上海市锦天城（北京）律师事务所 关于三人行传媒集团股份有限公司 2023 年第一次临时股东大会的 上海市锦天城(北京) 律师事务所 关于三人行传媒集团股份有限公司 2023 年第一次临时股东大会的 法律意见书 致:三人行传媒集团股份有限公司 法律意见书 锦 天 城 律 师 事 务 所 ALLBRIGHT LAW OFFICES 地址:北京市东城区东长安街1号东方广场 C1 座 6 层 电话: 010-85230688 邮编: 100738 上海市锦天城(北京)律师事务所 法律意见书 上海市锦天城(北京)律师事务所(以下简称"本所")接受三人行传媒集 团股份有限公司(以下简称"公司")的委托,指派本所律师出席了公司于2023 年 8 月 18 日 召开的 2023年第一次临时股东大会(以下简称"本次股东大会")。 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》")《上市公司股东大会规则》等法律、法规 和规范性文件以及《三人行传媒集团股份有限公司章程》(以下简称"《公司章 程》")的规定,本所对公司本次股东大会的召集和召开程序、出席会议人员资 格、召集人资格 ...

证券代码：605168 证券简称：三人行 公告编号：2023-050 三人行传媒集团股份有限公司 关于回购注销部分限制性股票减少注册资本通知债权 人的公告 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个别及连带责任。 一、通知债权人的原由 （一）申报所需材料 公司债权人可持证明债权债务关系存在的合同、协议及其他凭证的原件及复 印件到公司申报债权。债权人为法人的，需同时携带法人营业执照副本原件及复 印件、法定代表人身份证明文件；委托他人申报的，除上述文件外，还需携带法 定代表人授权委托书和代理人有效身份证件的原件及复印件。债权人为自然人 的，需同时携带有效身份证的原件及复印件；委托他人申报的，除上述文件外， 还需携带授权委托书和代理人有效身份证件的原件及复印件。 （二）申报方式 公司于 2023 年 7 月 28 日召开第三届董事会第二十二次会议和第三届监事会 第十六次会议，于 2023 年 8 月 18 日召开 2023 年第一次临时股东大会审议通过 了《关于回购注销部分 2022 年限制性股票的议案》，同意对已离职的 2 名激励对 ...

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 2,193,328,428.70, representing a year-on-year increase of 7.89% compared to CNY 2,032,836,542.22 in the same period last year[31]. - The net profit attributable to shareholders of the listed company was CNY 217,327,952.90, a slight increase of 0.55% from CNY 216,140,594.45 in the previous year[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 214,363,279.09, which is a significant increase of 32.97% compared to CNY 161,207,944.21 in the same period last year[31]. - The basic earnings per share decreased by 25.69% to CNY 2.14 from CNY 2.88 in the previous year[31]. - The total assets of the company at the end of the reporting period were CNY 4,929,884,090.43, down 7.11% from CNY 5,307,487,463.86 at the end of the previous year[31]. - The weighted average return on net assets decreased by 2.24 percentage points to 8.09% from 10.33% in the previous year[31]. - The company reported a net cash flow from operating activities of CNY -398,430,155.92, compared to CNY -482,556,723.46 in the same period last year[31]. - The company's net assets attributable to shareholders were CNY 2,573,294,058.45, a slight decrease of 0.17% from CNY 2,577,599,922.50 at the end of the previous year[31]. Market and Industry Insights - The internet advertising market size is expected to exceed 409 billion yuan in 2023, with a growth trend continuing in the second half of the year[54]. - The internet advertising market saw a recovery in growth, with Q1 2023 market size at 145.22 billion yuan, up 2.3% year-on-year, and Q2 at 159.34 billion yuan, up 8.1% year-on-year[54]. Business Strategy and Operations - The company is engaged in integrated marketing services, focusing on digital marketing, event services, and campus media marketing[23]. - The company employs a sales model that focuses on direct sales and integrates various marketing services to meet diverse client needs, enhancing customer satisfaction and loyalty[44]. - The company has established a broad media resource network covering over 800 universities across 31 provinces in China, enhancing its marketing information dissemination capabilities[47]. - The company has formed strong partnerships with major internet media platforms, including ByteDance, Tencent, and Sina, which supports its digital marketing services[49]. - The company’s digital marketing services are tailored to client needs, providing creative planning, media strategy, and performance evaluation[42]. - The company’s campus media marketing services leverage a wide range of campus media resources, including bulletin boards and sports field fences, to effectively reach student audiences[44]. - The company has a sustainable business model supported by a portfolio of high-quality clients, which facilitates the exploration of new business opportunities[51]. - The company has integrated various marketing channels to efficiently meet clients' marketing needs across multiple media and platforms[56]. Financial Management and Investments - The company has increased its R&D expenses, focusing on artificial intelligence data elements, leading to a rise in personnel and salary costs[64]. - The company established a strategic partnership with iFlytek to enhance smart marketing capabilities through AI technology[70]. - The company reported a significant increase in prepayments, which rose by 89.83% to ¥417,094,602.55[78]. - The financial expenses surged by 141.66% to ¥13,862,160.16, compared to ¥5,736,143.37 in the previous year[76]. - The company aims to enhance its long-term incentive mechanisms to attract and retain top talent, thereby improving core competitiveness[70]. Risks and Challenges - The company faces intensified market competition risks due to the low concentration in the advertising industry and evolving marketing demands[99]. - Client concentration risk is present as the company serves large, well-known enterprises, which may affect business development if their marketing budgets decrease[100]. - The risk of rising media resource procurement prices could negatively impact the company's operating performance if not effectively managed[100]. - The company is at risk of talent loss, which could adversely affect service quality and operational performance if talent retention mechanisms are not maintained[102]. - Seasonal fluctuations in operating performance are expected, with higher revenue anticipated in the second half of the year due to client procurement cycles[106]. Corporate Governance and Compliance - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[110]. - There have been no changes in the company's board of directors, supervisors, or senior management during the reporting period[110]. - The company confirmed its financial statements comply with accounting standards, reflecting a true and complete picture of its financial status and cash flows[185]. - The company evaluated its ability to continue as a going concern and found no significant doubts regarding its operational capability[184]. - The company has not faced any administrative penalties related to environmental issues and is not classified as a key pollutant discharger[194]. - The company has not disclosed any employee stock ownership plans during the reporting period[192]. - The company has not reported any significant environmental protection measures taken to reduce carbon emissions during the reporting period[195].

证券代码：605168 证券简称：三人行 公告编号：2023-047 三人行传媒集团股份有限公司 关于股东股份解除质押的公告 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个别及连带责任。 重要内容提示: 青岛众行投资合伙企业（有限合伙）（以下简称"青岛众行"）持有三人 行传媒集团股份有限公司（以下简称"公司"）股份 18,173,869 股，占公司股份 总数的 12.36%。青岛众行本次解除质押股份 2,000,000 股，本次解除质押股份 完成后，青岛众行剩余累计质押股份数量为 6,192,274 股，占其持股数量的比例 为 34.07%，占公司总股本的比例为 4.21%。 一、上市公司股份解除质押 公司于 2023 年 8 月 14 日接到股东青岛众行通知，获悉其所持有本公司的股 份办理了解除质押业务，具体事项如下。 | 持股比例 | 12.36% | | --- | --- | | 剩余被质押股份数量 | 6,192,274 股 | | 剩余被质押股份数量占其所持股份比例 | 34.07% | | 剩余被质押股份数量占公司总股本 ...

证券代码：605168 证券简称：三人行 公告编号：2023-027 三人行传媒集团股份有限公司 关于参加 2023 年陕西辖区上市公司 投资者集体接待日暨 2022 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个别及连带责任。 重要内容提示： 一、说明会类型 会议召开时间：2023 年 5 月 16 日（星期二）15:00—17:00 会议召开方式：视频展示+文字直播 网络直播地址："全景路演"（网址：http://rs.p5w.net） 三人行传媒集团股份有限公司（以下简称"公司"）已于 2023 年 4 月 12 日 在上海证券交易所网站（www.sse.com.cn）披露了公司《2022 年年度报告》。为 加强与广大投资者沟通交流，进一步提升投资者关系管理水平，公司将参加由陕 西证监局、陕西省国有资产管理委员会、陕西省金融监管局、中证中小投服中心、 陕西上市公司协会、全景网共同举办的"2023 年陕西辖区上市公司投资者集体 接待日暨 2022 年度业绩说明会"活动。 二、说明会召开的时间及地点 （一）召开 ...

证券代码：605168 证券简称：三人行 公告编号：2023-021 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个别及连带责任。 重要内容提示： http://roadshow.sseinfo.com/） 三人行传媒集团股份有限公司（以下简称"公司"）已于 2023 年 4 月 12 日、 2023 年 4 月 14 日分别发布了公司《2022 年年度报告》《2023 年第一季度报告》， 为便于广大投资者更全面深入地了解公司 2022 年度和 2023 年第一季度经营成 果、财务状况，公司计划于 2023 年 05 月 09 日上午 10:00-11:30 举行 2022 年度 暨 2023 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 三人行传媒集团股份有限公司 关于召开 2022 年度暨 2023 年第一季度 业绩说明会的公告 董事会秘书：李达先生 财务总监：陈胜先生 本次投资者说明会以视频结合网络互动召开，公司将针对 2022 年度和 2023 年第一季度经营成果及财务指标的具体情况与投资者进行互动交流 ...

Financial Performance - Total operating revenue for Q1 2023 reached ¥930,859,822.98, an increase of 4.4% compared to ¥894,769,497.38 in Q1 2022[10] - The company reported a net profit of ¥69,427,472.95 in Q1 2023, a significant recovery from a loss of ¥7,251,576.92 in the same period last year[10] - The net profit attributable to shareholders increased by 134.71%, primarily due to the growth in main business profits and investment returns from Juzhi Biotechnology[23] - The total profit for the period was ¥162,170,799.20, compared to ¥67,093,794.62 in the same period last year[47] - The comprehensive income total for the period was ¥142,696,812.64, a substantial increase from ¥60,138,997.81 year-over-year[47] Costs and Expenses - Total operating costs for Q1 2023 were ¥838,821,563.45, slightly up from ¥833,298,828.36 in Q1 2022[10] - Research and development expenses increased to ¥11,433,716.28 in Q1 2023, compared to ¥8,876,233.67 in Q1 2022, reflecting a growth of 28.3%[10] - Total cash payments for goods and services amounted to RMB 1,581,387,894.96 in Q1 2023, compared to RMB 798,500,994.55 in Q1 2022, reflecting a rise of approximately 98%[59] - Cash paid to employees increased to RMB 96,705,352.65 in Q1 2023 from RMB 60,210,052.78 in Q1 2022, marking an increase of around 60%[59] Cash Flow and Liquidity - Cash and cash equivalents decreased to ¥296,978,911.96 as of March 31, 2023, down from ¥558,958,299.50 at the end of 2022, representing a decline of 46.9%[6] - The net cash flow from operating activities was -489,018,289.90 RMB, compared to -349,933,347.59 RMB in the previous period[14] - The net cash flow from investment activities was -6,203,711.10 RMB, compared to -1,648,438.00 RMB in the previous period[14] - The net cash flow from financing activities was 240,414,462.14 RMB, compared to 172,740,367.59 RMB in the previous period[14] - Cash inflows from operating activities totaled RMB 1,267,978,803.12 in Q1 2023, up from RMB 602,821,173.10 in Q1 2022, representing a growth of approximately 110%[59] - Cash received from sales of goods and services was RMB 1,255,596,624.24 in Q1 2023, compared to RMB 584,759,952.12 in Q1 2022, indicating a year-over-year increase of about 114%[59] Assets and Liabilities - Total assets as of March 31, 2023, were ¥4,709,129,626.02, down from ¥5,307,487,463.86 at the end of 2022, indicating a decrease of 11.2%[8] - Total liabilities decreased to ¥1,968,044,054.82 from ¥2,710,143,163.61, a reduction of 27.3%[8] - The company’s equity attributable to shareholders increased to ¥2,719,799,312.65 from ¥2,577,599,922.50, reflecting a growth of 5.5%[8] Shareholder Information - The company had a total of 9,376 shareholders at the end of the reporting period[25] - The diluted earnings per share for the current period was 1.39 RMB, compared to 61.63 RMB in the previous period[21] - The basic earnings per share for the period was ¥1.39, reflecting a growth of 61.63% compared to the previous year[33] - The diluted earnings per share remained at ¥1.39, consistent with the basic earnings per share[48] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[12] - The company is focused on enhancing its core business operations to drive profitability[52] - The company has not provided any specific guidance for future performance in the conference call[54] Miscellaneous - The company recognized government subsidies amounting to ¥312,990.28, which are closely related to its normal business operations[35] - The report is based on unaudited financial statements for Q1 2023[56] - There were no audit opinion types applicable for the reporting period[53] - The company successfully executed advertising campaigns for major clients, contributing to stable profit growth[41]

Financial Performance - The company's operating revenue for 2022 reached ¥5,652,989,886.31, representing a 58.30% increase compared to ¥3,570,965,777.10 in 2021[24]. - The net profit attributable to shareholders of the listed company was ¥736,368,075.01, up 45.82% from ¥504,980,176.52 in the previous year[24]. - The net profit after deducting non-recurring gains and losses was ¥502,052,727.22, reflecting an 8.52% increase from ¥462,653,338.28 in 2021[24]. - Basic earnings per share increased by 15.17% to CNY 8.35 in 2022 from CNY 7.25 in 2021[26]. - Diluted earnings per share also rose by 15.17% to CNY 8.35 in 2022 compared to CNY 7.25 in 2021[26]. - The weighted average return on equity increased to 32.30% in 2022, up from 27.61% in 2021, reflecting a growth of 4.69 percentage points[26]. - The gross profit margin for the main business decreased by 4.47 percentage points to 16.68%[55]. - Operating costs increased to CNY 4,710.01 million, reflecting a year-on-year rise of 67.28%[52]. Cash Flow and Assets - The cash flow from operating activities showed a negative net amount of ¥154,772,756.35, compared to a positive cash flow of ¥295,402,278.84 in 2021[24]. - The total assets of the company at the end of 2022 amounted to ¥5,307,487,463.86, a 65.36% increase from ¥3,209,613,710.56 at the end of 2021[25]. - The company's net assets attributable to shareholders increased by 28.42% to ¥2,577,599,922.50 from ¥2,007,180,656.87 in 2021[25]. - The net cash flow from operating activities was negative at CNY -154.77 million, a significant decrease from CNY 295.40 million in the previous year[52]. - The company's cash and cash equivalents decreased by 28.32% to 558,958,299.50 yuan from 779,840,195.09 yuan[63]. - Accounts receivable increased by 112.68% to 3,082,772,140.33 yuan from 1,449,512,050.70 yuan[63]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of ¥22.00 per 10 shares, totaling approximately ¥223,096,035.80, and to increase the share capital by 4.50 shares for every 10 shares held[6]. - The company reported a net profit attributable to ordinary shareholders of 736,368,075.01 RMB, with cash dividends representing 30.30% of this profit[123]. - The total pre-tax remuneration for the chairman, Qian Jun Dong, was 3.09 million yuan[93]. Market and Industry Trends - The advertising market in 2022 saw an 11.8% year-on-year decline, with traditional media suffering while digital platforms showed resilience[41]. - The company is adapting to new marketing trends driven by technology, focusing on AI and data-driven marketing strategies to meet evolving client needs[39]. - The company is expanding its digital marketing business, which has seen a significant increase in revenue scale and proportion, but this has also contributed to the decline in gross margin[84]. Governance and Compliance - The company has established a governance structure that complies with legal regulations, ensuring transparency and fairness in shareholder meetings[86]. - The board of directors consists of 7 members, including 3 independent directors, adhering to legal and regulatory requirements[87]. - The company has implemented strict information disclosure practices, ensuring timely and accurate communication with investors[87]. - The company has committed to improving its governance structure and operational compliance continuously[88]. Strategic Initiatives - The company is exploring new growth avenues through strategic investments in high-quality targets, including successful IPOs of invested companies[39]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and product efficiency[143]. - The company announced a strategic acquisition of a smaller competitor for $200 million to enhance its market position[143]. Risks and Challenges - The company has acknowledged potential risks related to industry and market factors in its forward-looking statements[10]. - The company faces risks including intensified market competition, high client concentration, and rising media resource procurement costs[81][82]. - The company faces risks from changes in industry policies that could impact advertising demand and marketing behaviors, which are closely tied to the national economy[84]. Employee and Talent Management - The total number of employees across the parent company and major subsidiaries is 1,163, with 305 in creative and technical roles, and 649 in project execution[114]. - The company has a high-quality talent team, including professionals with experience from renowned 4A advertising firms, ensuring strong creative and strategic capabilities[50]. - The company has implemented a stock incentive plan to enhance motivation among core management and key employees, aligning their interests with the company's performance[115]. Social Responsibility - A total of 162 million RMB was donated to Chang'an University and He Dian Central School in Anhui Province during 2022[137]. - The company has not reported any environmental penalties during the reporting period[134]. - The company has not implemented any carbon reduction measures during the reporting period[135].

Revenue and Profit Performance - Revenue for the current reporting period reached RMB 1,535,797,991.73, a year-on-year increase of 108.00%[7] - Net profit attributable to shareholders of the listed company for the current reporting period was RMB 85,972,102.84, a year-on-year decrease of 8.37%[7] - Revenue from the beginning of the year to the end of the reporting period was RMB 3,568,634,533.95, a year-on-year increase of 66.62%[7] - Net profit attributable to shareholders of the listed company from the beginning of the year to the end of the reporting period was RMB 302,112,697.29, a year-on-year increase of 15.88%[7] - Total operating revenue for the first three quarters of 2022 was 3,568,634,533.95, compared to 2,141,724,744.76 in the same period of 2021[35] - Net profit for the first three quarters of 2022 was 302,048,492.32, compared to 260,709,004.36 in 2021[38] Asset and Liability Changes - Total assets at the end of the reporting period were RMB 4,325,731,502.48, a year-on-year increase of 34.77%[7] - The increase in total assets was primarily due to the expansion of sales scale and an increase in accounts receivable within the credit period[15] - Total assets increased to 4,325,731,502.48, up from 3,209,613,710.56[32] - Total liabilities increased to 2,166,524,702.78 from 1,202,433,053.69[32] - Total equity attributable to owners of the parent company increased to 2,141,597,452.79 from 2,007,180,656.87[34] Earnings Per Share and Return on Equity - Basic earnings per share for the current reporting period were RMB 0.85, a year-on-year decrease of 37.04%[7] - Diluted earnings per share for the current reporting period were RMB 0.85, a year-on-year decrease of 37.04%[7] - Weighted average return on equity for the current reporting period was 4.10%, a decrease of 1.40 percentage points year-on-year[7] - Basic earnings per share (EPS) for the first three quarters of 2022 were 3.60, down from 3.74 in 2021[40] Cash Flow and Monetary Funds - The company's monetary funds decreased from 779,840,195.09 yuan to 277,415,340.73 yuan, a significant drop of 64.4%[25] - Sales of goods and services received cash of 2,578,373,127.22 yuan, a significant increase compared to 1,856,555,527.95 yuan in the same period last year[44] - Net cash flow from operating activities was -722,645,033.57 yuan, compared to -227,240,416.83 yuan in the same period last year[44] - Cash received from tax refunds increased to 5,036,487.30 yuan from 8,419.53 yuan in the same period last year[44] - Cash paid for goods and services increased to 2,895,149,559.32 yuan from 1,868,627,665.60 yuan in the same period last year[44] - Net cash flow from investing activities was -249,773,376.99 yuan, compared to -210,310,653.81 yuan in the same period last year[46] - Cash received from financing activities increased to 758,471,376.88 yuan from 102,000,000.00 yuan in the same period last year[46] - Net cash flow from financing activities was 396,203,451.72 yuan, compared to -142,730,243.73 yuan in the same period last year[46] - The ending balance of cash and cash equivalents was 192,364,306.25 yuan, a decrease from 520,956,177.86 yuan in the same period last year[46] Accounts Receivable and Prepayments - Accounts receivable increased by 81.4% from 1,449,512,050.70 yuan to 2,629,196,048.28 yuan[29] - Prepayments rose by 67.9% from 116,230,112.49 yuan to 195,114,085.66 yuan[29] - Other receivables grew by 69.9% from 45,383,686.38 yuan to 77,075,215.46 yuan[29] - Inventory increased by 87.1% from 7,998,111.32 yuan to 14,964,760.95 yuan[29] - Total current assets rose by 32.0% from 2,436,330,177.86 yuan to 3,215,966,491.03 yuan[29] - Other non-current financial assets increased by 53.9% from 568,074,363.31 yuan to 874,274,533.95 yuan[29] - Total non-current assets grew by 43.5% from 773,283,532.70 yuan to 1,109,765,011.45 yuan[29] Operating Costs and R&D Expenses - Operating costs for the first three quarters of 2022 were 3,308,167,844.36, up from 1,883,950,792.56 in 2021[35] - R&D expenses increased to 28,554,796.28 from 20,419,544.79[37] Workforce and Revenue Growth - The company's workforce increased by over 50% compared to the same period last year[24] - The company maintained rapid revenue growth and steady profit improvement despite pandemic impacts[24] Short-term Borrowings and Accounts Payable - Short-term borrowings rose to 425,858,089.81 from 100,000,000.00[32] - Accounts payable increased to 1,238,928,181.77 from 922,600,336.77[32] Revenue Growth Drivers - The increase in revenue was mainly due to the successful expansion of key automotive clients such as SAIC General Motors Buick, Dongfeng Honda, FAW Toyota, and Dongfeng Fengshen, as well as increased budgets from existing clients in the consumer goods and e-commerce sectors[15]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥2,032,836,542.22, representing a 44.85% increase compared to ¥1,403,377,908.96 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥216,140,594.45, up 29.51% from ¥166,887,902.42 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥161,207,944.21, which is a 13.30% increase from ¥142,281,635.44 in the same period last year[21]. - Basic earnings per share for the first half of 2022 were ¥2.88, a 20.00% increase from ¥2.40 in the same period last year[21]. - The weighted average return on net assets was 10.33%, an increase of 0.76 percentage points compared to 9.57% in the previous year[21]. - The company reported a net cash flow from operating activities of -¥482,556,723.46, compared to -¥240,436,749.92 in the same period last year[21]. - The company achieved operating revenue of CNY 2,032,836,542.22, representing a year-on-year growth of 44.85%[52]. - Net profit attributable to shareholders reached CNY 21,614.06 million, an increase of 29.51% compared to the previous year[48]. - The total profit for the period was CNY 233,884,193.80, an increase of 20.5% from CNY 194,210,897.61 in the prior year[167]. - The company reported investment income of CNY 93,415,130.91, significantly higher than CNY 4,624,000.01 in the same period last year[167]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥3,609,211,924.23, reflecting a 12.45% increase from ¥3,209,613,710.56 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 2.31% to ¥2,053,509,077.56 from ¥2,007,180,656.87 at the end of the previous year[21]. - Cash and cash equivalents decreased by 75.31% to ¥192,511,276.38, down from ¥779,840,195.09, primarily due to increased capital usage from business expansion and investments[56]. - Accounts receivable increased by 40.92% to ¥2,042,592,920.61, compared to ¥1,449,512,050.70, driven by expanded sales volume and increased credit terms[56]. - Total liabilities increased to ¥2,127,782,978.46 from ¥1,250,403,187.60, representing a growth of approximately 70% year-over-year[161]. - Total assets reached ¥3,843,289,204.81, up from ¥2,998,961,716.99, indicating a growth of about 28% year-over-year[161]. - Current liabilities increased to RMB 1,495,150,449.19 from RMB 1,188,140,338.45, reflecting a rise of about 26%[152]. Market Position and Strategy - The company maintains a leading market position in integrated marketing services, focusing on digital marketing, event services, and campus media marketing[30]. - The company has established a comprehensive marketing service capability, providing integrated marketing services including brand strategy, creative planning, content production, media strategy, advertising placement, event execution, and performance evaluation[40]. - The company has formed strong partnerships with major internet media platforms, including ByteDance, Tencent, and Sina, enhancing its digital marketing capabilities[41]. - The company is positioned to benefit from the favorable policy environment and the ongoing digitalization of the advertising industry[39]. - The advertising industry in China is experiencing structural reforms and digital transformation, supported by government policies aimed at high-quality development[37]. Risks and Challenges - There are no significant risks that could materially affect the company's operations during the reporting period[9]. - The company faces risks from intensified market competition, particularly in the advertising industry, which may affect its operational performance[70]. - Customer concentration risk is present, as the company serves large, well-known enterprises, making it vulnerable to changes in their marketing budgets[71]. - Seasonal fluctuations in operating performance are anticipated, with higher revenue expected in the second half of the year due to client procurement cycles[74]. - Changes in industry policies could significantly impact advertising demand and the company's operational performance[76]. Shareholder and Governance - The company approved the 2022 Restricted Stock Incentive Plan, which was disclosed on January 26, 2022, and the first grant registration was completed by May 17, 2022[83]. - The actual controller and major shareholders committed to not transferring their shares for 36 months post-IPO, with specific conditions for share price adjustments based on corporate actions[92]. - The company guarantees that it will not use its position to harm the interests of its shareholders, particularly minority shareholders, through related party transactions[95]. - The company has committed to avoiding and minimizing related party transactions with its controlling shareholders and other entities it controls, ensuring fair pricing in accordance with market standards[95]. - The company has established a compensation fund for investors to address any direct economic losses resulting from its actions[101]. Research and Development - Research and development expenses increased by 38.00% to CNY 18,048,579.09, reflecting the company's commitment to innovation[52]. - The company's research and development expenses were CNY 2,291,584.78, down from CNY 3,607,151.62, suggesting a potential focus on cost management[167]. Cash Flow - Cash inflow from operating activities for the first half of 2022 was CNY 1,543,447,011.85, an increase of 20.9% compared to CNY 1,277,033,042.60 in the same period of 2021[175]. - Cash outflow from operating activities totaled CNY 2,026,003,735.31, up 33.5% from CNY 1,517,469,792.52 in the first half of 2021[178]. - Net cash flow from operating activities was negative CNY 482,556,723.46, worsening from negative CNY 240,436,749.92 year-on-year[178]. - Cash inflow from investment activities was CNY 90,683,905.13, significantly down from CNY 884,685,200.01 in the first half of 2021[178]. - Net cash flow from investment activities was negative CNY 265,721,716.87, compared to negative CNY 62,646,070.98 in the same period last year[178].