BINGO GROUP-比高集团(08220) - 2025 - 中期财报

Revenue and Profit Performance - For the six months ended September 30, 2024, Bingo Group Holdings Limited generated revenue of HK $0.9 million and gross profit of HK$ 0.5 million from its Cinema Business, a decrease from HK $3.8 million and HK$ 2.3 million respectively in the same period of 2023[41]. - Cinema business generated revenue of approximately HK $900,000 and gross profit of HK$ 500,000 during the period, a decrease compared to HK $3,800,000 in revenue and HK$ 2,300,000 in gross profit for the six months ended September 30, 2023[43]. - During the period, the Group recorded a revenue decrease from the Cinema Business, dropping from approximately HK $3.8 million in Period 2023 to approximately HK$ 0.9 million[90]. - Revenue from the Licensing Business increased from HK $1.6 million in Period 2023 to HK$ 3.6 million in the current period, primarily due to projects utilizing intellectual property rights from "King of Comedy" and "New King of Comedy"[90]. - The Group recorded a total turnover of approximately HK $4.5 million during the Period, a decrease of about HK$ 900,000 compared to approximately HK $5.4 million in the same period last year[92]. - The company reported a loss for the period of HK$ 11,583,000, compared to a loss of HK $5,292,000 in the same period last year, representing a 119% increase in losses[188]. - Total comprehensive loss for the period amounted to HK$ 11,621,000, up from HK $4,930,000 in the previous year, indicating a 136% increase[189]. Cinema Business Challenges - The closure of the Shanghai cinema in May 2023 and a 1.5-month closure of the Hangzhou cinema for repairs contributed to the decline in revenue from the Cinema Business[42]. - The closure of the Shanghai cinema in May 2023 due to rental disputes and a 1.5-month shutdown of the Hangzhou cinema for maintenance contributed to the decline in cinema business revenue[43]. - The cinema business revenue decreased due to the closure of the Shanghai cinema and repair works in Hangzhou, prompting the Group to conduct feasibility studies for opening a new cinema[117]. - The Group plans to open one new cinema and is considering the acquisition of existing cinemas to expand its market presence[117]. - The Group is adopting a more prudent approach in its cinema business due to slower-than-expected economic growth in Mainland China, while recognizing substantial growth potential in the market[117]. Strategic Partnerships and Collaborations - A memorandum of understanding was signed with Beijing iQIYI on April 22, 2024, for potential strategic cooperation in producing various entertainment projects, although no revenue was generated from this segment during the period[43]. - The strategic cooperation framework agreement with Beijing iQIYI and Zhouling Culture & Media is effective from August 31, 2024, to July 31, 2029, focusing on co-producing projects based on prescribed intellectual properties[69]. - Beijing iQIYI will have exclusive cooperation rights for selected intellectual properties during the cooperation period, with the option to negotiate other IPs not selected[72]. - The strategic cooperation aims to leverage the expertise of all partners in various entertainment formats, including movies, TV series, and musicals[57]. - The Group expects significant revenue growth from the collaboration with Beijing iQIYI, with substantial cash collected within a month of signing the Strategic Cooperation Framework Agreement[165]. - The collaboration with Sinohope is anticipated to generate substantial revenue in the financial year 2024/25[167]. Financial Position and Liabilities - The Group incurred a loss of approximately HK$ 11.6 million for the period, compared to a loss of HK $5.3 million in Period 2023, with the increase attributed to non-cash share-based payments of approximately HK$ 6.1 million[90]. - Current liabilities increased significantly to HK $68,863,000 from HK$ 12,771,000, reflecting a substantial rise in financial obligations[193]. - The company's net current liabilities stood at HK $3,619,000, a decline from net current assets of HK$ 1,500,000 in the previous period[193]. - Cash and cash equivalents rose to HK $53,475,000, compared to HK$ 13,593,000, showing a significant improvement in liquidity[193]. - The debt ratio as of 30 September 2024 was approximately 1.29, down from 1.93 as of 31 March 2024, indicating a significant change in the Group's financial leverage[96]. - The Group expects to cover its current liabilities of approximately HK $68.9 million, as most contract liabilities of approximately HK$ 63.8 million are anticipated to be recognized as revenue[97]. New Media and IP Development - The Group has focused more on the development of new media and IP licensing, leveraging its film production experience[132]. - As of September 30, 2024, certain subsidiaries are specialized in developing new media businesses, including augmented reality digital live action role-playing games and IP consultancy[133]. - The Company has entered into an agreement with Wonder Cat Animation to produce three animated movies based on specific IPs, with releases planned from 2025 to 2027[157]. - The Group's IP licensing includes rights to "The Mermaid" and other properties, enhancing its portfolio for future projects[160]. - The Group aims to license IP usage and production rights to third parties and form joint ventures with well-recognized brands in Greater China and overseas[165]. - The Group has successfully licensed IP rights for various projects, indicating a strong pipeline for future revenue generation[165]. Operational and Cost Management - Total staff costs for the Period increased to approximately HK $5.3 million from HK$ 4.0 million in the previous year, reflecting a growing workforce[99]. - Selling and marketing expenses were reported at HK $267,000, while administrative expenses totaled HK$ 6,631,000, indicating a focus on cost management despite losses[188]. - The Group has discontinued the pursuit of certain business opportunities due to changes in business development[135]. - The Group is finalizing details of a contract with Jumoon for project management services, with further details to be released soon[164]. - The Investment Fund is currently in the formation stage, and no revenue was generated during this period due to the lack of services performed[182].