截至4月25日收盘，力天影业（09958.HK）报0.091港元，较上个交易日上涨3.41%，当日盘中最低价触 及0.084港元，创近一年新低。 资金流向方面，当日主力流入0.019万港元，流出0.440万港元，净流出0.42万港元。 力天影业控股有限公司(简称"力天影业")及其下属公司(合称"本集团")是一家电视剧发行公司,业务包括 影视剧开发、制作、营销、以及发行等环节。本集团成立于2013年,目前主要业务为自制及买断电视剧 播映权许可。根据弗若斯特沙利文的报告,按2019年于电视剧市场赚取的收入计,公司在所有中国电视剧 发行集团中排名第15;按2019年播出的已发行电视剧总集数计,在中国所有电视剧发行公司中,公司以约 6.9%的市场份额排名第一;按2019年制作的电视剧小时数计,在中国所有电视剧制作及发行公司中,公司以 约0.9%的市场份额排名第六。2017-2019年,公司累计发行120部不同题材的电视剧。公司拥有丰富的电 视剧发行渠道优势,与超过90家省、市级主流电视频道和网络平台保持业务联系。公司发行的影视作品 已成功在中央电视台电视剧频道、浙江卫视、安徽卫视、深圳卫视、腾讯视频、爱奇艺、优酷等电 ...

Financial Performance - For the twelve months ended December 31, 2024, the company's revenue decreased by 86.9% to RMB 15.1 million from RMB 113.4 million in the same period of 2023[9]. - The gross profit for the same period was RMB 4.7 million, compared to a gross loss of RMB 67.7 million in 2023[10]. - The loss attributable to equity shareholders decreased by 72.3% to RMB 43.1 million from RMB 155.5 million in the previous year[10]. - Basic and diluted loss per share decreased by 73.1% to RMB 0.14 from RMB 0.52 in the same period of 2023[11]. - Total revenue decreased by approximately 86.7% from RMB 113.4 million in 2023 to RMB 15.1 million in 2024[20]. - The company reported a pre-tax loss of RMB 43,121,000 for the twelve months ending December 31, 2024, compared to a loss of RMB 155,458,000 for the same period in 2023, indicating a significant improvement[124]. - The total comprehensive loss attributable to equity shareholders for the year was RMB 43,272,000, compared to RMB 154,004,000 in 2023, reflecting a 71.9% decrease[89]. Revenue Breakdown - Revenue from self-produced drama licensing dropped by about 90.7% from RMB 69.1 million in 2023 to RMB 6.4 million in 2024, attributed to only 5 dramas being licensed in 2024[21]. - Revenue from purchased drama licensing fell by approximately 85.2% from RMB 36.1 million in 2023 to RMB 5.4 million in 2024, due to challenging market conditions[24]. - Revenue from joint financing arrangements decreased by about 59.1% from RMB 8.2 million in 2023 to RMB 3.4 million in 2024[26]. - The group reported revenue from self-produced TV drama distribution and broadcasting rights of RMB 6,409,000 for 2024, a significant decrease of 90.7% compared to RMB 69,133,000 in 2023[111]. - Revenue from purchased TV drama distribution and broadcasting rights was RMB 5,355,000 in 2024, down 85.2% from RMB 36,100,000 in 2023[111]. Cost and Expenses - Total cost of sales decreased by approximately 94.2% from RMB 181.1 million in 2023 to RMB 10.5 million in 2024[27]. - Sales and marketing expenses decreased by approximately 33.6% from RMB 23.79 million in 2023 to RMB 15.79 million in 2024, primarily due to reductions in promotional and other expenses[34]. - Administrative expenses decreased by approximately 5.8% from RMB 22.83 million in 2023 to RMB 21.52 million in 2024[37]. - Financing costs decreased by approximately 45.2% from RMB 18.68 million in 2023 to RMB 10.23 million in 2024, mainly due to a reduction in interest expenses on bank and other loans[38]. - The total cost of television drama rights was RMB 10,471,000 in 2024, down from RMB 107,256,000 in 2023, representing a decrease of approximately 90.2%[123]. Liquidity and Financial Position - Cash and cash equivalents increased from approximately RMB 4.5 million in 2023 to RMB 8.3 million in 2024[47]. - The company's current liabilities exceeded current assets by RMB 15,718,000 as of December 31, 2024, highlighting liquidity challenges[99]. - The company generated operating cash flow of RMB 11,133,000 in 2024, a significant decrease from RMB 64,062,000 in 2023[96]. - The company anticipates difficulties in meeting operational and financial needs in the next twelve months without sufficient cash flow from operations or other sources[99]. - The company has maintained a prudent treasury policy to ensure a healthy level of liquidity for the twelve months ending December 31, 2024[57]. Operational Developments - The company plans to continue enhancing its television drama production and distribution performance, expanding self-produced dramas and acquiring broadcasting rights[16]. - The company aims to increase its script and intellectual property reserves in response to strengthened IP protection management in China[16]. - The company issued a total of 12 television dramas during the twelve months ended December 31, 2024, compared to 9 dramas in the previous year[18]. - The company successfully licensed the first broadcasting rights for dramas such as "Shanghai Bund: Life and Death Duel" and "Tianjin Long Eagle" during the reporting period[19]. - The management has implemented measures to alleviate liquidity pressure, including accelerating the sale of TV dramas to broadcasting platforms[102]. Shareholder and Governance Matters - The board resolved not to declare an interim dividend for the twelve months ended December 31, 2024[12]. - The company has adopted and complied with all applicable corporate governance codes during the twelve months ending December 31, 2024[66]. - The company has not made any significant investments or major acquisitions or disposals of subsidiaries, associates, or joint ventures during the twelve months ending December 31, 2024[63]. - The company has not purchased, sold, or redeemed any of its listed securities from January 1, 2024, to the report date[70]. - The company currently has no foreign currency hedging policy and will continue to monitor foreign exchange risks[60]. Employee and Operational Metrics - As of December 31, 2024, the company has 38 employees, down from 48 employees as of December 31, 2023[62]. - The company reported other income of RMB 529,000, a recovery from a loss of RMB 81,000 in the previous year[89]. - The company reported a net loss of RMB 43,121,000 for the twelve months ending December 31, 2024, compared to a loss of RMB 155,458,000 in the previous year[95]. - The company's total equity attributable to shareholders was reported at RMB (10,396,000) as of December 31, 2024, down from RMB 32,876,000 in 2023[92]. - The company has not engaged in any major legal disputes or arbitrations since January 1, 2024[72].

Revenue Performance - Revenue for the twelve months ended December 31, 2024, decreased by 86.7% to RMB 15.1 million from RMB 113.4 million in the same period of 2023[6] - Revenue from self-produced TV drama distribution and broadcasting rights was RMB 6,409 thousand for 2024, a decrease of 90.7% compared to RMB 69,133 thousand in 2023[19] - Revenue from purchased TV drama distribution and broadcasting rights was RMB 5,355 thousand for 2024, a decrease of 85.2% compared to RMB 36,100 thousand in 2023[19] - Total revenue for 2024 was RMB 15,123 thousand, down 86.7% from RMB 113,445 thousand in 2023[19] - Revenue from joint financing arrangements decreased by about 59.1% from approximately RMB 8.2 million in 2023 to approximately RMB 3.4 million in 2024[66] Profitability and Loss - Gross profit for the same period was RMB 4.7 million, compared to a gross loss of RMB 67.7 million in 2023[6] - Loss attributable to equity shareholders decreased by 72.3% to RMB 43.1 million from RMB 155.5 million in the previous year[6] - Basic and diluted loss per share decreased by 73.1% to RMB 0.14 from RMB 0.52 in the same period of 2023[6] - The group reported a net loss of RMB 43,121,000 for the twelve months ending December 31, 2024[12] - The pre-tax loss for 2024 was RMB 43,109 thousand, significantly improved from a loss of RMB 143,520 thousand in 2023[27] Financial Position - Total assets less current liabilities amounted to RMB (7.3 million) compared to RMB 35.8 million in 2023[8] - Trade receivables decreased to RMB 76.3 million from RMB 126.8 million in the previous year[8] - Cash and cash equivalents increased to RMB 8.3 million from RMB 4.5 million in 2023[8] - The company's current assets net value as of December 31, 2024, was approximately RMB 15.7 million, down from approximately RMB 25.3 million as of December 31, 2023[93] - The total amount of bank and other loans as of December 31, 2024, was approximately RMB 151.9 million, a decrease from approximately RMB 158.8 million as of December 31, 2023[93] Liquidity and Cash Flow - The group faces liquidity pressure due to a slow recovery in the entertainment industry and increased competition in the television drama market[13] - The group anticipates paying financial liabilities amounting to RMB 529,763,000 within one year[12] - As of December 31, 2024, the group's cash and cash equivalents were only RMB 8,285,000[12] - The group expects all trade receivables and notes receivable to be collected within one year, indicating a positive cash flow outlook[40] Cost Management - Total sales cost decreased by approximately 94.2% from about RMB 181.1 million in 2023 to approximately RMB 10.5 million in 2024[68] - Sales and marketing expenses decreased by approximately 33.6% from about RMB 24 million for the twelve months ending December 31, 2023, to about RMB 16 million for the twelve months ending December 31, 2024[77] - Administrative expenses decreased by approximately 5.8% from about RMB 22.8 million for the twelve months ending December 31, 2023, to about RMB 21.5 million for the twelve months ending December 31, 2024[79] Strategic Initiatives - The group plans to accelerate the release of self-produced dramas to recognize revenue more quickly[15] - The group aims to strengthen the collection of outstanding receivables from previous drama releases and licensing[15] - The group is negotiating with creditors to restructure existing payables and loan terms to alleviate liquidity pressure[15] - The company plans to accelerate the production and licensing of self-produced television dramas in 2025, aiming to meet diverse customer preferences[57] Compliance and Governance - The company has adopted and complied with all applicable corporate governance codes as of December 31, 2024[110] - The board has confirmed compliance with the standard code for securities trading by directors as of December 31, 2024[111] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results for the twelve months ending December 31, 2024[114] Dividends and Shareholder Returns - The board of directors resolved not to declare an interim dividend for the twelve months ended December 31, 2024[6] - The company did not recommend the distribution of interim dividends for the twelve months ended December 31, 2024, compared to zero dividends for the previous year[51]

Financial Performance - For the six months ended June 30, 2024, the company's revenue decreased by 86.9% to RMB 10.1 million from RMB 77.1 million in the same period of 2023[10] - The gross profit for the same period fell by 62.2% to RMB 3.7 million, down from RMB 9.8 million in 2023[10] - The loss attributable to equity shareholders increased by 53.3% to RMB 10.5 million, compared to RMB 6.8 million in the prior year[11] - Basic and diluted loss per share rose by 50.0% to RMB 0.03 from RMB 0.02 in the same period of 2023[10] - Total revenue decreased by approximately 86.9% from RMB 77.1 million for the six months ended June 30, 2023, to approximately RMB 10.1 million for the six months ended June 30, 2024[17] - Revenue for the six months ended June 30, 2024, was RMB 10,058 thousand, a decrease of 87.0% compared to RMB 77,064 thousand for the same period in 2023[79] - The company reported a net loss of RMB 10,499,000 for the six months ended June 30, 2024, indicating ongoing financial challenges[92] Revenue Breakdown - Revenue from self-produced TV drama distribution and broadcasting rights decreased by approximately 93.6% from RMB 61.3 million to RMB 3.9 million, primarily due to no first-round broadcasting rights granted to satellite channels during the period[18] - Revenue from purchased TV drama distribution and broadcasting rights decreased by approximately 75.1% from RMB 15.7 million to RMB 3.9 million, mainly due to the absence of significant first-round broadcasting rights income[20] - Revenue from joint financing arrangements increased by approximately 6,491.2% from RMB 34,000 to RMB 2.2 million, attributed to the film "Flying Fortune" during the reporting period[21] - Revenue from self-produced TV series distribution and broadcasting rights was RMB 3,911 thousand, down 93.6% from RMB 61,313 thousand in 2023[96] - Revenue from acquired TV series distribution and broadcasting rights was RMB 3,906 thousand, a decrease of 75% from RMB 15,717 thousand in 2023[96] Cost and Expenses - Total sales costs decreased by approximately 90.6% from RMB 67.3 million to RMB 6.4 million, mainly due to reduced costs in self-produced TV drama distribution[22] - Sales and marketing expenses decreased by approximately 29.9% from RMB 254 million for the six months ended June 30, 2023, to RMB 178 million for the six months ended June 30, 2024, primarily due to a reduction in marketing and promotional expenses[30] - Administrative expenses decreased by approximately 15.4% from RMB 9.2 million for the six months ended June 30, 2023, to RMB 7.8 million for the six months ended June 30, 2024, mainly due to a reduction in employee costs related to the administrative department[32] - Financing costs decreased by 19.8% from RMB 6.8 million for the six months ended June 30, 2023, to RMB 5.5 million for the six months ended June 30, 2024, primarily due to lower actual annual interest rates[35] Assets and Liabilities - The company's current assets decreased from RMB 25.3 million as of December 31, 2023, to RMB 15.5 million as of June 30, 2024[39] - The total amount of bank and other loans decreased from approximately RMB 160.5 million as of December 31, 2023, to approximately RMB 153.1 million as of June 30, 2024[39] - The total liabilities as of June 30, 2024, were RMB 683,973 thousand, slightly down from RMB 685,561 thousand at the end of 2023[81] - The group faces a total financial liability of RMB 534,974,000 due within one year, raising doubts about its ability to meet these obligations without sufficient cash flow[92] - The group has recognized claims from creditors amounting to RMB 81,344,000, which may further impact its financial stability[92] Shareholder Information - The board has resolved not to declare an interim dividend for the six months ended June 30, 2024[10] - The board has resolved not to recommend any interim dividend for the six months ending June 30, 2024, consistent with the previous year[65] - As of June 30, 2024, the total number of shares issued by the company is 300,000,000[73] - Mr. Yuan Li holds a controlled corporation interest of 68,282,350 shares, representing approximately 22.76% of the company[73] - Ms. Tian Tian holds a controlled corporation interest of 64,380,501 shares, representing approximately 21.46% of the company[73] Future Plans and Strategies - The company plans to enhance its television drama production and distribution performance, expanding both self-produced dramas and acquired broadcasting rights[12] - The company aims to diversify its drama products by investing in various types and themes of television dramas[12] - The company will strengthen market research and insights into industry trends to increase its script and intellectual property reserves[12] - The company is committed to collaborating closely with third-party rights holders to acquire more diverse drama rights in the second half of 2024[15] - The group plans to accelerate the release of self-produced dramas to improve cash flow and revenue recognition, aiming to negotiate better terms with broadcasting platforms[93] - The group intends to enhance efforts in collecting outstanding receivables from previous drama releases to alleviate cash flow pressures[93] - The management is exploring the sale of existing script rights to other production companies to secure additional funding[93] - The ultimate controlling parties have committed to providing ongoing financial support if necessary, ensuring the group can continue operations for at least the next twelve months[93]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Litian Pictures Holdings Limited 力天影業控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9958） 截 至2024年6月30日止六個月中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | • | 截 至 2024 年 6 月 30 日止六個月的收益由 2023 年同期的人民幣 77.1 百萬元 減 少 86.9% ...

Financial Performance - The company reported revenue of RMB 113.4 million for the year ended December 31, 2023, representing a 390.7% increase compared to RMB 23.1 million in 2022[9] - The gross loss decreased by 64.2% to RMB 67.7 million from RMB 189.2 million year-on-year[9] - The loss attributable to equity shareholders was RMB 155.5 million, a reduction of 47.4% from RMB 295.7 million in the previous year[9] - Basic and diluted loss per share improved to RMB 0.52, down 47.5% from RMB 0.99 in 2022[9] - Total revenue increased by approximately 390.7% from RMB 23.1 million in 2022 to RMB 113.4 million in 2023, primarily driven by a RMB 61.5 million increase in revenue from self-produced TV drama distribution and broadcasting rights[23] - Revenue from self-produced TV drama broadcasting rights increased by approximately 801.8% from RMB 7.7 million in 2022 to RMB 69.1 million in 2023, with five self-produced dramas licensed in 2023[24] - Revenue from bought TV drama broadcasting rights rose by approximately 141.3% from RMB 15.0 million in 2022 to RMB 36.1 million in 2023, attributed to challenging market conditions and macroeconomic environment[25] - Revenue from joint financing arrangements and other broadcasting rights increased by approximately 1559.0% from RMB 0.5 million in 2022 to RMB 8.2 million in 2023, mainly from the sale of script rights for "New Youth" and "Meteor Hunter"[27] - The company's attributable loss for the year was approximately RMB 155.5 million, a decrease of approximately 47.4% compared to an attributable loss of approximately RMB 295.7 million for the year ended December 31, 2022[60] Production and Licensing - The company successfully licensed the first round broadcasting rights for the self-produced drama "Unparalleled Beauty" and the purchased drama "Youth in the Flames of War" during the year[12] - A total of 24 dramas were issued in 2023, compared to 16 in 2022, indicating a focus on expanding self-produced drama broadcasting rights[17] - The company aims to diversify its drama offerings by investing in various types and genres of television dramas[14] - In 2024, the company plans to accelerate the production and licensing of its self-produced dramas while collaborating closely with third-party rights holders to acquire more diverse purchased drama rights[18] - The company plans to continue expanding its self-produced content and exploring new licensing opportunities to enhance revenue streams[28] Cost and Expenses - Total cost of sales decreased by approximately 14.7% from RMB 212.3 million in 2022 to RMB 181.1 million in 2023, primarily due to a reduction in costs related to self-produced TV drama broadcasting rights[30] - Sales and marketing expenses increased by approximately 120.1% from about RMB 1.1 million for the year ended December 31, 2022, to approximately RMB 2.4 million for the current year, primarily due to increased promotional expenses[45] - Administrative expenses decreased by approximately 9.7% from about RMB 25.3 million for the year ended December 31, 2022, to approximately RMB 22.8 million for the current year[50] - Financing costs decreased by approximately 10.9% from about RMB 21.0 million for the year ended December 31, 2022, to approximately RMB 18.7 million for the current year, mainly due to reduced interest expenses on bank and other loans[53] Assets and Liabilities - As of December 31, 2023, the company's cash and bank deposits amounted to approximately RMB 4.5 million, a significant decrease from RMB 59.6 million as of December 31, 2022[62] - The company's net current assets as of December 31, 2023, were approximately RMB 25.3 million, down from RMB 162.3 million as of December 31, 2022[62] - The total bank and other loans as of December 31, 2023, were approximately RMB 160.5 million, compared to RMB 212.7 million as of December 31, 2022[62] - The current ratio declined from approximately 1.3 times as of December 31, 2022, to approximately 1.0 times as of December 31, 2023[66] - The debt-to-equity ratio increased from approximately 113.8% as of December 31, 2022, to approximately 488.2% as of December 31, 2023[70] Corporate Governance - The board has established three committees to oversee audit, remuneration, and nominations, ensuring effective governance and strategic oversight[165] - The company maintains a strong commitment to corporate governance, adhering to all applicable codes and best practices throughout the year[156] - The board of directors consists of independent non-executive directors, meeting the requirement of at least one-third of the board members, ensuring a balance between executive and independent directors[169] - The company has received annual confirmations of independence from all independent non-executive directors, affirming their compliance with independence guidelines[170] - The board has established mechanisms to ensure independent viewpoints are obtained, including the provision of sufficient resources for directors to fulfill their duties[175] - The company has implemented a code of conduct and compliance manual applicable to employees and directors[193] - The board is collectively responsible for corporate governance, which includes reviewing the corporate governance report[191] Future Outlook - The company has set a revenue guidance of $180 million for the next fiscal year, indicating a projected growth of 20%[148] - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative content production technologies[148] - The company is actively pursuing market expansion strategies, targeting Southeast Asia for new user acquisition and partnerships[148] - A merger with a local production company is anticipated to enhance content offerings and operational efficiency, expected to close by Q2 2024[148] - The company has invested $5 million in research and development for new film production technologies, aiming to improve production quality and reduce costs[148]

Employee and Corporate Governance - As of December 31, 2023, the group had 44 employees, a decrease from 47 employees as of December 31, 2022[2]. - The company is committed to maintaining high standards of corporate governance and transparency[10]. - The company has adopted a standard code for its directors regarding securities trading, confirming compliance throughout the year[11]. - The annual performance for the year has been reviewed by the audit committee along with management and external auditors[12]. - The company has not reported any significant labor disputes during the year, indicating a good working relationship with employees[2]. Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 113,445,000, a decrease from RMB 123,121,000 in 2022[43]. - The gross loss for reportable segments was RMB (67,676,000), improving from RMB (189,223,000) in the previous year[39]. - The company reported a net loss before tax of RMB (143,520,000), significantly reduced from RMB (270,952,000) in 2022[39]. - The total assets as of December 31, 2023, were RMB 710,892,000, down from RMB 793,476,000 in 2022[45]. - The company's cash and cash equivalents decreased to RMB 4,503,000 from RMB 59,578,000 in the previous year[45]. - Trade receivables decreased to RMB 126,823,000 from RMB 155,364,000 in 2022[45]. - The basic and diluted loss per share for the year was RMB (0.52), compared to RMB (0.99) in 2022[44]. - The total equity attributable to equity shareholders of the company was RMB 32,876,000, down from RMB 186,880,000 in the previous year[46]. - For the year ended December 31, 2023, revenue increased by approximately 390.7% to approximately RMB 113.4 million from approximately RMB 23.1 million for the year ended December 31, 2022[59]. - Gross loss decreased by approximately 64.2% to approximately RMB 67.7 million for the year ended December 31, 2023, compared to a loss of approximately RMB 189.2 million for the year ended December 31, 2022[59]. - Loss attributable to equity shareholders decreased by approximately 47.4% to approximately RMB 155.5 million for the year ended December 31, 2023, from approximately RMB 295.7 million for the year ended December 31, 2022[59]. - Basic and diluted loss per share decreased by approximately 47.5% to approximately RMB 0.52 for the year ended December 31, 2023, compared to a loss of approximately RMB 0.99 for the year ended December 31, 2022[59]. Liquidity and Financial Obligations - The group faces liquidity pressure due to slow recovery in the entertainment industry and increased competition in the television drama market, which may affect its ability to meet operational and financial needs within the next 12 months[53]. - As of December 31, 2023, the group reported a net loss of RMB 155.5 million and anticipates paying financial liabilities of RMB 549.7 million within one year[67]. - The group's cash and cash equivalents were only RMB 4.5 million as of December 31, 2023, raising concerns about its ability to repay liabilities when due[67]. - The board has resolved not to recommend any final dividend for the year ended December 31, 2023[59]. - The group anticipates having sufficient funds to meet its liabilities due within at least twelve months from the reporting date[69]. Revenue and Business Operations - The group is accelerating the sale of television dramas to broadcasting platforms and monitoring unresolved claims and lawsuits to reach settlements[55]. - The group’s television drama business continues to face pressure in the short term, impacting production and licensing capabilities[53]. - The group aims to accelerate revenue recognition by negotiating longer-term broadcasting rights for its self-produced dramas, which will help recover production costs more quickly[69]. - Customer A generated revenue of RMB 45,306,000 in 2023, while Customer B contributed RMB 30,967,000, up from RMB 7,783,000 in 2022[86]. - Revenue from external customers for 2023 was RMB 23,121,000, compared to RMB 22,008,000 in 2022, representing a year-over-year increase of approximately 5.1%[92]. - The company successfully licensed broadcasting rights for multiple series, including "Wisdom Has No Enemies" and "Righteousness Has No Enemies," during the year[128]. - The company plans to accelerate the production and licensing of its self-produced dramas in 2024, aiming to collaborate closely with third-party rights holders for more diverse content[139]. - Revenue from self-produced television drama distribution and broadcasting rights licensing was RMB 69,133 thousand, while revenue from purchased television drama distribution and broadcasting rights licensing was RMB 36,100 thousand for the year ended December 31, 2023[140]. - Revenue from self-produced TV drama licensing increased approximately 801.8% to about RMB 77 million for the year ended December 31, 2023, due to the licensing of 5 self-produced dramas[141]. - Revenue from the buyout of TV drama licensing rose approximately 141.3% to about RMB 361 million for the year ended December 31, 2023, driven by market conditions and macroeconomic challenges[145]. Impairment and Costs - The impairment loss for television rights in 2023 was RMB 57,440,000, significantly reduced from RMB 198,828,000 in 2022, reflecting improved asset recoverability[103]. - The impairment loss for completed productions was RMB 47.4 million for the fiscal year 2023[156]. - The company confirmed impairment losses of RMB 30,868 thousand for the year ended December 31, 2023, compared to RMB 35,367 thousand in 2022[119]. - The cost of self-produced TV drama licensing decreased approximately 32.1% to about RMB 120.8 million for the year ended December 31, 2023, primarily due to a reduction in inventory impairment provisions[148]. - The total sales cost for buyout TV drama licensing increased approximately 155.2% to about RMB 30.5 million for the year ended December 31, 2023, consistent with the increase in revenue from buyout TV drama licensing[154]. Expenses and Financial Management - Sales and marketing expenses increased by approximately 120.1% from about RMB 11 million for the year ended December 31, 2022, to about RMB 24 million for the current year, primarily due to increased promotional costs[163]. - Cost of sales decreased by approximately 14.7% from about RMB 212.3 million for the year ended December 31, 2022, to about RMB 181.1 million for the current year, mainly due to a reduction in costs related to self-produced television drama distribution and broadcasting rights[166]. - Administrative expenses decreased by approximately 9.7% from about RMB 25.3 million for the year ended December 31, 2022, to about RMB 22.8 million for the current year[176]. - Financing costs decreased by approximately 10.9% from about RMB 21.0 million for the year ended December 31, 2022, to about RMB 18.7 million for the current year, mainly due to a reduction in interest expenses on bank and other loans[181]. Assets and Liabilities - The net value of current assets as of December 31, 2023, was approximately RMB 25.3 million, down from approximately RMB 162.3 million as of December 31, 2022[184]. - Total bank and other loans amounted to approximately RMB 160.5 million as of December 31, 2023, down from approximately RMB 212.7 million as of December 31, 2022[195]. - The fair value of television rights expected to be recognized in profit or loss within one year is RMB 215,437,000 as of December 31, 2023, down from RMB 257,460,000 in 2022[103]. - The group’s total assets related to television rights as of December 31, 2023, were RMB 863,724,000, compared to RMB 837,714,000 in 2022, reflecting ongoing investment in content[114]. - The group's trade and other payables amounted to RMB 8,167,000 as of December 31, 2023, down from RMB 27,890,000 in 2022, indicating improved cash flow management[106]. Financial Ratios - The return on equity decreased from approximately -89.0% for the year ended December 31, 2022, to approximately -141.5% for the current year[197]. - The total asset return rate declined from approximately -32.2% for the year ended December 31, 2022, to approximately -20.2% for the current year[198]. - The current ratio decreased from approximately 1.3 times as of December 31, 2022, to approximately 1.0 times as of December 31, 2023[200].

Financial Performance - For the year ended December 31, 2023, revenue increased by approximately 390.7% to approximately RMB 113.4 million from approximately RMB 23.1 million for the year ended December 31, 2022[5]. - The gross loss decreased by approximately 64.2% to approximately RMB 67.7 million from a loss of approximately RMB 189.2 million for the previous year[5]. - Loss attributable to equity shareholders decreased by approximately 47.4% to approximately RMB 155.5 million from a loss of approximately RMB 295.7 million for the year ended December 31, 2022[5]. - Basic and diluted loss per share decreased by approximately 47.5% to approximately RMB 0.52 from a loss of approximately RMB 0.99 for the previous year[5]. - The company reported a total comprehensive loss attributable to equity shareholders of approximately RMB 154.0 million for the year ended December 31, 2023, compared to RMB 290.9 million for the previous year[6]. - The group reported a net loss of RMB 155,458,000 for the year ending December 31, 2023[18]. - The company reported a pre-tax loss of RMB (143,520,000) for 2023, which is an improvement from RMB (270,952,000) in 2022, indicating a reduction in losses by about 47%[36]. - The company's equity shareholders' loss for the year was approximately RMB 155.5 million, a reduction of about 47.4% compared to RMB 295.7 million in 2022[102]. Revenue Sources - Revenue from self-produced television drama distribution and broadcasting rights licensing increased to RMB 69.133 million in 2023, up from RMB 7.666 million in 2022, representing a growth of 803%[29]. - Revenue from buyout television drama distribution and broadcasting rights licensing rose to RMB 36.1 million in 2023, compared to RMB 14.96 million in 2022, marking an increase of 141%[29]. - Total revenue for the group reached RMB 113.445 million in 2023, significantly higher than RMB 23.121 million in 2022, reflecting a growth of 390%[29]. - Revenue from self-produced drama licensing increased by approximately 801.8% from about RMB 7.7 million in 2022 to RMB 69.1 million in 2023[66]. - Revenue from purchased drama licensing rose by approximately 141.3% from about RMB 15.0 million in 2022 to RMB 36.1 million in 2023[70]. - Revenue from joint financing arrangements and other income surged by approximately 1559.0% from about RMB 0.5 million in 2022 to about RMB 8.2 million in 2023[73]. Assets and Liabilities - Non-current assets decreased to RMB 10.5 million from RMB 27.2 million in the previous year[8]. - Current assets decreased to RMB 710.9 million from RMB 793.5 million in the previous year[8]. - Total liabilities increased to RMB 685.6 million from RMB 631.1 million in the previous year[8]. - The net assets attributable to equity shareholders decreased to RMB 32.9 million from RMB 186.9 million in the previous year[9]. - The group anticipates paying financial liabilities amounting to RMB 549,691,000 within one year[18]. - As of December 31, 2023, the group's cash and cash equivalents were only RMB 4,503,000[18]. - The group has recognized a total of RMB 35,683,000 in claims from creditors and lenders in its financial statements as of December 31, 2023[19]. - The carrying amount of short-term other loans overdue as of December 31, 2023, is RMB 108,151,000, indicating ongoing discussions with lenders regarding restructuring repayment terms[58]. Liquidity and Going Concern - The group faces liquidity pressure due to a slowdown in the entertainment industry and increased competition in the television drama market[19]. - The group’s ability to continue as a going concern is under significant doubt due to various uncertainties[20]. - The group’s directors believe that, assuming successful implementation of measures, it will have sufficient funds to meet liabilities due within at least twelve months[22]. - The group may need to adjust asset values and reclassify non-current assets and liabilities if it cannot continue as a going concern[22]. - The company has established an audit committee to oversee internal controls, risk management, and financial reporting, ensuring compliance with corporate governance standards[127]. - There are significant uncertainties regarding the company's ability to continue as a going concern due to potential delays in television production and licensing[131]. Operational Measures - The group has implemented several measures to alleviate liquidity pressure, including cash flow forecasting[22]. - The group plans to accelerate negotiations with streaming platforms to expedite the release of self-produced dramas, aiming to recognize revenue more quickly[23]. - The group is focusing on strengthening the collection of outstanding receivables related to the distribution and broadcasting rights of previous dramas[23]. - The group is continuing to negotiate with creditors to restructure existing payables and loan terms to alleviate liquidity pressure[23]. - The group has committed to providing ongoing financial support to ensure continued operations for at least twelve months from December 31, 2023[23]. - The group is exploring the sale of existing script rights to other production companies to advance production stages and final broadcasts[23]. Cost Management - The cost of sales decreased by approximately 14.7% from about RMB 212.3 million in 2022 to about RMB 181.1 million in 2023, mainly due to reduced costs associated with self-produced drama licensing[74]. - Employee costs decreased to RMB 9,612,000 in 2023 from RMB 13,899,000 in 2022, representing a reduction of about 30.5%[41]. - Financing costs for 2023 amounted to RMB 18,683,000, down from RMB 20,960,000 in 2022, reflecting a decrease of approximately 10.9%[40]. - Administrative expenses decreased by approximately 9.7% from RMB 25.3 million in 2022 to RMB 22.8 million in 2023[92]. Corporate Governance - The company has adhered to all applicable corporate governance codes and has implemented most of the recommended best practices during the year[125]. - The independent auditor, KPMG, confirmed that the consolidated financial statements reflect the group's financial position accurately as of December 31, 2023[129]. - The company will hold its annual general meeting on May 31, 2024, with a notice to be published in accordance with its articles of association and listing rules[135]. - The board has decided not to recommend any final dividend for the year ending December 31, 2023, consistent with the previous year[137].

Financial Performance - For the six months ended June 30, 2023, revenue increased by 352.1% to RMB 771 million from RMB 170 million in the same period of 2022[16]. - Gross profit for the same period rose by 6.9% to RMB 98 million compared to RMB 92 million in the previous year[16]. - Loss attributable to equity shareholders decreased by 48.3% to RMB 68 million from RMB 133 million year-on-year[16]. - Basic and diluted loss per share improved by 50.0% to RMB 0.02 from RMB 0.04 in the prior year[12]. - The total comprehensive loss attributable to equity shareholders for the period was RMB 5,053,000, compared to RMB 10,857,000 in the previous year, showing a decrease of 53.6%[73]. - The total interest expenses for the period were RMB 6,845,000, a decrease from RMB 7,916,000 in the prior year, reflecting a reduction of 13.5%[119]. - The company reported a significant increase in customer advances, totaling RMB 144,614,000 as of June 30, 2023, compared to RMB 34,266,000 at the end of 2022[122]. - The company reported a loss before tax of RMB 6,849,000, which is an improvement from a loss of RMB 13,273,000 in the same period last year, reflecting a reduction of 48.7%[73]. - The company reported a gross profit margin of approximately 12.7% for the six months ended June 30, 2023[91]. - The gross profit margin decreased from approximately 53.8% for the six months ended June 30, 2022, to about 12.7% for the same period in 2023, primarily due to lower margins from self-produced and purchased television dramas[180]. Operational Highlights - The company continues to streamline operations and accelerate negotiations for the airing of self-produced dramas, aiming to improve cash collection post-sales[56]. - The company aims to attract and retain talented individuals through its share option scheme, which is crucial for its performance and growth[71]. - The company has maintained a focus on enhancing its operational efficiency amidst a challenging macroeconomic environment[56]. - The company is focusing on expanding its market presence and developing new technologies in the TV production sector[139]. - The company plans to strengthen market research and expand its script and intellectual property reserves in response to enhanced copyright protection management in China[183]. - The company aims to continue enhancing its television drama production and distribution performance, further expanding its self-produced and purchased broadcasting rights business[196]. Debt and Financing - The company's financing costs decreased by 13.5% to RMB 68 million from RMB 79 million in the previous period due to lower effective interest rates[21]. - The debt-to-equity ratio improved slightly to approximately 112.7% from 113.8% year-on-year[28]. - The company received loans totaling RMB 8,000,000 from its controlling shareholder during the reporting period[110]. - The company’s financial liabilities measured at amortized cost amounted to RMB 129 million as of June 30, 2023, compared to RMB 125 million as of December 31, 2022[173]. - The company’s liabilities to joint investors for television drama joint investments increased to RMB 102.9 million as of June 30, 2023, from RMB 95.9 million as of December 31, 2022[173]. Employee and Corporate Governance - As of June 30, 2023, the company had 48 employees, an increase from 47 employees at the end of 2022[30]. - The company did not declare an interim dividend for the six months ended June 30, 2023[12]. - The company has not granted any share options since the adoption of the share option scheme, and as of June 30, 2023, there were no unexercised share options[71]. Revenue Breakdown - For the six months ended June 30, 2023, the total revenue from external customers was RMB 77,064,000, with contributions of RMB 61,313,000 from self-produced dramas and RMB 15,717,000 from purchased dramas[91]. - The revenue from self-produced television drama broadcasting rights increased by approximately 969.3% to about RMB 613 million for the six months ended June 30, 2023, compared to RMB 57 million in the same period of 2022[191]. - The revenue from acquired TV dramas was RMB 605,918,000, an increase of 13.8% from RMB 532,383,000 in the previous year[139]. - The company issued a total of 13 and 7 television dramas, respectively, for the six months ended June 30, 2022, and 2023, including both self-produced and purchased dramas[199]. Asset Management - Current assets net value as of June 30, 2023, was approximately RMB 1.58 billion, down from RMB 1.623 billion as of December 31, 2022[24]. - The total trade receivables increased to RMB 279,402,000 as of June 30, 2023, up from RMB 238,430,000 as of December 31, 2022, representing a growth of 17.2%[141]. - The cash and cash equivalents reported as of June 30, 2023, were RMB 3,190,000, a decrease of 68.1% from RMB 10,002,000 at the end of 2022[146]. - The total trade payables as of June 30, 2023, were RMB 244,633,000, a decrease of 3.4% from RMB 252,480,000 at the end of 2022[168]. - The impairment loss recorded was RMB 915,733,000 for the first half of 2023, compared to RMB 837,714,000 for the same period in 2022, indicating an increase of 9.3%[139]. - The company expects all trade receivables and notes receivable to be collected within one year[159]. - The company has no tax liabilities for the first half of 2023 due to tax incentives in special economic zones[151].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Litian Pictures Holdings Limited 力 天 影 業 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：9958） 截 至2023年6月30日 止 六 個 月 中 期 業 績 公 告 財務摘要 • 截 至2023年6月30日 止 六 個 月 的 收 益 由2022年 同 期 的 人 民 幣17.0百 萬 元 增加352.1%至人民幣77.1百萬元。 • 截至2023年6月30日止六個月的毛利由2022年同期的人民幣9.2百萬元增 加6.9%至人民幣9.8百萬元。 • 截至2023年6月30日止六個月，本公司權益股東應佔虧損由2022年同期 的人民幣13.3百萬元減少48.3%至人民幣6.8百萬元。 • 截至2023年6月30日止六個月，每股基本及攤薄虧損由2022年同期的人 民幣0.04元減少50.0%至人民幣0.02元。 ...