Group 1 - The television broadcasting sector increased by 1.01% on September 26, with ST Guangwang leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - ST Guangwang's closing price was 4.82, with a rise of 3.21%, and a trading volume of 134,400 shares, amounting to 63.99 million yuan [1] Group 2 - The television broadcasting sector experienced a net outflow of 370 million yuan from institutional investors, while retail investors saw a net inflow of 407 million yuan [2] - Wireless Media had the largest decline at -10.82%, closing at 41.20, with a trading volume of 98,500 shares and a transaction value of 409 million yuan [2] - The trading data indicates that several companies, including Guizhou Broadcasting and Jishi Media, also faced significant declines in their stock prices [2] Group 3 - The net inflow from retail investors for various companies showed mixed results, with some companies like ST Guangwang and Gohua Cable experiencing net outflows from institutional and speculative investors [3] - The data reveals that ST Guangwang had a net outflow of 1.32 million yuan from institutional investors, while retail investors contributed a net inflow of 227,400 yuan [3] - Overall, the sector's performance reflects a complex interplay of institutional and retail investor behaviors, with notable variations across different companies [3]

Core Viewpoint - Silchester International Investors LLP has reduced its stake in Television Broadcasts Limited (00511) by selling 2.3469 million shares at a price of HKD 3.4588 per share, totaling approximately HKD 8.1175 million, resulting in a new holding of 27.5642 million shares, which represents 5.9% of the company [1] Summary by Category - **Shareholding Changes** - Silchester International Investors LLP sold 2.3469 million shares of Television Broadcasts Limited [1] - The sale price was HKD 3.4588 per share, amounting to a total of approximately HKD 8.1175 million [1] - After the reduction, the new holding is 27.5642 million shares, equating to a 5.9% ownership stake [1]

Financial Performance - Total revenue for the six months ended June 30, 2025, was HKD 1.498 billion, a decrease of HKD 15 million or 1% compared to HKD 1.513 billion in the same period of 2024[10]. - EBITDA improved to HKD 55 million, an increase of HKD 8 million or 17% from HKD 47 million in the previous year[10]. - The loss attributable to shareholders was HKD 108 million, a reduction of HKD 35 million from a loss of HKD 143 million in the same period last year[10]. - For the six months ended June 30, 2025, the company reported a net cash generated from operating activities of HKD 68,532,000, compared to HKD 47,035,000 for the same period in 2024, representing a 45.5% increase[101]. - The company incurred a loss of HKD 108,123,000 during the six months ended June 30, 2025, compared to a loss of HKD 143,457,000 for the same period in 2024, indicating a 24.6% improvement in losses[100]. - The total comprehensive loss for the period, after tax, was HKD 96,807,000, a decrease from HKD 195,240,000 in the previous period, reflecting a 50.5% reduction[100]. Audience and Market Share - The average weekly audience for the company's terrestrial TV channels was 4.9 million, capturing 78% of the market share in Hong Kong[11]. - The company held an 85% market share of TV advertising spending in Hong Kong, up from 84% in the previous year[11]. - The flagship channel Jade Channel holds a 62% audience share among all television channels in Hong Kong, making it the most-watched channel[20]. - The average monthly reach of the company's channels in the Greater Bay Area is 25.5 million home viewers, enhancing its advertising revenue potential[16]. - The average viewership for the flagship channel in Hong Kong reached 22.3 points, with the highest episode achieving 24.8 points[23]. Advertising Revenue - Advertising revenue from terrestrial TV channels increased by 4%, driven by strong advertising activities from blue-chip clients and a 171% revenue growth from the new "B-roll" advertising product[11]. - Overall advertising revenue from digital assets grew by 37%, attributed to the launch of the "TV 3.0" initiative in May 2025[11]. - The advertising revenue from free-to-air channels increased by 4% to HKD 695 million, contributing to an overall segment revenue growth of 1% to HKD 818 million[15]. - The company maintained an 85% market share of television advertising spending in Hong Kong, up from 84% in the previous year[15]. Digital Media and Streaming Services - Monthly active users for the myTV SUPER streaming service reached approximately 2 million, with total monthly views across digital assets exceeding 32 million[11]. - The digital media segment is expected to see continued revenue growth in the second half of 2025, driven by digital advertising income from myTV SUPER and other digital assets[14]. - TVB's digital media segment revenue increased by 9% year-on-year to HKD 191 million, driven by strong performance in digital assets[36]. - myTV SUPER's revenue rose by 7% year-on-year to HKD 174 million, supported by a 41% increase in digital advertising[37]. Financial Position and Assets - Total assets increased by 2% to HKD 5.539 billion, while total liabilities rose by 6% to HKD 3.456 billion[10]. - The company recorded a total net asset value of approximately HKD 2.083 billion and cash reserves of about HKD 869 million as of June 30, 2025[87]. - The company's equity attributable to shareholders decreased to HKD 2,171,481 from HKD 2,264,055, reflecting a decline of 4.1%[94]. - Cash and cash equivalents increased to HKD 869,136 from HKD 647,324, indicating a significant improvement in liquidity[94]. Governance and Shareholder Structure - The company has established six committees under the board, including the Executive Committee and Audit Committee, to oversee various aspects of corporate governance[68]. - The company has confirmed that there are no disagreements between resigning directors and the board, ensuring a smooth transition[67]. - Major shareholders include Shaw Brothers Limited, Young Lion Acquisition Co. Limited, and others, each holding 116,817,527 shares, representing 25.02% of the issued shares[74]. - The company has a significant concentration of ownership, with major shareholders controlling a substantial portion of the equity, which may impact decision-making[69]. Stock Options and Incentives - The company has established a share option scheme approved by shareholders in 2017, aimed at providing long-term incentives to participants, including directors and employees, to enhance shareholder returns[155]. - The stock options granted for 2025 have a vesting period of four years, with no performance targets set for the recipients[78]. - The company recognized share-based payment expenses related to the share option scheme amounting to HKD 4,233,000 for the period, compared to HKD 1,623,000 in 2024[161]. Future Outlook - The company remains cautiously optimistic about the advertising business outlook for the remainder of 2025, despite external uncertainties affecting the Hong Kong economy[14]. - The company expects digital advertising revenue to be a highlight in the second half of 2025 as more advertisers choose its platform[39]. - The company plans to continue its market expansion and product development strategies, leveraging the share option scheme to incentivize key personnel[155].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 電視廣播有限公司 | | | 呈交日期: | 2025年9月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00511 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 466,961,836 | | 0 | | 466,961,836 | | 增加 / 減少 (-) | | | 0 | | 0 | ...

Core Viewpoint - Television Broadcast (00511) experienced a significant decline in stock price, dropping over 11% during trading, with a current price of HKD 3.78, reflecting a trading volume of HKD 14.44 million [1] Financial Performance - For the fiscal year 2025 interim results, the company reported revenue of HKD 1.498 billion, a year-on-year decrease of 1% [1] - The company's attributable loss to shareholders was HKD 108 million, which represents a year-on-year improvement of 24.6% [1] Business Segments - Strong performance was noted in advertising revenue and digital media assets, but this was offset by weak performance in mainland China operations, international business, and e-commerce, which have now been consolidated into a new division [1] - The new division includes terrestrial television broadcasting and other previously classified businesses under Hong Kong television broadcasting [1] Future Outlook - The company anticipates continued year-on-year improvement in EBITDA and expects to achieve positive net profit for the fiscal year ending December 31, based on current market conditions and business momentum [1]

Core Viewpoint - Television Broadcast (00511) experienced a significant decline in stock price, dropping over 11% during trading, with a current price of 3.78 HKD and a trading volume of 14.44 million HKD [1] Financial Performance - For the fiscal year 2025, the company reported a revenue of 1.498 billion HKD, representing a year-on-year decrease of 1% [1] - The company's attributable loss to shareholders was 108 million HKD, which is a 24.6% improvement compared to the previous year [1] Business Segments - Strong performance was noted in advertising revenue and digital media assets, but this was offset by weak performance in mainland China operations, international business, and e-commerce, which have now been merged into a new division [1] Future Outlook - The company anticipates continued year-on-year improvement in EBITDA and expects to achieve positive net profit for the fiscal year ending December 31 [1]

Group 1 - The core revenue of the company for the six months ending June 30, 2025, remained stable at HKD 1.498 billion, representing a year-on-year decrease of 1% [1] - The company's loss attributable to shareholders was HKD 108 million, an improvement of HKD 35 million compared to a loss of HKD 143 million in the same period last year [1] - The loss per share was HKD 0.23, compared to HKD 0.33 in 2024 [1] Group 2 - The total revenue from the core television-related business (excluding e-commerce) increased by HKD 9 million or 1% to HKD 1.454 billion, driven by a 4% growth in advertising revenue and a 9% increase in digital media revenue [1] - The board of directors does not recommend the distribution of an interim dividend for this period, consistent with the previous year [1]

Core Viewpoint - Television Broadcasts (00511) reported a slight decline in revenue for the 2025 interim period, with a total income of HKD 1.498 billion, representing a year-on-year decrease of 1% [1] - The company experienced a narrowed loss attributable to shareholders of HKD 108 million, which is a 24.6% improvement compared to the previous year [1] - Basic loss per share was reported at HKD 0.23 [1] Revenue Performance - The company's advertising revenue and digital media assets showed strong performance [1] - However, this positive performance was offset by weak results from mainland China operations, international business, and e-commerce, which have now been consolidated into a new division [1] Business Segments - The new division includes terrestrial television broadcasting and other businesses previously classified under Hong Kong television broadcasting [1]

Core Viewpoint - Television Broadcast (00511) reported a slight decline in revenue for the fiscal year 2025, with a total income of HKD 1.498 billion, representing a year-on-year decrease of 1% [1] Financial Performance - The company recorded a loss attributable to shareholders of HKD 108 million, which is a 24.6% improvement compared to the previous year [1] - Basic loss per share was reported at HKD 0.23 [1] Revenue Breakdown - Strong performance was noted in advertising revenue and digital media assets [1] - The positive results were offset by weak performance in mainland China operations, international business, and e-commerce, which have now been consolidated into a new division that includes terrestrial television broadcasting and other previously classified businesses [1]

[Company Information and Performance Overview](index=1&type=section&id=I.%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A7%88) [Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) For the six months ended June 30, 2025, core TV-related business revenue slightly increased by 1% to HK$1,454 million, while total group revenue marginally decreased by 1% to HK$1,498 million. EBITDA improved by 17% year-on-year to HK$55 million, and loss attributable to company shareholders narrowed by 24% to HK$108 million, with loss per share decreasing to HK$0.23. The Board does not recommend an interim dividend Performance Highlights | Metric | H1 2025 (HK$) | H1 2024 (HK$) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Core TV-related Business Revenue | 1,454,000,000 | 1,445,000,000 | +1% | | Group Total Revenue | 1,498,000,000 | 1,513,000,000 | -1% | | EBITDA | 55,000,000 | 47,000,000 | +17% | | Loss Attributable to Company Shareholders | 108,000,000 | 143,000,000 | -24% | | Loss Per Share | 0.23 | 0.33 | -0.10 | | Interim Dividend | 无 | 无 | - | [Business Highlights](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E6%91%98%E8%A6%81) The company's terrestrial TV channels maintain leading viewership and advertising market share in Hong Kong, with advertising revenue growing by 4% and Greater Bay Area 'B-roll' advertising product revenue increasing by 171%. The digital media segment performed strongly, with myTV SUPER monthly active users around 2 million and digital asset advertising revenue growing by 37%, benefiting from the 'TV 3.0' free service tier. Mainland China business revenue decreased by 8% due to delayed delivery of co-production projects, but is expected to increase in the second half. The company actively expanded into the Greater Bay Area market, signing cooperation agreements with Tencent, Huawei, and other partners - Terrestrial TV channel advertising revenue increased year-on-year by **4%**, benefiting from advertising campaigns by blue-chip corporate clients and Greater Bay Area 'B-roll' advertising products (revenue growth of **171%**)[4](index=4&type=chunk) - The digital media segment performed strongly, with myTV SUPER streaming service having approximately **2 million** monthly active users in Hong Kong, and digital asset advertising revenue increased year-on-year by **37%**, primarily due to the 'TV 3.0' new initiative[4](index=4&type=chunk) - Mainland China business revenue decreased year-on-year by **8%**, mainly due to delayed delivery of co-production projects with Mainland China platform partners, with increased deliveries expected in the second half[4](index=4&type=chunk) - The company actively expanded into the Greater Bay Area market, holding a press conference in Guangzhou and signing cooperation agreements with key partners including Tencent, Huawei, and Shenzhen Media Group[4](index=4&type=chunk) [Outlook](index=3&type=section&id=%E5%B1%95%E6%9C%9B) Despite economic challenges in Hong Kong, the company remains cautiously optimistic about the advertising business prospects for terrestrial TV and digital media in the second half. Digital media segment revenue is expected to maintain its upward trend, and Mainland China business revenue is also anticipated to strengthen. The company projects continued year-on-year EBITDA improvement and positive net profit attributable to shareholders for FY2025 - Cautiously optimistic about the advertising business prospects from terrestrial TV channels and digital media assets for the remainder of 2025[5](index=5&type=chunk) - Digital media segment revenue is expected to maintain its upward trend in H2 2025, with digital advertising revenue as the primary growth driver[5](index=5&type=chunk) - Mainland China business revenue is expected to strengthen in H2 2025, as co-produced drama series will be completed and delivered[5](index=5&type=chunk) - EBITDA is expected to continue year-on-year improvement and achieve positive net profit (attributable to company shareholders) for the year ended December 31, 2025[5](index=5&type=chunk) [Financial Review and Segment Performance](index=4&type=section&id=II.%20%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%B5%E4%B8%8E%E5%88%86%E9%83%A8%E4%B8%9A%E7%BB%A9) [Financial Review (Consolidated Statements)](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's total revenue remained largely stable at HK$1,498 million, with a slight year-on-year decrease of 1%. Strong performance in television broadcasting advertising revenue and digital media was offset by weaker performance in Mainland China business, international business, and e-commerce (now integrated into the television broadcasting segment). Total operating costs decreased by 3% to HK$1,568 million, primarily due to reductions in content costs, e-commerce related sales costs, distribution costs, and administrative expenses. EBITDA improved by 17% year-on-year to HK$55 million Consolidated Statements Key Financial Data | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,497,766 | 1,512,689 | -1% | | Cost of Sales | (938,265) | (948,235) | -1% | | Selling, Distribution and Broadcasting Costs | (251,538) | (271,624) | -7% | | General and Administrative Expenses | (377,823) | (402,515) | -6% | | Total Operating Costs | (1,567,626) | (1,622,374) | -3% | | EBITDA | 55,206 | 47,350 | +17% | - Total operating costs decreased by **HK$54 million** or **3%**, primarily due to savings in content costs, e-commerce related sales costs, distribution costs, and administrative expenses[7](index=7&type=chunk)[8](index=8&type=chunk) [Segment Analysis](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E5%88%86%E6%9E%90) During the period, the Group adjusted its segment structure, integrating e-commerce business into the 'Television Broadcasting' segment and establishing a new 'Digital Media' segment covering myTV SUPER and all Hong Kong digital-related businesses. Revenue and EBITDA are currently reported across four segments: Television Broadcasting, Digital Media, Mainland China Business, and International Business - Segment structure change: e-commerce business integrated into 'Television Broadcasting' segment; new 'Digital Media' segment established, covering myTV SUPER and all Hong Kong digital-related businesses[11](index=11&type=chunk) - Revenue and EBITDA are currently reported across four segments: Television Broadcasting, Digital Media, Mainland China Business, and International Business[11](index=11&type=chunk) [Television Broadcasting](index=7&type=section&id=%E9%9B%BB%E8%A6%96%E5%BB%A3%E6%92%AD) Television Broadcasting segment revenue grew by 1% to HK$818 million, primarily driven by a 4% increase in advertising client revenue, though partially offset by a significant contraction in the integrated e-commerce business. Segment EBITDA loss improved by 6% to HK$15 million | Metric | H1 2025 (HK$ hundred million) | H1 2024 (HK$ hundred million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment Revenue | 8.18 | 8.10 | +1% | | Segment EBITDA | (0.15) | (0.16) | +6% | - Advertising client revenue increased by **4%** to **HK$695 million**, driving segment revenue growth[12](index=12&type=chunk) [Digital Media](index=7&type=section&id=%E6%95%B8%E5%AD%97%E5%AA%92%E9%AB%94) Digital Media segment revenue increased by 9% to HK$191 million, primarily driven by a 37% growth in advertising business across all digital media assets. However, EBITDA decreased by 41% to HK$19 million, mainly due to increased costs resulting from content cost allocation adjustments | Metric | H1 2025 (HK$ hundred million) | H1 2024 (HK$ hundred million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment Revenue | 1.91 | 1.76 | +9% | | Segment EBITDA | 0.19 | 0.32 | -41% | - Digital media asset advertising business grew by **37%**, driving segment revenue increase of **HK$15 million**[14](index=14&type=chunk) - EBITDA decrease primarily due to a one-time adjustment in content cost allocation leading to increased costs[14](index=14&type=chunk) [Mainland China Business](index=8&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%A5%AD%E5