中国三三传媒(08087) - 2025 - 年度业绩

Supplementary Announcement Overview This announcement provides additional details on the expected credit loss provision for trade receivables in the 2024 annual report, confirming other report contents remain unchanged Purpose and Background of Announcement This announcement provides additional information on trade receivables' expected credit loss provision in the 2024 annual report, with other report contents remaining unchanged - The company issued a supplementary announcement providing additional information on the expected credit loss provision for trade receivables in its 2024 annual report[3] - Except as disclosed in this announcement, the contents of the annual report remain unchanged[6] Analysis of Expected Credit Loss on Trade Receivables This section details the expected credit loss provision for trade receivables, including reasons, customer situations, collection efforts, and valuation methodology with comparative loss rates Reasons for Provision and Customer Situation The expected credit loss provision for trade receivables primarily stems from eight film and entertainment customers with over two-year-old balances, facing severe financial distress and credit impairment - The provision primarily originates from eight customers in the film and entertainment investment segment, with outstanding balances over two years old[3] - Customers have been severely impacted by adverse business conditions due to economic downturns, facing increasingly severe financial difficulties since 2022, which continued to worsen in 2023 and 2024[3] - Management assessed that these customers have incurred credit impairment and recognized full lifetime expected credit losses for all amounts due from them[3] Collection Measures and Legal Actions The Group has initiated various collection measures for trade receivables, including demand letters, repayment negotiations, and seeking legal advice for potential legal action - The Group has issued demand letters for outstanding trade receivable balances[3] - The Group is negotiating repayment plans with debtors and has sought legal advice, preparing to take legal action against these debtors if no positive progress is made on repayments[3] - The Group will continue to exert its best efforts to negotiate with relevant companies to recover outstanding balances[3] Expected Credit Loss Rate and Valuation An independent valuer assessed trade receivables' expected credit loss, showing a rise from 78.5% to 100% for over two-year overdue balances, driven by economic weakness and 2023 settlements, with consistent valuation methods - The company engaged an independent professional qualified valuer with multiple international professional certifications to assess the Group's expected credit loss on trade receivables[4][5] Comparison of Expected Credit Loss Rates for Trade Receivables | Aging Period | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Not overdue | 0% | 2.6% | | 0 to 90 days | Not applicable | Not applicable | | 91 to 180 days | Not applicable | 3.7% | | 181 days to 1 year | Not applicable | 21.5% | | 1 to 2 years | 75.1% | 69.3% | | Over 2 years | 100% | 78.5% | - The increase in expected credit loss provision for trade receivables is primarily due to the expected loss rate for trade receivables overdue by more than two years rising from 78.5% in 2023 to 100% in 2024[5] - The increase in loss rate is mainly attributed to persistent economic weakness and uncertainty, along with higher settlement amounts received for the year ended December 31, 2023[5] - The same valuation methodology was applied for the years ended December 31, 2023, and 2024, with no subsequent changes as of the announcement date[5] Other Disclosures This section includes the Board's statement on the announcement's accuracy and compliance, along with details on its publication and the composition of the Board of Directors Board Statement and Announcement Information The Board confirms the announcement's accuracy and completeness, compliance with GEM Listing Rules, and its publication on the Stock Exchange and company website - The additional information in this announcement does not affect other information contained in the annual report, and except as disclosed herein, the contents of the annual report remain unchanged[6] - The Board confirms that the information contained in this announcement is accurate and complete in all material respects, free from misleading or fraudulent elements, and without omission of other matters[7] - This announcement is published in compliance with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited and will be published on the HKEX website and the company's website for at least seven days[7] - The executive directors are Mr. Ruan Deqing (Chairman) and Ms. Wang Linlin; the independent non-executive directors are Ms. Zheng Xueli, Mr. Chen Yonghua, and Ms. Wipada Kunna[7]