股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 歡喜傳媒集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01003 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500, ...

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 25,441 points, down 1.73%, while the Hang Seng Tech Index fell 3.62%, dropping below the 6,000-point mark [1][2] - Major technology stocks led the market downturn, with semiconductor stocks also suffering substantial losses [2][4] Sector Performance - The technology sector saw widespread declines, with notable drops including Hua Hong Semiconductor down over 13% and SMIC down over 8% [4][5] - Gold and precious metals stocks also fell sharply, with Zijin Mining and Chifeng Jilong Gold both dropping over 6% [6] - The gambling sector continued its downward trend, with New World Development down over 8% and Galaxy Entertainment down over 5% [11][12] - Conversely, banking stocks showed resilience, with Chongqing Rural Commercial Bank rising over 6% and China Merchants Bank up over 4% [13][14] - The film and entertainment sector performed well, with Huayi Brothers Media surging nearly 20% [15][16] Capital Flows - Southbound funds recorded a net inflow of 8.603 billion HKD, indicating continued interest in Hong Kong stocks despite the market volatility [17] Future Outlook - Analysts suggest that the recent escalation in US-China trade tensions may increase market uncertainty, but they remain optimistic about the medium-term outlook for Hong Kong stocks, particularly in sectors like AI, innovative pharmaceuticals, and new consumption [19]

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） 有關與董事一致行動人士買賣證券之公告 歡 喜 傳 媒 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈 根 據 由 本 公 司 控股股東及非執行董事寧浩先生（「寧先生」）及徐崢先生（「徐先生」，連同寧先生（「相 關董事」））於 二 零 二 五 年 七 月 三 十 日 至 二 零 二 五 年 八 月 二 十 一 日 提 交 的 披 露 權 益 表 格（「披露權益表格」），Newwood Investments Limited（「Newwood」），一 間 由 本 公 司 控 股 股 東、前 主 席 及 前 執 行 董 事 董 平 先 生（「董先生」）全 資 擁 有 的 公 司，於 二 零 二 五年七月三十日至二零二五年八月二十一日於市場出售總數為119,370,000股（相 當於本公司於本公告日期已發行股本總額約3.26 ...

Core Insights - The National Film Administration reported a 13% year-on-year decline in box office revenue for the 2025 National Day holiday period, totaling 1.835 billion yuan, marking the second-lowest performance in five years [1] - The overall contraction in this year's holiday box office is comprehensive, with total audience attendance dropping by 4% to 50.079 million and average attendance per screening decreasing by 15% [1] - Domestic films accounted for 98.93% of the box office during this period, with the top five films grossing below 500 million yuan for the first time in five years [1] Box Office Performance - The box office for the National Day holiday in 2025 was 1.835 billion yuan, down 2.7 billion yuan from the previous year [1] - The top five films were: "The Volunteer Army: Blood and Peace" (450 million yuan), "731" (345 million yuan), "Assassination Novelist 2" (295 million yuan), "Life of the Lost" (219 million yuan), and "Deafening" (175 million yuan) [1] - The average ticket price dropped to a five-year low of 36.6 yuan, but this did not significantly boost attendance [4] Market Trends - The enthusiasm for movie-going in first-tier cities has continued to decline, with their box office share dropping to a historical low of 13.4%, while the share from third and fourth-tier cities has increased to nearly 44% [6] - Major film companies are facing operational pressures, with "The Volunteer Army: Blood and Peace" struggling to recoup its high investment, accumulating only 488 million yuan by October 9 [6] - The overall film market saw a 34.73% year-on-year decline in box office revenue in the second quarter of this year [6] Industry Challenges - The animation film "The First Part of the Stars of the Three Kingdoms," produced by Light Media, grossed only 74.71 million yuan during the holiday, indicating financial strain [7] - The film "Sauce Garden Case" featuring major stars grossed only 375 million yuan, leading to significant losses for its production company, Huanyi Media [8] - Investment in film projects is becoming increasingly cautious, with a noted decrease in the influence of major directors [8] Alternative Entertainment Growth - During the same holiday period, domestic tourism saw 888 million trips, an increase of 123 million from the previous year, with total spending reaching 809 billion yuan [9] - Cultural and entertainment activities in lower-tier cities have seen a 34.1% increase in performance events, while online viewing time has risen by 23%, particularly in animation [9] Industry Adaptation - Major film companies are redefining their strategies, with Wanda Film collaborating with gaming IP to create new cinema experiences, attracting over one million players during the holiday [10] - The film industry is exploring new distribution models and integrating other forms of entertainment into cinemas [10] - Financing for film projects is becoming more challenging, prompting industry leaders to seek support from regulatory bodies [11]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01003 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000,000 致：香港交易及 ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock code 股份代號: 1003) 19 September 2025 Dear non-registered shareholder(s), Huanxi Media Group Limited (the "Company") – Notice of Availability Notice of publication of Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and is available on the website of the Company at www.irasia.com/listco/hk/huanximedia and the HKEXnews (the "HKEXnews ...

You are entitled to change the means of receipt of the future Corporate Communications by completing the enclosed reply form (the "Reply Form") and return it by hand or by post, using the mailing label at the bottom of the Reply Form to the Share Registrar (no postage stamp is necessary if posted in Hong Kong; otherwise please affix an appropriate stamp); or you may also send a scanned copy of the Reply Form duly completed and signed to the Share Registrar via email to huanximedia.ecom@computershare.com.hk. ...

[CORPORATE INFORMATION](index=2&type=section&id=CORPORATE%20INFORMATION) This section provides essential corporate details, including board composition, contact information, and key personnel changes [Board and Committees](index=2&type=section&id=Board%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with audit, remuneration, and nomination committees established, and notes a post-reporting period change in leadership - The Board comprises two executive directors, three non-executive directors, and three independent non-executive directors[54](index=54&type=chunk) - Mr. Dong Ping resigned as Chairman and Executive Director on July 27, 2025, and Ms. Hu Hui was appointed as an Executive Director on the same day[2](index=2&type=chunk)[3](index=3&type=chunk)[101](index=101&type=chunk) [Company Details and Contact](index=3&type=section&id=Company%20Details%20and%20Contact) This section outlines the company's registered office, Hong Kong principal place of business, share registrar, stock code (1003), official website, and investor relations contacts - The company's registered office is in Bermuda, with its Hong Kong principal place of business in Far East Finance Centre, Admiralty, Hong Kong[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's stock code is **1003**, and it provides multiple official websites and investor relations contact emails[6](index=6&type=chunk)[7](index=7&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=4&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section reviews the company's business operations and financial performance for the period, highlighting market challenges and strategic responses [BUSINESS AND OPERATION REVIEW](index=4&type=section&id=BUSINESS%20AND%20OPERATION%20REVIEW) The Chinese film market experienced continued adjustments and weak box office performance in the first half of 2025, leading the Group to adjust its film release strategy and enrich content - The Chinese film market remained sluggish in the first half of 2025, with weaker-than-expected recovery and high vacancy rates during off-peak hours[8](index=8&type=chunk)[12](index=12&type=chunk) - The Group flexibly adjusted its film distribution pace and maintained **ample film and television content reserves** to address market challenges[9](index=9&type=chunk)[12](index=12&type=chunk) - Films released during the period included "Caught in the Web of Love" directed by Peter Chan and "The Stage" directed by Chen Peisi, both becoming popular summer blockbusters[9](index=9&type=chunk)[12](index=12&type=chunk) - The online video platform "Huanxi Premiere" added several global film and television titles, including "Cotton Tail," "Little Gang," and "Eiffel Tower"[11](index=11&type=chunk)[14](index=14&type=chunk) [FINANCIAL REVIEW](index=5&type=section&id=FINANCIAL%20REVIEW) For the six months ended June 30, 2025, the Group reported revenue and net film investment income of HK$179.94 million and a net loss of HK$102.232 million, primarily due to intense market competition and lower-than-expected box office performance - For the six months ended June 30, 2025, the Group recorded a **net loss of HK$102.232 million**, an increase from HK$89.049 million in the prior year period[15](index=15&type=chunk)[19](index=19&type=chunk)[107](index=107&type=chunk) - Revenue and net film investment income amounted to **HK$179.94 million**, an increase from HK$115.209 million in the prior year period[15](index=15&type=chunk)[19](index=19&type=chunk)[107](index=107&type=chunk) - The loss was primarily attributable to intense industry competition, a weak film market, and lower-than-expected box office performance for films released during the period[16](index=16&type=chunk)[19](index=19&type=chunk) 2025 Key Financial Data Comparison for H1 (HK$ thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue and net film investment income | 179,940 | 115,209 | | Net loss | (102,232) | (89,049) | | Loss per share (HK$) | (0.03) | (0.02) | | Net asset value per share (HK$) | 0.30 (as of June 30, 2025) | 0.32 (as of December 31, 2024) | [LIQUIDITY AND FINANCIAL RESOURCES](index=6&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, the Group's net current assets, cash and cash equivalents, current ratio, and capital-to-debt ratio all decreased slightly, yet its overall financial position remains stable Liquidity and Financial Resources Overview as of June 30, 2025 (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net current assets | 364,219 | 473,962 | | Cash and cash equivalents | 35,741 | 144,987 | | Current ratio | 1.50 | 1.65 | | Total equity | 1,084,378 | 1,154,415 | | Borrowings | 29,544 | 42,440 | | Capital to debt ratio | 0.03 | 0.04 | [CAPITAL STRUCTURE](index=6&type=section&id=CAPITAL%20STRUCTURE) As of June 30, 2025, the company's share capital was approximately HK$36.565 million, consisting of 3,656,472,362 ordinary shares with a par value of HK$0.01 each, with no new shares issued for fundraising during the reporting period - As of June 30, 2025, the company's share capital was approximately **HK$36.565 million**, comprising **3,656,472,362** issued ordinary shares with a par value of **HK$0.01** each[21](index=21&type=chunk)[24](index=24&type=chunk) - During the reporting period, the company did not undertake any fundraising activities through the issuance of new shares[21](index=21&type=chunk)[24](index=24&type=chunk) [Other Financial and Operational Aspects](index=6&type=section&id=Other%20Financial%20and%20Operational%20Aspects) This section provides updates on the Group's asset charges, foreign exchange exposure, risk management, contingent liabilities, capital commitments, material investments, acquisitions, disposals, and employee remuneration policies [CHARGES ON ASSETS](index=6&type=section&id=CHARGES%20ON%20ASSETS) As of June 30, 2025, the Group had no assets pledged, consistent with the situation on December 31, 2024 - As of June 30, 2025, the Group had **no pledged assets**[22](index=22&type=chunk)[25](index=25&type=chunk) [FOREIGN EXCHANGE EXPOSURE](index=7&type=section&id=FOREIGN%20EXCHANGE%20EXPOSURE) The Group's cash flows and assets are primarily denominated in HKD and RMB, but foreign currencies are required for some investments and collaborations, necessitating continuous monitoring to mitigate exchange rate risks - The cash flows, cash held, and assets of the Group's operations are primarily denominated in **Hong Kong Dollars and Renminbi**[26](index=26&type=chunk)[31](index=31&type=chunk) - Many investment opportunities and collaboration plans with film producers in mainland China and overseas still require the use of foreign currencies[26](index=26&type=chunk)[31](index=31&type=chunk) - The Group will continue to closely monitor capital requirements and strive to mitigate any adverse effects of exchange rate fluctuations on its overall financial position and reduce financial risks[26](index=26&type=chunk)[31](index=31&type=chunk) [RISK MANAGEMENT](index=7&type=section&id=RISK%20MANAGEMENT) During the reporting period, the Group regularly reviewed its risk and credit control systems to enhance overall governance and reduce credit risk, with no significant changes to its risk management policies since the last year-end - The Group regularly reviews the risk and credit control systems of its profit centers to improve overall control and **reduce credit risk**[27](index=27&type=chunk)[32](index=32&type=chunk) - There have been **no significant changes** to the Group's risk management policies since the last year-end date[27](index=27&type=chunk)[32](index=32&type=chunk) [CONTINGENT LIABILITIES](index=7&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2025, the Group had no material contingent liabilities, consistent with the situation on December 31, 2024 - As of June 30, 2025, the Group had **no material contingent liabilities**[28](index=28&type=chunk)[33](index=33&type=chunk) [CAPITAL COMMITMENT](index=7&type=section&id=CAPITAL%20COMMITMENT) Details of the Group's capital commitments as of June 30, 2025, are provided in Note 23 to the unaudited condensed consolidated interim financial information - Details of the Group's commitments as of June 30, 2025, are set out in Note 23 to the unaudited condensed consolidated interim financial information[29](index=29&type=chunk)[34](index=34&type=chunk) Film and TV Programme Rights Acquisition and Production Commitments as of June 30, 2025 (HK$ thousand) | Commitment Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Film and TV programme rights acquisition and production commitments | 149,219 | 144,456 | [MATERIAL INVESTMENTS](index=7&type=section&id=MATERIAL%20INVESTMENTS) Apart from film and TV programme rights detailed in Note 16 of the financial information, the Group had no other material investments during the reporting period - Save for film and TV programme rights as set out in Note 16 to the unaudited condensed consolidated interim financial information, the Group had **no material investments** during the reporting period[30](index=30&type=chunk)[35](index=35&type=chunk) [MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES](index=8&type=section&id=MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES%2C%20ASSOCIATES%20AND%20JOINT%20VENTURES) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had **no material acquisitions or disposals** of subsidiaries, associates, and joint ventures[36](index=36&type=chunk)[40](index=40&type=chunk) [FUTURE PLANS FOR MATERIAL INVESTMENTS](index=8&type=section&id=FUTURE%20PLANS%20FOR%20MATERIAL%20INVESTMENTS) The Group is actively seeking investment opportunities in media and entertainment-related businesses to broaden its revenue streams and development prospects - The Group is seeking investment opportunities (including but not limited to media and entertainment-related businesses) to **broaden its revenue streams and prospects**[37](index=37&type=chunk)[41](index=41&type=chunk) [EMPLOYEES AND REMUNERATION POLICIES](index=8&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the Group employed 85 full-time and 2 part-time staff, with remuneration policies based on job value, performance, and industry trends, providing MPF for Hong Kong staff and national retirement benefits for China-based staff Employee Count Comparison as of June 30, 2025 | Employee Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Full-time employees | 85 | 85 | | Part-time employees | 2 | 2 | - The Group has established a sound remuneration management and incentive mechanism, with employee remuneration determined based on **job value, work performance, and industry trends**[38](index=38&type=chunk)[42](index=42&type=chunk) - The Group arranges for all eligible Hong Kong employees to participate in the **Mandatory Provident Fund Scheme**, while employees of its PRC subsidiaries are members of a state-managed retirement benefit scheme operated by the PRC government[39](index=39&type=chunk)[42](index=42&type=chunk) [PROSPECTS](index=9&type=section&id=PROSPECTS) The Chinese film industry faces both opportunities and challenges, with an overall stable and positive trend, driven by government support, cinema upgrades, and consumption vouchers, as the Group continues its "content is king" strategy and diversified film projects - The Chinese film industry faces both opportunities and challenges, with an overall trend expected to be **stable and positive**[43](index=43&type=chunk)[46](index=46&type=chunk) - The government has introduced special funds for quality films, innovative technology incentive policies, promoted cinema equipment upgrades, and issued film consumption vouchers, injecting momentum into the industry from both supply and demand sides[43](index=43&type=chunk)[46](index=46&type=chunk) - The Group's invested film "The Stage" garnered critical acclaim and box office success during the summer season, with its revenue to be recognized in the **second half of 2025**[44](index=44&type=chunk)[46](index=46&type=chunk) - The Group will continue to develop a **diversified portfolio of film projects**, including producing "Alone on Stage" and "In the Name of Father," investing in "The Mermaid" and "Ruyi Hotel," and planning another collaboration with Zhang Yimou[45](index=45&type=chunk)[47](index=47&type=chunk) - The "Huanxi Premiere" platform will continue to introduce global film and television masterpieces, including "The Rental," "The Woman Who Ran," "Inland," and "The Forger," strengthening its resource layout[48](index=48&type=chunk)[50](index=50&type=chunk) - The Group will continue to advance its **"content is king" strategy**, focusing on high-quality and diversified film and television works to consolidate its industry leadership and create long-term value for shareholders[49](index=49&type=chunk)[51](index=51&type=chunk) [CORPORATE GOVERNANCE](index=11&type=section&id=CORPORATE%20GOVERNANCE) This section details the company's adherence to corporate governance principles and codes, including board composition and securities transaction guidelines [CORPORATE GOVERNANCE PRACTICES](index=11&type=section&id=CORPORATE%20GOVERNANCE%20PRACTICES) For the six months ended June 30, 2025, the company consistently applied and complied with the principles and provisions of the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules - During the reporting period, the company consistently applied and complied with the principles and provisions of the **Corporate Governance Code** set out in Appendix C1 of the HKEX Listing Rules[52](index=52&type=chunk)[56](index=56&type=chunk) [CODE FOR SECURITIES TRANSACTIONS](index=11&type=section&id=CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors confirmed full compliance during the reporting period - The company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[53](index=53&type=chunk)[57](index=57&type=chunk) - All directors confirmed full compliance with the Model Code throughout the reporting period[53](index=53&type=chunk)[57](index=57&type=chunk) [BOARD COMPOSITION](index=11&type=section&id=BOARD%20COMPOSITION) The Board currently consists of two executive, three non-executive, and three independent non-executive directors, all possessing diverse industry expertise and experience - The Board currently comprises **two executive directors, three non-executive directors, and three independent non-executive directors**[54](index=54&type=chunk)[58](index=58&type=chunk) - All directors are highly capable executives with diverse industry expertise, bringing various skills and experience to the Group[54](index=54&type=chunk)[58](index=58&type=chunk) [CHANGE IN INFORMATION OF DIRECTORS](index=11&type=section&id=CHANGE%20IN%20INFORMATION%20OF%20DIRECTORS) Since the date of the 2024 annual report, there have been no changes in directors' information requiring disclosure under Listing Rule 13.51B(1) - Since the date of the 2024 annual report, there have been **no changes in directors' information** requiring disclosure under Listing Rule 13.51B(1)[55](index=55&type=chunk)[59](index=59&type=chunk) [OTHER INFORMATION](index=12&type=section&id=OTHER%20INFORMATION) This section covers various additional disclosures, including interim dividends, directors' and substantial shareholders' interests, share options, and post-reporting period events [INTERIM DIVIDEND](index=12&type=section&id=INTERIM%20DIVIDEND) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[60](index=60&type=chunk)[63](index=63&type=chunk)[167](index=167&type=chunk)[168](index=168&type=chunk) [DIRECTORS' INTERESTS IN SECURITIES](index=12&type=section&id=DIRECTORS%27%20INTERESTS%20IN%20SECURITIES) As of June 30, 2025, the company's directors and chief executive held long positions in ordinary shares and related shares, with Mr. Dong Ping, Mr. Ning Hao, Mr. Xu Zheng, and their associated companies collectively holding approximately 39.91% Directors' Long Positions in Ordinary Shares and Related Shares as of June 30, 2025 | Name of Director | Corporate Interests (shares) | Personal Interests (shares) | Total (shares) | Approximate % of Issued Shares | | :--- | :--- | :--- | :--- | :--- | | Mr. Dong Ping | 1,416,094,354 | 43,250,000 | 1,459,344,354 | 39.91% | | Mr. Ning Hao | 1,416,094,354 | 43,250,000 | 1,459,344,354 | 39.91% | | Mr. Xu Zheng | 1,416,094,354 | 43,250,000 | 1,459,344,354 | 39.91% | | Mr. Li Xiaolong | 15,060,000 | – | 15,060,000 | 0.41% | | Mr. Wang Hong | – | 200,000 | 200,000 | 0.01% | - Mr. Dong Ping resigned as Executive Director and Chairman on **July 27, 2025**[70](index=70&type=chunk) - Mr. Dong Ping, Mr. Ning Hao, Mr. Xu Zheng, and their respective controlled companies are deemed to have a **joint interest** due to a shareholders' agreement[70](index=70&type=chunk) [SUBSTANTIAL SHAREHOLDERS' INTERESTS](index=14&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%27%20INTERESTS) As of June 30, 2025, substantial shareholders, excluding directors' interests, included Mr. Dong Ping, Newwood Investments Limited, Mr. Ning Hao, Pacific Wits Limited, Mr. Xu Zheng, Tairong Holdings Limited, Bilibili Inc., FMR LLC., and Maoyan Entertainment, with Mr. Dong Ping, Mr. Ning Hao, Mr. Xu Zheng, and their associated companies holding approximately 39.91% Overview of Substantial Shareholders' Interests as of June 30, 2025 | Name of Shareholder | Capacity | Number of Ordinary Shares Held | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Dong Ping | Beneficial owner, interests in controlled corporations and parties to agreement | 1,459,344,354 | 39.91% | | Newwood Investments Limited | Beneficial owner and party to agreement | 1,459,344,354 | 39.91% | | Mr. Ning Hao | Interests in controlled corporations and party to agreement | 1,459,344,354 | 39.91% | | Pacific Wits Limited | Beneficial owner and party to agreement | 1,459,344,354 | 39.91% | | Mr. Xu Zheng | Interests in controlled corporations and party to agreement | 1,459,344,354 | 39.91% | | Tairong Holdings Limited | Beneficial owner and party to agreement | 1,459,344,354 | 39.91% | | Bilibili Inc. | Beneficial owner | 328,366,954 | 8.98% | | FMR LLC. | Beneficial owner | 210,352,773 | 5.75% | | Maoyan Entertainment | Beneficial owner | 208,430,000 | 5.70% | - Mr. Dong Ping, Mr. Ning Hao, Mr. Xu Zheng, and their respective controlled companies (Newwood, Pacific Wits, Tairong) are deemed to have a **joint interest** due to a shareholders' agreement[78](index=78&type=chunk) - The disclosure dates for interests are **December 31, 2024, for Bilibili Inc., July 4, 2025, for FMR LLC., and October 14, 2022, for Maoyan Entertainment**[78](index=78&type=chunk) [SHARE OPTIONS](index=17&type=section&id=SHARE%20OPTIONS) The 2014 Share Option Scheme expired on June 17, 2024, with no options granted, cancelled, exercised, or lapsed during the reporting period; a new 2024 scheme was adopted on June 25, 2024, to incentivize eligible participants, with an authorized limit of 10% of issued shares and a vesting period of no less than 12 months - The 2014 Share Option Scheme expired on **June 17, 2024**, and as of June 30, 2025, no share options were available for grant or outstanding under this scheme[79](index=79&type=chunk)[80](index=80&type=chunk)[82](index=82&type=chunk) - The company adopted a new **2024 Share Option Scheme** on **June 25, 2024**, valid for ten years, aiming to incentivize and reward eligible participants who contribute to the Group's growth[81](index=81&type=chunk)[83](index=83&type=chunk) - The authorized limit for the 2024 Share Option Scheme is **10% of issued shares (365,647,236 shares)**, with a sub-limit of **1% (36,564,723 options)** for service providers[84](index=84&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the offer date, the average closing price for the preceding five days, or the par value of the shares, with a **vesting period of no less than 12 months**[85](index=85&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - The Board may, at its discretion, set **performance targets and clawback mechanisms**[88](index=88&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=19&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY%27S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed **any of the company's listed securities**[96](index=96&type=chunk)[99](index=99&type=chunk) [SUFFICIENCY OF PUBLIC FLOAT](index=20&type=section&id=SUFFICIENCY%20OF%20PUBLIC%20FLOAT) As of the report date, based on publicly available information and directors' knowledge, the company maintained the sufficient public float required by the Listing Rules - As of the date of this report, based on publicly available information and to the best knowledge of the directors, the company maintained the **sufficient public float** required by the Listing Rules[100](index=100&type=chunk)[103](index=103&type=chunk) [EVENT AFTER THE REPORTING PERIOD](index=20&type=section&id=EVENT%20AFTER%20THE%20REPORTING%20PERIOD) Mr. Dong Ping resigned as Executive Director and Chairman on July 27, 2025, and Ms. Hu Hui was appointed as an Executive Director, effective the same day - Mr. Dong Ping resigned as Executive Director and Chairman of the company, effective **July 27, 2025**[101](index=101&type=chunk)[104](index=104&type=chunk)[216](index=216&type=chunk)[218](index=218&type=chunk) - The Board appointed Ms. Hu Hui as an Executive Director, effective **July 27, 2025**[101](index=101&type=chunk)[104](index=104&type=chunk)[216](index=216&type=chunk)[218](index=218&type=chunk) [REVIEW OF INTERIM RESULTS](index=20&type=section&id=REVIEW%20OF%20INTERIM%20RESULTS) The company's audit committee, in conjunction with management, reviewed and expressed satisfaction with the accounting principles, practices, and the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025 - The company's Audit Committee, in conjunction with management, reviewed the accounting principles and practices adopted by the Group, as well as the unaudited condensed consolidated interim financial information for the six months ended June 30, 2025[102](index=102&type=chunk)[105](index=105&type=chunk) - The Committee expressed **satisfaction with the review**, and the Board was also satisfied with the Committee's report[102](index=102&type=chunk)[105](index=105&type=chunk) [UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION](index=21&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) This section presents the Group's unaudited condensed consolidated interim financial statements, including the statement of profit or loss, financial position, changes in equity, cash flows, and detailed notes [UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME](index=21&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS%20AND%20OTHER%20COMPREHENSIVE%20INCOME) For the six months ended June 30, 2025, the Group reported revenue and net film investment income of HK$179.94 million, a gross loss of HK$17.567 million, an operating loss of HK$100.664 million, and a loss for the period of HK$102.232 million, with a total comprehensive loss of HK$70.037 million H1 2025 Profit or Loss and Other Comprehensive Income Overview (HK$ thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue and net film investment income | 179,940 | 115,209 | | Cost of revenue | (197,507) | (185,555) | | Gross loss | (17,567) | (70,346) | | Operating loss | (100,664) | (90,282) | | Loss before tax | (101,029) | (89,104) | | Loss for the period | (102,232) | (89,049) | | Total comprehensive loss for the period | (70,037) | (122,209) | - Exchange differences had a **positive impact on comprehensive income**, shifting from a loss of **HK$(33,160) thousand** in H1 2024 to a gain of **HK$32,195 thousand** in H1 2025[108](index=108&type=chunk) [UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=23&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2025, the Group's total assets were HK$1,846.116 million, total equity HK$1,084.378 million, and total liabilities HK$761.738 million, with both current assets and cash and cash equivalents decreasing from year-end 2024 Financial Position Overview as of June 30, 2025 (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current assets | 756,818 | 746,833 | | Current assets | 1,089,298 | 1,201,323 | | Total assets | 1,846,116 | 1,948,156 | | Total equity | 1,084,378 | 1,154,415 | | Non-current liabilities | 36,659 | 66,380 | | Current liabilities | 725,079 | 727,361 | | Total liabilities | 761,738 | 793,741 | - Film and TV programme rights within current assets decreased from **HK$928.241 million** to **HK$783.955 million**, and cash and cash equivalents decreased from **HK$144.987 million** to **HK$35.741 million**[110](index=110&type=chunk) - Contract assets significantly increased from **HK$17.344 million** to **HK$139.519 million**[110](index=110&type=chunk) [UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=25&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CHANGES%20IN%20EQUITY) For the six months ended June 30, 2025, total equity attributable to owners decreased from HK$1,154.415 million at the beginning of the period to HK$1,084.378 million at the end, primarily due to a loss for the period of HK$102.232 million, partially offset by other comprehensive income of HK$32.195 million H1 2025 Equity Movement Overview (HK$ thousand) | Metric | January 1, 2025 | Loss for the period | Other comprehensive income | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Share capital | 36,565 | – | – | 36,565 | | Reserves | 1,117,850 | (102,232) | 32,195 | 1,047,813 | | **Total Equity** | **1,154,415** | **(102,232)** | **32,195** | **1,084,378** | - Accumulated losses increased from **HK$(2,301,301) thousand** as of December 31, 2024, to **HK$(2,403,533) thousand** as of June 30, 2025[208](index=208&type=chunk) [UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS](index=26&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, net cash used in operating activities was HK$91.291 million, net cash generated from investing activities was HK$0.239 million, and net cash used in financing activities was HK$20.238 million, resulting in a significant decrease in cash and cash equivalents to HK$35.741 million at period-end H1 2025 Cash Flow Overview (HK$ thousand) | Activity Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (91,291) | (197,296) | | Net cash generated from investing activities | 239 | 895 | | Net cash used in financing activities | (20,238) | (6,798) | | Net decrease in cash and cash equivalents | (111,290) | (203,199) | | Cash and cash equivalents at end of period | 35,741 | 102,223 | - Net cash used in operating activities improved compared to the prior year period, but net cash used in financing activities significantly increased, primarily due to **repayment of borrowings**[115](index=115&type=chunk) [NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION](index=27&type=section&id=NOTES%20TO%20THE%20UNAUDITED%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) This section provides detailed notes to the unaudited condensed consolidated interim financial information, covering general information, basis of preparation, accounting policies, judgments and estimates, financial risk management, composition of income and expenses, segment information, taxation, dividends, loss per share, changes in assets and liabilities, receivables and payables, film investment funds from investors, borrowings, share capital, reserves, commitments, and related party disclosures [1 GENERAL INFORMATION](index=27&type=section&id=1%20GENERAL%20INFORMATION) The company, incorporated in Bermuda and listed on the HKEX, primarily engages in media and entertainment, including film and TV programme rights development, investment, and online video platform operations, with financial information presented in HKD - The company is an exempted company incorporated in Bermuda, with its shares listed on the Main Board of the Stock Exchange[117](index=117&type=chunk)[122](index=122&type=chunk) - Primarily engaged in media and entertainment-related businesses, including **film and TV programme rights production and investment**, and operating an online video platform[118](index=118&type=chunk)[122](index=122&type=chunk) - The unaudited condensed consolidated interim financial information is presented in **Hong Kong Dollars** and was approved for issue by the Board on **August 29, 2025**[118](index=118&type=chunk)[119](index=119&type=chunk)[122](index=122&type=chunk)[123](index=123&type=chunk) [2 BASIS OF PREPARATION](index=27&type=section&id=2%20BASIS%20OF%20PREPARATION) The financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and Appendix D2 of the Listing Rules, to be read in conjunction with the 2024 annual report, with accounting policies consistent except for new or revised standards having no material impact - This unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, has been prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the HKICPA and the applicable disclosure requirements of Appendix D2 of the Listing Rules[120](index=120&type=chunk)[124](index=124&type=chunk) - The unaudited condensed consolidated interim financial information should be read in conjunction with the **annual report for the year ended December 31, 2024**, prepared in accordance with Hong Kong Financial Reporting Standards[121](index=121&type=chunk)[124](index=124&type=chunk) - The accounting policies adopted are consistent with those applied in the previous financial year and the corresponding interim reporting period, except for the adoption of **new and revised standards**[125](index=125&type=chunk)[129](index=129&type=chunk) [3 ACCOUNTING POLICIES](index=28&type=section&id=3%20ACCOUNTING%20POLICIES) The Group adopted new or revised standards effective for accounting periods beginning on or after January 1, 2025, which had no material impact on the interim financial information, and no new standards not yet effective were early adopted - The Group has adopted new or revised standards, amendments to standards, and interpretations of Hong Kong Financial Reporting Standards that are **effective for accounting periods beginning on or after January 1, 2025**[127](index=127&type=chunk)[130](index=130&type=chunk) - The adoption of these new or revised standards, amendments to standards, and interpretations has had **no material impact** on the unaudited condensed consolidated interim financial information and has not resulted in significant changes to the Group's accounting policies or the amounts reported for the current and prior periods[127](index=127&type=chunk)[130](index=130&type=chunk) [4 JUDGEMENTS AND ESTIMATES](index=28&type=section&id=4%20JUDGEMENTS%20AND%20ESTIMATES) The preparation of interim financial information involves management judgments, estimates, and assumptions, with key sources of estimation uncertainty being the same as those applied in the 2024 annual consolidated financial statements - In preparing the interim financial information, management is required to make **judgments, estimates, and assumptions** that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[128](index=128&type=chunk)[131](index=131&type=chunk) - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the **same as those applied in the Group's consolidated financial statements for the year ended December 31, 2024**[128](index=128&type=chunk)[131](index=131&type=chunk) [5 FINANCIAL RISK MANAGEMENT](index=29&type=section&id=5%20FINANCIAL%20RISK%20MANAGEMENT) The Group is exposed to market risk (including foreign exchange and interest rate risk), credit risk, and liquidity risk, with no changes in risk management policies since December 31, 2024, and fair value measurements using a three-level hierarchy, with film copyright investments classified as Level 3 - The Group's operations are exposed to various financial risks: **market risk (including foreign exchange risk and interest rate risk), credit risk, and liquidity risk**[132](index=132&type=chunk)[135](index=135&type=chunk) - There have been **no changes** to the Group's risk management policies since December 31, 2024[133](index=133&type=chunk)[136](index=136&type=chunk) - Fair value measurements use a **three-level hierarchy**, with film copyright investments classified as **Level 3**, amounting to **HK$147.662 million** as of June 30, 2025[137](index=137&type=chunk)[138](index=138&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk)[146](index=146&type=chunk) [6 REVENUE AND FILM INVESTMENT INCOME/(LOSS), NET](index=32&type=section&id=6%20REVENUE%20AND%20FILM%20INVESTMENT%20INCOME%2F%28LOSS%29%2C%20NET) For the six months ended June 30, 2025, the Group's revenue and net film investment income totaled HK$179.94 million, primarily from shared box office revenue and sub-licensing of film and TV programme rights, with a significant increase in contract assets and contract liabilities mainly from joint membership arrangements and sub-licensing prepayments H1 2025 Revenue and Net Film Investment Income Composition (HK$ thousand) | Revenue Source | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of box office revenue | 144,518 | 63,374 | | Sub-licensing of film and TV programme rights | 30,926 | 52,489 | | Other media-related revenue | 1,219 | 3,890 | | **Total Revenue** | **176,663** | **119,753** | | Net film investment income/(loss) | 3,277 | (4,544) | | **Total** | **179,940** | **115,209** | - As of June 30, 2025, contract assets (unbilled revenue) increased to **HK$139.519 million** (December 31, 2024: HK$17.344 million)[110](index=110&type=chunk)[150](index=150&type=chunk) - Contract liabilities primarily include **HK$0.766 million** in prepayments for joint membership arrangements and **HK$30.512 million** in prepayments for sub-licensing of film and TV programme rights[151](index=151&type=chunk)[152](index=152&type=chunk) [7 SEGMENT INFORMATION](index=33&type=section&id=7%20SEGMENT%20INFORMATION) The Group's executive directors, as the chief operating decision makers, classify the business into a single reportable segment: film and TV programme rights investment, with operations primarily in China and Hong Kong, and revenue and non-current assets mainly derived from China - The Group's sole reportable segment is **film and TV programme rights investment**[153](index=153&type=chunk)[156](index=156&type=chunk) - The Group's operations are primarily located in **China and Hong Kong**, with revenue and net film investment income/(loss) mainly derived from Chinese customers, and non-current assets also primarily located in China[154](index=154&type=chunk)[156](index=156&type=chunk) [8 OTHER (LOSSES)/GAINS, NET](index=33&type=section&id=8%20OTHER%20%28LOSSES%29%2FGAINS%2C%20NET) For the six months ended June 30, 2025, the Group recorded a net exchange loss of HK$0.8 million, compared to a net exchange gain of HK$1.922 million in the prior year period H1 2025 Other (Losses)/Gains, Net (HK$ thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net exchange loss/gain | (800) | 1,922 | [9 EXPENSES BY NATURE](index=34&type=section&id=9%20EXPENSES%20BY%20NATURE) For the six months ended June 30, 2025, the Group's total costs (cost of revenue, selling and distribution costs, and administrative expenses) decreased to HK$304.619 million from HK$393.018 million in the prior year period, mainly due to a significant reduction in advertising and marketing expenses H1 2025 Expenses by Nature Overview (HK$ thousand) | Expense Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Employee benefit expenses (excluding directors' emoluments) | 24,090 | 21,854 | | Directors' emoluments | 7,636 | 7,636 | | Depreciation | 5,378 | 6,930 | | Advertising and marketing expenses | 54,298 | 153,391 | | Amortisation of film and TV programme rights | 197,507 | 185,555 | | **Total Costs** | **304,619** | **393,018** | - Advertising and marketing expenses significantly decreased from **HK$153.391 million** in H1 2024 to **HK$54.298 million** in H1 2025[160](index=160&type=chunk) - Amortisation of film and TV programme rights increased from **HK$185.555 million** to **HK$197.507 million**[160](index=160&type=chunk) [10 INCOME TAX EXPENSE/(CREDIT)](index=34&type=section&id=10%20INCOME%20TAX%20EXPENSE%2F%28CREDIT%29) For the six months ended June 30, 2025, the Group recorded an income tax expense of HK$1.203 million, compared to an income tax credit of HK$0.055 million in the prior year period, with PRC subsidiaries taxed at 25% and a 7% withholding tax on PRC-sourced income, while Hong Kong entities had no provision due to tax losses H1 2025 Income Tax Expense/(Credit) (HK$ thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current tax | 1,129 | – | | Deferred income tax | 74 | (55) | | **Income tax expense/(credit)** | **1,203** | **(55)** | - PRC subsidiaries are subject to a corporate income tax rate of **25%**, with a withholding tax rate of **7%** on PRC-sourced income (H1 2024: 10%)[161](index=161&type=chunk)[162](index=162&type=chunk) - No Hong Kong profits tax provision was made for Hong Kong entities due to **tax losses incurred**[163](index=163&type=chunk)[164](index=164&type=chunk) [11 DIVIDENDS](index=35&type=section&id=11%20DIVIDENDS) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Board resolved **not to declare an interim dividend** for the six months ended June 30, 2025[167](index=167&type=chunk)[168](index=168&type=chunk) [12 LOSS PER SHARE](index=36&type=section&id=12%20LOSS%20PER%20SHARE) For the six months ended June 30, 2025, basic loss per share was HK$0.03, an increase from HK$0.02 in the prior year period, with diluted loss per share being the same as basic loss due to no potentially dilutive ordinary shares H1 2025 Loss Per Share (HK$) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the company (HK$ thousand) | (102,232) | (89,049) | | Weighted average number of ordinary shares (thousand shares) | 3,656,472 | 3,656,472 | | **Basic loss per share (HK$)** | **(0.03)** | **(0.02)** | - As there were **no potentially dilutive ordinary shares** outstanding for the six months ended June 30, 2025, diluted loss per share was the same as basic loss per share[174](index=174&type=chunk)[175](index=175&type=chunk) [13 MOVEMENTS IN PROPERTY, PLANT AND EQUIPMENT](index=37&type=section&id=13%20MOVEMENTS%20IN%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group made additions to property, plant, and equipment of HK$0.02 million, with no disposals, and depreciation expenses of approximately HK$0.175 million recognized in administrative expenses - For the six months ended June 30, 2025, additions to the Group's property, plant, and equipment amounted to **HK$20,000**[176](index=176&type=chunk)[180](index=180&type=chunk) - For the six months ended June 30, 2025, the Group made **no disposals** of property, plant, and equipment[177](index=177&type=chunk)[180](index=180&type=chunk) - Depreciation expenses of approximately **HK$175,000** were charged to administrative expenses[177](index=177&type=chunk)[180](index=180&type=chunk) [14 MOVEMENTS IN RIGHT-OF-USE ASSETS](index=37&type=section&id=14%20MOVEMENTS%20IN%20RIGHT-OF-USE%20ASSETS) For the six months ended June 30, 2025, there were no additions to right-of-use assets, and depreciation expenses of approximately HK$5.203 million were recognized in administrative expenses - For the six months ended June 30, 2025, there were **no additions to right-of-use assets**[178](index=178&type=chunk)[181](index=181&type=chunk) - Depreciation of approximately **HK$5,203,000** was charged to administrative expenses in the unaudited condensed consolidated statement of profit or loss and other comprehensive income[178](index=178&type=chunk)[181](index=181&type=chunk) [15 PREPAYMENTS FOR FILM AND TV PROGRAMMES RIGHTS](index=37&type=section&id=15%20PREPAYMENTS%20FOR%20FILM%20AND%20TV%20PROGRAMMES%20RIGHTS) As of June 30, 2025, prepayments for film and TV programme rights under development amounted to HK$360.529 million, a slight increase from December 31, 2024, representing part of the Group's contributions to proposed film and TV programme rights investments Prepayments for Film and TV Programme Rights (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Prepayments for film and TV programme rights under development | 360,529 | 359,588 | - These prepayments for film and TV programme rights under development represent advances made by the Group to various parties for film and TV programme rights not yet completed, forming part of the Group's contributions to proposed film and TV programme rights investments[183](index=183&type=chunk)[184](index=184&type=chunk) [16 FILM AND TV PROGRAMMES RIGHTS](index=38&type=section&id=16%20FILM%20AND%20TV%20PROGRAMMES%20RIGHTS) As of June 30, 2025, the Group's total film and TV programme rights amounted to HK$1,141.864 million, including completed rights of HK$760.91 million, rights in progress of HK$201.167 million, film copyright investments of HK$147.662 million, and licensed rights of HK$32.125 million, representing a decrease from year-end 2024 Film and TV Programme Rights Composition (HK$ thousand) | Rights Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Completed film and TV programme rights | 760,910 | 930,087 | | Film and TV programme rights in progress | 201,167 | 154,053 | | Film copyright investments (at fair value through profit or loss) | 147,662 | 143,181 | | Licensed film and TV programme rights | 32,125 | 48,334 | | **Total** | **1,141,864** | **1,275,655** | - Film copyright investments refer to the Group's investments in film production, entitling it to a pre-determined percentage of future revenue generated by the films[186](index=186&type=chunk) - Licensed rights refer to licenses purchased from independent third parties for broadcasting authorized films or TV programmes on the Group's online video platform, and for sub-licensing to other independent third parties (if applicable)[186](index=186&type=chunk) [17 TRADE AND OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS](index=39&type=section&id=17%20TRADE%20AND%20OTHER%20RECEIVABLES%2C%20DEPOSITS%20AND%20PREPAYMENTS) As of June 30, 2025, net trade receivables were HK$43.967 million and net other receivables were HK$93.894 million, with trade receivables primarily aged over 365 days, and other receivables including approximately HK$13.161 million in loans receivable Trade and Other Receivables Overview as of June 30, 2025 (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables (net of loss allowance) | 43,967 | 42,403 | | Deposits | 4,485 | 5,169 | | Prepayments | 18,456 | 14,646 | | Other receivables (net of loss allowance) | 93,894 | 78,138 | | **Total** | **137,861** | **120,541** | Trade Receivables Ageing Analysis as of June 30, 2025 (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 – 30 days | 4,044 | 64 | | 31 – 90 days | 143 | 158 | | 181 – 365 days | – | 22,989 | | Over 365 days | 39,780 | 19,192 | | **Total** | **43,967** | **42,403** | - Other receivables include approximately **HK$13,161,000** in loans receivable (net of loss allowance), bearing interest at an annual rate of **6%**[194](index=194&type=chunk) [18 TRADE AND OTHER PAYABLES](index=41&type=section&id=18%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, total trade and other payables amounted to HK$113.966 million, a decrease from HK$159.674 million on December 31, 2024, with trade payables primarily aged over 365 days Trade and Other Payables Overview as of June 30, 2025 (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 89,200 | 96,183 | | Other payables | 23,211 | 61,899 | | Accrued expenses | 1,555 | 1,592 | | **Total** | **113,966** | **159,674** | Trade Payables Ageing Analysis as of June 30, 2025 (HK$ thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 – 30 days | 1,587 | 1,680 | | Over 365 days | 87,613 | 94,503 | | **Total** | **89,200** | **96,183** | [19 FILM INVESTMENT FUNDS FROM INVESTORS](index=42&type=section&id=19%20FILM%20INVESTMENT%20FUNDS%20FROM%20INVESTORS) For the six months ended June 30, 2025, the Group recognized revenue of approximately HK$23.528 million from film investment funds from investors, due to the investors' net proceeds being less than their contributions - For the six months ended June 30, 2025, the Group recognized revenue of approximately **HK$23,528,000** from film investment funds from investors after the relevant films were released in cinemas[200](index=200&type=chunk)[201](index=201&type=chunk) - The revenue arose because the investors' net proceeds were **less than their contributed film investment funds**[200](index=200&type=chunk)[201](index=201&type=chunk) - As of June 30, 2025, film investment funds from investors amounted to **HK$529.961 million**[111](index=111&type=chunk) [20 BORROWING](index=42&type=section&id=20%20BORROWING) As of June 30, 2025, the Group's total unsecured borrowings were HK$29.544 million, bearing interest at an annual rate of 4.35% and repayable by March 27, 2026, all reclassified as current liabilities Borrowings Overview (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unsecured borrowings | 29,544 | 42,440 | | Non-current liabilities | – | 42,440 | | Current liabilities | 29,544 | – | - The borrowings bear interest at an annual rate of **4.35%** and are repayable by **March 27, 2026**[204](index=204&type=chunk) [21 SHARE CAPITAL](index=43&type=section&id=21%20SHARE%20CAPITAL) As of June 30, 2025, the company's authorized share capital was 50 billion ordinary shares with a par value of HK$0.01 each, and issued and fully paid share capital was 3,656,472,362 shares, totaling HK$36.565 million, consistent with year-end 2024 Share Capital Overview (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Authorized share capital (shares) | 50,000,000,000 | 50,000,000,000 | | Authorized share capital (HK$ thousand) | 500,000 | 500,000 | | Issued and fully paid share capital (shares) | 3,656,472,362 | 3,656,472,362 | | Issued and fully paid share capital (HK$ thousand) | 36,565 | 36,565 | [22 RESERVES](index=44&type=section&id=22%20RESERVES) As of June 30, 2025, the company's total reserves amounted to HK$1,047.813 million, a decrease from HK$1,117.85 million on January 1, 2025, primarily impacted by the loss for the period, with accumulated losses increasing to HK$2,403.533 million H1 2025 Reserves Movement Overview (HK$ thousand) | Reserve Type | January 1, 2025 | Loss for the period | Other comprehensive income | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Share premium | 3,506,614 | – | – | 3,506,614 | | Exchange reserve | (87,463) | – | 32,195 | (55,268) | | Accumulated losses | (2,301,301) | (102,232) | – | (2,403,533) | | **Total** | **1,117,850** | **(102,232)** | **32,195** | **1,047,813** | - Accumulated losses include a capital reserve of approximately **HK$2.099 million** arising from Group reorganization, and contributed surplus of approximately **HK$149.22 million** arising from capital reorganization and cancellation of share premium in prior years[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk) [23 COMMITMENTS](index=45&type=section&id=23%20COMMITMENTS) As of June 30, 2025, the Group had contracted but unprovided commitments for film and TV programme rights acquisition and production totaling HK$149.219 million Film and TV Programme Rights Acquisition and Production Commitments (HK$ thousand) | Commitment Type | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Film and TV programme rights acquisition and production commitments | 149,219 | 144,456 | [24 RELATED PARTY DISCLOSURES](index=45&type=section&id=24%20RELATED%20PARTY%20DISCLOSURES) For the six months ended June 30, 2025, total emoluments for directors and key management personnel were HK$7.636 million, consistent with the prior year period, determined by the remuneration committee based on individual performance and market trends H1 2025 Key Management Personnel Emoluments (HK$ thousand) | Emolument Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term benefits | 7,627 | 7,627 | | Post-employment benefits – defined contribution plans | 9 | 9 | | **Total** | **7,636** | **7,636** | - Emoluments for directors and key management personnel are determined by the company's Remuneration Committee based on **individual performance and market trends**[215](index=215&type=chunk)[217](index=217&type=chunk) [25 EVENT AFTER THE REPORTING PERIOD](index=45&type=section&id=25%20EVENT%20AFTER%20THE%20REPORTING%20PERIOD) Mr. Dong Ping resigned as Executive Director and Chairman on July 27, 2025, and Ms. Hu Hui was appointed as an Executive Director, effective the same day - Mr. Dong Ping resigned as Executive Director and Chairman of the company, effective **July 27, 2025**[216](index=216&type=chunk)[218](index=218&type=chunk) - The Board appointed Ms. Hu Hui as an Executive Director, effective **July 27, 2025**[216](index=216&type=chunk)[218](index=218&type=chunk)

Group 1 - The core point of the article is that Huanying Media (01003.HK) announced the resignation of Li Ni as a non-executive director, effective from September 15, 2025, due to his decision to allocate more time to other business commitments [1] Group 2 - The resignation indicates a potential shift in the company's leadership dynamics and may impact its strategic direction in the future [1] - The timing of the resignation, set for two years from now, suggests a planned transition rather than an abrupt departure [1] - The announcement reflects the ongoing changes within the company as it navigates its business landscape [1]

Core Viewpoint - Huaxi Media (01003) announced that Li Ni has resigned from the position of non-executive director to dedicate more time to other business commitments, effective from September 15, 2025 [1] Company Summary - Li Ni's resignation is part of a strategic decision to focus on other business ventures, indicating a potential shift in management dynamics within Huaxi Media [1]