Core Insights - The company, 巨星传奇, reported a revenue of 355 million RMB for the first half of 2025, marking a 33% year-on-year increase, with new consumption business revenue reaching 211 million RMB, up 91.5% [1] - The company aims to expand its super IP matrix and has successfully raised approximately 324 million HKD through a placement to support its IP operations [1] - The company has seen a 12% increase in its fan base, reaching 280 million, and has developed two major super IPs, "周同学" and "刘教练" [2] Financial Performance - Revenue for the first half of 2025 was 355 million RMB, with a gross profit of 156 million RMB, reflecting a 16.3% increase [1] - The non-GAAP net profit was 27.62 million RMB, up 8.5% year-on-year [1] - The IP creation and operation segment generated 144 million RMB in revenue, with the show "周游记" contributing 70.4 million RMB [2] IP Development and Strategy - The company has established a multi-dimensional content IP matrix, with significant contributions from its star IPs [2] - The "周游记" show has achieved high ratings and extensive online exposure, with over 41 billion impressions [2] - The company is focusing on long-term content IP development and is preparing for the fourth season of "周游记" [2] New Consumption Business - The new consumption segment has seen strong growth, with the 魔胴 brand launching a new series that has broken sales records on platforms like Douyin [4] - The company is expanding its new consumption brand into offline retail, with the launch of the VIVICYCLE flagship store [4] IP Commercialization and Innovation - The company is exploring the full IP self-operated chain and expanding its monetization paths [6] - A strategic partnership with Yushutech aims to develop consumer-grade robots with strong IP attributes [6] - The company plans to launch a diverse range of self-operated products centered around its IPs, including toys and apparel [6] Offline Experience and Engagement - The company is opening its first offline store for "周同学" in Guangzhou and enhancing its immersive experience through various events [7] - Upcoming activities include large-scale events in major cities, integrating the "周同学" theme into public spaces [7] Industry Context - The rise of significant IPs in China indicates a booming cultural consumption market, with potential for companies to achieve high market valuations [8]

Group 1 - The company reported a revenue of RMB 355 million for the six months ending June 30, 2025, representing an increase of approximately 33.0% compared to the first half of 2024 [1] - The adjusted net profit for the first half of 2025 was RMB 27.6 million, up 7.0% from RMB 25.8 million in the same period of 2024, with an adjusted net profit margin of 7.8% [1] - Earnings per share attributable to the company's owners was RMB 0.01 [1] Group 2 - The IP creation and operation segment generated revenue of RMB 140 million, primarily due to the popularity of the TV program "Travel Diary" Season 3, which starred Jay Chou [2] - "Travel Diary" Season 3 achieved high viewership ratings, ranking first among similar variety shows on provincial satellite TV channels, with over 375 trending topics and an exposure of over 4.1 billion [2] - Other IP programs, such as Liu Genghong's micro-variety show and "Fifty and Only," also aired in the first half of 2025 and received positive audience reception [2] Group 3 - The company continued to promote its brand and star IP through Jay Chou's world tour concerts, hosting "Find Jay Classmate" events in various cities [3] - The events included setting up "Jay Classmate" themed facilities at iconic locations in Nanning, Sanya, and Hong Kong to enhance fan engagement [3] - The company launched pop-up stores featuring "Jay Classmate" related products during the concert events [3]

巨星传奇(06683)发布截至2025年6月30日止6个月中期业绩，集团收入人民币3.54亿元，同比增长 32.99%;股东应占溢利1026.6万元，同比减少58.88%;每股盈利0.01元。 ...

智通财经APP讯，巨星传奇(06683)发布截至2025年6月30日止6个月中期业绩，集团收入人民币3.54亿 元，同比增长32.99%;股东应占溢利1026.6万元，同比减少58.88%;每股盈利0.01元。 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) Presents key financial data for H1 2025 compared to H1 2024, highlighting revenue and gross profit growth Key Financial Data Comparison H1 2025 vs H1 2024 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Growth (%) | | :--- | :--- | :--- | :--- | | Revenue | 354.5 | 266.5 | 33.0% | | New Consumer Business Revenue | 210.7 | 110.0 | 91.5% | | Gross Profit | 155.8 | 134.0 | 16.3% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Provides a detailed breakdown of the company's income and expenses for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 354,476 | 266,546 | | Cost of sales | (198,641) | (132,594) | | Gross profit | 155,835 | 133,952 | | Selling and marketing expenses | (69,816) | (47,287) | | General and administrative expenses | (46,948) | (53,639) | | Provision for impairment loss on financial assets | (6,382) | (1,848) | | Other income | 1,427 | 2,406 | | Other (losses) / gains, net | (18,754) | 485 | | Operating profit | 15,362 | 34,069 | | Finance income, net | 365 | 2,728 | | Profit before income tax | 15,727 | 36,797 | | Income tax expense | (7,656) | (11,347) | | Profit for the period | 8,071 | 25,450 | | Profit attributable to owners of the Company | 10,266 | 24,963 | | Non-controlling interests | (2,195) | 487 | | Total comprehensive income for the period | 4,400 | 29,985 | | Total comprehensive income attributable to owners of the Company | 5,976 | 29,616 | | Non-controlling interests | (1,576) | 369 | | Basic and diluted earnings per share (RMB/share) | 0.01 | 0.03 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 216,321 | 216,882 | | Total current assets | 1,085,625 | 1,029,633 | | Total assets | 1,301,946 | 1,246,515 | | **EQUITY AND LIABILITIES** | | | | Equity attributable to owners of the Company | 993,951 | 953,700 | | Non-controlling interests | 4,389 | 5,965 | | Total equity | 998,340 | 959,665 | | Total non-current liabilities | 10,509 | 7,254 | | Total current liabilities | 293,097 | 279,596 | | Total liabilities | 303,606 | 286,850 | | Total equity and liabilities | 1,301,946 | 1,246,515 | | Net current assets | 792,528 | 750,037 | | Total assets less current liabilities | 1,008,849 | 966,919 | [Notes to the Condensed Consolidated Interim Financial Information](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) Provides detailed explanations and disclosures supporting the condensed consolidated interim financial statements [General Information](index=6&type=section&id=General%20Information) Details the company's incorporation, listing, and primary business activities in China - The Company was incorporated as an exempted company under Cayman Islands law on January 3, 2020, with shares listed on the Hong Kong Stock Exchange (Stock Code: 6683)[9](index=9&type=chunk) - The Group primarily engages in new consumer business and IP creation and operation business in China[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) Outlines the accounting standards and presentation currency used for preparing the condensed consolidated interim financial information - The condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix D2 to the Listing Rules of the Stock Exchange[11](index=11&type=chunk) - This condensed consolidated interim financial information is presented in **RMB thousand** and was approved for issue by the Board of Directors on August 29, 2025, but is unaudited[10](index=10&type=chunk)[11](index=11&type=chunk) [Accounting Policies](index=7&type=section&id=Accounting%20Policies) Describes the accounting policies adopted, including new amendments and interpretations applied and those not yet effective [New Amendments and Interpretations Adopted by the Group](index=7&type=section&id=New%20Amendments%20and%20Interpretations%20Adopted%20by%20the%20Group) Details the new accounting standards and interpretations that the Group has adopted for the current reporting period - The Group first applied Hong Kong Accounting Standard 21 (Revised) 'Lack of Exchangeability of a Currency' for the annual reporting period beginning January 1, 2025[14](index=14&type=chunk) [New Amendments and Interpretations Not Yet Adopted](index=7&type=section&id=New%20Amendments%20and%20Interpretations%20Not%20Yet%20Adopted) Lists new accounting standards and interpretations that have been issued but are not yet effective for the current reporting period New Amendments and Interpretations Not Yet Adopted | Standard Name | Effective Date | | :--- | :--- | | HKFRS 19 (Subsidiaries without Public Accountability: Disclosures) | January 1, 2027 | | HKFRS 9 and HKFRS 7 (Amendments) (Classification and Measurement of Financial Instruments) | January 1, 2026 | | Annual Improvements to HKFRS Standards – Volume 11 | January 1, 2026 | | HKFRS 18 and HK(IFRIC) 5 (Presentation and Disclosure in Financial Statements) | January 1, 2027 | [Critical Accounting Estimates and Judgments](index=8&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgments) Explains the significant accounting estimates and judgments made by management, noting the impact of HKFRS 18 on presentation rather than net profit - The critical accounting estimates and judgments applied are consistent with those described in the annual consolidated financial statements for the year ended December 31, 2024[16](index=16&type=chunk) - The adoption of HKFRS 18 will not impact the Group's net profit but is expected to affect the grouping and presentation of income and expense items in the statement of profit or loss, particularly the calculation of operating profit[17](index=17&type=chunk) - New disclosure requirements will include management-defined performance measures, disaggregation of expenses by nature for items presented by function within operating categories in the statement of profit or loss, and reconciliation of restated amounts upon application of the new standard[17](index=17&type=chunk) [Revenue and Segment Information](index=9&type=section&id=Revenue%20and%20Segment%20Information) Details the Group's revenue by operating segment and geographical location, with total revenue of **RMB 354.5 million** for H1 2025 [Segment Revenue and Results](index=9&type=section&id=Segment%20Revenue%20and%20Results) Provides a breakdown of revenue and results for the new consumer and IP creation and operation segments Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB thousand) | 2025 Results (RMB thousand) | 2024 Revenue (RMB thousand) | 2024 Results (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | New Consumer | 210,732 | 100,465 | 109,986 | 60,584 | | IP Creation and Operation | 143,744 | 55,370 | 156,560 | 73,368 | | **Total** | **354,476** | **155,835** | **266,546** | **133,952** | [Geographical Information](index=10&type=section&id=Geographical%20Information) Presents revenue from external customers categorized by geographical location Revenue from External Customers by Geographical Location (For the six months ended June 30) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 353,609 | 263,952 | | Others | 867 | 2,594 | | **Total** | **354,476** | **266,546** | [Disaggregation of Revenue](index=11&type=section&id=Disaggregation%20of%20Revenue) Categorizes revenue from customer contracts by major product or service type Revenue from Contracts with Customers by Major Product or Service (For the six months ended June 30) | Product/Service | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of health management products and skincare products | 206,866 | 108,615 | | TV program production income | 70,391 | 87,184 | | Entertainment video production and licensing income | 18,727 | 2,218 | | IP projects and event planning and management income | 27,441 | 18,035 | | Celebrity IP management income | 18,795 | 39,117 | | Licensing and royalty income | 5,424 | 8,644 | | Rental income | 381 | – | | Sales of other products | 6,451 | 2,733 | | **Total** | **354,476** | **266,546** | [Income Tax Expense](index=11&type=section&id=Income%20Tax%20Expense) Details the income tax expense for H1 2025, including applicable tax rates for different jurisdictions [Cayman Islands](index=11&type=section&id=Cayman%20Islands) Explains the tax treatment for the Company in the Cayman Islands - Under current Cayman Islands law, the Company is not subject to tax on income or capital gains, and no withholding tax is imposed on dividend payments[23](index=23&type=chunk) [Hong Kong](index=12&type=section&id=Hong%20Kong) Describes the Hong Kong profits tax rates applicable to the Group's entities - Hong Kong entities are subject to Hong Kong Profits Tax at a rate of **8.25%** on the first **HKD 2 million** of assessable profits and **16.5%** on the remaining profits[24](index=24&type=chunk) [PRC Enterprise Income Tax](index=12&type=section&id=PRC%20Enterprise%20Income%20Tax) Outlines the general PRC Enterprise Income Tax rate and considerations for tax benefits - The general PRC Enterprise Income Tax rate is **25%**, and provisions have accounted for available tax refunds and exemptions[25](index=25&type=chunk) [PRC Withholding Tax](index=12&type=section&id=PRC%20Withholding%20Tax) Explains the withholding tax on dividends distributed by PRC companies to foreign investors - Dividends distributed by PRC companies to their foreign investors are subject to withholding income tax at a rate of **5%** or **10%**, with the Group's applicable rate being **10%**[26](index=26&type=chunk) [Earnings Per Share](index=12&type=section&id=Earnings%20Per%20Share) Reports the basic and diluted earnings per share for H1 2025, which decreased to **RMB 0.01** per share [Basic Earnings Per Share](index=12&type=section&id=Basic%20Earnings%20Per%20Share) Details the calculation of basic earnings per share based on profit attributable to owners and weighted average shares outstanding Basic Earnings Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB thousand) | 10,266 | 24,963 | | Weighted average number of ordinary shares in issue | 845,763,453 | 812,083,154 | | Basic earnings per share (RMB/share) | 0.01 | 0.03 | [Diluted Earnings Per Share](index=13&type=section&id=Diluted%20Earnings%20Per%20Share) Explains that diluted EPS is the same as basic EPS due to the absence of dilutive potential ordinary shares - As there were no potential dilutive ordinary shares outstanding during the period, diluted earnings per share for the six months ended June 30, 2025 and 2024 were the same as basic earnings per share[29](index=29&type=chunk) Diluted Earnings Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit used to determine diluted earnings per share (RMB thousand) | 10,266 | 24,963 | | Weighted average number of ordinary shares in issue | 845,763,453 | 812,083,154 | | Adjustment for share options under 2020 Share Incentive Scheme | 4,530,739 | 28,428,773 | | Diluted earnings per share (RMB/share) | 0.01 | 0.03 | [Film and Television Program Copyrights](index=13&type=section&id=Film%20and%20Television%20Program%20Copyrights) Discusses the valuation of film and television program copyrights, primarily for "J-Style Trip" Season 4 and "JVerse Concert" - As of June 30, 2025, film and television program copyrights primarily represent production costs for "J-Style Trip" Season 4 and "JVerse Concert"[31](index=31&type=chunk) - Film and television program copyrights are stated at the lower of cost and net realizable value, and the directors assessed that the net realizable value exceeded the carrying amount, thus no impairment provision was made[31](index=31&type=chunk)[32](index=32&type=chunk) [Trade and Other Receivables](index=14&type=section&id=Trade%20and%20Other%20Receivables) Reports a significant increase in trade and other receivables to **RMB 571.190 million** as of June 30, 2025 Trade and Other Receivables (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables – net | 352,796 | 303,375 | | Other receivables – net | 218,394 | 95,546 | | **Total trade and other receivables** | **571,190** | **398,921** | Ageing Analysis of Trade Receivables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 171,800 | 243,585 | | 31 to 90 days | 4,386 | 15,812 | | 91 to 120 days | 1,181 | 2,416 | | 121 to 365 days | 157,379 | 23,028 | | Over 365 days | 31,752 | 27,184 | | **Total** | **366,498** | **312,025** | - The Group acquired a **40%** equity interest in Zhejiang Ruxing on June 25, 2025, making it an associate, and provided a loan of **RMB 36,000,000** to it[35](index=35&type=chunk) [Share Capital](index=16&type=section&id=Share%20Capital) Details the increase in issued ordinary shares to **859,716,005** as of June 30, 2025, due to option exercises Changes in Share Capital (As of June 30) | Metric | June 30, 2025 (Number of ordinary shares) | December 31, 2024 (Number of ordinary shares) | | :--- | :--- | :--- | | Total number of ordinary shares in issue | 859,716,005 | 833,338,500 | | Shares issued upon exercise of share options | 26,377,505 | - | | Proceeds (RMB thousand) | 34,725 | - | - In accordance with the Cayman Companies Act and the Company's articles of association, the Company may make distributions to shareholders from share premium, provided it is solvent and the articles permit[36](index=36&type=chunk) [Dividends](index=17&type=section&id=Dividends) States the Board's decision not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[37](index=37&type=chunk) [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) Reports a slight increase in trade and other payables to **RMB 135.874 million** as of June 30, 2025 Trade and Other Payables (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 58,144 | 23,177 | | Bills payable | 5,385 | 3,841 | | Other payables | 72,345 | 103,729 | | **Total** | **135,874** | **130,747** | Ageing Analysis of Trade Payables (As of June 30) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 60 days | 52,704 | 19,844 | | 61 to 120 days | 405 | 1,307 | | 121 to 365 days | 3,043 | 789 | | Over 365 days | 1,992 | 1,237 | | **Total** | **58,144** | **23,177** | [Borrowings](index=18&type=section&id=Borrowings) Indicates a significant increase in outstanding bank borrowings to **RMB 25.7 million** as of June 30, 2025 Total Borrowings (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current portion of bank borrowings, secured | 25,650 | 5,000 | | **Total borrowings** | **25,650** | **5,000** | - Borrowings include a five-year mortgage loan entered into in 2021 (annual interest rate of **5.70%**) and a one-year secured loan entered into in March 2025 (annual interest rate of **3.1%**)[39](index=39&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the Group's operational and financial performance during the reporting period [Business Review](index=19&type=section&id=Business%20Review) Reviews the Group's business performance in H1 2025, highlighting revenue growth and segment contributions - The Group recorded revenue of **RMB 354.5 million** during the reporting period, an increase of approximately **33.0%** compared to the same period in 2024[42](index=42&type=chunk) - Revenue from the IP creation and operation segment was **RMB 143.7 million**, primarily attributable to the broadcast of "J-Style Trip" Season 3, which achieved top viewership ratings and over **4.1 billion** topic exposures[43](index=43&type=chunk) - Revenue from the new consumer segment significantly increased from **RMB 110.0 million** in H1 2024 to **RMB 210.7 million** in H1 2025, an increase of approximately **91.5%**[45](index=45&type=chunk) - New products "Modong Sicilian Coffee" and "Juneng Polyphenol Drink" achieved sales of approximately **RMB 28.6 million** and **RMB 13.1 million**, respectively[45](index=45&type=chunk) - The Group continues to promote products through an IP-empowered model, launching "AI主播" (AI anchor) and "AI分销商" (AI distributor) functions to leverage AI technology for enhancing C-end customer experience and assisting distributor marketing[46](index=46&type=chunk) [Business Outlook](index=21&type=section&id=Business%20Outlook) Outlines the Group's future strategies, focusing on IP development, new consumer products, and market expansion - The Group plans to focus on the independent research and development of IP-related products themed around "Chou Tong Hsueh" and his family, as well as other celebrity IPs, in H2 2025[49](index=49&type=chunk) - The Group will accelerate the establishment of robot stores (vending machines) and plans to collaborate with leading industry companies to expand coverage to high-traffic locations such as subway stations, high-speed rail stations, and airports[49](index=49&type=chunk) - Plans to collaborate with Hangzhou Unitree Robotics Co., Ltd. to develop and commercialize quadruped robot dogs/robots with companionship and social attributes, creating new forms of IP products for the AI and robotics era[50](index=50&type=chunk) - Given the success of "J-Style Trip" Season 3, the Group is considering commencing preparations for a new season, "J-Style Trip" Season 4, in H2 2025[51](index=51&type=chunk) - The Group will continue to upgrade or launch more new products focusing on public health needs and strive to expand products into overseas markets, strengthening supply and distribution channels in Taiwan and other international markets[52](index=52&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) Provides a detailed review of the Group's financial performance, including revenue, gross profit, and net profit [Revenue](index=22&type=section&id=Revenue) Discusses the **33.0%** increase in total revenue, primarily driven by the new consumer business - The Group recorded revenue of **RMB 354.5 million** during the reporting period, an increase of approximately **33.0%** compared to the same period in 2024[53](index=53&type=chunk) - The increase in revenue was primarily due to a **91.5%** rise in new consumer business revenue, from **RMB 110.0 million** in H1 2024 to **RMB 210.7 million** in H1 2025[53](index=53&type=chunk) [IP Creation and Operation Business](index=22&type=section&id=IP%20Creation%20and%20Operation%20Business) Reviews the **8.2%** decrease in IP creation and operation segment revenue, mainly due to reduced celebrity IP management services - In H1 2025, revenue from the IP creation and operation segment was **RMB 143.7 million**, a decrease of approximately **8.2%** from **RMB 156.6 million** in H1 2024[54](index=54&type=chunk) - The decrease in revenue was primarily due to a reduction in celebrity IP management business revenue, from **RMB 39.1 million** to **RMB 18.8 million**, mainly resulting from the Group's restructuring of cooperation with multi-channel network companies[54](index=54&type=chunk) [New Consumer Business](index=23&type=section&id=New%20Consumer%20Business) Highlights the **91.5%** growth in new consumer business revenue, driven by product diversification - New consumer business revenue was **RMB 210.7 million**, an increase of approximately **91.5%** compared to the same period in 2024, primarily benefiting from product diversification and distribution channels[55](index=55&type=chunk) - Newly launched Modong Sicilian Coffee and Juneng Polyphenol Drink achieved sales of approximately **RMB 28.6 million** and **RMB 13.1 million**, respectively[55](index=55&type=chunk) [Cost of Sales](index=23&type=section&id=Cost%20of%20Sales) Explains the **49.8%** increase in cost of sales, mainly due to higher cost of goods sold and event planning services - Cost of sales for H1 2025 was **RMB 198.6 million**, an increase of approximately **49.8%** compared to H1 2024[57](index=57&type=chunk) - The increase in cost of sales was primarily due to higher cost of goods sold (from **RMB 45.4 million** to **RMB 105.3 million**) and increased costs for event planning and management services[57](index=57&type=chunk) [Gross Profit and Gross Profit Margin](index=24&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Reports a **16.3%** increase in gross profit but a decrease in gross profit margin to **44.0%** due to product mix changes - Gross profit for H1 2025 was **RMB 155.8 million**, an increase of approximately **16.3%** compared to the same period in 2024[58](index=58&type=chunk) - Gross profit margin decreased from **50.3%** in H1 2024 to **44.0%** in H1 2025, primarily due to a reduction in new consumer business gross profit margin from changes in product mix and decreased celebrity IP management service revenue[58](index=58&type=chunk) [Selling and Marketing Expenses](index=24&type=section&id=Selling%20and%20Marketing%20Expenses) Notes a **47.6%** increase in selling and marketing expenses, driven by higher commissions and employee benefits - Selling and marketing expenses for H1 2025 were **RMB 69.8 million**, an increase of approximately **47.6%** compared to H1 2024[59](index=59&type=chunk) - The increase was primarily due to commissions rising from **RMB 11.3 million** to **RMB 30.8 million**, and increased employee benefit expenses[59](index=59&type=chunk) [General and Administrative Expenses](index=24&type=section&id=General%20and%20Administrative%20Expenses) Reports a **12.5%** decrease in general and administrative expenses, mainly due to reduced employee benefits and legal fees - General and administrative expenses for H1 2025 were **RMB 46.9 million**, a decrease of approximately **12.5%** compared to the same period in 2024[60](index=60&type=chunk) - The decrease was primarily due to a **RMB 4.9 million** reduction in employee benefit expenses and a **RMB 4.8 million** reduction in legal and professional fees[60](index=60&type=chunk) [Other Gains and Losses](index=24&type=section&id=Other%20Gains%20and%20Losses) Explains the **RMB 18.8 million** other loss, primarily due to fair value losses on Hong Kong-listed equity securities - Other losses of **RMB 18.8 million** were recorded in H1 2025 (H1 2024: other gains of **RMB 0.5 million**), primarily due to fair value losses of approximately **RMB 19.5 million** on investments in Hong Kong-listed equity securities[61](index=61&type=chunk) [Profit for the Period](index=24&type=section&id=Profit%20for%20the%20Period) Reports a profit for the period of **RMB 8.1 million**, with a net profit margin of **2.3%** - Profit for the period in H1 2025 was **RMB 8.1 million** (H1 2024: **RMB 25.5 million**), with a net profit margin of approximately **2.3%** (H1 2024: **9.6%**)[62](index=62&type=chunk) [Adjusted Net Profit (Non-HKFRS Financial Measure)](index=25&type=section&id=Adjusted%20Net%20Profit%20(Non-HKFRS%20Financial%20Measure)) Presents the adjusted net profit, a non-HKFRS measure, which increased by **7.0%** to **RMB 27.6 million** Adjusted Net Profit (For the six months ended June 30) | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 8,071 | 25,450 | | Add: Share-based payment expenses | – | 312 | | Add: Fair value loss on investments in Hong Kong-listed equity securities | 19,548 | – | | **Adjusted net profit for the period** | **27,619** | **25,762** | | Adjusted net profit margin | 7.8% | 9.7% | - Adjusted net profit for H1 2025 was **RMB 27.6 million**, an increase of **7.0%** compared to H1 2024[63](index=63&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=26&type=section&id=Capital%20Structure,%20Liquidity%20and%20Financial%20Resources) Discusses the Group's capital structure, liquidity position, and financial resources, including cash and cash equivalents - As of June 30, 2025, the total number of ordinary shares issued by the Company was **859,716,005**[65](index=65&type=chunk) - Cash and cash equivalents were **RMB 68.0 million**, a decrease from **RMB 296.5 million** as of December 31, 2024, primarily due to increased cash used in operations, investments in concerts, and subscription to an industrial fund[65](index=65&type=chunk) Liquidity and Gearing Ratios (As of June 30) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current ratio | 3.7 times | 3.7 times | | Gearing ratio | 0.05 times | 0.01 times | [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) States that the Group had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no significant contingent liabilities[67](index=67&type=chunk) [Material Investments Held](index=26&type=section&id=Material%20Investments%20Held) Details the Group's **USD 8 million** investment in Starlight New Economy Industry Fund II L.P - The Group agreed to subscribe for an interest in Starlight New Economy Industry Fund II L.P. with a capital commitment of **USD 8 million**[68](index=68&type=chunk) - As of June 30, 2025, the Group's interest in the industrial fund was accounted for as a financial asset at fair value through profit or loss of **RMB 57.2 million**[68](index=68&type=chunk) - As of June 30, 2025, the Group held no other material investments representing **5%** or more of its total assets[68](index=68&type=chunk) [Material Acquisitions and Disposals of Assets, Subsidiaries, Associates and Joint Ventures](index=27&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Assets,%20Subsidiaries,%20Associates%20and%20Joint%20Ventures) Confirms no material acquisitions or disposals during the reporting period, other than those disclosed - During the reporting period, the Group had no material acquisitions or disposals of assets, subsidiaries, associates, or joint ventures[69](index=69&type=chunk) [Charges on the Group's Assets](index=27&type=section&id=Charges%20on%20the%20Group's%20Assets) States that the Group's interest-bearing bank borrowings are secured by certain properties and restricted bank deposits - As of June 30, 2025, the Group's interest-bearing bank borrowings of **RMB 25.7 million** were secured by certain properties and restricted bank deposits of the Group[70](index=70&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) Assesses the Group's foreign exchange risk, noting minimal exposure due to RMB-denominated transactions - The Group primarily operates in China, with most transactions settled in **RMB**, and management believes the business does not face any significant foreign exchange risk[71](index=71&type=chunk) - A foreign exchange loss of **RMB 2.1 million** was recorded during the reporting period, primarily due to the depreciation of the **RMB** against the **HKD** on bank balances held by overseas subsidiaries (denominated in **RMB**)[71](index=71&type=chunk) [Events After the Reporting Period](index=27&type=section&id=Events%20After%20the%20Reporting%20Period) Discloses a post-reporting period share placement and subscription that raised approximately **HKD 324.1 million** - On July 25, 2025, the Company entered into a placing and subscription agreement with the placing agent, completing the placing and subscription of **37,524,500** shares[72](index=72&type=chunk) - The net proceeds raised from the placing and subscription amounted to approximately **HKD 324.1 million**[72](index=72&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) Details the Group's employee count, welfare expenses, and remuneration policy - As of June 30, 2025, the Group had **402** employees, most of whom are based in China[74](index=74&type=chunk) - The Group's employee benefit expenses for H1 2025 were **RMB 48.7 million** (H1 2024: **RMB 50.2 million**)[75](index=75&type=chunk) - The remuneration policy rewards employees and directors based on individual performance, capabilities, involvement, market comparable data, and Group performance, adopting share option schemes and providing internal training courses[75](index=75&type=chunk) [Use of Proceeds](index=28&type=section&id=Use%20of%20Proceeds) Explains how the proceeds from global offerings and placements are allocated and utilized for various business initiatives [Use of Net Proceeds from Global Offering](index=28&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) Details the allocation and utilization of approximately **HKD 252.8 million** net proceeds from the global offering - The net proceeds from the global offering, approximately **HKD 252.8 million**, are intended for diversifying product portfolios, increasing brand exposure and product sales, creating unique celebrity IPs and related IP content, upgrading IT infrastructure, and working capital[76](index=76&type=chunk)[77](index=77&type=chunk) Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Net Proceeds (HKD million) | Unutilized as of January 1, 2025 (HKD million) | Utilized in H1 2025 (HKD million) | Unutilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Diversifying product portfolio | 60.2 | 22.4 | 5.3 | 17.1 | | Increasing brand exposure and product sales on multi-channel networks | 77.4 | 44.3 | 44.3 | – | | Creating unique celebrity IPs and related IP content | 70.2 | – | – | – | | Upgrading IT infrastructure and increasing investment in IT development | 31.1 | 5.7 | 3.3 | 2.4 | | Working capital | 13.9 | – | – | – | | **Total** | **252.8** | **72.4** | **52.9** | **19.5** | - As of June 30, 2025, the remaining unutilized net proceeds are expected to be fully utilized on or before December 31, 2025[78](index=78&type=chunk) [Use of Net Proceeds from 2024 Placing](index=30&type=section&id=Use%20of%20Net%20Proceeds%20from%202024%20Placing) Details the allocation and utilization of approximately **HKD 222.1 million** net proceeds from the 2024 placing - The 2024 placing raised net proceeds of approximately **HKD 222.1 million**[79](index=79&type=chunk) Use of Net Proceeds from 2024 Placing (As of June 30, 2025) | Purpose | Net Proceeds (HKD million) | Unutilized as of January 1, 2025 (HKD million) | Utilized in H1 2025 (HKD million) | Unutilized as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Investing in and/or organizing physical concerts for artists collaborating with the Group | 79.8 | 50.3 | 50.3 | – | | Increasing the Company's efforts to enter the "metaverse" ecosystem | 60.5 | – | – | – | | Potential investments related to the Company's principal business activities | 60.0 | 60.0 | – | 60.0 | | General working capital and general corporate purposes | 21.8 | 19.3 | 19.3 | – | | **Total** | **222.1** | **129.6** | **69.6** | **60.0** | - The net proceeds from the 2024 placing are expected to be fully utilized by December 31, 2026[80](index=80&type=chunk) [Dividends](index=31&type=section&id=Dividends) Reaffirms the Board's decision not to declare an interim dividend for H1 2025 - The Board has resolved not to declare an interim dividend for H1 2025 (H1 2024: nil)[81](index=81&type=chunk) [Corporate Governance](index=31&type=section&id=Corporate%20Governance) Outlines the company's adherence to corporate governance principles and practices [Standard Code for Securities Transactions](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions) Confirms the Company's adoption and directors' compliance with the Standard Code for Securities Transactions - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules[83](index=83&type=chunk) - All Directors have confirmed full compliance with the Model Code during the reporting period[83](index=83&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=31&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) States that no listed securities of the Company were purchased, sold, or redeemed during the reporting period - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[84](index=84&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) Describes the Audit Committee's composition and its review of the Group's unaudited consolidated results - The Audit Committee comprises three independent non-executive Directors: Dr. Xue Jun, Mr. Yang, Dave De, and Ms. Zhong Jingyi[85](index=85&type=chunk) - The Audit Committee has reviewed the Group's unaudited consolidated results for the reporting period and discussed accounting principles, financial reporting procedures, and internal controls with management, raising no objections[85](index=85&type=chunk) [Publication of Results Announcement and Interim Report](index=32&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) Provides information on where the results announcement and interim report will be published - This results announcement will be published on the Stock Exchange's website www.hkexnews.hk and the Company's website http://www.splegend.com[86](index=86&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders in due course and published on the Stock Exchange's and the Company's websites[86](index=86&type=chunk) [By Order of the Board](index=32&type=section&id=By%20Order%20of%20the%20Board) Lists the composition of the Board of Directors - The Board of Directors comprises three executive Directors (Ms. Ma Xinting, Dr. Qian Zhongshan, and Mr. Lai Guohui), two non-executive Directors (Mr. Yang Junrong and Mr. Chen Zhong), and three independent non-executive Directors (Dr. Xue Jun, Mr. Yang, Dave De, and Ms. Zhong Jingyi)[87](index=87&type=chunk)

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

格隆汇8月19日丨巨星传奇(06683.HK)公布，公司将于2025年8月29日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及宣派中期股息（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。 Star Plus Legend Holdings Limited 巨星傳奇集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：6683） 董事會會議日期 巨 星 傳 奇 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月29日（星 期 五）舉 行 董 事 會 會 議，以 考 慮 及 批 准（其 中 包 括）本 公 司 及其附屬公司截至2025年6月30日 止 六 個 月 的 中 期 業 績 及 支 付 中 期 股 息（如 有） 及 處 理 任 何 其 他 事 項。 承董事會命 巨星傳奇集團有限公司 主席兼執行董事 馬心婷 香 港，2025年8月19日 於 本 公 告 日 期 ...

当日，在周杰伦入驻抖音的消息刺激下，巨星传奇股价一飞冲天，一度暴涨165.6%，最终收盘报12.42 港元，上涨94.37%。全天成交额高达114.85亿港元，一举超越腾讯的88.65亿港元，位列当天港股成交 排行榜前三。值得注意的是，9日巨星传奇港股通总交易量排名第一，超过国泰君安国际、阿里巴巴和 腾讯控股等热门股票，净流入约3.9亿元。 7月9日，港股市场最火爆及热议的话题无疑是"周杰伦入驻抖音平台"，"周杰伦概念股"暴涨等等。周杰 伦作为华语乐坛的标志性人物，其入驻抖音不仅引发了广泛关注，也为与其深度绑定的港股上市公司 ——巨星传奇（6683.HK）带来了深远的业务价值和火热的市场反应。 ...

Group 1 - Jay Chou's entry into Douyin has generated significant market interest, with his account gaining over 15 million followers and his first video receiving more than 7.5 million likes within hours of posting [1] - The stock price of Giant Star Legend surged over 36% shortly after Jay Chou's Douyin debut, with a total market capitalization exceeding 12 billion HKD and a cumulative increase of 249.31% over four days [1] - On July 9, the announcement of Jay Chou joining Douyin led to a stock price increase of 165.6%, with a trading volume surpassing that of major companies like Tencent [1] Group 2 - Giant Star Legend focuses on IP creation and operation, having developed significant celebrity IPs including "Zhou Tongxue" and "Liu Jiaolian," with a total fan base of 250 million [2] - The company has successfully expanded its IP business into various sectors, generating over 1 billion RMB in sales through collaborations with over 200 licensed partners [2] - The first outdoor reality show tailored for Jay Chou, "Zhou You Ji," has achieved high viewership ratings, with the third season garnering over 41 billion topic exposures [3] Group 3 - In the 2024 financial report, Giant Star Legend reported a revenue of 584 million RMB, a year-on-year increase of approximately 35.8%, with IP business revenue growing by 65.1% [3] - The surge in stock price reflects market recognition of Jay Chou's IP commercial value and optimistic expectations for the company's future growth [3] - Increased influence of Jay Chou on Douyin presents opportunities for Giant Star Legend to expand revenue through advertising, live streaming, and co-branded products [3]