十方控股2025/26中期报告

中 期 報 告INTERIM REPORT2025/262025/26 CONTENTSCorporate Information2Management Discussion and Analysis4Corporate Governance and Other Information20Interim Condensed Consolidated Statement ofFinancial Position30Interim Condensed Consolidated Statement ofComprehensive Income33Interim Condensed Consolidated Statement ofCash Flows34Notes to the Condensed ConsolidatedInterim Financial Information35 CORPORATE INFORMATIONDIRECTORSExecutive DirectorsMr. Chen Zhi(Chairman & Chief Executive Officer)Mr. Chen Ye Non-executive DirectorMs. Wang Bao Zhu Independent non-executive Directors Mr. Chai Chung WaiMr. Lee Kam Wing Victo(appointed on 25 April 2025)Mr. Wei Hong COMPANY SECRETARY Mr. Chan Yik Pun(dismissed on 3 April 2025)Mr. Chan Kwong Leung(appointed on 3 April 2025;resigned on 16 May 2025) AUTHORISED REPRESENTATIVES Mr. Chen ZhiMr. Chen Ye AUDIT COMMITTEEMr. Chai Chung Wai(Chairman)Mr. Wei Hong REMUNERATION COMMITTEE Mr. Wei Hong(Chairman)Mr. Chen ZhiMr. Chai Chung Wai NOMINATION COMMITTEE Mr. Chen Zhi(Chairman)Mr. Chai Chung WaiMr. Wei Hong REGISTERED OFFICE Clarendon House, 2 Church StreetHamilton HM 11Bermuda Clarendon House, 2 Church StreetHamilton HM 11Bermuda HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 1216 6/F, Hua Fu MansionNo. 121 Gutian RoadGulou DistrictFuzhou, Fujian ProvincePRC PLACE OF BUSINESS IN HONG KONG 183444404 Room 4404, 44th Floor, Hopewell Centre183 Queen’s Road EastWanchai, Hong Kong LEGAL ADVISORS As to PRC law:Beijing P.H. Law Firm As to Bermuda law:Conyers, Dill & Pearman HONG KONG BRANCH SHARE REGISTRARAND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS China Construction Bank CorporationChina Merchants Bank Co., Limited 01831 STOCK CODE01831 http://www.shifangholding.com COMPANY WEBSITEhttp://www.shifangholding.com MANAGEMENT DISCUSSION AND ANALYSISINDUSTRY REVIEW 152,1357.4%1668,25314.3%6.9 According to data released on January 30, 2026,cultural enterprises achieved operating revenueofRMB15,213.5 billion in 2025,representingayear-on-year increase of 7.4%based oncomparable calibers. Among this, the 16 industrysub-categories with distinctive characteristics ofnew cultural business formats achieved operatingrevenueof RMB6,825.3 billion,a year-on-yearincrease of 14.3%, outpacing the growth rate ofall cultural enterprises above designated size by6.9 percentage points. A n a l y s e db y i n d u s t r y t y p e ,t h e c u l t u r a lmanufacturing sector achieved operating revenueof RMB4,105.8 billion, a year-on-year increaseof0.6%;the cultural wholesale and retailsector achieved RMB2,526.7 billion, an increaseof4.0%;the cultural service sector achievedRMB8,581.1 billion, an increase of 12.0%. 41,0580.6%25,2674.0%85,81112.0% 103,18111.5%48,9550.4% Analysedby area,the core cultural domainachievedoperating revenue of RMB10,318.1billion,a year-on-year increase of 11.5%;therelatedcultural domain achieved RMB4,895.5billion, a decrease of 0.4%. 21,26913.2%3 4 , 9 9 113.5%27,37712.3%16,8145.0%632 Analysedby industry category,news andinformation services achieved operating revenueof RMB2,126.9 billion, a year-on-year increase of13.2%; content creation and production achievedRMB3,499.1billion,an increase of 13.5%;creativedesign services achieved RMB2,737.7b i l l i o n ,a n i n c r e a s e o f 1 2 . 3 % ;c u l t u r a lcommunication channels achieved RMB1,681.4billion, an increase of 5.0%; cultural investmentandoperation achieved RMB63.2 billion,an 8.6%2,0997.4%16,0732.5%7,5276.6%25,3550.9% increaseof 8.6%;cultural entertainment andleisureservices achieved RMB209.9 billion,anincrease of 7.4%; cultural auxiliary productionand intermediary services achieved RMB1,607.3billion, a decrease of 2.5%; cultural equipmentmanufacturingachieved RMB752.7 billion,anincreaseof 6.6%;cultural consumer terminalproductionachieved RMB2,535.5 billion,adecrease of 0.9%. 121,2987.6%17,0945.5%12,4868.2%1,2560.9% Analysed by region, cultural enterprises in theeasternregion achieved operating revenue ofRMB12,129.8 billion, a year-on-year increase of7.6%; the central region achieved RMB1,709.4billion, an increase of 5.5%; the western regionachievedRMB1,248.6 billion,an increaseof8.2%;the northeastern region achievedRMB125.6 billion, a decrease of 0.9%. 13,7636.5%9.05%229,8987.0%68.60.3 In 2025, cultural enterprises achieved total profitsof RMB1,376.3 billion, a year-on-year increaseof 6.5%; the profit margin on operating revenuewas9.05%,basically flat compared with theprevious year. At the end of 2025, total assets ofcultural enterprises were RMB22,989.8 billion, ayear-on-year increase of 7.0%; operating revenueper hundred yuan of assets was RMB68.6, anincrease of RMB0.3 year-on-year. PROSPECTS Accordingto detailed classification data fromthe National Bureau of Statistics, the prices ofthe eight major categories of goods and servicesfor the full year 2025 showed a structure of “6increases