Technology

China Literature Announces 2024 Interim Results

Published

2 years ago

August 12, 2024

HONG KONG, Aug. 12, 2024 /PRNewswire/ — China Literature Limited (“China Literature” or “the Company”, stock code: 0772), a leading online literature and intellectual property (“IP”) incubation platform in China, today announced the unaudited consolidated results for the six months ended June 30, 2024.

Results Highlights(1)

Total revenues increased 27.7% year-over-year to RMB4,190.9 million (USD588.1 million).
– Revenues from online business were RMB1,940.4 million (USD272.3 million), compared with RMB1,984.4 million in the first half of 2023, primarily attributed to our continuous optimization of return on investment (“ROI”) on our distribution channels and focus on driving growth in our core products.
– Revenues from IP operations and others increased 73.3% year-over-year to RMB2,250.6 million (USD315.8 million) due to solid growth from our IP operations businesses across the board, driven primarily by an increase in the release of blockbuster drama series, film, and animated series, the expanded licensing of our IP for adaptation to business partners, as well as the significant growth of new initiatives.On a non-IFRS(2) basis, which is intended to reflect core earnings by excluding certain one-time and/or non-cash items:
– Operating profit increased 14.3% year-over-year to RMB624.2 million (USD87.6 million). Operating margin was 14.9%, compared with 16.6% in the first half of 2023.
– Profit attributable to equity holders of the Company increased 16.4% year-over-year to RMB702.1 million (USD98.5 million), and its margin was 16.8%, compared to 18.4% in the first half of 2023.
– Basic earnings per share were RMB0.69. Diluted earnings per share were RMB0.69.On an IFRS basis:
– Operating profit increased 46.1% year-over-year to RMB454.4 million (USD63.8 million). Operating margin increased from 9.5% to 10.8%.
– Profit attributable to equity holders of the Company increased 33.9% year-over-year to RMB504.3 million (USD70.8 million) and its margin increased from 11.5% to 12.0%.
– Basic earnings per share were RMB0.50. Diluted earnings per share were RMB0.49.

(1) Figures stated in USD are based on USD1 to RMB7.1268.
(2) Non-IFRS adjustments exclude share-based compensation, M&A related impact such as net losses from investee companies and amortization of intangible assets, as well as related income tax effects.
(3) Certain figures included in this press release have been subject to rounding adjustments. Accordingly, figures shown as totals may not be an arithmetic aggregation of the figures shown in the breakdown items.

Mr. Hou Xiaonan, Chief Executive Officer of China Literature, commented, “During the first half of 2024, we continued to execute our high-quality content strategy and made significant progress in maximizing the potential of our premium IPs across the industry value chain. We delivered an exceptional performance, especially in our live action TV and film business. Our film YOLO (热辣滚烫) continues to lead nationwide box office sales in 2024 so far, while the drama series The Legend of Shen Li (与凤行), Joy of Life 2 (庆余年第二季) and The Tale of Rose (玫瑰的故事) were all released to critical acclaim. These success stories set a strong foundation for what we anticipate will be a ‘blockbuster year’ for China Literature’s content business. In the first half of 2024, our total revenues increased 27.7% year-over-year with revenues from IP operations in particular surging 75.7% year-over-year. Operating margin expanded to 10.8% from 9.5% in the same period last year, and the non-IFRS profit attributable to equity holders of the Company increased by 16.4% year-over-year.

Throughout the period, we continued to strengthen our IP incubation and foster the flourishing of our content ecosystem by nurturing high-quality writers and literary works, and further optimizing and upgrading community operations. With this enhanced content and operational framework, monthly paying users grew steadily on a sequential basis to 8.8 million during the first half of the year. We have made solid progress in IP visualization with the launch of several premium titles. Notably, Joy of Life 2 (庆余年第二季), adapted from our renowned IP, achieved phenomenal success both domestically and internationally, and became the most watched mainland Chinese TV series on Disney+, setting a new benchmark for the global reach and appeal of Chinese film and television content. We have also taken an important step in the commercialization of our IP. Merchandise based on Joy of Life (庆余年) and our other popular comics, animation and drama related IPs have gained widespread popularity, expanding the reach and value of our IP portfolio.

We have long maintained the conviction that innovation is the key to driving growth and making breakthroughs. Therefore, we are accelerating the deployment and integration of AI technologies across our diverse businesses. We continue to refine our ‘Smart Pen’ Large Language Model (LLM), empowering writers to boost their productivity, and leverage AI translation technology to drive rapid growth in the number of translated works on our overseas platform. At the same time, we are actively exploring the integration of AI with various IP content formats including audiobooks, animation, videos, and merchandise. Looking forward, we will continue to embrace the new opportunities that technological advancements bring to revitalize the industry, uphold our foundational values of ‘content, platform, and IP’, and keep committed to creating good stories that will live forever.”

Financial Review(3)

Revenues increased 27.7% year-over-year to RMB4,190.9 million (USD588.1 million).

Revenues from online business were RMB1,940.4 million (USD272.3 million), compared with RMB1,984.4 million in the first half of 2023. A further breakdown of this category is as follows:

Online business revenues from our self-owned platform products decreased slightly from RMB1,709.7 million in the first half of 2023 to RMB1,694.2 million (USD237.7 million), as the Company continued to optimize ROI on our distribution channels and focus on driving growth in our core products;Online business revenues from our channels on Tencent products were RMB130.7 million (USD18.3 million), compared with RMB177.0 million in the prior corresponding period, mainly due to a continuous decrease in advertising revenues from free-to-read channels as the Company focuses on developing a high-quality pay-to-read business model with more content distributed through pay-to-read channels with higher ROI; andOnline business revenues from third-party platforms increased 18.2% year-over-year to RMB115.5 million (USD16.2 million), primarily due to increased collaboration with our third-party distribution partners.

Revenues from IP operations and others increased 73.3% year-over-year to RMB2,250.6 million (USD315.8 million).

Revenues from IP operations increased 75.7% year-over-year to RMB2,202.8 million (USD309.1 million), due to solid growth from our IP operations businesses across the board, driven primarily by an increase in the release of blockbuster drama series, film, and animated series, as well as expanded licensing of our IP for adaptation to business partners. In addition, new initiatives such as short dramas, merchandise and collectible card business grew significantly during the period; andRevenues from the “others” category, consisting mainly of sales of physical books, increased 6.9% year-over-year to RMB47.7 million (USD6.7 million).

Cost of revenues increased 25.6% year-over-year to RMB2,107.7 million (USD295.7 million), in line with the increase in revenues, primarily due to i) higher production costs associated with an increase in the release of TV, web and animated series and film; and ii) an increase in content costs as we boosted investment in high-quality content.

Gross profit increased 29.8% year-over-year to RMB2,083.2 million (USD292.3 million). Gross margin increased to 49.7% from 48.9% in the first half of 2023.

Interest income increased 13.0% year-over-year to RMB90.6 million (USD12.7 million), as a result of higher interest income from bank deposits.

Net other losses were RMB3.7 million (USD0.5 million), compared with net other gains of RMB5.8 million in the first half of 2023. The year-over-year change was mainly due to disposal gains and net fair value changes related to certain investee companies.

Selling and marketing expenses increased 41.0% year-over-year to RMB1,158.9 million (USD162.6 million), mainly due to an increase in promotion and advertising expenses associated with the Company’s film and drama series as more titles were released during the first half of 2024. As a percentage of revenues, selling and marketing expenses were 27.7%, compared with 25.0% in the first half of 2023.

General and administrative expenses increased by 1.9% year-over-year to RMB544.8 million (USD76.4million), primarily due to higher employee benefits expenses. As a percentage of revenues, general and administrative expenses decreased to 13.0% from 16.3% in the first half of 2023.

Net provision for impairment losses on financial assets reflected the provision for doubtful receivables. In the first half of 2024, the provision for doubtful receivables was RMB12.0 million (USD1.7 million) on a net basis, mainly associated with IP businesses.

Operating profit increased 46.1% year-over-year to RMB454.4 million (USD63.8 million).

Income tax expense was RMB99.1 million (USD13.9 million), compared with RMB49.6 million in the first half of 2023, primarily due to an increase in taxable income.

Profit attributable to equity holders of the Company increased 33.9% year-over-year to RMB504.3 million (USD70.8 million). On a non-IFRS basis, profit attributable to equity holders of the Company increased by 16.4% year-over-year to RMB702.1 million (USD98.5 million).

Key Operating Information

Average MAUs on our self-owned platform products and self-operated channels were 176.0 million, a decrease of 16.9% year-over-year from 211.7 million. A further breakdown of MAUs is as follows:
– MAUs on our self-owned platform products remained stable on a year-over-year basis at 105.3 million, compared with 105.4 million in the first half of 2023; and
– MAUs on our self-operated channels on Tencent products decreased 33.5% year-over-year from 106.3 million to 70.7 million, primarily as a result of the optimization of our operational efficiency with more content distributed through our core pay-to-read products, leading to a decline in users acquired through free-to-read channels.Average MPUs on our self-owned platform products and self-operated channels increased 0.4% slightly year-over-year to 8.8 million in the first half of 2024.Monthly ARPU for our pay-to-read business decreased 1.9% year-over-year from RMB32.3 to RMB31.7 in the first half of 2024, mainly due to changes in revenue mix from different product offerings.

Other Key Information

EBITDA increased 34.7% year-over-year to RMB501.5 million (USD70.4 million). Adjusted EBITDA increased 24.7% year-over-year to RMB587.6 million (USD82.5 million). As of June 30, 2024, the Company’s net cash position was RMB9,208.1 million (USD1,292.0 million).Free cash flow* was RMB1,531.8 million (USD214.9 million), compared to RMB475.7 million in the first half of 2023.New Classics Media, on a standalone basis, recorded RMB1,050.3 million (USD147.4 million) in revenues and RMB300.3 million (USD42.1 million) in profit attributable to equity holders of the company in the first half of 2024.

* Free cash flow: operating cash flow deducts payments for lease liabilities and payments for capital expenditures.

Business Review and Outlook

Success of Top IP Sequels and Establishment of an Integrated Content Operation Mechanism

On May 16, 2024, Joy of Life 2 (庆余年第二季), the eagerly anticipated second season of the drama series adapted from our renowned IP, made its highly successful debut. The drama series quickly became a national sensation – shattering domestic records with a meteoric rise in viewership and popularity during its 18-day prime-time run. On Tencent Video, its popularity index surpassed 34,000 points, setting an all-time record high. It also maintained the top position in nationwide live viewership rankings on CCTV-8 for 18 consecutive days and topped the charts across major industry review platforms including Kuyun, Douban, Maoyan, Beacon and Enlightent.

Joy of Life 2 not only achieved phenomenal success domestically, it also captivated international audiences with its simultaneous release on Disney+ where it quickly became the platform’s highest-viewed mainland Chinese TV series. It is currently being translated into 14 languages for release into other markets around the world.

Joy of Life 2’s success extended far beyond that of a standalone project. It exemplifies our strategy to leverage resources across various departments and effectively collaborate with both upstream and downstream partners. We assembled our largest-ever dedicated team during the project’s early development stages to drive this. Simultaneously, we rolled out Joy of Life-themed products across various media formats, including online literature, drama series, online games, merchandise and collectible cards. This approach aims at maximizing the IP’s impact on audiences and fully unleashing its monetization potential. For example:

We launched a virtual fan zone on Qidian Reading APP alongside the release of Joy of Life 2, which gave readers free access to the author’s trilogy for a limited time as well as offered a series of engaging activities. These initiatives resulted in a 38-fold increase in reading volume sequentially, generated over 100 million visits to the virtual fan zone, and set a new annual record for daily active users of Qidian Reading APP.We also released 11 categories of Joy of Life-themed merchandise including blind boxes, accessories and a premium collectible card series featuring 308 card designs. Sales of the blind boxes exceeded 200,000 units, while the collectible cards generated over RMB20 million in GMV before the drama’s release, making them the all-time best-selling collectible cards in the drama-themed category.We launched a series of offline events that attracted a large number of fans. These events engaged participants to share their experiences online, sparking a viral wave of social media activity and user-generated content.

This fully-integrated approach sets a new standard for managing our flagship IP holistically and will be applied to other premium IPs in our portfolio.

The remarkable success of the Joy of Life franchise validates two crucial aspects of our strategy. First, it demonstrates our consistent ability to create and replicate blockbuster IP. Second, it showcases the power of our business model, which collaborates with partners across the entire IP value chain to maximize the potential of our premium IP. We have long been committed to fostering a robust ecosystem for IP development. Our success in operating our flagship IP through effective mobilization and coordination of resources across multiple stakeholders within our ecosystem marks a significant milestone.

IP Creation

We continued to strengthen the content ecosystem of our online reading business. In the first half of this year, our online reading platform added approximately 170,000 writers and 320,000 literary works, collectively contributing over 21 billion Chinese characters. A steady stream of high-quality new works continued to be released, with the number of newly signed literary works with over 50,000 average subscribers per chapter increasing 75% year-over-year. Additionally, the number of newly signed literary works generating over RMB2 million in reading revenue grew 33% year-over-year. Notably, we’ve seen a surge in young talent, with writers born in the 1990s accounting for over 70% of newly-added Platinum and Phenomenal Writers in the first half of 2024.

While nurturing high-quality writers and promoting outstanding literary works remains a core focus, we remain committed to building a robust user community, strengthening operations for flagship IP, and amplifying fan engagement. With our enhanced content and operational framework, monthly paying users grew steadily on a sequential basis to over 8.8 million during the first half of the year.

We continued to expand into overseas markets. As of June 30, 2024, WebNovel, our foreign language online reading platform, offered approximately 5,000 works translated from Chinese and approximately 650,000 original works created locally.

IP Visualization

We launched several top-tier titles during the first half of 2024, garnering enthusiastic audience reception and widespread acclaim.

In the live action TV and film segment, we had one box office champion film and three blockbuster drama series, including:

YOLO (热辣滚烫): this film led nationwide box office receipts in 2024 so far, with sales of RMB3.5 billion.The Legend of Shen Li (与凤行): this drama series achieved a popularity index of over 31,000 on Tencent Video during its broadcasting run, held the top position on Mango TV Drama Popularity List for 22 days, and ranked first in viewership ratings among provincial satellite TV networks during the same time slot according to China Audio Video Big Data.Joy of Life 2 (庆余年第二季): as mentioned earlier, the highly-anticipated second season of the drama series achieved extraordinary results, laying a solid foundation for the long-term development of the Joy of Life IP.The Tale of Rose (玫瑰的故事): this drama series achieved a popularity index of over 31,000 on Tencent Video during its broadcasting run, setting a record high for the urban drama genre on Tencent Video. It also ranked first in national prime-time drama series ratings, according to China Audio Video Big Data.

These productions have not only captivated domestic audiences but have also made significant inroads in overseas markets. In addition to the abovementioned Joy of Life 2, The Legend of Shen Li was aired in over 180 countries and regions globally in 16 languages. YOLO was distributed by Sony Pictures globally and is currently the highest-grossing Chinese-language film overseas this year.

In the animation segment, we launched a number of new series including The Richest Man in Game (亏成首富从游戏开始) and The Charm of Soul Pets (幻宠师), as well as sequels to classic titles such as The King’s Avatar (全职高手) and Start with a Mountain (开局一座山). We released new episodes for our long-running annual animated series Battle Through the Heavens (斗破苍穹), helping it to maintain its top ranking on Tencent Video’s annual bestseller list. According to Guduo Data, 15 of the top 20 most watched online animated series in the first half of 2024 were adapted from China Literature’s IPs.

In the first half of the year, we completed the acquisition of the assets of Tencent Animation and Comics, adding a number of top Chinese comic IPs such as The Outcast (一人之下) and The Fox Spirit Matchmaker (狐妖小红娘) to our portfolio. Going forward, we will leverage Tencent Animation and Comics’ high-quality production capabilities to further accelerate our IP visualization process.

IP Commercialization and Monetization

In the merchandise segment, we unveiled a diverse array of trendy collectibles and merchandise based on popular IPs such as Joy of Life (庆余年), The King’s Avatar (全职高手), Lord of the Mysteries (诡秘之主) and Battle Through the Heavens (斗破苍穹). These offerings, including blind boxes, toy collectibles and accessories, were launched alongside the releases of the online content. In addition, we continued to expand the scope and scale of our IP licensing for merchandise.

We made significant progress in our collectible cards business in the first half of 2024. Our goal is to build China Literature’s own IP universe of collectible cards, meeting Chinese collectors’ growing demand for high-quality, IP-based products while further expanding IP monetization. Our collectible cards series based on the drama series The Legend of Shen Li (与凤行) and Joy of Life (庆余年) have delivered strong results. We plan to launch more series, such as collectible cards based on the drama series Guardians of the Dafeng (大奉打更人). Additionally, we have a rich portfolio of comic and animation IPs that can be adapted into collectible cards for global distribution. In the second half of 2024, we will launch comic/animation-themed cards both domestically and globally, including The King’s Avatar (全职高手), Battle Through the Heavens (斗破苍穹), Lord of the Mysteries (诡秘之主), The Outcast (一人之下) and The Fox Spirit Matchmaker (狐妖小红娘). In the first half of this year, total GMV for our IP-based collectible cards reached approximately RMB100 million.

In the games segment, two titles based on our IPs, Soul Land (斗罗大陆) and Battle Through the Heavens (斗破苍穹), were launched in the first half of this year, generating solid sales. We have a rich portfolio of IP-based games set to be released in the near future, including Lord of the Mysteries (诡秘之主).

Exploration into New Technologies and Emerging Business Opportunities

We are strategically deploying AI capabilities across our diverse businesses to enhance our ecosystem. We continue to refine our “Smart Pen” Large Language Model (LLM), empowering writers to boost their productivity. Our AI translation technology is driving rapid growth in the number of translated works on our overseas platform. In the first half of 2024, WebNovel, our overseas reading platform, added over 1,200 AI-translated works in multiple languages including English, Spanish, Portuguese, German, French, and Indonesian. Notably, approximately 40% of the top 100 bestselling works on WebNovel are AI-translated. We are actively exploring the integration of AI technology with various IP content formats, including audiobooks, animation, videos, and merchandise.

Responding to the rapidly growing short-form drama market, we leveraged our content strengths and extensive creator network to produce high-quality short-form drama adaptations of our IP. We’ve achieved several successes, with the best performing title generating RMB30 million in grossing receipts. For the whole year, we plan to release over 100 short-form dramas and explore new innovative formats such as interactive short-form dramas.

Outlook

We delivered an exceptional performance in the first half of 2024. We released four blockbuster titles, firmly underscoring our commitment to our premium IP strategy. The launch of Joy of Life 2 (庆余年第二季) exemplified successful collaboration with our ecosystem partners, achieving success that benefits everyone in the value chain. We also achieved notable progress in the international markets, IP commercialization, and new business initiatives. Looking forward, we will continue to strengthen our IP incubation, enhance IP visualization and commercialization, optimize our operational framework for flagship IP, and explore new technologies and emerging business opportunities. We believe these endeavors will deliver long-term and sustainable returns for the shareholders who have consistently believed in and supported us on this journey.

About China Literature Limited

China Literature is dedicated to building a deep and immersive intellectual property (“IP”) universe for the Mandarin-speaking world. It incubates original IPs from its online literature platform, which are subsequently adapted on a range of digital entertainment mediums, including comics, animation, film, TV series, web series and games. The virtual world created by these digital offerings become an inseparable part of a user’s daily life. China Literature creates and promotes IPs mainly through Qidian Reading and QQ Reading, its leading online literature platforms, as well as New Classics Media, a renowned film and TV drama series production house in China. China Literature collaborates with Tencent, its shareholder and strategic partner, as well as other third-party partners to distribute and develop IP content and to enhance value of its IP. Many of the Company’s online literature works have been successfully adapted into animation, TV series, web series, film and games, including Joy of Life, Candle in the Tomb, Soul Land, The King’s Avatar and My Heroic Husband. China Literature’s rich and extensive content library as well as its unparalleled capability and resources to adapt IP into various entertainment formats is a significant competitive advantage that lies at the core of its business model. For more information, please visit http://ir.yuewen.com/.

Non-IFRS Financial Measures

To supplement the consolidated financial statements of the Company prepared in accordance with IFRS, certain non-IFRS financial measures, namely non-IFRS operating profit, non-IFRS operating margin, non-IFRS profit for the period, non-IFRS net margin, non-IFRS profit attributable to equity holders of the Company, non-IFRS basic EPS and non-IFRS diluted EPS as additional financial measures, have been presented in this press release for the convenience of readers. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of the Company’s financial performance prepared in accordance with IFRS. These non-IFRS financial measures may be defined differently from similar terms used by other companies. In addition, non-IFRS adjustments include relevant non-IFRS adjustments for the Company’s material associates based on available published financials of the relevant material associates, or estimates made by the Company’s management based on available information, certain expectations, assumptions and premises.

Our management believes that the presentation of these non-IFRS financial measures, when shown in conjunction with the corresponding IFRS measures, provides useful information to investors and management regarding the financial and business trends relating to the Company’s financial condition and results of operations. Our management also believes that the non-IFRS financial measures are useful in evaluating the Company’s operating performances. From time to time, there may be other items that the Company may include or exclude in reviewing its financial results.

Forward-Looking Statements

This press release contains forward-looking statements relating to the industry and business outlook, forecast business plans and growth strategies of the Company. These forward-looking statements are based on information currently available to the Company and are stated herein on the basis of the outlook at the time of this press release. They are based on certain expectations, assumptions and premises, some of which are subjective or beyond our control. These forward-looking statements may prove to be incorrect and may not be realized in future. Underlying the forward-looking statements is a large number of risks and uncertainties. Further information regarding these risks and uncertainties is included in our other public disclosure documents on our corporate website.

CHINA LITERATURE

CONSOLIDATED INCOME STATEMENT

Six months ended June 30,

2024

2023

(RMB in million, unless specified)

Revenues

Online business(1)

1,940.4

1,984.4

Intellectual property operations and others(2)

2,250.6

1,298.6

4,190.9

3,283.0

Cost of revenues

(2,107.7)

(1,678.3)

Gross profit

2,083.2

1,604.8

Gross margin

49.7 %

48.9 %

Interest income

90.6

80.1

Other (losses)/gains, net

(3.7)

5.8

Selling and marketing expenses

(1,158.9)

(822.1)

General and administrative expenses

(544.8)

(534.5)

Net provision for impairment losses on financial assets

(12.0)

(23.1)

Operating profit

454.4

310.9

Operating margin

10.8 %

9.5 %

Finance costs, net

(2.1)

(2.8)

Share of net profit of associates and joint ventures

150.6

117.5

Profit before income tax

603.0

425.6

Income tax expense

(99.1)

(49.6)

Profit for the period

503.9

376.0

Net margin

12.0 %

11.5 %

Profit attributable to:

Equity holders of the Company

504.3

376.7

Non-controlling interests

(0.4)

(0.7)

503.9

376.0

Earnings per share

(in RMB per share)

– Basic earnings per share

0.50

0.37

– Diluted earnings per share

0.49

0.37

Notes:

(1) Revenues from online business primarily reflect revenues from online paid reading, online advertising and distribution of third-party online games on our platform.

(2) Revenues from intellectual property operations and others primarily reflect revenues from production and distribution of TV, web and animated series, films, licensing
of copyrights, operation of self-operated online games, and sales of physical books.

CHINA LITERATURE

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Six months ended June 30,

2024

2023

(RMB in million)

Profit for the period

503.9

376.0

Other comprehensive income, net of tax:

Item that may be subsequently reclassified to profit or loss

Share of other comprehensive loss of associates

(0.2)

(4.9)

Currency translation differences

(19.0)

(48.5)

Item that will not be reclassified to profit or loss

Net gain/(loss) from change in fair value of financial
asset at fair value through other comprehensive
income

1.4

(4.1)

Share of other comprehensive income of an associate

–

3.1

Currency translation differences

47.9

125.6

30.2

71.3

Total comprehensive income for the period

534.1

447.2

Total comprehensive income attributable to:

Equity holders of the Company

534.5

447.9

Non-controlling interests

(0.4)

(0.7)

534.1

447.2

CHINA LITERATURE

SEGMENT INFORMATION

Six months ended June 30,

2024

2023

(RMB in million, except percentages)

Revenues

Online business

1,940.4

1,984.4

Intellectual property operations and others

2,250.6

1,298.6

Total revenues

4,190.9

3,283.0

Cost of revenues

Online business

(966.0)

(997.8)

Intellectual property operations and others

(1,141.8)

(680.5)

Total cost of revenues

(2,107.7)

(1,678.3)

Gross profit

Online business

974.4

986.6

Intellectual property operations and others

1,108.8

618.1

Total gross profit

2,083.2

1,604.8

Gross margin

Online business

50.2 %

49.7 %

Intellectual property operations and others

49.3 %

47.6 %

Total gross margin

49.7 %

48.9 %

CHINA LITERATURE

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of

June 30, 2024

December 31, 2023

(RMB in million)

ASSETS

Non-current assets

Property, plant and equipment

115.3

128.3

Right-of-use assets

177.4

207.7

Intangible assets

7,327.4

7,330.1

Investments in associates and joint ventures

1,064.2

924.7

Financial assets at fair value through profit or loss

853.2

856.0

Financial asset at fair value through other
comprehensive income

5.6

4.1

Deferred income tax assets

488.8

394.1

Prepayments, deposits and other assets

292.5

291.6

Term deposits

2,199.0

1,829.0

12,523.4

11,965.7

Current assets

Inventories

716.6

743.7

Television series and film rights

857.7

995.1

Financial assets at fair value through profit or loss

2,817.6

2,442.7

Trade and notes receivables

2,127.9

1,988.2

Prepayments, deposits and other assets

1,186.5

1,212.6

Term deposits

1,303.2

1,038.7

Cash and cash equivalents

2,898.3

2,801.8

11,907.8

11,222.8

Total assets

24,431.3

23,188.5

EQUITY

Capital and reserves attributable to the equity holders
of the Company

Share capital

0.7

Treasury shares

(16.5)

–

Shares held for RSU schemes

(16.6)

Share premium

16,374.7

16,312.6

Other reserves

1,831.2

2,173.3

Retained earnings

1,059.3

555.0

19,232.7

19,024.9

Non-controlling interests

(0.9)

(0.5)

Total equity

19,231.7

19,024.4

As of

June 30, 2024

December 31, 2023

(RMB in million)

LIABILITIES

Non-current liabilities

Lease liabilities

119.9

153.2

Long-term payables

8.1

1.2

Deferred income tax liabilities

132.1

134.5

Deferred revenue

23.1

24.2

Financial liabilities at fair value through profit or loss

–

247.8

283.2

560.9

Current liabilities

Borrowings

10.0

Lease liabilities

81.7

74.9

Trade payables

1,222.1

1,119.7

Other payables and accruals

1,935.3

997.7

Deferred revenue

1,144.5

879.3

Current income tax liabilities

237.4

266.4

Financial liabilities at fair value through profit or loss

285.2

255.1

4,916.3

3,603.1

Total liabilities

5,199.5

4,164.0

Total equity and liabilities

24,431.3

23,188.5

CHINA LITERATURE

RECONCILIATION OF OPERATING PROFIT TO EBITDA AND ADJUSTED EBITDA

Six months ended June 30,

2024

2023

(RMB in million)

Reconciliation of operating profit to EBITDA and
adjusted EBITDA:

Operating profit

454.4

310.9

Adjustments:

Interest income

(90.6)

(80.1)

Other losses/(gains), net

3.7

(5.8)

Depreciation of property, plant and equipment

17.8

17.0

Depreciation of right-of-use assets

36.2

38.4

Amortization of intangible assets

79.9

91.8

EBITDA

501.5

372.2

Adjustments:

Share-based compensation

55.4

70.9

Expenditure related to acquisition

30.7

28.2

Adjusted EBITDA

587.6

471.4

CHINA LITERATURE

RECONCILIATIONS OF IFRS TO NON-IFRS RESULTS

Six months ended June 30, 2024

Adjustments

As
reported

Share-based
compensation

Net losses from investments
and acquisitions(1)

Amortization of
intangible assets(2)

Tax effects

Non-IFRS

(RMB in million, unless specified)

Operating profit

454.4

55.4

104.7

9.5

–

624.2

Profit for the period

503.9

55.4

104.7

9.5

28.0

701.7

Profit attributable to equity
holders of the Company

504.3

55.4

104.7

9.5

28.0

702.1

EPS (RMB per share)

– basic

0.50

0.69

– diluted

0.49

0.69

Operating margin

10.8 %

14.9 %

Net margin

12.0 %

16.7 %

Six months ended June 30, 2023

Adjustments

As reported

Share-based
compensation

Net losses from investments
and acquisitions(1)

Amortization of
intangible assets(2)

Tax effects

Non-IFRS

(RMB in million, unless specified)

Operating profit

310.9

70.9

153.9

10.1

–

545.8

Profit for the period

376.0

70.9

147.2

10.1

(1.8)

602.4

Profit attributable to equity
holders of the Company

376.7

70.9

147.2

10.1

(1.8)

603.1

EPS (RMB per share)

– basic

0.37

0.60

– diluted

0.37

0.59

Operating margin

9.5 %

16.6 %

Net margin

11.5 %

18.3 %

Notes:

(1) This item mainly includes the disposal gain, impairment provision and fair value changes arising from our investee companies, the fair value changes of consideration
liabilities related to the acquisition of NCM, and the compensation costs for certain employees and former owners of NCM.

(2) Represents amortization of intangible assets and TV series and film rights resulting from acquisitions.

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SOURCE China Literature

Technology

LG INSTAVIEW™ REFRIGERATOR SURPASSES 5.3 MILLION IN GLOBAL SALES

Published

31 minutes ago

July 24, 2026

Chosen by Customers Worldwide, LG’s Instaview Refrigerator Innovation Continues to Redefine the Kitchen Experience a Decade After Its Debut

News Summary

LG Electronics’ InstaView™ refrigerator celebrates the 10th anniversary of its 2016 launch by exceeding 5.3 million units in cumulative global sales.LG’s iconic “Knock Twice, See Inside” feature broke convention, offering a blend of user convenience, energy efficiency, and aesthetic value that set a new industry standard.LG InstaView refrigerators continue to gain traction worldwide, leading the refrigerator category in North America while seeing significant growth across Europe, Asia and Latin America.Over the past decade, LG InstaView refrigerator has won numerous prestigious design and innovation awards, including Red Dot, iF, IDEA and CES.

SEOUL, South Korea, July 24, 2026 /PRNewswire/ — LG Electronics’ (LG) InstaView™ refrigerator, which allows users to see inside without opening the door, has reached a major milestone on its 10th anniversary, surpassing 5.3 million units in cumulative global sales since its 2016 launch.

Trusted by Consumers Around the World

Since launching the LG InstaView refrigerator in 2016, LG has sold a remarkable 5.3 million units – equivalent to selling roughly one unit every minute.

LG InstaView refrigerator has seen strong customer demand globally, with North America representing its strongest market and accounting for about 30 percent of cumulative sales to date. In Europe, InstaView refrigerator has also been well received by consumers who place high value on energy efficiency, sustainability and food preservation performance. Sales are also steadily rising in Asia and Latin America, driven by growing demand for premium appliances.

An Innovation That Redefined the Refrigerator

InstaView redefined how consumers interact with their refrigerators by allowing them to see inside without opening the door. This feature allows users to check the fridge’s contents without opening the door and helps reduce unnecessary cold-air loss associated with frequent door opening. Over the past decade, its innovation has been recognized by international media and honored with numerous accolades from major global design and innovation awards, including the Red Dot Design Award, iF Design Award, IDEA, and the CES Innovation Award.

From Functional Benefit to Lifestyle Value

LG’s analysis of global customer reviews shows that consumer appreciation for the InstaView refrigerator and its eponymous feature has evolved over time, shifting from an initial focus on the functional benefits to the overall sense of satisfaction that it provides. While early feedback centered on the convenience of knocking twice to see inside and the reduction of cold air loss, more recent reviews increasingly highlight InstaView’s refined design and the enjoyment it brings to everyday kitchen use.

“For a decade now, LG InstaView refrigerator has stood as a testament to our leadership in the home appliance market and to our deep understanding of customers’ lifestyles,” said Baek Seung-tae, president of the LG Home Appliance Solution Company. “This milestone reflects our success in creating not just an innovative feature, but a more convenient and enjoyable kitchen experience. Building on our advanced AI, refrigeration and food preservation technologies, we will continue to lead the evolution of the kitchen experience with customer-centric innovations.”

About LG Electronics Home Appliance Solution Company

The LG Home Appliance Solution Company (HS) is a global leader in home appliances and AI home solutions. By leveraging industry-leading core technologies, the HS Company is committed to enhancing consumers’ quality of life and promoting sustainability. The company develops thoughtfully designed kitchen and living appliance solutions and has recently integrated LG’s Robot Business Division to incorporate advanced robot technologies into its home solutions. Together, these products offer enhanced convenience, exceptional performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LG.com/global/newsroom/.

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SOURCE LG Electronics

Technology

Alpha Ladder Hosts Globalization Forum, Debuts Proprietary AI Platform AgentX

Published

31 minutes ago

July 24, 2026

HONG KONG, July 24, 2026 /PRNewswire/ — On 9 July, Alpha Ladder hosted a tech globalization forum at LEAP East 2026 in Hong Kong under the theme “Connecting Industrial Innovation, Unlocking New Global Growth Opportunities” — and used the occasion to officially unveil AgentX, its proprietary AI‑powered solution.

The session brought together more than a dozen distinguished speakers from sectors spanning artificial intelligence, embodied intelligence, biotechnology, fintech, enterprise services, and legal — all of whom shared first‑hand observations and practical experience navigating global expansion.

Paul Pang, Head of AI at Alpha Ladder, unveiled the Group’s new financial AI agent, AgentX, during the product launch. He observed that the rapid proliferation of AI agents has rendered traditional cross‑border financial delivery models ill‑suited to the evolving AI industry landscape. Conventional local plugin integrations carry significant risks, including code tampering, data leakage, and compromised asset security.

He also noted that expanding enterprises frequently face a persistent disconnect between their business tools and financial pipelines. Core operational systems — covering expense reimbursement, payroll, and account reconciliation — often operate in silos, isolated from cross‑border payment and treasury management frameworks. The resulting reliance on manual workflows leads to chronic inefficiency and inflated operating costs.

To tackle these industry pain points head‑on, Alpha Ladder introduced AgentX — a purpose‑built platform grounded in its proprietary AI‑native architecture. Powered by the Core Finance skill suite and the standardised MCP protocol, AgentX is compatible with all major large language models and enables AI agents to directly access Alpha Ladder’s full spectrum of cross‑border financial services.

The platform is further equipped with VisionX, an intelligent risk control engine that performs cross‑verification across multiple data sources to significantly sharpen the detection of on‑chain risks. A built‑in regulatory sandbox ensures full segregation of transactions and data within compliance boundaries, effectively closing critical security gaps that have long plagued the industry.

Beyond its core risk and compliance capabilities, AgentX offers extensive ecosystem adaptability, enabling rapid integration with vertical use cases such as travel reimbursement, global payroll, and asset management — creating a unified, closed‑loop framework that bridges business operations and finance. Through its open ecosystem model, AgentX empowers small and mid‑sized enterprises expanding globally by tearing down the silos between operational workflows and cross‑border financial services. In doing so, it delivers one‑stop, intelligent cross‑border financial services and drives comprehensive AI‑driven transformation across globalising industries.

Yao Yuan, Vice President of AgiBot for MENA, Turkey, and Asia Pacific, remarked that 2026 marks the year AgiBot transitions from R&D to commercial deployment. Having spent the previous three years honing its products and technology while consolidating its position in the domestic market, the company is now scaling up commercial operations and accelerating its global expansion.

He articulated three core pillars underpinning AgiBot’s global strategy. First, the company is moving to seize the critical window for mass industrial adoption as the embodied intelligence sector enters a new growth cycle. Second, humanoid robots are emerging as a key enabler of industrial upgrading and national digital transformation strategies across economies. Third, overseas deployment, data accumulation, and localized delivery are creating a valuable feedback loop — one that feeds back into domestic R&D and forms a closed loop connecting global technology development with commercial execution.

Luo Yi, General Manager of 51Aes South China (a subsidiary of 51World), shared that the company was officially listed on the Hong Kong Stock Exchange on 30 December 2025 under the ticker 6651.HK. Guided by its vision to digitally replicate the Earth’s 510 million square kilometres, 51World is committed to building a seamless bridge between the digital and physical worlds.

As the industry enters a new era of Physical AI, physically accurate digital simulation environments have become a fundamental prerequisite for large‑scale training of embodied intelligent systems. Leveraging three core pillars — global spatial foundation models, simulation training platforms, and synthetic data pipelines — the company has built a complete, closed-loop technology system. Its commercial portfolio comprises three flagship offerings: the 51Aes digital twin platform, the 51Sim synthetic data and simulation platform, and the 51Earth digital earth platform.

As the core engine powering Physical AI, 51Sim delivers high‑fidelity simulation training environments and robust synthetic data generation capabilities for embodied intelligence sectors including autonomous driving, smart equipment, and robotics. It enables efficient training and validation of AI systems within virtual environments and currently serves over 100 enterprise clients across autonomous mobility and embodied intelligence verticals. Looking ahead, the company will continue to deepen the integration of AI with the real economy, unlocking greater technological value and industrial impact across broader global markets.

Xu Leyang, Co‑founder of Seekee, observed that vast segments of the global population have yet to gain meaningful access to AI. With “everyday users” at the heart of its mission, Seekee is building accessible, consumer‑facing AI products tailored for the world’s two billion ordinary people.

The team has strategically focused on Latin America — an underserved blue‑ocean market largely overlooked by major tech players. Few leading global large language models have dedicated meaningful R&D or localisation efforts to Spanish and Portuguese, the region’s dominant languages. By capitalising on the region’s distinctive linguistic landscape, local user behaviour patterns, and a proprietary repository of region‑specific language data amassed over time, Seekee has built a competitive moat that is difficult to replicate.

According to Sensor Tower, a mobile analytics platform, Seekee ranked eighth globally in the 2025 generative AI app download charts. Within Latin America, its brand recognition is on par with ChatGPT. Launched just over a year ago, the platform has already amassed tens of millions of monthly active users and demonstrated strong user retention.

Wu Xin, Partner and Global Head of AI Applications at BorderX Lab, delivered a presentation themed “Power of Agent Plus.” Drawing on real‑world deployments within the fashion and luxury sectors, he explained that AI agents are fundamentally reshaping traditional cross‑border industries and unlocking significant efficiency gains across the entire value chain.

E‑commerce, he noted, is undergoing a paradigm shift. Competition has moved beyond capturing user attention to precisely identifying consumer intent, with AI agents emerging as a critical instrument for surfacing latent global consumption demand. Powered by proprietary technology and data infrastructure, BorderX Lab has built a global consumer network that is helping redefine how Chinese cross‑border consumer tech reaches the world.

He further observed that agent‑enabled payments will form the bedrock of agent‑driven e‑commerce, and expressed optimism about jointly exploring blue‑ocean opportunities with Alpha Ladder.

Yang Mingyuan, Senior Investment & Financing Manager at QCraft, observed that among the broader Physical AI landscape, autonomous driving stands out as the first segment to achieve mass production at scale, sustainable commercial profitability, and rapid real‑world deployment.

The company’s core competitive advantage lies in its unified, self‑developed technical foundation — one that underpins both its L2+ advanced driver assistance systems and its multi‑scenario L4 autonomous driving capabilities. This homologous architecture also serves as a strategic springboard for QCraft’s broader push into general Physical AI. Its fully in‑house toolchain and data platform form a formidable competitive moat, while the company’s “Autonomous Driving Super Factory” system standardises the entire model training and simulation testing lifecycle — covering the full data pipeline to enable continuous, high‑velocity iteration and optimisation of its algorithm models.

He Liang, Chief Financial Officer of Yidianyun, shared that the company — a leading domestic provider of office IT infrastructure — is now pivoting to become an office AI infrastructure enabler. Its mission is to lower the barrier to AI compute access for enterprises through remanufacturing technology and subscription‑based models.

Yidianyun has built a four‑tier business framework that underpins its cost and service advantages, with a strategic focus on edge‑side AI hardware across AI PCs, AI workstations, and AI servers. He noted that direct procurement of AI hardware entails substantial one‑off capital expenditure for small and medium‑sized enterprises. Subscription models, by contrast, significantly ease funding pressure and hedge against upfront investment risk — a key factor driving the rapid growth of its proprietary AI workstation business.

For overseas expansion, Yidianyun plans to launch pilot cross‑border operations from Hong Kong as its initial hub, with the potential to extend its reach to additional international markets in due course.

Liu Chenxin, Assistant to the Director of the National Institute of Biological Sciences, Beijing (NIBS), shared insights at the forum. With a strong track record in research commercialisation, NIBS has incubated a number of benchmark biopharma companies including Huahui Anjian, Vitaraylon, and Denovo Biotech. Drawing on years of translational experience, the institute has comprehensively upgraded its established commercialisation framework and officially launched BISON — a new innovation incubation hub designed to tackle the persistent high‑risk challenges inherent in biopharmaceutical investment through a unique translational model and commercial logic.

Unlike conventional technology‑driven incubation models, BISON places market demand at the core of its approach. It partners with leading tertiary hospitals to identify clinical pain points at the front end, while aligning with pharmaceutical companies at the back end to reverse‑engineer original drug pipelines based on industry needs. Looking ahead, BISON will continue to leverage its deep foundation in original research to incubate high‑value biopharmaceutical innovations, helping domestically developed first‑in‑class drugs reach global markets and supporting the international expansion of China’s biotech industry.

Lei Zhicheng, Deputy General Manager of Mango Finance Limited, observed that the institutional advantages of Hong Kong’s capital market, combined with deepening economic and trade ties with the Middle East, have opened up new channels for Chinese tech innovators to access global capital. Closely aligned with policy directions and enterprises’ internationalisation ambitions, Mango Finance is focused on listing incubation and cross‑border expansion services, fostering service synergies through close collaboration with a diverse network of professional partners.

As an established securities firm, the company is steadily expanding its digital finance footprint in step with regulatory developments. Lei expressed keen interest in establishing system‑level connectivity with Alpha Ladder, and leveraging AI and cutting‑edge digital technologies to accelerate the digital transformation and upgrade of traditional securities operations.

Kevin Chen, CEO of Boost Bank and Founder of Aicapay, observed that as the Belt and Road Initiative continues to gain momentum, emerging markets across Africa, the Middle East, and Latin America are undergoing rapid economic and industrial transformation. Combined with surging outbound investment and cross‑border trade from China, the cross‑border finance sector in these markets presents enormous growth potential.

Boost Bank specialises in building localised compliance frameworks. Backed by multi‑jurisdictional licences, on‑the‑ground risk control teams, and deep‑rooted local financial resources, the company has established a fully integrated, end‑to‑end cross‑border capital loop — delivering tailored, client‑specific solutions for enterprises expanding globally. Chen underscored the strong strategic complementarity between the two firms and signalled Boost Bank’s intent to join forces with Alpha Ladder in building a fintech service ecosystem that empowers Chinese companies to seize opportunities in emerging markets worldwide.

Yin Li, Partner at Shanghai Landi Law Firm, shared that the firm established its first overseas offices a decade ago, making it one of China’s early legal practices to focus on cross‑border corporate services. It provides Chinese enterprises with full‑spectrum legal support spanning overseas investment filing, intellectual property protection, and cross‑border capital repatriation.

Against a backdrop where overseas expansion has evolved from conventional trade to high‑value industrial globalisation — marked by the coordinated export of technology, production capacity, and capital — and given the strong alignment between Middle Eastern development agendas and the Belt and Road Initiative, Chinese enterprises pursuing comprehensive deployment in the region have generated robust demand for localised legal services. This, he noted, is the key driver behind the firm’s intensified focus on the Middle East market.

Yin emphasised that proactive compliance is the core moat for enterprises going global. Businesses must conduct thorough assessments of local regulatory and legal frameworks before entering overseas markets. Leveraging its “on‑the‑ground global presence” model — with coordinated teams across China and multiple international jurisdictions — the firm conducts advance due diligence to identify and mitigate legal risks inherent in cross‑border operations.

About Alpha Ladder:

Alpha Ladder is a Singapore-regulated fintech group focused on developing a world-leading, one-stop, fully compliant financial infrastructure — delivering secure, efficient cross-border financial solutions for enterprises going global. The Group holds core licences issued by the Monetary Authority of Singapore (MAS), covering securities, futures, fund management, custody, RWA asset exchange, and Major Payment Institution (MPI). We also maintain regulatory approvals in Canada, and are actively expanding our footprint across key global financial hubs including Switzerland, Dubai, and Hong Kong, building a globally compliant regulatory network. By leveraging AI to reshape compliance, risk management, and treasury operations, Alpha Ladder empowers enterprises to reduce costs, enhance efficiency, and achieve sustainable global growth.

For more information, please visit our official website: www.alphaladder.hk

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SOURCE Alpha Ladder

Technology

UOB Asset Management Highlights Global Resilience Despite Heightened Uncertainty

Published

32 minutes ago

July 24, 2026

SINGAPORE, July 24, 2026 /PRNewswire/ — UOB Asset Management (UOBAM) has released its 3Q 2026 Quarterly Investment Strategy, highlighting the global economy’s resilience in the face of persistent headwinds, including inflation, tariffs, geopolitical tensions and energy market volatility.

Despite repeated challenges over the past 18 months, economic activity has remained robust. Corporate earnings have held up across major regions, labour markets have remained resilient, and continued investment in artificial intelligence (AI) infrastructure is providing a powerful tailwind for growth.

While uncertainty remains elevated, the global economy’s resilience has reinforced confidence that the current expansion remains durable, even as risks continue to evolve.

On interest rates, UOBAM’s base case is that the US Federal Reserve is more likely to remain on an extended pause than embark on a new rate-hiking cycle. Although inflation remains sticky and recent geopolitical developments have raised upside risks, the firm continues to see evidence of moderating underlying inflation pressures, particularly in housing and wages.

Within equities, UOBAM remains positive on Asia and has upgraded Onshore China to overweight from underweight. Despite strong market gains, Asia continues to trade at a valuation discount to global equities, even as earnings growth has accelerated. UOBAM believes this combination of strong earnings momentum and attractive valuations presents a compelling opportunity for investors. In China, improving industrial profits and continued growth in higher-value sectors have strengthened the investment case for selected areas of the market, particularly those linked to AI, semiconductors, energy infrastructure and advanced manufacturing.

Anthony Raza, Head of UOBAM Multi-Asset Strategy, said, “The key story for investors is that the global economy has repeatedly withstood shocks without derailing growth. Despite a more uncertain backdrop, we continue to see attractive opportunities in Asia, where strong earnings growth is supported by compelling valuations, and we maintain gold as a preferred allocation as investors navigate an increasingly complex environment.”

In its asset allocation strategy, UOBAM remains overweight equities, diversified across fixed income and underweight cash. The firm continues to favour the United States and Asia within equities, while retaining a positive outlook on gold. Supported by strong central bank demand and its role as a safe-haven asset during periods of uncertainty, gold remains an important source of portfolio diversification.

For deeper insights across equities, fixed income, currencies and commodities, read the full 3Q 2026 Investment Strategy: https://uobam.com.sg/qis3q26

About UOB Asset Management

UOB Asset Management Ltd (UOBAM) is a wholly-owned subsidiary of United Overseas Bank Limited. Established in 1986, UOBAM has 40 years of experience in managing collective investment schemes and discretionary funds in Singapore, making us among the largest unit trust managers by assets under management. As of 30 June 2026, we manage 63 unit trusts in Singapore and together with our subsidiaries, oversee S$44.3 billion in clients’ assets.

Headquartered in Singapore, UOBAM has a strong presence across Asia, with business and investment offices in Brunei, Indonesia, Japan, Malaysia, Thailand and Vietnam. Our network includes UOB Islamic Asset Management Sdn Bhd in Malaysia, a joint venture with Ping An Fund Management Company Limited (China) and strategic alliances with partners such as Wellington Management Singapore.

UOBAM is one of the region’s most awarded asset managers, with over 380 awards won. In 2025, we were recognised as the Best Regional Asset Management Company by the Asia Asset Management and previously named Best Asset Management House in Asia – 20 Years in 2023. Our digital innovation has also earned top honours, including Best Digital Wealth Management in Asia[1] and Best Robo Advisory Initiative[2] for four consecutive years as of 2025.

As a leader in sustainable investing, UOBAM was awarded Best application of ESG in ASEAN[3] (2023) and has received multiple sustainability accolades in Indonesia and Thailand. Our artificial intelligence capabilities were also recognised with the Most Innovative Application of Artificial Intelligence (ASEAN) for three consecutive years[4].

Connect with us: LinkedIn | Facebook

[1] Awarded by Asia Asset Management

[2] Awarded by The Digital Banker for the Global Retail Banking Innovations Award

[3] Awarded by Asia Asset Management

[4] As of 2026, by Asia Asset Management

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SOURCE UOB Asset Management