User data indicates a growth in active users by 20% year-on-year, reaching 5 million active users by June 30, 2023[5]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2024[5]. - The group served 6,189 schools, 434,700 teachers, and 4.66 million students through its online service platform[26]. Research and Development - Research and development expenses increased by 18%, focusing on enhancing digital publishing technologies[5]. - Research and development expenses surged by 273.32% to RMB 8,668,944.20 from RMB 2,322,116.03, primarily due to increased investment in educational information technology[28]. - The company is actively pursuing digital transformation and integration of new technologies such as big data and artificial intelligence to enhance its operational model[10]. Acquisitions and Investments - The company has completed a strategic acquisition of a local publishing firm, expected to enhance its content library by 15%[5]. - The company invested RMB 150 million in the Zhongjin Qicheng Phase II Fund, with RMB 120 million already paid as of June 30, 2023[44]. - In July 2023, the company invested RMB 100 million in Jinshi Growth Equity Investment (Hangzhou) Partnership[72]. - In August 2023, the company invested RMB 40 million in Sichuan Wentou Jinwen Equity Investment Fund Partnership[72]. Financial Position and Cash Flow - As of June 30, 2023, the company had cash and short-term deposits of approximately RMB 7.977 billion, an increase from RMB 7.802 billion as of December 31, 2022[40]. - The company's debt-to-asset ratio decreased to 36.29% as of June 30, 2023, down 2.40 percentage points from 38.69% on December 31, 2022[40]. - The current ratio improved to 1.8 as of June 30, 2023, compared to 1.7 in the same period last year[43]. - The net cash flow from operating activities increased by 38.37% to RMB 582,152,981.45, up from RMB 420,724,436.88 in the previous year[27]. - Cash and cash equivalents increased to RMB 7,977,398,442.23 from RMB 7,801,800,506.62, showing a growth of about 2.25%[75]. Shareholder Information - The board has not recommended any interim dividend for the six months ending June 30, 2023[5]. - The company has issued a total of 1,233,841,000 shares, with A shares accounting for 64.18% and H shares for 35.82%[55]. - Sichuan Xinhua Publishing Group holds 48.05% of the total issued shares, making it the largest shareholder[56]. Corporate Governance and Compliance - The audit committee confirmed that the interim financial report for the six months ended June 30, 2023, complies with applicable accounting standards and regulations[73]. - The company adopted and complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period[70]. - Changes in the board included the resignation of Mr. Luo Yong as executive director and chairman, effective August 29, 2023, with Mr. Zhou Qing appointed as the new chairman[65]. Risk Management - The company has identified potential risks related to market competition and regulatory changes, which are detailed in the management discussion section[5]. - The company emphasizes the importance of investor awareness regarding the forward-looking statements and associated risks[5]. - The company will closely monitor changes in cultural and educational policies that may impact the industry and adjust its operational strategies accordingly[51]. Employee and Operational Efficiency - As of June 30, 2023, the company had 7,770 employees, a decrease from 7,947 employees at the end of 2022[50]. - Employee retirement and corporate annuity contributions totaled RMB 108.89 million for the first half of 2023, an increase of RMB 16.71 million compared to RMB 92.18 million in the same period last year[50]. - The company aims to enhance its logistics network management system to improve operational efficiency and strengthen national supply chain service capabilities[48]. Accounting and Financial Reporting - The company’s financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance and relevant regulations[95]. - The company’s accounting year aligns with the calendar year, running from January 1 to December 31[98]. - The company’s financial reporting is based on the historical cost principle, except for certain financial instruments measured at fair value[97].

上市地点：上海证券交易所、香港联合交易所有限公司 股票简称：新华文轩 股票代码：SH:601811 HK:00811 新华文轩出版传媒股份有限公司 简式权益变动报告书 上市公司名称：新华文轩出版传媒股份有限公司 信息披露义务人：四川文化产业投资集团有限责任公司 住所：四川省成都市青羊区槐树街 2 号 通讯地址：四川省成都市锦江区盐道街 3 号财富支点大厦 39 楼 股份变动性质：股份增加 签署日期：2023 年 9 月 15 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及其他相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》及《上市公司收购管理办法》的规定， 本报告书已全面披露了信息披露义务人在新华文轩出版传媒股份有限公司拥有 权益的股份变动情况。截至本报告书签署日，除本报告书披露的持股信息外，信 息披露义务人没有通过任何其他方式增加或减少在新华文轩出版传媒股份有限 公司中拥有权益的 ...

证券代码：601811 证券简称：新华文轩 公告编号：2023-039 新华文轩出版传媒股份有限公司 关于控股股东协议转让股份暨权益变动的提示性公告 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： 1 新华文轩出版传媒股份有限公司（以下简称"公司"或"新华文轩"） 控股股东四川新华出版发行集团有限公司(以下简称"新华出版发 行集团")于 2023 年 9 月 15 日与四川文化产业投资集团有限责任 公司（以下简称"四川文投集团"）签署了《四川新华出版发行集 团有限公司与四川文化产业投资集团有限责任公司关于新华文轩 出版传媒股份有限公司股份的股份转让协议》（以下简称"《股份 转让协议》"），新华出版发行集团将其所持有的 60,617,242 股公 司 A 股无限售条件流通股股份（占公司总股本的 4.9129%），以 13.75 元/股的价格，通过协议转让方式转让予四川文投集团（以下简称 "本次权益变动"或"本次股份转让"）。 本次股份转让是在同一实际控制人控制的不同主体之间进行，不触 及要约收购，权益变动完成后 ...

新华文轩出版传媒股份有限公司 简式权益变动报告书 股票简称：新华文轩 股票代码：SH:601811 HK:00811 信息披露义务人：四川新华出版发行集团有限公司 住所：成都市青羊区人民南路一段 86 号城市之心 10 层 通讯地址：成都市青羊区人民南路一段 86 号城市之心 10 层 股份变动性质：股份减少 签署日期：2023 年 9 月 15 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》及其他相关法律、法规和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》及《上市公司收购管理办法》的规定， 本报告书已全面披露了信息披露义务人在新华文轩出版传媒股份有限公司拥有 权益的股份变动情况。截至本报告书签署日，除本报告书披露的持股信息外，信 息披露义务人没有通过任何其他方式增加或减少在新华文轩出版传媒股份有限 公司中拥有权益的股份。 上市公司名称：新华文轩出版传媒股份有限公司 上市地点：上海证券交易所、香 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2023年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 II. 已發行股份變動 公司名稱: 新華文軒出版傳媒股份有限公司 呈交日期: 2023年9月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 | 00811 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 441,937,100 | RMB | | 1 RMB | | 441,937,100 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 441,937,100 | RMB | | 1 RMB | | 441,937,100 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...

证券代码：601811 证券简称：新华文轩 公告编号：2023-038 新华文轩出版传媒股份有限公司 关于签订《采购合同》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: 新华文轩出版传媒股份有限公司（以下简称"公司"）近日与四川省 教育厅直属事业单位四川省学生资助管理中心签订了《四川省 2023-2024 学 年义务教育阶段学生免费教科书政府采购合同书》（以下简称"采购合同"）， 四川省学生资助管理中心以单一来源采购的采购方式，向公司采购 2023- 2024 学年四川省义务教育阶段学生国家和省规定课程免费教科书，合同总 金额约 11.5 亿元人民币（以下简称"元"）。 合同类型：政府采购合同 对公司业绩的影响：本次采购合同的签订，属于公司出版发行主营业 务的正常经营行为，公司继续成为 2023-2024 学年四川省义务教育阶段学 生教科书的单一来源供货方，确保了公司主营业务收入的稳定性。 一、交易概述 根据《教育部、财政部关于印发<免费教科书政府采购工作暂行办法>的 1 通知》(教财〔2005〕6 ...

Financial Performance - Revenue for the first half of the year reached 5,427,547,628.27 yuan, an increase of 8.99% compared to the same period last year[9] - Net profit attributable to shareholders of the listed company was 762,156,455.81 yuan, up 6.18% year-on-year[9] - Revenue increased by 8.99% to 5,427,547,628.27 RMB, driven by growth in education services, internet sales, and the acquisition of Liangshan Xinhua Bookstore[45][46] - Basic earnings per share for the first half of 2023 increased by 6.90% to RMB 0.62, while diluted earnings per share remained unchanged[134] - The company's general book publishing business achieved a revenue of RMB 453 million, a 13.63% increase year-on-year, with a gross margin of 24.63%, a decrease of 0.87 percentage points[148] - The textbook and teaching aid publishing business generated a revenue of RMB 630 million, a 9.25% increase year-on-year, with a gross margin of 39.01%, a decrease of 3.5 percentage points due to fluctuations in paper prices[149] - The company's textbook and teaching aid distribution business achieved a revenue of RMB 2.124 billion, a 13.49% increase year-on-year[149] - The company's logistics services revenue increased by 9.99% to RMB 171.67 million, with a gross margin increase of 3.45 percentage points[145] - Offline sales revenue increased by 8.69% to RMB 2.872 billion, with a gross margin increase of 0.49 percentage points[145] - Online sales revenue increased by 9.72% to RMB 2.481 billion, with a gross margin increase of 1.37 percentage points[145] - The company's general book distribution business achieved a main business revenue of 2.529 billion yuan, an increase of 8.47% compared to 2.331 billion yuan in the same period last year, mainly due to increased sales of student reading materials such as knowledge expansion and comprehensive practice[174] - The gross profit margin for the general book distribution business was 28.27%, an increase of 0.88 percentage points compared to 27.39% in the same period last year[174] - The company's education informatization and education equipment business achieved sales revenue of 72.32 million yuan, a decrease of 56.53% compared to the same period last year, mainly due to a significant decrease in local fiscal investment and smaller project scales[172] - The company's third-party logistics business achieved revenue of 120 million yuan in the first half of the year[175] - The company exported 274 copyrights and 2.15 million yuan worth of physical goods in the first half of the year[169] - The company launched 730 integrated publications and generated 5 million yuan in revenue from new business formats[169] - Asset impairment loss amounted to -40,814,578.89, a significant decrease compared to the previous period[178] - Disposal gains of assets were 267,758.40, a sharp decline of 99.34% year-over-year[178] - Other receivables increased by 75.04% to 227,153,733.07, mainly due to the declared cash dividends of 86 million from Chengdu Bank and Wanxin Media[182] - Other current assets rose by 55.49% to 514,785,696.64, driven by the transfer of time deposits due within one year[182] - Long-term receivables decreased by 39.25% to 61,013,498.25, as payments for educational informatization and equipment business were transferred to receivables[182] - Notes payable dropped by 83.21% to 5,000,000.00, due to reduced use of bills for settlement in printing materials supply and logistics businesses[182] - Other payables increased by 37.50% to 556,004,168.03, primarily due to the declared H-share cash dividends of 150 million[182] - Cash flow from operating activities improved significantly due to increased cash inflows from general book publishing and the acquisition of Liangshan Xinhua Bookstore[179] - Cash flow from investing activities was impacted by the absence of 86 million in cash dividends from Chengdu Bank and Wanxin Media, and the purchase of time deposits[179] Business Operations and Expansion - The company operates 186 retail stores in Sichuan Province, with new stores mainly from the acquisition of Liangshan Prefecture Xinhua Bookstore[13] - The company's education service network covers 152 branches in Sichuan Province, with new branches also from the Liangshan Prefecture Xinhua Bookstore acquisition[14] - The company's online platform serves 6,189 schools, 434,700 teachers, and 4.66 million students[23] - Labor and practical education business generated sales revenue of 71.81 million yuan, serving 259,500 students[23] - Teacher training business achieved sales revenue of 9.78 million yuan, serving 91,000 teachers[23] - The company's general book distribution business continues to grow, with a focus on online and offline integration[23] - The company's market share in the general book market ranked 11th among 37 publishing and media groups in China[22] - The company is actively revising national standard textbooks and developing new products to meet the "Double Reduction" policy requirements[22] - The company invested an additional 150 million yuan in Zhongjin Qichen Phase II during the first half of 2023[35] - The company's stock holdings increased from 1.87 billion yuan at the beginning of the period to 2.15 billion yuan at the end of the period, with a cumulative fair value change of 273.59 million yuan included in equity[44] - The company's private equity fund holdings decreased from 464.65 million yuan to 453.86 million yuan, with a fair value change loss of 4.64 million yuan during the period[44] - The company's investment in Chengdu Bank had an initial cost of 240 million yuan and a year-end book value of 976.8 million yuan, with a cumulative fair value change of -247.2 million yuan included in equity[44] - The company's investment in Wanxin Media had an initial cost of 186.42 million yuan and a year-end book value of 1.17 billion yuan, with a cumulative fair value change of 521 million yuan included in equity[44] - The company's total investment assets increased from 2.35 billion yuan at the beginning of the period to 2.61 billion yuan at the end of the period[44] - The company invested 120,000,000 RMB in Zhongjin Qichen Phase II, a new energy industry equity investment fund, holding a 9.88% stake[50][53] - Sichuan Education Press Co., Ltd., a subsidiary, reported revenue of 39,029.04 million RMB and net profit of 19,089.75 million RMB for the first half of 2023[55] - The company plans to enhance its original publishing and marketing capabilities to mitigate risks from market competition and changing consumer habits[56] - The company will further integrate publishing and distribution business with emerging technologies such as big data, cloud computing, AI, and blockchain, exploring new business models and opportunities[69] - The company's "Blockchain Publishing and Distribution Innovation Project - Digital Book Collection" was selected for the Sichuan Provincial Cultural Industry Development Project Library[169] - The company's 9 publishing houses were all ranked in the top 100 of the "2023 Chinese Book Overseas Library Collection Influence Research Report"[169] - The company's "Approaching Sanxingdui" was selected as one of the "China Good Books" of 2022[169] - The company's "My Family's 'Human World' Story" and other key theme books were launched in the first half of 2023[169] Expenses and Costs - The company's non-operating income and expenses amounted to -13.98 million yuan, with a total non-recurring profit and loss of -39.3 million yuan[31] - The company's management expenses increased due to the acquisition of Liangshan Xinhua Bookstore and increased human resource costs, depreciation, and property management expenses[38] - The company's R&D expenses increased due to investment in education informatization and amortization of self-developed software[38] - R&D expenses surged by 273.32% to 8,668,944.20 RMB, reflecting increased investment in innovation[45] - The acquisition of Liangshan Xinhua Bookstore contributed to increased sales expenses by 4.99%, reaching 660,590,684.41 RMB[45][46] - The company's total financial assets measured at fair value stood at 453,861,530.70 RMB, with a net loss of 4,637,313.55 RMB from fair value changes[53] - The company's fair value changes from financial assets amounted to RMB 32.18 million, which is not considered non-recurring profit or loss[137] Corporate Governance and Leadership Changes - The company's 2022 annual general meeting of shareholders was held on May 18, 2023, and resolutions were published on May 19, 2023, including the approval of the 2022 annual report and financial statements[70] - Luo Yong resigned as executive director, chairman, and chairman of the Strategy and Investment Committee due to age, effective August 29, 2023. Zhou Qing was appointed as the new executive director and chairman[73] - Tang Xiongxing resigned as supervisor and chairman of the Supervisory Committee due to work changes, effective August 29, 2023. Qiu Ming was appointed as the new supervisor and chairman[74][75] - The company did not propose any profit distribution or capital reserve conversion plan for the first half of 2023[76] Environmental and Social Responsibility - The company is committed to reducing environmental impact through energy-saving measures, facility upgrades, and the use of green materials in its printing operations[82] - The company actively participated in rural revitalization efforts in Sichuan Province, including poverty alleviation and infrastructure improvement projects[84] - Sichuan Xinhua Printing, a subsidiary, has implemented measures to reduce emissions and manage waste, achieving compliance with environmental standards and receiving a "Green Leading Enterprise" certification[95] - The company adheres to national environmental laws and regulations, promoting green operations and minimizing environmental impact[99] - The company organized the recycling of approximately 2,264.79 tons of books and periodicals during the reporting period[100] Financial Assets and Liabilities - The company's stock holdings increased from 1.87 billion yuan at the beginning of the period to 2.15 billion yuan at the end of the period, with a cumulative fair value change of 273.59 million yuan included in equity[44] - The company's private equity fund holdings decreased from 464.65 million yuan to 453.86 million yuan, with a fair value change loss of 4.64 million yuan during the period[44] - The company's investment in Chengdu Bank had an initial cost of 240 million yuan and a year-end book value of 976.8 million yuan, with a cumulative fair value change of -247.2 million yuan included in equity[44] - The company's investment in Wanxin Media had an initial cost of 186.42 million yuan and a year-end book value of 1.17 billion yuan, with a cumulative fair value change of 521 million yuan included in equity[44] - The company's total investment assets increased from 2.35 billion yuan at the beginning of the period to 2.61 billion yuan at the end of the period[44] - The company's total financial assets measured at fair value stood at 453,861,530.70 RMB, with a net loss of 4,637,313.55 RMB from fair value changes[53] - The company's financial assets are derecognized if the contractual rights to receive cash flows are terminated or if the risks and rewards are transferred to another party[194] - The company's financial liabilities are classified as other financial liabilities, including short-term borrowings, notes payable, and accounts payable[196] - The company's inventory is initially measured at cost, which includes purchase cost, processing cost, and other expenses to bring the inventory to its present location and condition[200] - The company does not recognize changes in the fair value of equity instruments and deducts transaction costs related to equity transactions from equity[198] - The company's financial liabilities are derecognized when the present obligation is discharged or replaced with a new financial liability with substantially different terms[197] - The company's financial assets are measured at fair value, with related liabilities adjusted for retained rights and obligations[195] - The company's expected credit losses for financial assets are determined by the difference between contractual cash flows and expected cash flows[192] - The company's lease receivables' credit losses are determined by the present value of the difference between contractual cash flows and expected cash flows[192] - The company's inventory is subject to impairment provisions based on categories and regions, with similar products grouped for impairment assessment[200] - The company's financial assets are derecognized if control is not retained after transfer, even if risks and rewards are not fully transferred[194] Tax and Financial Benefits - The company benefited from tax exemptions on property tax and urban land use tax for the first half of 2023, reducing tax expenses by 64.75%[47] Cash Flow and Investments - Operating cash flow grew by 38.37% to 582,152,981.45 RMB, indicating strong cash generation from core operations[45] - Investment cash flow decreased by 149.73% to -92,831,524.90 RMB, primarily due to reduced investment activities[45] - The company's subsidiaries, including Wenxuan Media and Wenxuan Logistics, continue to operate with 100% ownership and are consolidated in the financial statements[188] Agreements and Transactions - The company renewed a property management service agreement with Xinhua Culture Property, with an annual transaction cap of RMB 50.5 million and actual transactions of RMB 18.63 million during the reporting period[105] - The company entered into a housing lease framework agreement with Sichuan Xinhua Publishing & Distribution Group, with an annual transaction cap of RMB 46 million and actual transactions of RMB 19.39 million during the reporting period[105] - The company signed a paper supply framework agreement with Minzu Publishing House, with an annual transaction cap of RMB 39 million and actual transactions of RMB 8.8 million during the reporting period[107] - The company signed a publication procurement framework agreement with Minzu Publishing House, with an annual transaction cap of RMB 11.5 million and actual transactions of RMB 2.68 million during the reporting period[107] - The company signed a special business cooperation framework agreement with Chengdu Bank, allowing the company to use up to 20% of its latest audited net assets for financial management services, with a maximum daily deposit balance of RMB 526.29 million and a cumulative financial management service fee of RMB 2,300[116]