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份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 客人要求表格內 入位入一字位 （於香港註冊成立之有限公司） 股份代號：00511 二零二四年度中期業績公告 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 業績摘要 | | | 截至二零二四年六月三十日止六個月（「本期間」或「期內」） | | • | 期內核心電視相關業務（不包括電子商貿業務分部）的總收入由港幣 12.89 億元 增加港幣 1.56 億元或 12% 至港幣 14.45 億元，主要 ...

Financial Performance - The total revenue of the company decreased by 7% or HKD 263 million to HKD 3.323 billion, primarily due to a significant drop in the e-commerce segment by HKD 377 million and a decline in international business revenue by HKD 27 million[42]. - The company recorded a loss attributable to shareholders of HKD 763 million, an improvement of HKD 44 million or 5% compared to the previous year's loss of HKD 807 million[45]. - The segment revenue for the year ended December 31, 2023, was HKD 7.29 billion, an increase of 4% compared to HKD 6.98 billion in 2022[58]. - The segment EBITDA decreased by 61% to HKD 630 million from HKD 1.60 billion in the previous year[58]. - Revenue from international business decreased by 7% to HKD 3.55 billion, primarily due to reduced income from traditional pay-TV partners[67]. - Other income fell from HKD 52 million in 2022 to HKD 21 million in 2023, mainly due to the absence of a one-time wage subsidy from the Hong Kong government[74]. - The company reported a non-cash impairment loss of HKD 6 million on its remaining bond portfolio during the year[106]. - The company's distributable reserves as of December 31, 2023, amounted to HKD 1,835,375,000, a decrease from HKD 2,301,300,000 in 2022[146]. Cost Management - The company is focusing on cost reduction and efficiency improvements, expecting to save over HKD 260 million annually in content spending by reallocating production resources to high-impact programs[1]. - EBITDA loss reduced from HKD 100 million in 2022 to HKD 49 million in 2023 through cost-cutting and focus on higher-margin products[26]. - The company implemented several cost-saving measures, resulting in an overall reduction of cash operating costs by 8%[75]. - The EBITDA loss improved from HKD 514 million in 2022 to HKD 272 million in 2023, a reduction of HKD 242 million or 47%[75]. - Total costs decreased by HKD 512 million or 12% to HKD 3.844 billion from HKD 4.356 billion[100]. Content Production and Strategy - The company has restructured its programming budget to focus on fewer but higher-quality shows, indicating a strategic shift in content production[1]. - The company is committed to producing high-quality content, as evidenced by multiple awards received for its documentary programs, reinforcing its reputation in the media industry[20]. - The company plans to increase the production of digital-first content and acquire third-party content to enrich its offerings, aiming to enhance its direct-to-consumer digital business[42]. - The company is focusing on creating local content to attract younger audiences and advertisers, including collaborations with local businesses in Malaysia[42]. - The drama "Invisible Team" achieved a high rating of 28.75, showcasing the company's ability to produce engaging content that resonates with audiences[5]. - The drama "The Queen of News" became the most searched TV series on Google in Hong Kong, highlighting its popularity and influence[7]. Digital and Advertising Revenue - The streaming service myTV SUPER generated revenue of HKD 356 million, a 2% increase from the previous year, driven by a 35% surge in digital advertising revenue[22]. - The company aims to enhance mobile device viewership, anticipating that increased engagement on mobile platforms will attract more advertising clients and contribute to digital ad revenue growth[25]. - Monthly active users on TVB's international YouTube channel reached 22.5 million, contributing to an 11% increase in overall social media revenue[36]. - The advertising revenue recorded a noticeable increase due to the launch of ad-supported free TV channels targeting English-speaking audiences in North America[42]. E-commerce and Consumer Trends - E-commerce revenue decreased to HKD 486 million and total order value dropped to HKD 544 million due to changing consumer habits post-pandemic[26]. - The segment revenue from e-commerce dropped significantly by 44% to HKD 4.86 billion, attributed to a shift in consumer shopping habits post-pandemic[75]. Corporate Governance and Shareholder Information - The board does not recommend the distribution of dividends for the year ending December 31, 2023[147]. - The company has adopted a dividend policy to provide stable returns to shareholders since December 6, 2018[152]. - The board consists of various directors who will be subject to re-election at the 2024 annual general meeting[154]. - The company maintains a policy of declaring dividends based on available profits, with the board having the discretion to declare interim and special dividends as deemed appropriate[171]. - The company has a significant stake in CMC Capital and Shaw Brothers Holdings, holding approximately 29.94% of the latter's shares, which may influence its operational strategies[176]. Employee and Talent Management - The company has implemented new measures to recruit and train talent in television production skills to ensure the sustainability of necessary skills[109]. - The company has a performance-based bonus system for high-performing employees, which may include discretionary bonuses[84]. Future Outlook and Strategic Initiatives - The company is actively seeking partnerships with new media companies to diversify revenue sources and enhance local content relevance[42]. - The company is adapting to changing media consumption trends by improving its mobile app offerings to increase daily active users[25]. - The company has not indicated any changes in its strategic direction or new initiatives in the recent financial report[177].

Revenue Performance - Total revenue for the core television-related business (excluding e-commerce) increased by HKD 114 million or 4% to HKD 2.837 billion, driven by growth in Hong Kong and mainland China segments[3]. - The group's total revenue decreased by HKD 263 million or 7% to HKD 3.323 billion, primarily due to a decline in e-commerce segment revenue[3]. - Revenue from mainland China operations increased by 4% to HKD 729 million, with co-production income rising by 72% following agreements with Youku and Tencent[4]. - Segment revenue from Hong Kong TV Broadcasting increased by HKD 103 million or 8% to HKD 1.397 billion, driven by a 9% increase in advertising revenue[23]. - The OTT segment revenue grew by 2% to HKD 356 million, with an average monthly active user count of 2 million for the myTV SUPER streaming platform[4]. - E-commerce segment revenue fell by 44% to HKD 486 million, influenced by a weak local retail market and changing consumer habits[4]. - Revenue from the Hong Kong television broadcasting, OTT streaming, and mainland China businesses increased by HKD 103 million, HKD 7 million, and HKD 31 million respectively, totaling a growth of 6%. However, the e-commerce segment saw a significant decline of HKD 377 million, and the international business segment decreased by HKD 27 million, leading to a total revenue drop from HKD 3.586 billion to HKD 3.323 billion, a decrease of 7% or HKD 263 million[39]. Financial Losses and Improvements - EBITDA loss narrowed by HKD 198 million to HKD 1.40 billion, compared to a loss of HKD 3.38 billion in the previous year[3]. - The company reported a decrease in loss attributable to shareholders by HKD 44 million to HKD 763 million, with an adjusted loss of HKD 607 million, down from HKD 679 million in the previous year[3]. - EBITDA improved from a loss of HKD 338 million in 2022 to a loss of HKD 140 million, a 59% reduction, with a positive EBITDA of HKD 46 million in the second half of the year[18]. - The group reported a loss before tax of HKD 818,468 in 2023, compared to a loss of HKD 962,363 in 2022, showing an improvement[131]. - The adjusted loss attributable to shareholders was HKD 607 million, an improvement of HKD 72 million (11%) compared to HKD 679 million in 2022[85]. - The company reported a net loss of HKD 838 million for the year ended December 31, 2023, compared to a loss of HKD 807 million in 2022[100]. Cost Management - Total cash operating costs decreased by HKD 458 million or 12% to HKD 3.470 billion, with administrative expenses reduced by HKD 125 million[4]. - Total costs decreased by HKD 512 million or 12% to HKD 3.844 billion, including sales, distribution, broadcasting costs, and administrative expenses[17]. - Sales cost decreased from HKD 2.578 billion to HKD 2.299 billion, a reduction of 11% primarily due to a decline in e-commerce sales[16]. - The total administrative and general expenses decreased by 13% from HKD 959 million to HKD 834 million due to cost-saving measures implemented during the year, particularly in the Hong Kong television broadcasting and e-commerce segments[40]. - Employee benefits expenses (excluding directors' remuneration) decreased to HKD 1,397,371,000 in 2023 from HKD 1,524,231,000 in 2022, a reduction of about 8.3%[157]. - Depreciation expenses decreased to HKD 293,525,000 in 2023 from HKD 337,305,000 in 2022, a decrease of around 13.0%[157]. Cash and Debt Management - As of December 31, 2023, the company had unrestricted cash and bank balances of HKD 714 million, down from HKD 1.02 billion as of December 31, 2022[63]. - Total bank borrowings amounted to HKD 1.731 billion as of December 31, 2023, compared to HKD 2.150 billion a year earlier, with a capital debt ratio of 59.0%[64]. - The company’s net cash used in operating activities was HKD 155 million for the year, down from HKD 303 million in 2022[75]. - The company has a total outstanding loan balance of HKD 1,567,200,000 as of December 31, 2023, with a maturity date set for July 6, 2025[148]. - The interest rate on the company's term loan with Shanghai Commercial Bank was approximately 7.7% as of December 31, 2023, compared to 6.6% in 2022[148]. Strategic Initiatives - The company plans to streamline its terrestrial television channel lineup from five to four channels, merging existing channels to create a new "TVB Plus" channel, which is expected to save approximately HKD 100 million annually in content and operational costs[44]. - The mainland China market remains a significant growth driver, with strengthened partnerships for co-production of series, including the highly anticipated "News Queen 2," set to begin filming next year[45]. - The company is expanding its multi-channel network business by increasing its artists' presence on platforms like Taobao and Douyin, aiming to create new revenue streams beyond traditional television[45]. - The company has established a subsidiary in Macau to capitalize on the growing opportunities in the entertainment service sector within the gaming resort market[43]. Shareholder Returns - The company does not recommend a dividend for the year, consistent with the previous year[3]. - The company did not recommend the payment of dividends for the year ended December 31, 2023[86]. - The company has not declared dividends for the years ended December 31, 2023, and December 31, 2022[138]. Impairments and Provisions - The company recognized an impairment loss of HKD 126 million related to its investment in Shine Investment Limited during the year[79]. - The recoverable value of the investment in Shine Investment Limited was adjusted to HKD 34 million, a decrease of HKD 126 million from the original book value of HKD 160 million[80]. - The company recorded an additional provision for expected credit losses of HKD 86,300,000 for the year, raising the cumulative provision to HKD 311,600,000[141]. - The group applied a higher expected credit loss rate of 39.4% on promissory notes, compared to 28.8% in 2022, resulting in an additional provision of HKD 86 million, raising the cumulative expected credit loss provision to HKD 312 million[81]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules, ensuring compliance with high standards of business ethics and governance[185][197]. - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2023, confirming that the figures in the preliminary results announcement are consistent with the financial statements[199]. - There were no repurchases of the company's listed securities during the year, and neither the company nor its subsidiaries bought or sold any listed securities[200].

中国质量新闻网讯 为规范卫星电视广播节目传播秩序，压紧压实属地管理职责，近日，安徽省巢湖市银屏市场监督管理所在辖区内开展2024年度非法卫地设施整治工作。 执法人员从非法生产、销售卫星电视广播地面接收设施的源头入手，全面摸排辖区经营户，加强对本辖区等小家电集中销售点、维修经营户的巡查力度，坚决打击卫星电视广播地面接收设施进入市场非法销售活动。同时，广泛宣传《卫星电视广播地面接收设施管理规定》《广播电视管理条例》等相关政策法规，切实让广大人民群众了解擅自销售、安装和使用卫星电视广播地面接收设施属于违法行为，为专项整治工作营造良好舆论氛围。 截至目前，该所共检查家电销售经营户10户次，暂未发现违法违规行为。下一步，该所将对卫星地面接收设施市场秩序进一步规范，切实维护良好市场秩序和人民群众切身利益。（李仲轲） 海量资讯、精准解读，尽在新浪财经APP ...

Financial Performance - For the six months ended June 30, 2023, segment revenue was HKD 3.13 billion, a decrease of 22% compared to HKD 4.03 billion for the same period last year[14]. - The segment EBITDA for the same period was HKD (0.12) billion, down from HKD 1.15 billion year-on-year, indicating a significant decline in profitability[14]. - The group's revenue decreased from HKD 1.82 billion to HKD 1.56 billion, a decline of 14% or HKD 260 million, primarily impacted by various factors[17]. - The EBITDA loss for the period was HKD 1.86 billion, an increase of HKD 114 million compared to the loss of HKD 720 million in the same period last year[17]. - The group recorded a shareholder loss of HKD 407 million for the period, compared to HKD 224 million in the previous year[18]. - The group recorded a loss of HKD 451 million for the six months ended June 30, 2023, compared to a loss of HKD 248 million in the same period of 2022[49]. - The company reported a pre-tax loss of HKD 446,419,000 for the six months ended June 30, 2023, compared to a loss of HKD 271,881,000 in the prior year[87]. - The company reported a pre-tax loss of HKD 406,723,000 for the six months ended June 30, 2023, compared to a loss of HKD 224,293,000 for the same period in 2022, indicating a deterioration in performance[194]. Subscriber and User Metrics - As of June 30, 2023, the total user base for TVB Anywhere and the TVB International YouTube channel reached approximately 13.6 million, with 24.3 million monthly active users on the YouTube channel alone[16]. - The number of subscribers for the myTV Gold service increased by 17% from 159,300 to 185,700[17]. - The average weekly reach of the news channel was 63.5 million home viewers, making it the highest-rated news channel in Hong Kong[6]. Content and Programming - The company signed an agreement with Youku in March 2023 to provide co-produced dramas valued at approximately RMB 700 million over the next two years[14]. - The EBITDA for the myTV SUPER segment increased by 38% to HKD 360 million, up from HKD 260 million last year, benefiting from improved cost efficiency[8]. - The company introduced two new thematic channels, "SUPER FREE" and "Golden Drama Channel," to enhance its traditional TV programming lineup[9]. - The original series "Cross My Mind (4K version)" and various entertainment programs were launched to attract new subscribers[9]. - The company is focusing on diverse high-quality Asian and sports content to retain and attract paying subscribers[9]. - The new health information program "Good Sleep, Good Rise" addresses common sleep disorders and shares improvement methods[6]. Financial Management and Governance - The company has adhered to the corporate governance code and maintained high standards of business conduct[22]. - The company has complied with the listing rules and corporate governance code throughout the reporting period[22]. - The board is led by an efficient board of directors, which includes six committees to guide and oversee the company's affairs[22]. - The company has not disclosed any other changes in the composition of the board and its committees during the reporting period[25]. Cash Flow and Liquidity - The net cash used in operating activities was HKD 76 million for the six months ended June 30, 2023, down from HKD 289 million in 2022[49]. - The net cash used in operating activities was HKD (75,511), compared to HKD (289,096) in the same period last year, indicating an improvement[115]. - The group's cash and cash equivalents decreased to HKD 598,214 as of June 30, 2023, down from HKD 723,060 at the beginning of the year[115]. Debt and Financing - Financing costs increased from HKD 26 million to HKD 70 million, primarily due to rising interest rates[18]. - The group has a capital injection of USD 33,333,000 into the joint venture Imagine Tiger Television, LLC, representing 50% equity interest[148]. - The company entered into a loan financing agreement providing HKD 700 million, with an interest rate of HIBOR + 1.25%, lower than current borrowing costs[163]. - The company issued convertible bonds worth HKD 156 million with a coupon rate of 3.5%, convertible into 35,056,164 shares within 5 years[164]. - The group repaid HKD 391,800,000 (equivalent to USD 50,000,000) to Shanghai Commercial Bank during the period[162]. Risk Management - The company continues to monitor financial risks, including market, credit, and liquidity risks[80]. - The group is assessing credit risk related to its financial instruments, particularly in light of the increasing dominance of streaming platforms in the U.S. high-end television content market[122]. Changes in Assets and Liabilities - Total liabilities increased to HKD 3,539,472,000 as of June 30, 2023, compared to HKD 3,440,813,000 as of December 31, 2022, reflecting a growth of 2.9%[69]. - Current liabilities rose to HKD 1,885,428,000, up from HKD 1,768,808,000, marking an increase of 6.6%[69]. - Non-current liabilities decreased to HKD 1,654,044,000 from HKD 1,672,005,000, a decline of 1.1%[69]. - The total equity and liabilities amounted to HKD 6,674,570,000 as of June 30, 2023, down from HKD 7,045,048,000[69]. Employee and Operational Costs - Employee benefits expenses (excluding directors' remuneration) were HKD 722,093,000, a decrease from HKD 754,960,000 in the previous year, reflecting a reduction of approximately 4.4%[184]. - The company’s total costs related to program and film copyrights were HKD 758,363,000, down from HKD 792,591,000, reflecting a decrease of approximately 4.3%[184]. - The company’s depreciation expense for the six months ended June 30, 2023, was HKD 156,317,000, down from HKD 170,152,000, showing a decrease of about 8.1%[184].

Revenue Performance - Revenue for the Hong Kong television broadcasting segment increased by 5% to HKD 628 million, while OTT segment revenue remained stable at HKD 168 million[2]. - Revenue from the China mainland business decreased by 22% to HKD 313 million due to the concentration of co-productions and synchronized dramas in the second half of 2023[2]. - E-commerce segment revenue fell by 41% to HKD 271 million as the company focused on higher-margin products[2]. - Total group revenue for the period was HKD 1.56 billion, a decrease of 14% compared to HKD 1.82 billion in the same period last year[2]. - Total revenue decreased by 14% to HKD 1.56 billion, primarily due to a decline in sales from the e-commerce business[32]. - Revenue from Hong Kong operations decreased to HKD 1,069,504,000, down 13% from HKD 1,230,565,000 in 2022[94]. - Revenue from mainland China dropped to HKD 315,363,000, a decline of 22% compared to HKD 405,697,000 in the prior year[94]. Profitability and Losses - The group recorded an EBITDA loss of HKD 186 million, an increase from a loss of HKD 72 million in the same period last year, but an improvement compared to a loss of HKD 266 million in the second half of 2022[2]. - The loss attributable to shareholders was HKD 407 million, higher than the loss of HKD 224 million in the same period last year, but significantly narrowed compared to a loss of HKD 583 million in the second half of 2022[2]. - The EBITDA loss for the period was HKD 186 million, an increase of HKD 114 million compared to the loss of HKD 72 million in the same period last year[35]. - The company reported a loss attributable to shareholders of HKD 406,723, compared to a loss of HKD 224,293 in the previous year, representing an increase of 81.3%[72]. - Basic and diluted loss per share for the period was HKD 0.93, compared to HKD 0.51 in the same period last year, indicating a significant increase in losses per share[72]. - The company reported a loss of HKD 450,582,000 for the six months ended June 30, 2023, compared to a loss of HKD 247,691,000 in the same period of 2022, representing an increase in loss of approximately 82%[82]. - Total comprehensive loss for the period amounted to HKD 473,206,000, up from HKD 274,869,000 in the previous year, indicating a year-over-year increase of about 72%[82]. Cost Management - The company has made significant progress in cost reduction, with total administrative expenses decreasing by 13% or HKD 64 million compared to the same period last year[7]. - The company reduced its total administrative expenses by 13% to HKD 443 million during the period[33]. - The company has reduced its workforce by 6.6% from 3,854 to 3,599 full-time employees as part of cost-cutting measures[37]. - The company plans to focus on selling higher-margin products to improve profitability amidst declining e-commerce demand[68]. Future Outlook - The company expects a strong rebound in revenue from the China mainland business in the second half of 2023 due to multiple co-productions and synchronized dramas planned for production or broadcast[7]. - The company expects to achieve positive EBITDA in the second half of 2023 and for the full year of 2024 due to revenue generation and cost-saving measures[17]. - The group is collaborating with Taobao for live streaming, expecting increased revenue contributions from this initiative in the second half of the year[41]. Financing and Liquidity - The company entered into financing agreements totaling HKD 700 million and HKD 156 million in convertible bonds to enhance liquidity for future operations[37]. - As of June 30, 2023, the group had unrestricted cash and bank balances of HKD 887 million, down from HKD 1,020 million as of December 31, 2022[51]. - The current ratio as of June 30, 2023, was 2.0, compared to 2.3 as of December 31, 2022[52]. - Total borrowings amounted to HKD 2,288 million, an increase from HKD 2,176 million at the end of 2022, with bank loans constituting HKD 2,084 million[52]. - The group anticipates having sufficient available funds to operate its business for the foreseeable future based on cash flow forecasts and additional financing[111]. Employee and Operational Metrics - The number of registered users for the myTV SUPER service reached 10.4 million, with subscribers for the premium service myTV Gold increasing by 17% to 185,700[6]. - The OTT streaming segment's subscriber count for the myTV Gold service increased by 17% from 159,300 to 185,700 during the period[21]. - The company's employee benefit expenses (excluding directors' remuneration) were HKD 722,093,000, slightly down from HKD 754,960,000 in 2022[95]. - As of June 30, 2023, the group had a total of 3,599 full-time employees, a decrease from 3,854 as of December 31, 2022[137]. Investment and Asset Management - The group completed a partial repayment of USD 35 million of the promissory note to reduce its debt obligations to TVB, with USD 20 million reinvested into Imagine for a minority stake[124]. - The group's total non-current assets as of June 30, 2023, were valued at HKD 207,253 thousand, slightly up from HKD 206,479 thousand at the end of 2022[123]. - The cumulative expected credit loss provision increased to HKD 266,900,000 as of June 30, 2023, from HKD 225,300,000 as of December 31, 2022[148].

Financial Performance - The electronic commerce revenue for the year 2022 was HKD 863 million, a significant increase of 263% compared to HKD 238 million in the previous year[5]. - The total value of goods traded reached HKD 934 million, up 58% from the annualized total of HKD 593 million last year[5]. - The EBITDA for the broadcasting segment increased by 78% to HKD 66 million from HKD 37 million in the previous year[3]. - The company achieved a 24% increase in total revenue from Hong Kong operations, amounting to HKD 3,586 million compared to HKD 2,899 million in the previous year[35]. - The total assets decreased by 8% to HKD 7,045 million from HKD 7,650 million in the previous year[35]. - The company's segment revenue increased by 6% from HKD 12.25 billion in 2021 to HKD 12.94 billion in 2022[114]. - Revenue from advertising clients grew by 3% to HKD 11.78 billion in 2022, up from HKD 11.41 billion in 2021, driven by demand from pharmaceutical and healthcare companies[115]. - The company reported an EBITDA loss of HKD 338 million and a net loss attributable to shareholders of HKD 807 million for the year[131]. - The myTV SUPER streaming service generated revenue of HKD 349 million in 2022, a decrease of 5% compared to 2021 due to the suspension of several premium sports channels[166]. - The total program cost for producing 22,700 hours of content in 2022 was HKD 1.457 billion, down from HKD 1.498 billion in 2021[170]. User Engagement and Audience Metrics - The average monthly active users for myTV SUPER reached 2.5 million[27]. - myTV SUPER has 10.4 million registered users[40]. - TVB Anywhere has 12.3 million registered users, while the YouTube channel has 28.6 million monthly active users[41]. - TVB has a 82% audience share among viewers under 35 years old and 83% among high-income viewers[38]. - The highest live viewership rating for the "TVB Anniversary Gala" reached 25.7 points, indicating strong audience engagement[106]. - The average viewership rating during prime time for the five terrestrial channels was 24.1 points, capturing 77% of the audience share in Hong Kong[129]. - The flagship channel Jade Channel achieved a viewership rating of 18.2 points, while J2, News Channel, Pearl Channel, and Finance and Sports Information Channel recorded ratings of 1.9, 2.3, 0.7, and 1.0 points respectively[141]. - The number of viewers for the news channel increased from 3.8 million to 3.9 million, with daily viewers rising by 6% to 2.17 million and average daily viewing time increasing by 14% to 84 minutes[186]. Strategic Initiatives and Partnerships - The company signed an agreement with Youku to provide co-produced dramas worth approximately RMB 700 million over the next two years[6]. - The company plans to expand its electronic commerce services to mainland China through cross-border live streaming[20]. - The company is involved in a joint venture with Imagine to produce American dramas[71]. - TVB's strategic partnership with Imagine to produce American dramas marks a significant expansion in content offerings[73]. - The company is expanding its digital business through OTT, social media, and e-commerce initiatives in Hong Kong[110]. - The company plans to expand its co-production variety shows and multi-channel network businesses in mainland China[110]. - The company aims to leverage its core strengths in content creation to provide diverse experiences for global audiences in the evolving entertainment landscape[111]. - The company is focusing on innovative content to attract and retain paid subscribers, showcasing popular titles such as "家族榮耀" and "尚食" in 2022[167]. Content Production and Programming - The company produced and aired various programs celebrating the 25th anniversary of Hong Kong's return to China, including "香港25個第一" and "回歸25周年財經大事回顧"[153]. - The original drama series remains a key program, attracting family audiences during prime time on the flagship Jade channel[171]. - The documentary "無窮之路" series won the "Influential Work" award at the 2022 Weibo Vision Conference, highlighting its impact[157]. - The special series "Return of Light and Shadow" aired in July 2022 to celebrate the 25th anniversary of Hong Kong's return, featuring five independent stories and a 15-episode drama, resonating strongly with the audience[177]. - The singing program "Voice of Life" produced in collaboration with Mango TV became one of the highest-rated shows in China in 2022, showcasing a mix of established and new artists[179]. - The anniversary gala attracted over 700 performers and achieved a viewership rating of 24.9 points, capturing 88% of the audience share among all channels airing the same program[179][180]. E-commerce and Digital Expansion - The company acquired a 75% stake in a grocery group operating two e-commerce platforms[54]. - The company is expanding its e-commerce business through live streaming on Douyin[55]. - Monthly order transaction value for e-commerce reached HKD 66 million in December 2022, a 16% increase from HKD 57 million in December 2021[198]. - The average daily order quantity rose by 35% from 5,539 to 7,475, while the number of active customers increased by 24% from 80,000 to 99,000[198]. - The average order value for delivery was HKD 831, while for self-pickup it was HKD 137, reflecting a shift in consumer behavior[198]. - The company plans to leverage high viewership from popular programs to promote its e-commerce platform, driving explosive sales of high-demand products[200]. Cost Management and Operational Strategy - A cost optimization plan was initiated, aiming to save over HKD 260 million in cash expenditures annually by adjusting content production schedules and terminating underperforming programs[132]. - The EBITDA for the segment improved by 15%, from a loss of HKD 6.04 billion in 2021 to a loss of HKD 5.14 billion in 2022[116]. - The company exited its Taiwan business through two transactions completed in early 2016, refocusing its operational strategy[73].

Financial Performance - The company reported a pre-tax loss of HKD 807,132,000 for the year ended December 31, 2022, compared to a loss of HKD 646,735,000 in 2021, reflecting an increase in losses of approximately 24.8%[4] - The group reported a total revenue of HKD 3,585,750,000 for the year 2022, an increase from HKD 2,898,622,000 in 2021, representing a growth of approximately 24%[59] - The group reported a total loss of HKD 885.9 million for the year, compared to a loss of HKD 657.1 million in the previous year[119] - The comprehensive loss for the year totaled HKD 957.2 million, with losses attributable to shareholders amounting to HKD 865.2 million[119] - The loss attributable to shareholders was HKD 807.13 million, compared to HKD 646.74 million in the previous year[67] Revenue Breakdown - Revenue from the mainland China business segment amounted to approximately HKD 382,197,000, up from HKD 314,332,000 in 2021, accounting for over 10% of total revenue[58] - The group’s revenue from external customers in Hong Kong was HKD 2,515,149,000, an increase from HKD 1,821,850,000 in 2021, representing a growth of approximately 38%[59] - Revenue from the Hong Kong television broadcasting business increased by 6% to HKD 1.294 billion, accounting for 36% of the group's total revenue[64] - Revenue from mainland China increased by 5% to HKD 698 million, up from HKD 666 million in the previous year[64] - E-commerce segment revenue soared 263% from HKD 238 million to HKD 863 million following the acquisition of the Store Group, although the segment still recorded an EBITDA loss of HKD 100 million[87] Expenses and Losses - Employee benefit expenses (excluding directors' remuneration) increased to HKD 1,524,231,000 in 2022 from HKD 1,449,140,000 in 2021, representing a rise of about 5.2%[1] - Total operating costs rose from HKD 3.707 billion to HKD 4.356 billion, an increase of 18%[69] - The EBITDA for the reported segment was a loss of HKD 338,407,000, compared to a loss of HKD 313,621,000 in the previous year[58] - The EBITDA for the group was negative HKD 338.41 million, compared to negative HKD 313.62 million in the previous year[67] - Total current tax expense for the year was HKD 39,829,000, up from HKD 31,990,000 in 2021, indicating an increase of approximately 24.5%[4] Impairments and Provisions - The company recognized an impairment provision of HKD 211,800,000 for the year ended December 31, 2022, related to the expected credit loss on notes receivable[12] - The total expected credit loss provision for notes receivable as of December 31, 2022, was HKD 225,300,000, significantly higher than HKD 13,500,000 as of December 31, 2021[12] - A non-cash impairment provision of HKD 212 million was recognized for the remaining ITT notes, resulting in a net loss of HKD 99 million from ITT investments for the year[109] Cash and Borrowings - The company has a total bank borrowings of HKD 2,176,355,000 as of December 31, 2022, compared to HKD 2,008,621,000 in the previous year, reflecting an increase of about 8.3%[24] - As of December 31, 2022, the group had unrestricted cash and bank balances of HKD 1.02 billion, down from HKD 1.18 billion a year earlier, with approximately 58% held in overseas subsidiaries[111] - Total borrowings amounted to HKD 2.176 billion, an increase from HKD 2.009 billion in the previous year, with a capital-to-debt ratio of 34.4% compared to 19.2% a year earlier[112] Corporate Governance and Compliance - The company has complied with the corporate governance code throughout the year 2022, adhering to the rules set forth by the Hong Kong Stock Exchange[39] - The company has adopted the revised standards for securities trading by directors and senior management, ensuring compliance with the latest regulations[40] - The audit committee consists of four members, primarily independent non-executive directors, ensuring compliance with financial reporting standards[46] Future Outlook and Strategic Initiatives - The company anticipates strong local economic growth in 2023 as Hong Kong gradually lifts pandemic restrictions[79] - The company has implemented various new measures to recruit and train talent in television production skills to ensure the sustainability and development of necessary skills[35] - Cost-saving measures are expected to save over HKD 260 million annually, affecting 5% of the workforce[80]

Financial Performance - The company reported a total revenue of HKD 1,820 million for the first half of 2022, representing a 46% increase compared to HKD 1,248 million in the same period of 2021[3]. - The company experienced a significant loss attributable to shareholders of HKD 224 million, a 21% improvement from a loss of HKD 284 million in the same period last year[3]. - Total expenses rose by 32% to HKD 2,111 million, compared to HKD 1,597 million in the previous year[3]. - The group’s revenue increased from HKD 1,248 million to HKD 1,820 million, a growth of HKD 572 million or 46%[70]. - The company reported a net loss of HKD 247,691 thousand for the six months ended June 30, 2022, compared to a net loss of HKD 277,100 thousand in the prior year, reflecting a reduction in losses[146]. - The company reported a total of HKD 83,718,000 in capital expenditures for non-current assets during the first half of 2022[176]. - The company reported a loss before tax of HKD 271,881,000 for the first half of 2022, an improvement from a loss of HKD 330,059,000 in 2021[173]. Revenue Streams - The revenue from the mainland China business surged by 42% to HKD 403 million, up from HKD 284 million in the same period last year[3]. - The OTT streaming segment's revenue increased by 225% to HKD 26 million, compared to HKD 8 million in the previous year[3]. - The company is focusing on expanding its electronic commerce business, which reported a revenue of HKD 596 million, a 10% increase from HKD 544 million in the previous year[3]. - E-commerce revenue surged over 26 times to HKD 461 million, contributing 25% of the group's total revenue[1]. - Advertising revenue rose by HKD 39 million to HKD 548 million, compared to HKD 509 million in the previous year[18]. - Revenue from the Mainland China segment was HKD 405,697,000 in 2022, compared to HKD 298,346,000 in 2021, reflecting a growth of 36%[175]. Operational Metrics - The company maintained a current ratio of 3.3, significantly higher than 1.4 in the previous year, indicating improved liquidity[3]. - The total assets stood at HKD 7,640 million, while total liabilities were HKD 3,353 million, reflecting a stable financial position[3]. - The number of monthly active users remained at 1.8 million, with total users across TVB Anywhere and YouTube channels reaching 10.8 million[1]. - The number of registered users for myTV SUPER reached 10.3 million, with monthly active users maintaining at 1.8 million and over 1 million paying subscribers[39]. - The average weekly reach of digital terrestrial channels was 15.3 million viewers, with a prime time average rating of 25.4 points, capturing 77% of the total television audience in Hong Kong[22]. Strategic Initiatives - The company plans to enhance e-commerce integration with TV programs and will start cross-border e-commerce services on Douyin in the second half of the year[17]. - The company anticipates further economic recovery in Hong Kong in the second half of 2022, benefiting advertising and direct-to-consumer businesses[11]. - The company plans to enhance its content offerings and promotional activities to attract more subscribers to the myTV Gold service, including a free one-month trial that attracted over 10,000 users[40]. - The company is focusing on developing innovative advertising products and combinations, including cross-platform and digital formats, to better serve advertisers[20]. - The company plans to extend e-commerce services to mainland China through cross-border live streaming[46]. Market Position and Audience Engagement - The company maintained a strong leadership position in the industry, capturing over 80% of the audience share among young and high-income viewers[22]. - The company expanded its advertising client base, with new advertisers contributing to 9% of television advertising revenue in the first half of 2022[20]. - The company continues to adapt its content creation capabilities to expand revenue sources across advertising, subscriptions, distribution, and e-commerce[24]. - The company’s news channel reached 4 million viewers per week, an increase from 3.8 million in the same period last year[34]. - The number of fans on social media platforms increased by 217% to over 130 million, significantly enhancing audience engagement[55]. Financial Position and Equity - The company's total equity stood at HKD 4,287 million, a decrease from HKD 4,593 million as of December 31, 2021[85]. - The company's net current assets were HKD 2,986 million as of June 30, 2022, compared to HKD 1,243 million as of December 31, 2021, resulting in a current ratio of 3.3[85]. - The company reported a non-cash impairment loss of HKD 19 million on its existing bond portfolio due to increasing credit risk amid the COVID-19 pandemic[85]. - The debt-to-equity ratio increased to 30.0% from 19.2% as of December 31, 2021[83]. - The company’s equity attributable to shareholders decreased to HKD 4,116,173 thousand from HKD 4,358,954 thousand, a decline of 5.6%[141]. Governance and Compliance - The company’s governance and compliance with the Securities and Futures Ordinance are maintained[98]. - The report includes details on the shareholdings of directors and major shareholders as required by regulations[106]. - The board of directors underwent changes, with Mr. Li Fook-lai appointed as a new member of the Investment Committee[96]. - The company has established a stock option plan to encourage participants to enhance the company's value and overall interests of shareholders[113]. - The company can update the stock option limit to 30% of the total issued shares, subject to shareholder approval[117].

Financial Performance - TVB reported a total revenue of HKD 2,899 million for the year, representing a 6% increase from HKD 2,724 million in the previous year[8]. - The company reported a loss attributable to shareholders of HKD 647 million, a 130% increase from a loss of HKD 281 million in the previous year[8]. - The total assets of the company decreased by 22% to HKD 7,650 million from HKD 9,832 million[8]. - TVB's EBITDA for the Hong Kong segment was reported at HKD 570 million, a decrease of 4% from HKD 548 million in the previous year[8]. - The company reported a shareholder loss of HKD 647 million for the fiscal year ending December 31, 2021, marking the fourth consecutive year of annual losses[88]. - The company's advertising revenue was pressured due to cautious business operations from local enterprises, impacting the performance of its myTV SUPER streaming service[88]. - International business revenue declined due to reduced distribution income from traditional pay-TV partners in Malaysia and Singapore[88]. - Joint production income decreased as the progress of co-produced series was delayed due to the pandemic, affecting revenue from mainland China[88]. - The company faced significant challenges in maintaining operations during the COVID-19 pandemic, which severely impacted the local economy[88]. - The company is focusing on expanding its market presence and enhancing its content offerings to recover from the financial setbacks[88]. - The performance of the advertising business is critical for the company's recovery strategy moving forward[88]. Revenue Sources - The company experienced a significant increase in revenue from its mainland China operations, which rose by 721% to HKD 238 million from HKD 29.7 million[8]. - OTT streaming revenue accounted for 13% of total revenue, down from 15% in the previous year[8]. - The average order value for home delivery orders in the e-commerce segment was HKD 800, with total merchandise transaction value reaching HKD 593 million[12]. - The total revenue for the broadcasting segment grew by 13% to HKD 1,225 million, driven by the recovery of the local economy and new program launches[106]. - Advertising revenue increased by 16% year-on-year to HKD 1,024 million, despite a challenging market environment[93]. - The pharmaceutical and healthcare sector contributed the largest share of advertising revenue, with a 10% increase from an already substantial base[108]. - Revenue from the real estate sector surged by 56% in 2021, driven by both traditional and online agencies utilizing the ground platform for promotion[108]. - Advertising revenue from government departments and agencies rose by 41% in 2021, reflecting the need for effective public communication during the pandemic[108]. User Engagement and Audience Metrics - The number of registered users for myTV SUPER reached 9.9 million, with over 1 million paid subscribers[11]. - The average monthly active users for myTV SUPER were reported at 1.9 million, while the monthly active users for the YouTube channel reached 20.5 million[11]. - The average weekly viewership of the television channel reached 5.4 million in Hong Kong, demonstrating strong audience engagement[89]. - The total television audience in 2021 was 6,554,000 viewers, with 1 television rating point representing 65,540 viewers[84]. - Monthly active customer count increased from 11,000 to approximately 80,000, marking a growth of 627%[157]. - Monthly active users of the "埋堆堆" platform reached 5.6 million as of December 2021[172]. - Total downloads of the mobile and smart TV applications for "埋堆堆" reached 34 million[172]. - The number of followers on social media platforms, including Weibo and Douyin, exceeded 76 million[174]. Content and Programming - The company has implemented a programming strategy of airing 2.5 hours of continuous dramas during prime time on Jade Channel to boost viewership[55]. - The flagship channel, Jade Channel, maintained its position as the most popular channel in Hong Kong[116]. - In 2021, the company produced 22,958 hours of program content, a 5.7% increase from 21,712 hours in 2020[119]. - Program costs increased by 9% to HKD 1,498 million, reflecting the rise in production volume[119]. - The original drama series "The Unbreakable" achieved an average rating of 27.0 points, with a peak of 30.2 points during its finale[120]. - The company plans to launch several key programs in 2022, including "Voice of Dreams 2" and the 50th Miss Hong Kong Pageant, to attract advertisers[110]. - The program "2021 Hong Kong Miss Pageant" achieved a rating of 28.5 points, equivalent to nearly 1.9 million viewers[131]. - The new reality show "Good Voice, Good Drama" recorded high ratings and received positive online reviews[132]. - The documentary "Endless Road" received a score of 9.5 on Douban and was recognized as one of the top 20 outstanding overseas communication works of 2021 by the National Radio and Television Administration[133]. - The company introduced new programs covering finance, health, education, and the Greater Bay Area, enhancing its content offerings[136]. E-commerce and Digital Initiatives - The company acquired a 75% stake in a group that operates two growing e-commerce platforms[42]. - The e-commerce business, bolstered by the acquisition of the Store Group, is expected to drive significant revenue growth[153]. - The estimated annual gross merchandise value of the e-commerce business surged from HKD 142 million to HKD 593 million, representing an increase of over 318%[157]. - Monthly order transaction value for Big Big Shop reached HKD 57 million, up from HKD 8 million, reflecting a growth of over 613%[157]. - Average daily order quantity rose to 5,539, compared to 449 in the previous year, an increase of over 1,134%[157]. - The company aims to further integrate e-commerce elements into its programming to leverage strategic benefits from recent acquisitions[93]. - The company plans to expand its e-commerce services to mainland China through cross-border live streaming in 2022[161]. - The company is leveraging various advertising methods, including product placements in popular TV shows, to promote e-commerce offerings[158]. Strategic Partnerships and Acquisitions - The company holds a 11.98% stake in Shaw Brothers Holdings (stock code: 00953) for film production and investment purposes[34]. - The company partnered with a Chinese cultural industry investment fund to enhance its film production capabilities[34]. - The company has partnered with Imagine Tiger Television to produce content for the US and international markets, with a 50% stake held by both parties[194]. Digital Transformation and Anti-Piracy Measures - The company developed a new media advertising intelligence platform to improve ad distribution and enhance value for advertisers[141]. - The official website and online video platform traffic increased by approximately 13% due to comprehensive anti-piracy measures implemented by TVB[194]. - In 2021, TVB successfully blocked 195 piracy websites and domains, resulting in an 84% drop in traffic from these sites[194]. - TVB Anywhere's total user base grew by 39% to approximately 9 million, up from 6.5 million in 2020[188]. - YouTube subscribers increased by 45% to over 7.5 million, with monthly active users rising 65% to 20.5 million[189]. - The company plans to enhance digital content production and acquire more third-party content to enrich programming[190].