Core Viewpoint - The Shenzhen Stock Exchange has decided to terminate the review of Guizhou Duocai New Media Co., Ltd.'s initial public offering (IPO) and listing on the Growth Enterprise Market [1][4]. Group 1: Company Actions - Duocai New Media submitted an application to withdraw its IPO and listing application to the Shenzhen Stock Exchange [4]. - The sponsor, Zhongyin International Securities Co., Ltd., also submitted a request to withdraw the IPO application [4]. Group 2: Company Structure and Shareholding - Guizhou Duocai New Media operates the IPTV integrated broadcasting and control service business in Guizhou Province, exclusively authorized by Guizhou Radio and Television Station [5]. - Guizhou Radio and Television Station holds 42,864,000 shares in Duocai New Media, accounting for 71.44% of the total share capital, making it the controlling shareholder and actual controller of the company [5]. Group 3: IPO Details - The company planned to issue no more than 20 million shares, representing at least 25% of the total share capital post-issue, with the specific number to be determined by the board of directors based on market conditions [5]. - The intended fundraising amount was 897.6839 million yuan, allocated for projects including the IPTV intelligent integrated broadcasting and control cloud platform technology renovation, copyright content procurement, and smart home operation platform construction [5][6].

Group 1 - The second Shanghai Cooperation Organization (SCO) National Television Festival opened in Xi'an on July 16, co-hosted by the National Radio and Television Administration, Shaanxi Provincial Government, and the SCO Secretariat [2][3] - The festival's theme is "Gathering Civilizations, Creating Audiovisuals, and Sharing the Future," focusing on showcasing the achievements of audiovisual cooperation among SCO member states [3] - A joint declaration titled "2025 SCO National Television Festival Common Declaration" was released, advocating for mutual inclusiveness and innovative cooperation to enhance cultural collaboration [3] Group 2 - Over 300 representatives from 19 SCO member states, observer countries, and dialogue partners attended the opening ceremony, highlighting the importance of audiovisual exchanges in promoting mutual understanding [3] - The festival featured the release of over 40 audiovisual cooperation achievements, including documentaries and animated films produced collaboratively by multiple countries [3] - The event included parallel thematic activities such as "Audiovisual Industry Exchange Cooperation," "Audiovisual Content Integration and Dissemination," and "Audiovisual Content Trading Market" [3] Group 3 - The "Audiovisual Integration and Harmony" program broadcasted from May to August, showcasing Chinese audiovisual works in SCO countries and vice versa, promoting cultural exchange [4] - Notable Chinese productions like "Little Separation" and "The Story of Roses" were aired in Kazakhstan, Uzbekistan, Tajikistan, and Russia, while over 70 works from SCO countries were shown on various platforms in China [4] Group 4 - The "2025 Silk Road Journey" multimedia event commenced on July 16, aiming to strengthen the SCO community and support the high-quality development of the Belt and Road Initiative [5] - The journey will last over 40 days, covering nearly 9,000 kilometers and visiting countries like Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan [5] - The event will feature live broadcasts and various segments showcasing cultural exchanges, culinary traditions, and the stories of Chinese manufacturing abroad [5]

Core Viewpoint - The company has announced an increase in the estimated amount for daily related transactions for the year 2025, which is necessary for its normal business operations and does not affect its independence or harm the interests of the company and its shareholders [1][2][6]. Group 1: Daily Related Transactions Overview - The board of directors approved the increase in the estimated amount for daily related transactions on December 12, 2024, without the need for shareholder meeting approval [1][2]. - The increase in the estimated amount is due to actual business needs, specifically adjustments in transactions with Changsha Broadcasting and Television Group Co., Ltd. and its affiliates [2][3]. Group 2: Estimated Amount Adjustments - The total estimated amount for daily related transactions has been adjusted from 7,830,793.46 yuan to 11,000,000.00 yuan, reflecting an increase of 3,169,206.54 yuan [3][4]. - Specific categories of transactions include leasing, procurement of design and production services, and sales of advertising services, with significant increases noted in each category [3][4][5]. Group 3: Related Party Information - Changsha Broadcasting and Television Group Co., Ltd. is a state-owned enterprise and the controlling shareholder of the company, holding 50.38% of the total shares [5][6]. - The company maintains independence in its operations, and the daily related transactions do not rely on these transactions for its main business or profit sources [7][8]. Group 4: Pricing and Fairness - The pricing for related transactions is based on market prices and negotiated between the parties, ensuring that both parties' interests are protected and that the transactions are fair [6][8]. - The ongoing related transactions are deemed necessary for the company's business development and do not harm the interests of shareholders, particularly minority shareholders [6][8].

Group 1: Company Performance Forecasts - Gehua Cable expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -11.95 million and -7.97 million yuan, with a net profit excluding non-recurring gains and losses between -25.79 million and -21.81 million yuan [2][5] - Hubei Broadcasting anticipates a net loss attributable to shareholders of the listed company between -260 million and -230 million yuan, representing a year-on-year decline of 25.38% to 10.91%, with expected operating revenue of 800 million to 850 million yuan [6][7] - Shaanxi Broadcasting Network forecasts a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -315 million and -375 million yuan, with a net profit excluding non-recurring gains and losses between -325 million and -385 million yuan [8][11] - Guangxi Broadcasting expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -380 million and -317 million yuan, with a net profit excluding non-recurring gains and losses between -402 million and -335 million yuan [12][16] - Guizhou Broadcasting anticipates a net profit attributable to shareholders of the listed company for the first half of 2025 to be between -640 million and -490 million yuan, with a net profit excluding non-recurring gains and losses between -662 million and -512 million yuan [18] - Jishi Media expects a net profit attributable to shareholders of the listed company for the first half of 2025 to be between -186.59 million and -233.24 million yuan, with a net profit excluding non-recurring gains and losses between -197.15 million and -246.44 million yuan [19][22] Group 2: Reasons for Performance Changes - Gehua Cable cites the decline in the cable television industry as the main reason for its expected losses, leading to decreased maintenance fees and channel revenue [5] - Hubei Broadcasting attributes its increased losses to industry downturns, competitive market strategies reducing ARPU, and fixed costs that do not decrease proportionately with revenue [7] - Shaanxi Broadcasting Network points to user attrition in cable television and data services due to new media competition, alongside high fixed costs and financial burdens from debt and receivables [11] - Guangxi Broadcasting mentions efforts to build a "cable + 5G" business model, but faces challenges from increased competition and reduced demand for traditional television services [16] - Guizhou Broadcasting highlights intensified market competition and strict project payment requirements as key factors for its expected losses [18] - Jishi Media notes a divergence in business performance, with public customer revenue declining due to competition and changing user habits, while group customer revenue is expected to grow significantly [22]

Core Viewpoint - The company, Jishi Media, is forecasting a significant net loss for the first half of 2025, with expected losses ranging from 186.59 million to 233.24 million yuan [2][3]. Financial Performance Summary - The estimated net profit attributable to shareholders for the first half of 2025 is projected to be between -186.59 million and -233.24 million yuan [2][3]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between -197.15 million and -246.44 million yuan [4]. Previous Year Comparison - For the same period in 2024, after retrospective adjustments, the total profit was -197.35 million yuan, with a net profit attributable to shareholders of -195.44 million yuan [6]. - The adjusted net profit after excluding non-recurring gains and losses for 2024 was -199.06 million yuan [6]. Reasons for Expected Loss - The overall performance of Jishi Media is expected to remain in a loss state, although operating revenue is anticipated to grow. Different business segments are showing significant divergence [10]. - Revenue from public customer business is expected to decline due to intensified industry competition and changes in user viewing habits, leading to a decrease in cable TV subscriber renewal rates [10]. - Revenue from group customer business is expected to grow significantly, driven by increased contract orders due to opportunities in information, digitalization, and intelligence [11]. - IPTV business revenue is projected to see slight growth due to the synergistic effects of integrated operations with cable TV [11]. - Total operating costs are expected to rise, primarily due to increased costs associated with the growth in group customer business and other subsidiaries [11].

Core Viewpoint - Tianwei Video (002238.SZ) is expected to report a net loss of between 23.5 million and 33.5 million yuan for the first half of the year, a significant decline from a profit of 10.77 million yuan in the same period last year, reflecting challenges in traditional broadcasting business and intense market competition [1][2]. Financial Performance - The projected net loss for the first half of the year is between 23.5 million and 33.5 million yuan, compared to a profit of 10.77 million yuan in the previous year, indicating a year-on-year change of -318.19% to -409.19% [2]. - For the full year 2024, the company reported total revenue of 1.303 billion yuan, a decrease of 11.82% from the previous year, and a net profit of -2.8095 million yuan, down 102.25% from 12.50704 million yuan [2]. Business Challenges - The decline in performance is attributed to reduced revenue and profit from core businesses such as cable television, broadband, and transmission fees, as well as a decrease in income from building coverage projects due to the impact of the real estate industry [2][3]. - The number of cable digital television users decreased to 1.1589 million as of June 30, 2024, down by 96,600 from the end of 2023, reflecting a shrinking demand for digital television [3]. Market Environment - The broadband market in Shenzhen is highly saturated with intense competition, limiting the potential for new user growth and affecting overall revenue from broadband services [3]. - The company is attempting to pivot towards new growth areas, including 5G services, but faces challenges such as content homogenization, insufficient competitiveness, and a lack of operational experience [3][4]. Strategic Initiatives - Tianwei Video is working to establish its data center business as a core pillar, although the industry is undergoing a transition and has not yet achieved scale efficiency [4]. - In the cloud and big data sector, the company has made efforts in technology development and market promotion, but faces fierce competition from leading internet companies, resulting in difficulties in expanding its cloud and big data business [4].

Core Viewpoint - Jishi Media (601929) is expected to report a net loss of between 187 million to 233 million yuan for the first half of 2025, indicating ongoing financial challenges despite recent asset restructuring efforts [1] Financial Performance - The company anticipates a net profit of -1.95 billion yuan and a non-recurring net profit of -1.99 billion yuan for the first half of 2024 after retrospective adjustments [1] - Overall performance is still projected to be in a loss state, although operating revenue is expected to increase [3] Asset Restructuring - Jishi Media completed an asset swap with its controlling shareholder, Jilin Broadcasting and Television Station, involving the exchange of 100% equity in Sanya Yucheng for IPTV-related assets, with both assets valued at approximately 700 million yuan [1][2] - A new subsidiary, Jilin Province Northeast Asia New Media Co., Ltd., has been established to take on the rights and obligations of the newly acquired IPTV assets [2] Business Segment Performance - Public customer business revenue is expected to decline due to intensified industry competition and changing user habits, leading to a decrease in cable TV subscriber renewal rates [3] - Group customer business revenue is projected to grow significantly, driven by increased contract orders related to digital transformation opportunities [3] - IPTV business revenue is expected to see slight growth due to synergies from the integration of cable TV and IPTV operations [3] Cost Structure - Total operating costs are anticipated to rise, primarily due to increased costs associated with the growth in group customer business and other subsidiaries [3] - The reduction in costs in the public customer market is offset by significant cost increases in the group customer segment, contributing to the overall losses [3]

Performance Forecast - The company expects a net loss attributable to shareholders of between 230 million to 260 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a loss of 207.37 million yuan in the same period last year, representing an increase in loss of 10.91% to 25.38% [1] - The expected basic earnings per share are projected to be a loss of 0.20 to 0.23 yuan per share, compared to a loss of 0.18 yuan per share in the previous year [1] - The anticipated operating revenue is estimated to be between 800 million to 850 million yuan, down from 925.41 million yuan in the same period last year [1] Reasons for Performance Change - The industry is experiencing a downturn, and the company has implemented various market expansion strategies that have led to a decrease in the average revenue per user (ARPU), resulting in a decline in revenue from high-profit television and broadband services [1] - As a capital-intensive enterprise, the company faces rigid fixed costs such as labor and depreciation, which do not decrease proportionally with the decline in business, limiting the ability to reduce costs to offset the impact of revenue decline on profits [1]

Core Viewpoint - Guangxi Broadcasting (600936) is expected to report a net loss attributable to shareholders of the parent company ranging from -380 million to -317 million yuan for the first half of 2025, indicating ongoing financial challenges due to market competition and declining demand for television services [1] Financial Performance - The projected net profit attributable to shareholders of the parent company for the same period last year was -378 million yuan, showing a slight improvement in the expected loss for 2025 [1] - The net profit after deducting non-recurring gains and losses is anticipated to be between -402 million and -335 million yuan, compared to -394 million yuan in the previous year [1] Business Challenges - The company faces intensified market competition and a decrease in demand for large-screen television, leading to a decline in revenue from cable television viewing services [1] - Accounts receivable collection has not met expectations, contributing to the financial strain [1] - New business ventures, such as broadcasting 5G, have yet to achieve scale, further impacting overall performance [1] - The company is experiencing difficulties in reducing operational costs and an increase in credit impairment losses, which are exacerbating the losses [1]

湖北广电（000665）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润亏损2.3亿 元–2.6亿元，扣除非经常性损益后的净利润亏损2.42亿元–2.72亿元。基本每股收益亏损0.2元/股–0.23元/ 股。营业收入预计为8亿元–8.5亿元，上年同期为9.25亿元。业绩变动主要由于行业下行，公司为应对市 场竞争采取优惠政策，导致收入下降及成本压降无法弥补收入下滑及刚性成本支出对利润的影响。 ...