Shaanxi Broadcast & TV Network Intermediary Group Co Ltd

Over a matured debt of 5.1133 million yuan, Shaanxi BC&TV Network has been hit with a pre-restructuring and restructuring application by creditor Xi'an Guanghua Communication Technology Co., Ltd., and the Xi'an Intermediate People's Court has decided to accept the pre-restructuring filing. The company announced on the evening of October 9 that it received a notice letter from the creditor on October 8, in which the creditor applied on the grounds that the company is unable to repay the matured debt of 5.1133 million yuan, clearly lacks solvency, but still retains restructuring value. On October 9, the company received a decision letter from the court, which appointed the liquidation group of Shaanxi BC&TV Network Media Group Co., Ltd. as the interim administrator for the pre-restructuring. The interim administrator simultaneously launched a public recruitment of restructuring investors. Interested investors must submit application materials and pay a registration deposit of 10 million yuan before 6 p.m. on November 8, 2026. Under equal conditions, priority will be given to those whose assets or businesses match the company's main business or the future 'technology plus' direction in related extended business areas, or who can provide industrial synergy or business resource support. Previously, on the evening of September 28, the company disclosed that as of the announcement date, cumulative overdue bank debt principal and interest amounted to 227 million yuan, accounting for 41.80 percent of the most recent audited net assets. The company's net profit attributable to the parent company recorded losses of 626 million yuan, 1.059 billion yuan, and 1.499 billion yuan respectively from 2023 to 2025, with a combined three-year loss of nearly 3.2 billion yuan. The 2026 half-year report shows first-half operating revenue of 529 million yuan, down 18.28 percent year on year, while net profit attributable to the parent company recorded a loss of 488 million yuan, widening from the 360 million yuan loss in the same period last year. Net assets attributable to shareholders of the listed company were only 54.48 million yuan, down nearly 90 percent from the end of the previous year.

Shaanxi Broadcast & TV Network announced that the company has overdue bank debt totaling 227 million yuan, accounting for 41.80% of its most recent audited net assets. The company also disclosed that some bank account funds have been frozen, with the actual frozen amount totaling 41.13 million yuan, representing 7.59% of net assets. The company said it is negotiating with creditors and taking multiple measures to raise funds, while also warning of investment risks.

Shaanxi Broadcast & TV Network disclosed its 2026 semi-annual report on August 26. In the first half of the year, it achieved total operating revenue of 529 million yuan, down 18.28 percent year on year. Net loss attributable to the parent company was 488 million yuan, compared with a loss of 360 million yuan in the same period last year. Net loss after deducting non-recurring items was 477 million yuan, compared with a loss of 343 million yuan a year earlier. Net cash flow from operating activities was 132 million yuan, up 31.02 percent year on year. Basic loss per share was 0.6861 yuan, and the weighted average return on equity was negative 163.48 percent. The company is mainly engaged in basic radio and television subscription services and data transmission services.

Shaanxi BC&TV Network Media Group was sued for failing to settle CCTV channel signal usage fees. Following court mediation, the company must pay China Radio, Film and Television Satellite Company a total of 70.19 million yuan in installments between 2026 and 2028, equivalent to 12.94 percent of its most recent audited net assets. The dispute stems from a cooperation contract signed by the two parties in March 2024 for encrypted television signal services covering CCTV channels 3, 5, 6, 8, 16 and full-channel programming. Shaanxi BC&TV Network continued using the channel signals provided by China Radio, Film and Television Satellite Company during and after the contract period but failed to make payments as agreed. China Radio, Film and Television Satellite Company filed a lawsuit with the Haidian District People's Court in Beijing in July 2026. Under the mediation agreement, an initial payment of 5.71 million yuan has already been made, all company bank accounts frozen due to the litigation have been unfrozen, and the case acceptance fee and property preservation fee will be borne by China Radio, Film and Television Satellite Company. Shaanxi BC&TV Network reported net losses for three consecutive years from 2023 to 2025, with a net loss attributable to the parent company of 1.5 billion yuan in 2025. By the end of 2025, its net assets had shrunk to just 542 million yuan, down more than 80 percent from 3.13 billion yuan at the end of 2023. The company's liquidity risk has intensified significantly, with short-term debt accounting for 63.57 percent of total debt. The company said it will closely monitor subsequent developments and fulfill its information disclosure obligations in a timely manner.

Kangsheng Co. announced that its chairman and general manager Wang Yajun has been subjected to bail pending trial by judicial authorities, but this does not affect his performance of duties. Upon verification, the matter does not involve the company's production and operating activities, nor does it involve the company's business, assets, or major matters that should have been disclosed but were not. As of the disclosure date of the announcement, Wang Yajun is able to perform his duties as chairman and general manager normally, the company's board of directors is operating normally, and all operational and management activities are proceeding in an orderly manner. In addition, Baofeng Energy reported a net profit attributable to the parent company of 9.728 billion yuan in the first half of the year, up 70.14 percent year on year. Quectel reported a net profit attributable to the parent company of 602 million yuan in the first half, up 27.84 percent year on year. Nanqiao Food reported a net profit attributable to the parent company of 2.5939 million yuan in the first half, down 92.79 percent year on year. A major shareholder of Shanshuishan plans to reduce its stake by no more than 4.03 percent. The actual controller of Zhilicube has completed a reduction plan involving a total of 5.0554 million shares. Zhongjian Technology faces a total fine of 3.9 million yuan for illegal information disclosure. A major lawsuit involving Radio and Television Network was settled through mediation, and the company is required to pay 70.1917 million yuan. Huayang New Materials received a notice of response and is being sued for joint payment of 58.389 million yuan in project fees. In the case involving ST Meigu as the appellee in a tort liability dispute, the second-instance court ruled to dismiss part of the lawsuit.

Shaanxi Broadcast & TV Network announced that it recently received a civil complaint from the Haidian District People's Court in Beijing. The plaintiff, China Broadcast & TV Satellite, is seeking a court order for the company to pay subscription fees totaling 80.3 million yuan for the years 2023 to 2026, along with overdue payment penalties and damages, and to bear the litigation and preservation costs of the case. Due to China Broadcast & TV Satellite's application for property preservation, some of the company's bank account funds have been frozen, which has had a certain impact on the withdrawal of funds from the relevant accounts. The company has been actively communicating and negotiating with China Broadcast & TV Satellite, striving to lift the account freeze as soon as possible through settlement or mediation.

Shaanxi Broadcast & TV Network disclosed its earnings forecast, expecting a net loss attributable to the parent company of 420 million to 500 million yuan in the first half of 2026, compared with a loss of 360 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 405 million to 485 million yuan, compared with a loss of 343 million yuan a year earlier. The company stated that the reasons for the change in performance include, first, a decline in operating revenue. Traditional businesses such as cable TV have been affected by market competition, new media formats, and changes in consumer habits, and the loss of users has not yet been halted. The scale of new businesses like broadcasting 5G is not yet sufficient to offset the gap created by the decline in traditional businesses. At the same time, the company has proactively adjusted its business structure, strictly controlling engineering and commodity sales businesses that involve large capital occupation and low gross margins, leading to a reduction in related revenue. Second, rigid costs and credit impairment have dragged down profits. Rigid costs such as depreciation of fixed assets, network operation and maintenance expenses, and financial expenses account for a relatively high proportion, with limited room for reduction. Due to the natural aging of accounts receivable, credit impairment losses have increased. Currently, the company is continuously intensifying efforts to promote broadcasting 5G integrated services, strengthening lean cost management, and making every effort to collect accounts receivable, striving to improve its operating conditions.