香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Meta Media Holdings Limited 超媒體控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：72） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 全 年 業 績 公 告 財務摘要 二零二二年 二零二一年 變化 人民幣千元 人民幣千元 收益 370,891 422,895 -12% 年內（虧損）╱溢利 (72,233) 4,374 不適用 每股虧損 — 基本及攤薄（人民幣） (0.1625) (0.0232) 600% 資產總值 716,680 705,107 2% ...

Company Information This section details the company's board of directors, key personnel, principal offices, and contact information [Board of Directors and Key Personnel](index=3&type=section&id=Board%20of%20Directors%20and%20Key%20Personnel) The company's board comprises executive directors Shao Zhong (Chairman and CEO), Yang Ying, Li Jian, Deroche Alain, Jean-Marie, Jacques, and independent non-executive directors Wei Wei, Wan Jie, and Yi Yongfa, with Chan Sze Ting as company secretary and authorized representative - Mr. Shao Zhong serves as Chairman and Chief Executive Officer[4](index=4&type=chunk) - Mr. Wan Jie was appointed as an independent non-executive director on May 20, 2021, with Dr. Gao Hao resigning on the same day[4](index=4&type=chunk) [Principal Place of Business and Contact Information](index=3&type=section&id=Principal%20Place%20of%20Business%20and%20Contact%20Information) The company maintains principal offices in Zhuhai, China, and Hong Kong, with stock code 72 and a list of primary banks - The principal place of business in China is located at 2nd Floor, No. 2 Convention and Exhibition Center, No. 1 Software Park Road, Zhuhai, Guangdong Province[4](index=4&type=chunk) - The principal place of business in Hong Kong is located at 7th Floor, Global Trade Square, 21 Wong Chuk Hang Road, Aberdeen, Hong Kong[4](index=4&type=chunk) - The company's stock code is **72**, and its website is www.modernmedia.com.cn[6](index=6&type=chunk) Management Discussion and Analysis This section provides an in-depth review of the group's financial performance, business operations, future outlook, and financial position [Performance Highlights](index=5&type=section&id=Performance%20Highlights) For the six months ended June 30, 2021, the Group's revenue increased by **66.5%** to **RMB181,005,000**, achieving a turnaround in overall EBITDA from a loss of **RMB41,500,000** to a profit of **RMB13,433,000** Performance Summary | Indicator | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | **Total Revenue** | 181,005 | 108,688 | 66.5% | | **Total EBITDA** | 13,433 | (41,500) | Turned to profit | Segment Revenue | Segment | H1 2021 Revenue (RMB thousands) | H1 2020 Revenue (RMB thousands) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Print Media | 88,646 | 61,166 | 44.9% | | Digital Platform | 80,069 | 40,169 | 99.3% | | Art Platform | 12,290 | 7,353 | 67.1% | - The Group implemented cost control measures since H2 2020, including strengthened budget management and optimized organizational structure, achieving significant development and innovation in digital and art platforms[10](index=10&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) All three business segments—Print Media, Digital Platform, and Art Platform—achieved significant revenue growth through content innovation, platform upgrades, and strategic collaborations [Print Media Segment](index=5&type=section&id=Print%20Media%20Segment) Print media revenue grew by **44.9%** to **RMB88,646,000**, with flagship magazines maintaining leading positions in brand advertising and among business elites - Print media platform revenue increased by **44.9%** to **RMB88,646,000** from **RMB61,166,000** in the same period of 2020[11](index=11&type=chunk) - INSTYLE iLady maintains an irreplaceable position among print media brand advertisers and celebrates the power of Gen Z women[13](index=13&type=chunk) - Bloomberg Businessweek Chinese Edition ranks among the top in advertising revenue and plans to host more marketing events[14](index=14&type=chunk) [Digital Platform Segment](index=6&type=section&id=Digital%20Platform%20Segment) Digital platform revenue increased by **99.3%** to **RMB80,069,000**, driven by user growth in key apps and expansion through content upgrades and documentary production - Digital platform revenue increased by **99.3%** to **RMB80,069,000** from **RMB40,169,000** in the same period of 2020[15](index=15&type=chunk) Application Users | Application | Users (as of interim period end) | | :--- | :--- | | iWeekly | Approximately 14,974,990 | | INSTYLE iLady | Over approximately 7,314,000 users | | Bloomberg Businessweek Chinese Edition | Approximately 13,365,800 | | Nowness (Cumulative downloads) | Approximately 4,508,000 | - Bloomberg Businessweek Chinese Edition's documentary 'Business Geography' achieved **14,703,000** cumulative views and launched the media brand 'CITYLAB'[18](index=18&type=chunk) - Nowness China team's short video works won Best Director and Best Production awards at the 24th Shanghai International Film Festival[19](index=19&type=chunk) [Art Platform Segment](index=7&type=section&id=Art%20Platform%20Segment) Art platform revenue grew by **67.1%** to **RMB12,290,000**, expanding through art magazine advertising, sales, events, strategic partnerships, and exploring the NFT market - Art platform revenue increased by **67.1%** to **RMB12,290,000** from **RMB7,353,000** in the same period of 2020[20](index=20&type=chunk) - Art platform revenue sources include art magazine advertising, art sales, art-related event income, and cultural creative space income[20](index=20&type=chunk) - The Group established a strategic partnership with the Victoria & Albert Museum and opened Modern Media Gallery[22](index=22&type=chunk) - ZiWU Shanghai and Beijing spaces create integrated cultural and art venues through content curation, membership services, and diverse retail categories[23](index=23&type=chunk) - The Group actively explores the development potential of NFTs (Non-Fungible Tokens) as an emerging art market and plans to expand into the Chinese market in the second half of the year[25](index=25&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) The Group plans to expand its customer base, seek investment opportunities, and transform its media platforms through resource integration and innovative business models, including video content, e-commerce, and NFT exploration - The Group will build a new business model for an integrated online and offline media platform[26](index=26&type=chunk) - The digital platform will actively produce video content through 'Nowness,' develop brand experience stores, derivative products, themed restaurants, and video courses, and explore e-commerce guided shopping with 'see now, buy now' functionality[26](index=26&type=chunk) - Art platform businesses will be launched in first-tier Chinese cities like Beijing, Guangzhou, and Shenzhen, including art exhibitions, high-end art clubs, art education, art travel, and art derivatives[27](index=27&type=chunk) - ZiWU Art Space will open another location in Shanghai and plans to expand to Guangzhou, forming a replicable business model[29](index=29&type=chunk) - Management will actively research specific operational development plans for NFTs in the second half of the year[30](index=30&type=chunk) [Dividends](index=10&type=section&id=Dividends) The Board does not recommend an interim dividend for the period to retain financial resources, but will consider a final dividend after assessing full-year performance - The Board does not recommend the payment of any interim dividend for the interim period (2020: nil)[31](index=31&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) The Group recorded net cash outflows from operating and investing activities, with the gearing ratio increasing to **17.2%** due to higher net debt, and employed **415** staff Cash Flow Summary | Indicator | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | | :--- | :--- | :--- | | Net cash outflow from operating activities | (11,900) | 15,900 (inflow) | | Net cash outflow from investing activities | (15,800) | (3,300) | Gearing Ratio | Indicator | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Gearing Ratio | 17.2% | 14.8% | - The increase in gearing ratio was primarily due to an increase in net debt[34](index=34&type=chunk) - As of June 30, 2021, the Group had **415** employees, with salaries and benefits determined based on market rates, national policies, and individual performance[39](index=39&type=chunk) Corporate Governance and Other Information This section covers directors' interests, substantial shareholders, share transactions, corporate governance practices, and directors' securities dealings [Directors' Interests in Shares, Underlying Shares, and Debentures](index=12&type=section&id=Directors%27%20Interests%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures) As of June 30, 2021, Mr. Shao Zhong held **74.60%** of the company's ordinary shares, with Ms. Yang Ying and Mr. Deroche Alain, Jean-Marie, Jacques holding smaller stakes Directors' Shareholdings | Director's Name | Number of Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | Mr. Shao Zhong | 327,002,000 | 74.60% | | Ms. Yang Ying | 110,000 | 0.03% | | Mr. Deroche Alain, Jean-Marie, Jacques | 94,000 | 0.02% | - Mr. Shao Zhong holds **100%** equity interest in several associated corporations, including Beijing Modern Yage Advertising Co., Ltd. and Beijing Yage Zhimei Advertising Communication Co., Ltd., through controlled corporate interests[40](index=40&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk) [Substantial Shareholders and Other Persons with Interests or Short Positions Discloseable Under Divisions 2 and 3 of Part XV of the SFO](index=15&type=section&id=Substantial%20Shareholders%20and%20Other%20Persons%20with%20Interests%20or%20Short%20Positions%20Discloseable%20Under%20Divisions%202%20and%203%20of%20Part%20XV%20of%20the%20SFO) Ms. Zhou Shaomin (Mr. Shao Zhong's spouse) is deemed to hold a **74.60%** interest, while Warburg Pincus & Co. holds a **5.71%** interest through United Achievement Limited Major Shareholder Interests | Shareholder Name/Person | Capacity | Number of Ordinary Shares Held | Percentage of Issued Ordinary Shares | | :--- | :--- | :--- | :--- | | Ms. Zhou Shaomin | Interest of spouse | 327,002,000 | 74.60% | | United Achievement Limited | Beneficial owner | 25,020,000 | 5.71% | | Warburg Pincus & Co. | Interest in controlled corporations of substantial shareholder | 25,020,000 | 5.71% | - Warburg Pincus & Co. indirectly holds equity interest in United Achievement Limited through its controlled entities[47](index=47&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=15&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Shares) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the interim period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the interim period[48](index=48&type=chunk) [Corporate Governance](index=16&type=section&id=Corporate%20Governance) The company adheres to high corporate governance standards, applying principles of the Corporate Governance Code, with established committees overseeing audit, remuneration, nomination, and ESG functions - The company has applied the principles of the Corporate Governance Code set out in Appendix 14 of the Listing Rules, except for the non-segregation of the roles of Chairman and Chief Executive Officer[50](index=50&type=chunk) - The Audit Committee, Remuneration Committee, and Nomination Committee are all composed of three independent non-executive directors[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - The Environmental, Social and Governance Committee comprises Executive Director Mr. Shao Zhong (Chairman), Independent Non-executive Director Mr. Wan Jie, and senior management member Ms. Zhong Yuanhong[54](index=54&type=chunk) [Directors' Securities Transactions](index=16&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance during the interim period - All directors confirmed compliance with the company's code of conduct regarding directors' securities transactions during the interim period[55](index=55&type=chunk) Independent Review Report ZHONGHUI ANDA CPA Limited reviewed Modern Media Holdings Limited's interim financial report, concluding no material non-compliance with IAS 34 - The independent auditor is ZHONGHUI ANDA CPA Limited[60](index=60&type=chunk) - The review concluded that nothing has come to the auditor's attention that causes them to believe the interim financial report is not prepared, in all material respects, in accordance with IAS 34[59](index=59&type=chunk) Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2021, the Group's revenue significantly increased to **RMB182,275,000**, with a substantial improvement in gross profit and a narrowed loss for the period to **RMB10,585,000** Interim Consolidated Statement of Profit or Loss | Indicator | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | | :--- | :--- | :--- | | Revenue | 182,275 | 110,704 | | Cost of sales | (111,115) | (95,618) | | Gross profit | 71,160 | 15,086 | | Operating loss | (8,012) | (68,878) | | Loss for the period | (10,585) | (74,392) | | Total comprehensive expense for the period | (8,914) | (69,718) | Loss Per Share | Indicator | H1 2021 (RMB) | H1 2020 (Restated) (RMB) | | :--- | :--- | :--- | | Basic loss per share | (0.0405) | (0.1580) | | Diluted loss per share | (0.0405) | (0.1580) | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2021, total assets were **RMB625,713,000**, with net current assets of **RMB87,587,000** and total equity of **RMB367,588,000**, including **RMB295,842,000** attributable to owners Interim Consolidated Statement of Financial Position | Indicator | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | 298,862 | 315,997 | | Current assets | 326,851 | 321,558 | | Current liabilities | 239,264 | 235,965 | | Non-current liabilities | 18,861 | 25,088 | | Net assets | 367,588 | 376,502 | | Equity attributable to owners of the Company | 295,842 | 311,407 | | Non-controlling interests | 71,746 | 65,095 | | Total equity | 367,588 | 376,502 | Condensed Consolidated Interim Statement of Changes in Equity For the six months ended June 30, 2021, total equity attributable to owners decreased from **RMB311,407,000** to **RMB295,842,000**, primarily due to total comprehensive expense of **RMB15,565,000** Interim Consolidated Statement of Changes in Equity | Indicator | January 1, 2021 (Audited) (RMB thousands) | June 30, 2021 (Unaudited) (RMB thousands) | | :--- | :--- | :--- | | Equity attributable to owners of the Company | 311,407 | 295,842 | | Non-controlling interests | 65,095 | 71,746 | | Total equity | 376,502 | 367,588 | - Total comprehensive expense attributable to owners of the Company for the period was **RMB15,565,000**[70](index=70&type=chunk) Condensed Consolidated Interim Statement of Cash Flows For the six months ended June 30, 2021, the Group reported net cash outflows from operating and investing activities, with net cash inflow from financing activities, resulting in **RMB23,110,000** cash and cash equivalents at period-end Interim Consolidated Statement of Cash Flows | Cash Flow Category | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | | :--- | :--- | :--- | | Net cash from operating activities | (11,913) (outflow) | 15,945 (inflow) | | Net cash from investing activities | (15,835) (outflow) | (3,266) (outflow) | | Net cash from financing activities | 14,771 (inflow) | (12,907) (outflow) | | Net decrease in cash and cash equivalents | (12,977) | (228) | | Cash and cash equivalents at period end | 23,110 | 42,353 | Notes to the Condensed Consolidated Interim Financial Statements This section provides detailed notes on the basis of preparation, accounting policies, fair value measurements, segment reporting, and other financial disclosures [General Information](index=24&type=section&id=General%20Information) Modern Media Holdings Limited, incorporated in the Cayman Islands and listed in Hong Kong, primarily engages in multimedia advertising, magazine publishing, art trading, and restaurant operations - The company was incorporated in the Cayman Islands on March 8, 2007, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on September 9, 2009[75](index=75&type=chunk)[76](index=76&type=chunk) - The Group primarily engages in multimedia advertising services, magazine printing and distribution, advertising-related services, art trading and related services, and restaurant operations[76](index=76&type=chunk) [Basis of Preparation](index=24&type=section&id=Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with IAS 34 and the Listing Rules, consistent with the accounting policies of the 2020 annual financial statements - These condensed consolidated financial statements are prepared in accordance with IAS 34 'Interim Financial Reporting' and the applicable disclosure provisions of the Listing Rules[79](index=79&type=chunk) - The accounting policies and methods of computation used are consistent with those used in the annual financial statements for the year ended December 31, 2020[79](index=79&type=chunk) [Adoption of New and Revised International Financial Reporting Standards](index=25&type=section&id=Adoption%20of%20New%20and%20Revised%20International%20Financial%20Reporting%20Standards) The Group adopted all new and revised IFRSs effective January 1, 2021, with no significant impact on accounting policies or reported amounts for current or prior periods - The Group has adopted all new and revised International Financial Reporting Standards effective for the accounting period beginning January 1, 2021[81](index=81&type=chunk) - The adoption of these new and revised IFRSs did not result in significant changes to the Group's accounting policies, financial statement preparation, or reported amounts for the current and prior periods[81](index=81&type=chunk) [Prior Period Adjustments](index=25&type=section&id=Prior%20Period%20Adjustments) The Group restated H1 2020 comparative figures due to a re-evaluation of the Art Review Ltd. acquisition date, impacting revenue, cost of sales, administrative expenses, and loss for the period - Management re-evaluated the acquisition progress of Art Review Ltd., confirming the Group was able to exercise control over it upon completion of the acquisition in June 2019[82](index=82&type=chunk) - The comparative figures for H1 2020 have been restated in accordance with IFRS 3 (Revised) Business Combinations[82](index=82&type=chunk) Impact of Prior Period Adjustment | Indicator | Previously reported (RMB thousands) | Impact of prior period adjustment (RMB thousands) | Restated (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue | 107,809 | 2,895 | 110,704 | | Cost of sales | (93,807) | (1,811) | (95,618) | | Administrative expenses | (48,639) | (3,905) | (52,544) | | Loss for the period | (71,590) | (2,802) | (74,392) | [Fair Value Measurement](index=27&type=section&id=Fair%20Value%20Measurement) The Group's financial assets and liabilities are measured at fair value using a three-level hierarchy, with investment properties and wealth management products valued using independent appraisals and discounted cash flow models - The Group's fair value measurements adopt a three-level input hierarchy: Level 1, Level 2, and Level 3[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) Fair Value Hierarchy | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (RMB thousands) | | :--- | :--- | :--- | | Investments at fair value through profit or loss – wealth management products | 41,730 | 25,307 | | Investment properties – residential units – China | 37,700 | 37,700 | | **Total** | **79,430** | **63,007** | - Investment properties are revalued by Shenzhen Cushman & Wakefield Land and Real Estate Appraisal Co., Ltd., an independent professional qualified valuer[108](index=108&type=chunk) - Wealth management products are valued using a discounted cash flow model, with expected returns ranging between **2.72%** and **3.31%**[109](index=109&type=chunk) [Revenue and Segment Reporting](index=31&type=section&id=Revenue%20and%20Segment%20Reporting) The Group's three reportable segments—Print Media, Art Platform, and Digital Platform—generated total revenue of **RMB181,005,000**, primarily from advertising, with all segments achieving positive EBITDA - The Group has three reportable segments: Print Media Platform, Art Platform, and Digital Platform[112](index=112&type=chunk) Revenue by Source | Revenue Source | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | | :--- | :--- | :--- | | Advertising income | 138,536 | 84,818 | | Distribution and subscription income | 9,251 | 5,641 | | Production, program and service income | 33,260 | 16,831 | | Sales of artworks and merchandise | – | 37 | | Restaurant operating income | 1,228 | 2,274 | | Rental income | – | 1,103 | | **Total Revenue** | **182,275** | **110,704** | Adjusted EBITDA by Segment | Segment | H1 2021 Adjusted EBITDA (RMB thousands) | H1 2020 Adjusted EBITDA (Restated) (RMB thousands) | | :--- | :--- | :--- | | Print Media Platform | (17,781) | (42,468) | | Digital Platform | 26,107 | 198 | | Art Platform | 5,107 | 770 | | **Total** | **13,433** | **(41,500)** | Total Assets by Segment | Segment | June 30, 2021 Total Assets (RMB thousands) | December 31, 2020 Total Assets (Audited) (RMB thousands) | | :--- | :--- | :--- | | Print Media Platform | 121,226 | 118,047 | | Digital Platform | 222,731 | 267,135 | | Art Platform | 113,175 | 94,102 | | **Total Assets** | **625,713** | **637,555** | [Other Income](index=36&type=section&id=Other%20Income) For the six months ended June 30, 2021, total other income was **RMB2,705,000**, primarily from Chinese government subsidies of **RMB2,344,000** and interest income from fair value investments Other Income Details | Income Source | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | | :--- | :--- | :--- | | Chinese government subsidies | 2,344 | 79 | | Interest income from investments at fair value through profit or loss | 255 | – | | Bank interest income | 73 | 17 | | Others | 33 | 320 | | **Total** | **2,705** | **416** | [Other (Losses)/Gains – Net](index=36&type=section&id=Other%20%28Losses%29%2FGains%20%E2%80%93%20Net) For the six months ended June 30, 2021, the Group recorded net other losses of **RMB62,000**, mainly from net loss on disposal of property, plant and equipment and exchange differences Other (Losses)/Gains – Net Details | Item | H1 2021 (RMB thousands) | H1 2020 (RMB thousands) | | :--- | :--- | :--- | | Net loss on disposal of property, plant and equipment | (38) | – | | Exchange differences | (24) | 394 | | **Total** | **(62)** | **394** | [Finance Costs](index=36&type=section&id=Finance%20Costs) For the six months ended June 30, 2021, total finance costs decreased to **RMB2,573,000**, primarily comprising interest expenses on borrowings and lease liabilities Finance Costs Details | Item | H1 2021 (RMB thousands) | H1 2020 (RMB thousands) | | :--- | :--- | :--- | | Interest expense on borrowings | 2,036 | 3,047 | | Finance costs on lease liabilities | 537 | 1,231 | | **Total** | **2,573** | **4,278** | [Loss Before Income Tax](index=37&type=section&id=Loss%20Before%20Income%20Tax) For the six months ended June 30, 2021, the Group's loss before income tax was **RMB10,585,000**, influenced by depreciation, amortization, and expected credit loss provisions Loss Before Income Tax Components | Item | H1 2021 (RMB thousands) | H1 2020 (Restated) (RMB thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment and right-of-use assets | 11,706 | 17,129 | | Amortisation of intangible assets | 5,501 | 6,387 | | Provision for expected credit losses on trade receivables | 817 | (386) | | Short-term lease payments for land and buildings | 416 | 68 | [Income Tax Expense](index=37&type=section&id=Income%20Tax%20Expense) The Group incurred no income tax expense for the period, as operating entities in various regions had sufficient tax losses or no taxable profits - The Group incurred no income tax expense during the interim period[128](index=128&type=chunk) - No income tax provision was made because operating entities had sufficient tax losses to offset taxable profits or generated no taxable profits[128](index=128&type=chunk) [Loss Per Share](index=37&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2021, loss attributable to owners was **RMB17,490,000**, with basic and diluted loss per share both at **RMB(0.0405)** due to no dilutive events Loss Per Share Calculation | Indicator | H1 2021 | | :--- | :--- | | Loss attributable to owners of the Company (RMB thousands) | (17,490) | | Weighted average number of ordinary shares in issue (thousands of shares) | 431,994 | | Basic loss per share (RMB) | (0.0405) | | Diluted loss per share (RMB) | (0.0405) | - Diluted loss per share was the same as basic loss per share as there were no dilutive events during the period[130](index=130&type=chunk) [Property, Plant and Equipment](index=38&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2021, the Group acquired property, plant and equipment worth **RMB313,000** and disposed of assets with a net book value of **RMB611,000**, incurring a net loss of **RMB38,000** - The Group acquired property, plant and equipment at a cost of approximately **RMB313,000**[132](index=132&type=chunk) - Disposal of property, plant and equipment with a net book value of approximately **RMB611,000** resulted in a net loss on disposal of approximately **RMB38,000**[132](index=132&type=chunk) [Goodwill](index=38&type=section&id=Goodwill) As of June 30, 2021, total goodwill was **RMB43,772,000**, primarily allocated to digital platforms in China and the UK, and the art platform in China, with recoverability determined by value-in-use method Goodwill Movement | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | At January 1 | 43,725 | 51,637 | | Exchange differences on translation | 47 | (274) | | **Goodwill at end of period** | **43,772** | **43,725** | Goodwill Allocation by Segment | Segment | June 30, 2021 Goodwill Allocation (RMB thousands) | | :--- | :--- | | Digital Platform – China | 28,203 | | Digital Platform – UK | 8,319 | | Art Platform – China | 7,250 | | **Total** | **43,772** | [Trade and Other Receivables](index=39&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2021, net current trade and other receivables totaled **RMB203,522,000**, with net trade receivables of **RMB134,483,000** and an expected credit loss provision of **RMB8,287,000** Trade and Other Receivables Summary | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Trade receivables, net | 134,483 | 143,514 | | Other receivables | 205,900 | 214,457 | | Less: Non-current portion | (2,378) | (9,015) | | **Current portion** | **203,522** | **205,442** | Trade Receivables Aging | Aging | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 53,074 | 43,813 | | Over 30 days and within 90 days | 23,644 | 44,837 | | Over 90 days and within 180 days | 29,279 | 25,840 | | Over 180 days | 36,718 | 33,904 | | **Trade receivables, gross** | **142,770** | **151,217** | Provision for Expected Credit Losses | Provision for expected credit losses | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | At January 1 | 7,703 | 7,045 | | Provision recognised | 817 | 1,445 | | Written off | (233) | (787) | | **Provision at end of period** | **8,287** | **7,703** | [Investments at Fair Value Through Profit or Loss](index=41&type=section&id=Investments%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2021, investments at fair value through profit or loss totaled **RMB41,730,000**, primarily comprising unlisted wealth management products from Chinese financial institutions Investments at Fair Value Through Profit or Loss | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Unlisted investments in certain wealth management products | 41,730 | 25,307 | - Wealth management product investments are open-ended products offered by Chinese financial institutions under wealth management schemes[140](index=140&type=chunk) [Trade and Other Payables](index=41&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2021, total trade and other payables decreased to **RMB86,256,000**, including trade payables of **RMB46,679,000** and various accrued expenses Trade and Other Payables Summary | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 46,679 | 56,451 | | Accrued taxes other than income tax | 8,155 | 6,151 | | Accrued expenses | 11,328 | 12,834 | | Accrued salaries, wages, bonuses and benefits | 10,456 | 16,330 | | Consideration payable for acquisition of a subsidiary | 6,019 | 6,088 | | Amount due to a director | – | 3,485 | | Amounts due to related companies | 1,520 | 1,511 | | Other liabilities | 2,099 | 3,921 | | **Total** | **86,256** | **106,771** | Trade Payables Aging | Aging | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 16,652 | 19,097 | | Over 30 days and within 90 days | 11,386 | 12,083 | | Over 90 days and within 180 days | 9,885 | 14,702 | | Over 180 days | 8,756 | 10,569 | | **Trade payables, gross** | **46,679** | **56,451** | [Borrowings](index=43&type=section&id=Borrowings) As of June 30, 2021, total borrowings were **RMB124,276,000**, primarily secured bank borrowings collateralized by Group properties with a book value of **RMB128,269,000** and guaranteed by Mr. Shao Zhong and related parties Borrowings Summary | Item | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Secured bank borrowings | 124,276 | 98,244 | | Unsecured other borrowings | – | 5,057 | | **Total** | **124,276** | **103,301** | - Bank borrowings are secured by certain properties of the Group with a total book value of approximately **RMB128,269,000**, including investment properties of approximately **RMB37,700,000** and property, plant and equipment of approximately **RMB90,569,000**[149](index=149&type=chunk) [Share Capital, Dividends and Reserves](index=43&type=section&id=Share%20Capital%2C%20Dividends%20and%20Reserves) As of June 30, 2021, the company's authorized share capital was **8,000,000** thousand shares at HKD0.01 each, with issued and fully paid share capital of **438,353** thousand shares, and no interim dividend was recommended Authorized Share Capital | Share Capital Category | Number of Shares (thousands of shares) | Share Capital (HKD thousands) | | :--- | :--- | :--- | | Authorised share capital (HKD0.01 per share) | 8,000,000 | 80,000 | Issued and Fully Paid Share Capital | Share Capital Category | Number of Shares (thousands of shares) | Share Capital (RMB thousands) | | :--- | :--- | :--- | | Issued and fully paid ordinary shares | 438,353 | 3,853 | - The directors do not recommend the payment of any interim dividend for the six months ended June 30, 2021 and 2020[153](index=153&type=chunk) [Commitments](index=44&type=section&id=Commitments) As of June 30, 2021, the Group had capital commitments of **RMB353,000** for property, plant and equipment, and future minimum payments of **RMB16,438,000** under licensing agreements Capital Commitments | Commitment Category | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Contracted but not provided for – property, plant and equipment | 353 | 2,340 | Licensing Agreement Commitments | Licensing agreement expiry period | June 30, 2021 (RMB thousands) | December 31, 2020 (Audited) (RMB thousands) | | :--- | :--- | :--- | | Within one year | 9,330 | 16,577 | | After one year but within five years | 7,108 | 9,829 | | **Total** | **16,438** | **26,406** | [Related Party Transactions](index=45&type=section&id=Related%20Party%20Transactions) For the six months ended June 30, 2021, the Group paid **RMB87,000** in interest to directors and **RMB6,558,000** in total key management personnel compensation Related Party Transactions Summary | Transaction Category | H1 2021 (RMB thousands) | H1 2020 (RMB thousands) | | :--- | :--- | :--- | | Interest expense payable to a director | 87 | 680 | | Key management personnel compensation – salaries and allowances | 6,343 | 6,656 | | Key management personnel compensation – retirement scheme contributions | 215 | 263 | | **Total key management personnel compensation** | **6,558** | **6,919** | - Mr. Shao Zhong holds certain subsidiaries and equity investments at fair value through other comprehensive income as a registered shareholder on behalf of the Group[158](index=158&type=chunk) [Comparative Figures](index=45&type=section&id=Comparative%20Figures) Certain comparative figures have been reclassified to align with the current year's presentation, in addition to the restatements detailed in Note 4 'Prior Period Adjustments' - Certain comparative figures have been reclassified to conform to the current year's presentation, in addition to the restated figures shown in Note 4 'Prior Period Adjustments'[159](index=159&type=chunk)

MODERN MEDIA HOLDINGS LIMITED ANNUAL REPORT 2020 現代傳播控股有限公司 2020年 年報 Stock Code:72 股份代號: 72 現代傳播 1 | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------| | | | | | | 第 2 頁 現代傳播簡介 | | | | | | | 第 3 頁 現代傳播公司架構 | | | | | | | 第 4 頁 現代傳播大平台 | | | | | | | 第 5 頁 平面平台 | | | | | | | 第 6 頁 數碼平台 | | | | | | | 第 7 頁 空間平台 | | | | | | | 第 10 頁 主席報告 | | | | | | | 第 15 頁 公司花絮 | | | | | | | 第 18 頁 公司資料 | | | | | | | 第 19 頁 管理層討論及分析 | | | | | | | 第 28 頁 企業管治報告 | | | | | | | 第 44 頁 董事會報告 | | | ...

中期報告 2020 Modern Media Holdings Limited 現代傳播控股有限公司 (於開曼群島註冊之有限公司） 股份代號: 72 alp में I M o d e r n M e d i a 錄 2 公司資料 4 管理層討論及分析 目 11 企業管治及其他資料 17 獨立審閱報告 18 中期簡明綜合損益及其他全面收益表 20 中期簡明綜合財務狀況表 22 中期簡明綜合權益變動表 23 中期簡明綜合現金流量表 24 中期簡明綜合財務報表附註 公司資料 獨立非執行董事 邵忠先生（主席） 高皓博士 鍾遠紅女士 董事會 執行董事 邵忠先生（董事長及首席執行官） 楊瑩女士 李劍先生 Deroche Alain, Jean-Marie, Jacques先生 王石先生 高皓博士 易永發先生 審核委員會 易永發先生（主席） 王石先生 高皓博士 薪酬委員會 易永發先生（主席） 王石先生 高皓博士 提名委員會 王石先生（主席） 高皓博士 易永發先生 環境、社會及管制委員會 公司秘書 陳詩婷女士(ACS, ACIS, CGP) 法定代表 邵忠先生 陳詩婷女士 核數師 中匯安達會計師事務所有限公司 執業會計師 ...

MODERN MEDIA HOLDINGS LIMITED ANNUAL REPORT 2019 現代傳播控股有限公司 2019年 年報 Stock Code:72 股份代號: 72 現代傳播 1 目 錄 第2頁 現代傳播簡介 第3頁 現代傳播公司架構 第4頁 現代傳播大平台 第5頁 平面平台 第6頁 數碼平台 第7頁 空間平台 第10頁 主席報告 第16頁 公司花絮 第18頁 公司資料 第19頁 管理層討論及分析 | --- | --- | |-------|-------| | | | | | | | | 第28頁 企業管治報告 | | | 第44頁 董事會報告 | | | 第68頁 董事及高級管理層的履歷 | | | 第72頁 環境、社會及管治報告 | | | 第92頁 獨立核數師報告 | | | 第98頁 綜合損益及其他全面收益表 | | | 第100頁 綜合財務狀況表 | | | 第102頁 綜合權益變動表 | | | 第103頁 綜合現金流量表 | | | 第104頁 綜合財務報表附註 | | | 第208頁 五年財務摘要 | 现 代 传 播 简 介 Groups. Joining hands, ...

中期報告 2019 Modern Media Holdings Limited 現代傳播控股有限公司 (於開曼群島註冊之有限公司） 股份代號: 72 Modern Media 錄2 公司資料 4 管理層討論及分析 目 11 企業管治及其他資料 17 簡明綜合中期財務資料的審閱報告 19 中期簡明綜合損益及其他全面收益表 21 中期簡明綜合財務狀況表 23 中期簡明綜合權益變動表 25 中期簡明綜合現金流量表 27 簡明綜合中期財務資料附註 公司資料 | --- | --- | |----------------------------------------|-----------------------------------------------| | | | | 董事會 | 薪酬委員會 | | 執行董事 | 歐陽廣華先生 （主席） | | 邵忠先生 （主席） | 江南春先生 （自二零一九年五月二十九日起辭任） | | 莫峻皓先生 | 高皓博士 | | 楊瑩女士 | 王石先生 | | 李劍先生 | （自二零一九年五月二十九日起獲委任） | | Deroche Alain 先生 | | | 獨立非執行董事 ...

MODERN MEDIA HOLDINGS LIMITED ANNUAL REPORT 2018 現代傳播控股有限公司 2018年 年報 Stock Code:72 盘代傳播 1 目 錄 第2頁 現代傳播簡介 第4頁 平面平台 第5頁 數碼平台、空間平台 第6頁 誌屋與BROWNIE 第8頁 現代傳播大平台 第９頁 現代傳播公司架構 第10頁 主席報告 第16頁 公司花絮 第20頁 公司資料 第21頁 管理層討論及分析 | --- | --- | |-------|-------| | | | | | | | | | | | 第29頁 企業管治報告 | | | 第44頁 董事會報告 | | | 第68頁 董事及高級管理層的履歷 | | | 第71頁 環境、社會及管治報告 | | | 第92頁 獨立核數師報告 | | | 第98頁 綜合損益及其他全面收益表 | | | 第100頁 綜合財務狀況表 | | | 第102頁 綜合權益變動表 | | | 第103頁 綜合現金流量表 | | | 第104頁 綜合財務報表附註 | | | 第204頁 五年財務摘要 | About Modern media differen ...