吉视传媒(601929) - 2025 Q2 - 季度财报

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