Group 1 - The company reported a total operating revenue of 992 million, representing a year-on-year decrease of 5.21% [1] - The net profit attributable to shareholders of the listed company was 43.42 million, showing a significant year-on-year increase of 221.08% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 29.21 million, reflecting a remarkable year-on-year growth of 2872.92% [1]

北方联合出版传媒（集团）股份有限公司 章 程 二○二五年八月 第一章 总 则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）、《关于在深化国有企业改革中坚持党的领导加强党的建 设的若干意见》和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司以发起方式设立；于 2006 年 8 月 29 日在辽宁省市场监督管理局注册登 记，取得营业执照，统一社会信用代码：91210000791577374P。 第三条 公司经中华人民共和国证券监督管理委员会（"中国证监会"）证监 发行字[2007]452 号文批准，于 2007 年 12 月 14 日首次向社会公众发行人民币普 通股 14,000 万股；并经上海证券交易所上证上字[2007]216 号文批准，公司股票 于 2007 年 12 月 21 日在上海证券交易所上市。 第四条 公司中文名称：北方联合出版传媒（集团）股份有限公司 公司英文名称：Northern United Publ ...

[Definitions](index=5&type=section&id=Section%201%20Definitions) This chapter provides clear definitions for specific terms and abbreviations used in the report to ensure accurate understanding of its content Definitions of Common Terms | Term | Definition | | :--- | :--- | | Company, Publishing & Media | Northern United Publishing & Media (Group) Company Limited | | China Securities Regulatory Commission | China Securities Regulatory Commission | | Publishing Group | Liaoning Publishing Group Co., Ltd. | | Reporting Period | January 1, 2025 to June 30, 2025 | | End of Reporting Period | June 30, 2025 | [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter provides essential company identification, contact information, stock details, and a comprehensive overview of key financial performance and position during the reporting period [Company Information](index=6&type=section&id=I.%20Company%20Information) This section provides basic identification information for the company, including its Chinese name, abbreviation, English name, abbreviation, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Northern United Publishing & Media (Group) Company Limited | | Chinese Abbreviation | Publishing & Media | | English Name | NorthernUnitedPublishing&Media（Group）CompanyLimited | | English Abbreviation | NUPMG | | Legal Representative | Zhang Dongping | [Contacts and Contact Information](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for investor and stakeholder communication Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Wen Qufei | No. 29, Shiyiwei Road, Heping District, Shenyang City, Liaoning Province | 024-23285500 | 024-23284232 | cbcm601999@163.com | | Securities Affairs Representative | Zhang Xiaoping | No. 29, Shiyiwei Road, Heping District, Shenyang City, Liaoning Province | 024-23285500 | 024-23284232 | cbcm601999@163.com | [Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) During the reporting period, there were no changes in the company's basic information, including registered address, office address, postal code, and company website - During the reporting period, there were no changes in the company's basic information, including its registered address, office address, postal code, company website, and email address[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Custody Location](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Location) The company's designated newspapers and website for information disclosure remained unchanged during the reporting period, with the semi-annual report available at the company's Securities and Legal Department - The company's selected newspapers for information disclosure are *China Securities Journal* and *Shanghai Securities News*, the website for semi-annual reports is www.sse.com.cn, and the company's semi-annual report is available at the Securities and Legal Department, with no changes during the reporting period[17](index=17&type=chunk) [Overview of Company Shares](index=7&type=section&id=V.%20Overview%20of%20Company%20Shares) This section outlines the company's A-share listing on the Shanghai Stock Exchange, with stock abbreviation 'Publishing & Media' and stock code 601999 Overview of Company Shares | Share Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Publishing & Media | 601999 | [Company's Key Accounting Data and Financial Indicators](index=7&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Reporting period operating revenue decreased by 5.21% year-on-year, but total profit, net profit attributable to shareholders, and non-recurring net profit significantly increased by 75.30%, 221.08%, and 2,872.92% respectively, driven by tax policy changes, business structure optimization, improved gross profit, and enhanced cost control Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 992,466,650.09 | 1,047,043,254.69 | -5.21 | | Total Profit | 42,351,460.58 | 24,159,906.93 | 75.30 | | Net Profit Attributable to Shareholders of the Listed Company | 43,419,660.23 | 13,522,812.31 | 221.08 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 29,210,611.22 | 982,557.69 | 2,872.92 | | Net Cash Flow from Operating Activities | -79,081,457.43 | -103,764,131.57 | Not Applicable | | Net Assets Attributable to Shareholders of the Listed Company (End of Period) | 2,616,048,385.63 | 2,605,738,615.87 | 0.40 | | Total Assets (End of Period) | 4,037,652,832.37 | 4,105,236,859.83 | -1.65 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | Year-on-year Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.02 | 300.00% | | Diluted Earnings Per Share (Yuan/share) | 0.08 | 0.02 | 300.00% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (Yuan/share) | 0.05 | 0.002 | 2,400.00% | | Weighted Average Return on Net Assets (%) | 1.66 | 0.53 | Increased by 1.13 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 1.11 | 0.04 | Increased by 1.07 percentage points | - Total profit, net profit attributable to shareholders of the listed company, and net profit after deducting non-recurring gains and losses increased year-on-year, primarily due to reduced income tax expenses from changes in income tax policies, coupled with the company's optimized business structure, improved gross profit, and strengthened cost control, enhancing main business profitability[22](index=22&type=chunk) 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 | 920,650.40 | | Government grants recognized in current profit or loss | 13,950,827.74 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 16,398.62 | | Gains and losses from debt restructuring | 27,000.00 | | Other non-operating income and expenses apart from the above | 21,650.18 | | Less: Impact on minority interests (after tax) | 727,477.93 | | Total | 14,209,049.01 | [Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This chapter provides an in-depth analysis of the company's industry, main business operations, core competencies, and key financial performance during the reporting period [Industry and Main Business Overview](index=9&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The company operates in the news and publishing industry, with core businesses in publishing, distribution, printing, and material supply, expanding into cultural creativity and investment finance; the overall book retail market saw slight growth in H1 2025, despite pressures on physical stores and platform e-commerce - The company operates in the news and publishing industry[27](index=27&type=chunk) H1 2025 Book Retail Market Data | Indicator | Year-on-year Change (%) | | :--- | :--- | | Overall Book Retail Market Value (Madian) | +0.73 | | Overall Book Retail Market Actual Value (Shiyuan) | -0.31 | | Content E-commerce Channel Value (Madian) | +47.62 | | Platform E-commerce Channel Value (Madian) | -17.31 | | Vertical and Other E-commerce Channel Value (Madian) | -16.27 | | Physical Store Channel Value (Madian) | -8.05 | - The company's main business, primary products, and operating model remain unchanged, covering general books, textbook and supplementary material publishing, distribution, printing, and printing material supply[28](index=28&type=chunk) - The company has established a comprehensive media business structure integrating traditional and digital publishing, online reading, and e-commerce sales, gradually expanding into cultural creativity and investment finance[28](index=28&type=chunk) [Operating Performance Analysis](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) During the reporting period, the company focused on its core business, achieving steady progress in quality publishing, textbook distribution, printing material business expansion, distribution innovation, and digital transformation, enhancing its social influence and operational strength - The company vigorously promoted the “Quality Publishing Project,” publishing **2,931 titles** (including **1,237 new books**) during the reporting period and receiving **73 provincial/ministerial-level awards or publishing project recognitions**, significantly enhancing its social influence[32](index=32&type=chunk) - The company efficiently completed textbook and supplementary material compilation, printing, and distribution tasks, ensuring “books before class, one per person,” and was awarded the **silver prize in the “2025 People's Education Press Primary and Secondary School Textbook Printing Quality Management Award,”** maintaining a stable market share in textbooks[33](index=33&type=chunk)[34](index=34&type=chunk) - The printing material business achieved new revenue growth through technical upgrades, deepened services, external customer expansion, and centralized procurement, with paper and consumables sales maintaining growth[35](index=35&type=chunk) - The distribution segment achieved steady operating profit growth through national reading festivals, cultural tourism and study collaborations, campus market penetration, and online/offline marketing, also receiving multiple industry awards[36](index=36&type=chunk) - The company continued its digital transformation, enriching products with audiobooks, e-books, and digital copyright resources, strengthening the dual benefits of digital products, increasing new media marketing events by **240% year-on-year**, and platform registered users by **29.1% year-on-year**[37](index=37&type=chunk)[38](index=38&type=chunk) [Analysis of Core Competencies](index=13&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company possesses multiple core competencies in publishing and distribution, including diverse media operations, a complete industry chain, first-class publishing resources and brands, extensive distribution channels, technological advantages from a national-level publishing integration development laboratory, regional leadership, flexible institutional innovation, and advanced management with policy support - The company's operations cover various media, including books, audio-visual, electronic, periodicals, and online content, possessing a complete industry chain with specialized divisions and close upstream-downstream collaboration in editing, printing, distribution, and supply[39](index=39&type=chunk) - The company boasts first-class publishing resources, years of brand advantage, extensive distribution channels, and leverages the technological advantages of a national-level key laboratory for publishing integration development[39](index=39&type=chunk) - The company holds a leading position in the regional market, demonstrating flexible institutional innovation capabilities, advanced management, resource advantages, and policy support[39](index=39&type=chunk) [Key Operating Performance](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section details the company's key operating performance during the reporting period, including financial changes in main business, asset-liability structure, investment activities, and the performance of major subsidiaries and associates, with explanations for variations [Main Business Analysis](index=13&type=section&id=(%E4%B8%80)%20Main%20Business%20Analysis) During the reporting period, operating revenue decreased by 5.21% year-on-year, but total profit, net profit attributable to shareholders, and non-recurring net profit significantly increased due to tax policy changes, business structure optimization, improved gross profit, and enhanced cost control; the decrease in net cash flow from investing activities was due to reduced fixed asset expenditures, while the increase in net cash flow from financing activities was due to increased bank borrowings by subsidiaries Financial Statement Items Variation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 992,466,650.09 | 1,047,043,254.69 | -5.21 | | Operating Cost | 769,434,408.85 | 832,227,302.49 | -7.55 | | Selling Expenses | 74,956,397.87 | 79,509,262.75 | -5.73 | | Administrative Expenses | 107,911,540.87 | 111,476,392.40 | -3.20 | | Financial Expenses | -6,063,661.80 | -10,733,300.53 | Not Applicable | | R&D Expenses | 4,590,864.04 | 5,695,736.12 | -19.40 | | Net Cash Flow from Operating Activities | -79,081,457.43 | -103,764,131.57 | Not Applicable | | Net Cash Flow from Investing Activities | -8,023,427.02 | -20,631,627.08 | Not Applicable | | Net Cash Flow from Financing Activities | 29,535,553.58 | -6,518,324.36 | Not Applicable | | Investment Income | 2,404,119.78 | -2,483,825.02 | Not Applicable | | Asset Impairment Losses | -8,694,048.46 | -5,613,617.84 | Not Applicable | | Income Tax Expense | 488,208.55 | 14,364,349.14 | -96.60 | - Total profit, net profit attributable to shareholders of the listed company, and net profit after deducting non-recurring gains and losses increased year-on-year, primarily due to reduced income tax expenses from changes in income tax policies, coupled with the company's focus on core business, optimized business structure, improved gross profit, and strengthened cost control, enhancing main business profitability[22](index=22&type=chunk) - The change in net cash flow from investing activities was mainly due to a year-on-year decrease in expenditures for the acquisition of fixed assets in the current period[41](index=41&type=chunk) - The change in net cash flow from financing activities was mainly due to a year-on-year increase in bank borrowings by subsidiaries in the current period[41](index=41&type=chunk) [Analysis of Assets and Liabilities](index=15&type=section&id=(%E4%B8%89)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's asset and liability structure saw several changes, including a 44.69% increase in short-term borrowings due to subsidiary bank loans, a 44.01% decrease in notes payable due to reduced bill settlements, a 60.43% decrease in employee compensation payable from payments made, and a 37.36% increase in other payables due to declared dividend distributions Asset and Liability Status Changes (Current Period End vs. Prior Year End) | Item | Current Period End (Yuan) | Prior Year End (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Short-term Borrowings | 123,129,041.67 | 85,097,152.78 | 44.69 | Increased bank borrowings by subsidiary Northern Book City | | Notes Payable | 109,953,664.45 | 196,378,602.33 | -44.01 | Decreased purchases settled by notes in the current period | | Advances from Customers | 1,171,333.49 | 1,681,344.14 | -30.33 | Decreased advance rental payments received in the current period | | Employee Compensation Payable | 35,792,161.95 | 90,452,660.63 | -60.43 | Employee compensation accrued at prior year-end paid in current period | | Other Payables | 124,436,228.36 | 90,589,833.54 | 37.36 | Dividends declared for distribution in the current period | | Non-current Liabilities Due Within One Year | 21,470,675.66 | 16,108,472.62 | 33.29 | Increased lease liabilities due within one year | | Other Current Liabilities | 7,788,271.92 | 5,415,836.28 | 43.81 | Increased deferred output VAT | [Investment Status Analysis](index=16&type=section&id=(%E5%9B%9B)%20Investment%20Status%20Analysis) During the reporting period, the company held financial assets measured at fair value, including stocks and other equity instrument investments, totaling 381.82 million Yuan at period-end Financial Assets Measured at Fair Value (End of Period) | Asset Category | Beginning of Period (Yuan) | Fair Value Change in Current Period (Yuan) | End of Period (Yuan) | | :--- | :--- | :--- | :--- | | Stocks | 2,056,200.00 | -2,085,691.99 | 1,966,500.00 | | Other | 379,857,996.90 | 2,442,481.10 | 379,857,996.90 | | Total | 381,914,196.90 | 356,789.11 | 381,824,496.90 | - The company's stock holdings include China National Petroleum Corporation and Tianjin Tiannu Chemical Group, while other equity instrument investments include Zhongtian Securities and Rongsheng Property Insurance[47](index=47&type=chunk)[255](index=255&type=chunk) [Analysis of Major Holding and Participating Companies](index=17&type=section&id=(%E5%85%AD)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding and participating companies span publishing, materials, printing, and distribution sectors, with Chunfeng Literature and Art Publishing House and Xinhua Printing Company significantly impacting net profit, achieving 7.45 million Yuan and 12.57 million Yuan in net profit, respectively Financial Data of Major Holding and Participating Companies (Unit: 10,000 Yuan) | Company Name | Industry | Registered Capital | Total Assets | Net Assets | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Liaoning Science and Technology Press | Publishing | 1,340.00 | 21,361.85 | 16,854.25 | 17.41 | | Liaoning Fine Arts Publishing House | Publishing | 200.00 | 13,336.83 | 9,263.51 | -239.65 | | Wanjuan Company | Publishing | 800.00 | 10,905.02 | -644.68 | 23.06 | | Materials Company | Materials | 2,957.00 | 31,666.22 | 12,243.51 | 222.65 | | Notes Company | Printing | 7,300.00 | 9,679.45 | 9,469.61 | 1.77 | | Liaoning Children's Publishing House | Publishing | 2,200.00 | 11,923.17 | 10,002.01 | 362.88 | | Chunfeng Literature and Art Publishing House | Publishing | 300.00 | 31,939.80 | 28,685.54 | 745.22 | | Xinhua Printing Company | Printing | 5,072.00 | 36,529.67 | 30,321.32 | 1,256.61 | | Liaoning People's Publishing House | Publishing | 1,602.38 | 8,626.78 | 6,447.38 | 185.62 | | Nationalities Publishing House | Publishing | 3,002.27 | 9,061.30 | 6,328.90 | 22.23 | | Liaoning Education Press | Publishing | 1,008.50 | 13,637.49 | 9,183.03 | 406.16 | | Copyright Exchange Center | Business Services | 7,000.00 | 7,050.63 | 3,749.19 | -411.81 | | Northern Book City | Distribution | 2,000.00 | 66,881.45 | 4,848.33 | -2,766.18 | | Northern Distribution Company | Distribution | 6,500.00 | 45,816.31 | 17,551.24 | -623.41 | Subsidiaries with Net Profit Impact Exceeding 10% of Company's Net Profit (Unit: 10,000 Yuan) | Company Name | Company Type | Main Business | Registered Capital | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Chunfeng Literature and Art Publishing House | Subsidiary | Book publishing, wholesale of own publications | 300.00 | 745.22 | | Xinhua Printing Company | Subsidiary | Publication printing, packaging and decoration printing | 5,072.00 | 1,256.61 | [Other Disclosure Matters](index=18&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks faced by the company, primarily including publishing topic risks, raw material price fluctuation risks, and risks of inadequate new technology transformation and upgrading, along with the company's strategies to address them [Potential Risks Faced](index=18&type=section&id=(%E4%B8%80)%20Potential%20Risks%20Faced) The company faces risks from inaccurate publishing topic positioning and low market acceptance, rising raw material prices impacting profitability, and market competition challenges if unable to promptly adopt new digital and AI technologies - The company faces topic risks due to inaccurate publishing topic positioning or content not being accepted and recognized by the market[50](index=50&type=chunk) - Rising prices of raw materials such as paper will affect the company's production costs and profitability, which the company plans to mitigate by strengthening analysis and centralized procurement[51](index=51&type=chunk)[52](index=52&type=chunk) - The rapid development of new technologies like digital technology, big data, and artificial intelligence (AI) significantly impacts traditional publishing, and the company may face greater market competition if it fails to quickly absorb, introduce, and apply advanced digital technologies[52](index=52&type=chunk) [Corporate Governance, Environment, and Society](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This chapter details changes in the company's directors and senior management, profit distribution plans, and its active engagement in rural revitalization efforts [Changes in Directors and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, Ms. Zhu Min resigned as Chairman of the Supervisory Board due to retirement, with no other changes in the company's directors or senior management - Ms. Zhu Min resigned as Chairman of the Supervisory Board due to retirement[54](index=54&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's Board of Directors resolved not to proceed with any profit distribution or capital reserve conversion into share capital for the current reporting period - The company's proposed profit distribution or capital reserve conversion plan for the semi-annual period is “none,” meaning no distribution or conversion[55](index=55&type=chunk) [Rural Revitalization Work](index=20&type=section&id=V.%20Specific%20Details%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively engages in rural revitalization by strengthening Party building, preventing a return to poverty, improving rural governance, and leveraging cadre advantages to comprehensively promote village assistance and foster overall rural development - The company considers village assistance a critical political task, actively participating in rural revitalization by precisely selecting cadres, strengthening process management, focusing on Party building leadership, and promoting livelihood improvement[56](index=56&type=chunk) - The company deeply promotes education, strictly implements Party organization life systems, optimizes the Party member structure, regularly conducts household visits, and solidifies the foundation of Party building[56](index=56&type=chunk)[57](index=57&type=chunk) - The company conducts dynamic monitoring to prevent a return to poverty, focusing on “two assurances and three guarantees” and safe drinking water, actively promotes social assistance policies, strengthens assistance project management, and broadens income-generating channels for residents[57](index=57&type=chunk) - The company strictly implements the villagers' representative meeting system and the “four discussions, one review, two public disclosures” system, implements refined grid management, promotes “sunshine governance,” establishes a diversified dispute resolution mechanism, and continuously advances cultural reforms to enhance rural governance efficiency[57](index=57&type=chunk) - The company leverages the intellectual and resource advantages of resident cadres, conducts in-depth investigations and research, formulates scientific plans, and takes human settlement environment improvement as a breakthrough to create a clean and beautiful rural environment, stimulating public participation in rural construction[58](index=58&type=chunk) [Significant Matters](index=21&type=section&id=Section%205%20Significant%20Matters) This chapter covers the fulfillment of commitments, absence of major litigation or arbitration, details of significant related party transactions, and the company's major guarantees [Fulfillment of Commitments](index=21&type=section&id=I.%20Fulfillment%20of%20Commitments) Liaoning Publishing Group Co., Ltd., the company's actual controller and controlling shareholder, has consistently and strictly fulfilled its commitment to avoid horizontal competition since the initial public offering in 2007 - Liaoning Publishing Group Co., Ltd. has consistently and strictly fulfilled its commitment to avoid horizontal competition since the initial public offering in 2007[61](index=61&type=chunk) [Major Litigation and Arbitration Matters](index=22&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no major litigation or arbitration matters requiring disclosure - There were no major litigation or arbitration matters for the company in the current reporting period[62](index=62&type=chunk) [Significant Related Party Transactions](index=22&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine operating related party transactions totaling **79.812 million Yuan**, conducted strictly in accordance with agreements and estimates approved by the Board of Directors and Shareholders' Meeting [Routine Operating Related Party Transactions](index=22&type=section&id=(%E4%B8%80)%20Routine%20Operating%20Related%20Party%20Transactions) The company conducted routine operating related party transactions strictly in accordance with approved agreements and estimates, totaling **79.812 million Yuan** during the reporting period - The company conducted routine operating related party transactions strictly in accordance with agreements and estimates approved by the Board of Directors and Shareholders' Meeting[63](index=63&type=chunk) - During the reporting period, the total amount of the company's routine operating related party transactions was **79.812 million Yuan**[63](index=63&type=chunk) [Significant Contracts and Their Fulfillment](index=24&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's significant contracts and their fulfillment during the reporting period, particularly guarantees for subsidiaries totaling **374 million Yuan**, representing **14.30%** of the company's net assets [Significant Guarantees](index=24&type=section&id=(%E4%BA%8C)%20Significant%20Guarantees) During the reporting period, the company's total guarantees for subsidiaries amounted to **139 million Yuan** in new guarantees and **374 million Yuan** in outstanding guarantees at period-end, representing **14.30%** of the company's net assets, with no guarantees provided to parties other than subsidiaries Company's Total Guarantees (Unit: 10,000 Yuan) | Indicator | Amount | | :--- | :--- | | Total new guarantees for subsidiaries in the reporting period | 13,900 | | Total outstanding guarantees for subsidiaries at period-end (B) | 37,400 | | Total Guarantees (A+B) | 37,400 | | Percentage of total guarantees to company's net assets (%) | 14.30 | - The company's external guarantees (excluding guarantees for subsidiaries) amounted to **0**[68](index=68&type=chunk) [Share Changes and Shareholder Information](index=25&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) This chapter details the company's share capital stability and shareholder structure, highlighting the controlling shareholder's significant stake [Share Capital Changes](index=25&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[70](index=70&type=chunk) [Shareholder Information](index=25&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **22,814** common shareholders, with Liaoning Publishing Group Co., Ltd. holding **67.52%**, making it the controlling shareholder Total Number of Shareholders | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders at the end of the reporting period (households) | 22,814 | | Total number of preferred shareholders with restored voting rights at the end of the reporting period (households) | Not Applicable | Top Ten Shareholders' Shareholdings (Excluding Shares Lent Through Securities Lending) | Shareholder Name | Shares Held at Period-End (shares) | Shareholding Ratio at Period-End (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Liaoning Publishing Group Co., Ltd. | 372,000,000 | 67.52 | State | | Zhang Mucheng | 9,000,000 | 1.63 | Domestic Natural Person | | Chen Xiaobao | 3,312,200 | 0.60 | Domestic Natural Person | | Industrial and Commercial Bank of China Co., Ltd. - CITIC-Prudential Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | 3,202,400 | 0.58 | Unknown | | An Wei | 2,660,000 | 0.48 | Domestic Natural Person | | Pei Zhanhong | 2,288,200 | 0.42 | Domestic Natural Person | | Dacheng CSI 360 Internet+ Big Data 100 Index Securities Investment Fund | 2,131,500 | 0.39 | Domestic Natural Person | | Wang Yumei | 1,515,900 | 0.28 | Domestic Natural Person | | Su Aigang | 1,251,181 | 0.23 | Domestic Natural Person | | J. P. Morgan Securities PLC - Proprietary Trading | 1,215,487 | 0.22 | Unknown | [Bond-Related Information](index=28&type=section&id=Section%207%20Bond-Related%20Information) During the reporting period, the company had no outstanding or related corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[77](index=77&type=chunk) - The company has no convertible corporate bonds[77](index=77&type=chunk) [Financial Report](index=28&type=section&id=Section%208%20Financial%20Report) This chapter presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial statement items [Audit Report](index=28&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [Financial Statements](index=28&type=section&id=II.%20Financial%20Statements) This section includes the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=29&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **4.038 billion Yuan**, a slight decrease of 1.65% from the prior year-end; consolidated total liabilities were **1.403 billion Yuan**, down 5.13%; and total equity attributable to parent company owners was **2.616 billion Yuan**, up 0.40% Consolidated Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 4,037,652,832.37 | 4,105,236,859.83 | -1.65 | | Total Liabilities | 1,403,338,558.11 | 1,479,185,947.13 | -5.13 | | Total Equity Attributable to Parent Company Owners | 2,616,048,385.63 | 2,605,738,615.87 | 0.40 | [Parent Company Balance Sheet](index=31&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **3.511 billion Yuan**, a decrease of 0.90% from the prior year-end; total liabilities were **1.484 billion Yuan**, down 3.50%; and total owners' equity was **2.027 billion Yuan**, up 1.10% Parent Company Balance Sheet Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,510,502,966.84 | 3,542,160,776.47 | | Total Liabilities | 1,483,575,360.10 | 1,537,253,966.18 | | Total Owners' Equity | 2,026,927,606.74 | 2,004,906,810.29 | [Consolidated Income Statement](index=33&type=section&id=Consolidated%20Income%20Statement) For the first half of 2025, the company's consolidated operating revenue was **992.47 million Yuan**, a year-on-year decrease of 5.21%; net profit attributable to parent company shareholders was **43.42 million Yuan**, a significant year-on-year increase of 221.08%; and basic earnings per share was **0.08 Yuan**, up 300% Consolidated Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 992,466,650.09 | 1,047,043,254.69 | -5.21 | | Total Profit | 42,351,460.58 | 24,159,906.93 | 75.30 | | Net Profit Attributable to Parent Company Shareholders | 43,419,660.23 | 13,522,812.31 | 221.08 | | Basic Earnings Per Share (Yuan/share) | 0.08 | 0.02 | 300.00 | [Parent Company Income Statement](index=35&type=section&id=Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company's operating revenue was **330.17 million Yuan**, a year-on-year decrease of 24.20%; net profit was **55.08 million Yuan**, a year-on-year increase of 79.04% Parent Company Income Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 330,169,504.40 | 435,420,295.65 | | Net Profit | 55,075,678.45 | 30,761,339.09 | [Consolidated Cash Flow Statement](index=36&type=section&id=Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, the company's net cash flow from operating activities was **-79.08 million Yuan**, an improvement from the prior year; net cash flow from investing activities was **-8.02 million Yuan**, with reduced outflow; and net cash flow from financing activities was **29.54 million Yuan**, turning positive Consolidated Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -79,081,457.43 | -103,764,131.57 | | Net Cash Flow from Investing Activities | -8,023,427.02 | -20,631,627.08 | | Net Cash Flow from Financing Activities | 29,535,553.58 | -6,518,324.36 | | Net Increase in Cash and Cash Equivalents | -57,565,287.42 | -130,913,601.77 | [Parent Company Cash Flow Statement](index=38&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was **15.47 million Yuan**, turning positive; net cash flow from investing activities was **2.25 million Yuan**; and net increase in cash and cash equivalents was **16.10 million Yuan** Parent Company Cash Flow Statement Key Data | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 15,465,720.37 | -70,602,973.63 | | Net Cash Flow from Investing Activities | 2,253,888.00 | 0.00 | | Net Cash Flow from Financing Activities | -1,620,075.42 | 0.00 | | Net Increase in Cash and Cash Equivalents | 16,099,532.95 | -70,602,973.63 | [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, the company's consolidated total owners' equity was **2.634 billion Yuan**, a 0.31% increase from the prior year-end; total equity attributable to parent company owners was **2.616 billion Yuan**, up 0.40% Consolidated Statement of Changes in Owners' Equity Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 2,616,048,385.63 | 2,605,738,615.87 | | Minority Interests | 18,265,888.63 | 20,312,296.83 | | Total Owners' Equity | 2,634,314,274.26 | 2,626,050,912.70 | [Parent Company Statement of Changes in Owners' Equity](index=43&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, the parent company's total owners' equity was **2.027 billion Yuan**, a 1.10% increase from the prior year-end; undistributed profits were **675.39 million Yuan**, up 3.37% Parent Company Statement of Changes in Owners' Equity Key Data | Item | June 30, 2025 (Yuan) | December 31, 2024 (Yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 550,914,700.00 | 550,914,700.00 | | Capital Reserve | 532,157,745.57 | 532,157,745.57 | | Undistributed Profits | 675,393,335.62 | 653,372,539.17 | | Total Owners' Equity | 2,026,927,606.74 | 2,004,906,810.29 | [Company Basic Information](index=47&type=section&id=III.%20Company%20Basic%20Information) The company, established on August 29, 2006, and listed on December 21, 2007, with a registered capital of **551 million Yuan**, primarily engages in publishing, distribution, printing, and material supply, with Liaoning Provincial People's Government State-owned Assets Supervision and Administration Commission as its ultimate controller, and consolidates **24 subsidiaries** as of June 2025 - The company was established on August 29, 2006, listed on the Shanghai Stock Exchange on December 21, 2007, with a registered capital of **550,914,700.00 Yuan**[110](index=110&type=chunk) - The company's main business includes editing and publishing of books, audio-visual, electronic, and other publications; general wholesale, wholesale and distribution, and retail of publications; printing of books and other paper-based publications; procurement and sales of printing materials such as paper and ink; copyright trade, internet publishing, distribution, exhibitions, and cultural services[111](index=111&type=chunk) - The parent company is Liaoning Publishing Group Co., Ltd., and the ultimate controlling party is the Liaoning Provincial People's Government State-owned Assets Supervision and Administration Commission[111](index=111&type=chunk) - As of the end of June 2025, the company had **24 subsidiaries** included in its consolidated scope[111](index=111&type=chunk) [Basis of Financial Statement Preparation](index=47&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and actual transactions, with no significant doubts about the group's ability to continue as a going concern for the next 12 months from the end of the reporting period - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards and actual transactions[112](index=112&type=chunk) - As of the end of the reporting period, there are no matters or circumstances that raise significant doubts about the group's ability to continue as a going concern for the next 12 months[113](index=113&type=chunk) [Significant Accounting Policies and Estimates](index=47&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates for financial statement preparation, covering compliance with accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency translation, financial instruments, notes receivable, accounts receivable, other receivables, inventories, contract assets, 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 compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The financial statements prepared by the group based on the preparation basis comply with the latest Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[115](index=115&type=chunk) - The group adopts the calendar year as its accounting year, from January 1 to December 31 each year[116](index=116&type=chunk) - The group considers 12 months as an operating cycle and uses it as the standard for classifying assets and liabilities as current or non-current[117](index=117&type=chunk) - The functional currency for the company and its domestic subsidiaries is Renminbi, while for overseas subsidiaries, it is the British Pound[118](index=118&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and their cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[134](index=134&type=chunk)[135](index=135&type=chunk) - The company recognizes revenue when the customer obtains control of the related goods, detailing revenue recognition methods for publishing, distribution, printing, and material sales businesses[184](index=184&type=chunk)[185](index=185&type=chunk)[186](index=186&type=chunk) [Taxation](index=70&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and discloses applicable tax preferential policies, including VAT exemptions or refunds for publishing and distribution, and corporate income tax preferential rates for high-tech or small-profit enterprises Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 5%, 3% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 25%, 20%, 15% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Land Use Tax | Unit tax amount as per tax law | | Property Tax | 1.2%, 12% | - The company and some subsidiaries enjoy VAT exemption for book wholesale and retail, and 100% or 50% VAT refund after collection for publishing[203](index=203&type=chunk) - Operating cultural institutions that completed restructuring before December 31, 2022, are exempt from corporate income tax from January 1, 2024, to December 31, 2027[203](index=203&type=chunk) - Liaoning Dingji Digital Technology Co., Ltd., as a high-tech enterprise, enjoys a **15%** preferential corporate income tax rate[203](index=203&type=chunk) - The policy for small-profit enterprises to calculate taxable income at **25%** and pay corporate income tax at a **20%** rate is extended until December 31, 2027[204](index=204&type=chunk) [Notes to Consolidated Financial Statement Items](index=73&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, covering cash and cash equivalents, receivables, inventories, investments, fixed assets, intangible assets, liabilities, equity, income, expenses, and other comprehensive income, offering a comprehensive breakdown of the company's financial components - At period-end, restricted other monetary funds amounted to **54,105,442.42 Yuan**, primarily comprising bank acceptance bill margin deposits, letter of credit margin deposits, performance bond deposits, and frozen bank deposits[205](index=205&type=chunk) - During the reporting period, net profit attributable to shareholders of the listed company was **43,419,660.23 Yuan**, a year-on-year increase of **221.08%**[19](index=19&type=chunk) - Current period asset impairment losses amounted to **-8,694,048.46 Yuan**, mainly due to increased inventory depreciation provisions resulting from changes in inventory aging structure[41](index=41&type=chunk)[341](index=341&type=chunk) - Cash received relating to other operating activities in the current period totaled **59,220,148.13 Yuan**, primarily including interest income, government grants, and deposits/guarantees[348](index=348&type=chunk) - Government grants recognized in current profit or loss totaled **13,950,827.74 Yuan**, comprising **1,610,203.70 Yuan** related to assets and **12,340,624.04 Yuan** related to income[371](index=371&type=chunk) [R&D Expenses](index=116&type=section&id=VIII.%20R%26D%20Expenses) This section details the company's R&D expenditures for the reporting period, primarily consisting of labor costs, depreciation and amortization, and direct material inputs, totaling **4.59 million Yuan**, all expensed R&D Expenses by Nature of Expense | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Labor Costs | 3,393,471.21 | 4,242,745.53 | | Depreciation and Amortization | 582,382.39 | 584,167.79 | | Direct Material Inputs | 606,029.08 | 1,024,964.64 | | Other | 8,981.36 | 19,913.86 | | Total | 4,590,864.04 | 5,871,791.82 | | Of which: Expensed R&D Expenditures | 4,590,864.04 | 5,695,736.12 | | Capitalized R&D Expenditures | 0.00 | 0.00 | [Changes in Consolidation Scope](index=116&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, there were no changes in the company's consolidation scope due to business combinations, reverse acquisitions, or disposal of subsidiaries - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[364](index=364&type=chunk) - There were no instances of step-by-step disposal of investments in subsidiaries leading to loss of control in the current period[365](index=365&type=chunk) [Interests in Other Entities](index=117&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in **24 subsidiaries** across publishing, distribution, printing, materials, and services, primarily acquired through business combinations or investments, and its significant associate, Liaoning Bohong Cultural Industry Venture Capital Investment Fund Management Center (Limited Partnership), with a **71.17%** stake accounted for using the equity method - The company owns **24 subsidiaries**, primarily established through business combinations under common control or investment, with business natures covering publishing, distribution, printing, material sales, and services[111](index=111&type=chunk)[365](index=365&type=chunk)[366](index=366&type=chunk) Significant Joint Ventures or Associates | Name of Joint Venture or Associate | Principal Place of Business | Registered Place | Nature of Business | Shareholding Ratio (%) | Accounting Method for Investment in Joint Venture or Associate | | :--- | :--- | :--- | :--- | :--- | :--- | | Liaoning Bohong Cultural Industry Venture Capital Investment Fund Management Center (Limited Partnership) | Shenyang | Shenyang | Venture Capital | 71.17 | Equity Method | [Government Grants](index=119&type=section&id=XI.%20Government%20Grants) During the reporting period, the company recognized **13.95 million Yuan** in government grants, comprising **1.61 million Yuan** related to assets and **12.34 million Yuan** related to income, with **14.50 million Yuan** in government grants recognized as receivables at period-end Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Asset-related | 1,610,203.70 | 975,605.18 | | Income-related | 12,340,624.04 | 11,272,474.63 | | Total | 13,950,827.74 | 12,248,079.81 | - Government grants recognized as receivables at the end of the reporting period amounted to **14,500,000.00 Yuan**[369](index=369&type=chunk) [Risks Related to Financial Instruments](index=120&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces market risks (including exchange rate and other price risks), credit risk, and liquidity risk, which are effectively managed through sensitivity analysis, credit limit management, and maintaining sufficient cash flow to balance risk and return - The company faces market risks from financial instruments, including exchange rate risk (primarily related to the British Pound) and other price risks (changes in equity securities investment prices)[372](index=372&type=chunk)[373](index=373&type=chunk) - The company faces credit risk, mainly from financial asset losses and financial guarantees due to the counterparty's failure to fulfill obligations, managed through credit limit determination, credit approval, and monitoring procedures[374](index=374&type=chunk)[375](index=375&type=chunk) - The company faces liquidity risk, monitored and managed by maintaining sufficient cash and cash equivalents, currently having ample self-owned funds and low liquidity risk[375](index=375&type=chunk) [Disclosure of Fair Value](index=121&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the company's assets and liabilities measured at fair value at period-end, with continuously measured assets totaling **381.82 million Yuan**, primarily comprising other equity instrument investments and other non-current financial assets, using active market quotes for Level 1 and unobservable inputs for Level 3 fair value measurements Fair Value of Assets Continuously Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | | Other Equity Instrument Investments | 1,966,500.00 | 365,626,936.49 | 367,593,436.49 | | Other Non-current Financial Assets | 0.00 | 14,231,060.41 | 14,231,060.41 | | Total Assets Continuously Measured at Fair Value | 1,966,500.00 | 379,857,996.90 | 381,824,496.90 | - The basis for determining the market price of Level 1 fair value measurement items is active quotes for equity instruments in the securities market[379](index=379&type=chunk) - For Level 3 fair value measurement items, both continuous and non-continuous, valuation techniques and qualitative and quantitative information on significant parameters are determined based on unobservable inputs of relevant assets or liabilities at period-end[380](index=380&type=chunk) [Related Parties and Related Party Transactions](index=123&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's related parties and various transactions with them, including Liaoning Publishing Group Co., Ltd. as the parent company with a **67.52%** stake, and routine related party transactions with numerous subsidiaries, wholly-owned subsidiaries of the parent company, and other related parties, covering goods purchases and sales, provision and acceptance of services, related leases, and unsettled receivables/payables - Liaoning Publishing Group Co., Ltd. is the company's parent company, holding a **67.52%** stake[382](index=382&type=chunk) - The company has related party transactions involving the purchase and sale of goods and the provision/acceptance of services with Liaoning Xinhua Education Industry Development Co., Ltd., Liaoning Infinite Crossing New Media Co., Ltd., Liaoning Northern Periodical Publishing Group Co., Ltd., and other related parties[388](index=388&type=chunk)[390](index=390&type=chunk) - As a lessee, the company pays house rental fees to Liaoning Publishing Group Co., Ltd. and Liaoning Bohong Management Co., Ltd[391](index=391&type=chunk) - As a lessor, the company collects house rental income from Liaoning Publishing Group Co., Ltd. and Liaoning Bohong Management Co., Ltd[392](index=392&type=chunk) - At period-end, the company had accounts receivable and prepayments from related parties such as Liaoning Northern Education Investment Holding Co., Ltd. and Kuandian Manchu Autonomous County Xinhua Bookstore Co., Ltd[393](index=393&type=chunk)[394](index=394&type=chunk) - At period-end, the company had accounts payable, other payables, and contract liabilities to related parties such as Liaoning Xinhua Education Industry Development Co., Ltd., Liaoning Infinite Crossing New Media Co., Ltd., and Fushi Media Co., Ltd[395](index=395&type=chunk)[396](index=396&type=chunk)[397](index=397&type=chunk) [Commitments and Contingencies](index=133&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or material contingencies requiring disclosure - As of June 30, 2025, the group had no significant commitments requiring disclosure[399](index=399&type=chunk) - As of June 30, 2025, the group had no significant contingencies requiring disclosure[400](index=400&type=chunk) [Events After the Balance Sheet Date](index=133&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) As of the report disclosure date, the company had no significant non-adjusting events, profit distribution matters, sales returns, or other post-balance sheet events requiring disclosure - The company has no significant non-adjusting events, profit distribution matters, sales returns, or other events after the balance sheet date[401](index=401&type=chunk) [Other Significant Matters](index=133&type=section&id=XVIII.%20Other%20Significant%20Matters) This section primarily discloses the company's segment information, categorizing its operations into five reporting segments: publishing, distribution, material sales, printing, and other businesses, with regular performance evaluations [Segment Information](index=134&type=section&id=6%E3%80%81Segment%20Information) The company's operations are divided into five reporting segments: publishing, distribution, material sales, printing, and other businesses, with management regularly evaluating their operating results for resource allocation and performance assessment - The group's operating activities are divided into **5 operating segments**, and **5 reporting segments** have been identified: publishing business segment, distribution business segment, material sales business segment, printing business segment, and other business segments[402](index=402&type=chunk) - Segment reporting information is disclosed based on the accounting policies and measurement standards adopted when reporting to management, consistent with the accounting and measurement basis used for preparing financial statements[402](index=402&type=chunk) [Notes to Parent Company Financial Statement Major Items](index=134&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Major%20Items) This section provides detailed notes for the parent company's major financial statement items, including accounts receivable of **214 million Yuan**, other receivables of **296 million Yuan** (including **205 million Yuan** lent to subsidiaries for centralized fund management), and long-term equity investments totaling **1.137 billion Yuan**, primarily in subsidiaries and associates Parent Company Accounts Receivable by Aging | Aging | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 211,283,455.56 | 147,313,604.14 | | 1 to 2 years | 4,527,532.96 | 6,712,231.68 | | 2 to 3 years | 1,535,730.15 | 4,060,840.90 | | Over 3 years | 7,769,262.93 | 5,415,698.86 | | Total | 225,116,981.60 | 163,502,375.58 | Parent Company Other Receivables by Nature of Item | Nature of Item | End of Period Book Balance (Yuan) | Beginning of Period Book Balance (Yuan) | | :--- | :--- | :--- | | Amounts owed by subsidiaries | 290,382,572.63 | 317,009,957.21 | | Special account deposits | 3,267,381.60 | 3,267,381.60 | | Petty cash,代收代付款 (payments collected/made on behalf of others) etc. | 2,137,806.74 | 208,598.66 | | Deposits, guarantees, and quality assurance funds | 240,280.00 | 144,780.00 | | Amounts owed by external entities | 8,052.02 | 8,052.02 | | Total | 296,036,092.99 | 320,638,769.49 | - The amount reported as other receivables by the parent company due to centralized fund management is **205,000,000.00 Yuan**, primarily lent to Xinhua Bookstore Northern Book City Co., Ltd[420](index=420&type=chunk)[421](index=421&type=chunk) Parent Company Long-term Equity Investments | Item | End of Period Book Value (Yuan) | Beginning of Period Book Value (Yuan) | | :--- | :--- | :--- | | Investments in subsidiaries | 1,126,501,521.68 | 1,126,501,521.68 | | Investments in associates and joint ventures | 10,860,893.98 | 10,856,266.72 | | Total | 1,137,362,415.66 | 1,137,357,788.40 | Parent Company Operating Revenue and Operating Cost | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 330,169,504.40 | 435,420,295.65 | | Operating Cost | 246,664,311.47 | 357,481,291.83 | [Supplementary Information](index=144&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial report information, including a detailed statement of non-recurring gains and losses and key financial indicators such as return on net assets and earnings per share [Statement of Non-recurring Gains and Losses for the Current Period](index=144&type=section&id=1%E3%80%81Statement%20of%20Non-recurring%20Gains%20and%20Losses%20for%20the%20Current%20Period) Total non-recurring gains and losses for the current period amounted to **14.21 million Yuan**, primarily from government grants recognized in current profit or loss and gains/losses from disposal of non-current assets Details of Non-recurring Gains and Losses for the Current Period | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 920,650.40 | | Government grants recognized in current profit or loss | 13,950,827.74 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 16,398.62 | | Gains and losses from debt restructuring | 27,000.00 | | Other non-operating income and expenses apart from the above | 21,650.18 | | Less: Impact on minority interests (after tax) | 727,477.93 | | Total | 14,209,049.01 | [Return on Net Assets and Earnings Per Share](index=145&type=section&id=2%E3%80%81Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) The weighted average return on net assets attributable to common shareholders for the current period was **1.66%**, with basic earnings per share of **0.08 Yuan**; after deducting non-recurring gains and losses, the weighted average return on net assets was **1.11%**, and basic earnings per share was **0.05 Yuan** Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (Yuan/share) | Diluted Earnings Per Share (Yuan/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 1.66 | 0.08 | 0.08 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 1.11 | 0.05 | 0.05 |

证券代码：601999 证券简称：出版传媒 公告编号：2025-028 北方联合出版传媒（集团）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●会议召开时间：2025 年 9 月 24 日（星期三）9:00-10:00 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 1 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 24 日（星期三）9:00-10:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 ●会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2025 年 9 月 17 日 （星期三） 至 9 月 23 日 （星 期二）1 ...

证券代码：601999 证券简称：出版传媒 公告编号：2025-025 北方联合出版传媒(集团)股份有限公司 关于修订《公司章程》部分条款的公告 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。 北方联合出版传媒（集团）股份有限公司 董 事 会 2025 年 8 月 28 日 北方联合出版传媒（集团）股份有限公司（以下简称"公司"） 第三届董事会第三十九次会议审议通过了《关于修订<公司章程>部分 条款的议案》。 为进一步规范运作行为，提升治理水平，公司根据经营发展的实 际情况，拟对现行《公司章程》部分条款进行修订，主要修订内容如 下： | 原条款内容 | 修订后的条款内容 | | --- | --- | | 第一百二十四条第一款 董事会由十 | 第一百二十四条第一款 董事会由七名董 | | 二名董事组成，其中：四名独立董事、 | 事组成，其中：独立董事占董事会成员的比例 | | 一名职工代表董事。设董事长一人，董 | 不低于三分之一，职工代表董事一名。设董事 | | 事长由董事会以全体董事的过半数选举 | 长一人，董事长由董事会 ...

北方联合出版传媒（集团）股份有限公司（以下简称"公司"） 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露： 第十一号――新闻出版》的相关规定，现将 2025 年半年度主要经营 数据（未经审计）公告如下： 单位：万元 | 项 目 | | 销售码洋 | | | 营业收入 | | | 营业成本 | | | | 毛利率% | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | 2024 | 2025 | 增 | | | 2024 年 | 2025 | 年 | 增长 | 2024 年 | 2025 年 | 增长 | 2024 年 | 2025 年 | 增长 | 年 | 年 | | | | 1-6 月 | 1-6 | 月 | 率% | 1-6 月 | 1-6 月 | 率% | 1-6 月 | 1-6 月 | 率% | 1-6 | 1-6 | 长 | | | | | | | | | | | | | 月 | 月 | 率 | | 出 | | ...

Core Viewpoint - The publishing sector experienced a decline of 0.43% on August 29, with Inner Mongolia Xinhua leading the drop. The Shanghai Composite Index rose by 0.37% to close at 3857.93, while the Shenzhen Component Index increased by 0.99% to 12696.15 [1]. Group 1: Stock Performance - ST Huawen (000793) closed at 2.59, up 4.86% with a trading volume of 390,300 shares and a turnover of 100 million yuan [1]. - China Science Publishing (601858) closed at 21.53, up 2.23% with a trading volume of 333,300 shares and a turnover of 747 million yuan [1]. - Inner Mongolia Xinhua (603230) closed at 14.09, down 6.44% with a trading volume of 217,900 shares and a turnover of 314 million yuan [2]. - Zhongyuan Media (000719) closed at 13.02, down 4.62% with a trading volume of 182,000 shares and a turnover of 241 million yuan [2]. - The overall trading volume and turnover for the publishing sector indicate varied performance among individual stocks, with some showing significant gains while others faced declines [1][2]. Group 2: Capital Flow - The publishing sector saw a net outflow of 260 million yuan from institutional investors, while retail investors contributed a net inflow of 319 million yuan [2]. - The data suggests a divergence in investor sentiment, with institutional investors pulling back while retail investors increased their positions in the sector [2].

Core Viewpoint - The company, Zhongwen Tiandi Publishing Media Group Co., Ltd., is set to hold a half-year performance briefing on September 5, 2025, to provide insights into its operational results and development strategies, encouraging investor participation and questions [3][4][8]. Group 1: Meeting Details - The meeting is scheduled for September 5, 2025, from 13:00 to 14:30 [4][6]. - It will take place at the Shanghai Stock Exchange Roadshow Center, with online participation available through video live streaming and interactive Q&A [4][5]. - Investors can submit questions from August 29 to September 4, 2025, to be addressed during the meeting [2][4]. Group 2: Participants - Key participants include the Executive Director and General Manager, Mr. Wu Ti, Independent Director, Mr. Liao Xiansheng, Board Secretary, Mr. Mao Jianbo, and Financial Officer, Mr. Qi Peigang [5]. Group 3: Contact Information - For inquiries, investors can contact the Securities Legal Department via phone at 0791-85896008 or email at zwcm600373@126.com [7]. - Post-meeting, details and main content will be available on the Shanghai Stock Exchange Roadshow Center website [7].

Group 1 - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares to all shareholders, totaling approximately 179.6 million yuan based on a total share capital of 1.796 billion shares as of August 26, 2025 [1][46][45] - The board of directors and supervisory board confirmed the authenticity, accuracy, and completeness of the semi-annual report, which has not been audited [1][3][16] - The company held its sixth board meeting on August 26, 2025, where several key resolutions were passed, including the approval of the semi-annual report and profit distribution plan [4][10][47] Group 2 - As of June 30, 2025, the company has utilized approximately 327.94 million yuan of the raised funds, with a remaining balance of about 228.91 million yuan [22][23] - The company has established a dedicated management system for the raised funds, ensuring compliance with relevant regulations and proper usage [24][25] - The company has reported on the actual usage of raised funds for various projects, including a 100% investment completion for the acquisition of a stake in Zhongnan Boji Tianjuan Cultural Media Co., Ltd. [28][33] Group 3 - The company will hold a semi-annual performance briefing on September 12, 2025, to provide insights into its operational performance and future strategies [50][53] - Investors can submit questions for the briefing via email before the event, and the company will address common inquiries during the session [52][55] - The briefing will be conducted online, allowing broader participation from investors [58][59]

Group 1 - The board of directors of Reader Publishing Media Co., Ltd. held its 18th meeting on August 26, 2025, with all 8 directors present, confirming the legality and validity of the meeting and resolutions passed [1] - The board approved the proposal to abolish the supervisory board, transferring its powers to the audit committee of the board, which will not adversely affect the company's governance and operations [2][3] - The board also approved the revision of the company's articles of association and related management systems to enhance governance and compliance with new regulations [3] Group 2 - The board approved the company's 2025 semi-annual report and summary, which had previously been reviewed by the audit committee [5] - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Recovery" action plan for 2025, which had been reviewed by the strategic committee [5] - The board proposed to hold the first extraordinary general meeting of shareholders in 2025 on September 24, 2025, to discuss related proposals [6]