ANNUAL REPORT 2025
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Restated) | Source |
|---|---|---|---|
| Current assets | |||
| Cash at bank and restricted bank depositsRMB'000 | 133,588 | 158,397 | PDF p. 46 |
| Trade receivablesRMB'000 | 191,643 | 89,113 | PDF p. 46 |
| Other receivablesRMB'000 | 120,270 | 110,805 | PDF p. 46 |
| Advances to subsidiariesRMB'000 | - | - | PDF p. 46 |
| Amount due from related partiesRMB'000 | 3,221 | - | PDF p. 46 |
| Amount due from equity accounted investmentRMB'000 | - | 91 | PDF p. 46 |
| Tax recoverableRMB'000 | 493 | 741 | PDF p. 46 |
| Contract assetsRMB'000 | 87,855 | 44,400 | PDF p. 46 |
| Contract costsRMB'000 | 13 | - | PDF p. 46 |
| Financial assets at FVTPLRMB'000 | 1,473 | 3,463 | PDF p. 46 |
| InventoriesRMB'000 | 56 | 56 | PDF p. 46 |
| Films and drama productions in progressRMB'000 | 123,816 | 157,240 | PDF p. 46 |
| Films and drama productsRMB'000 | 7,472 | - | PDF p. 46 |
| SubtotalRMB'000 | 669,900 | 564,306 | PDF p. 46 |
| Non-current assets | |||
| Plant and equipmentRMB'000 | 6,138 | 14,577 | PDF p. 46 |
| Right-of-use assetsRMB'000 | 5,158 | 14,084 | PDF p. 46 |
| GoodwillRMB'000 | 15,295 | 15,082 | PDF p. 46 |
| Intangible assetsRMB'000 | 31,037 | 36,776 | PDF p. 46 |
| Other receivablesRMB'000 | 1,720 | 393 | PDF p. 46 |
| Deferred tax assetsRMB'000 | 47,767 | 44,305 | PDF p. 46 |
| Investment in subsidiariesRMB'000 | - | - | PDF p. 46 |
| Investment in equity accounted investmentRMB'000 | 3,083 | 4,397 | PDF p. 46 |
| SubtotalRMB'000 | 110,198 | 129,614 | PDF p. 46 |
| Assets | |||
| Total assetsRMB'000 | 780,098 | 693,920 | PDF p. 46 |
Original report: PDF p. 46 ↗
Group 2024 column is labelled (Restated). Liabilities and equity continue on page 47.
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| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Current assets | |||
| Cash at bank and restricted bank depositsRMB'000 | 683 | 413 | PDF p. 46 |
| Trade receivablesRMB'000 | - | - | PDF p. 46 |
| Other receivablesRMB'000 | 100 | 49,166 | PDF p. 46 |
| Advances to subsidiariesRMB'000 | 289,131 | 265,301 | PDF p. 46 |
| SubtotalRMB'000 | 289,914 | 314,880 | PDF p. 46 |
| Non-current assets | |||
| Deferred tax assetsRMB'000 | 22 | - | PDF p. 46 |
| Investment in subsidiariesRMB'000 | 301,970 | 297,763 | PDF p. 46 |
| SubtotalRMB'000 | 301,992 | 297,763 | PDF p. 46 |
| Assets | |||
| Total assetsRMB'000 | 591,906 | 612,643 | PDF p. 46 |
Original report: PDF p. 46 ↗
Company has '-' for all other asset lines (plant and equipment, goodwill etc.) as printed on page 46.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group (Restated) | Source |
|---|---|---|---|
| Current liabilities | |||
| Trade and other payablesRMB'000 | 156,103 | 103,657 | PDF p. 47 |
| Investment funds from investorsRMB'000 | 13,345 | 10,875 | PDF p. 47 |
| Contract liabilitiesRMB'000 | 4,667 | 21,057 | PDF p. 47 |
| Amount due to related partiesRMB'000 | 7,369 | 6,545 | PDF p. 47 |
| Lease liabilitiesRMB'000 | 4,300 | 9,442 | PDF p. 47 |
| BorrowingsRMB'000 | 71,568 | 18,818 | PDF p. 47 |
| Income tax payableRMB'000 | - | 1,485 | PDF p. 47 |
| SubtotalRMB'000 | 257,352 | 171,879 | PDF p. 47 |
| Non-current liabilities | |||
| Lease liabilitiesRMB'000 | 1,288 | 4,858 | PDF p. 47 |
| Deferred tax liabilitiesRMB'000 | 1,226 | 1,381 | PDF p. 47 |
| SubtotalRMB'000 | 2,514 | 6,239 | PDF p. 47 |
| Liabilities | |||
| Total liabilitiesRMB'000 | 259,866 | 178,118 | PDF p. 47 |
| Net assets | |||
| NET ASSETSRMB'000 | 520,232 | 515,802 | PDF p. 47 |
| Capital and reserves | |||
| Share capitalRMB'000 | 71 | 71 | PDF p. 47 |
| Share premiumRMB'000 | 549,532 | 555,410 | PDF p. 47 |
| Treasury sharesRMB'000 | (13,810) | (14,140) | PDF p. 47 |
| Capital reserveRMB'000 | 3,000 | 3,000 | PDF p. 47 |
| Statutory reserveRMB'000 | 1,530 | 1,530 | PDF p. 47 |
| (Accumulated losses) / Retained earningsRMB'000 | (51,959) | (59,217) | PDF p. 47 |
| Translation reservesRMB'000 | 37,499 | 36,249 | PDF p. 47 |
| Equity attributable to owners of the CompanyRMB'000 | 525,863 | 522,903 | PDF p. 47 |
| Non-controlling interestRMB'000 | (5,631) | (7,101) | PDF p. 47 |
| Total equityRMB'000 | 520,232 | 515,802 | PDF p. 47 |
Original report: PDF p. 47 ↗
Group 2024 column is labelled (Restated).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Company | 2024Company | Source |
|---|---|---|---|
| Current liabilities | |||
| Trade and other payablesRMB'000 | 2,043 | 26,989 | PDF p. 47 |
| Amount due to related partiesRMB'000 | 4,529 | 2,414 | PDF p. 47 |
| Income tax payableRMB'000 | - | 520 | PDF p. 47 |
| SubtotalRMB'000 | 6,572 | 29,923 | PDF p. 47 |
| Liabilities | |||
| Total liabilitiesRMB'000 | 6,572 | 29,923 | PDF p. 47 |
| Net assets | |||
| NET ASSETSRMB'000 | 585,334 | 582,720 | PDF p. 47 |
| Capital and reserves | |||
| Share capitalRMB'000 | 71 | 71 | PDF p. 47 |
| Share premiumRMB'000 | 549,532 | 555,410 | PDF p. 47 |
| Treasury sharesRMB'000 | (13,810) | (14,140) | PDF p. 47 |
| (Accumulated losses) / Retained earningsRMB'000 | 3,249 | 3,360 | PDF p. 47 |
| Translation reservesRMB'000 | 46,292 | 38,019 | PDF p. 47 |
| Equity attributable to owners of the CompanyRMB'000 | 585,334 | 582,720 | PDF p. 47 |
| Total equityRMB'000 | 585,334 | 582,720 | PDF p. 47 |
Original report: PDF p. 47 ↗
Company shows '-' for lease liabilities, borrowings, deferred tax liabilities, capital reserve, statutory reserve and non-controlling interest as printed.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueRMB'000 | 511,244 | 417,602 | PDF p. 48 |
| Cost of salesRMB'000 | (412,866) | (375,711) | PDF p. 48 |
| Gross profitRMB'000 | 98,378 | 41,891 | PDF p. 48 |
| Other incomeRMB'000 | 23,708 | 17,763 | PDF p. 48 |
| Share of result from equity accounted investmentRMB'000 | (724) | (115) | PDF p. 48 |
| Administrative expensesRMB'000 | (53,116) | (59,570) | PDF p. 48 |
| (Allowance for) / Reversal of expected credit lossesRMB'000 | (2,765) | 3,753 | PDF p. 48 |
| Impairment loss on non-financial assetsRMB'000 | (7,704) | - | PDF p. 48 |
| Selling and distribution expensesRMB'000 | (34,102) | (36,812) | PDF p. 48 |
| Other expenses – othersRMB'000 | (12,073) | (33,938) | PDF p. 48 |
| Other expenses – non-recurringRMB'000 | - | (86,083) | PDF p. 48 |
| Finance costsRMB'000 | (5,230) | (3,207) | PDF p. 48 |
| Profit/(loss) before income taxRMB'000 | 6,372 | (156,318) | PDF p. 48 |
| Income tax creditRMB'000 | 2,356 | 12,044 | PDF p. 48 |
| Profit/(loss) for the yearRMB'000 | 8,728 | (144,274) | PDF p. 48 |
| Other comprehensive income, net of income tax – Item that may be reclassified subsequently to profit or loss | |||
| Exchange gain arising on translation of foreign operationsRMB'000 | 1,250 | 861 | PDF p. 48 |
| Comprehensive income | |||
| Total comprehensive income/(loss) for the yearRMB'000 | 9,978 | (143,413) | PDF p. 48 |
| Profit/(loss) for the year attributable to | |||
| Owners of the CompanyRMB'000 | 7,258 | (143,255) | PDF p. 48 |
| Non-controlling interestsRMB'000 | 1,470 | (1,019) | PDF p. 48 |
| SubtotalRMB'000 | 8,728 | (144,274) | PDF p. 48 |
| Earnings/(loss) per share | |||
| Basic and diluted (cents)cents per share | 0.68 | (13.42) | PDF p. 48 |
Original report: PDF p. 48 ↗
Total comprehensive income/(loss) attributable to: Owners of the Company 8,508 (2025) and (142,394) (2024); Non-controlling interests 1,470 and (1,019); total 9,978 and (143,413). The ownership rows repeat the labels of the profit attribution, so they are not listed separately.
No separate Company income statement is presented in the report; the Group statement is the only one.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit | |||
| Profit/(loss) for the yearRMB'000 | 8,728 | (144,274) | PDF p. 48 |
| Other comprehensive income, net of income tax – item that may be reclassified subsequently to profit or loss | |||
| Exchange gain arising on translation of foreign operationsRMB'000 | 1,250 | 861 | PDF p. 48 |
| Total comprehensive income | |||
| Total comprehensive income/(loss) for the yearRMB'000 | 9,978 | (143,413) | PDF p. 48 |
| Profit/(loss) for the year attributable to | |||
| Owners of the CompanyRMB'000 | 7,258 | (143,255) | PDF p. 48 |
| Non-controlling interestsRMB'000 | 1,470 | (1,019) | PDF p. 48 |
| Total comprehensive income/(loss) attributable to | |||
| Owners of the CompanyRMB'000 | 8,508 | (142,394) | PDF p. 48 |
| Non-controlling interestsRMB'000 | 1,470 | (1,019) | PDF p. 48 |
| Earnings/(loss) per share | |||
| Basic and diluted (cents)cents | 0.68 | (13.42) | PDF p. 48 |
Original report: PDF p. 48 ↗
Printed in RMB'000 except EPS in cents. No separate Company comprehensive income statement; Company comprehensive income appears in the Company statement of changes in equity.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group – Share capital | 2025Group – Share premium | 2025Group – Treasury shares | 2025Group – Capital reserve(i) | 2025Group – Statutory reserve(ii) | 2025Group – Retained earnings/(Accumulated losses) | 2025Group – Translation reserves | 2025Group – Equity attributable to the owners of the Company | 2025Group – Non-controlling interests | 2025Group – Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 movements | |||||||||||
| Balance at 1 January 2024RMB'000 | 71 | 561,155 | (13,240) | 3,000 | 1,530 | 84,038 | 35,388 | 671,942 | (7,225) | 664,717 | PDF p. 49 |
| 2024 – Total comprehensive loss for the year | |||||||||||
| Loss for the yearRMB'000 | - | - | - | - | - | (143,255) | - | (143,255) | (1,019) | (144,274) | PDF p. 49 |
| Other comprehensive income for the yearRMB'000 | - | - | - | - | - | - | 861 | 861 | - | 861 | PDF p. 49 |
| Total comprehensive loss for the year (unlabelled subtotal, 2024)RMB'000 | - | - | - | - | - | (143,255) | 861 | (142,394) | (1,019) | (143,413) | PDF p. 49 |
| 2024 – Transactions with owners, recognised directly in equity | |||||||||||
| Capital contribution from non-controlling interestRMB'000 | - | - | - | - | - | - | - | - | 600 | 600 | PDF p. 49 |
| Non-controlling interest arising from investment in a subsidiaryRMB'000 | - | - | - | - | - | - | - | - | 543 | 543 | PDF p. 49 |
| Shares repurchasedRMB'000 | - | - | (900) | - | - | - | - | (900) | - | (900) | PDF p. 49 |
| DividendsRMB'000 | - | (5,745) | - | - | - | - | - | (5,745) | - | (5,745) | PDF p. 49 |
| Total transactions with owners (unlabelled subtotal, 2024)RMB'000 | - | (5,745) | (900) | - | - | - | - | (6,645) | 1,143 | (5,502) | PDF p. 49 |
| Balance | |||||||||||
| Balance at 31 December 2024 (Restated)RMB'000 | 71 | 555,410 | (14,140) | 3,000 | 1,530 | (59,217) | 36,249 | 522,903 | (7,101) | 515,802 | PDF p. 49 |
| 2025 – Total comprehensive loss for the year | |||||||||||
| Profit for the yearRMB'000 | - | - | - | - | - | 7,258 | - | 7,258 | 1,470 | 8,728 | PDF p. 49 |
| Other comprehensive income for the yearRMB'000 | - | - | - | - | - | - | 1,250 | 1,250 | - | 1,250 | PDF p. 49 |
| Total comprehensive income for the year (unlabelled subtotal, 2025)RMB'000 | - | - | - | - | - | 7,258 | 1,250 | 8,508 | 1,470 | 9,978 | PDF p. 49 |
| 2025 – Transactions with owners, recognised directly in equity | |||||||||||
| Shares repurchased/treasury shares reissuedRMB'000 | - | - | 330 | - | - | - | - | 330 | - | 330 | PDF p. 49 |
| DividendsRMB'000 | - | (5,878) | - | - | - | - | - | (5,878) | - | (5,878) | PDF p. 49 |
| Total transactions with owners (unlabelled subtotal, 2025)RMB'000 | - | (5,878) | 330 | - | - | - | - | (5,548) | - | (5,548) | PDF p. 49 |
| Balance | |||||||||||
| Balance at 31 December 2025RMB'000 | 71 | 549,532 | (13,810) | 3,000 | 1,530 | (51,959) | 37,499 | 525,863 | (5,631) | 520,232 | PDF p. 49 |
Original report: PDF p. 49 ↗
(i) The paid-in capital of RMB3,000,000 of Tianjin Changxin injected by the Individual Shareholders in 2020 was accounted for as a capital contribution to the Group following the completion of the corporate reorganisation exercise of the Group for the purpose of listing.
(ii) Statutory reserve pertains to appropriation from net profit after tax (based on the financial statements prepared in accordance with the generally accepted accounting principles of the People’s Republic of China (“PRC”)) but before dividend distribution. The reserve fund can only be used, upon approval by the relevant authority in PRC, to offset accumulated losses or to increase share capital.
All column years are the movement/balance year indicated in the row section (2024 or 2025); balance at 31 December 2024 is labelled Restated. Non-controlling interests are shown as a column of this statement.
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| Metric / unit | 2025Company – Share capital | 2025Company – Share premium | 2025Company – Treasury shares | 2025Company – Retained earnings | 2025Company – Translation reserves | 2025Company – Total | Source |
|---|---|---|---|---|---|---|---|
| 2024 movements | |||||||
| Balance at 1 January 2024RMB'000 | 71 | 561,155 | (13,240) | 723 | 37,707 | 586,416 | PDF p. 50 |
| 2024 – Total comprehensive income for the year | |||||||
| Profit for the yearRMB'000 | - | - | - | 2,637 | - | 2,637 | PDF p. 50 |
| Other comprehensive income for the yearRMB'000 | - | - | - | - | 312 | 312 | PDF p. 50 |
| Total comprehensive income for the year (unlabelled subtotal, 2024)RMB'000 | - | - | - | 2,637 | 312 | 2,949 | PDF p. 50 |
| 2024 – Transaction with owners, recognised directly in equity | |||||||
| Shares repurchasedRMB'000 | - | - | (900) | - | - | (900) | PDF p. 50 |
| DividendsRMB'000 | - | (5,745) | - | - | - | (5,745) | PDF p. 50 |
| Total transactions with owners (unlabelled subtotal, 2024)RMB'000 | - | (5,745) | (900) | - | - | (6,645) | PDF p. 50 |
| Balance | |||||||
| Balance at 31 December 2024RMB'000 | 71 | 555,410 | (14,140) | 3,360 | 38,019 | 582,720 | PDF p. 50 |
| 2025 – Total comprehensive income for the year | |||||||
| Loss for the yearRMB'000 | - | - | - | (111) | - | (111) | PDF p. 50 |
| Other comprehensive income for the yearRMB'000 | - | - | - | - | 8,273 | 8,273 | PDF p. 50 |
| Total comprehensive income for the year (unlabelled subtotal, 2025)RMB'000 | - | - | - | (111) | 8,273 | 8,162 | PDF p. 50 |
| 2025 – Transaction with owners, recognised directly in equity | |||||||
| Shares repurchased/treasury shares reissuedRMB'000 | - | - | 330 | - | - | 330 | PDF p. 50 |
| DividendsRMB'000 | - | (5,878) | - | - | - | (5,878) | PDF p. 50 |
| Total transactions with owners (unlabelled subtotal, 2025)RMB'000 | - | (5,878) | 330 | - | - | (5,548) | PDF p. 50 |
| Balance | |||||||
| Balance at 31 December 2025RMB'000 | 71 | 549,532 | (13,810) | 3,249 | 46,292 | 585,334 | PDF p. 50 |
Original report: PDF p. 50 ↗
Company statement; years are indicated in row sections (2024 or 2025). The 'Shares repurchased/treasury shares reissued' label wraps over two lines; the quote is the second-line fragment containing the values.
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| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit/(Loss) before income taxRMB'000 | 6,372 | (156,318) | PDF p. 51 |
| Operating activities – Adjustments for | |||
| Amortisation of films and drama productsRMB'000 | 4,408 | 29,781 | PDF p. 51 |
| Amortisation of intangible assetsRMB'000 | 7,246 | 3,372 | PDF p. 51 |
| Depreciation of plant and equipmentRMB'000 | 4,684 | 9,318 | PDF p. 51 |
| Depreciation of right-of-use assetsRMB'000 | 9,353 | 11,460 | PDF p. 51 |
| Allowance/(Reversal of allowance) for expected credit lossesRMB'000 | 2,765 | (3,753) | PDF p. 51 |
| Gain on disposal of plant and equipmentRMB'000 | - | (988) | PDF p. 51 |
| Bad debts written offRMB'000 | 22 | - | PDF p. 51 |
| Gain on derecognition of financial assets at FVTPLRMB'000 | - | (5,100) | PDF p. 51 |
| Gain on early termination of right of use assetsRMB'000 | - | (1,093) | PDF p. 51 |
| Impairment loss of intangible assetsRMB'000 | 2,473 | - | PDF p. 51 |
| Impairment loss of investment in equity accounted investmentRMB'000 | 286 | - | PDF p. 51 |
| Impairment loss of plant and equipmentRMB'000 | 4,229 | - | PDF p. 51 |
| Impairment loss of right-of-use assetsRMB'000 | 1,002 | - | PDF p. 51 |
| Fair value loss on financial assets at FVTPLRMB'000 | 667 | 291 | PDF p. 51 |
| Interest incomeRMB'000 | (2,149) | (1,177) | PDF p. 51 |
| Interest expenseRMB'000 | 5,230 | 3,207 | PDF p. 51 |
| Share of result from equity accounted investmentRMB'000 | 724 | 115 | PDF p. 51 |
| Write-off of films and drama production in progressRMB'000 | 879 | 16,508 | PDF p. 51 |
| Write-off of films and drama productsRMB'000 | - | 2,123 | PDF p. 51 |
| Write-off of prepaymentRMB'000 | - | 4,535 | PDF p. 51 |
| Write-off of plant and equipmentRMB'000 | 2 | 549 | PDF p. 51 |
| Write-off of right-of-use assetsRMB'000 | 407 | - | PDF p. 51 |
| Net foreign exchange differenceRMB'000 | (676) | 1,759 | PDF p. 51 |
| Operating activities | |||
| Operating cash flows before movements in working capitalRMB'000 | 47,924 | (85,411) | PDF p. 51 |
| Operating activities – working capital | |||
| Films and drama productions in progressRMB'000 | (116,050) | (245,830) | PDF p. 51 |
| Films and drama productsRMB'000 | 137,004 | 187,855 | PDF p. 51 |
| Trade and other receivablesRMB'000 | (113,194) | 174,789 | PDF p. 51 |
| Amount due from related partiesRMB'000 | (3,221) | - | PDF p. 51 |
| Amount due from equity accounted investmentRMB'000 | 91 | 65 | PDF p. 51 |
| Contract assetsRMB'000 | (43,931) | (26,714) | PDF p. 51 |
| Contract costsRMB'000 | (13) | 7,007 | PDF p. 51 |
| Trade and other payablesRMB'000 | 52,726 | 39,858 | PDF p. 51 |
| Amount due to related partiesRMB'000 | 825 | 515 | PDF p. 51 |
| InventoriesRMB'000 | - | 385 | PDF p. 51 |
| Contract liabilitiesRMB'000 | (16,392) | (68,067) | PDF p. 51 |
| Investment funds from investors at FVTPLRMB'000 | 5,811 | (15,312) | PDF p. 51 |
| Operating activities | |||
| Cash used in operationsRMB'000 | (48,420) | (30,860) | PDF p. 51 |
| Interest income receivedRMB'000 | 1,525 | 1,516 | PDF p. 52 |
| Interest paidRMB'000 | (5,128) | (3,175) | PDF p. 52 |
| Income tax paidRMB'000 | (1,471) | (2,487) | PDF p. 52 |
| Net cash used in operating activitiesRMB'000 | (53,494) | (35,006) | PDF p. 52 |
| Investing activities | |||
| Purchase of plant and equipmentRMB'000 | (489) | (1,295) | PDF p. 52 |
| Proceeds from disposal of plant and equipmentRMB'000 | - | 2,926 | PDF p. 52 |
| Purchase of intangible assetsRMB'000 | (3,322) | (18,776) | PDF p. 52 |
| Investments in financial assets at FVTPLRMB'000 | (189) | (34,292) | PDF p. 52 |
| Proceeds from derecognition of financial assets at FVTPLRMB'000 | - | 39,317 | PDF p. 52 |
| Acquisition of subsidiariesRMB'000 | - | (5,726) | PDF p. 52 |
| Investment in equity accounted investmentRMB'000 | (3,200) | - | PDF p. 52 |
| Disposal of investment in equity accounted investmentRMB'000 | 3,504 | - | PDF p. 52 |
| Net cash used in investing activitiesRMB'000 | (3,696) | (17,846) | PDF p. 52 |
| Financing activities | |||
| Capital contribution from non-controlling interestsRMB'000 | - | 600 | PDF p. 52 |
| (Placement)/Withdrawal of bank deposit pledged as securities for bank facilitiesRMB'000 | (44,193) | 20,000 | PDF p. 52 |
| Dividends paid to shareholdersRMB'000 | (5,878) | (5,745) | PDF p. 52 |
| Repayment of lease liabilitiesRMB'000 | (10,586) | (8,144) | PDF p. 52 |
| Proceeds from borrowingsRMB'000 | 95,625 | 18,818 | PDF p. 52 |
| Repayment of borrowingsRMB'000 | (42,875) | (67,104) | PDF p. 52 |
| Shares buy-backRMB'000 | (4,066) | (900) | PDF p. 52 |
| Net cash used in financing activitiesRMB'000 | (11,973) | (42,475) | PDF p. 52 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalentsRMB'000 | (69,163) | (95,327) | PDF p. 52 |
| Cash and cash equivalents at beginning of yearRMB'000 | 158,397 | 254,584 | PDF p. 52 |
| Cash and cash equivalents at end of year (Note 8)RMB'000 | 89,395 | 158,397 | PDF p. 52 |
Original report: PDF p. 51 ↗ PDF p. 52 ↗
Consolidated (Group) only; no Company cash flow statement is presented. Statement spans physical pages 51-52 (header repeated on page 52).
Note A: Purchase of plant and equipment 489 (2024: 136); Add: movement in amount included in other payables - (2024: 1,159); Net cash outflow 489 (2024: 1,295).
Note B: In the financial year ended 31 December 2025, the Group acquired intangible assets of RMB3,482,000 (2024: RMB20,334,000), out of which RMB160,000 (2024: RMB1,558,000) remains unpaid at the end of the reporting year.
Note C: In the financial year ended 31 December 2025, the Group invested RMB189,000 (2024: RMB34,292,000) investment funds into concerts and film projects which are classified as financial assets at FVTPL. Out of which, a fair value gain of RMB Nil (2024: RMB5,100,000) recognised on the concerts completed, and fair value loss of RMB667,000 (2024: RMB291,000) has been recognised on film completed, and have received a total of RMB Nil (2024: RMB39,317,000) from distribution of these investments during the financial year.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025 | 2024Group, FY2024 | 2023Group, FY2023 | Source |
|---|---|---|---|---|
| Financial Highlights | ||||
| REVENUERMB'M | 511.2 | 417.6 | 388.0 | PDF p. 11 |
| PROFIT/(LOSS) PER SHARERMB' Cents | 0.68 | (13.42) | (4.76) | PDF p. 11 |
| GROSS PROFITRMB'M | 98.4 | 41.9 | 97.9 | PDF p. 11 |
| NET ASSET VALUE PER SHARERMB' Cents | 49.20 | 48.99 | 62.91 | PDF p. 11 |
| GEARING RATIO(1)% | 17.2 | 8.4 | 18.2 | PDF p. 11 |
Original report: PDF p. 11 ↗
(1) Gearing ratio is computed based on the sum of borrowings, lease liabilities and investment funds from investors over total equity.
(2) The loss after tax of RMB144.3 million includes a one-time loss of approximately RMB86.1 million due to the cancellation of the "China Soccer Tournament 2024." Excluding this one-time loss recognised in FY2024, the Group's loss would have been reduced to RMB58.2 million.
FY2023/FY2024/FY2025 refer to financial years 1 January to 31 December of each year. Figures subject to rounding adjustments.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, FY2025 | 2024Group, FY2024 | Source |
|---|---|---|---|
| Note 38 | |||
| Profit/(Loss) for the year attributable to the owners of the Company (RMB’000)RMB'000 | 7,258 | (143,255) | PDF p. 119 |
| Weighted average number of ordinary shares (in ’000 shares)'000 shares | 1,069,700 | 1,067,703 | PDF p. 119 |
| Basic and diluted profit/(loss) per share (RMB cents)RMB cents | 0.68 | (13.42) | PDF p. 119 |
Original report: PDF p. 119 ↗
The fully diluted loss per share and basic loss per share for the financial years ended 31 December 2024 and 31 December 2025 are the same because the Group does not have any dilutive instruments.
Units appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, Before Share Buyback | 2025Group, After Share Buyback - Market Purchase | 2025Group, After Share Buyback - Off-Market Purchase | 2025Company, Before Share Buyback | 2025Company, After Market Purchase | 2025Company, After Off-Market Purchase | Source |
|---|---|---|---|---|---|---|---|
| Financial Ratios | |||||||
| NTA per Share (2)(4) (RMB cents)RMB cents | 39.10 | 36.44 | 36.10 | 26.51 | 23.05 | 22.70 | PDF p. 223 |
| Basic PPS (3)(4) (RMB cents)RMB cents | 0.68 | 0.70 | 0.70 | (0.01) | (0.01) | (0.01) | PDF p. 223 |
| Current Ratio (times)times | 2.60 | 2.40 | 2.39 | 44.11 | 5.01 | 4.73 | PDF p. 223 |
| Gearing Ratio (5) (times)times | 0.17 | 0.19 | 0.19 | – | – | – | PDF p. 223 |
Original report: PDF p. 223 ↗
(1) NTA refers to net assets less intangible assets which include right-of-use assets, goodwill, intangible assets, deferred tax assets, investments in subsidiaries, investment in joint venture and investment in equity accounted investments.
(2) NTA per Share equals to NTA divided by the number of issued Shares (excluding Treasury Shares) outstanding as at the Latest Practicable Date.
(3) Basic Profit Per Share ("PPS") equals to net profit attributable to owners of the Company divided by the weighted average number of issued Shares for the past 12 months ended 24 March 2026, being the Latest Practicable Date.
(4) Based on the total number of 1,068,676,200 issued Shares (excluding Treasury Shares) before the Share Purchase as at the Latest Practicable Date and 1,004,555,628 issued Shares (excluding Treasury Shares) after the Share Purchase.
(5) Gearing ratio equals to total borrowings, lease liabilities and investment funds from investors divided by total shareholders' equity.
(6) Refers to the Latest Practicable Date.
Pro forma illustration for the proposed share purchase mandate (64,120,572 Shares, 6.0%); page 224 repeats the same ratios for scenario (b), partially out of profits.
Where the money comes from
| Item / unit | 2025Television Program and Film Production | 2025Concert Production | 2025All Other Segments | 2025Total | 2024Television Program and Film Production | 2024Concert Production | 2024All Other Segments | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| Segment revenue and results | |||||||||
| RevenueRMB'000 | 490,008 | 16,545 | 28,754 | 535,307 | 301,480 | 116,448 | 31,520 | 449,448 | PDF p. 117PDF p. 118 |
| Revenue | |||||||||
| Inter-segment eliminationRMB'000 | (1,887) | - | (22,176) | (24,063) | (9,001) | - | (22,845) | (31,846) | PDF p. 117PDF p. 118 |
| Segment revenue and results | |||||||||
| Gross profitRMB'000 | 83,761 | 2,523 | 24,084 | 110,368 | 2,646 | 23,852 | 25,084 | 51,582 | PDF p. 117PDF p. 118 |
| Gross profit | |||||||||
| Inter-segment eliminationRMB'000 | 10,124 | - | (22,114) | (11,990) | 12,899 | 255 | (22,845) | (9,691) | PDF p. 117PDF p. 118 |
| Included in segment profit | |||||||||
| Depreciation of plant and equipmentRMB'000 | 2,173 | 1,967 | 544 | 4,684 | PDF p. 117 | ||||
| Depreciation of right-of-use assetsRMB'000 | 9,209 | - | 144 | 9,353 | PDF p. 117 | ||||
| Impairment of non-current assetsRMB'000 | 5,231 | - | 2,473 | 7,704 | PDF p. 117 | ||||
| Amortisation of intangible assetsRMB'000 | 5,290 | - | 1,956 | 7,246 | PDF p. 117 | ||||
| Amortisation of films and drama productsRMB'000 | 4,407 | - | - | 4,407 | 29,781 | - | - | 29,781 | PDF p. 117PDF p. 118 |
| Allowance for expected credit lossesRMB'000 | 2,673 | 92 | - | 2,765 | PDF p. 117 | ||||
Unlabelled subtotal rows after each inter-segment elimination (revenue net: 488,121 / 16,545 / 6,578 / 511,244; gross profit net: 93,885 / 2,523 / 1,970 / 98,378) are printed without a label and are not extracted as rows.
Reconciliation items (other income to profit for the year) are printed only in the Total column.
All other segments include talent management services, costumes, props, education and make-up services.
Unlabelled net rows after eliminations (revenue net: 292,479 / 116,448 / 8,675 / 417,602; gross profit net: 15,545 / 24,107 / 2,239 / 41,891) are not extracted.
Depreciation of plant and equipment - concert equipment is printed across two lines: '- 1,967 - 1,967' (Concert Production 1,967; total 1,967); not extracted as a single-line row.
Segment assets and liabilities are not disclosed as such information is not regularly provided to the CODM for the purposes of resource allocation and performance assessment.
Segment profit represents the profit earned by each segment without allocation of other income, share of result from associate, administrative expenses, selling and distribution expenses, other expenses and finance costs.
There were inter-segment sales for the financial years ended 31 December 2025 and 2024 of RMB24,063,000 and RMB31,846,000 respectively.
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Major customers | |||
| Customer ARMB'000 | 324,173 | 116,453 | PDF p. 119 |
| Customer BRMB'000 | 147,170 | 118,074 | PDF p. 119 |
| Customer CRMB'000 | 6,873 | 56,604 | PDF p. 119 |
The revenue from customers in Television program and films production segment individually contributed over 10% of total revenue of the Group during the periods.
| Item / unit | 2025Revenue from external customers | 2024Revenue from external customers | 2025Non-current assets | 2024Non-current assets (Restated) | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| SingaporeRMB'000 | 15,705 | 3,629 | 9,619 | 13,101 | PDF p. 119 |
| ChinaRMB'000 | 495,539 | 313,071 | 29,752 | 47,730 | PDF p. 119 |
| MalaysiaRMB'000 | - | - | 4,682 | 4,999 | PDF p. 119 |
| JapanRMB'000 | - | 18,434 | - | - | PDF p. 119 |
| AustraliaRMB'000 | - | 82,468 | - | - | PDF p. 119 |
| Total (unlabelled)RMB'000 | 511,244 | 417,602 | 44,053 | 65,830 | PDF p. 119 |
Total row is printed without a label.
Segment revenue is based on the geographical location of external customers' operations and location of concerts held. Non-current assets other than goodwill, investment in equity accounted investment, and deferred tax assets are based on the geographical location of the assets.
Management reviews performance in Singapore, Australia, China, Malaysia and Thailand; Thailand is not shown in the table.
Debt
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Maturity analysis | |||
| Year 1RMB'000 | 4,498 | 9,948 | PDF p. 108 |
| Year 2RMB'000 | 1,282 | 3,824 | PDF p. 108 |
| Year 3RMB'000 | 27 | 1,256 | PDF p. 108 |
| Year 4RMB'000 | 18 | - | PDF p. 108 |
| Less: Unearned interestRMB'000 | (237) | (728) | PDF p. 108 |
| Analysed as | |||
| CurrentRMB'000 | 4,300 | 9,442 | PDF p. 108 |
| Non-currentRMB'000 | 1,288 | 4,858 | PDF p. 108 |
Total undiscounted maturity 5,825 (2025) and 15,028 (2024); total lease liabilities 5,588 and 14,300.
The weighted average incremental borrowing rate applied to the lease liabilities is 4.77% (2024: 5.21%) per annum.
Lease committed but not commenced: Year 1 3,336; Year 2-5 30,205; total 33,541 (2025), 2024 nil.
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Borrowings | |||
| Short-term bank loans (i) – (ii)RMB'000 | 71,568 | 18,818 | PDF p. 109 |
(i) Bank borrowings bore interest rates ranging from 2.15% to 3.45% per annum (2024: 2.51% to 3.75%) and are repayable within 12 months from the financial year end.
(ii) As at 31 December 2025, (a) bank loans totaling RMB15,000,000 (2024: RMB12,400,000) are guaranteed by third parties. (b) bank loan of RMB19,760,000 (2024: RMB6,000,000) is solely guaranteed by the ultimate controlling shareholder and director of the Company. (c) Bank loan of RMB36,349,000 (2024: RMB Nil) relating to PRC Affiliated Entities is guaranteed by one of the Group's subsidiaries in Singapore and secured by pledging of its restricted fixed deposits of not less than USD6,000,000 totalling RMB44,193,000 (Note 8).
The Group has access to financing facilities (with disbursement at the discretion of the bank) of which RMB93,651,000 (2024: RMB4,240,000) were unused at the reporting date.
Subsequent to the reporting date, the Group entered into two bank loan agreements with principal amounts of RMB20,000,000 and RMB3,000,000, respectively, repayable over a period of one year at floating rates (page 110).
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Provision 11.6 – Dividend policy | The Group does not have a fixed dividend policy. In considering any declaration of dividends, the Company takes into consideration the Group’s profit forecast, cash position, positive cash flow generated from operations, projected capital requirements for business growth and other factors as the Board may deem appropriate. | Group | PDF p. 151 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| tax-exempt final dividend | 0.10 Singapore cents per share | Final dividend proposed for FY2025 (financial year ended 31 December 2025), subject to shareholder approval at AGM | PDF p. 120 |
| tax-exempt final dividend | 0.10 Singapore cents per share | Final dividend declared and paid in 2025 in respect of FY2024 (comparative) | PDF p. 120 |
| tax-exempt final dividend | 0.10 Singapore cents per share | Final dividend declared and paid in 2024 in respect of FY2023 | PDF p. 120 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Crowe Horwath First Trust LLP | Crowe Horwath First Trust LLP | Group | PDF p. 45 |
| engagement partner | Lee Yan Huei | Group | PDF p. 45 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and statement of changes in equity of the Company are properly drawn up in accordance with the Singapore Financial Reporting Standards (International) | Group and Company | PDF p. 39 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Impairment assessment of goodwill and non-current | We focus on this area as the impairment assessment involves significant judgement, particularly in estimating future cash flows. | Group | PDF p. 42 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.