Maoyan Entertainment (1896) H2 2024 earnings summary

Executive summary

• Revenue for FY2024 was RMB4,082.2 million, reflecting a 14.2% year-over-year decline, with continued revenue structure optimization and consistent profitability.

• Adjusted net profit reached RMB309.6 million, maintaining a profitable track record despite a 69.9% year-over-year decrease.

• Entertainment content services generated RMB1,960 million in revenue, with strong performance in movie distribution and production, despite market challenges.

• Live entertainment business saw concert GMV grow about 90% year-over-year, achieving record highs in both total revenue and GMV.

• The Board recommended a final dividend of HK$0.32 per share and announced a new dividend policy targeting at least 20% payout of attributable profit for 2025–2027.

Financial highlights

• Revenue for FY2024 was RMB4,082.2 million, with entertainment content services contributing 48% and online ticketing 47.1%.

• Gross profit was RMB1,625.0 million, with gross margin at 39.8%, down from 50.1% in 2023.

• Adjusted EBITDA was RMB361.6 million, and adjusted net profit was RMB309.6 million.

• Net margin for 2024 was 4.5%, with S&M expenses as a percentage of revenue at 17.7%.

• Basic and diluted EPS were RMB0.16, down from RMB0.79 in 2023.

Outlook and guidance

• Multiple lead-distributed and self-produced movies are scheduled for release in 2025, indicating a robust content pipeline.

• Strategic focus remains on technology-driven pan-entertainment, with ongoing investment in AI and licensed product initiatives.

• Plans to expand commercial cooperation and market presence in Hong Kong, Macau, Southeast Asia, the Middle East, Latin America, and other international markets.