Financial Performance - The revenue for the Group for the six months ended 30 June 2021 was approximately HK$1,386,962,000, representing an increase of 8.9% compared to the same period last year[5]. - The operating loss for the Group decreased to approximately HK$299,651,000, a reduction of 31.6% compared to HK$438,082,000 for the same period last year[5]. - The fair value loss on internet media investment for the Period was approximately HK$2,043,000, significantly lower than the loss of approximately HK$1,080,735,000 for the same period last year[5]. - The loss attributable to owners of the Company was approximately HK$245,175,000, compared to HK$936,486,000 for the same period last year, which included a share of fair value loss on internet media investment of approximately HK$530,000,000[5]. - Operating costs for the Period decreased by 1.5% to approximately HK$1,686,613,000, down from HK$1,711,767,000 for the same period last year[5]. - The net exchange gain for the Group was approximately HK$29,659,000, compared to a loss of HK$23,219,000 for the same period last year, mainly due to the appreciation of the Renminbi[8]. - The Group's financial performance benefited from the slowdown of the pandemic and strict cost control measures[5]. - The Group's total revenue for the six months ended June 30, 2021, was HK$1,386,962,000, an increase of 8.9% compared to HK$1,273,685,000 in the same period of 2020[11]. - The operating loss for the period was HK$299,651,000, an improvement from a loss of HK$438,082,000 in the prior year[11]. - The Group's total revenue for the six months ended June 30, 2021, was HK$1,386,962,000, with a loss before tax of HK$231,934,000[39]. Revenue Breakdown - Internet media revenue decreased to HK$587,771,000, down 15.3% from HK$693,642,000 year-on-year[11]. - Outdoor media revenue significantly increased to HK$378,490,000, up 103.5% from HK$186,115,000 in the previous year[11]. - The revenue from television broadcasting increased to approximately HK$321,985,000, accounting for 23.2% of the total revenue for the six months ended June 30, 2021[40]. - Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel increased by 0.8% to approximately HK$283,527,000, representing 20.4% of the total revenue for the Group[42]. - The total revenue from Phoenix Hong Kong Channel, Phoenix Movies Channel, Phoenix North America Chinese Channel, and others increased by 2.2% to approximately HK$38,458,000[42]. - The revenue of the internet media business decreased by 15.3% to approximately HK$587,771,000 compared to HK$693,642,000 for the six months ended 30 June 2020, with a segmental loss of approximately HK$42,663,000[44]. - The outdoor media business saw a revenue increase of 103.4% to approximately HK$378,490,000, up from HK$186,115,000 for the same period last year, resulting in a segmental profit of approximately HK$73,059,000[44]. Operational Efficiency and Strategy - The Group's strategic focus remains on enhancing operational efficiency through cost control measures[5]. - The Company continues to monitor market conditions and adjust strategies accordingly to improve financial performance[5]. - The Group is focusing on enhancing its omni-media platform capabilities, integrating television broadcasting, internet, and outdoor media to provide diversified media services[21]. - The Group is nurturing new industry trends in customized media services and e-commerce to expand monetization opportunities[21]. - The Group is actively cultivating the emerging digital culture industry trends through high-tech interactive digital art exhibitions[30]. - The Group's cultural creativity sector is focused on integrating various business sectors to form a sustainable business model[31]. - The Group aims to build an internationally recognized omni-media group with credibility and influence while promoting cultural exchanges between China and the world[34]. Corporate Governance and Management Changes - Mr. Liu Changle resigned as CEO on February 26, 2021, and Mr. Xu Wei was appointed as the new CEO and later elected as Chairman on June 22, 2021[60]. - The company reported compliance with the Corporate Governance Code throughout the period up to June 30, 2021[123]. - The company has an in-house audit function to assist the Board in monitoring governance and risk management processes[121]. - The company has adopted its own corporate governance code, integrating existing principles with the Corporate Governance Code provisions[121]. - The company has made several director appointments and resignations, including the appointment of Sun Yusheng as Executive Director and Deputy CEO[121]. - The Board of Directors includes both executive and independent non-executive members, promoting governance and accountability[139]. Financial Position and Cash Flow - As of 30 June 2021, the Group's total cash and current bank deposits were about HK$1,475,757,000, down from HK$1,849,547,000 as of 31 December 2020[47]. - The Group's structured deposits increased to approximately HK$1,630,950,000 as of 30 June 2021, compared to HK$1,451,040,000 as of 31 December 2020[47]. - The aggregate outstanding borrowings of the Group were approximately HK$528,734,000 as of 30 June 2021, down from HK$726,179,000 as of 31 December 2020[47]. - The gearing ratio of the Group was 72.1% as of 30 June 2021, a decrease from 78.9% as of 31 December 2020[47]. - The total assets as of June 30, 2021, were HK$8,794,775, a decrease from HK$9,354,368 as of December 31, 2020[149]. - Total liabilities decreased to HK$3,053,197 from HK$3,476,144, reflecting a reduction of about 12.2%[152]. - For the six months ended June 30, 2021, net cash used in operating activities was HK$136,207,000, a decrease from HK$432,159,000 in the same period of 2020[164]. - Cash flows from investing activities resulted in a net cash outflow of HK$46,997,000, compared to a net inflow of HK$102,134,000 in the prior year[164]. - Cash and cash equivalents at the end of the period were HK$1,361,511,000, an increase from HK$1,046,833,000 at the end of the previous period[166]. Share Options and Equity - The authorized share capital of the Company was HK$1,000,000,000, divided into 10,000,000,000 ordinary shares, with 4,993,659,500 shares issued and fully paid as of June 30, 2021[54]. - The total number of issued shares as of June 30, 2021, was 4,993,659,500 shares[117]. - A total of 190,000 options exercised under the Company's share option schemes during the reporting period[54]. - The exercise price per share for the options granted under the 2017 Share Option Scheme was set at HK$1.41[84]. - The total balance of share options as of June 30, 2021, was 26,242,121[106]. - The company approved an option exchange program from October 12, 2016, to November 1, 2016, allowing existing option holders to exchange for new options[92]. Risk Management and Compliance - The company is subject to the disclosure requirements under the Securities and Futures Ordinance and the Model Code[70]. - The company’s governance practices include adherence to the Listing Rules and the Model Code for securities transactions by directors[80]. - The company has a risk management committee that monitors corporate governance practices and internal control systems[121]. - The company has made adequate provisions for outstanding claims related to litigations arising in the ordinary course of business[60].
凤凰卫视(02008) - 2021 - 中期财报