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 致：香港交易及結算所有限公司 公司名稱: 新石文化投資有限公司 呈交日期: 2025年10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) | 01740 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | 10,000,000,000 | USD | | 0.000005 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50, ...

中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 其他資料 | 13 | | 中期簡明綜合損益表 | 24 | | 中期簡明綜合其他全面收益表 | 25 | | 中期簡明綜合財務狀況表 | 26 | | 中期簡明綜合權益變動表 | 28 | | 中期簡明綜合現金流量表 | 29 | | 中期簡明綜合財務資料附註 | 31 | 2 4 5 公司資料 董事會 執行董事 劉乃岳先生 （主席） 蔡曉昕女士 劉佩瑤女士 李芳女士 曲國輝先生 劉鐵強先生 非執行董事 邵輝先生 獨立非執行董事 冼國明先生 鐘明山先生 徐宗政先生 劉京平女士 審核委員會 鐘明山先生 （主席） 冼國明先生 徐宗政先生 薪酬委員會 徐宗政先生 （主席） 鐘明山先生 冼國明先生 提名委員會 冼國明先生 （主席） 徐宗政先生 鐘明山先生 歐陽銘賢先生 王海婷女士 授權代表 劉乃岳先生 歐陽銘賢先生 核數師 香港立信德豪會計師事務所有限公司 （於二零二五年七月二十五日獲委任） 執業會計師 註冊公眾利益實體核數師 香港 干諾道中111號 永安中心25樓 安永會計師事務所 ...

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 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) | 01740 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名 ...

Core Viewpoint - New Stone Culture (01740.HK) reported a significant increase in revenue for the first half of 2025, indicating a positive trend in financial performance [1] Financial Performance - Revenue increased by approximately 113.4% to around RMB 11.4 million for the first half of 2025 compared to the same period in 2024 [1] - Gross profit recorded was approximately RMB 1.3 million, a recovery from a gross loss of approximately RMB 1.6 million in the same period of 2024 [1] - Net loss for the first half of 2025 was approximately RMB 6.5 million, an improvement from a net loss of approximately RMB 15 million in the first half of 2024 [1] - The company did not declare any dividends for this period [1]

Group 1 - The company reported a revenue of RMB 11.446 million for the six months ending June 30, 2025, representing a year-on-year increase of 113.39% [1] - The loss attributable to shareholders narrowed to RMB 6.467 million, a decrease of 56.98% compared to the previous year [1] - The loss per share was recorded at 0.62 cents [1]

Group 1 - The company reported a revenue of RMB 11.446 million for the six months ending June 30, 2025, representing a year-on-year increase of 113.39% [1] - The loss attributable to shareholders narrowed to RMB 6.467 million, a decrease of 56.98% compared to the previous year [1] - The loss per share was recorded at 0.62 cents [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The group achieved significant revenue growth, turned gross loss into profit, and substantially reduced net loss for the six months ended June 30, 2025 Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11.4 | 5.4 | Increased by 113.4% | | Gross Profit/(Loss) | 1.3 | (1.6) | Turned from loss to profit | | Net Loss | (6.5) | (15.0) | Loss decreased by 56.7% | | Interim Dividend | Not recommended for payment | Nil | No change | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the group's interim financial performance, position, and equity changes, highlighting significant improvements in profitability and asset management [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The group achieved significant revenue growth, turned gross loss into profit, and substantially reduced its loss for the period Key Profit or Loss Statement Data | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11,446 | 5,364 | Increased by 113.4% | | Cost of sales | (10,155) | (6,970) | Increased by 45.7% | | Gross Profit/(Loss) | 1,291 | (1,606) | Turned from loss to profit | | Loss before tax | (6,467) | (15,034) | Loss decreased by 57.0% | | Loss for the period | (6,467) | (15,034) | Loss decreased by 57.0% | | Basic and diluted loss per share | (RMB 0.62 cents) | (RMB 1.45 cents) | Loss decreased by 57.2% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The group's total comprehensive loss for the period significantly decreased, primarily due to reduced loss for the period, while exchange differences had a net negative impact on comprehensive income Key Comprehensive Income Statement Data | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | (6,467) | (15,034) | Loss decreased by 57.0% | | Exchange differences on translation of overseas operations | 1,158 | (541) | Turned from negative to positive | | Exchange differences on translation of the Company's financial statements | (1,236) | 615 | Turned from positive to negative | | Total comprehensive loss for the period | (6,545) | (14,960) | Loss decreased by 56.3% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's current liabilities significantly increased, leading to a decrease in net current assets and net assets, despite a slight increase in total current assets Key Financial Position Statement Data | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 558 | 975 | Decreased by 42.8% | | Total current assets | 101,058 | 99,055 | Increased by 2.0% | | Total current liabilities | 27,271 | 18,879 | Increased by 44.5% | | Net current assets | 73,787 | 80,176 | Decreased by 8.0% | | Net assets | 71,728 | 78,273 | Decreased by 8.4% | [Interim Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) The group's total equity decreased due to the loss for the period and negative impact from exchange fluctuation reserve, reflecting overall financial performance Key Equity Movement Data | Metric | January 1, 2025 (RMB thousand) | June 30, 2025 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total equity | 78,273 | 71,728 | Decreased by 8.4% | | Loss for the period | – | (6,467) | Led to equity decrease | | Exchange fluctuation reserve | (170) | (248) | Decreased by 78 thousand | | Accumulated losses | (249,660) | (256,127) | Increased by 6,467 thousand | [Notes to the Interim Condensed Consolidated Financial Information](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the group's accounting policies, segment information, revenue, expenses, and financial position [Basis of Preparation and Changes in Accounting Policies and Disclosures](index=7&type=section&id=1.%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) This interim financial information is prepared in accordance with HKAS 34, consistent with annual financial statements, and new HKFRS amendments have no significant impact on the group - The interim condensed consolidated financial information is prepared in accordance with HKAS 34 Interim Financial Reporting and should be read in conjunction with the group's annual consolidated financial statements for the year ended December 31, 2024[11](index=11&type=chunk) - The adoption of amendments to HKFRS accounting standards (such as amendments to HKAS 21 and HKAS 1) had no **significant impact** on the group's interim condensed consolidated financial statements[12](index=12&type=chunk)[13](index=13&type=chunk) [Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The group operates in a single reportable segment, with all revenue and non-current assets concentrated in Mainland China - The group has only one reportable operating segment, and management monitors the group's overall operating results for decision-making purposes[14](index=14&type=chunk) - All of the group's revenue is generated from customers in Mainland China, and all non-current assets are located in Mainland China[15](index=15&type=chunk) [Revenue](index=7&type=section&id=4.%20Revenue) The group's total revenue significantly increased, primarily driven by a substantial rise in revenue from customer contracts, especially from web series distribution Revenue Analysis | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue from customer contracts | 11,440 | 2,909 | Increased by 293.2% | | Revenue from other sources (Non-executive producer license fees) | 6 | 2,455 | Decreased by 99.8% | | **Total Revenue** | **11,446** | **5,364** | **Increased by 113.4%** | Classification of Revenue from Customer Contracts | Category of Goods or Services | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Granting of TV series broadcasting rights licenses | 5,056 | 2,909 | Increased by 73.8% | | Distribution of web series | 6,384 | – | New business | | **Total** | **11,440** | **2,909** | **Increased by 293.2%** | - During the period, all of the group's revenue was generated from customers in Mainland China and recognized at a point in time[19](index=19&type=chunk)[20](index=20&type=chunk) [Loss Before Tax](index=8&type=section&id=5.%20Loss%20Before%20Tax) The group's loss before tax decreased primarily due to a significant drop in impairment losses on financial assets and reversal of prepayments under copyright co-investment arrangements, despite increased cost of sales Components of Loss Before Tax | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 10,155 | 6,890 | Increased by 47.4% | | Impairment of trade receivables | 803 | 5,096 | Decreased by 84.2% | | Reversal of prepayments under copyright co-investment arrangements | (740) | – | New reversal | | Share of loss of an associate | – | 438 | Decreased by 100% | [Income Tax and Dividends](index=9&type=section&id=6.%20Income%20Tax%20and%207.%20Dividends) The group incurred no income tax expense in the reporting period or prior period, and the board did not declare any interim dividend - The group incurred no income tax expense during the reporting period or the corresponding period last year[22](index=22&type=chunk) - The board did not declare any interim dividend during the reporting period (six months ended June 30, 2024: nil)[23](index=23&type=chunk) [Loss Per Share Attributable to Owners of the Parent](index=9&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) The group's basic and diluted loss per share significantly decreased due to reduced loss for the period, with no potential dilutive ordinary shares outstanding Loss Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | (RMB 0.62 cents) | (RMB 1.45 cents) | | Weighted average number of ordinary shares outstanding | 1,037,500,000 shares | 1,037,500,000 shares | - As of June 30, 2025 and 2024, the group had no outstanding potential dilutive ordinary shares[24](index=24&type=chunk) [Details of Assets and Liabilities](index=9&type=section&id=G.%20Details%20of%20Assets%20and%20Liabilities) This section details changes in the group's key assets and liabilities, including property, plant and equipment, trade receivables, trade payables, and share capital [Property, Plant and Equipment](index=9&type=section&id=9.%20Property,%20Plant%20and%20Equipment) The book value of property, plant and equipment decreased, primarily due to depreciation during the period Book Value of Property, Plant and Equipment | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Book value at period/year-end | 44 | 72 | Decreased by 38.9% | | Depreciation charged during the period/year | (28) | (91) | Depreciation decreased by 69.2% | [Trade Receivables](index=10&type=section&id=10.%20Trade%20Receivables) Net trade receivables increased significantly, driven by a substantial rise in receivables within three months, despite a decrease in older receivables Trade Receivables and Ageing Analysis | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Trade receivables (Gross) | 174,292 | 167,687 | Increased by 3.9% | | Impairment | (158,382) | (157,579) | Increased by 0.5% | | Trade receivables (Net) | 15,910 | 10,108 | Increased by 57.4% | | **Ageing analysis (Net):** | | | | | Within three months | 8,752 | 142 | Significantly increased | | One to two years | 4,428 | 7,603 | Decreased by 41.7% | [Trade Payables](index=10&type=section&id=11.%20Trade%20Payables) Total trade payables significantly increased, primarily due to a substantial rise in payables within three months Trade Payables and Ageing Analysis | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total trade payables | 10,147 | 2,829 | Increased by 258.0% | | **Ageing analysis:** | | | | | Within three months | 7,318 | 75 | Significantly increased | | Two to three years | 2,829 | 2,626 | Increased by 7.7% | [Share Capital](index=11&type=section&id=12.%20Share%20Capital) The company's authorized and issued share capital remained unchanged, consisting of 1,037,500,000 ordinary shares Share Capital Composition | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Authorized share capital (USD thousand) | 50 | 50 | | Authorized share capital (RMB thousand) | 336 | 336 | | Issued and fully paid share capital (USD thousand) | 5 | 5 | | Issued and fully paid share capital (RMB thousand) | 36 | 36 | - The issued and fully paid share capital comprises 1,037,500,000 ordinary shares of USD 0.000005 each, remaining unchanged for both periods[28](index=28&type=chunk) [Contingent Liabilities and Commitments](index=11&type=section&id=13.%20Contingent%20Liabilities%20and%2014.%20Commitments) The group had no significant contingent liabilities or unfulfilled contracted capital commitments at the end of the reporting period - As of June 30, 2025, the group had no **significant contingent liabilities** (December 31, 2024: nil)[29](index=29&type=chunk) - As of June 30, 2025 and 2024, the group had no unfulfilled contracted capital commitments[30](index=30&type=chunk) [Related Party Transactions](index=11&type=section&id=15.%20Related%20Party%20Transactions) The group's related party transactions primarily involved remuneration paid to key management personnel, with a decrease compared to the prior period Key Management Personnel Remuneration | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Short-term employee benefits | 607 | 726 | Decreased by 16.4% | | Pension scheme contributions | 98 | 63 | Increased by 55.6% | | Total remuneration paid to key management personnel | 705 | 789 | Decreased by 10.6% | [Events After the Reporting Period](index=11&type=section&id=16.%20Events%20After%20the%20Reporting%20Period) No events with significant impact on the group have occurred since June 30, 2025 - No events with a **significant impact** on the group have occurred since June 30, 2025[32](index=32&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the group's business operations, financial performance, liquidity, and future outlook, highlighting key drivers and challenges [Business and Operations Review and Outlook](index=12&type=section&id=Business%20and%20Operations%20Review%20and%20Outlook) The group achieved substantial revenue growth, primarily from web series distribution, and successfully reduced net loss; it remains cautiously optimistic, focusing on web series and cost control amidst market challenges - The group primarily engages in licensing broadcasting rights for TV series or web series, investing in TV series and web series as a non-executive producer, and acting as a distribution agent[33](index=33&type=chunk) - Total revenue was approximately **RMB 11.4 million**, an increase of approximately **113.4%** compared to the prior period, mainly from licensing and distributing web series[33](index=33&type=chunk) - Net loss decreased to approximately **RMB 6.5 million** from approximately **RMB 15.0 million** in the prior period, still impacted by lower-than-expected web series revenue and delayed self-produced TV series broadcasting plans[33](index=33&type=chunk) - The group will closely monitor market conditions, explore opportunities in web series (including short web series) and TV series businesses, and maintain prudent financial management and cost control[35](index=35&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) The group's financial performance significantly improved with substantial revenue growth and a return to gross profit, while impairment losses on financial assets and finance costs sharply decreased, collectively narrowing the loss for the period [Revenue](index=13&type=section&id=Revenue) Revenue increased significantly, primarily driven by higher income from licensing web series broadcasting rights - During the reporting period, the group recorded revenue of approximately **RMB 11.4 million**, an increase of approximately **113.4%** compared to the prior period[36](index=36&type=chunk) - The increase in revenue was primarily due to increased revenue from licensing web series broadcasting rights[36](index=36&type=chunk) [Cost of Sales and Gross Profit](index=13&type=section&id=Cost%20of%20Sales%20and%20Gross%20Profit) Cost of sales increased, leading to a positive gross profit, primarily driven by higher revenue from web series licensing Changes in Cost of Sales and Gross Profit | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Cost of sales | 10.2 | 7.0 | Increased by 45.7% | | Gross Profit/(Loss) | 1.3 | (1.6) | Turned from loss to profit | - The increase in cost of sales was primarily due to increased revenue from licensing web series broadcasting rights[37](index=37&type=chunk) [Other Income and Gains](index=13&type=section&id=Other%20Income%20and%20Gains) Other income and gains significantly increased during the reporting period Other Income and Gains | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Other income and gains | 0.9 | 0.2 | Increased by 350% | [Selling and Distribution Expenses](index=13&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses significantly increased, primarily driven by higher advertising costs Selling and Distribution Expenses | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 2.7 | 0.6 | Increased by 337.4% | - The increase was primarily due to increased advertising expenses[39](index=39&type=chunk) [Administrative Expenses](index=14&type=section&id=Administrative%20Expenses) Administrative expenses decreased during the reporting period Administrative Expenses | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Administrative expenses | 5.2 | 7.3 | Decreased by 29.2% | [Impairment Losses on Financial Assets](index=14&type=section&id=Impairment%20Losses%20on%20Financial%20Assets) Impairment losses on financial assets significantly decreased, primarily due to the ageing of trade receivables Impairment Losses on Financial Assets | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Impairment losses on financial assets | 0.8 | 5.1 | Decreased by 84.3% | - The impairment losses were attributable to the ageing of trade receivables for the six months ended June 30, 2025[41](index=41&type=chunk) [Finance Costs](index=14&type=section&id=Finance%20Costs) Finance costs significantly decreased, mainly because the group had no fixed-return investment agreements with investors for TV series Finance Costs | Metric | 2025 (RMB thousand) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Finance costs | 10 | 0.2 | Decreased by 95% | - The decrease was primarily due to the group having no fixed-return investment agreements with investors for TV series during the reporting period[42](index=42&type=chunk) [Loss for the Reporting Period](index=14&type=section&id=Loss%20for%20the%20Reporting%20Period) Loss attributable to owners of the parent significantly decreased, driven by increased gross profit and reduced impairment losses Loss Attributable to Owners of the Parent | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the parent | 6.5 | 15.0 | Loss decreased by 56.7% | - The decrease in loss for the reporting period was primarily due to increased gross profit and reduced impairment losses on financial assets[43](index=43&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=14&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The group's cash and net current assets decreased, but the gearing ratio improved, and management believes it has sufficient working capital for business development needs Key Liquidity and Capital Structure Data | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 13.5 | 20.7 | Decreased by 34.8% | | Net current assets | 73.8 | 80.2 | Decreased by 8.0% | | Gearing ratio | 0.54% | 0.98% | Improved | | Equity attributable to owners of the parent | 71.7 | 78.3 | Decreased by 8.4% | - The decrease in equity attributable to owners of the parent was primarily due to the loss for the reporting period[45](index=45&type=chunk) - The group believes it has **sufficient working capital** to meet its funding requirements for business development[45](index=45&type=chunk) [Pledged Assets and Contingent Liabilities](index=15&type=section&id=Pledged%20Assets%20and%20Contingent%20Liabilities) The group had no pledged assets or significant contingent liabilities at the end of the reporting period - As of June 30, 2025, the group had no pledged assets[46](index=46&type=chunk) - As of June 30, 2025, the group had no **significant contingent liabilities**[47](index=47&type=chunk) [Employees, Remuneration Policy and Training](index=15&type=section&id=Employees,%20Remuneration%20Policy%20and%20Training) The group employed **22** full-time staff in China with employee costs of approximately **RMB 1.8 million**, offering competitive remuneration, benefits, training, and participating in MPF schemes - As of June 30, 2025, the group employed a total of **22** full-time employees, all located in China[48](index=48&type=chunk) - During the reporting period, the group's employee costs amounted to approximately **RMB 1.8 million**[49](index=49&type=chunk) - The group provides employees with competitive salaries, discretionary bonuses, and other incentives, participating in various local government-organized employee welfare schemes (including housing, retirement, and social insurance) and Mandatory Provident Fund schemes[49](index=49&type=chunk)[50](index=50&type=chunk) - The group provides induction training, regular on-the-job training, and organized training on TV series licensing and production during the reporting period[49](index=49&type=chunk)[52](index=52&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries and Associates](index=16&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) The group did not undertake any significant acquisitions or disposals of subsidiaries and associates during the reporting period - The group had no **significant acquisitions or disposals** of subsidiaries and associates during the reporting period[54](index=54&type=chunk) [Significant Investments During the Reporting Period](index=16&type=section&id=Significant%20Investments%20During%20the%20Reporting%20Period) The group made no significant equity investments in other companies during the reporting period and has no current plans for future major investments or capital assets - During the reporting period, the group made no **significant investments** in the equity of any other companies[55](index=55&type=chunk) - The company currently has no other future plans regarding **significant investments** or capital assets[55](index=55&type=chunk) [Foreign Exchange Risk](index=16&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in China with all transactions settled in RMB, the group faces limited foreign exchange fluctuation risk and uses no hedging instruments - The group operates in China, with all transactions settled in RMB, thus foreign currency fluctuation risk is essentially dependent on the RMB exchange rate performance[56](index=56&type=chunk) - During the reporting period, the group did not use any long-term contracts, currency borrowings, or other methods to hedge foreign currency risk[56](index=56&type=chunk) [Significant Litigation](index=16&type=section&id=Significant%20Litigation) As of the announcement date, the group was not involved in any significant litigation, arbitration, or claims - As of the date of this announcement, no member of the group was involved in any **significant litigation**, arbitration, or claims[57](index=57&type=chunk) [Other Information](index=16&type=section&id=Other%20Information) This section covers post-reporting period events, securities transactions, corporate governance, and director information [Events After Reporting Period](index=16&type=section&id=Events%20After%20Reporting%20Period) No significant events have occurred from the end of the reporting period up to the date of this announcement - No **significant events** have occurred from the end of the reporting period up to the date of this announcement[58](index=58&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=16&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) The company and its subsidiaries did not purchase, sell, or redeem any of their listed securities during the reporting period - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of their listed securities[59](index=59&type=chunk) [Corporate Governance Practices](index=17&type=section&id=Corporate%20Governance%20Practices) The group is committed to high corporate governance standards, adopting the HKEX Corporate Governance Code, though some non-executive directors missed the AGM - The company has adopted the Corporate Governance Code set out in Appendix C1 to the HKEX Listing Rules and will continue to review and enhance its corporate governance practices[60](index=60&type=chunk) - Non-executive Director Mr. Shao Hui and Independent Non-executive Directors Mr. Xu Zongzheng, Ms. Liu Jingping, and Mr. Xian Guoming did not attend the company's Annual General Meeting held on May 30, 2025, due to other engagements[60](index=60&type=chunk) [Model Code for Securities Transactions](index=17&type=section&id=Model%20Code%20for%20Securities%20Transactions) The group's directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period - All directors confirmed their full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules throughout the reporting period[61](index=61&type=chunk) [Directors' Responsibility for Financial Statements](index=17&type=section&id=Directors%27%20Responsibility%20for%20Financial%20Statements) The directors confirmed their responsibility for preparing the company's financial statements and noted that the financial information in this announcement is unaudited - The directors confirmed their responsibility for preparing the company's financial statements[62](index=62&type=chunk) - The financial information contained in this announcement is unaudited[62](index=62&type=chunk) [Appointment of Chief Operating Officer and Marketing Director](index=17&type=section&id=Appointment%20of%20Chief%20Operating%20Officer%20and%20Marketing%20Director) Mr. Liu Tieqiang was appointed Chief Operating Officer, and Mr. Gui Xiaohua as Marketing Director, both effective July 22, 2025 - Executive Director Mr. Liu Tieqiang was appointed as the company's Chief Operating Officer effective July 22, 2025[63](index=63&type=chunk) - Mr. Gui Xiaohua was appointed as the company's Marketing Director effective July 22, 2025[64](index=64&type=chunk) [Auditor](index=18&type=section&id=Auditor) Ernst & Young resigned due to a fee disagreement, and BDO Limited was appointed as the new auditor - Ernst & Young resigned due to an inability to agree on audit fees for the financial year ending December 31, 2025, effective July 25, 2025[65](index=65&type=chunk) - BDO Limited was appointed as the company's new auditor on July 25, 2025[65](index=65&type=chunk) - The Board and Audit Committee confirmed no other disagreements or unresolved matters between Ernst & Young and the company, apart from the fee issue[65](index=65&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=18&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) This section discloses the interests of the company's directors and chief executive in the company's shares, primarily held through controlled corporations Directors' and Chief Executive's Shareholding Profile | Director's Name | Nature/Capacity of Interest | Number of Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Liu Naiyue | Interest in controlled corporation | 239,002,500 | 23.04% | | Ms. Liu Peiyao | Interest in controlled corporation | 239,002,500 | 23.04% | | Mr. Shao Hui | Interest in controlled corporation | 100,622,500 | 9.69% | - Mr. Liu Naiyue and Ms. Liu Peiyao are deemed to be interested in the shares beneficially owned by BLW Investment Limited due to a core shareholders' acting-in-concert deed[66](index=66&type=chunk) - Mr. Shao Hui is deemed to be interested in the shares beneficially owned by SDJZ Investment Limited[67](index=67&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=19&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) This section lists the interests of substantial shareholders, excluding directors and chief executives, in the company's shares, including beneficial owners, controlled corporations, and spouses Substantial Shareholders' Shareholding Profile | Name/Entity | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | BLW Investment Limited | Beneficial owner | 239,002,500 | 23.04% | | Ms. Wei Xian | Interest in controlled corporation | 239,002,500 | 23.04% | | Mr. Bai Yang | Interest in controlled corporation | 239,002,500 | 23.04% | | Ms. Xie Jinhong | Spouse's interest | 239,002,500 | 23.04% | | Mr. Wu Tao | Interest in controlled corporation | 239,002,500 | 23.04% | | Ms. Chen Ying | Spouse's interest | 239,002,500 | 23.04% | | Suiyong International Limited | Beneficial owner | 110,010,000 | 10.60% | | Suiyong Holdings Limited | Interest in controlled corporation | 110,010,000 | 10.60% | | SDJZ Investment Limited | Beneficial owner | 100,622,500 | 9.69% | | Hangzhou Baihui Equity Investment Fund Partnership (Limited Partnership) | Interest as party to agreement | 100,622,500 | 9.69% | | Tibet Langrun Investment Management Co., Ltd. | Interest as party to agreement | 100,622,500 | 9.69% | | Ms. Lu Min | Spouse's interest | 100,622,500 | 9.69% | | JMJ Group Limited | Beneficial owner | 86,872,500 | 8.37% | | Mr. Xu Jun | Interest in controlled corporation | 86,872,500 | 8.37% | | Ms. Zhang Hui | Spouse's interest | 86,872,500 | 8.37% | | SYYT Investment Limited | Beneficial owner | 70,002,500 | 6.74% | | Mr. Sun Xianliang | Interest in controlled corporation | 70,002,500 | 6.74% | | Ms. Yu Jinmei | Spouse's interest | 70,002,500 | 6.74% | | Jinping Holding Limited | Beneficial owner | 54,997,500 | 5.30% | | Ms. Jin Ping | Interest in controlled corporation | 54,997,500 | 5.30% | | Mr. Yao Changhui | Spouse's interest | 54,997,500 | 5.30% | [Changes in Information of Directors and Chief Executive of the Company](index=21&type=section&id=Changes%20in%20Information%20of%20Directors%20and%20Chief%20Executive%20of%20the%20Company) This section outlines changes in the information of the company's directors and chief executive during the reporting period and up to the announcement date Changes in Directors' Information | Director's Name | Details | Effective Date | | :--- | :--- | :--- | | Dr. Huang Sile | Appointed as alternate director to Mr. Liu Naiyue | May 27, 2025 | | Dr. Huang Sile | Ceased to be alternate director to Mr. Liu Naiyue | May 30, 2025 | [Share Option Scheme](index=22&type=section&id=Share%20Option%20Scheme) The company has a share option scheme to reward contributors, capped at **10%** of issued shares, with no options granted, exercised, or outstanding as of the announcement date - The Share Option Scheme was conditionally adopted on December 12, 2019, to reward eligible participants who have contributed or may contribute to the group[75](index=75&type=chunk) - The maximum number of shares involved in share options shall not exceed **10%** of the issued shares on the listing date (i.e., **100,000,000 shares**)[75](index=75&type=chunk) - The Share Option Scheme will be valid and effective for a period of **ten years** from the adoption date, with approximately **4 years and 4 months** remaining[75](index=75&type=chunk) - As of the date of this announcement, no share options under the Share Option Scheme have been granted or agreed to be granted, exercised, cancelled, expired, or lapsed, nor are there any outstanding share options, warrants, or convertible instruments convertible into shares[76](index=76&type=chunk) [Continuing Disclosure Obligations under the Listing Rules](index=23&type=section&id=Continuing%20Disclosure%20Obligations%20under%20the%20Listing%20Rules) The company confirms no other continuing disclosure obligations under the Listing Rules beyond those disclosed in this announcement - Save as disclosed in this announcement, the company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[78](index=78&type=chunk) [Review by Audit Committee](index=23&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed the group's accounting principles, internal controls, and unaudited interim financial statements, deeming them compliant with applicable standards and adequately disclosed - The Audit Committee has reviewed the accounting principles and practices adopted by the group with the company's management and discussed internal controls and financial reporting matters, including the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[79](index=79&type=chunk) - The Audit Committee is of the opinion that the financial information complies with applicable accounting standards, the Listing Rules, and legal requirements, and that adequate disclosures have been made[79](index=79&type=chunk) - The group's unaudited condensed consolidated interim financial statements have not been audited or reviewed by the company's external auditor[79](index=79&type=chunk) [By Order of the Board](index=23&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Liu Naiyue, Chairman and Executive Director, on behalf of the Board, and lists the current Board composition - This announcement is issued by Mr. Liu Naiyue, Chairman and Executive Director of New Stone Culture Investment Limited, on behalf of the Board[80](index=80&type=chunk) - The Board comprises Executive Directors Mr. Liu Naiyue, Ms. Cai Xiaoxin, Ms. Liu Peiyao, Ms. Li Fang, Mr. Liu Tieqiang, and Mr. Qu Guohui; Non-executive Director Mr. Shao Hui; and Independent Non-executive Directors Mr. Xian Guoming, Mr. Xu Zongzheng, Mr. Zhong Mingshan, and Ms. Liu Jingping[81](index=81&type=chunk)

[Announcement Overview](index=1&type=section&id=Announcement_Overview) This announcement is a supplementary report to New Culture Investment Group Limited's 2024 annual report, providing additional details on trade receivables [Purpose and Scope of Announcement](index=1&type=section&id=Purpose_Scope_Announcement) This announcement supplements the annual report of New Culture Investment Group Limited (the Group) for the year ended December 31, 2024, to provide additional information[2](index=2&type=chunk) [Detailed Analysis of Trade Receivables](index=1&type=section&id=Detailed_Analysis_Trade_Receivables) The Group's trade receivables totaled **RMB 167,687 thousand**, with most credit-impaired and individually assessed, primarily involving four companies, and the collectively assessed expected credit loss rate significantly increased from **70.56% in 2023 to 93.97% in 2024** [Details and Impairment of Trade Receivables](index=1&type=section&id=Details_Impairment_Trade_Receivables) During the reporting period, the Group's total trade receivables amounted to RMB 167,687 thousand, with most credit-impaired and individually assessed, primarily involving four companies, indicating significant bad debt risk. The collectively assessed expected credit loss rate significantly increased from 70.56% in 2023 to 93.97% in 2024 [Balances Credit-Impaired and Individually Assessed](index=1&type=section&id=Balances_Credit_Impaired_Individually_Assessed) 2024 Details of Credit-Impaired and Individually Assessed Trade Receivables as of December 31 (RMB Thousand) | Item | RMB Thousand | | :--- | :--- | | Credit-Impaired | 59,215 | | Individually Impaired | 108,472 | | –Company A | 84,659 | | –Company B | 9,213 | | –Company C | 6,800 | | –Company D | 7,800 | | Total Trade Receivables | 167,687 | [Collectively Assessed Balances and Expected Credit Losses](index=2&type=section&id=Collectively_Assessed_Balances_Expected_Credit_Losses) Expected Credit Loss Rates and Gross Carrying Amounts of Trade Receivables (RMB Thousand) | Metric | Less than 1 year | 1 to 2 years | 2 to 3 years | Over 3 years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | **December 31, 2024** | | | | | | | Expected Credit Loss Rate | 51.86% | 71.03% | 62.57% | 100.00% | 93.97% | | Gross Carrying Amount | 295 | 26,240 | 6,313 | 134,839 | 167,687 | | Expected Credit Loss | 153 | 18,637 | 3,950 | 134,839 | 157,579 | | **December 31, 2023** | | | | | | | Expected Credit Loss Rate | 10.23% | 25.12% | 43.21% | 100.00% | 70.56% | | Gross Carrying Amount | 34,640 | 6,663 | 29,513 | 108,689 | 179,505 | | Expected Credit Loss | 3,544 | 1,674 | 12,753 | 108,689 | 126,660 | [Analysis of Reasons for Increased Loss Rates](index=2&type=section&id=Analysis_Reasons_Increased_Loss_Rates) The increase in trade receivables loss rates is primarily due to financial constraints, legal disputes, and liquidation procedures faced by business stakeholders, leading to long-unsettled payments, prompting the Group to make 100% impairment provisions for related receivables, involving Companies A, B, C, and D - Company A: Approximately **RMB 84,216,000** in receivables (related to a 2020 TV series) due to Company A's financial constraints and the Group's lack of direct involvement as an investor in distribution, facing indefinite settlement delays, **100% impairment provision** made[6](index=6&type=chunk) - Company B: Approximately **RMB 3,574,000** in receivables (related to a 2020 TV series) due to Company B being in liquidation since 2024, significantly increasing credit risk, **100% impairment provision** made[6](index=6&type=chunk) - Company C: Approximately **RMB 6,800,000** in receivables (related to a TV series) due to Company C management changes, significantly increasing credit risk, **100% impairment provision** made[8](index=8&type=chunk) - Company D: Approximately **RMB 7,800,000** in receivables (related to a web series) due to Company D's failure to fulfill guaranteed payment agreements and non-payment even after a favorable judgment, significantly increasing credit risk, **100% impairment provision** made[8](index=8&type=chunk) [Methodology and Basis for Impairment Determination](index=4&type=section&id=Methodology_Basis_Impairment_Determination) The Group uses a provision matrix for impairment analysis, deriving provision rates based on aging periods and overdue dates for customer segments, reflecting probability-weighted outcomes, time value of money, and available historical, current, and future economic forecasts, without considering independent valuers - Impairment analysis uses a provision matrix, deriving provision rates based on customer segment aging periods and overdue dates[9](index=9&type=chunk) - Calculations reflect probability-weighted outcomes, time value of money, and reasonable and reliable information regarding past events, current conditions, and forecasts of future economic conditions[9](index=9&type=chunk) - The Group did not consider independent valuers for impairment assessment[10](index=10&type=chunk) [Macro Reasons for Deterioration of Trade Receivables Aging](index=5&type=section&id=Macro_Reasons_Deterioration_Trade_Receivables_Aging) The deterioration in trade receivables aging is primarily attributed to the post-pandemic downturn in the TV series industry, disrupting TV stations' cash flow, limiting financing channels, and consequently affecting business stakeholders' payment ability, exacerbating the Group's receivables delays - Post-pandemic downturn in the TV series industry severely disrupted TV stations' cash flow, limiting their ability to make timely payments[12](index=12&type=chunk) - Widespread economic recession restricted TV stations' financing channels, exacerbating difficulties in timely settlement of receivables[12](index=12&type=chunk) [Risk Management and Recovery Measures](index=4&type=section&id=Risk_Management_Recovery_Measures) The Group has taken measures such as demand letters, negotiating alternative solutions, and initiating legal proceedings to recover receivables. Favorable judgments were obtained against Companies B and D, but enforcement faces challenges; for Companies A and C, negotiation or legal consultation is being considered [Recovery Actions Taken and Progress](index=4&type=section&id=Recovery_Actions_Taken_Progress) The Group has taken measures such as demand letters, negotiating alternative solutions, and initiating legal proceedings to recover receivables. Favorable judgments were obtained against Companies B and D, but enforcement faces challenges; for Companies A and C, negotiation or legal consultation is being considered - The Group has taken measures including: issuing demand letters to business stakeholders, discussing alternative solutions, and initiating legal proceedings[9](index=9&type=chunk) - Company B: Favorable judgment obtained in 2020, but as Company B is in liquidation, the Group will consult lawyers to pursue approximately **RMB 9,213,000** through legal procedures[11](index=11&type=chunk) - Company D: Favorable judgment obtained in November 2024, but Company D lacks funds to fulfill the judgment; the Group is consulting lawyers and initiated enforcement proceedings in May 2025[11](index=11&type=chunk) - Companies A and C: To maintain positive relationships, no legal action has been taken yet, but alternative solutions are being negotiated or legal consultation is being considered[11](index=11&type=chunk) [Due Diligence and Credit Risk Assessment Work](index=5&type=section&id=Due_Diligence_Credit_Risk_Assessment_Work) The Board believes sufficient due diligence and risk assessment were conducted before contracting with business stakeholders, including credit verification, management discussions, industry payment performance analysis, and internal credit assessment, but the significant increase in impairment losses primarily stems from unforeseen external economic recession - The Board believes sufficient due diligence and risk assessment were conducted, including verifying business stakeholders' credit, discussing with management, analyzing industry payment performance, and internal credit assessment[13](index=13&type=chunk)[14](index=14&type=chunk) - The significant increase in impairment losses is primarily due to external factors beyond the Group's control, such as an unforeseen economic recession[13](index=13&type=chunk) - As of December 31, 2024, over **80% of total trade receivables** were overdue for more than three years, indicating these receivables originated from contracts over three years ago[13](index=13&type=chunk) [Subsequent Recovery of Trade Receivables](index=6&type=section&id=Subsequent_Recovery_Trade_Receivables) As of July 31, 2025, approximately RMB 2,428,800 of overdue trade receivables from FY2024 have been successfully recovered - As of July 31, 2025, approximately **RMB 2,428,800** of overdue trade receivables from FY2024 have been recovered[15](index=15&type=chunk) [Other Information](index=6&type=section&id=Other_Information) This section provides details regarding the composition of the Board of Directors as of the announcement date [Board of Directors Information](index=6&type=section&id=Board_of_Directors_Information) As of the announcement date, August 27, 2025, New Culture Investment Group Limited's Board of Directors comprises 6 executive directors, including Chairman and Executive Director Mr. Liu Naiyue, 1 non-executive director, and 4 independent non-executive directors - As of August 27, 2025, the Board includes **6 executive directors** (Mr. Liu Naiyue as Chairman), **1 non-executive director**, and **4 independent non-executive directors**[16](index=16&type=chunk)

Group 1 - The company, New Stone Culture (01740.HK), announced a board meeting scheduled for August 29, 2025, to consider and approve the unaudited consolidated interim results for the period ending June 30, 2025 [1] - The board meeting will also address the announcement of the interim results and consider the proposal for an interim dividend, if applicable [1]

承董事會命 Values Cultural Investment Limited 新石文化投資有限公司 主席兼執行董事 劉乃岳 香港，二零二五年八月十八日 於本公告日期，董事會包括執行董事劉乃岳先生、蔡曉昕女士、劉佩瑤女士、李芳女士、 劉鐵強先生及曲國輝先生；非執行董事邵輝先生；及獨立非執行董事冼國明先生、徐宗 政先生、鐘明山先生及劉京平女士。 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) (股 份 代 號 ： 1740) 董事會會議通告 Values Cultural Investment Limited 新石文化投資有限公司（「本公司」）之董事（「董 事」）會（「董事會」）謹此宣佈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）考慮及批准本公司及其附屬公司截至二零二五年六月三十日之 未經審核綜合中期業績及其發佈該業績公告，並考慮建議派發中期股息（如有）。 Values Cultural Investment Limited 新 石 文 化 投 資 有 限 公 司 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的內容概不負責，對其 準確性或完整性亦不發表任 ...