Financial Performance - The company's operating revenue for the first half of 2022 was ¥804,697,510.44, a decrease of 1.20% compared to the same period last year [23]. - The net profit attributable to shareholders was -¥362,232,719.43, showing a significant loss compared to -¥198,221,275.05 in the previous year [23]. - The net cash flow from operating activities decreased by 91.97%, amounting to ¥24,663,549.71 [23]. - The total assets at the end of the reporting period were ¥7,194,271,274.63, reflecting a 1.81% increase from the previous year [23]. - The net assets attributable to shareholders decreased by 35.18%, totaling ¥424,043,397.32 [23]. - The basic earnings per share for the first half of 2022 was -¥0.62, compared to -¥0.34 in the same period last year [24]. - The weighted average return on net assets was -76.58%, a decrease of 66.73 percentage points from the previous year [24]. - The company reported a total comprehensive loss of RMB 302.73 million for the first half of 2022, compared to a loss of RMB 309.44 million in the same period last year [144]. - The company reported a significant decrease in cash received from sales, which fell by 60.12% to CNY 290.33 million [54]. - The company’s total comprehensive income for the current period shows a decrease of RMB 135,777,002.12 [162]. Governance and Compliance - The company guarantees the authenticity, accuracy, and completeness of the financial report, with individual and joint legal responsibilities [4]. - The report has not been audited, and the financial report is declared to be true, accurate, and complete by the responsible persons [8]. - The company has not faced any situation where more than half of the directors cannot guarantee the authenticity of the report [9]. - The company has not disclosed any significant matters that require further attention in the report [10]. - The company confirmed that it will maintain its independence and avoid competition with its controlling shareholder, Guochuang Capital, as per commitments made [92]. - The company is undergoing a major asset restructuring to ensure its independence and compliance with regulatory requirements [93]. - The company has established specific accounting policies and estimates based on its operational characteristics, particularly regarding revenue recognition [173]. Risks and Challenges - The company has detailed potential risks in the report, which investors should review [9]. - The company is subject to a risk statement regarding forward-looking statements, indicating that future plans do not constitute a substantive commitment to investors [7]. - The company faces risks from potential adverse changes in operating policies and intensified market competition, particularly in the film and sports industries [67][68]. - The company faces risks related to the sales of film and television works, as the consumption of cultural products is largely one-time and requires continuous creation and distribution of new works [69]. - The company's inventory risk is significant due to the nature of its business, with inventory only being recognized after obtaining necessary licenses, leading to potential increases in inventory if sales are not timely [70]. - The company is exposed to foreign exchange risks due to its subsidiaries operating in multiple currencies, which could adversely affect its financial condition and operating results [73]. - The ongoing impact of the COVID-19 pandemic may lead to the cancellation or postponement of major international sports events, affecting media rights and sponsorship sales [78]. - The company faces significant legal challenges, including a potential loss of control over assets due to a lawsuit involving a 16% equity pledge [52]. Shareholder Structure and Financing - The company has a total of 22,668 ordinary shareholders as of the end of the reporting period [110]. - The top ten shareholders include Wuhan Contemporary Technology Industry Group Co., Ltd. with 78,705,094 shares (13.46%) and Wuhan New Star Hanyi Chemical Co., Ltd. with 70,041,630 shares (11.98%) [113]. - The total voting rights controlled by the shareholders who delegated their voting rights to Guochuang Capital amount to 160,108,073 shares (27.39% of total share capital) [114]. - The company reported a non-operating fund occupation by related parties amounting to CNY 26,000,000, which accounts for 39.75% of the latest audited net assets [94]. - The company is actively seeking financial support from major shareholders to reduce the asset-liability ratio and alleviate cash flow shortages [98]. - The company plans to address liquidity issues through asset disposal, collection of receivables, and seeking support from financial institutions and the government [126]. Operational Developments - The company aims to enhance its film and television production by focusing on high-quality content and data analysis to mitigate investment risks [34]. - The company holds exclusive global rights and commercial interests for AFC events from 2021 to 2028, facilitating multiple copyright operations and sports marketing initiatives [36]. - The company has authorized various media partners across different regions, including MNC in Indonesia and CJ ENM in South Korea, for broadcasting AFC events from 2021 to 2024 [37]. - The company is currently engaged in ongoing media partnerships for AFC events in multiple countries, including Vietnam, Mongolia, and Myanmar [37]. - The company has secured media partnerships for AFC events in multiple regions, including CBS Sports in the US and StarTimes in Africa, covering the period from 2021 to 2024 [21]. Financial Management - The company is focusing on reducing unnecessary capital investments in non-core businesses to maximize profits amid tight liquidity [98]. - The company has reported a significant amount of guarantees provided to related parties without proper internal approval processes [96]. - The company’s financial expenses decreased by 3.03% year-on-year to CNY 237.76 million, reflecting efforts to manage costs [54]. - The company’s loan repayment rate dropped by 90.22 percentage points to 9.78% [133]. - The company is actively seeking to negotiate with bondholders for potential deferment of principal and interest payments [126]. Future Outlook - The sports industry is expected to become a pillar of the national economy by 2035, with an increasing share of GDP [33]. - Despite short-term impacts from the pandemic, the long-term outlook for the sports industry remains positive, indicating an overall upward trend [33]. - The company plans to focus on improving profitability and managing costs in the upcoming quarters to enhance shareholder value [161].

Financial Performance - The company's operating revenue for Q1 2022 was ¥387,057,800.13, representing a year-on-year increase of 34.22%[3] - The net profit attributable to shareholders was -¥150,045,391.15, with a basic and diluted earnings per share of -¥0.26[3] - The net cash flow from operating activities was -¥10,751,659.62, a decrease of 101.71% compared to the previous year[3] - The company reported a significant increase in operating costs by 49.94%, primarily due to the normal conduct of sports events[5] - Total operating revenue for Q1 2022 reached ¥387,057,800.13, an increase of 34.3% compared to ¥288,383,681.27 in Q1 2021[18] - Total operating costs for Q1 2022 were ¥576,747,090.72, up 25.8% from ¥458,635,672.02 in Q1 2021[18] - Net loss for Q1 2022 was ¥184,486,891.92, compared to a net loss of ¥157,177,429.57 in Q1 2021, reflecting a decline of 17.4%[19] - Total comprehensive income attributable to the parent company was -160,054,527.61 RMB, compared to -204,937,603.44 RMB in Q1 2021[20] - Basic and diluted earnings per share remained at -0.26 RMB, unchanged from the previous year[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,959,547,850.22, down 1.51% from the end of the previous year[3] - The company's total assets as of Q1 2022 amounted to ¥6,959,547,850.22, slightly down from ¥7,066,053,150.63 in the previous year[16] - Total liabilities increased to ¥6,552,668,625.15 in Q1 2022, compared to ¥6,466,742,192.88 in Q1 2021, marking a rise of 1.3%[15] - Shareholders' equity attributable to the parent company decreased by 24.47% to ¥494,095,699.38[3] - The company's equity attributable to shareholders decreased to ¥494,095,699.38 in Q1 2022 from ¥654,150,226.99 in Q1 2021, a decline of 24.4%[16] Cash Flow and Financing - The company's cash and cash equivalents as of March 31, 2022, amount to ¥53,192,060.98, a decrease from ¥57,718,993.69 as of December 31, 2021[13] - Cash inflow from financing activities was 7,316,357.27 RMB, a recovery from -733,660,918.43 RMB in Q1 2021[24] - Cash outflow for operating activities totaled 216,856,716.40 RMB, compared to 291,094,192.77 RMB in the previous year[23] - The company received 152,943.42 RMB in tax refunds, a decrease from 2,934,710.19 RMB in Q1 2021[23] Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,378[7] - The largest shareholder, Wuhan Contemporary Technology Industry Group, holds 78,705,094 shares, accounting for 13.46% of the total share capital[8] - The company has a total of 160,108,073 shares (27.39% of total share capital) controlled by certain shareholders through voting rights delegation[8] Other Income and Expenses - Other income increased by 40.55%, reflecting growth in additional revenue streams[5] - The company recorded a substantial increase of 854.01% in non-operating income, mainly from the disposal of fixed assets[5] - The company reported a 94.79% decrease in tax refunds received, indicating a reduction in tax-related benefits[5] - Financial expenses for Q1 2022 totaled ¥97,374,938.10, slightly up from ¥93,336,032.46 in Q1 2021[18] - The company reported a decrease in unallocated profits, with a loss of ¥2,376,191,704.03 in Q1 2022 compared to a loss of ¥2,226,146,312.88 in Q1 2021[16] - Other comprehensive income after tax for Q1 2022 was a loss of ¥10,009,136.46, compared to a loss of ¥63,172,901.84 in Q1 2021[19] Legal and Compliance Issues - The company has not made timely payments on its 2020 corporate bonds, which have been overdue since April 22, 2020[9] - The company is currently involved in several pending lawsuits, which may impact its financial position[10] - The company has not provided specific guidance for future performance in the current report[12] Accounts Receivable and Inventory - Accounts receivable stand at ¥571,310,853.18, slightly down from ¥574,970,688.04 in the previous period[13] - Inventory is reported at ¥852,984,571.66, compared to ¥860,306,837.69 at the end of 2021[13] - The total current assets amount to ¥2,566,634,437.13, down from ¥2,677,319,709.74 in the previous reporting period[13]

Financial Performance - The company reported a negative net profit for the year 2021, leading to a proposal of no profit distribution and no capital reserve transfer to share capital [6]. - The company's operating revenue for 2021 reached ¥1,553,560,345.77, a 122.03% increase compared to ¥699,702,253.76 in 2020 [23]. - The net profit attributable to shareholders was -¥977,773,714.87, an improvement from -¥1,926,149,521.01 in 2020 [23]. - The basic earnings per share for 2021 was -¥1.67, an improvement from -¥3.29 in 2020 [24]. - The weighted average return on equity decreased to -93.24%, down 29.53 percentage points from -63.71% in 2020 [24]. - The cash flow from operating activities was ¥130,489,306.55, a 72.91% decrease from ¥481,690,288.82 in 2020 [23]. - The company's total assets decreased by 21.43% to ¥7,066,053,150.63 from ¥8,993,156,438.67 in 2020 [23]. - The net asset attributable to shareholders decreased by 69.03% to ¥654,150,226.99 from ¥2,112,520,063.28 in 2020 [23]. - The company recognized inventory impairment losses of CNY 82.15 million and credit impairment losses of CNY 139.04 million for the 2021 fiscal year due to the impact of COVID-19 [34]. - The company faced significant financial challenges, including two consecutive years of losses and a high debt-to-asset ratio of 92%, raising concerns about its ability to continue as a going concern [139]. Audit and Compliance - The audit report issued by Asia-Pacific (Group) CPA firm contained a qualified opinion, indicating potential issues in the financial statements [5]. - The company's financial report is guaranteed to be true, accurate, and complete by its management team [6]. - The company has not reported any violations regarding guarantees during the reporting period [184]. - The company received a qualified audit opinion from Asia Pacific (Group) Accounting Firm for its 2021 financial statements [184]. - The company has not reported any significant accounting errors that require correction during the reporting period [185]. - The company has appointed Asia Pacific (Group) CPA as the new auditor for the 2021 financial statements, replacing Zhongshun Zhonghuan CPA, which had provided audit services for 22 years [188]. Business Operations and Strategy - The company has outlined potential risks in its future development strategies, which investors should be aware of [8]. - The company has not disclosed any significant changes in its operational strategy or market expansion plans in the report [8]. - The company is committed to producing high-quality dramas, with several new series scheduled for release in 2022 [44]. - The company aims to establish a "global cultural industry integration operation platform" through a dual main business strategy of "film and sports" [119]. - The company plans to enhance its profitability by exploring new integration models between the film and sports industries [120]. - The company is focusing on integrating digital technologies into sports broadcasting and marketing, including 5G and immersive viewing experiences [126]. Market and Industry Trends - The overall trend in the film and television industry is shifting towards high-quality content, with a significant reduction in the number of production licenses issued [37]. - The sports industry is projected to grow at a compound annual growth rate of 12.8% from 2020 to 2025, indicating a favorable market environment for the company's sports segment [40]. - The sports copyright distribution market is becoming more market-oriented, with significant price increases observed, such as Tencent Sports acquiring NBA rights for 15 billion USD, tripling the previous deal [111]. - The rise of new media platforms is providing broader market opportunities for high-quality TV dramas, shifting the focus from quantity to content quality [102]. Governance and Management - The company held multiple shareholder meetings throughout 2021, with significant resolutions passed regarding financial reports and corporate governance [145]. - The total pre-tax remuneration for the board members and senior management during the reporting period amounted to 6.8 million yuan [146]. - The company has a diverse board with members holding various positions in other organizations, enhancing its governance and oversight capabilities [152]. - The company is actively managing its board composition to ensure compliance with regulatory requirements and effective governance [149]. - The company has confirmed that the cash dividend standards and ratios are clear and comply with the company's articles of association [171]. Risks and Challenges - The company faces risks from potential adverse changes in government policies affecting the film and sports industries, which could impact business development [127]. - The company acknowledges the inherent risks in the sales of film and television products, which require continuous creation and market acceptance to ensure profitability [130]. - The company has a high customer concentration risk in the sports copyright sector, which could impact revenue if major clients face financial difficulties [136]. - Core personnel turnover poses a risk to the company's operational stability, particularly in the talent-intensive film and sports industries [134]. Related Party Transactions - The company has engaged in related party transactions, including loans to controlling shareholders [145]. - The company has confirmed that there are no major contracts or leasing matters applicable during the reporting period [197]. - The company anticipates a revenue of RMB 1.02 billion from related party transactions with Xinai Sports for the year 2021 [192]. Employee and Talent Management - The company employed a total of 267 staff members, with 69 in the parent company and 198 in major subsidiaries [166]. - The employee composition includes 62 sales personnel, 133 technical staff, 29 financial staff, 21 administrative staff, and 22 management personnel [166]. - The company emphasizes a competitive salary policy to attract and retain talent, adjusting salaries annually based on performance evaluations [168]. Financial Management - The company has reduced its financial expenses by 30.91% to 476.72 million yuan in 2021 [65]. - The company reported a significant reliance on a few major customers and suppliers, indicating potential risks in revenue stability [76]. - The company's cash and cash equivalents decreased by 86.40% to ¥57,718,993.69, primarily due to loan repayments [82].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥768,720,640.23, representing a significant increase of 872.64% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥159,424,308.17, with a year-to-date net profit of ¥1,499,301.25, indicating a substantial increase[3]. - The basic earnings per share for the quarter was ¥0.27, while the diluted earnings per share also stood at ¥0.27[3]. - The weighted average return on equity increased by 28.34 percentage points to 7.54% compared to the previous year[3]. - Total operating revenue for the first three quarters of 2021 reached ¥1,553,650,915.72, a significant increase from ¥411,369,481.85 in the same period of 2020, representing a growth of approximately 277%[19]. - Operating profit for the first three quarters of 2021 was ¥19,187,086.12, a turnaround from a loss of ¥1,476,766,824.42 in the same period of 2020[19]. - Net profit for the first three quarters of 2021 was ¥3,834,987.68, compared to a net loss of ¥1,435,362,841.79 in 2020, marking a significant improvement[20]. - The company’s basic earnings per share for the first three quarters of 2021 was ¥0.003, a recovery from a loss of ¥2.22 per share in the same period of 2020[20]. - The total comprehensive income for the first three quarters of 2021 was -¥69,741,478.80, compared to -¥1,438,781,565.02 in 2020, showing a significant reduction in losses[20]. Cash Flow and Investments - The company reported a net cash flow from operating activities of ¥593,467,409.83 for the year-to-date period, reflecting a 225.87% increase[3]. - Cash flow from operating activities for the first three quarters of 2021 was ¥593,467,409.83, up from ¥182,120,186.07 in the same period of 2020, reflecting a growth of approximately 226%[22]. - Cash received from borrowings was $813.95 million, down from $1.23 billion year-over-year[23]. - Cash paid for debt repayment was $1.62 billion, compared to $2.01 billion in the previous year[23]. - Cash paid for dividends and interest was $221.79 million, slightly down from $250.23 million year-over-year[23]. - Total cash outflow from investment activities was $675.20 million, compared to $336.33 million in the previous year, resulting in a net cash flow from investment activities of -$670.26 million, up from -$325.72 million[23]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,539,846,863.21, a decrease of 5.04% from the end of the previous year[4]. - The company's total liabilities were reported at ¥6,352,549,428.17, down from ¥6,685,887,946.46, which is a reduction of about 5.00%[16]. - The company's total equity decreased to ¥2,187,297,435.04 from ¥2,307,268,492.21, representing a decline of about 5.20%[16]. - The company's cash and cash equivalents decreased significantly to ¥83,140,054.39 from ¥424,301,136.56, reflecting a decline of approximately 80.4%[14]. - The company's current assets totaled ¥2,996,447,809.29, slightly increasing from ¥2,988,944,063.86 at the end of 2020, indicating a growth of about 0.30%[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,084[10]. - Wuhan Contemporary Technology Industry Group Co., Ltd. held 13.46% of shares, amounting to 78,705,094 shares, with 38,974,575 shares pledged[11]. - The new controlling shareholder is Wuhan Guochuang Capital Investment Co., Ltd., effective from July 13, 2021[12]. - The company completed a significant share acquisition, increasing its control to 27.39% of total shares, with a total of 160,108,073 shares controlled[13]. Operational Insights - The company plans to continue expanding its market presence and developing new products and technologies in the upcoming quarters[3]. - The company experienced a 44.19% increase in accounts receivable, attributed to the gradual recovery of business operations post-COVID-19[7]. - The company’s inventory increased to ¥1,796,607,706.64 from ¥1,017,957,206.67, reflecting a growth of about 76.5%[14]. - The company reported a decrease in sales expenses by 50.35 million, mainly due to reduced sales expenses in the film and television business[8]. - The company issued bonds, receiving cash of 100.00 million during the reporting period[8]. - The company received investment income cash of 1,870.40 million, mainly from dividends received from investment projects[8]. - The company experienced a decrease in tax refunds received, amounting to 92.85 million, due to reduced tax refunds during the period[8].

Financial Performance - The company reported a basic earnings per share of -0.27 yuan for the first half of 2021, an improvement from -1.11 yuan in the same period last year[20]. - The diluted earnings per share also stood at -0.27 yuan, consistent with the basic earnings per share[20]. - The weighted average return on net assets increased by 5.35 percentage points to -7.99% compared to -13.34% in the previous year[20]. - The net profit attributable to shareholders was a loss of ¥157,925,006.92, improving from a loss of ¥539,082,537.57 in the previous year[22]. - The net profit for the first half of 2021 was CNY -161,331,735.18, an improvement from CNY -548,563,617.00 in the same period last year, indicating a recovery in operations[130]. - The company reported a net loss of ¥183,846,709.77 for the first half of 2021, an improvement from a net loss of ¥591,217,268.73 in the first half of 2020[142]. - The company reported a significant increase in cash received from sales of goods and services, totaling RMB 727,932.55 million in the first half of 2021, compared to RMB 532,466.17 million in the same period of 2020[149]. Revenue and Costs - The company's operating revenue for the first half of the year reached ¥784,930,275.49, a significant increase of 136.19% compared to ¥332,335,025.55 in the same period last year[22]. - Operating costs increased to CNY 537,800,873, up 50.58% compared to the previous year[46]. - Total operating revenue for the first half of 2021 reached ¥784,930,275.49, a significant increase of 135.5% compared to ¥332,335,025.55 in the same period of 2020[141]. - Total operating costs amounted to ¥913,449,332.10, up 29.3% from ¥706,502,247.56 year-on-year[141]. Assets and Liabilities - The total assets decreased by 4.92% to ¥8,550,494,830.06 from ¥8,993,156,438.67 at the end of the previous year[22]. - The total liabilities increased to ¥6,395,307,583.31, up from ¥6,048,069,247.15 at the end of the previous period[138]. - The total equity decreased to ¥2,361,105,779.64 from ¥2,542,529,741.12, reflecting a decline of 7.1%[138]. - The company's total assets amounted to ¥8,756,413,362.95, an increase from ¥8,590,598,988.27 in the previous period[138]. - The total equity attributable to shareholders decreased to RMB 1,898,536,676.39 from RMB 2,112,520,063.28, a decline of 10.1%[135]. Cash Flow - The net cash flow from operating activities was ¥306,983,081.45, representing a 29.64% increase from ¥236,789,762.62 in the same period last year[22]. - Cash flow from operating activities generated RMB 306,983.08 million in the first half of 2021, an increase from RMB 236,789.76 million in the first half of 2020[149]. - The net cash flow from investing activities decreased primarily due to payments for copyright purchases and share buybacks[52]. - The cash interest coverage ratio significantly improved to 3.31, a 241.24% increase from 0.97 in the previous year, reflecting stronger cash flow management[130]. Strategic Focus - The company is focused on the dual business strategy of "film and television + sports," aiming to enhance synergy and explore monetization opportunities post-pandemic[30]. - The company aims to leverage its resources and market communication to accelerate performance recovery and growth in the post-pandemic environment[30]. - The company has established long-term partnerships with over ten national Olympic committees and numerous well-known sports stars, enhancing its international sports resource advantage[39]. - The company is actively involved in sports marketing, facilitating partnerships with major brands such as Konami and China Mobile for AFC events[34]. Risks and Challenges - The company has outlined potential risks in its management discussion and analysis section, urging investors to be cautious[6]. - The company faces risks related to potential adverse changes in operating policies, particularly in the film and sports industries due to regulatory scrutiny[69]. - The company faces risks from intensified market competition, which may lead to increased costs and declining sales prices and revenues, particularly in the sports industry[70]. - The ongoing impact of the COVID-19 pandemic may affect the company's operations, particularly if international sports events are canceled or postponed[79]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders is 24,696[109]. - The company has completed the acquisition of control from the previous major shareholders, with Guochuang Capital now holding 27.39% of the voting rights[108]. - The top ten shareholders hold a total of 80,262,230 shares, representing 13.73% of the total shares outstanding[111]. - The largest individual shareholder, Jiang Lizhang, has 46,903,568 shares, which is 8.02% of the total shares, with 5,260,000 shares pledged[111]. Corporate Governance - The company has committed to ensuring its independence and avoiding competition with its listed subsidiaries since May 18, 2015, but has not fully complied with this commitment[92]. - The company has made a commitment to avoid any form of competition with its listed company and to reduce and standardize related party transactions since July 13, 2021, and has complied with this commitment[92]. - The company has not engaged in any related party transactions with Guochuang Capital in the past 12 months, aside from the current private placement[99]. Accounting and Financial Reporting - The financial statements are prepared based on the accrual basis of accounting, in accordance with the relevant enterprise accounting standards[166]. - The company’s accounting year runs from January 1 to December 31[170]. - The company’s financial reports comply with the disclosure requirements set by the China Securities Regulatory Commission[169]. - The company uses Renminbi as the functional currency for its domestic operations, while its overseas subsidiaries use various currencies including HKD, EUR, and USD[172].

Financial Performance - The company reported a net profit of negative value for the fiscal year 2020, leading to a proposal of no profit distribution and no capital reserve transfer to share capital [5]. - The company's operating revenue for 2020 was ¥699.70 million, a decrease of 60.74% compared to ¥1,782.34 million in 2019 [23]. - The net profit attributable to shareholders of the listed company was -¥1.93 billion in 2020, a decline of 1,932.98% from ¥105.08 million in 2019 [23]. - The net cash flow from operating activities increased by 34.78% to ¥481.69 million in 2020, compared to ¥357.40 million in 2019 [23]. - The basic earnings per share for 2020 was -¥3.29, down from ¥0.22 in 2019, reflecting a significant decline in profitability [24]. - The total assets at the end of 2020 were ¥8.99 billion, a decrease of 13.54% from ¥10.40 billion at the end of 2019 [23]. - The company reported a weighted average return on equity of -63.71% in 2020, a decrease of 66.73 percentage points from 3.02% in 2019 [24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥1.94 billion in 2020, compared to -¥508.87 million in 2019, indicating worsening financial performance [23]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm [4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management [8]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties [7]. - The company has not violated decision-making procedures for external guarantees [7]. - The company has not disclosed any significant changes in its business operations or strategies in the report [7]. - The company has not proposed any capital increase from public reserves due to the negative net profit [5]. Operational Challenges - The company faced significant operational disruptions due to the COVID-19 pandemic, impacting all major business segments [34]. - The company has implemented measures to mitigate the impact of COVID-19, including enhancing communication with upstream resource providers and improving cash flow management [65]. - The company anticipates continued challenges in revenue recognition due to the ongoing impact of the COVID-19 pandemic on scheduled events and operations [91]. Market and Industry Trends - The film industry saw a rapid growth in box office revenue, reaching 64.07% market share for domestic films in 2019, with total box office revenue increasing from 9.13 billion yuan in 2003 to 64.266 billion yuan in 2019 [46]. - In 2020, China's total box office revenue was 20.417 billion yuan, a year-on-year decline of 68.33%, with total moviegoers at 549 million, down 68.23% [47]. - Despite the pandemic, domestic films accounted for 83.72% of total box office revenue, with a total of 17.093 billion yuan, an increase of 19.65 percentage points compared to the previous year [47]. - The sports industry in China had a total output of 2.9483 trillion yuan in 2019, with a value added of 1.1248 trillion yuan, accounting for 1.14% of GDP [48]. - By 2025, China's sports industry is projected to exceed 5 trillion yuan, indicating a compound annual growth rate of 9.2% from 2019 to 2025 [48]. Strategic Initiatives - The company plans to strengthen internal integration and prepare for future business recovery during the pandemic [34]. - The company aims to expand its market presence by leveraging its strengths in capital, talent, and business integration, aligning with the dual-driven strategy of "film + sports" [35]. - The company is focused on enhancing its operational capabilities in the sports venue management sector, generating income through rental and related service fees [41]. - The company aims to establish a "global cultural industry integration operation platform" through a dual main business strategy of "film + sports" [131]. - The company plans to enhance its market share and industry influence in the film and sports sectors by optimizing its value chain [132]. Talent and Organizational Development - The company has actively adjusted its organizational structure and recruited top talent to support its long-term sustainable development [59]. - The company has implemented a talent training program to enhance employee skills and knowledge, contributing to the establishment of a talent pipeline [69]. - The company will focus on attracting external talent and fostering internal talent development to support its growth [133]. Risks and Challenges - The company faces risks from potential adverse changes in operating policies, particularly in the film and sports industries, which could impact business development [144]. - The company is exposed to intensified market competition, which may lead to increased costs and declining sales prices and revenues [145]. - The company has a significant amount of inventory related to its film and media segment, which poses risks if sales do not occur as planned [148]. - The company may face risks related to the loss of high-end sports rights due to complex licensing agreements and rising costs [149]. - The company is subject to foreign exchange risks due to its overseas operations, which could adversely affect its financial condition [150]. Shareholder and Corporate Governance - The total number of ordinary shareholders increased from 23,742 to 25,799, representing an increase of approximately 8.6% [183]. - The top ten shareholders hold a total of 80,262,230 shares, accounting for 13.73% of the total shares [185]. - The company has no significant changes in controlling shareholders or actual controllers during the reporting period [189][191]. - The company has not implemented any stock incentive plans or employee shareholding plans during the reporting period [164]. Future Outlook - The company anticipates a recovery in the domestic TV drama industry, with a significant increase in production and distribution activities expected in 2021 following the pandemic [115]. - The company expects the demand for high-quality TV dramas to rise, driven by a shift in focus from quantity to quality in production [116]. - The company is preparing for a "super sports year" in 2021, focusing on major events like the UEFA Euro 2020 and the 2022 FIFA World Cup qualifiers to create innovative collaboration opportunities for brands [140].

Financial Performance - Operating revenue increased by 6.27% to CNY 288,383,681.27 compared to the same period last year[6] - Net profit attributable to shareholders was CNY -151,397,184.64, showing a significant loss compared to CNY -79,642,711.35 in the previous year[6] - Basic and diluted earnings per share were both CNY -0.26, indicating a loss compared to CNY -0.14 in the previous year[6] - The weighted average return on equity decreased by 5.56 percentage points to -7.43%[6] - The net loss for Q1 2021 was CNY 155,212,202.43, compared to a net loss of CNY 72,980,007.03 in Q1 2020[26] - The net profit (loss) for Q1 2021 was -157,177,429.57 RMB, compared to -81,776,499.64 RMB in Q1 2020, reflecting a worsening financial performance[29] - The comprehensive income total for Q1 2021 was -220,350,331.41 RMB, compared to -243,652,786.58 RMB in Q1 2020, showing a slight improvement in overall losses[29] - The basic earnings per share for Q1 2021 was -0.26 RMB, compared to -0.14 RMB in Q1 2020, indicating a decline in earnings per share[29] Assets and Liabilities - Total assets decreased by 5.55% to CNY 8,494,463,473.13 compared to the end of the previous year[6] - Net assets attributable to shareholders decreased by 10.03% to CNY 1,900,632,214.94 compared to the end of the previous year[6] - Total liabilities as of March 31, 2021, were CNY 6,227,407,359.56, compared to CNY 6,048,069,247.15 at the end of 2020[24] - The company's total equity as of March 31, 2021, was CNY 2,449,772,863.70, down from CNY 2,542,529,741.12 at the end of 2020[25] - Cash and cash equivalents decreased significantly to CNY 8,333,259.08 from CNY 338,020,040.61 at the end of 2020[23] Cash Flow - The net cash flow from operating activities was CNY 628,492,282.43, a slight increase of 0.41% compared to the previous year[6] - The net cash flow from operating activities for Q1 2021 was ¥253,243,953.25, a decrease from ¥520,266,263.00 in Q1 2020, reflecting a decline of approximately 51.4%[37] - Total cash inflow from financing activities was ¥243,503,854.17, compared to ¥348,800,000.00 in the same period last year, indicating a decrease of about 30.2%[38] - The company experienced a net decrease in cash and cash equivalents of ¥329,686,781.53 for Q1 2021, compared to a decrease of ¥21,183,716.97 in Q1 2020[38] Operating Costs and Expenses - Operating costs increased by 37.42% to ¥284,165,570 compared to the same period last year, primarily due to copyright amortization by subsidiaries[11] - The company's financial expenses for Q1 2021 were CNY 93,336,032.46, compared to CNY 81,310,041.09 in Q1 2020[26] - The total operating expenses for Q1 2021 included management expenses of 21,494,330.78 RMB and financial expenses of 32,809,052.43 RMB, reflecting ongoing operational costs[31] - The company incurred interest expenses of 56,122,924.78 RMB in Q1 2021, compared to 52,490,672.03 RMB in Q1 2020, indicating rising financing costs[31] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,472[9] - The top ten shareholders held a total of 13.73% and 13.66% of shares respectively, with significant pledges noted[9] Other Financial Metrics - Non-recurring gains and losses totaled CNY 2,416,950.91 for the reporting period[7] - Tax and additional charges decreased by 60.60% to ¥339,316, attributed to revenue mainly from overseas subsidiaries, which do not incur such taxes[11] - Credit impairment losses rose by 32.13% to ¥22,680,084, mainly due to recovery of previously impaired receivables[11] - Income tax expenses dropped by 77.31% to ¥1,997,406, primarily due to a decrease in total profit for the year[11] - Other receivables fell by 51.31% to ¥23,372,217, attributed to a decrease in transactions with external parties[12] - Intangible assets decreased by 45.59% to ¥211,608,307, mainly due to the amortization of sports copyrights[12] - Short-term borrowings increased by 11.67% to ¥395,115,874, reflecting a rise in financial institution borrowings[19] - The company plans to raise up to ¥1,054.07 million through a non-public offering of shares, targeting a specific investor[13]

Financial Performance - The company reported a net profit of negative value for the year 2020, leading to a proposal of no profit distribution and no capital reserve transfer to share capital [5]. - The company's operating revenue for 2020 was approximately ¥699.70 million, a decrease of 60.74% compared to ¥1,782.34 million in 2019 [21]. - The net profit attributable to shareholders was a loss of approximately ¥1.93 billion, a decline of 1,932.98% from a profit of ¥105.08 million in 2019 [21]. - The basic earnings per share for 2020 was -¥3.29, down 1,595.45% from ¥0.22 in 2019 [22]. - The weighted average return on equity decreased to -63.71%, a drop of 66.73 percentage points from 3.02% in 2019 [22]. - The total assets at the end of 2020 were approximately ¥8.99 billion, a decrease of 13.54% from ¥10.40 billion at the end of 2019 [21]. - The company reported a significant increase in financial expenses by 67.33% to CNY 690,016,868 due to new interest-bearing liabilities [82]. - The company's marketing business faced a substantial decline due to the pandemic, impacting revenue and operational activities [80]. - The company reported a net profit attributable to ordinary shareholders of -1,874,405,706.34 RMB for 2020, with no cash dividends proposed [153]. Audit and Compliance - The company has received a standard unqualified audit report from Zhongshun Zhonghuan Accounting Firm [4]. - The company’s financial report is guaranteed to be true, accurate, and complete by its board of directors and senior management [8]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties [7]. - The company has not violated decision-making procedures for providing guarantees [7]. - The company has committed to strengthening internal control management and compliance with laws and regulations to prevent future issues [158]. Operational Challenges - The company faced significant operational disruptions due to the COVID-19 pandemic, impacting all major business segments in 2020 [32]. - The company has faced significant operational challenges due to the COVID-19 pandemic, resulting in a substantial decline in overall performance compared to the previous year [65]. - The overall impact of the COVID-19 pandemic led to significant operational disruptions, affecting both revenue and costs across various segments [87]. - The ongoing impact of the COVID-19 pandemic may affect the company's media rights and sponsorship sales for international sports events [148]. Business Segments and Strategy - The company operates in two main business segments: film and television media, and sports, aiming to create a global cultural industry integration platform [32]. - The company emphasizes a management strategy of centralized control with independent operation of subsidiaries to enhance operational efficiency [33]. - The company aims to establish a "global cultural industry integration operation platform" through a dual main business strategy of "film and sports" [125]. - The company plans to enhance its market share and industry influence in the film and sports sectors by optimizing its value chain [126]. - The company is focused on attracting external talent and fostering internal talent growth to support its expanding business scale [127]. Market Trends and Projections - The sports industry in China had a total output of 2.9483 trillion yuan in 2019, with a value added of 1.1248 trillion yuan, accounting for 1.14% of GDP [45]. - The Chinese sports industry is projected to exceed 5 trillion yuan by 2025, indicating a compound annual growth rate of 9.2% from 2019 to 2025 [45]. - The company anticipates continued growth in the sports service market, focusing on areas like sports venue operations and event organization [49]. - The overall recovery of the Chinese film market is expected to continue, driven by improved supply and demand dynamics as the pandemic situation stabilizes [113]. Revenue and Cost Analysis - The total revenue from the film and television industry was approximately ¥39.85 million, while the cost was around ¥55.68 million, resulting in a negative gross margin of 39.72% [86]. - The sports marketing and other services saw a revenue decline of 85.98% and a gross margin decrease of 52.79 percentage points [86]. - The revenue from sports copyright was approximately ¥535.15 million, with a cost of ¥688.15 million, leading to a gross margin of -28.59% [86]. - The company's total revenue from mainland China was approximately ¥116.78 million, with a cost of ¥131.59 million, reflecting a gross margin of -12.68% [86]. - The revenue from regions outside mainland China was approximately ¥582.92 million, with a cost of ¥708.67 million, resulting in a gross margin of -21.57% [86]. Shareholder and Corporate Governance - The total number of ordinary shareholders at the end of the reporting period is 25,799, an increase from 23,742 at the end of the previous month [176]. - The top ten shareholders hold a total of 80,262,230 shares, representing 13.73% of the total shares, with no changes during the reporting period [178]. - The company has no strategic investors or general corporations that became top ten shareholders through new share placements during the reporting period [181]. - The company has no changes in the controlling shareholder during the reporting period [182]. - The actual controller of the company is Mr. Ai Luming, who also directly or indirectly controls other listed companies such as Renfu Pharmaceutical Group Co., Ltd. (SH.600079) and Wuhan Santai Cableway Group Co., Ltd. (SZ.002159) [183]. Future Plans and Investments - The company has a filming plan for 2021, including projects like "The Qing Dynasty Prime Minister" with a budget of 45 million, expected to start in the second half of 2021 and complete in the first half of 2022 [134]. - The company is preparing for a "super sports year" in 2021, focusing on major events like the UEFA Euro 2020 and the 2022 FIFA World Cup qualifiers to create innovative collaboration opportunities [135]. - The company will enhance digital technology applications in event broadcasting and sports marketing, focusing on user experience improvements through technologies like 5G, VR, and XR [136]. - The company plans to tighten investment controls and enhance project evaluation to reduce inventory impact on its development [68]. Risks and Challenges - The company faces risks from intensified market competition, which may lead to increased costs and declining sales prices and revenues [139]. - The company has a high concentration of customers in the sports rights industry, which poses a risk if major clients face financial difficulties [146]. - The company is exposed to foreign exchange risks due to its operations in multiple currencies, including Euro, GBP, USD, and HKD [144]. - The company has a significant amount of inventory related to its film and television segment, which poses risks if products do not sell as expected [141]. - The company is at risk of losing high-end sports rights due to rising costs and complex licensing agreements [143].

Financial Performance - Operating revenue for the first nine months decreased by 69.61% to approximately CNY 411.37 million compared to the same period last year[7]. - Net profit attributable to shareholders was a loss of approximately CNY 1.30 billion, a decrease of 299.09% compared to the same period last year[7]. - Basic earnings per share were CNY -2.22, a decrease of 265.67% compared to CNY 1.34 in the same period last year[7]. - The weighted average return on net assets decreased by 53.15 percentage points to -35.53% compared to 17.62% in the same period last year[7]. - Operating revenue decreased by 69.61% to ¥411,369,481.85, primarily due to the impact of the pandemic on business operations[16]. - Operating profit for Q3 2020 was a loss of ¥114.79 million, compared to a loss of ¥67.41 million in Q3 2019, representing a deterioration of 70.1%[31]. - The net loss for the first three quarters of 2020 was RMB 91,216,592.34, contrasting with a profit of RMB 560,473,726.02 in the same period of 2019[27]. - The company reported a net loss of approximately ¥844.15 million for Q3 2020, compared to a net loss of ¥1.44 billion in the same period last year, indicating a year-over-year improvement of 41.5%[28]. Assets and Liabilities - Total assets decreased by 6.58% to approximately CNY 9.72 billion compared to the end of the previous year[7]. - Total liabilities reached CNY 6,564,412,364.73, compared to CNY 5,814,067,634.64, marking an increase of around 12.86%[21]. - The company's total equity decreased to CNY 3,152,619,619.44 from CNY 4,587,474,547.28, a decline of approximately 31.29%[21]. - Current assets totaled CNY 3,083,247,601.11, down from CNY 3,607,913,108.59, indicating a decrease of about 14.54%[19]. - Total liabilities increased to RMB 5,392,637,448.01 from RMB 4,587,145,768.71, reflecting a rise of approximately 17.5%[25]. - Total liabilities as of the end of the reporting period were ¥4,756,847,168.51, reflecting a stable financial position[42]. - Total assets amounted to ¥10,401,542,181.92, indicating no change from the previous reporting period[42]. Cash Flow - Cash flow from operating activities for the first nine months decreased by 81.27% to approximately CNY 182.12 million compared to the same period last year[7]. - Cash received from financing activities increased by 52.20% to ¥2,239,959,272.04, mainly due to increased borrowings from financial institutions[17]. - The net cash flow from operating activities for the first three quarters of 2020 was ¥182,120,186.07, down 81.3% from ¥972,132,219.91 in the previous year[34]. - The company experienced a net cash outflow from investing activities of ¥325,720,657.72 in the first three quarters of 2020, an improvement from a net outflow of ¥1,764,876,037.61 in the same period of 2019[36]. - Total cash inflows from financing activities amounted to ¥3,471,019,272.04, slightly up from ¥3,417,525,850.66 in the previous year[36]. Shareholder Information - The total number of shareholders at the end of the reporting period was 28,842[12]. - The top ten shareholders held a combined 68.88% of the company's shares, with the largest shareholder holding 13.73%[12]. Other Financial Metrics - The company reported non-recurring gains and losses totaling approximately CNY 533,689.07 for the first nine months[11]. - Other income increased by 281.81% to ¥14,700,432.47, mainly due to increased government subsidies received[16]. - Credit impairment losses surged by 29,539.12% to -¥284,290,078.73, primarily due to the company's recognition of credit impairment losses[16]. - The company reported a significant increase in financial expenses, totaling RMB 240,699,407.26 in Q3 2020, compared to RMB 69,888,126.50 in Q3 2019, which is an increase of approximately 244.5%[27].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥332,335,025.55, a decrease of 66.67% compared to ¥997,202,699.97 in the same period last year[20]. - The net profit attributable to shareholders was -¥539,082,537.57, representing a decline of 185.86% from ¥627,881,036.66 in the previous year[20]. - The net cash flow from operating activities was ¥236,789,762.62, down 53.55% from ¥509,807,891.99 in the same period last year[20]. - Basic earnings per share were -¥1.11, a decrease of 186.05% compared to ¥1.29 in the same period last year[21]. - The weighted average return on net assets was -13.34%, a decrease of 30.47 percentage points from 17.13% in the previous year[21]. - The company reported a significant impact on its sports and film businesses due to the COVID-19 pandemic, leading to a substantial decline in key financial metrics[20]. - The company reported a total profit of 9,481,079.43, with a significant impact from non-operating income and expenses[24]. - The net loss for the first half of 2020 was ¥591,217,268.73, compared to a net profit of ¥503,011,214.89 in the same period of 2019[129]. - The total comprehensive loss for the first half of 2020 was ¥579,901,371.48, compared to a comprehensive income of ¥674,671,096.77 in the first half of 2019[129]. Assets and Liabilities - The total assets decreased by 4.03% to ¥9,982,344,420.83 from ¥10,401,542,181.92 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 12.13% to ¥3,780,197,303.84 from ¥4,302,234,256.44 at the end of the previous year[20]. - The company's total liabilities increased to ¥4,846,430,379.13 in the first half of 2020, up from ¥4,587,145,768.71 in the same period of 2019[126]. - The total equity decreased to ¥2,740,424,084.69 in the first half of 2020, down from ¥2,894,590,934.76 in the same period of 2019[126]. - The company's current ratio decreased by 2.27% to 1.02 compared to the previous year-end[116]. - The debt-to-asset ratio increased by 7.07% to 59.85%, attributed to the rise in interest-bearing debt during the reporting period[116]. Cash Flow - Cash flow from operating activities generated a net inflow of RMB 236,789.76 million, down 53.6% from RMB 509,807.89 million in the first half of 2019[136]. - Cash flow from investing activities resulted in a net outflow of RMB 292,898.71 million, an improvement from a net outflow of RMB 1,232,098.22 million in the same period last year[137]. - The company reported a 76.23% decrease in net cash flow from investing activities, totaling -¥292.90 million compared to -¥1.23 billion in the previous year[49]. - The total cash and cash equivalents at the end of the period were ¥1,425,396.50, down from ¥71,768,254.29 at the end of the first half of 2019[141]. Business Strategy and Operations - The company is focused on the integration of cultural industries, with a long-term strategy to build a "global cultural industry integration operation platform"[27]. - The company aims to improve the inventory turnover rate of existing film and television projects to enhance profitability[27]. - The company is focused on improving cash flow and profit margins in its film and television segment[27]. - The company maintains a management strategy of centralized control with independent operation of subsidiaries to enhance operational efficiency[28]. - The company is preparing for the upcoming AFC project cycle by communicating with potential clients[27]. Market and Industry Impact - The film and television industry faced significant challenges due to the COVID-19 pandemic, leading many companies to adopt a contraction policy[31]. - The company faced significant revenue declines in sports marketing and media due to the postponement of major events like the UEFA Euro 2020 and Tokyo Olympics, impacting income recognition[44]. - In the first half of 2020, the domestic film market's total box office was 2.242 billion yuan, a decrease of 92.8% compared to 31.17 billion yuan in the same period last year[33]. Risks and Challenges - The company faces risks related to policy changes in the film and sports industries, which could impact business development[61]. - The company is exposed to market risks due to increased competition, leading to potential cost increases and revenue declines[62]. - The company has significant inventory risks due to the nature of film production, which can lead to increased unsold inventory[62]. - The ongoing impact of the COVID-19 pandemic may affect international sports events and related media rights, impacting the company's performance[65]. Corporate Governance and Compliance - The company has not reported any significant litigation or arbitration matters during the reporting period[72]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during the reporting period[72]. - The company has confirmed that there are no major contracts or their performance issues during the reporting period[78]. - The company has not encountered any bankruptcy reorganization matters during the reporting period[71]. Accounting and Financial Reporting - The company has adopted the new revenue recognition standards starting from January 1, 2020, as per the revised accounting guidelines[86]. - The company’s financial statements comply with the relevant accounting standards and reflect its financial position accurately[159]. - The group uses Renminbi as its functional currency, while subsidiaries in Hong Kong may use USD or EUR depending on their registration[162]. Shareholder Information - The top ten shareholders hold a total of 80,262,230 shares, representing 13.73% of the total shares, with significant pledges noted[92]. - The company reported a total of 21,923,198 shares held by Yu Lingxiao, with no change during the reporting period[93]. - The company has no strategic investors or general legal entities becoming top ten shareholders during the reporting period[95].