Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company achieved a revenue of 4.19 billion RMB in H1 2024, representing a year-on-year increase of 27.7%. Gross profit reached 2.08 billion RMB, up 29.8%, while Non-IFRS net profit was 700 million RMB, an increase of 16.4%. The profit attributable to equity holders was 500 million RMB, up 33.9% [2]. - The revenue growth was primarily driven by the release of popular TV series. The revenue from New Classics Media surged to 1.05 billion RMB in H1 2024, a 93.2% increase compared to H1 2023, supported by the concentrated airing of several series [2]. - The company faced some profit pressure due to impairment losses on certain film and television projects amounting to 190 million RMB in H1 2024, which was not present in the same period of 2023 [2]. - The reading business saw a slight decline in revenue by 2.2% year-on-year, while copyright operations revenue increased by 73.3% [2]. - The company has a rich pipeline of TV series for 2025-2026, with over 10 series planned, including titles like "The Drug Storm" and "The Independent Woman" [2]. Financial Summary - The company is projected to achieve Non-IFRS net profits of 1.4 billion RMB, 1.5 billion RMB, and 1.6 billion RMB for the years 2024, 2025, and 2026 respectively, with growth rates of 23.97%, 7.45%, and 6.30% [3]. - The expected revenue for 2024 is 7.01 billion RMB, with a growth rate of 17.03% [3]. - The company's gross margin is expected to improve to 50.73% in 2024, with a net margin of 12.18% [3]. Business Developments - The company has seen a rise in paid user numbers from 7.9 million in 2022 to 8.8 million in H1 2024, with the payment rate increasing from 3.2% in 2022 to 5.0% in H1 2024 [2]. - The company is actively expanding its overseas web literature offerings, with approximately 5,000 Chinese translated works and 650,000 local original works available as of June 2024 [2]. - The integration of AI in translation has significantly improved efficiency, reducing costs by 90% and increasing output by 100 times compared to manual translation efforts [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company reported a revenue of 4.19 billion yuan for the first half of 2024, representing a year-on-year growth of 28%, with adjusted net profit reaching 700 million yuan, up 16%, slightly exceeding Bloomberg consensus expectations [3][4] - The decline in online reading revenue has narrowed, with online business revenue at 1.94 billion yuan, a year-on-year decrease of 2%, compared to a 12% decline in the same period last year [4] - New projects from New Classics Media have been launched, generating 1.05 billion yuan in revenue, but profits were impacted by impairment losses totaling 185 million yuan [4] - Other copyright operations, including animation and licensing, have shown significant growth, with revenue reaching a historical high of 1.2 billion yuan in the first half of 2024 [4][5] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 4.19 billion yuan and an adjusted net profit of 700 million yuan, with both figures showing positive growth compared to the previous year [3][4] - The online reading segment saw a revenue of 1.94 billion yuan, with a decline of 2%, while third-party platform revenue grew by 18% [4] Project Developments - New Classics Media launched several key projects, including the film "Hot and Spicy" and series such as "With the Phoenix" and "Celebrating the New Year 2," contributing to a revenue of 1.05 billion yuan [4] - The company is focusing on the performance of its upcoming projects, particularly those with strong IP potential [4] Other Operations - Excluding New Classics Media, the company generated 1.2 billion yuan from other copyright operations, marking a historical high [4] - The company has completed the acquisition of Tencent Animation, which is expected to contribute to revenue growth in the second half of 2024 [4][5] Profitability and Costs - The report indicates an increase in sales and marketing expenses due to promotional activities for film projects, while general and administrative expenses saw a slight year-on-year increase [4]

Investment Rating - The report assigns a "Neutral" investment rating to the company [3]. Core Insights - The company's online business remains stable, and copyright operations have exceeded expectations, with a focus on the incremental contributions from short dramas and derivative products [1]. - In the first half of 2024, the company reported revenue of 4.2 billion RMB, a year-on-year increase of 28%, which is better than the market expectation of 13% [1]. - Adjusted net profit for the same period was 700 million RMB, a year-on-year increase of 16%, surpassing market expectations by 7% [1]. - The report anticipates a slight decline in overall revenue for the year, primarily due to a robust core paid platform and increased third-party platform collaborations offsetting the contraction in Tencent's channel [2]. Financial Overview - Revenue projections for the company are as follows: 2022: 7,626 million RMB, 2023: 7,012 million RMB, 2024E: 7,804 million RMB, 2025E: 7,995 million RMB, 2026E: 8,334 million RMB, with a projected growth rate of 11.3% for 2024 [3][8]. - The adjusted net profit forecast for 2024 is set at 1.4 billion RMB, reflecting a growth rate of 25% compared to 2023 [3][8]. - The company’s gross margin is expected to stabilize around 51% for 2024, with operational profit margins improving to 12% by 2025 [8][11]. Business Segments - The online business segment showed a slight decline of 2% year-on-year, with self-operated channels maintaining a steady MAU of 105 million and 8.8 million paid users [1][7]. - Copyright operations saw a significant increase of 73% year-on-year, driven by the release of major series and the expansion of core IP licensing [1][7]. - New business areas, including short dramas and derivative products, are expected to contribute positively, with the IP card game generating a GMV of 100 million RMB in the first half of the year [1][2]. Valuation - The target price for the company is set at 29 HKD, reflecting a potential upside of 14.4% from the current price of 25.35 HKD [1][9]. - The report slightly raises the adjusted net profit forecast for 2024 by 1% to 1.4 billion RMB, based on a compound annual growth rate of 21% from 2023 to 2025 [2][8].

Investment Rating - The investment rating for the company is Neutral with a target price of HKD 29.00, indicating a potential upside of 14.4% from the current closing price of HKD 25.35 [1][9]. Core Insights - The company's online business remains stable, and copyright operations have exceeded expectations, with a focus on the incremental contributions from short dramas and derivative products [1]. - In the first half of 2024, the company reported revenue of RMB 4.2 billion, a year-on-year increase of 28%, surpassing market expectations of 13% [1]. - Adjusted net profit for the same period was RMB 700 million, reflecting a 16% year-on-year increase, which also exceeded market expectations by 7% [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 7.804 billion, with a year-on-year growth of 11.3% after a decline in 2023 [3][8]. - The adjusted net profit for 2024 is expected to be RMB 1.397 billion, with a corresponding net profit margin of 17% [3][8]. - The company’s core IP operations are anticipated to grow by 34% year-on-year, with revenue adjustments reflecting a strong performance in IP licensing and production [2][8]. Business Segments Overview - Online business revenue slightly decreased by 2% year-on-year, with self-owned channels maintaining a stable user base of 105 million monthly active users and 8.8 million paying users [1][7]. - Copyright operations saw a significant increase of 73% year-on-year, driven by the release of major series and the expansion of core IP licensing [1][7]. - New business segments, including short dramas and derivative products, are expected to contribute positively, with the GMV of IP card games reaching RMB 100 million in the first half of 2024 [1][2]. Valuation - The adjusted net profit forecast for 2024 has been slightly raised by 1% to RMB 1.4 billion, based on a compound annual growth rate of 21% from 2023 to 2025 [2][8]. - The target price is maintained at HKD 29, referencing a price-to-earnings ratio of 20 times for comparable quality content and copyright companies [2][9]. - The company is expected to maintain healthy growth in IP licensing and production, with new revenue streams from short dramas and derivative products gradually emerging [2][8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.77 HKD per share [4][10][14]. Core Views - The company reported better-than-expected performance for the first half of 2024, with revenue reaching 4.191 billion RMB, a year-on-year increase of 28%, surpassing the consensus estimate of 3.713 billion RMB by 13% [2][6]. - Adjusted net profit for the same period was 702 million RMB, up 16% year-on-year, also exceeding the consensus estimate of 655 million RMB by 7% [2][6]. - The company is focusing on high-quality paid content distribution, leading to a decline in free content supply on Tencent channels, which has affected user numbers and revenue [2][6][10]. Summary by Sections Business Performance - In H1 2024, the company's online business revenue was 1.940 billion RMB, down 2% year-on-year, with self-operated and Tencent channel revenue at 1.825 billion RMB, down 3% [6][9]. - The total monthly active users (MAU) decreased by 17% to 17.6 million, with self-operated MAU stable at 10.5 million and Tencent MAU down 33.5% [6][9]. - The company’s IP operations generated 1.153 billion RMB in revenue, a 62% increase year-on-year, driven by IP licensing and sales [7][10]. Revenue and Profit Forecast - The company expects total revenue to reach 7.768 billion RMB in 2024 and 8.002 billion RMB in 2025, representing year-on-year growth of 10.8% and 3% respectively [10][11]. - Adjusted net profit is projected to be 1.410 billion RMB in 2024 and 1.686 billion RMB in 2025, with growth rates of 24.8% and 19.6% [10][11]. - The report anticipates a gross margin of 52% in 2024 and 53% in 2025, with adjusted net profit margins of 18% and 21% respectively [10][11]. Valuation - The report uses a sum-of-the-parts (SOTP) valuation method, estimating the core business's value at 19.34 HKD per share and the value of New Classics Media at 13.43 HKD per share, leading to a total valuation of 32.77 HKD per share [10][14][15].

Investment Rating - The report maintains a "Buy" rating for Yuewen Group with a target price of HKD 41.17, revised from HKD 46.82 [1][6][9] Core Views - Yuewen Group's revenue in H1 2024 increased by 27.7% YoY to RMB 4.19 billion, with net profit attributable to shareholders growing by 33.9% YoY to RMB 500 million [1] - The strong performance is driven by the high growth of IP operation business, supported by multiple hit TV dramas and films [1] - The company is expected to achieve revenues of RMB 7.5 billion, RMB 7.91 billion, and RMB 8.21 billion in 2024, 2025, and 2026, respectively [1] Online Business - Online business revenue in H1 2024 decreased by 2.2% YoY to RMB 1.94 billion, mainly due to a shift towards ROI-focused paid reading models, which reduced ad revenue from free reading channels [2] - MAU on Tencent product channels dropped by 33.5% YoY to 70 million, with revenue declining by 26.2% YoY to RMB 130 million [2] - Third-party platform revenue grew by 18.2% YoY to RMB 120 million, benefiting from increased cooperation with third-party distributors [2] - MPU (Monthly Paying Users) increased by 1.1% QoQ to 8.8 million, indicating improved user stickiness and potential for future growth [2] IP Operation Business - IP operation business revenue surged by 75.7% YoY to RMB 2.2 billion in H1 2024, driven by hit TV dramas such as "Hot and Spicy," "The Legend of Shen Li," and "The Story of Rose" [3] - The company has a rich pipeline of IP projects, with "The Great Sage" and "Silent Reading" set to launch in H2 2024 [3] - IP licensing and derivative businesses also saw significant growth, with IP card GMV reaching RMB 100 million in H1 2024 [3] AI Technology and Overseas Expansion - Yuewen Group is leveraging AI technology, particularly its "Miaobi" model, to enhance content creation efficiency and support the overseas expansion of its WebNovel platform [4] - In H1 2024, AI-translated works accounted for approximately 40% of the top 100 bestsellers on WebNovel [4] - The company is exploring further integration of AI with IP content creation, which could drive future revenue growth [4] Financial Forecasts - Revenue is projected to grow at a CAGR of 4.6% from 2024 to 2026, reaching RMB 8.21 billion by 2026 [5] - Non-GAAP net profit is expected to increase from RMB 1.38 billion in 2024 to RMB 1.63 billion in 2026 [1] - EPS is forecasted to grow from RMB 1.06 in 2024 to RMB 1.28 in 2026 [5] Valuation - The SOTP valuation method assigns a target price of HKD 41.17, with online business valued at RMB 17.74 billion (HKD 18.85 per share) and IP operation business valued at RMB 21.01 billion (HKD 22.32 per share) [9][11][13] - The online business is valued at 4.6x 2024E PS, in line with the average PS of other online entertainment platforms [11] - The IP operation business is valued at 19.2x 2024E PE, consistent with the average PE of other IP content producers [13]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 4.19 billion yuan in H1 2024, representing a year-on-year increase of 27.7%, driven by the release of popular films and significant breakthroughs in IP development [2]. - The adjusted net profit attributable to shareholders reached 700 million yuan, up 16.4% year-on-year, with a gross profit margin of 49.7% [2]. - The online business showed signs of stabilization, with a slight decline in revenue, while the company is focusing on enhancing its self-owned reading platform and exploring new revenue streams through AIGC technology [2]. Summary by Sections Revenue Performance - The company reported a total revenue of 4.19 billion yuan in H1 2024, with a gross profit of 2.08 billion yuan, marking a gross profit margin of 49.7% [2]. - Online business revenue was 1.94 billion yuan, a decrease of 2.2% year-on-year, with self-owned platform revenue slightly declining by 0.9% to 1.69 billion yuan [2]. IP Development and Content Strategy - The company has launched several successful TV series and films, including "The Story of Rose" and "Celebrating the Year 2," contributing to a significant increase in copyright operations and other revenues, which grew by 73.3% to 2.25 billion yuan [2]. - The company is actively expanding its IP portfolio across various sectors, including animation, comics, and games, with notable projects in the pipeline for the coming years [2]. Financial Forecast and Valuation - The revenue forecast for 2024 and 2025 has been slightly adjusted upwards to 7.84 billion yuan and 8.12 billion yuan, respectively, while the adjusted net profit estimates have been revised downwards to 1.38 billion yuan and 1.51 billion yuan [2]. - The report emphasizes the importance of the company's IP reserves and the potential for diversified monetization strategies moving forward [2].

: 原 山 券 传媒/数字媒体 头部 IP 内容释放驱动业绩增长，IP 商业化多点开花 港股公司信息更新报告 投资评级：买入（维持） 方光照（分析师） 闰鳥（分析师） tianpeng@kysec.cn 正书站号：S0790523090001 | --- | |--------------------| | 日 朝 | | 当前股价(港元) | | 一辛哀奇哀低(港无) | | | 流通市值(亿港元)259.38 总股本(亿股)10.23 流通港股(亿股)10.23 道３个月挨手手(%)18.94 股价达券困 南文化 也 生 指數 10% -10% -20% -30% -40% 2024-04 2023-08 2023-12 數據未源： 外部部 老职务 外职务 《大 IP 产品储备丰富，2024 年改逆供 给释汝 一港殷公司位总要新报告》 -2024.3.19 fangguangzhao@kysec.cn 证书编号：S0790520030004 ● 优质 IP 内客服动 2024H1 业续增长，看好后续内客上新，维持"买入" 评级 2024H1 公司实现主营业务收入 41.91 亿元 (同比+27.7%)，其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance growth in H1 2024 is driven by the release of high-quality IP content, with a significant increase in revenue from copyright operations and other businesses [5] - The company achieved a main business revenue of 4.191 billion HKD in H1 2024, representing a year-on-year increase of 27.7%, with net profit reaching 504 million HKD, up 33.8% year-on-year [5] - The report maintains profit forecasts for 2024-2026, predicting net profits of 1.104 billion HKD, 1.349 billion HKD, and 1.513 billion HKD respectively, with corresponding EPS of 1.1, 1.3, and 1.5 HKD [5] Financial Performance - In H1 2024, online business revenue was 1.940 billion HKD (down 2.2% year-on-year), while revenue from copyright operations and other businesses was 2.251 billion HKD (up 73.3% year-on-year) [5] - The gross margin for H1 2024 was 49.7% (up 0.8 percentage points year-on-year), and the net margin was 12% (up 0.56 percentage points year-on-year) [5] - The company’s total market capitalization is 25.938 billion HKD, with a current stock price of 25.350 HKD [3] IP Content and Commercialization - The company has a rich reserve of major IP works, with successful performances from titles such as "Qing Yu Nian Season 2" and "Re Hot" contributing significantly to revenue [6] - The commercialization of IP is expanding across various sectors, with significant sales in card games and short dramas, indicating a multi-faceted growth strategy [6] - The report highlights that the company has launched over 100 short dramas this year, with a single work generating 30 million HKD in revenue [6]

Revenue Growth and Financial Performance - Total revenue increased by 27.7% year-on-year to RMB 4,190,933 thousand[2] - Revenue increased by 27.7% year-over-year to RMB 4,190.9 million in the first half of 2024[14] - Revenue for the six months ended June 30, 2024, was RMB 4,190.9 million, a 27.7% increase from RMB 3,283.0 million in the same period last year[39] - Total revenue for the six months ended June 30, 2024, was RMB 4,190,933 thousand, with online business contributing RMB 1,940,377 thousand and copyright operations and others contributing RMB 2,250,556 thousand[55] Operating Profit and Margins - Operating profit margin improved from 9.5% to 10.8% year-on-year[3] - The company's operating profit increased to RMB 454.4 million, up from RMB 310.9 million in the previous year[13] - Operating profit increased by 46.1% YoY to RMB 454.4 million[20] - Operating profit for the six months ended June 30, 2024, increased to RMB 454,449 thousand, up from RMB 310,948 thousand in the same period in 2023[26] - Operating profit for the six months ended June 30, 2024, was RMB 454.4 million, a 46.1% increase from RMB 310.9 million in the same period last year[39] Copyright Operations and IP Performance - Copyright operation revenue surged by 75.7% year-on-year[3] - Copyright operations revenue increased significantly to RMB 2,202.8 million, representing 52.6% of total revenue[14] - Copyright operations and other revenue surged by 73.3% YoY to RMB 2,250.6 million, driven by strong growth in IP operations[18] - The company acquired Tencent Animation, adding top domestic animation IPs like "The Outcast" and "Fox Spirit Matchmaker"[8] - IP card business achieved a GMV of approximately RMB 100 million in the first half of the year[9] - The company reclassified short dramas from "Online Business" to "Copyright Operations and Others" to better reflect revenue structure and profit trends[53] User Metrics and Engagement - The company's MPU (Monthly Paying Users) exceeded 8.8 million, showing steady growth[6] - Average monthly active users on the company's own platforms and Tencent products decreased to 176.0 million from 211.7 million year-over-year[16] - Average monthly paying users remained stable at 8.8 million, with average revenue per paying user at RMB 31.7[16] - Average monthly active users (MAU) of the company's own platform products and self-operated channels decreased by 16.9% YoY to 176.0 million, with self-operated channels seeing a 33.5% decline to 70.7 million due to reduced free reading channel users[17] - Average monthly paying users increased slightly by 0.4% YoY to 8.8 million[17] - Average monthly revenue per paying user for the paid reading business decreased by 1.9% YoY to RMB 31.7[18] Content and Platform Performance - The movie "YOLO" became the highest-grossing film in China in 2024 with a cumulative box office of RMB 3.5 billion[7] - The TV series "Joy of Life Season 2" achieved a record-breaking heat index of over 34,000 on Tencent Video[4] - WebNovel provided approximately 5,000 translated Chinese works and 650,000 local original works to overseas users[6] - The company's online reading platform added approximately 170,000 new writers and 320,000 new novels in the first half of 2024[6] - AI-translated works accounted for approximately 40% of the top 100 bestsellers on the WebNovel platform[11] - Revenue from self-owned platform products for the six months ended June 30, 2024, was RMB 1,694,169 thousand, with RMB 1,500,919 thousand recognized at a point in time and RMB 193,250 thousand recognized over time[58] Profitability and Earnings - Non-IFRS net profit attributable to equity holders increased to RMB 702.1 million from RMB 603.1 million year-over-year[13] - Net profit attributable to equity holders grew by 33.9% YoY to RMB 504.3 million, with non-IFRS net profit up 16.4% to RMB 702.1 million[22] - Profit for the period was RMB 503.9 million for the six months ended June 30, 2024, a 34.0% increase from RMB 376.0 million in the same period last year[39] - Net profit for the six months ended June 30, 2024, was RMB 504,303 thousand, compared to RMB 376,680 thousand in the same period of 2023[43] - Net profit attributable to equity holders of the company for the six months ended June 30, 2024, was RMB 504,303 thousand, compared to RMB 376,680 thousand in the same period in 2023, representing a 33.9% increase[66] Cash Flow and Liquidity - Net cash position stood at RMB 9,208.1 million, reflecting strong liquidity[24] - The company's net cash position increased to RMB 9,208.1 million as of June 30, 2024, from RMB 8,101.4 million as of December 31, 2023[32] - Free cash flow for the six months ended June 30, 2024, was RMB 1,531.8 million, driven by net cash from operating activities of RMB 1,613.8 million[32] - Cash flow from operating activities significantly improved to RMB 1,613,843 thousand, compared to RMB 615,638 thousand in the same period of 2023[45] - Cash and cash equivalents at the end of June 2024 stood at RMB 2,898,306 thousand, a decrease from RMB 3,359,906 thousand at the end of June 2023[45] Expenses and Costs - Sales and marketing expenses rose by 41.0% YoY to RMB 1,158.9 million, accounting for 27.7% of revenue[20] - Promotion and advertising expenses increased to RMB 866,253 thousand for the six months ended June 30, 2024, compared to RMB 558,281 thousand in the same period in 2023[59] - Content costs for the six months ended June 30, 2024, were RMB 856,281 thousand, up from RMB 751,939 thousand in the same period in 2023[59] - Government subsidies for the six months ended June 30, 2024, were RMB 48,634 thousand, down from RMB 83,434 thousand in the same period in 2023[60] - Income tax expense for the six months ended June 30, 2024, was RMB 99,064 thousand, compared to RMB 49,610 thousand in the same period in 2023[63] Assets and Liabilities - Total assets increased to RMB 24,431.3 million as of June 30, 2024, up from RMB 23,188.5 million as of December 31, 2023[31] - Total liabilities rose to RMB 5,199.5 million as of June 30, 2024, compared to RMB 4,164.0 million as of December 31, 2023[31] - Total assets as of June 30, 2024, were RMB 24,431.3 million, a 5.4% increase from RMB 23,188.5 million as of December 31, 2023[41] - Total liabilities increased to RMB 5,199,506 thousand as of June 30, 2024, up from RMB 4,164,048 thousand at the end of 2023[42] - Current liabilities rose to RMB 4,916,294 thousand, driven by increases in trade payables (RMB 1,222,103 thousand) and other payables (RMB 1,935,279 thousand)[42] Shareholder Equity and Dividends - Shareholders' equity increased to RMB 19,232,665 thousand as of June 30, 2024, up from RMB 18,563,484 thousand at the end of June 2023[43] - The company repurchased and canceled shares worth RMB 16,512 thousand during the six months ended June 30, 2024[43] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[95] - The company did not declare or pay any dividends for the six months ended June 30, 2024, and 2023[67] Investments and Acquisitions - The company acquired Tencent Animation, adding top domestic animation IPs like "The Outcast" and "Fox Spirit Matchmaker"[8] - The company completed a business combination with Tencent and its subsidiaries, using the book value method, which did not generate new goodwill[48] - The company invested approximately 150,000,000 RMB in convertible bonds of an investee company engaged in animation and game production in July 2024[95] - Investments in associates and joint ventures as of June 30, 2024, amounted to RMB 1,064,204 thousand, with investments in joint ventures increasing to RMB 663,978 thousand from RMB 515,278 thousand at the end of 2023[73][74] Accounting and Financial Reporting - The company adopted revised accounting standards effective from January 1, 2024, including IAS 1 amendments and IFRS 16 amendments, with no material impact on financial statements[50] - The company is evaluating the impact of new and revised standards, including IFRS 18 and IFRS 19, which are not yet effective[51] - The company's financial statements are prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)[47] - The company's financial data is presented in RMB and is unaudited but reviewed by external auditors[46] Corporate Governance and Shareholder Information - The board of directors consists of executive directors Hou Xiaonan and Huang Yan, non-executive directors James Gordon Mitchell, Cao Huayi, and Xie Qinghua, and independent non-executive directors Yu Chuyuan, Liang Xiuting, and Liu Junmin[101] - The company has adopted several equity incentive plans, including the 2014 Restricted Share Unit Plan, the 2020 Restricted Share Unit Plan, and the 2021 Share Option Plan, with amendments approved by shareholders on May 22, 2023[102] - The company's external auditor is PricewaterhouseCoopers[102] - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code 772[102] - Tencent Holdings Limited is one of the company's controlling shareholders, listed on the Main Board of the Hong Kong Stock Exchange under the stock code 700[104] Other Financial Metrics - Gross profit increased by 29.8% YoY to RMB 2,083.2 million, with a gross margin of 49.7%, up from 48.9% in the previous year[20] - Gross profit for the six months ended June 30, 2024, was RMB 2,083.2 million, a 29.8% increase from RMB 1,604.8 million in the same period last year[39] - Gross profit for the six months ended June 30, 2024, was RMB 2,083,230 thousand, with online business generating RMB 974,426 thousand and copyright operations and others generating RMB 1,108,804 thousand[55] - EBITDA increased to RMB 501.5 million, with adjusted EBITDA reaching RMB 587.6 million[24] - Adjusted EBITDA for the six months ended June 30, 2024, rose to RMB 587,619 thousand, compared to RMB 471,354 thousand in 2023[26] - Non-IFRS operating profit for the six months ended June 30, 2024, reached RMB 624,174 thousand, with a non-IFRS operating profit margin of 14.9%[28] - Non-IFRS net profit attributable to equity holders for the six months ended June 30, 2024, was RMB 702,061 thousand, with a non-IFRS net profit margin of 16.7%[28]