香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 STAR CM Holdings Limited 星空華文控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6698） 延長使用所得款項的預期時間表 茲提述(i)星空華文控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期 為2022年12月15日的招股章程（「招股章程」）「未來計劃及所得款項用途」一節； (ii)本公司日期為2023年1月19日的公告（「該公告」），內容有關部分行使超額配股 權、穩定價格行動及穩定價格期間結束；及(iii)本公司截至2024年12月31日止年 度的年度報告（「年報」），當中披露截至2024年12月31日止全球發售所得款項淨額 的使用情況。除另有界定外，本公告所用詞彙與招股章程及年報所界定者具有相 同涵義。本集團董事會（「董事會」）謹此宣佈，其已議決延長使用全球發售所得款 項的預期時間表，詳情披露如下。 延長使用所得款項的預期時間表 截至2025年6月3 ...

Group 1 - The core viewpoint of the article highlights the rise of "all-female variety shows" in the Chinese entertainment market, focusing on women's perspectives and experiences, which have become a hot trend among streaming platforms [1][9][13] - The shows "Is Daughter Is Mom 2," "Sister Takes Charge," and "Let Me Sing" each explore different aspects of women's identities as daughters, mothers, and individuals, addressing the complexities of female experiences in contemporary society [2][6][8] - The evolution of all-female variety shows reflects a shift in women's expression, moving from merely highlighting challenges to a more nuanced exploration of their multifaceted identities and realities [9][13] Group 2 - "Is Daughter Is Mom 2" examines the impact of family dynamics on women's growth, showcasing various mother-daughter relationships that resonate with viewers' personal experiences [4][6] - "Sister Takes Charge" focuses on the struggles of middle-aged women balancing family responsibilities and personal aspirations, emphasizing the conflict between societal roles and self-identity [6][8] - "Let Me Sing" empowers ordinary women from diverse backgrounds to pursue their musical dreams, allowing them to reclaim their identities beyond societal labels [6][8] Group 3 - The emergence of all-female variety shows can be seen as a product of advancing female consciousness, with earlier shows like "Super Girl" paving the way for more diverse representations of women [9][11] - The success of "Sister Who Breaks the Waves" marked a turning point, showcasing older women overcoming life challenges, thus influencing the creative direction of the variety show market [11][13] - Recent all-female shows have improved in their portrayal of women's real-life challenges, moving beyond superficial themes to address deeper societal issues faced by ordinary women [13]

Core Insights - The variety show market is capturing the zeitgeist, with a notable shift towards content that resonates with contemporary societal emotions and themes [1][4][18] - The emergence of "sister variety shows" has highlighted generational innovation and audience engagement, particularly focusing on the silver-haired demographic [5][6][7] - A diverse range of new formats and themes are being introduced, reflecting a growing interest in nature, exploration, and social issues [8][10][15] Group 1: Market Trends - As of July 9, 2025, the top ten shows include titles like "乘风2025" and "你好，星期六2025," indicating a strong performance in the variety show sector [1] - The variety show landscape is evolving with the introduction of new genres and formats, such as travel-themed shows and social experiments, which are gaining popularity [8][10] - The "sister variety shows" have become a significant trend, showcasing the lives and challenges of older women, thus broadening the narrative scope of variety content [5][6][7] Group 2: Audience Engagement - The audience's interest in female narratives is growing, as seen in shows that focus on women's perspectives and societal issues, enhancing the depth of content [7][8] - Comedy variety shows are emerging as key emotional outlets for viewers, addressing social anxieties and providing a platform for humor and reflection [13][14] - The integration of themes like nature and exploration in variety shows is resonating with audiences, reflecting a collective desire to reconnect with the environment [8][10] Group 3: Content Diversity - The variety show market is characterized by a blend of traditional and innovative formats, with a focus on emotional resonance and audience relatability [12][18] - Music variety shows are also diversifying, with new formats that challenge traditional competition structures and aim to engage a broader audience [15][16][17] - Overall, the variety show ecosystem is becoming increasingly rich and varied, catering to a wide range of emotional and social needs [18]

Core Viewpoint - The summer music variety show landscape is dominated by numerous programs, yet the market response remains tepid, raising questions about the future viability of music variety shows [2][8]. Group 1: Current Landscape of Music Variety Shows - There are currently six music variety shows airing, significantly outpacing other genres, indicating a trend of saturation in the weekend viewing schedule [1]. - Major players in the television industry include Zhejiang Satellite TV's "The Voice of China Season 6," which is still ongoing, and new entries like "Shining Summer Season 2" and "Asian New Voice" from Oriental Satellite TV [1]. - Long-form video platforms are also active, with iQIYI's "New Rap 2025" returning and Tencent Video launching an all-female music competition "Let Me Sing" [1]. Group 2: Challenges Facing Music Variety Shows - Despite the high number of shows, the rate of breakout hits is declining, with many programs struggling to achieve significant audience engagement [2]. - "The Singer 2025" continues to attract attention through its live performance format, while "The Voice of China" focuses on popular songs, appealing to broader audience tastes [2][10]. - New shows like "Shining Summer" emphasize band performances and aim to cultivate young talent, while "Asian New Voice" innovatively takes the music stage to a cruise ship, showcasing local artists [3][5]. Group 3: Audience Engagement and Market Performance - The audience for music variety shows is becoming increasingly niche, with shows like "Let Me Sing" targeting specific demographics, such as women, which may limit broader appeal [8]. - According to data from the Lighthouse Professional Edition, only "The Singer 2025" made it into the top five for effective viewership in June, indicating a lack of strong performance from other music shows [7]. - The historical success of music variety shows has shifted towards more specialized content, making it harder for shows to reach mainstream audiences [8]. Group 4: Future Directions and Recommendations - To address the current challenges, there is a need for music variety shows to enhance their ability to produce popular songs that resonate with a wider audience [10]. - The focus should shift from merely creating buzz through innovative formats to strengthening the core musical content, as the ability to generate "universal hits" is crucial for sustaining viewer interest [10].

Group 1 - The article discusses the growing collaboration between Chinese entertainment and Japanese entertainment, driven by geopolitical factors and the decline of Hollywood influence [1][3][23] - There is a notable increase in the number of Japanese films being released in China, with 14 films already screened this year, potentially breaking the previous record of 25 films [4][11] - The rising popularity of Japanese films in China is attributed to their box office success, with titles like "Suzume's Door Lock," "What Kind of Person Do You Want to Be," and "Slam Dunk" becoming box office hits [4][11] Group 2 - The competition for Japanese anime IP rights has intensified, with prices for top titles reaching nearly $10 million, necessitating a box office of at least $25 million to break even [8][11] - Despite the high costs, older Japanese films have proven to be profitable, with some companies successfully monetizing through merchandise sales related to popular titles [11][13] - The music industry is also seeing a shift towards Japanese artists, with a significant increase in the number of Japanese music performances and festivals in China [14][18] Group 3 - Japanese artists are becoming a staple in Chinese variety shows, with successful cases like Mei Yiliya from "Sister Who Makes Waves" showcasing the potential for cross-cultural appeal [19][21] - The traditional Japanese entertainment industry has been slow to adapt to international markets, but recent changes indicate a growing interest in collaboration with Chinese companies [23][24] - The article suggests that the current environment presents a unique opportunity for Chinese entertainment to innovate and diversify by engaging with Japanese content [24][25]