大麦娱乐(01060) - 2020 - 年度财报

Company Information Company Information This section provides basic company information, including board and committee members, principal banks, registered office, main business locations in Hong Kong and Beijing, share registrars, and stock codes on the Hong Kong and Singapore exchanges - This section provides basic company information, including board and committee members, principal banks, registered office, main business locations in Hong Kong and Beijing, share registrars, and stock codes on the Hong Kong and Singapore exchanges[4] Chairman's Statement Chairman's Statement The company adheres to a dual-driven strategy of "quality content + new infrastructure," aiming to integrate the industry chain and create market growth, while also supporting industry recovery despite the impact of the COVID-19 pandemic - The company adheres to a dual-driven strategy of "quality content + new infrastructure," committed to integrating the industry chain upstream and downstream to create market growth, and will assist in industry recovery despite the impact of the COVID-19 pandemic in early 2020[5] - During the reporting period (the first 9 months excluding the Spring Festival holiday), the company excelled in content production, deeply participating in 12 out of the Top 20 domestic films, with a combined box office of nearly RMB 15 billion, accounting for 61% of the total, and successfully distributed several "small-budget + high-reputation" overseas films[7] - The Ali Fish business within the integrated development segment achieved rapid growth, with revenue maintaining a triple-digit increase for two consecutive fiscal years, average revenue per IP increasing by 60% year-on-year, and driving a year-on-year GMV growth of approximately 50% in the Tmall trendy play category[5] - Looking ahead, the company's core strategies include: upgrading new infrastructure (Lighthouse, Ali Fish); expanding into all categories of entertainment content (online films, variety shows); and collaborating with Alibaba Culture & Entertainment's Damai business to build a digital lifestyle platform[8] Management Discussion and Analysis Performance Overview During the reporting period, affected by the macroeconomic slowdown and the COVID-19 pandemic, the company's revenue decreased by 5% year-on-year to RMB 2.875 billion, with operating loss and net loss significantly expanding due to large impairment provisions for receivables and investment projects 2019/20 Fiscal Year Key Financial Indicators | Indicator | FY2020 (RMB thousand) | FY2019 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 2,874,694 | 3,033,844 | -5% | | Operating Loss | (981,252) | (496,996) | +97% | | Net Loss Attributable to Owners of the Company | (1,150,570) | (253,570) | +353% | | Adjusted EBITA Loss | (721,589) | (598,718) | +21% | Revenue and Performance by Business Segment | Business Segment | FY2020 Revenue (RMB thousand) | FY2019 Revenue (RMB thousand) | FY2020 Performance (RMB thousand) | FY2019 Performance (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Internet Promotion and Distribution | 2,204,077 | 2,463,642 | 449,672 | 387,761 | | Content Production | 428,960 | 458,875 | (1,661) | (221,083) | | Integrated Development | 241,657 | 111,327 | 136,495 | 67,337 | | Total | 2,874,694 | 3,033,844 | 584,506 | 234,015 | Impact of COVID-19 The COVID-19 pandemic severely impacted the film and television industry, leading to significant declines in the company's ticketing, promotion, and production revenues, and necessitated nearly RMB 800 million in impairment provisions for receivables and investments due to partner difficulties - The pandemic caused nearly RMB 30 billion in box office losses, halted filming for TV series and variety shows, and resulted in significant losses for the company's ticketing and promotion businesses[12][13] - Due to operational and capital chain risks faced by partners, the company made impairment provisions of nearly RMB 800 million[13] - The company actively fulfilled its social responsibilities, advancing nearly RMB 50 million in Spring Festival holiday ticket payments for cinemas and waiving service fees for newly opened cinemas[13] Internet Promotion and Distribution This segment, the company's primary revenue source, saw revenue decline by 11% to RMB 2.204 billion year-on-year, yet content promotion and co-investment revenue grew 10% to RMB 1.061 billion despite ticketing and system service declines, with segment performance improving 16% to RMB 450 million due to enhanced operating efficiency - The "Lighthouse" one-stop promotion and distribution platform developed rapidly, serving twice the number of film projects during the reporting period compared to previous periods, cumulatively serving three-quarters of domestic film producers, with co-produced films generating over RMB 60 billion in box office revenue[15] - The company maintained its strategy of focusing on premium content, participating in 12 out of the Top 20 domestic films during the reporting period, with a combined box office of nearly RMB 15 billion from produced and distributed films, accounting for 61% of the Top 20 domestic film box office[15] Internet Promotion and Distribution Business Segment Revenue and Gross Profit | Business | FY2020 Revenue (RMB thousand) | FY2019 Revenue (RMB thousand) | FY2020 Gross Profit (RMB thousand) | FY2019 Gross Profit (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Ticketing Services | 807,633 | 1,048,946 | 669,675 | 863,339 | | Cloud Intelligence System Provider Services | 270,158 | 333,738 | 270,004 | 331,777 | | Content Investment and Distribution Services | 1,060,644 | 961,478 | 424,279 | 620,988 | | Other | 65,642 | 119,480 | 58,332 | 103,805 | | Total | 2,204,077 | 2,463,642 | 1,422,290 | 1,919,909 | Content Production During the reporting period, the content production segment's revenue slightly decreased to RMB 429 million year-on-year, but its performance significantly improved, with losses narrowing by 99% from RMB 221 million to RMB 1.67 million, nearly achieving breakeven Content Production Business Financial Performance | Indicator | FY2020 (RMB thousand) | FY2019 (RMB thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Segment Revenue | 429,000 | 459,000 | -6.5% | | Segment Performance | (1,670) | (221,000) | +99% | - 11 drama series projects commenced filming during the reporting period, ensuring sufficient project reserves for the 2020/21 fiscal year[19] Integrated Development The integrated development business, a new infrastructure segment, achieved rapid growth during the reporting period, with revenue increasing by 117% year-on-year to RMB 242 million and operating profit growing by 103% to RMB 136 million, marking its second consecutive fiscal year of high growth - For Ali Fish's IP licensing business, the average revenue from monetized IPs reached RMB 2.21 million, a year-on-year increase of over 60%, significantly improving IP monetization efficiency[20] - The GMV of the Tmall trendy play category operated by Ali Fish increased by approximately 50% year-on-year, with nearly 400 new merchants joining the platform[21] - The crowdfunding platform "Zaodian Xinhuo" saw its DAU increase by nearly 24 times, completing 6 crowdfunding projects each exceeding RMB 10 million[23] - The Yunshang Production Management System for film and TV series production has been officially launched and used by over 100 production crews[23] Outlook The company will pursue three core strategies: upgrading new infrastructure by expanding Lighthouse's reach and maintaining Ali Fish's high growth; expanding into all categories of entertainment content, including online films and variety shows, and upgrading Taopiaopiao into a comprehensive decision-making platform for cinema and online films; and collaborating with Alibaba Culture & Entertainment's Damai business to build an entertainment platform for movie-watching and live performances - The company initiated business collaboration with Damai in early 2020 to enhance its local life services segment[24] - Future core strategies include: upgrading infrastructure, expanding into all content categories, and collaborating with Damai business[24] Financial Review This fiscal year, the company's revenue decreased by 5% to RMB 2.875 billion, and adjusted EBITA loss expanded by 21% to RMB 722 million, with net loss attributable to owners expanding to RMB 1.151 billion due to the pandemic and significant impairment provisions, resulting in a loss per share of 4.35 cents Revenue and Profit During the reporting period, revenue decreased by 5% year-on-year to RMB 2.875 billion, and net loss attributable to owners of the company expanded by 353% from RMB 254 million to RMB 1.151 billion, with basic and diluted loss per share increasing from 1.00 cent to 4.35 cents Key Profit Indicators | Indicator | FY2020 | FY2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue (RMB) | 2.875 billion | 3.034 billion | -5% | | Net Loss Attributable to Owners (RMB) | 1.151 billion | 0.254 billion | +353% | | Loss Per Share (RMB cents) | 4.35 | 1.00 | +335% | Expense Analysis Sales and marketing expenses decreased by 36% year-on-year to RMB 1.017 billion, primarily due to improved operating efficiency, while administrative expenses increased from RMB 897 million to RMB 1.044 billion, mainly due to impairment provisions for goodwill and property, plant, and equipment, and increased employee benefits - Sales and marketing expenses significantly decreased by 36% year-on-year, reflecting improved operating efficiency[28] - The increase in administrative expenses was primarily due to impairment provisions for goodwill and fixed assets[28] Principal Investments As of the end of the reporting period, the company held 14 investments in associates and joint ventures with a total carrying value of approximately RMB 2.205 billion, and 12 investments in unlisted companies with a total carrying value of approximately RMB 861 million, with a significant investment being a 7.72% associate investment in Bona Film Group with a carrying value of RMB 997 million - During the reporting period, investments in associates and joint ventures recorded total losses and impairments of RMB 287 million[30] - The long-term equity investment in Bona Film Group had a carrying value of RMB 997 million, accounting for approximately 6.3% of total assets[30] Financial Resources and Liquidity As of the end of the reporting period, the company held approximately RMB 4.184 billion in cash, cash equivalents, and bank deposits, along with approximately RMB 251 million in wealth management product investments, maintaining a net cash position and a zero capital gearing ratio, indicating a robust financial condition - Held approximately RMB 4.184 billion in cash, cash equivalents, and bank deposits[33] - The capital gearing ratio (net borrowings/total equity) was zero, indicating a robust capital structure[33] Biographies of Directors and Senior Management Biographies of Directors and Senior Management This chapter provides detailed personal biographies, professional backgrounds, and other company appointments for the company's executive directors, non-executive directors, independent non-executive directors, and company secretary - This section details the personal biographies, professional backgrounds, and other company appointments of the company's executive directors, non-executive directors, independent non-executive directors, and company secretary[37][38][39][40][42] Directors' Report Share Incentive Schemes This section details the company's two main share incentive tools: the "2012 Share Option Scheme" and the "Share Award Scheme," disclosing their purpose, eligibility, term, administration, grant limits, and changes during the reporting period, with 231 million unexercised share options and 291 million unexercised awarded shares outstanding at period-end 2012 Share Option Scheme Movements (As of March 31, 2020) | Status | Number of Share Options | | :--- | :--- | | Unexercised at Beginning of Period | 144,505,000 | | Granted During the Year | 106,492,500 | | Exercised During the Year | (4,000,000) | | Lapsed During the Year | (15,800,000) | | Unexercised at End of Period | 231,197,500 | Share Award Scheme Movements (As of March 31, 2020) | Status | Number of Awarded Shares | | :--- | :--- | | Unexercised at Beginning of Period | 186,843,100 | | Granted During the Year | 194,592,700 | | Vested During the Year | (57,125,150) | | Lapsed During the Year | (33,145,850) | | Unexercised at End of Period | 291,164,800 | Connected Transactions This section details significant transactions with connected persons during the reporting period, primarily the controlling shareholder Alibaba Group and its subsidiaries and affiliates, covering a wide range of activities from film/series rights sales and acquisitions to technology, marketing, and IP derivative collaborations, all confirmed to have followed necessary approval procedures and complied with listing rules - The company entered into agreements with Youku Technology for the transfer or exclusive procurement of information network dissemination rights for several film and television works, such as "Floating City on the Sea," "Green Book," "Hello Prosecutor," "Capernaum," and "Love Better Than Immortality"[111][112][113][114] - The company signed multiple continuing connected transaction agreements with Alibaba Group, covering technical services, shared services, marketing services, operational services, payment services, advertising services, and IP derivative collaborations to support daily business operations[117][119][121][122][126][127][131] - The company entered into a film and television work cooperation framework agreement with Youku Technology, with an annual cap of RMB 600 million, covering copyright transfer/licensing and business development services[136] - The company entered into a copyright purchase framework agreement with Youku Technology for purchasing copyrights of literary, film, and television works, with an annual cap of RMB 35 million for FY2020[139] Contractual Arrangements (VIE Structure) Due to Chinese legal restrictions on foreign investment in film production and distribution, the Group controls domestic operating companies (Zhonglian Jinghua, Beijing Ali Tao, Shanghai Taopiaopiao) and their subsidiaries through contractual arrangements (VIE structure) to conduct related businesses and consolidate their financial results, with this section detailing the necessity, key agreements, risks, and financial contributions of these VIEs - The VIE structure aims to circumvent Chinese legal restrictions on foreign investment in film production, distribution, broadcasting, television program production, and cinema operations[146] - Key agreements include exclusive consulting and service agreements, loan agreements, equity pledge agreements, powers of attorney, and exclusive call option agreements, ensuring the Group's effective control over operating companies and access to their economic benefits[158][159][160][161][164] Financial Contribution of VIE Structure Entities to the Group (FY2020) | Operating Company | Revenue (RMB thousand) | % of Group Total Revenue | Assets (RMB thousand) | % of Group Total Assets | | :--- | :--- | :--- | :--- | :--- | | Zhonglian Jinghua | 711,771 | 25% | 1,921,525 | 12% | | Beijing Ali Tao | 838,641 | 29% | 4,733,688 | 30% | | Shanghai Taopiaopiao | 106,555 | 4% | 176,659 | 1% | | Total | 1,656,967 | 58% | 6,831,872 | 43% | Interests of Major Shareholders This section discloses major shareholders holding 5% or more of the company's shares, with Alibaba Group, through its wholly-owned subsidiary Ali CV Investment Holding Limited, holding 50.29% of the company's shares as the controlling shareholder at the end of the reporting period Major Shareholder Holdings (As of March 31, 2020) | Shareholder Name | Nature of Interest | Number of Shares Held | Approximate % of Issued Share Capital | | :--- | :--- | :--- | :--- | | Ali CV / AIL / AGH | Beneficial Owner / Interest in Controlled Corporation | 13,488,058,846 | 50.29% | | Bian Ximing / Yang Minghua | Beneficial Owner | 1,865,160,000 | 6.95% | Use of Proceeds from Share Issuance This section outlines the use of proceeds from two past equity financings: the HKD 12.1 billion from the 2015 placement was fully utilized during the reporting period, while approximately RMB 907 million of the HKD 1.248 billion from the 2019 subscription remained unutilized as of the reporting period end, expected to be used as planned for content investment, customer expansion, M&A, and general corporate purposes - The net proceeds of HKD 12.1 billion from the 2015 placement were fully utilized as of March 31, 2020[172] - The net proceeds of approximately HKD 1.248 billion from the 2019 subscription had an unutilized balance of approximately RMB 907 million as of March 31, 2020, expected to be fully utilized within four years[173] Corporate Governance Report Board of Directors The Board of Directors comprises seven directors, including three executive, one non-executive, and three independent non-executive directors, meeting listing rule requirements, and held 11 meetings during the reporting period to discuss strategy, financial performance, and significant transactions, with a board diversity policy in place - The company explained the arrangement of the Chairman and CEO being the same person (Mr. Fan Luyuan), believing it aids strategy formulation and execution, and that the board's composition ensures a balance of power and authority[180] Board Meeting Attendance (FY2020) | Director Name | Position | Attendance/Meetings Held | | :--- | :--- | :--- | | Mr. Fan Luyuan | Chairman and CEO | 10/11 | | Mr. Meng Jun | Executive Director | 11/11 | | Mr. Xu Hong | Non-Executive Director | 2/2 | | Ms. Song Lixin | Independent Non-Executive Director | 11/11 | | Mr. Tong Xiaomeng | Independent Non-Executive Director | 7/11 | | Mr. Chen Zhihong | Independent Non-Executive Director | 11/11 | Board Committees The Board has four committees: Remuneration, Audit, Nomination, and Executive, with this section detailing their composition, primary functions, and work during the reporting period, including reviewing remuneration policies, overseeing financial reporting and internal controls, nominating directors, and managing daily operations - Remuneration Committee: Composed of one executive director and two independent non-executive directors, it reviewed the remuneration policies and benefits for directors and senior management during the year[202][205] - Audit Committee: Composed of three independent non-executive directors, it reviewed annual and interim financial reports, the effectiveness of internal control systems, and recommended the re-appointment of auditors during the year[207][209] - Nomination Committee: Composed of one executive director and two independent non-executive directors, it reviewed the board structure and diversity policy, and assessed and nominated director candidates during the year[210][212] - Executive Committee: Composed of three executive directors, responsible for handling and monitoring daily management matters[213] Accountability and Audit This section outlines the company's framework and practices for financial reporting, risk management, and internal control, with the Board overseeing the effectiveness of risk management and internal control systems through a three-lines-of-defense structure, identifying regulatory, industry, exchange rate, and talent management as key risks for the fiscal year, and concluding that the systems were adequate and effective - The company established a three-lines-of-defense risk management framework: the first line being business operations teams, the second line being risk management functions (finance, legal, internal control), and the third line being the internal audit team[222][223] Key Risks and Mitigation Measures | Key Risk | Risk Description | Risk Mitigation Measures | | :--- | :--- | :--- | | Regulatory Risk | Strict regulation in internet and film/TV industries, content censorship, and cybersecurity laws pose constraints | Timely understanding of regulatory developments, strict selection of topics, enhanced pre-launch self-inspection for products | | Industry Risk | Intense competition in content production and promotion, uncertainty in project selection and investment returns | Ecosystem layout across the industry chain, use of big data for decision-making, creation of differentiated services | | Exchange Rate Risk | Holding foreign currency funds and international project investments, exposed to exchange rate fluctuations | Maintain communication with banks, regularly analyze risk exposure, maintain a multi-currency portfolio | | Talent Management Risk | Industry highly dependent on talent, loss of key talent may impact business sustainability | Provide comprehensive training, promotion mechanisms, and long-term incentive plans, strengthen corporate culture | Environmental, Social and Governance Report Environment Due to the nature of its business, the company has no significant material environmental impact, promoting resource efficiency and green office practices through electronic systems, double-sided printing, and sensor faucets, and as its main offices moved into Alibaba Group's campus, individual resource consumption data is not separately trackable - The company's operations do not involve factory production, resulting in no significant emissions of exhaust gas, wastewater, or hazardous waste; non-hazardous waste generated from offices is handled by the campus property management in compliance with regulations[245] - The company implements various energy-saving measures, such as encouraging video conferencing over business travel, turning off lights when leaving, and waste sorting, to create a low-carbon and environmentally friendly office environment[246][247] Society On the social front, the company strictly adheres to labor laws, safeguards employee rights, provides a healthy and safe work environment, and offers diverse training and development opportunities, while maintaining stringent supply chain management and product responsibility systems to ensure content compliance and user information security, upholding high standards of business ethics with anti-corruption mechanisms, and actively engaging in community welfare, particularly in supporting industry partners during the pandemic Employee Composition (As of March 31, 2020) | Category | Quantity/Ratio | | :--- | :--- | | Total Employees | 1,134 | | Gender Ratio (Male/Female) | 65% / 35% | | Age Structure (Under 30) | 41% | | Age Structure (31-40) | 52% | | Age Structure (Over 41) | 7% | - The company strictly adheres to labor standards, prohibiting child labor and forced labor, and ensures employee age compliance through identity verification[261] - Regarding product responsibility, the company strictly complies with content review regulations, ensures works are free from infringement risks, and protects user privacy by strengthening data security measures[265][266] - The company has a dedicated anti-corruption team and reporting channels, and requires employees to pass an annual anti-corruption examination[268][270] - During the pandemic, the company quickly responded to assist audiences with ticket refunds and established a platform to help cinemas procure epidemic prevention supplies and manage unsold merchandise, supporting the industry through difficult times[272] Independent Auditor's Report Independent Auditor's Report PricewaterhouseCoopers (PwC), the auditor, issued an unqualified opinion on the company's consolidated financial statements as of March 31, 2020, affirming that the financial statements present a true and fair view of the Group's financial position and performance - The report identified four Key Audit Matters: - Goodwill impairment assessment - Impairment assessment of film and television rights - Impairment assessment of investments accounted for using the equity method - Assessment of expected credit losses on trade receivables[278] Consolidated Financial Statements Consolidated Statement of Profit or Loss During the reporting period, the company recorded revenue of RMB 2.875 billion, a 5% year-on-year decrease, with the annual loss expanding from RMB 296 million to RMB 1.166 billion due to increased cost of sales and services, administrative expenses, and impairment losses on financial assets, resulting in a loss attributable to owners of RMB 1.151 billion Consolidated Statement of Profit or Loss Summary | Item (RMB thousand) | FY2020 | FY2019 | | :--- | :--- | :--- | | Revenue | 2,874,694 | 3,033,844 | | Gross Profit | 1,566,744 | 1,766,163 | | Operating Loss | (981,252) | (496,996) | | Loss Before Income Tax | (1,136,616) | (280,887) | | Loss for the Year | (1,165,816) | (295,950) | | Loss Attributable to Owners of the Company | (1,150,570) | (253,570) | Consolidated Statement of Financial Position As of the end of the reporting period, the company's total assets were RMB 15.848 billion, a decrease from RMB 16.618 billion at the previous fiscal year-end, primarily due to changes in fair value of financial assets and reduced investments, with total liabilities at RMB 1.871 billion and total equity at RMB 13.976 billion, and goodwill, investments accounted for using the equity method, film rights, and cash being major asset components Consolidated Statement of Financial Position Summary | Item (RMB thousand) | March 31, 2020 | March 31, 2019 | | :--- | :--- | :--- | | Non-current Assets | 8,156,317 | 9,081,048 | | Current Assets | 7,691,562 | 7,536,735 | | Total Assets | 15,847,879 | 16,617,783 | | Total Liabilities | 1,871,409 | 1,665,588 | | Total Equity | 13,976,470 | 14,952,195 | Consolidated Statement of Cash Flows During the reporting period, net cash outflow from operating activities was RMB 776 million, while investing activities generated a net cash inflow of RMB 1.665 billion, primarily from the repayment of RMB 1 billion in convertible bond principal, and financing activities resulted in a net cash outflow of RMB 420 million, leading to a net increase in cash and cash equivalents of RMB 469 million to RMB 4.005 billion at year-end Consolidated Statement of Cash Flows Summary | Item (RMB thousand) | FY2020 | FY2019 | | :--- | :--- | :--- | | Net Cash Outflow from Operating Activities | (776,148) | (1,376,845) | | Net Cash Inflow from Investing Activities | 1,665,491 | 1,089,984 | | Net Cash (Outflow)/Inflow from Financing Activities | (420,175) | 1,765,305 | | Net Increase in Cash and Cash Equivalents | 469,168 | 1,478,444 | | Cash and Cash Equivalents at End of Year | 4,004,528 | 3,341,470 | Notes to the Consolidated Financial Statements Note 5: Revenue and Segment Information This note provides detailed revenue and performance information by business segment, categorizing the Group into three segments: Internet Promotion and Distribution, Content Production, and Integrated Development, with Internet Promotion and Distribution being the largest revenue source at 77% of total revenue, Content Production significantly narrowing its loss, and Integrated Development achieving high growth in both revenue and profit Segment Performance (FY2020) | Segment | Revenue (RMB thousand) | Performance (RMB thousand) | | :--- | :--- | :--- | | Internet Promotion and Distribution | 2,204,077 | 449,672 | | Content Production | 428,960 | (1,661) | | Integrated Development | 241,657 | 136,495 | | Total | 2,874,694 | 584,506 | Note 15: Goodwill and Intangible Assets As of the end of the reporting period, the company's net carrying value of goodwill was RMB 3.551 billion, primarily allocated to the Internet Promotion and Distribution segment, with an impairment loss of RMB 34.93 million recognized for this segment after annual impairment testing, and intangible assets mainly comprising film and television program production and distribution licenses, ticketing system operation licenses, and customer relationships Allocation of Goodwill and Intangible Assets with Indefinite Useful Lives (Year-End Balance, RMB thousand) | Segment | FY2020 | FY2019 | | :--- | :--- | :--- | | Internet Promotion and Distribution (Goodwill) | 3,141,396 | 3,176,327 | | Content Production (Goodwill) | 159,813 | 159,813 | | Integrated Development (Goodwill) | 249,907 | 249,907 | | Content Production (Intangible Assets) | 7,808 | 7,808 | | Total | 3,558,924 | 3,593,855 | - An impairment loss of RMB 34.931 million for goodwill was recognized during the reporting period based on impairment tests[467] Note 31: Related Party Transactions This note details the transaction amounts and period-end balances with related parties, primarily the ultimate parent company Alibaba Group and its subsidiaries and affiliates, with significant transactions including sales of film rights, provision of services, and procurement of services with AGH subsidiaries, and detailed disclosures for period-end receivables and payables to related parties Major Related Party Transactions (FY2020, RMB thousand) | Transaction Type | Amount | | :--- | :--- | | Sale of Film and Television Rights to AGH Subsidiaries | 177,523 | | Provision of Services to AGH Subsidiaries | 130,789 | | Purchase of Services from AGH Subsidiaries | 99,271 | | Purchase of Services from AGH Associates | 52,864 | Major Related Party Balances (As of March 31, 2020, RMB thousand) | Balance Type | Amount | | :--- | :--- | | Amounts Due from AGH Subsidiaries (Trade Receivables) | 263,904 | | Amounts Due from Associates (Trade Receivables) | 272,248 | | Amounts Due to AGH Subsidiaries (Other Payables) | 102,388 | Financial Summary Financial Summary This section provides a five-year financial summary, including key metrics such as revenue, profit/loss attributable to owners, total assets, total liabilities, and equity attributable to owners, offering a concise overview of the company's financial performance and position over the past five fiscal years Five-Year Financial Summary | Item (RMB thousand) | FY2016 | FY2017 | FY2018 (15 months) | FY2019 | FY2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 263,717 | 904,582 | 3,302,783 | 3,033,844 | 2,874,694 | | Profit/(Loss) Attributable to Owners of the Company | 466,040 | (958,576) | (1,658,647) | (253,570) | (1,150,570) | | Total Assets | 18,975,861 | 19,563,062 | 14,982,583 | 16,617,783 | 15,847,879 | | Total Liabilities | (2,782,281) | (2,431,130) | (885,684) | (1,665,558) | (1,871,409) | | Equity Attributable to Owners of the Company | 16,195,811 | 16,918,023 | 13,976,697 | 14,856,443 | 13,898,376 |