Financial Performance - For the six months ended December 31, 2024, the company reported revenue of RMB 54,404,000, a significant increase from RMB 22,954,000 for the same period in 2023, representing a growth of approximately 137%[7] - The gross profit for the same period was RMB 3,414,000, down from RMB 4,872,000, indicating a decrease of about 30%[7] - The net loss attributable to the company's owners was RMB 5,207,000, compared to a loss of RMB 43,186,000 in the previous year, showing an improvement of approximately 88%[7] - Total revenue from external customers for the tourism and integration development segment was RMB 54,108,000, while the publishing and advertising segment generated RMB 296,000, totaling RMB 54,404,000[23] - The company reported a total loss of RMB 5,207,000 for the period ending June 30, 2023[24] - The company reported a pre-tax loss of RMB 43,124,000 for the six months ending June 30, 2023[25] - The company reported a loss attributable to owners of RMB (4,293,000) for the six months ended December 31, 2024, compared to a loss of RMB (28,597,000) for the same period in 2023, showing a reduction in losses[33] - The group reported total revenue of approximately RMB 54 million for the six months ended December 31, 2024, an increase from RMB 22.9 million for the same period in 2023, primarily due to increased sales of agricultural products[41] - Agricultural product sales generated revenue of approximately RMB 54 million for the six months ended December 31, 2024, compared to approximately RMB 74,000 for the same period in 2023[45] - The gross profit for the six months ended December 31, 2024, was RMB 3.4 million, down from RMB 4.9 million for the same period in 2023, resulting in a gross margin decline from 21% to 6.2%[49][50] - The net loss for the six months ended December 31, 2024, was approximately RMB 5.2 million, significantly improved from a net loss of RMB 43 million for the same period in 2023[52] - Overall expenses for the six months ended December 31, 2024, were approximately RMB 8.6 million, a decrease from RMB 48 million in the same period of 2023, mainly due to a significant reduction in general and administrative expenses[51] Liquidity and Financial Position - Current liabilities exceeded current assets by RMB 54,328,000 as of December 31, 2024, indicating liquidity challenges[13] - The company's cash and cash equivalents were approximately RMB 3,737,000, down from RMB 4,460,000 as of June 30, 2024[4] - Non-current assets totaled RMB 104,729,000, slightly decreasing from RMB 105,576,000 as of June 30, 2024[4] - The company’s total equity was RMB 35,160,000, a decrease from RMB 40,366,000 as of June 30, 2024[5] - The group had a net current liability of approximately RMB 54 million as of December 31, 2024, with cash and bank balances of approximately RMB 3.7 million[58] - The current ratio as of December 31, 2024, was approximately 0.65, slightly down from 0.67 as of June 30, 2024[58] - The debt-to-asset ratio as of December 31, 2024, is 83%, an increase from 81% as of June 30, 2024[64] Operational Strategies - The company has implemented measures to improve liquidity, including obtaining a loan of RMB 20,000,000 from a major shareholder[13] - The company continues to focus on restructuring its publishing and advertising business in China, aiming for integration within the cultural media sector[9] - The company has received a financial support letter from a major shareholder, effective for 18 months starting June 30, 2024, to help meet debt obligations without significant operational cuts[14] - The company is in discussions with potential investors to raise funds for its tourism and integration development projects[15] - The company aims to sell properties with a book value of approximately RMB 15,097,000 by December 31, 2024, to improve cash flow[14] - The company is implementing cost control measures, including management salary adjustments and streamlining administrative costs[14] - The company plans to accelerate the collection of outstanding trade receivables and defer discretionary capital expenditures if necessary to improve cash flow[15] - The company has confirmed that related parties will not demand repayment of RMB 28,354,000 due within the next 12 months starting December 31, 2024[14] - The company is focused on enhancing operational cash flow and working capital status through various measures[14] Market and Industry Insights - The advertising market in China saw a year-on-year increase of 1.7% from January to November 2024, with significant growth in sectors such as entertainment and personal care[35] - The company expects growth in its agricultural product sales and real estate marketing information services due to favorable pricing trends in these sectors[39] - The overall consumer price index (CPI) in China increased by 0.2% year-on-year in 2024, with specific price changes in various categories impacting consumer behavior[37] Corporate Governance and Compliance - The company continues to adhere to corporate governance codes and has made changes in the board composition during the reporting period[72] - The company has not declared any dividends for the period ending December 31, 2024, consistent with the previous year[34] - The company did not declare an interim dividend for the six months ending December 31, 2024, consistent with the previous period[71] - The company has not engaged in any share buybacks or repurchases during the six months ending December 31, 2024[77] - The company has not pledged any assets during the reporting period, maintaining a consistent position from the previous period[62] - The company faces foreign exchange risk primarily related to RMB, with no financial instruments used for hedging during the period[63] - The company has no significant contingent liabilities as of December 31, 2024[69] Shareholder and Capital Structure - As of December 31, 2024, the company has issued 1,075,449,549 shares with a par value of HKD 0.01 per share, unchanged from June 30, 2024[60] - There were no major capital expenditures confirmed as liabilities as of December 31, 2024, with significant capital commitments amounting to RMB 3 million[66] - The group did not generate any revenue from newspaper and mobile media advertising for the six months ended December 31, 2024, compared to RMB 0.85 million for the same period in 2023[42] - The marketing and consulting services revenue was approximately RMB 0.26 million, a decrease of 98.7% compared to the same period in 2023[44] - The group has entered into a framework agreement with the government of Yongtai County, Fuzhou, to develop the "Yongtai Kung Fu Town" project, focusing on ecological agricultural production[47]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 25% growth year-over-year[2]. - Revenues for the 18 months ended June 30, 2024, were RMB 24,598,000, compared to RMB 129,321,000 for the previous year, reflecting a significant decline[13]. - Gross profit for the same period was RMB 5,419,000, down from RMB 10,829,000, indicating a decrease in profitability[13]. - The overall gross profit margin improved to 22% from 8.2% in the previous year, reflecting better cost management[14]. - The Group recorded a revenue of RMB 24.6 million for the eighteen months ended 30 June 2024, a decrease from RMB 129.3 million for the year ended 31 December 2022[52]. - Gross profit was RMB 5.4 million, with a gross profit margin increasing from 8.4% in the year ended 31 December 2022 to 22.0% in the eighteen months ended 30 June 2024[52]. - The Group recorded a net loss of RMB 18.2 million for the eighteen months ended 30 June 2024, down from RMB 167.9 million for the year ended 31 December 2022[54]. User Growth and Market Expansion - User data showed a rise in active users to 2 million, up from 1.5 million, indicating a 33% increase[2]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of the next fiscal year[2]. - The monthly active users in the online entertainment sector reached 989 million, with significant growth in education tools (14.5% year-on-year) and tourism services[35]. - The total user scale in the tourism sector reached 1.067 billion, with various services experiencing significant user growth, including travelling tools (35%) and flight services (29.9%) year-on-year[103]. Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting revenue growth of 20% to $600 million[2]. - New product launches are expected to contribute an additional $50 million in revenue, with a focus on innovative technology[2]. - A strategic acquisition of a smaller competitor was completed, valued at $100 million, aimed at enhancing product offerings[2]. - The company plans to implement cost-cutting measures, aiming for a 5% reduction in operational expenses[2]. - The Group is diversifying into tourism and integrated developments as part of its business strategy[132]. Financial Stability and Management - Total assets as of June 30, 2024, were RMB 207,251,000, down from RMB 257,289,000 in the previous year[13]. - Total liabilities decreased to RMB 166,885,000 from RMB 219,333,000, indicating improved financial stability[13]. - The gearing ratio improved to 10.8% from 21.2%, suggesting a stronger equity position relative to debt[14]. - The Group's five largest customers accounted for approximately 65.5% of total sales, with the largest customer representing about 41.7% of total sales[143]. Management Changes - Mr. Yu Shi Quan retired as executive Director and chief financial officer on June 30, 2023, after significant contributions to the Group since joining in 2000[111]. - Mr. Chen Ye was appointed as an executive Director on June 30, 2023, after serving as vice president and investment director[112]. - The Group has undergone significant management changes with multiple directors retiring or transitioning roles in 2023[113]. - The company is focusing on enhancing its management team with individuals possessing diverse industry experience[115]. Economic Indicators - In the first half of 2024, the total imports and exports of goods reached RMB 21,168.8 billion, marking a year-on-year increase of 6.1%[24]. - The national consumer price index (CPI) rose by 0.1% year-on-year in the first half of 2024, while the core CPI increased by 0.7%[25]. - The national per capita disposable income was RMB 20,733, reflecting a nominal increase of 5.4% year-on-year and an actual increase of 5.3% after adjusting for inflation[26]. - Total retail sales of social consumer goods in China amounted to RMB 23,596.9 billion, representing a year-on-year increase of 3.7%[45]. Advertising and Market Trends - The advertising business revenue of public institutions and enterprises in China amounted to RMB 1.3 trillion in 2023, a year-on-year increase of 17.5%[30]. - The overall advertising market achieved a year-on-year growth of 2.7% in the first half of 2024[50]. - The operating income of enterprises in the information transmission, software, and IT services sector grew by 11.2% from January to May 2024[36]. Shareholder Information - As of June 30, 2024, Mr. Chen Zhi holds a total of 610,835,005 shares, representing approximately 56.80% of the company's issued shares[169]. - TopBig International, a company beneficially owned by Mr. Chen Zhi, holds 609,076,841 shares, accounting for approximately 56.63% of the company's shares[173]. - The Company has not been notified of any other person with an interest in the shares as recorded in the register required to be kept by the Company[175].

Economic Growth - The annual GDP in 2023 was RMB 126,058.2 billion, representing a year-on-year growth of 5.2% at constant prices[13]. - Quarterly GDP growth rates were 4.5%, 6.3%, 4.9%, and 5.2% year-on-year for the first to fourth quarters respectively[13]. - The fourth quarter GDP grew by 1.0% on a quarter-on-quarter basis[13]. Industry Performance - The value-added of the primary, secondary, and tertiary industries amounted to RMB 8,975.5 billion, RMB 48,258.9 billion, and RMB 68,823.8 billion, with year-on-year growth of 4.1%, 4.7%, and 5.8% respectively[14]. - The service sector's added value increased by 5.8% year-on-year, with the accommodation and catering sector growing by 14.5%[16]. - The production index of the service sector grew by 8.5% year-on-year in December, with significant increases in the accommodation and catering sector (34.8%) and information technology services (13.8%)[16]. - The financial service sector's added value increased by 6.2% year-on-year[16]. - The leasing and business service sector saw a year-on-year growth of 9.3%[16]. - The wholesale and retail sector's added value increased by 6.8% year-on-year[16]. - From January to November, operating revenues of service enterprises with scalable capacity increased by 8.5% year-on-year, particularly in culture, sports, and entertainment (18.9% growth)[16]. Company Financial Performance - For the twelve months ended December 31, 2023, the Group recorded revenue of approximately RMB56.6 million, a decrease from approximately RMB129.3 million in 2022[22]. - The gross profit was RMB9.8 million, with a gross profit margin increase from 8.4% in 2022 to 11.3% in 2023[22]. - The net loss after taxation was approximately RMB42.9 million, significantly improved from a loss of approximately RMB167.9 million in 2022[22]. - Revenue from marketing and consulting services decreased by 60.8% to approximately RMB21.2 million compared to the corresponding period in 2022[27]. - Revenue from sales of agricultural products was approximately RMB34.3 million, down from approximately RMB61.3 million in 2022[31]. - Revenue from newspapers and public vehicles advertising services contributed only RMB848,000, a decline from approximately RMB6.5 million in 2022[25]. - The Group's total revenue decreased by 56.2% from RMB129.3 million for the twelve months ended 31 December 2022 to RMB56.6 million for the twelve months ended 31 December 2023, primarily due to declines in marketing and consulting services and agricultural product sales[37]. - Overall expenses decreased to RMB52.6 million for the twelve months ended 31 December 2023, down from approximately RMB104.4 million in 2022, mainly due to reduced cost of sales and selling and marketing expenses[42]. - The Group reported a net loss of RMB42.9 million for the twelve months ended 31 December 2023, significantly improved from a net loss of RMB167.9 million in the previous year[43]. - The company reported a net fair value loss on financial assets at fair value through profit or loss of RMB 0 in 2023, compared to a loss of RMB 3,056,000 in 2022, indicating a recovery[165]. - Total comprehensive loss for the period was RMB 42.9 million, compared to RMB 173.9 million for the same period in 2022, indicating a substantial decrease in losses[167]. Cash Flow and Liabilities - Net cash used in operating activities amounted to RMB35.9 million, primarily due to the net loss for the period[49]. - The company’s current liabilities exceeded its current assets by RMB 79.3 million as of 31 December 2023, raising concerns about its ability to continue as a going concern[180]. - Current liabilities increased to RMB 217,594,000 in 2023 from RMB 203,307,000 in 2022, an increase of 7.0%[161]. - Cash and cash equivalents significantly decreased to RMB 9,867,000 in 2023 from RMB 46,025,000 in 2022, a drop of 78.6%[158]. - The major shareholder has issued a letter of financial support for eighteen months from 31 December 2022 to assist the company in meeting its liabilities[184]. Shareholder Information - As of December 31, 2023, Mr. Chen Zhi holds 610,835,005 shares, representing a 56.80% interest in the company[139]. - As of December 31, 2023, TopBig International holds 609,076,841 shares, representing 56.63% of the total issued shares of 1,075,449,549[143]. - Nian Jiaxing holds 132,010,713 shares, accounting for 12.27% of the total issued shares[143]. - Forever Joy Investments Limited owns 82,307,493 shares, which is 7.65% of the total issued shares[143]. - Victory Color International Investment Limited has 75,759,903 shares, representing 7.04% of the total issued shares[143]. Corporate Governance and Management - The Company appointed new directors and saw several resignations, including the retirement of Mr. Yu Shi Quan and Ms. Chen Min on 30 June 2023[112]. - PricewaterhouseCoopers retired as the Company's auditor effective from the conclusion of the annual general meeting on 30 June 2023[105]. - The Company adopted new bye-laws on 24 November 2023, reflecting updates in corporate governance practices[108]. - The Board does not recommend the payment of an interim dividend for the twelve months ended 31 December 2023, consistent with the previous year[110]. - Management provided regular verbal updates to the Board on the Company's performance, although monthly management accounts were not circulated[118]. - The Company has complied with the Corporate Governance Code provisions, except for the overlap of roles between the chairman and CEO[117]. Future Plans and Developments - The Group is developing the "Yongtai Kungfu Distinctive Town" project, with the first phase featuring a 60-Chinese mu eco-friendly greenhouse farm[34]. - The Group's eco-agricultural business includes a cooperation project in Yongfu County, focusing on forming an eco-agricultural demonstration base[35]. - The company is focusing on the digitalization of its flower export platform, which has generated consistent revenue, and aims to expand its agricultural products platform sales business[98]. - The company plans to integrate traditional Chinese culture and film services to develop specialty township projects, aiming to diversify its long-term income sources[98]. - The Group is negotiating with potential investors to raise funds for capital investments in tourism and integrated development projects[187]. - The Group aims to dispose of properties held for sale with a carrying amount of approximately RMB 15.1 million as of June 30, 2023, expecting to collect sales proceeds within the cash flow forecast period[187]. - The Group is implementing cost control measures, including adjustments to management remuneration and streamlining administrative costs[187]. - The Group is focused on strengthening its operating cash flows and working capital by expediting the collection of outstanding trade receivables and deferring discretionary capital expenditures[188].

Financial Performance - For the twelve months ended December 31, 2023, the company reported revenue of RMB 56,610,000, a decrease of 56.2% compared to RMB 129,321,000 for the same period in 2022[7] - The gross profit for the same period was RMB 9,778,000, down 9.7% from RMB 10,829,000 in 2022[7] - The operating loss for the twelve months was RMB 41,937,000, an improvement from a loss of RMB 80,476,000 in the previous year[9] - The net loss for the period was RMB 42,887,000, compared to a net loss of RMB 167,915,000 in 2022, indicating a significant reduction in losses[11] - The company recorded a net loss of approximately RMB 42.9 million for the twelve months ending December 31, 2023[18] - The company reported a basic and diluted loss per share of RMB 0.0265 for the current period, compared to RMB 0.1668 in the previous year[11] - The net loss attributable to owners was approximately RMB 28.2 million in 2023, compared to a net loss of RMB 169.8 million in 2022, indicating an improvement in financial performance[44] - The group reported a net loss of RMB 42.9 million for the twelve months ending December 31, 2023, compared to a net loss of RMB 167.9 million for the same period in 2022, mainly due to decreased revenue from marketing and consulting services and agricultural product sales[62] Revenue Breakdown - Revenue from external customers for the travel and integrated development segment was RMB 61,304,000, while the publishing and advertising segment generated RMB 68,017,000, totaling RMB 129,321,000[29] - The company's total revenue decreased by 56.2% from RMB 129.3 million in 2022 to RMB 56.6 million in 2023, primarily due to declines in marketing and consulting services and agricultural product sales[59] - Agricultural product sales revenue was approximately RMB 34.3 million in 2023, down from RMB 61.3 million in 2022, reflecting a significant reduction in sales[54] - Marketing and consulting services revenue fell sharply from approximately RMB 54.1 million in 2022 to about RMB 303,000 in 2023, a decrease of 99.4%[59] - The company reported a decrease in revenue from newspaper and mobile media advertising services to RMB 848,000 from RMB 6,478,000[31] Assets and Liabilities - The total assets as of December 31, 2023, were RMB 247,628,000, a decrease from RMB 257,289,000 in 2022[4] - The total liabilities increased to RMB 228,577,000 from RMB 219,333,000 in the previous year[5] - Current liabilities exceeded current assets by RMB 79.3 million as of December 31, 2023, with cash and cash equivalents amounting to approximately RMB 9.9 million[18] - Trade receivables increased significantly to RMB 53,789,000 from RMB 23,730,000 year-over-year, with net trade receivables at RMB 44,011,000[32] - The company's trade payables rose to RMB 49,886,000, compared to RMB 26,508,000 in the previous year[39] - The asset-liability ratio as of December 31, 2023, was 11.3%, down from 21.2% as of December 31, 2022[74] Cash Flow and Financing - The company’s cash and cash equivalents decreased to RMB 9,867,000 from RMB 46,025,000 in the previous year, reflecting a decline of 78.6%[4] - The net cash used in operating activities was RMB 35.9 million for the twelve months ending December 31, 2023, primarily due to the net loss incurred during the period[64] - The company has secured a loan of RMB 20 million from a major shareholder, with RMB 1.5 million drawn in 2021 and an additional RMB 2.919 million in 2022, with a repayment period extended to four years[18] - The company will continue to seek additional financing sources as needed to enhance its cash flow situation[21] - The company has received confirmations from directors and related parties that they will not demand repayment of amounts totaling RMB 23.867 million due within the next eighteen months[18] Cost Management - The company is implementing cost control measures, including management salary adjustments and streamlining administrative costs[20] - The total employee cost for the twelve months ending December 31, 2023, was approximately RMB 10.1 million, down from RMB 19.4 million for the same period in 2022, with a reduction in full-time employees from 196 to 110[81] - Total expenses for the twelve months ending December 31, 2023, were RMB 52.6 million, significantly reduced from RMB 104.4 million in the same period of 2022, primarily due to a decrease in sales costs and marketing expenses[61] Corporate Governance and Management - The company has not yet filled the vacancy left by the resignation of its previous auditor as of June 30, 2023[2] - The company has adhered to the corporate governance code since its listing on December 3, 2010, and has taken measures to ensure compliance despite some deviations in governance roles[97] - The management has provided regular updates to the board regarding the company's performance and outlook, although monthly management accounts were not distributed[98] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the group's financial reporting procedures and internal controls for the year ending December 31, 2023[102] - The company has confirmed compliance with the standard code for securities trading by all directors for the twelve months ending December 31, 2023[100] Strategic Initiatives - The company has focused on restructuring its publishing and advertising business, integrating cultural media and film sectors in China[13] - The company is in discussions with potential investors to raise funds for its tourism and integration development projects[18] - The company aims to sell properties held for sale with a book value of approximately RMB 15.1 million, expecting to receive proceeds within the cash flow forecast period[18] - The company is collaborating with the government on the "Yongtai Kung Fu Town" project, focusing on ecological agricultural development[57] - The company is focusing on developing a digital business platform for flower exports, which is expected to generate continuous revenue this year[87] - The company plans to integrate traditional Chinese culture and film services to create a unique town project that combines culture, tourism, and ecological agriculture[87] Changes in Management - The company appointed new directors, including Mr. Wang Xu as Executive Director and Mr. Chen Ye as Executive Director, while several directors resigned during the review period[96] - The company has appointed Mr. Chen Ye as the authorized representative following the resignation of Ms. Chen Jingyi as the company secretary[96] Miscellaneous - The company did not declare any dividends since its establishment[46] - The company will not declare an interim dividend for the twelve months ending December 31, 2023[94] - The company has changed its fiscal year-end from December 31 to June 30, effective immediately[92] - The interim results announcement and report for the twelve months ending December 31, 2023, will be published on the company's and the stock exchange's websites[104] - The company did not repurchase any of its listed shares during the twelve months ending December 31, 2023[103]

Economic Performance - The gross domestic product (GDP) in the first half of 2023 was RMB 59,303.4 billion, representing a year-on-year increase of 5.5%[14] - The added value of the tertiary industry in the first half of the year was RMB 33,193.7 billion, with a growth rate of 6.4%, the fastest among the three major industries[14] - The total box office of films in 2023 reached RMB 26.271 billion as of June 30, marking a 52.91% increase compared to RMB 17.181 billion in the first half of 2022[17] - The advertising market rose by 4.8% year-on-year in the first half of 2023, with sustained double-digit growth in April and May[21] - The total box office in the Chinese film market is expected to exceed RMB 17 billion after the summer season, returning to levels seen three years ago[86] Financial Performance - For the six months ended June 30, 2023, the Group recorded revenue of approximately RMB23.0 million, a decrease of 74.0% compared to approximately RMB88.5 million in the first half of 2022[23] - The gross profit for the same period was approximately RMB4.9 million, with a gross profit margin increase from 0.9% in the first half of 2022 to 21.2% in the first half of 2023[23] - The net loss after taxation was approximately RMB43.2 million, compared to a net loss of approximately RMB28.1 million in the first half of 2022, indicating a worsening financial position[23] - The Group's total revenue decreased by 74.1% from RMB88.5 million in the first half of 2022 to RMB23.0 million in the first half of 2023, primarily due to a decline in agricultural product sales and a stagnant environment[39] - Overall expenses increased to RMB47.1 million in the first half of 2023, up from approximately RMB22.5 million in the same period of 2022, mainly due to higher general and administrative expenses[41] - The Group reported a net loss of RMB43.2 million for the first half of 2023, compared to a net loss of RMB28.1 million in the corresponding period of 2022[46] - The company reported a net finance cost of RMB 915,000, a significant reduction from RMB 7,233,000 in the previous year, indicating improved financial management[150] - The total comprehensive loss for the period was RMB 46.997 million, up from RMB 25.110 million in the prior year, indicating a 87.2% increase[152] Revenue Breakdown - Revenue from marketing and consulting services was approximately RMB20.9 million, representing a decrease of 35.6% compared to the corresponding period in 2022[28] - Revenue from sales of agricultural products was approximately RMB1.0 million, a significant decline from approximately RMB48.6 million in the first half of 2022[29] - Revenue from newspapers and public vehicles advertising services contributed approximately RMB0.8 million, down from approximately RMB5.0 million in the first half of 2022[26] - Revenue from agricultural product sales dropped to RMB981,000 in the first half of 2023, down from approximately RMB48.6 million in the same period of 2022[39] - The revenue from marketing and consulting services decreased from approximately RMB32.5 million in the first half of 2022 to approximately RMB20.9 million in the first half of 2023[39] Operational Changes - The Group entered into a framework agreement with the government of Yongtai County to undertake the "Yongtai Kungfu Distinctive Town" project, focusing on film and cultural entertainment[35] - The Group's eco-agricultural business includes a cooperation project in Yongfu County, aiming to develop an eco-agricultural demonstration base[36] - The Group aims to develop integrated projects themed around film or media, incorporating elements such as cultural heritage, tourism, and eco-agriculture[88] - The Group is negotiating with potential investors to raise funds for capital investments in its tourism and integrated development projects[175] - The Group's tourism project in Yongtai County is expected to commence construction in 2023 and be ready for commercial operation by 2025, which is anticipated to generate income and cash inflows[173] Governance and Compliance - The Company has adopted the Corporate Governance Code since its listing on December 3, 2010, and considers itself compliant with the code provisions[93] - The Audit Committee has reviewed the Group's condensed consolidated interim financial information for the six months ended June 30, 2023[109] - The company has maintained a focus on corporate governance by establishing various committees, including the Audit, Remuneration, and Nomination Committees[114] - The Remuneration Committee evaluates and makes recommendations regarding the remuneration packages of Directors and senior management based on performance and market trends[110] - The Nomination Committee is responsible for recommending appointments and succession planning for Directors[114] Shareholder Information - As of June 30, 2023, Mr. Chen Zhi holds 610,835,005 shares, representing 56.80% of the company's issued shares[123] - The total number of issued shares of the company as of June 30, 2023, is 1,075,449,549[124] - TopBig International holds 609,076,841 shares, representing 56.63% of the total shares issued by the company[127] - Nian Jiaxing owns 132,010,713 shares, accounting for 12.27% of the company's total shares[127] - Forever Joy Investments Limited has 82,307,493 shares, which is 7.65% of the total shares[127] Financial Position and Liquidity - Cash and cash equivalents dropped significantly to RMB 10,975,000 from RMB 46,025,000, highlighting liquidity concerns[143] - Current liabilities exceeded current assets by RMB 81.5 million as of June 30, 2023, raising concerns about the company's ability to continue as a going concern[166] - The company has obtained a borrowing facility of RMB 20 million from a major shareholder, with a repayment period extended to four years from the date of drawdown[170] - The major shareholder has issued a letter of financial support for eighteen months from December 31, 2022, to help the company meet its liabilities[170] - The directors believe there will be sufficient financial resources available for at least the next twelve months to meet financial obligations[176] Future Outlook and Challenges - There is material uncertainty regarding the Group's ability to achieve its plans and measures, which could affect its going concern status[177] - If the Group cannot continue as a going concern, adjustments will be necessary to write down asset values and reclassify non-current assets and liabilities[184] - The Group has two business segments: Publishing and Advertising, and Tourism and Integrated Developments[196] - The performance of the operating segments is assessed based on earnings before other income, net other gains, net finance costs, and income tax, excluding non-recurring expenditures[197] - Most of the Group's consolidated revenue and results are attributable to the market in the PRC, with consolidated assets substantially located in the PRC[198]

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何聲明，並表明概不會就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SHIFANG HOLDING LIMITED 十 方 控 股 有 限 公司 （於開曼群島註冊成立並遷冊至百慕達及於百慕達存續的有限公司） 1831 （股份代號： ） 截至二零二三年六月三十日止六個月 中期業績公告 十方控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年六月三十日止六個月的未經審核簡明合併中期 業績連同二零二二年同期的比較數字。 本公司前任核數師於二零二三年六月三十日本公司股東週年大會結束後退任，本公 司尚未填補由此產生的空缺。簡明合併中期財務資料未經本公司核數師審核或審 閱，惟已由本公司審核委員會（「審核委員會」）審閱。 ...

Financial Performance - Revenues for the year ended December 31, 2022, were RMB 129,321,000, a decrease of 51.2% compared to RMB 265,158,000 in 2021[14] - Gross profit for 2022 was RMB 10,829,000, down from RMB 21,729,000 in 2021, reflecting a gross margin decline[14] - Operating loss for 2022 was RMB 80,476,000, an improvement from a loss of RMB 213,310,000 in 2021[14] - Loss attributable to owners of the Company was RMB 169,809,000, compared to RMB 187,468,000 in the previous year, indicating a reduction in losses[14] - Basic loss per share for 2022 was RMB 0.1668, slightly better than RMB 0.2029 in 2021[14] - The net loss after taxation was approximately RMB167.9 million, slightly improved from a loss of RMB188.9 million in 2021[33] - The net loss for the year was RMB 167.9 million in 2022, a decrease of 11.1% compared to RMB 188.9 million in 2021[73] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 257,289,000, an increase from RMB 240,045,000 in 2021[16] - Total liabilities decreased to RMB 219,333,000 in 2022 from RMB 359,565,000 in 2021, showing improved financial stability[16] - Equity attributable to owners of the Company improved to RMB 5,686,000 from a deficit of RMB 125,626,000 in 2021[16] - The gearing ratio improved to 21.2% in 2022 from 44.7% in 2021, indicating a stronger financial position[1] - Cash and bank balances increased to approximately RMB 46.6 million in 2022 from RMB 9.8 million in 2021[84] - As of 31 December 2022, the Group's current liabilities exceeded its current assets by RMB58,200,000, with cash and cash equivalents of approximately RMB46,025,000[89] Revenue Breakdown - Revenue from newspapers and public vehicles advertising was RMB6.5 million, a decrease of 51.2% from RMB13.3 million in 2021[50] - Revenue from marketing and consulting services was approximately RMB54.1 million, representing a decrease of 28.0% compared to 2021[51] - Revenue from printing services decreased to RMB3.0 million, down 28.6% from 2021, with a gross profit margin of 9.8%[51] - For the twelve months ended December 31, 2022, the Group's revenue from sales of agricultural products was approximately RMB61.0 million, a decrease from RMB171.7 million in 2021, with a gross profit margin of 13.6%[55] - Total revenue decreased by 51.2% from RMB 265.2 million in 2021 to RMB 129.3 million in 2022, primarily due to a decrease in revenue from agricultural products[63] - Revenue from agricultural products fell from RMB 171.7 million in 2021 to RMB 61.0 million in 2022, a decrease of 64.5%[63] Market Conditions - The advertising market in China decreased by 11.8% year-on-year in 2022, with traditional media revenues declining significantly[24] - The overall gross profit margin decreased to 8.4% in 2022 from 8.2% in 2021, reflecting ongoing challenges in the advertising market[1] - The size of China's Internet advertising market was approximately RMB 508.8 billion, representing a decrease of 6.38% compared to 2021, marking the first negative growth in nearly seven years[41] - The total size of the advertising and marketing market was approximately RMB 1,123.8 billion, a decrease of 3.19% compared to the previous year[41] - The total box office in China for 2022 was RMB30.067 billion, a decrease of 36.07% compared to RMB47.033 billion in 2021, and only half of the RMB64.266 billion in 2019[44] Strategic Focus - The Company is focusing on new product development and market expansion strategies to enhance future performance[12] - Management anticipates a gradual recovery in revenues and profitability as market conditions improve[12] - The Group aims to develop integrated projects in film and media, focusing on unique environmental elements and cultural heritage[34] - The Group aims to restructure its publishing and advertising businesses by consolidating with cultural and film media businesses in PRC to broaden long-term income sources[166] - The company aims to leverage favorable factors to continue developing its existing advertising, marketing, consulting, and agricultural businesses[167] Cost Management - Selling and marketing expenses decreased by 63.5% from RMB 26.3 million in 2021 to RMB 9.6 million in 2022[70] - General and administrative expenses decreased by 41.4% from RMB 40.8 million in 2021 to RMB 23.9 million in 2022[71] - Cost control measures will be implemented, including adjustments to management remuneration and streamlining administrative costs[95] Future Outlook - The market predicts that China's economy could achieve growth of about 5% in 2023, with a peak recovery expected in the second quarter[154] - Full-year gross film box office revenue in 2023 is expected to reach approximately RMB54.6 billion, recovering to 85% of the average box office level in 2019[162] - The box office in the PRC is expected to reach around RMB15.5 billion in Q1 2023, laying a solid foundation for the yearly box office recovery[162] Management and Governance - Mr. Chen Wei Dong served as a non-executive Director from April 1, 2015, until his resignation on January 9, 2023[183] - Mr. Wong Heung Ming Henry was appointed as an independent non-executive Director on November 8, 2010, and resigned on April 19, 2023[187] - Mr. Wong has over 29 years of experience in finance, accounting, internal controls, and corporate governance across Singapore, China, and Hong Kong[192]

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何聲明，並表明概不會就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SHIFANG HOLDING LIMITED 十 方 控 股 有 限 公司 （於開曼群島註冊成立並遷冊至百慕達及於百慕達存續的有限公司） 1831 （股份代號： ） 截至二零二二年十二月三十一日止年度 全年業績公告 財務摘要 • 於截至二零二二年十二月三十一日止年度，本集團收入由截至二零二一年 265.2 51.2% 129.3 十二月三十一日止年度的人民幣 百萬元減少 至人民幣 百萬 元。 • 於截至二零二二年十二月三十一日止年度，本集團毛利由截至二零二一年 21.7 50.2% 10.8 十二月三十一日止年度的人民幣 百萬元減少 至人民幣 百萬元。 • 167.9 於截至二零二二年十二月三十一日止年度，本集團錄得虧損淨額人民幣 75.0 百萬元，主要是歸因於分佔採用權益法入賬的投資虧損人民幣 百萬元。 • ...

Economic Performance - In the first half of 2022, China's GDP was RMB 56.3 trillion, with a total growth of only 2.5% year-on-year[9] - The second quarter GDP was RMB 29.2 trillion, showing a slight increase of 0.4% year-on-year, down from 4.8% growth in the first quarter[9] - The service industry experienced a contraction, falling from a 4% growth in the first quarter to a decline of 0.4% year-on-year in the second quarter[9] - The resurgence of the epidemic and external factors like the Ukraine crisis have complicated the economic environment, leading to significant fluctuations in major economic indicators[9] - The consumer price index in China rose by 1.7% year-on-year in the first half of 2022, significantly lower than inflation rates in European countries and the United States[100] - The surveyed urban unemployment rate in China fell to 5.5% in June 2022, marking a decline for the second consecutive month[100] - The real growth of per capita disposable income of national residents was 3% year-on-year in the first half of 2022, outpacing the overall economic growth rate[100] - 71% of economists surveyed in June 2022 believe that the current economic situation in China is lackluster, but they anticipate a recovery in the next six months[100] Advertising and Market Trends - The advertising market in the first half of 2022 decreased by 11.8% year-on-year, with a significant 17% decrease in the number of brands placing advertisements in the IT product and service industry[12] - The advertising placements in the IT product and service industry decreased by 55% year-on-year due to stricter regulations and market conditions[12] - The overall market environment faced challenges such as epidemic resurgence and supply chain disruptions, impacting consumer confidence and market performance[23] Film and Entertainment Industry - The total box office in Mainland China reached RMB 17.19 billion in the first half of 2022, representing a year-on-year decrease of 37.7%[15] - The number of movie-goers in Mainland China fell to 397 million, comparable to levels seen in 2014[15] - The operating rate of domestic cinemas recovered to over 80% since June 2022, following the adjustment of epidemic prevention policies[15] - In June 2022, the national box office totaled RMB 1.92 billion, recovering 90% compared to the same period in 2021[15] - The State Film Administration issued RMB 100 million in movie-watching consumption coupons to stimulate public film spending, indicating proactive measures to support the film market[106] Company Financial Performance - For the six months ended June 30, 2022, the Group recorded revenue of RMB 88.5 million, a 3.4% increase from RMB 85.6 million in the same period of 2021[18] - Revenue from sales of agricultural products increased significantly to RMB 48.6 million, up from RMB 28.0 million in the first half of 2021, representing a growth of 73.6%[24] - The gross profit margin for the Group decreased to 0.9% in the first half of 2022, down from 6.3% in the same period of 2021[18] - The net loss after taxation decreased to approximately RMB 28.1 million, compared to a net loss of RMB 158.0 million in the first half of 2021[18] - Revenue from marketing and consulting services fell by 34.5% to RMB 32.5 million, down from RMB 49.6 million in the first half of 2021[23] - The Group recorded a gross profit of RMB0.8 million for the six months ended 30 June 2022, down from RMB5.4 million for the same period in 2021, resulting in a gross profit margin decrease from 6.3% to 0.9%[37][40] - Total revenue increased by 3.4% from RMB85.6 million for the six months ended 30 June 2021 to RMB88.5 million for the same period in 2022, driven by increased sales of agricultural products[39] - The Group reported a net loss of RMB28.1 million for the six months ended 30 June 2022, primarily due to impairment provisions on goodwill and other intangible assets totaling RMB7.2 million[52][54] Cash Flow and Financial Position - Net cash used in operating activities amounted to RMB9.2 million, mainly due to the net loss for the period[58][59] - Net cash generated from investing activities was RMB4.8 million, resulting from down payment received for assets classified as held for sale[60][62] - Net cash used in financing activities was RMB1.4 million, primarily due to the repayment of bank borrowings of RMB2.2 million[61][63] - The Group's trade receivables decreased by 52.5% from RMB7.0 million as at 31 December 2021 to RMB3.3 million as at 30 June 2022[69] - The Group's trade payables decreased by 13.5% from RMB12.8 million as at 31 December 2021 to RMB11.1 million as at 30 June 2022[76] - The gearing ratio increased by 10.7% to 92.3% as at 30 June 2022, compared to 81.6% as at 31 December 2021[82] - The Group's capital expenditure for the six months ended 30 June 2022 was RMB47,000, while it was RMB1.5 million for the same period in 2021[68] - The overdue bank borrowings amounted to RMB3.785 million in principal and RMB60,000 in interest as of 30 June 2022[81] Corporate Governance and Shareholder Information - The Company has adopted high standards of corporate governance practices to maintain and promote shareholder value and investor confidence[125] - The roles of chairman and CEO are currently held by the same individual, which deviates from corporate governance code provisions, but the Board believes sufficient measures are in place to maintain balance[127] - The Audit Committee has reviewed the Group's condensed consolidated interim financial information for the six months ended 30 June 2022[131] - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2022[122] - The Remuneration Committee evaluates and makes recommendations regarding the remuneration packages of Directors and senior management based on performance and market trends[135] - The Nomination Committee is responsible for recommending candidates for directorship based on professional knowledge and experience[136] Strategic Developments - The Group plans to continue developing its existing businesses in advertising, marketing, consulting, and agricultural products, leveraging positive market factors[109] - The restructuring of the publishing and advertising businesses will focus on consolidating with cultural and film media businesses in China to broaden long-term income sources[109] - The Group aims to develop integrated projects themed around film or media, emphasizing industry positioning, cultural heritage, and eco-agriculture[109] - The COVID-19 outbreak has temporarily disrupted operations, particularly in tourism and integrated development, but management expects proactive economic policies from the Chinese government to stimulate recovery[112] Acquisitions and Investments - On July 30, 2022, the Company agreed to issue 383,636,331 convertible preference shares at HK$0.57 each to settle a loan of HK$218,672,709 from a major shareholder[113] - The Company conditionally agreed to acquire a 49.95% equity interest in Baiming (Beijing) Information Technology Co., Ltd for HK$92,407,500, based on guaranteed profits for the year ending December 31, 2022[117] - The acquisition consideration will be satisfied through the issuance of a convertible bond with a principal amount of HK$92,407,500, convertible at HK$0.70 per share[120] Financial Position and Assets - The total assets of the company as of June 30, 2022, amounted to RMB 219,351,000, a decrease of 8.63% from RMB 240,045,000 as of December 31, 2021[200] - Non-current assets decreased from RMB 100,806,000 to RMB 89,893,000, representing a decline of 10.93%[200] - Current assets also saw a decrease from RMB 112,558,000 to RMB 102,777,000, a reduction of 8.25%[200] - Cash and cash equivalents dropped significantly from RMB 8,851,000 to RMB 3,052,000, a decline of 65.5%[200] - Trade receivables decreased from RMB 7,004,000 to RMB 3,327,000, a reduction of 52.6%[200] - Contract assets decreased from RMB 2,419,000 to RMB 525,000, a decline of 78.3%[200]

Financial Performance - The company reported a net loss of RMB 188,864,000 for the year ended December 31, 2021[7]. - The company had a cash outflow from operating activities of RMB 5,427,000 during the same period[7]. - Current liabilities exceeded current assets by RMB 213,244,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[7]. Audit and Oversight - The independent auditor confirmed that the consolidated financial statements reflect a true and fair view of the company's financial position as of December 31, 2021[6]. - The company has established an audit committee to oversee financial reporting and internal control processes[9]. Shareholder Communication - The annual general meeting is scheduled for June 21, 2022, to discuss the financial results and other matters[11]. - The annual report will be distributed to shareholders by May 15, 2022, and will include all required disclosures[14]. Business Developments - The company has not disclosed any new product developments or market expansion strategies in the current announcement[5]. - There are no updates on mergers or acquisitions mentioned in the financial results announcement[5]. - The company maintains that all other information from the previous year's unaudited results remains unchanged[15].