BEIJING, Aug. 26, 2024 /PRNewswire/ -- Maoyan Entertainment ("Maoyan" or the "Company", 1896.HK), a leading platform providing innovative Internet empowered entertainment services in China, today announced its audited consolidated results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights
Revenue was RMB2,170.9 million, representing a year-over-year decrease of 1.2%, compared with RMB2,196.9 million in the first half year of 2023.
Gross profit was RMB1,156.2 million, representing a year-over-year increase of 5.0%, compared with RMB1,101.2 million in the first half year of 2023.
Profit was RMB284.8 million, representing a year-over-year decrease of 29.7%, compared with RMB405.2 million in the first half year of 2023.
Adjusted EBITDA was RMB489.7 million, representing a year-over-year decrease of 16.2%, compared with RMB584.4 million in the first half year of 2023.
Adjusted net profit[1] was RMB351.8 million, representing a year-over-year decrease of 22.8%, compared with RMB455.7 million in the first half year of 2023.
[1] In the first half of 2024 and 2023, we defined adjusted net profit as net profit for the six months adjusted by adding back share-based compensation and amortization of intangible assets resulting from business combinations.
BUSINESS REVIEW
According to the data of Maoyan Pro (猫眼专业版), the Chinese Mainland's total box office (including service fees) in the first half of 2024 was RMB23.903 billion, representing a year-over-year decrease of 9.02%. Among the year's various promotional seasons, box office performance during some periods such as New Year's Day season, Spring Festival season and Qingming Festival season, exceeded that of the same periods last year. According to the National Performance Market Development Briefing for the First Half of 2024 (《2024年上半年全国演出市场发展简报》) released by the China Association of Performing Arts (中国演出行业协会), the box office revenue of commercial performances nationwide in the first half of 2024 was RMB19.016 billion, representing a year-over-year increase of 13.24%, and audience size increased by 27.10% year-over-year.
During the Reporting Period, the number of released movies in which the Company was involved and their box office performance remained at the forefront of the industry. The Company also maintained its leading edge in terms of its distribution and promotion service capacities and market coverage. Project reserves were abundant, and the Company continued to optimize its revenue structure and record profits.
Entertainment Content Services
As a leading film promoter and distributor in China, we continued to actively participate in the distribution/production of domestic movies, providing a wide range of services for an increasing number of movies. During the Reporting Period, we participated in the distribution/production of 32 domestic movies, with the number of movies increasing compared to the corresponding period in the previous years. Among the top five domestic movies in terms of box office in the first half of the year, we were involved in the distribution/production of four.
In the first half of 2024, we continued to iterate promotion and distribution products, enhance industry awareness, grasp market trends, and optimize our promotion and distribution strategies and organizational capabilities, thereby maintaining our competitive advantages and enhancing our capabilities in promotion and distribution. During the Reporting Period, we participated in the promotion and distribution of 31 domestic movies, and we acted as a lead distributor for 15 movies, exceeding our historical records in terms of quantity. Many of these movies achieved a top-tier box office performance during their respective release period. For example, Shining For One Thing (一闪一闪亮星星), Johnny Keep Walking! (年会不能停!) and The Goldfinger (金手指), for which we acted as a distributor and producer, ranked among the top three movies in terms of box office performance during the New Year's Day season. Pegasus 2 (飞驰人生2), for which we acted as a lead distributor/producer, performed well in terms of box office and reputation, ranking second in the box office in the Spring Festival season with a box office of RMB3.398 billion. Over the past four years, the movies in which we served as the lead distributor have consistently ranked among the top two in box office performance during the Spring Festival season. The Last Frenzy (末路狂花钱) and Be My Friend (我才不要和你做朋友呢), for which we acted as a lead distributor, became box office champions during the Labor Day season and the Dragon ...
