頁次 目錄 2 公司資料 4 主席報告 6 財務摘要 7 管理層討論與分析 15 董事及高級管理層 18 董事會報告 39 企業管治報告 58 環境、社會及管治報告 83 獨立核數師報告 87 綜合損益及其他全面收入表 88 綜合財務狀況表 90 綜合權益變動表 91 綜合現金流量表 93 綜合財務報表附註 目錄 公司資料 董事會 執行董事 蘇磊先生 （主席兼行政總裁） 馬洪森先生 非執行董事 王道鐵先生 伍亞萍女士 獨立非執行董事 杜紹麟先生 韓浩先生 單亦琦先生 審核委員會 杜紹麟先生 （主席） 王道鐵先生 伍亞萍女士 韓浩先生 單亦琦先生 薪酬委員會 韓浩先生 （主席） 馬洪森先生 杜紹麟先生 單亦琦先生 提名委員會 蘇磊先生 （主席） 韓浩先生 單亦琦先生 公司秘書 翁啟榮先生 授權代表 翁啟榮先生 蘇磊先生 核數師 長青（香港）會計師事務所有限公司 執業會計師及公眾利益實體核數師 香港灣仔 駱克道188號 兆安中心24樓 註冊辦事處 89 Nexus Way Camana Bay Grand Cayman KY1-9009 Cayman Islands 香港主要營業地點 香港中環 德輔道中19號 環 ...

Financial Reporting Issues - The company has clarified that the previously published 2022 annual results announcement contained a typographical error regarding the financial statements, which should have referred to draft financial statements instead of audited financial statements[3]. - The company is still in the process of finalizing its audited consolidated results for the reporting period, which may differ from the financial information disclosed in the 2022 annual results announcement[6]. - The company has not yet reached an agreement with its auditor regarding the publication of the 2022 annual report, pending further information requests[5].

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，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Bright Culture Group 煜 盛 文 化 集 團* （於開曼群島註冊成立的有限公司） （股份代號：1859） 截至2022年12月31日止年度的 經審核年度業績公告 財務摘要 • 截至2022年12月31日止年度之收入約為人民幣63.8百萬元，較2021年約人民 幣389.7百萬元減少83.6%。 • 截至2022年12月31日止年度之溢利約為人民幣10.2百萬元，較2021年約人民 幣173.3百萬元減少94.1%。 • 截至2022年12月31日止年度之總資產約為人民幣1,758.6百萬元，較2021年約 人民幣1,669.4百萬元增長5.3%。 ...

Fund Allocation - The total expected use of funds from the global offering is RMB 749.716 million, with RMB 144.879 million allocated for loans[4] - RMB 636.799 million is designated for funding the development of new programs, with RMB 524.423 million specifically for programs expected to air in 2020[5] - The company has utilized RMB 144.9 million from the net proceeds for a secured loan to Tianjin Ark Technology Development Co., Ltd., with an interest rate of 10%[6] - RMB 74.918 million is set aside for working capital and general corporate purposes[5] - The company plans to expand its workforce with an allocation of RMB 37.459 million from the offering proceeds[5] Loan Repayment - The loan was due on January 1, 2022, and discussions for repayment are ongoing, with expectations to utilize the funds similarly as disclosed in the prospectus by June 30, 2023[8] Business Nature - The company confirms no significant changes in its business nature as per the prospectus[8] Stock Options - The exercise price for stock options granted to external consultant Mr. Liao is HKD 0.97, with an exercise period from January 1, 2022, to December 7, 2030[9]

煜盛文化集團* CL CHINA BRIGHT CHINA BRIGHT CULTURE GROUP つ （ 於開曼群島註冊成立的有限公司 ） 股份代號:1859 BRIGHT CULT 2022 中期報告 * 僅供識別 in a fare a n i a D g a submit t to the for in an the ng 16 目錄 頁次 2 公司資料 4 管理層討論與分析 14 綜合損益表 15 綜合損益及其他全面收入表 16 綜合財務狀況表 18 綜合權益變動表 19 簡明綜合現金流量表 20 未經審核簡明綜合中期財務報表附註 35 其他資料 42 釋義 公司資料 董事會 執行董事 劉牧先生（主席兼行政總裁） 夏瑞先生（於2022年7月21日辭任） 獨立非執行董事 冉華女士 張頤武先生 姚麗女士 審核委員會 冉華女士（主席） 張頤武先生 姚麗女士 薪酬委員會 張頤武先生（主席） 冉華女士 姚麗女士 提名委員會 劉牧先生（主席） 冉華女士 張頤武先生 公司秘書 唐永智先生（於2022年7月21日獲委任） 倪子軒先生（於2022年7月21日辭任） 授權代表 劉牧先生 唐永智先生（於2022年7月2 ...

Financial Performance - For the year ended December 31, 2021, the company's revenue was approximately RMB 302.9 million, a decrease of 40.1% compared to RMB 505.8 million in 2020[16] - The company recorded a profit of approximately RMB 49.5 million for the year ended December 31, 2021, reversing a loss of approximately RMB 198.6 million in 2020[16] - Earnings per share for the year ended December 31, 2021, were approximately RMB 0.031, compared to a loss per share of RMB 0.131 in 2020[19] - Gross profit for 2021 was approximately RMB 172.4 million, with a gross margin of 56.9%, compared to RMB 261.8 million and a gross margin of 51.8% in 2020[41] - The group's profit before tax for 2021 was approximately RMB 14.0 million, a turnaround from a loss of approximately RMB 137.0 million in 2020[48] - The net profit for 2021 was approximately RMB 49.5 million, compared to a loss of approximately RMB 198.6 million in 2020[50] Assets and Liabilities - Total assets as of December 31, 2021, were approximately RMB 1,545.6 million, an increase of 6.9% from RMB 1,446.5 million in 2020[17] - Net assets as of December 31, 2021, were approximately RMB 1,175.6 million, up 6.4% from RMB 1,104.5 million in 2020[18] - Non-current assets increased significantly to RMB 63.8 million in 2021 from RMB 7.9 million in 2020, reflecting a strategic investment in long-term assets[29] - Trade receivables decreased by 7.0% from approximately RMB 593.8 million in 2020 to approximately RMB 552.5 million in 2021, attributed to improved quality and liquidity of receivables[52] - Cash and cash equivalents increased from approximately RMB 1.3 million on December 31, 2020, to approximately RMB 3.6 million on December 31, 2021[58] - The group's leverage ratio as of December 31, 2021, was approximately 1.7%, down from 3.3% as of December 31, 2020[66] Revenue Sources - In 2021, the company recorded revenue of RMB 241.5 million from its newly started e-commerce business, which is considered encouraging[23] - Revenue from media platform content decreased by 95.6% to approximately RMB 11.8 million in 2021, down from RMB 268.0 million in 2020[37] - Revenue from corporate sponsors fell by 79.1% to approximately RMB 49.6 million in 2021, compared to RMB 237.9 million in 2020[39] - The company's total revenue for 2021 was approximately RMB 302.9 million, a decrease of 40.1% from RMB 505.8 million in 2020[33] Strategic Initiatives - The company increased its investment in content derivative industries and signed strategic cooperation agreements with major industry players, including China Record Group and CCTV Animation Group[20] - The company plans to expand its digital cultural industry base in Beijing and Hangzhou in 2022, which is expected to bring significant growth in profits and assets[25] - The company is focusing on vertical fields and new retail models in content, aiming to drive revenue growth through a dual-driven business model of "life + culture"[25] - The company launched e-commerce promotion services in 2021, generating approximately RMB 241.5 million in revenue, marking a new business segment[32] Expenses and Financial Management - Selling and marketing expenses decreased by 73.8% to approximately RMB 4.2 million in 2021, down from RMB 16.0 million in 2020[42] - Financial expenses net decreased by 92.7% to approximately RMB 1.6 million in 2021, compared to RMB 21.8 million in 2020, due to reduced interest expenses on bank loans[47] - The income tax credit for 2021 was approximately RMB 35.5 million, compared to an income tax expense of approximately RMB 61.5 million in 2020, mainly due to the recognition of deferred tax assets[49] - The company maintains a prudent financial management policy to ensure a robust liquidity position as of December 31, 2021[88] Shareholder Information - The board has resolved not to recommend a final dividend for the year ended December 31, 2021, consistent with the previous year where no dividend was declared[115] - The top five customers accounted for 68% of total revenue, with the largest customer contributing 50% of total revenue for the year ended December 31, 2021[118] - The available distributable reserves as of December 31, 2021, were approximately RMB 159.1 million, an increase from RMB 117.6 million as of December 31, 2020[124] - Major shareholders include Mr. Liu Mu and Ms. Chang Xing, each holding 669,263,739 shares, representing 41.83% of the company's equity[152] Stock Options and Incentives - A total of 64,000,000 stock options were granted under the stock option plan, with an exercise price of HKD 0.97 per share[177] - The stock options have a validity period of 10 years, from January 1, 2021, to December 7, 2030[177] - The stock options can be exercised based on performance conditions over three fiscal years, with 16.7% vesting after 12 months, 33.3% after 24 months, and 50% after 36 months[182] - The share option plan aims to incentivize and retain qualified participants for the long-term development of the group[185] Corporate Governance - The company has established a remuneration committee to review the remuneration policies for directors and senior management, considering the company's performance and market practices[141] - The company had no direct or indirect loans or guarantees provided to directors, senior management, or controlling shareholders during the year ended December 31, 2021[126] - The company’s executive directors have service contracts with a term of three years, while independent non-executive directors have appointment letters with a similar duration[133] Environmental Commitment - The company is committed to environmental protection and has implemented energy-saving and emission-reduction policies[121] Future Outlook - In 2022, the company has sufficient project reserves and is experiencing rapid growth in new consumption models, with ongoing collaborations with major media entities[90] - The company anticipates significant growth in profitability and assets with the establishment of the Youth Digital Cultural Industry Base in Beijing and Hangzhou in 2022[93] - The new retail model in specific content segments is expected to generate substantial revenue growth[93]

Revenue Performance - Total revenue decreased by 2.9% from RMB 319.4 million in H1 2020 to RMB 310.2 million in H1 2021[7] - Revenue from media platforms dropped by 48.7% from RMB 227.8 million in H1 2020 to RMB 116.8 million in H1 2021[7] - Revenue from corporate sponsors increased by 111.1% from RMB 91.6 million in H1 2020 to RMB 193.4 million in H1 2021[8] - Revenue for the six months ended June 30, 2021, was RMB 310,190 thousand, a decrease of 2.7% compared to RMB 319,375 thousand for the same period in 2020[110] - Revenue from media platforms decreased to RMB 116,772 thousand, down 48.7% from RMB 227,752 thousand in the prior year, while revenue from corporate sponsors increased to RMB 193,418 thousand, up 111.1% from RMB 91,623 thousand[142] Profitability - Gross profit rose by 12.4% from RMB 160.2 million in H1 2020 to RMB 180.1 million in H1 2021, with a gross margin of 58.1%[11] - Profit before tax decreased by 4.5% from approximately RMB 71.6 million in H1 2020 to RMB 68.3 million in H1 2021[15] - Net profit increased by 15.1% from RMB 50.2 million in H1 2020 to RMB 57.8 million in H1 2021[17] - Operating profit for the period was RMB 70,039 thousand, down 9.1% from RMB 77,129 thousand in 2020[110] - Profit attributable to equity shareholders for the period was RMB 57,812 thousand, an increase of 15.3% compared to RMB 50,248 thousand in the same period last year[110] Expenses - Selling and marketing expenses decreased by 70.3% from RMB 6.9 million in H1 2020 to RMB 2.1 million in H1 2021[12] - General and administrative expenses increased by 65.5% from RMB 15.8 million in H1 2020 to RMB 26.2 million in H1 2021[13] - The group incurred a total of RMB 37,738 thousand in program copyright costs for the six months ended June 30, 2021, a decrease of 76.4% from RMB 159,149 thousand in the same period of 2020[149] - The income tax expense for the six months ended June 30, 2021, was RMB 10,503 thousand, a decrease of 71.2% from RMB 36,625 thousand in the same period of 2020[152] Cash Flow and Liquidity - Cash and cash equivalents rose from RMB 1.3 million on December 31, 2020, to RMB 2.3 million on June 30, 2021[29] - Net cash used in operating activities was approximately RMB 397.3 million in the first half of 2021, primarily due to increased production expenses[32] - Net cash generated from investing activities was approximately RMB 436.8 million in the first half of 2021, mainly from the redemption of financial products[33] - The company reported a net cash position of RMB 2,259 thousand, up from RMB 1,292 thousand at the end of 2020[115] - The net cash generated from investing activities was RMB 436,846 thousand for the six months ended June 30, 2021, compared to a net cash used of RMB (532,488) thousand in the same period of 2020, indicating a significant turnaround[136] Assets and Liabilities - Total liabilities decreased from RMB 342.0 million on December 31, 2020, to RMB 318.4 million on June 30, 2021, resulting in a debt-to-asset ratio decline from 23.6% to 21.6%[30] - Trade receivables increased by 1.9% from RMB 593.8 million on December 31, 2020, to RMB 605.2 million on June 30, 2021, due to business expansion[21] - The group's trade receivables as of June 30, 2021, amounted to RMB 988,769,000, an increase from RMB 894,031,000 as of December 31, 2020, with a provision for losses of RMB 383,544,000[167] - The total bank loans as of June 30, 2021, were RMB 25,000,000, down from RMB 36,000,000 as of December 31, 2020[176] Strategic Initiatives - The company plans to enhance original vertical content and launch a series of new content products in response to current trends[49] - The company aims to expand its e-commerce business and develop 1-2 flagship products in specific segments based on high-quality content[49] - The company will initiate cultural data business and promote an internet ecosystem model for data-driven content production[49] - The content e-commerce business is an extension of existing content-related operations, generating additional revenue through direct sales channels since Q2 2021[62] - The company plans to increase spending on the content e-commerce line, with a service agreement in place for media marketing and technical services across various platforms[68] Shareholder Information - As of June 30, 2021, major shareholders include Liu Mu with 774,263,739 shares (48.39%) and Chang Xing with the same number of shares, indicating significant control[85] - Double K Limited holds 741,365,961 shares (46.34%), while China Zenith Limited and its associated entities hold 106,752,945 shares (6.67%) each[85] - The company has 77,000,000 unexercised stock options as of June 30, 2021, with an exercise price of HKD 0.97 per share, granted to 10 participants including 1 director[91] - The company did not declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[107] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[96] Corporate Governance - The company has adhered to all applicable corporate governance codes during the reporting period, with one exception noted[101] - The audit committee has reviewed the unaudited interim consolidated financial statements for the reporting period[99] - No significant legal or compliance issues reported as of June 30, 2021[97] - No major events occurred after June 30, 2021, aside from those disclosed in the "Outlook and Plans" section of the report[98]

CHINA BRIGHT CULTURE GROUP 煜盛文化集 團 Annual Report 2020 年度報 告 CHINA BRIGHT CULTURE GROUP （於開曼群島註冊成立的有限公司） 股份代號：1859 CHINA BRIGHT CULTURE GROUP CHINA BRIGHT CULTURE GROUP 年度報告 . . . . . . t to the see a t. The 19 11 1 ● o . t a 19 the collection . ● 0 ● 0 ● 0 0 ● ● . ● ● ● t of the and of the t of the state : 目 錄 頁數 2 公司資料 4 主席報告 6 財務摘要 7 管理層討論與分析 21 董事及高级管理層 24 董事會報告 企業管治報告 42 56 環境、社會及管治報告 83 獨立核數師報告 152 釋義 the 2017 - 12:10 PM IST To T e ng the control of the t of the t. The of the first of the (@0) | t of t ...

Revenue Growth - Total revenue increased by 227.6% from RMB 97.5 million in H1 2019 to RMB 319.4 million in H1 2020[15] - Revenue from media platforms rose by 146.7% to RMB 227.8 million, accounting for 71.3% of total revenue[15] - Revenue from corporate sponsors surged by 1,666.1% to RMB 91.6 million, representing 28.7% of total revenue[16] - Revenue for the six months ended June 30, 2020, was RMB 319,375 thousand, a significant increase from RMB 97,491 thousand in the same period of 2019, representing a growth of approximately 227%[113] - The media platform revenue reached RMB 227,752 thousand, up from RMB 92,303 thousand year-over-year, indicating a growth of approximately 147%[113] Profitability - Gross profit for H1 2020 was RMB 160.2 million, up 245.1% from RMB 46.4 million in H1 2019, with a gross margin of 50.2%[20] - Operating profit reached RMB 77,129 thousand, up from RMB 28,694 thousand year-on-year, reflecting a growth of 169%[93] - Net profit for the period was RMB 50,248 thousand, compared to RMB 19,714 thousand in the previous year, marking an increase of 154%[93] - Total comprehensive income for the period was RMB 58,114 thousand, significantly higher than RMB 19,714 thousand in 2019[95] Expenses - Cost of sales increased by 211.7% from RMB 51.1 million in H1 2019 to RMB 159.1 million in H1 2020[19] - Selling and marketing expenses grew by 67.0% to RMB 6.9 million due to an increase in program quantity[21] - General and administrative expenses rose by 47.0% to RMB 15.8 million, primarily due to increased professional service fees post-IPO[22] - The company incurred financial expenses of RMB 7,585 thousand for the six months ended June 30, 2020, compared to RMB 3,591 thousand in the same period of 2019[117] Cash Flow and Financing - The net cash used in operating activities for the first half of 2020 was RMB 172.2 million, primarily due to increased program production expenses[39] - The net cash used in investing activities for the first half of 2020 was RMB 532.5 million, mainly due to the purchase of financial products[40] - The net cash generated from financing activities for the first half of 2020 was RMB 693.3 million, primarily due to increased financing from the initial public offering[41] - The company issued ordinary shares related to the initial public offering, netting RMB 765,906 thousand after deducting underwriting commissions and other issuance costs[104] Assets and Liabilities - The total amount of trade receivables increased by 34.2% to RMB 659.5 million as of June 30, 2020, from RMB 491.3 million as of December 31, 2019, due to business expansion[30] - The group's total assets grew from RMB 941.3 million as of December 31, 2019, to RMB 1,711.2 million as of June 30, 2020[36] - The company's total equity as of June 30, 2020, was RMB 1,396,304 thousand, an increase from RMB 572,284 thousand at the beginning of the year[104] - The provision for trade receivables increased to RMB 96,951,000 as of June 30, 2020, compared to RMB 35,302,000 as of December 31, 2019, representing a rise of 174.5%[133] Shareholder Information - Major shareholders include Liu Mu, holding 46.43% of the company's shares, and Chen Kai, holding 3.17%[63] - Ms. Chang holds 742,884,739 shares, representing 46.43% of the company[70] - Double K Limited, owned by Mr. Liu, holds 709,986,961 shares, accounting for 44.37%[70] - The company has adopted a share option scheme allowing for the issuance of up to 160,000,000 shares, which is 10% of the total issued shares as of the report date[74] Corporate Governance - The board consists of three executive directors and four independent non-executive directors, ensuring a high level of independence[87] - The company has appointed Ms. Zeng as Chief Financial Officer, responsible for overseeing overall financial and accounting matters[83] - Mr. Liu has been serving as both Chairman and CEO, which the board believes ensures consistent internal leadership[87] - The company is subject to the corporate governance code as per the listing rules[163] Future Plans and Developments - The company plans to continue expanding its content production and delivery capabilities to drive future revenue growth[15] - The company plans to continue developing variety shows and dramas in the second half of 2020, with no significant negative impact from the outbreak on its business[61] - The company allocated RMB 524.4 million for programs expected to air in 2021, with RMB 112.4 million specifically set aside for this purpose[56] COVID-19 Response - The company has implemented several measures in response to the uncertainties caused by the COVID-19 pandemic, including reassessing client priorities and improving cash flow through faster debtor settlements[160]