Core Viewpoint - The company, Huayi Media, has announced a board meeting scheduled for August 29, 2025, to approve its interim results for the six months ending June 30, 2025, and to consider the distribution of an interim dividend if applicable [1] Group 1 - The board meeting will focus on approving the interim performance of the company and its subsidiaries [1] - The meeting will also consider the potential distribution of an interim dividend [1]

（於百慕達註冊成立之有限公司） （股份代號：1003） 董事會會議通告 歡 喜 傳 媒 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批 准 本 公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績和有關公告， 以 及 考 慮 派 發 中 期 股 息（如 有）。 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。 * 僅供識別 執行董事兼行政總裁 項紹琨 香港，二零二五年八月八日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 項 紹 琨 先 生（行 政 總 裁）及 呼 惠 女 士；非 執 行 董事寧浩先生、徐崢先生及李旎女士；以及獨立非執行董事黃德銓先生、李小龍 先生及王虹先生。 承董事會命 歡喜傳媒集團有限公司 ...

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 呈交日期: 2025年8月1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 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: ...

Group 1 - Hong Kong film stocks showed strength, with Huayi Brothers Media (01003.HK) rising over 7% [1] - Maoyan Entertainment (01896.HK) increased by more than 4% [1] - Other companies such as IMAX China (01970.HK) and Alibaba Pictures (01060.HK) also experienced gains [1]

Group 1 - Several Hong Kong film and television stocks have shown strength, with Huayi Brothers Media (01003.HK) rising by 7.37% [1] - Other notable performers include Maoyan Entertainment (01896.HK) which increased by 4.83% and IMAX Corporation (01970.HK) which saw a slight rise of 0.12% [1]

Group 1 - The majority of Hong Kong's film and entertainment stocks experienced declines, with Tencent Music (01698.HK), Maoyan Entertainment (01896.HK), and Huayi Brothers Media (01003.HK) dropping over 3% [1] - NetEase Cloud Music (09899.HK) also saw a decline, falling more than 2% [1]

Core Viewpoint - The film "酱园弄·悬案" directed by Chen Kexin has faced significant failures in both box office and audience reception, marking a downturn for Huanyou Media, which had high expectations for the film's performance [2][3][9]. Group 1: Film Performance - "酱园弄·悬案" opened with a disappointing Douban score of 5.9, which has since dropped to 5.7, setting a record low for director Chen Kexin [5][7]. - The film has accumulated a total box office of 375 million yuan, which is insufficient to cover production costs and star salaries [7][9]. - Initial audience interest was high, with over 500,000 pre-release views, but the film's reception quickly declined after its release [4][5]. Group 2: Company Financials - Huanyou Media has been struggling financially, with the 2024 fiscal year projected to be particularly challenging, potentially exacerbated by the underperformance of "酱园弄·悬案" [9][12]. - The company has only achieved profitability in 2019 and 2023, with 2024 expected to be a "dark moment" due to significant losses [12]. - In 2024, Huanyou Media reported a revenue of only 3.418 million HKD, a staggering decline of 97.44% year-on-year, and a net loss of 261 million HKD [12]. Group 3: Strategic Challenges - Huanyou Media's unique director partnership model, which initially provided a competitive edge, is now showing signs of strain as market uncertainties persist [10][12]. - The company's streaming platform "欢喜首映" has not achieved significant growth, remaining far behind major competitors in terms of user base and revenue [18]. - A strategic partnership with Alibaba's entertainment division aims to revitalize the company's content production and distribution, committing 5 billion yuan over the next eight years [18].

Core Insights - The summer movie season of 2025 is officially underway, with high expectations for the film industry, as this period accounts for approximately 30% of annual box office revenue [1] - The supply of quality films this summer is robust, with over 60 domestic and international films scheduled for release, including highly anticipated titles that are expected to drive market growth [1] - The positive performance of the recent Dragon Boat Festival box office serves as a prelude to the summer season, confirming the resilience of demand for quality content [2] - The low box office base from the previous summer season in 2024 suggests that this year's summer box office may experience more flexible growth, enhancing the certainty of performance recovery for related companies [3] Company Focus - Huayi Media, the company behind "The Sauce Garden Case," is highlighted as a key player, with another major film, "The Stage," also scheduled for release this summer, potentially boosting its box office performance and overall value [5] - "The Sauce Garden Case" has garnered significant attention, with over 700,000 pre-release views and leading various marketing metrics, indicating strong market anticipation [7][8] - The film's unique qualities, including a star-studded cast and high production values, position it well for success, with market estimates suggesting a potential box office of 3 billion to 5 billion [14] Market Trends - The film industry is increasingly driven by quality content, with audiences willing to pay for superior films, as evidenced by the competitive landscape of this summer's offerings [10] - "The Stage," set to release on July 17, is expected to complement "The Sauce Garden Case" and cater to the audience's demand for light entertainment, further enhancing Huayi Media's market presence [15][20] - The strategic content planning by Huayi Media, including collaborations with renowned directors and diverse film genres, indicates a strong ambition to capture a larger market share and meet audience preferences [25][26]

Market Overview - The Hong Kong stock market experienced a collective pullback on May 28, with the Hang Seng Index down by 0.53%, the Hang Seng Tech Index down by 0.15%, and the Hang Seng China Enterprises Index down by 0.31% [1] - Despite the overall decline, the energy sector showed resilience, with companies like Yanzhou Coal Mining and China Shenhua Energy seeing gains of 2.31% and 1.2% respectively [1] Sector Performance - The consumer sector showed a clear "high cut low" trend, with brands like Pop Mart and Mixue experiencing significant pullbacks after reaching new highs, dropping 7.12% and 5.53% respectively [2] - The technology sector also faced mixed results, with Kuaishou's net profit exceeding expectations, leading to a 5.95% increase in its stock price, while other tech giants like Meituan and Tencent saw declines [2] Capital Flows - Southbound capital saw a net inflow of 291.12 billion yuan in May, with a significant portion directed towards defensive sectors, particularly the financial sector, which attracted 223.9 billion yuan [4] - The trend indicates a structural change in capital flows, with individual investors dominating the southbound capital, making the market more sensitive to changes in sentiment [4] Valuation and Market Sentiment - Analysts suggest that the current valuation of the Hong Kong stock market is at a historical average level, with potential for recovery in both valuation and earnings, particularly in sectors benefiting from domestic demand policies [6] - The market is expected to experience a rebound in the third quarter, supported by improved liquidity and the return of quality companies to the Hong Kong market [6] Future Outlook - The ongoing listing of quality companies and the influx of capital are expected to enhance the asset quality and liquidity of the Hong Kong market [6] - Analysts predict that the combination of domestic growth policies and the resurgence of the AI industry will reshape the valuation of the technology sector, leading to a dual recovery in valuation and earnings for the Hong Kong market [6]

Group 1 - The Hong Kong stock market's film and entertainment sector continued its strong performance in the afternoon session [1] - Stars Group (06698.HK) saw an increase of over 12% [1] - Alibaba Pictures (01060.HK) rose by more than 10% [1] - Other companies such as Lehua Entertainment (02306.HK) and Huayi Brothers Media (01003.HK) also experienced gains [1]