Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 28,900,000, an increase from HKD 3,225,000 in the same period of 2024[4] - Gross profit for the same period was HKD 4,702,000, compared to HKD 2,799,000 in 2024, reflecting a significant improvement[4] - The company reported a loss before tax of HKD 12,716,000, compared to a loss of HKD 11,224,000 in the previous year, indicating a worsening financial position[4] - Total comprehensive loss for the period was HKD 14,154,000, up from HKD 11,621,000 in 2024, highlighting ongoing challenges[6] - Basic and diluted loss per share was HKD 11.55, slightly worse than HKD 11.21 in the same period last year[4] - The group reported a net loss before tax of HKD 12,716,000 for the six months ended September 30, 2025[14] - The total loss attributable to the owners of the company for the six months ended September 30, 2025, was HKD 11,903,000, compared to HKD 11,508,000 for the same period in 2024[27] - The group recorded a loss of approximately HKD 13,900,000, slightly increasing by about HKD 2,300,000 compared to a loss of HKD 11,600,000 in the same period of 2024[64] Revenue Breakdown - Revenue from cinema operations was HKD 1,156,000 for the current period, up from HKD 893,000 in the previous year[12] - New media development business revenue surged to HKD 27,114,000, compared to HKD 1,727,000 in the prior year, indicating a growth of over 1,470%[12] - The cinema business generated revenue of approximately HKD 1,200,000 and gross profit of HKD 600,000 during the period, compared to HKD 900,000 and HKD 500,000 in the same period last year, indicating a slight increase in revenue and gross profit[47] - Revenue from the joint venture Star Bee was approximately RMB 2,200,000 (approximately HKD 2,400,000) during the period[62] - The joint venture Huo Yu generated revenue of approximately RMB 20,300,000 (approximately HKD 22,200,000) during the period[63] Expenses and Liabilities - The company incurred administrative expenses of HKD 21,254,000, significantly higher than HKD 6,631,000 in the previous year, indicating increased operational costs[4] - Financing costs for the period were HKD 1,262,000, compared to HKD 1,144,000 in 2024, reflecting rising interest expenses[4] - The company incurred direct expenses of HKD 23,676 million related to new media development for the six months ended September 30, 2025[22] - Total liabilities reached HKD 85,111 million, including convertible bonds of HKD 17,180 million[15] - Other payables and accrued expenses amounted to HKD 87,202,000 as of September 30, 2025, compared to HKD 57,727,000 as of March 31, 2025[35] Assets and Equity - Total assets amounted to HKD 75,762,000, with total liabilities at HKD 121,010,000, resulting in a negative net asset value of HKD 45,248,000[8] - Cash and cash equivalents decreased to HKD 36,506,000 from HKD 40,226,000, reflecting a decline of approximately 17.5%[8] - The group’s non-current assets totaled HKD 15,532,000, while current assets were HKD 60,230,000, indicating a strong asset base[7] - The group’s total equity showed a capital deficit of HKD 45,248,000 as of September 30, 2025[8] - The fair value of the investment in Hangzhou Jiyi was approximately HKD 13,300,000, accounting for about 17.6% of the group's total assets[67] Strategic Initiatives - The company has not provided specific guidance for future performance, but the ongoing losses suggest a need for strategic reassessment[4] - The group is expanding its new media development and licensing business, expecting significant growth during the fiscal year 2025/2026 and throughout the contract period until at least August 31, 2029[74] - The group has secured IP rights for several titles, including "Mermaid" and "King of Comedy," and plans to diversify the monetization of these IPs through various channels[75] - The licensing of "King of Comedy" and "New King of Comedy" to Beijing iQIYI is expected to enhance audience engagement and increase the value of the group's IP resources[76] - The company has entered into a strategic cooperation agreement with Beijing iQIYI and Zhou Ling Cultural Media, which includes potential collaboration on film and television productions, with iQIYI taking on distribution and financing roles[52] Corporate Governance - The company has established an Audit Committee in compliance with GEM Listing Rules, responsible for reviewing financial reports and providing recommendations to the board[84] - All directors have adhered to the trading rules regarding securities transactions as per GEM Listing Rules, confirming compliance as of September 30, 2025[85] - The company has maintained compliance with the corporate governance code as of September 30, 2025, with some deviations noted[86] - The board of directors includes executive directors Zhou Xingchi, Zhou Wenji, Wang Peng, Liu Wenjie, and Zeng Fengzhu, along with independent non-executive directors Cai Meiping, Xu Yongde, and Chen Yiqing[96] Employment and Staff Costs - As of September 30, 2025, the group employed 98 staff in China and Hong Kong, with total employee costs amounting to approximately HKD 8,200,000, an increase of about HKD 2,900,000 compared to the previous period[71]
比高集团(08220) - 2026 - 中期业绩