Core Viewpoint - Hong Kong Television Broadcasts Limited (TVB) has faced continuous losses for over seven years since 2018, but it reported a positive EBITDA of HKD 295 million for 2024, with a significant reduction in losses compared to previous years [2][3] Financial Performance - TVB's revenue improved in 2024, with a 17% growth in its core Hong Kong television broadcasting business [5] - The company reported a net loss of HKD 88 million for 2024, a decrease of HKD 519 million year-on-year, despite still being in the red due to asset impairment [2][5] - TVB expects EBITDA for 2025 to be significantly higher than in 2024 and aims to achieve positive net profit for shareholders in 2025 [2] Cost Control and Operational Efficiency - The company has implemented various cost control measures, including merging two television channels and reducing operational costs by 15% [5] - TVB has focused on both cost control and revenue expansion as part of its strategy for 2024 [5] AI and Technology Integration - TVB has begun utilizing AI tools for various applications, including content creation and copyright protection [6] - The company is exploring partnerships with technology firms like Huawei and Tencent to enhance its AI capabilities [6] Talent Management - TVB has adjusted its talent management approach, encouraging artists to pursue opportunities outside the company while still supporting their development within [7] International Business Development - TVB is shifting its international business strategy from solely content licensing to exploring new revenue streams, leveraging its extensive IP resources and international distribution network [8][9] - The company has successfully engaged in international promotion projects, such as assisting local governments in marketing efforts [9] Mainland China Market Strategy - TVB views its mainland China operations as a critical component of its overall strategy, with plans to integrate Hong Kong content with mainland elements [10][12] - The company has started directly managing advertising in mainland China, which is expected to enhance its revenue potential [11][12]

Core Viewpoint - TVB demonstrates a strong recovery in its 2024 annual performance, with significant improvements in core business operations and a positive EBITDA of HKD 295 million, alongside a substantial reduction in shareholder losses by 36% [2][3] Financial Performance - TVB achieved a positive EBITDA of HKD 295 million in 2024, a significant improvement from a loss of HKD 140 million in the previous year [3] - Shareholder losses narrowed to HKD 491 million, down from HKD 272 million year-on-year, with loss per share decreasing from HKD 1.74 to HKD 1.09 [3] - Adjusted net profit of HKD 53 million was realized in the second half of the year, indicating a substantial recovery in operational profitability [3] Business Growth Drivers - The Hong Kong television broadcasting segment saw a revenue increase of 17%, driven by the return of major corporate advertisers, leading to a 14% rise in advertising revenue [3] - TVB's market share in the total television advertising market in Hong Kong expanded from 75% in 2023 to 83% in 2024, reinforcing its leading position [3] - The mainland China business segment also performed well, with a 17% revenue increase, primarily due to a 69% surge in co-produced drama revenue [3] Strategic Developments - TVB made significant progress in content, market, and strategic areas in 2024, laying the groundwork for future growth [4] - The company maintained a 79% market share in Hong Kong's overall television ratings, solidifying its status as a leading entertainment and information platform [4] - TVB is deepening its integration into the Greater Bay Area, with plans to operate advertising slots in Guangdong starting in 2025, which is expected to generate considerable revenue [4][5] Future Outlook - TVB anticipates a substantial increase in EBITDA for 2025 and expects to achieve positive net profit for shareholders [5] - The company plans to expand collaborations with mainland film and television institutions, exploring new styles of Hong Kong dramas to maintain high-quality content output [5] - TVB's digital media business is expected to continue its rapid growth, with plans to launch a new ad-supported streaming service in 2025 to enhance user engagement and monetization opportunities [5]

Revenue Performance - The total revenue for the year ended December 31, 2024, decreased by HKD 65 million or 2% to HKD 3,258 million[2]. - Core television-related business revenue increased by HKD 294 million or 10% to HKD 3,131 million, driven by a 17% growth in both Hong Kong and mainland China segments[2]. - Overall revenue for the year decreased by 2% or HKD 65 million to HKD 3.258 billion[9]. - Revenue from the Hong Kong television broadcasting and mainland China business segments grew by 17% or HKD 241 million and HKD 122 million, respectively[9]. - Revenue from Hong Kong decreased to HKD 2,111,431 in 2024, down 5.9% from HKD 2,243,881 in 2023[60]. - Revenue from Mainland China increased to HKD 855,348, up 16.4% from HKD 734,720 in 2023[60]. Profitability and Loss - The company achieved a positive EBITDA of HKD 295 million, an improvement of HKD 435 million from a loss of HKD 140 million in the previous year[2]. - The loss attributable to shareholders significantly decreased by HKD 272 million to HKD 491 million, with an adjusted loss of HKD 88 million excluding non-recurring items[2]. - The net loss for the year was HKD 541,296,000, compared to a net loss of HKD 838,169,000 in the previous year, indicating an improvement of approximately 35.4%[42]. - The company reported a pre-tax loss of HKD 536,234 in 2024, an improvement from a loss of HKD 818,468 in 2023[58]. - The company reported a loss before tax of HKD 491,049,000 for the year ending December 31, 2024, compared to a loss of HKD 762,796,000 in 2023, resulting in a basic and diluted loss per share of HKD 1.09[66]. Cost Management - Total operating costs decreased by HKD 565 million or 15% to HKD 3,279 million due to streamlined content production and reduced indirect costs[4]. - Sales costs decreased by HKD 369 million or 16% to HKD 1.930 billion, primarily due to the reduction in the scale of the e-commerce business segment[9]. - The depreciation expense for the year was HKD 221,834,000, down from HKD 293,525,000 in 2023, indicating cost-saving measures[62]. Digital and Advertising Growth - The average monthly active users for digital assets in Hong Kong grew by 81% to over 23 million[4]. - The advertising revenue from the Hong Kong television broadcasting segment increased by 14%, with market share rising from 75% to 83%[4]. - The digital advertising revenue from the myTV SUPER streaming service is expected to continue strong growth in 2025 following the launch of a new ad-supported streaming service[6]. - The OTT streaming segment's revenue slightly decreased by HKD 11 million or 3% to HKD 345 million, while digital advertising revenue grew by 30%[16]. E-commerce Challenges - The e-commerce business segment's revenue plummeted by 74% or HKD 3.59 billion to HKD 127 million due to structural challenges in the retail market[18]. - E-commerce revenue decreased significantly to HKD 126,754,000 in 2024, down 85% from the historical high of HKD 862,595,000 achieved in 2022[69]. Financial Position - Total equity as of December 31, 2024, was HKD 2.196 billion, down from HKD 2.739 billion in the previous year, with unrestricted cash and bank balances at HKD 700 million[34]. - Total assets decreased to HKD 5,445,548,000 from HKD 6,249,129,000, a reduction of approximately 12.9%[44]. - The capital debt ratio increased to 66.7% as of December 31, 2024, compared to 59.0% as of December 31, 2023[36]. - The company’s cash and cash equivalents stood at HKD 647,324,000, down from HKD 658,832,000, a decrease of approximately 1.9%[44]. Impairments and Provisions - The group recorded an impairment loss of HKD 85 million related to goodwill and HKD 9 million for intangible assets due to a challenging retail environment[26]. - The expected credit loss rate for promissory notes increased to 77.6% from 39.4% year-on-year, leading to an additional provision of HKD 345 million[24]. - The company recognized an impairment loss of HKD 85,131,000 on goodwill, reflecting the low recoverability of the acquired goodwill value due to challenging market conditions[69]. Future Outlook - The company anticipates a significant increase in EBITDA for the year 2025, projecting a return to positive net profit attributable to shareholders[6]. - The company has seven co-produced dramas in various stages of production, which are expected to drive growth in the mainland China segment in 2025[6]. - The company anticipates significant EBITDA growth in 2025, with a positive net profit attributable to shareholders expected for the full year[14]. Corporate Governance - The company has adopted the revised Code of Conduct for securities trading by directors and senior management, confirming compliance for the year 2024[99]. - The Audit Committee has reviewed the accounting principles and practices adopted by the group, discussing financial reporting matters for the year ending December 31, 2024[100]. - The auditors, PwC, confirmed that the preliminary performance announcement aligns with the audited financial statements for the year ending December 31, 2024[101].

VB INTERIM REPORT 中期報告 2024 A .00 Television Broadcasts Limited 電視廣播有限公司 Stock Code 股份代號 : 00511 財務摘要 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------|----------------------------------------|--------------------------|----------|------------------|--------------------------------------------------------------|----------------|--------| | | 按營運分部劃分的對外客戶收入 | | | | 截至六月三十日止六個月 \n二零二四年 | 二零二三年 | 變更 | | | 二零二三年上半年的相關百分比以括號列示 | | | 表現 | | | | | 廣播 50% | 香港電視 (40%) | | | 每 股 虧損 | 港幣 (0.33) 元 | ...

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].

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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].