Core Viewpoint - Hubei Broadcasting and Television Network Co., Ltd. (Hubei Broadcasting) received a warning letter from the China Securities Regulatory Commission (CSRC) due to inadequate internal controls and improper revenue recognition, leading to financial statement corrections for 2023 [1][3][4]. Financial Performance - In 2023, Hubei Broadcasting reported total revenue of 1.967 billion yuan, with a net loss attributable to shareholders of approximately 647 million yuan and a non-recurring net loss of about 676 million yuan [5][6]. - The company has experienced continuous losses over recent years, with net losses of approximately 690 million yuan in 2020, 446 million yuan in 2021, 595 million yuan in 2022, and 676 million yuan in 2023 [6]. - For the first half of 2025, Hubei Broadcasting achieved revenue of 822 million yuan, a year-on-year decline of 11.13%, with a net loss of 246 million yuan, further widening compared to the same period last year [7]. Regulatory Actions - The CSRC found that Hubei Broadcasting violated the "Management Measures for Information Disclosure of Listed Companies," leading to the issuance of a warning letter to the company and its key executives [3][4]. - The company is required to submit a rectification report within 30 days and is expected to enhance its compliance with relevant laws and regulations [4]. Operational Challenges - The company faces challenges due to industry downturns and intensified market competition, which have led to a decrease in average revenue per user (ARPU) and a decline in revenue from profitable television and broadband services [7]. - Fixed costs, such as labor and depreciation, remain rigid and do not decrease proportionally with revenue declines, exacerbating the impact on profitability [7]. Strategic Response - Hubei Broadcasting plans to continue promoting the integration of "culture + technology" and strengthen its collaborative advantages in content and network to accelerate its transformation into a comprehensive information service provider [7].

Market Overview - The television broadcasting sector increased by 0.34% compared to the previous trading day, with GuiGuang Network leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Stock Performance - GuiGuang Network (600996) closed at 66.8, up 10.04% with a trading volume of 677,900 shares and a transaction value of 601 million [1] - Hubei Broadcasting (000665) closed at 5.88, up 2.08% with a trading volume of 320,500 shares and a transaction value of 187 million [1] - Other notable performers include: - Electric Broadcasting Media (000917) at 7.86, up 1.81% [1] - ST Guangwang (600831) at 4.78, up 1.70% [1] - New Media Co. (300770) at 46.11, up 0.94% [1] Fund Flow Analysis - The television broadcasting sector experienced a net outflow of 53.9764 million from institutional investors and a net outflow of 110 million from speculative funds, while retail investors saw a net inflow of 164 million [2] - The fund flow for key stocks includes: - GuiGuang Network had a net inflow of 16.414 million from institutional investors, but a net outflow of 95.9546 million from speculative funds [3] - Hubei Broadcasting saw a net inflow of 20.1779 million from institutional investors, with a net outflow of 5.059 million from speculative funds [3] - Electric Broadcasting Media had a net inflow of 1.8656 million from institutional investors [3]

Core Viewpoint - Hubei Broadcasting and Television Network Co., Ltd. received a warning letter from Hubei Securities Regulatory Bureau due to improper revenue recognition in 2023, leading to inaccurate financial data disclosure in the annual report [1] Group 1 - The company was issued a warning letter on September 18, 2025, regarding the accounting errors [1] - The errors were related to the revenue recognition of customer projects by its wholly-owned subsidiary, Hubei Broadcasting and Television Information Network Wuhan Investment Co., Ltd., and its Wuhan branch [1] - The company disclosed the correction of these accounting errors in an announcement on April 29, 2025 [1]

Core Viewpoint - Hubei Broadcasting and Television Network Co., Ltd. received a warning letter from Hubei Securities Regulatory Bureau due to improper revenue recognition in 2023, leading to inaccurate financial data disclosure in the annual report [1] Group 1: Company Announcement - On September 18, 2025, the company received a decision from Hubei Securities Regulatory Bureau regarding the issuance of a warning letter [1] - The warning is related to the company's previous announcement on April 29, 2025, concerning corrections of accounting errors and retrospective adjustments [1] Group 2: Financial Impact - The improper revenue recognition occurred in the company's wholly-owned subsidiary, Hubei Broadcasting and Television Information Network Wuhan Investment Co., Ltd., and its Wuhan branch [1] - The errors in revenue recognition affected the financial data disclosed in the 2023 annual report [1]

吸取教训，加强相关法律法规学习，提高规范运作意识，全面梳理此 类业务，严格执行财务和会计管理制度，切实履行勤勉尽责义务，杜 绝类似行为再次发生。同时，公司应于收到本决定书之日起 30 日内 向我局报送整改报告。 如果对本监督管理措施不服，可以在收到本决定书之日起 60 日 内向中国证监会提出行政复议申请，也可以在收到本决定书之日起 6 个月内向有管辖权的人民法院提起诉讼。复议与诉讼期间，上述监督 管理措施不停止执行。" 证券代码：000665 证券简称：湖北广电 公告编号：2025-031 湖北省广播电视信息网络股份有限公司 关于收到湖北证监局警示函的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 湖北省广播电视信息网络股份有限公司（以下简称湖北广电或公 司）于 2025 年 9 月 18 日收到中国证券监督管理委员会湖北监管局（以 下简称湖北证监局）出具的《关于对湖北省广播电视信息网络股份有 限公司及有关责任人采取出具警示函措施的决定》（〔2025〕59 号） （以下简称警示函），现将具体情况公告如下： 一、警示函的具体内容 "湖北省广播电视信息网络股 ...

Core Viewpoint - Hubei Broadcasting received a warning letter from Hubei Securities Regulatory Bureau due to improper revenue recognition in its customer acquisition project for 2023, leading to inaccurate financial data disclosure in the annual report [1] Group 1: Regulatory Actions - The warning letter was issued because the company violated the "Management Measures for Information Disclosure of Listed Companies" [1] - Key responsible individuals, including the chairman, general manager, and CFO, are held accountable for the inaccuracies [1] - The company is required to submit a rectification report within 30 days [1] Group 2: Company Response - The company and responsible personnel are taking the warning seriously and will implement corrective measures to prevent similar issues in the future [1] - The company emphasizes its commitment to protecting shareholder interests [1] - The warning letter does not affect the company's normal operations, and it will continue to fulfill its information disclosure obligations as required [1]

Market Overview - The television broadcasting sector experienced a decline of 2.17% on September 18, with Jishi Media leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Jishi Media (601929) closed at 5.02, down 7.21% with a trading volume of 6.0892 million shares and a turnover of 3.213 billion yuan [1] - ST Guangwang (600831) closed at 4.70, down 5.05% with a trading volume of 127,300 shares and a turnover of 61.36 million yuan [1] - Hubei Broadcasting (000665) closed at 5.76, down 2.54% with a trading volume of 431,900 shares and a turnover of 252 million yuan [1] Capital Flow Analysis - The television broadcasting sector saw a net outflow of 547 million yuan from institutional investors, while retail investors had a net inflow of 555 million yuan [1] - The table of capital flow indicates that major stocks like Dongfang Mingzhu (600637) and Jiangsu Cable (600959) had mixed capital inflows and outflows [2] Detailed Capital Flow for Selected Stocks - Dongfang Mingzhu (600637) had a net inflow of 7.7881 million yuan from institutional investors, while retail investors saw a net outflow of 6.9660 million yuan [2] - Jiangsu Cable (600959) recorded a net inflow of 7.2917 million yuan from institutional investors, with a net outflow of 16.2195 million yuan from retail investors [2] - ST Guangwang (600831) experienced a significant net outflow of 12.0973 million yuan from institutional investors, while retail investors had a net inflow of 6.6598 million yuan [2]

Group 1 - The company, Hubei Broadcasting (000665), reported that as of September 10, 2025, the number of shareholders is 72,961 [1]

Market Overview - The television broadcasting sector increased by 1.61% compared to the previous trading day, with Jishi Media leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - Jishi Media (601929) closed at 6.11, up 5.89%, with a trading volume of 6.35 million shares and a turnover of 3.8 billion yuan [1] - Gehua Cable (600037) closed at 8.51, up 2.78%, with a trading volume of 266,600 shares and a turnover of 226 million yuan [1] - Tianwei Video (002238) closed at 8.58, up 1.18%, with a trading volume of 60,700 shares and a turnover of 51.89 million yuan [1] - Hubei Broadcasting (000665) closed at 6.13, up 0.82%, with a trading volume of 255,400 shares and a turnover of 156 million yuan [1] - Other notable stocks include Dongfang Mingzhu (600637) and Jiangsu Cable (600959), which saw minor increases of 0.35% and 0.26% respectively [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 24.26 million yuan from institutional investors, while retail investors saw a net inflow of 21.2 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Detailed Capital Flow for Selected Stocks - Hubei Broadcasting (000665) had a net inflow of 25.62 million yuan from institutional investors, while retail investors had a net outflow of 11.75 million yuan [3] - Jishi Media (601929) saw a net inflow of 21.80 million yuan from retail investors, despite a significant outflow of 169 million yuan from institutional investors [3] - Guangxi Broadcasting (600936) had a net inflow of 8.35 million yuan from institutional investors, while retail investors experienced a net outflow of 8.37 million yuan [3]

Market Overview - The television broadcasting sector increased by 0.35% compared to the previous trading day, with Oriental Pearl leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up by 1.65%, while the Shenzhen Component Index closed at 12979.89, up by 3.36% [1] Individual Stock Performance - Oriental Pearl (600637) closed at 69.8, rising by 1.88% with a trading volume of 837,900 shares and a transaction value of 717 million yuan [1] - Other notable stocks include: - Haoliang Co. (301262) at 25.63, up by 1.10% [1] - Guiguang Network (600996) at 8.28, up by 0.61% [1] - Tianwei Video (002238) at 8.48, up by 0.59% [1] - Wireless Media (301551) at 49.00, up by 0.51% [1] Capital Flow Analysis - The television broadcasting sector experienced a net outflow of 164 million yuan from institutional investors and 122 million yuan from speculative funds, while retail investors saw a net inflow of 286 million yuan [2] - The capital flow for individual stocks shows: - Oriental Pearl had a net inflow of 43.39 million yuan from institutional investors, but a net outflow of 25.59 million yuan from speculative funds [3] - New Media Co. (300770) had a net inflow of 1.88 million yuan from institutional investors, with a significant outflow from speculative funds [3] - ST Guangwang (600831) faced a net outflow of 6.43 million yuan from institutional investors [3]