Group 1 - The company Fengshang Culture (SZ 300860) held its fourth board meeting on August 28, 2025, to review the 2025 semi-annual report and summary [1] - For the year 2024, the revenue composition of Fengshang Culture is as follows: cultural tourism performances accounted for 60.83%, large cultural performance events accounted for 37.49%, other businesses accounted for 1.01%, and landscape art lighting and performances accounted for 0.67% [1] - The current market capitalization of Fengshang Culture is 5.8 billion yuan [2]

Core Viewpoint - The company, QH Holdings (08082), anticipates a significant increase in net losses for the six months ending June 30, 2025, projecting losses between approximately HKD 26 million to HKD 31 million, compared to a net loss of about HKD 8.59 million for the six months ending June 30, 2024 [1] Financial Performance - The expected increase in losses is primarily attributed to poor market performance in the concert investment and organization sector, resulting in a gross profit of only about HKD 700,000, a substantial decline from the gross profit of approximately HKD 43.2 million for the six months ending June 30, 2024 [1]