电视广播(00511) - 2025 - 中期业绩

Company Information and Performance Overview Performance Highlights For the six months ended June 30, 2025, core TV-related business revenue slightly increased by 1% to HK$1,454 million, while total group revenue marginally decreased by 1% to HK$1,498 million. EBITDA improved by 17% year-on-year to HK$55 million, and loss attributable to company shareholders narrowed by 24% to HK$108 million, with loss per share decreasing to HK$0.23. The Board does not recommend an interim dividend Performance Highlights | Metric | H1 2025 (HK$) | H1 2024 (HK$) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Core TV-related Business Revenue | 1,454,000,000 | 1,445,000,000 | +1% | | Group Total Revenue | 1,498,000,000 | 1,513,000,000 | -1% | | EBITDA | 55,000,000 | 47,000,000 | +17% | | Loss Attributable to Company Shareholders | 108,000,000 | 143,000,000 | -24% | | Loss Per Share | 0.23 | 0.33 | -0.10 | | Interim Dividend | 无 | 无 | - | Business Highlights The company's terrestrial TV channels maintain leading viewership and advertising market share in Hong Kong, with advertising revenue growing by 4% and Greater Bay Area 'B-roll' advertising product revenue increasing by 171%. The digital media segment performed strongly, with myTV SUPER monthly active users around 2 million and digital asset advertising revenue growing by 37%, benefiting from the 'TV 3.0' free service tier. Mainland China business revenue decreased by 8% due to delayed delivery of co-production projects, but is expected to increase in the second half. The company actively expanded into the Greater Bay Area market, signing cooperation agreements with Tencent, Huawei, and other partners - Terrestrial TV channel advertising revenue increased year-on-year by 4%, benefiting from advertising campaigns by blue-chip corporate clients and Greater Bay Area 'B-roll' advertising products (revenue growth of 171%)[4] - The digital media segment performed strongly, with myTV SUPER streaming service having approximately 2 million monthly active users in Hong Kong, and digital asset advertising revenue increased year-on-year by 37%, primarily due to the 'TV 3.0' new initiative[4] - Mainland China business revenue decreased year-on-year by 8%, mainly due to delayed delivery of co-production projects with Mainland China platform partners, with increased deliveries expected in the second half[4] - The company actively expanded into the Greater Bay Area market, holding a press conference in Guangzhou and signing cooperation agreements with key partners including Tencent, Huawei, and Shenzhen Media Group[4] Outlook Despite economic challenges in Hong Kong, the company remains cautiously optimistic about the advertising business prospects for terrestrial TV and digital media in the second half. Digital media segment revenue is expected to maintain its upward trend, and Mainland China business revenue is also anticipated to strengthen. The company projects continued year-on-year EBITDA improvement and positive net profit attributable to shareholders for FY2025 - Cautiously optimistic about the advertising business prospects from terrestrial TV channels and digital media assets for the remainder of 2025[5] - Digital media segment revenue is expected to maintain its upward trend in H2 2025, with digital advertising revenue as the primary growth driver[5] - Mainland China business revenue is expected to strengthen in H2 2025, as co-produced drama series will be completed and delivered[5] - EBITDA is expected to continue year-on-year improvement and achieve positive net profit (attributable to company shareholders) for the year ended December 31, 2025[5] Financial Review and Segment Performance Financial Review (Consolidated Statements) The Group's total revenue remained largely stable at HK$1,498 million, with a slight year-on-year decrease of 1%. Strong performance in television broadcasting advertising revenue and digital media was offset by weaker performance in Mainland China business, international business, and e-commerce (now integrated into the television broadcasting segment). Total operating costs decreased by 3% to HK$1,568 million, primarily due to reductions in content costs, e-commerce related sales costs, distribution costs, and administrative expenses. EBITDA improved by 17% year-on-year to HK$55 million Consolidated Statements Key Financial Data | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,497,766 | 1,512,689 | -1% | | Cost of Sales | (938,265) | (948,235) | -1% | | Selling, Distribution and Broadcasting Costs | (251,538) | (271,624) | -7% | | General and Administrative Expenses | (377,823) | (402,515) | -6% | | Total Operating Costs | (1,567,626) | (1,622,374) | -3% | | EBITDA | 55,206 | 47,350 | +17% | - Total operating costs decreased by HK$54 million or 3%, primarily due to savings in content costs, e-commerce related sales costs, distribution costs, and administrative expenses[7][8] Segment Analysis During the period, the Group adjusted its segment structure, integrating e-commerce business into the 'Television Broadcasting' segment and establishing a new 'Digital Media' segment covering myTV SUPER and all Hong Kong digital-related businesses. Revenue and EBITDA are currently reported across four segments: Television Broadcasting, Digital Media, Mainland China Business, and International Business - Segment structure change: e-commerce business integrated into 'Television Broadcasting' segment; new 'Digital Media' segment established, covering myTV SUPER and all Hong Kong digital-related businesses[11] - Revenue and EBITDA are currently reported across four segments: Television Broadcasting, Digital Media, Mainland China Business, and International Business[11] Television Broadcasting Television Broadcasting segment revenue grew by 1% to HK$818 million, primarily driven by a 4% increase in advertising client revenue, though partially offset by a significant contraction in the integrated e-commerce business. Segment EBITDA loss improved by 6% to HK$15 million | Metric | H1 2025 (HK$ hundred million) | H1 2024 (HK$ hundred million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment Revenue | 8.18 | 8.10 | +1% | | Segment EBITDA | (0.15) | (0.16) | +6% | - Advertising client revenue increased by 4% to HK$695 million, driving segment revenue growth[12] Digital Media Digital Media segment revenue increased by 9% to HK$191 million, primarily driven by a 37% growth in advertising business across all digital media assets. However, EBITDA decreased by 41% to HK$19 million, mainly due to increased costs resulting from content cost allocation adjustments | Metric | H1 2025 (HK$ hundred million) | H1 2024 (HK$ hundred million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Segment Revenue | 1.91 | 1.76 | +9% | | Segment EBITDA | 0.19 | 0.32 | -41% | - Digital media asset advertising business grew by 37%, driving segment revenue increase of HK$15 million[14] - EBITDA decrease primarily due to a one-time adjustment in content cost allocation leading to increased costs[14] [Mainland China Business](index=8&type=section&id=%E4%B8%AD%E5%9C%8B%E5%85%A7%E5%9C%B0%E6%A5%AD%E5