Group 1 - The report highlights that SAIC Motor Corporation achieved a total revenue of 299.59 billion yuan in H1 2025, representing a year-on-year increase of 5.2%, while the net profit attributable to shareholders was 6.02 billion yuan, a decrease of 9.2% [4][5] - The company reported a significant increase in non-recurring net profit, which reached 5.43 billion yuan, up 432.2% year-on-year, indicating strong operational performance despite challenges [4][5] - The sales volume of SAIC Motor's vehicles in H1 2025 was 2.053 million units, an increase of 12.4% year-on-year, with a notable 40.2% increase in new energy vehicle sales [5][6] Group 2 - Shenzhou Taiyue's H1 2025 revenue was 2.685 billion yuan, down 12.05% year-on-year, with a net profit of 509 million yuan, reflecting a decline of 19.26% [11][12] - The gaming segment contributed 75.53% of total revenue, with a significant drop in revenue from major titles, indicating a need for new product launches to drive growth [12][13] - The company is expected to enter a three-year product cycle from 2025 to 2027, with multiple new games set to launch, which could enhance revenue streams [12][14] Group 3 - Lemon Film's H1 2025 revenue reached 401 million yuan, a remarkable increase of 108.5% year-on-year, with a net profit of 10.82 million yuan, compared to a loss in the previous year [17][18] - The growth was driven by overseas distribution and short drama business expansion, alongside effective cost control measures [18][19] - The company is positioned as a leader in the long drama industry, with strong content production capabilities and a focus on overseas and short drama markets [21][22] Group 4 - Jinshi Resources reported a revenue of 1.726 billion yuan in H1 2025, a year-on-year increase of 54.24%, primarily due to the release of production capacity in fluorochemical products [23][24] - The company faced a net profit decline of 24.74% due to operational challenges and increased costs associated with mining projects [24][25] - The strategic shift towards global resource integration is expected to yield long-term benefits, with projected revenues of 3.727 billion yuan in 2025 [27][28] Group 5 - Zhongke Chuangda's H1 2025 revenue was 3.299 billion yuan, up 37.44% year-on-year, with a net profit of 158 million yuan, reflecting a growth of 51.84% [29][30] - The smart IoT business saw a remarkable growth of 136%, becoming the fastest-growing segment, while the smart automotive and software businesses maintained steady expansion [30][31] - The company is expected to continue leading in the edge AI sector, with projected revenues of 6.533 billion yuan by 2027 [35] Group 6 - Sound Group Inc. achieved a total revenue of 1.358 billion yuan in H1 2025, a 46.9% increase year-on-year, with a net profit of 68 million yuan, marking a turnaround from losses [39][42] - The audio entertainment segment remains the core revenue driver, while AI-related services are expected to enhance growth potential [39][40] - The company is focusing on user engagement and content creation to improve monetization and user retention [41][42] Group 7 - Beautiful Field Medical Health reported a revenue of 1.459 billion yuan in H1 2025, a 28.2% increase year-on-year, with a net profit of 171 million yuan, reflecting a growth of 35.5% [44][45] - The growth was driven by an increase in active members and the expansion of health services, particularly in the sub-health sector [45][46] - The company is expected to maintain a strong growth trajectory, with projected revenues of 3 billion yuan by 2027 [46]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 檸萌影視傳媒有限公司 呈交日期: 2025年9月3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) | 09857 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.000025 | USD | | 50,000 | 本月底法定/註冊股本 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Views - The company has turned its performance around, achieving profitability driven by improved efficiency and growth in short drama business [4][9]. - Significant revenue growth is noted, with a year-on-year increase of 108.5% in H1 2025, reaching 401 million yuan, alongside a positive adjusted net profit of 14.44 million yuan [4][9]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 401 million yuan, a 108.5% increase year-on-year, and an adjusted net profit of 14.44 million yuan, compared to a loss of 49.41 million yuan in H1 2024 [4][5]. - The gross margin improved to 25.2%, up by 2.8 percentage points year-on-year, while the adjusted net margin increased by 29.3 percentage points to 3.6% [4][5]. Business Segments - The overseas and short drama business segments have shown substantial growth, with overseas revenue exceeding 33 million yuan, approximately 2.5 times that of the previous year [5][6]. - The short drama segment generated over 50 million yuan in revenue, with more than 3,400 minutes of content released, reflecting a growth of over 70% [7]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.029 billion yuan, 1.803 billion yuan, and 2.085 billion yuan respectively, with corresponding net profits of 40 million yuan, 167 million yuan, and 202 million yuan [8][9]. - The report anticipates a strong growth trajectory, with a projected PE ratio of 39 for 2025, decreasing to 8 by 2027 [9][10].

Core Viewpoint - The company reported a strong performance in 1H25, with revenue and profit figures meeting market expectations, indicating a positive growth trajectory in both short and long-form content production [1][2]. Group 1: Financial Performance - The company achieved a revenue of 401 million yuan in 1H25, representing a year-on-year growth of 108% [1]. - Non-IFRS net profit reached 14.44 million yuan, marking a turnaround from losses and falling within the forecast range of 13-15 million yuan [1]. - Gross margin improved to 25.2% in 1H25, with a reduction in sales and management expenses contributing to profitability [2]. Group 2: Content Production and Strategy - The company is focusing on high-quality drama development, with short drama revenue exceeding 50 million yuan in 1H25 and a significant increase in short drama output, totaling over 3,400 minutes, a 70% year-on-year increase [1][2]. - Long-form content production is progressing steadily, with the release of the series "书卷一梦" and ongoing projects in various stages of production, indicating a robust pipeline for future releases [1][2]. Group 3: International Expansion - The company’s overseas business revenue surpassed 33 million yuan in 1H25, approximately 2.5 times that of 1H24, highlighting successful international distribution strategies [2]. - The company is actively expanding its distribution of long-form content in markets such as Vietnam, Malaysia, and Russia, with notable releases on multiple international platforms [2]. Group 4: Future Outlook - The company anticipates a gradual release of production capacity in 2026, with a focus on the elasticity of long-form content business [2]. - Adjustments to profit forecasts reflect the impact of new business investments, with a projected Non-IFRS net profit of 42.93 million yuan for 2025 and an increase to 173 million yuan for 2026 [2].

Core Viewpoint - CICC has downgraded the Non-IFRS net profit forecast for Lingmeng Film and Television (09857) for 2025 by 60.6% to 42.93 million yuan due to investments in new businesses like short dramas, while raising the 2026 forecast by 48.7% to 173 million yuan, reflecting expected capacity release in long dramas [1] Group 1: Financial Performance - For 1H25, the company reported operating revenue of 401 million yuan, a year-on-year increase of 108% [2] - The Non-IFRS net profit for 1H25 was 14.44 million yuan, turning profitable compared to the previous year, aligning with market expectations [1][2] - The company's gross margin for 1H25 improved to 25.2% [2] Group 2: Business Segments - The company is focusing on high-quality drama development and gradually increasing production capacity, with short drama revenue exceeding 50 million yuan in 1H25 [2] - In 1H25, the company launched over 3,400 minutes of short dramas, a 70% year-on-year increase, with a current scale of 16 episodes per month [2] - The overseas business generated over 33 million yuan in revenue in 1H25, 2.5 times that of 1H24, with strategic adjustments in distribution [2] Group 3: Future Outlook - The company anticipates gradual capacity release for long dramas post-2025, with several projects in production and preparation stages [3] - Upcoming long dramas include "Ziyue Gui" which aired on August 18, and others like "Yue Ming Qian Li" and "Zha Xi" are in the pipeline [3] - The company is advised to maintain focus on the release pace of long drama capacity and the potential for profit improvement [3]

Core Viewpoint - CICC has downgraded the Non-IFRS net profit forecast for Lingmeng Media (09857) for 2025 by 60.6% to 42.93 million HKD due to investments in new short-form content, while raising the 2026 forecast by 48.7% to 173 million HKD, reflecting expected capacity release in long-form content [1] Group 1: Business Performance - In the first half of 2025, Lingmeng Media reported revenue of 401 million HKD, a year-on-year increase of 108%, with Non-IFRS net profit of 14.44 million HKD, turning profitable and aligning with market expectations [1] - The company’s short-form content business generated over 50 million HKD in revenue in the first half of 2025, with a production capacity of over 3,400 minutes, a 70% year-on-year increase [2] Group 2: Long-form and Short-form Content Strategy - The company is focusing on high-quality drama development and gradually increasing production capacity, with a stable production pace for long-form content [2] - The long-form series "Shu Juan Yi Meng" has been released, and two additional projects have been completed, indicating a steady production rhythm [2] Group 3: International Business and Cost Management - In the first half of 2025, overseas business revenue exceeded 33 million HKD, 2.5 times that of the same period in 2024, with the series "Shu Juan Yi Meng" launched on multiple international platforms [3] - The company has improved its gross margin to 25.2% in the first half of 2025, with a reduction in sales and management expenses due to cost-cutting measures [3] Group 4: Future Outlook - The company anticipates gradual capacity release for long-form content in 2026, with several projects in various stages of production [4] - Ongoing attention is recommended for the release schedule and profitability improvement of long-form content [4]

Core Viewpoint - The company, Lingmeng Film and Television, reported significant growth in its mid-year performance for the fiscal year 2025, with a revenue of 401 million RMB, marking a year-on-year increase of 108.5%, and an adjusted net profit of 14 million RMB, indicating a turnaround from losses in the previous year [1] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 401 million RMB, which is a 108.5% increase compared to the previous year [1] - The adjusted net profit for the same period was 14 million RMB, showing a successful turnaround from losses [1] - The company is entering a profit conversion cycle in 2025 after a period of adjustment and preparation in 2024 [1] Group 2: Content Development and Production - Lingmeng Film and Television is focusing on high-quality content development, particularly in long and short drama series, which has driven revenue growth [1] - The long drama "Shu Juan Yi Meng" performed exceptionally well, achieving high ratings and significant viewership across platforms [2] - The company has multiple projects in various stages of production, including "Zi Ye Gui" currently airing and others in post-production or preparation phases [2] Group 3: Short Drama Business - The short drama segment is emerging as a key growth driver, with over 3,400 minutes of content launched, representing a year-on-year increase of over 70% [3] - The company’s short dramas have achieved significant viewership and engagement, with several titles ranking highly on various platforms [3] - Revenue from the short drama segment exceeded 50 million RMB, showing substantial growth compared to the previous year [3] Group 4: International Expansion - The company’s overseas business saw a significant increase, with revenue surpassing 33 million RMB, approximately 2.5 times that of the previous year [4] - The drama "Shu Juan Yi Meng" was successfully launched on multiple international platforms, achieving top rankings in several countries [4] - The company is exploring localized productions and small language micro-dramas, expanding its international reach [4] Group 5: Strategic Vision - The year 2025 is positioned as a "production year" for the company, leveraging policy benefits to enhance content production and commercial capabilities [5] - The company aims to build a diversified content matrix to achieve stable and robust growth in performance [5]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, driven by the successful launch of the historical drama "Book Scroll Dream" and expansion in overseas distribution [1][2] - The company aims to enhance its content matrix and production capabilities, focusing on high-quality long dramas and diversified overseas business models [2] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of RMB 401 million, a year-on-year increase of 108.45% [1] - Gross profit reached RMB 101 million, reflecting a year-on-year growth of 134.65% [1] - The profit attributable to the parent company was RMB 10.82 million, marking a turnaround from a loss in the previous year [1] Group 2: Content Strategy - The company launched the 40-episode historical drama "Book Scroll Dream," which aired on iQIYI and Jiangsu Satellite TV, contributing significantly to revenue growth [1] - The long drama business focuses on developing high-quality licensed dramas, aiming to produce over 200 episodes in 2025 [2] - The short drama business emphasizes both scale and quality, ensuring effective commercial conversion [2] Group 3: Overseas Expansion - The company reported overseas business revenue exceeding RMB 33 million, approximately 2.5 times that of the same period in 2024 [2] - The company is actively exploring micro-short dramas in less common languages and has plans for the release of its first overseas locally produced long drama [2] - The company aims to effectively output its IP in international markets and enhance its presence on various overseas video platforms [2] Group 4: Technological Integration - The company is integrating AI technology across various production and marketing processes, including the full-process creation of dynamic posters [1][2] - The application of new technologies aims to improve production efficiency and enhance content quality [2]

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) The Group achieved significant revenue growth and successfully turned losses into profits for the six months ended June 30, 2025 [Overall Financial Performance](index=1&type=section&id=Overall%20Financial%20Performance) For the six months ended June 30, 2025, Lemon Entertainment Media Co., Ltd. achieved revenue of RMB 401 million, a year-on-year increase of 108.5%, and adjusted net profit of RMB 14 million, successfully turning losses into profits Summary of Financial Performance for H1 2025 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 401,329 | 192,529 | | Cost of Sales | (300,344) | (149,492) | | Gross Profit | 100,985 | 43,037 | | Other Income and Gains | 28,156 | 46,476 | | Selling and Distribution Expenses | (34,039) | (35,317) | | Administrative Expenses | (74,670) | (99,013) | | Other Expenses | (5,066) | (455) | | Finance Costs | (2,333) | (1,489) | | Share of Profits and (Losses) of Associates | (325) | 163 | | Profit / (Loss) Before Tax | 12,708 | (46,598) | | Income Tax Expense | (1,453) | (6,282) | | Profit / (Loss) and Total Comprehensive Income / (Expense) for the Period | 11,255 | (52,880) | | Attributable to Owners of the Parent | 10,821 | (52,572) | | Attributable to Non-Controlling Interests | 434 | (308) | | Adjusted Net Profit / (Loss) | 14,441 | (49,412) | - In H1 2025, the Group achieved operating revenue of **RMB 401 million**, a year-on-year increase of **108.5%**, and adjusted net profit of **RMB 14 million**, turning losses into profits year-on-year[5](index=5&type=chunk) [Business Review](index=3&type=section&id=Business%20Review) The Group advanced its "Super Content" strategy, developing premium long-form and short-form dramas, expanding overseas, and integrating AI technologies [Overall Business Strategy and Achievements](index=3&type=section&id=Overall%20Business%20Strategy%20and%20Achievements) In H1 2025, the Group adhered to its "Super Content Connecting New Audiences" strategic vision, focusing on premium copyrighted long-form dramas, achieving both scale and quality in short-form dramas, significantly increasing overseas distribution revenue, and deepening the application of new technologies like AI in creation and promotion - The Group adheres to its "Super Content Connecting New Audiences" strategic vision, focusing on premium copyrighted long-form dramas, pursuing both scale and quality in short-form dramas, achieving significant year-on-year growth in overseas distribution revenue, and deepening the application of new technologies like AI[5](index=5&type=chunk) [Premium Copyrighted Dramas](index=3&type=section&id=Premium%20Copyrighted%20Dramas) In the first half, the company continued to develop premium copyrighted dramas, successfully airing "A Dream of Splendor" to positive market reception, with "Midnight Return" currently airing, and multiple projects in post-production or preparation, effectively boosting production capacity - Produced and aired the copyrighted drama "A Dream of Splendor," setting a new record for the highest first-day popularity on iQiyi in 2025, with its main topic on Douyin exceeding **8 billion** views[6](index=6&type=chunk) - The copyrighted drama "Midnight Return" is currently airing on Tencent Video[6](index=6&type=chunk) - New copyrighted dramas "Moonlight Miles" and "The Play" have commenced and wrapped filming, currently in post-production; multiple projects including "A Thought of Jiangnan" and "Confrontation" are planned to start filming in H2 2025[10](index=10&type=chunk) [Short-Form Drama Business](index=5&type=section&id=Short-Form%20Drama%20Business) The short-form drama business achieved both scale and quality, with rapidly growing production capacity, launching over 3,400 minutes of short-form dramas in H1, creating multiple hit works, and generating revenue exceeding RMB 50 million through diversified commercialization models, significantly improving financial performance - In H1 2025, over **3,400 minutes** of short-form dramas were launched, a year-on-year increase of over **70%**, with current production capacity exceeding **16 titles per month**[11](index=11&type=chunk) - The short-form drama sub-brand "Hao You Ben Ling" was shortlisted as an excellent international micro-drama brand, with multiple short-form dramas achieving platform TOP1 rankings or advertising awards[11](index=11&type=chunk) - In H1, the short-form drama business generated revenue exceeding **RMB 50 million**, with significantly improved financial performance compared to FY2024[11](index=11&type=chunk) [Overseas Business](index=5&type=section&id=Overseas%20Business) Overseas business maintained diversified development, with H1 revenue exceeding RMB 33 million, approximately 2.5 times that of the same period in 2024. The drama "A Dream of Splendor" was popular on multiple overseas platforms, achieving excellent results, while the first overseas local production long-form drama "Nothing But Thirty • Bangkok Chapter" is simultaneously airing in China and Thailand, and the company is actively exploring the production and distribution of micro-dramas in minority languages - In H1 2025, the Group's overseas business revenue exceeded **RMB 33 million**, approximately **2.5 times** that of the same period in 2024[11](index=11&type=chunk) - The copyrighted drama "A Dream of Splendor" was launched on multiple leading overseas platforms including iQiyi International, WeTV, Viu, and YouTube, achieving TOP1 viewership in several countries and regions[13](index=13&type=chunk) - The first overseas local production long-form drama "Nothing But Thirty • Bangkok Chapter" is currently airing simultaneously in China and Thailand, and the company is actively exploring the production and distribution of Thai and Indonesian micro-dramas[13](index=13&type=chunk) [IP Derivative Development](index=6&type=section&id=IP%20Derivative%20Development) The Group fully promotes IP derivative development, achieving progress in merchandise, brand licensing, and content derivatives for drama IPs. Over 120 types of merchandise for "A Dream of Splendor" were launched simultaneously, with sales ranking among the top tier of dramas in 2025 - Following the broadcast of the copyrighted drama "A Dream of Splendor," over **120** types of merchandise were launched simultaneously, with sales ranking among the top tier of dramas in 2025[12](index=12&type=chunk) - Content derivatives and related products such as online novels and card games have been launched, with commercial collaborations like comic series and music gift boxes actively under development[12](index=12&type=chunk) [Employees](index=7&type=section&id=Employees) As of June 30, 2025, the Group had 185 employees, primarily in Shanghai and Beijing. The Group is committed to maintaining high recruitment standards, offering competitive compensation and benefits, providing training opportunities, and ensuring a diverse workforce, with female employees accounting for approximately 76.8% of the total - As of June 30, 2025, the Group had **185** employees, primarily located in Shanghai and Beijing[15](index=15&type=chunk) - The Group maintains high recruitment standards, provides competitive and fair compensation and benefits, and offers regular training opportunities[15](index=15&type=chunk) - As of June 30, 2025, female employees accounted for approximately **76.8%** of the Group's total workforce, maintaining gender diversity[15](index=15&type=chunk) [Financial Performance Analysis](index=8&type=section&id=Financial%20Performance%20Analysis) This section analyzes the Group's revenue, costs, gross profit, operating expenses, and net profit, highlighting key drivers of financial improvement [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's sales revenue was RMB 401.3 million, a 1.09-fold increase from the prior year, primarily due to the broadcast of key drama "A Dream of Splendor" and expansion of overseas distribution Revenue by Geographical Location | Region | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Mainland China | 367,887 | 179,168 | | Other Countries / Regions | 33,442 | 13,361 | | Total Revenue | 401,329 | 192,529 | - Total revenue was **RMB 401.3 million**, a **1.09-fold** increase from the prior year, primarily driven by the broadcast of the key costume drama "A Dream of Splendor" and the expansion of overseas distribution business[16](index=16&type=chunk) [Cost of Sales](index=8&type=section&id=Cost%20of%20Sales) The Group's cost of sales increased by 1.01 times from RMB 149.5 million in the prior year to RMB 300.3 million, primarily related to the broadcast of dramas during the reporting period - Cost of sales increased by **1.01 times** from **RMB 149.5 million** to **RMB 300.3 million**, primarily related to the broadcast of dramas during the reporting period[17](index=17&type=chunk) [Gross Profit and Gross Margin](index=8&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit increased by 1.35 times to RMB 101 million, with gross margin improving by 2.8 percentage points to 25.2%, primarily influenced by drama broadcast performance Changes in Gross Profit and Gross Margin | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Profit (RMB Million) | 100.99 | 43.0 | Increased by 1.35 times | | Gross Margin (%) | 25.2 | 22.4 | Increased by 2.8 percentage points | [Other Income and Gains](index=9&type=section&id=Other%20Income%20and%20Gains) Other income and gains decreased by 39.4% to RMB 28.2 million, primarily due to a RMB 4.2 million reduction in exchange gains and a RMB 2.9 million decrease in interest income - Other income and gains amounted to **RMB 28.2 million**, a **39.4%** decrease from the prior year, primarily due to a **RMB 4.2 million** reduction in exchange gains and a **RMB 2.9 million** decrease in interest income[20](index=20&type=chunk) [Selling and Distribution Expenses](index=9&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses were RMB 34.0 million, largely consistent with the prior year - Selling and distribution expenses were **RMB 34.0 million**, largely consistent with **RMB 35.3 million** in the prior year[21](index=21&type=chunk) [Administrative Expenses](index=9&type=section&id=Administrative%20Expenses) Administrative expenses decreased by 24.6% to RMB 74.7 million, primarily due to the Group's continuous strict control over various operating expenses - Administrative expenses decreased by **24.6%** from **RMB 99.0 million** to **RMB 74.7 million**, primarily due to the Group's continuous strict control over various operating expenses[22](index=22&type=chunk) [Finance Costs](index=9&type=section&id=Finance%20Costs) Finance costs increased by 56.7% to RMB 2.3 million, primarily related to interest expenses from new bank borrowings - Finance costs were **RMB 2.3 million**, an increase of **56.7%** from the prior year, primarily related to interest expenses from new bank borrowings[23](index=23&type=chunk) [Share of Profits and (Losses) of Associates](index=9&type=section&id=Share%20of%20Profits%20and%20(Losses)%20of%20Associates) The Group recognized a share of losses from associates of RMB 0.3 million, compared to a profit of RMB 0.2 million in the prior year, primarily related to its investment in Beijing Fangzhou Reading Technology Co., Ltd - A share of losses from associates of **RMB 0.3 million** was recognized, compared to a profit of **RMB 0.2 million** in the prior year, primarily related to the Group's investment in Beijing Fangzhou Reading Technology Co., Ltd[24](index=24&type=chunk) [Income Tax Expense](index=10&type=section&id=Income%20Tax%20Expense) Income tax expense decreased to RMB 1.5 million, primarily due to the utilization of deductible losses from prior years, leading to a reduction in current income tax - Income tax expense was **RMB 1.5 million**, compared to **RMB 6.3 million** in the prior year, primarily due to the utilization of deductible losses from prior years[25](index=25&type=chunk) [Profit / (Loss) for the Period](index=10&type=section&id=Profit%20%2F%20(Loss)%20for%20the%20Period) For the six months ended June 30, 2025, the Group recorded a net profit of RMB 11.3 million, successfully reversing a net loss of RMB 52.9 million in the prior year - The Group recorded a net profit of **RMB 11.3 million**, compared to a net loss of **RMB 52.9 million** in the prior year[26](index=26&type=chunk) [Adjusted Net Profit / (Loss)](index=10&type=section&id=Adjusted%20Net%20Profit%20%2F%20(Loss)) Adjusted net profit was RMB 14.4 million, successfully turning losses into profits, primarily due to revenue and profit growth from quality dramas, improved financial performance of new business lines like short-form dramas, and optimized expenses driven by comprehensive budget management Adjusted Net Profit / (Loss) | Indicator | 2025 (RMB Million) | 2024 (RMB Million) | | :--- | :--- | :--- | | Profit / (Loss) for the Period | 11.3 | (52.9) | | Add: Share-based Payments | 3.1 | 3.5 | | Adjusted Net Profit / (Loss) | 14.4 | (49.4) | | Adjusted Earnings / (Loss) Per Share - Basic (RMB) | 0.03 | (0.14) | - Adjusted net profit was **RMB 14.4 million**, compared to an adjusted net loss of **RMB 49.4 million** in the prior year, with the turnaround primarily driven by quality dramas, improved new business lines, and optimized expenses[29](index=29&type=chunk) [Financial Position and Liquidity](index=11&type=section&id=Financial%20Position%20and%20Liquidity) This section reviews the Group's balance sheet items, including receivables, payables, liquidity, gearing, foreign exchange, investments, and contingencies [Trade Receivables and Bills Receivable](index=11&type=section&id=Trade%20Receivables%20and%20Bills%20Receivable) Trade receivables and bills receivable increased by 21.9% to RMB 344.2 million, primarily due to the ongoing settlement of receivables and bills corresponding to dramas aired in H1 2025 - Trade receivables and bills receivable increased by **21.9%** from **RMB 282.4 million** to **RMB 344.2 million**, primarily due to the ongoing settlement of receivables and bills corresponding to dramas aired in H1 2025[30](index=30&type=chunk) [Trade Payables](index=11&type=section&id=Trade%20Payables) Trade payables increased by 79.4% to RMB 107.1 million, primarily due to the ongoing settlement of production and promotion expenses corresponding to dramas aired in H1 2025 - Trade payables increased by **79.4%** from **RMB 59.7 million** to **RMB 107.1 million**, primarily due to the ongoing settlement of production and promotion expenses corresponding to dramas aired in H1 2025[31](index=31&type=chunk) [Liquidity, Financial and Capital Resources](index=11&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, the Group's net current assets were RMB 2.306 billion and current ratio was 5.0, both largely consistent with December 31, 2024. Total equity attributable to owners of the Company also remained largely stable - As of June 30, 2025, the Group's net current assets were **RMB 2,306.0 million** and the current ratio was **5.0**, both largely consistent with December 31, 2024[32](index=32&type=chunk) - As of June 30, 2025, the Group's total equity attributable to owners of the Company was **RMB 2,335.7 million**, largely consistent with December 31, 2024[32](index=32&type=chunk) [Gearing Ratio](index=11&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio (calculated as total debt divided by total assets) was 26.6%, a decrease from 28.1% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was **26.6%**, compared to **28.1%** as of December 31, 2024[33](index=33&type=chunk) [Foreign Exchange and Exchange Rate Risk](index=11&type=section&id=Foreign%20Exchange%20and%20Exchange%20Rate%20Risk) The Group's operations are primarily in China, with limited foreign exchange exposure, and no significant foreign currency exchange losses were incurred during the reporting period. Management will continue to monitor and consider measures to mitigate adverse impacts from exchange rate fluctuations - The Group's operations are currently primarily conducted in China, with foreign exchange risk arising from foreign currency bank balances and exchange rate fluctuations[34](index=34&type=chunk) - For the six months ended June 30, 2025, the Group did not incur any significant foreign currency exchange losses in its operations[34](index=34&type=chunk) [Significant Investments Held](index=12&type=section&id=Significant%20Investments%20Held) As of June 30, 2025, the Group held no significant investments, only subscribing to wealth management products from financial institutions for cash management purposes - As of June 30, 2025, the Group held no significant investments, only subscribing to wealth management products from financial institutions for cash management purposes[35](index=35&type=chunk) [Contingent Liabilities](index=12&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[36](index=36&type=chunk) [Future Plans for Material Investments or Capital Assets](index=12&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the Group had no future plans for material investments or capital assets - As of June 30, 2025, the Group had no future plans for material investments or capital assets[37](index=37&type=chunk) [Hedging Activities](index=12&type=section&id=Hedging%20Activities) As of June 30, 2025, the Group had no hedging activities - As of June 30, 2025, the Group had no hedging activities[38](index=38&type=chunk) [Events After the Reporting Period](index=12&type=section&id=Events%20After%20the%20Reporting%20Period) From the end of the reporting period up to the date of this announcement, no significant events have occurred that would materially affect the Group's business operations - From the end of the reporting period up to the date of this announcement, no significant events have occurred that would materially affect the Group's business operations[39](index=39&type=chunk) [Other Important Information](index=12&type=section&id=Other%20Important%20Information) This section covers the use of IPO proceeds, dividend policy, corporate governance, and other regulatory compliance matters [Use of Proceeds from Listing](index=12&type=section&id=Use%20of%20Proceeds%20from%20Listing) The Company's net proceeds from listing were approximately HKD 311.8 million, with an unutilized balance of approximately HKD 40.3 million as of June 30, 2025, primarily for potential strategic investments and acquisition opportunities, expected to be utilized by end of 2026 - Net proceeds from the listing were approximately **HKD 311.8 million**, with an unutilized balance of approximately **HKD 40.3 million** as of June 30, 2025[40](index=40&type=chunk) Use of Proceeds from Listing and Timetable | Item | Percentage (%) | Funds for Relevant Use (HKD Million) | Unutilized Funds as of January 1, 2025 (HKD Million) | Net Funds Utilized During Reporting Period (HKD Million) | Unutilized Funds at End of Reporting Period (HKD Million) | Expected Timetable for Unutilized Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | IP Library Expansion | 10 | 31.2 | – | – | – | – | | Drama Production and Promotion | 50 | 155.9 | – | – | – | – | | Exploration of New Business Opportunities | 15 | 46.8 | – | – | – | – | | Potential Strategic Investments and Acquisition Opportunities | 15 | 46.8 | 40.3 | 0 | 40.3 | By end of 2026 | | Working Capital and General Corporate Purposes | 10 | 31.1 | – | – | – | – | | Total | 100 | 311.8 | 40.3 | 0 | 40.3 | | [Interim Dividend](index=13&type=section&id=Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[42](index=42&type=chunk) [Corporate Governance Practices](index=14&type=section&id=Corporate%20Governance%20Practices) The Company adopted the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the reporting period, except for a deviation from code provision C.2.1 (separation of roles for Chairman and CEO). The Board believes Mr. Su Xiao's dual role provides strong and consistent leadership for the Group, with sufficient checks and balances - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with all applicable code provisions, except for a deviation from code provision C.2.1[43](index=43&type=chunk) - The roles of Chairman and CEO are currently combined and held by Mr. Su Xiao, an arrangement the Board believes provides strong and consistent leadership for the Group and facilitates effective execution of business strategies[43](index=43&type=chunk) - The Board believes this structure does not impair the balance of power and authority, as Board decisions require approval by at least a majority of directors, including three independent non-executive directors[44](index=44&type=chunk) [Standard Code for Securities Transactions by Directors](index=15&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) Following specific inquiries to all Directors, each Director confirmed compliance with the Standard Code set out in Appendix C3 of the Listing Rules for the six months ended June 30, 2025 - Each Director confirmed compliance with the required standards set out in the Standard Code for the six months ended June 30, 2025[46](index=46&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=15&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[47](index=47&type=chunk) [Audit Committee](index=15&type=section&id=Audit%20Committee) The Board established an Audit Committee comprising one non-executive director and two independent non-executive directors, chaired by Ms. Tang Songlian. Its primary duties include reviewing and overseeing the Group's financial reporting process, internal control system, and risk management system, and it has reviewed the Group's unaudited interim results for the six months ended June 30, 2025 - The Audit Committee members include Mr. Zhang Rong, a non-executive director, and Ms. Tang Songlian (Chairperson) and Ms. Liang Ning, both independent non-executive directors[48](index=48&type=chunk) - Its primary duties include reviewing and overseeing the Group's financial reporting process, internal control system, risk management system, and supervising audit procedures[48](index=48&type=chunk) - The Audit Committee, together with the Board, has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[48](index=48&type=chunk) [Publication of Interim Results and 2025 Interim Report](index=15&type=section&id=Publication%20of%20Interim%20Results%20and%202025%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the Company's interim report for the six months ended June 30, 2025, will be posted on the aforementioned websites in due course - This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be posted on the aforementioned websites in due course[49](index=49&type=chunk) [Unaudited Interim Condensed Consolidated Financial Statements](index=16&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's unaudited interim financial statements, including the statement of profit or loss, financial position, and explanatory notes [Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement provides detailed data on the Group's revenue, costs, gross profit, various expenses, profit before tax, income tax, and profit for the period, indicating the Group has turned from loss to profit Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 401,329 | 192,529 | | Cost of Sales | (300,344) | (149,492) | | Gross Profit | 100,985 | 43,037 | | Other Income and Gains | 28,156 | 46,476 | | Selling and Distribution Expenses | (34,039) | (35,317) | | Administrative Expenses | (74,670) | (99,013) | | Other Expenses | (5,066) | (455) | | Finance Costs | (2,333) | (1,489) | | Share of Profits and Losses of Associates | (325) | 163 | | Profit / (Loss) Before Tax | 12,708 | (46,598) | | Income Tax Expense | (1,453) | (6,282) | | Profit / (Loss) and Total Comprehensive Income / (Expense) for the Period | 11,255 | (52,880) | | Attributable to Owners of the Company | 10,821 | (52,572) | | Attributable to Non-Controlling Interests | 434 | (308) | | Basic Earnings / (Loss) Per Share Attributable to Ordinary Equity Holders of the Company (RMB) | 0.03 | (0.15) | | Diluted Earnings / (Loss) Per Share Attributable to Ordinary Equity Holders of the Company (RMB) | 0.03 | (0.15) | [Unaudited Interim Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Unaudited%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the Group's financial position data at the end of the reporting period, including non-current assets, current assets, current liabilities, non-current liabilities, and total equity, reflecting changes in the asset and liability structure Unaudited Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 15,726 | 18,948 | | Right-of-Use Assets | 38,358 | 48,418 | | Other Intangible Assets | 703 | 1,403 | | Investments in Associates | 21,138 | 21,463 | | Deferred Tax Assets | 90,546 | 92,124 | | Financial Assets at Fair Value Through Profit or Loss | 51,559 | 51,559 | | Prepayments, Other Receivables and Other Assets | 72,758 | 67,241 | | Time Deposits | – | 56,000 | | **Total Non-Current Assets** | **290,788** | **357,156** | | **Current Assets** | | | | Film and TV Series Rights | 747,570 | 690,925 | | Trade Receivables and Bills Receivable | 344,243 | 282,422 | | Prepayments, Other Receivables and Other Assets | 261,630 | 242,564 | | Financial Assets at Fair Value Through Profit or Loss | 575,659 | 550,519 | | Time Deposits | 132,462 | – | | Restricted Cash | 11,860 | 7,987 | | Cash and Cash Equivalents | 810,316 | 1,086,280 | | **Total Current Assets** | **2,883,740** | **2,860,697** | | **Current Liabilities** | | | | Trade Payables | 107,100 | 59,691 | | Other Payables and Accruals | 77,977 | 106,010 | | Bank Borrowings | 130,000 | 60,000 | | Lease Liabilities | 19,562 | 17,708 | | Contract Liabilities | 237,673 | 268,344 | | Tax Payable | 5,467 | 7,083 | | **Total Current Liabilities** | **577,779** | **518,836** | | **Net Current Assets** | **2,305,961** | **2,341,861** | | **Total Assets Less Current Liabilities** | **2,596,749** | **2,699,017** | | **Non-Current Liabilities** | | | | Other Payables and Accruals | 13,923 | 4,457 | | Contract Liabilities | 230,189 | 346,604 | | Lease Liabilities | 23,566 | 34,106 | | **Total Non-Current Liabilities** | **267,678** | **385,167** | | **Net Assets** | **2,329,071** | **2,313,850** | | **Equity** | | | | Share Capital | 60 | 59 | | Share Premium | 4,437,226 | 4,358,691 | | Reserves | (2,101,625) | (2,045,991) | | **Equity Attributable to Owners of the Company** | **2,335,661** | **2,312,759** | | Non-Controlling Interests | (6,590) | 1,091 | | **Total Equity** | **2,329,071** | **2,313,850** | [Notes to the Unaudited Interim Condensed Consolidated Financial Information](index=19&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Condensed%20Consolidated%20Financial%20Information) These notes provide detailed explanations and supplementary information for various financial statement figures, including company information, accounting policies, operating segment data, revenue breakdown, taxation, earnings per share calculation, and aging analysis of trade receivables and payables [Company Information](index=19&type=section&id=Company%20Information) This section provides details on the Company's registration, listing, and the primary business activities of its subsidiaries - The Company was incorporated in the Cayman Islands on June 10, 2021, and successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited on August 10, 2022[53](index=53&type=chunk) - The Company's subsidiaries are primarily engaged in the production, distribution, and licensing of broadcasting rights for television dramas[53](index=53&type=chunk) [Basis of Preparation](index=19&type=section&id=Basis%20of%20Preparation) This section outlines the accounting standards and measurement basis used for preparing the condensed consolidated financial statements - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules of the Stock Exchange[54](index=54&type=chunk) - The condensed consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments measured at fair value[55](index=55&type=chunk) - The application of amendments to Hong Kong Financial Reporting Standards during this interim period has no significant impact on the Group's financial position and performance for the current and prior periods[56](index=56&type=chunk) [Operating Segment Data](index=20&type=section&id=Operating%20Segment%20Data) This section details the Group's single reportable operating segment and its revenue breakdown by geographical location - The Group does not disaggregate its business units by product and has only one reportable operating segment[57](index=57&type=chunk) Revenue from External Customers by Geographical Information | Region | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Mainland China | 367,887 | 179,168 | | Other Countries / Regions | 33,442 | 13,361 | | Total Revenue | 401,329 | 192,529 | - All of the Group's non-current assets are located in Mainland China[59](index=59&type=chunk) [Revenue (Detailed)](index=20&type=section&id=Revenue%20(Detailed)) This section provides a detailed breakdown of revenue from customer contracts and by the timing of revenue recognition Revenue from Contracts with Customers | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 401,329 | 192,529 | Disaggregation of Revenue (by Timing of Revenue Recognition) | Timing of Revenue Recognition | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Goods Transferred at a Point in Time | 389,488 | 188,272 | | Services Transferred Over Time | 6,341 | 3,680 | | Services Transferred at a Point in Time | 5,500 | 577 | | Total | 401,329 | 192,529 | [Profit / (Loss) Before Tax (Detailed)](index=21&type=section&id=Profit%20%2F%20(Loss)%20Before%20Tax%20(Detailed)) This section details the specific components contributing to the Group's profit or loss before tax Components of Profit / (Loss) Before Tax | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Cost of Film and TV Series Rights Sold | 296,219 | 156,172 | | Government Grants | (13,783) | (12,612) | | Net Exchange Gains | (86) | (4,256) | [Income Tax](index=22&type=section&id=Income%20Tax) This section explains the applicable income tax rates for the Group's entities and the breakdown of income tax expense - The Group is subject to income tax on profits in the jurisdictions where its member companies are located and operate, with tax rates including **16.5%** (partially **8.25%**) in Hong Kong and **25%** in China[63](index=63&type=chunk) - Some Chinese subsidiaries qualify as small and micro-enterprises, enjoying a preferential income tax rate of **5%** on taxable profits below **RMB 3 million** during the period[64](index=64&type=chunk) Components of Income Tax Expense | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current Tax: (Credit) / Expense for the Period | (74) | 4,453 | | Deferred Tax | 1,527 | 1,829 | | Total Tax Expense for the Period | 1,453 | 6,282 | [Earnings / (Loss) Per Share](index=23&type=section&id=Earnings%20%2F%20(Loss)%20Per%20Share) This section details the calculation of basic and diluted earnings per share, including the underlying profit and share counts - Basic earnings / (loss) per share is calculated based on the profit / (loss) attributable to ordinary equity holders of the Company and the weighted average number of **360,974,015** ordinary shares outstanding during the period[66](index=66&type=chunk) Data for Basic and Diluted Earnings / (Loss) Per Share Calculation | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Profit / (Loss) Attributable to Ordinary Equity Holders of the Parent for Basic Earnings / (Loss) Per Share Calculation | 10,821 | (52,572) | | **Number of Shares** | **2025** | **2024** | | Weighted Average Number of Ordinary Shares for Basic Earnings / (Loss) Per Share Calculation | 360,974,015 | 360,458,829 | | Dilutive Effect - Weighted Average Number of Ordinary Shares: Share Options | 2,019,708 | 481,567* | | Total | 362,993,723 | 360,940,396 | - For the six months ended June 30, 2024, no adjustment was made for dilution to the reported basic loss per share amount, as the effect of unexercised share options was anti-dilutive to the reported basic loss per share amount[67](index=67&type=chunk) [Dividends](index=24&type=section&id=Dividends) This section clarifies whether any interim dividends were paid or declared by the Company during the reporting period - The Company neither paid nor declared any interim dividends for the six months ended June 30, 2025[68](index=68&type=chunk) [Trade Receivables and Bills Receivable (Detailed)](index=24&type=section&id=Trade%20Receivables%20and%20Bills%20Receivable%20(Detailed)) This section provides a detailed breakdown and aging analysis of the Group's trade receivables and bills receivable Trade Receivables and Bills Receivable | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Receivables | 353,302 | 300,634 | | Bills Receivable | 9,068 | 10,656 | | Subtotal | 362,370 | 311,290 | | Impairment | (18,127) | (28,868) | | Net Book Value | 344,243 | 282,422 | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 3 Months | 316,589 | 223,360 | | 3 to 6 Months | 1,024 | 4,108 | | 6 to 12 Months | 7,408 | 500 | | 1 to 2 Years | 8,316 | 39,841 | | 2 to 3 Years | 1,838 | 3,957 | | Total | 335,175 | 271,766 | [Trade Payables (Detailed)](index=25&type=section&id=Trade%20Payables%20(Detailed)) This section provides a detailed breakdown and aging analysis of the Group's trade payables Trade Payables | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Payables | 107,100 | 59,691 | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 3 Months | 106,433 | 58,341 | | 3 to 6 Months | 241 | 334 | | 6 to 12 Months | – | 141 | | 1 to 2 Years | 320 | 691 | | 2 to 3 Years | 64 | 184 | | Over 3 Years | 42 | – | | Total | 107,100 | 59,691 |

Group 1 - The core point of the article is that Lemon Film (09857.HK) announced the Thai version of the popular Chinese drama IP "Thirty Only," titled "Thirty Only: Bangkok Edition," which is set to premiere globally on Disney+ and Tencent Video starting August 28, 2025, marking the first overseas adaptation of this high-quality IP [1][2] - The series is produced by Lemon Film and its subsidiary Lemon International, featuring a script by Kullim Piyaro Suentongwepa and directed by Nuy Sutthas Detchin Thalanara, with a star-studded cast from Thailand [1]