Financial Performance - Total assets at the end of the reporting period reached ¥3,701,889,387.30, an increase of 3.39% compared to the end of the previous year[8] - Net assets attributable to shareholders of the listed company amounted to ¥2,620,031,608.72, reflecting a growth of 5.14% year-on-year[8] - Operating revenue for the reporting period was ¥407,040,757.39, a decrease of 2.32% compared to the same period last year[8] - Net profit attributable to shareholders of the listed company was ¥73,608,585.24, representing an increase of 14.48% year-on-year[8] - Basic earnings per share for the reporting period was ¥0.12, up by 20.00% compared to the same period last year[8] - The weighted average return on net assets was 2.85%, an increase of 0.17% from the previous year[8] - The net profit after deducting non-recurring gains and losses was ¥72,309,464.07, an increase of 16.95% year-on-year[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,794[12] - The largest shareholder, Shenzhen Broadcasting Film and Television Group, holds 57.77% of the shares, totaling 356,663,124 shares[12] Cash Flow and Receivables - The net cash flow from operating activities for the year-to-date was ¥419,516,199.70, a decrease of 9.29% compared to the previous year[8] - Accounts receivable increased by 39.41% to 74,891,876.69 from 53,719,270.91 due to outstanding transmission fees from Shenzhen Broadcasting Group[16] - Other receivables rose by 81.95% to 32,243,564.00 from 17,721,049.16 due to unsettled transactions[16] Inventory and Investments - Inventory decreased by 34.00% to 19,071,413.71 from 28,895,637.12 as a result of product sales[16] - The company reported a significant increase in investment in Shenzhen Qianhai Tianhe Cultural Industry Fund, with a rise of 268.34% to 137,850,000.00 from 37,425,000.00[16] - Engineering materials increased by 32.89% to 75,834,130.55 from 57,065,612.89 due to increased procurement[16] Operational Efficiency - Operating tax and additional charges decreased by 56.91% to 3,086,889.18 from 7,163,470.23 due to exemptions on basic cable television maintenance fees[16] - Asset impairment losses decreased by 38.69% to 2,167,969.82 from 3,535,909.40 as a result of reduced bad debt provisions[16] - Non-operating income fell by 69.64% to 5,150,630.03 from 16,964,948.43 due to the recognition of government subsidies[16] Independence and Governance - Shenzhen Tianwei Video Technology Co., Ltd. reported a commitment from Shenzhen Broadcasting Group to avoid competition with the company and its subsidiaries[19] - Shenzhen Broadcasting Group pledged to ensure that any related transactions with the listed company will be conducted at fair and reasonable prices, similar to those with independent third parties[20] - The company emphasized the importance of maintaining asset independence, ensuring that its assets are not mixed with those of Shenzhen Broadcasting Group[20] - The management team of the company will not hold positions in other enterprises controlled by Shenzhen Broadcasting Group, ensuring operational independence[20] - The company has established an independent financial department capable of making autonomous financial decisions and maintaining a separate accounting system[20] - Shenzhen Broadcasting Group committed to ensuring the financial independence of the listed company, including independent bank accounts and tax obligations[20] - The company will continue to uphold its independent corporate governance structure, ensuring that its shareholder meetings and board of directors operate independently[20] - Shenzhen Broadcasting Group has made long-term commitments to avoid actions that could harm the interests of the listed company[19] - The company is focused on maintaining a clear separation between its operations and those of Shenzhen Broadcasting Group to prevent conflicts of interest[19] Profit Commitments and Auditing - The net profit commitments for the years 2015, 2016, and 2017 are set at RMB 12.3962 million, RMB 15.6985 million, and RMB 16.8086 million respectively[22] - The company will hire a qualified auditing firm to audit the net profit figures against the commitments made by Shenzhen Broadcasting Group during the profit compensation period[22] - Shenzhen Broadcasting Group has committed to ensure that the company does not incur any losses due to unpaid network pipeline usage fees[22] - The compensation formula for net profit commitments includes a calculation based on the difference between predicted and actual audited net profits[22] - The company will impose a penalty of 0.05% per day on any overdue compensation amounts owed by Shenzhen Broadcasting Group[22] Related Party Transactions - The company maintains complete independence in its business operations and decision-making processes, ensuring no interference from the controlling group[21] - The company has established independent business processes and capabilities across its wholly-owned and controlling subsidiaries[21] - The group has pledged to minimize related party transactions to protect the interests of the listed company[21] - The company is committed to complying with the regulations set forth by the China Securities Regulatory Commission[21] - The company has a long-term commitment to provide accurate and complete information regarding its asset purchase transactions[22] - The company is committed to transparency in disclosing any related party transactions that may occur in the future[24] Market Strategy and Growth - The estimated net profit attributable to shareholders for 2016 is projected to be between ¥272.23 million and ¥353.90 million, representing a change of 0.00% to 30.00% compared to the previous year[29] - The company expects growth in user numbers for both high-definition interactive television and cable broadband services, contributing to stable business development[29] - The company has committed to strengthening internal management and enhancing operational efficiency, leading to a reduction in cost and expense expenditures[29] - The revenue composition includes approximately 40% from cable TV subscription fees, 18-19% from cable broadband, and 10% from value-added services[32] - The company is focused on business integration and increasing market marketing efforts to drive growth[29] - The company is actively pursuing market expansion and new strategies to enhance its competitive position[29] Competition and Services - The performance growth of Tianbao and Tianlong is attributed to new user acquisition and the upgrade of their networks, leading to increased value-added and broadband services revenue[33] - The company manages approximately 20 million people in Shenzhen, maintaining the highest market share in the cable TV business despite a high turnover rate among the population[33] - The company faces strong competition in broadband services from telecom operators, implementing differentiated strategies such as a 100M broadband package priced at 1,100 yuan per year[33] - The average revenue per user (ARPU) for the company's TV and broadband services is relatively high due to early market penetration and premium service fees[33] - Future growth points include leveraging network advantages to enhance enterprise and value-added services, particularly in collaboration with Yihe Shopping[33] - The company has diversified value-added services including VOD, time-shift playback, and smart community services, with potential for more content partnerships through the promotion of 4K set-top boxes[33] - The company currently operates over 1,000 WiFi hotspots in Shenzhen, provided free to broadband users to increase customer loyalty[33] - Business revenue from commercial clients is on the rise, with a dedicated team established in 2015 to expand broadband and VPN services for enterprises[33] - The company is exploring external development opportunities, focusing on the upstream and downstream of the industry chain, with the acquisition of Yihe in 2015 as a notable attempt[34] - The company is currently formulating its strategic direction for future external development, with no specific plans finalized yet[34]

Financial Performance - The company's operating revenue for the first half of 2016 was ¥821,737,636.63, a decrease of 7.50% compared to ¥888,368,166.10 in the same period last year[21]. - The net profit attributable to shareholders of the listed company increased by 10.36% to ¥157,762,455.46, up from ¥142,958,818.38 in the previous year[21]. - The net cash flow from operating activities decreased by 21.13% to ¥246,534,397.26, compared to ¥312,575,857.66 in the same period last year[21]. - Basic earnings per share rose by 10.32% to ¥0.2555, compared to ¥0.2316 in the previous year[21]. - Total assets at the end of the reporting period were ¥3,664,401,556.02, an increase of 2.35% from ¥3,580,339,149.86 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 2.19% to ¥2,546,423,023.47, compared to ¥2,491,973,252.66 at the end of the previous year[21]. - The weighted average return on net assets increased to 6.14%, up from 5.73% in the previous year[21]. - The company reported a total of ¥2,901,585.70 in non-recurring gains and losses during the reporting period[26]. - The completion rates for the company's 2016 revenue and net profit targets were 45.36% and 54.94%, respectively[39]. User Metrics - The total number of cable digital TV user terminals reached 2.1578 million, a decrease of 19,400 compared to the end of last year, representing a decline rate of 0.89%[29]. - The number of interactive TV user terminals increased by 30,100 to 938,700, with high-definition interactive TV user terminals accounting for 92.7% of this total, reflecting a penetration rate increase of 1.83%[30]. - The number of paid channel user terminals rose by 20,000 to 148,500, while the number of cable broadband paying users increased by 20,500 to 307,200, marking a growth rate of 7.15%[29][31]. - The company has integrated over 3 million users after consolidating Shenzhen's cable network, enhancing its user resource advantage[42]. - The company has expanded its potential user base to nearly 40 million by acquiring Yihe Co., which operates in 14 cities[43]. Investment and Costs - Operating costs decreased by 11.91% to approximately CNY 521.45 million, indicating improved cost management[37]. - Sales expenses were reduced by 9.51% to approximately CNY 58.43 million, reflecting efficiency in marketing expenditures[37]. - The company reported a significant increase in investment activities, with a net cash outflow of CNY 385,089,453.70, up 208.65% year-on-year[43]. - The company invested CNY 100,425,000.00 in external equity, marking a 100% increase from the previous year[45]. - The company has ongoing procurement activities, including a recent purchase of 1,097.5 million CNY worth of network devices, with 95% of the payment already made[123]. Strategic Initiatives - The company is actively exploring new business models and expanding into smart home and community services to counteract competition from IPTV and internet video services[34]. - The company plans to establish a holding subsidiary in the Shenzhen-Shanwei Cooperation Zone to expand its business beyond Shenzhen[34]. - The company is enhancing its competitive edge in broadband services by improving product value and seeking favorable policies from industry regulators[36]. - The company is focusing on business integration and enhancing operational efficiency, leading to a reduction in cost expenditures[62]. - The company is committed to enhancing its research and development efforts for new products and technologies[186]. Governance and Compliance - The company has implemented a series of internal control measures to mitigate risks and ensure compliance with legal regulations[74]. - The governance structure is robust, with clear responsibilities among the board, management, and supervisory bodies, ensuring effective oversight and decision-making[73]. - The company has established a comprehensive information disclosure management system to ensure timely and accurate communication with investors[74]. - The company has established a significant error accountability mechanism for annual report disclosures to enhance the quality and transparency of financial reporting[75]. - The company has committed to maintaining asset integrity, ensuring that its assets are distinct and not mixed with those of Shenzhen Broadcasting Group[129]. Shareholder and Dividend Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company implemented a profit distribution plan for 2015, distributing a cash dividend of ¥2 per 10 shares and a capital reserve conversion of 2 shares for every 10 shares held[63]. - The total number of shares increased from 514,461,000 to 617,353,200 due to a capital reserve transfer of 2 shares for every 10 shares held[141]. - The company distributed a cash dividend of 2 RMB per 10 shares (before tax) as part of the 2015 annual profit distribution plan[141]. Market Position and Competition - The company's broadband business faces strong competition from telecom operators, with a focus on differentiated strategies such as a 100M broadband package priced at 1,100 RMB per year[67]. - The average revenue per user (ARPU) is relatively high compared to industry peers, attributed to early market penetration and high maintenance fees for basic services[67]. - The company is actively upgrading its network to improve service quality and maintain a competitive edge against IPTV technology advancements[67]. - The company is exploring external growth opportunities, primarily focusing on upstream and downstream of the industry chain, with a recent acquisition of a related company[68]. Future Outlook - The company expects net profit attributable to shareholders for the first three quarters of 2016 to be between ¥20,205.05 million and ¥26,266.57 million, representing a change of 0.00% to 30.00% compared to the same period in 2015[61]. - Future outlook includes potential mergers and acquisitions to strengthen market position and expand service capabilities[56]. - The company aims to leverage new technologies in its operations to enhance efficiency and customer satisfaction[56]. - The company plans to continue expanding its market presence and invest in new technologies[186].

Financial Performance - The company's operating revenue for Q1 2016 was ¥416,532,622.59, a decrease of 3.25% compared to ¥430,519,659.32 in the same period last year[8] - Net profit attributable to shareholders increased by 14.15% to ¥74,415,223.61 from ¥65,189,364.01 year-on-year[8] - The net profit after deducting non-recurring gains and losses rose by 14.50% to ¥73,486,032.38 compared to ¥64,178,554.95 in the previous year[8] - Basic earnings per share increased by 14.13% to ¥0.1446 from ¥0.1267 year-on-year[8] - The net profit for the years 2015, 2016, and 2017 is projected to be CNY 12.3962 million, CNY 15.6985 million, and CNY 16.8086 million respectively, excluding non-recurring gains and losses[21] - The net profit attributable to shareholders for the first half of 2016 is expected to range from CNY 139.71 million to CNY 181.62 million, representing a growth of 0% to 30% compared to the same period in 2015[28] Cash Flow and Assets - The net cash flow from operating activities decreased by 17.14% to ¥99,802,072.48 from ¥120,453,212.31 in the same period last year[8] - Total assets at the end of the reporting period were ¥3,609,880,881.00, an increase of 0.83% from ¥3,580,339,149.86 at the end of the previous year[8] - Net assets attributable to shareholders increased by 2.97% to ¥2,565,967,991.63 from ¥2,491,973,252.66 at the end of the previous year[8] - Accounts receivable increased by 30.65% to 70,182,781.39 from 53,719,270.91 due to uncollected transmission fees[15] - Inventory decreased by 55.52% to 12,852,088.47 from 28,895,637.12 as a result of product sales[15] Financial Management and Governance - The company has established a complete and independent corporate governance structure, ensuring that its shareholder meetings, board of directors, and supervisory board operate independently[19] - The company ensures that its financial department operates independently, with a standardized financial accounting system and independent bank accounts[19] - Shenzhen Broadcasting Group has promised not to interfere with the financial operations of Shenzhen Tianwei Video, ensuring the company's financial independence[19] - The company has committed to ensuring that its senior management personnel do not hold positions in other enterprises controlled by Shenzhen Broadcasting Group[19] - The company has established a commitment to fair pricing in any potential related transactions with Shenzhen Broadcasting Group[19] Restructuring and Independence Commitments - The company is in compliance with all commitments made during the asset restructuring process[16] - Shenzhen Tianwei Video Technology Co., Ltd. reported a commitment to maintain the independence of the company and its assets during the major asset restructuring process[18] - The company has committed to avoiding related party transactions with Shenzhen Broadcasting Group, ensuring fair pricing based on market standards[23] - Shenzhen Broadcasting Group will not engage in any competitive activities that may harm the interests of Shenzhen Tianwei Video during the period of shareholding[18] - The company has established a long-term commitment to maintain independent operations and minimize related party transactions[20] Market Strategy and Growth - The company is actively pursuing market expansion and new product development strategies as part of its growth plan[17] - The company anticipates user growth in cable digital television, HD interactive television, and cable broadband services, contributing to stable business development[28] - The company continues to promote business integration and increase marketing efforts[28] - The company is focused on enhancing internal management and improving operational efficiency, leading to a reduction in cost expenditures[28] Compliance and Transparency - The company emphasizes compliance with relevant regulations from the China Securities Regulatory Commission[20] - The company has made commitments to ensure fair pricing and transparency in related party transactions[26] - The company will ensure that any competitive business opportunities are directed to Tianwei Video and its subsidiaries[24] - The company will ensure independent operations and maintain complete independence in business processes and decision-making[20]

Financial Performance - The company plans to achieve an operating revenue of CNY 1,811.50 million in 2016, a growth of 1.27% compared to the previous year[4]. - The total profit is projected to be CNY 300.69 million, reflecting a 4.93% increase year-over-year[4]. - The net profit attributable to shareholders is expected to reach CNY 287.14 million, marking a growth of 5.48% from the previous year[4]. - The company's operating revenue for 2015 was ¥1,788,768,424.23, a decrease of 11.12% compared to ¥2,012,661,121.89 in 2014[21]. - The net profit attributable to shareholders for 2015 was ¥272,231,576.33, an increase of 21.85% from ¥223,409,564.18 in 2014[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥260,172,428.57, up 68.56% from ¥154,354,167.61 in 2014[21]. - The basic earnings per share for 2015 was ¥0.5292, representing a growth of 23.07% compared to ¥0.43 in 2014[21]. - The company achieved operating revenue of CNY 178,876.84 million, a decrease of 11.12% compared to the previous year[45]. - The company reported a net profit attributable to shareholders of CNY 27,223.16 million, an increase of 21.85% year-on-year[45]. Business Expansion and Acquisitions - The company acquired 60% of Yihe Co., expanding its business into TV shopping and online shopping sectors, which is expected to optimize its business structure[5]. - The company completed the acquisition of 60% equity in Yihe Co., Ltd. on December 31, 2015, which was accounted for as a business combination under common control[26]. - The company aims to enhance its service offerings by integrating Yihe's retail capabilities with its cable TV network, transitioning towards becoming a comprehensive smart home service provider[103]. - The company established a new subsidiary, Shenzhen Changtai Media Co., Ltd., holding 51% of its shares, to expand its media operations[88]. - The company is involved in the acquisition of a 5% equity stake in Shanghai Yishan Digital Technology Co., Ltd., with a total investment of 15,000,000[76]. User Growth and Service Development - As of December 31, 2015, the company had 2.1772 million cable digital TV user terminals, an increase of 0.0026 million from the end of 2014[33]. - The number of interactive TV user terminals reached 908,600, up by 46,300 from the end of 2014, with 895,600 being HD interactive TV terminals[33]. - The company’s broadband paying user count was 286,700 as of December 31, 2015, an increase of 31,000 from the end of 2014[35]. - The company’s digital TV value-added services have expanded to include various modules such as TV games and education, enhancing user engagement[34]. - The company launched a broadband free upgrade initiative, resulting in 90% of users having access to 20M bandwidth or higher[35]. Risks and Challenges - The company faces risks from competition with IPTV and internet video services, which have led to user attrition in traditional cable TV[5]. - The company has identified risks related to concentrated revenue sources, primarily from cable TV viewing, broadband income, and program transmission, which are expected to remain significant contributors to revenue[98]. - The company faces competition from telecom and internet video service providers, which is reshaping video consumption patterns and posing challenges to traditional cable operators[96]. Research and Development - The company will continue to invest in technology research and development to maintain its competitive edge in the rapidly evolving market[6]. - Research and development investment increased by 95.37% to ¥66,712,923.26, which is 3.73% of operating revenue[65]. - The company completed the development of the Weishi 4K smart set-top box, with approximately 100,000 units deployed[64]. - The company is developing new technologies related to "smart communities" and "smart homes," including research on IoT[46]. Financial Governance and Shareholder Rights - The company has established an independent financial department capable of making autonomous financial decisions and maintaining a standardized accounting system[121]. - The company guarantees that its financial personnel are independently hired and not involved in other enterprises controlled by the group, ensuring financial independence[121]. - The company has committed to maintaining a complete and independent business process and operational capability for itself and its subsidiaries[121]. - The company has established a complete independent governance structure, ensuring the independence of its shareholder meetings, board of directors, and supervisory board[121]. - The company will prioritize acquiring shares in any competitive entities controlled by Shenzhen Broadcasting Group at fair prices[120]. Profit Distribution and Dividends - The company plans to distribute a cash dividend of CNY 0.20 per share (before tax) based on a total share base of 514,461,000 shares[7]. - The cash dividend for 2015 represents 37.80% of the net profit attributable to ordinary shareholders, which is 272,231,576.33 CNY[116]. - The company maintains a profit distribution policy ensuring that cash dividends distributed each year are no less than 10% of the distributable profits for that year[112]. - For 2015, the proposed cash dividend is 2.00 CNY per 10 shares, amounting to 102,892,200.00 CNY, with remaining undistributed profits of 783,283,658.51 CNY[116]. Social Responsibility and Environmental Commitment - The company actively supports social responsibility initiatives, including poverty alleviation and educational support for hope primary schools[195]. - The company emphasizes environmental protection by adhering to strict construction management practices to ensure no dust pollution during projects[194]. - The company is not classified as a heavily polluting industry according to national environmental protection regulations[195].

第一节 重要提示 深圳市天威视讯股份有限公司 2015 年第三季度报告正文 证券代码：002238 证券简称：天威视讯 公告编号：2015-063 深圳市天威视讯股份有限公司 2015 年第三季度报告正文 1 深圳市天威视讯股份有限公司 2015 年第三季度报告正文 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人郑鼎文、主管会计工作负责人龙云及会计机构负责人(会计主管人员)吕成业声明：保证季 度报告中财务报表的真实、准确、完整。 2 深圳市天威视讯股份有限公司 2015 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 √ 是 □ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度 | | --- | --- | --- | --- | --- | | | | | | 末增减 | | | | 调整前 | 调整后 | 调整后 | | 总资产 ...

2015 年 08 月 1 深圳市天威视讯股份有限公司 2015 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 深圳市天威视讯股份有限公司 2015 年半年度报告全文 深圳市天威视讯股份有限公司 2015 年半年度报告 公告编号：2015-049 所有董事均已出席了审议本报告的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 公司负责人郑鼎文、主管会计工作负责人龙云及会计机构负责人(会计主管 人员)吕成业声明：保证本半年度报告中财务报告的真实、准确、完整。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介 5 | | 第三节 | 会计数据和财务指标摘要 7 | | 第四节 | 董事会报告 9 | | 第五节 | 重要事项 21 | | 第六节 | 股份变动及股东情况 41 | | 第七节 | 优先股相关情况 45 | | 第八节 | 董事、监事、高级管理 ...

深圳市天威视讯股份有限公司 2015 年第一季度报告正文 证券代码：002238 证券简称：天威视讯 公告编号：2015-020 深圳市天威视讯股份有限公司 2015 年第一季度报告正文 1 深圳市天威视讯股份有限公司 2015 年第一季度报告正文 公司负责人郑鼎文、主管会计工作负责人龙云及会计机构负责人(会计主管 人员)吕成业声明：保证季度报告中财务报表的真实、准确、完整。 2 第一节 重要提示 深圳市天威视讯股份有限公司（以下简称"公司"）董事会、监事会及董事、 监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 深圳市天威视讯股份有限公司 2015 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 √ 是 □ 否 | | 本报告期 | 上年同期 | | 本报告期比上年同 | | --- | --- | --- | --- | --- | | | | | | 期增减 | | | | 调整前 ...

[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notices, the report's table of contents, and definitions of key terms used throughout the report [Important Notice](index=2&type=section&id=Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report content, with the Board approving a 2014 profit distribution plan to issue a cash dividend of CNY 2.00 (tax inclusive) and a capital reserve transfer of 3 shares for every 10 shares - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report content[3](index=3&type=chunk) 2014 Profit Distribution Plan | Metric | Content | | :--- | :--- | | Share Capital Base | 395,739,231 shares | | Cash Dividend per 10 Shares | 2.00 CNY (tax inclusive) | | Bonus Shares per 10 Shares | 0 shares (tax inclusive) | | Capitalization Issue per 10 Shares | 3 shares | [Significant Risk Factors](index=2&type=section&id=Significant%20Risk%20Factors) The company faces multiple risks including concentrated revenue sources, intense industry competition, market saturation, related-party transaction risks, technological upgrade challenges, and tax policy changes, for which it has adopted countermeasures such as enhancing value-added services, optimizing products, improving user experience, standardizing related-party transactions, increasing R&D investment, and seeking tax incentives - The company's primary revenue sources are concentrated in cable TV subscription, cable broadband, and program transmission, making it susceptible to market fluctuations[5](index=5&type=chunk) - Traditional cable TV business faces intense competition from IPTV and internet video, leading to user churn and difficulties in broadband user growth[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's market is concentrated in the Shenzhen area, where market saturation may limit new user growth and impact basic subscription maintenance fee revenue[7](index=7&type=chunk) - The company has frequent related-party transactions with its major shareholder, Shenzhen Media Group, and its controlled entities, totaling **CNY 122.6366 million in 2014**, posing potential financial risks[7](index=7&type=chunk) - The acceleration of "triple play" development necessitates network upgrades, exposing the company to technology outlook, development, application, and loss risks, requiring continuous increase in R&D investment[8](index=8&type=chunk) - The company and its wholly-owned subsidiaries benefit from corporate income tax and VAT preferential policies, and changes in these policies could impact operating performance[9](index=9&type=chunk)[10](index=10&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section provides definitions for common terms and company-related entities used in the report to ensure consistent understanding of its content - "Company" or "the Company" refers to Shenzhen Topway Video Communication Co., Ltd[15](index=15&type=chunk) - "Shenzhen Media Group" refers to Shenzhen Media Group, the company's major shareholder[15](index=15&type=chunk) - "Tianbao Network" and "Tianlong Network" refer to Shenzhen Tianbao Broadcast and Television Network Co., Ltd. and Shenzhen Tianlong Broadcast and Television Network Co., Ltd., both subsidiaries of the company[15](index=15&type=chunk) [Part II Company Profile](index=11&type=section&id=Part%20II%20Company%20Profile) This section provides an overview of the company's fundamental information, including its corporate details, contact information, and registration changes [I. Company Information](index=11&type=section&id=I.%20Company%20Information) This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, legal representative, registered and office addresses, company website, and email address Company Basic Information | Metric | Content | | :--- | :--- | | Stock Abbreviation | Topway Video | | Stock Code | 002238 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 深圳市天威视讯股份有限公司 | | Legal Representative | Zheng Dingwen | | Registered/Office Address | No. 6001, Caitian Road, Futian District, Shenzhen | [II. Contact Persons and Information](index=11&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative for investor and stakeholder communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhong Lin | No. 6001, Caitian Road, Futian District, Shenzhen | 0755-83069184 | 0755-83069184 | zl@topway.cn | | Securities Affairs Representative | Lin Yang | No. 6001, Caitian Road, Futian District, Shenzhen | 0755-83067777 | 0755-83067777 | linyang@topway.cn | [III. Information Disclosure and Document Availability](index=11&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Availability) This section specifies the designated newspapers for company information disclosure, the official website of the China Securities Regulatory Commission, and the location where the annual report is available, ensuring transparency - The company's designated newspapers for information disclosure are "China Securities Journal" and "Securities Times"[26](index=26&type=chunk) - The official website of the China Securities Regulatory Commission for annual report publication is http://www.cninfo.com.cn[26](index=26&type=chunk) - The company's annual report is available at the Securities Affairs and Investment Development Department[26](index=26&type=chunk) [IV. Registration Changes](index=12&type=section&id=IV.%20Registration%20Changes) This section details the company's registration information, including initial and year-end registration dates, locations, registration numbers, tax registration numbers, and organization codes, noting no changes in principal business or controlling shareholder since listing Company Registration Information | Metric | Initial Registration | Registration at End of Reporting Period | | :--- | :--- | :--- | | Registration Date | July 18, 1995 | July 17, 2014 | | Registration Location | Shenzhen Administration for Industry and Commerce | Shenzhen Administration for Industry and Commerce | | Business License Registration Number | 440301102910798 | 440301102910798 | | Tax Registration Number | 44030019235964X | 44030019235964X | | Organization Code | 19235964-X | 19235964-X | - There have been no changes in the company's principal business or controlling shareholders since its listing[27](index=27&type=chunk) [V. Other Relevant Information](index=12&type=section&id=V.%20Other%20Relevant%20Information) This section discloses information about the accounting firm and financial advisor engaged by the company, including their names, office addresses, signing accountants, and the financial advisor's continuous supervision period Accounting Firm Engaged by the Company | Name | Lixin Certified Public Accountants (Special General Partnership) | | :--- | :--- | | Office Address | 4th Floor, No. 61, Nanjing East Road, Huangpu District, Shanghai | | Signing Accountants | Zou Junmei, Gao Junlei | Financial Advisor Engaged by the Company | Name | BOC International (China) Co., Ltd. | | :--- | :--- | | Office Address | 39th Floor, BOC Tower, No. 200, Yin Cheng Road Central, Pudong New Area, Shanghai | | Lead Persons | Zhang Chi, Lu Yi | | Continuous Supervision Period | 2014—2015 | [Part III Summary of Accounting Data and Financial Indicators](index=13&type=section&id=Part%20III%20Summary%20of%20Accounting%20Data%20and%20Financial%20Indicators) This section provides a concise overview of the company's key accounting data and financial indicators, highlighting significant changes and non-recurring items [I. Key Accounting Data and Financial Indicators](index=13&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for 2014, comparing them with 2013 and 2012 data, showing growth in operating revenue, net profit, and net cash flow from operating activities Key Accounting Data and Financial Indicators (2014 vs 2013) | Metric | 2014 (CNY) | 2013 (Adjusted, CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,315,685,093.55 | 1,298,174,184.61 | 1.35% | | Net Profit Attributable to Shareholders of Listed Company | 214,877,127.91 | 188,943,728.02 | 13.73% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 154,354,167.61 | 138,697,874.12 | 11.29% | | Net Cash Flow from Operating Activities | 670,002,878.10 | 538,097,605.60 | 24.51% | | Basic Earnings Per Share (CNY/share) | 0.54 | 0.48 | 12.50% | | Diluted Earnings Per Share (CNY/share) | 0.54 | 0.48 | 12.50% | | Weighted Average Return on Net Assets | 9.45% | 8.93% | 0.52% | Period-End Asset and Liability Data (End of 2014 vs End of 2013) | Metric | End of 2014 (CNY) | End of 2013 (Adjusted, CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | 3,037,778,790.64 | 2,793,276,644.63 | 8.75% | | Net Assets Attributable to Shareholders of Listed Company | 2,368,180,387.11 | 2,194,506,321.26 | 7.91% | [II. Non-Recurring Gains and Losses Items and Amounts](index=13&type=section&id=II.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for 2014, primarily including net profit/loss from subsidiaries under common control from the beginning of the period to the merger date and government grants, totaling **CNY 60,522,960.30** 2014 Non-Recurring Gains and Losses Items and Amounts | Item | 2014 Amount (CNY) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | -241,528.94 | | Government Grants Recognized in Current Profit/Loss | 4,035,783.37 | | Net Profit/Loss of Subsidiaries from Beginning of Period to Merger Date Arising from Business Combinations Under Common Control | 58,076,294.44 | | Other Non-Operating Income and Expenses Apart from the Above | -405,473.85 | | Less: Income Tax Impact | 371,972.18 | | Impact on Minority Interests (After Tax) | 570,142.54 | | Total | 60,522,960.30 | [Part IV Board of Directors' Report](index=15&type=section&id=Part%20IV%20Board%20of%20Directors%27%20Report) This section provides a comprehensive report from the Board of Directors, covering the company's operational overview, business analysis, financial status, core competencies, investment activities, future outlook, and corporate governance matters [I. Overview](index=15&type=section&id=I.%20Overview) In 2014, the company maintained steady operational development with improvements across key business segments, achieving year-on-year growth in operating revenue and net profit by expanding cable digital TV, HD interactive TV, and cable broadband services, alongside strengthening internal control management and completing the acquisition of Tianbao Network and Tianlong Network to expand user scale and market reach User Terminal Numbers at End of 2014 | Business Type | User Terminals (ten thousand units/households) | Increase from End of 2013 (ten thousand units/households) | | :--- | :--- | :--- | | Cable Digital TV User Terminals | 217.46 | 2.82 | | Interactive TV User Terminals | 86.23 | 5.84 | | HD Interactive TV User Terminals | 84.60 | 6.14 | | Pay Channel User Terminals | 11.40 | 3.06 | | Cable Broadband Paying Users | 25.57 | 3.81 | 2014 Key Financial Performance | Metric | Amount (CNY ten thousand) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 131,568.51 | 1.35% | | Operating Profit | 21,887.85 | 14.34% | | Total Profit | 22,260.62 | 9.88% | | Net Profit Attributable to Shareholders of Listed Company | 21,487.71 | 13.73% | - The company completed the acquisition of 100% equity in Tianbao Network and Tianlong Network, which are now wholly-owned subsidiaries, with business integration continuously progressing[38](index=38&type=chunk) [II. Analysis of Principal Business](index=15&type=section&id=II.%20Analysis%20of%20Principal%20Business) This section provides a detailed analysis of the company's three principal businesses—cable digital TV, cable broadband, and program transmission—for 2014, covering their operational status, revenue composition, costs, expenses, and R&D expenditures, demonstrating steady business growth through optimized marketing strategies, enriched content, technological innovation, and network integration [(1) Cable Digital TV Business](index=15&type=section&id=%281%29%20Cable%20Digital%20TV%20Business) The company expanded its basic user base by adjusting its urban village user acquisition strategy, cooperating with government crackdowns on illegal equipment, and broadening marketing channels; for value-added services, it added 8 new HD channels, offering 38 HD live and 170 SD live channels, enriched video-on-demand products, launched multiple commercial and public service programs, and reached **862,300 interactive TV user terminals** - In 2014, the company's cable digital TV user terminals totaled **2.1746 million**, including Tianbao Network and Tianlong Network[39](index=39&type=chunk) - The company added 8 new HD broadcast TV channels, including CCTV-2, now offering **38 HD live and 170 SD live channels**[39](index=39&type=chunk) - The Video-on-Demand (VOD) library has been built with SD content of **12,500 hours online and 50,000 hours in stock**, and HD content of **21,200 hours online and 25,000 hours in stock**[39](index=39&type=chunk) - As of the end of December 2014, interactive TV user terminals reached **862,300**, with HD interactive TV user terminals at **846,000**, accounting for **38.9%** of total cable digital TV user terminals[40](index=40&type=chunk) [(2) Cable Broadband Business](index=16&type=section&id=%282%29%20Cable%20Broadband%20Business) In 2014, the company implemented new marketing strategies, enhancing product competitiveness and increasing user stickiness through bandwidth upgrades, price reductions, and monthly promotional activities; as of December 31, 2014, cable broadband paying users reached **255,700 households**, an increase of **38,100 households** from the end of the previous year - The company enhanced its broadband business competitiveness through marketing activities such as "New Year's Gift," "Topway Broadband Major Upgrade," large bandwidth product price adjustments, and summer promotions[40](index=40&type=chunk) - As of December 31, 2014, the company's cable broadband paying users totaled **255,700 households**, an increase of **38,100 households** from the end of the previous year[41](index=41&type=chunk) [(3) Program Transmission Business](index=16&type=section&id=%283%29%20Program%20Transmission%20Business) During the reporting period, the company transmitted **49 domestic and international program reception channels** in accordance with a supplementary agreement signed with Shenzhen Media Group, achieving **CNY 88.9 million** in program transmission fee revenue for the year - In 2014, the company transmitted **49 domestic and international program reception channels** for Shenzhen Media Group's exclusive operation of terrestrial transmission services[41](index=41&type=chunk) 2014 Program Transmission Fee Revenue | Item | Amount (CNY ten thousand) | | :--- | :--- | | Program Transmission Fee Revenue | 8,890 | [2. Revenue](index=16&type=section&id=2.%20Revenue) In 2014, the company's operating revenue was **CNY 1.3156851 billion**, a year-on-year increase of **1.35%**, with the top five customers accounting for **10.97%** of total annual sales, and Shenzhen Media Group being the largest customer 2014 Operating Revenue | Metric | Amount (CNY) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 1,315,685,093.55 | 1.35% | 2014 Top Five Customer Sales | No. | Customer Name | Sales Amount (CNY) | % of Total Annual Sales | | :--- | :--- | :--- | :--- | | 1 | Shenzhen Media Group | 105,408,843.13 | 8.01% | | 2 | Guangdong Broadcast and Television Network Co., Ltd. | 13,580,528.30 | 1.03% | | 3 | Shenzhen Huaxia Vision Media Co., Ltd. | 11,753,060.38 | 0.89% | | 4 | Guangdong Cable Broadcast and Television Network Co., Ltd. | 8,743,885.27 | 0.66% | | 5 | Shaanxi Broadcast and Television Network Media (Group) Co., Ltd. | 4,795,807.90 | 0.36% | | Total | -- | 144,282,124.98 | 10.97% | [3. Costs](index=17&type=section&id=3.%20Costs) In 2014, the company's operating cost was **CNY 830.731 million**, a year-on-year increase of **1.58%**, with the top five suppliers accounting for **66.21%** of total annual purchases 2014 Operating Costs | Industry Classification | Item | 2014 Amount (CNY) | % of Operating Costs | 2013 Amount (CNY) | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Cable TV Industry | Operating Costs | 830,730,994.39 | 100.00% | 817,829,821.16 | 1.58% | 2014 Top Five Supplier Purchases | Metric | Amount (CNY) | | :--- | :--- | | Total Purchase Amount from Top Five Suppliers | 169,759,363.23 | | % of Total Annual Purchases | 66.21% | [4. Expenses](index=17&type=section&id=4.%20Expenses) In 2014, selling expenses and administrative expenses both saw slight increases, while financial expenses significantly decreased by **90.60%** year-on-year, primarily due to increased interest income, and income tax expenses decreased by **11.55%** year-on-year 2014 Changes in Expenses | Expense Type | 2014 Amount (CNY) | YoY Change | | :--- | :--- | :--- | | Selling Expenses | 84,271,361.73 | 0.73% | | Administrative Expenses | 171,793,731.12 | 1.96% | | Financial Expenses | -10,948,154.45 | -90.60%（primarily due to increased interest income） | | Income Tax Expenses | 4,629,484.96 | -11.55% | [5. R&D Expenditures](index=17&type=section&id=5.%20R%26D%20Expenditures) In 2014, the company's R&D expenditure was **CNY 30.8251 million**, accounting for **2.34%** of operating revenue, primarily focused on smart HD projects (including set-top boxes, APP, app stores, new media content aggregation platforms, hotel systems, etc.) and the integration of Tianbao and Tianlong companies' business and support systems, with the company receiving multiple invention patent acceptance notices during the reporting period R&D Expenditure Situation | Metric | 2014 (CNY ten thousand) | 2013 (CNY ten thousand) | 2012 (CNY ten thousand) | | :--- | :--- | :--- | :--- | | Operating Revenue | 131,568.51 | 129,817.42 | 126,779.76 | | R&D Expenditure | 3,082.51 | 5,618.64 | 2,538.00 | | % of Revenue | 2.34% | 4.33% | 2% | - In 2014, R&D efforts primarily focused on smart HD projects (smart HD set-top boxes, APP software development, app stores, new media content aggregation platforms, hotel systems) and the unification of Tianbao and Tianlong companies' business and support systems[48](index=48&type=chunk) - The company received multiple new invention patent acceptance notices in 2014, such as "Interaction Method and Device for Set-top Box and Smart Mobile Terminal" and "A Content Aggregation System Based on Digital TV"[51](index=51&type=chunk)[53](index=53&type=chunk) [6. Cash Flow](index=19&type=section&id=6.%20Cash%20Flow) In 2014, the company's net cash flow from operating activities significantly increased by **24.51%**, reaching **CNY 670.0029 million**; cash inflow from investing activities increased by **175.09%** year-on-year, primarily due to increased government grants, while cash inflow from financing activities decreased by **100%** year-on-year, mainly due to the previous period's receipt of shareholder investments from subsidiaries 2014 Cash Flow Situation | Item | 2014 Amount (CNY) | 2013 Amount (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 670,002,878.10 | 538,097,605.60 | 24.51% | | Subtotal of Cash Inflows from Investing Activities | 7,671,433.78 | 2,788,701.05 | 175.09% | | Net Cash Flow from Investing Activities | -328,894,887.42 | -277,265,345.15 | 18.62% | | Subtotal of Cash Inflows from Financing Activities | 0 | 11,331,978.00 | -100.00% | | Net Cash Flow from Financing Activities | -51,038,975.75 | -21,508,022.00 | 137.30% | | Net Increase in Cash and Cash Equivalents | 290,071,423.45 | 239,305,804.43 | 21.21% | - Cash inflow from investing activities increased by **175.09%** year-on-year, primarily due to increased government grants received[55](index=55&type=chunk) - Cash inflow from financing activities decreased by **100%** year-on-year, mainly due to the previous period's receipt of shareholder investments from subsidiaries[55](index=55&type=chunk) [III. Composition of Principal Business](index=19&type=section&id=III.%20Composition%20of%20Principal%20Business) The company's principal business is cable TV services, with operating revenue of **CNY 1.2987535 billion** in 2014, operating costs of **CNY 825.0768 million**, and a gross profit margin of **36.47%**, showing a slight year-on-year increase, with all revenue derived from the domestic market 2014 Principal Business Composition | Category | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Costs | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cable TV Services | 1,298,753,473.97 | 825,076,759.05 | 36.47% | 1.51% | 1.41% | 0.06% | | Domestic | 1,298,753,473.97 | 825,076,759.05 | 36.47% | 1.51% | 1.41% | 0.06% | [IV. Analysis of Assets and Liabilities](index=20&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes significant changes in the company's assets and liabilities at the end of 2014, noting an increase in the proportion of monetary funds to total assets and a decrease in other current liabilities due to the transfer of government grants [1. Significant Changes in Asset Items](index=20&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Items) At the end of 2014, the company's monetary funds increased by **7.72%** to **41.04%** of total assets, while the proportions of accounts receivable, investment properties, fixed assets, and construction in progress to total assets all decreased 2014 Year-End Asset Item Changes | Item | Amount at End of 2014 (CNY) | % of Total Assets | Amount at End of 2013 (CNY) | % of Total Assets | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,246,751,990.42 | 41.04% | 930,836,061.04 | 33.32% | 7.72% | | Accounts Receivable | 38,886,477.68 | 1.28% | 56,798,845.10 | 2.03% | -0.75% | | Investment Properties | 52,602,704.55 | 1.73% | 53,776,114.23 | 1.93% | -0.20% | | Fixed Assets | 823,579,598.78 | 27.11% | 790,406,866.97 | 28.30% | -1.19% | | Construction in Progress | 205,203,283.40 | 6.76% | 207,027,292.93 | 7.41% | -0.65% | [2. Significant Changes in Liability Items](index=20&type=section&id=2.%20Significant%20Changes%20in%20Liability%20Items) At the end of 2014, the company's other current liabilities decreased by **0.07%** as a proportion of total assets, primarily due to the transfer of government grants 2014 Year-End Liability Item Changes | Item | Amount at End of 2014 (CNY) | % of Total Assets | Amount at End of 2013 (CNY) | % of Total Assets | % Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other Current Liabilities | 1,886,167.04 | 0.06% | 3,744,583.37 | 0.13% | -0.07% | Due to transfer of government grants | [V. Analysis of Core Competencies](index=20&type=section&id=V.%20Analysis%20of%20Core%20Competencies) The company's core competencies include its high-quality cable TV network and excellent network maintenance capabilities, leading operational capabilities and service quality, rich content resources, and significantly enhanced user scale and market reach achieved through the acquisition of Tianbao Network and Tianlong Network - The company possesses a high-quality cable TV network and excellent network maintenance capabilities, capable of providing **100M internet broadband access services**[62](index=62&type=chunk) - The company maintains a leading position in operational capabilities and service quality within the industry, with the rich development of value-added services laying the foundation for business expansion[62](index=62&type=chunk) - The controlling subsidiary, Tianhua Century Media, possesses rich content resources, solidifying the company's content and operational service advantages[63](index=63&type=chunk) - The acquisition of Tianbao Network and Tianlong Network was completed, extending the user scale and market scope to the entire city of Shenzhen, laying a foundation for business growth[63](index=63&type=chunk) [VI. Analysis of Investment Status](index=21&type=section&id=VI.%20Analysis%20of%20Investment%20Status) This section analyzes the company's investment status, including external equity investments, entrusted wealth management, derivative investments, entrusted loans, and the operating performance of major subsidiaries and associates; during the reporting period, the company completed the acquisition of Tianbao Network and Tianlong Network, expanding its business regions and market share [1. External Equity Investment Status](index=21&type=section&id=1.%20External%20Equity%20Investment%20Status) During the reporting period, the company invested in and acquired 100% equity in Shenzhen Tianbao Broadcast and Television Network Co., Ltd. and Shenzhen Tianlong Broadcast and Television Network Co., Ltd. to enhance profitability and expand development space; the company did not hold equity in financial enterprises, securities investments, or other listed company equities External Investment Status During Reporting Period | Name of Investee Company | Principal Business | % of Equity Held by Listed Company in Investee | | :--- | :--- | :--- | | Shenzhen Tianbao Broadcast and Television Network Co., Ltd. | Broadcast and television network construction, broadcast and television transmission business | 100.00% | | Shenzhen Tianlong Broadcast and Television Network Co., Ltd. | Broadcast and television network construction, broadcast and television transmission business | 100.00% | - The company did not hold equity in financial enterprises, securities investments, or other listed company equities during the reporting period[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) [2. Entrusted Wealth Management, Derivative Investments, and Entrusted Loans](index=21&type=section&id=2.%20Entrusted%20Wealth%20Management%2C%20Derivative%20Investments%2C%20and%20Entrusted%20Loans) The company had no entrusted wealth management, derivative investments, or entrusted loans during the reporting period - The company had no entrusted wealth management during the reporting period[68](index=68&type=chunk) - The company had no derivative investments during the reporting period[69](index=69&type=chunk) - The company had no entrusted loans during the reporting period[70](index=70&type=chunk) [3. Analysis of Major Subsidiaries and Associates](index=22&type=section&id=3.%20Analysis%20of%20Major%20Subsidiaries%20and%20Associates) This section details the financial data and operating performance of the company's major subsidiaries and associates, including Tianbao Network, Tianlong Network, Topway Network Engineering, Topway Advertising, Diweite, Topway Data, and Tianhua Century Media; during the reporting period, Tianbao Network and Tianlong Network became wholly-owned subsidiaries, contributing positively to the company's performance Major Subsidiaries' Financial Data (2014) | Company Name | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Tianbao Broadcast and Television Network Co., Ltd. | 100,000,000 | 484,430,554.94 | 416,917,901.13 | 199,600,571.72 | 41,961,435.38 | 41,909,206.03 | | Shenzhen Tianlong Broadcast and Television Network Co., Ltd. | 100,000,000 | 348,508,876.60 | 280,808,624.06 | 189,393,905.52 | 29,285,352.32 | 29,284,900.51 | | Shenzhen Topway Network Engineering Co., Ltd. | 10,000,000.00 | 40,629,210.45 | 29,184,290.66 | 71,297,781.23 | 7,616,875.35 | 5,601,150.21 | | Shenzhen Topway Advertising Co., Ltd. | 8,000,000.00 | 41,036,534.25 | 27,977,709.00 | 38,314,909.39 | 8,632,324.58 | 6,603,130.60 | | Shenzhen Diweite Culture Technology Co., Ltd. | 30,000,000.00 | 60,634,928.30 | 36,352,480.29 | 31,851,455.70 | -1,104,508.87 | 1,332,982.28 | | Shenzhen Topway Data Network Co., Ltd. | 15,000,000.00 | 19,115,163.90 | 18,325,002.17 | 22,000.00 | -929,095.89 | -929,231.38 | | Shenzhen Tianhua Century Media Co., Ltd. | 98,770,000.00 | 138,435,223.03 | 115,258,741.27 | 88,309,308.83 | 5,181,253.09 | 5,191,314.04 | | Shenzhen Zhuozhuang Network Co., Ltd. (Associate) | 83,600,000.00 | 422,092,998.10 | 381,510,507.70 | 147,586,888.75 | -3,261,806.07 | 17,832,191.97 | - During the reporting period, the company completed the acquisition of 100% equity in Tianbao Network and Tianlong Network through a share issuance for asset purchase, with both companies officially becoming wholly-owned subsidiaries, contributing positively to the company's operating performance[75](index=75&type=chunk)[76](index=76&type=chunk)[80](index=80&type=chunk) - Shenzhen Topway Data Network Co., Ltd. passed a resolution for dissolution and liquidation in 2012 and is currently still in liquidation[79](index=79&type=chunk) [4. Significant Non-Fundraising Investment Projects](index=26&type=section&id=4.%20Significant%20Non-Fundraising%20Investment%20Projects) The company's significant non-fundraising investment projects primarily include the cooperative construction of the "Shenzhen Cable TV Hub Building" project and the "Shenzhen Cable Information Transmission Building project," with cumulative actual investments totaling **CNY 15.6917 million** and **CNY 300.4579 million** respectively as of the end of the reporting period, both projects are under construction and have not yet generated revenue Significant Non-Fundraising Investment Projects | Project Name | Planned Total Investment (CNY ten thousand) | Investment in Current Reporting Period (CNY ten thousand) | Cumulative Actual Investment as of End of Reporting Period (CNY ten thousand) | Project Progress | Project Revenue Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Cooperative Construction of "Shenzhen Cable TV Hub Building" Project | 24,000 | 714.71 | 1,569.17 | N/A | N/A | | Shenzhen Cable Information Transmission Building Project | 53,610.83 | 3,398.56 | 30,045.79 | N/A | N/A | | Total | 77,610.83 | 4,113.27 | 31,614.96 | -- | -- | [VII. Special Purpose Entities Controlled by the Company](index=27&type=section&id=VII.%20Special%20Purpose%20Entities%20Controlled%20by%20the%20Company) The company had no special purpose entities under its control during the reporting period - The company had no special purpose entities under its control during the reporting period[83](index=83&type=chunk) [VIII. Outlook on the Company's Future Development](index=27&type=section&id=VIII.%20Outlook%20on%20the%20Company%27s%20Future%20Development) The company anticipates future industry development trends, facing competition from telecom and internet video service providers, but possesses advantages in network, technology, content, and scale; the company has formulated its 2015 operating plan and key initiatives, aiming to reshape core competitiveness through network integration, product upgrades, business platformization, industry chain extension, and management innovation, while also outlining future development risks and countermeasures [(I) Industry Development Trends and Competitive Landscape](index=27&type=section&id=%28I%29%20Industry%20Development%20Trends%20and%20Competitive%20Landscape) Digital TV user growth is slowing, but HD user growth is accelerating, with businesses tending towards integrated development; direct broadcast satellite user growth is accelerating; OTT TV breaks network transmission boundaries, leading to diversified video terminal development. The company faces intense competition from telecom and internet video service providers but possesses advantages in network, technology, content, and scale - Digital TV user growth is slowing, but HD user growth is accelerating, with businesses tending towards integrated development[83](index=83&type=chunk) - By the end of 2014, national direct broadcast satellite users reached **45 million households**, with "Household-to-Household" users exceeding **20.15 million households**, an increase of over **30%**[83](index=83&type=chunk) - OTT TV breaks traditional network transmission boundaries, leading to diversified video terminal development, posing a challenge to traditional cable TV operators[83](index=83&type=chunk) - The company's competitive advantages include: high-quality cable TV network and **100M access services** (network advantage), leading technical R&D capabilities (technology advantage), rich content resources from Tianhua Century Media (content advantage), and enhanced user scale after acquiring Tianbao and Tianlong Networks (scale advantage)[84](index=84&type=chunk) [(II) Topway Company's 2015 Operating Plan](index=28&type=section&id=%28II%29%20Topway%20Company%27s%202015%20Operating%20Plan) In 2015, the company plans to achieve operating revenue of **CNY 1.3704 billion**, a year-on-year increase of **4.16%**; total profit of **CNY 256 million**, a year-on-year increase of **15.00%**; and net profit attributable to shareholders of the listed company of **CNY 243.51 million**, a year-on-year increase of **13.32%**. The company will leverage the integration of Tianbao and Tianlong as an opportunity to reshape its core competitiveness through network integration, product upgrades, informatization construction, business platformization, and industry chain extension 2015 Operating Targets (Forecast) | Metric | Planned Amount (CNY ten thousand) | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 137,040 | 4.16% | | Total Profit | 25,600 | 15.00% | | Net Profit Attributable to Shareholders of Listed Company | 24,351.00 | 13.32% | - The company will leverage the integration of Tianbao and Tianlong companies as an opportunity to achieve scaled operations through network integration and capital operations, and precise operations through product upgrades and informatization construction[85](index=85&type=chunk) [(III) Key Initiatives for the Company in 2015](index=28&type=section&id=%28III%29%20Key%20Initiatives%20for%20the%20Company%20in%202015) Key initiatives for the company in 2015 include promoting the integration of digital TV and broadband services, accelerating network upgrades and transformations, developing new IoT and smart living businesses, building wireless networks, strengthening capital operations and external cooperation, management innovation, and constructing an IP-based cable TV B platform - Promote the "Million HD Action" and "Broadband 20M Free Upgrade Action" to strengthen and expand the two principal businesses of cable digital TV and cable broadband[85](index=85&type=chunk) - Accelerate the upgrade and two-way transformation of cable TV networks in Bao'an, Longgang, and other areas, promoting integrated business operations between the company and Tianbao Network, and Tianlong Network[86](index=86&type=chunk) - Vigorously promote new businesses centered on IoT and smart living, cultivating new profit growth points[86](index=86&type=chunk) - Strengthen capital operations and external cooperation, extend the industry chain, and break through the limitations of a single principal business and geographical restrictions[86](index=86&type=chunk) [(IV) Development Risks and Countermeasures](index=28&type=section&id=%28IV%29%20Development%20Risks%20and%20Countermeasures) The company faces risks from concentrated revenue sources, industry competition, market saturation, financial related-party transactions, technological upgrades, and policy changes; it will address these by strengthening value-added business development, optimizing products, standardizing related-party transactions, increasing R&D investment, and seeking tax incentives - Revenue sources are concentrated in cable TV subscription, cable broadband, and program transmission; the company will strengthen value-added business development to explore new businesses and markets[86](index=86&type=chunk) - Facing intense competition from IPTV, internet video, and other broadband operators, the company will optimize its organizational structure, launch integrated products, and enhance user experience and content differentiation[86](index=86&type=chunk)[87](index=87&type=chunk) - The Shenzhen market is nearing saturation; the company will strive to develop existing users, enrich value-added service offerings, and explore technological innovation and capital cooperation[87](index=87&type=chunk) - Frequent related-party transactions exist with the major shareholder; the company has established and strictly implements related-party transaction decision-making procedures and avoidance systems to ensure fairness[88](index=88&type=chunk) - "Triple play" integration accelerates network upgrades; the company will continue to increase R&D investment and collaborate with external institutions to enhance independent innovation capabilities[89](index=89&type=chunk) - Changes in tax policies could impact operating performance; the company and its subsidiaries benefit from corporate income tax and VAT preferential policies and will continue to monitor policy changes[90](index=90&type=chunk) [IX. Explanation by the Board of Directors and Supervisory Board on "Non-Standard Audit Report" from Accounting Firm for the Current Period](index=29&type=section&id=IX.%20Explanation%20by%20the%20Board%20of%20Directors%20and%20Supervisory%20Board%20on%20%22Non-Standard%20Audit%20Report%22%20from%20Accounting%20Firm%20for%20the%20Current%20Period) The company had no non-standard audit reports issued by its accounting firm during the reporting period - The company had no non-standard audit reports issued by its accounting firm during the reporting period[91](index=91&type=chunk) [X. Explanation of Changes in Accounting Policies, Accounting Estimates, and Accounting Methods Compared to the Previous Year's Financial Report](index=29&type=section&id=X.%20Explanation%20of%20Changes%20in%20Accounting%20Policies%2C%20Accounting%20Estimates%2C%20and%20Accounting%20Methods%20Compared%20to%20the%20Previous%20Year%27s%20Financial%20Report) The company changed its accounting policies in accordance with the Enterprise Accounting Standards revised and newly issued by the Ministry of Finance in 2014, primarily involving the reclassification of some long-term equity investments to available-for-sale financial assets and the reclassification of asset-related government grants to deferred income, with retrospective adjustments - The company implemented the "Enterprise Accounting Standard No. 2 – Long-term Equity Investments (Revised)," "Enterprise Accounting Standard No. 9 – Employee Benefits (Revised)," "Enterprise Accounting Standard No. 30 – Presentation of Financial Statements (Revised)," and other standards issued by the Ministry of Finance in 2014[91](index=91&type=chunk)[95](index=95&type=chunk) - In accordance with "Enterprise Accounting Standard No. 2 – Long-term Equity Investments (Revised)," investments in investees where the company does not have joint control or significant influence and whose fair value cannot be reliably measured were reclassified from long-term equity investments to available-for-sale financial assets, with retrospective adjustments[92](index=92&type=chunk) Impact of Accounting Policy Changes on Balance Sheet Items as of December 31, 2013 | Balance Sheet Item | Impact Amount (CNY) | | :--- | :--- | | Long-term Equity Investments | -13,000,000.00 | | Available-for-sale Financial Assets | 13,000,000.00 | - In accordance with "Enterprise Accounting Standard No. 30 – Presentation of Financial Statements (Revised)," the year-end balance of asset-related government grants was reclassified from other non-current liabilities to deferred income, with retrospective adjustments[92](index=92&type=chunk) Impact of Accounting Policy Changes on Balance Sheet Items as of December 31, 2013 | Balance Sheet Item | Impact Amount (CNY) | | :--- | :--- | | Deferred Income | 45,133,048.01 | | Other Non-Current Liabilities | -45,133,048.01 | [XI. Explanation of Significant Accounting Error Corrections Requiring Retrospective Restatement During the Reporting Period](index=30&type=section&id=XI.%20Explanation%20of%20Significant%20Accounting%20Error%20Corrections%20Requiring%20Retrospective%20Restatement%20During%20the%20Reporting%20Period) The company had no significant accounting error corrections requiring retrospective restatement during the reporting period - The company had no significant accounting error corrections requiring retrospective restatement during the reporting period[93](

深圳市天威视讯股份有限公司 2014 年第三季度报告正文 1 深圳市天威视讯股份有限公司 2014 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚 假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 除下列董事外，其他董事亲自出席了审议本次季报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 尚育农 | 董事 | 工作原因 | 钟林 | | 宋建武 | 独立董事 | 工作原因 | 王匡 | 公司负责人郑鼎文、主管会计工作负责人龙云及会计机构负责人(会计主管人员)吕成业声明：保证季 度报告中财务报表的真实、准确、完整。 2 证券代码：002238 证券简称：天威视讯 公告编号：2014-041 深圳市天威视讯股份有限公司 2014 年第三季度报告正文 深圳市天威视讯股份有限公司 2014 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调 ...

深圳市天威视讯股份有限公司 2014 年半年度报告全文 深圳市天威视讯股份有限公司 2014 年半年度报告 2014 年 08 月 1 深圳市天威视讯股份有限公司 2014 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和 连带的法律责任。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 公司负责人郑鼎文、主管会计工作负责人龙云及会计机构负责人(会计主管 人员)吕成业声明：保证本半年度报告中财务报告的真实、准确、完整。 2 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 郑彦 董事 工作原因 钟林 马骏 独立董事 工作原因 张建军 | 目录 | | --- | | 2014 | 半年度报告 1 | | --- | --- | | 第一节 | 重要提示、目录和释义 2 | | 第二节 | 公司简介 5 | | 第三节 | 会计数据和财务指标摘要 7 | | 第四节 | 董事会报告 9 | ...