2025年以来，随着春节档电影票房打破记录，电影市场释放强劲复苏信号，同时再次证明观众对高品质 内容的渴望与支持，使优质内容的发展确定性越来越强。 欢喜传媒等拥有优质内容生产能力的影视企业也迎来了乘势而上的机会。 近期，欢喜传媒更宣布将与张艺谋联手打造《满江红2》，向市场投下一颗重弹。作为2023年春节档票 方冠军之系列IP，大有机会依托前作积累起的强大势能，冲击影坛全新高度。 同时，欢喜传媒旗下《戏台》、《酱园弄》等多部重磅影片待映，有望通过差异化内容吸引广泛的观 众，共同助力欢喜传媒迎来又一个"爆发之年"。 1、《满江红2》：大IP续作，冲击票房60亿的新高峰 从商业逻辑看，《满江红》的成功为续集奠定了坚实的市场基础。 此前，《满江红》曾以45.44亿的票房成绩拿下2023年度票房冠军，并以88.4分位居"2023年度中国电影 观众满意度调查"首位，实现票房与口碑双赢，成为极具影响力的IP。 系列IP电影天然具备"品牌效应"，尤其是在中国电影市场，观众对优质IP的忠诚度极高。 同时，《满江红2》保留原班人马，并在故事创意上推陈出新，显然意在最大化其长尾价值，若其能在 剧本深度和视觉呈现上实现突破，票房大卖 ...

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1003） 截至二零二四年十二月三十一日止年度之 末期業績公告 歡喜傳媒集團有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（「本 集 團」）截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度 之 綜 合 業 績，以 及 截 至 二 零 二 三 年十二月三十一日止年度之比較數據，載列如下： 綜合損益及其他全面收益表 截至二零二四年十二月三十一日止年度 | 二零二四年 | 二零二三年 | 附 | 港幣千元 | 註 | 港幣千元 | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Financial Performance - Revenue and film investment (loss)/income for the period was HK$115,209,000, compared to HK$1,393,279,000 in the same period last year, with a net loss of HK$89,049,000 compared to a net profit of HK$400,769,000 in the previous year[9] - The Group faced fierce competition and lower-than-expected box office receipts for films released during the period, contributing to the net loss[10] - The Group's revenue and film investment (loss)/income for the six months ended 30 June 2024 was HK$115,209,000, a significant decrease from HK$1,393,279,000 in the same period last year, with a net loss of HK$89,049,000 compared to a net profit of HK$400,769,000 in 2023[12] - Loss per share for the six months ended 30 June 2024 was HK$0.02, compared to a profit per share of HK$0.11 in the same period last year, and net asset value per share was HK$0.36, down from HK$0.40 at the end of 2023[11][12] - Revenue and film investment income, net for the six months ended 30 June 2024 was HK$115.209 million, a significant decrease from HK$1,393.279 million in the same period in 2023[62] - Gross loss for the six months ended 30 June 2024 was HK$70.346 million, compared to a gross profit of HK$1,113.160 million in the same period in 2023[62] - Operating loss for the six months ended 30 June 2024 was HK$90.282 million, compared to an operating profit of HK$460.568 million in the same period in 2023[62] - Loss before tax for the six months ended 30 June 2024 was HK$89.104 million, compared to a profit before tax of HK$457.442 million in the same period in 2023[62] - Loss for the period attributable to owners of the company was HK$89.049 million, compared to a profit of HK$400.769 million in the same period in 2023[62] - Total comprehensive loss for the period was HK$122,209 thousand, compared to a total comprehensive income of HK$331,029 thousand in the same period last year[63] - Loss per share for the period was HK$0.02, compared to a profit per share of HK$0.11 in the same period last year[63] - The company reported a loss attributable to owners of HK$89,049,000 for the six months ended 30 June 2024, compared to a profit of HK$400,769,000 in the same period in 2023[102] - Basic loss per share was HK$0.02, compared to a profit of HK$0.11 per share in the previous year[103] - The company's total comprehensive loss for the six months ended 30 June 2024 was HK$122,209,000, primarily due to a loss for the period of HK$89,049,000 and other comprehensive loss of HK$33,160,000[132] Film Releases and Investments - The Group released two films during the period: *The Movie Emperor* and *Strangers When We Meet*, and completed post-production on several others, including *She's Got No Name*, *Li Na*, *The Stage*, *Unspoken*, and *The Mountain*[6] - The Group invested in films such as *Deep In The Mountains*, *Caught by the Tides*, and *Intercross*, aiming to cater to diverse audience preferences[6] - Blockbusters like *She's Got No Name*, *Li Na*, and *The Stage* are expected to debut later, potentially improving future revenue and results[10] - The Group plans to release several major films, including "The Murderer" directed by Chen Kaige, "The Last Race" directed by Peter Chan, and "The Stage" directed by Chen Peisi, expected to contribute to future revenue and improve performance[12] - The Group released two films during the summer holiday: "Evacuate from the 21st Century" and "The Hedgehog," with several more films planned for release in the second half of 2024 and the first half of 2025[28] - The Group plans to collaborate with top Chinese directors, including Zhang Yimou, following the success of "Full River Red," to create more films with high artistic and commercial value[29] - The total production costs for the film "The Movie Emperor" (formerly "Red Carpet") amounted to RMB 260,789,360 (approximately HK$ 281,012,000), with director Mr. Ning receiving a fee of HK$ 30,000,000 included in these costs[139][140] - The Group invested RMB 12,000,000 for 10% of the income rights in a film through an agreement with Tibet Jindouyun, and the balance of HK$ 1,065,000 from Shanghai Dirty Monkey was fully received during the reporting period[142] Online Video Platform - The online video platform "huanxi.com" featured international films and TV shows, including *Mandibules*, *Between Two Worlds*, *Contra*, and *All Creatures Great And Small – Season 3*[7] - The Group continues to focus on global content acquisition for its online platform, enhancing its competitive edge[7] - The Group will continue to optimize its online video platform "huanxi.com" by adding more outstanding films and internet dramas, including international award-winning productions[31] Content Strategy and Industry Recovery - The Group maintained a strong content reserve to prepare for the recovery of the film and TV industry[5] - The Group's strategy includes adjusting film release timing and investing in diverse productions to meet market demands[5] - The Group aims to strengthen its core competitiveness by deploying its "Content is King" strategy, collaborating with outstanding directors and professional production teams to create diverse, high-quality film and television productions[32] Financial Position and Assets - The Group's net current assets as of 30 June 2024 were HK$628,465,000, down from HK$735,495,000 at the end of 2023, with cash and cash equivalents decreasing to HK$102,223,000 from HK$310,146,000[13] - The Group's current ratio as of 30 June 2024 was approximately 1.85, slightly lower than 1.95 at the end of 2023, with total equity of HK$1,331,359,000, down from HK$1,453,568,000 at the end of 2023[13] - The Group had no borrowings as of 30 June 2024, with a gearing ratio of Nil, unchanged from the end of 2023[13] - Total assets decreased to HK$2,066,791 thousand as of 30 June 2024, down from HK$2,234,243 thousand as of 31 December 2023[65] - Total equity decreased to HK$1,331,359 thousand as of 30 June 2024, down from HK$1,453,568 thousand as of 31 December 2023[66] - Film and TV programmes rights decreased to HK$1,025,765 thousand as of 30 June 2024, down from HK$1,039,970 thousand as of 31 December 2023[65] - Cash and cash equivalents decreased to HK$102,223 thousand as of 30 June 2024, down from HK$310,146 thousand as of 31 December 2023[65] - Reserves decreased to HK$1,294,794 thousand as of 30 June 2024, down from HK$1,417,003 thousand as of 31 December 2023[66] - Film investment funds from investors decreased to HK$523,714 thousand as of 30 June 2024, down from HK$535,195 thousand as of 31 December 2023[66] - Film rights investments fair value at 30 June 2024 was HK$138,913 thousand, a decrease from HK$193,673 thousand at 31 December 2023[79] - Level 3 financial instruments closing balance at 30 June 2024 was HK$137,993 thousand, down from HK$192,731 thousand at 31 December 2023[85] - Additions to Level 3 financial instruments for the six months ended 30 June 2024 were HK$24,451 thousand, compared to HK$77,220 thousand in 2023[85] - Changes in fair values of Level 3 financial instruments for the six months ended 30 June 2024 were a loss of HK$4,544 thousand, compared to a loss of HK$79,343 thousand in 2023[85] - Derecognition or settlement of Level 3 financial instruments for the six months ended 30 June 2024 was HK$70,551 thousand, compared to HK$42,240 thousand in 2023[85] - Prepayments for film and TV programmes rights under development decreased to HK$378,433,000 from HK$387,152,000[114] - Completed film and TV programmes rights increased to HK$822,355,000 from HK$566,362,000[116] - Film and TV programmes rights under production decreased to HK$296,528,000 from HK$495,008,000[116] - Film rights investments (financial assets at FVTPL) decreased to HK$138,913,000 from HK$193,673,000[116] - Licensed film and TV programmes rights decreased to HK$66,590,000 from HK$79,908,000[116] - Trade receivables increased significantly to HK$148,763,000 from HK$24,554,000[119] - Other receivables decreased to HK$73,871,000 from HK$86,168,000[119] - Trade payables decreased to HK$107,666,000 from HK$110,002,000[125] - Other payables decreased to HK$47,260,000 from HK$50,988,000[125] - Accruals decreased significantly to HK$1,608,000 from HK$13,787,000[125] - Commitments for the acquisition and production of film and TV program rights as of 30 June 2024 were HK$172,720,000, a decrease from HK$284,915,000 as of 31 December 2023[136] - The company's share capital remained unchanged at HK$500,000,000 authorized and HK$36,565,000 issued and fully paid as of 30 June 2024[131] Cash Flow and Liquidity - Net cash used in operating activities for the six months ended 30 June 2024 was HK$197,296 thousand, compared to HK$164,873 thousand generated in the same period in 2023[68] - Cash and cash equivalents decreased by HK$203,199 thousand to HK$102,223 thousand at the end of the period, down from HK$310,146 thousand at the beginning[68] - The company's cash flow, cash on hand, and assets are mainly denominated in Hong Kong dollars and Renminbi, with foreign currencies needed for investments and cooperation with Mainland China and overseas film companies[14][17] Shareholding and Directors - Mr. Dong Ping holds 1,474,334,354 shares, representing 40.32% of the company's issued shares[45] - Mr. Ning Hao holds 1,474,334,354 shares, representing 40.32% of the company's issued shares[45] - Mr. Xu Zheng holds 1,474,334,354 shares, representing 40.32% of the company's issued shares[45] - Mr. Li Xiaolong holds 15,060,000 shares, representing 0.41% of the company's issued shares[45] - Mr. Wang Hong holds 200,000 shares, representing 0.01% of the company's issued shares[45] - Newwood Investments Limited, directly owned by Mr. Dong, holds 461,711,082 shares[46] - Pacific Wits Limited, directly owned by Mr. Ning, holds 438,625,528 shares[46] - Tairong Holdings Limited, directly owned by Mr. Xu, holds 438,625,528 shares[46] - Panfaith Investments Limited, directly owned by Mr. Li Xiaolong, holds 15,060,000 shares[46] - Dong Ping holds 1,474,334,354 shares, representing 40.32% of the total shareholding[49] - Newwood Investments Limited holds 1,474,334,354 shares, representing 40.32% of the total shareholding[49] - Numerous Joy Limited holds 92,342,216 shares, representing 2.53% of the total shareholding[49] - Highrise Castle Limited holds 800,000 shares, representing 0.02% of the total shareholding[49] - Ning Hao holds 1,474,334,354 shares, representing 40.32% of the total shareholding[50] - Pacific Wits Limited holds 1,474,334,354 shares, representing 40.32% of the total shareholding[50] - Xu Zheng holds 1,474,334,354 shares, representing 40.32% of the total shareholding[50] - Tairong Holdings Limited holds 1,474,334,354 shares, representing 40.32% of the total shareholding[50] - Bilibili Inc. holds 346,626,954 shares, representing 9.48% of the total shareholding[50] - FMR LLC. holds 210,993,854 shares, representing 5.77% of the total shareholding[50] - The Group's board of directors consists of 2 executive directors, 3 non-executive directors, and 3 independent non-executive directors, all bringing diverse industry expertise and experience[36] - The Board has resolved not to declare an interim dividend for the six months ended 30 June 2024, consistent with the same period in 2023[42][43] - The company did not declare an interim dividend for the six months ended 30 June 2024, consistent with the previous year[101] Employee and Management - The Group had 85 full-time employees and 2 part-time employees as of 30 June 2024, down from 86 full-time and 4 part-time employees at the end of 2023[22] - As of June 30, 2024, the Group employed 85 full-time employees (down from 86 on December 31, 2023) and 2 part-time employees (down from 4 on December 31, 2023)[26] - Key management personnel compensation for the six months ended 30 June 2024 was HK$ 7,636,000, a decrease from HK$ 15,914,000 in the same period of 2023[144] - Employee benefit expenses (excluding Directors' remuneration) decreased to HK$21,854,000 from HK$23,690,000 year-over-year[95] Investments and Expansion - The Group is seeking investment opportunities in media and entertainment-related businesses to expand income sources and prospects[21] - The Group is actively seeking investment opportunities, particularly in media and entertainment-related businesses, to diversify revenue streams and enhance future prospects[25] Financial Instruments and Risks - The company adopted a new share option scheme on 25 June 2024, with 365,647,236 options available for grant and a service provider sublimit of 36,564,723 options as of 30 June 2024[52] - No options were granted, exercised, or cancelled under the 2014 Share Option Scheme during the period ended 30 June 2024, and the scheme expired on 17 June 2024[52] - The company had no outstanding share options as of 30 June 2024, with all previously granted options under the 2014 Share Option Scheme having lapsed[52] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended 30 June 2024[54] - There were no material events after the reporting period[55] - The company has adopted new or revised HKFRS standards effective from 1 January 2024, with no material impact on the financial information[71] - Management's significant judgements and estimates in preparing the interim financial information were consistent with those applied in the 2023 annual financial statements[74] - The company is exposed to financial risks including market risk (foreign exchange and interest rate), credit risk, and liquidity risk, with no changes in risk management policies since 31 December 2023[75] Box Office and Licensing Revenue - The Group's box office performance in the previous year, including the success of *Full River Red*, contributed to a net profit of HK$400,769,000[10] - Share of box office income for the six months ended 30 June 2024 was HK$63,374 thousand, a significant decrease from HK$1,317,186 thousand in the same period in 2023[87] - Sub-licensing of film and TV programmes rights revenue for the six months ended 30 June 2024 was HK$52,489 thousand, down from HK$66,521 thousand in 2023[87] - Other media related revenue for the six months ended 30 June 2024 was HK$3,890 thousand, compared to HK$9,295 thousand in 2023[87] - Film investment loss for the six months ended 30 June 2024 was HK$4,544 thousand, compared to a profit of HK$277 thousand in 2023[87] - Total revenue for the six months ended 30 June 2024 was HK$119,753 thousand, a significant decrease from HK$1,393,002 thousand in 2023[87] Expenses and Costs - Advertising and marketing expenses significantly reduced to HK$153,391,000 from HK$325,270,000 in the previous year[95] - Amortisation of film and TV programmes rights decreased to HK$185,555,000 from HK$280,119,000 year-over-year[95] - Total cost of revenue, selling and distribution costs, and administrative expenses decreased to HK$393,018,000 from HK$668,712,000[95] - Additions to property, plant and equipment were HK$19,000, down from HK$37,000 in the same period in 2023[108] - Depreciation of right-of-use assets was HK$6,666,000, slightly up from HK$6,484,000 in the previous year[109] Other Financial Information - The company recognized a gain on film investment funds from investors of approximately HK$185,554

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1003） 截至二零二四年六月三十日止六個月之 中期業績公告 歡 喜 傳 媒 集 團 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）公 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 業 績，連 同 二 零 二 三 年 同 期 之 比 較 金 額。本 集 團 之 未 經 審 核 簡 明 綜 合 中 期 財 務 資 料 已 經 由 本 公 司 之 審 核 委 員 會（「委 員 會」）審 閱。 * 僅供識別 – 1 – 未經審核簡明綜合損益及其他全面收益表 截至二零二四年六月三十日止六個月 | --- | --- | --- | --- | |------------------------------------------ ...

Investment Rating - The report initiates coverage with an "Outperform" rating for Huanxi Media, reflecting confidence in its strategy and growth potential [2][54]. Core Insights - Huanxi Media emphasizes the belief that "content is king" in the film industry, binding top directors and creative teams to consistently produce high-quality content. The company has established a unique equity structure that aligns the interests of shareholder directors with the company's long-term goals [2][12]. - The film industry is experiencing a rapid recovery, with significant box office growth expected in 2024. Huanxi Media is well-positioned to capitalize on this trend through its strong film reserves and strategic partnerships [28][43]. - The company is actively developing its online video platform, "Huanxi Premier," aiming to create a Chinese equivalent of Netflix, which combines subscription and pay-per-view models [47][80]. Summary by Sections 1. Content is King, Pioneering a New Model in the Film Industry - Huanxi Media has successfully integrated renowned directors as shareholders, fostering a collaborative environment that enhances content quality. This model reduces performance pressure on directors while aligning their interests with the company's success [2][12][75]. 2. Rapid Recovery of the Film Industry, AI Assisting Cost Reduction and Efficiency - The Chinese film market has shown strong recovery, with total box office revenue reaching 549 billion yuan in 2023, a significant increase from previous years. The report anticipates continued growth in 2024, driven by high-quality content [28][43]. 3. Rich Film Reserves, Actively Developing Online Video Platform - Huanxi Media's film "Man Jiang Hong" achieved a total box office of 4.54 billion yuan, becoming the highest-grossing suspense film in Chinese history. The company has a robust pipeline of upcoming films, including collaborations with top directors [43][44]. - The online video platform "Huanxi Premier" is designed to curate high-quality films and TV programs, enhancing user experience through strategic partnerships with major entertainment companies [47][81]. 4. Earnings Forecast and Investment Recommendations - Revenue projections for Huanxi Media are estimated at HKD 817 million, HKD 902 million, and HKD 969 million for 2024, 2025, and 2026, respectively. Net profit is expected to be HKD 123 million, HKD 178 million, and HKD 193 million over the same period [54][76].

Box Office Performance - Huanxi Media Group's film "Full River Red" achieved total box office receipts of over RMB 4.5 billion, making it the highest-grossing Chinese film of 2023[13]. - The total box office receipts for films in the PRC exceeded RMB 53 billion in 2023, reflecting an increase of over 80% compared to the previous year[14]. - The film "Full River Red," produced by the Group, achieved total box office receipts of RMB 4.54 billion, becoming the highest-grossing suspense film in Chinese film history and topping the 2023 box office charts[33]. - The film "Dying to Survive," co-produced by Mr. Ning, earned RMB 3.1 billion in box office receipts[46]. - The film "Breakup Buddies," directed by Mr. Ning, grossed RMB 1.17 billion in box office receipts, making it the highest-grossing domestic Chinese movie of the year in 2014[46]. - The film "The Island," directed and starred by Huang Bo, earned over RMB 1.35 billion in box office receipts in 2018[79]. - The film "Dying to Survive" co-produced by Xu Zheng earned RMB 3.1 billion in box office receipts in 2018, winning multiple awards including Best Leading Actor and Best New Director at the 55th Taiwan Golden Horse Awards[71]. - The film "Crazy Alien," directed by Mr. Ning, generated revenue of RMB 700 million for the Group in 2019, with a guaranteed minimum distribution amount of RMB 2.8 billion[46]. Film Production and Strategy - The Group has completed post-production for several major films, including "Papa" and "Anita," which are expected to attract significant audience interest[20]. - The Group is actively preparing and completing post-productions of several popular films, including "Li Na" and "Call Me Crazy," which are expected to appeal to diverse audience preferences[36]. - The Group plans to invest in and produce films with various themes and styles, including "The Hedgehog" and "Evacuate From The 21st Century," to meet audience demands[41]. - The Group's strategy emphasizes "Content is King," focusing on collaboration with top directors to produce high-quality original content, ensuring reliable box office returns[40]. - The Group aims to further expand its film portfolio by collaborating with renowned directors, ensuring a steady stream of engaging content for audiences[40]. - The Group will continue to implement the "content is king" strategy, focusing on collaborations with top Chinese directors to accelerate the release of high-quality content[42]. - The Group is actively developing and producing multiple high-quality films with top directors in China, including projects by Chen Kaige and Chen Peisi[84]. - The Group plans to release multiple films in 2024 and Q1 2025, including "The Murderer" and "Li Na," which are expected to attract considerable audience interest[62]. Financial Performance - For the year ended 31 December 2023, the Group recorded a revenue increase to HK$1,332,794,000, a sharp increase of approximately 97 times compared to HK$13,630,000 in 2022[83]. - The Group achieved a turnaround from a loss to a profit, reporting a profit before tax of HK$212,085,000, compared to a loss before tax of HK$223,272,000 in 2022[88]. - The net profit for the year was HK$159,135,000, recovering from a net loss of HK$221,812,000 in 2022[88]. - The Group expects a decrease in revenue from film and TV programme rights in Q1 2024, with an impairment loss of HK$106,196,000 recognized for 2023[88]. - The profit per share for the Group amounted to HK$0.04, compared to a loss per share of HK$0.06 in 2022[110]. - The net asset value per share attributable to owners of the Company was HK$0.40, up from HK$0.36 in 2022[110]. Online Video Platform Development - The online video platform "huanxi.com" has been optimized to provide diverse film and TV experiences, with plans for continued high-profile productions[21]. - The Group continues to optimize its online video platform "huanxi.com," enhancing the content ecosystem and attracting a wider user base through collaborations with major Internet and entertainment companies[25]. - The online video platform "Huanxi Premier" continues to develop by optimizing content ecology and attracting a broader user base through collaborations with major internet and entertainment companies[66]. - The content advantage of "huanxi.com" is expected to attract a wider user base and expand revenue streams through alliances with major channels[86]. Market Trends and Recovery - The film market is experiencing a strong recovery following the lifting of anti-epidemic policies, with a continuous release of quality films[14]. - The Central Government has declared 2024 as the "Year of Consumption Promotion," aiming to boost consumer demand post-epidemic, with a focus on cultural and entertainment consumption[23]. - During the 2024 Chinese New Year holiday, the number of moviegoers reached 160 million, and box office receipts totaled RMB 8 billion, marking increases of 26.4% and 18.5% respectively compared to 2023[23]. - The Group's film investment loss net for the year was significantly impacted by the pandemic, which previously affected cinema operations in China[88]. Corporate Governance and Management - The Group's chairman has extensive experience in the media and film industry, contributing to the company's strategic direction[4]. - The Group's major shareholders include Dong Ping and Ning Hao, both holding significant interests in the company[188]. - The Board consists of eight members, including two executive Directors, three non-executive Directors, and three independent non-executive Directors[184]. - The Company has made appropriate insurance arrangements for its directors and senior officers against legal actions arising from corporate activities[171]. Shareholder Information - As of December 31, 2023, the Group's net current assets were HK$735,495,000, an increase from HK$654,367,000 in 2022, with cash and cash equivalents rising to HK$310,146,000 from HK$53,634,000[91]. - The current ratio improved to approximately 1.95 in 2023, compared to 1.77 in 2022, indicating better short-term financial health[91]. - Total equity increased to HK$1,453,568,000 in 2023 from HK$1,328,436,000 in 2022, with no borrowings reported in 2023, down from HK$108,267,000 in 2022[91]. - The Group's gearing ratio was Nil as of December 31, 2023, compared to 0.08 in 2022, reflecting a stronger capital structure[91].

(b) 攤 薄 (b) 該 製 作 中 之 電 影 及 電 視 劇 版 權 預 付 款 指 本 集 團 就 電 影 的 發 行 權、播 放 權、新 媒 體 播 放權及相關收益權作出的預付款。 1,334,009 937,822 (a) 本集團於年內確認已完成之電影及電視劇版權減值撥備淨額約港幣103,138,000元（二 零二二年：港幣2,112,000元）及製作中之電影及電視劇版權減值撥備淨額約港幣3,058,000 元（二 零 二 二 年：港 幣3,971,000元）。 (e) 本 集 團 已 訂 立 若 干 合 營 業 務 安 排 以 製 作 及 發 行 兩 部 電 影（二 零 二 二 年：三 部）。本 集 團 於該等合營業務中之參與權益介乎50%至55%（二零二二年：50%至75%）。於 二 零 二 三 年 十 二 月 三 十 一 日，就 本 集 團 於 該 等 合 營 業 務 安 排 之 權 益 在 綜 合 財 務 狀 況 表 內 確 認 之無形資產的賬面值約為港幣104,905,000元（二 零 二 二 年：港 幣371,297,000元）。 – 13 – (c) 於 二 零 二 二 年 十 二 ...

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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1003） 截至二零二三年六月三十日止六個月之 中期業績公告 未經審核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 | --- | --- | --- | --- | |-----------------------------------------------|---------|--------------------------------------------------|-----------------------| | | 附 註 | 截至六月三十日止六個月 \n二零二三年 \n港幣千元 | 二零二二年 \n港幣千元 | | 收益及電影投資收入，淨額 收益之成本 | 4 7 | 1,393,279 (280,119) | 14,573 (50,245) | | | | | | | 毛 利╱（毛 損） | | 1,113,16 ...

Revenue and Financial Performance - The Group's revenue decreased due to the delay in releasing several major films, with only one film produced by the Group launched during the year[17]. - For the year ended December 31, 2022, the Group recorded revenue of HK$13,630,000, a significant decrease from HK$158,353,000 in 2021, and a net loss of HK$221,812,000, compared to a net loss of HK$235,557,000 in 2021[111]. - The decrease in revenue was primarily due to the postponement of screenings for several blockbuster films, as cinema operational rates in China were adversely affected by the pandemic[111]. - The Group implemented stringent cost control measures, resulting in reduced administrative expenses and a recognized income tax credit, contributing to a decrease in net loss[111]. - No final dividend is recommended for the year ended December 31, 2022, consistent with the previous year where no dividend was paid[175]. Film Production and Releases - The film "Full River Red," invested and controlled by the Group, is scheduled for release during the Spring Festival of 2023, with related income and costs to be accounted for in the interim results for the six months ending June 30, 2023[17]. - The Group has completed post-production for several blockbusters set to debut in 2023, including titles featuring well-known directors and actors, which are expected to attract audiences[20]. - The Group plans to release several blockbuster films in 2023, including "Papa" (學爸), "Something About Us" (紅毯先生), and "Li Na" (獨自•上場), aiming to achieve commendable revenues[32]. - The film "Full River Red" (滿江紅), produced by the Group, topped the box office chart during the Chinese New Year holiday of 2023 and is expected to significantly contribute to the Group's revenue and performance in 2023[31]. - The Group's strategy focuses on producing premium and diverse films and TV productions, collaborating with outstanding directors and professional creative teams[32]. Online Streaming and Content Development - The Group continues to source quality films and TV productions globally for release on its platform "huanxi.com," enhancing its content offerings[23]. - The Group aims to enhance its online video platform "huanxi.com" by including more quality films and TV productions, while also premiering "Full River Red" on the platform soon[37]. - The online video platform "huanxi.com" continued to develop, introducing more films and internet dramas to optimize content and attract more user groups[117]. - The Group is expanding its user base through collaborations with major channels to enhance the coverage of its platform "Huanxi Premier"[121]. - The Group's proactive approach in preparing for the next boom in the film industry is expected to yield high-quality films that will be well received when the market recovers[118]. Risk Management and Corporate Governance - The Company has established risk management and internal control systems to address significant business, operational, financial, compliance, and other risks[70]. - High-priority risks identified include strategic risks in the entertainment industry, operational risks related to media project quality, and compliance risks with various regulations[78]. - The Board, with the assistance of a Consultant, reviewed the effectiveness of the Group's risk management and internal control systems for 2022 and deemed them effective[77]. - The audit committee reviewed the company's corporate governance policies and compliance with legal and regulatory requirements, ensuring adherence to the Corporate Governance Code[127]. - The Company has adopted a whistle-blowing policy to allow employees to report irregularities[79]. Director and Management Information - The Company has independent non-executive directors with significant experience in finance and media, enhancing its governance structure[160][164]. - The Company is focused on developing new strategies for market expansion and enhancing its online video platform capabilities[172]. - The Company continues to strengthen its board with experienced professionals to navigate the evolving media landscape[171]. - All existing Directors received training on regulatory development and other relevant topics during the year ended 31 December 2022[1]. - The Company is committed to providing continuous professional development training for all Directors[87]. Market Trends and Industry Challenges - The pandemic has provided opportunities for the streaming media industry to thrive, with online viewing becoming a significant leisure activity for the public[24]. - The pandemic has significantly impacted the film industry, with a notable drop in the number of films produced and box office receipts in China[119]. - The film industry faced significant challenges due to the pandemic, with a notable decrease in domestic film releases and box office revenue hitting a near-record low[122]. - The company is committed to monitoring the ongoing impact of the pandemic on the media market and taking proactive measures to mitigate its effects on operations and financial performance[123]. - The Chinese government's policies to boost consumption, including tax concessions and lifting restrictions, are expected to foster recovery in the cultural industry, which is a key project for economic recovery[29].

二零二二年 二零二一年 附 註 港幣千元 港幣千元 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 截至二零二二年十二月三十一日止年度之 末期業績公告 | --- | --- | --- | --- | |---------------------------------------------------------|--------|--------------------|-------------------| | | | | | | 收 益 及 電 影 投 資（虧 損）╱收 入，淨 額 收益之成本 | 4 10 | 13,630 (106,251) | 158,353 (219,444) | | | | | | | 毛 損 | | (92,621) | (61,091) | | 其他收入 | 6 | 2,527 | 2,314 | | 其他收益，淨額 | 7 | 6,264 | ...