Qingdao Citymedia Co,. Ltd.

600229.SS · SHH

Company research

Qingdao Citymedia Co., Ltd. (600229.SS) is a Qingdao-based publishing and media company listed on the Shanghai Stock Exchange, primarily engaged in the publication and distribution of books, periodicals, journals, and electronic audio-visual publications across China. The company, which employs approximately 1,712 staff and is led by CEO Ming Ming Li, also operates across copyright development, new media, film and television, games, and Internet-related businesses, with IP operations serving as the core of its business structure. With over 40 holding subsidiaries — including Qingdao Press Co., Ltd. and Qingdao Xinhua Bookstore Co., Ltd. — the firm has built a fully integrated content production and channel dissemination value chain, encompassing traditional publishing as well as emerging formats such as digital VR, AIGC, and LBE immersive cultural experiences. Formerly known as Qingdao Soda Ash Industrial Company Limited, the company officially rebranded as Qingdao Citymedia Co., Ltd. in September 2015 following its strategic transformation into the cultural and media sector.

Research reports

中泰证券股份有限公司 · September 14, 2025城市传媒(600229)：业绩有所承压教育业态积极推进

This report reviews Qingdao Citymedia’s 2025H1 results, noting that revenue and earnings were under pressure primarily due to changes in teaching-aid book ordering and reduced non-recurring gains, while emphasizing the company’s IP-driven publishing, upgraded distribution activities, VR and AI-based education initiatives, and a shift toward ToC-focused sales models. The analysts cut their 2025–2027 revenue and profit forecasts but still expect medium-term growth, maintain an “增持” (overweight/accumulate) rating based on strong underlying demand for educational products and expansion of education-related businesses, and highlight regulatory and policy risks, changes in preferential treatment for state-owned media, intensified discounting pressure from short-video and live-stream e-commerce, and potential data-timeliness issues as key risk factors.