Core Viewpoint - The company plans to swap its cable television network assets held by its wholly-owned subsidiary, Zhuozhou Gehua, for a 1.79% equity stake in Hebei Broadcasting, a company controlled by its parent, China Broadcasting Network [1][4][6] Summary by Sections Transaction Overview - The transaction involves Zhuozhou Gehua exchanging its cable network assets valued at 87.3958 million yuan for 4,173,942 shares in Hebei Broadcasting, representing 1.79% of the latter's post-increase registered capital [2][3][5] - The transaction does not involve cash payment and has been approved by the company's board without needing shareholder approval [2][4] Purpose and Impact of the Transaction - The transaction aims to comply with the "One Province, One Network" integration policy and enhance the company's asset operation efficiency by divesting low-efficiency assets [4][5] - Post-transaction, Zhuozhou Gehua will no longer hold cable television network assets, and the related income and costs will be excluded from the company's consolidated financial statements [5][16] Related Party Transaction Details - The transaction is classified as a related party transaction due to Hebei Broadcasting being a subsidiary of the company's controlling shareholder, China Broadcasting Network [6][7] - The company has not exceeded 5% of its latest audited net assets in related party transactions over the past 12 months [5][6] Asset Evaluation and Pricing - The cable network assets were appraised at 87.3958 million yuan, with an increase in value of 19.4235 million yuan, positively impacting the company's financial status [5][16] - The evaluation was conducted by Beijing Huaya Zhengxin Asset Appraisal Co., Ltd. and Beijing Zhongtianhua Asset Appraisal Co., Ltd., using asset-based and market methods [9][10][13] Future Strategic Direction - Following the transaction, the company will implement a "Service Navigation" strategy, focusing on consolidating its core cable television business and accelerating the development of government and enterprise services [5][16]

Core Viewpoint - The company plans to exchange its cable television network assets and business held by its wholly-owned subsidiary, Zhuozhou Gehua, for shares in Hebei Broadcasting, which is controlled by its major shareholder, China Broadcasting Network Co., Ltd. This transaction is classified as a related party transaction but does not constitute a major asset restructuring [1] Group 1 - The transaction is based on the assessed value of the relevant assets and shares as of December 31, 2024, with Zhuozhou Gehua valuing its entire cable network assets at 87.3958 million yuan [1] - Zhuozhou Gehua will subscribe to an additional 4.1739 million shares of Hebei Broadcasting, representing 1.79% of the registered capital after the capital increase [1] - The purpose of this transaction is to implement the "one province, one network" integration requirement and enhance the operational efficiency of the company's assets [1] Group 2 - Following the completion of the transaction, Zhuozhou Gehua will no longer hold cable television network assets and business, and the related income and costs will not be included in the consolidated financial statements of the listed company [1]