Recently, China's radio and television in the 5G core network in Guizhou provincial node construction held a groundbreaking ceremony, revealed that will be officially operated on May 17 192 cell phone segments.
As early as June 6, 2019, the Ministry of Industry and Information Technology has formally issued the fourth 5G license to China Radio and Television, China Radio and Television to obtain 700MHz, the 5G network construction of the "golden band". 2020, May, China Radio and Television and China Mobile have reached an agreement, will be ***build*** enjoy 700MHz 5G wireless network. At the same time, in the 700MHz band 5G network with commercial conditions, China Radio and Television paid *** enjoy China Mobile 2G/4G/5G network to provide services for its customers.
On October 12, 2020, China Radio and Television was officially established in Beijing, becoming the fourth largest operator in China, after on June 6, 2019 it had already received a 5G commercial license, with the qualification of issuing 5G cell phone numbers to the outside world, and it also has very high-quality resources in the 700 MHZ N28 band frequency.
At the end of 2021, China Radio and Television revealed that China Radio and Television and China Mobile plan to build 480,000 base stations in 2021-2022*** with the two sides to promote the deployment of 200,000 base stations completed by the end of 2021, and then build 280,000 in 2022, and synchronize the promotion of Radio and Television 5G core network area, interconnection, operation support system, customer service center construction, etc..
In the past two years, China Radio and Television has been jointly carrying out the research and development and testing of 700MHz 5G terminal equipment with terminal manufacturers. With the support of industry partners, the number of 5G cell phones supporting the 700MHz band has reached nearly one hundred, with full coverage of high, medium and low-end consumer groups, which has also laid a good foundation for 700MHz 5G to enter the market.
China's radio and television also has a favored "masterpiece": 5G radio and television, is expected to create a cross-border integration of the development of a new mode of operation. But ultimately, what affects the user's choice is the 5G package tariffs, business models and signal coverage of China's broadcasters.
At present, China Radio and Television 5G core network construction of provincial nodes has been launched, including Hainan, Hunan, Henan, Sichuan, Jiangsu, Guizhou, etc., and the southern region node has been opened in Guangzhou construction.
5G core network provincial node main construction tasks include core network user face construction, user face and control face connection, interconnection and interoperability with operators, etc., the core network node construction start marks China Radio and Television in the 5G commercial release of the work of an extremely important step.
It is reported that after the completion of the construction of the 5G core network node, China Radio and Television will have the ability to carry 5G mobile Internet, industrial Internet, VoNR/VoLTE voice and other services. Not only that, it will also support the wide application of radio and television 5G in the fields of intelligent radio and television, ecology, tourism, agriculture, education, medical care, industrial Internet, HD video, NR broadcasting and other fields.
On March 3, 2022, China Radio and Television Networks Group Corporation and China Radio and Television Networks Corporation registered a brand new company, China Radio and Television Mobile Networks Limited, with a total registered capital of RMB 2,000,000,000 yuan. Ltd. with a total registered capital of RMB 200,000,000, of which RMB 12,000,000,000 was invested by China Radio and Television Group Corporation (CRTC), accounting for 60%, and RMB 8,000,000,000 was invested by China Radio and Television Corporation (CRTC), accounting for 40%.
After the establishment of China Radio & Television Mobile Network Co., Ltd, it will be the 5G specialized operation subsidiary of China Radio & Television, and will fully carry out 5G commercial business. Under the idea of fixed-mobile convergence, China Broadcasting Corporation (CBC) has set up this 5G operation body of CBC with the intention of creating a differentiated advantage of CBC 5G and forming a new pattern of wireline+5G convergence development.
Zeng Qingjun, deputy general manager of China Radio and Television Network Corporation, has made clear the target positioning of the development of radio and television 5G, which requires giving full play to the content advantages of radio and television and the supporting capacity of 5G, and building radio and television 5G into a mobile ultra-high-definition converged media communication network with distinctive cultural characteristics, core competitiveness, differentiated operation, security and control, intelligent Internet of Things, and basic strategic resource network.
Specifically, it will build a media communication network, an intelligent Internet of things, and a basic strategic resource network through three aspects: new scenarios, new supply, and new services. In terms of new supply, it builds a converged media communication platform with new supply of live broadcasting + on-demand broadcasting + content, so that small screens can carry broadcasting and TV services with ultra-high-definition video, and large screens can enjoy the dividends of 5G social communication and the convenience of intelligent applications. In terms of new services, a new system of diversified intelligent services will be created, with high-tech video as the starting point, and based on the advantages of broadcasters' 5G wide coverage and Internet of Things services, broadcasters' services will be expanded from households to individuals and vertical industries. In terms of new scenarios, we will create four major application scenarios and two major public **** services. On the one hand, we will build a national informatization infrastructure and strategic resource infrastructure that combines "governmental use, enterprise use, civil use and commercial use". On the other hand, highlighting the advantages of security management, expanding and realizing the wisdom of radio and television business, more national emergency broadcasting, listening supervision and other network services and management.
In the long run, China Radio and Television wants to build a fully integrated business system of "mobile phone+TV+broadband+voice+satellite+X", and form a model of "intelligent radio and television+public **** service" to realize the goal of a platform-type enterprise that is converged with media, information and technology. The goal of the platform enterprise is to realize the convergence of media, information and technology.
After acquiring the 5G network, broadcasters will carry out personal user business and vertical industry business at the same time. In addition to the personal communication business, the broadcaster will also focus on the commercial development of application scenarios based on the 5G network, such as ultra-high-definition video, Internet of Things, intelligent broadcasting, etc., and carry out 5G+ cooperation projects with various vertical industries, while stabilizing its traditional cable TV business.
In the short term, the To C business of broadcasting operators is mainly to expand the scale, and in the long term, it depends on their own operational capabilities. As the three operators, namely, mobile, telecom and Unicom, have a solid share of personal mobile terminals, broadcasting's release of numbers and superimposed preferential policies will not immediately attract a large number of new users. Therefore, in the short term, the C-side business will not see a significant increase in revenue, and whether it can take its place among the major carriers will depend on factors such as China Radio & Television's operational effectiveness, service level and content quality. The B-side of the business has a large incremental space, and can become the main breakthrough point for broadcasters.
At the end of 2019, the Ministry of Industry and Information Technology (MIIT) issued 190, 197, 196, and 192 public mobile communication network network numbers to telecom, mobile, Unicom, and broadcasters respectively, and China's broadcasters were awarded 192 network numbers for the first time. In the past two years, China Radio & Television has been promoting 5G call trials and actively preparing for the commercial release of 192 numbers. In 2022, China Radio and Television 5G core network construction of Guizhou provincial nodes held a groundbreaking ceremony, China Radio and Television revealed that it will be officially operated on May 17, 192 cell phone segment.
After the scale release of the number, the differentiation of the operation of the radio and television operators: in the case of cell phone penetration rate of 1.2 per person, the entry of the 192 segment, only in the inventory of mobile communications market competition with the three operators. Low prices, cross-subsidization, etc. is a possible short-term competitive means for broadcasters to enter the market, but in the long run, it will bring harm to the industry as a whole.
Broadcasters should focus on their own stock, maintain and develop existing subscribers, and utilize the large base of cable TV subscriber base and broadband subscriber base for subscriber expansion. Although the actual number of cable TV subscribers nationwide in 2021 has dropped by 15.90% compared with 2015 due to the impact of telecom IPTV/OTT business, the total number of cable TV subscribers in China is still 201 million. China Radio & Television has a very solid and reliable national network system, and has certain advantages in customer expansion based on households. Meanwhile, the 5G plan of broadcasters proposes that they will penetrate into mobile services by "bringing mobile services to fixed networks". According to Glenn's research statistics, the fixed broadband user base of broadcasters is about 40 million households, which may become the first users of broadcasters' mobile services.
At the same time, the vast rural market will be an opportunity for China's broadcasters, as the press conference of the Third Session of the National People's Congress of the People's Republic of China (NPC) in 2020 pointed out that there are 600 million people with low and middle incomes in China, with an average monthly income of around 1,000 RMB. With the increasing coverage of 5G in rural and remote areas, these 600 million price-sensitive low- and middle-income people will become the potential user base of broadcasting.
Taking B-side vertical business as a breakthrough point: Due to the weak competitiveness of C-side business, China's broadcasters seek to carry out new B-side based scenarios through the empowerment of 5G, in order to drive the expansion of B-side applications.
High-tech video has become the first scenario for broadcasting 5G to land in the B-side market. Relying on the traditional business advantages of broadcasting to provide audio-visual content, the interactive video, immersive video, VR video and other experiences generated by 5G empowerment will help the broadcasting and audio-visual industry to release greater potential.
China's broadcasters are also cooperating with leading enterprises in 5G vertical industries to promote the digitalization and informationization transformation of thousands of industries. At the 2021 China 5G+Industrial Internet Conference, Song Qizhu, Chairman of China Radio and Television, said that China Radio and Television's 5G focuses on key areas such as media, emergency response, policing, power grids, ports, manufacturing, agriculture and forestry, and has carried out 5G+intelligent petrochemicals, 5G+smart grid, 5G+intelligent mines, 5G+rural revitalization, 5G+4K/8K/VR live broadcasting, 5G+emergency communication, and will continue to build 5G demonstration projects to demonstrate how to use the 5G technology to promote the digitalization and informatization of thousands of industries. The company will continue to build 5G demonstration and benchmarking projects to mature and accelerate the application of 5G in the industry.
For the three major operators and China Radio and Television, 5G network and business development looks like a large space, but in reality, it is a lot of fog. Currently, the industry has not yet found the most promising applications for 5G services, and 5G has a long way to go to change society.
5G NR broadcasting is a breakthrough point for China Radio and Television as the fourth operator to differentiate itself from the rest of the world. Zeng Qingjun, deputy general manager of China Radio and Television, said at the 2020 Communications Industry Conference and the 15th Annual Meeting of Communications Technology that China Radio and Television's 5G NR broadcasting technology is the direction of the future development of 5G broadcasting. 5G NR broadcasting technology adopts the convergence of unicast, multicast, and broadcasting to provide interactive video broadcasting services and converged information services to various types of 5G mobile smart terminals. Compared with the traditional functions provided by the other three operators, such as communication and mobile cellular networks, China Radio and Television's 5G NR broadcasting uses a 5G core network to provide joint coverage of TV towers and cellular base stations. In the future, 5G universal terminals will be able to receive 5G broadcast signals transmitted over the same wireless resources. There are two ways to realize this function: one is based on 5G cellular base stations, mainly the 480,000 5G base stations shared with China Mobile***, to transmit broadcast signals; the other is to transmit 5G broadcast signals through broadcasting and TV transmission towers, mainly central transmission towers, to realize that even if the user's phone doesn't have a SIM card, he or she can still receive broadcast signals.
In May 2022, China's broadcasters will issue 192 numbers on a large scale, officially launching the telecom operation business, which will bring a brand-new business increment to China's broadcasters. We have estimated the incremental revenues that 5G communication business can bring to radio and television companies in the next five years. Due to the lack of relevant provincial data, the caliber of estimation is the total of the national radio and television companies.
On the one hand, assuming the ratio of total telecom business revenue to mobile business revenue: according to the Ministry of Industry and Information Technology (MIIT), in 2021, China's total telecom business revenue will be 1.47 trillion yuan, an increase of 8% year-on-year, of which, mobile business revenue will account for 61.5%. We conservatively estimate that the annual revenue growth rate will be 5% in the future, and the proportion of mobile business will remain unchanged.
Forecast 5G communications business market share of radio and television:
1, is expected to be in the short term market share at a low level: March 24, 2022, China Radio and Television issued a 5G standard ordinary USIM card procurement project announcement, which shows that China Radio and Television will purchase 5G standard The announcement shows that China Radio and Television will purchase 5G standard ordinary USIM cards, and the estimated quantity of the purchase is 20 million pieces. According to the Ministry of Industry and Information Technology (MIIT) Communications Industry Statistics Bulletin 2021, the total number of cell phone subscribers nationwide is 1.643 billion, with a year-on-year growth of 3%. Assuming that all 20 million USIM cards are sold out and the total number of subscribers also grows by 3%, the market share of radio and television communication business in 2022 will be 1.18%. As the stock of personal mobile terminal users of the three major carriers is relatively solid, in the short term, the release of the number of broadcasters and the stacking of preferential policies will not immediately attract a large number of new subscribers, we expect that the market share of broadcasters will be at a low level in the early stage of the communications market.
2. It is expected that in the long run, its market share will be stabilized at about 10%: According to the previous analysis, from the supply side, China's radio and television has a unique advantage over the other three major carriers. The biggest advantage is that it utilizes the 700HMz frequency to organize its network, and its 5G base station construction cost is much lower than that of the other three operators. At the same time, the 5G NR broadcasting technology of broadcasters will bring more incremental services to their 5G services. This technology allows signals to be sent not only from 5G base stations, but also from broadcasting towers, enabling users to receive broadcasting signals even if they do not have a SIM card. With the support of Free-to-Air mode, China's broadcasters will be able to realize SIM card-less reception mode, which will have a significant impact on the future traffic management of the three major carriers' to C business.
From the demand side, future broadcasters are more likely to target the expansion of the original 200 million cable TV subscribers, fixed broadband subscriber stock, and 600 million incremental rural subscribers with lower income levels. According to the China Information and Communications Technology Institute, the number of 5G terminal connections in China has already exceeded 450 million, and the penetration rate of 5G cell phones among newly listed cell phones exceeds 75%. With users updating their mobile terminals, the penetration rate of 5G in urban areas of cities above prefecture level will soon peak, while counties and vast rural towns will become a more promising market. With the advantageous features of low signal propagation loss, wide coverage, strong penetration and low network cost, the 700MHz band is more conducive to the rapid development of advantages in the county and rural markets. Therefore, we believe that with the increasing coverage of 5G in rural and remote areas, 600 million price-sensitive low- and middle-income people will become the main potential user group of radio and television.
NSE Research expects that after five years of differentiated operation, the 5G mobile telecom service of broadcasters will achieve breakthroughs in the above specific users, local areas and individual vertical areas, and stabilize its market share. According to the latest data of the Ministry of Industry and Information Technology (MIIT) in 2021, the market pattern of 5G packages in 2021 will be as follows: China Mobile will have 387 million subscribers, with a market share of 53%; China Telecom will have 188 million subscribers, with a market share of 26%; and China Unicom will have 155 million subscribers, with a market share of 21%. Against the background of in-depth cooperation between China Radio and Television's 5G business and China Mobile, it is conducive to China Radio and Television to utilize China Mobile's existing network resources to rapidly develop 5G business, effectively reduce the operation cost of radio and television network industry in the field of 5G, and obtain subscriber resources more quickly. Therefore, from the current China Mobile 5G package subscriber market share of 53% of the data, the depth of cooperation between China Radio and China Mobile, low-cost operation, the use of 5G NR broadcasting technology, for the gradual penetration of the rural market and other factors, we expect that in the next five years, the market share of radio and television will reach about 10%.
NSE Research predicts that the market share of China's 5G communication business is at a low level in the early stage, and after five years of improving operation capability and technology level, its market share will stabilize and reach about 10%, and the corresponding revenue will reach 121.2 billion yuan by that time.
After the 5G communication business is launched, the market share of radio and television is relatively low in the short term, and the penetration rate of radio and television in the communication market will gradually increase after the gradual improvement of operation capability, service level and content quality, and the market share will be stabilized at around 10% after five years, which will bring hundreds of billions of yuan of incremental revenue for the radio and television system. In addition to the communication business, there is a large business extension space for radio and television 5G in B-side. Therefore, although the current valuation of the radio and television industry and business income are still at a relatively low level, but its overall scale in the 5G era will realize a more rapid growth, the value is expected to increase significantly.
In the future, the revenue structure of provincial radio and television network companies will undergo fundamental changes. Due to the lack of provincial data, we estimate according to the public financial data of the 11 provincial listed radio and television network companies.
On the one hand, the new revenues brought by the intelligent broadcasting business have begun to appear in the past two years. As a leader in the broadcasting industry, China Digital Media has been actively developing intelligent broadcasting + smart city construction, and the proportion of revenue from customer service has reached 25% in 2020; while more listed broadcasting companies have disclosed that the scale of their intelligent broadcasting project bids has been expanding in the past two years, and with the completion and commissioning of the project, the contribution of the intelligent broadcasting business to the performance of the radio and television system will be substantially reflected in the next few years.
On the other hand, companies are also actively investing in the construction of 5G business, it is expected that the incremental revenue of 5G communication business will be reflected in 2~3 years. According to the above estimated incremental revenue of radio and television 5G communication business in the next five years, we conservatively estimate that the communication business revenue of listed companies accounts for about 52.84% of the national revenue (refer to the proportion of the cable TV network revenue of listed companies in 2020), and the traditional scale of radio and television revenues will remain unchanged, then, considering only the revenue of the 5G communication business, it is expected that in 2026, the new business revenue of listed companies can exceed the traditional business revenue, and the new business revenue of listed companies can be more than the traditional business revenue. If we only consider the revenue from 5G communication business, it is expected that by 2026, the new business revenue of listed companies will exceed the traditional business revenue and account for more than half of the revenue. If we consider the accelerated landing of intelligent broadcasting and 5G application scenarios in the future, the new revenue is expected to make the new business revenue of broadcasting exceed the traditional business revenue in 2024-2025.
With the listed company as the first model, the entire broadcasting system will gradually form a new revenue structure. In the future, revenue from traditional business, such as TV maintenance fees, will account for a decreasing proportion of total revenue; and with the gradual scaling of new business, the new business revenue of listed companies is expected to account for more than half of the total revenue in the next five years.
At present, the main business income of the 11 provincial listed radio and television network companies is still dominated by cable television network revenue. 2017-2020 total revenue scale has declined, on average, in the range of 50 billion yuan fluctuations. Among them, Pearl of the Orient, China Digital Media and Telegraphic Broadcasting Corporation have a wide range of business scope, covering not only broadcasting and TV business, but also cultural tourism and real estate (Pearl of the Orient, 24.52% of revenue), group customer integration project revenue (China Digital Media, 25.02% of revenue), advertising planning, production and agency revenue (Telegraphic Broadcasting Corporation, 58.15% of revenue), and other business revenues (revenue ratio data from each provincial listed broadcasting network company is from the data of each provincial listed broadcasting network company). Revenue share data from the 2020 annual report of each company).
The Bejing Stock Exchange estimates that in 2020, the cable TV network revenue scale of listed companies in the broadcasting system will be about 40 billion yuan.
Intelligent broadcasting and 5G business will significantly change its revenue structure. On the one hand, the new revenue of intelligent broadcasting business began to appear in the past two years. With the entry of intelligent broadcasting, the number of collector business projects of each broadcasting company has increased significantly. As project construction requires a certain period of time, and the government generally has a longer period of time to purchase services, the contribution of smart broadcasting to the performance will gradually appear in the next few years when the project is carried out. For the broadcasting industry leaders and frontrunners, such as Gehua Cable, China Media, Oriental Pearl , etc., the results of their business transformation has been reflected in the income level. Take China Media as an example, according to the 2021 half-yearly report data, the company completed a major asset reorganization, smart city business revenue and interactive TV, Internet TV and other national new media business revenue accounted for more than half of the cable TV network-related business revenue accounted for less than half. Group customer integration project revenue increased by 56.24% year-on-year, mainly due to the benefit of Zhejiang Province to promote the digital reform, the company's smart city related integration projects increased.
The incremental increase in the smart broadcasting business of broadcasters will be evident in the next two years.
5. 29 newly signed wisdom business projects, involving wisdom education, wisdom city management, digital governance and other fields.
As the representative intelligent broadcasting business with the widest coverage and the longest construction period, the Snow Project project has begun to show its incremental revenue in the past two years. As of the end of 2020, the radio and television network has completed a total of 17 snow bright project construction, 2020 snow bright project business revenue of 307 million yuan, an increase of 207 million yuan over the previous year. In the first half of 2021, the revenue of snow lighting project business was RMB206 million, representing an increase of 342.49% over the same period of the previous year. In the same period, the company's total revenue was 1.372 billion yuan, so the proportion of snow bright engineering revenue reached 15% of total revenue.
Not only the snow bright project, is expected with the expansion of intelligent radio and television project bidding scale and the completion of the project put into operation, intelligent radio and television business on the radio and television system performance contribution will be in the next few years have a substantial embodiment.
On the other hand, the incremental revenue of radio and television 5G business will appear in 2~3 years: according to the previous estimation, five years later, the market share of radio and television mobile telecommunication business will be stabilized at about 10%, which will bring hundreds of billions of incremental revenue for radio and television system. In addition to the communication business, the 5G of radio and television has a large business extension space in the B-side. From the point of view of the annual report of each listed radio and television network company, all have disclosed the progress of business related to radio and television 5G, which is expected to generate significant incremental revenue in the next 2~3 years. Gehua Cable, for example, as the front-runner of the radio and television system, will be the first to realize the 5G release operation in 2022.
According to the interview of China Radio and Television News and Publicity Center with Guo Zhangpeng, chairman of Gehua Cable, Gehua Cable has a clear time plan for 5G release work:
Business hall construction: Strive to transform and upgrade the business hall of Gehua Cable Small Street Bridge into the flagship business hall of China Radio and Television 5G by the end of April;
The business hall of China Radio and Television 5G is a flagship business hall of China Radio and Television 5G.
Marketing: Plan to complete the local product white paper and marketing manual in mid-March; complete the brand logo update and market publicity warm-up work in April in a step-by-step orderly manner; complete the product and marketing training in mid-April; complete the product and system operation training in mid-May; and have the ability to launch electronic channels for 5G mobile packages and fixed-mobile convergence packages in the first half of May. In the first half of May, the company had the ability to put 5G mobile packages and fixed-mobile convergence packages on line through electronic channels; in May, it completed the preparation for the sale of cell phones and 5G wearable terminals in 20 business halls; before the end of May, it launched the pilot project of grid transformation of the camping and maintenance integration, sunk the marketing units, shifted the index assessment, and initiated full-employee marketing, so as to ensure that it can accomplish the annual subscriber development target. The 5G network construction of other broadcasters is also in full swing.
It is expected that in five years, the new business income of listed broadcasting network companies will exceed the traditional business income, accounting for more than half. According to the State Administration of Radio and Television 2020 National Radio and Television Industry Statistical Bulletin, in 2020, the national cable television network revenue of 75.698 billion yuan. The cable TV network revenue of 11 listed companies is about RMB 40 billion, accounting for 52.84% of the national revenue. Assuming that in the future, the 5G communication revenue of 11 listed companies will also account for 52.84% of the national revenue, and relying on the innovation of broadcasting and TV technology and content to stabilize the cable TV business, its traditional business revenue can remain unchanged.
Not taking into account the smart broadcasting and 5G business expansion revenue, only 5G communication business revenue incremental point of view, it is expected that by 2026, the new business revenue can be more than the traditional business revenue, accounting for more than half. If we consider the accelerated landing of intelligent broadcasting and 5G application scenarios in the future, the new revenue is expected to make the new business income of broadcasting in 2024-2025, which is more than the traditional business income.
2022 NSE annual strategy report of the view, in the media sub-sector, radio and television because of the first clear so the most elastic. Now, the radio and television business is entering a period of deep transformation, the fundamentals have profound changes, the dual driving force of the business extension space, performance elasticity space.
On the one hand, the concept of intelligent radio and television has gradually landed, and is closely integrated with rural revitalization and digital village construction, which makes the radio and television system TO B/G business continue to innovate and extend, and significantly increases the revenue of the collector plate;
On the other hand, the radio and television 5G formally towards commercialization, gradually expanding the traditional communications market share at the same time, there is a wider space for B-side business revenue growth.
11 radio and television network listed companies: Gehua Cable, Guiyang Network, Radio and Television Networks, China Digital Media, Television Media, Hubei Radio and Television, Guangxi Radio and Television, Tianwei Video, Oriental Pearl, Jiangsu Cable, Jiwei Media in accordance with the degree of participation in the integration of the state network and the speed of the business transformation of the two major perspectives.
1, the degree of participation in the integration of the state network: Gehua cable to share capital, the rest of the 10 to cash capital to form the China Radio and Television Networks Corporation At present, the state network has been integrated with all the non-listed provincial radio and television network companies, according to the "National Cable TV Network Integration and Development Program" arrangements, the next step will be to further integrate the 11 listed provincial radio and television networks. When China Radio and Television Network Corporation was established in 2020, Gehua Cable announced that its controlling shareholder, BeiGuang Media, would participate in the formation of Nationwide One Network Joint Stock Company for a consideration of 51% of the 37.42% controlling interest in Gehua Cable, i.e., 19.09% of the controlling interest. As a minority shareholder of the company, it has the right to nominate at least one director of the company. The other 10 listed companies announced cash contributions. Among them, Pearl Oriental, Jiangsu Cable, China Digital Media and other companies with their own funds to participate in the formation of 500 million yuan of the national network company, holding 0.4941% of China's radio and television; your broadband network, Jiji Media, Guangxi Radio and Television, Radio and Television Networks, Tianwei Vision, Hubei Radio and Television, and other companies to be invested in the amount of 200 million yuan, holding 0.1976% of the equity of China's radio and television.
2, the speed of business transformation: broadcasting 5G and intelligent broadcasting construction background, accelerate the transformation and upgrading, occupy the first-mover advantage of the company Part of the company in line with the development trend of broadcasting 5G and intelligent broadcasting industry, continue to explore the B-side, G-side of the innovation of the application of the scenarios, hope that in the rapid landing of the 5G and the continued promotion of the integration of national network process to occupy the first-mover advantage.
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