On 30 December 2024, Beijing Media Corporation Limited entered into a 2024 Advertising Agency Framework Agreement with BYDA, pursuant to which the Group will continue to provide advertising agency services to BYDA Group, major terms of which are consistent with the 2021 Advertising Agency Framework Agreement, with effect from 1 January 2025 to 31 December 2027. On 25 February 2025, the Company adjusted the annual caps for the three years ending 31 December 2027 in respect of the continuing connected transactions under the 2024 Advertising Agency Framework Agreement to RMB 5,000,000. The Board announces that, after comprehensively considering the advertising agency fees paid by the Company to BYDA Group in 2025 and the projected future business requirements, on 11 December 2025, the Board approved adjusting the annual caps for the three year ending 31 December 2027 in respected of the continuing connected transactions under The 2024 Advertising Agency Framework Agreement to RMB 6,500,000.
Major terms of the 2024 Advertising Agency Framework Agreement are consistent with those of the 2021 Advertising Agency Framework Agreement. Pursuant to the 2024 Advertising Agency Framework Agreement, BYDA authorizes the Group to act as an advertising agent of BYDA Group to sell advertising space in other publications or media (except Beijing Youth Daily) owned or represented by BYDA Group and its new media resources and provide relevant services. For the three years ending 31 December2027, in relation to the transactions under the 2024 Advertising Agency framework Agreement where the Group acts as an advertising agent of BY DA Group, the original annual cap for advertising publication costs paid by the Group to BYDA Group was RMB 5,000, million.
The Company has been continuously monitoring the transaction amount under the 2024 Advertising Agency Framework agreement. As at the date of this announcement, the actual transaction amount of the continuing connected transactions underthe 2024 Advertising Agency Framework Agreement has not exceeded the above annual cap. On 11 December 2025, the Board approval adjusting the annual cap for each of the three years ending 31 December 2020 in respect of the continuing connected transaction costs paid by the Group toBYDA Group under the 2024 Advertising Agency Framework agreement.
In arriving at the above annual caps, the Directors have taken into account the following factors: (i) The actual transaction amount of advertising publication costs paid by the Company, so as to facilitate the development of more clients by the Company; and (ii) integrate the resources of the Group, enhance the Group's overall market competitiveness by the systematic development of all areas of the Group's internal resources and products packaging. (Bei Qing Chuan Mei Gu Fen You Xian Gong Si), a joint stock limited company incorporated under the laws of the PRC and whose H Shares are listed and traded on the Stock Exchange, "Director(s", the director(s) of the Company, "Group", the Company and its subsidiaries, "Listing Rules", the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, "PRC", the People's Republic of China, excluding Hong Kong, Macao Special Administrative Administrative Services.
