星空 華 文 控 股 有 限 公 司 . STAR CM Holdings Limited ゜（於開曼群島註冊成立的有限公司） 股份代號 : 6698 。 . 1 4 4 � . 11:11:00 PM . . : . ● . ● . . . . + and and the subject of . . ● . o ● ● . . . . ● . . 0.00 :2024 中期報告 . ● o . . . : . . 目錄 | --- | --- | |--------------------------------|-------| | | | | 公司資料 | 2 | | 管理層討論與分析 | 4 | | 其他資料 | 18 | | 未經審核中期簡明綜合損益表 | 29 | | 未經審核中期簡明綜合全面收益表 | 30 | | 未經審核中期簡明綜合財務狀況表 | 31 | | 未經審核中期簡明綜合權益變動表 | 33 | | 未經審核中期簡明綜合現金流量表 | 35 | | 中期簡明綜合財務資料附註 | 37 | | 釋義 | 57 | 公司資料 | --- | --- | |-------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 STAR CM Holdings Limited 星空華文控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6698） 截至2024年6月30日止六個月的 中期業績公告 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|-----------------------------------|---------------------| | | | | | | 董事會宣佈 ...

Impact of Program Suspension - The suspension of the "2023 China's Voice" program in August 2023 led to significant negative public sentiment and impacted the company's operations[1] - The suspension adversely affected the advertising plans and platform cooperation negotiations for other variety shows produced by Canxing Culture[2] - Management conservatively revised down the future profit forecasts for Mengxiang Qiangyin CGU due to uncertainties surrounding the program's future[3] - The company was unable to provide reliable audit evidence due to the unprecedented nature of the suspension and its impact on Mengxiang Qiangyin's regular business[5] Legal Actions and Public Sentiment - The company initiated legal actions against false information spreaders, with hundreds of pieces of evidence collected and dozens of lawsuits filed[1] Financial Forecasts and Assumptions - Dream Chaser CGU's recoverable amount is calculated using a discounted cash flow (DCF) model over a five-year forecast period ending December 31, 2028, with key parameters including pre-tax cash flows, discount rate, perpetual growth rate, and initial working capital[6] - Dream Chaser's music IP operation and licensing business unit revenue forecast excludes income from "The Voice of China 2023" and related programs due to their suspension and uncertain future impact[7] - Dream Chaser's artist management business unit revenue forecast is based on historical earnings, adjusted for contract durations, market developments, and actual quotations[7] - Dream Chaser's concert organization and production business unit revenue forecast assumes no income from irregular concerts and no future production of music variety shows[7] - Dream Chaser CGU's forecast gross margin for DCF calculation ranges from 36.78% to 37.85%, based on prior year's achieved margins and adjusted for expected market developments[8] - The pre-tax discount rate used in the DCF model is 13.13%, determined based on industry averages and business unit operational risks as of December 31, 2023[9] - The perpetual growth rate for music IP operation and licensing business is consistent with the long-term growth rate as of December 31, 2023, with no expected growth or decline during the DCF period[10] Audit Concerns and Evidence - Auditors expressed concerns over the reasonableness of management's assumptions and requested reliable audit evidence to support the forecasts[4] - The resolution of the audit opinion depends on the company's progress in providing necessary audit evidence to support the impairment test assumptions used as of December 31, 2023[11] Strategic Initiatives and Collaboration - The company is actively exploring opportunities with major broadcasting platforms and advertising clients to develop feasible plans for producing and broadcasting music variety shows[11] - The company believes there is no fundamental disagreement with auditors regarding the application of accounting principles to the suspension and its subsequent impacts[11]

Financial Performance - Revenue for 2023 was RMB 426.6 million, with a gross loss of RMB 59.4 million[6] - Net loss for 2023 was RMB 1,634.2 million, compared to a net profit of RMB 84.6 million in 2022[6] - Adjusted net loss for 2023 was RMB 1,634.2 million, compared to an adjusted net profit of RMB 120.8 million in 2022[6] - The company recorded revenue of RMB 426.6 million, gross loss of RMB 59.4 million, and net loss of RMB 1,634.2 million for the year ended December 31, 2023[18] - Net loss of RMB 1,634.2 million in 2023, compared to a net profit of RMB 84.6 million in 2022, with adjusted net loss (non-IFRS) also at RMB 1,634.2 million[45] Impairment and Losses - Goodwill impairment of approximately RMB 1,191.6 million was recorded due to expected significant declines in music copyright licensing, offline events, and other businesses[6] - Goodwill impairment loss of RMB 1,191.6 million was recorded in 2023 due to expected significant declines in music copyright licensing, offline activities, and other businesses[39] - Financial asset impairment loss recorded RMB 167.7 million in 2023, a significant increase from RMB 24.6 million in 2022 due to heightened credit risk of certain customers[40] - Fair value changes of financial assets at fair value through profit or loss resulted in a loss of RMB 12.1 million in 2023, compared to a gain of RMB 3.9 million in 2022, driven by stock price fluctuations of invested listed companies[41] - The company recognized a goodwill impairment loss of RMB 1,191.6 million for the Dream Voice unit due to unprecedented impacts from a program suspension[69] IP and Content Production - The company successfully produced and broadcasted five variety shows in 2023, including "The Voice of China 2023," which was suspended after four episodes[11] - The company has a film library of over 700 movies, which have been distributed globally[8] - The company's music library contains 9,361 IPs, including 3,765 live music recordings, 3,495 songs for signed artists, and 2,101 licensed and purchased lyrics and music works as of December 31, 2023[13] - The company owns and operates a large film library consisting of 757 Chinese film IPs and a drama series "Reading Class" as of December 31, 2023[14] - The company has a total of 107 signed artists as of December 31, 2023[15] - Revenue from variety show IP production, operation, and licensing accounted for 37.8% of total revenue in 2023, down from 80.4% in 2022[19] - Revenue from variety show IP production, operation, and licensing decreased by 77.0% from RMB 702.4 million in 2022 to RMB 161.4 million in 2023[22] - Music IP operation and licensing revenue decreased by 51.9% from RMB 63.6 million in 2022 to RMB 30.6 million in 2023[23] - Film and TV series IP operation and licensing revenue increased by 158.4% from RMB 58.7 million in 2022 to RMB 151.7 million in 2023[24] - Other IP-related business revenue increased by 70.2% from RMB 48.7 million in 2022 to RMB 82.9 million in 2023[25] - Gross loss for variety show IP production, operation, and licensing was RMB 113.7 million with a gross loss rate of 70.4% in 2023[32] - Gross profit for music IP operation and licensing decreased by 96.8% from RMB 47.2 million in 2022 to RMB 1.5 million in 2023[33] - Gross profit for film and TV series IP operation and licensing decreased by 8.9% from RMB 48.4 million in 2022 to RMB 44.1 million in 2023[34] - Gross profit for other IP-related business decreased by 58.8% from RMB 21.1 million in 2022 to RMB 8.7 million in 2023[35] Strategic Initiatives and Future Plans - The company is actively exploring the integration of short videos with e-commerce, content industry, and social media[8] - The company is highly focused on the deep application of AIGC technology in the entertainment field to reduce costs and improve user experience[8] - The company plans to strengthen IP creation and operation capabilities, expand audience reach and brand influence, and pursue strategic acquisitions for business expansion[16] - The company is actively exploring the integration of short video with e-commerce, content industry, and social media, and focusing on the application of AIGC technology in the entertainment field[17] - The company plans to address the qualified opinion by closely collaborating with major broadcasting platforms and advertising clients to produce music variety shows in the next fiscal year[72] - The company will continue to assess the impact of the suspension of broadcasts and related public opinion events on its existing business[72] Legal and Regulatory Matters - The company is involved in an ongoing lawsuit with Hummingbird Music Limited, with a claim of RMB 16.3 million in service fees and RMB 200,000 in legal fees[96] - The company was involved in a lawsuit with MBC, with MBC initially claiming RMB 124.4 million, but the court awarded MBC RMB 11.9 million, less than 10% of the claimed amount[97] - The company paid a quarterly program licensing fee of $2.8 million to MBC for the production of "The Masked Singer" seasons 2 to 4[97] - The company received a refund of $2.6 million from MBC, which was used as a down payment for a new variety show "Outdoor Reality Show"[97] - The company filed a counterclaim against MBC, seeking a refund of $1.6 million and $480,000 in违约金[97] - The company complies with all relevant laws and regulations and has no significant violations during the reporting period[95] Corporate Governance and Board Structure - The board consists of five executive directors, one non-executive director, and three independent non-executive directors[129] - Tian Ming, aged 54, serves as the Chairman, Executive Director, and CEO, responsible for overall corporate and business strategy[129] - Jin Lei, aged 48, is an Executive Director focusing on content production and development[129] - Xu Xiangdong, aged 60, is an Executive Director overseeing offline business development and team management[130] - Lu Wei, aged 47, is an Executive Director supervising original content R&D and overseas and online business development[131] - Wang Yan, aged 50, is an Executive Director, Joint Company Secretary, and CFO, managing financial operations, risk management, and investor relations[131] - Li Weicai, aged 49, is a Non-Executive Director providing strategic advice on business development[132] - Li Liangrong, aged 78, is an Independent Non-Executive Director offering independent opinions and judgments[133] - Chen Rehao, aged 55, is an Independent Non-Executive Director with expertise in accounting and financial management[134] - Sheng Wenhao, aged 56, is an Independent Non-Executive Director with experience in the dairy import business[134] - The company's ultimate controlling shareholders are Huaren Culture, Mr. Tian Ming, Mr. Jin Lei, and Mr. Xu Xiangdong, collectively holding 79.34% of the company's shares[138][139] - Unionstars holds 59.33% of the company's shares, with an additional 20.01% held jointly with other parties[142] - Harvest Sky holds 20.01% of the company's shares, with an additional 59.33% held jointly with other parties through controlled entities[142] - Mr. Tian Ming holds 100% equity in Shaanxi Xingkong Shuolan Real Estate Co., Ltd. and Shaanxi Xingkong Yuanlv Real Estate Co., Ltd.[140] - Mr. Tian Ming, Mr. Jin Lei, and Mr. Xu Xiangdong each hold a 73.71% equity in Canxing Culture through controlled entities and joint holdings[140] - Tian Ming owns 79.34% of the company's shares through controlled corporate interests and jointly held interests with others[144] - East Brothers, Goldenbroad, Beamingstars, and Harvest Sky collectively hold 79.34% of the company's shares[144] - Tibet Yuanhe Enterprise Management Co., Ltd. holds 5.48% of the company's shares[144] - Unionstars' shares are distributed among East Brothers (7.53%), Goldenbroad (17.64%), Beamingstars (34.18%), and Harvest Sky (40.65%)[145] - East Brothers is owned by Tian Ming (81.76%), Jin Lei (6.22%), and Xu Xiangdong (12.02%)[145] - Goldenbroad is wholly owned by Jin Lei[145] - Beamingstars is owned by Shanghai Zhihua (51.99%) and Harvest Sky (48.01%)[145] - Harvest Sky is wholly owned by Tian Ming[145] - Shanghai Zhihua is wholly owned by Huaren Culture Shanghai[145] - Huaren Culture Tianjin is a general partner of Huaren Culture Shanghai[145] Risk Management and Internal Controls - The company has established an internal audit function to review the effectiveness of risk management and internal control systems annually[174] - The company plans to implement more sensitive and effective risk and emergency management mechanisms to strengthen existing systems[174] - Detailed risk management policies have been developed to address major operational risks, including internal control failures, human errors, and IT system failures[175] - The company’s legal department is responsible for reviewing and approving contracts, monitoring regulatory updates, and ensuring compliance with licensing requirements[176] - Internal control measures are in place to manage legal risks, including contract management and artist participation in variety show productions[177] - A credit risk management policy has been implemented to monitor receivables and working capital, minimizing potential credit risks[178] - The company has adopted financial accounting management policies and procedures to ensure compliance with listing rules[178] - An internal audit team conducts annual reviews of financial reporting procedures and proposes risk response measures when necessary[178] - The company has established intellectual property risk management procedures to protect its IP and avoid infringement liabilities[179] - The legal team assists business units in timely trademark, copyright, and patent registrations to ensure IP protection under relevant laws[179] - The company has implemented various internal procedures and controls to ensure data protection and prevent data breaches and losses[180] - The company has established an anti-bribery and anti-corruption policy, providing regular training to employees and maintaining anonymous reporting channels[181] - Internal control measures have been implemented to reduce environmental impact and carbon emissions, with ongoing improvements in risk management and internal control systems[182] - An emergency management and public opinion management team has been established to address online rumors and protect the company's legal rights[183] - The audit committee ensures the effectiveness of the company's risk management and internal control systems, conducting annual reviews and reporting to shareholders[184] Shareholder Communication and Engagement - The company emphasizes effective communication with shareholders through annual general meetings and other shareholder meetings[194] - The company has established a shareholder communication policy to ensure equal and timely access to information[195] - Shareholders can request public information at any time and are provided with designated contacts for inquiries[195] - Company communications are available in both Chinese and English, with options for printed or electronic delivery[196] - The company’s website features an "Investor Relations" section with regularly updated information[197] - All materials related to annual general meetings and performance announcements are published on the company’s website[197] - Shareholders are encouraged to participate in shareholder meetings, with arrangements made for annual general meetings[198] - The company’s dividend policy does not have a predetermined payout ratio, with dividends recommended based on financial conditions and economic environment[200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 STAR CM Holdings Limited 星空華文控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6698) (1)截至2023年12月31日止年度的 年度業績公告； (2)董事退任及重選； 及 (3)建議委任執行董事 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------|-------------------|--------------------------| | | | | | | 董事會謹 ...

星空 華 文 控 股 有 限 公 司 . STAR CM Holdings Limited ゜（於開曼群島註冊成立的有限公司） 股份代號 : 6698 。 . � . 11:11:11 . 。 : ● . . ● ● . . . . . . 0.00 . ● . :2023, 中期報告 . and and the sub- . . and and the subject of . ● . . . ... and and o : ● ● . . . . 目錄 | --- | --- | |--------------------------|-------| | | | | 公司資料 | 2 | | 管理層討論與分析 | 4 | | 其他資料 | 21 | | 中期簡明綜合損益表 | 30 | | 中期簡明綜合全面收益表 | 31 | | 中期簡明綜合財務狀況表 | 32 | | 中期簡明綜合權益變動表 | 34 | | 中期簡明綜合現金流量表 | 36 | | 中期簡明綜合財務資料附註 | 38 | | 釋義 | 61 | 公司資料 | --- | --- | |----------------------- ...

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 CM Holdings Limited 星空華文控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6698） 截至2023年6月30日止六個月的 中期業績公告 | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-----------------------|----------------------------| | | | | | | 董事會宣佈本公司、其附屬公司及綜合聯屬實體（統稱「 月 30 日止六個月的未經審核綜合業績連同截至 數字。該 ...

星空華文控股有限公司 STAR CM Holdings Limited （於開曼群島註冊成立的有限公司） 股份代號 : 6698 2022 年度報告 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 管理層討論與分析 | 6 | | 董事會報告 | 21 | | 董事及高級管理層 | 43 | | 其他資料 | 47 | | 企業管治報告 | 52 | | 環境、社會及管治報告 | 74 | | 獨立核數師報告 | 109 | | 綜合損益表 | 115 | | 綜合全面收益表 | 116 | | 綜合財務狀況表 | 117 | | 綜合權益變動表 | 119 | | 綜合現金流量表 | 121 | | 財務報表附註 | 123 | | 財務概要 | 227 | | 釋義及技術詞彙表 | 228 | 公司資料 董事會 執行董事 田明先生 （主席兼行政總裁） 金磊先生 徐向東先生 陸偉先生 王艷女士 非執行董事 李偉才先生 獨立非執行董事 李良榮先生 陳熱豪先生 盛文灝先生 審核委員會 陳熱豪先生 （主席） 李良榮先生 盛文灝先生 薪酬委員會 李良榮先生 （主席） 金磊先 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 STAR CM Holdings Limited 星空華文控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6698) 截至2022年12月31日止年度的 年度業績公告 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------|-------------------------|--------------------------------| | | | | | | 董事會欣然宣佈本公司、其附屬公司及綜合聯屬實體（統稱「 年 1 ...