§1 重要提示

    1.1 本公司董事会及其董事保证本报告所载资料不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性负个别及连带责任。

    1.2  本半年度报告摘要摘自半年度报告全文，报告全文同时刊载于代办股份转让信息披露平台http://www.gfzr.com.cn和国信证券有限责任公司网站http://www.guosen.com.cn上，投资者欲了解详细内容，应当仔细阅读半年度报告全文。

    1.3  公司半年度财务报告未经审计。

    1.4  公司负责人董事长兼总经理梁汉辉先生及会计机构负责人财务总监韩静璇女士声明：保证半年度报告中财务会计报告的真实、完整。

    §2  公司基本情况

    2.1公司基本信息

    股份简称 粤传媒5                             

    股份代码 400003                              

    董事会秘书                          证券事务代表                        

    姓    名 陈里强                              陈如春                              

    联系地址 广州市环市东路362号好世界广场1902房 广州市环市东路362号好世界广场1902房 

    电    话 020-83752128                        020-83752128                        

    传    真 020-83752138                        020-83752138                        

    电子信箱 gdcncm@163.com                      chenrc@gzdaily.com                  

    2.2 主要财务数据和指标

    2.2.1 主要会计数据及财务指标         单位：人民币元

    本报告期末       上年度期末       本报告期末比年初数增减（%） 

    流动资产                     442,013,131.71 452,388,455.20 -2.29                       

    流动负债                     261,043,889.70 307,968,893.57 -15.24                      

    总资产                       951,928,035.51 957,664,110.32 -0.60                       

    股东权益（不含少数股东权益） 671,338,420.64 646,059,499.92 3.91                        

    每股净资产                   3.3675           3.2407           3.91                        

    调整后的每股净资产           3.3566           3.2332           3.82                        

    报告期           上年同期         本报告期比上年同期增减（%） 

    净利润                       27,006,334.69  26,870,628.38  0.51                        

    扣除非经常性损益后的净利润   26,937,987.31  27,641,027.12  -2.54                       

    每股收益                     0.1355           0.1348           0.50                        

    净资产收益率（%）            4.02             4.35             -0.33                       

    经营活动产生的现金流量净额   9,814,128.19   86,944,900.29  -88.71                      

    2.2.2 非经常性损益项目

    √适用  □不适用                             单位：人民币元

    非经常性损益项目 金   额     

    营业外收入       109,163.96 

    营业外支出       -7,152.95  

    所得税影响数     -33,663.63 

    合      计       68,347.38  

    2.2.3 国内会计准则差异

    □适用  √不适用

    §3股本变动及股东情况

    3.1 股份变动情况表

    □适用  √不适用

    3.2 前十名股东、前十名流通股东持股表

    报告期末股东总数（截止2005年6月30日）                                                                                                                                                                                                                                    9,783户 

    前十名股东持股情况                    

    股东名称（全称）                      报告期内增减数（股）                                                                                                                                                                                            期末持股数量（股）          比例（%）                         股份类别（已流通或未来流通） 质押或冻结的股份数量 股东性质（国有股东或外资股东） 

    广州大洋实业投资有限公司              0                                                                                                                                                                                                               73,343,520                36.79                             未流通                       无                   国有法人股                     

    福建省华兴集团有限责任公司            1,840,000                                                                                                                                                                                                     1,840,000                 0.92                              流通                         未知                 社会公众股                     

    广东太阳神集团有限公司                0                                                                                                                                                                                                               1,450,000                 0.73                              流通                         未知                 社会公众股                     

    吕易中                                0                                                                                                                                                                                                               1,310,094                 0.66                              流通                         未知                 社会公众股                     

    林 兵                                0                                                                                                                                                                                                               1,290,000                 0.65                              流通                         未知                 社会公众股                     

    上海创立投资管理有限公司              0                                                                                                                                                                                                               1,021,045                 0.51                              流通                         未知                 社会公众股                     

    清远华洋轻塑有限公司                  -12,000                                                                                                                                                                                                        1,012,320                 0.51                              流通                         未知                 社会公众股                     

    卓娇华                                －50                                                                                                                                                                                                            840,800                    0.42                              流通                         未知                 社会公众股                     

    株洲市兴业投资管理有限公司            0                                                                                                                                                                                                               830,500                    0.42                              流通                         未知                 社会公众股                     

    王国祥                                414,465                                                                                                                                                                                                        763,565                    0.38                              流通                         未知                 社会公众股                     

    前十名流通股股东持股情况              

    股东名称（全称）                                           期末持有流通股数量（股）                                                                                                                                                                                                         种类（A、B、H股或其他） 

    福建省华兴集团有限责任公司                                 1,840,000                                                                                                                                                                                                                      其他                    

    广东太阳神集团有限公司                                     1,450,000                                                                                                                                                                                                                      其他                    

    吕易中                                                     1,310,094                                                                                                                                                                                                                      其他                    

    林 兵                                                     1,290,000                                                                                                                                                                                                                      其他                    

    上海创立投资管理有限公司                                   1,021,045                                                                                                                                                                                                                      其他                    

    清远华洋轻塑有限公司                                       1,012,320                                                                                                                                                                                                                      其他                    

    卓娇华                                                     840,800                                                                                                                                                                                                                         其他                    

    株洲市兴业投资管理有限公司                                 830,500                                                                                                                                                                                                                         其他                    

    王国祥                                                     763,565                                                                                                                                                                                                                         其他                    

    刘建一                                                     744,006                                                                                                                                                                                                                         其他                    

    上述股东关联关系或一致行动的说明                           前十名股东中广州大洋实业投资有限公司与其他股东不存在关联关系，也不属于《上市公司股东持股变动信息披露管理办法》中规定的一致行动人；其他大股东之间的关联关系未知，是否属于一致行动人也未知。 

    3.3 控股股东及实际控制人变更情况

    □适用  √不适用

    §4 董事、监事和高级管理人员情况

    4.1 董事、监事和高级管理人员持股变动

    □适用  √不适用

    §5 管理层讨论与分析

    公司主营业务的范围：设计、制作、代理国内各类广告；出版物印刷；包装装潢印刷；书刊零售及旅业，兼营建筑材料及设备等。

    2005年上半年，公司在努力克服国内平面媒体广告业和印刷行业竞争激烈，部分原材料价格上涨的影响下，继续实施稳步发展战略，通过采取调整营销战略，强化内部管理，加快已投资项目的建设工作等积极有效的措施，在全体员工的努力下，经营情况比上年同期有所增长。报告期内，公司实现主营业务收入14063.30万元，比去年同期增长5.62%，实现净利润2700.63万元，比去年同期增长0.51%。

    2005年7月22日，广东九州阳光传媒股份有限公司收到中国证券监督管理委员会[050551]号《中国证监会行政许可申请受理通知书》，决定正式受理公司股票上市核准申请。

    5.1主营业务分行业、产品情况表        单位：人民币元

    分行业或分产品   主营业务收入                     主营业务成本  

    广告代理及制作   32,826,216.61                    554,847.37    

    印    刷         100,449,084.68                   78,980,893.51 

    其中：关联交易   61,639,119.24                    23,119,880.85 

    关联交易定价原则 交易双方按公平的市场价格协商定价 

    5.2 主营业务分地区情况

    □适用  √不适用

    5.3 对净利润产生重大影响的其他经营业务

    □适用  √不适用

    5.4 参股公司经营情况（适用投资收益占净利润10%以上的情况）

    √适用  □不适用

    参股公司名称       华美洁具有限公司 

    本期贡献的投资收益 4,125,234.32元 占公司净利润的比重                                 15.28% 

    参股公司           经营范围         生产及经营高级卫生洁具及其塑料、五金配件、浴缸等。 

    净利润           2005年1-6月共有净利润16,675,595.00元             

    5.5 主营业务及其结构发生重大变化的原因说明

    □适用  √不适用

    5.6 主营业务盈利能力（毛利率）与上年相比发生重大变化的原因说明

    □适用  √不适用

    5.7  利润构成与上年度相比发生重大变化的原因分析

    □适用  √不适用

    5.8  募集资金使用情况

    5.8.1  募集资金运用

    □适用  √不适用

    5.8.2  变更项目情况

    □适用  √不适用

    5.9  董事会下半年的经营计划修改计划

    □适用  √不适用

    5.10  预测年初至下一报告期期末的累计净利润可能成为亏损或者与上年同期相比发生大幅度变动的警示及原因说明

    □适用  √不适用

    5.11  公司管理层对会计师事务所本报告期“非标意见”的说明

    □适用  √不适用

    5.12  公司管理层对会计师事务所上年度“非标意见”涉及事项的变化及处理情况的说明

    □适用  √不适用

    §6  重要事项

    6.1  收购、出售资产及资产重组

    6.1.1  收购或置入资产

    □适用  √不适用

    6.1.2  出售或置出资产

    □适用  √不适用

    6.1.3  自资产重组报告或收购出售资产公告刊登后，该事项的进展情况及对报告期经营成果与财务状况的影响。

    □适用  √不适用

    6.2  担保事项

    √适用  □不适用               单位：人民币元

    公司对外担保情况（不包括对控股子公司的担保）                

    担保对象名称                                                发生日期（协议签署日） 担保金额 担保类型        担保期 是否履行完毕 是否为关联方担保（是或否） 

    －                                                          －                     －       －              －     －           －                         

    报告期内担保发生额合计                                                                      0.00            

    报告期内担保余额合计                                                                        0.00            

    公司对控股子公司的担保情况                                  

    报告期内对控股子公司担保发生额合计                                                          50,000,000.00 

    报告期末对控股子公司担保余额合计                                                            50,000,000.00 

    公司担保总额情况（包括对控股子公司的担保）                  

    担保总额                                                                                    50,000,000.00 

    担保总额占公司净资产的比例                                                                  7.45%          

    公司违规担保情况                                            

    为控股股东及公司持股50%以下的其他关联方提供担保的金额                                       无              

    直接或间接为资产负债率超过70%的被担保对象提供的债务担保金额                                 无              

    担保总额超过净资产50%部分的金额                                                             0.00            

    违规担保总额                                                                                0.00            

    6.3关联债权债务往来

    √适用  □不适用

    关联方                       上市公司向关联方提供资金           关联方向上市公司提供资金     

    发生额           余额              发生额            余额

    广州日报社                   -576,242.47      6,428,653.19      -50,136,542.14    113,441,610.79

    《信息时报》                 -451,301.43      3,496,087.61      -                  

    《足球报》                   -2,199,026.84    885,653.36        -                 -

    《现代育儿报》               -235,951.70      154,517.75        -                  

    《老人报》                   -438,864.80      162,714.91        -                  

    《广州文摘报》               -348,437.98      2,315.00          -                  

    《舞台与银幕》               -781,273.20      631,037.20        -                  

    《美食导报》                 -193,099.61      172,761.53        -                  

    《商旅导报》                 -428,518.08      134,532.48        -                  

    《看世界》                   2,235.00         139,805.00        -                  

    《科学先驱报》               8,974.35         8,974.35          -                  

    《英文早报》                 294,628.71       294,628.71        -                  

    广州报刊发行公司             309,258.20       309,258.20        -82,459.77        8,925.00

    广州粤图文化发展有限公司     -249,070.44      106.03            -                  

    合计                         -5,286,690.29    12,821,045.32     -50,219,001.91    113,450,535.79

    6.4 重大诉讼仲裁事项

    √适用  □不适用

    1、2004年2月15日，南海市大沥镇兴业铜铝型材厂（以下简称“兴业铜铝”）向清远市中级人民法院（以下简称“清远中院”）起诉广东建北企业集团公司（以下简称“建北企业”）和本公司，要求返还其股票价款及收益。兴业铜铝称建北企业在1997年5月出售其1993年购买的建北股票6,554,590股，股票出售所得并未归还给兴业铜铝，兴业铜铝还声称本公司在1993年曾接受其的委托，代理其所购买股票的交易、管理、分红。因此，兴业铜铝也起诉本公司负有偿还股票价款和收益款合计27,968,000.00元的连带责任。本公司董事会经调查核实，认为本公司从未接受兴业铜铝的任何委托，所以兴业铜铝起诉本公司根本毫无道理和根据，本公司将保留追究其法律责任的权利。2004年3月15日，清远市中院已经组织原告和被告交换证据，兴业铜铝并未出示任何我方认可的本公司曾接受其的委托，代理其所购买股票的交易、管理、分红。2004年7月15日，清远中院作出（2004）清中法民二初字第4号民事裁定书：认定本公司与建北企业的关系影响本案的实体处理，而本案对该两公司的关系的认定及责任承担，取决于清远中院（2003）清中法民二初字第34号案（即本公司与中国东方资产管理公司广州办事处的诉讼案）的生效判决。

    2005年4月5日，本公司收到清远中院（2004）清中法民二初字第4号民事裁定书，准许原告兴业铜铝撤回起诉，该裁定为生效裁定。

    2、连锁店诉讼

    2004年4月15日，百利鑫国际有限公司（以下简称“百利鑫”）向广州市东山区人民法院起诉广州大洋文化连锁店有限公司（以下简称“连锁店”），称于2003年4月1日与连锁店签订《合作经营协议》。协议约定由百利鑫提供粤图广场1至4层共计9612.15平方米的场所使用权，连锁店用文化市场的经营管理经验，双方优势互并共同发展广州的文化市场。连锁店保证在每月5日前交19.4万元的税后利润给百利鑫。但合作经营协议签订后，并没有按照协议每月支付19.4万元的税后利润。因此，百利鑫起诉连锁店应支付从2003年4月6日至2004年3月5日的固定利润2,328,000元，并准许收回粤图广场的场地经营管理权。2004年11月12日，广州市东山区人民法院作出（2004）东法民三初字第1206号民事判决书，解除百利鑫与连锁店签订的《合作经营协议》，连锁店以及本案的第三人广州粤图文化发展有限公司需将粤图广场一至四层的场地经营管理权交还给百利鑫，连锁店需要支付2,328,000元的房屋租金给百利鑫，并需要支付逾期缴纳租金的违约金和承担诉讼费。连锁店接到判决书后不服，已经向广州市中级人民法院提出上诉。

    我司认为原《合作经营协议》从未履行，其签订出发点是以损害国家税收为前提的，依法属无效合同，不具法律效力。百利鑫从未履行《合作经营协议》中应尽的责任将房屋及设备交付乙方使用，亦未按协议约定与连锁店另行签订房屋租赁合同及办理有关手续。粤图广场一至四层的场地经营管理权并无移交给连锁店，一直由本案的第三人广州粤图文化发展有限公司经营管理。我司认为该案的经济责任与连锁店完全无关。目前，本案正在广州市中级人民法院审理中。

    6.5  其他重大事项及其影响和解决方案的分析说明

    □适用  √不适用

    §7  财务报告

    7.1  审计意见

    财务报告 未经审计 

    7.2  合并及母公司的利润表

    利润及利润分配表

    2005年1-6月

    编制单位：广东九州阳光传媒股份有限公司    单位：人民币元

    项目                         合并表报附注     2005年1-6月                           2004年1-6月         

    母公司             合并               母公司             合并

    一、主营业务收入             注25             100,449,084.68     140,633,034.23     123,069,607.41     133,147,069.75

    减：主营业务成本                              78,980,893.51      81,515,057.45      65,793,557.06      68,530,275.36

    减：主营业务税金及附加       注26             396,193.84         3,550,030.93       3,278,982.02       3,817,471.10

    二、主营业务利润                              21,071,997.33      55,567,945.85      53,997,068.33      60,799,323.29

    加：其他业务利润             注27             2,226,898.46       2,230,595.78       1,177,855.86       1,177,855.86

    减：营业费用                                  2,252,616.56       8,201,997.36       1,447,066.50       8,626,390.43

    减：管理费用                                  12,305,427.93      15,736,559.88      11,470,930.75      14,202,025.04

    减：财务费用                 注28             -724,235.82        -686,116.93        -475,385.03        -513,636.38

    三、营业利润                                  9,465,087.12       34,546,101.32      42,732,311.97      39,662,400.06

    加：投资收益                 注29             20,479,776.50      4,101,446.45       -956,189.78        2,691,440.34

    加：补贴收入                 注30             2,019,691.31       2,019,691.31       0.00               0.00

    加：营业外收入                                106,975.02         109,163.96         0.00               31,844.09

    减：营业外支出                                2,249.60           7,152.95           700.00             802,242.83

    四、利润总额                                  32,069,280.35      40,769,250.09      41,775,422.19      41,583,441.66

    减：所得税                                    5,062,945.66       13,895,807.40      14,904,793.81      14,904,793.81

    减：少数股东损益                               0.00               -132,892.00        0.00               -191,980.53

    五、净利润                                    27,006,334.69      27,006,334.69      26,870,628.38      26,870,628.38

    加：年初未分配利润                            181,539,065.81     181,539,065.81     138,460,718.14     138,460,718.14

    加：其他转入                                  216,191.63         216,191.63         0.00               0.00

    二、可供分配的利润                            208,761,592.13     208,761,592.13     165,331,346.52     165,331,346.52

    减：提取法定盈余公积                          0.00               0.00               0.00               0.00

    减：提取法定公益金                            0.00               0.00               0.00               0.00

    减：提取企业发展基金                          0.00               0.00                                   

    减：利润归还投资                              208,761,592.13     208,761,592.13                         

    三、可供股东分配的利润                        0.00               0.00               165,331,346.52     165,331,346.52

    减：应付优先股股利                                                                                      

    减：提取任意盈余公积                          0.00               0.00                                   

    减：应付普通股股利                            3,987,105.60       3,987,105.60       3,987,105.60       3,987,105.60

    减：转作股本的普通股股利                      0.00               0.00                                   

    四、未分配利润                                204,774,486.53     204,774,486.53     161,344,240.92     161,344,240.92

    补充资料   

    1出售、处置部门或被投资单位所得收益     

    2自然灾害发生的损失     

    3会计政策变更增加（或减少）利润总额     

    4会计估计变更增加（或减少）利润总额    

    5债务重组损失     

    6其他     

    7.3  报表附注

    7.3.1  如果出现会计政策、会计估计变更或会计差错更正的，说明有关内容、原因及影响数。

    □适用  √不适用

    7.3.2 如果财务报表合并范围发生重大变化的、说明原因及影响数

    √适用  □不适用

    本期财务报表将广东公明景业印务有限公司纳入合并范围。

    7.3.3 如果被出具非标准无保留意见，列示涉及事项的有关附注

    □适用  √不适用

    广东九州阳光传媒股份有限公司

    董事会

    二00五年八月八日