Xinhua Media: Received government subsidies of 4.3 million yuan

Xinhua Media announced that its wholly-owned subsidiary, Shanghai Xinhua Media Chain Co., Ltd., recently received a government subsidy of 4.3 million yuan. This subsidy is a revenue-related government grant, accounting for 11.88% of the audited net profit attributable to shareholders of the listed company for the fiscal year 2023. According to the relevant provisions of "Enterprise Accounting Standard No. 16 - Government Grants," the company will recognize the above government subsidy as a revenue-related government grant, which will have a positive impact on the company's operating performance in 2024. The specific accounting treatment and the final impact on the company's profit and loss will be subject to the results confirmed after the annual audit