稻草熊 娛樂集團（「本公司」）董 事（「董 事」）會（「董事會」）謹此宣佈翟芳女士（執 行 董 事）及張森泉先生（獨 立 非 執 行 董 事）獲委任為董事會提名委員會（「提名委員 會」）成 員，自2025年8月25日 起 生 效。 自 上 述 變 動 後，提 名 委 員 會 由 馬 中 駿 先 生（主 席）、劉 小 楓 先 生、翟 芳 女 士、張 森 泉 先 生 及 鍾 創 新 先 生 組 成。 上述變動乃因香港聯合交易所有限公司證券上市規則（「上市規則」）以及上市規 則附錄C1所 載 企 業 管 治 守 則 的 修 訂 而 作 出，該 等 修 訂 於2025年7月1日 生 效。董 事 會 相 信，實 施 該 等 變 動 可 以 加 強 董 事 會 的 效 率 及 多 元 化，並 進 一 步 提 升 本 公 司 整 體 的 良 好 企 業 管 治 常 規。 董 事 會 熱 烈 歡 迎 翟 芳 女 士 及 張 森 泉 先 生 加 入 提 名 委 員 會。 承董事會命 稻草熊娛樂集團 主 席 劉小楓 中 國 南 京，2025年8月25日 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， ...

王曉暉先生 劉帆女士 Strawbear Entertainment Group 稻草熊娛樂集團 （於開曼群島註冊成立的有限公司） （股 份 代 號：2125） 董事名單與其角色及職能 稻草熊娛樂集团 董 事 會 成 員 載 列 如 下： 執行董事 劉小楓先生 （主 席） 翟芳女士 非執行董事 M 委員會成員 中 國 南 京，2025年8月25日 獨立非執行董事 馬中駿先生 張森泉先生 鍾創新先生 各 董 事 委 員 會 的 成 員 載 列 如 下： | | 審 | 核 | 薪 | 酬 | 提 | 名 | 環 | 境、社 | 會 | 及 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 董 事 | 委員會 | | | 委員會 | | 委員會 | | 管治委員會 | | | | 劉小楓先生 | | | M | | | M | | C | | | | 翟芳女士 | | | | | | M | | M | | | | 王曉暉先生 | | | | | | | | | | | | 劉帆女士 | M | | | | | | | ...

智通财经APP讯，稻草熊娱乐(02125)发布截至2025年6月30日止六个月的中期业绩，收入4.46亿元(人民 币，下同);毛利6294.2万元。 截至2025年6月30日及2024年12月31日，资产净值保持相对稳定，分别约17.54亿元及约17.53亿元。 公告称，2025年上半年，公司通过"小而美精品化"的创新剧集策略卡位内容市场未来赛道，以品质高、 节奏快、共鸣强、题材新的"短剧集"在长短之争中占据了极具价值的战略枢纽位置，报告期内已播出的 《漂白》、《在人间》及《乌云之上》等分集类内容均是公司差异化战略发展下的优秀作品，其全平台 讨论热度、国内外行业认可度和播出成绩均名列前茅。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Strawbear Entertainment Group 稻草熊娛樂集團 （於開曼群島註冊成立的有限公司） （股 份 代 號：2125） 截 至2025年6月30日止六個月的 中期業績公告 財務摘要 截 至2025年6月30日止六個月的收入約為人民幣445.7百 萬 元，較2024年同期 約人民幣846.9百萬元下降47.4%。 截 至2025年6月30日止六個月的毛利約為人民幣62.9百 萬 元，較2024年同期約 人民幣142.9百萬元下降56.0%。 截 至2025年6月30日止六個月的虧損約為人民幣5.8百 萬 元，而 截 至2024年6月 30日止六個月的溢利約為人民幣30.0百 萬 元。 截 至2025年6月30日止六個月的經調整虧損淨額*約為人民幣0.4百 萬 元，而 2024年同期的經調整純利約人民幣37.9百 萬 元。 截 至2 ...

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 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Strawbear Entertainment Group 稻草熊娛樂集團 於 本 公 告 日 期，董 事 會 包 括 執 行 董 事 劉 小 楓 先 生 及 翟 芳 女 士；非 執 行 董 事 王 曉 暉 先 生 及 劉 帆 女 士；及 獨 立 非 執 行 董 事 張 森 泉 先 生、馬 中 駿 先 生 及 鍾 創 新 先 生。 稻草熊 娛樂集團（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月 25日（星 期 一）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考慮並批准本公司及其附屬公 司截至2025年6月30日 止 六 個 月 中 期 業 績 及 其 發 佈，以 及 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 稻草熊娛樂集團 主 席 劉小楓 中 國 南 京，2025年8月13日 （於開曼群島註 ...

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 致：香港交易及結算所有限公司 公司名稱: 稻草熊娱乐集团（於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月4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) | 02125 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | 0.000025 | USD | | 50,000 | 本月底法定 ...

Company Performance - The group’s revenue increased by 33.8% from approximately RMB 840.7 million in 2023 to approximately RMB 1,124.5 million in 2024[22]. - Gross profit rose by 139.5% from approximately RMB 63.3 million in 2023 to approximately RMB 151.5 million in 2024[22]. - The annual loss decreased by 97.2% from approximately RMB 107.5 million in 2023 to approximately RMB 3.0 million in 2024[22]. - Adjusted net profit for 2024 was approximately RMB 12.2 million, compared to an adjusted net loss of approximately RMB 88.1 million in 2023[22]. - The revenue from broadcasting rights for the group's series reached RMB 1,124.1 million for the year ending December 31, 2024, up from RMB 749.2 million for the previous year, reflecting a significant increase of approximately 50%[44]. - The adjusted net loss improved from RMB 88.1 million in 2023 to a net profit of RMB 12.2 million in 2024[60]. Content Production and Strategy - The company maintained a strong content production capacity, successfully airing four different genre series in 2024, which received positive market feedback and ratings[11]. - The company is committed to producing high-quality content that meets the increasing demands of broadcasting platforms and audiences[10]. - The strategic adjustments made in business development have allowed the company to navigate opportunities and risks effectively, leading to breakthroughs in content creation[9]. - The group has successfully launched four high-quality series, achieving positive viewership and market reputation, with "漂白" breaking 10,000 views within six days of its release on iQIYI[35]. - The group has accumulated a rich pipeline of diverse and varied projects, with several new series set to air in early 2025, including "漂白" and "三叉戟2" which have already garnered significant viewership[35]. - The group plans to enhance its operational model to improve resource integration and production management capabilities for high-quality content output[27]. Financial Management and Investments - The group aims to create a more diversified and sustainable business and revenue system, enhancing long-term growth potential and shareholder value[29]. - The group invested in a fund targeting new consumption upgrades and digital economy opportunities, indicating a strategic move to diversify income channels[20]. - The company plans to continue optimizing its platform-based operational model and strengthen IP management while focusing on high-quality content creation[51]. - The company plans to acquire a quality copyright company focused on web series investment, development, production, and distribution, with an allocation of HKD 107.1 million[113]. Market Position and Competitive Landscape - The company’s brand influence and market competitiveness have been continuously strengthened through the consistent output of quality content[11]. - The group is focused on leveraging national policy support and consumer demand for high-quality content to tap into the potential of the Chinese film and television market[26]. - iQIYI has been the group's largest single customer from 2021 to 2024, and losing this relationship could adversely affect the group's financial performance[175]. - The group's revenue is generally project-based and non-recurring, making it vulnerable to the inability to secure new contracts[175]. Corporate Governance and Management - The company emphasizes the importance of independent directors in maintaining corporate governance and oversight[149]. - The board includes members with extensive backgrounds in investment banking and asset management, contributing to strategic planning[145]. - The company has appointed several independent non-executive directors to provide independent opinions and judgments to the board[149]. - The company is committed to maintaining high standards of corporate governance through the appointment of qualified independent directors[149]. Environmental and Social Responsibility - The company has committed to environmental protection and has implemented energy-saving policies to minimize negative environmental impacts[177]. - The group continues to strengthen its ESG management framework, receiving multiple awards for its efforts in social responsibility and sustainable practices, including the "2024 ESG Influence Special Award"[37]. - The company aims to enhance its ESG practices and contribute to sustainable development, aligning economic benefits with social benefits[51].

Core Insights - The year 2024 is seen as a pivotal year for traditional drama production companies in China, with many reporting revenue declines [1] - The industry is experiencing a downturn, with some companies managing to grow through cost-cutting or reliance on single successful projects, indicating that the sector has not fully recovered [2][3] Company Performance - Huace Film & TV reported a revenue of 1.939 billion yuan in 2024, a decrease of 14.48% year-on-year, with a net profit of 170 million yuan, down 41.55% [1] - Ciwen Media's revenue was 366 million yuan, down 20.63%, but it achieved a net profit of 12.851 million yuan, reversing losses due to reduced operating costs [1] - Ningmeng Media's revenue fell by 46.25% to 657 million yuan, resulting in a net loss of 190 million yuan [1] - Daocaoxiong Entertainment and Huanrui Century were among the few companies to achieve both revenue and profit growth, with Daocaoxiong's revenue increasing by 33.6% to 1.125 billion yuan [2] Industry Trends - The overall performance of traditional long-form dramas is declining, with a significant reduction in the number of new shows being produced [4] - The total number of new domestic dramas released in 2024 was 7,610 episodes, a decrease of 14% year-on-year [4] - The industry is shifting focus towards micro-short dramas, which have seen rapid development in recent years, as companies seek new growth opportunities [6] Strategic Shifts - Companies like Ningmeng Media are exploring micro-short dramas, with their 2023 release "Twenty-Nine" achieving over 1.17 billion views [6] - Huace Film & TV launched seven micro-short dramas in 2024, while Ciwen Media is producing four [7] - Huanrui Century is enhancing its artist management business, which saw an 86.86% revenue increase to 234 million yuan, becoming a key growth area [4][7] - Companies are also investing in AI technology to improve content production and management, indicating a strategic pivot towards innovation [7]

长剧盈利能力不稳定，业绩隐忧凸显 2024年，国产剧在减量、降温和更严苛的口碑审视环境中走过。据云合数据统计，2024年剧集无论是备 案量、上新量均在大幅缩减，全年拍摄备案数位465部，同比减少12%，电视剧制作发行数为190部，同 比减少3成。2024年热播期集均破亿仅一部《庆余年》，但播放量仅有1.1亿，相较2023年集均破2亿的 《狂飙》甚远，整体来看，2024年热播期集均破5000万的剧集为5部，较2023年少一部，且都集中于上 半年播，下半年的剧集播放量几乎腰斩。同时，观众对剧集的要求也在提高，2024年豆瓣评分超过8分 的作品仅7部。 在观众对国产剧品质、题材的要求不断提高，而审美日益多元化的观剧口味变化中，叠加短剧新品类崛 起，挤占市场份额的激烈竞争环境，上游的视频平台采买能力下降，致使处于中游的制作公司在相应地 去产能。随着2024年底至今不断传出视频平台砍集数、砍预算、卡项目、大力发展内容自制的消息，可 以预见的是，影视公司的盈利空间还将进一步被压缩。 随着视频平台的要求提高，影视公司正积极巩固、加强与视频平台之间的关系。 如本就有爱奇艺控股公司投资的稻草熊，于2024年底与爱奇艺续签202 ...

Core Viewpoint - Daocaoxiong Entertainment demonstrates a commitment to long-termism and quality content production, achieving significant revenue growth despite industry challenges [1][4]. Financial Performance - For the fiscal year ending December 31, 2024, Daocaoxiong Entertainment reported total revenue of approximately 1.124 billion yuan and a gross profit of about 151 million yuan, representing year-on-year growth of approximately 33% and 139%, respectively [1]. - The company incurred a loss of around 3 million yuan, but adjusted profit was approximately 12.2 million yuan [1]. Industry Context - The film and television industry is undergoing a phase of quality enhancement and reduction in quantity, with over 10 listed film and television companies forecasting losses, many exceeding 100 million yuan [1][3]. - The market is experiencing a decline in new productions and viewership, with a 10% decrease in new series and an 11% drop in total episodes compared to 2023 [3]. Strategic Adjustments - Daocaoxiong Entertainment has adapted its operational strategy to focus on high-quality content production, maintaining a stable production rhythm and efficiency to meet consumer demands [1][5]. - The company emphasizes a platform-based operational model, allowing for effective resource allocation and collaboration with top industry talents [5][9]. Content Production and Quality - The company successfully aired four series in 2024, with revenue increases attributed to adjustments in themes, increased investment, and rising popularity [4][6]. - Notable series include "Cheng Feng Ta Lang," which successfully integrated cultural tourism, and "Harbin 1944," which achieved high viewership ratings across multiple platforms [6][7]. Future Prospects - Daocaoxiong Entertainment has a robust pipeline of upcoming projects, with nine series awaiting release and nine in preparation, indicating potential revenue growth for 2025-2026 [8]. - The company is exploring diverse monetization strategies, including IP management and the integration of AI technology in content production [9]. Commitment to ESG - The company is enhancing its ESG management practices, focusing on governance and operational compliance to support sustainable development [2][9].