Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately RMB 79.5 million, a decrease of about 24% from RMB 105.3 million in 2023[11]. - Revenue from the trading of fabric and clothing dropped from approximately RMB 50.4 million in 2023 to approximately RMB 19.9 million in 2024, reflecting a strategic shift towards wider gross margins[11]. - The Group recorded a gross loss of approximately RMB 28.3 million in 2024, compared to RMB 22.5 million in 2023[14]. - The net loss for the Group was approximately RMB 143.2 million in 2024, an improvement from a net loss of approximately RMB 164.6 million in 2023[14]. - The loss from the reportable segment narrowed from approximately RMB 18.4 million in 2023 to approximately RMB 13.3 million in 2024, driven by improved gross profit margins in the online trading market[17]. - The Group's revenue from the Fabrics and Trading Business decreased from approximately RMB 78.4 million in 2023 to RMB 52.4 million in 2024[16]. - Revenue from the fabric and trading business decreased from approximately RMB 78.4 million for the year ended December 31, 2023, to RMB 52.4 million for the year ended December 31, 2024, primarily due to a strategic shift towards achieving higher gross margins[22]. - The reported loss for the fabric and trading business narrowed from approximately RMB 18.4 million for the year ended December 31, 2023, to approximately RMB 13.3 million for the year ended December 31, 2024, driven by an increase in gross margin from online trading[22]. Cost Management - The decrease in administrative and operating expenses by approximately RMB 8.2 million in 2024 was due to stringent cost control measures[15]. - The management has implemented stringent cost control measures, resulting in a reduction of administrative and operating expenses by RMB 8.2 million for the year ended December 31, 2024[107]. Loan and Credit Management - The Money Lending Business has not granted any new loans or loan facilities during 2024, maintaining a cautious approach amid economic uncertainty[21]. - The interest rate for loans provided by the Group ranges from 13% to 14%, with terms from 3 months to 1 year[20]. - As of December 31, 2024, the net value of receivables from loans was zero, with no new loans or financing issued during the year, reflecting a cautious tightening of credit policies[25]. - The Group's credit risk assessment includes background checks and reviews of financial conditions, asset portfolios, and credit histories for potential customers[29]. - The Group's impairment policy indicates that full impairment will be made for overdue loans if they are more than 90 days past due without a repayment plan[32]. - The Group recognized a net impairment loss of RMB 4,600,000 on receivables due to the non-repayment of one outstanding loan as of December 31, 2024[35]. - The Group recognized a net impairment loss on trade and other receivables of approximately RMB 9,083,000, including RMB 29,000 for trade receivables and RMB 9,054,000 for other receivables[75]. - The impairment loss on other receivables primarily relates to amounts due from Asia Momentum Media PTE. LTD. and 台灣亞洲心動娛樂有限公司, totaling RMB 4,716,500 and RMB 1,609,876 respectively[81]. Business Strategy and Future Outlook - The Group's strategic focus in 2024 was on achieving higher gross margins, moving away from a narrow gross profit margin strategy adopted in 2023[16]. - The Group has deferred its live-streaming e-commerce business plan to 2026 due to operational challenges and underperformance of short video content launched in 2024[50]. - The short-term strategy for the media, cultural, and entertainment business includes expanding digital platforms and seeking investment opportunities in film rights[51]. - The anticipated growth rate for the live streaming project, now scheduled for 2026, is projected at 12.4%, based on reliable sources such as Technavio and IBISWorld[62]. - The board has adopted a more cautious approach in financial projections due to the challenging economic environment[62]. - The company aims to expand its digital platforms and seek investment opportunities in film rights, targeting a strong customer base for a high-quality e-commerce platform[53]. Share Capital and Financing - The company plans to place up to 262,208,000 new shares at a price of HK$0.080 per share, aiming to raise a total of HK$20.98 million[99]. - A proposed rights issue is expected to raise HK$196.66 million, with a ratio of two rights shares for every one share held[99]. - The Company has entered into a placing agreement to secure approximately HK$20.56 million in net proceeds, with further fundraising exercises planned by October 2025[106]. - Loan capitalisation negotiations are ongoing, with completion expected by October 2025[107]. - The Group's forecast assumes successful acquisition of additional financing, effective collection of outstanding sales proceeds, and successful loan capitalisation of bond payables and other borrowings[90][94]. Governance and Management - The management is optimistic about the Group's future growth and outlook, emphasizing the importance of enhancing corporate transparency and governance[87]. - The company emphasizes the importance of experienced leadership in driving business development and investment strategies[164][165][168][169][170]. - The leadership team is expected to leverage their diverse backgrounds to support the company's strategic initiatives and market expansion efforts[164][165][168][169][170]. - The Group employed approximately 178 employees as of December 31, 2024, down from 196 in 2023[152]. - The remuneration packages for employees were maintained at a competitive level to attract and retain talent[152]. Legal and Compliance Issues - The auditors raised uncertainties regarding the Group's ability to continue as a going concern, highlighting the need for supporting evidence for the assumptions made[96]. - The management acknowledges the uncertainties raised by the auditors but maintains confidence in the Group's ability to raise adequate funds[98]. - The company is facing a winding-up petition due to an inability to pay debts totaling approximately HK$71 million, which includes a principal of HK$50 million and accrued interest of HK$21 million[136]. - The High Court ordered the withdrawal of the winding-up petition on February 28, 2024[137]. - The company is involved in litigation regarding a claim for damages amounting to HK$3 million, with a court ruling requiring payment within 56 days[139]. Customer and Supplier Concentration - The Group's five largest customers accounted for approximately 53.5% of total turnover, with the largest customer contributing about 14.4% of total sales[190]. - The Group's five largest suppliers accounted for approximately 53.5% of total purchases, with the largest supplier contributing about 13.4% of total purchases[191].

Financial Performance - The turnover for the year ended December 31, 2024, was RMB 79,541,000, a decrease of 24.6% compared to RMB 105,309,000 in 2023[4] - The gross loss for 2024 was RMB 28,285,000, compared to a gross loss of RMB 22,531,000 in 2023, indicating a deterioration in gross margin[4] - Loss for the year attributable to owners of the Company was RMB 120,100,000, down from RMB 132,383,000 in 2023, reflecting a 9.7% improvement[5] - The total comprehensive expense for the year was RMB 173,894,000, slightly improved from RMB 175,821,000 in 2023[5] - The Group recorded a net loss of approximately RMB 143,184,000 for the year ended 31 December 2024[11] - The loss per share attributable to owners of the Company improved to RMB 8.79 in 2024 from RMB 12.00 in 2023, reflecting a reduction in per-share losses[5] - Loss before taxation for 2024 was RMB 57,126,000, down from RMB 78,236,000 in 2023, indicating a decrease of 27.0%[50] - The net loss for the Group was approximately RMB 143.2 million in 2024, an improvement from a net loss of approximately RMB 164.6 million in 2023[104] Revenue Breakdown - Revenue from finished fabrics sales decreased to RMB 4,103,000 in 2024 from RMB 8,082,000 in 2023, representing a decline of 49.1%[30] - Revenue from trading of fabrics and clothing dropped to RMB 19,962,000 in 2024 compared to RMB 50,433,000 in 2023, a decrease of 60.4%[30] - Subcontracting services income increased to RMB 28,290,000 in 2024 from RMB 19,849,000 in 2023, reflecting a growth of 42.3%[30] - Advertising income fell to RMB 971,000 in 2024 from RMB 2,119,000 in 2023, a decline of 54.3%[30] - Other entertainment and media services income declined to RMB 4,401,000 in 2024 from RMB 12,885,000 in 2023, a decrease of 65.8%[30] - Sponsorship income surged to RMB 11,288,000 in 2024 from RMB 181,000 in 2023, an increase of 6,134.8%[30] Asset and Liability Management - Non-current assets decreased to RMB 11,099,000 in 2024 from RMB 22,654,000 in 2023, indicating a significant reduction in long-term asset base[6] - Current liabilities increased to RMB 847,103,000 in 2024 from RMB 814,778,000 in 2023, showing a rise in short-term financial obligations[7] - The net current liabilities stood at RMB 776,642,000, worsening from RMB 710,495,000 in 2023, indicating increased financial pressure[6] - As of 31 December 2024, the Group was in a net liabilities position of approximately RMB 766,524,000, with current liabilities exceeding current assets by approximately RMB 776,642,000[11] - The Group has defaulted on loans and other borrowings with an outstanding amount of approximately RMB 276,929,000 and accrued interest of approximately RMB 242,247,000 included in current liabilities[11] Cash Flow and Liquidity - The Company’s cash and bank balances decreased to RMB 4,570,000 in 2024 from RMB 13,918,000 in 2023, highlighting liquidity challenges[6] - The current ratio was approximately 0.08 as of December 31, 2024, compared to 0.13 in 2023[180] - The gearing ratio increased to 445% as of December 31, 2024, up from 280% in 2023[180] Impairment and Provisions - The Company reported an impairment loss on intangible assets of RMB 1,098,000 in 2024, down from RMB 8,251,000 in 2023, indicating better management of intangible assets[4] - The Group recognized impairment losses on property, plant and equipment, right-of-use assets, and intangible assets amounting to approximately RMB698,000, RMB2,315,000, and RMB1,098,000 respectively[146] - The net impairment loss on trade and other receivables for the year 2024 was approximately RMB9,083,000, which includes a net impairment loss on trade receivables of RMB29,000 and on other receivables of approximately RMB9,054,000[155] Strategic Initiatives and Future Outlook - The strategic shift in 2024 aimed at achieving wider gross margins, moving away from a narrow gross profit margin strategy adopted in 2023[101] - The Group's management acknowledges uncertainties regarding the ability to secure new financing and complete potential loan capitalizations, which could affect the going concern assumption[171] - The Group aims to enhance corporate transparency and governance while remaining optimistic about future growth despite challenges[163] Share Capital and Financing - The total issued share capital as of December 31, 2024, was 1,966,618,200 ordinary shares with a par value of HK$0.01 per share[181] - A total of 218,512,000 new shares were placed at a price of HK$0.16 per share on July 19, 2024, increasing the total number of issued shares to 1,311,078,800[185] - On September 30, 2024, a rights issue resulted in the placement of 655,539,400 new shares at a subscription price of HK$0.10 each, raising the total issued shares to 1,966,618,200[186] Legal and Compliance Matters - The Company is seeking legal advice regarding the property litigation and intends to defend its position[198] - The hearing date for the property dispute has not been set as the parties are negotiating a settlement[200] - The Company will provide updates to shareholders and potential investors on significant developments regarding the litigation as appropriate[198]

Revenue Performance - Revenue from the Fabrics and Trading Business increased from approximately RMB11.3 million for the period ended 30 June 2023 to RMB23.4 million for the period ended 30 June 2024, representing a growth of 106%[3] - Revenue from the media, cultural, and entertainment business decreased from RMB12.9 million for the period ended 30 June 2023 to RMB5.3 million for the period ended 30 June 2024, a decline of 59%[6] - The Group's turnover increased by approximately 17.4% to RMB28.8 million for the period ended 30 June 2024, driven by a rise in fabric and trading business revenue from RMB11.3 million to RMB23.4 million[15] - For the six months ended June 30, 2024, the Group reported a turnover of RMB 28,778,000, an increase of 16.5% compared to RMB 24,511,000 in the same period of 2023[73] - The revenue breakdown by geographical location shows that revenue from the PRC was RMB 23,439,000, significantly up from RMB 11,327,000 in 2023, indicating a growth of approximately 107.5%[115] Financial Losses and Liabilities - The loss from the reportable segment of the Fabrics and Trading Business rose from approximately RMB2.9 million for the period ended 30 June 2023 to approximately RMB5.6 million for the period ended 30 June 2024[3] - The Group incurred a net loss of approximately RMB 36.8 million for the six months ended 30 June 2024, with net liabilities of approximately RMB 751.9 million[7] - Current liabilities exceeded current assets by approximately RMB 769.9 million as of 30 June 2024, indicating significant financial strain[7] - The Group reported a loss before taxation of RMB 16,168,000 for the period ended June 30, 2023[110] - Loss before taxation for the six months ended June 30, 2024, was RMB 34,874,000 compared to RMB 12,893,000 for the same period in 2023, indicating an increase in loss of approximately 170%[124] Cost Management and Expenses - The reportable segment loss for the media, cultural, and entertainment business decreased from RMB10.7 million for the period ended 30 June 2023 to RMB0.67 million for the period ended 30 June 2024 due to stringent cost control measures[6] - Distribution and selling expenses increased to approximately RMB3.6 million from RMB0.7 million, while administrative expenses decreased to approximately RMB8.7 million from RMB21.8 million due to stringent cost control measures[16] - The Group recorded a gross profit of approximately RMB3.5 million, up from RMB1.7 million in the previous year, but a net loss of approximately RMB36.8 million compared to a net loss of RMB16.2 million for the same period last year[15] Capital and Financing Activities - A proposed Rights Issue aims to raise up to approximately HK$65.55 million by issuing up to 655,539,400 Rights Shares at HK$0.1 each[11] - The net proceeds from a recent placing of 218,512,000 shares amounted to approximately HK$34.1 million after costs[11] - Approximately 58.7% (approximately HK$20.0 million) of the net proceeds will be used for debt repayment, and approximately 41.3% (approximately HK$14.1 million) for general working capital[13] - The Company is considering debt restructuring for outstanding borrowings, with potential loan capitalization discussions involving approximately HK$202.36 million[11] Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code during the period[64] - The Audit Committee has reviewed and approved the unaudited interim results, ensuring compliance with applicable standards[69] - The interim financial information was approved by the Board of Directors on August 30, 2024, indicating ongoing governance and oversight[78] Share Capital and Structure - The total issued share capital as of June 30, 2024, was 1,092,566,800 ordinary shares with a par value of HK$0.01 per share[22] - The Company approved a share consolidation on December 19, 2023, consolidating every ten ordinary shares of HK$0.1 into one consolidated share of HK$1[22] - Following the capital reduction, a credit amount of approximately 1,081.6 million HKD will arise, which is proposed to be credited to the distributable reserve account of the company[144] Employee and Operational Metrics - As of June 30, 2024, the Group had about 183 employees, a decrease from 196 employees as of 31 December 2023[28] - The weighted average number of ordinary shares in issue during the period was 1,092,567,000 for 2024, down from 10,925,668,000 in 2023, representing a decrease of about 90%[128] Legal and Regulatory Matters - The Company received a winding up petition due to an inability to pay debts amounting to approximately HK$71,000,000, which includes a principal of HK$50,000,000 and accrued interests of HK$21,000,000[44] - The High Court ordered the winding up petition to be withdrawn on February 28, 2024[35] - The Company is seeking legal advice and intends to defend its position in the ongoing legal proceedings[34] Future Outlook and Strategic Initiatives - The Company anticipates generating positive cash flows from operations in the foreseeable future[11] - The management is exploring opportunities for diversified income sources, including joint music events and film rights investments[13] - The management plans to consolidate existing businesses and diversify into media, cultural, and entertainment sectors to generate stable income streams amid challenging market conditions[17]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 28,778,000, an increase from RMB 24,511,000 in the same period of 2023, representing a growth of approximately 17.5%[1] - Gross profit for the same period was RMB 3,536,000, compared to RMB 1,669,000 in 2023, indicating a significant increase of approximately 111.8%[1] - The company recorded a loss before tax of RMB (36,769,000), worsening from a loss of RMB (16,168,000) in the previous year, reflecting an increase in losses of approximately 127.5%[2] - Total comprehensive expenses for the period amounted to RMB (61,158,000), compared to RMB (39,672,000) in 2023, marking an increase of approximately 54.2%[2] - The company reported a basic and diluted loss per share of RMB (3.19) for the period, compared to RMB (0.12) in the previous year, indicating a significant increase in loss per share[2] - The adjusted EBITDA loss for the six months ended June 30, 2024, was RMB (7,663,000), compared to RMB (19,533,000) for the same period in 2023, indicating an improvement of approximately 60.8%[21] - The company reported a loss attributable to shareholders of RMB 34,874,000 for the period ending June 30, 2024, compared to a loss of RMB 12,893,000 for the same period in 2023, representing a significant increase in losses[31] - The group recorded a net loss of approximately RMB 36,800,000 for the six months ending June 30, 2024, with total liabilities exceeding current assets by approximately RMB 769,900,000[56] Assets and Liabilities - The company’s net current liabilities increased to RMB (769,934,000) as of June 30, 2024, compared to RMB (710,495,000) at the end of 2023, indicating a rise of approximately 8.4%[4] - Total assets less current liabilities were reported at RMB (747,306,000) as of June 30, 2024, compared to RMB (687,841,000) at the end of 2023, reflecting an increase of approximately 8.7%[4] - Total assets as of June 30, 2024, were RMB 126,276,000, compared to RMB 182,543,000 as of December 31, 2023[20] - Total liabilities as of June 30, 2024, were RMB 878,137,000, compared to RMB 742,441,000 as of December 31, 2023, indicating an increase of approximately 18.3%[22] - The company’s equity attributable to owners decreased to RMB (442,798,000) as of June 30, 2024, from RMB (390,160,000) at the end of 2023, representing a decline of approximately 13.5%[4] Revenue Sources - Revenue from external customers in China was RMB 23,439,000 for the six months ended June 30, 2024, up from RMB 11,327,000 in the same period of 2023, reflecting a significant increase of 107.5%[24] - Revenue from the fabric and trading business increased from approximately RMB 11,300,000 for the six months ended June 30, 2023, to RMB 23,400,000 for the six months ended June 30, 2024, reflecting growth due to the expansion of online trading activities[51] - Revenue from the media, culture, and entertainment business decreased from RMB 12,900,000 to RMB 5,300,000 due to economic uncertainty and intense market competition[55] Cost and Expenses - The cost of sales increased to RMB 15,214,000 in 2024 from RMB 13,845,000 in 2023, indicating rising operational costs[28] - Distribution and selling expenses increased to approximately RMB 3,600,000 from RMB 700,000 in 2023, while administrative expenses decreased to approximately RMB 8,700,000 from RMB 21,800,000 due to strict cost control measures[61] Share Capital and Financing - The company plans to implement a share split, reducing the par value from HKD 1.0 to HKD 0.01, resulting in an adjusted share capital of HKD 10,925,668,000[7] - The company plans to issue up to 655,539,400 rights shares at a subscription price of HKD 0.1 per share, aiming to raise approximately HKD 65,550,000[46] - The estimated net proceeds from the rights issue are expected to be approximately HKD 63,420,000, with around 80% allocated for debt repayment[73] Legal and Regulatory Matters - The company has received a winding-up petition due to an inability to repay debts amounting to HKD 71,000,000, which includes principal of HKD 50,000,000 and accrued interest of HKD 21,000,000[82] - The company received a statutory demand for repayment of HKD 222,707,496 from a creditor, with ongoing discussions for repayment[78] - A second statutory demand for repayment of HKD 45,978,301.36 was also received, with a payment agreement previously established[79] Corporate Governance and Management - The board of directors underwent significant changes, with multiple resignations and new appointments on July 26 and July 29, 2024[71][72] - The audit committee, consisting of three independent non-executive directors, has reviewed and approved the interim financial results[90] - The company has adhered to the corporate governance code as per the listing rules during the reporting period[89] Employee and Operational Matters - As of June 30, 2024, the company employed approximately 183 employees, a decrease from 196 employees as of December 31, 2023[77] - The company is actively negotiating better repayment terms with creditors to avoid potential liquidation petitions[78]

Revenue Performance - The Group's revenue for the year ended December 31, 2023, was approximately RMB 105.3 million, a significant increase of approximately 36.6% compared to RMB 77.1 million in 2022[11]. - Revenue from the fabric and trading business increased from approximately RMB 38.3 million in 2022 to RMB 78.4 million in 2023, driven by the expansion of online platform trading activities[12]. - Revenue from the media, cultural, and entertainment business decreased from approximately RMB 35.1 million in 2022 to RMB 26.9 million in 2023, attributed to a decline in sponsorship and broadcasting income[12]. - The Group's revenue from brokerage services was nil for the year, a decrease from RMB 3.1 million in 2022, primarily due to a reduction in equity interest in Million Federal International Limited[75]. - The revenue from the fabrics and trading business increased from approximately RMB 38.3 million in 2022 to RMB 78.4 million in 2023, driven by the expansion of online platform trading activities[48]. Profit and Loss - The Group recorded a gross loss of approximately RMB 22.5 million in 2023, an improvement from a gross loss of RMB 25.6 million in 2022[14]. - The net loss for the Group was approximately RMB 164.6 million in 2023, compared to a net loss of approximately RMB 214.3 million in 2022, indicating a reduction in losses[14]. - The decrease in net loss was mainly due to the absence of losses from the sale of a subsidiary in the current year, which was approximately RMB 8.2 million in the previous year[15]. - The loss from the reportable segment in the Fabrics and Trading Business rose from approximately RMB 2 million in 2022 to about RMB 18.4 million in 2023 due to higher direct costs and narrow gross profits in the online trading market[19]. - The reportable segment loss in the media, cultural, and entertainment business decreased from RMB 39.6 million in 2022 to RMB 37.5 million in 2023 due to stringent cost control measures[29]. Cost Control and Expenses - The Group implemented stringent cost control measures, resulting in a decrease in administrative and operating expenses by approximately RMB 9.7 million compared to the previous year[16]. - The impairment loss on right-of-use assets decreased by approximately RMB 16.3 million compared to the last year[47]. - The administrative and operating expenses decreased by approximately RMB 9.7 million due to stringent cost control measures[47]. Strategic Focus and Future Plans - The Group's strategic focus includes expanding its fabric trading business through new online platforms and channels[12]. - The Group plans to diversify its media revenue streams by venturing into short video production to capitalize on the growing demand for video content[30]. - The Group intends to expand its digital platforms and seek investment opportunities in film rights as part of its short-term strategy for the media, cultural, and entertainment business[31]. - The Group aims to vertically expand its media, cultural, and entertainment business to provide a "one-stop" advertising solution, focusing on Chinese-speaking regions[35]. - The company aims to diversify revenue streams by venturing into short video production to capitalize on growing demand for video content[80]. Financial Position and Liabilities - As of December 31, 2023, the Group's total assets were approximately RMB 126.9 million, down from RMB 173.9 million in 2022[111]. - Current liabilities exceeded current assets by approximately RMB 710.5 million as of December 31, 2023[103]. - The group defaulted on loan repayments with an outstanding amount of approximately RMB 236.9 million included in current liabilities as of December 31, 2023[108]. - The gearing ratio increased to 280% as of December 31, 2023, compared to 198% in 2022[113]. - The Group's cash and bank balances improved to approximately RMB 13.9 million as of December 31, 2023, up from RMB 3.6 million in 2022[112]. Management and Governance - The Group's management emphasizes the importance of employee contributions and support from shareholders and partners in achieving future goals[40]. - The newly appointed CEO, Mr. Wei Gang, has extensive experience in corporate strategy and management, which may influence future business directions[168]. - The Company plans to enhance corporate transparency and governance while optimizing business operations to increase shareholder value[36]. Legal and Compliance Issues - The company received a statutory demand from Creditor I for an alleged outstanding debt of HK$222,707,496, with a three-week repayment deadline[123]. - Creditor I agreed not to present a winding-up petition if the company repays part of the outstanding debt, with expectations to repay the remaining amount after a connected transaction estimated to generate approximately HK$400 million[124]. - The company is facing a winding-up petition from FCG Venture Limited Partnership for debts totaling approximately HK$71,000,000, which includes a principal amount of HK$50,000,000 and accrued interests of HK$21,000,000[136]. - The company received a second statutory demand from Creditor II for an outstanding debt of HK$45,978,301.36, with a similar three-week repayment deadline[129]. Employee and Management Changes - As of December 31, 2023, the group had approximately 196 employees, an increase from 118 employees in 2022[140]. - The group maintained a share option scheme to incentivize and reward eligible participants for their contributions, adopted on 15 June 2016[141]. - Mr. Lu Zhiqiang, appointed as an independent non-executive director on December 8, 2023, has a strong background in corporate management and investment, previously serving as an executive director at Extrawell Pharmaceutical Holdings Limited[165].

Financial Performance - The turnover for the year ended December 31, 2023, was RMB 105,309,000, representing an increase of 36.6% compared to RMB 77,090,000 in 2022[5]. - The gross loss for 2023 was RMB 22,531,000, a slight improvement from a gross loss of RMB 25,606,000 in 2022[5]. - Loss before taxation decreased to RMB 166,001,000 in 2023 from RMB 220,939,000 in 2022, indicating a reduction of 25%[5]. - The net loss for the year attributable to owners of the Company was RMB 132,383,000, down from RMB 184,415,000 in 2022, reflecting a 28.3% improvement[6]. - Total comprehensive expense for the year was RMB 175,821,000, compared to RMB 247,010,000 in 2022, marking a decrease of 29.0%[6]. - The Company reported a basic and diluted loss per share of RMB 12.12, improved from RMB 18.1 in the previous year[6]. - The Group recorded a net loss of approximately RMB 164,624,000 for the year ended 31 December 2023[15]. - The net loss for the year ended 31 December 2023 was approximately RMB 164.6 million, a decrease from a net loss of RMB 214.3 million in 2022[131]. Assets and Liabilities - Non-current assets decreased significantly to RMB 22,654,000 in 2023 from RMB 71,427,000 in 2022, a decline of 68.3%[8]. - Current liabilities increased to RMB 814,778,000 in 2023, up from RMB 686,573,000 in 2022, representing an increase of 18.6%[8]. - The capital deficiency as of December 31, 2023, was RMB 690,703,000, worsening from RMB 520,226,000 in 2022[10]. - As of 31 December 2023, the Group was in a net liabilities position of approximately RMB 690,703,000, with current liabilities exceeding current assets by approximately RMB 710,495,000[15]. - The Group's total assets were approximately RMB 126.9 million, financed by current liabilities of approximately RMB 814.8 million[197]. - The current ratio was approximately 0.1, and the gearing ratio was 280% as of 31 December 2023[199]. Cash Flow and Liquidity - The Company had bank balances and cash of RMB 13,918,000, significantly up from RMB 3,554,000 in 2022, indicating improved liquidity[8]. - A potential investor has committed to provide continuing financial support to the Group to meet its financial obligations[23]. - The directors believe that the Group will be able to finance its operations and meet its financial obligations within the forecast period based on cash flow projections[19]. - The Group's cash and bank balances increased to approximately RMB 13.9 million as of 31 December 2023, up from RMB 3.6 million in 2022[198]. Revenue Breakdown - The Group's revenue for 2023 was RMB 105,309,000, an increase from RMB 74,744,000 in 2022, representing a growth of approximately 40.9%[42]. - Revenue from the Fabrics and Trading Business increased from approximately RMB 38.3 million in 2022 to RMB 78.4 million in 2023, driven by the expansion of online platform trading activities[128]. - Total revenue from external customers reached RMB 105,309,000, with significant contributions from processing and printing of finished fabrics (RMB 27,931,000) and trading of fabrics and clothing (RMB 50,433,000)[51]. - Revenue from the media, cultural, and entertainment business decreased from approximately RMB 35.1 million in 2022 to RMB 26.9 million in 2023 due to reduced sponsorship and broadcasting income[129]. Segment Performance - The reportable segment loss (adjusted EBITDA) amounted to RMB (68,664,000), with the largest loss from the money lending segment at RMB (37,524,000)[51]. - The reportable segment loss for the media business decreased from RMB 39.6 million in 2022 to RMB 37.5 million in 2023 due to stringent cost control measures[166]. - The loss from the reportable segment of the Fabrics and Trading Business rose to approximately RMB 18.4 million in 2023 from about RMB 2 million in 2022, attributed to higher direct costs[133]. Impairment and Asset Management - Impairment losses on intangible assets totaled RMB 8,251,000, indicating challenges in asset valuation[51]. - The impairment loss recognized for the Group's interest in Million Federal was RMB 2,332,000 in 2023, with no impairment loss recognized in 2022[87]. - Impairment losses recognized on property, plant, and equipment, right-of-use assets, and intangible assets amounted to approximately RMB 3.49 million, RMB 15.64 million, and RMB 8.25 million respectively[178]. Corporate Governance and Future Outlook - The Group's financial statements have been prepared on a going concern basis, with reasonable expectations of adequate resources for operational existence[21]. - The Group aims to enhance corporate transparency and governance while optimizing business operations to enrich shareholder value despite facing headwinds[181]. - The Directors anticipate that the Group will generate positive cash flows from its operations in the foreseeable future[196]. - The Group plans to diversify its media revenue streams by venturing into short video production to capitalize on growing demand for video content[167].

Revenue Performance - Revenue from the Fabrics and Trading Business decreased from approximately RMB20 million for the period ended 30 June 2022 to approximately RMB11.3 million for the period ended 30 June 2023, reflecting a decline of 43.5%[5]. - Revenue from the media, cultural, and entertainment business increased from RMB4.55 million to RMB12.9 million, a growth of 183% attributed to higher sponsorship income and the commencement of live streaming e-commerce operations[18]. - The Group's turnover decreased by approximately 14.52% to RMB 24.5 million, primarily due to a decline in the processing, printing, and sales of finished fabrics and the absence of turnover from securities brokerage services[27][28]. - The turnover for the six months ended June 30, 2023, was RMB 24,511,000, a decrease of 14.8% compared to RMB 28,676,000 in the same period of 2022[138]. - Revenue from services transferred over time was RMB 21,556,000, which includes RMB 12,943,000 from entertainment and media services[173]. - Revenue from external customers in the PRC was RMB 11,327,000, while revenue from Hong Kong was RMB 13,184,000, contributing to a total of RMB 24,511,000 from these two regions[178]. Financial Losses and Improvements - The Group incurred a net loss of approximately RMB16.2 million during the six months ended 30 June 2023[19]. - The net loss for the period was approximately RMB 16.2 million, a reduction from a net loss of approximately RMB 89 million for the same period last year[27][28]. - The loss before taxation for the period was RMB 16,168,000, significantly improved from a loss of RMB 89,167,000 in the same period last year[138]. - For the six months ended June 30, 2023, the loss attributable to owners of the Company was RMB 12,893,000, a significant improvement from a loss of RMB 86,756,000 in the same period of 2022, representing a reduction of approximately 85.1%[140]. - The total comprehensive expense for the period was RMB 39,672,000, down from RMB 99,438,000 in the prior year, indicating a decrease of about 60%[140]. Assets and Liabilities - As of 30 June 2023, the Group was in a net liabilities position of approximately RMB559.9 million, with current liabilities exceeding current assets by approximately RMB625.2 million[19]. - As of June 30, 2023, the Group's total assets were approximately RMB 182.5 million, an increase from RMB 173.9 million as of December 31, 2022[45]. - The Group's current liabilities amounted to approximately RMB 734.2 million, up from RMB 686.6 million as of December 31, 2022[45]. - The net current liabilities increased to RMB 625,208,000 from RMB 584,137,000, indicating a rise of approximately 7%[141]. - The Company’s capital deficiency increased to RMB (559,898,000) from RMB (520,226,000), representing a decline of approximately 7.6%[143]. Cost Management - The reportable segment loss for the Fabrics and Trading Business increased slightly from approximately RMB2.7 million to approximately RMB2.9 million due to rising direct costs[6]. - The reportable segment loss for the media, cultural, and entertainment business improved from approximately RMB22.5 million to approximately RMB10.7 million due to stringent cost control measures[18]. - Distribution and selling expenses decreased by approximately 70.2% to RMB 0.7 million, while administrative expenses decreased by 18% to approximately RMB 21.8 million due to stringent cost control measures[32][36]. - The cost of inventories recognized as expenses decreased to RMB 13,845,000 in 2023 from RMB 22,514,000 in 2022, indicating a reduction of approximately 38.7%[193]. Cash Flow and Financing - The management anticipates that the Group will generate positive cash flows from its operations in the foreseeable future[25][26]. - The net cash used in operating activities was RMB (18,086,000), an improvement from RMB (35,751,000) in the same period of 2022, indicating a reduction in cash outflow[153]. - The net cash generated from financing activities for the same period was RMB 23,895,000, compared to RMB 13,342,000 in 2022, reflecting an increase of approximately 79%[153]. - Cash and cash equivalents at June 30, 2023, amounted to RMB 9,138,000, up from RMB 5,969,000 at the same date in 2022, representing a year-over-year increase of about 53%[153]. Shareholder Information - As of June 30, 2023, Leong Wei Ping and Tang Po Yi each held 29,000,000 shares, representing approximately 0.27% of the issued share capital of the company[88]. - As of June 30, 2023, Liu Minbin holds 1,837,132,000 ordinary shares, representing 16.81% of the issued share capital[90]. - The total interests held by substantial shareholders reflect significant ownership concentration within the company[93]. - The total number of share options available under the Share Option Scheme is 992,566,800 shares, representing approximately 9.08% of the Company's issued share capital as of June 30, 2023[109][110]. Legal and Compliance Matters - The company is involved in litigation regarding a property lease violation, with claims for additional premiums of HK$3,721.00 per day from August 1, 2017, to May 22, 2020[80]. - The company is seeking legal advice and intends to defend its position in the ongoing litigation case HCA 774/2020[81]. - The company has complied with the Corporate Governance Code throughout the reporting period[121]. - The audit committee has reviewed and approved the unaudited interim results, ensuring compliance with applicable standards[123]. Strategic Initiatives - The management is exploring diversified sources of income and has initiated measures to improve the financial performance of the Group[23]. - The Group is exploring diversification into new business areas in media, culture, and entertainment to create a relatively stable income stream[33][37]. - A Memorandum of Understanding was signed for the proposed acquisition of 30% equity interest in Hangzhou Yuanhou Tianxia Technology Company Limited for an initial proposed amount of USD 5 million, but it was terminated due to the absence of a formal agreement[38][39].

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佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 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。 ASIA TELEVISION HOLDINGS LIMITED 亞洲電視控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：707） 截至二零二三年六月三十日止六個月之 中期業績公佈 亞洲電視控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「本期間」）之 未經審核中期簡明綜合財務報表，連同二零二二年同期之比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 人民幣千元 人民幣千元 （未經審核） （未經審核） 營業額 4 24,511 28,676 ...

Revenue Performance - The Group's revenue for the year ended December 31, 2022, was approximately RMB 77.1 million, a significant decrease of approximately 51.4% compared to RMB 158.9 million in 2021[11]. - Revenue from the fabrics and trading business decreased from approximately RMB 76.5 million in 2021 to RMB 38.3 million in 2022, attributed to a contraction in domestic and international textile markets[12]. - Revenue from securities brokerage services and margin finance fell from approximately RMB 9.9 million in 2021 to RMB 3.1 million in 2022, due to a reduction in equity interest in Million Federal International Limited[12]. - Revenue from the media, cultural, and entertainment business decreased from approximately RMB 67.2 million in 2021 to RMB 35.1 million in 2022, driven by a decline in sponsorship and broadcasting income[12]. - The revenue from the brokerage services business decreased by 68.7%, from approximately RMB 9.9 million in 2021 to approximately RMB 3.1 million in 2022[29]. - The revenue of the media, cultural and entertainment business decreased from RMB 67.2 million in 2021 to RMB 35.1 million in 2022, a decline of approximately 47.8%[34]. - Revenue from the Fabric and Trading Business decreased from approximately RMB 76.5 million in 2021 to approximately RMB 38.3 million in 2022, reflecting a significant decline in demand due to adverse market conditions[47][50]. Financial Losses - The Group recorded a gross loss of approximately RMB 25.6 million in 2022, compared to a gross loss of RMB 3.6 million in 2021[14]. - The net loss for the Group was approximately RMB 214.3 million in 2022, an improvement from a net loss of approximately RMB 366.9 million in 2021[14]. - The reportable segment loss for the Fabrics and Trading Business increased from approximately RMB 0.5 million in 2021 to around RMB 2 million in 2022[19]. - The reportable segment loss for the media, cultural and entertainment business increased from RMB 16.3 million in 2021 to RMB 39.6 million in 2022, reflecting a loss increase of approximately 142.3%[34]. - The Group recorded a gross loss of approximately RMB 25.6 million for the year 2022, compared to a gross loss of RMB 3.6 million in 2021[46]. - The net loss for 2022 was approximately RMB 214.3 million, a decrease from a net loss of RMB 366.9 million in 2021[46]. Asset Management - As of December 31, 2022, the net carrying amount of loan receivables was nil, down from RMB 13.5 million in 2021[26]. - The Group's aggregate amount of listed securities held for trading at fair value decreased from approximately RMB 31.4 million in 2021 to approximately RMB 9.2 million in 2022[28]. - The Group's total assets were approximately RMB 173.9 million as of December 31, 2022, down from RMB 398.3 million in 2021[105]. - Cash and bank balances were approximately RMB 3.6 million as of December 31, 2022, compared to RMB 29.0 million in 2021[106]. - The Group's borrowings included secured bonds and loans, with total borrowings amounting to approximately RMB 187,813,000 as of December 31, 2022[99]. Cost Control and Expenses - The administrative and operating expenses decreased by approximately RMB 14,834,000 compared to the last year due to stringent cost control measures[8]. - The Group implemented stringent cost control measures, resulting in a decrease in administrative and operating expenses by approximately RMB 14.8 million compared to the previous year[46]. Strategic Initiatives - The Group aims to diversify its revenue streams by leveraging social media platforms to enter the emerging livestreaming e-commerce market[34]. - The Group plans to expand vertically to provide a "one-stop" advertising solution and will focus on developing markets in Malaysia and Hong Kong before expanding to other populous countries[35]. - The short-term strategy for the media business includes expanding multiple digital platforms and seeking investment opportunities in film rights[80][84]. - The Group plans to establish a high-quality e-commerce platform with a strong customer base and aims for vertical expansion to provide a "one-stop" solution from creative production to media delivery[80][84]. Credit and Loan Management - The interest rates for loans provided by the Group range from 12% to 33%, with terms from 3 months to 1 year[55]. - The Group reported a net reversal of loan impairment loss of approximately RMB 11.2 million for the year ended December 31, 2022[64]. - The expected credit loss for non-overdue loans is determined based on the contractual interest rate, market risk-free rate, expected GDP growth rate, and remaining loan terms[63]. - Full impairment is made for overdue loans that are more than 90 days past due without a repayment plan[64]. - The Group conducts quarterly calls with existing borrowers to monitor any material deterioration in their financial capabilities[70]. - The loan-to-value (LTV) ratio for secured loans is capped at 70%, with additional collateral required if the ratio exceeds this level[71]. - The Group has implemented a know-your-client procedure to assess the creditworthiness of potential customers[67]. - Legal proceedings may be initiated against borrowers if loans are overdue for more than three months without a concrete response[72]. - Annual reviews are conducted on outstanding loans to assess the borrower's financial position and determine repayment requirements[73]. - The Group's credit risk assessment includes background checks and reviews of identification documents for potential customers[68]. - The Management believes that the provision for loan impairment reflects a fair view of the Group's financial conditions and operational results[65]. Corporate Governance and Management - The Company acts as an investment holding company, with principal activities detailed in note 38 of the consolidated financial statements[162]. - The Management Discussion and Analysis section discusses principal risks and uncertainties facing the Group and likely future developments in the business[162]. - The Company has undergone changes in its board of directors, with several new executive directors appointed in recent years[150][149][151]. - The Company has a focus on strategic planning and corporate governance, leveraging the extensive experience of its directors[149][151]. - The Group's executive director appointments and changes during the year include Mr. Liu Minbin as Chairman, appointed on December 28, 2022[190][193]. Legal and Compliance Issues - The company has faced litigation related to outstanding debts, including a claim for HK$222,707,496[118]. - The company reached a settlement agreement with creditor II regarding an outstanding debt of HK$45,978,301.36, which was initially due within three weeks of a statutory demand issued on March 23, 2020[127]. - The company is currently involved in litigation regarding a property dispute, with claims for additional fees amounting to HK$3,721.00 per day from August 1, 2017, to May 22, 2020[128]. - The defendant is seeking legal advice and intends to defend its position in the ongoing litigation case HCA 774/2020[131]. - The company will provide updates to shareholders and potential investors regarding any significant developments in the litigation as appropriate[131]. Employment and Workforce - The group reported a reduction in workforce, employing approximately 118 employees as of December 31, 2022, down from 227 employees in 2021[134].

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong 香港交易及結算所有限公司及香港聯合交易所有限 Kong Limited take no responsibility for the contents of this announcement, 公司對本公佈的內容概不負責，對其準確性或完整 make no representation as to its accuracy or completeness and expressly 性亦不發表任何聲明，並明確表示，概不對因本公 disclaim any liability whatsoever for any loss howsoever arising from or in 佈全部或任何部份內容而產生或因倚賴該等內容而 reliance upon the whole or any part of the contents of this announcement. 引致的任何損失承擔任何責任。 ASIA TELEVISION HOLDINGS LIMITED 亞洲電 ...