Core Viewpoint - Litian Film and Television Holdings Limited has resumed trading on the Hong Kong Stock Exchange after a suspension, revealing significant financial losses for the eighteen-month period ending June 30, 2025, with a net loss of approximately 554 million RMB, which is a substantial increase from the previous year's loss of about 156 million RMB [2][8] Financial Performance - The company reported revenues of approximately 133 million RMB during the eighteen-month period [2] - The net loss of 554 million RMB translates to a loss per share of 1.79 RMB, and no dividends will be distributed [2] Loss Composition - The losses are attributed to three main factors: - Impairment losses on completed productions, including self-produced and acquired dramas, totaling approximately 202 million RMB [5] - Gross losses from the sales and broadcasting of certain self-produced dramas amounting to about 164 million RMB [6] - Impairment losses on trade and other receivables of approximately 69 million RMB [7] Industry Context - The financial struggles of Litian Film reflect broader challenges within the Chinese film and television industry, including tightened procurement budgets from platforms, increased competition driving up production and promotion costs, and industry-wide liquidity issues leading to collection difficulties [8] - The company's market share had previously ranked first in the domestic drama distribution market, but its financial performance has deteriorated significantly since 2020, with both gross and net profit margins turning negative [8]
力天影业复牌后面临严峻考验，十八个月巨亏5.54亿元