Changjiang Publishing & Media Co Ltd

Changjiang Media released its 2026 interim report, with total operating revenue of 2.957 billion yuan, down 16.65% year on year, and net profit attributable to the parent company of 483 million yuan, down 29.49% year on year. Net cash inflow from operating activities was 190 million yuan, up 52.78% year on year, marking a second consecutive year of growth. The company's asset-liability ratio was 27.12%, gross margin was 34.91%, return on equity was 4.84%, and diluted earnings per share was 0.40 yuan. The number of shareholders was 25,600, and the top ten shareholders held 68.61% of the total share capital.

The Shanghai Stock Exchange recently issued an inquiry letter regarding Changjiang Media's 2025 annual report, focusing on the company's high accounts receivable and recovery risks. Data shows that the company's accounts receivable book balances over the past three years were 1.446 billion yuan, 1.854 billion yuan, and 2.331 billion yuan, respectively, rising year by year, while the accounts receivable turnover rate plunged from 8.21 times per year to 5.15 times per year. Balances aged three to four years and over five years grew by 123.76 percent and 145.65 percent year on year, respectively. Changjiang Media replied that the increase in accounts receivable was mainly because, starting in 2023, funds for free compulsory education textbooks shifted from centralized allocation at the provincial level to decentralized allocation at the city, county, and district levels, passively lengthening the collection cycle, which is consistent with industry trends. For ultra-long-aged receivables, the company stated that two major customers, Jiangsu Yuhongli and Shanghai Xunye, have owed money for many years, and impairment provisions had been made in prior years. By the end of 2025, full bad-debt provisions were made for these two amounts, and the company acknowledged that some debtors have been vacated or deregistered, making recovery extremely difficult.