Group 1 - The core point of the article is that Beijing Light Media Co., Ltd. has acquired 1.8 million shares of Maoyan Entertainment at an average price of approximately HKD 7.9554 per share, increasing its stake in the company to about 17.53% of the total issued shares as of the announcement date [1] Group 2 - The acquisition took place between September 5 and September 9, 2025, using self-owned funds in the open market [1] - Following the purchase, Light Media holds a total of 203 million shares in Maoyan Entertainment [1]

Core Viewpoint - The article reports that Beijing Light Media Co., Ltd. has purchased a total of 1.8024 million shares of Maoyan Entertainment at an average price of approximately HKD 7.9554 per share, reflecting confidence in the company's operational strategy and future prospects [1] Group 1: Shareholding Details - Following the acquisition, Light Media holds a total of 203,777,184 shares, representing approximately 17.53% of the company's total issued share capital as of the announcement date [1] - Light Media is owned by Light Holdings, which holds about 37.4% of its shares, and Light Holdings is primarily owned by the company's major shareholder, Chairman, and Non-Executive Director Wang Changtian, who owns 95% of Light Holdings [1] - After the acquisition, Wang Changtian has rights to a total of 481,756,809 shares, equivalent to approximately 41.45% of the company's total issued share capital as of the announcement date [1] Group 2: Future Considerations - The board of directors indicates that Light Media may consider further increasing its stake in the company depending on market conditions and applicable regulatory requirements [1] - The acquisition is seen as a reflection of the confidence that Wang Changtian and Light Media have in the company's operational strategy, development prospects, and future outlook [1]

Core Viewpoint - The announcement highlights that Beijing Enlight Media Co., Ltd. has acquired a total of 1.8024 million shares of Maoyan Entertainment at an average price of approximately HKD 7.9554 per share, reflecting confidence in the company's operational strategy and future prospects [1] Group 1: Share Acquisition Details - Enlight Media purchased 1.8024 million shares, increasing its total holdings to 203,777,184 shares, which represents approximately 17.53% of Maoyan's total issued share capital as of the announcement date [1] - The shares are owned by Enlight Media, which is approximately 37.4% owned by Enlight Holdings, controlled by the company's major shareholder, Chairman, and Non-Executive Director Wang Changtian, who holds 95% of Enlight Holdings [1] Group 2: Ownership Implications - Following the acquisition, Wang Changtian has rights to a total of 481,756,809 shares, equating to about 41.45% of Maoyan's total issued share capital as of the announcement date [1] - There is a possibility that Enlight Media may consider further acquisitions of Maoyan shares depending on market conditions and regulatory requirements [1] Group 3: Confidence in Future Outlook - The board of directors believes that the share acquisition reflects the confidence of Wang Changtian and Enlight Media in Maoyan's operational strategy, development prospects, and future outlook [1]

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。 Maoyan Entertainment 貓眼娛樂 （於開曼群島註冊成立的有限公司） （股份代號：1896） 本公司股東及潛在投資者於買賣股份時務請審慎行事。 承董事會命 貓眼娛樂 執行董事 鄭志昊 香港，2025年9月12日 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 鄭 志 昊 先 生；非 執 行 董 事 王 長 田 先 生、 李曉萍女士、王牮女士、孫忠懷先生、陳少暉先生及唐立淳先生；及獨立非執行 董事汪華先生、陳尚偉先生、尹紅先生及劉琳女士。 本 公 司 董 事 會（「董事會」）獲 悉，於2025年9月5日 至2025年9月9日，北 京 光 線 傳 媒 股份有限公司（「光線傳媒」），以自有資金在公開市場按平均價每股約7.9554港元， 購入合共1,802,400股 本 公 司 股 份（「股 份」）（「增持事項」）。緊 隨 增 持 事 項 後，光 線 傳媒於合共203,777,184 ...

Core Viewpoint - Cat's Eye Entertainment (01896) reported a strong performance in its interim results, showing significant growth in revenue and net profit, while also expanding its involvement in IP business [1] Financial Performance - Total revenue for the first half of the year reached 2.472 billion yuan, representing a year-on-year increase of 13.9% [1] - Net profit for the period was 179 million yuan, with adjusted net profit amounting to 235 million yuan [1] Film Production and Distribution - Cat's Eye participated in the production and distribution of 29 domestic films and 9 imported films during the first half of the year [1] - The company had a record high of 24 films under its control for distribution, marking the highest number for the same period historically [1] - Cat's Eye was involved in the distribution and production of four out of the top five domestic films by box office revenue in the first half of the year [1] IP Business Development - The interim report highlighted the company's focus on IP business, with a notable collaboration on "The King's Avatar: For the Glory" [1] - The company plans to deeply engage in projects related to top gaming IP films and popular domestic animation IP films, as well as expand into various IP content areas including anime IP, celebrity IP, and film-related merchandise [1] - According to CITIC Securities, the company is currently experimenting with operations to accumulate experience, with future potential for scaling and systematic development of film IP operations, integrating distribution and IP derivatives [1]

Core Viewpoint - Cat's Eye Entertainment (01896) reported a strong performance in its interim results, with total revenue of 2.472 billion yuan, a year-on-year increase of 13.9%, and a net profit of 179 million yuan, indicating robust growth in the film distribution sector [1] Financial Performance - Total revenue for the first half of the year reached 2.472 billion yuan, reflecting a 13.9% year-on-year growth [1] - Net profit for the period was 179 million yuan, while the adjusted net profit stood at 235 million yuan [1] Film Distribution - Cat's Eye participated in the distribution and production of 29 domestic films and 9 imported films during the first half of the year [1] - The company had a record high of 24 films under its direct control for distribution [1] - Cat's Eye was involved in four out of the top five domestic films by box office revenue during the first half of the year [1] IP Business Development - The interim report highlighted a significant focus on IP business, with the successful collaboration on "The King's Avatar: For the Glory" [1] - The company plans to deeply engage in high-profile game IP films and popular domestic animation IP films, expanding its content offerings in anime IP, celebrity IP, and film-related merchandise [1] - According to CITIC Securities, the company is currently experimenting with operations to accumulate experience, with future potential for scaling and systematic development in film IP operations [1]

Core Viewpoint - The chairman of Maoyan Entertainment, Wang Changtian, has increased his stake in the company, acquiring 1.8024 million shares at an average price of approximately 7.9554 HKD per share, raising his total holdings to 482 million shares, which represents 41.45% of the voting shares [1] Group 1: Company Performance - In the first half of 2025, Maoyan Entertainment reported a revenue of 2.472 billion RMB, with significant contributions from entertainment content services, online ticketing services, and advertising services [1] - The entertainment content services segment generated 1.209 billion RMB, showing year-on-year growth [1] - The company participated in the promotion and production of 29 domestic films and 9 imported films, achieving historical highs in both categories [1] Group 2: Market Strategy and Adaptation - Maoyan Entertainment has actively leveraged its promotional capabilities and adjusted strategies to navigate market fluctuations, successfully attracting diverse audiences even during periods of market downturn [2] - The company highlighted the success of the non-genre film "Dumpling Queen," which drew over 10 million viewers and became the box office champion during the May Day holiday, serving as a case study for overcoming content stagnation [2] - Despite some films underperforming at the box office, the company remains committed to enhancing its promotional services and adapting to market changes [2] Group 3: Future Outlook - Maoyan Entertainment has a series of upcoming films scheduled for release, including "Assassination Novelist 2" and "Panda Project 2," which are expected to contribute positively to future revenues [3] - The online ticketing services segment generated 1.18 billion RMB, an increase from 1.046 billion RMB in the previous year, driven by a 22.91% year-on-year growth in domestic box office [3] Group 4: Market Position - As of September 12, Maoyan Entertainment's stock price increased by approximately 1%, with a market capitalization of around 9.5 billion HKD [4]

Group 1 - The core point of the article is that Wang Changtian, the non-executive director and chairman of Maoyan Entertainment, increased his shareholding in the company by purchasing 1,802,400 shares at an average price of HKD 7.9554 per share, totaling approximately HKD 14.34 million [1] - Following this transaction, Wang Changtian's total shareholding increased to 481,756,809 shares, raising his ownership percentage from 41.30% to 41.45% [1][3]

Financial Performance - Revenue increased from RMB 2,170.9 million in H1 2024 to RMB 2,472.2 million in H1 2025, representing a growth of approximately 13.9%[10] - Gross profit decreased from RMB 1,156.2 million in H1 2024 to RMB 936.5 million in H1 2025, a decline of about 19%[10] - Net profit for H1 2025 was RMB 178.5 million, down from RMB 284.8 million in H1 2024, reflecting a decrease of approximately 37.2%[10] - Adjusted EBITDA for H1 2025 was RMB 333.0 million, compared to RMB 489.7 million in H1 2024, indicating a decline of around 32%[10] - Operating profit fell from RMB 406.9 million in H1 2024 to RMB 261.1 million in H1 2025[48] - Net financial income decreased from RMB 48.9 million in H1 2024 to RMB 31.5 million in H1 2025 due to lower deposit rates[49] - Income tax expense reduced from RMB 166.6 million in H1 2024 to RMB 112.1 million in H1 2025, primarily due to lower operating profit[51] - Adjusted net profit for the same period was RMB 235.0 million, down 33.3% from RMB 351.8 million in 2024[53] - EBITDA for the six months ended June 30, 2025, was RMB 320.9 million, a decline of 31.3% compared to RMB 467.1 million in 2024[55] - Total comprehensive income attributable to equity holders for the period was RMB 134,993 thousand, down from RMB 177,598 thousand in the previous year, reflecting a decline of 24.0%[121] Box Office and Film Performance - The total box office for the first half of 2025 reached RMB 29.231 billion, with a year-on-year growth of 22.91%[11] - The company participated in the release of 29 domestic films and 9 imported films during the reporting period, achieving a historical high[13] - The company’s films released during the Spring Festival achieved a box office of RMB 3.612 billion, ranking second in the Spring Festival box office[14] - Several summer films, including "The Longan's Lychee" and "The Little Black War 2," are expected to contribute positively to profits in the second half of 2025[15] - Upcoming films include "Assassination Novelist 2" and "Panda Project 2," both scheduled for release on October 1, 2025[17] Strategic Initiatives - The company continues to adjust its strategies to respond to market changes and enhance its promotional capabilities[14] - The company is committed to enhancing its IP derivative business, having developed proprietary IPs such as "Panda Plan" and "Son of Time," and is expanding into various IP categories[24] - The company is actively exploring AI and big data infrastructure investments, collaborating with multiple AI firms to apply technology in animation production and visual storytelling[26] - The company plans to continue investing in live performance business and improve participation and competitiveness in the offline performance market[27] - The company aims to strengthen its leading position in the film sector by providing high-quality content and ticketing services[27] Financial Position and Assets - Total assets increased from RMB 12,505.6 million as of December 31, 2024, to RMB 12,986.4 million as of June 30, 2025[56] - Total liabilities rose from RMB 3,457.3 million as of December 31, 2024, to RMB 4,125.1 million as of June 30, 2025[56] - The debt-to-asset ratio increased from 27.6% to 31.8% during the same period[56] - The company holds a 5.7% stake in the Happy Media Group as of June 30, 2025[63] - The company has 926 full-time employees, primarily located in Beijing, with others in Shanghai and various cities in mainland China[65] Shareholder Information - The board resolved not to declare an interim dividend for the six months ended June 30, 2025[71] - Major shareholders include Vibrant Wide Limited with 277,979,625 shares (24.14%) and Hong Kong Film International Limited with 193,486,220 shares (16.81%) as of June 30, 2025[89] - The employee stock option plan was established to reward contributions to the company's growth and development, succeeding the 2016 ESOP[92] - The company granted a total of 9,262,143 stock options under the pre-IPO stock option plan during the reporting period, with 3,000 options exercised and 10,135 options expired[95] Risk Management - The group faces multiple financial risks, including market risk, credit risk, and liquidity risk, which are detailed in the annual consolidated financial statements[151] - The group manages credit risk by only transacting with reputable financial institutions in Hong Kong, Macau, Singapore, and mainland China, which have no recent default records[154] - The group has established monitoring procedures to ensure timely follow-up on overdue debts and reviews the recoverability of trade and other receivables at each reporting period[154] - The company maintains a prudent liquidity risk management strategy, ensuring sufficient cash and bank balances to meet financial commitments[179] Fair Value Measurements - The fair value of financial assets measured at fair value through profit or loss was RMB 1,144,917,000 as of June 30, 2025, with investments in financial products and entertainment activities[182] - The company utilizes various valuation techniques for Level 3 financial instruments, including discounted cash flow and market approaches, to determine fair value[189] - The total fair value of financial assets measured at fair value through profit or loss amounts to RMB 175,320,000, which includes RMB 145,246,000 from entertainment investments and RMB 30,074,000 from non-listed company investments[185]

Market Overview - The Hong Kong stock market indices collectively declined, ending a four-day rally, with the Hang Seng Index dropping 0.43% to close just above 26,000 points [1] - The Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index fell by 0.43%, 0.73%, and 0.24% respectively [2] Sector Performance - Large technology stocks generally fell, with Meituan dropping over 5%, and other major players like Bilibili and Baidu also experiencing declines [5] - Semiconductor stocks showed strong gains, with notable increases in Shanghai Fudan and SMIC, driven by robust demand in the AI sector [6][7] - The copper and aluminum sectors performed actively, supported by expectations of a Federal Reserve interest rate cut [3][9] Notable Stocks - Meituan's stock price fell to 96.55, down 5.06%, with a market capitalization of 590.03 billion [6] - Semiconductor stocks like Shanghai Fudan and Huahong Semiconductor saw increases of over 5% and 4% respectively, reflecting strong market interest [7] - Apple-related stocks surged, with Hongteng Precision rising over 12% following the launch of new iPhone models [8] Biopharmaceutical Sector - The biopharmaceutical sector faced significant declines, with companies like Gilead Sciences and Hansoh Pharmaceutical dropping nearly 20% and 9% respectively, amid reports of potential U.S. restrictions on Chinese pharmaceuticals [10][11] Investment Trends - Southbound funds recorded a net inflow of 18.99 billion HKD, indicating continued interest in Hong Kong stocks [12] - Analysts suggest that the Hong Kong market's low valuations and improving asset quality may attract more foreign investment, particularly in the internet sector [14]