G.H.Y Culture & Media Holding Co (XJB) H1 2025 earnings summary

Executive summary

• 6M2025 revenue rose 23.9% YoY to RMB179.8m; gross profit increased 50.4% to RMB42.4m.

• Loss before tax narrowed to RMB4.0m from RMB102.4m; net loss was RMB5.2m versus RMB100.2m.

• TV and film production drove growth as concert production revenue fell sharply.

Financial highlights

• Revenue increased from RMB145.1m in 6M2024; gross profit rose from RMB28.2m.

• Gross margin improved to 23.6% from 19.4%.

• Excluding the RMB9.8m FX loss, profit before tax would have been RMB5.8m.

• Other income was RMB10.4m, mainly reflecting higher government grants; administrative expenses fell 23% to RMB25.5m.

• Other expenses included mainly unrealised FX losses; 6M2024 included a one-time RMB86.1m soccer tournament cancellation loss.

Outlook and guidance

• Plans include building a long-form drama and film pipeline, developing short-form content, and collaborating with streaming platforms, online video platforms and TV networks.

• IP monetisation priorities include musical plays, e-commerce marketing, education services, micro dramas, immersive games and augmented reality.

• Concert production opportunities will be pursued as they arise; securing artiste production rights is not assured.

• Priorities include cost efficiency with AI tools, synergies with Orita Sinclair, new revenue sources and stronger cost management.