凤凰卫视(02008) - 2023 - 中期财报

Financial Assets and Investments - Financial assets at fair value through profit or loss totaled HK$909,623,000, including HK$18,622,000 in trading equity securities and HK$97,129,000 in structured deposits[1] - Financial assets at fair value through profit or loss increased to HK$1,015,174,000, with HK$927,603,000 in structured deposits and HK$72,419,000 in other investments[2] - The fair value of financial instruments in Level 3 was reviewed by the Finance Department, including convertible redeemable preferred shares, with discussions held with independent valuers on valuation assumptions and results[34] - The Group's balance of financial assets at the end of the period was HK$1,374,418,000, including a fair value loss of HK$14,419,000[28] - Other investments have a fair value of HK$72,419,000, measured using the market approach and price derived from observable market data[53] - The Group's listed securities investments had an estimated fair market value of approximately HK$18,622,000 as of 30 June 2023, up from HK$14,821,000 as of 31 December 2022[107] - The Group's investments in listed securities accounted for less than 5$13,018,000 using the income capitalization approach[32] - The Group's investment properties in Shenzhen had a net book value of HK$19,535,000, with a cost of HK$30,848,000[26] - Phoenix International Media Centre in China has a fair value of HK$1,319,002,000 as of 30 June 2023, compared to HK$1,293,732,000 as of 31 December 2022[46][48] - Commercial properties in the UK have a fair value of HK$12,926,000 as of 30 June 2023, with an estimated rental value of £407 per annum per square metre and a reversionary yield of 8$41,942,000 as of 30 June 2023, with an adjusted average price of RMB29,491 per square metre[46][48] - The Group's entitlement to use 10,000 square metres in the Shenzhen Building has a net book value of HK$19,535,000 as of 30 June 2023[59] - Investment properties grew to$1,374,418 from $1,307,283, reflecting a 5.1$1,133,077 thousand, a decrease from HK$1,490,072 thousand in the same period in 2022[88] - Operating loss for the period was HK$273,959 thousand, compared to HK$365,246 thousand in 2022[88] - Loss attributable to owners of the Company was HK$129,158 thousand, an improvement from HK$330,508 thousand in 2022[88] - Basic loss per share was HK$2.59 cents, compared to HK$6.62 cents in 2022[88] - Television broadcasting revenue decreased to HK$409,250 thousand from HK$557,995 thousand in 2022[88] - Internet media revenue declined to HK$373,400 thousand from HK$453,830 thousand in 2022[88] - Outdoor media revenue dropped to HK$265,923 thousand from HK$381,642 thousand in 2022[88] - Real estate revenue significantly decreased to HK$8,795 thousand from HK$25,014 thousand in 2022[88] - Group revenue for the period was approximately HK$1,133,077,000, a decrease of 24.0% compared to the same period last year[116] - Operating loss decreased to approximately HK$273,959,000, a 25.0$1,574,000, compared to a loss of HK$68,796,000 in the same period last year[116] - Loss attributable to owners of the company decreased to approximately HK$129,158,000, a 60.9% reduction compared to the same period last year[116] - Operating costs decreased by 24.2% to approximately HK$1,407,036,000[116] - Group's total revenue for the first half of 2023 was HK$1,133,077,000, a decrease from HK$1,490,072,000 in the same period of 2022[155] - Television broadcasting revenue decreased by 26.7$409,250,000, accounting for 36.1% of the total revenue[155] - Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel decreased by 26.9% to HK$253,868,000, accounting for 22.4$155,382,000[155] - Internet media segment revenue was HK$373,400,000 with a segmental loss of HK$108,095,000[155] - Outdoor media segment revenue was HK$265,923,000 with a segmental loss of HK$24,797,000[155] - Real estate segment revenue was HK$8,795,000 with a segmental loss of HK$9,488,000[155] - Other businesses segment revenue was HK$75,709,000 with a segmental loss of HK$26,405,000[155] - Internet media business revenue decreased by 17.7% to HK$373.4 million, with a segmental loss of HK$108.1 million[156] - Outdoor media business revenue decreased by 30.3% to HK$265.9 million, with a segmental loss of HK$24.8 million[156] - Real estate business reported a segmental loss of HK$9.5 million, compared to a profit of HK$14.0 million in the previous period[156] Media and Brand Performance - Phoenix's social media accounts, including "Phoenix" and "Phoenix TV News," continued to grow in influence and subscriber numbers[95] - Phoenix was listed as one of China's 500 Most Valuable Brands for the 20th consecutive year, ranking among the top four in the media industry[95] - The Group's internet media platform "Phoenix New Media" has maintained leading user numbers and activity levels, with its flagship product "Phoenix News Client" continuing to be one of the most popular mobile terminal information products among Chinese users[99] - The "Phoenix News Client" saw an increase in average usage time and click-through rate in the first half of the year, with significant reports effectively boosting traffic within the app[99] - The "Phoenix WEEKLY" multimedia brand has over 42 million users globally, including approximately 10 million video users[101] - The Group's "Phoenix New Media" has strengthened collaboration with other members of the Group, amplifying synergistic effects in major event reporting and integrated marketing[99] - The Group's original content has sparked discussions on social media, enhancing media influence and increasing the bargaining power of brand advertising[99] - The Group's international programs, such as "Global Observation Group," have shown initial commercial success, with major events like "Women's Awards" and "Global Auto Awards" solidifying industry influence[99] - Phoenix New Media's IFENG News App maintained a leading position among Chinese users, with increased average usage time and click-through rate in the first half of the year[126] - Phoenix Urban Media's outdoor LED media resources cover over 300 cities in China and 30 countries and regions globally[129] - Phoenix Metropolis Media's outdoor LED display panel media resources cover over 300 cities in China with over 1,000 panels and a global network encompassing over 30 countries and regions[153] - The new media brand "Phoenix WEEKLY" matrix has over 42 million local and overseas users with 10 million video users[153] Foreign Exchange and Risk Management - The Group is exposed to foreign exchange risks primarily from USD and RMB, and manages these risks through regular monitoring and potential use of forward currency contracts[106] - The Group's foreign exchange risk is primarily related to USD and RMB, with minimal exposure to Pound Sterling[134] - The Group may consider using forward currency contracts to manage and reduce foreign exchange risks[134] Dividends and Share Options - The Group did not recommend any interim dividend for the six months ended 30 June 2023[42] - No dividend was paid or declared during the six months ended 30 June 2023[57] - No interim dividend was recommended for the period, consistent with the previous year's policy[156] - No share options were granted or exercised under the company's 2017 Share Option Scheme during the period, and 17,720,000 share options granted to 13 employees lapsed[143] - As of 30 June 2023, 410,595,950 share options were available for grant under the 2017 Share Option Scheme, representing approximately 8.22% of the company's total issued share capital[144] - Under the 2008 PNM Share Option Scheme, 8,489,850 share options granted to 14 employees lapsed during the reporting period[146] - No share options were granted or exercised under the 2018 PNM Share Option Scheme during the period, and 5,585,000 share options granted to 10 employees lapsed[150] - 17,720,000 share options granted to 13 employees lapsed during the period under the 2017 Share Option Scheme[169] - The total number of share options available for grant under the 2017 Share Option Scheme is 410,595,950, representing approximately 8.22% of the company's total issued share capital[169] - 8,489,850 share options granted to 14 employees lapsed during the period under the 2008 PNM Share Option Scheme[172] - 5,585,000 share options granted to 10 employees lapsed during the period under the 2018 PNM Share Option Scheme[174] - The balance of share options as of 30 June 2023 under the 2018 PNM Share Option Scheme was 17,860,000[175] Corporate Governance and Structure - The Chairman, Mr. Xu, is not subject to retirement by rotation, deviating from code provision B.2.2, as per the company's Articles of Association[183] - The company has established an Audit Committee with duties including reviewing interim and annual results, financial reports, and accounting principles[186] - The company's Board of Directors includes Mr. Xu Wei as Chairman and CEO, and Mr. Sun Yusheng as Deputy CEO and Editor-in-Chief[191] Assets and Liabilities - Total assets as of 30 June 2023 amounted to $7,064,683, compared to$7,219,408 in the previous period[196] - Non-current assets increased slightly to $3,245,804 from$3,222,681, driven by growth in investment properties and property, plant, and equipment[196] - Current assets decreased to $3,818,879 from$3,996,727, primarily due to a reduction in accounts receivable and bank deposits[196] - Accounts receivable decreased by 19.9% to $720,780 from$899,782[196] - Bank deposits declined by 10.4% to $909,623 from$1,015,174[196] - Purchased programme and film rights, net, increased to $15,582 from$14,207, a 9.7% rise[196] - Cash and cash equivalents remained stable at $1,411,015 compared to$1,374,812[196] - The balance of employee stock options as of 30 June 2023 was 9,540,653, down from 18,030,503 at the start of the year[199] Staff and Costs - The company employed 2,943 staff as of 30 June 2023, a decrease from 2,975 at the end of 2022, with staff costs decreasing to approximately HK$602,301,000 from HK$685,172,000 in the previous period[135] - The Group's unallocated expenses primarily included corporate staff costs, office rental, general administrative expenses, and marketing and advertising expenses[14] Acquisitions and Financing - The Group completed several acquisitions, including 100% equity interests in Phoenix Intelligent Media and Shenzhen Phoenix Star Cultural Industrial Company[156] - The Group's funding and treasury policies focus on maintaining a diversified funding base and managing financial risks[157] - The Group's liquidity and financial resources remained solid, with total borrowings of HK$193.2 million[157] - The Group plans to consolidate existing businesses while exploring new opportunities that complement and enhance current operations, considering various financing methods as needed[107] Miscellaneous - The company's property in the United States with a carrying value of approximately HK$2,562,000 was pledged as collateral for a bank loan, which was fully repaid by 30 June 2023[135] - As of 30 June 2023, the company's authorized share capital was HK$1,000,000,000, divided into 10,000,000,000 ordinary shares, with 4,993,659,500 shares issued and fully paid[135] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the period[161] - No directors or chief executives held any interests or short positions in the company's securities as of 30 June 2023[161] - The Group's total cash and current bank deposits were HK$1,660.6 million, with structured deposits of HK$793.5 million recorded as financial assets[157] - The Group's gearing ratio was 80.8$331,000 with a DLOM (Discount for Lack of Marketability) of 20% and volatility of 50%[53]