[Chairman's Report](index=4&type=section&id=Chairman's%20Report) [Business Summary and Transformation](index=4&type=section&id=Business%20Summary) The Group faced a 4% revenue decline and a loss after tax due to a slow Hong Kong economy and weak advertising, prompting a strategic transformation into an integrated media company focused on digital content, e-commerce, and AI application - Due to slow economic recovery in Hong Kong and weak advertiser spending, turnover for the current fiscal year decreased by **4%**, resulting in a **loss after tax**[6](index=6&type=chunk) - The Group is transforming from a traditional magazine publisher into an integrated media company, expanding its business into digital experiences, podcasts, short video content, e-commerce platforms, and artist management[9](index=9&type=chunk) - The Group's digital content production capabilities have been recognized, with its original short video program "Movie Boulevard" winning **two golds and two silvers** at The Spark Awards for Media Excellence 2023[6](index=6&type=chunk) [Future Outlook and Strategy](index=5&type=section&id=Future%20Outlook%20and%20Strategy) For FY2024/2025, the Group anticipates a brighter outlook, planning to integrate AI more broadly into content and digital platforms, enhance content creation and advertising solutions through talent development, and explore new technologies for revenue diversification - The Group plans to more broadly integrate Artificial Intelligence (AI) into its content and digital platforms to meet the evolving demands of advertisers and readers[10](index=10&type=chunk) - The Group will continue to invest in talent development, including upskilling programs and strategic recruitment, to enhance its capabilities in producing engaging content and innovative advertising solutions[10](index=10&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Summary](index=7&type=section&id=Performance%20Summary) For the year ended March 31, 2024, the Group's turnover decreased by 4% to HK$39.51 million, with loss after tax expanding by 14% to HK$21.01 million, primarily due to increased finance costs and no government grants Financial Performance Summary (HKD) | Indicator | Year Ended March 31, 2024 | Year Ended March 31, 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Turnover | 39,506,000 | 41,166,000 | -4% | | Loss After Tax | 21,011,000 | 18,507,000 | +14% | | Finance Costs | 3,084,000 | 1,293,000 | +138% | | Government Grants | 0 | 2,461,000 | -100% | [Business Review](index=7&type=section&id=Business%20Review) The Group's business segments showed mixed performance, with Entertainment and Lifestyle revenue declining and losses expanding, while Watches and Automotive saw slight growth and profit, alongside progress in digital transformation and virtual artist management Segment Performance (HKD) | Business Segment | Turnover (FY2024) (HKD) | Turnover (FY2023) (HKD) | (Loss)/Profit (FY2024) (HKD) | (Loss)/Profit (FY2023) (HKD) | | :--- | :--- | :--- | :--- | :--- | | Entertainment and Lifestyle | 28,594,000 | 30,452,000 | (16,752,000) | (13,995,000) | | Watches and Automotive | 10,912,000 | 10,714,000 | 431,000 | 589,000 | - The Group's "Ming Pao Weekly" short video program "Movie Boulevard" and digital platforms received multiple industry awards, demonstrating recognition for its media transformation efforts[17](index=17&type=chunk) - In artist management, the Group collaborates with technology companies to manage virtual AI artist "MonoC" in addition to human artists[18](index=18&type=chunk) [Liquidity and Capital Structure](index=8&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Gearing%20Ratio) As of March 31, 2024, the Group's net current assets decreased to HK$25.61 million, while its capital gearing ratio sharply rose from 141.7% to 222.6%, indicating significantly increased financial leverage Liquidity and Capital Gearing Ratio (HKD) | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Net Current Assets | 25,607,000 | 33,421,000 | | Cash and Cash Equivalents | 29,580,000 | 36,480,000 | | Loans from Fellow Subsidiaries | 78,000,000 | 65,000,000 | | Capital Gearing Ratio | 222.6% | 141.7% | [Significant Investments](index=8&type=section&id=Significant%20Investments) The Group's 4.4% equity stake in Mao G.K. Kwai Chung Limited saw its fair value drop significantly to HK$4.50 million as of March 31, 2024, representing 11.2% of total assets, with no dividends received Investment in Mao G.K. Kwai Chung Limited | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Equity Interest | 4.4% | 4.4% | | Fair Value (HKD) | 4,500,000 | 9,960,000 | | Percentage of Total Assets | 11.2% | 18.3% | [Directors' Report](index=10&type=section&id=Directors'%20Report) [Results and Dividend Distribution](index=10&type=section&id=Results%20and%20Dividend%20Distribution) Due to a loss for the year, the Board does not recommend a dividend for the year ended March 31, 2024, as the Company's distributable reserves are zero under Cayman Islands law - The Directors do not recommend the payment of a dividend for the year ended March 31, 2024[42](index=42&type=chunk) - As of March 31, 2024, the Company's distributable reserves were **zero**[44](index=44&type=chunk) [Directors' and Major Shareholders' Interests](index=11&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) The report details directors' and major shareholders' interests, with Tan Sri Datuk Tiong Hiew King and Dato' Sri Tiong Ik King indirectly holding 73.01% of shares via Comwell Investment Limited, and Executive Director Mr. Lam Pak Cheung holding 0.75% - Major shareholders Tan Sri Datuk Tiong Hiew King and Dato' Sri Tiong Ik King, through Comwell Investment Limited (an indirect wholly-owned subsidiary of Media Chinese International Limited), are deemed to jointly hold **292,700,000 shares**, representing **73.01%** of the Company's issued share capital[70](index=70&type=chunk) - Executive Director Mr. Lam Pak Cheung holds **3,000,000 shares**, representing **0.75%** of the Company's issued share capital, through his wholly-owned Venture Logic Investments Limited[65](index=65&type=chunk)[66](index=66&type=chunk) [Compliance Statement](index=16&type=section&id=Sufficiency%20of%20Public%20Float) The Board confirms the Company maintained a public float of at least 25% as per Listing Rules and had no material breaches or non-compliance with applicable laws and regulations during the year - As of the date of this report, the Company has maintained a sufficient public float of not less than **25%** as required by the Listing Rules[77](index=77&type=chunk) - During the year, the Group had no material breaches or non-compliance with applicable laws and regulations[82](index=82&type=chunk) [Corporate Governance Report](index=17&type=section&id=Corporate%20Governance%20Report) [Board and Committees](index=17&type=section&id=Board%20and%20Committees) The Board comprises six directors, including three independent non-executive directors, ensuring checks and balances, with four committees (Executive, Remuneration, Nomination, Audit) fulfilling their respective duties during the reporting period - The Board comprises **6 directors**, including **1 non-executive director (Chairman)**, **2 executive directors**, and **3 independent non-executive directors**, a composition the Board believes ensures effective checks and balances[89](index=89&type=chunk) - The Board has an Executive Committee, Remuneration Committee, Nomination Committee, and Audit Committee, with the chairpersons of the Remuneration, Nomination, and Audit Committees all being independent non-executive directors[97](index=97&type=chunk)[100](index=100&type=chunk)[102](index=102&type=chunk)[108](index=108&type=chunk) Annual Meeting Attendance | Director Name | AGM | Board Meetings | Audit Committee Meetings | Remuneration Committee Meetings | Nomination Committee Meetings | | :--- | :--- | :--- | :--- | :--- | :--- | | Ms. Tiong Choo | 1/1 | 4/4 | Not Applicable | Not Applicable | Not Applicable | | Mr. Tiong Kiu Chiong | 1/1 | 4/4 | Not Applicable | 1/1 | 1/1 | | Mr. Lam Pak Cheung | 1/1 | 4/4 | Not Applicable | Not Applicable | Not Applicable | | Mr. Yu Hon To, David | 1/1 | 4/4 | 4/4 | 1/1 | 1/1 | | Mr. Lau Chi Wah, Alex | 1/1 | 4/4 | 4/4 | 1/1 | 1/1 | | Ms. Wong Hung Wai Yee | 1/1 | 4/4 | 4/4 | 1/1 | 1/1 | [Risk Management and Internal Control](index=26&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board ensures robust risk management and internal control, with the Executive Committee leading systematic risk identification and management, supported by internal audit and policies on whistleblowing and anti-bribery, all deemed adequate and effective - The Board is responsible for ensuring the establishment and maintenance of robust and effective risk management and internal control systems, reviewing their effectiveness at least annually[125](index=125&type=chunk)[136](index=136&type=chunk) - The Executive Committee, acting as the Risk Management Committee, oversees the implementation of the risk management framework and reports to the Board, with risk management processes implemented hierarchically and recorded in a risk register[127](index=127&type=chunk)[128](index=128&type=chunk) - The Group has adopted whistleblowing and anti-bribery and corruption policies to encourage employees to report misconduct and maintain a zero-tolerance stance on bribery and corruption[130](index=130&type=chunk)[133](index=133&type=chunk) [Shareholders' Rights](index=28&type=section&id=Shareholders'%20Rights) The Company prioritizes shareholder communication through various channels and has established procedures for shareholders, holding at least 10% of voting share capital, to convene extraordinary general meetings and propose resolutions - One or more shareholders holding not less than **one-tenth of the paid-up capital** of the Company (carrying the right to vote) may request the Directors to convene an extraordinary general meeting by written requisition[141](index=141&type=chunk) - Shareholders can access information on the Company's key business matters through various communication channels, including general meetings, quarterly/interim/annual reports, announcements, and circulars, and can direct inquiries to the Company's head office or designated email address[138](index=138&type=chunk) [Independent Auditor's Report](index=30&type=section&id=Independent%20Auditor's%20Report) [Audit Opinion](index=30&type=section&id=Audit%20Opinion) PricewaterhouseCoopers issued an unmodified audit opinion, affirming the consolidated financial statements fairly present the Group's financial position, performance, and cash flows in accordance with IFRS and Hong Kong Companies Ordinance - The auditor believes that the consolidated financial statements truly and fairly reflect the Group's financial position, performance, and cash flows, and have been properly prepared in compliance with relevant accounting standards and regulations[146](index=146&type=chunk) [Key Audit Matters](index=31&type=section&id=Key%20Audit%20Matters) "Revenue Recognition" was a key audit matter due to its significant amount, and the auditor's procedures, including policy assessment and transaction testing, confirmed that the Group's revenue recognition was supported by evidence - The key audit matter for this period's audit was "Revenue Recognition," primarily due to its significant amount, with revenue mainly comprising advertising income and sales revenue from journal distribution and subscriptions[152](index=152&type=chunk)[154](index=154&type=chunk) - The auditor's procedures included evaluating policies, testing internal controls, and sampling contracts and supporting documents, concluding that the Group's revenue recognition was supported by evidence[155](index=155&type=chunk) [Consolidated Financial Statements](index=34&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss](index=34&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2024, the Group's turnover decreased by 4% to HK$39.51 million, resulting in a gross profit of HK$5.08 million, an operating loss of HK$17.73 million, and a total loss for the year of HK$21.01 million Consolidated Statement of Profit or Loss Summary (HK$ '000) | Indicator | FY2024 | FY2023 | | :--- | :--- | :--- | | Turnover | 39,506 | 41,166 | | Gross Profit | 5,081 | 7,242 | | Operating Loss | (17,733) | (17,190) | | Loss for the Year | (21,011) | (18,507) | | Basic and Diluted Loss Per Share (HK cents) | (5.2) | (4.6) | [Consolidated Statement of Financial Position](index=36&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets decreased to HK$40.09 million, while total liabilities increased to HK$89.25 million, primarily due to intercompany loans, expanding the total deficit to HK$49.16 million Consolidated Statement of Financial Position Summary (HK$ '000) | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Total Assets | 40,091 | 54,479 | | Total Liabilities | 89,251 | 77,210 | | - Of which: Loans from Fellow Subsidiaries | 78,000 | 65,000 | | Total Deficit | (49,160) | (22,731) | [Consolidated Statement of Cash Flows](index=39&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group used HK$19.65 million in operating activities, had minor investing outflows, and received HK$12.94 million from financing, primarily intercompany loans, resulting in a net decrease of HK$6.88 million in cash and equivalents, ending at HK$29.58 million Consolidated Statement of Cash Flows Summary (HK$ '000) | Indicator | FY2024 | FY2023 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (19,654) | (18,300) | | Net Cash Used in Investing Activities | (161) | (354) | | Net Cash From/(Used in) Financing Activities | 12,935 | (35,073) | | Net Decrease in Cash and Cash Equivalents | (6,880) | (53,727) | | Cash and Cash Equivalents at Year End | 29,580 | 36,480 | [Notes to the Consolidated Financial Statements](index=40&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial items, highlighting the Group's media business, revenue sources, significant related party transactions including a HK$78 million loan, and unrecognised deferred tax assets due to tax losses - The Group has multiple related party transactions with its ultimate parent company, Media Chinese International Limited, and its fellow subsidiaries, including support services, leases, and interest expenses[359](index=359&type=chunk)[360](index=360&type=chunk)[361](index=361&type=chunk) - The Group obtained a **HK$100 million** loan facility from a fellow subsidiary, with **HK$78 million** utilized as of March 31, 2024, at an annual interest rate of HIBOR plus **1.4%**[349](index=349&type=chunk) - Due to uncertainty regarding future taxable profits, the Group has not recognized a deferred income tax asset of **HK$26.01 million** for deductible tax losses of **HK$158 million**[345](index=345&type=chunk) [Five-Year Financial Summary](index=89&type=section&id=Five-Year%20Financial%20Summary) [Five-Year Financial Data](index=89&type=section&id=Five-Year%20Financial%20Data) Over the past five years, the Group's turnover consistently declined from HK$70.13 million in 2020 to HK$39.51 million in 2024, consistently incurring losses attributable to owners, and its equity shifted from a positive HK$13.05 million to a HK$49.16 million deficit Five-Year Performance Summary (HK$ '000) | Year Ended March 31 | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Turnover | 39,506 | 41,166 | 45,039 | 45,943 | 70,129 | | Loss Attributable to Owners of the Company | (21,011) | (18,507) | (12,332) | (17,255) | (26,848) | Five-Year Assets and Liabilities Summary (HK$ '000) | As of March 31 | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 40,091 | 54,479 | 97,633 | 126,622 | 29,828 | | Total Liabilities | 89,251 | 77,210 | 106,670 | 121,109 | 16,774 | | Capital and Reserves Attributable to Owners of the Company | (49,160) | (22,731) | (9,037) | 5,513 | 13,054 |

Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 39,506,000, a decrease of 4.0% from HKD 41,166,000 in the previous year[2]. - The cost of goods sold was HKD 34,425,000, resulting in a gross profit of HKD 5,081,000, down 29.9% from HKD 7,242,000 last year[2]. - The operating loss for the year was HKD 17,733,000, compared to a loss of HKD 17,190,000 in the previous year, indicating a slight increase in losses[2]. - The net loss attributable to the company's owners was HKD 21,011,000, compared to HKD 18,507,000 in the previous year, reflecting a 8.1% increase in losses[3]. - The basic and diluted loss per share was HKD 5.2, compared to HKD 4.6 in the previous year, indicating a worsening of per-share performance[3]. - Other income decreased significantly to HKD 326,000 from HKD 2,758,000, a decline of 88.2%[2]. - The company reported a total comprehensive loss of HKD 26,429,000 for the year, compared to HKD 13,694,000 in the previous year, indicating a significant increase in overall losses[5]. - The financial expenses increased to HKD 3,084,000 from HKD 1,293,000, marking a 138.5% rise[2]. - The operating loss before tax for the year ended March 31, 2024, was HKD 20,989 million, compared to a loss of HKD 18,626 million in the previous year[21]. - The group reported a 14% increase in net loss to HKD 21,011,000, compared to HKD 18,507,000 in the previous fiscal year, primarily due to an increase in financial expenses of HKD 1,791,000 and the absence of government subsidies amounting to HKD 2,461,000[49]. Revenue Breakdown - The entertainment and lifestyle business segment reported a revenue of HKD 28,594 million, while the watch and automotive segment generated HKD 10,912 million[19]. - The entertainment and lifestyle segment recorded revenue of HKD 28,594,000, down from HKD 30,452,000 in the previous fiscal year, with segment losses increasing by 20% to HKD 16,752,000[50]. - The watch and automotive business segment recorded a revenue of HKD 10,912,000, a slight increase of 2% compared to HKD 10,714,000 from the previous year[54]. Assets and Liabilities - Total assets decreased from HKD 54,479 million in 2023 to HKD 40,091 million in 2024, a decline of approximately 26.5%[9]. - Total liabilities increased from HKD 77,210 million in 2023 to HKD 89,251 million in 2024, an increase of about 15.6%[9]. - Non-current assets rose from HKD 4,937 million in 2023 to HKD 10,391 million in 2024, reflecting a growth of approximately 110.5%[7]. - Current assets decreased from HKD 44,088 million in 2023 to HKD 35,154 million in 2024, a decline of about 20.2%[7]. - Cash and cash equivalents decreased from HKD 36,480 million in 2023 to HKD 29,580 million in 2024, a reduction of approximately 18.9%[7]. - Total equity attributable to owners of the company decreased from HKD 401 million in 2023 to HKD 401 million in 2024, remaining unchanged[9]. - Cumulative losses increased from HKD 151,606 million in 2023 to HKD 172,617 million in 2024, an increase of about 13.9%[9]. - Long-term service obligations increased from HKD 1,535 million in 2023 to HKD 1,704 million in 2024, an increase of approximately 11%[9]. - Trade and other payables decreased from HKD 4,904 million in 2023 to HKD 4,713 million in 2024, a decline of about 3.9%[9]. - Contract liabilities decreased from HKD 4,314 million in 2023 to HKD 2,596 million in 2024, a significant decrease of approximately 40%[9]. Operational Strategies and Future Outlook - The company plans to focus on new product development and market expansion strategies to improve future performance[2]. - The group aims to reduce operational expenses to improve segment losses in the entertainment and lifestyle division[50]. - The group plans to enhance its digital content creation skills and attract more new customers in the upcoming fiscal year[60]. - The group will continue to optimize its print version and strengthen collaboration with digital platforms starting in March 2024[53]. - The group aims to expand its men's fashion content under the new brand "Ming's" as part of its growth strategy[53]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with these standards throughout the year[68]. - The remuneration committee consists of three independent non-executive directors and one executive director, ensuring oversight of executive compensation[71]. - The audit committee reviewed the consolidated financial statements for the year ending March 31, 2024, discussing matters related to auditing, risk management, internal control systems, and financial reporting[70]. - The company’s financial statements have been preliminarily agreed upon by the auditor, confirming consistency with the draft financial statements[74]. - The company will publish its annual report for 2023/2024 on the Hong Kong Stock Exchange website and distribute it to shareholders by the end of July 2024[77]. Employee and Operational Metrics - As of March 31, 2024, the group had approximately 88 employees, a decrease from 103 employees in 2023[67]. - The group’s employee compensation is determined based on business performance, individual performance, and comparable market statistics[67]. - The group maintains a policy of credit verification for all customers to mitigate bad debt risk[42]. - The group has a diverse customer base, reducing the concentration risk associated with trade receivables[41]. - The management noted ongoing challenges in the operating environment due to rising inflation and interest rates despite the economic recovery in Hong Kong[48].

Financial Performance - For the three months ended December 31, 2023, the company reported a revenue of HKD 11,719,000, an increase of 6.4% compared to HKD 11,008,000 in the same period of 2022[2] - The gross profit for the same period was HKD 3,117,000, representing a gross margin of approximately 26.6%, up from HKD 2,729,000 in 2022[2] - The operating loss decreased to HKD 2,600,000 from HKD 4,225,000 year-over-year, indicating a 38.5% improvement[2] - The net loss for the period was HKD 3,515,000, compared to a net loss of HKD 4,735,000 in the previous year, reflecting a 25.8% reduction in losses[2] - The company reported a loss before tax of HKD 3,512,000, which is an improvement from the previous year's loss before tax of HKD 4,737,000[13] - The net loss for the quarter was HKD 3,515,000, an improvement from a net loss of HKD 4,735,000 in the same quarter of the previous year, primarily due to increased revenue and reduced operating expenses[33] Assets and Liabilities - The company's total assets as of December 31, 2023, were HKD 46,449,000, down from HKD 54,479,000 as of March 31, 2023[5] - Cash and cash equivalents decreased to HKD 31,268,000 from HKD 36,480,000, indicating a decline of 14.2%[5] - The company's total liabilities increased to HKD 89,693,000 from HKD 77,210,000, representing a rise of 16.2%[5] Revenue Breakdown - The media business generated revenue of HKD 8,447,000, while the watch and automotive business contributed HKD 3,272,000, totaling HKD 11,719,000[13] - The company's revenue for the quarter ended December 31, 2023, was HKD 11,719,000, representing an increase of approximately 6% compared to HKD 11,008,000 in the same quarter of the previous year[33] Share and Dividends - The average number of issued ordinary shares was 400,900,000, resulting in a basic and diluted loss per share of HKD 0.88, compared to HKD 1.18 in the same quarter of the previous year[22] - The company has not declared any dividends for the quarter ended December 31, 2023, consistent with the previous year[23] Other Financial Information - The company reported total administrative service income of HKD 102,000 for the quarter, up from HKD 39,000 in the same quarter of the previous year[17] - Interest income for the quarter was HKD 2,000, consistent with the previous year[17] - The company incurred depreciation expenses of HKD 36,000 for property, plant, and equipment, slightly down from HKD 37,000 in the same quarter of the previous year[18] - The company recorded finance costs of HKD 469,000 for the quarter, compared to HKD 389,000 in the previous year[18] Strategic Investments and Financing - The company holds 12,000,000 shares of a strategic investment, representing 4.4% of the investee, with a fair value of HKD 5,280,000 as of December 31, 2023, down from HKD 9,960,000 at the beginning of the year[31] - The company has received financing of HKD 100,000,000 from a related subsidiary, with HKD 75,000,000 drawn down as of December 31, 2023[29] Accounting Standards - The company has not adopted any new accounting standards that would significantly impact its financial statements for the period[9]

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 17,017,000, a decrease of 14.2% compared to HKD 19,824,000 in the same period of 2022[2] - Gross profit dropped to HKD 781,000, down 79.3% from HKD 3,772,000 year-on-year[2] - Operating loss increased to HKD 10,928,000, compared to a loss of HKD 6,763,000 in the previous year, reflecting a 61.4% increase in losses[2] - Net loss for the period was HKD 12,320,000, up 75.5% from HKD 7,014,000 in the same period last year[2] - The company reported a total comprehensive loss of HKD 16,050,000 for the period, compared to HKD 6,036,000 in the previous year, indicating a significant increase in overall losses[4] - The basic and diluted loss per share for the period was HKD 3.07, compared to HKD 1.75 in the previous year, reflecting a worsening financial position[2] - The group incurred a net loss of HKD 12,320 thousand for the six months ended September 30, 2023, compared to a loss of HKD 7,014 thousand in the same period of 2022, representing a 75.5% increase in losses[40] - The group reported a post-tax loss of HKD 12,320,000, an increase of 76% compared to the same period last year, primarily due to reduced revenue and a lack of government subsidies amounting to approximately HKD 2,500,000[71] Assets and Liabilities - Total assets decreased to HKD 44,826,000 as of September 30, 2023, down from HKD 54,479,000 at the end of March 2023[6] - The company’s total liabilities increased to HKD 83,607,000 from HKD 77,210,000, indicating a rise in financial obligations[6] - Cash and cash equivalents at the end of the period were HKD 31,388,000, a decrease from HKD 36,480,000 at the beginning of the period[9] - Trade receivables decreased to HKD 3,180,000 as of September 30, 2023, from HKD 3,978,000 at the end of March 2023, indicating a decline of approximately 20%[53] - Total trade and other payables increased to HKD 12,022,000 as of September 30, 2023, compared to HKD 10,595,000 at the end of March 2023, representing an increase of about 13.4%[57] - The total contract liabilities rose to HKD 5,441,000 as of September 30, 2023, compared to HKD 4,314,000 at the end of March 2023, indicating a growth of approximately 26%[57] - The group’s other receivables, deposits, and prepayments decreased to HKD 3,180,000 as of September 30, 2023, from HKD 3,978,000 at the end of March 2023[53] - The group’s equity investments in associates were valued at HKD 68,000 as of September 30, 2023, down from HKD 162,000 at the end of March 2023[48] Segment Performance - For the six months ended September 30, 2023, the total revenue from media business was HKD 12,269,000, while the watch and automotive business generated HKD 4,748,000, leading to a total revenue of HKD 17,017,000[26] - The total segment loss for the media business was HKD (9,933,000), and the watch and automotive business reported a loss of HKD (199,000), resulting in an overall segment loss of HKD (10,132,000)[26] - The media business reported a loss of HKD 5,432 thousand, while the automotive business generated a profit of HKD 736 thousand, leading to an overall loss of HKD 4,696 thousand for the total segments[28] - The entertainment and lifestyle business segment's revenue decreased by 16% to HKD 12,269,000, with segment losses increasing by 83% to HKD 9,933,000[72] - The watch and automotive business segment's revenue decreased by 10% to HKD 4,748,000, resulting in a loss of HKD 199,000 compared to a profit of HKD 736,000 in the previous year[74] Cash Flow and Financing - Operating cash flow for the period was negative HKD 10,031,000, compared to negative HKD 8,000,000 in the same period last year[9] - As of September 30, 2023, the company had total financing of HKD 100,000,000, with utilized financing of HKD 70,000,000 and unutilized financing of HKD 30,000,000[18] - The group had a total financing of HKD 100,000,000 from a related company, with HKD 70,000,000 drawn down as of September 30, 2023, compared to HKD 65,000,000 at the end of March 2023[61] - Loans from a subsidiary amounted to HKD 70,000,000 as of September 30, 2023, up from HKD 65,000,000 as of March 31, 2023[67] Management and Governance - The company did not declare an interim dividend for the six months ended September 30, 2023, consistent with the previous year[41] - Management compensation for the six months ended September 30, 2023, totaled HKD 981,000, a decrease from HKD 1,606,000 in the previous year[68] - The company has established a remuneration committee to review the compensation of directors and senior management regularly[94] - The company has adopted the Corporate Governance Code and has complied with its provisions throughout the reporting period[90] Operational Insights - The group plans to focus on improving operational efficiency and adopting technology-driven approaches, including new business developments in artificial intelligence applications[77] - There were no significant changes in risk management policies since March 31, 2023[17] - The company’s financial liabilities did not show any significant changes compared to March 31, 2023[18] - The company’s accounting policies remain consistent with those applied in the annual financial statements for the year ended March 31, 2023[13] - The group expects that the risk from exchange rate fluctuations is not significant, as revenues and costs are primarily denominated in HKD[80] Employee and Shareholder Information - The group had 100 employees as of September 30, 2023, a decrease from 103 employees as of March 31, 2023[89] - The major shareholders, including Sir Dato' Zhang Xiaoqing and Dr. Dato' Zhang Yiqing, each hold 292,700,000 shares, representing 73.01% of the issued share capital[87] - The company did not repurchase any shares during the period and did not buy or sell any of its shares[88]

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布之內容 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 因本公布全部或任何部分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。 萬 華 媒 體 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：426） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 公 布 萬華媒體集團有限公司（「本公司」）董事（「董事」）宣布本公司及其附屬公司 （統稱「本集團」）截至二零二三年九月三十日止六個月之未經審核綜合中 期業績，連同於二零二二年同期之比較數字如下： 簡明綜合收益表 截至二零二三年九月三十日止六個月 （未經審核） 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 營業額 4 17,017 19,824 已售貨品成本 (16,236) (16,052) ...

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布之內容概不負責，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布全部或任何部分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。 萬華媒體集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：426） 截至二零二三年六月三十日止三個月之第一季業績公布 萬華媒體集團有限公司（「本公司」）董事（「董事」）宣布本公司及其附屬公司（統稱「本集團」）截至二零 二三年六月三十日止三個月之未經審核綜合業績，連同於二零二二年同期之比較數字如下： 綜合收益表 截至二零二三年六月三十日止三個月 (未經審核) 截至六月三十日止三個月 二零二三年 二零二二年 附註 千港元 千港元 營業額 2 9,353 10,264 已售貨品成本 (8,043 ) (7,777 ) 毛利 1,310 2,487 其他收入 3 45 1,674 銷售及分銷支出 (1,805 ) (2,049 ) 行政支出 (3,992 ) (4,063 ) 經營虧損 (4,442) (1,951) 財務費用 (584) (129) ...

Financial Performance - For the fiscal year ending March 31, 2023, the group's revenue decreased by 9% to HKD 41,166,000 from HKD 45,039,000 in the previous fiscal year, resulting in a post-tax loss of HKD 18,507,000, which is a 50% increase from the previous year's loss of HKD 12,332,000[15]. - The entertainment and lifestyle business segment reported a revenue of HKD 30,452,000, down 9% from HKD 33,348,000 in the previous fiscal year, leading to a segment loss of HKD 13,995,000 compared to HKD 7,104,000 the previous year[16]. - The group recognized one-time other income of HKD 2,461,000 for the fiscal year ending March 31, 2023, compared to HKD 5,158,000 in the previous fiscal year[15]. - The group reported a revenue of HKD 41,166,000 for the year ended March 31, 2023, a decrease of 8.3% from HKD 45,039,000 in the previous year[166]. - Gross profit for the year was HKD 7,242,000, down 15.0% from HKD 8,523,000 in the prior year[166]. - The company incurred an operating loss of HKD 17,190,000, compared to an operating loss of HKD 11,576,000 in the previous year, reflecting a deterioration in performance[166]. - The net loss for the year was HKD 18,507,000, an increase of 50.0% from HKD 12,332,000 in the previous year[166]. - Basic and diluted loss per share increased to HKD 4.6 from HKD 3.1, indicating a worsening financial position[166]. - Other income decreased to HKD 2,758,000 from HKD 5,904,000, representing a decline of 53.3%[166]. - The company reported a total comprehensive loss of HKD 13,694,000 for the year, compared to HKD 14,550,000 in the previous year, showing a slight improvement[168]. - The financial statements indicate a significant increase in financial expenses to HKD 1,293,000 from HKD 575,000, highlighting rising costs[166]. - The company recognized a loss of HKD 143,000 from joint ventures, consistent with the previous year's loss of HKD 145,000[166]. - The company reported a net loss of HKD 18,507,000 for the year, compared to a loss of HKD 12,332,000 in the previous year, indicating a worsening of approximately 50%[174]. - Cash and cash equivalents decreased from HKD 90,259,000 to HKD 36,480,000, a decline of about 60%[176]. - The company’s equity attributable to owners decreased from HKD (9,037,000) to HKD (22,731,000), reflecting a worsening of approximately 151% in accumulated losses[174]. - Operating cash flow showed a net outflow of HKD 18,300,000, compared to a net outflow of HKD 8,739,000 in the previous year, indicating a deterioration of about 109%[176]. - The company’s total comprehensive loss for the year amounted to HKD 13,694,000, compared to a loss of HKD 14,550,000 in the previous year, showing an improvement of about 6%[174]. Business Strategy and Operations - The group plans to enhance team building and apply new technologies to create new revenue sources and expand reader potential in the upcoming year[10]. - The group has successfully launched two video series, "A Star is Born" and "Movie Avenue," across multiple platforms, including websites and YouTube, to attract new clients[7]. - The group continues to leverage its strengths in both print and digital platforms to enhance the impact of its advertising solutions, with flagship publication "Ming Pao Weekly" remaining popular in Hong Kong[8]. - The group has restructured its sales and marketing resources to provide more effective services and deliver results to clients[7]. - The group anticipates further collaboration with industry partners to promote its artists in the artist management business[17]. Economic Environment - The overall economic environment in Hong Kong saw a GDP contraction of 3.5% in 2022, impacting advertising spending from general clients[15]. - The group anticipates a challenging fiscal year ahead due to rising operational costs influenced by geopolitical tensions and global supply chain issues[21]. Financial Position and Assets - As of March 31, 2023, the group's net current assets were HKD 33,421,000, down from HKD 85,700,000 in the previous year, with total liabilities to total assets ratio at 141.7% compared to 108.8% last year[22]. - The group held 12,000,000 shares of a strategic investment, representing 4.4% of the equity, with a fair value of HKD 9,960,000, accounting for approximately 18.3% of total assets[20]. - Total assets decreased from HKD 102,613,000 to HKD 54,479,000, a decline of approximately 47% year-over-year[170]. - Non-current assets increased from HKD 5,355,000 to HKD 10,391,000, representing an increase of about 94%[170]. - Current assets decreased significantly from HKD 97,258,000 to HKD 44,088,000, a drop of around 55%[170]. - Total liabilities decreased from HKD 111,650,000 to HKD 77,210,000, a reduction of approximately 31%[172]. - The group has cash and cash equivalents of HKD 36,480,000, a decrease from HKD 90,259,000 in the previous year[22]. Governance and Compliance - The board of directors has confirmed the independence of all independent non-executive directors[50]. - The company has a diverse board with members having extensive experience in media, finance, and corporate governance[53][56][58]. - The company has maintained its organizational structure without provisions for preemptive rights for existing shareholders[45]. - The company has adopted the Corporate Governance Code and has complied with its provisions throughout the year[88]. - The board has reviewed the compliance with the corporate governance code and the disclosure of information in the corporate governance report[111]. - The audit committee consists of three independent non-executive directors, with the chairman being Yu Han-Du[109]. - The company has established a mechanism to ensure independent opinions are provided to the board, enhancing governance effectiveness[94]. - The company has established a nomination policy outlining the procedures and criteria for selecting and reappointing directors[106]. - The company has purchased insurance for directors against liabilities arising from potential lawsuits[80]. - The company has established a zero-tolerance policy towards bribery and corruption, emphasizing ethical conduct among employees[133]. Risk Management - The board is responsible for ensuring the establishment and maintenance of effective risk management and internal control systems to protect shareholder investments[125]. - The risk management framework includes systematic procedures to identify, assess, monitor, and manage significant risks related to achieving overall corporate objectives[126]. - The internal audit department evaluates the adequacy and effectiveness of the risk management and internal control systems[129]. - The company has implemented a whistleblowing policy to ensure transparency and accountability regarding financial reporting and internal controls[130]. - The board has received assurances from the CEO and CFO regarding the adequacy and effectiveness of the risk management and internal control systems[136]. Shareholder Relations - The company emphasizes the importance of effective communication with shareholders and has maintained its shareholder communication policy as effective during the review year[137]. - The company has established a shareholder communication policy to provide detailed information to shareholders, ensuring they can exercise their rights knowledgeably[138]. - The company has a policy allowing shareholders holding at least 10% of the paid-up capital to request a special general meeting[141]. - The company will regularly review its shareholder communication policy to ensure its effectiveness[137]. Accounting Policies - The group has not adopted several new and revised accounting standards and interpretations that have been issued but are not mandatory for the reporting period ending March 31, 2023[184]. - The revised International Accounting Standards (IAS) 1 regarding the classification of liabilities as current or non-current will be effective from January 1, 2024[185]. - The group applies acquisition accounting for all business combinations, regardless of whether equity instruments or other assets have been acquired[188]. - The group recognizes non-controlling interests at fair value or at the proportionate share of the acquiree's identifiable net assets[188]. - The group will not recognize further losses when the share of losses in an associate equals or exceeds the investment in that entity[193]. - The group adjusts the carrying amount of investments in associates based on the share of profits or losses and other comprehensive income[193]. - The group’s consolidated financial statements are presented in Hong Kong dollars, which is the functional currency of the company[199]. - Foreign currency transactions are translated into the functional currency at the exchange rate on the transaction date[200]. - Exchange gains and losses from foreign currency transactions are generally recognized in the consolidated income statement[200].

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布之內容 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 因本公布全部或任何部分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。 ONE MEDIA GROUP LIMITED 萬 華 媒 體 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：426） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 之 全 年 業 績 公 布 萬華媒體集團有限公司（「本公司」）董事（「董事」）宣布本公司及其附屬公司 （「本集團」）截至二零二三年三月三十一日止年度之綜合全年業績如下： 綜合收益表 截至三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 營業額 3 41,166 45,039 已售貨品成本 (33,924) (36,516) 毛利 7,242 8,523 其他收入 4 2,758 5,904 銷售及分銷支出 (9,471) (9,410) 行政支出 (17,719) (16,593) ...

Financial Performance - For the three months ended December 31, 2022, the company reported a revenue of HKD 11,008,000, a decrease of 13.7% compared to HKD 12,759,000 in the same period of 2021[2] - The cost of goods sold for the same period was HKD 8,279,000, resulting in a gross profit of HKD 2,729,000, down from HKD 2,850,000 in the previous year[2] - Operating loss increased to HKD 4,225,000 from HKD 2,128,000 year-over-year, reflecting a significant decline in profitability[2] - The net loss for the period was HKD 4,735,000, compared to a net loss of HKD 2,301,000 in the prior year, indicating a worsening financial position[2] - The company reported a loss of HKD 4,735,000 for the quarter, compared to a loss of HKD 2,301,000 in the same quarter of the previous year[33] Assets and Equity - The company's total assets decreased to HKD 54,289,000 as of December 31, 2022, down from HKD 102,613,000 at the end of March 2022[5] - Cash and cash equivalents significantly dropped to HKD 36,554,000 from HKD 90,259,000, highlighting liquidity concerns[5] - The company reported a total equity attributable to owners of the company of HKD (19,805,000), compared to HKD (9,037,000) in the previous period, indicating increased financial distress[5] - The fair value of the company's investment in a subsidiary, Maokai Kwai Chung, was HKD 6,000,000 as of December 31, 2022, representing 11.1% of the total assets[31] Revenue Breakdown - The media business generated revenue of HKD 7,759,000, while the watch and automotive segments contributed HKD 3,249,000, totaling HKD 11,008,000[13] Expenses and Liabilities - The company incurred a loss before tax of HKD 4,737,000, which includes unallocated expenses of HKD 1,340,000[13] - The depreciation expense for property, plant, and equipment was HKD 36,000 for the quarter, compared to HKD 69,000 in the previous year[18] - The company has not incurred any significant contingent liabilities or guarantees as of December 31, 2022[30] Share Information - The average number of issued ordinary shares was 400,900,000, resulting in a basic and diluted loss per share of HKD 1.18, compared to HKD 0.57 in the previous year[22] Dividends and Income - The company did not declare any dividends for the quarter ended December 31, 2022, consistent with the previous year[23] - The company recorded interest income of HKD 2,000 and government grants of HKD 21,000 during the quarter[17] Accounting Standards and Tax - The company has not adopted any new accounting standards that would significantly impact its financial statements for the reporting period[9] - The Hong Kong profit tax rate applied for the quarter was 16.5%, consistent with the previous year[19] Financing - The company received financing of HKD 125,000,000 from a subsidiary, with HKD 60,000,000 drawn down as of December 31, 2022[29]

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 19,824,000, a decrease of 9.3% from HKD 21,853,000 in the same period last year[1]. - Gross profit increased to HKD 3,772,000, up 3.3% from HKD 3,651,000 year-on-year[1]. - Operating loss for the period was HKD 6,763,000, compared to a loss of HKD 3,730,000 in the previous year, indicating a deterioration in performance[1]. - Net loss attributable to the company's owners was HKD 7,014,000, compared to HKD 4,133,000 in the prior year, reflecting a year-on-year increase of 69.5%[3]. - The operating loss before tax for the period was HKD 7,138,000, with a net loss of HKD 7,014,000 after tax credits of HKD 124,000[25]. - The company reported a loss before tax of HKD 4,114,000, compared to a loss of HKD 4,133,000 in the previous year, indicating a slight improvement[26]. - Basic and diluted loss per share for the period was HKD 1.75, compared to HKD 1.03 for the same period last year, indicating a worsening financial performance[38]. - The group’s after-tax loss widened by 70% to HKD 7,014,000, primarily due to the absence of one-time agreement fee income and government subsidies totaling HKD 5,087,000 from the previous year[64]. Assets and Liabilities - Total assets decreased to HKD 96,710,000 as of September 30, 2022, down from HKD 102,613,000 as of March 31, 2022[5]. - Total liabilities remained relatively stable at HKD 111,783,000, compared to HKD 111,650,000 in the previous period[5]. - The total assets as of September 30, 2022, were HKD 108,313,000, down from HKD 115,891,000 as of March 31, 2022, reflecting a decrease of 6.6%[28]. - The total liabilities increased to HKD 123,377,000 as of September 30, 2022, compared to HKD 124,863,000 as of March 31, 2022, showing a marginal decrease[28]. - The group’s net current assets were HKD 78,462,000, down from HKD 85,700,000 as of March 31, 2022, with total losses attributable to owners amounting to HKD 15,073,000[72]. - The capital debt ratio as of September 30, 2022, was 116%, an increase from 109% as of March 31, 2022[72]. Cash Flow - Cash and cash equivalents at the end of the period were HKD 81,859,000, a decrease from HKD 90,259,000 at the beginning of the period[8]. - The company reported a net cash outflow from operating activities of HKD 8,000,000, compared to HKD 3,328,000 in the previous year, indicating increased cash usage[8]. Revenue Segmentation - For the six months ended September 30, 2022, the total revenue was HKD 19,824,000, with media business contributing HKD 14,525,000 and watch and automotive business contributing HKD 5,299,000[25]. - The entertainment and lifestyle segment's revenue fell by 14% to HKD 14,525,000, with segment losses increasing to HKD 5,432,000 from HKD 783,000 in the prior year[65]. - The watch and automotive segment's revenue increased by 7% to HKD 5,299,000, achieving a segment profit of HKD 736,000 compared to a loss of HKD 872,000 in the previous year[66]. Government Grants - The group received government grants totaling HKD 2,548,000 during the period, with HKD 2,032,000 from the media business and HKD 516,000 from the watch and automotive business[25]. - Government grants received increased significantly to HKD 2,548,000 in 2022 from HKD 87,000 in 2021, highlighting improved support from governmental sources[32]. Employee and Management Costs - The company reported a decrease in employee benefit expenses to HKD 17,428,000 from HKD 19,853,000, reflecting cost-cutting measures[33]. - The group’s management compensation for the six months ended September 30, 2022, was HKD 1,606,000, slightly down from HKD 1,608,000 in the previous year[61]. Risk Management - There were no significant changes in risk management policies since March 31, 2022[16]. - The group’s financial risk exposure includes credit risk, price risk, liquidity risk, and interest rate risk[15]. - The group expects minimal risk from exchange rate fluctuations as its revenues and costs are primarily denominated in HKD[73]. Corporate Governance - The Audit Committee consists of three independent non-executive directors, ensuring oversight and governance[86]. - The Remuneration Committee includes three independent non-executive directors and one executive director, indicating a balanced approach to executive compensation[87]. - The Nomination Committee is composed of three independent non-executive directors and one executive director, reflecting a commitment to governance in board appointments[88]. - The Audit Committee has reviewed the interim financial information along with management, discussing risk management and internal control systems[89].