Financial Performance - Revenue from continuing operations decreased by 7% from HKD 792.8 million in 2023 to HKD 734.3 million in 2024 due to a lack of blockbuster film releases[2] - Gross profit from continuing operations fell by 7% from HKD 518.4 million in 2023 to HKD 484.2 million in 2024, maintaining a stable gross profit margin of 66%[2] - Loss attributable to equity holders increased from HKD 90.4 million in 2023 to HKD 242.6 million in 2024, primarily due to non-recurring net income of HKD 285.6 million from the sale of joint venture shares and a significant impairment loss of HKD 442.2 million[2] - The company reported a pre-tax loss of HKD 158.2 million for the year, compared to a loss of HKD 38.7 million in the previous year[4] - The company reported a total loss of HKD 242,642,000 for the fiscal year 2024, compared to a loss of HKD 90,401,000 in the previous year, indicating a significant increase in losses[5] - The basic and diluted loss per share for continuing operations was HKD 6.00, up from HKD 1.66 in the previous year, reflecting a worsening financial performance[5] - Total revenue for the fiscal year 2024 was HKD 278,206,000, a decrease from HKD 56,186,000 in the previous year, highlighting a decline in overall earnings[6] - The loss attributable to shareholders from continuing operations was HKD 203,674,000, compared to HKD 12,319,000 in the previous year, indicating a substantial increase in operational losses[6] - The company incurred a foreign exchange loss of HKD 35,564,000, which negatively impacted its financial results[6] - The loss from discontinued operations was HKD 74,577,000, compared to HKD 43,887,000 in the previous year, suggesting challenges in exiting certain business segments[5] - The company’s total comprehensive loss for the year was HKD 278,206,000, reflecting a significant decline in financial health compared to the previous year[6] - The company reported a loss of HKD 168,065,000 from continuing operations, which is a notable increase from HKD 46,511,000 in the prior year[5] - The overall financial performance indicates a challenging year with increased losses and declining revenues, necessitating strategic reassessment moving forward[6] Assets and Liabilities - Total assets decreased from HKD 2,872,323 thousand in 2023 to HKD 1,758,591 thousand in 2024, representing a decline of approximately 38.8%[7] - Non-current assets decreased from HKD 3,157,276 thousand in 2023 to HKD 1,905,656 thousand in 2024, a reduction of about 39.5%[7] - Current liabilities increased from HKD 554,945 thousand in 2023 to HKD 358,857 thousand in 2024, indicating a decrease of approximately 35.3%[8] - The net current liabilities decreased from HKD (284,953) thousand in 2023 to HKD (147,065) thousand in 2024, showing an improvement of about 48.3%[7] - Total equity attributable to equity holders of the company decreased from HKD 1,462,552 thousand in 2023 to HKD 1,169,790 thousand in 2024, a decline of approximately 20%[8] - The company's total liabilities decreased from HKD 1,411,017 thousand in 2023 to HKD 588,801 thousand in 2024, a reduction of approximately 58.3%[8] - The company's total borrowings decreased from HKD 335,078 thousand in 2023 to HKD 156,016 thousand in 2024, indicating a decline of about 53.4%[8] - The company's retained earnings decreased from HKD 1,182,585 thousand in 2023 to HKD 889,823 thousand in 2024, a decrease of approximately 24.7%[8] - The company's total non-current liabilities decreased from HKD 1,411,017 thousand in 2023 to HKD 588,801 thousand in 2024, reflecting a decline of about 58.3%[8] Cash Flow and Financial Health - For the year ending December 31, 2024, the group reported an operating loss of HKD 242,642,000 and a net cash outflow of HKD 39,709,000[12] - As of December 31, 2024, the group's net current liabilities amounted to HKD 147,065,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[12] - The board has implemented various strategies to improve cash flow, including enhancing revenue from production and sales, and selling group properties[13] Revenue Segments - The group reported segment revenue of HKD 186,730 thousand for Hong Kong in 2024, an increase from HKD 155,115 thousand in 2023, representing a growth of approximately 20.4%[29] - The group's revenue from film exhibition in Hong Kong was HKD 176,285 thousand in 2023, compared to HKD 148,215 thousand in 2022, indicating a year-over-year increase of about 18.9%[29] - The adjusted profit after tax for the Hong Kong segment was a loss of HKD 24,088 thousand in 2024, compared to a loss of HKD 19,478 thousand in 2023, reflecting a decline in performance[29] - The group reported total revenue of HKD 828,964 thousand for 2024, up from HKD 780,101 thousand in 2023, marking an increase of approximately 6.3%[29] - The revenue from film distribution and production in Hong Kong decreased to HKD 9,426 thousand in 2024 from HKD 6,300 thousand in 2023, a decline of about 1.5%[29] - The group’s revenue from the Singapore segment was HKD 636,998 thousand in 2024, slightly up from HKD 624,986 thousand in 2023, showing a growth of about 1.6%[29] Operational Challenges - The film exhibition segment accounted for 92% of the group's total revenue as of December 31, 2024, with revenue decreasing by 8% to HKD 724.2 million[46] - The total attendance dropped by 6% from 7.1 million in 2023 to 6.6 million in 2024, primarily due to a lack of popular films[46] - The average ticket price decreased from HKD 71.5 to HKD 68.2 during the year[46] - The group closed two cinemas in Hong Kong, resulting in a total of 7 cinemas and 28 screens as of December 31, 2024[49] - The overall financial performance of the 360 Theater was below expectations, prompting a reassessment of cash flow forecasts[45] Strategic Initiatives - The company plans to expand its market presence through new product launches and technology development[30] - The group plans to adopt a cautious approach to its future expansion plans due to uncertainties in the market caused by interest rate hikes and global conflicts[63] - The group aims to optimize the immersive experience of cinemas by developing them into comprehensive lifestyle centers featuring blockbuster films, trendy cultural merchandise, dining, and live events[64] - The group has established partnerships with landlords to promote and launch e-commerce platforms to diversify revenue streams[54] Governance and Compliance - The company did not recommend any final dividend for the year ending December 31, 2024, consistent with no dividends in 2023[67] - The company has adhered to the corporate governance code, with minor exceptions noted in sections C.1.6 and F.2.2[70] - The audit committee has been established to evaluate financial statements and internal controls, ensuring compliance with financial and accounting policies[72] - The independent auditor confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[75]

Revenue and Financial Performance - Revenue decreased by 5% to HKD 377.6 million in 2024 compared to HKD 396.2 million in 2023 due to a lack of blockbuster films[6] - Group's consolidated revenue decreased by 5% to HKD 377.6 million in 2024 from HKD 396.2 million in 2023, with total attendance decreasing by 6%[13] - Group's gross profit decreased by 11% to HKD 227.6 million in 2024 from HKD 256.6 million in 2023[13] - Group's film distribution and production revenue increased by 143% to HKD 43.2 million in 2024 from HKD 17.8 million in 2023[11] - Group's net loss attributable to equity holders was HKD 81 million in 2024, compared to a loss of HKD 24.4 million in 2023[14] - Revenue from continuing operations for the six months ended June 30, 2024, was HK$396,202 thousand, compared to HK$377,564 thousand in the same period last year[24] - Gross profit for the six months ended June 30, 2024, increased to HK$256,635 thousand from HK$227,634 thousand in the previous year[24] - The company reported a loss from continuing operations of HK$364,021 thousand for the six months ended June 30, 2024, compared to a loss of HK$29,868 thousand in the same period last year[24] - Total loss for the period ended June 30, 2024, was HK$81,048 thousand, compared to a loss of HK$24,350 thousand in the previous year[24] - Basic and diluted loss per share from continuing operations was HK$13.00 for the six months ended June 30, 2024, compared to HK$1.07 in the same period last year[25] - Total comprehensive loss for the six months ended June 30, 2024, was HK$114,404 thousand, compared to a loss of HK$22,215 thousand in the previous year[27] - The company's revenue from continuing operations for the six months ended June 30, 2024, was HKD 410,006,000, compared to HKD 418,265,000 in the same period in 2023[46] - The company's pre-tax loss from continuing operations for the six months ended June 30, 2024, was HKD 30,511,000, compared to a pre-tax profit of HKD 13,104,000 in the same period in 2023[46] - The company's pre-tax comprehensive loss for the six months ended June 30, 2024, was HKD 357,076,000, compared to a loss of HKD 23,309,000 in the same period in 2023[46] - Pre-tax loss for the six months ended June 30, 2024 was HKD 364,021 thousand, compared to HKD 29,868 thousand for the same period in 2023[57] - Total revenue for the period was HKD 1,461,306 thousand[31] Cinema Operations and Market Performance - The company closed one cinema in Hong Kong, reducing the number of screens by 2, resulting in 8 cinemas and 33 screens in Hong Kong as of June 30, 2024[9] - The company's cinema portfolio in Singapore maintained a dominant market share of 52% of the local box office[8] - Box office revenue in Hong Kong decreased by 26.6% to HKD 58 million in 2024 from HKD 79 million in 2023[9] - The average ticket price in Hong Kong decreased from HKD 71 in 2023 to HKD 64 in 2024[9] - The company's 360 theater in Suzhou, which opened in late 2023, underperformed, leading to an impairment loss of HKD 313.3 million[7] - Total admissions in Hong Kong and Singapore decreased by 6% to 3.3 million in 2024 from 3.5 million in 2023[8] - The company's cinema business remains the primary revenue source, contributing 90% of total segment revenue[8] - Hong Kong cinema attendance decreased from 1.1 million in the first half of 2023 to 900,000 in the first half of 2024, leading to a 27% drop in box office revenue from HKD 79 million to HKD 58 million[10] - Average ticket price in Hong Kong decreased from HKD 71 in 2023 to HKD 64 in 2024 to attract customers back to cinemas[10] - Singapore cinema attendance decreased by 3% from 2.44 million in 2023 to 2.36 million in 2024, with net box office revenue dropping 6% from SGD 30.4 million to SGD 28.5 million[11] - Average net ticket price in Singapore decreased by 3% from SGD 12.5 in 2023 to SGD 12.1 in 2024[11] - The company plans to cautiously seek high-quality film distribution projects in Hong Kong and explore opportunities to minimize operating losses in the region[17] - In Singapore, the group aims to transform existing cinemas into integrated lifestyle hubs and introduce creative products such as toy merchandise[17] - In mainland China, the group has signed cooperation agreements with local governments in Suzhou and Xi'an to operate four theaters, combining advanced European stage technology with global talent to present unique live performances[17] - The group believes that cinemas offer a unique immersive experience and plans to develop them into comprehensive lifestyle centers featuring blockbuster movies, trendy cultural products, dining, and live events to enhance future competitiveness[18] - Fixed lease payments for cinemas in Hong Kong for the six months ended June 30, 2024 were HKD 24,886 thousand, with variable payments of HKD 520 thousand[61] - Fixed lease payments for cinemas in Singapore for the six months ended June 30, 2024 were HKD 40,852 thousand, with variable payments of HKD 3,126 thousand[61] Asset and Liability Management - The company sold its 35.69% stake in Vieshow for a total consideration of TWD 1,249,047,485, recognizing a gain of HKD 28.56 million[6] - Group's cash and bank balances increased to HKD 421.6 million in 2024 from HKD 160.3 million in 2023[14] - Group's net assets stood at HKD 1.3382 billion as of June 30, 2024[14] - Cash and cash equivalents increased to HKD 680 million as of June 30, 2024, compared to a net debt of HKD 279.1 million as of December 31, 2023, due to the sale of the group's joint venture shares, generating a non-recurring net income of HKD 285.6 million[15] - The group's asset-liability ratio remained stable at 13.0% (December 31, 2023: 12.8%), and the net asset-liability ratio improved to 0.2% (December 31, 2023: 8.1%)[15] - The cash-to-bank borrowing ratio improved significantly to 101.6% (December 31, 2023: 36.5%), indicating a reasonable financial leverage ratio[15] - The group has no significant contingent liabilities or off-balance sheet debt as of June 30, 2024[16] - The group recorded a net loss of HKD 81.048 million for the six months ended June 30, 2024, with a net current liability of HKD 334.209 million, including immediate bank loans of HKD 414.859 million[23] - The group's cash and cash equivalents, along with pledged deposits, totaled HKD 421.648 million as of June 30, 2024, which may not be sufficient to meet future working capital, capital expenditure, and financing requirements[23] - Non-current assets decreased to HK$2,640,024 thousand as of June 30, 2024, from HK$3,157,276 thousand as of December 31, 2023[28] - Current liabilities increased to HK$886,636 thousand as of June 30, 2024, from HK$554,945 thousand as of December 31, 2023[29] - Total equity attributable to the company's shareholders decreased to HK$1,339,391 thousand as of June 30, 2024, from HK$1,462,552 thousand as of December 31, 2023[30] - Retained earnings stood at HKD 261,790 thousand, with a decrease of HKD 81,048 thousand[31] - Exchange reserve was HKD 50,026 thousand, with a decrease of HKD 33,390 thousand[31] - Reserve fund remained stable at HKD 3,134 thousand[31] - Share premium was HKD 771,749 thousand[31] - Net cash generated from operating activities was HKD 96,221 thousand[35] - Net cash from investing activities was HKD 287,924 thousand, primarily due to proceeds from the sale of a joint venture amounting to HKD 294,250 thousand[35] - Net cash used in financing activities was HKD 117,318 thousand, mainly due to repayment of bank loans and lease payments[35] - Cash and cash equivalents increased by HKD 266,827 thousand, reaching HKD 388,987 thousand as of June 30, 2024[36] - The company's net current liabilities amounted to HKD 334,209,000 as of June 30, 2024, primarily due to the reclassification of HKD 414,859,000 in bank loans as current liabilities[39] - Cash and cash equivalents, along with pledged bank deposits, totaled HKD 421,648,000 as of June 30, 2024[39] - The company sold 35.69% of its equity in a joint venture in Taiwan for a total consideration of NT$1,249,835,000, recognizing a gain of approximately HK$285,575,000 from the sale[63] - The company reclassified the remaining 0.02% equity in the joint venture as other financial assets, and the joint venture's performance is now classified as discontinued operations[63] - Trade receivables as of June 30, 2024, amounted to HK$38,089,000, up from HK$18,562,000 as of December 31, 2023[68] - Cash and cash equivalents increased to HK$388,987,000 as of June 30, 2024, compared to HK$124,773,000 as of December 31, 2023[69] - Bank loans due within one year or on demand amounted to HK$414,859,000 as of June 30, 2024, down from HK$439,384,000 as of December 31, 2023[70] - Trade payables as of June 30, 2024, totaled HK$95,099,000, up from HK$73,582,000 as of December 31, 2023[72] - The company's capital commitments in Mainland China as of June 30, 2024, amounted to HKD 132,328 thousand, compared to HKD 141,720 thousand as of December 31, 2023[80] - The company provided bank guarantees of HKD 454,450,000 as of June 30, 2024, down from HKD 511,110,000 as of December 31, 2023, with HKD 418,210,000 utilized by subsidiaries[82] - The company's contingent liabilities include a remaining consideration of RMB 252,207,000 (USD 37,384,000) from the sale of a subsidiary, which is subject to ongoing legal disputes[84] Corporate Governance and Shareholder Information - The interim financial report was prepared in accordance with Hong Kong Accounting Standards and was reviewed by KPMG[37] - The company recorded a loss of HKD 81,048,000 for the six months ended June 30, 2024[39] - The company's revenue from external customers in Hong Kong, Mainland China, Singapore, and Taiwan is detailed in the segment reporting[42][43] - The company's segment revenue and performance are monitored based on adjusted post-tax operating performance, excluding financial expenses, exchange differences, and non-recurring items[43] - Financial expenses for the six months ended June 30, 2024 were HKD 19,616 thousand, compared to HKD 18,648 thousand for the same period in 2023[48] - Employee costs (excluding director remuneration) for the six months ended June 30, 2024 were HKD 55,765 thousand, compared to HKD 52,768 thousand for the same period in 2023[48] - Impairment loss on fixed assets and development costs related to 360 theaters in mainland China was HKD 313,333 thousand for the six months ended June 30, 2024[52] - Total tax expense for the six months ended June 30, 2024 was HKD 6,945 thousand, compared to HKD 6,559 thousand for the same period in 2023[53] - The company acquired property, plant, and equipment with a cost of HKD 11,100 thousand for the six months ended June 30, 2024, compared to HKD 62,086 thousand for the same period in 2023[62] - The weighted average number of ordinary shares outstanding for the six months ended June 30, 2024 was 2,799,669,050[56] - The company generated additional costs of HK$621,000 for film copyrights during the period, compared to HK$20,022,000 in the same period last year[65] - Film copyright amortization was HK$522,000, down from HK$1,013,000 in the same period last year[65] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[77] - The company's short-term employee benefits and post-employment benefits for key management totaled HKD 7,973 thousand for the six months ended June 30, 2024, compared to HKD 8,313 thousand for the same period in 2023[86] - The company incurred rental and management fees of HKD 1,209 thousand with a related party for the six months ended June 30, 2024[88] - The total number of issued shares as of June 30, 2024, is 2,799,669,050 shares[90] - Mr. Wu Dangbo holds 1,998,578,497 shares, representing 71.39% of the total issued shares[90] - Mainway Enterprises Limited, wholly owned by Mr. Wu, holds 1,432,858,549 shares, representing 51.18% of the total issued shares[93] - Orange Sky Entertainment Group (International) Holdings Limited, in which Mr. Wu holds an 80% stake, holds 565,719,948 shares, representing 20.21% of the total issued shares[93] - No interim dividend was recommended for the six months ended June 30, 2024[97] - The company has 279,966,905 shares available for issuance under the share option plan as of June 30, 2024[92] - The company complied with the Corporate Governance Code except for provisions C1.6 and F2.2[98] - Independent non-executive directors Ms. Huang Siying and Mr. Feng Zhiwen were unable to attend the 2024 Annual General Meeting due to other work commitments[98] - Chairman Mr. Wu Kebo was unable to attend the 2024 Annual General Meeting due to other official duties[98] - The company confirmed that all directors complied with the Model Code for Securities Transactions during the period ended June 30, 2024[99] - The interim report for 2024 was released by Orange Sky Golden Harvest Entertainment (Holdings) Limited on August 29, 2024[101] - The company's registered office is located at Unit 2101, YF Life Tower, 33 Lockhart Road, Wan Chai, Hong Kong[103] - The company's website is accessible at http://www.osgh.com.hk[103]

Financial Performance - Revenue decreased by 5% from HKD 396 million in 2023 to HKD 378 million in 2024, primarily due to a lack of blockbuster movie releases during the period[1] - Gross profit fell by 11% from HKD 257 million in 2023 to HKD 228 million in 2024, attributed to the decline in revenue[2] - Loss attributable to equity holders increased from HKD 24 million in 2023 to HKD 81 million in 2024, a rise of 238%[2] - The total comprehensive loss for the period amounted to HKD 114.4 million, compared to HKD 22.2 million in 2023[8] - The group’s operational loss for the period was HKD 364 million, significantly higher than HKD 29.9 million in the previous year[7] - The basic loss per share for continuing operations was HKD 13.00, compared to HKD 1.07 in the previous year[7] - The group recorded a loss of HKD 81,048,000 for the six months ended June 30, 2024[13] - The group recorded an impairment loss of HKD 313.3 million for the investment in the 360 Theatre due to underperformance after one year of operation[30] Cash Flow and Liabilities - As of June 30, 2024, the group's net current liabilities amounted to HKD 334,209,000, primarily due to the classification of HKD 414,859,000 bank loans as current liabilities[13] - The total cash and cash equivalents, along with pledged bank deposits, amounted to HKD 421,648,000 as of June 30, 2024[13] - The group has implemented various strategies to improve cash flow, including enhancing revenue from reflection, issuance, and production[13] - The group has not fulfilled certain financial covenants under its bank financing agreements, leading to significant uncertainty regarding its ability to continue as a going concern[13] - The group believes it can fulfill its financial obligations by June 30, 2024, under the going concern basis, assuming the measures taken are successful[14] - The total assets less current liabilities were HKD 2,305,815,000 as of June 30, 2024[10] - The total assets as of December 31, 2023, were HKD 3,157,276,000, compared to HKD 2,640,024,000 as of June 30, 2024[9] Operational Strategies - The company plans to explore new strategies for market expansion and product development in response to the current financial challenges[1] - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[19] - The group aims to diversify revenue by increasing alternative content, live streaming, and special film screening frequencies[38] - The group aims to expand its cinema operations into a comprehensive entertainment hub, offering additional lifestyle products and services[29] - The group has expanded its cinema operations to include live music, esports, and dining experiences, with 6 new cinemas opened[37] Revenue Sources and Segments - The group's revenue is derived from various sources including film screenings, DVD and TV rights, and advertising services, with no single customer accounting for more than 10% of total revenue[16] - The group reports its business by region, with segments including Hong Kong, Mainland China, Singapore, and Taiwan, primarily generating revenue from film screenings and distribution[17] - The revenue from the film distribution and production segment was HKD 304,270,000, showing a significant increase from HKD 218,363,000[19] - The film distribution and production segment recorded revenue of HKD 43.2 million, a 143% increase from HKD 17.8 million in the same period last year[39] Market Conditions - The group anticipates a challenging year in 2024 for the film industry, but believes in the resilience of the global film market post-pandemic[29] - Box office revenue in Hong Kong and Singapore dropped by 11% to HKD 356.9 million, primarily due to a lack of blockbuster films, resulting in a 6% decrease in total attendance from 3.5 million to 3.3 million[31] - The average ticket price in Hong Kong decreased from HKD 71 to HKD 64, while in Singapore it remained at HKD 70[33] - The average net ticket price in Singapore decreased by 3% from SGD 12.5 in 2023 to SGD 12.1 in 2024[36] - Total audience attendance in Singapore was 2.36 million, down 3% from 2.44 million in the previous year[36] Governance and Compliance - The audit committee has reviewed the internal control systems and financial data up to June 30, 2024[50] - The company has established an audit committee in accordance with corporate governance guidelines to oversee financial matters[50] - The company has complied with the corporate governance code, except for specific provisions regarding attendance at the annual general meeting[49] - The chairman and an independent non-executive director were unable to attend the annual general meeting held on June 26, 2024[49] Employee and Operational Metrics - Employee costs, excluding directors' remuneration, amounted to HKD 55,765,000, an increase from HKD 52,768,000 year-on-year[21] - The group employed 410 full-time employees as of June 30, 2024, down from 441 on December 31, 2023[45] - The group closed one cinema with two screens in Hong Kong during the period, resulting in a total of 8 cinemas and 33 screens[33] Tax and Financial Reporting - The group did not recognize any Hong Kong profits tax provision due to losses recorded in both periods[24] - The overseas tax provision for the six months ended June 30, 2024, was HKD 4,686,000, an increase from HKD 3,934,000 for the same period in 2023[23] - The estimated effective tax rate for Singapore subsidiaries remained at 17% for both periods[24] Future Outlook - The company will not declare any interim dividends for the period ending June 30, 2024[46] - The group will continue to seek investment opportunities in regional media, entertainment, technology, and lifestyle sectors to create synergies with existing businesses[44] - The company acknowledges the contributions of its management and employees in its development[53] - The interim financial report will be sent to shareholders and published on the company's website at an appropriate time[53]

Corporate Strategy and Governance - The company aims to become Asia's best-in-class integrator of the movie entertainment industry[1]. - The strategy focuses on enlarging and strengthening the theatrical exhibition network as the top priority for shareholder value[2]. - The company is committed to enhancing synergy by integrating its distribution business[3]. - The company plans to participate in film production with minimal risks to benefit its distribution and exhibition business[3]. - The new CEO, Fiona Chow, was appointed on April 11, 2023, following the resignation of the previous CEO[6]. - The company emphasizes responsible practices for maximizing shareholder value while benefiting society[2]. - The company is dedicated to continuous improvement and innovation in its offerings to customers[3]. - The company has a strong governance structure with a diverse board of directors[10]. - The company maintains transparency and integrity in its business dealings with partners[3]. - Ms. Chow has been appointed as Co-CEO since April 11, 2023, responsible for corporate strategy and M&A in non-mainland China[19]. - Mr. Peng has been appointed as Co-CFO since April 11, 2023, previously serving as finance director for the China operation[22]. - The management team has extensive experience in finance and corporate strategy, with qualifications from prestigious institutions such as Wharton and Cornell[23]. - The company has adopted a corporate governance code that complies with the Model Code for Securities Transactions by Directors, ensuring all directors confirmed compliance for the year ended December 31, 2023[141]. - The Board of Directors consists of five executive directors and three independent non-executive directors, with regular meetings held to oversee business management and financial performance[142][143]. - The company emphasizes the importance of good corporate governance for sustainable development and has established governance practices tailored to its needs[136]. - The Board is responsible for approving the Group's annual results, budgets, and significant operational transactions, ensuring strategic oversight[143]. - The company has implemented measures for employee engagement, retention, and training as part of its corporate culture initiatives[137]. - Directors have unrestricted access to relevant information and can seek independent professional advice at the company's expense[144][149]. - The company has secured appropriate insurance coverage for directors' liabilities arising from legal actions related to corporate activities[145][150]. - The corporate governance report indicates compliance with the governance code, with the exception of provision F.2.2 regarding the Chairman's attendance at the AGM[138]. - The Board reviewed the effectiveness of the internal controls and risk management systems during the year[168]. - The Chairman, Mr. Wu, ensures that all Directors receive timely and reliable information regarding the Group's affairs[169]. - The CEO is responsible for implementing objectives, policies, and strategies approved by the Board, focusing on corporate strategy and mergers and acquisitions[170]. - The Company Secretary confirmed that she completed no less than 15 hours of relevant professional training for the year ended December 31, 2023[179]. - The Board met the requirements of having at least three independent non-executive Directors, representing at least one-third of the Board[177]. - All independent non-executive Directors confirmed their independence according to the criteria set out in the Listing Rules[178]. - The Company has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee, each with defined terms of reference[180]. - The Company encourages continuous professional development for all Directors to enhance their knowledge and skills[164]. - The Board ensures compliance with legal and regulatory requirements through regular reviews of policies and practices[175]. - The independent non-executive Directors provide independent judgment on strategy, policy, and performance, contributing to the Company's growth[176]. - As of December 31, 2023, the Audit Committee comprised three independent non-executive Directors, ensuring compliance with Listing Rules[185]. - The Audit Committee held two meetings during the year, with all members attending both sessions, demonstrating strong oversight[188]. - The principal duties of the Audit Committee include monitoring the integrity of financial statements and reviewing the effectiveness of financial control and risk management systems[189]. - The Remuneration Committee, established on October 8, 2004, includes one executive Director and two independent non-executive Directors, focusing on remuneration policies for Directors and senior management[195]. - The Remuneration Committee held one meeting during the year to review and recommend remuneration packages for individual executive Directors[197]. - The company confirmed compliance with the requirement of having at least three members in the Audit Committee, all being non-executive Directors[194]. - Anti-corruption and whistleblowing policies were established during the year to promote a healthy corporate culture and governance practices[190]. - The company secretary confirmed receiving no less than 15 hours of relevant professional training during the year[182]. - Independent non-executive Directors play a crucial role in providing independent opinions on strategy, policy, and company performance[181]. - The company has established clear written terms of reference for its committees, ensuring transparency and accountability[183]. - The Compensation Committee held one meeting for the year ending December 31, 2023, to review the remuneration of individual executive directors[200]. - The Compensation Committee recommended opinions to the Board regarding the remuneration of executive directors[200]. - The Compensation Committee reviewed and approved the service contract terms for executive directors[200]. Financial Performance - The Group's consolidated revenue increased by 15% to HK$799.8 million in 2023, up from HK$696.0 million in 2022, with total admissions rising by 20%[45]. - Gross profit for the year amounted to HK$518.3 million, representing a 15% increase compared to HK$449.1 million in 2022[45]. - Loss attributable to equity holders reduced by 12% to HK$90 million, down from HK$102 million in 2022, excluding one-off profit from the disposal of a Hong Kong office property[46]. - The Group's revenue increased by 15% to HK$799.8 million in 2023, up from HK$696.0 million in 2022[62]. - The Group's film distribution and production business recorded revenue of HK$39.1 million in 2023, a 7% increase from HK$36.4 million in 2022[99]. - As of December 31, 2023, the Group's total cash and bank balances amounted to HK$160.3 million, down from HK$291.5 million in 2022[109]. - The Group's net debt increased from HK$217.1 million as of December 31, 2022, to HK$279.1 million as of December 31, 2023[109]. - The gearing ratio stood at 12.8% as of December 31, 2023, compared to 14.4% in the previous year[110]. - The Group's net loss attributable to equity holders was HK$90.4 million, compared to a loss of HK$46.1 million in the previous year[107]. - The Group's net assets reached HKD 1.4613 billion, with total cash and bank balances amounting to HKD 160.3 million, a decrease from HKD 291.5 million in 2022[113]. - The Group's debt-to-asset ratio remained stable at 12.8%, down from 14.4% in the previous year, while the net debt-to-asset ratio increased to 8.1% from 6.1%[113]. Market Expansion and Operations - The company has a strong focus on expanding its theatrical exhibition business in China, which is a key area of development[19]. - The company is actively pursuing mergers and acquisitions to enhance its market position and operational capabilities[19]. - The company aims to leverage its expertise in film and television production to drive growth in the entertainment sector[19]. - The Group plans to adopt a prudently conservative approach to operations and expansion despite increased revenues, focusing on developing cinemas into integrated lifestyle hubs[50]. - The Group will seek suitable investment opportunities in regional media, entertainment, technology, and lifestyle sectors to create synergies with existing businesses[50]. - Continuous evaluation of various strategic opportunities that may benefit the Group will be conducted[50]. - The film and cinema industry remains a unique entertainment experience, and the Group aims to build competitive advantages through innovative offerings[50]. - The Group acknowledges the support of shareholders, customers, and business partners, emphasizing the importance of collaboration for sustainable development[53]. - The Group plans to open 2 new cinemas with 33 screens in Taiwan during 2024 and 2025, expanding its entertainment offerings[63]. - The first 360 stage was opened in Suzhou in the second half of 2023, featuring advanced technology for a unique theatrical experience[64]. - The Group closed 1 cinema with 2 screens in Hong Kong but opened 2 cinemas with 10 screens in Singapore and 1 cinema with 14 screens in Taiwan during the year[63]. - The Group plans to open two new cinemas with a total of 33 screens in Taiwan between 2024 and 2025, aiming to increase market share[96]. - In Mainland China, the Group has signed agreements to operate 4 stages, with the first stage opening in Suzhou in the second half of 2023, and further stages expected to open from 2024[120]. - The Group will gradually increase the frequency of live Japanese and Korean mini-concerts to maximize average ticket prices as part of its revenue enhancement strategy[117]. - The Group will convert existing cinemas into integrated lifestyle hubs and introduce creative product offerings, such as toy merchandise, to attract customers in Singapore[118]. - The Group employed 441 permanent employees as of December 31, 2023, an increase from 374 in 2022, reflecting growth in operational capacity[126]. Audience Engagement and Revenue Diversification - The Group remains committed to diversifying revenue streams through alternative content and e-commerce initiatives[87]. - Golden Village is expanding its offerings to include integrated entertainment hubs featuring live music and e-sports, enhancing customer experience[86]. - The average ticket price decreased from HK$69 to HK$68 across Hong Kong, Singapore, and Taiwan[70]. - The major Hollywood blockbusters contributing to the box office included titles like "Ant-Man and the Wasp: Quantumania" and "Oppenheimer" among others[71]. - Golden Village reported net box office receipts of S$61.4 million for 2023, a 9% increase from S$56.2 million in 2022, driven by a 6% rise in admissions to 5.0 million[85]. - Concessions income for Golden Village increased by 7% to S$26.6 million in 2023, up from S$24.8 million in 2022, reflecting higher admissions and box office receipts[85]. - The average net ticket price improved by 3% to S$12.4 in 2023 from S$12.0 in 2022[87]. - In Taiwan, Vie Show Cinemas operates 18 cinemas with 196 screens, holding a 44% market share of the total box office in 2023[93]. - Vie Show's net box office receipts reached NTD 3.1 billion in 2023, a 27.2% increase from NTD 2.5 billion in 2022, attributed to higher admissions of 11.8 million[94]. - The Group's Singapore operations recorded a segmental profit of HK$48.9 million for the year ended December 31, 2023, compared to HK$31.2 million in 2022[85].

Financial Performance - Revenue increased by 15% from HKD 696 million in 2022 to HKD 800 million in 2023, driven by the recovery of operations in Hong Kong and Singapore's film industry [2]. - Gross profit rose by 15% from HKD 449 million in 2022 to HKD 518 million in 2023, with a stable gross profit margin of 65% [3]. - Loss attributable to equity holders increased from HKD 46 million in 2022 to HKD 90 million in 2023, primarily due to the absence of extraordinary income from property sales in Hong Kong [3]. - Total comprehensive income for the year was a loss of HKD 90.4 million, compared to a loss of HKD 46.1 million in the previous year [7]. - Basic loss per share increased from HKD 1.65 in 2022 to HKD 3.23 in 2023, reflecting the higher losses incurred [5]. - The company recorded an impairment loss of HKD 18.1 million on non-financial assets in 2023, compared to HKD 1.1 million in 2022 [3]. - Other income increased from HKD 35.8 million in 2022 to HKD 47.4 million in 2023, indicating growth in ancillary revenue streams [5]. - The group reported a loss of HKD 90,401,000 for the year ending December 31, 2023 [15]. - Total comprehensive income for the year was (HKD 56,186,000), compared to (HKD 26,991,000) in the previous year, indicating a significant decline [8]. - The group’s net loss attributable to shareholders was HKD 90.4 million in 2023, compared to a loss of HKD 46.1 million in 2022 [70]. Financial Position - The debt-to-asset ratio improved to 12.8% in 2023 from 14.4% in 2022, indicating better financial stability [3]. - Total assets amounted to HKD 3,157,276,000, an increase from HKD 3,032,702,000 year-over-year [10]. - The company reported a total equity attributable to shareholders of HKD 1,462,552,000, down from HKD 1,518,758,000 in the previous year [11]. - The company's cash and cash equivalents decreased to HKD 124,773,000 from HKD 283,553,000, reflecting a liquidity challenge [10]. - The total liabilities increased to HKD 554,945,000 from HKD 904,649,000, indicating a reduction in financial obligations [10]. - The company reported a net current liability of (HKD 284,953,000), an improvement from (HKD 405,443,000) in the previous year [11]. - The group’s financial position remains stable despite the changes in accounting policies and guidelines, as the overall deferred tax balance complies with the relevant standards [25]. - As of December 31, 2023, the group's net current liabilities amounted to HKD 284,953,000, including bank loans payable within 12 months of HKD 104,306,000 [15]. - The total cash and cash equivalents, along with pledged deposits, were HKD 160,280,000 as of December 31, 2023, which may not be sufficient to meet future operational funding, capital expenditures, and financing requirements [90]. Market and Operational Strategy - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming fiscal year [4]. - The group is exploring new strategies for market expansion and product development to enhance future performance [8]. - The group plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge [35]. - The group plans to open two additional cinemas in Taiwan with a total of 33 screens between 2024 and 2025 [50]. - The group is expanding its cinema operations to include integrated entertainment hubs, offering live music, esports, collectibles, and dining [50]. - The group plans to open two new cinemas with a total of 33 screens in Taiwan between 2024 and 2025, further increasing market share [64]. - The group aims to gradually increase the frequency of small concerts in Japan and South Korea to enhance average ticket prices [75]. - The group will continue to seek expansion opportunities in Singapore while transforming existing cinemas into lifestyle hubs [76]. Revenue Sources and Performance - Revenue sources include film screening, distribution, and advertising services, with significant contributions from operations in Hong Kong, Mainland China, Singapore, and Taiwan [29][31]. - The film exhibition business remains the primary revenue source, accounting for 96% of total segment revenue as of December 31, 2023 [52]. - Film exhibition revenue increased by 15% to HKD 1.1888 billion, driven by a 20% increase in total attendance from 15.7 million in 2022 to 18.8 million in 2023 [52]. - The revenue from movie screenings in Hong Kong was HKD 176,285 thousand in 2023, compared to HKD 171,946 thousand in 2022, showing a growth of about 2% [35]. - Revenue from the China market for movie screenings increased to HKD 614,978 thousand in 2023 from HKD 539,300 thousand in 2022, marking a rise of approximately 14% [35]. - The revenue from the Singapore market was HKD 12,463 thousand in 2023, a slight increase from HKD 226 thousand in 2022 [35]. - The group’s revenue from the Taiwan market was HKD 399,942 thousand in 2023, up from HKD 327,728 thousand in 2022, showing an increase of approximately 22% [35]. - The group’s consolidated revenue increased by 15% to HKD 799.8 million in 2023, compared to HKD 696 million in 2022, driven by a 20% increase in total attendance [68]. Governance and Compliance - The company has established an audit committee to evaluate financial statements and oversee internal controls as per corporate governance guidelines [85]. - The audit committee reviewed the internal control system and the financial statements for the year ending December 31, 2023 [85]. - The company has complied with corporate governance guidelines, except for the requirement that the chairman of the board must attend the annual general meeting [84]. - The independent auditor confirmed that the financial statements reflect the company's financial position as of December 31, 2023, in accordance with Hong Kong Financial Reporting Standards [89]. - The company acknowledges significant uncertainty regarding its ability to continue as a going concern due to the reported losses and current liabilities [90]. Future Outlook - The group believes that if the aforementioned measures are successful, it will be able to meet its financial obligations as they fall due [19]. - The board expressed gratitude to the management and employees for their efforts and contributions to the company's development [92]. - The annual report for the year ending December 31, 2023, will be sent to shareholders and published on the company's website [91].

智通财经APP讯，橙天嘉禾(01132)发布公告，集团预期于截至2023年12月31日止年度取得股东应占亏损净额不少于9000万港元，而截至2022年12月31日止年度的亏损净额则为4600万港元。 董事会认为，2023年度股东应占亏损净额增加主要由于以下各项的净影响所致：2022年度集团出售香港办公室物业的非经常性净收益5600万港元，而2023年度并无取得有关收益;2023年度非金融资产的减值亏损，被2023年年度汇兑亏损减少抵销。 ...

智通财经APP获悉，橙天嘉禾(01132)早盘一度飙升逾100%，截至发稿，涨71.43%，报0.072港元，成交额400.96万港元。 消息面上，今日有媒体报道引述消息人士称，橙天嘉禾正考虑出售其在新加坡和中国台湾的戏院，并寻求至少4亿美元的资产估值，目前公司正与顾问就可能的撤资事宜进行合作，并与潜在投资者进行了接触。报道还称，橙天嘉禾也可能考虑出售在中国香港的电影院，具体出售项目将取决于投资者的反应。 ...

Revenue and Admissions - The group's revenue increased by 21% to HKD 396.2 million for the six months ended June 30, 2023, compared to HKD 328.2 million in the same period last year[5]. - Total admissions rose by 30% from 7.7 million to 9.9 million for the six months ended June 30, 2023[8]. - In Hong Kong, box office revenue surged by 96% to HKD 79 million, up from HKD 40 million in the previous year[10]. - Singapore operations contributed 49% of the group's total revenue, maintaining a market leadership position with 15 cinemas and 119 screens[11]. - The average ticket price in Singapore increased to SGD 12.5, up from SGD 11.9, compensating for a slight decline in admissions[11]. - In Taiwan, the number of admissions rose to 6.4 million, up from 4.6 million, contributing to a 41% increase in net box office revenue to TWD 1.7 billion[14]. - Revenue from movie screenings reached HKD 620,002,000, up 22.9% from HKD 504,710,000 in the prior year[66]. Financial Performance - The group's gross profit increased by 23% to HKD 256.6 million, with a gross margin rising from 64% to 65%[18]. - The group’s EBITDA for the first half of 2023 was HKD 37.4 million, significantly up from HKD 14.7 million in the same period last year[19]. - The company reported a net loss of HKD 24,350,000 for the six months ended June 30, 2023, compared to a net loss of HKD 10,854,000 in the prior year, indicating a significant increase in losses[39]. - Basic and diluted loss per share was HKD 0.87, compared to HKD 0.39 in the same period last year[38]. - The adjusted operating profit for the group was HKD 23,950,000, compared to a loss of HKD 16,762,000 in the previous year, indicating a significant turnaround[66]. - The group reported a loss before tax of HKD 17,791,000 for the six months ended June 30, 2023, compared to a loss of HKD 9,951,000 in the same period last year[72]. Expansion Plans - The group plans to open four new cinemas in Hong Kong, Singapore, and Taiwan over the next two years[5]. - The first 360-degree cinema in Suzhou is expected to open in the second half of 2023, enhancing the entertainment experience[5]. - The group plans to open 1 new cinema with 6 screens in Singapore in the second half of 2023, continuing to seek expansion opportunities[27]. - The group plans to open three new cinemas with a total of 47 screens in Taiwan between 2023 and 2025, further increasing market share[15]. - The group continues to expand its Gold Class premium cinema offerings to meet changing consumer preferences post-pandemic[1]. Debt and Liquidity - The net debt increased from HKD 217.1 million to HKD 266.4 million due to prepayment of bank loans[21]. - The group reported a current liability exceeding current assets by HKD 462,467,000 as of June 30, 2023, but continues to prepare financial reports on a going concern basis due to bank waivers received post-reporting period[57]. - The board believes that the group's operating activities are expected to generate sufficient cash flow to meet financial obligations due within the next twelve months[58]. - The group’s strong liquidity position allows it to pursue acquisition opportunities in the entertainment, technology, and lifestyle sectors[29]. Employee and Management - The group has employed 419 full-time employees as of June 30, 2023, an increase from 374 employees as of December 31, 2022[30]. - Management compensation for the six months ended June 30, 2023, totaled HKD 8,313,000, a decrease from HKD 12,036,000 in the same period of 2022[108]. Corporate Governance - The audit committee reviewed the accounting principles and practices adopted by the group and had no objections to the accounting treatments applied for the interim financial report for the six months ended June 30, 2023[125]. - The company complied with the corporate governance code during the period, except for the requirement that the chairman of the board must attend the annual general meeting, which was not met due to other commitments[127]. - The board of directors consists of a chairman and several executive and independent non-executive directors, ensuring a diverse governance structure[113]. Other Financial Metrics - The company's total equity decreased to HKD 1,495,277,000 as of June 30, 2023, from HKD 1,517,492,000 at the end of 2022[45]. - The company recorded a foreign exchange gain of HKD 2,135,000 during the period, compared to a loss of HKD 24,724,000 in the previous year[39]. - The company’s cash and cash equivalents decreased to HKD 184,345,000 from HKD 283,553,000 at the end of 2022[41]. - The company did not report any income from the sale of non-current assets during the six months ended June 30, 2023, compared to HKD 217,401,000 in the same period last year[51].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內 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 就因本公佈全部或任何部分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。 ORANGE SKY GOLDEN HARVEST ENTERTAINMENT (HOLDINGS) LIMITED 橙 天 嘉 禾 娛 樂（ 集 團 ）有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號：1132） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 佈 截至二零二 三年六月三十日止六個月業績 摘要 二零二三年 二零二二年 變動 百萬港元 百萬港元 百萬港元 % 本集團 收益 396 328 68 21% 毛利 257 209 48 23% 除稅前虧損 (18) (10) (8) 79% 股權持有人應佔虧損 (24) (11) (13) 124% 每股虧損 (0.87)港仙 (0.39)港仙 • 收益由3.282億港元增加21%至3.962億港元，主要由於香港及新加坡於 二零二二年起放寬社交距離措施及COVID後的經濟復甦所致。 ...

Company Strategy and Vision - The company aims to become Asia's best-in-class integrator of the movie entertainment industry[1] - The strategy focuses on enlarging and strengthening the theatrical exhibition network as the top priority for shareholder value[2] - The company plans to enhance synergy by integrating its distribution business[3] - The company is committed to participating in film production with minimal risks to benefit its distribution and exhibition business[3] - The company emphasizes responsible practices for maximizing shareholder value and societal betterment[2] - The company has a clear vision to inspire and enrich life through excellent movie experiences[1] - The company is dedicated to continuous innovation in its offerings to customers[3] - The company is committed to expanding its market presence, particularly in the Chinese cinema sector, which is a key growth area[19] Leadership and Management - The new CEO, Fiona Chow, was appointed on April 11, 2023, following the resignation of the previous CEO[6] - Ms. Chow has been appointed as COO since April 24, 2015, managing the exhibition businesses across all territories[15] - Mr. Peng has been the finance director of the China operation since September 9, 2019, with prior experience in investment banking and advisory roles[23] - The company has a strong leadership team with extensive experience in finance, project finance, and corporate finance, including Mr. Leung with over 30 years in the field[24] - The leadership team includes members with advanced degrees in finance and business management, enhancing the company's strategic decision-making[20] - The company has undergone leadership changes to adapt to market demands, with key executives transitioning roles to focus on core business areas[19] Financial Performance - The Group's full year revenue for 2022 increased by 35% year-on-year to HK$696 million, up from HK$515 million in 2021[45] - The gross profit margin improved to over 65% above pre-COVID levels, reflecting effective cost-saving initiatives[46] - The Group recorded a significant reduction in loss attributable to equity holders, down 85% to HK$46 million from HK$314 million in 2021[50] - The Group's consolidated revenue increased by 35% to HK$696.0 million in 2022, compared to HK$514.9 million in 2021, with total admissions up by 21%[107] - Gross profit for the year amounted to HK$449.1 million, a 40% increase from HK$321.6 million in 2021[108] - Loss attributable to equity holders reduced by 85% to HK$46.1 million in 2022 from HK$314.2 million in 2021, indicating significant improvement[114] Market Expansion and Operations - The Group plans to open 4 new cinemas in Singapore and Taiwan in 2023 and 2024 to expand market share[52] - The first 360 theatre in Suzhou is expected to open in 2023, featuring advanced rotating auditoriums and local Chinese stories[53] - The Group's cinema network includes 41 cinemas and 331 screens across Hong Kong, Singapore, and Taiwan as of December 31, 2022[73] - The Group plans to open a new 8-screen cinema in Singapore in the first half of 2023 and is looking for further expansion opportunities[129] - In Taiwan, the group expects to open 3 new cinemas in 2023 and 2024, aiming to enhance its market leadership[130] Corporate Governance - The company has a strong commitment to compliance with rules and internal regulations[3] - The company has maintained compliance with the corporate governance code, with minor exceptions due to COVID-19 related restrictions[146] - The Board is collectively responsible for overseeing the management of the business and meets regularly to discuss overall strategies and financial performance[151] - The independent non-executive Directors represent at least one-third of the Board, meeting the requirements of the Listing Rules[178] - The Audit Committee's principal duties include monitoring the integrity of financial statements and reviewing the effectiveness of financial control and risk management systems[194] Employee Engagement and Culture - The company has established a framework for employee engagement, retention, and training as part of its corporate culture[145] - The company has implemented appropriate insurance coverage for Directors' liabilities arising from legal actions related to corporate activities[158] - The Company Secretary confirmed that she had taken no less than 15 hours of relevant professional training for the year ended December 31, 2022[180] Financial Health and Debt Management - The Group's net debt decreased from HK$316.8 million as of December 31, 2021, to HK$217.1 million as of December 31, 2022[120] - The gearing ratio improved to 14.4% as of December 31, 2022, down from 24.4% in the previous year[121] - The net debt-to-equity ratio stands at 6.1%, improved from 7.3% in the previous year, while the cash-to-bank loan ratio is at 57.3%, down from 70.2%[124]