Core Viewpoint - The company, 雅仕维 (01993.HK), has announced a board meeting scheduled for August 27, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting will take place on August 27, 2025 [1] - The meeting will focus on the interim results for the six months ending June 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [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之內容概 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，概不就因 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之任何損失承 擔任何責任。 香港，二零二五年八月十五日 於本公告日期，本公司執行董事為林德興先生太平紳士及關達昌先生；本公司非 執行董事為 吳晓蘋女士 ；及本公司獨立非執行董事為馬照祥先生、 馬豪輝先生金紫荊星章，太平紳士及麥嘉齡女士。 董事會會議召開日期 雅仕維傳媒集團有限公司（「本公司」）之董事會（「董事會」）謹此宣佈， 本公司將於二零二五年八月二十七日（星期三）舉行董事會會議，藉以（其中 包括）考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之 中期業績，以及考慮派發中期股息（如有）。 承董事會命 雅仕維傳媒集團有限公司 主席 林德興 太平紳士 ...

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 致：香港交易及結算所有限公司 公司名稱: 雅仕維傳媒集團有限公司 呈交日期: 2025年8月4日 | 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) | 01993 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 | HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100, ...

Group 1 - The core viewpoint of the news highlights the significant decline in the financial performance of 雅仕维 (Yashiwei), with a reported total revenue of 1.069 billion yuan, a year-on-year decrease of 33.54%, and a net profit attributable to shareholders of -51.82 million yuan, reflecting a year-on-year decrease of 163.08% [1] - The company has a gross profit margin of 28.69% and a high debt-to-asset ratio of 87.31%, indicating potential financial strain [1] - 雅仕维's stock price increased by 24.24% to 0.82 HKD per share, with a trading volume of 4.261 million shares and a turnover of 4.1068 million HKD, despite a cumulative decline of 31.96% year-to-date [1] Group 2 - Currently, there are no institutional investment ratings for 雅仕维, and its price-to-earnings ratio stands at -5.72, ranking 80th in the media and entertainment industry, which has an average TTM P/E ratio of -13.67 [2] - The media and entertainment industry median P/E ratio is -1.66, indicating a challenging valuation environment for companies in this sector [2] - Other companies in the industry have positive P/E ratios, such as 华视集团控股 (2.01), 耀星科技集团 (2.55), 微博-SW (7.08), 新华文轩 (8.1), and 艾德韦宣集团 (8.44) [2] Group 3 - 雅仕维 is a leading outdoor media company in the Greater China region, focusing on advertising in major transportation hubs, including airports, subways, and high-speed rail [3] - The company holds exclusive operating rights for media resources in 24 airports, 17 subway lines, and various railway stations, including the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link [3] - 雅仕维 also manages over 8,500 buses and bus stop advertising spaces in Hong Kong, providing comprehensive and creative outdoor media solutions to advertisers [3]

Business Operations - Asiaray Media Group Limited operates in nearly 40 cities across Greater China, focusing on mega transport advertising media management[10]. - The company has exclusive concession rights for 35 metro lines and 22 airports as of January 6, 2025[16]. - Asiaray upgraded the traditional advertising panel at Mong Kok New Town Mall to a naked-eye 3D LED, enhancing audience engagement with high-definition visuals[43]. - The company is the exclusive advertising operator for Singapore's Thomson-East Coast Line, the first cross-border metro line in Southeast Asia, and plans to invest more resources to enhance its exposure in Singapore[45]. - Exclusive concession rights for Shenzhen Metro media resources have increased to 9 metro lines, expanding its advertising reach[49]. - The company emphasizes a space management approach, creating value for advertising customers, media resource owners, and passengers[17]. - Asiaray's strategic focus includes enhancing capabilities in mega transport advertising solutions to serve the Greater China region[81]. Financial Performance - The group's consolidated revenue for 2024 reached RMB 1,608.8 million, a significant increase from RMB 1,062.2 million in 2023, representing a growth of approximately 51.5%[65]. - Earnings before interest, tax, depreciation, and amortization (EBITDA) for 2024 were RMB 838.3 million, up from RMB 593.2 million in 2023, indicating a growth of about 41.3%[67]. - Revenue breakdown by operating segment shows that airport revenue was RMB 519.4 million in 2024, compared to RMB 358.3 million in 2023, reflecting a growth of approximately 45%[69]. - Metro lines and billboards generated revenue of RMB 503.9 million in 2024, an increase from RMB 399.6 million in 2023, marking a growth of around 26%[69]. - The bus and other business segment reported revenue of RMB 585.5 million in 2024, up from RMB 311.4 million in 2023, which is a substantial increase of approximately 87.7%[69]. - Asiaray reported a profit of RMB 10.4 million for the year ended December 31, 2024, a turnaround from a loss of RMB 9.9 million in 2023[84]. - The Group's DOOH+ platform generated approximately 20% of total revenue, highlighting its significance in the overall business strategy[78]. Awards and Recognition - The company was awarded the "Standard Chartered Corporate Achievement Awards 2024" for "Sustainable Corporate (Social Responsibility) - Outstanding Award," highlighting its commitment to corporate social responsibility[54]. - Asiaray received the "SGGXHIS" Level 1 Digital Advertising Enterprise certification, recognizing its digital transformation capabilities, which is unique in the industry[54]. - The company won a total of 16 awards at various advertising events, including 5 Gold Awards, 3 Silver Awards, and 7 Bronze Awards, showcasing its excellence in media campaigns[58]. - The innovative Mother's Day campaign transformed a transportation hub into an AI photo experience zone, winning 15 awards, including the Grand Award at The Spark Awards 2024[78]. - The Group's innovative O&O New Media Strategy earned 45 accolades for its campaigns, showcasing its commitment to creativity and efficiency in advertising[98]. Corporate Social Responsibility - The company is committed to social responsibility and community engagement, enhancing its corporate image[2]. - The eighth Lam Kwun King Memorial Library was completed in Nanyang, Henan, as part of the company's ongoing public welfare activities aimed at promoting children's healthy growth[52]. - The company aims to strengthen its charitable initiatives and community engagement through its leadership's involvement in various organizations[156][162]. Leadership and Governance - Mr. Lam Tak Hing, the CEO, has been with the company since May 2014 and is responsible for overall strategic planning and development[154]. - The company has a strong leadership team with diverse backgrounds in finance and management, enhancing its strategic capabilities[156][160]. - The leadership team includes members with significant experience in both local and international markets, which is expected to drive growth[162][164]. - The Company has adopted the principles and code provisions set out in the Corporate Governance Code (CG Code) contained in Appendix C1 to the Listing Rules[185]. - The Board is responsible for formulating the Group's long-term strategy and development plan, deciding major financial and capital projects, and reviewing internal control and risks[187]. - The Company emphasizes the importance of good corporate governance in balancing the interests of shareholders, customers, and employees[184]. Operational Challenges and Adjustments - The Group's revenue declined to RMB1,069.2 million for the Year, down from RMB1,608.8 million in 2023, due to a decrease in media resource inventory from optimization initiatives[88]. - The Group's cash and cash equivalents, including restricted cash, were RMB232.5 million as of December 31, 2024, down from RMB390.8 million in 2023[89]. - The Group focused on enhancing operational efficiency by divesting underperforming media resources and reacquiring high-potential media resources on favorable terms[86]. - The Group's revenue decreased from RMB1,608.8 million to RMB1,069.2 million, representing a year-on-year decline of 33.5% due to project terminations[109]. - Airports segment revenue fell by 31.0% from RMB519.4 million in 2023 to RMB358.3 million in 2024, primarily due to slower-than-expected economic recovery in Mainland China[114]. - The cost of revenue decreased by RMB494.4 million, or 39.3%, from RMB1,256.9 million in 2023 to RMB762.5 million in 2024, in line with the revenue decline[116]. Employee and Financial Metrics - The Group had bank borrowings totaling RMB355.4 million as of December 31, 2024, with RMB251.8 million repayable within one year[137]. - The total salaries and related costs for the years ended December 31, 2024 and 2023 amounted to RMB194.6 million and RMB223.7 million, respectively[151]. - As of December 31, 2024, the Group has a total of 579 employees, comprising 274 male and 305 female employees, indicating a balanced gender ratio[199].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 1,069,225,000, a decrease of 33.5% compared to RMB 1,608,784,000 in 2023[3]. - Gross profit for the same period was RMB 306,710,000, down 12.8% from RMB 351,858,000 in the previous year[3]. - Operating profit increased to RMB 163,222,000, up 27.4% from RMB 128,164,000 in 2023[3]. - The net profit for the year was RMB 10,420,000, compared to a net loss of RMB 9,949,000 in 2023, indicating a significant turnaround[5]. - Revenue from advertising publishing decreased to RMB 859,458,000 in 2024 from RMB 1,341,610,000 in 2023, indicating a decline of 36%[20]. - The company reported a net loss attributable to shareholders of RMB 63,405,000 for 2024, compared to a net loss of RMB 31,016,000 in 2023, indicating an increase in losses of approximately 104.5%[27]. - The total revenue from other income for the year ended December 31, 2024, was RMB 190,055,000, a significant increase from RMB 61,666,000 in 2023, representing a growth of approximately 207.5%[23]. - EBITDA decreased by RMB 245.1 million or 29.2% to RMB 593.2 million in 2024 from RMB 838.3 million in 2023[63]. Assets and Liabilities - Total assets decreased to RMB 2,053,955,000 from RMB 2,877,536,000, reflecting a decline of 28.6%[6]. - Current liabilities exceeded current assets by approximately RMB 305,206,000, compared to RMB 250,309,000 in the previous year[10]. - The company’s total liabilities increased to RMB 342,262,000 in 2024 from RMB 253,818,000 in 2023, representing an increase of about 34.8%[36]. - The group’s non-current assets in mainland China were valued at RMB 732,856,000 as of December 31, 2024, down from RMB 1,163,852,000 in 2023[21]. - The company’s cash and cash equivalents decreased to RMB 579,057,000 in 2024 from RMB 756,102,000 in 2023, a decrease of approximately 23.5%[35]. - Cash and cash equivalents at year-end were RMB 215,334,000, down from RMB 367,241,000 in 2023, a decrease of 41.3%[10]. - The company’s cash and cash equivalents, along with restricted cash, decreased by RMB 158.3 million to RMB 232.4 million as of December 31, 2024[68]. - The company's total bank borrowings amounted to RMB 355.4 million, with RMB 251.8 million due within one year[68]. Cost Management - The company reported a significant reduction in financing costs, which decreased to RMB 71,596,000 from RMB 127,431,000, a drop of 43.8%[5]. - The company’s financing costs decreased to RMB 71,596,000 in 2024 from RMB 127,431,000 in 2023, reflecting a reduction of about 43.8%[23]. - The total salary and related costs for the year ended December 31, 2024, were RMB 194.6 million, compared to RMB 223.7 million for the year ended December 31, 2023, reflecting a decrease of approximately 13%[77]. Operational Strategy - The company plans to focus on expanding its outdoor advertising media operations in mainland China, Hong Kong, Macau, and Southeast Asia[9]. - The group achieved a gross profit of RMB 306,710,000 for the year ending December 31, 2024, down from RMB 351,858,000 in 2023, reflecting a gross margin of approximately 28.7%[17]. - The operating segments generated the following revenues: Subway business RMB 358,258,000, Bus business RMB 399,604,000, and Other business RMB 311,363,000, contributing to a total of RMB 1,069,225,000[17]. - The subway and billboard segment reported revenue of RMB 399.6 million, down from RMB 585.5 million in 2023, with a gross margin of 26.0%[45]. - The airport segment's revenue decreased to RMB 358.3 million from RMB 519.4 million in 2023, but gross margin improved to 34.8%[46]. - The bus and other segment saw revenue drop to RMB 311.4 million from RMB 503.9 million in 2023, with a gross margin increase to 25.2%[47]. - The company is focusing on expanding its customer base in the fast-moving consumer goods sector, including food, healthcare, insurance, and wealth management[42]. Corporate Governance - The audit committee and the board have reviewed and approved the audited annual results for the year ended December 31, 2024[84]. - The company has complied with all applicable corporate governance code provisions, except for deviations regarding the roles of the chairman and CEO[82]. - The company has confirmed that all directors have adhered to the standards of the securities trading code during the year[83]. - The company will publish all financial and related information as required by the listing rules on the respective websites at an appropriate time[87]. Employee and Shareholder Information - As of December 31, 2024, the company had 579 employees, down from 796 employees in 2023, indicating a reduction of approximately 27%[77]. - The company did not recommend the payment of a final dividend for the year 2024, consistent with the previous year[29]. - The company has adopted a share incentive plan, purchasing a total of 967,000 shares at a total cost of approximately RMB 0.8 million during the year[80]. - The company will suspend the registration of shareholders from May 29, 2025, to June 3, 2025, for the annual general meeting[79]. Recent Developments - There have been no significant events affecting the group since December 31, 2024, up to the date of this announcement[75].

Financial Performance - The Group recorded a gross profit of RMB164.9 million for the first half of 2024, an increase of RMB12.1 million from RMB152.8 million in the first half of 2023[6]. - The gross profit margin improved to 28.4% for the six months ended June 30, 2024, up from 21.3% in the first half of 2023, marking the third consecutive year of significant year-on-year growth[7]. - Revenue for the six months ended June 30, 2024, was RMB581.0 million, a decrease from RMB718.4 million in the same period of 2023[8]. - The Group reported a net loss of RMB7.6 million for the first half of 2024, compared to a net profit of RMB2.9 million in the same period of 2023[8]. - EBITDA for the six months ended June 30, 2024, was RMB320.1 million, down from RMB476.0 million in the first half of 2023[8]. - The Group's revenue decreased from RMB 718.4 million in the same period of 2023 to RMB 581.0 million, a reduction of RMB 137.4 million or 19.1% due to the termination of several projects[20]. - The company reported a loss for the period of RMB 7,567,000, compared to a profit of RMB 2,869,000 in the same period last year[62]. - The loss attributable to owners of the company for the six months ended June 30, 2024, was RMB 13,979,000, compared to RMB 9,183,000 for the same period in 2023, representing a 52.5% increase in loss[158]. - Loss per share for the six months ended June 30, 2024, was RMB 4.2 cents, compared to RMB 3.2 cents in 2023, indicating a deterioration in per-share performance[158]. Revenue Breakdown - Airports segment revenue for the Period was RMB180.8 million, with a gross profit of RMB78.9 million and a gross profit margin of 43.6%[9]. - Metro lines and billboards segment recorded revenue of RMB187.1 million, with a gross profit of RMB54.2 million and a gross profit margin of 29.0%[9]. - The bus and others segment revenue increased to RMB213.0 million, with a gross profit of RMB31.8 million and a gross profit margin of 14.9%[11]. - Revenue from Mainland China was RMB 319,130,000 for the six months ended June 30, 2024, down 28.7% from RMB 447,251,000 in 2023[109]. - Revenue from Hong Kong and other countries was RMB 261,823,000 for the six months ended June 30, 2024, a slight decrease of 3.4% from RMB 271,179,000 in 2023[109]. Cost Management - The Group's operational optimization strategy focused on tighter cost control and selective exit from non-profitable media resources[7]. - The cost of revenue decreased by RMB 149.7 million or 26.5% from RMB 565.7 million to RMB 416.0 million, mainly due to project terminations and rent reductions[24]. - Sales and marketing expenses decreased by RMB 0.6 million or 1.0% from RMB 58.7 million to RMB 58.1 million[26]. - Administrative expenses reduced by RMB 3.1 million or 4.0% from RMB 78.0 million to RMB 74.9 million[27]. Strategic Initiatives - The Group secured cross-modal, cross-border, and cross-national projects in the mega transport sector, enhancing its media presence[8]. - The Group successfully regained advertising and media contracts at Haikou Meilan International Airport, enhancing profitability through effective resource allocation[9]. - The Group reacquired exclusive concession rights for advertising on nine Shenzhen Metro Lines, demonstrating successful optimization strategy[9]. - The Group's strategic actions reinforced its market position and improved overall profitability[9]. - The Group aims to enhance its position as a preferred partner for advertising strategies in the Greater Bay Area, leveraging its decades of experience and diverse media resources[18]. Financial Position - The financial position of the Group remained sound as of June 30, 2024, supported by stringent internal controls and cost measures[8]. - Total assets as of June 30, 2024, were RMB 2,610,454,000, down from RMB 2,877,536,000 as of December 31, 2023[60]. - Current liabilities decreased to RMB 1,178,162,000 from RMB 1,189,550,000 at the end of 2023, reflecting a reduction of 0.3%[61]. - Cash and cash equivalents and restricted cash decreased to RMB277.0 million as at 30 June 2024, down from RMB390.8 million as at 31 December 2023[45]. - Total bank borrowings amounted to RMB379.0 million as at 30 June 2024, with RMB243.8 million repayable within one year[51]. Employee and Shareholder Information - As of June 30, 2024, the Group had 612 employees, a decrease from 966 employees as of June 30, 2023, reflecting a reduction of approximately 36.6%[171]. - Total salaries and related costs for the period amounted to RMB 93.4 million, down from RMB 101.3 million in the corresponding period of 2023, representing a decrease of approximately 7.8%[171]. - Major shareholder Media Cornerstone Limited holds 254,921,500 shares, representing approximately 52.57% of the issued share capital[180]. - The issued share capital of the Company as of June 30, 2024, was 484,910,739 shares[4]. Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for certain deviations[12]. - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the Corporate Governance Code[12]. - The controlling shareholders have adhered to a non-competition agreement, confirmed as effective for the year ending December 31, 2023[199].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 580,953 thousand, a decrease of 19.2% compared to RMB 718,430 thousand for the same period in 2023[1] - Net loss for the period was RMB 7,567 thousand, compared to a profit of RMB 2,869 thousand in the same period last year, representing a significant shift in performance[2] - The company reported a net loss attributable to owners of the company of RMB 13,979 thousand, compared to a loss of RMB 9,183 thousand in the previous year[2] - The basic and diluted loss per share for the period was RMB 4.2, compared to RMB 3.2 for the same period in 2023[2] - Other income decreased significantly to RMB 15,217 thousand from RMB 60,150 thousand, a drop of 74.7% year-on-year[1] - The group reported a loss before tax of RMB 9,414,000 for the six months ended June 30, 2024[12] - The net loss attributable to the company's owners for the six months ended June 30, 2024, was RMB 19,754 thousand, compared to a loss of RMB 14,786 thousand in the same period of 2023[23] - The company reported a net financing cost of RMB 53,431 thousand for the six months ended June 30, 2024, down from RMB 69,854 thousand in the same period of 2023[20] - EBITDA for the first half of 2024 was RMB 320.1 million, down from RMB 476.0 million in the first half of 2023[31] - The group’s gross profit increased by RMB 12.1 million or 7.9% to RMB 164.9 million, with the gross profit margin rising from 21.3% in 2023 to 28.4%[40] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 2,610,454 thousand, down from RMB 2,877,536 thousand at the end of 2023, indicating a decrease of 9.3%[3] - Cash and cash equivalents decreased to RMB 262,815 thousand from RMB 367,241 thousand, a decline of 28.4%[3] - Non-current liabilities decreased to RMB 1,178,162 thousand from RMB 1,189,550 thousand, reflecting a slight reduction of 0.3%[4] - As of June 30, 2024, the group's current liabilities exceeded current assets by approximately RMB 213,741,000, compared to RMB 250,309,000 as of December 31, 2023[6] - The group's total liabilities included confirmed borrowings of RMB 243,829,000 and lease liabilities of approximately RMB 683,719,000 as of June 30, 2024[6] - The company’s total liabilities decreased from RMB 1,474,726 thousand as of December 31, 2023, to RMB 1,409,894 thousand as of June 30, 2024[17] - The company’s non-current assets in mainland China as of June 30, 2024, were valued at RMB 1,147,689 thousand, a slight decrease from RMB 1,163,852 thousand as of December 31, 2023[17] Revenue Breakdown - Revenue for the six months ended June 30, 2024, totaled RMB 580,953,000, with the airport business contributing RMB 180,822,000, the metro and billboard business RMB 187,098,000, and the bus and other businesses RMB 213,033,000[12] - Advertising revenue for the six months ended June 30, 2024, was RMB 454,542 thousand, down from RMB 569,608 thousand in the same period of 2023, representing a decline of 20.2%[15] - The airport segment revenue for the first half of 2024 was RMB 180.8 million, down from RMB 248.3 million for the same period in 2023, while gross profit increased to RMB 78.9 million with a gross margin of 43.6%[31] - The revenue for the subway and outdoor advertising segment reached RMB 187.1 million, with a gross profit of RMB 54.2 million and a gross margin of 29.0%[33] - The bus and other segment saw revenue increase to RMB 213.0 million, with gross profit rising to RMB 31.8 million and a gross margin of 14.9%[34] Cost and Expenses - The group incurred selling and marketing expenses of RMB 58,108,000 and administrative expenses of RMB 74,924,000 during the reporting period[12] - The company’s employee benefit expenses for the six months ended June 30, 2024, were RMB 93,405 thousand, compared to RMB 101,295 thousand in the same period of 2023[17] - The group has implemented strict cost control measures, resulting in a significant improvement in gross margin for the third consecutive year[31] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial results for the period[59] - The company has complied with all applicable corporate governance codes except for specific provisions regarding the separation of roles between the chairman and CEO[56] - All directors confirmed compliance with the standard code of conduct for securities trading during the reporting period[57] - The company will continue to review and enhance its corporate governance practices to ensure compliance with the corporate governance code[56] Future Outlook and Strategy - The group anticipates sufficient funding sources to meet its financial obligations over the next twelve months, including projected net cash inflows from operating activities[6] - The group maintains a cautiously optimistic outlook for the future, supported by ongoing improvements in gross margins and flexible business operations[37] - The group is committed to delivering long-term value for stakeholders by capturing emerging opportunities in a changing market landscape[37] - The group plans to streamline its structure to better adapt to evolving advertising demands and improve operational efficiency[37] - The group successfully regained exclusive advertising rights for nine subway lines in Shenzhen, enhancing its market position and resource utilization[33] - The group’s new media strategy incorporates advanced technologies such as AR and VR, enhancing audience engagement and advertising effectiveness[35] - The group has established strong partnerships with leading technology companies, enabling it to attract major global brand clients and enhance its programmatic advertising capabilities[36] - The group anticipates continued market demand for advertising solutions in the Greater Bay Area, driven by increasing cross-border activities[37]

Advertising Concessions and Partnerships - Asiaray Media Group regained exclusive concession rights for advertising and media resources in Hangzhou Metro Lines 2, 4, and additionally obtained rights for Line 9[35] - Asiaray acquired exclusive concession rights for advertising and media resources in Wenzhou Rail Transit S2 Line[39] - The company gained exclusive concession rights for advertising and media resources in Shenzhen Metro Lines 3, 6, sub-line 6, 10, 14, and 16[42] - Asiaray holds exclusive concession rights for 38 airports and 17 metro lines, enhancing its media resource network[18] - The Group secured exclusive concession rights for advertising on several lines of the Hangzhou Metro, enhancing its presence in a major transport hub[90] - The Group entered into exclusive advertising resources operation contracts for Shenzhen metro lines 3, 6, 10, 14, 16, and line 12, effective from February 5, 2024, for a period of 5 years[156] - The Group established strong partnerships with leading technology companies such as Hivestack, The Trade Desk, and Vistar Media to promote its OOH media resources and programmatic digital strategies[97][99] - The company has established strong partnerships with media resource owners, advertisers, brands, and clients, which has helped maintain revenue levels[60] Financial Performance - The group's consolidated revenue for 2023 was RMB 1,653.2 million, an increase from RMB 1,608.8 million in 2022, representing a growth of 2.8%[54] - Earnings before interest, tax, depreciation, and amortization (EBITDA) for 2023 reached RMB 1,154.5 million, up from RMB 838.3 million in 2022, indicating a significant improvement[56] - Associate companies' revenue for 2023 was RMB 685.5 million, an increase from RMB 617.9 million in 2022, marking a growth of 10.9%[54] - The group improved its gross profit margin despite a challenging economic environment, resulting in a substantial reduction in losses by 89.0%[60] - The revenue generated by DOOH+ solutions was RMB 348 million, accounting for 22% of total revenue, reflecting a 15% increase[67] - Asiaray maintained its revenue level while significantly narrowing its losses by 89.0% during 2023[62] - The Group's revenue for the year ended December 31, 2023, was RMB 1,608.8 million, a decrease of 2.7% from RMB 1,653.2 million in 2022[74] - Combined revenue, including associated companies, was RMB 2,226.7 million, down from RMB 2,338.7 million in 2022, reflecting a decline of 4.8%[77] - Gross profit increased to RMB 351.9 million, up from RMB 269.2 million in 2022, resulting in a gross profit margin improvement to 21.9%[77] - EBITDA for the year was RMB 838.3 million, a decrease from RMB 1,154.5 million in 2022[77] - The Group significantly reduced its loss by 89.0% to RMB 9.9 million, compared to a loss of RMB 89.7 million in 2022[77] Operational Efficiency and Cost Management - Asiaray enhanced operational efficiency and gross profit margin through stringent cost control and media network optimization[63] - The company has continued to invest in its digital out-of-home (DOOH+) advertising solutions, enhancing its competitive advantage in the market[60] - The cost of revenue decreased by RMB 127.2 million, or 9.2%, from RMB 1,384.1 million in 2022 to RMB 1,256.9 million in 2023[110] - Selling and marketing expenses decreased by RMB 16.5 million, or 11.1%, from RMB 149.3 million in 2022 to RMB 132.8 million in 2023[119] - Net finance costs decreased by RMB 78.8 million, or 38.2%, from RMB 206.2 million in 2022 to RMB 127.4 million in 2023[121] - The Group's rigorous cost control framework has enhanced profitability while providing exceptional service to brands and customers[66] Market Position and Strategy - Asiaray operates in nearly 40 cities across Greater China, leveraging a well-developed space management model[12] - The "Space Management" operation model has been recognized by Harvard Business as a study case, highlighting the contributions of Asiaray Media Group to the OOH advertising industry[36] - The Group's advertising solutions adapted to market changes, leveraging cross-border media resources to capture new opportunities from the reopening of borders between Hong Kong and Mainland China[87] - The Group remains cautiously optimistic about its prospects for 2024, identifying potential opportunities in the growing cross-border consumption activities between Mainland China and Hong Kong[100] - The Group is focusing on key resources with promising growth potential while exiting marginally profitable avenues through media network optimisation strategies[101] - The Group's O&O New Media Strategy integrates Outdoor and Online advertising, reinforcing its market position amidst economic challenges[62] Human Resources and Governance - The company has over 790 employees, indicating a robust workforce to support its operations[15] - As of December 31, 2023, the Group had 796 employees, down from 932 employees in 2022, reflecting a reduction of about 14.6%[155] - The total salaries and related costs for the years ended December 31, 2023, and 2022 amounted to RMB 223.7 million and RMB 230.0 million, respectively, showing a decrease of approximately 2.7%[155] - The Group's human resources strategy includes competitive remuneration packages and benefits for employees in Hong Kong and Mainland China[155] - The company has adopted the corporate governance code as per the Listing Rules Appendix C1, ensuring compliance with applicable rules and regulations[199] - The company has maintained a high level of corporate governance practices to balance the interests of shareholders, customers, and employees[198] Awards and Recognition - The company received multiple awards, including 6 Gold Awards and 3 Silver Awards at the China Outdoor Media Creative Conference, highlighting its industry recognition[51] - The Chairman, Vincent Lam, was invited to become the first Chinese board member of the World Outdoor Organization, reflecting the company's international recognition[40] - Asiaray's business and public welfare contributions have been recognized, with the Chairman awarded the honor of Justice of the Peace[41]

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue was RMB 1,608,784,000, a decrease of 2.7% compared to RMB 1,653,226,000 for the fiscal year ending December 31, 2022[1]. - Gross profit for the year was RMB 351,858,000, representing a significant increase of 30.7% from RMB 269,164,000 in the previous year[1]. - The company reported a net loss attributable to owners of the company of RMB 19,698,000, an improvement from a net loss of RMB 112,663,000 in the prior year[3]. - The group reported a total revenue of RMB 1,474,726,000 for the year ended December 31, 2023, compared to RMB 1,770,388,000 in 2022, reflecting a decline of about 17%[61]. - The group's revenue for the year decreased from RMB 1,653.2 million to RMB 1,608.8 million, representing a year-on-year decline of 2.7% due to project terminations[88]. - The group’s gross profit increased to RMB 351.9 million with a gross margin of 21.9%, up from RMB 269.2 million in the previous year[102]. - The group’s EBITDA for the year totaled RMB 838.3 million, down from RMB 1,154.5 million in the previous year[102]. - EBITDA decreased by RMB 316.2 million or 27.4% from RMB 1,154.5 million in 2022 to RMB 838.3 million in 2023[123]. - Loss attributable to owners decreased by RMB 93.0 million or 82.5% from RMB 112.7 million in 2022 to RMB 19.7 million in 2023[124]. Assets and Liabilities - Total liabilities decreased to RMB 2,630,154,000 from RMB 2,880,860,000, indicating a reduction of approximately 8.7%[7]. - The company’s total equity decreased to RMB 247,382,000 from RMB 272,148,000, a decline of approximately 9.1%[7]. - Total assets decreased to RMB 2,877,536 thousand as of December 31, 2023, down from RMB 3,153,008 thousand in 2022, reflecting a decline of approximately 8.7%[21]. - The group’s accounts receivable and other receivables totaled RMB 559,116,000 as of December 31, 2023, down from RMB 625,718,000 in 2022, indicating a decrease of approximately 11%[43]. - The group’s total borrowings as of December 31, 2023, amounted to RMB 416,945,000, an increase from RMB 323,756,000 in 2022, representing a growth of about 29%[50]. - The total current assets decreased to RMB 750.9 million in 2023 from RMB 786.8 million in 2022, reflecting a strategic adjustment in asset management[71]. Cash Flow and Financing - The company’s cash flow forecast indicates sufficient operational funds to meet financial obligations for at least the next twelve months[11]. - The company reported cash and cash equivalents of RMB 367,241 thousand, an increase from RMB 333,320 thousand in the previous year[21]. - As of December 31, 2023, the company's cash and cash equivalents, along with bank deposits, reached RMB 390.8 million, up from RMB 365.1 million in 2022, providing a solid foundation for sustainable development[80]. - Financing income from bank deposits showed a loss of RMB 4,083,000 for the year ended December 31, 2023, compared to a loss of RMB 2,203,000 in 2022, indicating a deterioration in financing income[37]. - Total financing costs amounted to RMB 131,514,000 in 2023, down from RMB 208,432,000 in 2022, reflecting a decrease of approximately 37%[37]. - The net financing cost for the year was RMB 127,431,000, a reduction from RMB 206,229,000 in the previous year, representing a decrease of about 38%[37]. - Current income tax expenses were RMB 4,311,000 in 2023, down from RMB 11,658,000 in 2022, indicating a decrease of approximately 63%[38]. Segment Performance - The airport business segment generated revenue of RMB 519,364,000, while the subway and billboard business segments generated RMB 585,493,000 and RMB 503,927,000, respectively[15]. - The airport segment recorded revenue of RMB 585.5 million, with a gross profit of RMB 158.9 million and a gross margin of 27.1%[106]. - The subway and billboard segment revenue decreased by 1.8% from RMB 596.4 million in 2022 to RMB 585.5 million in 2023, attributed to the termination of a subway line in Shenzhen[89]. - The advertising segment generated revenue of RMB 503.9 million in 2023, slightly up from RMB 502.6 million in 2022, with a gross profit of RMB 55.1 million and a gross margin of 10.9%[84]. - The company’s advertising consulting service revenue increased to RMB 4,773 thousand in 2023 from RMB 3,944 thousand in 2022[34]. Operational Adjustments - Selling and marketing expenses decreased to RMB 132,759,000 from RMB 149,306,000, reflecting a reduction of approximately 11.1%[1]. - Administrative expenses increased slightly to RMB 182,841,000 from RMB 175,838,000, showing a rise of about 4.3%[1]. - The company plans to selectively exit underperforming media resources while enhancing the performance of existing media assets to improve financial results[79]. - The accounts receivable loss provision increased by RMB 3,206,000 in the current year, compared to RMB 26,303,000 in 2022, indicating a focus on credit risk management[72]. - The company has successfully secured exclusive advertising and media resource rights for multiple subway lines in Hangzhou, enhancing its presence in a key transportation hub[83]. Employee and Governance - As of December 31, 2023, the total salary and related costs for employees amounted to RMB 223.7 million, compared to RMB 230.0 million in 2022, reflecting a decrease of approximately 2%[156]. - The group employed 796 employees as of December 31, 2023, down from 932 employees in 2022, indicating a reduction of about 14.6%[156]. - The board of directors does not recommend the payment of a final dividend for the year, consistent with the previous year[70]. - The board does not recommend the payment of a final dividend for the current year, consistent with the previous year[157]. - The audit committee and the board have reviewed and approved the audited annual results for the year ending December 31, 2023[161]. Future Outlook - The group maintains a cautious optimism for 2024, identifying potential opportunities from the increasing cross-border consumption activities between mainland China and Hong Kong despite geopolitical conflicts and inflation[86]. - The group successfully acquired several major clients, including multiple Fortune 500 companies, through its programmatic DOOH technology[86].