海看股份(301262) - 2025 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions Important Notice The board, supervisory board, and senior management guarantee report accuracy and completeness, with a proposed cash dividend of 0.50 yuan per 10 shares based on 417 million shares - The board of directors, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness, free from false records, misleading statements, or major omissions[3] - The company's head, chief accountant, and head of accounting department declare the financial report to be true, accurate, and complete[3] Profit Distribution Plan | Indicator | Content | | :--- | :--- | | Share Capital Base | 417,000,000 shares | | Cash Dividend per 10 Shares | 0.50 yuan (tax inclusive) | | Bonus Shares | 0 shares (tax inclusive) | | Capital Reserve to Share Capital | No conversion | Table of Contents The report outlines eight main chapters covering company operations, financial performance, governance, and significant matters - The report comprises eight main chapters, covering company operations, financial performance, governance, and significant matters[5] Reference Documents Catalog Reference documents include signed financial statements, publicly disclosed company documents, original announcements, and other relevant materials - Reference documents include signed and sealed financial statements, originals of publicly disclosed company documents, and original announcements[7] Definitions Key terms such as company, subsidiaries, controlling shareholder, actual controller, and the reporting period are defined for clarity - The report defines key terms such as company, subsidiaries, controlling shareholder, and actual controller, specifying the reporting period from January 1, 2025, to June 30, 2025[8] Company Profile and Key Financial Indicators Company Profile Basic company information, including stock abbreviation, code, listing exchange, and legal representative, is provided Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Haikan Shares | | Stock Code | 301262 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Haikan Network Technology (Shandong) Co., Ltd. | | Legal Representative | Zhang Xiaogang | Contact Person and Information Contact details for the board secretary and securities affairs representative, including name, phone, and email, are provided Contact Information for Board Secretary and Securities Affairs Representative | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Deng Qiang | 0531-81690182 | dongban01@ihicon.com | | Securities Affairs Representative | Wang Chuang | 0531-81690182 | dongban01@ihicon.com | Other Information No changes occurred in company contact information, disclosure locations, or registration during the reporting period - The company's registered address, office address, website, and email address remained unchanged during the reporting period[12] - Information disclosure and placement locations remained unchanged during the reporting period[13] - The company's registration status remained unchanged during the reporting period[14] Key Accounting Data and Financial Indicators Key accounting data and financial indicators, including revenue, net profit, and cash flow, are disclosed for the current period and year-end Key Accounting Data and Financial Indicators (Consolidated Statements) | Indicator | Current Reporting Period (yuan) | Same Period Last Year (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 465,782,206.69 | 488,089,821.84 | -4.57% | | Net Profit Attributable to Shareholders of Listed Company | 231,714,145.99 | 221,838,369.82 | 4.45% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 195,844,802.16 | 198,819,211.20 | -1.50% | | Net Cash Flow from Operating Activities | 462,012,000.45 | 260,652,308.24 | 77.25% | | Basic Earnings Per Share (yuan/share) | 0.56 | 0.53 | 5.66% | | Diluted Earnings Per Share (yuan/share) | 0.56 | 0.53 | 5.66% | | Weighted Average Return on Net Assets | 6.26% | 6.27% | -0.01% | | Period-End Indicators | Current Period-End (yuan) | Previous Year-End (yuan) | Change from Previous Year-End | | Total Assets | 4,223,916,938.33 | 4,212,935,512.19 | 0.26% | | Net Assets Attributable to Shareholders of Listed Company | 3,774,541,360.90 | 3,709,627,214.91 | 1.75% | Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit or net assets between domestic and overseas accounting standards during the period - The company reported no differences in net profit and net assets under domestic and overseas accounting standards during the reporting period[16][17] Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses totaled 35.87 million yuan, primarily from government grants, fair value changes, and other non-operating items Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Government grants included in current profit and loss | 5,197,975.44 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 22,075,107.76 | | Other non-operating income and expenses apart from the above | 14,796,891.16 | | Other profit and loss items meeting the definition of non-recurring gains and losses | 148,247.53 | | Less: Income tax impact | 6,348,878.06 | | Total | 35,869,343.83 | - Other non-recurring gains and losses include individual income tax handling fee refunds of 147,989.00 yuan and VAT reductions of 258.53 yuan[20] Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company operates as a new media business, centered on IPTV, and diversifies into micro-short dramas, pet health, XR, and smart campus solutions - The company is a new media business operator in the context of cultural industry revitalization, triple-play convergence, and media integration, serving as the market operating entity for Shandong Radio and Television Station's audio-visual new media business[22] - The company has planned and established six major industrial segments: "Haikan IPTV, Haikan Digital Applications, Haikan Sci-Tech Innovation, Haikan Industrial Development, Haikan Copyright, and Haikan Investment"[22] Company's Main Business Activities and Operating Model The company primarily operates IPTV, encompassing basic and value-added services, and also engages in copyright, marketing, and micro-short drama businesses - The company's main business is IPTV, which is its primary revenue source, while also operating other businesses such as copyright operations, marketing, enterprise customer services, technical services, and micro-short dramas[23][26] - IPTV business is divided into basic services (free content, telecom operators collect basic viewing fees and share revenue) and value-added services (paid on-demand content, telecom operators collect subscription fees and share revenue)[24] - The micro-short drama business establishes a complete "investment + production + distribution" industry chain, covering diverse distribution channels, monetizing through user payments, operational revenue sharing, and advertising income[27] Industry Development Status The large-screen audio-visual industry is transforming with policy support, boosting IPTV's share, while the micro-short drama market expands with "boutique" and "branded" content - 2025 is the "Ultra-High-Definition Development Year," with policies promoting UHD video industry growth and requiring IPTV and internet TV to establish UHD zones[28] - Significant progress has been made in addressing "matryoshka doll" charging and complex operations on TV; in the first half of 2025, large-screen live TV viewing share reached 74.5%, with IPTV platforms contributing 37.2%[29] - The micro-short drama market exceeded 50 billion yuan in 2024, projected to surpass 68 billion yuan in 2025, indicating increased user willingness to pay[31] - Policies are guiding micro-short dramas towards "boutique" and "branded" development, promoting their broadcast on large TV screens; in the first half of 2025, 26 satellite TV channels aired 75 micro-short dramas, accumulating 1.68 billion viewerships[31][32] Company's Operating Performance During the Reporting Period In H1 2025, revenue declined 4.57%, but net profit grew 4.45%, and operating cash flow surged 77.25%, driven by stable IPTV and expanding micro-short drama and tech innovations - The company was recognized among the Top 30 National Growth-Oriented Cultural Enterprises, received the "Tianma Award" for shareholder returns, and was named one of the first leading enterprises in Shandong Province's online audio-visual industry[33] Key Operating Performance for H1 2025 | Indicator | Amount (10,000 yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 46,578.22 | -4.57% | | Net Profit Attributable to Shareholders of Listed Company | 23,171.41 | 4.45% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 19,584.48 | -1.50% | | Net Cash Flow from Operating Activities | 46,201.20 | 77.25% | | Period-End Indicators | Amount (10,000 yuan) | Change from Previous Year-End | | Consolidated Total Assets | 422,391.69 | 0.26% | | Net Assets Attributable to Shareholders of Listed Company | 377,454.14 | 1.75% | - IPTV basic service revenue reached 397.85 million yuan, with 16.75 million active users; value-added service revenue was 55.08 million yuan[34] - The micro-short drama business signed investments for 5 horizontal premium short dramas, 5 overseas short dramas, and 87 vertical dramas, with a total contract value exceeding 20 million yuan[35] - The company independently developed and launched the "Haikan AIGC Intelligent Creation Platform," producing 170 AIGC works and being selected for the Confucius Institute's Digital Premium Course Library[38] - The industry's first micro-short drama intelligent logic review platform was launched, alongside the development of AI interactive products and the "Fiery Eyes" public opinion risk control system[38] Analysis of Core Competencies Core competencies include geographical advantage, strong R&D, extensive user base, state-owned shareholder backing, comprehensive licenses, and an experienced professional team - Shandong Province's large population base, favorable economic development, low population mobility, and superior broadband infrastructure effectively ensure the market capacity for IPTV business[39] - The company prioritizes technological innovation, is a national high-tech enterprise, and at the end of the reporting period held 83 patents (51 invention patents) and 284 software copyrights[40] - Shandong IPTV basic services have approximately 16.75 million active users, covering over 45 million people, indicating a high-value user base[41] - The controlling shareholder is Shandong Radio and Television Media Group, and the actual controller is Shandong Radio and Television Station, providing a strong corporate image, credit endorsement, and policy resource support[41] - The company possesses comprehensive qualifications, including IPTV integrated broadcast control service licenses, mobile internet audio-visual program service licenses, and internet TV content service authorizations[42] - The core management team has decades of deep experience in the broadcasting, media, and telecommunications industries, possessing rich expertise and a forward-looking vision[42] Main Business Analysis Main business profit composition remained stable, with revenue down 4.57%, costs down 3.58%, financial expenses down 29.94%, operating cash flow up 77.25%, and investing cash flow down 184.95% - There were no significant changes in the company's profit composition or sources of profit during the reporting period[45] Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Same Period Last Year (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 465,782,206.69 | 488,089,821.84 | -4.57% | | | Operating Cost | 207,307,482.00 | 214,993,589.93 | -3.58% | | | Selling Expenses | 5,138,970.04 | 5,088,832.64 | 0.99% | | | Administrative Expenses | 30,068,068.34 | 26,688,719.70 | 12.66% | | | Financial Expenses | -8,036,686.11 | -11,471,081.95 | -29.94% | Increased structured deposits, reduced demand deposits | | Income Tax Expense | 39,476,049.25 | 37,786,898.35 | 4.47% | | | R&D Investment | 18,015,956.10 | 19,463,927.72 | -7.44% | | | Net Cash Flow from Operating Activities | 462,012,000.45 | 260,652,308.24 | 77.25% | Increased cash received from sales of goods and provision of services | | Net Cash Flow from Investing Activities | -353,390,558.83 | 416,008,646.85 | -184.95% | Changes in the balance of unexpired bank wealth management product investments at period-end | | Net Cash Flow from Financing Activities | -145,950,000.00 | 0.00 | -100.00% | Current period profit distribution payment | | Net Increase in Cash and Cash Equivalents | -37,328,558.38 | 676,660,955.09 | -105.52% | Changes in the balance of unexpired bank wealth management product investments at period-end | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IPTV Basic Services | 397,854,581.33 | 174,295,296.31 | 56.19% | -0.68% | -0.08% | -0.26% | | IPTV Value-Added Services | 55,078,534.65 | 24,009,421.86 | 56.41% | -23.21% | -27.44% | 2.54% | Non-Main Business Analysis The company had no non-main business analysis during the reporting period - The company had no non-main business analysis during the reporting period[48] Analysis of Assets and Liabilities Total assets and net assets slightly increased, while accounts receivable decreased 7.72% due to collections, and trading financial assets grew 8.30% from structured deposits Significant Changes in Asset Composition | Item | Amount at Current Period-End (yuan) | Percentage of Total Assets | Amount at Previous Year-End (yuan) | Percentage of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,014,099,385.54 | 24.01% | 1,051,427,943.92 | 24.96% | -0.95% | | | Accounts Receivable | 598,657,776.12 | 14.17% | 922,097,576.44 | 21.89% | -7.72% | Overdue receivables from the beginning of the period were collected | | Trading Financial Assets | 2,404,499,146.56 | 56.93% | 2,048,874,909.62 | 48.63% | 8.30% | Increase in unexpired structured deposits at period-end | | Total Assets | 4,223,916,938.33 | 100.00% | 4,212,935,512.19 | 100.00% | 0.26% | | - The company had no significant overseas assets during the reporting period[51] - The company's financial assets measured at fair value totaled 2.40 billion yuan at period-end, primarily consisting of trading financial assets[52] - As of the end of the reporting period, there were no restrictions on the company's asset rights[53] Analysis of Investment Status Total investment reached 3.31 billion yuan, up 7.34%, with 2.40 billion yuan in fair value financial assets; raised funds utilization was 49.88%, and 312 million yuan in excess funds remain unused Investment Amount During the Reporting Period | Indicator | Investment Amount During Reporting Period (yuan) | Investment Amount in Same Period Last Year (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 3,308,941,429.65 | 3,082,533,874.00 | 7.34% | - The company had no significant equity or non-equity investments during the reporting period[54][55] Financial Assets Measured at Fair Value | Asset Category | Amount at Period-End (yuan) | Source of Funds | | :--- | :--- | :--- | | Other (Own Funds) | 2,324,432,406.83 | Own Funds | | Other (Raised Funds) | 80,066,739.73 | Raised Funds | | Total | 2,404,499,146.56 | -- | Overall Utilization of Raised Funds | Net Raised Funds (10,000 yuan) | Total Raised Funds Used Cumulatively (10,000 yuan) | Utilization Rate of Raised Funds at Period-End | Total Unused Raised Funds (10,000 yuan) | | :--- | :--- | :--- | :--- | | 116,947.69 | 58,333.85 | 49.88% | 62,109.54 | - The investment deadline for the Haikan New Media Cloud Platform Upgrade Project was extended from October 2023 to October 2025, primarily due to business expansion, market changes, and technological upgrades[61] - Excess raised funds of 311.70 million yuan remain unallocated and unused as of June 30, 2025[61] Wealth Management, Derivative Investments, and Entrusted Loans Wealth management transactions totaled 2.49 billion yuan, with 2.40 billion yuan outstanding and no overdue amounts; no derivative investments or entrusted loans were reported Overview of Wealth Management During the Reporting Period | Specific Type | Source of Wealth Management Funds | Amount of Wealth Management Transactions (10,000 yuan) | Outstanding Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 231,700 | 231,700 | 0 | | Bank Wealth Management Products | Raised Funds | 17,000 | 8,000 | 0 | | Total | -- | 248,700 | 239,700 | 0 | - The company had no derivative investments or entrusted loans during the reporting period[66] Significant Asset and Equity Sales The company did not engage in any significant asset or equity sales during the reporting period - The company did not sell any significant assets or equity during the reporting period[67][68] Analysis of Major Holding and Participating Companies The company had no significant holding or participating company information requiring disclosure during the reporting period - The company had no significant holding or participating company information requiring disclosure during the reporting period[69] Structured Entities Controlled by the Company The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[70] Risks Faced by the Company and Countermeasures The company addresses risks from policy changes, revenue concentration, license shifts, governance, tax policy, and IP disputes through communication, innovation, and enhanced management - The company faces risks from industrial policy changes and will strengthen communication with industry authorities, monitoring policy directions[70] - Revenue sources are concentrated in Shandong Province's IPTV business; the company will deepen cooperation with operators, expand value-added and innovative businesses, and cultivate national growth points[71] - To mitigate risks from changes in qualification authorizations, the company will strengthen license management and maintenance to ensure the validity of all qualifications[72][73] - Addressing governance risks from company expansion, the company will rigorously improve management levels and strengthen talent development and incentive mechanisms[74] - Facing risks from changes in tax preferential policies, the company will closely monitor policy shifts, reduce costs, and enhance core competitiveness[75] - To mitigate intellectual property dispute risks, the company will establish and improve copyright procurement management systems and intensify rights protection efforts[76] Registration Form for Research, Communication, and Interview Activities During the Reporting Period The company engaged with investors online, discussing operating conditions, business development, and performance for the 2024 full year and Q1 2025 - On April 25, May 9, and May 15, 2025, the company hosted institutional and general investors through online platform discussions[77][78] - Discussion topics primarily covered the company's operating conditions, business development, and performance explanations for the 2024 full year and the first quarter of 2025[77][78] Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company adopted a "Market Value Management System" on January 24, 2025, to enhance investment value and returns, but no valuation enhancement plan was disclosed - The company has formulated a "Market Value Management System" to standardize market value management, enhance investment value, and improve investor returns[79] - The company did not disclose a valuation enhancement plan[79] Implementation of the "Dual Improvement in Quality and Returns" Action Plan The company disclosed its "Dual Improvement in Quality and Returns" action plan on January 27, 2025, focusing on core business, standardized operations, and shareholder returns - The company has disclosed its "Dual Improvement in Quality and Returns" action plan, aiming to enhance the quality and investment value of the listed company and protect shareholder interests[80] - The plan outlines action measures focusing on strengthening core business, standardizing operations, improving communication channels, and implementing shareholder return mechanisms[80] Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management No changes occurred in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[82] Profit Distribution and Capital Reserve to Share Capital Conversion for the Current Reporting Period The company proposes a cash dividend of 0.50 yuan per 10 shares based on 417 million shares, totaling 20.85 million yuan, with no bonus shares or capital reserve conversion Profit Distribution Plan for the Current Reporting Period | Indicator | Content | | :--- | :--- | | Bonus shares per 10 shares | 0 shares | | Dividend per 10 shares (tax inclusive) | 0.50 yuan | | Share capital base for distribution plan | 417,000,000 shares | | Cash dividend amount (tax inclusive) | 20,850,000.00 yuan | | Ratio of total cash dividend to total profit distribution | 100.00% | - This profit distribution plan complies with the company's articles of association and review procedures, without affecting the legitimate rights and interests of small and medium investors[83] Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[84] Environmental Information Disclosure The listed company and its main subsidiaries are not on the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[85] Social Responsibility The company had no social responsibility disclosures during the reporting period - The company had no social responsibility disclosures during the reporting period[85] Significant Matters Fulfillment of Commitments No commitments by the actual controller, shareholders, or related parties were fulfilled or overdue during the reporting period - There were no commitments fulfilled or overdue unfulfilled commitments by related parties during the reporting period[87] Non-Operating Fund Occupation No non-operating occupation of company funds by the controlling shareholder or other related parties occurred during the reporting period - There was no non-operating occupation of listed company funds by the controlling shareholder or other related parties during the reporting period[88] Irregular External Guarantees The company had no irregular external guarantees during the reporting period - There were no irregular external guarantees during the reporting period[89] Appointment and Dismissal of Accounting Firms The company's semi-annual financial report remained unaudited - The company's semi-annual financial report was not audited[90] Explanation by the Board of Directors, Supervisory Board, and Audit Committee on the Accountant's "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report during the reporting period - There was no non-standard audit report during the reporting period[91] Explanation by the Board of Directors on the Previous Year's "Non-Standard Audit Report" The company had no non-standard audit report from the previous year during the reporting period - There was no non-standard audit report from the previous year during the reporting period[91] Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - No bankruptcy and reorganization matters occurred during the reporting period[91] Litigation Matters No significant litigation or arbitration occurred; other lawsuits totaling 34.34 million yuan are ongoing with no material impact expected, thus no provisions were made - The company had no significant litigation or arbitration matters during the reporting period[92] Summary of Other Litigation Matters | Basic Information of Litigation | Amount Involved (10,000 yuan) | Whether a Provision for Liabilities is Formed | Litigation Progress | Trial Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other litigations not meeting the disclosure threshold for significant litigation | 3,433.7 | No | Withdrawn, settled, or ongoing | No significant impact expected | - The company believes the likelihood of economic outflow due to losing pending litigation is small, thus no provisions for liabilities have been made[118] Penalties and Rectification The company had no penalties or rectification situations during the reporting period - There were no penalties or rectification situations during the reporting period[94] Integrity Status No integrity issues were reported for the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[95] Significant Related Party Transactions Related party transactions included 13.56 million yuan in purchases and 0.99 million yuan in sales; no significant asset, equity, investment, or debt-related party transactions occurred Related Party Transactions for Purchase and Sale of Goods, and Provision and Acceptance of Services | Content of Related Party Transaction | Amount for Current Period (yuan) | | :--- | :--- | | Total purchases of goods/acceptance of services | 13,562,639.39 | | Total sales of goods/provision of services | 989,400.03 | - The company had no related party transactions involving asset or equity acquisition or disposal during the reporting period[96] - The company had no related party debts or receivables during the reporting period[98] Significant Contracts and Their Fulfillment No entrustment, contracting, leasing, or significant guarantees occurred; major contracts were not detailed but no significant non-fulfillment risks were noted - The company had no entrustment, contracting, or leasing matters during the reporting period[102][103][104] - The company had no significant guarantees during the reporting period[105] - The company had no other significant contracts during the reporting period[108] Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[109] Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period[110] Share Changes and Shareholder Information Share Change Status Total shares remained 417 million, with 70.73% restricted and 29.27% unrestricted; no share repurchases or other significant share changes occurred Share Change Status | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 294,924,608 | 70.73% | | II. Unrestricted Shares | 122,075,392 | 29.27% | | III. Total Shares | 417,000,000 | 100.00% | - The company's total share capital remained unchanged during the reporting period, with no reasons for change, approval status, or transfer status[113] - The company had no progress on share repurchases or reductions of repurchased shares through concentrated bidding during the reporting period[113] Changes in Restricted Shares The company had no changes in restricted shares during the reporting period - The company had no changes in restricted shares during the reporting period[113] Securities Issuance and Listing The company had no securities issuance or listing during the reporting period - The company had no securities issuance or listing during the reporting period[113] Shareholder Numbers and Shareholding Status Total common shareholders were 12,679; top ten shareholders, including Media Group (69.59%), maintained stable holdings with no pledges or freezes Total Number of Common Shareholders at Period-End | Indicator | Quantity | | :--- | :--- | | Total number of common shareholders at period-end | 12,679 households | Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Media Group | State-owned legal person | 69.59% | 290,180,387 | 290,180,387 | 0 | | Puhua Huixin | Other | 8.85% | 36,910,619 | 0 | 36,910,619 | | Zhongwen Chuantou | Domestic non-state-owned legal person | 6.49% | 27,083,513 | 0 | 27,083,513 | | Guangdian Fanqiao | Other | 4.45% | 18,564,567 | 4,744,221 | 13,820,346 | - The controlling shareholder, Guangdian Media Group, is a limited partner of the company's shareholder Guangdian Fanqiao, holding a 23.81% partnership interest[115] Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[117] Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder and actual controller remained unchanged during the reporting period[118] Preferred Shares Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[119] Bond-Related Information Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[121] Financial Report Audit Report The company's semi-annual financial report remained unaudited - The company's semi-annual financial report was not audited[123] Financial Statements The company's H1 2025 consolidated and parent company financial statements are presented, including balance sheets, income statements, cash flow, and equity changes - Financial statements include consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity[124] Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 4.22 billion yuan, with 4.04 billion yuan in current assets and 3.78 billion yuan in owners' equity Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,014,099,385.54 | 1,051,427,943.92 | | Trading Financial Assets | 2,404,499,146.56 | 2,048,874,909.62 | | Accounts Receivable | 598,657,776.12 | 922,097,576.44 | | Total Current Assets | 4,037,121,512.60 | 4,031,027,683.34 | | Total Non-Current Assets | 186,795,425.73 | 181,907,828.85 | | Total Assets | 4,223,916,938.33 | 4,212,935,512.19 | | Accounts Payable | 368,608,693.89 | 375,416,813.11 | | Contract Liabilities | 10,550,053.53 | 9,737,502.09 | | Total Current Liabilities | 447,969,120.55 | 486,117,864.96 | | Total Non-Current Liabilities | 1,406,456.88 | 17,190,432.32 | | Total Liabilities | 449,375,577.43 | 503,308,297.28 | | Total Owners' Equity Attributable to Parent Company | 3,774,541,360.90 | 3,709,627,214.91 | | Total Owners' Equity | 3,774,541,360.90 | 3,709,627,214.91 | Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 4.22 billion yuan, with 4.03 billion yuan in current assets and 3.77 billion yuan in owners' equity Key Parent Company Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (yuan) | Period-Beginning Balance (yuan) | | :--- | :--- | :--- | | Monetary Funds | 1,004,793,091.11 | 1,045,767,035.82 | | Trading Financial Assets | 2,404,499,146.56 | 2,048,874,909.62 | | Accounts Receivable | 594,473,685.54 | 914,591,712.20 | | Total Current Assets | 4,031,554,529.33 | 4,027,156,726.61 | | Total Non-Current Assets | 186,731,723.28 | 176,670,719.31 | | Total Assets | 4,218,286,252.61 | 4,203,827,445.92 | | Accounts Payable | 368,279,995.00 | 373,588,683.16 | | Contract Liabilities | 10,158,010.13 | 8,741,685.09 | | Total Current Liabilities | 445,674,722.43 | 480,339,889.85 | | Total Non-Current Liabilities | 1,280,792.08 | 17,040,710.93 | | Total Liabilities | 446,955,514.51 | 497,380,600.78 | | Total Owners' Equity | 3,771,330,738.10 | 3,706,446,845.14 | Consolidated Income Statement In H1 2025, total operating revenue was 466 million yuan (down 4.57%), operating profit 252 million yuan, and net profit 232 million yuan (up 4.45%), with EPS of 0.56 yuan Key Consolidated Income Statement Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 465,782,206.69 | 488,089,821.84 | | Total Operating Costs | 256,003,286.26 | 258,581,821.85 | | Operating Profit | 252,393,304.08 | 259,818,687.35 | | Total Profit | 271,190,195.24 | 259,625,268.17 | | Income Tax Expense | 39,476,049.25 | 37,786,898.35 | | Net Profit | 231,714,145.99 | 221,838,369.82 | | Net Profit Attributable to Owners of Parent Company | 231,714,145.99 | 221,838,369.82 | | Basic Earnings Per Share | 0.56 | 0.53 | | Diluted Earnings Per Share | 0.56 | 0.53 | Parent Company Income Statement In H1 2025, parent company operating revenue was 462 million yuan, operating profit 252 million yuan, and net profit 232 million yuan, up 5.37% year-on-year Key Parent Company Income Statement Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Operating Revenue | 461,757,904.04 | 482,375,569.52 | | Operating Cost | 206,467,915.52 | 214,559,121.74 | | Operating Profit | 252,363,037.12 | 257,863,001.43 | | Total Profit | 271,159,927.21 | 257,669,582.25 | | Income Tax Expense | 39,476,034.25 | 37,786,898.35 | | Net Profit | 231,683,892.96 | 219,882,683.90 | Consolidated Cash Flow Statement In H1 2025, operating cash flow was 462 million yuan (up 77.25%), investing cash flow was -353 million yuan, and financing cash flow was -146 million yuan, resulting in a -37.33 million yuan net change in cash Key Consolidated Cash Flow Statement Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 462,012,000.45 | 260,652,308.24 | | Net Cash Flow from Investing Activities | -353,390,558.83 | 416,008,646.85 | | Net Cash Flow from Financing Activities | -145,950,000.00 | 0.00 | | Net Increase in Cash and Cash Equivalents | -37,328,558.38 | 676,660,955.09 | | Cash and Cash Equivalents at Period-End | 1,014,099,385.54 | 1,890,002,294.71 | Parent Company Cash Flow Statement In H1 2025, parent company operating cash flow was 461 million yuan, investing cash flow -356 million yuan, and financing cash flow -146 million yuan, with a -40.97 million yuan net change in cash Key Parent Company Cash Flow Statement Data (H1 2025) | Item | H1 2025 (yuan) | H1 2024 (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 461,186,209.79 | 263,201,395.06 | | Net Cash Flow from Investing Activities | -356,210,154.50 | 416,008,646.85 | | Net Cash Flow from Financing Activities | -145,950,000.00 | 0.00 | | Net Increase in Cash and Cash Equivalents | -40,973,944.71 | 679,210,041.91 | | Cash and Cash Equivalents at Period-End | 1,004,793,091.11 | 1,886,451,763.15 | Consolidated Statement of Changes in Owners' Equity In H1 2025, consolidated owners' equity increased by 64.91 million yuan, driven by 232 million yuan net profit and 167 million yuan profit distribution reduction Consolidated Statement of Changes in Owners' Equity (H1 2025) | Item | Period-Beginning Balance (yuan) | Amount of Change for Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity Attributable to Parent Company | 3,709,627,214.91 | 64,914,145.99 | 3,774,541,360.90 | | Including: Net Profit | | 231,714,145.99 | | | Profit Distribution | | -166,800,000.00 | | Parent Company Statement of Changes in Owners' Equity In H1 2025, parent company owners' equity increased by 64.88 million yuan, driven by 232 million yuan net profit and 167 million yuan profit distribution reduction Parent Company Statement of Changes in Owners' Equity (H1 2025) | Item | Period-Beginning Balance (yuan) | Amount of Change for Current Period (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | | Total Owners' Equity | 3,706,446,845.14 | 64,883,892.96 | 3,771,330,738.10 | | Including: Net Profit | | 231,683,892.96 | | | Profit Distribution | | -166,800,000.00 | | Company Basic Information Formerly Shandong Guangdian New Media, the company became a joint-stock entity in 2019, listed on SZSE on June 20, 2023, with 417 million yuan registered capital, focusing on IPTV and diverse media sectors - The company, formerly Shandong Guangdian New Media Co., Ltd., was restructured into a joint-stock company on November 28, 2019[158] - The company's shares were listed and traded on the Shenzhen Stock Exchange on June 20, 2023[158] - The company's registered capital is 417 million yuan, with a total share capital of 417 million shares[158] - The company's main product and service is IPTV business, with a business scope covering second-category value-added telecommunications services, radio and television program production and operation, and online cultural operations[160][161] Basis for Preparation of Financial Statements Financial statements are prepared on a going concern basis, adhering to accounting standards and CSRC regulations, with no significant doubts about continued operations - The company prepares its financial statements on a going concern basis, in accordance with Enterprise Accounting Standards and relevant regulations of the China Securities Regulatory Commission[163] - There are no matters or circumstances that would cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[164] Significant Accounting Policies and Estimates The company details its significant accounting policies and estimates, covering standards, accounting period, revenue recognition, government grants, and deferred income tax - The company's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting financial position, operating results, and cash flows[166] - The accounting year is from January 1 to December 31, with the actual preparation period for these financial statements being January 1, 2025, to June 30, 2025[167][168] - The company recognizes revenue when control of goods is transferred to the customer, using the transfer of control as the criterion for revenue recognition[266] - The company applies the gross method for government grants, recognizing asset-related grants as deferred income and income-related grants as current profit or loss or deferred income based on the compensation period[279] - The company recognizes deferred income tax using the balance sheet liability method, based on temporary differences between the carrying amounts of assets and liabilities and their tax bases[280] Changes in Significant Accounting Policies and Estimates No significant changes in accounting policies or estimates, nor any adjustments from initial adoption of new accounting standards, occurred during the reporting period - The company had no significant changes in accounting policies or estimates during the reporting period[300] - The company had no adjustments to financial statement items at the beginning of the first year of adopting new accounting standards during the reporting period[300] Other The company had no other accounting policies and estimates requiring disclosure during the reporting period - The company had no other accounting policies and estimates requiring disclosure during the reporting period[300] Taxation The company discloses main tax categories and rates, with the company and subsidiaries enjoying 15% high-tech enterprise income tax and other preferential policies Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | VAT | 13%, 9%, 6%, 3% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 15%, 20% | | Cultural Development Fee | 3% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2%, 12% | Taxable Entities with Different Corporate Income Tax Rates | Taxable Entity Name | Income Tax Rate | | :--- | :--- | | Haikan Network Technology (Shandong) Co., Ltd. | 15% | | Shandong Haikan New Media Research Institute Co., Ltd. | 15% | | Qingdao Bazhua Huyu Media Co., Ltd. | 20% | - The company and Shandong Haikan New Media Research Institute Co., Ltd., as high-tech enterprises, enjoy a 15% preferential corporate income tax rate[301][302] - Qingdao Bazhua Huyu Media Co., Ltd., as a small and micro-profit enterprise, is subject to corporate income tax at a 20% rate on 25% of its taxable income and benefits from VAT reductions for small-scale taxpayers[302][303] Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including balances and changes for assets, liabilities, equity, revenue, costs, and various income/expense categories Monetary Funds (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Bank Deposits | 1,014,099,385.54 | | Total | 1,014,099,385.54 | Trading Financial Assets (Period-End Balance) | Item | Period-End Balance (yuan) | | :--- | :--- | | Structured Deposits - Principal | 2,397,000,000.00 | | Structured Deposits - Fair Value Change | 7,499,146.56 | | Total | 2,404,499,146.56 | Accounts Receivable (Period-End Book Balance) | Aging | Period-End Book Balance (yuan) | | :--- | :--- | | Within 1 year (inclusive) | 621,666,5