Golden Shares, a big state-owned advertising enterprise of Shaanxi, recently reported a net profit loss of 699,000 yuan ($97,000) for the first half of 2022, down more than 85% year-on-year.

On October 14, the company announced the resignation of the chairman. The company’s board of directors then elected a new replacement.

Golden Shares also said in its semi-annual report that the repeated epidemic had a certain effect on the advertising industry. The profit margins of advertising agencies were reduced. Competition in the sector continued to increase. 

In the first half of the year, the company’s operating expenses increased more than its income, along with an increase in selling expenses, leading to a decrease in profit after tax compared to the same period last year.

According to public information, Shaanxi Golden West Advertising Media Co., Ltd. is a large state-owned cultural enterprise under the Shaanxi provincial government. It’s a subsidiary of “Shaanxi Cultural Investment Group”; the stock name is “Golden Shares”

Like many other localities in the Mainland, Shaanxi often had to undergo strict pandemic lockdowns in recent years. The economy and the lives of the local people are still affected day by day.

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