Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company has optimized its diversified business structure, resulting in stable revenue and profit performance. In 2024, the company achieved revenue of 3.671 billion yuan, a year-on-year increase of 1.2%, with an adjusted net profit of 1.251 billion yuan, reflecting a significant year-on-year increase of 120% [2][6] - The gaming and streaming segments have shown substantial growth, with gaming revenue reaching 1.992 billion yuan, a year-on-year increase of 346%, and online streaming and advertising revenue at 1.516 billion yuan, up 63% [2][6] - The company has successfully launched several films that received positive market feedback, contributing to its content production segment despite a challenging market environment [2] Financial Performance Summary - In 2024, the company reported total revenue of 3.671 billion yuan, with a gross margin of 52% and an adjusted net profit of 1.251 billion yuan [2][7] - The company expects revenue growth to continue, projecting revenues of 4.865 billion yuan, 6.121 billion yuan, and 7.025 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 1.545 billion yuan, 1.817 billion yuan, and 2.115 billion yuan for the same years [7][8] - The company’s financial ratios indicate a projected PE of 22.1, 18.8, and 16.2 for 2025, 2026, and 2027 respectively, suggesting a favorable valuation trend [7][8] Business Segment Analysis - The content production segment generated revenue of 127 million yuan, a decrease of 94% year-on-year, while the online streaming and advertising segment saw significant growth [2][6] - The gaming segment has been a major driver of revenue, with the successful launch of games leading to a substantial increase in income [6] - The company is actively embracing AI technology to enhance content personalization and expand its market reach through self-produced short dramas [6]

Core Viewpoint - The Chinese media industry is undergoing a structural adjustment characterized by "quality improvement and quantity reduction," with the company achieving significant growth in its financial performance, indicating a successful transition during this period of transformation [1]. Group 1: Film and Television Sector - The film and television business of the company is shifting from "less but better" to "quantity and quality," leveraging industrialized production capabilities and a global distribution network to reshape the competitive landscape [2]. - The company has implemented a dual strategy of "investment control + participation in production," leading to successful films such as "The Reverse Life" and "Killing 3," with the latter achieving over 3.5 billion yuan in box office revenue [2][4]. - The television sector is experiencing both critical acclaim and high viewership, with notable projects like "My Aletai" winning awards at the Cannes TV Festival and "The Pursuer" refreshing the genre's popularity [4]. Group 2: Gaming Sector - The gaming segment has seen explosive revenue growth, with income reaching 1.992 billion yuan in 2024, a year-on-year increase of 346%, driven by IP adaptations and channel integration [5][6]. - The company has successfully revitalized classic IPs, with games like "Ragnarok: Love at First Sight" achieving significant revenue shortly after launch, indicating strong emotional engagement with users [6]. - The gaming pipeline is robust, with a focus on both depth and breadth, including new genre expansions and collaborations with major studios to enhance market presence [9]. Group 3: Streaming Media Sector - The company’s streaming platform, Pumpkin Movie, is leveraging AI technology to enhance user experience and drive growth, positioning itself as a key player in the streaming market [10]. - AI integration is transforming the content creation process, allowing for reduced production cycles and optimized resource allocation, which is crucial for sustainable growth in the streaming sector [11][13]. - The platform's strategic partnerships and extensive content library are expected to further solidify its market position and drive user engagement [10][11]. Conclusion - The company is poised for a new round of value reassessment in 2025, driven by a strong project pipeline and global expansion efforts, as it navigates the increasingly competitive landscape of the media industry [14].

Group 1 - The company reported a revenue of 3.671 billion yuan for the year ending December 31, 2024, representing a year-on-year increase of 1.2% [1] - Adjusted net profit reached 1.251 billion yuan, showing a significant year-on-year increase of 120% [1] - The company maintained a basic loss per share of 0.0157 yuan, indicating challenges in profitability despite revenue growth [1] Group 2 - The company focused on high-quality content, enhancing production and distribution capabilities, leading to positive market feedback for several films in 2024 [2] - The film "Reverse Life," produced by the company, won the "Most Anticipated Film" award at the 2024 Weibo Movie Night, showcasing its strong social insights and production quality [2] - The company participated in the production of "Detective Chinatown 1900," which grossed 3.4 billion yuan during the 2025 Spring Festival, ranking second in the box office for that period [2]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 3,670.76 million, a slight increase from RMB 3,627.25 million in the previous year, representing a growth of approximately 1.2%[2] - The adjusted net profit for the fiscal year was RMB 1,251.36 million, up 120% from RMB 568.75 million in the previous year, indicating significant improvement in profitability[4] - The gross profit margin increased to 52% in 2024, compared to 32% in 2023, reflecting enhanced operational efficiency[2] - The company recorded a loss attributable to shareholders of approximately RMB 191 million for the fiscal year, compared to a profit of RMB 690 million in the previous year, primarily due to the fair value changes related to warrants issued for the acquisition of Virtual Cinema Entertainment Limited[3] - The company’s basic and diluted loss per share for the fiscal year was RMB 0.01570, compared to earnings per share of RMB 0.06550 in the previous year[3] - The company reported a net loss of RMB 206,576 thousand for 2024, compared to a profit of RMB 682,540 thousand in 2023, marking a significant turnaround[46] - The company’s basic loss per share for 2024 was RMB (1.570), compared to earnings per share of RMB 6.550 in 2023[46] - The company reported a net loss of RMB 190,533,000 for the year 2024, compared to a profit of RMB 689,758,000 in 2023, resulting in a basic loss per share of RMB (1.570) compared to earnings of RMB 6.550 in the previous year[112][116] Revenue Breakdown - The revenue from content production, online streaming, and online gaming reached RMB 3,635 million, while other business segments contributed RMB 36 million[3] - The company reported total segment revenue of RMB 3,670,760,000, with online gaming contributing RMB 1,390,470,000[86] - Online gaming services generated revenue of RMB 1,991,719,000 in 2024, significantly up from RMB 446,291,000 in 2023, indicating a growth of over 345%[93] Market Challenges - The domestic film market faced challenges, with total box office revenue declining by 22.7% to RMB 42.50 billion, and the number of moviegoers decreasing by 23.1% to 1.01 billion[6] Strategic Initiatives - The company plans to continue enhancing its investment in high-quality films to improve overall investment returns[9] - The company actively collaborates with major domestic TV platforms to produce high-quality content and is expanding its international distribution channels[10] - The company aims to strengthen its diversified business structure and improve cost control and operational capabilities for sustainable future growth[5] Awards and Recognition - The company achieved significant success in the drama sector, with the series "My Alatai" winning two awards at the 3rd China TV Drama Annual Ceremony, including "Outstanding TV Drama of the Year" and "Overseas Communication Drama of the Year" [11] - The company has received multiple industry awards, including the "2024 Golden Toad Excellent Game Enterprise Award," further solidifying its brand influence and industry position [20] Technology and Innovation - The company launched the Dream Shaper platform, utilizing AI technology to enhance content production efficiency and reduce script creation time [17] - The company has successfully integrated AI technology into its operations, improving user preference capture and content recommendation [14] Financial Position - As of December 31, 2024, the company reported a cash and cash equivalents balance of approximately RMB 3.4936 billion, a significant increase from RMB 569.9 million in 2023[31] - The group’s net equity was approximately RMB 16.3452 billion, up from RMB 11.0375 billion as of December 31, 2023[32] - Total assets reached approximately RMB 21.6707 billion, compared to RMB 16.6812 billion as of December 31, 2023[32] - The current ratio improved to 2.5 times, up from 2.0 times as of December 31, 2023[32] - The group maintains a stable financial position with a debt-to-equity ratio of 2.0% as of December 31, 2024, compared to 1.5% the previous year[32] Employee and Operational Costs - Employee costs totaled approximately RMB 269.6 million for the year ending December 31, 2024, compared to RMB 205.9 million for the previous year[40] - Employee benefits expenses increased to RMB 220,166,000 in 2024 from RMB 152,585,000 in 2023, marking a rise of approximately 44.3%[105] Acquisitions and Investments - The company completed the acquisition of 100% equity in Youai Interactive for RMB 318 million, which will be consolidated into the group's financial statements[41] - The company acquired a 30% stake in Beijing Yonghang Technology, enhancing its presence in the music and dance game sector and laying the foundation for cross-media development [21] Credit Risk Management - As of December 31, 2023, 56% of trade receivables are from the company's top five customers, indicating a concentration of credit risk[59] - The company has established a dedicated team to manage credit limits and approvals to mitigate credit risk associated with trade receivables[60] Future Outlook - The company plans to launch the interactive game "Morning Line" in 2025, leveraging AI-generated technology for breakthroughs in the interactive gaming sector[22] - The company has a rich project pipeline, including three upcoming SLG games: "Star Era," "Sword of Peace," and "Dragon Stone War," with innovative gameplay mechanics[26] Governance and Compliance - The company has established internal policies to ensure compliance and has adopted the corporate governance code as per the listing rules[146] - The audit committee, composed of three independent non-executive directors, has reviewed the company's financial statements for the fiscal year ending December 31, 2024[148] - The preliminary financial statements for the year ending December 31, 2024, have been verified by PwC, confirming the accuracy of the reported figures[149]

股東特別大會投票結果 茲 提 述 (i) 中 國 儒 意 控 股 有 限 公 司（「 本 公 司 」）日 期 為 二 零 二 五 年 三 月 七 日 之 股 東 特 別 大 會 （「股東特別大會」）通告（「股東特別大會通告」）；及(ii)本公司日期為二零二五年三月七日之 通函（「股東特別大會通函」）。除文義另有所指外，本公告所用詞彙具有股東特別大會通告 及股東特別大會通函所賦予之涵義。 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之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 股東特別大會投票結果 股東特別大會已於二零二五年三月二十六日舉行。於股東特別大會當日已發行股份數目為 15,483,441,619股。 誠如股東特別大會通函所披露，由於Water Lily、楊明先生及其各自之聯繫人於股東特別大 會日期分別持有2,545,734,565股股份 ...

China Ruyi Holdings Limited 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之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就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之任何損失 承擔任何責任。 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 截至二零二四年十二月三十一日止年度的財務表現更新 本公告乃由中國儒意控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港法 例第571章證券及期貨條例第XIVA部項下之內幕消息條文（ 定義見香港聯合交易所有限公司 證券上市規則（「上市規則」））及上市規則第13.09條作出。 根據管理層目前所得的資料，本集團預期截至二零二四年十二月三十一日止年度（「二零二 四財 政年 度」）錄得 經調 整淨利 潤1 （ 為非 香港 財務報 告準 則計 量 ）預 計約人 民幣 12 億元， 較 二零二三年同期約人民幣5.69億元上升約111%。本公司董事會（「董事會」）認為，呈列經調 整淨利潤（ 非香港財務報告準則計量 ）有利於通過消除若干項目的潛在影響，讓本公司 ...

中國儒意控股有限公司（「本公司」）董事會（「董事會」）謹此宣布，將於二零二五年三月三十 一日（ 星期一 ）舉行本公司董事會會議，藉以（ 其中包括 ）批准刊發本公司及其附屬公司截至 二零二四年十二月三十一日止年度之年度業績。 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之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就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之任何損失 承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 董事會會議日期 承董事會命 中國儒意控股有限公司 董事長 柯利明 香港，二零二五年三月十九日 於本公告日期，本公司之執行董事為柯利明先生及張強先生；本公司之非執行董事為楊明先生；而本公司之 獨立非執行董事為周承炎先生、聶志新先生、陳海權先生及施卓敏教授。 ...

China Ruyi Holdings Limited 中國儒意控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：136） 代表 中國儒意控股有限公司 董事長 柯利明 謹啟 致本公司證券之非登記持有人： 中國儒意控股有限公司（「本公司」）現謹通知 閣下，本公司之下述文件（「近期公司通訊」）之 英文及中文本，現已登載於本公司網站http://www.ryholdings.com（「本公司網站」）及香港聯合 交易所有限公司網站www.hkexnews.hk（「聯交所網站」）： 1. 日期為二零二五年三月七日之本公司通函； 2. 本公司將於二零二五年三月二十六日舉行的股東特別大會（「股東特別大會」）的通告；及 3. 股東特別大會之代理人委任表格。 閣下可在本公司網站主頁「投資者關係」一欄選擇「通函」或在聯交所網站閱覽近期公司通訊。 為了支援通過電郵進行電子通訊，建議非登記股東向代其持有股份的銀行、經紀、託管商或 代理人（統稱「中介機構」）提供其有效的電郵地址。如本公司沒有收到 閣下的中介機構透過 香港中央結算（代理人）有限公司提供 閣下的有效的電郵地址或郵寄地址，本公司將不會 向 閣下發送公司通訊網站版本的 ...

China Ruyi Holdings Limited 中國儒意控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：136） 通知函件 致列位股東： 中國儒意控股有限公司（「本公司」）現謹通知 閣下，本公司之下述文件（「近期公司通訊」）之英文及中文本，現已登載於本 公司網站http://www.ryholdings.com（「本公司網站」）及香港聯合交易所有限公司網站www.hkexnews.hk（「聯交所網站」）： 閣下可在本公司網站主頁「投資者關係」一欄選擇「通函」或在聯交所網站閱覽近期公司通訊。 倘 閣下因任何理由在收取或下載於本公司網站登載之近期公司通訊上有任何困難，本公司將在接獲 閣下之要求時，即時 向 閣下免費寄發近期公司通訊之印刷本。 二零二五年三月七日 附件 附註： 1. 日期為二零二五年三月七日之本公司通函； 2. 本公司將於二零二五年三月二十六日舉行的股東特別大會（「股東特別大會」）的通告；及 3. 股東特別大會之代理人委任表格。 (1) 公司通訊指由本公司發出或將予發出以供本公司證券持有人參照或採取行動之任何文件，其中包括但不限於年報、中期報告、會議 通告、上市文件、通函及代表委任 ...

China Ruyi Holdings Limited 中國儒意控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：136） 致列位股東： 中國儒意控股有限公司（「本公司」）之公司通訊 本公司欣然隨附下列本公司之公司通訊（「近期公司通訊」），以供 閣下閱覽： 1. 日期為二零二五年三月七日之本公司通函； 2. 本公司將於二零二五年三月二十六日舉行的股東特別大會（「股東特別大會」）的通告；及 3. 股東特別大會之代理人委任表格。 閣下有權於任何時間填妥隨附之要求表格及利用所提供之郵寄標籤寄回本公司之香港股份過戶登記分處 卓佳證券登記有限公司（「香港股份登記分處」），更改收取公司通訊 (附註1) 之方式之選擇（即收取公司通訊之 印刷本，或透過本公司網站取得公司通訊）。 閣下亦可以書面通知香港股份登記分處，地址為香港夏慤 道16號遠東金融中心17樓，或透過電郵至is-ecom@vistra.com提出要求，註明姓名、聯絡電話號碼、地址及 要求。 近期公司通訊之英文及中文本現以可供閱覽之格式登載於本公司網站http://www.ryholdings.com，亦已呈交香 港聯合交易所有限公司以登載於其網站www. ...