A-share subscription | Wireless Media (301551.SZ) opens for subscription, serving as the sole operating agency for the integrated content distribution and control platform for the three-network convergence in Hebei Province.

On September 13, Wireless Media (301551.SZ) started its subscription, with an issue price of 9.40 yuan per share, a subscription limit of 0.6 million shares, a price-earning ratio of 13.95 times, and it belongs to the ChiNext Board of the Shenzhen Stock Exchange. China Securities Co.,Ltd. is the exclusive sponsor. According to the prospectus, authorized by Hebei Radio and Television Station, Wireless Media exclusively conducts IPTV content integration and operation services in Hebei Province, and is the only operating organization for the integrated broadcasting platform of the three-network convergence content control in Hebei Province. By the date of signing this prospectus, Wireless Media has gathered nearly 300 high-definition and standard-definition live channels, over 300,000 hours of classified on-demand programs, as well as diversified value-added services such as online education, TV games, smart communities, and smart education. It also offers unique IPTV features such as 2-hour time-shift and 7-day playback, providing users with differentiated, personalized, and high-quality interactive TV services. By the end of 2023, the basic and value-added IPTV users of Wireless Media were 15.36 million households and 704,100 households, respectively, maintaining relative stability compared to the end of 2022. According to data from the Ministry of Industry and Information Technology, by the end of 2023, the number of fixed broadband Internet access users in Hebei Province reached 31.797 million households. Due to the deep integration characteristics of IPTV business with broadband Internet access business, there is still room for the expansion of the user scale of Wireless Media's IPTV business. In terms of finance, the company's operating income in 2021, 2022, and 2023 were approximately 672 million yuan, 654 million yuan, and 646 million yuan respectively. The company's net profit was approximately 356 million yuan, 291 million yuan, and 284 million yuan respectively. It is understood that the funds raised by Wireless Media are intended to be used for the following projects after deducting issuance expenses: It should be noted that the prospectus specifically reminds investors to pay attention to the risk of limited expansion of IPTV basic business user scale. During the reporting period, the company's main source of revenue comes from the IPTV integrated broadcasting and control business. According to relevant policies of the State Administration of Radio, Film, and Television, provincial IPTV integrated broadcasting and control platforms can only provide IPTV services within their respective provinces and are not allowed to operate across regions. Under these policy regulations, the company's IPTV basic business only targets end customers within Hebei Province, and the growth of end customers is affected by the population and household size growth in Hebei Province; value-added services can be expanded to other provinces, but have not yet generated significant operating income. If the company cannot effectively expand its business boundaries or increase average revenue per user on the current business basis, it may face the risk of slowing down or declining business performance.