大恒新纪元科技股份有限公司2025 年半年度报告 公司代码：600288 公司简称：大恒科技 大恒新纪元科技股份有限公司 大恒新纪元科技股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人鲁勇志、主管会计工作负责人谢燕及会计机构负责人（会计主管人员）唐石声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬 请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 股无限售流通股被公安部门冻结，冻结 ...

Company Overview - Gohua Cable is a core operator of broadcasting networks in Beijing, focusing on the planning, construction, operation, and maintenance of the city's broadcasting network [1] - The company is a subsidiary of China Broadcasting Network, which is wholly owned by the State Council [1] - Gohua Cable is transitioning from a "cable transmission provider" to a "smart broadcasting service platform," integrating traditional cable with broadband and 5G services [3] Financial Performance - In Q1 2024 and Q1 2025, Gohua Cable reported revenues of 2.314 billion and 456 million yuan, respectively, showing a year-on-year decline of 4.92% and 13.95% [1] - The net profit attributable to shareholders for Q1 2024 was -70 million yuan, while for Q1 2025, it was 34 million yuan, reflecting a year-on-year growth of 59.68% and 470.15% [1] Industry Trends - The traditional television industry is experiencing moderate growth, with the total revenue of the broadcasting industry in 2024 reaching 1.49 trillion yuan, a year-on-year increase of 5.34% [2] - The integration of broadcasting networks is nearing completion, transitioning to a unified structure, which provides opportunities for broadband and 5G business development [2] - The rural internet penetration rate in China is 65.6%, significantly lower than the national average, indicating ongoing infrastructure expansion opportunities [2] Strategic Initiatives - Gohua Cable is focusing on digital transformation in sectors such as hotels and elderly care, signing contracts with over 1,300 hotels and 214 elderly care institutions in 2024 [3] - The company is enhancing its broadband operations through bundled packages and is accelerating the implementation of 5G applications, particularly in low-latency scenarios [3] Shareholder Engagement - In February 2025, Gohua Cable launched a "Valuation Enhancement Plan" aimed at improving operational quality, exploring mergers and acquisitions, and stabilizing dividend returns [4] - This plan reflects the company's commitment to shareholder returns and aims to create a long-term value management mechanism [4] Profit Forecast and Investment Recommendation - Revenue projections for Gohua Cable from 2025 to 2027 are estimated at 2.230 billion, 2.254 billion, and 2.367 billion yuan, with corresponding year-on-year growth rates of -3.65%, +1.10%, and +5.00% [5] - The net profit attributable to shareholders is forecasted to be -15 million, 9 million, and 19 million yuan for the same period, with significant year-on-year growth rates [5] - The company is rated as a "buy" due to its ongoing efforts in 5G and broadband business development and the implementation of the Valuation Enhancement Plan [5]

Group 1 - The establishment of the Jinan University County-level Media Integration Research and Practice Base aims to promote the transformation of talent resources and provide technical and talent support for the long-term development of media integration in Chao'an District, Chaozhou City [1] - The base focuses on content planning, technology application, platform operation, and talent cultivation, conducting forward-looking and targeted theoretical research to explore new paths for media integration development [1] - Since 2019, the School of Journalism and Communication at Jinan University has sent nearly 600 students in 65 teams to media centers in 59 counties (cities) in Guangdong Province for professional practice [1] Group 2 - Jinan University has a long history of nearly 80 years in journalism education and is known as the "Huangpu Military Academy" of Chinese media, with its journalism department founded in 1946 [2] - The School of Journalism and Communication has become a significant academic center in South China, offering a multi-level education system for journalism and communication talents, including undergraduate, master's, doctoral, and postdoctoral programs [2] - The school has received numerous honors, including being recognized as a national-level advanced collective in the education system and a model department for party building [2] Group 3 - The journalism program at Jinan University is one of the first national-level characteristic majors, with journalism and advertising recognized as national pilot reform majors [3] - The school has established various platforms, including a national-level experimental teaching demonstration center and a provincial collaborative education platform [3] - Over the years, the school has trained more than 6,000 outstanding graduates, many of whom have become key figures in the media industry, particularly in Hong Kong and Macau [3]

Group 1 - The core viewpoint of the articles highlights the recognition of innovative cases in the media industry, particularly focusing on the high-quality development of industry media in China [1][2] - A total of 45 innovative cases were recognized across five categories, including 17 in content supply, 13 in media communication construction, 5 in operational service models, 5 in digital technology applications, and 5 in institutional mechanisms [1] - The "Low-altitude New Track: Chinese Dreamers" multimedia interview series by China Civil Aviation News was selected as an innovative case in the content supply category, showcasing the media's role in leading public opinion and addressing contemporary issues [2] Group 2 - The industry media has been actively implementing the important speeches of General Secretary Xi Jinping regarding news and public opinion work, focusing on enhancing public opinion guidance, serving industry development, and innovating presentation forms [2] - The series of reports on low-altitude economy, including founder interviews and video reports, achieved high readership, demonstrating the media's proactive engagement and leadership in public discourse [2] - China Civil Aviation News has consistently adhered to its mission as an industry media outlet, launching several high-quality innovative cases in line with media integration trends [2]

Core Insights - The Fourth China Newspaper Innovation and Development Conference was held in Hangzhou, where the "China Newspaper Innovation Development Report (2024)" was released, highlighting 60 selected cases of innovation in the newspaper industry [1] - The Hangzhou Report Group's project "Building a Leading Platform for Deep Integration in the City" was recognized as a case of "Institutional Mechanism Innovation" [1] - The project aims to integrate media resources in Hangzhou, providing a model for media convergence development across the country [1] Group 1 - The Hangzhou Media Integration Center was established on February 27, 2023, under the supervision of the Hangzhou Municipal Committee of the Communist Party and operated by the Hangzhou Daily Media Group [2] - The center integrates five major platforms, including "Hangzhou Release" and "Yunwei Hangzhou," to create a new flagship for media integration in the city [2] - The center employs a comprehensive approach to content sharing, resource integration, and professional management to enhance the effectiveness of media operations [2] Group 2 - In 2024, the Hangzhou Media Integration Center published over 50,000 articles, achieving a total reading volume of nearly 4.8 billion [3] - The "Hangzhou Release" WeChat public account ranked among the top three in national city release weekly rankings, while the "Yunwei Hangzhou" Douyin account ranked first among official government accounts in both sub-provincial and provincial capital cities [3] - The project showcased its achievements at the "2025 China Newspaper Innovation Development Case Exhibition," attracting significant interest from attendees and encouraging further collaboration among media professionals [3]

Core Insights - The article highlights the collaboration between technology new media and traditional media, emphasizing the potential for enhanced communication and promotion of innovative companies and products through joint efforts [2][3][4]. Group 1: Company Overview - Hangzhou Xingao Media operates in a relaxed environment with no strict attendance policy, offering generous benefits and advanced equipment, which contributes to its success in the digital media space [1]. - The company has a significant online presence, with over 31 million total followers across various self-media IPs and has been recognized as one of the top 100 UP masters on Bilibili for six consecutive years [1]. Group 2: Collaboration and Synergy - The founder of Xingao Media, Pan Tianhong, advocates for collaboration between self-media and official media to enhance the discovery and promotion of quality companies and products [2]. - Executives from other tech companies echoed this sentiment, expressing the need for shared resources and opportunities to report on high-quality technology developments [2]. Group 3: Media Transformation - Traditional media is actively embracing transformation by adopting quicker and more engaging communication methods, such as digital news and character IPs, to stay relevant in the new media landscape [3]. - The collaboration between traditional and new media is seen as a way to combine experience and creativity, enhancing the overall effectiveness of communication strategies [3][4]. Group 4: Impact on Regional Development - The concept of "voice" is crucial for enhancing corporate visibility and influencing valuations, which in turn can drive regional development [5]. - Many small but technologically advanced companies in Hangzhou face challenges due to a lack of visibility, highlighting the need for media to amplify their presence [5][6]. Group 5: Future Initiatives - Upcoming events, such as the first Future Science π Carnival, aim to showcase technological innovations and attract attention to Hangzhou's unique strengths in tech [5]. - The potential for media collaboration in promoting innovative events and activities is seen as a way to generate impactful content and enhance the city's technological identity [5][6].

Meeting Guidelines - The meeting will be conducted in accordance with relevant laws, regulations, and the company's articles of association to ensure order and efficiency [1] - Shareholders and their representatives must register for attendance by June 23, 2025, and arrive at the designated location for check-in by June 27, 2025 [2][3] - Identification and authorization documents are required for attendance [2] - Personal recording, photography, and video recording are prohibited [2] Agenda Overview - The annual meeting is scheduled for June 27, 2025, at 14:30, with online voting available on the same day [1][2] - A total of 11 resolutions will be reviewed, requiring more than half of the voting rights to pass [2] Financial Reports - The company’s total assets as of December 31, 2024, amounted to RMB 54.26 billion, a decrease of 0.75% from the beginning of the year [6] - Total liabilities were RMB 14.27 billion, down 1.28% from the previous year [6] - The net profit attributable to shareholders for 2024 was RMB 2.09 billion, reflecting a decline of 36.84% year-on-year [11] Profit Distribution Proposal - The proposed cash dividend is RMB 1.32 per 10 shares, totaling RMB 145.95 million, which represents 69.76% of the net profit attributable to shareholders [9] Board and Supervisory Reports - The board's report emphasizes the company's commitment to enhancing news capabilities and integrating technology [11][22] - The supervisory report confirms compliance with legal and regulatory requirements, ensuring the protection of shareholder interests [33] Future Plans - The company aims to leverage artificial intelligence and data services to enhance its media capabilities and service offerings [22][24] - Plans include expanding the "news + government services" model and enhancing customer service through new platforms [18][23]

Group 1: Financial Performance - The cumulative cash dividend amount for the years 2022, 2023, and 2024 reached ¥78,882,440, with the cash dividend ratio to net profit being 91.05%, 94.09%, and 98.53% respectively [4] - As of June 10, 2025, the total number of shareholders is 14,939 [4] - The company reported a significant decline in gross profit margin in Q1, attributed to market conditions, and plans to enhance resource integration and industry synergy [4] Group 2: Business Strategy and Development - The company is focusing on developing a differentiated new media industry and enhancing content production capabilities [3] - Plans to leverage artificial intelligence technologies, such as DeepSeek, for improved news delivery and user interaction [3] - The company aims to expand its market presence and revenue sources through new media integration and mobile information services [5] Group 3: Market Position and Future Outlook - The company is committed to enhancing its core competitiveness and maintaining stable operations despite market fluctuations [6] - Future goals include utilizing technological innovation to empower media production and optimizing industry layout for high-quality development [6] - The company is closely monitoring the impact of new sports events, such as the upcoming "Chuan Chao" football league, on its business [9]

Group 1: Overview of the Company - The Central Radio and Television Station (CRTV) was established on March 21, 2018, as a comprehensive international media organization, integrating various broadcasting entities under one umbrella [1] - By the end of 2024, CRTV will operate 51 TV channels, 22 domestic radio frequencies, and utilize 82 languages for global outreach, with 192 overseas stations [1] Group 2: Social Responsibility - CRTV focuses on promoting Chinese modernization and enhancing mainstream values, culture, and public opinion to contribute to national rejuvenation [2] Group 3: Awards and Recognition - In 2024, CRTV received nearly 200 awards, including the China News Award and the White Magnolia Award, recognizing its excellence in media production [3] Group 4: Political Responsibility - CRTV successfully covered major political events, publishing approximately 210,000 political reports with a total viewership exceeding 117 billion [4] - The organization utilized various media platforms to highlight significant events, achieving a total viewership of 78.6 billion for key programs related to the 20th National Congress [10] Group 5: Media Development - CRTV's average viewership share reached a 13-year high in 2024, with its news app surpassing 2.19 billion downloads [36] - The organization is advancing its "5G+4K/8K+AI" strategy, enhancing its technological capabilities for broadcasting [38] Group 6: Public Service - CRTV launched initiatives to provide timely information during the Spring Festival travel rush, achieving over 100 million views [47] - The organization has developed a public service platform to facilitate communication between the government and the public [49] Group 7: Cultural Responsibility - CRTV produces various cultural programs and documentaries that promote socialist core values and showcase traditional Chinese culture [70][77] - The organization has initiated programs to enhance public scientific literacy, covering significant space exploration events [88] Group 8: International Outreach - CRTV has increased its international news coverage, achieving a 40.5% first-release rate for major global events, and expanded its language offerings to 82 [27] - The organization has signed over 130 cooperation agreements with foreign media, enhancing its global media diplomacy [32]

Core Insights - The fifth China (Beijing) Radio and Television Media Integration Development Conference was held on May 21-22, focusing on innovative development, communication ecology, value empowerment, technology application, and cross-border cooperation [1] Group 1: Media Integration and Reform - The National Radio and Television Administration has prioritized the systemic reform of the broadcasting and television media and the implementation of media integration development projects as key tasks for 2025 [2] - As of 2024, the number of online audio-visual users in China is expected to reach 1.091 billion, with an internet penetration rate of 98.4% [2] - The establishment of the National New Media Alliance has led to a 79% increase in member downloads since its inception, with over 90 cross-regional live broadcasts and more than 90 viral short videos exceeding 10 million views [2] - Beijing has set up the first national special fund for media integration development, investing over 30 million yuan and supporting over 200 projects [2] Group 2: Technological Empowerment - The deep integration of artificial intelligence and ultra-high-definition technology is reshaping the underlying logic of the audio-visual industry [4] - Over 90% of broadcasting institutions in China have adopted AI tools across the entire production chain [4] - The use of AI in content creation is advancing towards intelligent and large-scale production, with platforms like Douyin and Kuaishou implementing AI creative assistants [5] Group 3: Collaborative Ecosystem - The development of media integration is accelerating the formation of a collaborative national framework, exemplified by the "Rural Revitalization Thousand Miles Tour" series of live broadcasts initiated by the National New Media Alliance [6] - The "Beijing Festival High" service community aims to link 100 festival activities and 200 regional brand products, enhancing cultural and commercial connections [6] - The "Star Index" micro-short drama evaluation system has seen over 160 out of 241 recommended works go live, promoting tourism and local products [7]