Group 1 - The Hong Kong film and television stocks experienced a general rise, with notable increases in several companies' stock prices [1] - Fengde Li Holdings saw a rise of over 12%, while Ningmeng Film and Television increased by over 10% [1] - New Stone Culture, Damai Entertainment, and Yaoxing Technology Group also reported gains of 5.49%, 4.07%, and nearly 4% respectively [1] Group 2 - Fengde Li Holdings' latest price is 0.064 with a market capitalization of 112 million and a year-to-date increase of 20.75% [2] - Ningmeng Film and Television's stock price is 4.820, with a market cap of 1.743 billion and a year-to-date increase of 72.14% [2] - Damai Entertainment has a stock price of 1.280, a market cap of 38.241 billion, and a significant year-to-date increase of 169.47% [2]

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。 星空華文控股有限公司（「本公司」）董事（「董事」）會（「董事會」）茲通告謹定於 2025年8月22日（星期五）舉行董事會會議，以考慮及通過（其中包括）本公司及其 附屬公司截至2025年6月30日止六個月之中期業績，及考慮建議派發中期股息（如 有）。 承董事會命 星空華文控股有限公司 董事會主席兼行政總裁 田明先生 香港，2025年8月8日 於本公告日期，本公司董事會包括(i)執行董事田明先生、金磊先生、徐向東先 生、陸偉先生、王艷女士及沈寧女士；及(ii)獨立非執行董事李良榮先生、陳熱豪 先生及盛文灝先生。 （於開曼群島註冊成立的有限公司） （股份代號：6698） 董事會會議召開日期 STAR CM Holdings Limited 星空華文控股有限公司 ...

Core Viewpoint - The company, Xingkong Huawen (06698), anticipates a revenue of approximately RMB 57 million to RMB 61 million for the six months ending June 30, 2025, a decrease from RMB 71.1 million in the same period of 2024, while expecting a net loss of about RMB 10 million to RMB 12.5 million, compared to a net loss of RMB 56 million in 2024 [1] Financial Performance - Expected revenue for the six months ending June 30, 2025, is projected to be between RMB 57 million and RMB 61 million, down from RMB 71.1 million in the same period of 2024 [1] - Anticipated net loss for the same period is estimated to be between RMB 10 million and RMB 12.5 million, a significant reduction from the net loss of RMB 56 million in 2024 [1] Operational Changes - The expected reduction in net loss is attributed to the company's focus on the production, operation, and licensing of intellectual property (IP) for variety shows, which is expected to yield gross profit, contrasting with the gross loss experienced in the previous year [1] - The company is shifting its focus towards the director team and post-production aspects of variety shows, which is anticipated to generate a certain level of gross profit [1] - Administrative expenses are expected to decrease compared to the same period in 2024, contributing to the overall improvement in financial performance [1]

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） 盈利預警－虧損減少 本公告乃由星空華文控股有限公司（「本公司」，連同其附屬公司及綜合聯屬實體 統稱「本集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09 條，以及香港法例第571章證券及期貨條例第XIVA部項下的內幕消息條文（定義 見上市規則）作出。 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據對 本集團截至2025年6月30日止六個月未經審核綜合管理賬目的初步評估，本集團 預期將於截至2025年6月30日止六個月錄得收入介乎約人民幣57.0百萬元至約人 民幣61.0百萬元（而於2024年同期錄得收入人民幣71.1百萬元）及於截至2025年6 月30日止六個月錄得淨虧損介乎約人民幣10.0百萬元至約人民幣12.5百萬元（而 ...

FF301 致：香港交易及結算所有限公司 公司名稱: 星空華文控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06698 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | 0.000001 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的 ...

Group 1 - The Hong Kong stock market's film and entertainment sector continued its strong performance in the afternoon session [1] - Stars Group (06698.HK) saw an increase of over 12% [1] - Alibaba Pictures (01060.HK) rose by more than 10% [1] - Other companies such as Lehua Entertainment (02306.HK) and Huayi Brothers Media (01003.HK) also experienced gains [1]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 163.1 million and a gross profit of RMB 40.0 million[8]. - The net loss for 2024 was RMB 230.0 million, a significant reduction from the net loss of RMB 1,634.2 million in 2023, primarily due to a decrease in goodwill impairment loss from RMB 1,191.6 million to RMB 48.5 million[8]. - The company recorded total revenue of RMB 163.1 million for the year ended December 31, 2024, a decrease of 61.7% from RMB 426.6 million in 2023[21][23]. - Revenue from variety show IP production, operation, and licensing dropped by 79.0% to RMB 33.9 million in 2024 from RMB 161.4 million in 2023[24]. - Revenue from music IP operation and licensing decreased by 54.2% to RMB 14.0 million in 2024 from RMB 30.6 million in 2023, attributed to reduced income from re-licensing old songs[25]. - Revenue from film and series IP operation and licensing fell by 60.1% to RMB 60.6 million in 2024 from RMB 151.7 million in 2023, due to the absence of income from a multi-year licensing agreement established in 2020[26]. - Revenue from other IP-related businesses decreased by 34.1% to RMB 54.6 million in 2024 from RMB 82.9 million in 2023, mainly due to a reduction in commercial performances by managed artists[28]. - The company recorded a gross profit of RMB 40.0 million in 2024, compared to a gross loss of RMB 59.4 million in 2023, indicating a significant turnaround[34]. - The administrative expenses decreased by 25.0% from RMB 120.5 million in 2023 to RMB 90.4 million in 2024, primarily due to a reduction in staff and professional service fees[42]. - The financing costs dropped by 84.6% from RMB 2.6 million in 2023 to RMB 0.4 million in 2024, as the company no longer recorded financing costs after fully recognizing revenue from long-term film IP licensing contracts[49]. Business Strategy and Operations - The company shifted its focus from comprehensive production management of variety shows to specialized directing and post-production services, impacting revenue and gross profit scale[9]. - The company holds a library of over 700 films and is actively exploring opportunities in short dramas and short videos, aiming to integrate these with e-commerce[10]. - A collaboration was launched with iQIYI and Hainan Happy Time Film Co. to produce a "100 Classic Hong Kong Films Micro-Drama Project," featuring 100 classic IPs[10]. - The company aims to enhance its IP creation and operation capabilities and expand its audience reach and brand influence in the future[19][18]. - The company plans to pursue acquisitions that align with its strategic goals to further expand its business and integrate quality industry resources[19]. - The company relies on its main variety shows, and any decline in their popularity could significantly impact its business and operating performance[132]. - The company may face challenges in adapting to changes in the Chinese entertainment content market, affecting its ability to meet the evolving demands of sponsors, audiences, and media platforms[132]. Market and Economic Outlook - The overall business remains relatively stable in terms of market and sales despite the challenges faced in the entertainment IP industry[10]. - The company remains vigilant regarding the overall economic outlook and will take appropriate measures to address potential impacts on its business and financial performance[11]. - The performance of the advertising market will influence the company's clients' ability to pay for its variety shows[132]. - The company depends on a limited number of major clients, and any disruption in these relationships could adversely affect its business and financial condition[132]. Governance and Compliance - The board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[151]. - The company has committed to maintaining high standards of corporate governance, as detailed in the annual report[196]. - The audit committee has reviewed the accounting principles and policies adopted by the group for the financial year ending December 31, 2024[197]. - Independent non-executive directors confirmed their independence in accordance with the listing rules, and the company believes they maintained their independence throughout the reporting period[160]. Legal and Regulatory Matters - The group faced a lawsuit from Hummingbird Music Co. claiming RMB 16.3 million, but the court ruled in favor of the group in June 2023[148]. - The group is involved in ongoing litigation with MBC, with a total claim amount of RMB 124.4 million, and the court ruled in favor of MBC in October 2024[149]. - The company faces significant risks related to its contractual arrangements in China, including potential non-compliance with local laws and regulations[183]. - The company may encounter challenges in exercising control over its variable interest entities due to reliance on contractual arrangements[186]. Shareholder and Employee Matters - The management team expresses gratitude to shareholders, audiences, clients, suppliers, and business partners for their support during the year[12]. - Employee compensation expenses, including directors' salaries, totaled RMB 58.6 million for 2024[113]. - The company had 127 employees as of December 31, 2024[113]. - The share incentive plan was approved and adopted on July 29, 2024, allowing for a maximum of 39,853,816 shares to be awarded, representing 10% of the issued shares as of the adoption date[118]. Financial Position and Assets - Cash and cash equivalents increased from RMB 353.9 million to RMB 425.3 million, reflecting improved cash flow from operations[76]. - The company's asset-liability ratio improved to 0.26% as of December 31, 2024, compared to 0.42% in 2023[77]. - Trade receivables decreased significantly from RMB 220.8 million to RMB 99.0 million, a reduction of RMB 121.8 million or 55.2%, attributed to a decrease in revenue and increased impairment[69]. - The company has established contractual arrangements to control its consolidated affiliated entities in China, allowing it to obtain economic benefits without holding direct equity due to local laws[165].

Core Viewpoint - The performance announcement of Xingkong Huawen for 2024 reflects the company's challenging transformation under multiple pressures, with significant revenue decline and ongoing losses [1] Financial Performance - In 2024, Xingkong Huawen achieved revenue of 163 million yuan, a year-on-year drop of 61.8%, marking a historical low [1] - Net loss narrowed from 1.605 billion yuan in 2023 to 233 million yuan in 2024, primarily due to a substantial reduction in goodwill impairment losses (from 1.192 billion yuan to 48.5 million yuan) rather than a substantial recovery in core business [1] - Operating profit margin plummeted to -52.36%, and return on total assets was -1.80%, indicating a severe deterioration in profitability [1] - The first half of 2024 showed a revenue decline of 50.7% year-on-year and an expanded loss of 225.6% [1] Key Business Challenges - The core revenue source, the "Sing! China" IP, faced a critical blow due to the public relations crisis stemming from the 2023 Li Wen incident, leading to program suspension and a loss of 1.634 billion yuan in 2023 [1] - The company's market value collapsed from 49 billion HKD to 1.132 billion HKD due to the incident [1] - Despite attempts to restart program production in 2024, the lingering effects of the crisis resulted in nearly zero revenue contribution from the variety business [1] - The situation highlights the company's over-reliance on a single IP and significant deficiencies in content regulation and public relations management [1] Market Reaction and Strategic Response - Xingkong Huawen's stock price fell by 68.84% in 2024, reaching a low of 2.27 HKD, a 98.36% decrease from its historical peak, resulting in a market value loss exceeding 48 billion HKD [2] - A brief stock price surge of 18% occurred in March 2025 following the announcement of a collaboration with iQIYI on a "100 Hong Kong Films Micro-Short Drama Project," but the stock price subsequently fell back to low levels [2] - The capital market exhibits a polarized attitude, recognizing the potential value of the classic IP library (e.g., 757 Hong Kong films) while expressing concerns over ongoing losses, tight cash flow, and the risk of losing Hong Kong Stock Connect eligibility [2] - The company is attempting to reverse its decline through a "long to short" strategy, collaborating with iQIYI to adapt classic Hong Kong films into micro-short dramas and reviving the 4K restoration of "A Chinese Ghost Story," which achieved a box office of 11.86 million yuan [2] - However, the transformation faces dual challenges: intense competition in the micro-short drama space and creative risks associated with adapting classic IP for younger audiences [2] Current Status and Future Outlook - Xingkong Huawen is experiencing a painful transition period between the collapse of traditional business and the instability of emerging business [2] - Although the 2024 performance showed a reduction in losses through financial maneuvers, the core issues remain unresolved [2]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 163.1 million, a decrease of 61.8% compared to RMB 426.6 million in 2023[4] - Gross profit for 2024 was RMB 40.0 million, compared to a gross loss of RMB 59.4 million in 2023, indicating a significant recovery[4] - Loss before tax improved to RMB 231.1 million in 2024, an 85.6% reduction from RMB 1,601.4 million in 2023[4] - Net loss for the year was RMB 230.0 million, down 85.9% from RMB 1,634.2 million in the previous year[4] - Basic and diluted loss per share decreased to RMB 0.58 in 2024 from RMB 4.03 in 2023[5] - The company reported a total comprehensive loss of RMB 221.5 million for 2024, compared to RMB 1,617.4 million in 2023[6] - The company recognized goodwill impairment losses of RMB 48.5 million in 2024, significantly lower than RMB 1,191.6 million in 2023[5] Assets and Liabilities - Total assets decreased to RMB 2,187.5 million in 2024 from RMB 2,336.1 million in 2023[7] - Cash and cash equivalents increased to RMB 425.3 million in 2024 from RMB 353.9 million in 2023, reflecting improved liquidity[7] - The total non-current assets were adjusted from RMB 1,892,114 thousand to RMB 2,336,051 thousand, reflecting an increase of RMB 443,937 thousand due to the reclassification[14] - The current assets were adjusted from RMB 1,323,767 thousand to RMB 879,830 thousand, a decrease of RMB 443,937 thousand due to the reclassification of receivables[14] - The net current assets were adjusted from RMB 999,381 thousand to RMB 555,444 thousand, reflecting the impact of the reclassification[14] - The total assets less current liabilities remained unchanged at RMB 2,891,495 thousand[14] - The company's asset-liability ratio improved to 0.26% as of December 31, 2024, compared to 0.4% in 2023[100] Revenue Breakdown - Revenue from mainland China dropped to RMB 102,283,000 in 2024, down 72% from RMB 365,663,000 in 2023[22] - Revenue from variety show IP production, operation, and licensing decreased by 79.0% from RMB 161.4 million in 2023 to RMB 33.9 million in 2024[50] - Revenue from music IP operation and licensing fell by 54.2% from approximately RMB 30.6 million in 2023 to approximately RMB 14.0 million in 2024[51] - Revenue from film and TV series IP operation and licensing decreased by 60.1% from approximately RMB 151.7 million in 2023 to approximately RMB 60.6 million in 2024[52] - Revenue from other IP-related businesses declined by 34.1% from approximately RMB 82.9 million in 2023 to approximately RMB 54.6 million in 2024[53] Operational Focus and Strategy - The company plans to continue focusing on IP production and licensing, aiming for market expansion in the entertainment sector[10] - The company aims to leverage its strengths and experience to create more entertainment IPs to meet rapidly changing market demands[44] - The company has shifted its focus from managing the entire production process to directing teams and post-production, resulting in lower revenue and gross profit scales[40] - The company is actively exploring mergers and acquisitions to integrate quality industry resources and accelerate expansion in the entertainment market[45] - The company is focusing on the integration of short video content with e-commerce to create new business opportunities and revenue streams[46] Employee and Governance - The total employee compensation expenditure for 2024, including director remuneration, is RMB 61.9 million[106] - The group has 127 employees as of December 31, 2024[106] - The company has adopted the principles and provisions of the corporate governance code as the basis for its corporate governance practices[115] - The audit committee has reviewed the audited consolidated financial statements for the year ending December 31, 2024[118] Legal Matters - The court ruled in favor of the group in a lawsuit with Hummingbird Music Co., with no compensation required[108] - In a lawsuit with MBC, the court awarded MBC a total compensation of RMB 24.4 million as of October 30, 2024[109] - A lawsuit involving Mr. Xiong Yuanteng and Mr. Xie Hongbo was withdrawn as of the announcement date[110] Future Outlook - The company anticipates a favorable outlook for the Chinese entertainment IP industry, supported by its experienced management team[44] - The company expects to continue rising rapidly in the variety show sector, providing content favored by audiences[44] - The company has engaged in strategic collaborations with various platforms for its variety shows, enhancing its market presence[40]

IP Creation and Management - The company aims to strengthen its IP creation and operation capabilities, focusing on variety shows, music, films, and series[8]. - The company is committed to attracting top talent in IP production, operation, and management through competitive compensation and training programs[8]. - The company is actively seeking quality acquisition targets that complement its business strategy to accelerate expansion[8]. - The company believes the overall prospects of the Chinese entertainment IP industry remain promising[8]. - The company completed the broadcast of the variety show "Asian Super Star Group" in the first half of 2024[5]. - The music library consists of 9,559 IPs, including 3,765 live music recordings and 3,602 songs produced for signed artists[6]. - The company owns a large film library comprising 757 Chinese film IPs and a series produced by the company, enhancing its film licensing and production capabilities[6]. - The company has a total of 86 signed artists, indicating a robust talent management strategy[7]. Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of RMB 71.1 million, a decrease of 50.7% from RMB 144.1 million for the same period in 2023[10]. - The net loss for the six months ended June 30, 2024, was RMB 56.0 million, compared to a net loss of RMB 17.2 million for the same period in 2023, indicating a significant increase in losses[10]. - Revenue from variety show IP production, operation, and licensing accounted for approximately 35.9% of total revenue in 2024, down from 52.3% in 2023[11]. - Revenue from variety show IP production, operation, and licensing decreased by 66.2% to RMB 25.5 million in 2024 from RMB 75.4 million in 2023[14]. - Revenue from music IP operation and licensing fell by 60.4% to RMB 7.6 million in 2024 from RMB 19.2 million in 2023, primarily due to one-time income from re-licensing old music libraries in the previous year[15]. - Revenue from film and TV series IP operation and licensing decreased by 29.6% to approximately RMB 16.4 million in 2024 from approximately RMB 23.3 million in 2023[16]. - Revenue from other IP-related businesses decreased by 17.6% to approximately RMB 21.6 million in 2024 from approximately RMB 26.2 million in 2023[17]. - The company's gross profit for the six months ended June 30, 2024, was RMB 6.6 million, a decrease of 86.1% from RMB 47.4 million in 2023[22]. - The gross profit margin for the company was 9.3% in 2024, down from 32.9% in 2023[22]. - The company reported a total comprehensive loss of RMB 54,220,000 for the six months ended June 30, 2024[86]. Operational Challenges - The financial performance of the company's variety show IP production and operation may experience fluctuations due to various factors[6]. - The group recorded a gross loss of RMB 10.4 million in the production, operation, and licensing of variety show IP for the six months ended June 30, 2024, compared to a gross profit of RMB 16.1 million for the same period in 2023, resulting in a gross loss margin of 40.8%[23]. - Gross profit from film and television IP operations and licensing decreased by 40.4% from RMB 17.1 million for the six months ended June 30, 2023, to RMB 10.2 million for the same period in 2024, with a gross profit margin dropping from 73.4% to 62.2%[24]. - Gross profit from other IP-related businesses fell by 75.2% from RMB 11.7 million for the six months ended June 30, 2023, to RMB 2.9 million for the same period in 2024, with a gross profit margin decreasing from 44.7% to 13.4%[25]. - Net loss for the six months ended June 30, 2024, was RMB 56.0 million, compared to a net loss of RMB 17.2 million for the same period in 2023, primarily due to a decrease in the number of variety shows produced[30]. Cash Flow and Financial Position - Cash and cash equivalents increased to RMB 446.5 million as of June 30, 2024, from RMB 353.9 million as of December 31, 2023, reflecting a net increase of RMB 88.0 million[41]. - The company reported a pre-tax loss of RMB 55.3 million for the six months ended June 30, 2024, compared to a loss of RMB 1,601.4 million for the year ended December 31, 2023[43]. - The debt-to-equity ratio as of June 30, 2024, was 0.3%, a slight improvement from 0.4% as of December 31, 2023[44]. - The company reported a significant increase in financial asset impairment losses, amounting to RMB 4,206 thousand, compared to a gain of RMB 3,065 thousand in the previous year[82]. - Cash flow from operating activities showed a net outflow of RMB 28,319,000 for the first half of 2024, a decline from a net inflow of RMB 80,757,000 in the prior year[89]. - The company incurred financing costs of RMB 221,000 in the first half of 2024, down from RMB 345,000 in the same period of 2023, indicating improved cost management[89]. Shareholder Information - As of June 30, 2024, the company's total issued shares amount to 398,538,168[56]. - Mr. Tian Ming, Mr. Jin Lei, and Mr. Xu Xiangdong collectively hold 71.77% of the company's shares, with each owning 286,038,677 shares[55]. - The ultimate controlling shareholders of the company include Huaren Culture, Mr. Tian Ming, Mr. Jin Lei, and Mr. Xu Xiangdong[56]. - The company has established a joint control agreement among major shareholders to exercise control collectively[63]. - The share incentive plan allows for a maximum of 39,853,816 shares to be awarded, which is 10% of the total issued shares[68]. - The major shareholders include Tian Ming, Jin Lei, and Xu Xiangdong, each holding significant control over the company[63]. - The company aims to attract and retain talent through the share incentive plan to maximize its value[66]. Corporate Governance - The board believes that high standards of corporate governance are essential for protecting shareholder interests and enhancing corporate value[73]. - The company is committed to adhering to the corporate governance code as per the listing rules[141]. - The company’s financial reporting follows the International Financial Reporting Standards[141]. - The board has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[80].