Group 1: Company Performance - Sinopec reported a revenue of 1.4 trillion yuan and a net profit of 23.75 billion yuan for the first half of 2025, with a cash dividend of 0.088 yuan per share, representing a payout ratio of 49.7% [1] - GoerTek achieved a net profit of 1.42 billion yuan, marking a year-on-year increase of 15.65%, despite a revenue decline of 7.02% to 37.55 billion yuan [2] - Gree Electric announced a cash dividend of 20 yuan per 10 shares, totaling 11.17 billion yuan, based on a share base of 5.585 billion shares [3] - Jishi Media reported a revenue of 999.7 million yuan, with a net loss of 232 million yuan for the first half of 2025 [4] - Changchun High-tech's subsidiary received approval for a clinical trial of a dual-specific antibody drug, GenSci143, targeting B7-H3 and PSMA [5] - Greenme announced a strategic partnership with Weilan Lithium to develop high-energy battery materials and solid-state battery technologies [6] Group 2: Share Buybacks and Reductions - Sinopec plans to repurchase shares worth between 5 billion and 10 billion yuan through the Shanghai Stock Exchange [26] - Jiangxi Copper intends to reduce its stake in Zhongyin Securities by up to 3%, equating to 83.34 million shares [7] - Hengbang Mining plans to reduce its stake in the Hong Kong-listed company, WanGuo Gold, by up to 3.69% of its total share capital [10] Group 3: New Product Developments - Renhe Pharmaceutical's subsidiary is developing a brain-machine interaction smart glasses product, which is currently in the testing phase and has not yet generated sales revenue [11] - TianTan Bio received a commitment from its controlling shareholders to resolve new competition issues arising from a recent acquisition [12] - XianDao Intelligent has successfully developed a mass production solution for solid-state batteries and received repeat orders for related products [13] - Zejing Pharmaceutical received approval for clinical trials of ZG005 and ZGGS18 in combination with a cancer treatment drug [14] - Wantai Bio received a production approval for its nine-valent HPV vaccine, marking a new revenue stream [15]

Core Viewpoint - Jishi Media reported a revenue increase of 8.7% year-on-year for the first half of 2025, but still faced a net loss attributed to shareholders of approximately 232 million yuan [2] Financial Performance - The company's revenue for the first half of 2025 was approximately 997 million yuan, compared to 917 million yuan in the same period of 2024, indicating a growth of 80 million yuan [2] - The net loss for the first half of 2025 was about 232 million yuan, which is an increase from the net loss of approximately 195 million yuan in the first half of 2024 [2] - Basic earnings per share for the first half of 2025 were a loss of 0.0665 yuan, compared to a loss of 0.056 yuan in the same period of the previous year [2]

Core Viewpoint - Jishi Media reported a revenue of 9.97 billion yuan for the first half of 2025, marking an 8.70% year-on-year increase, but also recorded a net loss attributable to shareholders of 2.32 billion yuan [2][4]. Financial Performance - Revenue for the first half of 2025 was 997.16 million yuan, compared to 917.36 million yuan in the same period last year, reflecting an increase of 8.70% [4]. - The total profit for the period was a loss of 234.31 million yuan, which is a deterioration of 18.73% compared to the previous year's loss of 197.35 million yuan [4]. - The net profit attributable to shareholders was a loss of 232.22 million yuan, worsening by 18.82% from the previous year's loss of 195.44 million yuan [4]. - The cash flow from operating activities showed a significant decline, with a net outflow of 19.75 million yuan, down 114.63% from a positive cash flow of 135.01 million yuan in the previous year [4]. - As of the end of the reporting period, the net assets attributable to shareholders decreased by 4.60% to 5.12 billion yuan, while total assets fell by 3.19% to 12.66 billion yuan [4]. Stock Performance - Following the financial announcement, Jishi Media's stock experienced a surge, hitting the daily limit up on August 21, and recorded 8 limit-up days within 14 trading days, resulting in a cumulative increase of 105.18% [2][4]. Company Overview - Jishi Media is primarily responsible for the planning, construction, operation management, maintenance, and transmission of cable television networks in Jilin Province, focusing on video information transmission and online multifunctional services [5].

（原标题：主力资金丨尾盘上演"地天板"，主力资金抢筹超亿元） 3个行业主力资金净流入。 据证券时报·数据宝统计，今日（8月21日）沪深两市主力资金净流出516.92亿元，其中创业板净流出226.22亿元，沪深300成份股净流出92.57亿 元。 行业板块方面，申万一级行业有17个上涨，农林牧渔和石油石化行业涨幅居前，均超1%；14个下跌行业中，机械设备行业跌幅居首，达1.08%。 从资金流向来看，申万一级行业中，仅3个行业获主力资金净流入。商贸零售行业净流入金额居首，达3.5亿元；综合和钢铁行业净流入金额分别 为1.27亿元、962.78万元。 28个主力资金净流出的行业中，电子行业净流出金额居首，达97.02亿元；机械设备和电力设备行业净流出金额均超57亿元，汽车、有色金属、通 信和国防军工行业净流出金额居前，均超30亿元。 主力资金大幅净流出3只龙头股 从个股来看，74股主力资金净流入均超1亿元，其中16股净流入在3亿元以上。 通信龙头股中兴通讯主力资金净流入19.78亿元，居首；该股今日成交额达219.33亿元，股价涨6.56%。昨日晚间，浙商证券发布近三个月唯一一 份涉及中兴通讯的研报。研报称，通信设 ...

Market Overview - The A-share market experienced fluctuations on Thursday, with the Shanghai Composite Index reaching a ten-year high. The total trading volume for the day was 2.42 trillion yuan, an increase of 158 billion yuan compared to the previous trading day, marking the seventh consecutive day with trading volume exceeding 2 trillion yuan [3][4]. - There was a net outflow of 80.2 billion yuan from domestic investors, with the median change in stock prices across the market being -0.35%. Despite the fluctuations, there was no significant sell-off signal, and the outlook for the index remains optimistic for further acceleration [3][4]. Sector Performance - The financial technology sector saw a collective rise, with concepts such as stablecoins and cross-border payments leading the gains. Stocks like Zhongyou Capital and Cuiwei Co. reached their daily limit [4]. - Bank stocks, including Agricultural Bank of China and Postal Savings Bank, continued to set historical highs in the afternoon session [4]. - Other sectors such as combustible ice, oil services, and electricity also rebounded, with stocks like Zhunyou Co. hitting their daily limit [4]. Short-term Market Sentiment - Short-term market sentiment was weak, with fewer than ten stocks achieving consecutive gains. High-profile stocks from the previous day, such as Jimin Health and Tenglong Co., experienced significant declines [4]. - However, there were still signs of capital attempting to consolidate, with stocks like Tongzhou Electronics and Dayuan Pump Industry showing strong support despite market fluctuations [4]. - The performance of stocks like Jishi Media at the end of the trading day could provide a positive stimulus for the short-term market if it continues to perform well [4].

吉视传媒(601929)今日涨停，全天换手率30.31%，成交额37.28亿元，振幅22.22%。龙虎榜数据显示， 沪股通净买入2603.23万元，营业部席位合计净卖出7540.18万元。 上交所公开信息显示，当日该股因日振幅值达22.22%、日换手率达30.31%上榜，沪股通净买入2603.23 万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交7.10亿元，其中，买入成交额为3.30亿 元，卖出成交额为3.80亿元，合计净卖出4936.95万元。 具体来看，今日上榜的营业部中，沪股通为第一大买入营业部及第二大卖出营业部，买入金额为1.15亿 元，卖出金额为8854.03万元，合计净买入2603.23万元。 7月15日公司发布上半年业绩预告，预计实现净利润-2.33亿元至-1.87亿元，同比变动区间 为-19.34%~4.53%。（数据宝） 吉视传媒8月21日交易公开信息 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 沪股通专用 | 11457.26 | | | 买二 ...

[Definitions](index=4&type=section&id=Item%201.%20Definitions) This chapter defines key professional terms and company abbreviations used in the report, providing a foundation for understanding its content Definitions of Common Terms | Term | Definition | | :--- | :--- | | Company, Jishi Media | Jishi Media Co., Ltd. | | I-PON Technology | A PON solution based on 10-gigabit IP broadcast technology, providing ultra-bandwidth (10G and above) broadcast TV and broadband access services to users | | IDC | Internet Data Center | | IPTV | Interactive network television, a technology utilizing broadband networks to provide various interactive services to home users via IP protocol | [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and presents its key accounting data and financial performance metrics [Company Basic Information](index=4&type=section&id=I.%20Company%20Information) Jishi Media Co., Ltd., listed on the Shanghai Stock Exchange (stock code 601929), saw its legal representative resign in April 2025, with the General Manager now acting as Chairman - Company Chairman Chu Chunyan resigned on April 18, 2025, with Director and General Manager You Zhiqiang temporarily assuming the chairman's duties[10](index=10&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported operating revenue of 997.16 million yuan, a 8.70% increase, but net profit attributable to shareholders declined by 18.82% to -232.22 million yuan, with operating cash flow turning negative Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 997,162,843.58 | 917,357,198.69 | 8.70% | | Net Profit Attributable to Shareholders | -232,218,671.47 | -195,440,084.68 | -18.82% | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -231,711,444.83 | -199,062,559.28 | -16.40% | | Net Cash Flow from Operating Activities | -19,748,306.57 | 135,012,910.12 | -114.63% | | **Asset Status** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **YoY Change (%)** | | Total Assets | 12,655,958,761.88 | 13,072,785,903.05 | -3.19% | | Net Assets Attributable to Shareholders | 5,119,046,213.51 | 5,366,047,007.69 | -4.60% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic EPS (CNY/share) | -0.0665 | -0.0560 | -18.75% | | Weighted Average ROE (%) | -4.42% | -3.01% | Decrease of 1.41 percentage points | [Non-Recurring Gains and Losses](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's non-recurring gains and losses totaled -0.51 million yuan, primarily from government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | 354,533.47 | | Government Grants Recognized in Current Profit/Loss | 2,296,130.65 | | Other Non-Operating Income and Expenses | -3,169,601.38 | | **Total** | **-507,226.64** | [Management Discussion and Analysis](index=8&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry, main business operations, core competencies, and key financial performance during the reporting period [Industry and Main Business Overview](index=8&type=section&id=I.%20Overview%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) As Jilin Province's sole cable TV operator, the company is transforming into a comprehensive cultural technology enterprise, focusing on smart broadcasting, data services, and digital innovation - The company's main business is divided into three segments, serving public, government/enterprise, and future vertical markets, reflecting a strategic shift from traditional broadcasting to diversified technology services[25](index=25&type=chunk)[30](index=30&type=chunk)[34](index=34&type=chunk) - Public customer business offers comprehensive smart broadcasting services including broadcast 5G, broadband internet, live TV, video-on-demand, IPTV, and smart home solutions[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - Government and enterprise customer business leverages IDC and optical network resources to provide computing power leasing, big data applications, private network services, and social informatization solutions like smart cities and smart agriculture[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Digital innovation services include data element services, localized deployment of large models (e.g., "Jilin Cultural Tourism Large Model"), and sales of digital products (e.g., AI all-in-one machines), exploring new growth areas[34](index=34&type=chunk)[35](index=35&type=chunk) [Discussion and Analysis of Operations](index=13&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2025, the company achieved "stable and improving" results with leading growth in government/enterprise business, while facing challenges like declining user retention and ARPU - The company's H1 operations showed a "stable and improving" trend, with government and enterprise business growth ranking first nationally, cable business "operation evaluation index" ranking third nationally, and digital transformation achievements recognized by national authorities[36](index=36&type=chunk)[38](index=38&type=chunk) - The mass market effectively mitigated user churn pressure through marketing activities; the enterprise market focused on key industries, signing projects in urban governance and data centers[37](index=37&type=chunk)[38](index=38&type=chunk) - The company faces four key challenges: weak user service system leading to declining renewal rates; low ARPU due to inefficient full-service synergy; imperfect market response mechanisms; and insufficient market development and innovation capabilities in subsidiaries[36](index=36&type=chunk) [Analysis of Core Competencies](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from its platform, extensive I-PON fiber network, centralized customer service, and proprietary I-PON technology with multiple patents - Platform Advantage: Established a "New Era Mainstream Media Convergence Platform" and a "Big Data Application Platform," driving transformation from digitalization to intelligence[41](index=41&type=chunk) - Network Advantage: Utilizes I-PON technology to build a province-wide fiber optic network covering **9.77 million households**, achieving 10-gigabit broadcast TV access[42](index=42&type=chunk) - Technological Advantage: The I-PON technology standard independently developed by its controlled subsidiary holds a leading edge in the industry, with multiple domestic and international invention patents and industry standards[42](index=42&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Key Operating Performance](index=17&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) Operating revenue increased by 8.70%, but rising costs squeezed profit margins, and net cash flow from operating activities significantly declined due to reduced cash from sales Analysis of Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 997,162,843.58 | 917,357,198.69 | 8.70 | Increase in business revenue | | Operating Cost | 899,804,312.40 | 804,372,190.20 | 11.86 | Increase in fixed costs | | Net Cash Flow from Operating Activities | -19,748,306.57 | 135,012,910.12 | -114.63 | Decrease in cash received from sales of goods and services | | Net Cash Flow from Financing Activities | 111,527,407.68 | -182,970,027.86 | 160.95 | Increase in cash received from borrowings | Analysis of Changes in Key Asset and Liability Items | Item Name | End of Current Period (CNY) | End of Prior Year (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 179,432,894.03 | 310,257,242.93 | -42.17 | Due to loan repayment | | Short-term Borrowings | 727,993,239.09 | 406,356,592.59 | 79.15 | Due to new borrowings | | Non-current Liabilities Due Within One Year | 1,427,718,511.51 | 806,414,279.99 | 77.05 | Due to increase in bonds payable due within one year | | Bonds Payable | 0 | 797,969,055.62 | -100.00 | Reclassified to bonds payable due within one year | - Among the company's major controlled and associate companies, Jilin Northeast Asia Big Data Co., Ltd. and Jishi Media Venture Capital Co., Ltd. incurred significant losses during the reporting period, with net profits of **-246 million yuan** and **-52 million yuan**, respectively[56](index=56&type=chunk) [Other Disclosures](index=24&type=section&id=V.%20Other%20Disclosures) The company faces market competition and technological risks from emerging media and rapid tech iteration, while also emphasizing investor returns through share repurchases and a market value management system - Market Competition Risk: Emerging media such as IPTV, internet TV, and mobile video are increasingly diverting users from traditional broadcast TV services, intensifying industry competition and increasing user churn risk[58](index=58&type=chunk) - Technological Risk: The shortening upgrade cycle of internet technology puts pressure on the company's technical team and capital expenditures[58](index=58&type=chunk) - To prioritize investor returns, the company completed a share repurchase in 2024, buying back **50.9135 million shares**, representing **1.46%** of its total share capital[59](index=59&type=chunk) [Corporate Governance, Environment, and Society](index=25&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's board and senior management, as well as its profit distribution plans [Changes in Directors, Supervisors, and Senior Management](index=25&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company experienced personnel changes, with the Chairman and a Supervisor resigning, and a new Vice General Manager appointed Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change | | :--- | :--- | :--- | | Chu Chunyan | Chairman | Resigned | | Cui Feng | Supervisor | Resigned | | Wang Jiujiu | Vice General Manager | Appointed | [Profit Distribution Plan](index=25&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company has no profit distribution or capital reserve to share capital plan for the first half of 2025 - The proposed semi-annual profit distribution plan and capital reserve to share capital plan is "none"[64](index=64&type=chunk)[65](index=65&type=chunk) [Significant Matters](index=26&type=section&id=Item%205.%20Significant%20Matters) This section details significant related-party transactions during the reporting period [Significant Related-Party Transactions](index=27&type=section&id=IX.%20Significant%20Related-Party%20Transactions) The company engaged in related-party transactions with Jilin Xiangyun, providing services like property leasing, data transmission, and system integration, with an estimated annual total of 79 million yuan - The company provides services such as property leasing, data transmission, and system integration to related party Jilin Xiangyun, with an estimated annual transaction total of up to **79 million yuan**[68](index=68&type=chunk) [Share Changes and Shareholder Information](index=30&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's shareholder structure, including the total number of shareholders and the top ten shareholders [Shareholder Information](index=31&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 113,511 common shareholders, with Jilin Broadcasting Station and its subsidiary being the largest shareholders, holding a combined 31.4% - As of the end of the reporting period, the company had a total of **113,511 shareholders**[78](index=78&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jilin Broadcasting Station | 995,697,364 | 28.53 | State-owned Legal Person | | Jilin Jishi Investment Co., Ltd. | 100,000,000 | 2.87 | State-owned Legal Person | | Changchun Broadcasting Station | 39,116,179 | 1.12 | State-owned Legal Person | | Yushu Rongxing Urban Development Co., Ltd. | 33,500,000 | 0.96 | State-owned Legal Person | | Huadian Cultural Tourism Development Co., Ltd. | 27,976,218 | 0.80 | State-owned Legal Person | - Jilin Broadcasting Station and Jilin Jishi Investment Co., Ltd. are parties acting in concert[81](index=81&type=chunk) [Bond-Related Information](index=33&type=section&id=Item%207.%20Bond-Related%20Information) This section details the company's outstanding bonds and analyzes its key solvency indicators, which show a weakening trend [Company Bond Information](index=33&type=section&id=I.%20Company%20Bonds%20(Including%20Corporate%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company has one outstanding private placement bond, "23 Jishi 01," with an 800 million yuan balance and a 5.00% interest rate, maturing in 2026 Basic Information on Company Bonds | Bond Abbreviation | Bond Code | Bond Balance (CNY) | Interest Rate (%) | Maturity Date | | :--- | :--- | :--- | :--- | :--- | | 23 Jishi 01 | 250052.SH | 800,000,000.00 | 5.00 | April 3, 2026 | Key Solvency Financial Indicators | Key Indicator | End of Current Period/Current Period | End of Prior Year/Prior Year Period | Reason for Change | | :--- | :--- | :--- | :--- | | Current Ratio | 0.38 | 0.43 | Due to decrease in cash and cash equivalents | | Quick Ratio | 0.20 | 0.27 | Due to decrease in cash and cash equivalents | | Asset-Liability Ratio (%) | 59.25 | 58.57 | Due to decrease in assets | | Interest Coverage Ratio | -1.40 | -0.95 | Due to decrease in profit | | Cash Interest Coverage Ratio | -0.18 | 1.18 | Due to decrease in net cash flow from operating activities | [Financial Report](index=36&type=section&id=Item%208.%20Financial%20Report) This comprehensive section includes the company's unaudited semi-annual financial statements, basic company information, and significant accounting policies [Financial Statements](index=36&type=section&id=II.%20Financial%20Statements) This chapter presents the company's unaudited semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity - Includes consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in owner's equity, and parent company statement of changes in owner's equity[90](index=90&type=chunk)[94](index=94&type=chunk)[97](index=97&type=chunk)[101](index=101&type=chunk)[104](index=104&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk)[118](index=118&type=chunk) [Company Basic Information](index=58&type=section&id=III.%20Company%20Basic%20Information) This chapter details the company's historical evolution from its 2001 founding to its 2012 IPO, alongside its extensive business scope covering traditional cable TV to emerging cloud and telecom services - The company was established in January 2010 through a comprehensive restructuring of Jilin Provincial Radio and Television Information Network Group Co., Ltd., and listed in February 2012[123](index=123&type=chunk)[127](index=127&type=chunk) - The company's business scope is extensive, covering broadcast television, communication networks, information services, system integration, cloud platform services, and basic and value-added telecommunications services[131](index=131&type=chunk) [Significant Accounting Policies and Estimates](index=61&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter outlines the company's key accounting policies and estimates, including financial instrument classification, revenue recognition, long-term equity investments, investment property measurement, and fixed asset depreciation - Financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and based on the going concern assumption[133](index=133&type=chunk)[134](index=134&type=chunk) - Revenue Recognition: Revenue is recognized when the customer obtains control of the related goods or services[226](index=226&type=chunk) - Investment Properties: Subsequent measurement is performed using the fair value model[196](index=196&type=chunk) - Long-term Equity Investments: Accounted for using the cost method for subsidiaries and the equity method for associates and joint ventures[191](index=191&type=chunk)[192](index=192&type=chunk) [Notes to Consolidated Financial Statement Items](index=96&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on major consolidated financial statement items, including accounts receivable, fixed assets, construction in progress, goodwill, and borrowings - Accounts receivable balance at period-end was **910 million yuan**, with bad debt provisions of **317 million yuan**, resulting in a carrying value of **592 million yuan**. Accounts receivable overdue for more than one year accounted for approximately **42.5%** of the balance[257](index=257&type=chunk)[258](index=258&type=chunk) - Fixed assets carrying value at period-end was **7.725 billion yuan**, with transmission lines and equipment accounting for the largest portion at **5.492 billion yuan**[311](index=311&type=chunk)[313](index=313&type=chunk) - Construction in progress carrying value at period-end was **1.049 billion yuan**, primarily invested in new urban network construction, renovation, and private network projects[327](index=327&type=chunk)[328](index=328&type=chunk) - Short-term borrowings balance at period-end was **728 million yuan**, and long-term borrowings balance was **3.102 billion yuan**[357](index=357&type=chunk)[381](index=381&type=chunk)

吉视传媒公告，2025年上半年营业收入9.97亿元，同比增长8.70%；归属于上市公司股东的净亏损2.32 亿元，上年同期净亏损1.95亿元。 （文章来源：第一财经） ...

【14天8板吉视传媒：上半年净亏损2.32亿元】智通财经8月21日电，吉视传媒(601929.SH)公告称，2025 年上半年营业收入9.97亿元，同比增长8.70%。归属于上市公司股东的净亏损2.32亿元。 转自：智通财经 ...

Market Overview - The A-share market experienced strong fluctuations on August 21, with the Shanghai Composite Index nearing 3,800 points, reaching a 10-year high, and closing at 3,771.1 points, up 0.13% [1] - The Shenzhen Component Index slightly declined by 0.06% to 11,919.76 points, while the ChiNext Index fell by 0.47% to 2,595.47 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 24,608 billion yuan, showing a slight increase compared to the previous day [1] Sector Performance - Over 3,000 stocks in the market were in the red, with the semiconductor sector experiencing significant declines, including Dongxin Co., which fell over 12% [1] - The AI industry chain stocks collectively dropped, with companies like Feilong Co. and Tenglong Co. hitting the daily limit down [1][6] - Resource stocks, including oil, electricity, coal, and gas, saw a collective rise, with companies like Zhun Oil Co. and Anyuan Coal Industry hitting the daily limit up [1] Notable Stocks - Domestic software stocks surged, with Beixin Source hitting the daily limit up with a 20% increase, and ZTE Corporation also seeing a rise of over 6% [3][4] - Ji Shi Media experienced a dramatic "地天板" (ground-to-sky) performance, closing at the daily limit up after previously hitting the limit down [10] AI Industry Insights - The daily consumption of Tokens in China has surged from 100 billion at the beginning of 2024 to over 30 trillion by June, reflecting rapid growth in AI application scale [5] - The National Development and Reform Commission reported that by the end of 2024, China's software revenue is expected to grow by 80% compared to 2020, with significant advancements in digital transformation across various industries [4] Company Specifics - Ji Shi Media clarified that it does not engage in "state-owned cloud" related businesses and has minimal involvement in the film industry, which is not expected to significantly impact its performance [11] - Tenglong Co. indicated that its products have limited exposure to the data center and server liquid cooling markets, with sales revenue from related products being minor [8]