天威视讯转型阵痛：新老业务“青黄不接”，中报亏损创新高

Core Viewpoint - Tianwei Vision has reported a significant decline in both revenue and profit for the first half of the year, primarily due to the underperformance of its traditional cable TV business and the lack of scale in its new business ventures [1][2]. Group 1: Traditional Cable TV Business Performance - In the first half of the year, Tianwei Vision achieved revenue of 590 million yuan, a year-on-year decrease of 8.63%, compared to a growth of 4.09% in the same period last year [2]. - The company reported a net profit attributable to shareholders of -27.15 million yuan, a decline of 352.07% year-on-year, with a non-GAAP net profit of -41.32 million yuan [2]. - The decline in revenue is attributed to reduced income from cable TV and broadband services, with the cable TV service revenue falling to 532 million yuan, down 8.29% year-on-year [5]. Group 2: Challenges in New Business Ventures - Tianwei Vision's new business segments, including TV shopping and digital culture production, have also faced significant challenges, with the TV shopping segment's revenue plummeting by 54.71% to 9.94 million yuan [7][8]. - The government enterprise business has seen a decline in revenue due to changes in government budget policies, impacting overall performance [8]. - The digital culture production business, acquired recently, reported a revenue of 2.5 million yuan, but the profitability did not meet expectations, with a loss of 9.92 million yuan in the first half of the year [10]. Group 3: User Metrics and Market Trends - As of the first half of the year, the number of cable digital TV users decreased to 1.2586 million, nearly halving from its peak in 2015 [4]. - The broadband user base showed minimal growth, with a slight increase of 0.32% to 577,000 users, but down nearly 10% from its peak in 2021 [4]. - The company is actively expanding its mobile network business, achieving a user base of 411,000 for its 5G services, although it faces challenges due to market saturation in Shenzhen [4].