Group 1 - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst global economic changes [1] - Yang Jiaqiang, Executive Vice President and CFO of Phoenix Satellite Television, emphasized that globalization and de-globalization are intertwined, making international expansion a critical issue for companies, especially those in the Bay Area [3] - The forum aims to gather insights from policy institutions, industry think tanks, and leading enterprises to overcome challenges and seek win-win solutions for businesses going global [3] Group 2 - The "2025 Phoenix Star Listed Company Awards" will recognize A-share and Hong Kong-listed companies for their international expansion efforts, evaluating them on multiple dimensions such as market value management and innovation [4] - Yang Jiaqiang highlighted the importance of face-to-face dialogue over one-way information transmission, aiming to broaden perspectives on international expansion and foster future cross-industry collaborations [4]

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8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: 鳳凰衛視投資(控股)有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 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) | 02008 | 說明 | 普通股 | | | | | | | | | | 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 | | | 1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | | 1 HKD | | 1,000,000,000 | 本月 ...

PHOENIX MEDIA INVESTMENT (HOLDINGS) LIMITED 鳳凰衛視投資（控股）有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立之有限公司 ) (Stock Code 股份代號: 02008) Dear non-registered shareholder(s)(Note 1) , 1 September 2025 Phoenix Media Investment (Holdings) Limited (the "Company") – Notice of Availability - Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and are avai ...

PHOENIX MEDIA INVESTMENT (HOLDINGS) LIMITED 鳳凰衛視投資（控股）有限公司 Dear registered shareholder(s), Phoenix Media Investment (Holdings) Limited (the "Company") – Notice of Availability - Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been published in English and Chinese languages and are available on the website of the Company at https://www.irasia.com/listco/hk/phoenixtv/ (the "Company's Website") and the website of the HK ...

Financial Performance - The Group's revenue for the Period was approximately HK$873,671,000, representing a decrease of 16.2% compared to HK$1,042,746,000 for the same period last year due to decreased advertising revenue from intensified competition and shifting consumer preferences in the outdoor media business [10]. - The loss attributable to owners of the Company increased to approximately HK$205,264,000, an increase of 11.3% compared to HK$184,457,000 for the same period last year [12]. - Revenue for the six months ended June 30, 2025, was HK$873,671,000, a decrease of 16.2% compared to HK$1,042,746,000 in 2024 [148]. - The company reported a loss attributable to owners of the Company of HK$205,264,000, compared to HK$184,457,000 in 2024, an increase of 11.3% [148]. - Loss before income tax for the period was HK$258,005,000, compared to a loss of HK$219,434,000 in the previous year, indicating a 17.5% increase in losses [148]. - Total comprehensive expense for the period was HK$140,132,000, significantly improved from HK$307,728,000 in 2024, marking a reduction of 54.4% [150]. Operating Costs and Expenses - Operating costs decreased by 5.8% to approximately HK$1,153,403,000, down from HK$1,224,550,000 in the previous year, attributed to effective cost control measures [11]. - Operating expenses decreased to HK$975,075,000 from HK$1,030,254,000, reflecting a reduction of 5.4% [148]. - Staff costs for the period decreased to approximately HK$500,962,000, down from HK$537,808,000 for the six months ended June 30, 2024 [68]. Revenue Breakdown - Television broadcasting revenue decreased to HK$306,018,000 from HK$382,584,000, while Internet media revenue increased to HK$371,475,000 from HK$353,308,000 [17]. - Revenue from television broadcasting decreased by 20.0% to approximately HK$306,018,000, accounting for 35.0% of the total revenue [42]. - Revenue from the internet media business increased by 5.1% to approximately HK$371,475,000, with a segmental loss of approximately HK$35,620,000 [47]. - Revenue from the outdoor media business decreased by 42.7% to approximately HK$140,730,000, with a segmental loss of approximately HK$60,830,000 [48]. Investment and Assets - The fair value loss for investment properties in Beijing, Shenzhen, and London was approximately HK$8,332,000, significantly lower than the HK$29,625,000 loss recorded in the same period last year [11]. - The Group's financial assets at fair value through profit or loss totaled HK$210,643,000 as of June 30, 2025, with HK$144,640,000 in structured deposits and HK$66,003,000 in other investments [191]. - The carrying amounts of the Group's financial assets and liabilities approximate their fair values due to their short maturities [197]. Audience and Market Presence - The global audience scale of Phoenix TV exceeds 2 billion, with over 500 million television audience and more than 200 million overseas new media audience [23]. - The number of overseas social media users of Phoenix TV has exceeded 10 million, with a 49% increase in YouTube subscribers during the first half of the year [23]. - The company's YouTube channel subscribers grew by 49% in the first half of the year, ranking among the top Chinese media channels in Hong Kong [24]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the period up to June 30, 2025, except for certain deviations [121]. - Mr. Xu Wei has served as both Chairman and CEO, which deviates from code provision C.2.1, but the Board believes this is beneficial due to his extensive experience in the media industry [125]. - The Company has adopted a code of conduct for securities transactions by Directors, confirming compliance throughout the period [137]. Cash Flow and Financial Position - Cash and cash equivalents decreased to HK$1,700,267,000 from HK$2,010,244,000, a decline of 15.4% [153]. - For the six months ended June 30, 2025, net cash used in operating activities was HK$95,202,000, compared to HK$11,415,000 for the same period in 2024, indicating a significant increase in cash outflow [162]. - The company reported a decrease in cash and cash equivalents of HK$354,242,000 for the six months ended June 30, 2025, contrasting with an increase of HK$24,267,000 in the same period of 2024 [163]. Share Options and Capital Structure - As of June 30, 2025, there are 46,379,395 share options available for grant under the 2017 Share Option Scheme, representing approximately 9.3% of the total issued share capital of the Company [90]. - The total number of share options available under the 2018 PNM Share Option Scheme is 26,593,526, representing approximately 4.6% of the total issued share capital of PNM [106]. - The share capital remained unchanged at HK$499,366 as of June 30, 2025 [158]. Future Outlook and Strategy - The Group plans to continue consolidating existing businesses while exploring new business opportunities to enhance its operations [74]. - The Company aims to innovate content products on major streaming platforms and expand the use of artificial intelligence tools for enhanced media communication [23]. - The integration of television broadcasting and internet media platforms enhanced the overall influence of the Phoenix Media matrix [32].

Group 1 - The company reported a mid-year revenue of approximately HKD 874 million for 2025, representing a decrease of 16.2% compared to the same period last year [1] - The loss attributable to the company's owners was approximately HKD 205 million, an increase of 11.3% from the previous year [1] - The basic and diluted loss per share was HKD 0.411 [1]

Core Viewpoint - Phoenix Satellite Television (02008.HK) reported a revenue of approximately HKD 873,671,000 for the six months ending June 30, 2025, representing a decrease of 16.2% compared to the same period last year, primarily due to intensified competition in the outdoor media sector and shifts in consumer preferences leading to a decline in advertising revenue [1] Financial Performance - The company's attributable loss increased to approximately HKD 205,264,000, compared to HKD 184,457,000 for the six months ending June 30, 2024, marking an increase of 11.3% year-on-year [1]

Core Points - The company reported a revenue of approximately HKD 874 million for the first half of 2025, representing a decrease of 16.2% compared to the same period last year [1] - The loss attributable to shareholders was approximately HKD 205 million, an increase of 11.3% year-on-year [1] - The basic and diluted loss per share was HKD 0.411 [1] Revenue Analysis - The decline in revenue is primarily attributed to intensified competition in the outdoor media sector and a shift in consumer preferences leading to reduced advertising income [1]

Core Viewpoint - Phoenix Television (02008) reported a decrease in revenue for the first half of 2025, primarily due to intensified competition in the outdoor media sector and a shift in consumer preferences affecting advertising revenue [1] Financial Performance - The company's revenue for the first half of 2025 was approximately HKD 874 million, representing a 16.2% decrease compared to the same period last year [1] - The loss attributable to shareholders was about HKD 205 million, which is an increase of 11.3% year-on-year [1] - Basic and diluted loss per share was HKD 0.411 [1]

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%81) The group experienced a revenue decline due to increased competition and shifting consumer preferences, leading to an expanded loss attributable to owners Financial Summary for the Six Months Ended June 30, 2025 | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue (HKD) | 873,671,000 | 1,042,746,000 | -16.2% | | Operating Costs (HKD) | 1,153,403,000 | 1,224,550,000 | -5.8% | | Fair Value Loss on Investment Properties (HKD) | 8,332,000 | 29,625,000 | -71.9% | | Loss Attributable to Owners (HKD) | 205,264,000 | 184,457,000 | +11.3% | - The group's revenue decline was primarily due to increased competition in the outdoor media business and shifting consumer preferences, resulting in reduced advertising income[4](index=4&type=chunk) [Business Overview and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%8B%E5%8F%8A%E5%89%8D%E6%99%AF) [Core Strategy and Content Reporting](index=2&type=section&id=%E6%A0%B8%E5%BF%83%E6%88%B0%E7%95%A5%E8%88%87%E5%85%A7%E5%AE%B9%E5%A0%B1%E5%B0%8E) The company upholds its 'Phoenix for Major Events' philosophy, focusing on in-depth reporting of global hotspots and significant Chinese diplomatic activities to enhance media credibility and international influence, with its programs receiving multiple international awards - Focused on reporting global hot topics, including Chinese President's diplomatic activities, Russia-Ukraine negotiations, and China-US economic and trade consultations, demonstrating authority in major international issues coverage[5](index=5&type=chunk) - Company programs won awards at international events like the 'New York International TV & Film Festival' and 'Asian Television Awards', with the brand consistently ranked among 'Asia's Top 500 Brands' and 'China's 500 Most Valuable Brands', reflecting its prominence in media and culture[6](index=6&type=chunk) [Global Reach and Platform Layout](index=3&type=section&id=%E5%85%A8%E7%90%83%E5%82%B3%E6%92%AD%E8%88%87%E5%B9%B3%E5%8F%B0%E4%BD%88%E5%B1%80) The group reaches over 2 billion global audiences through satellite, cable, mobile internet, IPTV, and OTT, with overseas new media business growing rapidly, notably a 49% increase in YouTube subscribers during the first half Global Audience Reach | Platform | Audience Reach | | :--- | :--- | | Global Total Audience | Over 2 billion | | TV Viewers | Over 500 million | | Overseas New Media Audience | Over 200 million | | Overseas Social Media Account Users | Over 10 million | - Phoenix Satellite Television's YouTube channel subscribers grew by **49%** in the first half, ranking among the top Chinese media in Hong Kong[7](index=7&type=chunk) [Deepening Hong Kong Market Presence and Business Innovation](index=3&type=section&id=%E9%A6%99%E6%B8%AF%E5%B8%82%E5%A0%B4%E6%B7%B1%E8%80%95%E8%88%87%E6%A5%AD%E5%8B%99%E5%89%B5%E6%96%B0) The company deepens its presence in the Hong Kong market via free TV Channel 85, achieving high local recognition and rising viewership, while actively building international exchange platforms like 'Phoenix Across the Globe' and planning events such as the 'Phoenix Greater Bay Area Financial Forum' to boost global influence - Phoenix Hong Kong Channel's viewership has continuously improved since its launch on free TV Channel 85, gaining high recognition from local audiences and senior government officials[8](index=8&type=chunk) - Continuously strengthening the 'Phoenix Across the Globe' international event brand, fully participating in multiple international events like the 'World Government Summit', and actively preparing brand events such as the 'Phoenix Greater Bay Area Financial Forum' to facilitate global exchange[9](index=9&type=chunk) [Development of Media Business Platforms](index=4&type=section&id=%E6%97%97%E4%B8%8B%E5%AA%92%E9%AB%94%E6%A5%AD%E5%8B%99%E5%B9%B3%E5%8F%B0%E7%99%BC%E5%B1%95) The group's media platforms are steadily developing, with Phoenix New Media leading in user scale and activity, Phoenix Metropolis Media specializing in outdoor LED media across 320+ cities and 31 countries, and Phoenix Weekly maintaining a diversified revenue structure with nearly 60 million online users - Phoenix New Media (ifeng.com) consistently leads the industry in user scale and activity, with increased average user time and click-through rates[11](index=11&type=chunk) - Phoenix Metropolis Media's outdoor LED network comprises over **2,100** screen points, covering over **320** cities in China and **31** countries and regions overseas[12](index=12&type=chunk) - Phoenix Weekly has nearly **60 million** online users globally, including over **21 million** video users, maintaining a diversified and stable revenue structure[13](index=13&type=chunk) [Financial Performance](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE) The group's total revenue decreased by 16.2% to HKD 874 million, primarily due to reduced advertising income, resulting in an expanded loss attributable to owners and increased basic loss per share [Overall Performance Review](index=5&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) During the reporting period, the group's total revenue decreased by 16.2% to HKD 874 million, primarily due to reduced advertising income, leading to an 11.3% expansion in loss attributable to owners to HKD 205 million, with basic loss per share at HKD 41.10 cents Consolidated Results Summary | Metric | H1 2025 (HKD Thousands) | H1 2024 (HKD Thousands) | | :--- | :--- | :--- | | Total Group Revenue | 873,671 | 1,042,746 | | Operating Loss | (279,732) | (181,804) | | Loss for the Period | (244,733) | (211,458) | | Loss Attributable to Owners of the Company | (205,264) | (184,457) | | Basic and Diluted Loss Per Share (HK Cents) | (41.10) | (36.94) | [Segmental Business Performance Analysis](index=7&type=section&id=%E5%88%86%E9%A1%9E%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) During the period, only internet media business revenue grew by 5.1% year-on-year but with expanded losses, while TV broadcasting and outdoor media revenues significantly declined by 20.0% and 42.7% respectively, with increased losses, and the real estate business turned profitable Revenue and Results by Business Segment | Business Segment | H1 2025 Revenue (HKD Thousands) | H1 2025 Segment Results (HKD Thousands) | H1 2024 Revenue (HKD Thousands) | H1 2024 Segment Results (HKD Thousands) | | :--- | :--- | :--- | :--- | :--- | | Television Broadcasting | 306,018 | (103,785) | 382,584 | (43,979) | | Internet Media | 371,475 | (35,620) | 353,308 | (28,513) | | Outdoor Media | 140,730 | (60,830) | 245,565 | (4,687) | | Property | 13,759 | 228 | 18,669 | (28,094) | | Other Businesses | 41,689 | (2,509) | 42,620 | (15,572) | - TV broadcasting revenue decreased by **20.0%** year-on-year, with segment loss expanding to approximately **HKD 104 million**[17](index=17&type=chunk) - Outdoor media business revenue significantly decreased by **42.7%** year-on-year, with segment loss expanding from **HKD 4.69 million** to approximately **HKD 60.83 million**[19](index=19&type=chunk) [Financial Position and Capital Management](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%88%87%E8%B3%87%E6%9C%AC%E7%AE%A1%E7%90%86) The group maintains a sound financial position with substantial cash reserves, though its gearing ratio increased, and the Board does not recommend an interim dividend for the period [Liquidity and Financial Resources](index=8&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the group maintained a sound financial position with approximately HKD 2.16 billion in cash and short-term bank deposits, while the gearing ratio increased from 72.7% to 76.4%, with foreign exchange risks primarily in USD and RMB regularly monitored Liquidity and Gearing Position | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Short-term Bank Deposits | 約2,160,419,000HKD | 2,130,672,000HKD | | Total Outstanding Borrowings | 約166,585,000HKD | 148,670,000HKD | | Gearing Ratio | 76.4% | 72.7% | - As of June 30, 2025, and December 31, 2024, the group had no pledged assets[24](index=24&type=chunk) [Dividend Policy](index=8&type=section&id=%E8%82%A1%E6%81%AF%E6%94%BF%E7%AD%96) Considering the group's financial performance, working capital needs, and overall economic conditions, the Board does not recommend an interim dividend for the reporting period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (2024 interim dividend: nil)[20](index=20&type=chunk) [Capital Structure](index=9&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the company's authorized share capital was HKD 1 billion, with 499,365,950 issued and fully paid shares, showing no change in capital structure during the reporting period, and no share options granted or exercised - As of June 30, 2025, issued and fully paid shares totaled **499,365,950**, consistent with year-end 2024[25](index=25&type=chunk) - No share options were granted or exercised under the company's share option scheme during the reporting period[26](index=26&type=chunk) [Operations and Other Matters](index=8&type=section&id=%E9%81%8B%E7%87%9F%E8%88%87%E5%85%B6%E4%BB%96%E4%BA%8B%E9%A0%85) The group reported no significant acquisitions or disposals, a slight reduction in employee count with decreased staff costs, and confirmed adequate provisions for ongoing litigations [Significant Acquisitions, Disposals, and Investments](index=8&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%8A%E6%8A%95%E8%B3%87) During the reporting period, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures, nor did it hold any material investments, with its equity interest in Phoenix New Media remaining at 55.04% - For the six months ended June 30, 2025, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[21](index=21&type=chunk) - As of June 30, 2025, the group held no material investments (representing 5% or more of total assets)[29](index=29&type=chunk) [Staffing Situation](index=9&type=section&id=%E5%93%A1%E5%B7%A5%E6%83%85%E6%B3%81) As of June 30, 2025, the group's employee count decreased to 2,420 from 2,535 at the end of 2024, with staff costs for the reporting period declining year-on-year to approximately HKD 501 million Staffing and Cost Changes | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 2,420 | 2,535 | | **Metric** | **H1 2025** | **H1 2024** | | Staff Costs | 500,962,000HKD | 537,808,000HKD | [Contingent Liabilities and Subsequent Events](index=10&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The group is involved in certain litigations in its ordinary course of business, for which directors believe adequate provisions have been made, and the Board is unaware of any other material matters requiring disclosure during the reporting period up to the announcement date - For litigations arising in the ordinary course of business, directors believe adequate provisions have been made in the financial information[31](index=31&type=chunk) - The Board confirms no other material matters requiring disclosure during the reporting period and up to the announcement date[32](index=32&type=chunk) [Corporate Governance](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company largely adheres to its Corporate Governance Code, with minor deviations concerning the Chairman's dual role, non-rotation, and absence from the AGM, while the Audit Committee actively reviews financial and internal control matters [Corporate Governance Practices](index=11&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) The company largely complied with the Corporate Governance Code during the reporting period, with three deviations: the Chairman and CEO roles are held by the same individual (Mr Xu Wei), the Chairman is not subject to rotation, and the Chairman was unable to attend the 2025 AGM due to business commitments - The roles of Chairman and Chief Executive Officer are concurrently held by Mr Xu Wei, which the Board believes is in the company's best interest[36](index=36&type=chunk)[37](index=37&type=chunk) - According to the company's articles of association, Chairman Mr Xu is not required to retire by rotation, which the Board believes benefits the leadership and execution of the company's long-term business plans[38](index=38&type=chunk)[39](index=39&type=chunk) - Chairman Mr Xu was unable to attend the Annual General Meeting on June 2, 2025, due to business schedule conflicts[40](index=40&type=chunk)[41](index=41&type=chunk) [Audit Committee](index=13&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee, comprising two independent non-executive directors and one non-executive director, is responsible for reviewing interim and annual results, financial reporting, and internal controls, and has reviewed the unaudited interim financial information and results announcement for this period - The Audit Committee comprises Mr Thaddeus Thomas Beczak (Chairman), Mr Zhou Longshan, and Mr Cui Xian[43](index=43&type=chunk) - The Committee has reviewed the unaudited condensed consolidated interim financial information for the reporting period and discussed risk, internal control, and internal audit matters[43](index=43&type=chunk) [Unaudited Condensed Consolidated Interim Financial Information](index=14&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) This section presents the group's unaudited interim financial statements, including the statements of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, along with selected explanatory notes [Condensed Consolidated Statement of Profit or Loss](index=14&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the group recorded revenue of HKD 874 million, a 16.2% year-on-year decrease, with loss for the period expanding to HKD 245 million from HKD 211 million last year, and loss attributable to owners at HKD 205 million Condensed Consolidated Statement of Profit or Loss Summary | Item (HKD Thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 873,671 | 1,042,746 | | Loss Before Income Tax | (258,005) | (219,434) | | Loss for the Period | (244,733) | (211,458) | | Loss Attributable to Owners of the Company | (205,264) | (184,457) | | Basic Loss Per Share (HK Cents) | (41.10) | (36.94) | [Condensed Consolidated Statement of Comprehensive Income](index=15&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) During the reporting period, the group's total comprehensive expense significantly narrowed to HKD 140 million from HKD 308 million in the prior year, primarily due to a HKD 105 million foreign currency translation gain, compared to a HKD 96.27 million loss in the previous period Condensed Consolidated Statement of Comprehensive Income Summary | Item (HKD Thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period | (244,733) | (211,458) | | Exchange Differences on Translation | 105,125 | (96,270) | | Total Comprehensive Expense for the Period | (140,132) | (307,728) | | Total Comprehensive Expense Attributable to Owners of the Company | (135,322) | (251,446) | [Condensed Consolidated Statement of Financial Position](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the group's total assets were HKD 5.71 billion, total liabilities HKD 2.08 billion, and total equity HKD 3.63 billion, with both total assets and total equity slightly decreasing compared to year-end 2024 Condensed Consolidated Statement of Financial Position Summary | Item (HKD Thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,712,766 | 5,832,803 | | Total Liabilities | 2,080,232 | 2,076,562 | | Total Equity | 3,632,534 | 3,756,241 | [Condensed Consolidated Statement of Changes in Equity](index=18&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) During the reporting period, equity attributable to owners decreased from HKD 2.86 billion to HKD 2.72 billion, primarily due to a HKD 205 million loss for the period, partially offset by a HKD 69.94 million increase in exchange reserves Summary of Changes in Equity Attributable to Owners of the Company | Item (HKD Thousands) | Change | | :--- | :--- | | Balance at January 1, 2025 | 2,857,060 | | Total Comprehensive Expense for the Period | (135,322) | | Total Transactions with Owners | 519 | | Balance at June 30, 2025 | 2,722,257 | [Condensed Consolidated Statement of Cash Flows](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) During the reporting period, the group's cash and cash equivalents decreased by HKD 354 million, with net cash outflows from operating, investing, and financing activities of HKD 95.2 million, HKD 162 million, and HKD 96.64 million respectively, resulting in HKD 1.70 billion cash and cash equivalents at period-end Condensed Consolidated Statement of Cash Flows Summary | Item (HKD Thousands) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (95,202) | (11,415) | | Net Cash Used in Investing Activities | (162,404) | (59,672) | | Net Cash (Used in) / Generated from Financing Activities | (96,636) | 95,354 | | Net Decrease in Cash and Cash Equivalents | (354,242) | 24,267 | | Cash and Cash Equivalents at End of Period | 1,700,267 | 1,530,068 | [Selected Notes to the Financial Information](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB%E9%81%B8%E6%91%98) The notes to the financial information detail accounting policies, financial risk management, segmental information, and specifics of financial statement items, with Note 5 identifying the group's five core operating segments: TV broadcasting, internet media, outdoor media, real estate, and other businesses - The group's five principal operating segments are: (i) Television Broadcasting; (ii) Internet Media; (iii) Outdoor Media; (iv) Property; and (v) Other Businesses[76](index=76&type=chunk) - Note 19 discloses related party transactions with major shareholder China Mobile Communications Group, primarily involving service fees and advertising sales[99](index=99&type=chunk)[101](index=101&type=chunk)