Core Insights - The company reported a revenue of RMB 584 million for the year ending December 31, 2024, representing a year-on-year increase of approximately 35.8% [1] - The two main business segments, IP creation and operation, and new retail, contributed 53.8% and 46.2% to total revenue, respectively [1] - Gross profit reached RMB 327 million, up about 18.4% year-on-year, while net profit was RMB 50.2 million, reflecting a year-on-year increase of 21.3% [1] IP Creation and Operation - The revenue from IP creation and operation surpassed new retail for the first time, generating RMB 314 million in the fiscal year 2024, a growth of approximately 65.1% from RMB 190 million in fiscal year 2023 [2] - The significant growth in this segment was driven by the successful airing of two major television programs, including the second season of "Travel Diary" featuring Jay Chou, which garnered 392 trending topics and over 6 billion views on Weibo [2] - Another program, "Happy Talk," hosted by Yu Chengqing, maintained the highest ratings among similar shows during its broadcast period, generating RMB 168 million in revenue from these programs [2] New Retail Performance - The new retail segment continued to perform strongly, recording revenue of approximately RMB 270 million, a year-on-year increase of about 12.5% [4] - This segment focuses on the development and sale of health management and skincare products, utilizing various distribution channels [4] - The flagship product, Magic Coffee, has been well-received by consumers, ranking first in the Chinese bulletproof beverage market from 2020 to 2024 based on total sales [4]

Financial Performance - Revenue reached RMB 584.0 million, an increase of approximately 35.8% compared to the fiscal year 2023[4] - Revenue from IP creation and operation business amounted to RMB 314.3 million, representing a growth of about 65.1% year-over-year[4] - Gross profit was RMB 327.0 million, up approximately 18.4% from the previous fiscal year[4] - Net profit increased to RMB 50.2 million, reflecting a growth of 21.3% compared to fiscal year 2023[4] - Total revenue from mainland China was RMB 571,146,000, a significant increase from RMB 428,140,000 in 2023, reflecting a growth of 33.3%[22] - The company reported a pre-tax profit of RMB 86,818,000 for the fiscal year 2024, compared to RMB 66,858,000 in 2023, reflecting a 30% increase[20] - The company incurred total tax expenses of RMB 36,578,000 for the fiscal year 2024, compared to RMB 25,447,000 in 2023, representing a 43.7% increase[24] - The company’s total equity increased to RMB 959.7 million, up from RMB 691.6 million in the previous year[8] - The company’s gross profit for fiscal year 2024 was RMB 327.0 million, an increase of approximately 18.4% from RMB 276.3 million in fiscal year 2023, with a gross margin of 56.0%[68] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 1,246.5 million, compared to RMB 902.6 million in 2023[8] - Cash and cash equivalents increased to RMB 296.5 million, up from RMB 145.8 million in the previous year[7] - The company reported a significant increase in trade and other receivables, reaching RMB 398.9 million, compared to RMB 327.4 million in 2023[7] - Trade receivables amounted to RMB 312,025,000 as of December 31, 2023, with a net amount of RMB 303,375,000 after accounting for impairment provisions of RMB 8,650,000[37] - The company has no impairment provisions for television program copyrights, indicating that the estimated recoverable amount exceeds the carrying value[35] - Trade and other payables increased to RMB 130.7 million in 2024 from RMB 117.7 million in 2023[42] Shareholder Information - Basic earnings per share rose to RMB 0.07, compared to RMB 0.05 in the previous year[6] - The company did not declare a final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[29] - The company issued 31,451,000 ordinary shares on May 2, 2024, raising a net amount of HKD 222.1 million (approximately RMB 201.9 million)[40] - The company does not recommend any final dividend for the year ending December 31, 2024[90] Business Segments - The revenue from the new retail segment was RMB 269,750,000, while the IP creation and operation segment generated RMB 314,260,000[19] - The new retail business generated approximately RMB 269.8 million in revenue, representing a growth of about 12.5% compared to the fiscal year 2023[51] - Revenue from the television programs "周游记2" and "乐来乐快乐" contributed RMB 167.6 million during fiscal year 2024[49] - The company’s two main business segments accounted for approximately 53.8% and 46.2% of total revenue, respectively[47] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new product development to sustain growth[19] - The company plans to continue expanding its online and offline events, including the "一千零一夜" variety music festival[50] - The company plans to launch a new product line called "Modong Magic," combining coffee with various nutrients to meet health needs[57] - The company aims to strengthen offline distribution channels by opening "black label" stores themed around its star IP, offering high-end products[59] - The company plans to host various events and media content targeting its core star IP, including the release of "Zhou You Ji 3" in March 2025[56] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the reporting period[92] - The company has adopted the standard code for securities trading for directors and employees, confirming full compliance during the reporting period[93] - The audit committee has been established and consists of three independent non-executive directors[95] - The group's consolidated financial statements for the fiscal year 2024 have been reviewed and agreed upon by the auditors[96] Employee and Operational Information - Employee benefits expenses amounted to RMB 106.2 million in FY2024, up from RMB 70.5 million in FY2023[82] - The group employed 412 staff as of December 31, 2024, an increase from 353 staff in the previous year[81] - The group recorded general and administrative expenses of RMB 114.0 million for FY2024, an increase of approximately 6.9% compared to RMB 106.6 million in FY2023[70] Accounting and Reporting Standards - The financial statements comply with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[12] - The group has adopted new and revised accounting standards effective from January 1, 2024, with no significant impact expected on current or future periods[15] - The group is evaluating the specific impact of adopting new accounting standards on its consolidated financial statements[18] - The adoption of HKFRS 18 is not expected to affect the group's net profit but may change the classification of income and expenses in the income statement[18]

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。 於 本 公 告 日 期，董 事 會 由 三 名 執 行 董 事 馬 心 婷 女 士、錢 中 山 博 士 及 賴 國 輝 先 生；兩 名 非 執 行 董 事 楊 峻 榮 先 生 及 陳 中 先 生 以 及 三 名 獨 立 非 執 行 董 事 薛 軍 博 士、Yang, Dave De先 生 及 鍾 靜 儀 女 士 組 成。 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3月31日（星 期 一）舉 行 董 事 ...

本 公 司 的 股 份 過 戶 登 記 分 處 則 維 持 不 變。 承董事會命 巨星傳奇集團有限公司 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 全部或任何部份內容而產生或因倚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） 變更開曼群島主要股份過戶登記處及 註冊辦事處 巨 星 傳 奇 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，自2024年12月31 日 起，本 公 司 於 開 曼 群 島 的 主 要 股 份 過 戶 登 記 處 及 註 冊 辦 事 處 已 變 更 為： Vistra (Cayman) Limited P.O. Box 31119 Grand Pavilion Hibiscus Way, 802 West Bay Road, Grand C ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 266,546,000, representing a 76% increase from RMB 151,388,000 in the same period of 2023[12] - Gross profit for the same period was RMB 133,952,000, up 44% from RMB 92,711,000 year-on-year[12] - Operating profit increased to RMB 34,069,000, a 50% rise compared to RMB 22,734,000 in 2023[12] - Profit for the period was RMB 25,450,000, which is a 55% increase from RMB 16,430,000 in the previous year[12] - Profit attributable to owners of the Company was RMB 24,963,000, compared to RMB 13,027,000 in 2023, marking an increase of 92%[12] - Total comprehensive income for the period was RMB 29,985,000, up from RMB 17,115,000 in the same period last year, reflecting a 75% increase[13] - Basic and diluted earnings per share increased to RMB 0.03 from RMB 0.02 year-on-year[13] - The Company reported a profit of RMB 24,963,000 for the six months ended June 30, 2024, compared to RMB 13,027,000 for the same period in 2023, indicating an increase of 91.0%[22] Expenses and Liabilities - Selling and marketing expenses rose to RMB 47,287,000, up from RMB 32,563,000, indicating a 45% increase[12] - General and administrative expenses increased to RMB 53,639,000 from RMB 41,338,000, reflecting a 30% rise[12] - Non-current liabilities decreased to RMB 4,097,000 from RMB 7,173,000, a reduction of 42.9%[18] - Current liabilities totaled RMB 210,448,000, slightly up from RMB 203,812,000, reflecting an increase of 3.2%[18] - Trade payables increased from RMB 14,083,000 as of December 31, 2023, to RMB 26,020,000 as of June 30, 2024, representing an 84.5% increase[154] - Amounts due to related parties decreased from RMB 22,232,000 to RMB 11,825,000, a reduction of 46.2%[154] - Other payables increased from RMB 75,427,000 to RMB 65,773,000, a decrease of 12.8%[154] Assets and Cash Flow - Total assets increased to RMB 1,144,183,000 as of June 30, 2024, up from RMB 902,574,000 as of December 31, 2023, representing a growth of 26.8%[17] - Cash and cash equivalents rose significantly to RMB 362,679,000, compared to RMB 145,823,000 at the end of 2023, marking an increase of 148.0%[17] - The Company’s reserves increased to RMB 669,618,000 as of June 30, 2024, compared to RMB 459,737,000 at the end of 2023, an increase of 45.6%[22] - The company reported a total cash outflow from operations of RMB 20,615,000 for the six months ended June 30, 2024, which is an increase of 102% from RMB 10,194,000 in 2023[24] - Cash inflow from investing activities was RMB 35,774,000 for the six months ended June 30, 2024, compared to an outflow of RMB 3,709,000 in the same period of 2023, representing a significant turnaround[24] - Cash and cash equivalents at the end of the period increased to RMB 362,679,000, up from RMB 100,423,000 at the end of June 2023, reflecting a growth of 261%[26] Revenue Segmentation - Revenue from Mainland China was RMB 263,952,000, representing a significant increase of 75% compared to RMB 151,009,000 in 2023[80] - Segment results for IP creation and new retail were RMB 60,584,000 and RMB 73,368,000 respectively, totaling RMB 133,952,000 for the first half of 2024[75] - Sales of health management and skincare products generated RMB 108,615,000, up from RMB 87,483,000 in the previous year, marking a 24% growth[82] - Revenue from production of TV programs was RMB 87,184,000, a new addition to the revenue streams as there was no revenue reported in the same period of 2023[82] - The IP creation and operation segment contributed approximately 58.8% of the total revenue in 1H2024, with revenue increasing by approximately 149.8% from RMB62.7 million in 1H2023 to RMB156.6 million in 1H2024[197] Shareholder Returns - The company declared special dividends of HK$60,000,000 to shareholders, reflecting a strategic return of capital from the share premium account[150] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[150] - The total issued ordinary shares increased from 721,360,000 as of June 30, 2023, to 833,338,500 as of June 30, 2024, representing an increase of 15.5%[146] Taxation and Compliance - Current income tax expense for the six months ended June 30, 2024, was RMB 14,702,000, significantly higher than RMB 6,250,000 in the same period of 2023[90] - The PRC corporate income tax rate remained at 25% for the six months ended June 30, 2024, consistent with the previous year[96] - The Group's entities in Hong Kong are subject to profits tax of 8.25% for the first HK$2 million of assessable profits and 16.5% on the remaining profits, unchanged from the previous year[95] Financial Position and Risk Management - The Group's net cash position as of June 30, 2024, was RMB (350,460,000), compared to RMB (158,113,000) as of December 31, 2023[63] - The Group's financial risk management focuses on minimizing adverse effects from market risks, credit risks, and liquidity risks[51] - The Group's financial risk management policies have not changed since December 31, 2023[55] - The Group is assessing the impacts of new accounting standards that will become effective in future reporting periods[47]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Insights - The music content IP "乐来乐快乐" has successfully concluded, achieving the highest viewership ratings among similar variety shows, with over 20 billion views on related topics and 600 million total plays on short video platforms [5][6] - The company is in a business expansion phase, leading to a downward adjustment in profit forecasts for 2024-2026, with expected net profits of 89 million, 151 million, and 205 million yuan respectively [5][6] - The company has demonstrated strong IP operational capabilities, with a revenue increase of 76% year-on-year in 2024H1, driven by IP operations and private traffic leading to self-owned brands [7] Financial Performance Summary - In 2024H1, the company achieved a revenue of 267 million yuan, a year-on-year increase of 76%, and a net profit of 24.96 million yuan, up 91.6% year-on-year [7] - The gross profit margin for 2024 is projected to be 60.3%, with net profit margins improving to 13.6% [8] - The company's earnings per share (EPS) for 2024 is expected to be 0.11 yuan, with a price-to-earnings (P/E) ratio of 87.7 [8]

业绩点评 2024 年 9 月 2 日 巨星传奇（6683.HK） 余浩樑 CE No.BOI816 852-3762 9662 Albert.hl.yu@pingan.com 李峰 CE No.BPX900 852-3762 9696 Lifeng383@pingan.com.cn 基本资料 现价：10.24 港元 H 股市值：8,533 百万港元 52 周股价波幅：5.87-13.16 港元 近 3 个月日均成交额：28.4 百万港元 来源：彭博，数据更新至 2023 年 8 月 30 日 | --- | --- | |---------------------------------------------|-------------------| | 股价表现 | | | 15.0 港元 | 15.0 百万股 | | 10.0 | 10.0 | | 5.0 | 5.0 | | | | | 0 3/24 4/24 5/24 6/24 成交量 (右轴) | 0.0 8/24 恒生指数 | 来源：彭博，数据更新至 2023 年 8 月 30 日 IP 业务表现亮眼，推动收入大幅增 评级：未评级 长，看好未来 ...

Revenue and Profit Growth - Revenue for the six months ended June 30, 2024, was RMB 266.5 million, an increase of approximately 76.0% compared to RMB 151.4 million in the same period of 2023[2] - Revenue from IP creation and operation business was RMB 156.6 million, representing a significant increase of approximately 149.8% from RMB 62.7 million in the first half of 2023[2] - Gross profit for the period was RMB 134.0 million, up approximately 44.6% from RMB 92.7 million in the same period last year[2] - Profit for the period was RMB 25.5 million, an increase of approximately 55.5% compared to RMB 16.4 million in the first half of 2023[2] - The company reported a net profit attributable to equity holders of RMB 24,963 thousand for the six months ended June 30, 2024, compared to RMB 13,027 thousand for the same period in 2023, representing an increase of 92%[29] Earnings Per Share - Basic and diluted earnings per share for the company were RMB 0.03, compared to RMB 0.02 in the previous year[5] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.03, compared to RMB 0.02 for the same period in 2023[28] Assets and Equity - Total assets as of June 30, 2024, amounted to RMB 1,144.2 million, an increase from RMB 902.6 million as of December 31, 2023[9] - Non-current assets increased to RMB 195.8 million from RMB 179.9 million as of December 31, 2023[7] - Current assets totaled RMB 948.4 million, up from RMB 722.7 million at the end of 2023[9] - Total equity increased to RMB 929.6 million from RMB 691.6 million as of December 31, 2023[8] Cash Position - The company reported a net cash position of RMB 362.7 million in cash and cash equivalents as of June 30, 2024, compared to RMB 145.8 million at the end of 2023[7] - As of June 30, 2024, the group held cash and cash equivalents of RMB 362.7 million, significantly up from RMB 145.8 million as of December 31, 2023[64] Revenue Segmentation - The revenue from the new retail segment was RMB 109,986 thousand, while the IP creation and operation segment generated RMB 156,560 thousand, indicating strong performance across both segments[18] - Revenue from health management products and skincare sales amounted to RMB 108,615 thousand, up 24% from RMB 87,483 thousand in the previous year[22] - The company’s revenue from television program production was RMB 87,184 thousand, with no revenue reported in the previous year[22] - Revenue from television programs during the reporting period generated RMB 87.2 million, contributing significantly to the growth of the IP segment[47] - The IP creation and operation segment became the largest business unit, accounting for approximately 58.8% of total revenue in the first half of 2024, up from RMB 62.7 million in the first half of 2023 to RMB 156.6 million, representing a growth of about 149.8%[47] Expenses - The company incurred sales and marketing expenses of RMB 47,287 thousand and general and administrative expenses of RMB 53,639 thousand during the reporting period[18] - Sales and marketing expenses increased to RMB 47.3 million in the first half of 2024, a rise of approximately 45.1% from RMB 32.6 million in the same period of 2023[59] - General and administrative expenses rose to RMB 53.6 million in the first half of 2024, an increase of about 29.8% from RMB 41.3 million in the first half of 2023[60] Financial Management - The company incurred income tax expenses of RMB 11,347 thousand for the six months ended June 30, 2024, compared to RMB 6,407 thousand in the same period of 2023, reflecting an increase of 77%[23] - The financial asset impairment loss provision was RMB 1,848 thousand, indicating a focus on managing financial risks[18] - The company plans to adopt new accounting standards effective January 1, 2025, which may impact future financial reporting[14] - The company continues to evaluate the impact of new accounting standards on foreseeable future transactions, indicating proactive financial management[14] Shareholder Returns - A special dividend of HKD 60,000,000 was declared from the share premium account[42] - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[42] Employee Information - The company had 400 employees as of June 30, 2024, an increase from 353 employees on December 31, 2023, with most employees based in China[69] - Employee benefit expenses amounted to RMB 50.2 million for the reporting period, compared to RMB 31.8 million in the first half of 2023[69] Future Plans and Investments - The company plans to continue expanding its market presence and developing new products, particularly in the health management and entertainment sectors[22] - The group aims to expand its IP creation and operation business into three areas: virtual media content creation, virtual artist IP management, and digital content marketing[51] - The group plans to launch vending machines in major shopping malls across various cities in China in the second half of 2024 to sell related products[52] - The company is actively pursuing potential investments related to its main business activities, with a budget of HKD 60.0 million allocated for this purpose[73] Market Presence - The majority of the company's revenue is derived from the Chinese market, highlighting its strong regional presence[20] - The group is actively seeking opportunities to promote and distribute its products in overseas markets to increase market share and brand recognition[52] Financial Ratios - The current ratio as of June 30, 2024, was 4.5 times, an increase from 3.6 times as of December 31, 2023[64]

传媒/广告营销 把握健康生活红利，焕新明星 IP 价值，加速进击 巨星传奇（06683.HK） 2024 年 08 月 15 日 ——港股公司首次覆盖报告 投资评级：买入（首次） | --- | --- | |--------------------|--------------| | 日期 | 2024/8/14 | | 当前股价(港元) | 10.260 | | 一年最高最低(港元) | 13.160/5.300 | | 总市值(亿港元) | 85.50 | | 流通市值(亿港元) | 85.50 | | 总股本(亿股) | 8.33 | | 流通港股(亿股) | 8.33 | | 近 3 个月换手率(%) | 22.5 | 股价走势图 巨星传奇 恒生指数 -50% 0% 50% 100% 150% 2023-08 2023-12 2024-04 数据来源：聚源 初敏（分析师） 方光照（分析师） chumin@kysec.cn 证书编号：S0790522080008 fangguangzhao@kysec.cn 证书编号：S0790520030004 IP 运营+新零售双轮驱动，稀缺明星 IP 构筑护城河 ...

浦银国际研究 公司研究 | 消费行业 巨星传奇（6683.HK）：多项业务增量驱动 桑若楠，CFA 收入扩张，期待 AI+IP 赋能新增长曲线 消费分析师 浦 serena_sang@spdbi.com 银  电视节目制作成为 2024 年增长重点：2023 年 4 季度《周游记 2》在 (852) 2808 6439 国 浙江卫视和 Netflix正式上线，在 2023 年录得电视节目制作收入 8,414 际 万元，但由于有一半的集数在2024 年播放，预计2024 年也将计入来 林闻嘉 自《周游记 2》的部分收入（约人民币 8000 万元），带动收入扩张。 首席消费分析师 展望 2024 年，庾澄庆主持的音乐节目《乐来乐快乐》已在今年 6 月 richard_lin@spdbi.com 播出，计划推出以刘畊宏为主演的巴黎奥运会相关节目，以及按年推 (852) 2808 6433 公 出一季新的《周游记》电视节目（《周游记 3》已开始录制），均将带 2024年6月13日 司 动2024 年收入扩张。 研  运用明星资源赋能多条业务线：除周杰伦、刘畊宏以及Vivi 的等相对 究 评级 成熟的明星IP 外， ...