Beijing Bashi Media Co Ltd

Beiba Media released its 2026 interim report. Total operating revenue was 1.299 billion yuan, down 32.45% year-on-year. Net profit attributable to the parent company was negative 25.6223 million yuan, swinging from profit to loss year-on-year, a decline of 500.06%. Net cash inflow from operating activities was 146 million yuan, down 38.90% year-on-year. The company's asset-liability ratio was 52.15%, gross margin was 14.92%, ROE was negative 1.56%, and diluted earnings per share was negative 0.03 yuan. The number of shareholders was 21,500, and the top ten shareholders held 59.18% of shares.

Beijing Bashi Media's wholly owned subsidiary, Beijing Public Transport Advertising Company Limited, has filed a lawsuit against Hainan White Horse Advertising Media Investment Company Limited over a lease contract dispute, seeking to recover outstanding principal and liquidated damages totaling more than 170 million yuan. Beijing Public Transport Advertising is asking the court to order White Horse Advertising to pay 152 million yuan in overdue bus shelter lightbox media lease operating fees, plus 28.99 million yuan in liquidated damages, and to continue calculating liquidated damages at a daily rate of 0.02 percent on the unpaid principal from July 21, 2026 until all amounts are actually paid in full. The two parties have maintained a long-term cooperative relationship since 1998, under which Beijing Public Transport Advertising authorized White Horse Advertising to exclusively operate the bus shelter advertising lightboxes it owns, but White Horse Advertising's payment amounts and frequency failed to meet the contractual standards, and arrears continued to accumulate. Beijing Public Transport Advertising has repeatedly urged payment through telephone communications, written notices, and senior management meetings, but White Horse Advertising has still failed to settle the debt as agreed. In the first quarter of 2026, Beijing Bashi Media achieved revenue of 613 million yuan, with a net loss attributable to the parent company of 9.36 million yuan.

Beiba Media disclosed a performance forecast, expecting an attributable net loss of 24 million to 28.8 million yuan in the first half of 2026, compared with a profit of 6.4046 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 25 million to 30 million yuan, versus a profit of 3.638 million yuan a year earlier. The company said the change in performance is mainly due to challenges across its three main business lines. The contraction of the traditional outdoor advertising market has led to a decline in revenue from its cultural media business. The downturn in the domestic auto terminal sales market has hit vehicle sales. Intensifying competition in new energy vehicle charging services has squeezed profit margins. Facing external pressures, the company is advancing cost reduction and efficiency improvement, resource integration, and business structure optimization. This includes strengthening self-operated advertising capabilities, closing inefficient 4S stores and accelerating the transition to new energy, and expanding social charging networks. However, the scrapped vehicle recycling business has seen its capacity release hindered by site relocation. The company noted that while these structural adjustments drag on short-term performance, they are conducive to solidifying asset quality and enhancing risk resilience.