Core Viewpoint - The Spanish football club Espanyol has officially changed ownership, with the transaction involving a total consideration of €130 million (approximately ¥1.08 billion) [2]. Group 1: Ownership Change - Starry Entertainment's subsidiary, Starry Sports (Hong Kong), has completed the registration change for the sale of Espanyol to VELOCITY SPORTS LTD, receiving €65 million in cash and 38.26 million A-class shares valued at €65 million, representing 16.45% of VELOCITY's total equity [1]. - Following the completion of the equity transfer, Espanyol will no longer be included in Starry Entertainment's consolidated financial statements [1]. Group 2: Financial Impact - The transaction is expected to increase Starry Entertainment's net profit attributable to shareholders by approximately ¥47.07 million, based on the exchange rate as of September 30 [1]. - Starry Entertainment previously estimated that the transaction would increase net profit by about ¥150 million, with the difference attributed to operational profits generated from player sales and other activities during the period from the audit report cutoff date to the equity transfer date [1]. Group 3: Historical Context - Starry Entertainment acquired a 50.1% stake in Espanyol in 2015 for approximately €65 million, becoming the first A-share listed company to control a top European football club [2]. - The company increased its stake to 99.35% in 2016 by investing an additional €40 million [2]. Group 4: Recent Performance - Starry Entertainment's revenue in 2024 was ¥1.36 billion, a decrease of 21.49% year-on-year, with a net loss of ¥458 million, largely due to a 52.36% decline in football-related revenue [3]. - In the first half of 2025, the company reported revenue of ¥1.135 billion, a year-on-year increase of 84.58%, with net profit turning positive at ¥155 million, attributed to player transfer income and increased broadcasting and ticketing revenues [3].

Core Viewpoint - Elephant Future Group (02309) reported a significant increase in revenue but also a substantial increase in losses for the fiscal year ending June 30, 2025, indicating challenges in operational performance and financial management [1] Financial Performance - Revenue for the year was approximately HKD 451 million, representing a year-on-year increase of about 63.9% [1] - The loss attributable to shareholders was approximately HKD 314 million, a year-on-year increase of 71.77%, with a loss per share of 38.04 HKD cents [1] Key Factors Contributing to Losses - The decline in broadcasting revenue due to Birmingham City Football Club's relegation to the English Football League One for the 2024/25 season [1] - Increased financing costs primarily due to higher loan amounts [1] - Rising operational expenses for the football club, driven by increased match day and commercial expenses, as well as higher depreciation from completed upgrades to property, plant, and equipment [1] - Increased amortization of intangible assets due to the acquisition of new players [1] - Higher losses from joint ventures due to increased operational expenses [1] - Increased sales and marketing expenses, R&D costs, and administrative expenses in the new energy vehicle business, partially offset by increased commercial revenue and match day income, as well as gains from changes in the fair value of financial assets [1]

Core Viewpoint - The company anticipates an increase in losses, projecting a loss of approximately HKD 320 million for the fiscal year ending June 30, 2025, compared to a loss of about HKD 182.8 million for the fiscal year ending June 30, 2024 [1] Financial Performance - The projected increase in losses is attributed to several factors, including the relegation of Birmingham City Football Club to the English Football League Championship, which has resulted in decreased broadcasting revenue [1] - Increased financing costs due to higher loan amounts are also contributing to the anticipated losses [1] - Operating expenses for the football club have risen, primarily due to increased matchday expenses and higher depreciation costs following upgrades to infrastructure and equipment [1] Asset and Expense Changes - The amortization of intangible assets has increased due to the acquisition of new players [1] - The company's share of losses from joint ventures has risen due to increased operating expenses in those ventures [1] - The automotive business has seen an increase in sales and marketing expenses, research and development costs, and administrative expenses, although some of these costs have been offset by gains from changes in the fair value of financial assets and increased matchday and commercial revenues from the football club [1]