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: 映宇宙集团有限公司 本月底法定/註冊股本總額： USD 50,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03700 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,937,442,000 | | 0 | | 1,937,442,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,937,442,000 | | 0 | | 1,937,442,000 | ...

Core Viewpoint - The company emphasizes the importance of high-quality content creation and value co-existence to enhance its localized overseas expansion capabilities [2] Group 1 - The company aims to utilize its own model to improve its systematic and localized approach to international markets [2] - The focus on quality content and value co-existence is seen as essential for sustainable growth and stability in the long term [2]

Core Insights - The micro-short drama industry is entering a golden era, with significant growth in overseas markets expected to surpass domestic markets in terms of paid short drama revenue [1][3][4] Market Growth - The overseas micro-short drama market is projected to grow from approximately $100 million in 2023 to $1.5 billion in 2024, reaching $3.8 billion in 2025 [1] - The domestic micro-short drama market was valued at 50.5 billion yuan in the previous year, surpassing box office revenues from cinemas for the first time [1] Regional Preferences - North America leads the overseas market with a 40% share, favoring urban romance and fantasy themes [2] - Southeast Asia's market is characterized by themes similar to domestic preferences, such as campus youth and family ethics [2] - Japan focuses on revenge and workplace themes, while South Korea prefers sweet romance and reincarnation stories [2] Production and Localization - The company has developed a streamlined production process in Xi'an, capable of producing 20+ micro-short dramas monthly, with a focus on high-quality content [3][5] - The company has launched localized short drama apps for North America and Southeast Asia, incorporating local actors and cultural elements [5] Technological and Market Drivers - The growth of micro-short dramas is attributed to technological advancements, changing viewing habits, and the impact of the COVID-19 pandemic, which increased demand for quick entertainment [4]

Core Insights - The rapid development of the micro-drama industry is severely impacted by piracy, with the entire entertainment sector losing over 20 billion yuan annually due to copyright infringement [3] - The industry faces a significant challenge as micro-dramas are particularly vulnerable, with an average of 1,224 infringement links per short drama in 2023, totaling over 405,300 links [3] - The black market for piracy has formed a chain of "transportation - traffic generation - monetization," posing threats to the mental health of youth [3] Industry Challenges - In 2023, the micro-drama company under the company suffered direct economic losses amounting to tens of millions of yuan due to illegal distribution of hundreds of works [3] - Notable cases include unauthorized releases of popular micro-dramas at a price of 2.9 yuan to unlock the entire series, and a significant piracy case in Wuhan involving over 10 million yuan [3][4] - The impact of piracy extends beyond economic losses, affecting creators' motivation and the survival of legitimate content [3] Company Initiatives - The company has established a comprehensive copyright protection team, employing a three-tier review system of "AI initial screening + manual review + user reporting," processing over 1,000 infringement links monthly [4][6] - The company actively collaborates with law enforcement and employs various legal measures, having handled nearly 10 infringement cases by June 2025, including a landmark case in Wuhan [4][6] Industry Collaboration - The company promotes industry-wide cooperation by establishing copyright protection mechanisms with major platforms and advocating for industry standards and self-regulation [6][7] - The National Copyright Administration has initiated the "Sword Network 2025" campaign to address piracy in short dramas and videos, with the company participating in drafting relevant documents and standards [7] Future Vision - The company emphasizes the importance of copyright protection as foundational for sustainable industry development, advocating for enhanced awareness among creators, improved technical audits by platforms, and refined legislation by regulatory bodies [7] - The company has received the ISO 37301 compliance management system certification, reflecting its commitment to building a systematic and standardized compliance framework [8][9]

Core Viewpoint - The article highlights the ongoing efforts and achievements in combating telecom and online fraud in China, emphasizing the collaboration between government agencies and internet companies to enhance public awareness and prevention measures [2][3][5]. Group 1: Government Initiatives - The Ministry of Public Security launched a campaign titled "All Society Anti-Fraud Youth in Action," involving over 500 participants from various government departments and internet companies [2]. - The Anti-Telecom Fraud Information Monitoring Center reported significant progress in fraud prevention, including the issuance of 1.838 million financial warning directives and the interception of 4.69 billion scam calls and 3.37 billion scam messages in 2024 [3]. - Local police have engaged in face-to-face fraud prevention efforts, reaching approximately 4.778 million individuals [3]. Group 2: Company Contributions - Yingyuzhou Group's Executive President, Xia Xiaohui, emphasized the company's commitment to anti-fraud initiatives, enhancing risk identification through big data and AI, and developing over 140 risk control strategies [5]. - The company has established a rapid response mechanism for fraud clues, submitting 14,000 warning data points and assisting in over 230 cases [5]. - Yingyuzhou has engaged in public awareness campaigns, including "Anti-Fraud into Campus" and innovative promotional activities like the "Anti-Fraud Creative IP" featuring plush toys to attract younger audiences [5][9]. Group 3: Public Engagement - Interactive games at Yingyuzhou's anti-fraud booth attracted public participation, allowing individuals to learn about common fraud tactics and prevention techniques while winning prizes [7]. - The theme of the current promotional month is "Anti-Fraud is a Mandatory Course, Build a Strong Defense and Fulfill Responsibilities," highlighting the importance of public education in fraud prevention [9].

Core Insights - The "easy profit era" of the live streaming industry is coming to an end, with companies facing growth pressures and profitability anxieties, leading to a collective transformation phase [1][2] - The five major players in the live streaming sector—Douyu, Huya, Huanju, Yingyu Universe, and Zhihui Group—are struggling to adapt and move away from their reliance on live streaming [2][12] Revenue Performance - In Q1 2025, Douyu reported revenue of 9.47 billion yuan, down 8.94% year-on-year; Huya's revenue was 15.09 billion yuan, a slight increase of 0.3%; Zhihui's revenue was 25.21 billion yuan, down 1.5%; Huanju's revenue was 4.94 billion USD (approximately 35.48 billion yuan), down 12% [4][6] - For the fiscal year 2024, the revenue ranking of the five companies was led by Huanju (22.38 billion USD), followed by Zhihui (105.63 billion yuan), Yingyu Universe (68.51 billion yuan), Huya (60.79 billion yuan), and Douyu (42.71 billion yuan) [4][6] Revenue Structure - Despite efforts to decentralize from live streaming, it remains the main revenue source for most companies: in 2024, Douyu, Huya, and Huanju had live streaming revenue shares of 72%, 78%, and approximately 80%, respectively [7][8] - In Q1 2025, the live streaming revenue shares were approximately 60% for Douyu, 75% for Huya, and 75% for Huanju, indicating a continued reliance on this segment [7][8] User Engagement - User engagement is declining, with Douyu's monthly active users (MAU) at 41.4 million, down 8.7% year-on-year, and average paying users at 2.9 million, down 14.71% [9][10] - Huanju's global MAU was 260 million, down 6.1%, with its products Bigo Live and Likee also experiencing significant declines in user numbers [10] Profitability - Huanju showed relative stability in profitability, with a net profit of 298.5 million USD for 2024 and 63.2 million USD for Q1 2025, indicating some resilience [11] - Douyu, however, reported a net loss of 240 million yuan for 2024 and continued to lose 79.61 million yuan in Q1 2025, marking a significant decline in profitability [11] Market Response - The market has reacted negatively to the performance of these companies, with their market capitalizations significantly reduced compared to their peak values [12] - As of the latest reports, the market values were Huanju (2.45 billion USD), Zhihui (1.004 billion USD), Huya (876 million USD), Yingyu Universe (2.557 billion HKD), and Douyu (200 million USD) [12] Transformation Efforts - Companies are attempting to find new growth avenues, with Douyu and Huya focusing on innovative business models and advertising [15][16] - Huanju has successfully expanded its overseas operations, while Yingyu Universe has pivoted towards short dramas, showing some signs of recovery [19][20] Future Outlook - The ability of these companies to successfully transition away from live streaming will determine their survival in the evolving market landscape [12][26] - Emphasis on technological advancements, particularly AI, is seen as crucial for enhancing content generation and user engagement [23][25]

Core Viewpoint - The case involving Beijing Milaiwu Network Technology Co., Ltd. (referred to as "Milaiwu") highlights the legal complexities surrounding the recovery of funds obtained through fraudulent activities, particularly in the context of live streaming platforms and the concept of "good faith acquisition" [1][3][9] Group 1: Legal Proceedings and Financial Implications - Milaiwu has appealed against the Zhengzhou Intermediate People's Court's ruling to recover over 18.87 million yuan in live streaming rewards, which the court did not support, leading to a further appeal to the Henan Provincial High Court [1] - The case stems from a fraud committed by former bank employee Xi Wei, who misled clients into investing in fictitious financial products, resulting in a total fraud amount of approximately 94.48 million yuan [2][6] - The court's decision to pursue the recovery of Milaiwu's earnings raises questions about whether the funds obtained through live streaming should be classified as "good faith acquisition" and whether banks have a regulatory responsibility in fraud cases [1][3][6] Group 2: Financial Crime and Banking Responsibility - Legal experts argue that the case reflects a deeper conflict between financial crime governance and the legal boundaries of emerging business models, particularly in the context of online platforms [1][9] - Milaiwu's legal representatives assert that the bank should bear primary responsibility for the fraud, as Xi Wei exploited her position to commit the crime, which undermined the trust clients placed in the bank [7][8] - The case draws parallels with previous rulings where banks were held accountable for employees' fraudulent actions, emphasizing the need for banks to fulfill their anti-money laundering obligations [6][8]

Core Insights - In May 2023, Inke Live celebrated its 10th anniversary with a month-long event, emphasizing that this milestone marks the beginning of a new journey rather than an endpoint [2][15][16] Group 1: Anniversary Celebration Highlights - The anniversary celebration kicked off with the "Talent Star Gala" on May 9, featuring celebrity mentors who guided new talents, showcasing the platform's commitment to nurturing dreams [2][6] - The online competitions saw significant participation, with various categories such as "Wind and Cloud," "Star Power," and "Popularity," highlighting the competitive spirit and diversity of talent on the platform [4][6] - Winners received exclusive rewards, including commemorative trophies and special privileges, reflecting the platform's dedication to recognizing and supporting its community [6][13] Group 2: Community Engagement and User Interaction - The celebration included a "Little Inke Party" from May 20 to May 27, where celebrity guests performed, creating a vibrant atmosphere and fostering community connections [7][9] - The event featured heartfelt messages from returning stars, emphasizing the emotional bonds formed within the Inke community over the years [9][15] - Users were treated to generous giveaways during the celebration, showcasing the platform's appreciation for its loyal audience [13][15] Group 3: Industry Impact and Future Vision - The anniversary festivities extended beyond the platform, involving collaborations with various brands and influencers, demonstrating Inke's significant industry influence [15][16] - The event highlighted Inke's evolution from a live-streaming pioneer to a multifaceted social entertainment ecosystem, aiming to continue fostering connections and creativity in the next decade [15][16]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 6,850,721 thousand, a slight increase from RMB 6,844,788 thousand in 2023[10] - Gross profit for 2024 was RMB 3,342,697 thousand, up from RMB 2,833,099 thousand in 2023, reflecting a gross margin improvement[10] - The group's revenue for the reporting period was approximately RMB 6,850.7 million, a slight increase of 0.1% compared to RMB 6,844.8 million in 2023[28] - The cost of sales decreased by 12.6% from approximately RMB 4,011.7 million in 2023 to approximately RMB 3,508.0 million in the reporting period[29] - Gross profit increased by 18.0% from approximately RMB 2,833.1 million in 2023 to approximately RMB 3,342.7 million, with the gross margin rising from 41.4% to 48.8%[30] - The group's net profit for the reporting period was approximately RMB 216.6 million, a decrease of 45.9% compared to RMB 400.6 million in 2023[41] - Operating profit for 2024 was RMB 220,291 thousand, down from RMB 424,160 thousand in 2023[10] - Operating profit decreased by 48.1% to approximately RMB 220.3 million from RMB 424.2 million in 2023[37] - The adjusted net profit for the reporting period was approximately RMB 234.4 million, down from RMB 426.0 million in 2023[42] User Metrics - Monthly average active users decreased by 8.6% to 20,836 thousand in 2024 from 22,808 thousand in 2023[12] - Average revenue per user increased by 9.6% to RMB 27.4 in 2024 from RMB 25.0 in 2023[12] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 5,572,333 thousand, an increase from RMB 5,145,709 thousand in 2023[11] - Non-current assets increased to RMB 1,607,414 thousand in 2024 from RMB 1,166,742 thousand in 2023[11] - The net assets of the company reached RMB 4,446,266 thousand in 2024, compared to RMB 4,281,843 thousand in 2023[11] - The group's current ratio was 3.7 and the debt ratio was 0.3 as of December 31, 2024, compared to 4.9 and 0.2 in 2023, respectively[44] - Cash and cash equivalents amounted to approximately RMB 2,195.7 million as of December 31, 2024, down from RMB 2,362.3 million in 2023[45] Expenses - Selling and promotional expenses rose by 22.3% from approximately RMB 2,073.8 million in 2023 to approximately RMB 2,535.6 million, accounting for 37.0% of total revenue[31] - Administrative expenses increased by 15.9% from approximately RMB 227.3 million in 2023 to approximately RMB 263.4 million, primarily due to employee optimization and structural adjustments[32] - Research and development expenses decreased by 25.6% from approximately RMB 272.0 million in 2023 to approximately RMB 202.2 million, attributed to operational strategy adjustments[33] - Net impairment losses on financial assets decreased from approximately RMB 13.1 million in 2023 to approximately RMB 8.6 million in the reporting period[34] - Other income fell by 56.3% from approximately RMB 38.6 million in 2023 to approximately RMB 16.9 million, mainly due to a reduction in government operating incentives[35] Strategic Initiatives - The company plans to expand into emerging overseas markets and focus on AI and Web 3.0 developments in 2025[17] - The group aims to strengthen its core business and optimize product lines to enhance capacity while focusing on emerging business areas for sustainable development[20] - The group is actively exploring overseas markets to increase product penetration and diversify its offerings[21] - The company aims to enhance user engagement and experience through innovative interactive features and flexible incentive policies[18] Corporate Governance - The company has appointed independent non-executive directors with extensive experience in finance and management to oversee the board and provide independent opinions[66][67] - The company has adopted the corporate governance code and complied with all applicable provisions during the reporting period[190] - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of independence[194] - The audit committee reviewed and discussed the annual performance during the reporting period[184] - The company is committed to maintaining high standards of corporate governance, which is essential for enhancing efficiency and performance[190] Shareholder Information - The board has proposed a final dividend of HKD 0.0412 per share for the year ended December 31, 2023, totaling approximately HKD 79,858,000 (approximately RMB 72,885,000)[58] - The company does not recommend any final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.0412 per share in 2023[85] - The company has a significant shareholder structure, with Mr. Feng holding 358,798,000 shares, representing 18.52% of the total shares[126] - Mr. Liu holds 250,000,000 shares through controlled entities, accounting for 12.90% of the total shares[126] - Mr. Hou has a stake of 80,409,000 shares, which is 4.15% of the total shares[126] Employee and Talent Management - The company has a competitive salary and benefits package to attract, develop, and retain talent, which is crucial for long-term success[75] - The company employs 1,416 full-time employees, with 418 dedicated to technology and R&D as of December 31, 2024[54] - The company has a robust employee performance evaluation system in place to determine salary increases and bonuses[1] - The company aims to attract and retain skilled talent through the 2018 Restricted Share Unit Plan, which incentivizes contributions to the group's future development and expansion[101] Compliance and Legal Matters - The company has complied with all relevant environmental and occupational health and safety laws and regulations during the reporting period[73] - The company has had no significant violations or non-compliance with applicable laws and regulations during the review year[74] - The company has confirmed the independence of its independent non-executive directors as of December 31, 2024[123] - The company is committed to ensuring compliance with all necessary licenses and permits required by Chinese government authorities[176] Contractual Arrangements - The company has established two Variable Interest Entity (VIE) structures to conduct value-added telecommunications services and internet cultural activities due to restrictions on foreign ownership in China[152] - The company has established contractual arrangements with Beijing Milaiwu, Canchen Yingchao, and Lingxiao Lansheng to gain management control and economic benefits from their operations[156] - The agreements stipulate that any disputes arising from the contractual arrangements should be resolved through friendly negotiations, with arbitration in Beijing if necessary[165] - The company may face significant penalties if the Chinese government deems its contractual arrangements non-compliant with laws and regulations[173] - The independent non-executive directors confirmed that the related transactions were conducted in the ordinary course of business and on normal commercial terms[178]

Core Viewpoint - The article highlights a significant breakthrough in a copyright infringement case involving micro-short dramas, with multiple suspects arrested and over 10 million yuan involved in the case [2][3]. Group 1: Infringement Case Details - The Guangzhou Kuaichuang Network Technology Co., Ltd. reported a criminal case of short drama infringement, leading to the arrest of multiple suspects and the identification of over 10 million yuan in damages [2]. - The criminal group operated through various WeChat mini-programs, offering unauthorized short dramas at a low price, creating a complete black market chain from piracy to monetization [3]. - The estimated illegal earnings of the involved companies exceeded 1 million yuan, significantly impacting Kuaichuang's business [3]. Group 2: Industry Challenges and Responses - In 2023, each short drama faced an average of 1,224 infringement links, with piracy affecting the economic viability of copyright holders and creators [4]. - The industry has seen a rise in sophisticated infringement methods, necessitating enhanced copyright protection measures [6]. - The China Network Audio-Visual Program Service Association issued a copyright protection initiative to foster a healthier creative environment for micro-short dramas [7]. Group 3: Regulatory Actions and Future Directions - The National Radio and Television Administration plans to improve regulations and standards to combat piracy and ensure fair competition in the micro-short drama market [7]. - The administration has already taken action by removing thousands of unauthorized micro-short dramas from various platforms [7]. - The company aims to invest in technology to enhance AI copyright infringement detection and collaborate with law enforcement and major platforms to regulate the industry [8].