Financial Performance - Revenue for the six months ended June 30, 2025, was approximately RMB 445.7 million, a decrease of 47.4% compared to RMB 846.9 million for the same period in 2024[3] - Gross profit for the same period was approximately RMB 62.9 million, down 56.0% from RMB 142.9 million in 2024[3] - The company reported a loss of approximately RMB 5.8 million for the six months ended June 30, 2025, compared to a profit of RMB 30.0 million in 2024[3] - Adjusted net loss for the period was approximately RMB 0.4 million, while adjusted net profit for the same period in 2024 was RMB 37.9 million[3] - Basic and diluted loss per share for the period was RMB 0.8 cents, compared to earnings of RMB 4.4 cents in 2024[5] - The group reported a pre-tax profit of RMB 15,722,000 for the six months ended June 30, 2025, compared to RMB 12,727,000 for the same period in 2024, indicating an increase of 23.5%[20] - The group’s income tax expense for the six months ended June 30, 2025, was RMB 3,912,000, a decrease of 63.5% from RMB 10,710,000 in 2024[22] - The company reported a pre-tax profit of RMB 40.7 million for the first half of 2024, contrasting with a pre-tax loss of RMB 1.9 million for the first half of 2025[68] - The company’s adjusted net profit for the first half of 2024 was RMB 37.9 million, while it reported an adjusted net loss of RMB 438,000 for the first half of 2025[68] Assets and Liabilities - The net asset value remained relatively stable at approximately RMB 1,753.7 million as of June 30, 2025, compared to RMB 1,753.3 million as of December 31, 2024[3] - Non-current assets totaled RMB 193,795,000 as of June 30, 2025, an increase of 13.5% from RMB 170,748,000 on December 31, 2024[6] - Current assets amounted to RMB 2,395,604,000, a decrease of 3.9% compared to RMB 2,493,416,000 as of December 31, 2024[6] - Total liabilities were RMB 835,668,000, with current liabilities at RMB 789,537,000, down from RMB 901,524,000 at the end of 2024, indicating a reduction of 12.4%[6][7] - The company's net asset value stood at RMB 1,753,731,000, showing a slight increase from RMB 1,753,341,000 in the previous period[7] - The total equity attributable to shareholders was RMB 1,753,441,000, compared to RMB 1,753,365,000 at the end of 2024, reflecting a marginal increase[7] - The company reported a non-current liability total of RMB 46,131,000, significantly up from RMB 9,299,000 at the end of 2024[7] - The company has pledged trade receivables with a net book value of approximately RMB 200.5 million as of June 30, 2025, as collateral for interest-bearing bank loans[100] Revenue Sources - Revenue from licensing of episodic content was RMB 385,937,000, down from RMB 846,932,000, representing a decline of 54.4%[16] - Revenue from customized episodic content production was RMB 59,228,000, with no revenue reported for the same period in 2024[16] - The group generated revenue from customized episodic content amounting to RMB 59.2 million for the six months ending June 30, 2025, compared to zero revenue in the same period of 2024[62] - The group’s total other income and gains for the six months ended June 30, 2025, amounted to RMB 4,112,000, an increase from RMB 3,929,000 in 2024[18] Operational Strategy - The company aims to enhance its core competitiveness by integrating external resources into internal production capabilities, thereby improving its ability to incubate super IPs and respond to market dynamics[41] - The company plans to continue adjusting its business development strategy and expansion pace to explore opportunities while managing risks, focusing on delivering high-quality content to audiences[42] - The company has established a stable operational model and effective service capabilities, allowing it to quickly adapt to market changes and maintain close cooperation with top industry talents[43] - The group is focusing on developing super IPs with cultural depth and sustainability, enhancing the structure of IP reserves and improving IP conversion rates[46] - The group aims to strengthen audience engagement and increase derivative income through innovative and diverse product structures[46] - The group is committed to integrating online and offline consumption to enhance audience stickiness and drive revenue growth[46] Content Production and Recognition - The company has successfully launched several short series, including "Bleach," "In the World," and "Above the Clouds," which have received high recognition and discussion across platforms, showcasing the effectiveness of its differentiated strategy[40] - The series "Trident 2" achieved a peak viewership of 7,302 on iQIYI, ranking first on the overall popularity chart during its broadcast period[44] - The short series "Bleach" broke 10,000 views within six days of its release on iQIYI, becoming the first series to achieve this milestone in the Mist Theater[45] - "Bleach" ranked first in the "30-Day Effective Broadcast Ranking" by Yunhe Data for Q1 2025 and topped multiple professional charts[45] - The series "In the World" was selected as a major cultural support project in Sichuan Province, marking it as the only network work to receive concentrated support in 2025[45] - The company received the "Annual Drama Company" award at the CEIS 2025 China Entertainment Industry Annual Conference, highlighting its industry recognition[39] Governance and Compliance - The company has confirmed compliance with corporate governance codes throughout the reporting period[118] - The Audit Committee consists of two independent non-executive directors and one non-executive director, with the main responsibility to assist the Board in reviewing compliance matters, accounting policies, financial reporting processes, and risk management[124] - The Group's unaudited interim consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee and management, and the Board has been advised to approve them[125] Future Plans and Investments - The company plans to invest in a cultural and tourism consumption fund in 2024 and in the "Global Flagship" of iQIYI Park in Yangzhou by July 2025, to explore new revenue channels in the entertainment industry[49] - The company plans to use approximately HKD 107.1 million (10.0% of the net proceeds) for potential investments or acquisitions to enhance market position and accelerate series development[112] - The company has allocated HKD 749.8 million for various series productions, with specific projects like "赴山海" and "紅塵四合" having allocated amounts of HKD 9.0 million and HKD 61.5 million respectively[115] Employee and Management - Total employee compensation, including directors' remuneration, was approximately RMB 21.7 million for the six months ended June 30, 2025, compared to RMB 20.5 million for the same period in 2024[106] - The company has established a compensation committee under the board of directors[132]

格隆汇8月13日丨稻草熊娱乐(02125.HK)宣布，本公司将于2025年8月25日（星期一）举行董事会会议， 藉以（其中包括）考虑并批准本公司及其附属公司截至2025年6月30日止六个月中期业绩及其发布，以 及考虑派发中期股息（如有）。 ...

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 ...

Core Viewpoint - The company, Daocaoxiong Entertainment, anticipates a significant net loss for the first half of 2025 due to a strategic shift towards producing fewer but higher-quality series, which has resulted in reduced overall revenue while maintaining stable operational costs [1][4]. Financial Performance - The expected net loss for shareholders is projected to be between RMB 3.5 million and RMB 8 million, with adjusted losses estimated at RMB 2.9 million to an adjusted profit of RMB 1.6 million [1]. - The company has experienced a decrease in the number of episodes aired, focusing on "small but beautiful" innovative series, which has impacted revenue [1][4]. Strategic Initiatives - Daocaoxiong Entertainment has successfully implemented an innovative strategy in its series business, transitioning from long dramas to short and micro-dramas, reflecting changing consumer viewing habits while maintaining a commitment to high-quality content [2][4]. - The company’s strategy emphasizes the production of premium content that resonates with contemporary societal themes and public sentiment, aiming for long-term sustainable growth [2]. Industry Trends - The micro-drama market is rapidly expanding, with user numbers reaching 696 million and a projected market size of RMB 634.3 billion by 2025, expected to exceed RMB 1 trillion by 2027 [3]. - The industry is witnessing a shift towards shorter content, with a 200% increase in the number of series with 13-23 episodes compared to the previous year [3][4]. Content Production and Reception - Daocaoxiong Entertainment has produced several successful series, including "Sanchaqi 2," which achieved high viewership ratings, and "Piao Bai," which became a breakout hit on iQIYI [5][6]. - The company’s innovative series "Zai Renjian" has received accolades and recognition, including being the first Chinese web series to be supported by a major cultural project and featured at the Tribeca Film Festival [6]. Future Prospects - The company has a robust pipeline of upcoming series across various genres, which will support future sales and value extraction [8]. - Daocaoxiong Entertainment is actively developing its IP portfolio, focusing on multi-dimensional commercialization and exploring diverse revenue streams through both online and offline channels [9][10].

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].

Financial Performance - For the fiscal year ending December 31, 2024, the revenue was approximately RMB 1,124.5 million, an increase of 33.8% compared to RMB 840.7 million for the fiscal year ending December 31, 2023[2]. - The gross profit for the fiscal year ending December 31, 2024, was approximately RMB 151.5 million, representing a significant increase of 139.5% from RMB 63.3 million in the previous year[2]. - The loss for the fiscal year ending December 31, 2024, was approximately RMB 3.0 million, a substantial reduction of 97.2% compared to a loss of RMB 107.5 million for the fiscal year ending December 31, 2023[2]. - The adjusted net profit for the fiscal year ending December 31, 2024, was approximately RMB 12.2 million, while the adjusted net loss for the previous year was approximately RMB 88.1 million[2]. - Total revenue for the year ended December 31, 2024, was RMB 1,124,537,000, representing a 33.7% increase from RMB 840,663,000 in 2023[18]. - Revenue from licensing of series broadcasting rights was RMB 1,124,141,000 in 2024, up from RMB 749,233,000 in 2023, indicating a growth of 50%[19]. - Major customer 1 contributed RMB 886,032,000 to revenue in 2024, a significant increase from RMB 324,434,000 in 2023, reflecting a growth of 173%[17]. - The expected amount to be recognized as revenue within one year from contract liabilities is RMB 245,726,000 for 2024, compared to RMB 189,771,000 in 2023, showing an increase of 29.5%[27]. - The gross margin for Hangzhou Yide is projected to remain stable at 14% for both 2024 and 2023[38]. - The perpetual growth rate is expected to decrease from 3% in 2023 to 2% in 2024[38]. Assets and Liabilities - The net asset value as of December 31, 2024, was approximately RMB 1,753.3 million, an increase of 0.8% from RMB 1,739.3 million as of December 31, 2023[3]. - The total current assets as of December 31, 2024, amounted to RMB 2,493.4 million, compared to RMB 2,419.3 million in the previous year[6]. - The total liabilities as of December 31, 2024, were RMB 901.5 million, an increase from RMB 810.3 million in the previous year[6]. - The company reported a basic loss per share of RMB 0.3 for the fiscal year ending December 31, 2024, compared to RMB 16.1 for the previous year[5]. - The company’s total assets less current liabilities as of December 31, 2024, were RMB 1,762.6 million, a slight decrease from RMB 1,773.4 million in the previous year[7]. - Total inventory decreased from RMB 1,308,481,000 in 2023 to RMB 1,233,034,000 in 2024, a reduction of approximately 5.7%[41]. - Trade receivables increased from RMB 554,578,000 in 2023 to RMB 679,852,000 in 2024, representing a growth of about 22.6%[42]. - The asset-to-liability ratio increased from 32.7% as of December 31, 2023, to 34.2% as of December 31, 2024[94]. - The current ratio decreased from 2.99 as of December 31, 2023, to 2.77 as of December 31, 2024, due to an increase in current liabilities exceeding the growth in current assets[100]. Operational Highlights - The group has only one reportable operating segment, with no division by product lines[14]. - Non-current assets of the group are all located in mainland China[16]. - The group has successfully launched four high-quality series during the reporting period, including "Riding the Wind and Waves" and "Harbin 1944," achieving positive broadcasting results and market recognition[58]. - The series "Bleach" broke 10,000 views within six days of its release on iQIYI, becoming the first series to achieve this milestone in the iQIYI Mist Theater[58]. - The group continues to enhance its platform-based operational model, focusing on producing high-quality content as a long-term development strategy[60]. - The group has a rich pipeline of upcoming series, with five television dramas and four web dramas produced or released but not yet aired, expected to premiere in 2025[61]. Employee and Governance - As of December 31, 2024, the group has a total of 77 employees, with 19.5% in finance and legal roles[108]. - Total employee compensation, including director remuneration, amounted to approximately RMB 41.4 million for the year ending December 31, 2024, down from RMB 44.5 million in the same period of 2023[108]. - The group has maintained good relations with employees, with no strikes or labor disputes reported that could significantly impact business[109]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[119]. - The board believes that the current arrangement of roles will not compromise the balance of power and authority within the company[120]. Future Outlook and Strategy - The group aims to enhance its ESG practices and contribute to the "dual carbon" goals, aligning with the trend of green development and sustainable growth[69]. - The group plans to strengthen IP operation management and optimize product structure to enhance the quality of content output[69]. - The company is considering acquisitions of quality IP to ensure stable growth in series production and distribution[116]. - The company plans to change the use of approximately HKD 107.1 million (10.0% of the net proceeds) to invest in potential acquisitions or investments that enhance market position and accelerate the development, production, and distribution of its series[114]. Miscellaneous - The company did not recommend any dividend payment for the fiscal year ending December 31, 2024[4]. - The company has not identified suitable investment or acquisition targets due to significant market structure changes and valuation discrepancies[114]. - There are no significant lawsuits, arbitrations, or claims involving the group as of the announcement date[124]. - The annual general meeting is scheduled for June 16, 2025[130].