Core Insights - The series "News Queen 2" has achieved significant commercial success, with over 35 brand collaborations and a total of 171 advertisements, setting multiple records on the Youku platform [1][13][14] - The show has been praised for its engaging content, featuring strong female characters and relevant themes, resonating well with audiences [2][19] - The evolution of Hong Kong dramas is marked by a shift towards co-productions, with "News Queen" serving as a pivotal example of this trend [3][5] Group 1: Commercial Performance - "News Queen 2" has set records for average advertisements per episode, total advertisements, and average advertisement duration, demonstrating the commercial viability of Hong Kong IPs in mainland markets [1][13] - The series has attracted a diverse audience, with 60% of viewers being from the post-90s and post-00s demographics, indicating a shift in viewer engagement [8][19] - The show's strong performance in terms of brand collaborations and advertisement revenue highlights its market appeal and potential for future projects [13][14] Group 2: Content and Audience Engagement - The series is noted for its innovative storytelling and character development, focusing on workplace dynamics without romantic subplots, which has been well-received by audiences tired of typical romantic dramas [2][19] - The portrayal of contemporary issues, such as the competition between traditional media and social media, adds relevance and depth to the narrative [19][20] - The audience's demographic shift towards younger viewers and a higher female viewership suggests a growing market for diverse content in Hong Kong dramas [8][19] Group 3: Industry Trends - The Hong Kong drama industry is experiencing a transformation, with a notable increase in co-productions, which are becoming the primary vehicle for breaking into new markets [5][22] - The success of "News Queen" has prompted a reevaluation of the potential for Hong Kong dramas in the mainland market, leading to increased investment and interest from major streaming platforms [3][5] - The trend towards IP development and genre innovation is expected to continue, with a focus on creating high-quality content that resonates with modern audiences [19][22]

Core Viewpoint - TVB demonstrates a strong recovery in its 2024 annual performance, with significant improvements in core business operations and a positive EBITDA of HKD 295 million, alongside a substantial reduction in shareholder losses by 36% [2][3] Financial Performance - TVB achieved a positive EBITDA of HKD 295 million in 2024, a significant improvement from a loss of HKD 140 million in the previous year [3] - Shareholder losses narrowed to HKD 491 million, down from HKD 272 million year-on-year, with loss per share decreasing from HKD 1.74 to HKD 1.09 [3] - Adjusted net profit of HKD 53 million was realized in the second half of the year, indicating a substantial recovery in operational profitability [3] Business Growth Drivers - The Hong Kong television broadcasting segment saw a revenue increase of 17%, driven by the return of major corporate advertisers, leading to a 14% rise in advertising revenue [3] - TVB's market share in the total television advertising market in Hong Kong expanded from 75% in 2023 to 83% in 2024, reinforcing its leading position [3] - The mainland China business segment also performed well, with a 17% revenue increase, primarily due to a 69% surge in co-produced drama revenue [3] Strategic Developments - TVB made significant progress in content, market, and strategic areas in 2024, laying the groundwork for future growth [4] - The company maintained a 79% market share in Hong Kong's overall television ratings, solidifying its status as a leading entertainment and information platform [4] - TVB is deepening its integration into the Greater Bay Area, with plans to operate advertising slots in Guangdong starting in 2025, which is expected to generate considerable revenue [4][5] Future Outlook - TVB anticipates a substantial increase in EBITDA for 2025 and expects to achieve positive net profit for shareholders [5] - The company plans to expand collaborations with mainland film and television institutions, exploring new styles of Hong Kong dramas to maintain high-quality content output [5] - TVB's digital media business is expected to continue its rapid growth, with plans to launch a new ad-supported streaming service in 2025 to enhance user engagement and monetization opportunities [5]