猫眼娱乐(01896) - 2024 - 中期财报

Financial Performance - Revenue for the first half of 2024 decreased slightly to RMB 2,170.9 million from RMB 2,196.9 million in the same period of 2023[8] - Gross profit increased to RMB 1,156.2 million in the first half of 2024, up from RMB 1,101.2 million in the first half of 2023[8] - Net profit for the first half of 2024 was RMB 284.8 million, compared to RMB 405.2 million in the first half of 2023[8] - Adjusted EBITDA for the first half of 2024 was RMB 489.7 million, down from RMB 584.4 million in the first half of 2023[8] - Adjusted net profit for the first half of 2024 was RMB 351.8 million, compared to RMB 455.7 million in the first half of 2023[8] - Revenue decreased from RMB 2,196.9 million in H1 2023 to RMB 2,170.9 million in H1 2024, primarily due to a decline in entertainment content services revenue[20] - Online entertainment ticketing revenue increased from RMB 1,015.8 million in H1 2023 to RMB 1,046.1 million in H1 2024, driven by a 13.24% growth in national performance ticket sales[22] - Entertainment content services revenue decreased from RMB 1,100.1 million in H1 2023 to RMB 1,024.1 million in H1 2024, mainly due to a slight decline in box office revenue of domestically produced films[23] - Advertising and other services revenue increased from RMB 81.0 million in H1 2023 to RMB 100.7 million in H1 2024, driven by higher demand from advertisers[26] - Cost of revenue decreased by 7.4% from RMB 1,095.7 million in H1 2023 to RMB 1,014.7 million in H1 2024, primarily due to lower content production and distribution costs[26][27] - Gross profit increased from RMB 1,101.2 million in H1 2023 to RMB 1,156.2 million in H1 2024, with gross margin rising from 50.1% to 53.3%[29] - Sales and marketing expenses increased by 39.9% from RMB 366.0 million in H1 2023 to RMB 512.0 million in H1 2024, mainly due to higher marketing and promotion expenses[30] - General and administrative expenses decreased slightly by 1.7% from RMB 186.7 million in H1 2023 to RMB 183.6 million in H1 2024, remaining relatively stable[31] - Net impairment loss on financial assets for the first half of 2024 was RMB 48.1 million, compared to RMB 35.3 million in the same period of 2023[32] - Other income for the first half of 2024 was RMB 25.8 million, down from RMB 26.3 million in the first half of 2023, while other losses increased by 48.8% to RMB 31.4 million due to higher foreign exchange losses[33] - Operating profit for the first half of 2024 was RMB 406.9 million, a decrease from RMB 518.4 million in the same period of 2023[34] - Net finance income for the first half of 2024 was RMB 48.9 million, up from RMB 30.7 million in the first half of 2023, driven by improved fund management efficiency[35] - Income tax expenses for the first half of 2024 increased to RMB 166.6 million from RMB 134.9 million in the same period of 2023, mainly due to changes in tax rates for certain subsidiaries[37] - Adjusted net profit for the first half of 2024 was RMB 351.8 million, adjusted for share-based compensation and amortization of intangible assets from business combinations[40] - EBITDA for the first half of 2024 was RMB 467.1 million, down from RMB 578.7 million in the same period of 2023, while adjusted EBITDA was RMB 489.7 million[42] - Revenue for the first half of 2024 was RMB 2,170,895 thousand, a slight decrease from RMB 2,196,877 thousand in the same period of 2023[86] - Gross profit increased to RMB 1,156,171 thousand in H1 2024, up from RMB 1,101,182 thousand in H1 2023[86] - Operating profit declined to RMB 406,905 thousand in H1 2024, compared to RMB 518,387 thousand in H1 2023[86] - Net profit attributable to owners of the company was RMB 284,827 thousand in H1 2024, down from RMB 405,176 thousand in H1 2023[86] - Basic earnings per share decreased to RMB 0.25 in H1 2024 from RMB 0.36 in H1 2023[86] - Net profit for the six months ended June 30, 2024, was RMB 284.8 million, a decrease from RMB 405.2 million in the same period in 2023[87] - Total comprehensive income for the period was RMB 177.6 million, down from RMB 465.0 million in 2023[87] - The fair value change of financial assets, net of tax, resulted in a loss of RMB 132.7 million, compared to a gain of RMB 8.4 million in 2023[87] - Net profit for the period was RMB 406.646 million[93] - Total comprehensive income for the period was RMB 466.45 million[93] - Revenue from online entertainment ticketing services for the six months ended June 30, 2024, was RMB 1,046,119,000, compared to RMB 1,015,845,000 in the same period in 2023[152] - Revenue from entertainment content services for the six months ended June 30, 2024, was RMB 1,009,174,000, compared to RMB 1,091,872,000 in the same period in 2023[152] - Revenue from advertising services and others for the six months ended June 30, 2024, was RMB 100,747,000, compared to RMB 80,958,000 in the same period in 2023[152] - Revenue from customer contracts under IFRS 15 was RMB 2,156,040 thousand, a slight decrease from RMB 2,188,675 thousand in the previous period[153] - R&D expenses for the six months ended June 30, 2024, were RMB 100,553 thousand, down from RMB 112,148 thousand in the same period last year[154][155] - Marketing and promotion expenses amounted to RMB 377,776 thousand, while internet infrastructure costs were RMB 285,267 thousand[156] - Government subsidies increased to RMB 25,831 thousand from RMB 22,143 thousand in the previous year[157] - Net financial income rose to RMB 48,894 thousand from RMB 30,718 thousand, driven by higher interest income from bank deposits and third-party loans[158] - Income tax expenses increased to RMB 166,599 thousand, up from RMB 134,929 thousand, due to higher current tax payments[159] - Basic earnings per share (EPS) for the period was RMB 0.25, calculated based on a weighted average of 1,147,510 thousand shares[160] - Diluted earnings per share for the period were RMB 0.25, calculated based on a weighted average number of shares of 1,146,975 thousand shares[163] - The company's profit attributable to owners for the period was RMB 284,827 thousand[163] - The weighted average number of shares outstanding was 1,144,674 thousand shares, with adjustments for share-based compensation including 211 thousand share options and 6,915 thousand restricted share units[163] Box Office and Film Distribution - Mainland China box office (including service fees) for the first half of 2024 was RMB 23.903 billion, a year-on-year decrease of 9.02%[9] - The company participated in the distribution of 31 domestic films in the first half of 2024, with several performing exceptionally well[10] - The company participated in the distribution/production of 32 domestic films in the first half of 2024, including 4 of the top 5 box office films[11] - The company's self-distributed film "Pegasus 2" achieved a box office of RMB 3.398 billion, ranking second in the Spring Festival box office[11] - The company has a diverse and extensive film reserve, including titles like "The Last Frenzy" and "The Art of Hot Pot," set for future release[11] - As of August 25, 2024, the summer box office exceeded 11 billion yuan, with the cumulative annual box office reaching 32.8 billion yuan[16] - Box office revenue payables increased significantly to RMB 974.544 million as of June 30, 2024, compared to RMB 434.851 million as of December 31, 2023[180] Concert and Performance Services - The company provided services for over 3,000 concert projects, including top artists like Jacky Cheung, Andy Lau, and Jay Chou, with concert and music festival GMV growing approximately 3 times year-over-year[13] - Local performance coverage exceeded 95%, and the company supported cultural惠民 activities in multiple provinces, driving local cultural tourism consumption[13] - The company expanded its services to new regions, including Macau, and explored cooperation scenarios in Southeast Asia, the Middle East, and Latin America, establishing deep partnerships with super apps[13] - The company's online movie ticketing business remained stable, and it continued to serve as the official ticketing platform for the Beijing International Film Festival for the fourth consecutive year[13] - The company established a subsidiary, Hong Kong Maoyan Live Entertainment Limited, to operate overseas online ticketing business[82] - The company launched the ticketing platform UUTIX in Hong Kong for self-operated performance ticketing business[82] - The company registered a series of trademarks in Hong Kong[82] AI and Technology Development - The company developed AI-related film creation software, improving efficiency in script analysis and character creation, and collaborated with AI companies to explore applications in animation and visual storytelling[14] - The company's "Maoyan Professional Edition" enhanced data visualization capabilities and launched a PC version, providing more comprehensive data services and tools for industry partners[15] - The company will continue to explore the application of AI technology and expand its overseas business布局, seeking new growth opportunities[16] Financial Position and Assets - Total assets increased to RMB 13,242.9 million as of June 30, 2024, from RMB 12,540.1 million at the end of 2023, while total liabilities rose to RMB 4,004.4 million from RMB 3,501.8 million[43] - The asset-liability ratio increased to 30.2% as of June 30, 2024, up from 27.9% at the end of 2023[43] - RMB 250.0 million of bank deposits were pledged as collateral for bank loans as of June 30, 2024[43] - Cash and cash equivalents, along with other forms of bank deposits, amounted to RMB 3,925.4 million as of June 30, 2024, primarily denominated in RMB and USD[44] - Total borrowings as of June 30, 2024, were approximately RMB 477.3 million, all in RMB-denominated bank loans[44] - Unused bank financing facilities totaled RMB 472.7 million as of June 30, 2024[45] - Capital expenditures decreased by 14.9% from RMB 7.4 million in the first half of 2023 to RMB 6.3 million in the first half of 2024[46] - The company holds a 5.7% equity interest in Huanxi Media Group Limited as of June 30, 2024[48] - The company had 866 full-time employees as of June 30, 2024, primarily located in Beijing, with others in Shanghai and other cities in China[50] - The company did not enter into any forward contracts or other financial instruments to hedge foreign exchange risk exposure in the first half of 2024[49] - The company plans to use cash generated from operations to fund planned capital expenditures[46] - The company maintains a net cash position as of June 30, 2024, and December 31, 2023[45] - The company did not have any significant contingent liabilities as of June 30, 2024[45] - Total assets as of June 30, 2024, increased to RMB 13.24 billion from RMB 12.54 billion at the end of 2023[88] - Retained earnings as of June 30, 2024, rose to RMB 972.9 million from RMB 687.8 million at the end of 2023[88] - Total liabilities as of June 30, 2024, increased to RMB 4.00 billion from RMB 3.50 billion at the end of 2023[89] - The company's equity attributable to owners increased to RMB 9.24 billion as of June 30, 2024, from RMB 9.04 billion at the end of 2023[91] - The fair value change of financial assets measured at fair value through other comprehensive income resulted in a loss of RMB 132.7 million, net of tax[91] - The company's cash and cash equivalents as of June 30, 2024, were RMB 2.15 billion, slightly up from RMB 2.14 billion at the end of 2023[88] - The company's intangible assets as of June 30, 2024, were RMB 4.81 billion, down from RMB 4.86 billion at the end of 2023[88] - Cash generated from operating activities was RMB 1.763 billion[94] - Net cash used in investing activities was RMB 558.287 million[94] - Net cash from financing activities was RMB 219.155 million[96] - Cash and cash equivalents at the end of the period were RMB 3.233 billion[96] - The company issued new shares under the share option plan, totaling RMB 15,000[93] - The company incurred share-based payment expenses of RMB 5.404 million[93] - The company purchased financial assets at fair value through profit or loss for RMB 406.75 million[94] - The company sold financial assets at fair value through profit or loss, receiving RMB 362.421 million[94] - The company has not adopted new and revised standards and interpretations issued by the International Accounting Standards Board, which will become effective for annual periods beginning on or after January 1, 2024[101] - The company will adopt the new or revised standards, amendments, and interpretations of existing International Financial Reporting Standards (IFRS) when they become effective, with no significant impact expected on the financial position or operating performance[102] - The company controls its subsidiary, Maoyan Entertainment (Hong Kong) Limited, through contractual arrangements with Tianjin Maoyan Weiyi Technology Co., Ltd., allowing it to exercise effective control and receive economic benefits from the operating entities[104] - The company does not hold any equity in the operating entities but is considered to have control due to the contractual arrangements, allowing it to consolidate the financials of these entities[105] - The company faces financial risks including market risk (foreign exchange, fair value interest rate, and price risk), credit risk, and liquidity risk[107] - The company's credit risk primarily arises from cash and cash equivalents, restricted bank deposits, term deposits with original maturities exceeding three months, and receivables[108] - The company manages risks related to cash, cash equivalents, restricted bank deposits, and fixed-term deposits by only transacting with reputable financial institutions in Hong Kong and mainland China, which have no recent default records[109] - The company has a diversified debtor base, eliminating credit concentration risk, and has established monitoring procedures to follow up on overdue debts[109] - The company reviews the recoverability of trade and other receivables at the end of each reporting period to ensure adequate impairment losses for irrecoverable amounts[109] - The company classifies receivables based on credit risk characteristics and aging, with expected loss rates adjusted for macroeconomic factors affecting customer repayment ability[111] - As of June 30, 2024, the expected loss rates for receivables were 7.58% for current, 13.90% for overdue within 3 months, 21.72% for overdue 3-6 months, 34.78% for overdue 6-12 months, and 75.42% for overdue over 1 year[113] - The total impairment provision for receivables as of June 30, 2024, was RMB 410.189 million, compared to RMB 370.282 million as of December 31, 2023[118] - The company identified "urban per capita disposable income" in China as the most relevant factor affecting the ability of customers to settle receivables, adjusting historical loss rates accordingly[111] - The company uses a simplified method under IFRS 9 to calculate expected credit losses, applying a lifetime expected loss provision for all receivables[111] - The company writes off receivables when there is no reasonable expectation of recovery, such as when debtors fail to agree on a repayment plan[118] - The expected credit loss rate for Stage 2 receivables is 48.66%, while for Stage 3, it is 100.00%[123] - The total expected credit loss provision for other receivables as of June 30, 2024, is RMB 450,338 thousand, with the largest provision for online entertainment ticketing, e-commerce, and other service deposits at RMB 233,596 thousand[125] - The total book value of other receivables as of June 30, 2024, is RMB 1,423,040 thousand, with the largest category being online entertainment ticketing, e-commerce, and other service deposits at RMB 807,994 thousand[125] - The expected credit loss provision for third-party loans is RMB 140,517 thousand, with RMB 116,781 thousand allocated to Stage 3[125] - The expected credit loss provision for film and TV series investment receivables is RMB 60,026 thousand, with RMB 59,611 thousand allocated to Stage 3[125] - The expected credit loss provision for receivables from related parties is RMB 4,852 thousand, with RMB 4,727 thousand allocated to Stage 3[125] - The total book