格隆汇12月15日丨英皇文化产业(00491.HK)公布，于2025年12月15日，英皇电影城北京(作为租户)与相 关该等业主就位于中国北京之一家新戏院的租赁订立该等租赁协议。该等物业包括位于中国北京市朝阳 区将台地区北京太古坊(颐堤港商场构成其之一部分)之一家戏院，包括：(i)根据第一份租赁协议之第一 物业位于为颐堤港商场第4层及第5层L4及L5号商铺；及(ii)根据第二份租赁协议之第二物业位于为北京 太古坊第2层至第4层WL301号商铺。 董事会视订立该等租赁协议为集团在中国扩展英皇电影城戏院网络的契机，符合集团的整体业务发展方 向。 ...

Core Viewpoint - The financial troubles of Emperor International (00163.HK), a subsidiary of Emperor Group, have come to light, with a reported loss exceeding 4 billion HKD and overdue loans amounting to 16.6 billion HKD, raising concerns about the company's future and its impact on related businesses [2][6]. Financial Performance - Emperor International reported a total revenue of 1.376 billion HKD from continuing operations for the fiscal year ending March 31, 2025, with property development sales revenue increasing by 352.2% to 641 million HKD, primarily driven by sales from specific projects [3]. - The company recorded a loss attributable to shareholders of 23.21 billion HKD from continuing operations, and a total loss of 47.43 billion HKD, compared to a loss of 20.47 billion HKD in the previous year [4]. Debt Situation - As of March 31, 2025, Emperor International had 16.605 billion HKD in overdue bank loans, which could lead to immediate repayment demands from banks, classifying these loans as current liabilities [6]. - The overdue loans not only increase financial costs due to penalties but also severely impact the company's credit rating, making future financing more difficult and expensive [6]. Impact on Related Businesses - The financial crisis at Emperor International has negatively affected the stock prices of other Emperor Group companies, with significant declines observed in Emperor Jewelry, Emperor Entertainment Hotel, and Emperor Cultural Industry [7]. - Emperor Cultural Industry reported a total revenue decline to 243 million HKD for the six months ending December 31, 2024, down from 267 million HKD in the previous year, with a net loss of 56.8 million HKD [8]. Strategic Adjustments - Emperor International is attempting to offload non-performing assets, including the distribution of shares in Emperor Entertainment Hotel as a special dividend, which will remove these assets from its balance sheet [5]. - The company has also been adjusting its cinema operations, closing underperforming locations while opening new ones in more promising areas [9].