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]

格隆汇11月20日丨力天影业(09958.HK)公告，根据对集团2024年1月1日至2025年6月30日期间之未经审 核综合管理账目以及董事会现行可得资料的初步评估，集团预期于2024年1月1日至2025年6月30日期间 将录得净亏损约人民币5.54亿元，而截至2023年12月31日止年度录得净亏损约为人民币1.56亿元。 董事会认为，该预期亏损乃主要由于i)就已完成制作的自制电视剧、买断电视剧、联合融资电视剧及剧 本的版权确认减值亏损约人民币202百万元；ii)因无法收回电视剧成本而产生的毛损，其源自自制电视 剧的销售及播映的亏损约人民币164百万元及iii)2024年1月1日至2025年6月30日期间，由于播映平台的 采购预算紧缩和电视及流媒体行业下游终端用户市场的激烈竞争以及因业内整体流动资金挤压导致难以 收回应收播映平台的贸易应收款项的不利影响，就贸易及其他应收款项确认减值亏损约人民币69百万 元。 ...

董事会认为，该预期亏损乃主要由于i)就已完成制作的自制电视剧、买断电视剧、联合融资电视剧及剧 本的版权确认减值亏损约人民币2.02亿元;ii)因无法收回电视剧成本而产生的毛损，其源自自制电视剧的 销售及播映的亏损约人民币1.64亿元及iii)2024年1月1日至2025年6月30日期间，由于播映平台的採购预 算紧缩和电视及流媒体行业下游终端用户市场的激烈竞争以及因业内整体流动资金挤压导致难以收回应 收播映平台的贸易应收款项的不利影响，就贸易及其他应收款项确认减值亏损约人民币6900万元。 智通财经APP讯，力天影业(09958)发布公告，集团预期于2024年1月1日至2025年6月30日期间将取得净 亏损约人民币5.54亿元，而截至2023年12月31日止年度取得净亏损约为人民币1.56亿元。 ...