二零二四年年度報告 2024 ANNUAL REPORT 檸萌影視傳媒有限公司 Linmon Media Limited Contents 目錄 | 2 | Corporate Profile | 公司簡介 | | --- | --- | --- | | 3 | Corporate Information | 公司資料 | | 7 | Financial Highlights | 財務摘要 | | 8 | Chairman's Statement | 主席報告 | | 12 | Management Discussion and Analysis | 管理層討論及分析 | | 28 | Directors and Senior Management | 董事及高級管理層 | | 37 | Directors' Report | 董事會報告 | | 95 | Corporate Governance Report | 企業管治報告 | | 129 | Independent Auditor's Report | 獨立核數師報告 | | 136 | Consolidated Statement of Profit ...

在近期的香港国际影展上，柠萌影视对外介绍了公司的八部新剧：古装剧集《子夜归》《书卷一梦》《月明千里》《一念江南》，现代言情剧《轧戏》 《今天是太阳雨》《没有人像你》，由番茄小说热门IP改编的《十日终焉》。 但一年前柠萌影视在片单中提及的《三十而已2》《问心2》以及"小系列"第五部《小三居》等，多部柠萌影视在现实题材领域代表性IP的续集，却并未出 现在此次柠萌新剧发布会上。 在这背后，是2024年柠萌影视营业收入由上年同期的12.22亿元锐减至6.57亿元，净利润从2.14亿元下滑到亏损1.84亿元的低迷经营状况。视频平台集体进 入降本增效常态化阶段后，版权剧利润空间持续被压缩，这对主要依赖版权剧创收的柠萌影视所产生的影响，已经清晰反映在了财报中。 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 人民幣千元 | | | 除税前(虧損)/利潤 | (213,417) | 285.498 | | 所得税抵免/(開支) | 23,364 | (71,870) | | 年內(虧損)／利潤及全面(開支)／收入總額 | (190,0 ...

出品：新浪财经上市公司研究院 2022年8月，柠萌影视在港交所主板首发上市，成功登陆资本市场，摩根士丹利、中金公司担任联席全球协调人、联席账簿管理人及联 席牵头经办人。 作者：君 3月25日晚，柠萌影视披露2024年度业绩公告，交出上市以来最差成绩单。财务数据显示，公司2024年实现营业收入6.57亿元，上年同 期为12.22亿元，同比近乎腰斩；录得净亏损1.89亿元，上年同期为盈利2.14亿元，同比由盈转亏，降幅高达188.54%。 业绩"变脸"背后，柠萌影视长剧精品化战略受挫，2024年仅3部新剧播出，剧集数远低于行业头部公司；同时，公司重磅加码短剧赛 道，"爆款之年"规模增长但盈利未现，成为利润黑洞。 上市3年，柠萌影视已累计亏损7亿，股价紧跟着跌跌不休，市值较历史高点蒸发九成，逾百亿元。 长剧口碑崩盘 营收腰斩 公司官网显示，柠萌影视是一家基于深厚的版权IP储备，专注创作优质剧集的中国顶级内容生产公司。自2014年于上海成立以来，致力 于进行剧集的投资、制作、发行、宣传、衍生授权等全产业链运营。 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Linmon Media Limited 檸萌影視傳媒有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 獲 豁 免 有 限 公 司 ） （股份代號：9857） 截至2024年12月31日止之年度業績公告 檸萌影視傳媒有限公司（「本公司」，連同其附屬公司（包括本公司之併表聯屬實體），統稱 「本集團」）董事（「董事」）會（「董事會」）謹此宣佈本集團截至2024年12月31日止年度（「報告 期」）之經審核綜合年度業績，連同截至2023年同期的比較數字如下： 財務表現摘要 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 657,008 | 1,221,752 | | 銷售成本 | (548,485) | (740,154) | | 毛利 | 108,523 | 481,598 | | ...

LINMON 檸萌影視傳媒有限公司 Linmon Media Limited (於開曼群島註冊成立的有限公司) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code : 9857 2024 中期報告 INTERIM REPORT LINMON Contents 目錄 未經審核中期簡明綜合損益 及其他全面收益表 2 Corporate Profile 公司簡介 3 Corporate Information 公司資料 7 Financial Highlights 財務摘要 8 Management Discussion and Analysis 管理層討論及分析 20 Corporate Governance and Other Information 企業管治及其他資料 37 Unaudited Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 38 Unaudited Interim ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's performance is under short-term pressure due to platform scheduling, with a significant year-over-year revenue decline of 54.4% in 2024H1, resulting in revenue of 193 million yuan and an adjusted net loss of 49.41 million yuan [4][6]. - Despite the short-term challenges, the company is focusing on developing high-quality series and has seen rapid growth in its overseas business, with overseas revenue reaching 13.36 million yuan, a year-over-year increase of 92.5% [3][4]. - The company is actively expanding its short drama production capabilities, both domestically and internationally, with over 2000 minutes of short dramas launched in 2024H1 [4][6]. Summary by Sections Performance Overview - In 2024H1, the company aired one 36-episode series compared to one 38-episode series in 2023H1, impacting revenue recognition [4]. - The gross margin for 2024H1 was 22.4%, a decrease of 27.3 percentage points year-over-year, while the adjusted net margin was -25.7% [4][6]. Business Development - The company has launched new projects, including three new licensed drama projects, and has a strong pipeline with several projects completed or in production [3][4]. - The company has signed business cooperation agreements exceeding 60 million yuan in 2024H1, with multiple brand contracts exceeding 10 million yuan [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 911.8 million yuan, 1.482 billion yuan, and 1.961 billion yuan, respectively, with corresponding net profits of 126.15 million yuan, 216.86 million yuan, and 274.14 million yuan [7][8]. - The report anticipates a recovery in revenue growth starting in 2025, with a projected growth rate of 62.54% for that year [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Linmon Media Limited 檸萌影視傳媒有限公司 （於開曼群島註冊成立的獲豁免有限公司） （股份代號：9857） 截至2024年6月30日止六個月之中期業績公告 檸萌影視傳媒有限公司（「本公司」，連同其附屬公司（包括本公司之併表聯屬實體），統稱 「本集團」）董事（「董事」）會（「董事會」）謹此宣佈本集團截至2024年6月30日止六個月（「報 告期」）之未經審核簡明綜合中期業績，連同截至2023年同期的比較數字如下︰ 財務表現摘要 截至2024年6月30日止六個月 | --- | --- | |--------------|--------------| | | | | 2024 年 | 2023 年 | | （未經審核） | （未經審核） | | 人民幣千元 | 人民幣千元 | | 192,529 | 422,142 | | (149,492) | (212,257) | | 43,037 ...

Investment Rating - The report gives a "Buy" rating for Lemon Media with a target price of HKD 4.71 [2] Core Views - Lemon Media is a leading producer of high-quality TV series, with a strong track record of producing top-tier content since its establishment in 2014 [2] - The company has diversified revenue streams, including licensing, content marketing, and IP derivatives, with 21 out of 23 series produced being copyright series [2] - Lemon Media is expanding its production capacity for high-quality series and is actively developing short-form content as a second growth curve [2] - The company has a strong presence in overseas markets, with 70%+ of its 2024 series planned for international distribution [2] Long-Form Series - Lemon Media has produced 23 long-form series by 1H24, with 21 being copyright series, and has maintained a stable output of 3-4 series annually over the past five years [2] - The company aims to increase its annual production from 200 episodes to 200 series over the next three years, focusing on high-quality content [2] - In 1H24, the company faced a net loss of RMB 50-55 million due to delayed series releases, but it expects to release 120 episodes in 2024, including "Half-Cooked Men and Women," "Midnight Return," and "Hunting Crime 2" in 2H24 [2] - Overseas revenue grew by 89.1% in 2023, driven by successful international releases like "A Journey to Love," and the company plans to continue expanding its overseas distribution [2] Short-Form Series - Lemon Media is focusing on short-form content as a second growth curve, leveraging its expertise in long-form series and partnerships with platforms and brands [2] - In 2023, the company saw a 12.4x increase in short-form revenue, driven by hits like "Twenty-Nine," and expects further growth in 2024 [2] - The company is positioning itself to produce high-quality short-form content, which is expected to be more profitable compared to short-form series reliant on advertising [2] Financial Projections - The report forecasts Lemon Media's net profit for 2024-2026 to be RMB 170 million, RMB 240 million, and RMB 300 million, respectively, with a PE ratio of 8.2x, 5.9x, and 4.6x [2] - Revenue is expected to grow from RMB 1.5 billion in 2024 to RMB 2.3 billion in 2026, driven by both long-form and short-form content [4] - The company's overseas and short-form businesses are expected to maintain high growth rates, contributing significantly to overall revenue [2] Industry Analysis - The long-form series industry is in a period of stock competition, with platforms focusing on cost control and high-quality content [24] - The short-form series market has seen explosive growth, with the market size increasing from RMB 940 million in 2020 to RMB 37.39 billion in 2023, but growth is expected to slow as the market matures [41] - Regulatory normalization and the trend towards high-quality content are expected to drive the short-form series market towards more premium productions [44]

2023年，在疫情逐漸褪去、行業進一步深化 降本增效的大背景下，一方面，行業供給側改 革持續推進，進一步推動專注精品化內容的打 造；另一方面，部分視頻平台保持盈利，頭部 優質內容對視頻平台的貢獻越發明顯，長、短 視頻之間由競爭關係演變為競合關係。同時， 短劇火熱、AI等新技術的應用，也為行業發展 帶來了新的機遇和挑戰。 Linmon Media Limited 檸萌影視傳媒有限公司 Annual Report 2023 二零二三年年度報告 長劇集版權劇業務 海外短劇方面，2023年本集團打造自身的海 外短劇平台，利用海外本土化資源，結合AI技 術應用，初步構建海外短劇製作發行體系，已 完成3部海外短劇的製作，截至本年報日期2部 已上線。 10 Linmon Media Limited 檸萌影視傳媒有限公司 Annual Report 2023 二零二三年年度報告 In 2023, the Group accelerated the multi-form development of the overseas business, and established its overseas business pla ...

2024 年 4 月 1 日 公司研究 评级：买入(首次覆盖) 【国海证券投资评级标准】 行业投资评级 推荐：行业基本面向好，行业指数领先沪深 300 指数； 中性：行业基本面稳定，行业指数跟随沪深 300 指数； 回避：行业基本面向淡，行业指数落后沪深 300 指数。 股票投资评级 买入：相对沪深 300 指数涨幅 20%以上； 增持：相对沪深 300 指数涨幅介于 10%～20%之间； 中性：相对沪深 300 指数涨幅介于-10%～10%之间； 卖出：相对沪深 300 指数跌幅 10%以上。 【免责声明】 本报告的风险等级定级为 R4，仅供符合国海证券股份有限公司（简称"本公司"）投资者适当性管理要求的客 户（简称"客户"）使用。本公司不会因接收人收到本报告而视其为客户。客户及/或投资者应当认识到有关本 报告的短信提示、电话推荐等只是研究观点的简要沟通，需以本公司的完整报告为准，本公司接受客户的后续 问询。 本公司具有中国证监会许可的证券投资咨询业务资格。本报告中的信息均来源于公开资料及合法获得的相关内 部外部报告资料，本公司对这些信息的准确性及完整性不作任何保证，不保证其中的信息已做最新变更，也不 保证 ...