格隆汇8月19日丨华夏控股(01981.HK)公布，谨定于2025年8月29日(星期五)举行董事会会议，以考虑及 通过集团截至2025年6月30日止六个月的中期业绩及派发中期股息(如有)，以及处理其他事项 ...

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 CATHAY GROUP HOLDINGS INC. 華夏集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1981） 董事會會議召開日期 華夏集團控股有限公司（「本公司」，連同其附屬公司及併表聯屬實體統稱「本集 團」）董事會（「董事會」）茲通告謹定於二零二五年八月二十九日（星期五）舉行董 事會會議，以考慮及通過本集團截至二零二五年六月三十日止六個月的中期業 績及派發中期股息（如有），以及處理其他事項。 承董事會命 華夏集團控股有限公司 董事長及執行董事 蒲樹林 中國，二零二五年八月十九日 於本公告日期，本公司執行董事為蒲樹林先生、羅佳女士、吳曄先生及劉志雄先 生；及本公司獨立非執行董事為張紀中先生、李卓然先生及黃煜先生。 ...

8月18日，科创芯片ETF南方（588890）开盘涨1.11%，报1.997元。科创芯片ETF南方（588890）重仓股 方面，中芯国际开盘涨1.81%，海光信息涨0.74%，寒武纪涨2.88%，澜起科技涨0.02%，中微公司涨 0.77%，芯原股份涨2.69%，沪硅产业涨1.00%，恒玄科技涨0.65%，思特威涨0.14%，华海清科涨 0.06%。 来源：新浪基金∞工作室 科创芯片ETF南方（588890）业绩比较基准为上证科创板芯片指数收益率，管理人为南方基金管理股份 有限公司，基金经理为李佳亮，成立（2024-04-15）以来回报为97.28%，近一个月回报为16.21%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

FF301 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7月31日 狀態: 新提交 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01981 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,654,937,000 | | 0 | | 1,654,937,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,654,937,000 | | 0 | | 1,654,937,000 | 致：香港交易及結算所有限公司 公司名稱: ...

Financial Performance - The company reversed a loss of RMB 181.1 million for the year ended December 31, 2023, to a profit of RMB 116.9 million during the reporting period[8]. - The company's total revenue increased from RMB 759.0 million in the year ended December 31, 2023, to RMB 782.4 million in the reporting period, primarily due to the growth in higher education (media and arts) and vocational education revenue[36]. - Adjusted net profit for the year ended December 31, 2024, was RMB 218.3 million, while the adjusted net loss for the year ended December 31, 2023, was RMB 1.3 million[55]. - The overall gross profit increased by 37.2% from RMB 277.8 million to RMB 381.2 million, with the gross profit margin rising from 36.6% to 48.7%[41]. - The total impairment loss recognized during the reporting period amounted to RMB 159.6 million, with major impairments in trade receivables and transitional loans[51]. Dividends - The board proposed a final dividend of HKD 0.03 per share and a special dividend of HKD 0.03 per share, totaling approximately HKD 99.3 million, subject to shareholder approval[8]. - The company does not have a fixed dividend payout ratio but aims to recommend dividends in line with industry averages while maintaining sufficient reserves for operations and growth[181]. Student Enrollment and Education Strategy - The total number of students enrolled in the company's universities is approximately 30,000, with plans to expand capacity to over 50,000 students in the future[8]. - The company reported a year-on-year increase of approximately 3.6% in total student enrollment, reaching 29,742 students as of December 31, 2024[12]. - The company aims to develop three key areas: media and arts education, knowledge payment and vertical e-commerce, and AI teaching and AI arts courses[8]. - The company is committed to enhancing internship and employment opportunities for students through industry-education integration[8]. - The company aims to establish a differentiated competitive advantage in the artificial intelligence education sector, particularly in media and arts education[25]. Revenue Segments - The higher education (media and arts) and vocational education segments recorded total revenue of RMB 671.3 million, a year-on-year increase of 13.2%[15]. - Revenue from the higher education (media and arts) and vocational education segment rose by RMB 78.3 million or 13.2% to RMB 671.3 million, mainly driven by an increase in undergraduate course revenue[36]. - The higher education (media and arts) and vocational education segment accounted for 85.8% of total revenue in 2024, compared to 78.1% in 2023, indicating a significant shift towards this segment[36]. - The entertainment and live e-commerce segment generated revenue of RMB 111.0 million, representing 14.2% of total revenue, down from 21.9% in the previous year[36]. Operational Developments - The company has established partnerships with over 80 leading global media and arts universities for its international foundation courses[12]. - The company plans to expand the Nanjing Media College's main campus and Binjiang campus to accommodate approximately 33,000 and 10,000 students, respectively, with an additional campus for vocational education if needed[26]. - The company has initiated legal proceedings to recover RMB 170 million of transitional loans, having received a favorable ruling from the relevant Chinese arbitration commission[14]. Corporate Governance - The company aims to achieve high levels of corporate governance, which is crucial for its development and safeguarding shareholder interests[147]. - The board is committed to maintaining and establishing sound corporate governance practices to ensure the achievement of business objectives[147]. - The company has established a governance framework and developed policies and procedures to strengthen the board's ability to oversee business conduct[147]. - The board consists of seven members, including four executive directors and three independent non-executive directors[155]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, each with defined written terms of reference[166]. Risk Management and Compliance - The company faces significant uncertainties in its higher education business due to the termination of a cooperation agreement with Communication University of China, impacting enrollment and employment[77]. - The company is subject to strict regulations in the film and television industry in China, which can lead to significant operational uncertainties[77]. - The company has implemented a whistleblowing policy allowing employees to report concerns confidentially to the audit committee[194]. - The group has a risk management and internal control system designed to identify and assess risks, ensuring assets are not misused[200]. Employee and Diversity Initiatives - The total number of employees increased to 2,311 as of December 31, 2024, from 2,193 as of December 31, 2023[69]. - Approximately 55% of the company's 2,311 employees are female, totaling 1,275 female employees, including management[180]. - The company has set a goal for at least 50% of its workforce to be female, with specific initiatives to enhance gender diversity in recruitment and hiring practices[180]. - The board aims to maintain a gender diversity target of at least one female director by December 31, 2024, with a current composition of seven directors[176].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 782,359,000, representing a 3.1% increase from RMB 759,040,000 in 2023[5] - The company reported a net profit of RMB 116,911,000 for the year, compared to a net loss of RMB 181,067,000 in 2023[5] - Adjusted net profit for the year was RMB 218,266,000, significantly improving from an adjusted net loss of RMB 1,311,000 in 2023[5] - Total revenue increased from RMB 759.0 million in 2023 to RMB 782.4 million in 2024, primarily driven by a 13.2% increase in higher education revenue[33] - The overall gross profit increased by 37.2% from RMB 277.8 million in 2023 to RMB 381.2 million in 2024, with the gross profit margin rising from 36.6% to 48.7%[38] - The company recorded a profit before tax of RMB 117,275 thousand, compared to a loss of RMB 181,229 thousand in the previous year[78] - The company reported a profit attributable to owners of RMB 92,064,000 for the year ended December 31, 2024, compared to a loss of RMB 196,265,000 in 2023[99] Revenue Segments - The segment profit for higher education (media and arts) and vocational education was RMB 246,272,000, a 35.0% increase from RMB 182,411,000 in 2023[5] - The higher education (media and arts) and vocational education segments recorded total revenue of RMB 671.3 million, a year-on-year increase of 13.2%[13] - Undergraduate revenue increased by RMB 94.3 million or 23.5% to RMB 494.6 million, primarily due to tuition fee increases for new students starting in the 2023/2024 academic year[13] - The live e-commerce and artist management business generated total revenue of RMB 111.0 million during the reporting period, compared to RMB 81.1 million for the year ending December 31, 2023[15] - Revenue from film and television production and investment decreased by RMB 85.0 million during the reporting period due to a lack of first-round releases and declining traditional advertising revenue in the industry[16] - The entertainment and live e-commerce segment's revenue decreased from RMB 166.1 million to RMB 111.0 million, attributed to the absence of new film releases during the reporting period[34] Student Enrollment and Education Programs - The number of students enrolled in the group reached approximately 29,742, with full-time undergraduates totaling 25,157, marking a year-on-year growth of about 3.6%[9] - The total number of students at Nanjing Media College is expected to reach nearly 30,000 by December 31, 2024, with plans to expand capacity to over 50,000 students across various educational programs[23] - The company offers over 50 undergraduate programs, with 16 recognized as provincial-level first-class programs and 4 as national first-class programs[10] Dividends and Shareholder Information - The company declared a final dividend of HKD 0.03 per share for the fiscal year 2024, compared to no dividend in 2023, and a special dividend of HKD 0.03 per share, down from HKD 0.06 in 2023[4] - The company has proposed a final dividend of HKD 0.03 per share for the year ending December 31, 2024, compared to no dividend for the year ending December 31, 2023[76] - A special dividend of HKD 0.03 per share is also proposed, down from HKD 0.06 per share for the year ending December 31, 2023[76] Legal and Compliance Matters - The company has initiated legal proceedings to recover RMB 170 million related to transitional loans, with a favorable ruling obtained from the relevant arbitration committee[11] - A lawsuit has been filed against the company with a claim amount of approximately RMB 57,041,000, but no provision has been made as the outcome is uncertain[107] - The audit committee, consisting of three members, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[71] - The company has adopted a securities trading policy for its directors and relevant employees, confirming compliance since the beginning of the fiscal year[70] Financial Position and Assets - Cash and cash equivalents increased to RMB 690.8 million as of December 31, 2024, up from RMB 342.0 million as of December 31, 2023[54] - Total assets decreased from RMB 3,078.2 million as of December 31, 2023, to RMB 3,057.6 million as of December 31, 2024[55] - Total liabilities decreased from RMB 662.2 million as of December 31, 2023, to RMB 612.0 million as of December 31, 2024[55] - The total equity as of December 31, 2024, is RMB 2,445.6 million, compared to RMB 2,416.0 million as of December 31, 2023[55] Employee and Operational Costs - The total salary cost for the year ending December 31, 2024, is RMB 204.0 million, an increase from RMB 176.9 million for the year ending December 31, 2023[65] - The company has 2,311 employees as of December 31, 2024, up from 2,193 employees as of December 31, 2023[64] - Administrative expenses increased from RMB 114.5 million in 2023 to RMB 122.3 million in 2024, primarily due to salary increases for staff[42] Future Plans and Strategic Initiatives - The company plans to develop a "knowledge payment and vertical e-commerce" business, focusing on high-quality media and arts knowledge intellectual property and expanding its product offerings[24] - The company aims to establish a differentiated competitive advantage in the artificial intelligence education sector, particularly in media and arts education[22] - The company plans to launch a subscription-based product for AI education in media and arts by 2025, integrating AI with traditional education[25] - The company continues to focus on expanding its higher education and vocational training services in China, leveraging its existing assets and market presence[81]

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 386,570,000, representing a 2.6% increase from RMB 376,788,000 in the same period of 2023[3] - The adjusted net profit for the period was RMB 108,393,000, a significant recovery from a loss of RMB 58,426,000 in the prior year[3] - The company reported a profit before tax of RMB 59,658,000, a significant recovery from a loss of RMB 110,298,000 in the previous year[72] - Net profit for the period was RMB 59,262,000, compared to a loss of RMB 109,932,000 in the same period last year[72] - The company reported a profit of RMB 48,547,000 for the six months ended June 30, 2024, compared to a loss in the previous period[74] - The company reported a profit attributable to owners of RMB 48,547,000 for the six months ended June 30, 2024, compared to a loss of RMB 119,055,000 in the same period of 2023[91] Gross Profit and Margins - Gross profit increased by 27.8% to RMB 193,768,000 compared to RMB 151,564,000 in the previous year[3] - The overall gross profit increased by 27.8% from RMB 151.6 million for the six months ended June 30, 2023, to RMB 193.8 million for the six months ended June 30, 2024, with a gross profit margin rising from 40.2% to 50.1%[25] - The gross profit margin for the higher education (media and arts) and vocational education segment decreased from 60.6% to 57.0% due to increased teaching staff costs[26] - The entertainment and live e-commerce segment recorded a gross profit margin of 17.1%, improving from a gross loss margin of 49.0% in the previous period[26] Enrollment and Education Partnerships - The number of students enrolled as of June 30, 2024, was approximately 29,155, including 24,127 full-time undergraduates, marking an 8.9% year-on-year growth[6] - The company has established partnerships with over 70 leading global media and arts universities for its international foundation programs[6] Segment Performance - The higher education segment, which includes media and arts, generated revenue of RMB 320,308,000, up 4.5% from RMB 306,631,000 in the previous year[3] - The entertainment and live e-commerce segment reported a revenue decline of 5.6%, totaling RMB 66,262,000 compared to RMB 70,157,000 in the same period last year[3] - The entertainment and live e-commerce segment generated revenue of RMB 66,262,000, a decrease from RMB 70,157,000 in the same period last year, indicating a decline of approximately 5.4%[82] Financial Position and Cash Flow - As of June 30, 2024, the total cash and cash equivalents amounted to RMB 576.0 million, a decrease from RMB 717.4 million as of December 31, 2023, primarily due to the payment of special dividends[39] - Total assets decreased from RMB 3,078.2 million as of December 31, 2023, to RMB 2,683.8 million as of June 30, 2024, while total liabilities decreased from RMB 662.2 million to RMB 299.6 million[39] - The current ratio as of June 30, 2024, was 455.0%, up from 257.0% as of December 31, 2023[39] - The company maintained a stable cash position with cash and cash equivalents amounting to RMB 295,977,000 as of June 30, 2024[73] Expenses and Impairments - Administrative expenses increased from RMB 55.3 million to RMB 60.0 million, primarily due to higher university staff costs[30] - Total impairment losses increased from RMB 573.6 million to RMB 653.2 million during the reporting period, with trade receivables impairment totaling RMB 443.7 million[34] - The impairment loss on trade receivables for the six months ended June 30, 2024, was RMB 31,389,000, a significant decrease of 81.7% compared to RMB 171,731,000 in the same period of 2023[87] Corporate Governance and Shareholder Information - The company has established an audit committee consisting of three members, with Mr. Li as the chairman, ensuring proper governance and oversight[53] - The company has a total of 1,654,937,000 shares issued as of June 30, 2024, with Mr. Pu and Ms. Luo collectively holding 72.37% of the shares[61] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024, compared to HKD 0.03 per share for the same period in 2023[56] Legal and Regulatory Matters - The company has initiated legal proceedings to recover RMB 170 million of the transitional loan[9] - The company has pending litigation with two independent plaintiffs claiming a total of approximately RMB 98,784 thousand, with no provision made as the outcome remains uncertain[112] - There are no significant litigations or arbitration proceedings involving the company during the reporting period[55] Strategic Initiatives and Future Outlook - The company aims to enhance its corporate image and promote future business development through its new name and strategic focus[5] - The company is actively seeking partnerships to enhance its live e-commerce and vocational education offerings, including establishing live streaming rooms and related courses[17] - The group plans to enhance its live e-commerce business by leveraging star artists and expanding its live streaming matrix[18]

Financial Performance - The company reported revenue of RMB 386,570 million for the six months ended June 30, 2024, representing a 2.6% increase from RMB 376,788 million in the same period of 2023[1]. - Gross profit for the period was RMB 193,768 million, a significant increase of 27.8% compared to RMB 151,564 million in the previous year[1]. - The company achieved a profit of RMB 59,262 million, recovering from a loss of RMB 109,932 million in the same period last year[1]. - Adjusted net profit was RMB 108,393 million, compared to a loss of RMB 58,426 million in the prior year[2]. - The total profit before tax for the six months ended June 30, 2024, was RMB 59.7 million, compared to a loss of RMB 110.3 million in the same period of 2023[72]. - The net profit for the period was RMB 59,262,000, a significant recovery from a loss of RMB 109,932,000 in the prior year[60]. - The company reported a profit before tax of RMB 59,658,000, compared to a loss of RMB 110,298,000 in the previous year[60]. Revenue Segments - The higher education (media and arts) and vocational education segment generated revenue of RMB 320,308 million, up 4.5% from RMB 306,631 million year-on-year[1]. - The company’s revenue from higher education and vocational education increased by RMB 13.7 million or 4.5% to RMB 320.3 million for the six months ending June 30, 2024[19]. - Revenue from the live e-commerce and artist management business rose from RMB 10.6 million to RMB 66.3 million, a growth of 526.2%[23]. - The entertainment and live e-commerce segment's total revenue was RMB 66.3 million, down from RMB 70.2 million in the previous six months, primarily due to a decline in film production and investment revenue[12]. - The live e-commerce promotion revenue significantly increased to RMB 9 million from RMB 2.7 million, marking a growth of 237%[68]. Student Enrollment and Education Quality - The total number of students enrolled as of June 30, 2024, was approximately 29,155, including 24,127 full-time undergraduates, reflecting an 8.9% year-on-year growth when excluding Olympic College students[5]. - The company is actively seeking corporate partnerships to provide internship and employment opportunities for students in its higher education and vocational education sectors[14]. - The higher education and vocational education sectors provide quality resources for over 30,000 teachers and students in the media arts field[14]. - The company plans to enhance the teaching quality in its higher education and vocational education divisions and explore leasing properties for operational qualifications[14]. Legal Proceedings and Financial Recoveries - The company has initiated legal proceedings to recover RMB 170 million from transitional loans, with a favorable judgment received from a relevant Chinese court[7]. - The company has initiated legal proceedings to recover certain trade receivables amounting to RMB 31.4 million due to credit impairment[11]. - The company has initiated legal proceedings to recover trade receivables and transitional loans totaling RMB 170 million[37]. - The company has two ongoing lawsuits with total claims of approximately RMB 98,784,000, with no provision made as the outcome remains uncertain[90]. Operational and Market Insights - The entertainment and live e-commerce segment began operations in May 2023, encompassing live e-commerce, artist management, and film production and investment[9]. - The company has established a collaboration with a well-known internet and technology company for live e-commerce related to a popular online game in June 2024[10]. - In the first half of 2024, China's online retail sales reached RMB 7.1 trillion, a year-on-year increase of 9.8%[15]. - The number of live streaming users in China reached 816 million by December 2023, with e-commerce live streaming users at 597 million[15]. - The live e-commerce market in China is projected to grow to RMB 19 trillion by 2029, with a compound annual growth rate of 30%[15]. Financial Position and Assets - As of June 30, 2024, the total cash and cash equivalents amounted to RMB 576.0 million, a decrease from RMB 717.4 million as of December 31, 2023, primarily due to the payment of a special dividend[42]. - Total assets decreased from RMB 3,078.2 million as of December 31, 2023, to RMB 2,683.8 million as of June 30, 2024, while total liabilities decreased from RMB 662.2 million to RMB 299.6 million[42]. - The total equity as of June 30, 2024, was RMB 2,384.2 million, slightly down from RMB 2,416.0 million as of December 31, 2023[42]. - The company maintained a zero debt ratio as of June 30, 2024, with no interest-bearing borrowings[43]. - The company had no significant investments or acquisitions during the reporting period[48][49]. Expenses and Impairments - The total employee compensation cost for the six months ended June 30, 2024, was RMB 103.9 million, compared to RMB 87.6 million for the same period in 2023[51]. - Administrative expenses increased from RMB 55.3 million to RMB 60.0 million, primarily due to higher university staff costs[31]. - The group recognized impairment losses of RMB 79.6 million for trade and other receivables, a decrease from RMB 223.1 million in the previous year[77]. - The total impairment recognized for trade receivables amounted to RMB 31.4 million during the reporting period[33]. Dividends and Share Capital - The company did not recommend an interim dividend for the six months ended June 30, 2024, compared to an interim dividend of RMB 0.03 per share for the same period in 2023[59]. - The company has not declared any dividends for the six months ended June 30, 2024, compared to RMB 45,546,000 declared for the same period in 2023[81]. - The issued and paid-up share capital as of June 30, 2024, is RMB 16,549,000, with 1,654,937,000 shares issued[89]. Compliance and Reporting - The company confirmed compliance with its securities trading policy throughout the reporting period[55]. - The company has adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the current and prior periods[67]. - The company plans to publish its interim report for the six months ended June 30, 2024, on the Hong Kong Stock Exchange and its website[91].

Financial Performance - The group confirmed an impairment loss of RMB 63 million related to the investment in the film "Running Era II" due to uncertainties in recovering the investment amount [12]. - The profit from the higher education (media and arts) and vocational education segment decreased from RMB 280.7 million for the year ended December 31, 2022, to RMB 182.4 million during the reporting period, primarily due to an additional impairment loss of RMB 95.5 million on transitional loans and a decrease in education management service revenue and enrollment examination fees [31]. - The segment loss for the entertainment and live streaming e-commerce business increased from RMB 172.8 million for the year ended December 31, 2022, to RMB 354.3 million during the reporting period, primarily due to increased impairment losses on trade and other receivables [38]. - The company reported a loss from continuing operations amounting to RMB 181.1 million, compared to a profit of RMB 78.2 million for the fiscal year ending December 31, 2022 [109]. - The company's total loss for the fiscal year ending December 31, 2023, was RMB 181.1 million, a significant decline from a profit of RMB 121.9 million in the previous year [114]. - The adjusted net loss for the fiscal year ending December 31, 2023, was RMB 1.3 million, a decrease from an adjusted net profit of RMB 118.8 million for the fiscal year ending December 31, 2022 [116]. Revenue and Business Segments - The total revenue from the live streaming e-commerce and artist management business was RMB 81.0 million, mainly comprising sales commissions and promotional fees from live streaming segments [34]. - The total revenue for the entertainment and live e-commerce segment reached RMB 166.1 million during the reporting period, driven by the initiation of live e-commerce operations [87]. - The higher education (media and arts) and vocational education segment reported total revenue of RMB 593.0 million, a year-on-year increase of 5.6%, with undergraduate tuition and accommodation fees reaching RMB 400.4 million, up 12.7% [91]. Impairment and Financial Challenges - The company recognized a credit impairment loss of RMB 241.1 million on long-term unrecovered trade receivables related to the film and television production and investment business during the reporting period [37]. - The total impairment loss for trade receivables amounted to RMB 412.287 million as of December 31, 2023, reflecting an increase of 241.117 million during the reporting period [174]. - The impairment loss for transitional loans reached RMB 161.306 million, with a loss of RMB 95.549 million recognized during the reporting period due to the decline in fair value of comparable listed companies in the higher education sector in China [173]. - The company confirmed a total impairment loss of RMB 573.593 million for the reporting period, which includes various categories of trade receivables [174]. Live E-commerce and Market Expansion - The group has officially entered the live e-commerce sector, signing long-term exclusive cooperation agreements with top industry influencer Qi Wei and her spouse [11]. - The group is confident in expanding its live e-commerce business, leveraging a talent pool of over 30,000 students and teachers [9]. - From May 2023 to December 31, 2023, the live streaming sessions hosted by Ms. Qi Wei generated a total merchandise transaction value of approximately RMB 237 million, with 26 live sessions conducted [32]. - The live e-commerce transaction scale grew rapidly, reaching RMB 3.5 trillion in 2022, with RMB 2 trillion recorded in the first half of 2023, indicating its importance as a sales model in e-commerce [84]. - The company plans to collaborate with top influencers and well-known internet celebrities to enhance growth in various sectors, including food, fashion, and maternal and child products [75]. Corporate Governance and Compliance - The board of directors has ensured compliance with relevant laws and regulations, with no significant violations reported for the fiscal year ending December 31, 2023 [161]. - The company has implemented anti-corruption policies and whistleblowing channels to ensure compliance and maintain a culture of integrity [143]. - The company acknowledges the risk of severe penalties if its operational agreements in China are deemed non-compliant with applicable laws and regulations [167]. - The company is subject to scrutiny by Chinese tax authorities regarding its contractual arrangements, which may lead to additional tax liabilities and reduce profits attributable to shareholders [169]. Employee and Operational Developments - The company has established a live streaming studio and related courses at its Jiangsu Live Streaming E-commerce and Digital Economy Industry College to train students as potential hosts and influencers, actively seeking corporate partnerships for internships and employment opportunities [45]. - The total employee compensation for the year was RMB 176.9 million, an increase from RMB 145.2 million in 2022 [133]. - As of December 31, 2023, the group had a total of 2,193 employees, an increase from 1,755 employees as of December 31, 2022, reflecting a growth of approximately 25% [145]. Future Plans and Investments - The company plans to expand its higher education and vocational education programs, including exploring leasing properties suitable for operations in these sectors [46]. - The company is planning to establish and operate a university in California, USA, to grant degrees in Animation and Media, representing a significant commitment to meet qualification requirements [191]. - The company registered a new holding company, Cathay Picture, Inc., in California on June 27, 2017, fully owned by Hong Kong Huaxia Audiovisual Media, to manage the proposed university's daily operations [191]. - The company has taken all reasonable measures to meet qualification requirements, but final decisions rest with the regulatory authorities [194].

Financial Performance - The company's total revenue for the year ended December 31, 2023, was RMB 4,759.0 million, compared to RMB 656.8 million for the year ended December 31, 2022, indicating significant growth[19] - The net loss for the year ended December 31, 2023, was RMB 181.1 million, compared to a profit of RMB 121.9 million for the year ended December 31, 2022[14] - Total revenue for the year ended December 31, 2023, was RMB 759.0 million, an increase of 15.6% from RMB 656.8 million for the year ended December 31, 2022[119] - The adjusted net loss for the year ended December 31, 2023, was RMB 1.3 million, compared to an adjusted profit of RMB 118.8 million for the year ended December 31, 2022[110] - The company reported a loss of RMB 181,067,000 for the year ended December 31, 2023, compared to a profit of RMB 121,923,000 for the previous year[176] Revenue Segments - The entertainment and live e-commerce segment generated revenue of RMB 166.06 million, a significant increase of 74.7% from RMB 95.07 million[43] - The higher education (media and arts) and vocational education segment reported a profit of RMB 182.4 million, down from RMB 280.7 million, a decrease of 35.0%[37] - Revenue from the film and television production and investment business was RMB 85 million, primarily from the drama "The Character of a Lady" in which the company holds a 40% investment[52] - The higher education and vocational education segment generated revenue of RMB 593.0 million, up 5.6% from RMB 561.7 million in the previous year, mainly due to increased tuition and accommodation fees[120] - The entertainment and live e-commerce segment's revenue decreased from RMB 95.1 million to RMB 85.0 million, attributed to various factors including pricing and investment ratios in comparable periods[121] Expenses and Costs - The overall gross profit decreased by 12.4% from RMB 317.2 million for the year ended December 31, 2022, to RMB 277.8 million for the year ended December 31, 2023, with the gross profit margin dropping from 48.3% to 36.6%[22] - Administrative expenses increased from RMB 95.0 million for the year ended December 31, 2022, to RMB 114.5 million for the year ended December 31, 2023, primarily due to salary increases and the expansion of live e-commerce and artist management businesses[5] - The overall cost of revenue for the entertainment and live e-commerce segment increased from RMB 119.4 million for the year ended December 31, 2022, to RMB 226.5 million for the year ended December 31, 2023[67] - Total salary costs for the year ended December 31, 2023, were RMB 176.9 million, compared to RMB 145.2 million for the year ended December 31, 2022[118] - The cost of the higher education (media and arts) and vocational education segment increased from RMB 220.2 million for the year ended December 31, 2022, to RMB 254.8 million for the year ended December 31, 2023, mainly due to increased teacher salaries and maintenance costs[95] Impairment and Losses - The company recorded an impairment loss provision of RMB 63 million related to the initial investment in the film and television production business for the year ended December 31, 2023[4] - The company recorded an impairment loss of RMB 95.5 million related to transitional loans, impacting the overall profit[37] - The total impairment loss recognized during the reporting period amounted to RMB 336.7 million, with trade receivables impairment totaling RMB 239.6 million[129] - The company recognized a credit impairment loss of RMB 241.1 million for long-term trade receivables in the film production and investment segment during the reporting period[54] - The live e-commerce segment's loss increased from RMB 172.8 million for the year ended December 31, 2022, to RMB 354.3 million during the reporting period, mainly due to increased impairment losses[55] Equity and Dividends - The total equity of the company as of December 31, 2023, was RMB 2,416.0 million, down from RMB 2,642.4 million as of December 31, 2022[26] - The company declared a special dividend of HKD 0.06 per share for the year ended December 31, 2023, compared to no special dividend for the previous year[31] - The total equity of the company decreased to RMB 2,415,964,000 as of December 31, 2023, from RMB 2,642,420,000 in 2022, representing a reduction of about 8.6%[185] Operational Developments - The company has started its live e-commerce and artist management business since May 2023, which has been integrated into its revenue reporting[10] - The company launched live e-commerce operations in May 2023, partnering with prominent influencer Ms. Qi Wei, achieving a total merchandise sales of approximately RMB 237 million from 26 live sessions[39] - The company aims to create value in live content and build a complete live e-commerce ecosystem, focusing on partnerships with top influencers and brands across various sectors[61] - The company plans to incubate self-operated or joint venture brands in food, skincare, and apparel sectors, enhancing its supply chain to ensure high-quality products for consumers[20] - The company plans to continue expanding its live e-commerce business and improve the quality of education in the higher education (media and arts) and vocational education sectors[91] Employee and Workforce - As of December 31, 2023, the company had a total of 2,193 employees, an increase from 1,755 employees as of December 31, 2022[147] - The group incurred sales expenses of RMB 27.9 million for the year ended December 31, 2023, an increase from RMB 15.5 million in the previous year, primarily due to promotional expenses for the live e-commerce business[127] Financial Stability and Ratios - The company's cash and cash equivalents were not affected by the increase in impairment losses, as these are non-cash items[37] - Cash and cash equivalents as of December 31, 2023, amounted to RMB 342.0 million, a decrease from RMB 520.9 million as of December 31, 2022, primarily due to RMB 375.3 million in fixed deposits not classified as cash[113] - The current ratio as of December 31, 2023, was 257.0%, down from 356.4% as of December 31, 2022[142] - The debt-to-equity ratio increased from 18.1% as of December 31, 2022, to 21.5% as of December 31, 2023[142] - The group’s asset-liability ratio as of December 31, 2023, reflects its financial stability, with RMB 254.2 million spent on property and equipment primarily for university use[114]