Xinshi Culture (01740) announced the results for the year ended December 31, 2023. The group reaped benefits, people...
According to the Zhitong Finance App, Xinshi Culture (01740) announced the results for the year ended December 31, 2023. The group obtained revenue of RMB 61.914 million (same unit), an increase of 1438% over the previous year; losses due to the owner of the parent company were 994.44 million yuan, a decrease of 29.72% over the previous year; and a loss of 9.58 points per share.
According to the announcement, the sharp increase in revenue was mainly due to the Group's successful broadcast of various TV series and web series as an executive producer and non-executive producer during the reporting period. Despite this, the Group made net losses during the reporting period, mainly due to fluctuations in the Chinese market and economy, which led to a sharp reduction in TV series license fees provided by TV stations during the reporting period compared to previous years. As a result, the Group believes that the net realizable value of inventory will be reduced accordingly, so the Group has deducted inventory to net realizable value. As a result, costs have increased during the reporting period and resulted in net losses. Despite market and economic fluctuations, the Group is committed to increasing earnings and reducing net losses during the reporting period compared to the same period last year.