新石文化(01740) - 2025 - 中期业绩

Financial Highlights The group achieved significant revenue growth, turned gross loss into profit, and substantially reduced net loss for the six months ended June 30, 2025 Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11.4 | 5.4 | Increased by 113.4% | | Gross Profit/(Loss) | 1.3 | (1.6) | Turned from loss to profit | | Net Loss | (6.5) | (15.0) | Loss decreased by 56.7% | | Interim Dividend | Not recommended for payment | Nil | No change | Interim Condensed Consolidated Financial Statements This section presents the group's interim financial performance, position, and equity changes, highlighting significant improvements in profitability and asset management Interim Condensed Consolidated Statement of Profit or Loss The group achieved significant revenue growth, turned gross loss into profit, and substantially reduced its loss for the period Key Profit or Loss Statement Data | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 11,446 | 5,364 | Increased by 113.4% | | Cost of sales | (10,155) | (6,970) | Increased by 45.7% | | Gross Profit/(Loss) | 1,291 | (1,606) | Turned from loss to profit | | Loss before tax | (6,467) | (15,034) | Loss decreased by 57.0% | | Loss for the period | (6,467) | (15,034) | Loss decreased by 57.0% | | Basic and diluted loss per share | (RMB 0.62 cents) | (RMB 1.45 cents) | Loss decreased by 57.2% | Interim Condensed Consolidated Statement of Comprehensive Income The group's total comprehensive loss for the period significantly decreased, primarily due to reduced loss for the period, while exchange differences had a net negative impact on comprehensive income Key Comprehensive Income Statement Data | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Loss for the period | (6,467) | (15,034) | Loss decreased by 57.0% | | Exchange differences on translation of overseas operations | 1,158 | (541) | Turned from negative to positive | | Exchange differences on translation of the Company's financial statements | (1,236) | 615 | Turned from positive to negative | | Total comprehensive loss for the period | (6,545) | (14,960) | Loss decreased by 56.3% | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the group's current liabilities significantly increased, leading to a decrease in net current assets and net assets, despite a slight increase in total current assets Key Financial Position Statement Data | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 558 | 975 | Decreased by 42.8% | | Total current assets | 101,058 | 99,055 | Increased by 2.0% | | Total current liabilities | 27,271 | 18,879 | Increased by 44.5% | | Net current assets | 73,787 | 80,176 | Decreased by 8.0% | | Net assets | 71,728 | 78,273 | Decreased by 8.4% | Interim Condensed Consolidated Statement of Changes in Equity The group's total equity decreased due to the loss for the period and negative impact from exchange fluctuation reserve, reflecting overall financial performance Key Equity Movement Data | Metric | January 1, 2025 (RMB thousand) | June 30, 2025 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total equity | 78,273 | 71,728 | Decreased by 8.4% | | Loss for the period | – | (6,467) | Led to equity decrease | | Exchange fluctuation reserve | (170) | (248) | Decreased by 78 thousand | | Accumulated losses | (249,660) | (256,127) | Increased by 6,467 thousand | Notes to the Interim Condensed Consolidated Financial Information This section provides detailed notes on the group's accounting policies, segment information, revenue, expenses, and financial position Basis of Preparation and Changes in Accounting Policies and Disclosures This interim financial information is prepared in accordance with HKAS 34, consistent with annual financial statements, and new HKFRS amendments have no significant impact on the group - The interim condensed consolidated financial information is prepared in accordance with HKAS 34 Interim Financial Reporting and should be read in conjunction with the group's annual consolidated financial statements for the year ended December 31, 2024[11] - The adoption of amendments to HKFRS accounting standards (such as amendments to HKAS 21 and HKAS 1) had no significant impact on the group's interim condensed consolidated financial statements[12][13] Operating Segment Information The group operates in a single reportable segment, with all revenue and non-current assets concentrated in Mainland China - The group has only one reportable operating segment, and management monitors the group's overall operating results for decision-making purposes[14] - All of the group's revenue is generated from customers in Mainland China, and all non-current assets are located in Mainland China[15] Revenue The group's total revenue significantly increased, primarily driven by a substantial rise in revenue from customer contracts, especially from web series distribution Revenue Analysis | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue from customer contracts | 11,440 | 2,909 | Increased by 293.2% | | Revenue from other sources (Non-executive producer license fees) | 6 | 2,455 | Decreased by 99.8% | | Total Revenue | 11,446 | 5,364 | Increased by 113.4% | Classification of Revenue from Customer Contracts | Category of Goods or Services | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Granting of TV series broadcasting rights licenses | 5,056 | 2,909 | Increased by 73.8% | | Distribution of web series | 6,384 | – | New business | | Total | 11,440 | 2,909 | Increased by 293.2% | - During the period, all of the group's revenue was generated from customers in Mainland China and recognized at a point in time[19][20] Loss Before Tax The group's loss before tax decreased primarily due to a significant drop in impairment losses on financial assets and reversal of prepayments under copyright co-investment arrangements, despite increased cost of sales Components of Loss Before Tax | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 10,155 | 6,890 | Increased by 47.4% | | Impairment of trade receivables | 803 | 5,096 | Decreased by 84.2% | | Reversal of prepayments under copyright co-investment arrangements | (740) | – | New reversal | | Share of loss of an associate | – | 438 | Decreased by 100% | Income Tax and Dividends The group incurred no income tax expense in the reporting period or prior period, and the board did not declare any interim dividend - The group incurred no income tax expense during the reporting period or the corresponding period last year[22] - The board did not declare any interim dividend during the reporting period (six months ended June 30, 2024: nil)[23] Loss Per Share Attributable to Owners of the Parent The group's basic and diluted loss per share significantly decreased due to reduced loss for the period, with no potential dilutive ordinary shares outstanding Loss Per Share | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic and diluted loss per share | (RMB 0.62 cents) | (RMB 1.45 cents) | | Weighted average number of ordinary shares outstanding | 1,037,500,000 shares | 1,037,500,000 shares | - As of June 30, 2025 and 2024, the group had no outstanding potential dilutive ordinary shares[24] Details of Assets and Liabilities This section details changes in the group's key assets and liabilities, including property, plant and equipment, trade receivables, trade payables, and share capital Property, Plant and Equipment The book value of property, plant and equipment decreased, primarily due to depreciation during the period Book Value of Property, Plant and Equipment | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Book value at period/year-end | 44 | 72 | Decreased by 38.9% | | Depreciation charged during the period/year | (28) | (91) | Depreciation decreased by 69.2% | Trade Receivables Net trade receivables increased significantly, driven by a substantial rise in receivables within three months, despite a decrease in older receivables Trade Receivables and Ageing Analysis | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Trade receivables (Gross) | 174,292 | 167,687 | Increased by 3.9% | | Impairment | (158,382) | (157,579) | Increased by 0.5% | | Trade receivables (Net) | 15,910 | 10,108 | Increased by 57.4% | | Ageing analysis (Net): | | | | | Within three months | 8,752 | 142 | Significantly increased | | One to two years | 4,428 | 7,603 | Decreased by 41.7% | Trade Payables Total trade payables significantly increased, primarily due to a substantial rise in payables within three months Trade Payables and Ageing Analysis | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Total trade payables | 10,147 | 2,829 | Increased by 258.0% | | Ageing analysis: | | | | | Within three months | 7,318 | 75 | Significantly increased | | Two to three years | 2,829 | 2,626 | Increased by 7.7% | Share Capital The company's authorized and issued share capital remained unchanged, consisting of 1,037,500,000 ordinary shares Share Capital Composition | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Authorized share capital (USD thousand) | 50 | 50 | | Authorized share capital (RMB thousand) | 336 | 336 | | Issued and fully paid share capital (USD thousand) | 5 | 5 | | Issued and fully paid share capital (RMB thousand) | 36 | 36 | - The issued and fully paid share capital comprises 1,037,500,000 ordinary shares of USD 0.000005 each, remaining unchanged for both periods[28] Contingent Liabilities and Commitments The group had no significant contingent liabilities or unfulfilled contracted capital commitments at the end of the reporting period - As of June 30, 2025, the group had no significant contingent liabilities (December 31, 2024: nil)[29] - As of June 30, 2025 and 2024, the group had no unfulfilled contracted capital commitments[30] Related Party Transactions The group's related party transactions primarily involved remuneration paid to key management personnel, with a decrease compared to the prior period Key Management Personnel Remuneration | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Short-term employee benefits | 607 | 726 | Decreased by 16.4% | | Pension scheme contributions | 98 | 63 | Increased by 55.6% | | Total remuneration paid to key management personnel | 705 | 789 | Decreased by 10.6% | Events After the Reporting Period No events with significant impact on the group have occurred since June 30, 2025 - No events with a significant impact on the group have occurred since June 30, 2025[32] Management Discussion and Analysis This section reviews the group's business operations, financial performance, liquidity, and future outlook, highlighting key drivers and challenges Business and Operations Review and Outlook The group achieved substantial revenue growth, primarily from web series distribution, and successfully reduced net loss; it remains cautiously optimistic, focusing on web series and cost control amidst market challenges - The group primarily engages in licensing broadcasting rights for TV series or web series, investing in TV series and web series as a non-executive producer, and acting as a distribution agent[33] - Total revenue was approximately RMB 11.4 million, an increase of approximately 113.4% compared to the prior period, mainly from licensing and distributing web series[33] - Net loss decreased to approximately RMB 6.5 million from approximately RMB 15.0 million in the prior period, still impacted by lower-than-expected web series revenue and delayed self-produced TV series broadcasting plans[33] - The group will closely monitor market conditions, explore opportunities in web series (including short web series) and TV series businesses, and maintain prudent financial management and cost control[35] Financial Review The group's financial performance significantly improved with substantial revenue growth and a return to gross profit, while impairment losses on financial assets and finance costs sharply decreased, collectively narrowing the loss for the period Revenue Revenue increased significantly, primarily driven by higher income from licensing web series broadcasting rights - During the reporting period, the group recorded revenue of approximately RMB 11.4 million, an increase of approximately 113.4% compared to the prior period[36] - The increase in revenue was primarily due to increased revenue from licensing web series broadcasting rights[36] Cost of Sales and Gross Profit Cost of sales increased, leading to a positive gross profit, primarily driven by higher revenue from web series licensing Changes in Cost of Sales and Gross Profit | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Cost of sales | 10.2 | 7.0 | Increased by 45.7% | | Gross Profit/(Loss) | 1.3 | (1.6) | Turned from loss to profit | - The increase in cost of sales was primarily due to increased revenue from licensing web series broadcasting rights[37] Other Income and Gains Other income and gains significantly increased during the reporting period Other Income and Gains | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Other income and gains | 0.9 | 0.2 | Increased by 350% | Selling and Distribution Expenses Selling and distribution expenses significantly increased, primarily driven by higher advertising costs Selling and Distribution Expenses | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 2.7 | 0.6 | Increased by 337.4% | - The increase was primarily due to increased advertising expenses[39] Administrative Expenses Administrative expenses decreased during the reporting period Administrative Expenses | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Administrative expenses | 5.2 | 7.3 | Decreased by 29.2% | Impairment Losses on Financial Assets Impairment losses on financial assets significantly decreased, primarily due to the ageing of trade receivables Impairment Losses on Financial Assets | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Impairment losses on financial assets | 0.8 | 5.1 | Decreased by 84.3% | - The impairment losses were attributable to the ageing of trade receivables for the six months ended June 30, 2025[41] Finance Costs Finance costs significantly decreased, mainly because the group had no fixed-return investment agreements with investors for TV series Finance Costs | Metric | 2025 (RMB thousand) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Finance costs | 10 | 0.2 | Decreased by 95% | - The decrease was primarily due to the group having no fixed-return investment agreements with investors for TV series during the reporting period[42] Loss for the Reporting Period Loss attributable to owners of the parent significantly decreased, driven by increased gross profit and reduced impairment losses Loss Attributable to Owners of the Parent | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the parent | 6.5 | 15.0 | Loss decreased by 56.7% | - The decrease in loss for the reporting period was primarily due to increased gross profit and reduced impairment losses on financial assets[43] Liquidity, Financial Resources and Capital Structure The group's cash and net current assets decreased, but the gearing ratio improved, and management believes it has sufficient working capital for business development needs Key Liquidity and Capital Structure Data | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 13.5 | 20.7 | Decreased by 34.8% | | Net current assets | 73.8 | 80.2 | Decreased by 8.0% | | Gearing ratio | 0.54% | 0.98% | Improved | | Equity attributable to owners of the parent | 71.7 | 78.3 | Decreased by 8.4% | - The decrease in equity attributable to owners of the parent was primarily due to the loss for the reporting period[45] - The group believes it has sufficient working capital to meet its funding requirements for business development[45] Pledged Assets and Contingent Liabilities The group had no pledged assets or significant contingent liabilities at the end of the reporting period - As of June 30, 2025, the group had no pledged assets[46] - As of June 30, 2025, the group had no significant contingent liabilities[47] Employees, Remuneration Policy and Training The group employed 22 full-time staff in China with employee costs of approximately RMB 1.8 million, offering competitive remuneration, benefits, training, and participating in MPF schemes - As of June 30, 2025, the group employed a total of 22 full-time employees, all located in China[48] - During the reporting period, the group's employee costs amounted to approximately RMB 1.8 million[49] - The group provides employees with competitive salaries, discretionary bonuses, and other incentives, participating in various local government-organized employee welfare schemes (including housing, retirement, and social insurance) and Mandatory Provident Fund schemes[49][50] - The group provides induction training, regular on-the-job training, and organized training on TV series licensing and production during the reporting period[49][52] Significant Acquisitions and Disposals of Subsidiaries and Associates The group did not undertake any significant acquisitions or disposals of subsidiaries and associates during the reporting period - The group had no significant acquisitions or disposals of subsidiaries and associates during the reporting period[54] Significant Investments During the Reporting Period The group made no significant equity investments in other companies during the reporting period and has no current plans for future major investments or capital assets - During the reporting period, the group made no significant investments in the equity of any other companies[55] - The company currently has no other future plans regarding significant investments or capital assets[55] Foreign Exchange Risk Operating primarily in China with all transactions settled in RMB, the group faces limited foreign exchange fluctuation risk and uses no hedging instruments - The group operates in China, with all transactions settled in RMB, thus foreign currency fluctuation risk is essentially dependent on the RMB exchange rate performance[56] - During the reporting period, the group did not use any long-term contracts, currency borrowings, or other methods to hedge foreign currency risk[56] Significant Litigation As of the announcement date, the group was not involved in any significant litigation, arbitration, or claims - As of the date of this announcement, no member of the group was involved in any significant litigation, arbitration, or claims[57] Other Information This section covers post-reporting period events, securities transactions, corporate governance, and director information Events After Reporting Period No significant events have occurred from the end of the reporting period up to the date of this announcement - No significant events have occurred from the end of the reporting period up to the date of this announcement[58] Purchase, Sale or Redemption of Listed Securities The company and its subsidiaries did not purchase, sell, or redeem any of their listed securities during the reporting period - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of their listed securities[59] Corporate Governance Practices The group is committed to high corporate governance standards, adopting the HKEX Corporate Governance Code, though some non-executive directors missed the AGM - The company has adopted the Corporate Governance Code set out in Appendix C1 to the HKEX Listing Rules and will continue to review and enhance its corporate governance practices[60] - Non-executive Director Mr. Shao Hui and Independent Non-executive Directors Mr. Xu Zongzheng, Ms. Liu Jingping, and Mr. Xian Guoming did not attend the company's Annual General Meeting held on May 30, 2025, due to other engagements[60] Model Code for Securities Transactions The group's directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period - All directors confirmed their full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules throughout the reporting period[61] Directors' Responsibility for Financial Statements The directors confirmed their responsibility for preparing the company's financial statements and noted that the financial information in this announcement is unaudited - The directors confirmed their responsibility for preparing the company's financial statements[62] - The financial information contained in this announcement is unaudited[62] Appointment of Chief Operating Officer and Marketing Director Mr. Liu Tieqiang was appointed Chief Operating Officer, and Mr. Gui Xiaohua as Marketing Director, both effective July 22, 2025 - Executive Director Mr. Liu Tieqiang was appointed as the company's Chief Operating Officer effective July 22, 2025[63] - Mr. Gui Xiaohua was appointed as the company's Marketing Director effective July 22, 2025[64] Auditor Ernst & Young resigned due to a fee disagreement, and BDO Limited was appointed as the new auditor - Ernst & Young resigned due to an inability to agree on audit fees for the financial year ending December 31, 2025, effective July 25, 2025[65] - BDO Limited was appointed as the company's new auditor on July 25, 2025[65] - The Board and Audit Committee confirmed no other disagreements or unresolved matters between Ernst & Young and the company, apart from the fee issue[65] Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation This section discloses the interests of the company's directors and chief executive in the company's shares, primarily held through controlled corporations Directors' and Chief Executive's Shareholding Profile | Director's Name | Nature/Capacity of Interest | Number of Shares Held (L) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Liu Naiyue | Interest in controlled corporation | 239,002,500 | 23.04% | | Ms. Liu Peiyao | Interest in controlled corporation | 239,002,500 | 23.04% | | Mr. Shao Hui | Interest in controlled corporation | 100,622,500 | 9.69% | - Mr. Liu Naiyue and Ms. Liu Peiyao are deemed to be interested in the shares beneficially owned by BLW Investment Limited due to a core shareholders' acting-in-concert deed[66] - Mr. Shao Hui is deemed to be interested in the shares beneficially owned by SDJZ Investment Limited[67] Substantial Shareholders' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company This section lists the interests of substantial shareholders, excluding directors and chief executives, in the company's shares, including beneficial owners, controlled corporations, and spouses Substantial Shareholders' Shareholding Profile | Name/Entity | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | BLW Investment Limited | Beneficial owner | 239,002,500 | 23.04% | | Ms. Wei Xian | Interest in controlled corporation | 239,002,500 | 23.04% | | Mr. Bai Yang | Interest in controlled corporation | 239,002,500 | 23.04% | | Ms. Xie Jinhong | Spouse's interest | 239,002,500 | 23.04% | | Mr. Wu Tao | Interest in controlled corporation | 239,002,500 | 23.04% | | Ms. Chen Ying | Spouse's interest | 239,002,500 | 23.04% | | Suiyong International Limited | Beneficial owner | 110,010,000 | 10.60% | | Suiyong Holdings Limited | Interest in controlled corporation | 110,010,000 | 10.60% | | SDJZ Investment Limited | Beneficial owner | 100,622,500 | 9.69% | | Hangzhou Baihui Equity Investment Fund Partnership (Limited Partnership) | Interest as party to agreement | 100,622,500 | 9.69% | | Tibet Langrun Investment Management Co., Ltd. | Interest as party to agreement | 100,622,500 | 9.69% | | Ms. Lu Min | Spouse's interest | 100,622,500 | 9.69% | | JMJ Group Limited | Beneficial owner | 86,872,500 | 8.37% | | Mr. Xu Jun | Interest in controlled corporation | 86,872,500 | 8.37% | | Ms. Zhang Hui | Spouse's interest | 86,872,500 | 8.37% | | SYYT Investment Limited | Beneficial owner | 70,002,500 | 6.74% | | Mr. Sun Xianliang | Interest in controlled corporation | 70,002,500 | 6.74% | | Ms. Yu Jinmei | Spouse's interest | 70,002,500 | 6.74% | | Jinping Holding Limited | Beneficial owner | 54,997,500 | 5.30% | | Ms. Jin Ping | Interest in controlled corporation | 54,997,500 | 5.30% | | Mr. Yao Changhui | Spouse's interest | 54,997,500 | 5.30% | Changes in Information of Directors and Chief Executive of the Company This section outlines changes in the information of the company's directors and chief executive during the reporting period and up to the announcement date Changes in Directors' Information | Director's Name | Details | Effective Date | | :--- | :--- | :--- | | Dr. Huang Sile | Appointed as alternate director to Mr. Liu Naiyue | May 27, 2025 | | Dr. Huang Sile | Ceased to be alternate director to Mr. Liu Naiyue | May 30, 2025 | Share Option Scheme The company has a share option scheme to reward contributors, capped at 10% of issued shares, with no options granted, exercised, or outstanding as of the announcement date - The Share Option Scheme was conditionally adopted on December 12, 2019, to reward eligible participants who have contributed or may contribute to the group[75] - The maximum number of shares involved in share options shall not exceed 10% of the issued shares on the listing date (i.e., 100,000,000 shares)[75] - The Share Option Scheme will be valid and effective for a period of ten years from the adoption date, with approximately 4 years and 4 months remaining[75] - As of the date of this announcement, no share options under the Share Option Scheme have been granted or agreed to be granted, exercised, cancelled, expired, or lapsed, nor are there any outstanding share options, warrants, or convertible instruments convertible into shares[76] Continuing Disclosure Obligations under the Listing Rules The company confirms no other continuing disclosure obligations under the Listing Rules beyond those disclosed in this announcement - Save as disclosed in this announcement, the company has no other disclosure obligations under Rules 13.20, 13.21, and 13.22 of the Listing Rules[78] Review by Audit Committee The Audit Committee reviewed the group's accounting principles, internal controls, and unaudited interim financial statements, deeming them compliant with applicable standards and adequately disclosed - The Audit Committee has reviewed the accounting principles and practices adopted by the group with the company's management and discussed internal controls and financial reporting matters, including the unaudited condensed consolidated financial statements for the six months ended June 30, 2025[79] - The Audit Committee is of the opinion that the financial information complies with applicable accounting standards, the Listing Rules, and legal requirements, and that adequate disclosures have been made[79] - The group's unaudited condensed consolidated interim financial statements have not been audited or reviewed by the company's external auditor[79] By Order of the Board This announcement is issued by Mr. Liu Naiyue, Chairman and Executive Director, on behalf of the Board, and lists the current Board composition - This announcement is issued by Mr. Liu Naiyue, Chairman and Executive Director of New Stone Culture Investment Limited, on behalf of the Board[80] - The Board comprises Executive Directors Mr. Liu Naiyue, Ms. Cai Xiaoxin, Ms. Liu Peiyao, Ms. Li Fang, Mr. Liu Tieqiang, and Mr. Qu Guohui; Non-executive Director Mr. Shao Hui; and Independent Non-executive Directors Mr. Xian Guoming, Mr. Xu Zongzheng, Mr. Zhong Mingshan, and Ms. Liu Jingping[81]