Revenue and Profitability - For the three months ended June 30, 2023, Bingo Group Holdings Limited generated revenue of approximately HK$1.9 million and gross profit of HK$1.1 million from its Cinema Business, representing an increase from HK$0.4 million and HK$0.2 million in the same period of 2022, respectively [18][22]. - The Group recorded a total turnover of approximately HK$1.9 million for the Period, compared to approximately HK$0.4 million in the corresponding period of last year, primarily driven by cinema operations in Hangzhou and Shanghai [38]. - The Group generated revenue of approximately HK$1.4 million from the sale of "The Mermaid" movie-themed tourbillon watches, with delivery expected in the second quarter of fiscal year 2023/24 [37]. - The cinema revenue increased significantly from HK$400,000 in 2022 to HK$1,900,000 in the current period [48]. - The Group's revenue for the three months ended June 30, 2023, was HK$1,908,000, a significant increase from HK$401,000 in the same period of 2022, representing a growth of 376% [70]. - Gross profit for the same period was HK$1,143,000, compared to HK$238,000 in 2022, indicating a gross profit margin improvement [70]. - Other revenue and net income decreased to HK$49,000 from HK$632,000 in the prior year, primarily due to the absence of government grants and rent concessions [82]. Loss and Financial Performance - The Group's loss increased from approximately HK$3.2 million for the three months ended June 30, 2022, to approximately HK$4.1 million for the Period, largely due to redundancy payments related to the termination of the Shanghai cinema [43]. - Loss before taxation for the period was HK$4,071,000, compared to a loss of HK$3,187,000 in the previous year, reflecting a deterioration in financial performance [70]. - The company reported a loss before taxation of HK$3,873,000 for the three months ended June 30, 2023, compared to a loss of HK$3,153,000 for the same period in 2022, representing an increase in loss of approximately 22.8% [106]. - Basic and diluted loss per share increased to HK$3.77 from HK$3.07 year-over-year [70]. - The total comprehensive loss for the same period was HK$3,450,000 [110]. - The Group's administrative expenses increased from approximately HK$3.6 million in the previous year to approximately HK$4.7 million in the Period, primarily due to redundancy payments and increased operational costs [39]. Business Operations and Market Conditions - The increase in revenue for the Cinema Business was primarily attributed to the recovery of the leisure and entertainment market in the PRC post-COVID-19, despite the closure of the Shanghai cinema in May 2023 due to rental disputes [18][22]. - The Group is conducting a feasibility study on potential new cinema locations to compensate for the closure of the Shanghai cinema and to expand its cinema business in the recovering leisure and entertainment market in China [45]. - The Group has established a joint venture with Guangzhou Jiu De Cultural and Technology Company Limited to develop augmented reality digital live action role-playing games (LARP), tapping into the growing LARP market in China [28]. - The physical LARP market is facing challenges such as rising operating costs and increased competition, while the online LARP ecosystem is still maturing [30]. - The cinema business remains a key revenue segment despite challenges, with ongoing efforts to adapt and expand [48]. Joint Ventures and New Projects - Bingo Movie Development Limited and Lechuang Holdings (HK) Limited formed a joint venture named Goal Creation Game Limited, with Bingo Movie holding 49% and Lechuang holding 51% of the issued share capital, focusing on VR and MR project investments [24]. - The Group continues to monitor the VR and MR market for potential investment opportunities, although no appropriate projects have been located to date [24]. - The joint venture Bingo Group - Memorigin (BGM) Limited was established in February 2023, with equity interests of 60%, 20%, and 20% held by High Art, Memorigin, and Topping Mark, respectively [32]. - The Group is focusing on developing new media exploitations and licensing business through granting IP licenses for creating new media content, leveraging its film production and licensing experience [46]. - The joint venture with Jiu De aims to capture the rapid development of the new media entertainment industry, with nearly 300 distributors signed up for their content library [51]. Share Capital and Corporate Governance - As of June 30, 2023, the total issued share capital of the Company was 102,644,466 shares [114]. - Mr. Chiau Sing Chi held 2,757,352 shares, representing approximately 2.69% of the issued share capital [114]. - The Company issued convertible bonds with a principal amount of HK$19,000,000 to Mr. Chiau, which could convert into 69,090,090 shares [116]. - The audit committee reviewed the Group's unaudited results for the three months ended June 30, 2023, ensuring compliance with applicable accounting standards and legal requirements [133]. - All directors have complied with the required standard of dealings and the code of conduct regarding securities transactions throughout the three months ended June 30, 2023 [138].
比高集团(08220) - 2024 Q1 - 季度财报