由中央广播电视总台牵头，协同欧洲广播联盟（EBU）共同编制的推荐报告Report ITU-R BT.2550 国际电信联盟（ITU）近年来一直将无线通信尤其是5G技术的标准化与应用推广作为核心议题，而ITU- R SG6广播电视技术专项研究组也始终将超高清节目制作方法的标准化作为关键研究内容。总台的文稿 将这两个热门话题有机结合，填补了ITU在5G技术应用于超高清内容生产领域的国际标准空白，一经提 出便受到各国代表的广泛关注。 《Usage scenarios and key technologies for 5G-based audiovisual content production and contribution》 （《基于5G网络的视音频内容制作传输应用场景和关键技术》）于今日在国际电信联盟（ITU）网站正 式发布。这标志着总台在国际广播电视技术标准领域再次取得重大突破，是继《8K超高清图像测试序 列》《超高清HDR与高清SDR同播技术方案》《8K百城千屏技术方案》《电视制作中肤色分析方法》 《Audio Vivid格式及应用》之后，总台发布的第6项超高清国际电联技术标准，总台技术已经成为全球 超高 ...

由中央广播电视总台牵头，协同欧洲广播联盟(EBU)共同编制的推荐报告Report ITU-R BT.2550《基于 5G网络的视音频内容制作传输应用场景和关键技术》于今日在国际电信联盟(ITU)网站正式发布。这标 志着总台在国际广播电视技术标准领域再次取得重大突破，是继《8K超高清图像测试序列》《超高清 HDR与高清SDR同播技术方案》《8K百城千屏技术方案》《电视制作中肤色分析方法》《Audio Vivid 格式及应用》之后，总台发布的第6项超高清国际电联技术标准，总台技术已经成为全球超高清制播标 准体系的重要组成和支撑，总台在超高清生产领域的国际电联技术标准发布数量也位列全球第一方阵。 (央视新闻) ...

Group 1: Report Basic Information - Research object: Haikan Co., Ltd. [17] - Industry: Not specified - Reception time: May 15, 2025 [17] - Company reception staff: Board Secretary Deng Qiang, Financial Controller Du Juan, Independent Directors Zhu Ling, Yang Chenglei, Ma Dehua, Securities Affairs Representative Wang Chuang, and Securities Affairs Manager Fu Yiming [17] Group 2: Core Views - In 2024, Haikan Co., Ltd. had an overall stable operation with an optimized structure. Although the overall performance slightly declined, the main business remained stable, and new micro - drama business was innovatively launched. In Q1 2025, the company achieved year - on - year growth in revenue and net profit [28]. - The company's IPTV business developed steadily in 2024, and it will continue to deepen cooperation with operators, expand business models, and strengthen technology and content construction [24][25]. - The company adheres to a capital operation strategy of "centering on the main business and cultivating the ecosystem" and is looking for high - quality investment targets [26]. - The company has made an AI technology strategic layout and is exploring the integration of AI with network audio - visual services [27]. Group 3: Investor Questions and Company Responses 1. Profit decline in 2024 - The relatively low profit contribution in Q4 2024, combined with year - end centralized expense payments and provision for expected liabilities, put pressure on the annual profit. However, the company's operations were stable, and there were no abnormal adverse factors [24]. 2. IPTV business in 2024 and future plans - In 2024, the IPTV basic business revenue was 795 million yuan, a year - on - year increase of 0.02%, with 16.8505 million effective users, and the value - added business revenue was 139 million yuan. The company completed the phased task of "dual governance" on TV large screens and launched innovative services. In the future, it will deepen cooperation with operators, expand business models, and strengthen technology and content construction [24][25]. 3. Company's advantages - The company has a high - quality user base and large market penetration space in Shandong. It promotes the transformation from "watching TV" to "using TV", develops AI - related products, and benefits from relevant policies [26]. 4. Equity investment direction - The company adheres to the "centering on the main business and cultivating the ecosystem" strategy, focuses on high - quality investment targets, and in 2021, it invested 15 million yuan to establish Shandong Cultural and Tourism Cloud Intelligent Technology Co., Ltd., holding 27.78% of the shares [26]. 5. Application of multi - modal AI in IPTV - Currently, the company has not fully applied multi - modal AI in IPTV intelligent interaction. However, it has made an AI strategic layout and is exploring the integration of AI with network audio - visual services [27]. 6. Company performance from 2024 to now - In 2024, the company's consolidated revenue was 979 million yuan, a year - on - year decrease of 1.37%, and the net profit attributable to the parent was 400 million yuan, a year - on - year decrease of 2.38%. In Q1 2025, the consolidated revenue was 235 million yuan, and the net profit attributable to the parent was 117 million yuan, a year - on - year increase of 7.45% [28]. 7. Dividend policy in 2024 - The company's dividend policy considers profitability, cash flow, and shareholder returns. It has implemented 4 cash dividends since listing, with a total of 620 million yuan (tax - included). The 2024 dividend plan is to distribute 0.50 yuan (tax - included) per 10 shares [29]. 8. Corporate income tax exemption - The company is currently not eligible for the corporate income tax exemption policy but is actively applying for the recognition of a restructured cultural enterprise [30].

Company Overview - Huashu Media is a leading digital content operator in China, providing interactive TV, mobile TV, and internet TV services, covering over 30 provinces and cities with a user base exceeding 100 million [2][3] - The company is controlled by Huashu Group, a state-owned enterprise, and has been recognized as one of the "Top 30 Cultural Enterprises in China" for five consecutive years [3] Financial Performance - In 2024, the company achieved a revenue of CNY 9.395 billion and a net profit of CNY 534 million, with total assets of CNY 29 billion and net assets of CNY 14.9 billion [3] - Proposed dividend for the year is CNY 334 million, with cumulative dividends since listing reaching CNY 3.59 billion [3] - Revenue breakdown for 2024: - Smart Home: CNY 3.503 billion (37.29%) - Technology: CNY 3.562 billion (37.92%) - New Media: CNY 2.329 billion (24.79%) [3][5] Business Segments Smart Home - Focus on enhancing broadband quality and expanding user base, with a net increase of nearly 200,000 broadband users annually [5] - Over 2.4 million users in integrated 5G services [5] Technology - Revenue growth of 3.35% with project bids totaling CNY 3.38 billion, including 777 projects over CNY 1 million [6] - Key sectors include emergency response, security, and education [6] New Media - Services include interactive TV, IPTV, and outdoor screens, with over 300,000 sales of the "Poetry and Painting Zhejiang Cultural Tourism Card" [6] Strategic Vision - The company aims to be a "leading digital social enabler" with a focus on stable performance and maintaining leadership in the broadcasting industry [4][12] - Development strategy includes "new layout, stable benefits, optimized structure, and improved efficiency" [4][12] Future Outlook - 2025 revenue forecast is CNY 9.3 billion, with a net profit of CNY 525 million [11] - The company plans to implement an action plan focusing on innovation, operational stability, and exploring new business models [12] ESG and Internal Control - Recognized as one of the top 30 companies for internal control in Zhejiang for six consecutive years [3] - Committed to sustainable development, as reflected in the 2024 ESG report [3]

Financial Performance - The company reported a total revenue of 9.79 billion yuan in 2024, a decrease of 1.37% year-on-year [6] - The net profit attributable to shareholders for 2024 was 4.00 billion yuan, down 2.38% compared to the previous year [6] - In Q1 2025, the company achieved a revenue of 2.35 billion yuan, with a net profit of 1.17 billion yuan, reflecting a year-on-year growth of 7.45% [6] IPTV Business Development - The IPTV basic business revenue for 2024 was 795 million yuan, showing a slight increase of 0.02% year-on-year [2] - The number of effective IPTV users reached 16.85 million [2] - The company plans to enhance its IPTV services through innovation and collaboration with major telecom operators [2] Strategic Advantages - The company is the exclusive IPTV operator in Shandong province, benefiting from a large user base and market penetration potential [3] - It is focusing on transforming traditional TV viewing into interactive services, integrating various public services [3] - The company is investing in AI technology to improve content creation and operational efficiency [5] Capital Investment Strategy - The company aims to invest in new products, technologies, and business models that extend its existing industry chain [4] - In 2021, the company invested 15 million yuan to establish a joint venture, holding a 27.78% stake [4] - The company is exploring diverse capital operation methods to enhance its competitive edge [4] Dividend Policy - The company has implemented four cash dividend distributions since its listing, totaling 620 million yuan [6] - For 2024, the proposed dividend is 0.50 yuan per 10 shares, based on a total share capital of 417 million shares [6] - The company emphasizes a sustainable dividend policy while ensuring financial health and shareholder returns [6] Taxation and Policy Context - The company currently does not benefit from the tax exemption policy for cultural enterprises but is actively pursuing recognition for this status [7] - The recent policy changes are expected to enhance the competitiveness of cultural enterprises [7]

Core Viewpoint - Personal transfer of copyright is exempt from value-added tax (VAT) [1][2] Group 1: Exemptions for Copyright and Film Industry - Personal transfer of copyright is exempt from VAT according to the regulations [2] - Sales of film copies, transfer of film copyrights, film distribution income, and rural film screening income are also exempt from VAT [3] - The exemption for film-related income is supported by the Ministry of Finance and the State Taxation Administration [3] Group 2: Exemptions for Television Services - Basic maintenance fees for digital cable television and rural cable television are exempt from VAT [4] - This exemption is confirmed by the latest announcement from the Ministry of Finance and the State Taxation Administration [5] - The exemption for television service fees will be effective until December 31, 2027 [6]

Core Viewpoint - The A-share market is accelerating the elimination of underperforming companies, with over 140 listed companies facing delisting risk warnings this year, leading to significant stock price declines for many of these companies and the funds that invested in them [1][3]. Group 1: Market Dynamics - More than 140 listed companies have been subjected to delisting risk warnings, with 27 and 43 companies receiving such warnings on April 30 and May 6, respectively [3]. - The stock prices of most companies that received delisting risk warnings experienced sharp declines following the announcements [3]. - The "shell value" of listed companies has significantly decreased due to the strict enforcement of delisting regulations [8]. Group 2: Fund Holdings and Reactions - The interest of public funds in ST stocks has significantly decreased compared to the past, although some companies still attract public fund interest when they have the potential to remove the delisting risk [2][8]. - Among the 140 companies facing delisting risks, only 19 have public fund holdings, primarily in passive funds like ETFs [5]. - Specific companies like *ST Tianze and *ST Songfa have seen significant public fund holdings, with the former having a fund holding ratio of approximately 5.57% and the latter at 7.09% as of the end of Q1 this year [4]. Group 3: Investment Strategies - The process of selecting stocks for public funds involves multiple layers of screening, with a focus on fundamental quality and liquidity [5][6]. - Fund managers must submit research reports and obtain approval from the investment decision committee before including stocks in the core portfolio [6][8]. - The handling of ST stocks by index funds varies, with some funds choosing to remove them from their portfolios while others may retain them temporarily [7]. Group 4: Potential Opportunities - Despite the decline in interest in ST stocks, some companies like ST Huayuan and *ST Chengchang have shown potential for recovery, attracting interest from various public funds [8]. - The investment decision-making process for these stocks remains complex, requiring thorough research and committee approval, especially under the current regulatory environment [8].

值得一提的是，在市委统战部的指导下，由一财万项策划和执行的首届"上海青年科创嘉年华"也取得了良 好反响。嘉年华直面青年创新创业"三有三缺"特点，即"有青春、有创意、有勇气"，但"缺资金、缺经验、 缺资源"，邀请近百家投资机构、吸引近百个创业项目共同参与，旨在以"核心赛道强聚焦、新兴领域广覆 盖、产业生态全呈现"的布局，创设"伯乐"与"千里马"的大集会，启发前沿创新思想的大碰撞，促成多维创 大放送两大板块全程高能。《活力城市》板块感受上海的创新温度和创业浓度；《新质青年》板块聚焦新 科技，对话新未来。结合论坛现场与Y50大放送的嘉宾精彩发言，第一财经报道团队通过视频与文字新闻 形式及时传递优质内容，其中由视频新闻衍生的"上海瞪羚企业数量全球第一"、"上海科创中心建设十年磨 一剑"等话题均登上社交媒体热榜，《宇树王兴兴：第一桶金来自上海，坚持做人形机器人有几个原 因》、《上海国投公司总裁：已搭建"六大母基金"为主干的矩阵》等深度图文报道亦受到全网广泛关注。 5月10日，第六届上海创新创业青年50人论坛在上海中心开幕。本届论坛以"青年与城市共成长"为主 题，聚焦青年创新创业全过程、全要素、全链条，设置了主旨演讲、年 ...

Core Viewpoint - The article highlights the journey of Zhou Guanyu, China's first F1 driver, emphasizing his perseverance, dedication, and the challenges he faced in achieving his dream of racing in Formula 1 [2][28]. Group 1: Early Life and Passion for Racing - Zhou Guanyu's passion for racing began at the age of 5 when he attended his first F1 race, which ignited his dream [3]. - At 8 years old, he started karting and quickly showed talent, winning multiple championships shortly after [5]. - His determination was evident even after a severe accident, as he expressed a desire to continue racing despite the risks [4]. Group 2: Transition to International Racing - In 2012, Zhou moved to the UK to compete in European karting, facing significant challenges such as language barriers and intense competition [9]. - He learned the importance of patience and strategy, likening his approach to that of a spring that builds tension before release [10]. Group 3: Climbing the Racing Ladder - Zhou took over five years to progress from F4 to F1, adhering to the FIA's requirements for points accumulation [11]. - His training regimen was rigorous, including physical conditioning and mental preparation, exemplified by his performance in extreme conditions during races [12][20]. - Zhou acknowledged the collaborative nature of racing, where teamwork is crucial for success [15]. Group 4: Overcoming Adversity - Zhou faced a significant setback in 2020 when a mechanical failure cost him a potential victory, leading to a moment of doubt about his future in F1 [17][18]. - The tragic death of his friend and fellow driver Anthoine Hubert served as a stark reminder of the dangers of the sport, yet Zhou channeled this experience into motivation [21][22]. Group 5: Achievements and Future Aspirations - Zhou's debut in F1 marked a milestone for Chinese motorsport, symbolizing a breakthrough for the industry [24][28]. - He expressed a desire to inspire more Chinese drivers and manufacturers to enter the F1 arena, emphasizing the importance of breaking barriers [29][30]. - The article concludes with Zhou's philosophy that all impossibilities are meant to be challenged and overcome [30].

Company Overview - Huashu Media is a leading digital content operator in interactive TV, mobile TV, and internet TV, serving over 30 provinces and cities in China with a user base exceeding one billion [2] - The company reported a revenue of CNY 9.395 billion and a net profit of CNY 534 million for the fiscal year 2024, with total assets of CNY 29 billion and net assets of CNY 14.9 billion [2] Revenue Structure - The revenue is balanced across three main sectors: - Smart Home: CNY 3.503 billion, accounting for 37.29% - Technology (Smart City Digitalization): CNY 3.562 billion, accounting for 37.92% - New Media: CNY 2.329 billion, accounting for 24.79% [3][5] Performance Metrics - In Q1 2025, the company achieved a revenue of CNY 2.119 billion, a year-on-year increase of 3.62%, and a net profit of CNY 131 million, up 17.16% [4] Strategic Vision - The company aims to be a "leading digital social enabler" with a focus on steady operational performance and maintaining a leading position in the broadcasting industry [3] - Development strategies include "new layout, stable benefits, optimized structure, and improved efficiency" [3] ESG and Internal Control - Huashu Media has been recognized for six consecutive years as one of the top 30 listed companies in Zhejiang for internal control [3] - The company has published its 2024 Environmental, Social, and Governance (ESG) report, emphasizing harmonious development with employees, society, and the environment [3] Future Industry Layout - The company plans to continue developing its three main business sectors while exploring new business models and opportunities in low-altitude economy and smart governance [5] AI and Technology Integration - Huashu Media is enhancing content investment and production, integrating AI technologies to innovate content creation and expand distribution channels [6][9] - The company has developed several AI-driven platforms, including "Linghong" for model applications and "AIGC" for content creation [9] Cloud Computing and Infrastructure - The company has invested over CNY 200 million in cloud computing centers, providing services with a capacity of 3.6 million CPU cores and 3.8 PB of storage [10] - Plans for a new smart computing industrial park in Quzhou with an investment of CNY 500 million are underway [10] Cultural and Tourism Integration - The "Poetic Zhejiang Cultural Tourism Card" was launched at a price of CNY 199, offering access to over 120 scenic spots, with nearly 90% being 5A and 4A rated [8] - The card has sold over 300,000 units, providing various benefits valued at over CNY 10,000 [8]