上市后再未盈利的传递娱乐（01326.HK），年报出现了难产。 12月15日晚间，传递娱乐发布公告称，延迟刊发经审核2024/2025年度业绩。延迟刊发的原因为旗下的 闻澜未提供财务资料。 闻澜由公司一间附属公司持有60%权益，其余40%权益由寿玮达持有。 公告中，传递娱乐介绍，鉴于寿玮达滥用职权，对本公司隐瞒财务资料，闻澜于2025年8月12日召开股 东大会，通过决议案（其中包括）罢免寿玮达在闻澜的董事职务，并委任三名闻澜新董事。 传递娱乐称，自2025年7月起，公司曾多次要求寿玮达提供闻澜的财务资料，以编制本公司合并财务报 表。由于与公司就闻澜分派股息存在争议，寿玮达拒绝提供闻澜的财务资料。 长江商报记者发现，传递娱乐自2015年1月上市以来，一直处于亏损状态。10年来，公司累计亏损超过 13亿港元。 值得注意的是，2023/2024年报中，传递娱乐介绍，旗下艺人包括杨超越，而杨超越与闻澜签订了艺人 管理合约。 附属公司持有闻澜60%权益 12月15日晚间，传递娱乐发布公告称，延迟刊发经审核2024/2025年度业绩。 延迟刊发的原因与传递娱乐旗下的闻澜有关。 公告显示，闻澜由公司一间附属公司持有60%权 ...

Core Viewpoint - Lehua Entertainment, heavily reliant on artist Wang Yibo, has seen a significant decline in stock price, with a 12.31% drop in October and over 28% in the second half of the year, raising concerns about the future of their partnership as Wang Yibo's contract expires in October 2026 [2] Group 1: Financial Performance - In 2024, Lehua Entertainment reported total revenue of 765 million yuan, with Wang Yibo contributing 459 million yuan, accounting for over 60% of total revenue [2] - The company's 2025 interim report showed revenue of 414 million yuan in the first half, a year-on-year increase of 19.3%, and a net profit of 58.1 million yuan, up 88.7% year-on-year [3] - The artist management segment remains the primary revenue source, contributing 86.2% of total revenue, while music IP production and operation, and IP operation account for 8.8% and 5.0%, respectively [3] Group 2: Business Segments - Revenue from artist management increased from 303 million yuan to 357 million yuan, driven by a rise in commercial activities involving artists [3] - Music IP production and operation revenue saw a slight increase from 35.05 million yuan to 36.70 million yuan, while IP operation revenue surged by 128.0% to 20.61 million yuan, attributed to increased income from artist-related merchandise [3] - The company aims to diversify its development in artist management, music IP, and IP operation to seize market opportunities and promote sustained growth across all business segments [3]

Core Viewpoint - Lehua Entertainment's stock surged nearly 30% during trading, reflecting strong mid-term performance and increased revenue from artist management [1] Financial Performance - For the six months ending June 30, 2025, Lehua Entertainment reported revenue of 414 million RMB, a year-on-year increase of 19.28% [1] - The company's net profit attributable to shareholders was 58.1 million RMB, representing an 88.66% increase compared to the previous year [1] - Basic earnings per share were reported at 0.07 RMB [1] Revenue Breakdown - The increase in revenue was primarily driven by a rise in income from artist management, which grew from 303 million RMB for the six months ending June 30, 2024, to 357 million RMB, marking a 17.7% increase [1] - The growth in artist management revenue was attributed to a higher number of commercial activities involving signed artists during the reporting period [1]

Core Viewpoint - Lehua Entertainment's stock price surged significantly, closing at 2 HKD per share on May 15, marking a 32.45% increase and a total market capitalization of 1.71 billion HKD, with a remarkable 278% rise over the past five trading days [1][2]. Group 1: Stock Performance - Lehua Entertainment's stock had previously been underperforming, with a notable drop of nearly 80% on January 16, 2024, from 5.73 HKD to a low of 1.13 HKD per share [2]. - The stock was initially listed on the Hong Kong Stock Exchange in January 2023, opening with a 47.79% increase to 6.03 HKD per share, but faced several corrections thereafter [2]. Group 2: Financial Performance - For the year 2024, Lehua Entertainment reported a revenue of 765 million HKD, a slight increase of 1.2% from 756 million HKD in the previous year [2]. - The company achieved a profit of 44.32 million HKD, recovering from a loss of 143 million HKD in the prior year, primarily due to increased revenue from artist management [2]. - The artist management segment, which constitutes 87.7% of total revenue, saw a 4.8% increase in revenue to 695 million HKD, although gross profit decreased by 3.6% to 127 million HKD, leading to a slight decline in gross margin from 19.9% to 18.3% [2]. Group 3: Company Operations - Lehua Entertainment is an artist management company with notable artists such as Wang Yibo and Fan Chengcheng, and its operations include artist management, music IP production, and pan-entertainment business [3]. - As of December 31, 2024, the company had 73 signed artists and 52 trainees, with Wang Yibo's contribution to total revenue increasing over the years [3]. - The contract with Wang Yibo is set to expire in October 2026, raising market interest regarding his potential renewal with the company [3]. Group 4: Market Activity - On May 9, Lehua Entertainment repurchased 435,000 shares for 295,700 HKD and announced an investment of 10 million HKD in the Starlight New Economy Industry Limited Partnership Fund to enhance its investment portfolio and profitability [2]. - The broader Hong Kong entertainment sector also experienced significant gains on May 15, with several stocks, including Huamei Lele and Youju Holdings, rising by over 30% [3].