北青传媒(01000) - 2025 - 中期财报

Company Profile This section provides an overview of Beiqing Media Co., Ltd., detailing its core businesses, listing status, and key stock information Company Overview Beiqing Media, a leading Chinese media company listed on HKEX, specializes in multi-platform advertising, youth education, new media, and printing - Beiqing Media is a leading Chinese media company, with core businesses including multi-platform media advertising sales, youth study tours, new media operations, printing, and related material trade[5] Company Stock Information (As of June 30, 2025) | Indicator | Value | | :--- | :--- | | Stock Code | 1000 | | Shares per Lot | 500 shares | | Shares Issued | 197,310,000 shares | | Market Capitalization | HKD 118.386 million | | Fiscal Year End | December 31 | | Bloomberg Ticker | 1000HKEquity | | Reuters Ticker | 1000.HK | Company Information This section details the company's board of directors, corporate governance structure, and key administrative information as of June 30, 2025 Board of Directors and Corporate Governance This section lists the company's board members, joint company secretaries, committees, registered office, and key advisors as of June 30, 2025 - The company's board of directors completed its re-election on June 13, 2025, with Ms. Sun Baojie appointed as the Chairman of the Ninth Board and Mr. Li Xiaowei appointed as a Non-executive Director[12] Chairman's Report This report reviews the group's business performance, financial results, and strategic initiatives for the first half of 2025, outlining future plans Group Business Review In H1 2025, Beiqing Media's total revenue decreased by 32.63% to RMB 65.985 million, with net loss attributable to shareholders increasing by 102.20% to RMB 19.047 million, driven by traditional business contraction and increased expenses Group's Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | -32.63% | | Operating Costs | 72,388 | 93,066 | -22.22% | | Net Loss Attributable to Shareholders | 19,047 | 9,420 | +102.20% | - The increase in net loss was primarily due to decreased operating revenue, higher administrative expenses from new business development and transformation, and increased credit impairment losses affected by accounts receivable collection[16] - The company continues to expand its outdoor advertising and Beijing City Cultural Annual Pass businesses, driving revenue growth to counter declining traditional business revenues (e.g., printing and related material trade, community media, innovative culture)[16] - The company enhances operational efficiency by completing board re-election, advancing the "15th Five-Year Plan" strategic planning, building a risk management system, and optimizing the OA office system[19] - The company accelerates advertising business transformation, completing media upgrades at Beijing Metro Line 4 Xidan Station, developing "Metro Station" creative interactive scene advertising projects, and deepening its proprietary media matrix operations[20] - Actively integrating capital's cultural and tourism resources, the company expands cultural, sports, and tourism integration businesses, including organizing the 2025 KOD World Street Dance Competition, strategic cooperation with "The Color Run," and strengthening Beijing City Cultural Annual Pass product development and channel expansion, having partnered with over 40 central and state-owned enterprises[20] - Focusing on youth quality education, the company completed 16 group camp reception projects in H1, serving a cumulative 10,421 person-days, and developed 24 high-quality study tour courses[22] - Focusing on new media operations and government event businesses, the company innovatively incubated the "Beijing Community Culture Festival" brand, promoted commercial operation of community spaces, and launched 15 "Beiqing Community HUI" projects[22] - Optimizing asset structure, the company achieved RMB 2,320 thousand in fair value change gains from entrusted idle fund management with Shouyao Securities, RMB 2,246 thousand in rental income from idle properties, and accelerated the cleanup of inefficient assets and inventory paper sales[23] Advertising Business In H1 2025, China's advertising market continued to grow, with digital advertising increasing its share and outdoor advertising undergoing structural adjustments, while Beiqing Media's advertising revenue decreased by 11.14% to RMB 46.038 million - China's advertising market continues to grow, with digital advertising increasing its share, and the outdoor advertising market undergoing structural adjustments, with digital media advertising spending like subway electronic screens growing against the trend[26] Advertising Business Revenue Comparison | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Advertising Revenue | 46,038 | 51,808 | -11.14% | | Outdoor Advertising Business Revenue | 13,482 | - | +12.56% (compared to H1 2024) | | New Annual Pass Business Revenue | 3,256 | - | New | - Advertising revenue decline was primarily due to Beiqing Community Media being affected by tighter client budgets and increased market competition[27] - The company completed media upgrades at Beijing Metro Line 4 Xidan Station, introducing super-large lightboxes and high-definition LED electronic screens, and developed "Metro Station" creative interactive scene advertising projects[29] - The company meticulously built its proprietary media matrix, incorporating short videos and live streaming, achieving RMB 2,955 thousand in account operation revenue in H1, with a focus on operating vertical accounts like "Qingche Tan," "Yanglao Xinyixian," and "Yujie Jianfang"[30] - The new annual pass business strengthened channel expansion, partnering with over 40 central and state-owned enterprises, and advanced the annual pass mini-program upgrade to improve operational efficiency and user experience[32] Performance of Major Group Subsidiaries This section reviews the H1 2025 performance of Beiqing Innovative Culture, Beiqing Community Media, and Jingjian Media, highlighting their progress in youth cultural activities, media transformation, and new media business expansion - Beiqing Innovative Culture completed 16 study tour, social practice, and enterprise training group reception projects in H1, serving a cumulative 10,421 person-days, and developed 24 high-quality study tour courses[33] - Beiqing Community Media has transformed from traditional newspaper business to a government integrated media service model, covering nine districts in Beijing, operating nearly 50 new media accounts, and launching 15 "Beiqing Community HUI" projects[35][36] - Jingjian Media optimized its business structure, expanding into new media video and online/offline event businesses, successfully acquiring 8 new clients, and achieving commercial monetization through its self-media video account "Qingcheng 0819"[40] Outlook and Future Plans For H2 2025, Beiqing Media will focus on transformation and development, prioritizing foundational and growth-oriented core businesses to enhance operational efficiency - In H2 2025, the group will adopt a transformation and development strategy, accelerating business layout adjustments and focusing on foundational and growth-oriented core businesses[41] - Advertising business will strengthen innovation in subway outdoor advertising, promote media resource integration, solidify comprehensive advertising service capabilities, and accelerate the development and commercialization of proprietary new media products[41] - The cultural, sports, and tourism integration sector will focus on implementing high-quality cultural and sports event IPs (e.g., KOD World Street Dance Competition) and continuously expanding Beijing City Cultural Annual Pass channel resources and product models[41] - The company will explore new business models such as "video + government affairs" and "culture & tourism + consumption," strengthen the commercial operation of community cultural spaces, and build a distinctive brand for youth study tours[41] - The company will continue to deepen management, focusing on asset structure optimization and internal risk control, optimizing organizational and talent structures, and comprehensively strengthening institutional and information technology development[43] Management Discussion and Analysis This section provides a detailed analysis of the group's financial performance, operational results, and key financial indicators for the first half of 2025 Financial Position and Operating Results In H1 2025, the group's total operating revenue decreased by 32.63% to RMB 65.985 million, primarily due to the contraction of printing and related material trade and reduced revenue from Beiqing Community Media and Beiqing Innovative Culture, resulting in a net loss of RMB 19.047 million H1 2025 Total Operating Revenue Details | Revenue Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | -32.63% | | Advertising Revenue (incl. new media operations) | 46,038 | 51,808 | -11.14% | | Printing Revenue | 0 | 2 | -100.00% | | Printing Related Material Trade Revenue | 8,654 | 29,905 | -71.06% | | Other Revenue (incl. study tours) | 11,293 | 16,222 | -30.38% | H1 2025 Operating Costs and Expenses Details | Cost/Expense Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Costs | 72,388 | 93,066 | -22.22% | | Advertising Costs (incl. new media operations) | 54,105 | 52,021 | +4.01% | | Selling Expenses | 3,724 | 6,908 | -46.09% | | Administrative Expenses | 19,822 | 17,323 | +14.43% | | Finance Costs | -493 | -658 | -25.08% (absolute value decrease) | | Operating Profit | -20,736 | -11,260 | +84.16% (loss increase) | | Net Loss Attributable to Shareholders | 19,047 | 9,420 | +102.20% (loss increase) | - Selling expenses decreased year-on-year primarily due to adjustments in Beiqing Community Media's sales personnel structure[52] - Administrative expenses increased year-on-year mainly due to personnel structure adjustments, employee benefits, and intermediary fees resulting from new business development and business transformation[53] - As of June 30, 2025, the group's current assets totaled RMB 269,225 thousand, non-current assets totaled RMB 452,410 thousand; current liabilities totaled RMB 65,712 thousand, and non-current liabilities totaled RMB 706 thousand, with a capital to liability ratio of 10.14%[60][62] Share Capital Structure As of June 30, 2025, Beiqing Media's total share capital was 197,310,000 shares, with domestic shares accounting for 72.18% and H-shares for 27.82%, and Beijing Youth Daily Agency being the largest domestic shareholder Share Capital Structure (As of June 30, 2025) | Shareholder Category | Number of Shares | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | | Domestic Shares (Subtotal) | 142,409,000 | 72.18 | | H-shares | 54,901,000 | 27.82 | | Total Share Capital | 197,310,000 | 100.00 | | Beijing Youth Daily Agency (Domestic Shares) | 124,839,974 | 63.27 | | LeTV Information Technology (Beijing) Co., Ltd. (H-shares) | 19,533,000 | 9.90 | Interests of Major Shareholders in Shares and Related Shares This section discloses the interests of major shareholders in the company's shares and related shares as of June 30, 2025, including Beijing Youth Daily Agency and LeTV Information Technology (Beijing) Co., Ltd - Beijing Capital Group Co., Ltd. has taken over the company since May 20, 2021, exercising the rights of investor/shareholder, and holds interests in the 124,839,974 domestic shares held by Beijing Youth Daily Agency[70] - LeTV Information Technology (Beijing) Co., Ltd. holds 19,533,000 H-shares of the company, representing 9.90% of the total share capital[70] Capital Expenditures In H1 2025, the group's capital expenditures increased significantly to RMB 2,124 thousand from RMB 650 thousand in H1 2024, with H2 expenditures expected to focus on office equipment and intangible assets Capital Expenditures Comparison | Period | Amount (RMB thousand) | | :--- | :--- | | H1 2025 | 2,124 | | H1 2024 | 650 | - Expected capital expenditures for H2 2025 primarily include office equipment and intangible asset expenditures consistent with business strategy[73] Contingent Liabilities and Pledged Assets As of June 30, 2025, the group had no contingent liabilities or pledged assets - As of June 30, 2025, the group had no contingent liabilities or pledged assets[74] Foreign Exchange Risk The group's functional currency is RMB, with domestic business primarily settled in RMB, and while some payables are in foreign currencies, exchange rate fluctuations have a limited impact on cash flow or liquidity - The group's functional currency is RMB, with domestic business primarily settled in RMB[75] - Certain payables are settled in foreign currencies (USD and HKD), but exchange rate fluctuations have a limited impact on cash flow or liquidity[75] Employees As of June 30, 2025, the group had 346 employees, an increase from the previous year, mainly due to new subsidiaries and business needs, with total employee compensation of approximately RMB 41.055 million and active employee training programs Employee Count and Compensation Comparison | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Employees | 346 | 310 | | Total Employee Compensation (RMB thousand) | 41,055 | - | - The increase in employee count was primarily due to the addition of a new subsidiary and personnel structure adjustments driven by normal business needs[76] - The group actively encourages employee self-development, conducting training in financial management, related party transactions, legal compliance, archives management, outdoor advertising operations, and information technology[76] Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares or Debentures of the Company or its Associated Corporations As of June 30, 2025, no directors or chief executive of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations - As of June 30, 2025, no directors or chief executive of the company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations[77] Purchase, Sale or Redemption of the Company's Listed Securities During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and as of June 30, 2025, the company held no treasury shares - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78] - As of June 30, 2025, the company held no treasury shares[78] Significant Investments The company entered into a single asset management contract with Shouyao Securities and Bank of Communications on April 19, 2022, to manage idle funds, which has been extended to June 16, 2026, with this investment and others in companies like Beiyang Media and Keyin Media exceeding 5% of the group's total assets - The company entrusted Shouyao Securities with idle fund management, and this single asset management plan has been extended for three years to June 16, 2026; as of June 30, 2025, this investment accounted for over 5% of the group's total assets[79] - As of June 30, 2025, the company's investments in Beiyang Publishing & Media Co., Ltd. and Beijing Keyin Media Culture Co., Ltd. accounted for over 5% of the group's total assets[79] - Except as disclosed in this report, as of June 30, 2025, the group had no other significant investments or plans to acquire assets[79] Significant Acquisitions and Disposals of Assets During the reporting period, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[82] Changes in Group Performance After December 31, 2024 Except as disclosed in this report, there have been no significant changes in the company's current information compared to the most recently published annual report - Except as disclosed in this report, there have been no significant changes in the company's current information compared to the most recently published annual report[83] Compliance with Laws and Regulations and the Corporate Governance Code During the reporting period, the company complied with laws and regulations materially affecting the group and the code provisions set out in Appendix C1 of the Listing Rules, "Corporate Governance Code" - During the reporting period, the company complied with laws and regulations materially affecting the group and the code provisions set out in Appendix C1 of the Listing Rules, "Corporate Governance Code"[84] Compliance with Model Code The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors and supervisors in securities transactions, and all directors and supervisors confirmed compliance during the reporting period - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors and supervisors confirmed compliance with the Model Code during the reporting period[85] Audit Committee The company established an Audit Committee in accordance with the Listing Rules, responsible for reviewing, supervising, and adjusting the group's financial reporting process and internal controls, and has reviewed the unaudited interim results for the six months ended June 30, 2025, without objection - The Audit Committee has reviewed the group's unaudited interim results for the six months ended June 30, 2025, and has no objection thereto[86] Distributable Reserves As of June 30, 2025, the company's accumulated losses were RMB 708,276 thousand, and surplus reserves were RMB 130,931 thousand, with surplus reserves available to offset losses upon shareholder approval Distributable Reserves (As of June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Accumulated Losses | (708,276) | | Surplus Reserves | 130,931 | - According to the company's articles of association, surplus reserves may be used to offset the company's losses upon approval by the general meeting of shareholders[88] Interim Dividend The Board of Directors does not recommend the distribution of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the distribution of any interim dividend for the six months ended June 30, 2025[89] Changes in Directors, Supervisors and Senior Management and Their Information Following approval at the Annual General Meeting on June 13, 2025, the company completed the election of the Ninth Board of Directors, with Mr. Li Xiaowei appointed as a Non-executive Director and Mr. Zhang Lei retiring, while the Supervisory Committee was abolished - On June 13, 2025, the company completed the election of the Ninth Board of Directors, with Mr. Li Xiaowei appointed as a Non-executive Director and Mr. Zhang Lei retiring[90] - The company abolished the Supervisory Committee, and the supervisors of the Eighth Supervisory Committee retired upon expiration of their terms[90] - Ms. Sun Baojie and Mr. Kong Weiping no longer held certain external positions during the reporting period and up to the report date[91] Consolidated Balance Sheet (Unaudited) This section presents the group's consolidated balance sheet, providing a snapshot of its financial position as of June 30, 2025 Balance Sheet Overview As of June 30, 2025, Beiqing Media Group's total assets were RMB 721,635 thousand, a slight increase from December 31, 2024, with total liabilities of RMB 66,418 thousand and total shareholders' equity of RMB 655,217 thousand Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Current Assets | 269,225 | 294,314 | | Total Non-current Assets | 452,410 | 418,439 | | Total Assets | 721,635 | 712,753 | | Total Current Liabilities | 65,712 | 63,118 | | Total Non-current Liabilities | 706 | 706 | | Total Liabilities | 66,418 | 63,824 | | Total Equity Attributable to Shareholders of the Company | 653,049 | 637,736 | | Non-controlling Interests | 2,168 | 11,193 | | Total Shareholders' Equity | 655,217 | 648,929 | - Cash and cash equivalents decreased from RMB 81,523 thousand at year-end 2024 to RMB 41,463 thousand as of June 30, 2025, while financial assets held for trading increased from RMB 114,270 thousand to RMB 127,388 thousand[94] - Investment properties significantly increased from RMB 53,633 thousand at year-end 2024 to RMB 95,743 thousand[94] Consolidated Income Statement (Unaudited) This section presents the group's consolidated income statement, detailing its revenues, expenses, and net profit or loss for the six months ended June 30, 2025 Income and Cash Flow Overview In H1 2025, the group's total operating revenue was RMB 65,985 thousand, a 32.63% year-on-year decrease, resulting in a net loss of RMB 20,275 thousand, an expansion from the RMB 11,300 thousand loss in the prior year, with basic loss per share of RMB 0.10 Consolidated Income Statement Key Data (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | | Total Operating Costs | 96,287 | 117,668 | | Operating Profit | (20,736) | (11,260) | | Net Profit | (20,275) | (11,300) | | Net Profit Attributable to Shareholders of the Company | (19,047) | (9,420) | | Basic Earnings Per Share (RMB) | (0.10) | (0.05) | - Net amount of other comprehensive income after tax was RMB 34,248 thousand, primarily from changes in fair value of investment properties[100] Consolidated Cash Flow Statement (Unaudited) This section presents the group's consolidated cash flow statement, outlining cash flows from operating, investing, and financing activities for the six months ended June 30, 2025 Cash Flow Overview In H1 2025, the group's net cash flow from operating activities was negative RMB 34,008 thousand, an improvement from negative RMB 55,636 thousand in the prior year, while net cash flow from investing activities was negative RMB 4,659 thousand, and net cash flow from financing activities was negative RMB 7,441 thousand, with cash and cash equivalents at period-end totaling RMB 33,705 thousand Consolidated Cash Flow Statement Key Data (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (34,008) | (55,636) | | Net Cash Flow from Investing Activities | (4,659) | 37,221 | | Net Cash Flow from Financing Activities | (7,441) | (404) | | Net Increase in Cash and Cash Equivalents | (46,090) | (18,819) | | Cash and Cash Equivalents at Period-End | 33,705 | 41,495 | - Cash outflow from investing activities increased, primarily due to cash paid for investments rising from RMB 0 thousand in H1 2024 to RMB 27,000 thousand in H1 2025[101] - Cash outflow from financing activities significantly increased, mainly due to cash paid for other financing-related activities rising from RMB 404 thousand in H1 2024 to RMB 7,441 thousand in H1 2025[103] Consolidated Statement of Changes in Equity (Unaudited) This section presents the group's consolidated statement of changes in equity, detailing the movements in various equity components for the six months ended June 30, 2025 Equity Changes Overview As of June 30, 2025, the group's total shareholders' equity was RMB 655,217 thousand, an increase from RMB 648,929 thousand on December 31, 2024, with a net loss of RMB 19,047 thousand offset by a RMB 34,222 thousand increase in other comprehensive income, mainly from investment property fair value changes Consolidated Statement of Changes in Equity Key Data (As of June 30, 2025) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 197,310 | 197,310 | | Capital Reserve | 919,114 | 918,976 | | Other Comprehensive Income | 265,460 | 231,238 | | Surplus Reserve | 130,931 | 130,931 | | Retained Earnings | (859,766) | (840,719) | | Total Equity Attributable to Parent Company Shareholders | 653,049 | 637,736 | | Non-controlling Interests | 2,168 | 11,193 | | Total Shareholders' Equity | 655,217 | 648,929 | - Net profit for the period was negative RMB 19,047 thousand, but other comprehensive income increased by RMB 34,222 thousand, primarily from changes in fair value of investment properties[104] Notes to Financial Statements This section provides detailed explanations and supplementary information for the figures presented in the consolidated financial statements, enhancing transparency and understanding of the group's financial position and performance I. General Information This section introduces Beiqing Media Co., Ltd.'s basic information, including its incorporation date, listing location, parent company, ultimate controlling party, and primary business scope - Beiqing Media was incorporated in China on May 28, 2001, and listed on the main board of the Hong Kong Stock Exchange[106] - The company's parent company is Beijing Youth Daily Agency, and its ultimate controlling party is Beijing Capital Group Co., Ltd[106] - The group's main businesses are providing newspaper, magazine, and outdoor advertising services, printing, and engaging in printing-related material trade in China[106] II. Scope of Consolidated Financial Statements This section lists the subsidiaries included in the group's consolidated financial statements as of June 30, 2025, such as Beijing Beiqing Outdoor Advertising Co., Ltd., Beiqing Network Culture Communication Co., Ltd., and Beiqing Community Media Technology (Beijing) Co., Ltd - As of June 30, 2025, the group's consolidation scope includes subsidiaries such as Beijing Beiqing Outdoor Advertising, Beiqing Network Culture Communication, Beiqing Logistics, Beiqing Community Media, Chongqing Youth Media, Chongqing Youth America, Beiqing Innovative Culture, and Jingjian (Beijing) Culture Media[107] III. Basis of Preparation of Financial Statements The group's financial statements are prepared in accordance with Chinese Enterprise Accounting Standards, CSRC Disclosure Rules No. 15, and HKEX Listing Rules, presented on a going concern basis - The financial statements are prepared in accordance with Chinese Enterprise Accounting Standards, CSRC Disclosure Rules No. 15 for Companies Issuing Securities to the Public, and the Hong Kong Stock Exchange Listing Rules[110] - The group evaluated its ability to continue as a going concern for 12 months from June 30, 2025, and found no significant doubts[111] IV. Statement of Compliance with Enterprise Accounting Standards The group's financial statements comply with Enterprise Accounting Standards, accurately and completely reflecting the consolidated financial position and operating results as of June 30, 2025 - The group's financial statements comply with the requirements of Enterprise Accounting Standards, truly, accurately, and completely reflecting the consolidated financial position, operating results, cash flows, and other information as of June 30, 2025[113] V. Significant Accounting Policies and Estimates This section details the group's significant accounting policies and estimates, covering accounting period, functional currency, measurement bases, business combinations, financial instruments, expected credit losses, inventories, long-term equity investments, investment properties, fixed assets, intangible assets, impairment, employee benefits, revenue recognition, government grants, deferred income tax, leases, and segment information - The group uses RMB as its functional currency, with accounting based on the accrual basis, and all items measured at historical cost except for specific financial assets and investment properties measured at fair value[117][118] - Financial instruments are classified based on business model and contractual cash flow characteristics as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[141] - Expected credit losses are measured using a three-stage model or simplified approach, with impairment provisions recognized for accounts receivable and lease receivables[161][164] - Revenue recognition principles are based on when the customer obtains control of the goods, primarily including advertising space sales, printing, leasing, and group camp project revenue[198][200] - Investment properties are subsequently measured using the fair value model, with changes in fair value recognized in profit or loss for the current period[177] - Significant accounting estimates involve depreciation of property, plant and equipment, fair value of investment properties, impairment provisions for accounts receivable and other receivables, impairment of interests in joint ventures and associates, and inventory impairment losses[238][239][240][242][243] VI. Changes in Significant Accounting Policies and Estimates The group had no changes in accounting policies or accounting estimates during the current period - The group had no changes in accounting policies during the current period[245] - The group had no changes in accounting estimates during the current period[246] VII. Taxation This section lists the group's main tax types and rates, including VAT, cultural construction tax, urban maintenance and construction tax, education surcharges, and corporate income tax, along with tax incentives for small low-profit enterprises and converted cultural institutions Main Tax Types and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Cultural Undertaking Construction Tax | 3% | | Urban Maintenance and Construction Tax | 7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 25% | - Small low-profit enterprises are subject to a 20% corporate income tax rate on the portion of annual taxable income not exceeding RMB 3 million, calculated at 25% of the taxable income, effective until December 31, 2027[249] - Operating cultural institutions converted into enterprises are exempt from corporate income tax from the date of conversion registration until December 31, 2027[249] VIII. Notes to Major Items of Financial Statements This section provides detailed notes on major items in the group's financial statements, including period-end balances, changes, and aging analysis for various assets, liabilities, revenues, costs, and expenses 1. Financial Assets Held for Trading As of June 30, 2025, the group's financial assets held for trading totaled RMB 127,388 thousand, all consisting of broker asset management products, an increase from RMB 114,270 thousand on December 31, 2024 Financial Assets Held for Trading | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Wealth Management Products | 127,388 | 114,270 | | Of which: Broker Asset Management Products | 127,388 | 114,270 | 2. Accounts Receivable As of June 30, 2025, the group's net accounts receivable were RMB 39,897 thousand, an increase from RMB 28,235 thousand on December 31, 2024, with bad debt provisions of RMB 330,005 thousand, and the top five units accounting for 49.84% of total accounts receivable Net Accounts Receivable and Bad Debt Provisions | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accounts Receivable | 369,902 | 361,354 | | Less: Bad Debt Provisions | 330,005 | 333,119 | | Net Accounts Receivable | 39,897 | 28,235 | Accounts Receivable Aging Analysis (After deducting bad debt provisions) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–90 days | 22,468 | 19,995 | | 91–180 days | 5,963 | 1,241 | | 181–365 days | 6,932 | 1,499 | | 1–2 years | 2,624 | 3,325 | | Over 2 years | 1,910 | 2,175 | | Total | 39,897 | 28,235 | - As of June 30, 2025, the top five units by accounts receivable amount accounted for 49.84% of the total accounts receivable[254] 3. Prepayments As of June 30, 2025, the group's net prepayments were RMB 9,390 thousand, an increase from RMB 6,061 thousand on December 31, 2024, with prepayments within one year totaling RMB 8,389 thousand Net Prepayments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments | 9,390 | 6,061 | | Less: Bad Debt Provisions | — | — | | Net Prepayments | 9,390 | 6,061 | Prepayments Aging Analysis | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 8,389 | 5,978 | | Over 1 year | 1,001 | 83 | | Total | 9,390 | 6,061 | - As of June 30, 2025, the top five units by prepayment amount accounted for 72.95% of the total prepayments[257] 4. Other Receivables As of June 30, 2025, the group's net other receivables were RMB 22,366 thousand, a decrease from RMB 28,712 thousand on December 31, 2024, comprising net dividends receivable of RMB 8,792 thousand and net other receivables of RMB 13,574 thousand Net Other Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Dividends Receivable | 8,842 | 8,196 | | Other Receivables | 207,222 | 221,806 | | Less: Bad Debt Provisions | 193,698 | 201,290 | | Net Other Receivables | 22,366 | 28,712 | Other Receivables Aging Analysis (After deducting bad debt provisions) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 3,787 | 15,005 | | 1–2 years | 9,341 | 5,189 | | 2–3 years | 25 | 304 | | 3–4 years | 298 | 148 | | Over 4 years | 123 | 5 | | Total | 13,574 | 20,651 | Other Receivables by Nature | Nature of Amount | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Related Party Balances | 3,664 | 2,473 | | External Unit Balances | 190,285 | 205,446 | | Deposits and Guarantees | 10,153 | 9,635 | | Petty Cash | 1,915 | 1,580 | | Other | 1,205 | 2,672 | | Total | 207,222 | 221,806 | 5. Other Current Assets As of June 30, 2025, the group's other current assets totaled RMB 28,669 thousand, primarily comprising deductible VAT and prepaid income tax, a slight decrease from RMB 29,595 thousand on December 31, 2024 Other Current Assets | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Deductible VAT | 26,901 | 29,595 | | Prepaid Income Tax | 1,768 | — | | Total | 28,669 | 29,595 | 6. Long-term Equity Investments As of June 30, 2025, the group's long-term equity investments were zero, primarily because investments in associates had been written down to zero using the equity method Long-term Equity Investments | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Investments in Associates — Accounted for using equity method | — | — | | Less: Impairment Provisions for Investments in Associates | — | — | | Total | — | — | - Investments in associates such as Beijing Leisure Fashion Advertising Co., Ltd. and Beijing Shengyi Automobile Technology Service Co., Ltd. have been written down to zero using the equity method[268] 7. Investments in Other Equity Instruments As of June 30, 2025, the group's investments in other equity instruments totaled RMB 341,253 thousand, primarily including investments in Beiyang Publishing & Media Co., Ltd., Beijing Keyin Media Culture Co., Ltd., and Beijing International Advertising Media Group Co., Ltd Investments in Other Equity Instruments | Item | Investment Cost (RMB thousand) | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Dividend Income Recognized in Current Period (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Beijing Youth Daily New Media Co., Ltd. | 500 | 3,577 | 3,577 | — | | Beijing International Advertising Media Group Co., Ltd. | 33,119 | 36,853 | 36,853 | — | | Beiyang Publishing & Media Co., Ltd. | 103,000 | 264,379 | 264,379 | 8,842 | | Beijing Keyin Media Culture Co., Ltd. | 6,560 | 36,444 | 36,444 | — | | Total | 143,179 | 341,253 | 341,253 | 8,842 | - Dividend income recognized in the current period primarily came from Beiyang Publishing & Media Co., Ltd., totaling RMB 8,842 thousand[271] 8. Investment Properties As of June 30, 2025, the group's investment properties measured at fair value significantly increased to RMB 95,743 thousand from RMB 53,633 thousand on December 31, 2024, mainly due to the conversion of some self-owned properties to investment properties, resulting in an appraisal increment of RMB 34,183 thousand Investment Properties (Measured at fair value) | Type | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Buildings | 95,743 | 53,633 | | Total | 95,743 | 53,633 | - The company converted some self-owned properties into investment properties, resulting in an appraisal increment of RMB 34,183 thousand[277] - As of June 30, 2025, the book value of the group's investment properties for which formal title deeds have not yet been obtained was approximately RMB 4,099 thousand, which the directors believe does not affect their value[275] 9. Property, Plant and Equipment For the six months ended June 30, 2025, the group's property, plant and equipment increased by RMB 153 thousand, and depreciation expense of RMB 366 thousand was recognized Property, Plant and Equipment Movement | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Increase in Property, Plant and Equipment | 153 | 785 | | Depreciation of Property, Plant and Equipment | 366 | 256 | 10. Intangible Assets For the six months ended June 30, 2025, the group's intangible assets increased by RMB 8 thousand, and amortization expense of RMB 234 thousand was recognized Intangible Assets Movement | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Increase in Intangible Assets | 8 | 99 | | Amortization of Intangible Assets | 234 | 447 | 11. Other Non-current Assets As of June 30, 2025, the group's other non-current assets were zero, primarily due to a full impairment provision of RMB 24,000 thousand for film and television project prepayments Other Non-current Assets | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Film and Television Project Prepayments | 24,000 | 24,000 | | Less: Impairment Provisions | 24,000 | 24,000 | | Total | — | — | - Film and television project prepayments relate to the company's participation in the film and television project "Oriental Football King," which has not yet been released[281] 12. Details of Asset Impairment Provisions As of June 30, 2025, the group's total asset impairment provisions were RMB 556,218 thousand, with bad debt provisions of RMB 1,783 thousand recognized in the current period and inventory depreciation provisions decreasing by RMB 1,324 thousand Details of Asset Impairment Provisions (As of June 30, 2025) | Item | January 1, 2025 (RMB thousand) | Increase in Current Period (Provision) (RMB thousand) | Decrease in Current Period (Reversal) (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Bad Debt Provisions | 534,409 | 1,783 | 13,560 | 523,703 | | Inventory Depreciation Provisions | 1,379 | — | 1,324 | 55 | | Intangible Asset Impairment Provisions | 8,460 | — | — | 8,460 | | Other Non-current Asset Impairment Provisions | 24,000 | — | — | 24,000 | | Total | 568,248 | 1,783 | 14,884 | 556,218 | 13. Accounts Payable As of June 30, 2025, the group's total accounts payable were RMB 17,125 thousand, a decrease from RMB 21,184 thousand on December 31, 2024, with accounts payable aged 0-90 days totaling RMB 8,293 thousand Accounts Payable | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Accounts Payable | 17,125 | 21,184 | | Total | 17,125 | 21,184 | Accounts Payable Aging Analysis | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0–90 days | 8,293 | 7,180 | | 91–180 days | 859 | 8,954 | | 181–365 days | 2,937 | 10 | | Over 1 year | 5,036 | 5,040 | | Total | 17,125 | 21,184 | 14. Other Payables As of June 30, 2025, the group's total other payables were RMB 17,469 thousand, a slight decrease from RMB 18,006 thousand on December 31, 2024, primarily including intercompany balances, deposits, and guarantees Other Payables by Nature | Nature of Amount | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Intercompany Balances | 13,156 | 15,789 | | Deposits and Guarantees | 889 | 1,200 | | Amounts Collected/Paid on Behalf of Others | 648 | 383 | | Other | 2,776 | 634 | | Total | 17,469 | 18,006 | 15. Other Comprehensive Income As of June 30, 2025, the group's total other comprehensive income was RMB 265,460 thousand, an increase of RMB 34,222 thousand from January 1, 2025, primarily due to changes in the fair value of investment properties Other Comprehensive Income Movement (As of June 30, 2025) | Item | January 1, 2025 (RMB thousand) | Amount Incurred Before Tax in Current Year (RMB thousand) | Attributable to Parent Company After Tax (RMB thousand) | June 30, 2025 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | I. Other Comprehensive Income Not to be Reclassified to Profit or Loss | 230,487 | — | — | 230,487 | | Of which: Fair Value Changes of Investments in Other Equity Instruments | 230,487 | — | — | 230,487 | | II. Other Comprehensive Income to be Reclassified to Profit or Loss | 751 | 34,248 | 34,222 | 34,973 | | Of which: Fair Value Changes of Investment Properties | — | 34,183 | 34,183 | 34,183 | | Exchange Differences on Translation of Foreign Currency Financial Statements | 201 | 65 | 39 | 240 | | Total Other Comprehensive Income | 231,238 | 34,248 | 34,222 | 265,460 | - The increase in other comprehensive income in the current period primarily came from changes in the fair value of investment properties, totaling RMB 34,183 thousand[287] 16. Total Operating Revenue and Operating Costs In H1 2025, the group's total operating revenue was RMB 65,985 thousand, a 32.63% year-on-year decrease, while operating costs were RMB 72,388 thousand, a 22.22% year-on-year decrease, resulting in a gross loss of RMB 6,403 thousand, compared to a gross profit of RMB 4,871 thousand in the prior year Total Operating Revenue, Operating Costs, and Gross Profit (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Operating Revenue | 65,985 | 97,937 | | Total Operating Costs | 72,388 | 93,066 | | Gross Profit | (6,403) | 4,871 | Main Business Revenue and Costs (By Business Category) | Item | 2025 Operating Revenue (RMB thousand) | 2025 Operating Costs (RMB thousand) | 2024 Operating Revenue (RMB thousand) | 2024 Operating Costs (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Advertising | 46,038 | 54,105 | 51,808 | 52,021 | | Printing | — | — | 2 | 1 | | Printing Related Material Trade | 8,654 | 9,745 | 29,905 | 28,711 | | Other | 7,915 | 8,533 | 11,728 | 12,192 | | Total | 62,607 | 72,383 | 93,443 | 92,925 | - Operating revenue from the top five customers totaled RMB 18,536 thousand, accounting for 28.09% of H1 2025 business revenue[291] 17. Taxes and Surcharges In H1 2025, the group's total taxes and surcharges were RMB 846 thousand, a decrease from RMB 1,029 thousand in H1 2024, primarily including property tax, cultural undertaking construction fees, and urban construction tax Taxes and Surcharges (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Property Tax | 512 | 633 | | Cultural Undertaking Construction Fee | 211 | 245 | | Urban Construction Tax | 52 | 58 | | Education Surcharge | 30 | 24 | | Local Education Surcharge | 20 | 17 | | Other | 21 | 52 | | Total | 846 | 1,029 | 18. Finance Costs In H1 2025, the group's finance costs were negative RMB 493 thousand, an increase (absolute value decrease) from negative RMB 658 thousand in H1 2024, primarily due to reduced interest income Finance Costs (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expense | 64 | 90 | | Less: Interest Income | 573 | 785 | | Exchange Gains/(Losses) | (2) | — | | Plus: Handling Fees and Other Expenses | 18 | 37 | | Total | (493) | (658) | 19. Investment Income In H1 2025, the group's investment income was RMB 8,989 thousand, a decrease from RMB 11,103 thousand in H1 2024, primarily from investment income during the holding period of other equity instrument investments Investment Income (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Share of Profit of Associates | — | (1,377) | | Investment Income from Disposal of Financial Assets Measured at Fair Value Through Profit or Loss | (131) | 12,441 | | Investment Income from Holding Other Equity Instruments | 8,842 | 39 | | Other Investment Income | 278 | — | | Total | 8,989 | 11,103 | 20. Gains from Changes in Fair Value In H1 2025, the group's gains from changes in fair value were RMB 2,320 thousand, a turnaround from a loss of RMB 5,563 thousand in H1 2024, primarily due to fair value changes in financial assets held for trading Gains from Changes in Fair Value (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Changes of Financial Assets Held for Trading | 2,320 | (5,563) | | Total | 2,320 | (5,563) | 21. Credit Impairment Losses In H1 2025, the group's credit impairment losses were negative RMB 1,783 thousand, compared to positive RMB 2,893 thousand in H1 2024, indicating an increase in credit impairment losses for the current period Credit Impairment Losses (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Bad Debt Losses | (1,783) | 2,893 | | Total | (1,783) | 2,893 | 22. Non-operating Income In H1 2025, the group's non-operating income was RMB 380 thousand, a significant increase from RMB 13 thousand in H1 2024 Non-operating Income (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Gains on Disposal of Property, Plant and Equipment | — | 5 | | Other | 380 | 8 | | Total | 380 | 13 | 23. Non-operating Expenses In H1 2025, the group's non-operating expenses were RMB 4 thousand, a decrease from RMB 38 thousand in H1 2024 Non-operating Expenses (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Other | 4 | 38 | | Total | 4 | 38 | 24. Income Tax Expense In H1 2025, the group's income tax expense was negative RMB 85 thousand, a significant decrease from RMB 15 thousand in H1 2024, primarily due to a reversal by subsidiary Jingjian Media based on income tax reconciliation results Income Tax Expense (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax Expense | (85) | 15 | | Total | (85) | 15 | - The income tax expense for the current period was negative, primarily due to a reversal by the company's subsidiary Jingjian Media based on the income tax reconciliation results[58] - The group was not required to provide for Hong Kong profits tax during the current period as no profits were derived from Hong Kong[307] 25. Dividends The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[308] 26. Cash and Cash Equivalents As of June 30, 2025, the group's cash and cash equivalents balance at period-end was RMB 33,705 thousand, a significant decrease from RMB 79,795 thousand on December 31, 2024 Cash and Cash Equivalents | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank Balances and Cash | 41,463 | 81,523 | | Less: Restricted Bank Deposits | 7,758 | 1,728 | | Cash and Cash Equivalents at Period-End | 33,705 | 79,795 | IX. Changes in Consolidation Scope This section explains changes in the group's consolidation scope, including the consolidation of Jingjian Media in December 2024, which led to restatement of prior period financial data, and the deconsolidation of Beiqing Longteng Investment Management (Beijing) Co., Ltd. due to compulsory liquidation in January 2025 - The consolidation of Jingjian Media, an enterprise under common control, was completed in December 2024, leading to the restatement of prior period financial data[311] - On January 10, 2025, Beiqing Longteng Investment Management (Beijing) Co., Ltd. was no longer included in the group's consolidation scope due to compulsory liquidation[313] - The group had no changes in consolidation scope due to the disposal of subsidiaries[312] X. Interests in Other Entities This section details the group's interests in subsidiaries, associates, other equity instrument investments, and financial assets held for trading, including their composition, shareholding percentages, key financial information, and investment strategies 1. Interests in Subsidiaries The group owns several subsidiaries, including Beijing Youth Daily Modern Logistics Co., Ltd. and Beiqing Community Media Technology (Beijing) Co., Ltd., which are significant non-wholly owned subsidiaries Key Financial Information of Significant Non-wholly Owned Subsidiaries (As of June 30, 2025) | Subsidiary Name | Non-controlling Interest Shareholding (%) | Profit/(Loss) Attributable to Non-controlling Interests in Current Period (RMB thousand) | Non-controlling Interests Balance (RMB thousand) | | :--- | :--- | :--- | :--- | | Beijing Youth Daily Modern Logistics Co., Ltd. | 7.16 | (227) | (899) | | Beiqing Community Media Technology (Beijing) Co., Ltd. | 24.18 | (854) | 6,611 | Operating Performance of Significant Non-wholly Owned Subsidiaries (For the Six Months Ended June 30, 2025) | Subsidiary Name | Operating Revenue (RMB thousand) | Net Profit/(Loss) (RMB thousand) | Net Cash Flow from Operating Activities (RMB thousand) | | :--- | :--- | :--- | :--- | | Beijing Youth Daily Modern Logistics Co., Ltd. | 11,248 | (3,171) | (3,887) | | Beiqing Community Media Technology (Beijing) Co., Ltd. | 12,278 | (2,757) | (3,041) | 2. Interests in Associates The group accounts for its investments in several associates, including Beijing Leisure Fashion Advertising Co., Ltd. and Beijing Shengyi Automobile Technology Service Co., Ltd., using the equity method, with the total book value of investments in associates being zero as of June 30, 2025, due to write-downs Key Financial Information of Associates (For the Six Months Ended June 30, 2025) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Book Value of Investments | — | 1,664 | | Net Profit/(Loss) | — | (1,423) | | Total Comprehensive Income | — | (1,423) | - As of the reporting date, some associates had not yet provided their financial statements for January to June 2025, and their accumulated unrecognized losses continued to exist[325] 3. Interests in Investments in Other Equity Instruments The group holds interests in other equity instrument investments, including Beiyang Publishing & Media Co., Ltd., Beijing Keyin Media Culture Co., Ltd., and Beijing International Advertising Media Group Co., Ltd., which represent a significant portion of the group's total assets, primarily based on favorable operating conditions and investment returns Basic Information of Companies Related to Investments in Other Equity Instruments (As of June 30, 2025) | Company Name | Shareholding (%) | Fair Value (RMB thousand) | Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | | Beijing Youth Daily New Media Co., Ltd. | 5.00 | 3,577 | 0.50 | | Beijing International Advertising Media Group Co., Ltd. | 11.44 | 36,853 | 5.11 | | Beiyang Publishing & Media Co., Ltd. | 2.43 | 264,379 | 36.64 | | Beijing Keyin Media Culture Co., Ltd. | 16.00 | 36,444 | 5.05 | - The investment in Beiyang Media is primarily based on its favorable operating conditions and capital operation plans, aiming for better investment returns[331] - The investment in Jingguang Media aims to achieve investment returns, and in conjunction with the business transformation strategy, the company may consider gradually advancing its exit plan[332] 4. Interests in Financial Assets Held for Trading The company manages idle funds through a single asset management contract with Shouyao Securities, with the fair value of this fixed-income wealth management product totaling RMB 127,388 thousand as of June 30, 2025, representing 17.65% of total assets Basic Information of Financial Assets Held for Trading (As of June 30, 2025) | Counterparty Name | Product Type | Investment Cost (RMB thousand) | Fair Value (RMB thousand) | Percentage of Total Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Shouyao Securities | Fixed-Income Wealth Management Product | 118,390 | 127,388 | 17.65 | - The company will continue to entrust Shouyao Securities with the management of idle funds, provided it does not affect daily operational liquidity and is authorized by the shareholders' meeting[335] XI. Fair Value Disclosures This section discloses the amounts and measurement levels of assets and liabilities measured at fair value as of June 30, 2025, with total assets continuously measured at fair value amounting to RMB 564,384 thousand, primarily comprising financial assets held for trading, investments in other equity instruments, and investment properties Period-End Assets Measured at Fair Value and Fair Value Measurement Levels (As of June 30, 2025) | Item | Level 2 Fair Value Measurement (RMB thousand) | Level 3 Fair Value Measurement (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 127,388 | — | 127,388 | | Investments in Other Equity Instruments | — | 341,253 | 341,253 | | Investment Properties | 95,743 | — | 95,743 | | Total Assets Continuously Measured at Fair Value | 223,131 | 341,253 | 564,384 | XII. Related Parties and Related Party Transactions This section details the group's related party relationships, parent company, ultimate controlling party, and various related party transactions in H1 2025, including purchases, sales, asset management, leasing, and key management personnel compensation, along with related party balances 1. Related Party Relationships The group's related parties include its parent company Beijing Youth Daily Agency and its subsidiaries, the ultimate controlling party Beijing Capital Group Co., Ltd. and its subsidiaries, the company's associates, and other related parties - The group's related parties include its parent company Beijing Youth Daily Agency and its subsidiaries, the ultimate controlling party Beijing Capital Group Co., Ltd. and its subsidiaries, the company's associates, and other related parties[339][341] 2. Parent Company and Ultimate Controlling Party The company's parent company is Beijing Youth Daily Agency, and its ultimate controlling party is Beijing Capital Group Co., Ltd., with Beijing Youth Daily Agency holding 124,840 thousand shares, representing 63.27% of the company's share capital as of June 30, 2025 Parent Company and Ultimate Controlling Party Information | Item | Parent Company Name | Ultimate Controlling Party Name | | :--- | :--- | :--- | | Enterprise Type | State-owned Enterprise | State-owned Enterprise | | Registered Address | Beijing | Beijing | | Busin