Revenue Performance - Revenue for the twelve months ended December 31, 2024, decreased by 86.7% to RMB 15.1 million from RMB 113.4 million in the same period of 2023[6] - Revenue from self-produced TV drama distribution and broadcasting rights was RMB 6,409 thousand for 2024, a decrease of 90.7% compared to RMB 69,133 thousand in 2023[19] - Revenue from purchased TV drama distribution and broadcasting rights was RMB 5,355 thousand for 2024, a decrease of 85.2% compared to RMB 36,100 thousand in 2023[19] - Total revenue for 2024 was RMB 15,123 thousand, down 86.7% from RMB 113,445 thousand in 2023[19] - Revenue from joint financing arrangements decreased by about 59.1% from approximately RMB 8.2 million in 2023 to approximately RMB 3.4 million in 2024[66] Profitability and Loss - Gross profit for the same period was RMB 4.7 million, compared to a gross loss of RMB 67.7 million in 2023[6] - Loss attributable to equity shareholders decreased by 72.3% to RMB 43.1 million from RMB 155.5 million in the previous year[6] - Basic and diluted loss per share decreased by 73.1% to RMB 0.14 from RMB 0.52 in the same period of 2023[6] - The group reported a net loss of RMB 43,121,000 for the twelve months ending December 31, 2024[12] - The pre-tax loss for 2024 was RMB 43,109 thousand, significantly improved from a loss of RMB 143,520 thousand in 2023[27] Financial Position - Total assets less current liabilities amounted to RMB (7.3 million) compared to RMB 35.8 million in 2023[8] - Trade receivables decreased to RMB 76.3 million from RMB 126.8 million in the previous year[8] - Cash and cash equivalents increased to RMB 8.3 million from RMB 4.5 million in 2023[8] - The company's current assets net value as of December 31, 2024, was approximately RMB 15.7 million, down from approximately RMB 25.3 million as of December 31, 2023[93] - The total amount of bank and other loans as of December 31, 2024, was approximately RMB 151.9 million, a decrease from approximately RMB 158.8 million as of December 31, 2023[93] Liquidity and Cash Flow - The group faces liquidity pressure due to a slow recovery in the entertainment industry and increased competition in the television drama market[13] - The group anticipates paying financial liabilities amounting to RMB 529,763,000 within one year[12] - As of December 31, 2024, the group's cash and cash equivalents were only RMB 8,285,000[12] - The group expects all trade receivables and notes receivable to be collected within one year, indicating a positive cash flow outlook[40] Cost Management - Total sales cost decreased by approximately 94.2% from about RMB 181.1 million in 2023 to approximately RMB 10.5 million in 2024[68] - Sales and marketing expenses decreased by approximately 33.6% from about RMB 24 million for the twelve months ending December 31, 2023, to about RMB 16 million for the twelve months ending December 31, 2024[77] - Administrative expenses decreased by approximately 5.8% from about RMB 22.8 million for the twelve months ending December 31, 2023, to about RMB 21.5 million for the twelve months ending December 31, 2024[79] Strategic Initiatives - The group plans to accelerate the release of self-produced dramas to recognize revenue more quickly[15] - The group aims to strengthen the collection of outstanding receivables from previous drama releases and licensing[15] - The group is negotiating with creditors to restructure existing payables and loan terms to alleviate liquidity pressure[15] - The company plans to accelerate the production and licensing of self-produced television dramas in 2025, aiming to meet diverse customer preferences[57] Compliance and Governance - The company has adopted and complied with all applicable corporate governance codes as of December 31, 2024[110] - The board has confirmed compliance with the standard code for securities trading by directors as of December 31, 2024[111] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results for the twelve months ending December 31, 2024[114] Dividends and Shareholder Returns - The board of directors resolved not to declare an interim dividend for the twelve months ended December 31, 2024[6] - The company did not recommend the distribution of interim dividends for the twelve months ended December 31, 2024, compared to zero dividends for the previous year[51]
力天影业(09958) - 2024 - 中期业绩