香港及中國市場日報

Group 1: TVB Business Performance - TVB holds a 79% market share in Hong Kong's free television sector, generating a market capitalization of HKD 20 billion[1] - For FY24, TVB's revenue increased by 17% year-on-year to HKD 1.6 billion, accounting for 50% of total group revenue[1] - Advertising revenue rose by 14% year-on-year to HKD 1.46 billion, driven by returning major clients and new customer acquisition[1] Group 2: Growth Drivers - The healthcare sector remains the largest source of advertising revenue, with Macau-related advertising becoming a new growth driver[1] - TVB's co-production and licensing revenue grew by 26% year-on-year to HKD 651 million, representing 20% of total revenue for FY24[2] - The company has seven co-productions in progress, including anticipated titles like "News Queen 2" and plans to adapt classic IP "The Smiling, Proud Wanderer"[2] Group 3: Future Outlook - TVB aims to achieve profitability in FY25, with a target EBITDA exceeding HKD 500 million, a 70% increase year-on-year[4] - Management is confident in maintaining growth due to strong advertising commitments and expanding operations in Guangdong Province[4] - The expected EV/EBITDA ratio for 2025 is projected at 7.6 times, indicating potential for future valuation growth[4]