Corporate Acquisitions and Partnerships - Modern Media Holdings Limited has acquired controlling equity interests in Nowness, a leading online platform for creative and cultural video broadcasting, and Art Review, an art commentary magazine with over 70 years of history, enhancing its international presence and influence[10][11]. - The company has established long-term partnerships with renowned international institutions, including the British Museum V&A, where it built the "Modern Media Gallery" at the V&A Headquarters in London[10][11]. - The company has maintained partnerships with influential international media agencies, such as Bloomberg Media Group and Time Inc., to enhance its media capabilities[10][11]. - The company has acquired controlling equity interests in Nowness and Art Review, enhancing its international recognition and influence in the media market[19]. - The group acquired a majority stake in the internationally recognized art platform "ArtReview" and "ArtReview Asia," establishing a foundation for expansion in the art platform sector[124]. Social Responsibility and Community Engagement - Modern Media has been committed to social responsibility, having supported the development of special education in China for over 12 years, including the establishment of the "Modern Media Special Education School" in Songzi, Hubei Province[10][11]. - Modern Media's corporate ethos includes a commitment to social responsibility, aiming to contribute positively to society through various initiatives[10][11]. - The company has established a "Modern Media Special Education School" in Songzi, Hubei Province, which has received numerous government awards and honors[22]. - The company has been actively involved in social responsibility, supporting the Modern Media Special Education School for 11 years[89]. - In response to the COVID-19 pandemic, the company provided essential supplies to the Modern Media Special Education School, including non-contact temperature equipment and protective gear[92]. - The company has established the "Modern Media Special Education Foundation" to support special education initiatives[102]. - The company received the "Golden Pine Education Award" for its contributions to education and social responsibility[102]. Business Strategy and Innovation - Modern Media aims to position itself as a leading high-profile media group in China, focusing on innovative content across various sectors, including business, culture, art, fashion, and lifestyle[10][11]. - The company emphasizes continuous innovation and exploration, transitioning from print products to digital and space platforms, thereby integrating new cultural and creative connotations[10][11]. - The organizational structure of Modern Media is designed to be flexible, allowing for continuous innovation and exploration across different media formats[57]. - The Group will continue to expand its innovative business model, transitioning from print media to digital media and finally to platform media, recognizing the platform economy as a growth point in China's new economy[64]. - The development strategy has undergone three stages: from print media to digital platforms and then to art platforms, aiming to create a full media matrix through the integration of print, digital, and space[64]. - The company plans to build four major media platforms, including fashion, culture, art, and business, while integrating print, digital, and art space experiences to create a new media model[67]. - The focus on creative culture is identified as a new growth point, with initiatives aimed at creating a humanistic creative ecological community that blends art and fashion[67]. - The transformation and innovation of business models will be promoted through advancements in technology, cultural influences, and societal changes[66]. - The company aims to provide consumers with a one-stop leisure space that combines lifestyle and media, enhancing the consumer experience[67]. - The integration of online and offline platforms is a key strategy to spread a new popular culture lifestyle and provide happiness to consumers[67]. - The Group believes that continuous modernization and evolution are essential to remain relevant in the post-Internet era[65]. - The company aims to create a new media business model that integrates online and offline platforms, combining graphic, digital, and spatial experiences[86]. Financial Performance and Market Position - In the first half of 2020, the company recorded a loss of RMB 71,590,000, an increase of 106.9% compared to the same period last year[110]. - The company's total revenue for 2020 was RMB 311,504,000, with a reported loss of RMB 72,410,000, compared to a profit of RMB 2,706,000 in 2019[112][114]. - The digital platform segment's profit increased by 49.9% compared to 2019, with EBITDA rising by 28.8%[114]. - The revenue from the print media and art platform segment decreased by 32.5%, while the digital platform segment saw a decline of 29.8% compared to 2019[114]. - Effective cost control measures implemented in the second half of 2020 contributed to a net profit of RMB 1,615,000, showing steady improvement in operations[110]. - The group recorded a net cash inflow from operating activities of approximately RMB 60,758,000, compared to RMB 45,179,000 in 2019[142]. - The total outstanding borrowings as of December 31, 2020, were approximately RMB 103,301,000, down from RMB 131,790,000 in 2019[143]. - The debt-to-equity ratio as of December 31, 2020, was 14.8%, a decrease from 22.5% in the previous year[143]. - The company aims to actively expand its customer base and identify potential investment opportunities in 2021, despite ongoing challenges from the COVID-19 pandemic[131]. - The company expects continued ideal growth in its digital platform segment in 2021, driven by increased advertising spending from brands[132]. Governance and Board Structure - The board consists of seven directors, with four executive directors and three independent non-executive directors, ensuring independent oversight[159]. - The board held a total of 4 meetings in 2020, with all executive directors attending all meetings[162]. - The company’s governance report indicates that independent non-executive directors are appointed for a term of two years, with a requirement for re-election at the first annual general meeting following their appointment[168]. - The board is responsible for approving major investments, acquisitions, financing, and risk management strategies[160]. - The company has implemented a training program for directors to ensure they are updated on governance and regulatory issues[171]. - The board's composition includes a significant number of independent directors, exceeding one-third of the total[159]. - The company has established procedures for seeking independent professional advice, with costs covered by the company[167]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing the financial reporting process and risk management[178]. - The audit committee held meetings where members reviewed the financial reporting, internal controls, and risk management processes[182]. - The company has established a clear separation of roles between the chairman and the CEO to enhance operational efficiency[176]. - The audit committee's responsibilities include reviewing the external auditor's independence and the effectiveness of the audit process[180]. - The company has a robust governance structure with a balanced power dynamic among board members, including three independent non-executive directors[176]. - The board includes two female members, enhancing board diversity in terms of gender[198]. - The company adopted a board diversity policy in August 2013, recognizing the benefits of a diverse board for sustainable development[198].

Revenue Performance - For the six months ended June 30, 2020, the group's revenue decreased by approximately 39.4% to RMB 1,078 million compared to RMB 1,779 million in the same period of 2019[11] - The reported segment revenue for the print media and arts platform fell by 44.2%, while the digital media platform's revenue decreased by 39.4% compared to the same period in 2019[11] - Revenue for the six months ended June 30, 2020, was RMB 107,809 thousand, a decrease of 39.3% compared to RMB 177,863 thousand for the same period in 2019[65] - Advertising revenue decreased to RMB 83,808 thousand, down 36.1% from RMB 131,120 thousand year-on-year[101] - Revenue from digital media platforms was RMB 38,251 thousand, down 39.4% from RMB 63,137 thousand year-on-year[101] User Engagement and Digital Platforms - The digital media platform "iWeekly" reached 14.9 million users by the end of the reporting period, recognized as one of the most successful Chinese media applications on Apple and Android platforms[13] - "INSTYLE iLady" accumulated over 7.3 million users, providing a "see-use-buy" digital media experience, becoming a major revenue source for the digital business[15] - "Bloomberg Businessweek Chinese Edition" expanded its user base to approximately 12.6 million, recognized as one of the best apps on the App Store in 2019[16] - "Nowness" generated advertising and production revenue of RMB 14.3 million during the reporting period, an increase from RMB 12.7 million in the same period of 2019[17] Financial Losses and Challenges - The total reported segment loss for the group was RMB 70.164 million, with an EBITDA loss of RMB 43.779 million for the reporting period[11] - The company reported a net loss of RMB 71,590 thousand for the six months ended June 30, 2020, compared to a net loss of RMB 34,595 thousand in 2019[67] - Operating loss increased to RMB 66,076 thousand, compared to a loss of RMB 28,842 thousand in the previous year, reflecting a significant decline in profitability[65] - The company reported a loss attributable to owners of RMB 65,857,000 for the six months ended June 30, 2020, compared to a loss of RMB 33,611,000 for the same period in 2019, representing a 96% increase in losses year-over-year[125] Cash Flow and Financial Management - The group recorded a net cash inflow from operating activities of RMB 25.8 million during the reporting period, an increase from RMB 8.3 million in the same period last year, due to effective accounts receivable management[30] - The company reported a net cash outflow from investing activities of RMB 12,470 thousand, an improvement compared to RMB 16,620 thousand in the previous year[80] - Operating cash flow for the six months ended June 30, 2020, was RMB 25,829 thousand, significantly up from RMB 8,318 thousand in the same period of 2019, representing a year-over-year increase of 210.5%[80] Corporate Governance and Structure - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial matters[53] - The company has maintained compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO[51] - The company has a strong commitment to high levels of corporate governance, regularly reviewing practices to meet shareholder expectations[51] - The company operates primarily in China, Hong Kong, and the UK, with most transactions denominated in RMB, HKD, or GBP, and faces no significant foreign currency risk as of June 30, 2020[37] Strategic Initiatives and Future Plans - The group aims to leverage social media to enhance user interaction and increase brand recognition for its digital platforms[15] - The diverse digital matrix constructed by the group is expected to generate significant revenue and substantial business development in the future[17] - The group is acquiring significant stakes in "ArtReview" and "ArtReview Asia," both of which are authoritative international platforms with a 70-year history, to enhance its art platform segment[21] - The group aims to create a multi-dimensional sharing lifestyle platform "ZiWU" to meet diverse consumer needs, integrating art, design, fashion, and food exhibitions[21] Asset and Liability Management - As of June 30, 2020, the company's debt-to-equity ratio was 25.0%, an increase from 23.1% on December 31, 2019, primarily due to a decrease in total assets[31] - Total liabilities decreased to RMB 247,253 thousand from RMB 258,026 thousand, a decline of 4.2%[69] - The company's borrowings increased slightly to RMB 133,690 thousand from RMB 130,001 thousand, an increase of 2.1%[69] - The company has no significant contingent liabilities or guarantees as of June 30, 2020, except as disclosed[34] Employee and Operational Changes - As of June 30, 2020, the company had 415 employees, a decrease from 488 employees as of December 31, 2019, due to organizational restructuring[38] - The company did not recommend any interim dividend for the six months ended June 30, 2020, consistent with the previous year[144]

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, ...

Revenue Performance - For the six months ended June 30, 2019, the company's revenue decreased by approximately 8.5% to RMB 177.9 million, down from RMB 194.3 million in the same period of 2018[9]. - The print media and arts segment reported a revenue decline of 14.0% compared to the same period in 2018, primarily due to stagnation in the print media industry and a challenging macroeconomic environment[10]. - The digital media segment experienced a slight revenue increase of 2.2% year-on-year, benefiting from stable advertising performance from the company's applications[10]. - Revenue for the six months ended June 30, 2019, was RMB 177,863 thousand, a decrease of 8.4% from RMB 194,331 thousand in the same period of 2018[180]. - Advertising revenue for the six months ended June 30, 2019, was RMB 131,120 thousand, a slight decrease of 2.4% from RMB 134,130 thousand in 2018[180]. Segment Performance - The company's total reported segment loss for the first half of 2019 was RMB 33.7 million, compared to RMB 29.1 million in the same period of 2018[10]. - The EBITDA for the print media and arts segment improved to RMB (16.6) million, while the digital media segment achieved an EBITDA of RMB 6.7 million[10]. - The flagship magazine "Weekend Weekly" maintained its top position in revenue among weekly magazines despite a decline in earnings[14]. - The "INSTYLE" magazine continued to be a popular choice among luxury brand advertisers, with its reader club membership increasing during the reporting period[14]. Digital Media Growth - The management believes that digital media will become the main source of revenue and profit center in the future[10]. - "iWeekly" reached 14,800,000 smartphone and tablet users, enhancing its global content and reader loyalty through selected content from renowned international media brands[17]. - "Bloomberg Businessweek Chinese Edition" expanded its user base to 11,400,000, with subscription revenue reaching RMB 2,500,000 during the interim period[18]. - "INSTYLE iLady" accumulated over 7,200,000 users, becoming a major revenue source by providing a "see-use-buy" digital media experience[19]. - "Nowness" achieved advertising revenue of RMB 12,700,000, representing a 24.5% increase year-on-year, with a user base nearing 3,000,000[20]. - "Urban Customer" generated revenue of RMB 7,300,000, reflecting a 48.5% year-on-year growth, driven by strong participation in online cosmetics sample testing programs[20]. Strategic Initiatives - The company has strategically restructured its business into two segments: print media and arts, and digital media, to adapt to market changes[9]. - The company plans to expand its innovative business model and develop four major media platforms: fashion, culture, art, and business[22]. - The strategy includes the "4M" approach: Modern Publishing, Modern Digital, Modern Space, and Modern Art, with expectations for a rebound in advertising spending on print magazines[23]. - The company aims to enhance its digital business through the integration of online and offline experiences, creating a new media business model[24]. - The "Modern Art" business will be launched in major Chinese cities such as Beijing, Guangzhou, and Shenzhen, becoming a key driver for future profit growth[26]. Financial Position - The group recorded a net cash inflow from operating activities of RMB 8,300,000, an increase from RMB 2,700,000 in the previous year, due to effective accounts receivable management[29]. - The capital debt ratio increased to 21.8% as of June 30, 2019, up from 15.8% at the end of 2018, primarily due to an increase in lease liabilities[31]. - The group did not recommend any interim dividend for 2019, similar to 2018, to retain more financial resources[28]. - Total capital expenditure during the interim period was approximately RMB 16,000,000, down from RMB 34,900,000 in the same period last year[33]. - The group’s bank loans amounted to RMB 28,000,000 secured by the Beijing office property, with additional loans of RMB 64,200,000 secured by the Hong Kong office unit[35]. Losses and Uncertainties - The company reported a net loss of RMB 34,595,000 for the six months ending June 30, 2019[70]. - The company has significant uncertainties regarding its ability to continue as a going concern due to the reported losses and cash position[70]. - The company reported a total comprehensive loss of RMB 36,428,000 for the six months ended June 30, 2019, compared to a loss of RMB 28,716,000 for the same period in 2018, indicating an increase in losses of approximately 27% year-over-year[108]. Cash Flow and Investments - Cash flow from operating activities for the six months ended June 30, 2019, was RMB 9,401,000, up from RMB 2,660,000 in the same period of 2018, representing a significant increase of approximately 253%[117]. - The company incurred a net cash outflow from investing activities of RMB 18,911,000 for the six months ended June 30, 2019, compared to RMB 35,128,000 in the same period of 2018, showing a reduction in cash outflow of about 46%[119]. - The company reported a net cash inflow from financing activities of RMB (4,042,000) for the six months ended June 30, 2019, compared to RMB (6,078,000) in the same period of 2018, indicating an improvement in financing cash flow[119]. Corporate Governance - The audit committee reviewed the interim results and had no objections to the accounting policies adopted by the company[59]. - The company is committed to maintaining high standards of corporate governance and regularly reviews its practices[56]. - The board of directors consists of four independent non-executive directors overseeing the company's operations[56]. - The remuneration committee is responsible for recommending the remuneration policy for directors[60]. Accounting Policies and Standards - The company adopted the revised retrospective method for the first application of IFRS 16 on January 1, 2019, with no restatement of comparative information[76]. - The company has not early adopted any new or revised IFRS that are not yet effective during the reporting period[132]. - The transition to IFRS 16 has resulted in significant changes in accounting policies regarding lease measurement and recognition[150].

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 ...