超媒体控股(00072) - 2024 - 中期财报

Company Information The report outlines key personnel and entities including core management, board members, committee chairs, company secretary, auditor, legal counsel, and principal business locations - The report details key information such as the company's core management, board members, chairs and members of various committees, company secretary, auditor, legal counsel, and principal places of business[2][3] Key Personnel Information | Position | Name/Institution | | :--- | :--- | | Chairman and CEO | Mr. Shao Zhong | | Audit Committee Chairman | Mr. Yi Wing Fat | | Remuneration Committee Chairman | Mr. Yi Wing Fat | | Nomination Committee Chairman | Ms. Wei Wei | | ESG Committee Chairman | Mr. Shao Zhong | | Auditor | ZHONGHUI ANDA CPA Limited | | Hong Kong Legal Counsel | Chiu & Partners | Management Discussion and Analysis This section provides an overview of the company's operational performance, strategic initiatives, and financial position for the reporting period Performance Summary In the first half of 2024, the Group significantly improved performance, with EBITDA growing by 161% and loss narrowing by 39% despite a modest 2% revenue increase H1 2024 Performance Summary (RMB Thousand) | Metric | H1 2024 | H1 2023 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 161,466 | 158,841 | +2% | | Reportable Segment Loss | (11,286) | (18,510) | +39% (Loss Narrowed) | | Segment EBITDA | 8,495 | 3,250 | +161% | Business Review The Group is transforming into a "Hypermedia Holdings" with a new strategy to "reconstruct the future of business with art and technology," focusing on AI-generated content and international expansion - The Group's new strategy centers on integrating art and technology, especially AI, to build an innovative content platform encompassing PGC, UGC, and AIGC, thereby reshaping its business model[6][7] - To celebrate the 60th anniversary of Sino-French diplomatic relations, the Group launched the inaugural "Meta Eye Festival," exploring the integration of art, technology, and commercial spaces[7] - The Group established MC2, a research institution focused on art and technology integration, and hosted the "Weaving the Unseen: AI and Visual Narratives" event, marking its formal entry into AI visual art[7] Digital Platform The digital platform business, driven by "NOWNESS" and "iWeekly," showed steady performance, with NOWNESS revenue growing 14% and cumulative downloads exceeding 13 million - Core application NOWNESS saw a 14% year-on-year revenue increase during the interim period, serving as the primary growth driver for the digital platform business[8] - As of the reporting period end, the NOWNESS application accumulated over 13 million downloads, establishing a solid user base and brand influence[8] Art Platform The art platform enhanced brand value through art-brand integration, hosting high-impact events and continuously publishing the authoritative "Art Review POWER 100" list - The Group successfully integrated art, fashion, and commerce by hosting diverse art exhibitions and events, including the "Thousands and Thousands" solo exhibition, "Sit A While Longer" urban exploration, "Living in Shanghai" podcast, and the third "InStyle Women of TIMES" annual gala[9] - The Group consistently publishes the authoritative international contemporary art ranking, "Art Review POWER 100," enhancing its influence in the global art sector[10] Business Outlook The Group plans strategic collaborations with V&A Museum, the second MMAF, and new art fairs in Shanghai and Hong Kong, alongside appointing a new COO to drive international business - The Group will strategically collaborate with the V&A Museum in London and host the second Hypermedia Art Festival (MMAF), continuously developing IPs that combine business and art[11] - Plans include partnering with Montgomery Group to host PHOTOFAIRS Shanghai and the inaugural PHOTOFAIRS Hong Kong in 2025, and actively participating in the Tokyo Contemporary Art Fair to expand international influence[12] - Dr. Lo Wing Yan has been appointed as the Group's Chief Operating Officer, responsible for international business, including managing NOWNESS UK and Art Review platforms, and developing the new business line MC2[13] Financial Review The Board recommended no interim dividend to conserve cash, while the capital gearing ratio improved from 36% to 31%, with major borrowings secured by RMB 178 million in property - The Board decided not to declare an interim dividend for 2024 to conserve financial resources[14] Key Financial Metric Changes | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities (RMB) | 5,864,000 | 13,678,000 | | Net Cash (Outflow)/Inflow from Investing Activities (RMB) | (2,327,000) | 167,000 | | Capital Expenditure (RMB) | 1,027,000 | 1,427,000 | - The capital gearing ratio decreased from 36% at the end of 2023 to 31% as of June 30, 2024, indicating an improvement in financial leverage[15] - As of June 30, 2024, the Group's bank borrowings were secured by properties with a carrying value of approximately RMB 178 million and bank deposits of RMB 30 million[18] Corporate Governance and Other Information This section covers directors' and major shareholders' interests, along with the company's adherence to corporate governance principles and any deviations Directors' and Chief Executive's Interests in Shares As of June 30, 2024, Chairman Mr. Shao Zhong beneficially owned approximately 74.45% of the company's shares, holding a controlling stake Directors' Long Positions in the Company's Ordinary Shares | Director's Name | Capacity | Number of Shares Held | Percentage of Issued Ordinary Shares | | :--- | :--- | :--- | :--- | | Mr. Shao | Beneficial Owner | 326,370,000 | 74.45% | | Ms. Yang Ying | Beneficial Owner | 110,000 | 0.03% | Major Shareholders' Interests Per the SFO, Ms. Zhou Shaomin, spouse of Mr. Shao, is deemed to have an interest in his 74.45% shareholding, with no other major shareholders recorded - Ms. Zhou Shaomin, Mr. Shao's spouse, is deemed to have an interest in the 74.45% of shares held by Mr. Shao due to their spousal relationship[27][28] Corporate Governance The company maintains high corporate governance standards, with the Chairman and CEO roles combined, which the Board believes enhances efficiency while independent directors ensure balance - The company complies with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are held by the same individual (Mr. Shao), an arrangement the Board believes benefits the company's business prospects and management[31] - The company has established an Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee, each with clear membership structures to support Board decision-making and oversight[32][33][34][35] Condensed Consolidated Financial Statements This section presents the Group's condensed consolidated financial performance, position, equity changes, and cash flows for the reporting period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For H1 2024, revenue slightly increased to RMB 160.6 million, operating loss narrowed significantly to RMB 7.28 million, and loss for the period decreased by 35% to RMB 13.99 million Key Profit or Loss Statement Items (RMB Thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 160,616 | 158,321 | | Gross Profit | 59,608 | 60,944 | | Operating Loss | (7,276) | (14,442) | | Loss for the Period | (13,985) | (21,554) | | Loss Attributable to Owners of the Company | (14,933) | (20,098) | | Basic Loss Per Share (RMB) | (0.0346) | (0.0465) | Condensed Consolidated Statement of Financial Position As of June 30, 2024, total assets were RMB 603 million, total liabilities RMB 330 million, and net assets RMB 273 million, with current assets exceeding current liabilities Key Financial Position Statement Items (RMB Thousand) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Non-current Assets | 282,746 | 330,161 | | Current Assets | 320,325 | 347,307 | | Total Assets | 603,071 | 677,468 | | Current Liabilities | 302,929 | 322,241 | | Non-current Liabilities | 27,325 | 70,888 | | Total Liabilities | 330,254 | 393,129 | | Net Assets | 272,817 | 284,339 | | Equity Attributable to Owners of the Company | 207,569 | 220,148 | Condensed Consolidated Statement of Changes in Equity Group equity decreased from RMB 284 million to RMB 273 million during the period, primarily due to a RMB 13.99 million loss, partially offset by RMB 2.46 million in exchange gains - Equity attributable to owners of the Company decreased from RMB 220 million at the beginning of the period to RMB 208 million, primarily due to a RMB 14.93 million loss for the period[42] Condensed Consolidated Statement of Cash Flows H1 2024 saw net cash inflow from operating activities of RMB 5.86 million, a significant decrease from the prior year, with net cash outflows from investing and financing activities leading to a RMB 3.02 million decrease in cash and cash equivalents Key Cash Flow Statement Items (RMB Thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 5,864 | 13,678 | | Net Cash (Used in)/from Investing Activities | (2,327) | 167 | | Net Cash Used in Financing Activities | (6,557) | (3,168) | | Net Decrease in Cash and Cash Equivalents | (3,020) | 10,677 | | Cash and Cash Equivalents at End of Period | 32,906 | 51,508 | Notes to the Condensed Consolidated Financial Statements This section provides detailed disclosures on revenue, segment reporting, trade receivables, and borrowings, offering further insights into the Group's financial performance and position Note 4: Revenue and Segment Reporting The Group's revenue is segmented into "Art Platform" (RMB 97.5 million) and "Digital Platform" (RMB 64 million), with advertising as the primary income source, accounting for approximately 58% of total revenue Revenue by Segment (RMB Thousand) | Segment | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Art Platform | 97,497 | 96,238 | | Digital Platform | 63,969 | 62,603 | | Total | 161,466 | 158,841 | Revenue by Type (RMB Thousand) | Type | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Advertising Income | 93,008 | 82,923 | | Production, Program and Service Income | 59,806 | 70,282 | | Distribution and Subscription Income | 7,297 | 4,088 | | Restaurant Operating Income | 505 | 1,028 | | Total | 160,616 | 158,321 | Note 13: Trade and Other Receivables Net trade receivables decreased to RMB 127 million from RMB 152 million, with a higher proportion of receivables over 180 days, for which expected credit loss provisions have been made - Net trade receivables decreased from RMB 152 million at the end of 2023 to RMB 127 million, indicating potential improvements in collections or adjustments in business scale[65] - Based on aging analysis, receivables within 90 days accounted for approximately 72% of the total, while those over 180 days represented about 15%[66] Note 15: Borrowings As of June 30, 2024, total secured bank borrowings were RMB 172 million, all current, collateralized by RMB 178 million in property and RMB 30 million in bank deposits, with a covenant breach noted - The Group's secured bank borrowings amounted to RMB 172 million, collateralized by properties valued at approximately RMB 178 million and deposits of RMB 30 million[71] - During the reporting period, the Group breached a loan covenant, posing a risk of banks demanding immediate repayment[72]