ALIPICTURES：202021INTERIMREPORT.pdf

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1、Alibaba Pictures Group Limited阿里巴巴影業集團有限公司INTERIM REPORTStock Code：1060This Interim Report is printed on environmentally friendly paper012020/21中期報告INTERIM REPORTBOARD OF DIRECTORSExecutive DirectorsMr.Fan Luyuan(Chairman&Chief Executive Officer)Mr.Li Jie(President)Mr.Meng Jun(Chief Financial Office

2、r)Non-Executive DirectorMr.Xu HongIndependent Non-Executive DirectorsMs.Song LixinMr.Tong Xiaomeng Mr.Johnny ChenEXECUTIVE COMMITTEEMr.Fan Luyuan(Committee Chairman)Mr.Li JieMr.Meng JunREMUNERATION COMMITTEEMr.Tong Xiaomeng(Committee Chairman)Mr.Fan Luyuan Ms.Song LixinAUDIT COMMITTEEMr.Johnny Chen(

3、Committee Chairman)Ms.Song LixinMr.Tong XiaomengNOMINATION COMMITTEEMr.Fan Luyuan(Committee Chairman)Mr.Tong Xiaomeng Mr.Johnny ChenCOMPANY SECRETARYMs.Lew Aishan NicoleSOLICITORMayer BrownAUDITORPricewaterhouseCoopersRegistered Public Interest Entity AuditorWEBSITEPRINCIPAL BANKERSChina CITIC Bank

4、International LimitedChina Merchants Bank Co.,Ltd.Bank of Communications Co.,Ltd.The Hongkong and Shanghai Banking Corporation LimitedCitibank(China)Co.,Ltd.East West BankJPMorgan Chase Bank,N.A.REGISTERED OFFICEClarendon House,2 Church Street,Hamilton HM 11,BermudaHEAD OFFICE AND PRINCIPAL PLACE OF

5、 BUSINESS IN HONG KONG26/F Tower One,Times Square,1 Matheson Street,Causeway Bay,Hong KongTelephone:(852)2215 5428Facsimile:(852)2215 5200BEIJING OFFICEBlock B,Wangjing,Ali Center,Building 4,Zone 4,Wangjing East Park,Chaoyang District,Beijing,ChinaPostal Code:100020Telephone:(86)10 5885 1881Facsimil

6、e:(86)10 5697 2838PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICEMUFG Fund Services(Bermuda)Limited4th Floor North Cedar House,41 Cedar Avenue,Hamilton HM 12,BermudaHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICETricor Secretaries LimitedLevel 54,Hopewell Centre,183 Queens Road East,Hong KongSTOC

7、K CODEStock Code on The Stock Exchange of Hong Kong Limited:1060CORPORATE INFORMATION022020/21中期報告INTERIM REPORTReport on Review of Interim Financial InformationTo the Board of Directors of Alibaba Pictures Group Limited(incorporated in Bermuda with limited liability)IntroductionWe have reviewed the

8、 interim financial information set out on pages 3 to 35,which comprises the interim condensed consolidated balance sheet of Alibaba Pictures Group Limited(the“Company”)and its subsidiaries(together,the“Group”)as at September 30,2020 and the interim condensed consolidated statement of profit or loss,

9、the interim condensed consolidated statement of comprehensive income,the interim condensed consolidated statement of changes in equity and the interim condensed consolidated statement of cash flows for the six-month period then ended,and a summary of significant accounting policies and other explana

10、tory notes.The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34“Interim Financial Reporting”issued by

11、 the Hong Kong Institute of Certified Public Accountants.The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with Hong Kong Accounting Standard 34“Interim Financial Reporting”.Our responsibility is to express a conclus

12、ion on this interim financial information based on our review and to report our conclusion solely to you,as a body,in accordance with our agreed terms of engagement and for no other purpose.We do not assume responsibility towards or accept liability to any other person for the contents of this repor

13、t.Scope of ReviewWe conducted our review in accordance with Hong Kong Standard on Review Engagements 2410,“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”issued by the Hong Kong Institute of Certified Public Accountants.A review of interim financial inform

14、ation consists of making inquiries,primarily of persons responsible for financial and accounting matters,and applying analytical and other review procedures.A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not en

15、able us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.Accordingly,we do not express an audit opinion.ConclusionBased on our review,nothing has come to our attention that causes us to believe that the interim financial information of th

16、e Group is not prepared,in all material respects,in accordance with Hong Kong Accounting Standard 34“Interim Financial Reporting”.PricewaterhouseCoopersCertified Public AccountantsHong Kong,November 19,2020032020/21中期報告INTERIM REPORTINTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the s

17、ix months ended September 30,20202019(Unaudited)(Unaudited)NoteRMB000RMB000Revenue5926,6691,501,302Cost of sales and services(575,999)(602,878)Gross profit350,670898,424Selling and marketing expenses(69,130)(658,253)Administrative expenses(415,209)(474,976)Impairment losses on financial assets,net(8

18、0,079)(119,930)Other income625,12844,780Other losses,net7(7,607)(25,901)Operating loss(196,227)(335,856)Finance income850,184115,898Finance expenses8(10,197)(21,204)Finance income,net39,98794,694Share of losses of investments accounted for using the equity method11(8,609)(49,343)Impairment of invest

19、ments accounted for using the equity method11(5,254)(105,000)Loss before income tax(170,103)(395,505)Income tax credit/(expense)9353(792)Loss for the period(169,750)(396,297)Attributable to:Owners of the Company(162,089)(390,360)Non-controlling interests(7,661)(5,937)Loss per share attributable to o

20、wners of the Company for the period(expressed in RMB cents per share)10 Basic(0.61)(1.48)Diluted(0.61)(1.48)The above interim condensed consolidated statement of profit or loss should be read in conjunction with the accompanying notes.042020/21中期報告INTERIM REPORTINTERIM CONDENSED CONSOLIDATED STATEME

21、NT OF COMPREHENSIVE INCOMEFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Loss for the period(169,750)(396,297)Other comprehensive income:Items that may be reclassified to profit or lossCurrency translation differences(90,618)71,468Other comprehensive(loss)/income for

22、 the period,net of tax(90,618)71,468Total comprehensive loss for the period(260,368)(324,829)Attributable to:Owners of the Company(258,132)(321,797)Non-controlling interests(2,236)(3,032)Total comprehensive loss for the period(260,368)(324,829)The above interim condensed consolidated statement of co

23、mprehensive income should be read in conjunction with the accompanying notes.052020/21中期報告INTERIM REPORTINTERIM CONDENSED CONSOLIDATED BALANCE SHEETAs at September 30,As at March 31,20202020(Unaudited)(Audited)NoteRMB000RMB000AssetsNon-current assetsProperty,plant and equipment1260,78273,575Investme

24、nt property1223,143Goodwill123,551,1163,551,116Intangible assets12133,204141,090Right-of-use assets12267,624282,261Deferred income tax assets13,39613,054Investments accounted for using the equity method112,176,5102,205,079Film and TV rights and investments223,890226,666Financial assets at fair value

25、 through profit or loss4923,646860,883Trade and other receivables,and prepayments13801,397802,5938,174,7088,156,317Current assetsFilm and TV rights and investments1,498,4291,593,065Trade and other receivables,and prepayments131,723,6441,661,367Current income tax recoverable5982,295Financial assets a

26、t fair value through profit or loss4170,700250,750Cash and cash equivalents3,451,7604,004,528Bank deposits with the maturity over three months204,342159,496Restricted cash19,68120,0617,069,1547,691,562Total assets15,243,86215,847,879Equity and liabilitiesEquity attributable to owners of the CompanyS

27、hare capital145,423,9275,421,652Reserves8,295,7008,476,72413,719,62713,898,376Non-controlling interests73,69378,094Total equity13,793,32013,976,470062020/21中期報告INTERIM REPORTAs at September 30,As at March 31,20202020(Unaudited)(Audited)NoteRMB000RMB000LiabilitiesNon-current liabilitiesBorrowings1622

28、,500384,435Deferred income tax liabilities68,50870,216Lease liabilities258,745272,176Trade and other payables,and accrued charges173,0003,000352,753729,827Current liabilitiesBorrowings1612,50010,000Trade and other payables,and accrued charges17925,941963,769Contract liabilities107,723131,939Lease li

29、abilities51,62535,8741,097,7891,141,582Total liabilities1,450,5421,871,409Total equity and liabilities15,243,86215,847,879The above interim condensed consolidated balance sheet should be read in conjunction with the accompanying notes.INTERIM CONDENSED CONSOLIDATED BALANCE SHEET(Continued)072020/21中

30、期報告INTERIM REPORTINTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYAttributable to owners of the CompanySharecapitalSharepremiumShares heldfor shareawardschemeOtherreserveShareholderscontributionreserveTranslationreserveShare-basedcompensationreserveAccumulatedlossesTotalNon-controllingin

31、terestsTotalNoteRMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000For the six months ended September 30,2020(Unaudited)At April 1,20205,421,65213,358,534(358,708)(1,071,288)48,527(7,727)285,292(3,777,906)13,898,37678,09413,976,470Loss for the period(162,089)(162,089)(7,661)(169,750)O

32、ther comprehensive(loss)/income for the period:Currency translation differences(96,043)(96,043)5,425(90,618)Total comprehensive loss for the period(96,043)(162,089)(258,132)(2,236)(260,368)Exercise of share options under share option scheme142,27510,505(4,030)8,7508,750Shares purchased for share awa

33、rd scheme(5,991)(5,991)(5,991)Shares vested under share award scheme66,882(66,882)Value of employee services provided under share option scheme and share award scheme1576,62476,62476,624Dividends paid to non-controlling interests(2,165)(2,165)At September 30,20205,423,92713,369,039(297,817)(1,071,28

34、8)48,527(103,770)291,004(3,939,995)13,719,62773,69313,793,320082020/21中期報告INTERIM REPORTINTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY(Continued)Attributable to owners of the CompanySharecapitalSharepremiumShares heldfor shareawardschemeOtherreserveShareholderscontributionreserveTrans

35、lationreserveShare-basedcompensationreserveAccumulatedlossesTotalNon-controllinginterestsTotalNoteRMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000For the six months ended September 30,2019(Unaudited)At April 1,20195,377,98813,223,637(235,906)(1,071,288)48,527(85,019)225,840(2,627,3

36、36)14,856,44395,75214,952,195Loss for the period(390,360)(390,360)(5,937)(396,297)Other comprehensive income for the period:Currency translation differences68,56368,5632,90571,468Total comprehensive loss for the period68,563(390,360)(321,797)(3,032)(324,829)Exercise of share options under share opti

37、on scheme147884,439(1,584)3,6433,643Shares purchased for share award scheme(2,735)(2,735)(2,735)Shares vested under share award scheme26,935(26,935)Value of employee services provided under share option scheme and share award scheme1546,58546,58546,585Value of employee services provided in relation

38、to share-based payment transactions with Alibaba Group Holding Limited(“AGH”)15575757At September 30,20195,378,77613,228,076(211,706)(1,071,288)48,527(16,456)243,963(3,017,696)14,582,19692,72014,674,916The above interim condensed consolidated statement of changes in equity should be read in conjunct

39、ion with the accompanying notes.092020/21中期報告INTERIM REPORTINTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Cash flows from operating activitiesCash used in operating activities(108,136)(667,271)Income tax paid(1,06

40、2)Net cash outflow from operating activities(108,136)(668,333)Cash flows from investing activitiesChange in investments in wealth management products,net80,050(105,083)Interest received46,11027,485Investment interest received on investments in wealth management products3,8033,451Proceeds from decrea

41、se of unlisted investments122Purchases of property,plant and equipment and investment property(1,854)(8,798)Payment of acquisition of a subsidiary(4,000)Loans granted to an associate(20,000)Change in bank deposits with the maturity over three months,net(25,914)792,866Increase in unlisted equity inve

42、stments(80,000)(24,863)Repayment of convertible bonds500,000Interest received on convertible bonds146,800Change in bank deposits with the maturity over one year50,000Proceeds from disposal of property,plant and equipment594Investments in joint ventures(9,490)Purchase of intangible assets(1,707)Net c

43、ash(outflow)/inflow from investing activities(1,683)1,371,255102020/21中期報告INTERIM REPORTFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Cash flows from financing activitiesExercise of share options under share option scheme9,3043,643Dividends paid to non-controlling i

44、nterests(2,165)Interest paid(4,641)(12,400)Principal elements of lease payments(5,304)(15,011)Shares purchased for share award scheme(5,991)(2,735)Repayment of borrowings(358,550)(2,500)Net cash outflow from financing activities(367,347)(29,003)Net(decrease)/increase in cash and cash equivalents(477

45、,166)673,919Cash and cash equivalents at beginning of the period4,004,5283,341,470Exchange(losses)/gains on cash and cash equivalents(75,602)121,400Cash and cash equivalents at end of the period3,451,7604,136,789The above interim condensed consolidated statement of cash flows should be read in conju

46、nction with the accompanying notes.INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS(Continued)112020/21中期報告INTERIM REPORTNOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION1 GENERAL INFORMATIONAlibaba Pictures Group Limited(the“Company”)and its subsidiaries(together,the“Group”)fo

47、rm an internet-driven integrated platform that covers content production,promotion and distribution,IP licensing,cinema ticketing management and data services for the entertainment industry.The Company is a limited liability company incorporated in Bermuda.The address of its registered office is Cla

48、rendon House,2 Church Street,Hamilton HM 11,Bermuda.The Company has its primary listing on The Stock Exchange of Hong Kong Limited(the“HK Stock Exchange”)and secondary listing on the Singapore Exchange Securities Trading Limited(the“SGX-ST”).On June 18,2020,the board of directors of the Company anno

49、unces that it has sought,and received confirmation from the SGX-ST that it has no objection to the proposed voluntary delisting of the shares of the Company from the Main Board of the SGX-ST,subject to certain conditions.As at September 30,2020,the Company is 50.27%owned by Ali CV Investment Holding

50、 Limited(“Ali CV”).Ali CV is a wholly-owned subsidiary of Alibaba Investment Limited(“AIL”)which is in turn wholly-owned by Alibaba Group Holding Limited(“AGH”).In the first half of 2020,the global COVID-19 epidemic imposed negative and persistent impact on the film and television industry,resulting

51、 in closures of cinemas,suspension of production of films and TV dramas,and a plunge in consumption needs for offline film contents.This has adversely affected the Groups business operations continuously and resulted in a significant decrease in the Groups revenue during the six months ended Septemb

52、er 30,2020.This condensed consolidated interim financial information is presented in Renminbi(“RMB”),unless otherwise stated.This condensed consolidated interim financial information has not been audited.2 BASIS OF PREPARATIONThis condensed consolidated interim financial information for the six mont

53、hs ended September 30,2020 has been prepared in accordance with Hong Kong Accounting Standard 34,“Interim financial reporting”.The condensed consolidated interim financial information should be read in conjunction with the annual financial statements for the year ended March 31,2020,which have been

54、prepared in accordance with Hong Kong Financial Reporting Standards(“HKFRSs”)issued by Hong Kong Institute of Certified Public Accountants(“HKICPA”).The accounting policies applied are consistent with those of the annual financial statements for the year ended March 31,2020,as described in those ann

55、ual financial statements,except for the adoption of new and amended standards as set out below.122020/21中期報告INTERIM REPORT2 BASIS OF PREPARATION(Continued)(a)New and amended standards adopted by the GroupAmendments to HKFRS 3 Regarding definition of a businessAmendments to HKAS 1 and HKAS 8 Regardin

56、g definition of materialRevised Conceptual Framework for Financial ReportingAmendments to HKFRS 9,HKAS 39 and HKFRS 7 Regarding interest rate benchmark reformThe above new or amended standards became applicable for the current reporting period.The Group did not have to change its accounting policies

57、 or make retrospective adjustments as a result of adopting these standards.(b)New standards and amendments not yet adopted by the GroupCertain new standards and amendments have been issued but not yet effective on April 1,2020 and not been early adopted by the Group.These standards are not expected

58、to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.3 ESTIMATESThe preparation of interim financial information requires management to make judgments,estimates and assumptions that affect the application of accounting policies and

59、 the reported amounts of assets and liabilities,income and expense.Actual results may differ from these estimates.In preparing this condensed consolidated interim financial information,the significant judgments made by management in applying the Groups accounting policies and the key sources of esti

60、mation uncertainty were the same as those that applied to the consolidated financial statements for the year ended March 31,2020.4 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS4.1 Financial risk factorsThe Groups activities expose it to a variety of financial risks:market risk(including foreig

61、n exchange risk and cash flow and fair value interest rate risk),credit risk and liquidity risk.The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual financial statements,and should be read in conjun

62、ction with the Groups annual financial statements as at March 31,2020.There have been no material changes in the risk management policies since March 31,2020.132020/21中期報告INTERIM REPORT4 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS(Continued)4.2 Fair value estimationThis section explains the

63、judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements.To provide an indication about the reliability of the inputs used in determining fair value,the Group has classified its financial instr

64、uments into the three levels prescribed under the accounting standards.The Groups policy is to recognize transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.Level 1:The fair value of financial instruments traded in active markets(such as publicly tra

65、ded derivatives,and equity securities)is based on quoted market prices at the end of the reporting period.The quoted market price used for financial assets held by the Group is the current bid price.These instruments are included in level 1.Level 2:The fair value of financial instruments that are no

66、t traded in an active market(for example,over-the-counter derivatives)is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates.If all significant inputs required to fair value an instrument are observable,th

67、e instrument is included in level 2.Level 3:If one or more of the significant inputs is not based on observable market data,the instrument is included in level 3.This is the case for unlisted equity securities.The following table presents the Groups financial assets that are measured at fair value a

68、t September 30,2020 and March 31,2020.As at September 30,2020(Unaudited)Level 1Level 2Level 3TotalRMB000RMB000RMB000RMB000AssetsFinancial assets at fair value through profit or loss(current)Investments in wealth management products170,700170,700Film and TV Investments,at fair value(current)171,32517

69、1,325Financial assets at fair value through profit or loss(non-current)Unlisted investments923,646923,646Film and TV Investments,at fair value(non-current)223,890223,890Total assets1,489,5611,489,561142020/21中期報告INTERIM REPORT4 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS(Continued)4.2 Fair v

70、alue estimation(Continued)As At March 31,2020(Audited)Level 1Level 2Level 3TotalRMB000RMB000RMB000RMB000AssetsFinancial assets at fair value through profit or loss(current)Investments in wealth management products250,750250,750Film and TV investments,at fair value(current)171,527171,527Financial ass

71、ets at fair value through profit or loss(non-current)Unlisted investments860,883860,883Film and TV investments,at fair value(non-current)226,666226,666Total assets1,509,8261,509,8264.3 Fair value measurements using significant unobservable inputsThe following table presents the significant changes i

72、n level 3 instruments for the six months ended September 30,2020 and 2019.For the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Investments in wealth management productsOpening balance250,750190,017Change in investment amount,net(83,853)101,632Fair value changes(Note 7)3,80

73、35,762Closing balance170,700297,411152020/21中期報告INTERIM REPORT4 FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS(Continued)4.3 Fair value measurements using significant unobservable inputs(Continued)For the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Unlisted investmen

74、tsOpening balance860,883793,542Change in investment amount,net80,00024,863Fair value changes(Note 7)(9,955)Derecognition(122)Effect of changes in exchange rate(7,160)1,310Closing balance923,646819,715For the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Film and TV investme

75、nts,at fair value Opening balance398,193275,294Change in investment amount,net14,001251,558Fair value changes(Note 7)(7,550)Derecognition(6,653)(130,102)Effect of changes in exchange rate(2,776)Impairment(88,593)Closing balance395,215308,157162020/21中期報告INTERIM REPORT5 REVENUES AND SEGMENT INFORMATI

76、ONThe chief operating decision-maker has been identified as the Board of Directors of the Company.The management of the company has determined the operating segments based on the information reviewed by the board of directors of the Company for the purposes of allocating resources and assessing perf

77、ormance.The board of directors of the Company considers the business from perspective of types of goods or services delivered or provided.During the six months ended September 30,2020,the Groups operating and reportable segments are as follows:Internet-based promotion and distribution:the operation

78、of an integrated O2O platform for the promotion and distribution of entertainment content,and the provision of online movie ticketing service to consumers and ticket issuance system to cinemas.Content production:the investment and production of entertainment content such as film and drama series bot

79、h domestically and internationally.Integrated development:centered around copyrights,the development of professional services ranging from financing,business placement,promotion and distribution to merchandising.For the six months ended September 30,2020(Unaudited)Internet-basedpromotion anddistribu

80、tionContentproductionIntegrateddevelopmentTotalRMB000RMB000RMB000RMB000Segment revenue recognized at a point in time305,040353,938157,090816,068 recognized over time76,34428,125104,469381,384382,063157,090920,537Income from film and TV investments6,1326,132Total segment revenue381,384382,063163,2229

81、26,669172020/21中期報告INTERIM REPORT5 REVENUES AND SEGMENT INFORMATION(Continued)For the six months ended September 30,2019(Unaudited)Internet-basedpromotion anddistributionContentproductionIntegrateddevelopmentTotalRMB000RMB000RMB000RMB000Segment revenue recognized at a point in time712,772204,604110,

82、9081,028,284 recognized over time467,394467,3941,180,166204,604110,9081,495,678Income from film and TV investments5,6245,624Total segment revenue1,180,166204,604116,5321,501,302Segment revenue and resultsFor the six months ended September 30,2020(Unaudited)Internet-based promotion and distributionCo

83、ntent productionIntegrated developmentTotalRMB000RMB000RMB000RMB000Segment revenue381,384382,063163,222926,669Segment results129,46266,26589,349285,076Unallocated selling and marketing expenses(3,536)Administrative expenses(415,209)Impairment losses on financial assets,net(80,079)Other income25,128O

84、ther losses,net(7,607)Finance income50,184Finance expenses(10,197)Share of losses of investments accounted for using the equity method(8,609)Impairment of investments accounted for using the equity method(5,254)Loss before income tax(170,103)182020/21中期報告INTERIM REPORT5 REVENUES AND SEGMENT INFORMAT

85、ION(Continued)Segment revenue and results(Continued)For the six months ended September 30,2019(Unaudited)Internet-basedpromotion anddistributionContentproductionIntegrateddevelopmentTotalRMB000RMB000RMB000RMB000Segment revenue1,180,166204,604116,5321,501,302Segment results250,698(75,026)72,254247,92

86、6Unallocated selling and marketing expenses(7,755)Administrative expenses(474,976)Impairment losses on financial assets,net(119,930)Other income44,780Other losses,net(25,901)Finance income115,898Finance expenses(21,204)Share of losses of investments accounted for using the equity method(49,343)Impai

87、rment of investments accounted for using the equity method(105,000)Loss before income tax(395,505)All of the segment revenue reported above is from external customers and there are no intersegment sales for both periods.Segment results represent the gross profit generated or gross loss incurred by e

88、ach segment after allocation of certain selling and marketing expenses.This is the measure reported to the board of directors of the Company for the purpose of resource allocation and performance assessments.Segment assets and liabilities are not regularly reported to the board of directors of the C

89、ompany and therefore information of separate segment assets and liabilities is not presented.192020/21中期報告INTERIM REPORT6 OTHER INCOMEFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Investment income on loan receivable and receivable from convertible bonds16,48928,965

90、Additional deduction of input VAT3,493Local government grants2,08113,182Sundry income3,0652,633Total25,12844,7807 OTHER LOSSES,NETFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Compensation for the loss from film rights distribution(11,491)Change in fair value of inv

91、estments in wealth management products(Note 4)(3,803)(5,762)Change in fair value of unlisted investments(Note 4)9,955Change in fair value of Film and TV investments,at fair value(Note 4)7,550Losses from settlement of prepaid film deposits4,000Change in fair value of convertible bonds29,035Net gains

92、on disposal of property,plant and equipment(167)Others1,3962,795Total7,60725,901202020/21中期報告INTERIM REPORT8 FINANCE INCOME,NETFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Finance income Interest income on bank deposits43,58633,548 Exchange gains,net6,59882,35050,1

93、84115,898Finance expenses Interest expenses on lease liabilities(7,624)(8,749)Interest expenses on bank borrowings(2,573)(12,455)(10,197)(21,204)Finance income,net39,98794,6949 INCOME TAX CREDIT/(EXPENSE)For the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Current income t

94、ax(1,697)(6,141)Deferred income tax2,0505,349353(792)212020/21中期報告INTERIM REPORT9 INCOME TAX CREDIT/(EXPENSE)(Continued)The Company,incorporated in Bermuda as an exempted company with limited liability under the Companies Law of Bermuda,is exempted from Bermuda income tax.Some of the subsidiaries,in

95、corporated in BVI as exempted companies with limited liability under the Companies Law of BVI are exempted from BVI income tax.Provision for the PRC enterprise income tax is calculated based on the statutory tax rate of 25%(the six months ended September 30,2019:25%)on the assessable income of each

96、of the group companies.One subsidiary of the Company which was incorporated in Horgos,Xinjiang Province,is exempted from income taxes from its date of incorporation to December 31,2020 according to the relevant PRC tax rules and regulations.No provision for Hong Kong and the USA profit tax has been

97、made as the group companies operating in Hong Kong and the USA do not have any assessable profit for both periods.10 LOSS PER SHAREFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB centsRMB centsBasic/diluted loss per share0.611.48(a)BasicBasic loss per share is calculated by d

98、ividing the loss attributable to owners of the Company by the weighted average number of ordinary shares in issue less shares held for share award scheme during the period.For the six months ended September 30,20202019(Unaudited)(Unaudited)Loss attributable to owners of the Company(RMB000)162,089390

99、,360Weighted average number of ordinary shares in issue less shares held for share award scheme(thousands)26,588,38426,367,531222020/21中期報告INTERIM REPORT10 LOSS PER SHARE(Continued)(b)DilutedDiluted earnings or loss per share is calculated by adjusting the weighted average number of ordinary shares

100、outstanding to assume conversion of all dilutive potential ordinary shares.The Company has two categories of dilutive potential ordinary shares for the six months ended September 30,2020 and 2019,which are share options and unvested awarded shares.The number of shares that would have been issued ass

101、uming the exercise of the share options less the number of shares that could have been issued at fair value(determined as the closing market price per share for the period)for the same total proceeds is the number of shares issued for no consideration.The resulting number of shares issued for no con

102、sideration is included in the weighted average number of ordinary shares as the denominator for calculating diluted earnings or loss per share.The computation of diluted loss per share for the six months ended September 30,2020 and 2019 did not assume the issuance of any dilutive potential ordinary

103、share since they are antidilutive,which would decrease the loss per share.11 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODMovements in investments accounted for using the equity method are as follows:For the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000At April 1,2,205

104、,0792,401,989Additions9,490Share of losses of investments(Note a)(8,609)(49,343)Impairment(Note b)(5,254)(105,000)Currency translation differences(14,706)22,937At September 30,2,176,5102,280,073232020/21中期報告INTERIM REPORT11 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD(Continued)Notes:(a)When th

105、e most recently available financial statements of associates or joint ventures are different from the Groups reporting date,the Group may take advantage of the provision contained in HKAS 28 whereby it is permitted to include the attributable share of profit or loss of the associates or joint ventur

106、es based on the financial statements drawn up to a non-coterminous period end where the difference must be no greater than three months.Adjustments shall be made for the effects of significant transactions or events that occur between that date and the balance sheet date of the Group.The financial y

107、ear end date of the Group is March 31,which is different from those of the associates and joint ventures of the Group.The financial information of the Groups associates and joint ventures as at September 30,2020 and 2019 are not available.As a result,the Group records its share of profit or loss of

108、investments accounted for using the equity method on one quarter in arrear basis for the six months ended September 30,2020 and 2019.(b)The Group determines whether interests in equity investment projects are impaired by regularly reviewing whether there are any indications of impairment in accordan

109、ce with relevant accounting standards.When impairment indicators of the equity investment projects are identified,management determines the recoverable amounts,which is the higher of its fair value less costs of disposals and its value in use.When value in use calculations are undertaken,management

110、estimates the present value of estimated future cash flows expected to arise from their businesses.242020/21中期報告INTERIM REPORT12 PROPERTY,PLANT AND EQUIPMENT,INVESTMENT PROPERTY,GOODWILL,INTANGIBLE ASSETS AND RIGHT-OF-USE ASSETSProperty,plant andequipmentInvestmentpropertyGoodwillIntangibleassetsRig

111、ht-of-useassetsRMB000RMB000RMB000RMB000RMB000At March 31,2020Cost353,3983,607,047222,584318,273Accumulated depreciation/amortization and impairment(279,823)(55,931)(81,494)(36,012)Net book amount73,5753,551,116141,090282,261For the six months ended September 30,2020(Unaudited)Opening net book amount

112、 as at April 1,202073,5753,551,116141,090282,261Additions1,61423,240Depreciation/amortization charge(14,407)(97)(7,886)(14,637)Closing net book amount as at September 30,202060,78223,1433,551,116133,204267,624At September 30,2020Cost355,01223,2403,607,047222,584318,273Accumulated depreciation/amorti

113、zation and impairment(294,230)(97)(55,931)(89,380)(50,649)Net book amount60,78223,1433,551,116133,204267,624As at September 30,2020,the Group does not have any material capital commitment(March 31,2020:nil).252020/21中期報告INTERIM REPORT13 TRADE AND OTHER RECEIVABLES,AND PREPAYMENTSAs at September 30,2

114、020As at March 31,2020(Unaudited)(Audited)Current Non-currentTotalCurrentNon-currentTotalRMB000RMB000RMB000RMB000RMB000RMB000Trade receivables(Note)Related parties(Note 19(b)730,690730,690543,107543,107 Third parties682,368682,368752,772752,772Less:allowance for impairment of trade receivables(221,7

115、18)(221,718)(253,977)(253,977)Trade receivables net1,191,3401,191,3401,041,9021,041,902Prepaid film deposits40,00010,00050,00077,00010,00087,000Prepayments to related parties(Note 19(b)979979475475Other prepayments36,66836,66821,49621,496Other receivables arising from:Receivables from related partie

116、s (Note 19(b)62,98562,98544,26144,261 Loan receivables849,397849,397838,320838,320 Receivables in relation to other film and TV investments238,637238,637269,946269,946 Receivables in respect of reimbursement of distribution expenses95,28495,28448,21648,216 Deductible VAT input69,77269,77286,31286,31

117、2 Refund receivable in relation to the restructuring of an associate38,88338,88338,88338,883 Interest income receivables25,90625,90628,43028,430 Receivables in respect of reimbursement of movie tickets refund23,13223,13230,94630,946 Deposits receivables19,10519,10523,50123,501 Others130,4066,604137,

118、010101,7184,273105,991Less:allowance for impairment of prepayments and other receivables(249,453)(64,604)(314,057)(151,719)(50,000)(201,719)Other receivables and prepayments net532,304801,3971,333,701619,465802,5931,422,058Total trade and other receivables,and prepayments1,723,644801,3972,525,0411,6

119、61,367802,5932,463,960The fair values of the current portion of trade and other receivables approximate their carrying value.262020/21中期報告INTERIM REPORT13 TRADE AND OTHER RECEIVABLES,AND PREPAYMENTS(Continued)Note:The normal credit period granted to the debtors of the Group is generally ranging from

120、 30 days to two years.Before accepting any new debtor,the Group assesses the potential debtors credit quality and defines credit limits by debtor.Credit limits granted to debtors are reviewed regularly.The following is an aging analysis of trade receivables based on recognition date:As at September

121、30,2020As at March 31,2020(Unaudited)(Audited)RMB000RMB0000 90 days404,392386,74891 180 days78,295291,037181 365 days502,532284,557Over 365 days427,839333,5371,413,0581,295,87914 SHARE CAPITALOrdinary shares of HK$0.25 each,issued and fully paid:Number of sharesShare capitalEquivalent toHK$000RMB000

122、At April 1,202026,822,015,2106,705,5045,421,652Exercise of share options under share option scheme10,111,0002,5282,275At September 30,2020(Unaudited)26,832,126,2106,708,0325,423,927At April 1,201926,628,822,5106,657,2065,377,988Exercise of share options under share option scheme3,550,000888788At Sep

123、tember 30,2019(Unaudited)26,632,372,5106,658,0945,378,776272020/21中期報告INTERIM REPORT15 SHARE-BASED PAYMENTDuring the six months ended September 30,2020 and 2019,share-based payment expenses recognized in the interim condensed consolidated statement of profit or loss include:For the six months ended

124、September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Share-based payment under the 2012 Share Option Scheme(Note a)15,1098,509Share-based payment under the Share Award Scheme(Note b)61,51538,076Share-based payment transactions with AGH5776,62446,642(a)The 2012 Share Option Scheme(the“2012 Share Op

125、tion Scheme”)The 2012 Share Option Scheme was adopted by the Company pursuant to a resolution passed by the Companys shareholders on June 11,2012 for the primary purpose of providing incentives or rewards to any director,employee and other eligible participants who may make contribution to the Group

126、.The 2012 Share Option Scheme will expire on June 10,2022.The maximum aggregate number of shares which may be issued upon the exercise of all outstanding options granted and yet to be exercised under the 2012 Share Option Scheme and any other share option schemes,must not exceed 30%of the total numb

127、er of shares of the Company in issue from time to time.The fair values of the options granted pursuant to the 2012 Share Option Scheme during the six months ended September 30,2020 are as below:UnauditedFair valueRMB000Grant dateJune 5,202070,136September 11,202030,774100,910282020/21中期報告INTERIM REP

128、ORT15 SHARE-BASED PAYMENT(Continued)(a)The 2012 Share Option Scheme(the“2012 Share Option Scheme”)(Continued)The weighted average fair value of options granted during the six months ended September 30,2020 determined using the binomial model was HK$0.66 per option.The subjectivity and uncertainty of

129、 the values of options are subject to a number of assumptions and the limitation of the model.The significant inputs into the model were weighted average share price of HK$1.092 at the grant date,weighted average exercise price of HK$0.961,volatility of 40%42.92%,zero expected dividend yield,a contr

130、actual option life of ten years,and an annual risk-free interest rate of 1.23%1.74%.The volatility measured at the standard deviation of continuously compounded share returns is based on statistical analysis of daily share prices over the last 10 years.A forfeiture occurs when either a service or a

131、non-market performance conditions is not met,as this affects the number of share options that vest.If the share options are forfeited,any expenses previously recognized in relation to such share options are reversed effective the date of the forfeiture.At the end of each reporting period,the Group r

132、evises its estimates of the number of options that are expected to ultimately vest.The impact of the revision of the estimates during the vesting period,if any,is recognized in the interim condensed consolidated statement of profit or loss,with a corresponding adjustment to the share option reserve.

133、Movements of the share options granted by the Company pursuant to the 2012 Share Option Scheme are as below:For the six months ended September 30,2020For the six months ended September 30,2019(Unaudited)(Unaudited)Weighted average exercise price in HK$per share optionNumber of share optionsWeighted

134、average exercise price in HK$per share optionNumber ofshare optionsOpening balance1.288231,197,5001.089144,505,000Granted1.09292,447,4001.56493,192,500Exercised0.961(10,111,000)1.158(3,550,000)Lapsed1.266(30,222,800)1.222(8,750,000)Closing balance1.238283,311,1001.279225,397,500Note:For the six mont

135、hs ended September 30,2020,value of employee services provided under the 2012 Share Option Scheme recognized in the interim condensed consolidated statement of profit or loss was RMB15,109,000(the six months ended September 30,2019:RMB8,509,000).292020/21中期報告INTERIM REPORT15 SHARE-BASED PAYMENT(Cont

136、inued)(b)Share Award Scheme(the“Share Award Scheme”)On December 30,2016(“Adoption Date”),the Company adopted the Share Award Scheme as approved by the board of directors of the Company.The purpose of the Share Award Scheme is to(a)recognize the contributions by certain persons,including employees of

137、 the Group,any company in which a group company may have direct or indirect investment in 20%or more of its voting powers and AGH(including its subsidiaries)to provide incentives thereto to retain them for the continual operation and development of the Group and(b)attract suitable personnel for furt

138、her development of the Group.The Group has established a trust(“Share Award Trust”)to hold and administer the Companys shares before they are vested and transferred to selected grantees.Upon granting of shares to selected grantees,the awarded shares are either subscribed by the allotment and issuanc

139、e of new shares of the Company or purchased from the open market by the Share Award Trust(with funds provided by the Company by way of settlement or otherwise contributed by the Company).Subject to any early termination determined by the board of directors of the Company,the Share Award Scheme shall

140、 be valid and effective for a term commencing on the Adoption Date and ending on the first to happen of the following,namely:(a)the 15th anniversary date of the Adoption Date;(b)the date when an order for the winding-up of the Company is made or a resolution is passed for the voluntary winding-up of

141、 the Company;or(c)the date as may be informed by the Company that the Share Award Scheme shall be terminated.302020/21中期報告INTERIM REPORT15 SHARE-BASED PAYMENT(Continued)(b)Share Award Scheme(the“Share Award Scheme”)(Continued)As at September 30,2020,the remaining life of the Share Award Scheme is ap

142、proximately 11.5 years.The maximum aggregate number of shares which can be held by the Share Award Trust under the Share Award Scheme at any single point in time shall not exceed 2%of the total issued share capital of the Company from time to time.The board of directors of the Company shall not make

143、 any further award of shares which will result in the aggregate number of shares held by the Share Award Trust under the Share Award Scheme exceeding 2%of the issued share capital of the Company from time to time.The maximum number of shares(including both vested and non-vested shares)which may be a

144、warded to a selected grantee under the Share Award Scheme shall not exceed 1%of the issued share capital of the Company from time to time.The Share Award Trust shall not exercise the voting rights in respect of any shares held by it under the Share Award Scheme.Dividends declared for any shares held

145、 by the Share Award Trust shall become part of the trust fund for future purchase of shares.Movements of the awarded shares granted by the Company pursuant to the Share Award Scheme are as below:For the six months ended September 30,2020For the six months ended September 30,2019(Unaudited)(Unaudited

146、)Weighted average fair value in HK$(per share)Number of awarded share Weighted average fair value in HK$(per share)Number of awarded share Opening balance1.360291,164,8001.054186,843,100Granted1.081165,041,1001.573181,742,700Vested1.022(65,474,425)1.097(29,286,150)Lapsed1.263(35,424,700)1.259(23,043

147、,100)Closing balance1.303355,306,7751.333316,256,550Note:The fair value of awarded shares charged to the interim condensed consolidated statement of profit or loss is RMB61,515,000 during the six months ended September 30,2020(the six months ended September 30,2019:RMB38,076,000).312020/21中期報告INTERI

148、M REPORT16 BORROWINGSAs at September 30,2020As at March 31,2020(Unaudited)(Audited)RMB000RMB000Current12,50010,000Non-current22,500384,43535,000394,435As at September 30,2020 and March 31,2020,the Groups bank borrowings are denominated in the following currencies:As at September 30,2020As at March 3

149、1,2020(Unaudited)(Audited)RMB000RMB000RMB-denominated(Note a)35,00040,000USD-denominated 354,43535,000394,435Movements in borrowings are analysed as follows:For the six months ended September 30,2020CurrentNon-currentTotal(Unaudited)(Unaudited)(Unaudited)RMB000RMB000RMB000Opening amount as at April

150、110,000384,435394,435Reclassification from non-current to current borrowings7,500(7,500)Repayments of bank borrowings(5,000)(353,550)(358,550)Effect of changes in exchange rate(885)(885)Closing amount as at September 3012,50022,50035,000Notes:(a)As at September 30,2020,the RMB-denominated borrowings

151、 were secured by fixed assets amounting to approximately RMB28,927,000(31 March,2020:nil).(b)The fair values of current and non-current borrowings approximate their carrying amounts,as the impact of discounting is not significant.322020/21中期報告INTERIM REPORT17 TRADE AND OTHER PAYABLES,AND ACCRUED CHA

152、RGESAs at September 30,2020As at March 31,2020(Unaudited)(Audited)CurrentNon-currentTotalCurrentNon-currentTotalRMB000RMB000RMB000RMB000RMB000RMB000Trade payables(Note)Related parties(Note 19(b)42,43042,43029,61429,614 Third parties188,364188,364168,868168,868230,794230,794198,482198,482Other payabl

153、es and accrued chargesAmounts due to related parties (Note 19(b)110,336110,336119,921119,921Payables in relation to distribution of films281,175281,175317,572317,572Payroll and welfare payable91,16091,160114,012114,012Other tax payable48,66448,66434,78534,785Amounts received on behalf of cinemas48,2

154、6748,26711,11911,119Accrued marketing expense46,31146,31189,52689,526Deposits from customers14,27414,27414,17614,176Professional fees payable13,14413,14426,13926,139Amounts received on behalf of cinema ticketing system providers11,74111,7412,9962,996Consideration payable for acquisition of a subsidi

155、ary3,0003,0006,0007,0003,00010,000Interest payable1,5001,5003,5683,568Others25,57525,57524,47324,473695,1473,000698,147765,2873,000768,287Total trade and other payables,and accrued charges925,9413,000928,941963,7693,000966,769The carrying amounts of trade and other payables are considered to approxi

156、mate their fair values,due to their short-term nature or interest-bearing nature.332020/21中期報告INTERIM REPORT17 TRADE AND OTHER PAYABLES,AND ACCRUED CHARGES(Continued)Notes:The aging analysis of the trade payables based on invoice date is as follows:As at September 30,2020As at March 31,2020(Unaudite

157、d)(Audited)RMB000RMB0000 90 days114,632103,40791 180 days39,13960,835181 365 days60,63717,258Over 365 days16,38616,982230,794198,48218 DIVIDENDSThe board of directors of the Company has resolved not to declare an interim dividend for the six months ended September 30,2020(the six months ended Septem

158、ber 30,2019:nil).19 RELATED PARTY TRANSACTIONSAs at September 30,2020,the Company was 50.27%owned by Ali CV.The remaining 49.73%of the Companys shares were widely held.The ultimate parent of the Company is AGH,a company whose shares are listed on New York Stock Exchange and Hong Kong Stock Exchange

159、and incorporated in the Cayman Islands.Save as disclosed elsewhere in this condensed consolidated interim financial information,the following transactions were carried out with related parties:(a)Transactions with related partiesFor the six months ended September 30,20202019(Unaudited)(Unaudited)RMB

160、000RMB000Sales of film and TV copyrights to AGHs subsidiaries333,14088,212Provision of services to AGHs subsidiaries71,40166,807Purchase of services from AGHs subsidiaries43,02438,063Purchase of services from related companies of AGH6,84235,246Provision of services to an associate of AGH2,486In the

161、opinion of the Companys directors,the above related party transactions were carried out in the ordinary course of business and in accordance with the terms of the underlying agreements.342020/21中期報告INTERIM REPORT19 RELATED PARTY TRANSACTIONS(Continued)(b)Balances due from related partiesAs at Septem

162、ber 30,2020As at March 31,2020(Unaudited)(Audited)RMB000RMB000Trade receivablesAmounts due from AGHs subsidiaries521,009263,904Amounts due from associates207,937272,248Amounts due from related companies of AGH1,7446,955Other receivablesAmounts due from associates and joint venture60,59140,591Amounts

163、 due from AGHs subsidiaries1,6603,592Amounts due from related companies of AGH73478PrepaymentsPrepayment to related companies of AGH979475Amounts due from related parties are unsecured,non-interest bearing and due in accordance with the terms of the underlying agreements.As at September 30,2020,the

164、Group has placed deposits amounted to RMB154,206,000(March 31,2020:RMB276,513,000)in the Groups settlement accounts maintained with A Co.,Ltd(a related company of AGH),which had been recorded as cash and cash equivalents in the consolidated balance sheet and were the settlement accounts derived from

165、 the transactions between the Group and third parties.352020/21中期報告INTERIM REPORT19 RELATED PARTY TRANSACTIONS(Continued)(c)Balances due to related partiesAs at September 30,2020As at March 31,2020(Unaudited)(Audited)RMB000RMB000Trade payablesAmounts due to AGHs subsidiaries12,87917,490Amounts due t

166、o a related company of AGH25,56212,124Amounts due to associates3,989Other payablesAmounts due to associates15,39917,415Amounts due to AGHs subsidiaries94,819102,388Amounts due to related companies of AGH118118Amounts due to related parties are unsecured,non-interest bearing and due in accordance wit

167、h the terms of the underlying agreements.(d)Key management compensationThe compensation paid or payable to key management for employee services is shown below:For the six months ended September 30,20202019(Unaudited)(Unaudited)RMB000RMB000Salaries,allowances and other benefits4,96313,873Share-based

168、payments7,3714,34712,33418,220362020/21中期報告INTERIM REPORTINTERIM DIVIDENDThe board of directors(the“Board”)of Alibaba Pictures Group Limited(the“Company”)has resolved not to declare an interim dividend for the six months ended September 30,2020(For the six months ended September 30,2019:nil).MANAGEM

169、ENT DISCUSSION AND ANALYSIS OVERVIEWIn the first half of the 2020/21 financial year,development of the COVID-19 epidemic and the ever-changing macro environment have brought various challenges to the overall operations of the Group.With the normalization of epidemic prevention and control measures i

170、n the PRC,local cinemas have been resuming operations gradually since July 2020,the restriction on cinema attendance has been easing,while schedules for the release of some high quality new films have been fixed successively.Nationwide box office revenue during the 2020 National Day holiday ranked t

171、he second highest in history for the corresponding period in the PRC,reflecting the overall recovery of the film industry.During the six months ended September 30,2020(the“Reporting Period”),with the impact of the COVID-19 epidemic on the Groups core internet-based promotion and distribution busines

172、s,the Group recorded total revenue of approximately RMB927 million,compared with revenue of approximately RMB1,501 million for the six months ended September 30,2019(the“Previous Period”),representing a decrease of approximately 38%year-over-year.Benefitting from the continual improvement of its div

173、ersified business structure and an ample content reserve and the fact that consumers and partners have been increasingly adopting digital entertainment and applying digital tools for management and operations amid the COVID-19 epidemic,the Group has reduced management costs through integration with

174、the Alibaba Digital Economy.As a result,operating loss of the Group narrowed from approximately RMB336 million in the Previous Period to approximately RMB196 million for the Reporting Period,representing a reduction of approximately 42%year-over-year.To supplement the Groups consolidated statement o

175、f profit or loss presented in accordance with HKFRSs,the Group has also presented its adjusted losses before interest,taxes and amortization(adjusted EBITA),which is not required under HKFRSs,as an additional financial indicator.The Group is of the view that presenting the adjusted EBITA together wi

176、th the relevant HKFRSs indicators will help investors exclude the potential impact of items which are considered as not being indicative of the operational performance of the Group.The Group believes that the adjusted EBITA provides investors and other individuals with helpful information,however,th

177、e adjusted EBITA indicator presented by the management of the Company may not be comparable with similar indicators presented by other companies.In addition,the definition of such financial indicator may vary from those applied by other companies for similar indicators.The Companys adjusted EBITA re

178、corded a loss of approximately RMB130 million during the Reporting Period,narrowed by approximately 53%as compared with a loss of approximately RMB276 million for the Previous Period.372020/21中期報告INTERIM REPORTThe major indicators of financial results for the Reporting Period and the Previous Period

179、 are summarized in the table below:For the six months ended September 30,2020For the six months ended September 30,2019RMB000RMB000(Unaudited)(Unaudited)Operating loss(196,227)(335,856)Add:Share-based compensation76,62446,642Allowance for impairment of goodwill arising on business combinations20,533

180、Amortization of intangible assets arising on business combinations7,41811,845Other losses,net7,60725,901Less:Other income(25,128)(44,780)The adjusted EBITA(129,706)(275,715)The segment revenue and results for the Reporting Period and the Previous Period are summarized in the table below:For the six

181、months ended September 30,Segment revenueSegment results2020201920202019RMB000RMB000RMB000RMB000(Unaudited)(Unaudited)(Unaudited)(Unaudited)Internet-based promotion and distribution381,3841,180,166129,462250,698Content production382,063204,60466,265(75,026)Integrated development163,222116,53289,3497

182、2,254Total926,6691,501,302285,076247,926Note:Segment results=revenue cost of sales and services allocated selling and marketing expenses382020/21中期報告INTERIM REPORTImpact of the COVID-19 epidemicIn the first half of 2020,the global COVID-19 epidemic imposed negative and persistent impact on the film

183、and television industry,resulting in closure of cinemas,suspension of production of films and TV dramas,and a plunge in consumption needs for offline film content.Although local cinemas began to resume operation since July 2020 by showing re-screened films,cinema attendance and sales of products wer

184、e required to strictly comply with the regulations under the local requirements of epidemic prevention and control.With the easing of the epidemic in the PRC,relaxation of restrictions on attendance and the gradual recovery of consumers offline viewing habits,several films co-invested and distribute

185、d by the Group have been making debuts on cinema screens successively since late August this year.However,the progress of recovery of the film market,supply of new films and changing situation of the epidemic have together had substantial impact on the internet-based promotion and distribution busin

186、ess of the Group.In terms of revenue,film attendances have rebounded with the re-opening of local cinemas from July 2020,but have still fallen short of the level in the corresponding period of last year,resulting in a sharp drop in services revenue of ticketing and system providers.Meanwhile,as affe

187、cted by the extent of recovery of the film market,fewer films were produced and distributed and less box office revenue was recorded by the Group as compared with the Previous Period,resulting in a significant adverse impact on the services revenue of content promotion and distribution and co-invest

188、ed operation during the Reporting Period.INTERNET-BASED PROMOTION AND DISTRIBUTIONIn terms of revenue,internet-based promotion and distribution is currently one of the Groups important segments.It mainly consists of internet-based ticketing operation and internet-based promotion and distribution.Whi

189、le internet-based ticketing operation comprises Tao Piao Piao and Yunzhi,internet-based promotion and distribution comprises Beacon,film promotion and distribution,and film content investment.Not only is Tao Piao Piao,the Groups key platform,through which it provides ticketing services to cinemas,it

190、 is also a cinema ticketing and review platform for consumers at large.As a foothold for the Groups endeavors in digital promotion and distribution,Tao Piao Piao fully utilizes its advantages in platform-based resources.Through film promotion centered on quality content,Tao Piao Piao enables films t

191、o reach wider potential audiences and has become a preferred partner for promotion and distribution among domestic and international film producers.392020/21中期報告INTERIM REPORTTao Piao Piao upgraded its original products during the Reporting Period.By leveraging on its technological capabilities and

192、through content carriers such as short-form videos,the upgraded Tao Piao Piao has realized omni-scene content operation based on movies and shows.In addition to providing users with broader basis for viewing decision through“Montage/Sidelights/Expert commentaries”,it also drove growth in the number

193、of users and enhanced user engagement.The marketing expenditures per user decreased significantly during the Reporting Period due to our new optimized user policies.With the recovery of the movie and show business,local entertainment and consumer services carried by the Tao Piao Piao platform have a

194、lso been actively integrated into Alibabas digital platform for consumer services.As an important carrier of the offline entertainment business under the local consumer services strategy,in addition to inviting local cinemas to join the“Double 11 City Life Carnival”(雙 11 城市生活狂歡節),Tao Piao Piao also

195、optimized the decision-making process of ticket purchase and the mode of information dissemination with its technological capabilities,and upgraded its service from“consumers seeking service”to“targeting service at specific consumers”.These efforts,coupled with its refined operation strategies such

196、as coupons and other user incentive measures,helped stimulate the potential of domestic demand and boost the film market.As the Groups one-stop promotion and distribution platform,Beacon,since its launch in April 2018,has been focusing on customer values including omni-process digitalization for pro

197、motion and distribution,effective placement at low cost and quantifiable target effect,while exploring industry rules and improving the efficiency in film promotion and distribution.Beacon Professional performs as a real-time billboard for data of the pan-entertainment industry,covering productions

198、such as films,drama series and variety shows.As one of the industry leaders offering a complete range of infrastructure for the cultural and entertainment categories,it focuses on data inquiry function(updated every second)and customized data analysis service.402020/21中期報告INTERIM REPORTDuring the ep

199、idemic,Beacon cooperated with Youku platform to upgrade its original products and became a comprehensive decision-making platform covering cinemas,online movies,drama series and variety shows.Beacon Professional launched“Webcast/Viewing”,a module providing daily update on analysis data and rankings

200、for online movies,drama series and variety shows,filling the gaps in data service tools for online contents.While further upgrading the infrastructure and tools for the digital entertainment industry,it also takes into account the market performance of online contents,identifies user needs in collab

201、oration with the platform,guides the direction for transformation of internet-based promotion and distribution,and promotes refined operation of industry data.During the Reporting Period,Beacon served 53 promotion and distribution projects of online movies and drama series including,among others,The

202、 Enchanting Phantom(倩女幽魂：人間情)and Ash(灰燼重生),a year-on-year growth of 76.7%.Following the re-opening of cinemas,Beacon launched a digital workbench for promotion and distribution which provides multi-dimensional data such as“Pre-sale/Interested/Internet popularity”,releases pre-sale trend charts and p

203、recisely identifies target audiences,thus providing real-time guidance for users to adjust the direction of promotion and distribution,aiming to achieve the effect of the promotional campaign.During the Reporting Period,Beacon has provided promotion and distribution services(including real-time user

204、 feedback and accurate placement of promotion and distribution materials)for 73 films,including Leap(奪冠).By leveraging on the advantages of the Alibaba ecosystem,it is also exploring innovative film marketing models,improving the efficiency in film promotion and distribution and expanding channels f

205、or promotion and distribution,enabling producers to save promotion and distribution cost.Having served 88.1%of the films screened at domestic cinemas,Beacon has provided service to more than 400 resident producers and for over 400 films.The box office revenue of films under partnership exceeded RMB6

206、0 billion.Reaching over 800 million users on a daily basis,it covers more than 1 million advertising channels and provides access to over 810,000 new media accounts.Being affected by the epidemic,the number of,and box office revenue from,films invested and distributed by the Group have both recorded

207、 a significant drop as compared with the Previous Period.However,adhering to our value of ordinary people performing heroic deeds that come with major emotional appeal while promoting positive values,the Group remains focused on building its content reserve.Relying on its insight into the classifica

208、tion of audiences for film and TV productions and their preferences,the Group actively seeks and participates in the production of and investment in high quality domestic and foreign films.The Eight Hundred(八佰),of which the Group was a co-investor and distributor,was the first domestic blockbuster r

209、eleased at cinemas after their re-opening.Utilizing the intelligent promotion and distribution capabilities of Tao Piao Piao and Beacon as well as an extensive offline local network,specific efforts were made to attract more audiences to watch the film at cinemas after the epidemic.Such efforts incl

210、uded developing products such as test screening and user analysis,and organizing large-scale offline publicity campaigns.As at September 30,2020,the film had recorded a cumulative box office revenue of over RMB3 billion,making it one of the top ten movies by box office revenue in the history of the

211、domestic film market.As the winner of three Oscars,1917,a foreign film of which the Group participated in the promotion and distribution,hit cinema screens at the early stage of the recovery from the epidemic,demonstrating our effort in introducing outstanding films to more domestic audiences.Since

212、the re-opening of cinemas in the PRC in July 2020,as at September 30,2020,a total box office revenue of over RMB6 billion had been recorded in the PRC,of which,the box office revenue of films which the Group was one of the producers and distributors amounted to RMB4.3 billion,accounting for over 70%

213、of the total box office revenue in the PRC during the Reporting Period,and representing a substantial contribution to the overall recovery of domestic film market.Among films co-invested and distributed by the Group,films of My People,My Homeland(我和我的家鄉)and Leap(奪冠)had secured two seats among the to

214、p three in terms of box office revenue during the National Day holiday,and in aggregate contributed more than 50%of the total box office revenue during the National Day holiday.412020/21中期報告INTERIM REPORTThe Jin Cheng Co-production Project(錦橙合製計劃)under the Groups film business has also progressed as

215、 scheduled.As the first film recording pre-sale revenue of over RMB10 million after resumption of operation of the film market,the low-budget romance film Love You Forever(我在時間盡頭等你)achieved a single-day box office revenue of RMB280 million on Chinese Valentines Day,a record high in the history of th

216、e domestic film market.With a cumulative box office revenue of RMB505 million,it emerged as a dark horse and became the box office revenue champion,demonstrating the strong content promotion and distribution capabilities of the Group.Meanwhile,Coffee or Tea?(一點就到家),another film under the Jin Cheng C

217、o-production Project,was released during the National Day holiday,receiving considerable acclaims;Assassin in Red(刺殺小說家),another fantasy&suspense film under the project,has completed shooting and is scheduled to be released during the Spring Festival next year.During the Reporting Period,the Groups

218、internet-based promotion and distribution business segment recorded revenue of RMB381 million,a decrease of 68%as compared with RMB1,180 million for the corresponding period of last year.During the Reporting Period,as a result of the impact and restrictions on the entire film industry due to the cha

219、nging situations of the pandemic at home and abroad,the proportion of revenue contribution by the internet-based promotion and distribution segment has narrowed significantly to 41%,representing a drop of approximately 38%from the corresponding period of last year.The segment recorded financial resu

220、lts of RMB130 million,a year-on-year decrease of 48%.For comparison purposes,major indicators of financial results of the internet-based promotion and distribution business for the Reporting Period and the Previous Period are summarized in the table below:Segment revenue For the six months ended Sep

221、tember 30,Segment margin For the six months ended September 30,2020201920202019RMB000RMB000RMB000RMB000(Unaudited)(Unaudited)(Unaudited)(Unaudited)Ticketing services90,655513,60770,637433,642System provider services for Yunzhi39,660168,14938,754166,441Content promotion and distribution services and

222、co-invested operation243,749459,28489,629265,297Others7,32039,1266,07334,433Total381,3841,180,166205,093899,813422020/21中期報告INTERIM REPORTDuring the Reporting Period,due to the impact of the epidemic,total box office revenue in the PRC dropped significantly by 79%as compared with the Previous Period

223、,as re-screened films with lower settlement prices dominated the schedules in the early stage of resumption of work and overall film audiences decreased by 81%.During the Reporting Period,the Groups ticketing services recorded revenue of RMB91 million,a decrease of 82%from RMB513 million for the Pre

224、vious Period.Yunzhi,the Groups open platform for digital operation and management of cinemas,together with another cinema ticketing system,continued to rank first among peers in terms of the number of ticket-issuing cinemas.During the Reporting Period,system provider services for Yunzhi recorded rev

225、enue of RMB40 million,a decrease of 76%compared with RMB168 million for the Previous Period.Revenue from content promotion and distribution services and co-invested operation covers operations related to film promotion and distribution,content investment and Beacon.Affected by the epidemic,during th

226、e Reporting Period,as a result of the lower number of and box office revenue from films and TV productions produced and distributed by the Group as compared with the Previous Period,its revenue had decreased 47%to RMB244 million,as compared with RMB459 million in the Previous Period.Other operations

227、,including advertising and other commercial services,recorded a decrease of 82%in revenue of RMB7.32 million during the Reporting Period as compared with RMB39 million for the Previous Period.CONTENT PRODUCTIONFollowing the comprehensive upgrade of its drama series production business in the previou

228、s financial year,the Group has continued to develop its prime productions in the current financial year.On the one hand,based on its insight into market and user needs from multiple dimensions,it reserved and developed a number of high-quality IPs in line with user needs and market trends;on the oth

229、er hand,taking advantage of the overall content deployment and linkage to resources of Alibaba Group,it has made breakthroughs in terms of theme types,development capabilities as well as content production,and provided users with influential cultural content on an ongoing basis through connection wi

230、th upstream and downstream partners in the industry chain.Professional Single(我憑本事單身),which was produced by the Group,became a hot search on new media soon after its release,ranking first in terms of popularity among online drama series for 3 consecutive days and staying among the Top 5 on Youku for

231、 10 consecutive days,with daily average plays of over 100 million for the topic.Moreover,several other drama series have entered the stage of shooting or preparation and shooting is expected to commence in the second half of the year.432020/21中期報告INTERIM REPORTIn terms of financial results,the Group

232、s content production business segment recorded revenue of RMB382 million during the Reporting Period,up 87%as compared with RMB205 million for the corresponding period of last year.The Group turned profitable,recording a profit on segment results of RMB66.27 million during the Reporting Period,compa

233、red with a loss of RMB75.03 million during the Previous Period.INTEGRATED DEVELOPMENTThe revenue of the film industry in China mainly comes from box office,and the revenue from non-box office operations only accounts for a small proportion.There is still huge room for improvement when compared with

234、its North American counterpart,whose non-box office revenue accounts for 70%of the total.In view of this,the non-box office operations in the film and television industry in the PRC remain a blue ocean market.In terms of non-box office operations,it is an industry-wide consensus in the PRC film indu

235、stry that intellectual property(“IP”)merchandising is universally required and is one of the fields with tremendous potential for development that should be explored on an expedited basis.The Group believes that by building infrastructure,innovating business models and enhancing efficiency,it will b

236、e able to further its accomplishment through the creation of a pan-entertainment market worth over RMB1 trillion and the expansion of a single revenue stream of box office operations to diversity revenue streams.Therefore,the merchandise business that centers on IPs represents a brand-new racetrack

237、in the construction of infrastructure.The integrated development business consists of Alifish,Yulebao and production software business.Building on the economic foundation of the large fan base in the PRC,the Groups Alifish has transformed into two key sub-segments,namely IP licensing business and en

238、tertainment e-commerce,which connects with and integrates the two major industries of entertainment and e-commerce respectively.During the Reporting Period,operating with a business portfolio of more than 200 IPs,Alifish provided licensing and e-commerce services to approximately 2,000 merchants and

239、 22 million consumers,generating a direct or associated gross merchandise volume(“GMV”)of over RMB4,400 million.Despite the substantial impact of the epidemic,the financial performance of Alifish still undergoes rapid growth and Alifish has also strengthened its influence and reputation in the indus

240、try.442020/21中期報告INTERIM REPORTThe IP licensing business segment of Alifish has made satisfactory progress,having accumulated a wide range of IPs.It serves and operates IPs that cover various types,including films and TV dramas,variety shows,animations and games.Meanwhile,benefitting from its synerg

241、y with the Alibaba Digital Media&Entertainment Group and linkage with Alibaba e-commerce ecosystem,Alifish successfully translated short-term content IPs into licensed merchandise for sale,empowering a large number of IP parties and merchants.During the Reporting Period,Alifish achieved an average r

242、evenue per IP of RMB2.43 million through IP monetization,representing an increase of over 45%year-over-year,which represents a significant improvement in the efficiency of IP monetization.The IPs,including Pokmon,Louvre(盧浮宮),Pac-Man(吃豆人)and Street Dance of China S3(這!就是街舞 3),received industry-wide r

243、ecognition in the licensing business and have made a breakthrough from single monetization model and extended gradually from merchandise licensing to other models,such as marketing licensing,offline experience station and collaboration between culture and education.The cooperation between Alifish an

244、d Street Dance of China S3 created more innovative models for the licensing industry in the PRC integrating the licensing and marketing functions by taking advantages of the ecosystem of the Alibaba Digital Economy,while quickly establishing a platform which can directly reach consumers and continua

245、lly communicate and interact with them through content matrix in various forms and based on the e-commerce strongholds of Tmall flagship stores,building a complete link of IP-to-business-to-consumer(“IP2B2C”),facilitating brand incubation through in-depth industrialization development and eventually

246、,facilitating the development of PRC licensing industry as a whole with the power of the platform.In respect of the entertainment e-commerce sub-segment,the integration of IPs and marketing activities has driven strong growth in users and GMV.During the Reporting Period,in collaboration with multipl

247、e channels,including Tmall and Douyin,the art toys category under Alifish organized various online and offline events for art toys enthusiasts,attracted consumers through product launches and innovative marketing campaigns.The operating strategy was widely accredited among resident merchants and the

248、 younger consumer base.Nearly 80 new merchants were signed up under the Tmall art toys category operated by Alifish,while GMV rose by approximately 33%year-over-year.Alifish now serves multiple art toys merchants,such as Pop Mart,Bandai and miHoYo.In addition,Alifishs IP2B2C crowdfunding platform“iz

249、hongchou”is actively exploring the Customer-to-Manufacturer model(C2M),aiming at quick monetization of hot IPs and developing new channels for merchants to market new products.During the Reporting Period,the crowdfunding platform completed over 1,600 projects,of which 33 were RMB1 million-level,repr

250、esenting a year-on-year increase of 10%.Alifishs crowdfunding platform opens channels for developing new products based on IP licensing and facilitates the development of the licensing industry in the PRC as a whole.452020/21中期報告INTERIM REPORTTo address the pain point of the lack of an insurance ser

251、vice system for the cultural and entertainment industry,Yulebao,which forms part of the Groups integrated development business,launched an industry-specific“comprehensive protection plan”,which aims to support the innovation and development of insurance service system for the cultural and entertainm

252、ent industry.Moreover,Yunshang,a production management system designed for film and TV production,has been offered to nearly 200 film crews from various producers,covering various film and television production projects such as drama series,cinema movies and online movies.During the Reporting Period

253、,the integrated development business maintained rapid growth in revenue and operating profit,recording a 40%increase in revenue to RMB163 million,while its operating profit grew by 24%year-over-year to RMB89.35 million.PROSPECTSAs a film and television company featuring contents and technologies,the

254、 Group intends to spread the influence of films to more people and meet the expectation of audience with the use of technologies.The Group intends to establish stronger linkages with other product matrices within the Alibaba Digital Economy,upgrade the entertainment ecosystem of digital content,expl

255、ore high-quality content and establish close connection with business partners by leveraging on its infrastructure construction capabilities,while promoting technology innovation to seek new opportunities of revenue generation,thereby offering more quality products and contents for the market and cr

256、eating real value for partners.Going forward,the Group will continue:1.to improve its capability to produce film and drama series,with a view to becoming a steady source of high quality content for the market;2.to increase our investments in Alifish and innovations,maintain the rapid growth of Alifi

257、sh,and establish a new media matrix designed for content promotion and distribution,with a view to improving the capacity of digital promotion and distribution of the industry;3.to save cost and explore new sources of income and continue to improve our operating efficiency.The Group expects to fund

258、its business initiatives in the financial year ending March 31,2021 with its own internal financial resources,but may seek external financing if appropriate opportunities and conditions arise.462020/21中期報告INTERIM REPORTFINANCIAL REVIEWRevenue and Profit for the PeriodDuring the Reporting Period,the

259、Group recorded revenue of RMB927 million,representing a decrease of 38%year-over-year.The adjusted EBITA reduced by RMB146 million to RMB130 million from a loss of RMB276 million in the Previous Period,representing a decrease of 53%.Comparing the two periods,despite a significant drop in operating r

260、evenue due to the impact of the epidemic,benefitting from the diversified business structure,coordinated management approach within the Alibaba Digital Economy and reduction in investment losses,net loss attributable to owners of the Company reduced from RMB390 million in the Previous Period to RMB1

261、62 million for the Reporting Period,representing a decrease of RMB228 million year-over-year.For the six months ended September 30,2020,loss per share(basic and diluted)for the Group narrowed from RMB1.48 cents per share for the corresponding period of last year to RMB0.61 cents.Selling,Marketing an

262、d Administrative ExpensesDuring the Reporting Period,selling and marketing expenses amounted to RMB69 million,representing a year-over-year decrease of 90%when compared with approximately RMB658 million in the Previous Period.The proportion of selling and marketing expenses in revenue decreased from

263、 44%to 7%,primarily attributable to lowered customer acquisition costs driven by higher overall operating efficiency and the incomplete recovery of the film market amid the epidemic.Administrative expenses in the Reporting Period reduced to RMB415 million from RMB475 million in the Previous Period,m

264、ainly due to the absence of provision for impairment of goodwill and reduction in other operating expenses during the current period.Finance IncomeDuring the Reporting Period,the Group recorded net finance income of RMB40 million,which included exchange gains of RMB6.60 million.472020/21中期報告INTERIM

265、REPORTMaterial InvestmentsAs at September 30,2020,the Group held 14 investments in associates,all of which were accounted for using the equity method,and combined for a total book value of approximately RMB2,177 million.The Group held 13 investments in unlisted companies,all of which were accounted

266、for as financial assets at fair value through profit or loss,and combined for a total book value of approximately RMB924 million.The top three investments were Bona Film Group Limited(“Bona Film”),HeHe(Shanghai)Pictures Corporation Limited and Storyteller Holding Co.,LLC,all of which are engaged in

267、film production or distribution business.During the Reporting Period,the Group recorded a total loss and impairment of RMB8.61 million in its investments in associates.The Group adopted a conservative strategy in managing its investment portfolio during the Reporting Period.The Groups significant in

268、vestment was an investment in associate in relation to Bona Film,which represented approximately 7.72%of the interest in Bona Film.Bona Film is primarily engaged in film production and distribution.As at September 30,2020,the carrying amount of the Groups long-term equity investment in Bona Film was

269、 approximately RMB997 million,representing 6.5%of the Groups total assets.During the Reporting Period,the Group did not receive any dividend,nor did the Group incur any significant loss,from its investment in Bona Film,and the management of the Company does not expect any significant adverse change

270、to such investment for the financial year ending March 31,2021.Financial Resources and LiquidityAs at September 30,2020,the Group had cash and cash equivalents and bank deposits of approximately RMB3,452 million in multiple currencies.The Group held financial assets at fair value through profit or l

271、oss of approximately RMB171 million,which mainly consisted of investments in wealth management products issued by major banks in the PRC with expected return ranging from 1.54%to 2.28%per annum and redeemable within one year.The Group recognized an investment income of approximately RMB3.80 million

272、from financial assets at fair value through profit or loss in the Reporting Period.The investments in wealth management products under financial assets at fair value through profit or loss were made in line with the Groups treasury and investment policies,after taking into account,among others,the l

273、evel of risk,return on investment,liquidity and the term to maturity.As at September 30,2020,the Group had long-term borrowings of RMB22.50 million and short-term borrowings of RMB12.50 million,which bore interest at 6.555%per annum,under a five-year RMB-denominated bank facility with credit limit a

274、t RMB48 million.As at September 30,2020,the Group was in a net cash position and its gearing ratio(being net borrowings over total equity)was nil(March 31,2020:nil).The Group actively and regularly reviews and manages its capital structure to maintain a balance between shareholder return and sound c

275、apital position.The Group continually makes adjustments,when necessary,to maintain an optimal capital structure and to reduce the cost of capital.482020/21中期報告INTERIM REPORTForeign Exchange RisksThe Company holds its cash reserves in RMB,USD and HKD.Although the majority of production costs and admi

276、nistrative expenses are denominated in RMB,many investment opportunities and collaborations with studios outside Mainland China still require foreign currencies.The Group will continue to monitor its capital needs closely and manage foreign exchange risks accordingly.The Group has not used any curre

277、ncy hedging instruments,but it aims to ensure that its exposure to exchange rate fluctuation is managed in a cost-effective manner through ongoing assessment.Charge on AssetsAs at September 30,2020,the Group had pledged borrowings of RMB35 million,which was secured by fixed assets of approximately R

278、MB29 million(March 31,2020:nil).Contingent LiabilitiesAs at September 30,2020,the Group did not have any material contingent liabilities(March 31,2020:nil).Employees and Remuneration PoliciesAs at September 30,2020,the Group,including its subsidiaries but excluding its associates,had 1,025(March 31,

279、2020:1,134)employees.The total employee benefit expenses of the Group were RMB311 million in the Reporting Period.The remuneration policies of the Group are determined based on prevailing market levels and performance of the respective group companies and individual employees.These policies are revi

280、ewed on a regular basis.In addition to salary,the Group also offers to its employees other fringe benefits,including year-end bonus,discretionary bonus,share options to be granted under the Companys share option scheme,awarded shares to be granted under the Companys share award scheme(the“Share Awar

281、d Scheme”),contributory provident fund,social security fund,medical benefits and training.492020/21中期報告INTERIM REPORTINTERESTS OF DIRECTORS AND CHIEF EXECUTIVEAs at September 30,2020,the interests and short positions of the directors and the chief executive of the Company in the shares,underlying sh

282、ares or debentures of the Company and its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance,Hong Kong(the“SFO”)as recorded in the register maintained by the Company pursuant to Section 352 of the SFO or as otherwise notified to the Company and The Stock Ex

283、change of Hong Kong Limited(the“Stock Exchange”)pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set out in Appendix 10 to the Rules Governing the Listing of Securities on the Stock Exchange(the“Listing Rules”)were as follows:Long positions in

284、the shares and underlying shares of the CompanyName of DirectorLong/Short PositionNature of InterestNumber ofOrdinaryShares heldDerivativesAggregateInterestsApproximatePercentage of Aggregate Interests to Total Issued Share Capital of the CompanyShare OptionsAwarded Shares(Note 1)Fan LuyuanLong posi

285、tionBeneficial Owner3,675,0001,470,0005,145,0000.02%Li JieLong positionBeneficial Owner813,58625,000,0009,400,00035,213,5860.13%Meng JunLong positionBeneficial Owner 780,000330,0001,110,0000.00%Note:1.Based on a total of 26,832,126,210 ordinary shares of the Company in issue as at September 30,2020.

286、502020/21中期報告INTERIM REPORTINTERESTS OF DIRECTORS AND CHIEF EXECUTIVE(Continued)Interests in the shares and underlying shares of Alibaba Group Holding Limited(“AGH”),an associated corporation of the Company within the meaning of Part XV of the SFOName of DirectorLong/Short PositionNature of Interest

287、AmericanDepositary Shares(“ADS(s)”)(in the Numberof Ordinary Shares of AGH)Derivatives Aggregate InterestsApproximate Percentage of AggregateInterests toTotal Issued Share Capitalof AGHRestricted Share Units(“RSU(s)“)(in the Number ofOrdinary Sharesof AGH)Other(in the Number ofOrdinary Sharesof AGH)

288、(Note 2)(Note 3)(Note 4)(Note 1)Fan LuyuanLong PositionBeneficial owner23,200(Note 5)193,336(Note 6)6,402,0560.03%Founder of a discretionary trust666,664(Note 7)3,272,448(Note 8)Other2,246,408(Note 9)Li JieLong PositionBeneficial owner339,600(Note 10)308,400(Note 11)648,0000.00%Meng JunLong Position

289、Beneficial owner 38,848(Note 12)63,600(Note 13)119,4320.00%Interest of spouse16,984(Note 14)Xu HongLong PositionBeneficial owner148,112(Note 15)343,000(Note 16)491,1120.00%Tong XiaomengLong PositionBeneficial owner941,176(Note 17)941,1760.00%Johnny ChenLong PositionBeneficial owner800(Note 18)8000.0

290、0%Notes:1.Based on a total of 21,645,092,800 ordinary shares of AGH in issue as at September 30,2020.2.It represents the underlying share interest of ADSs of AGH held by the directors of the Company.Each ADS of AGH represents 8 ordinary shares of AGH with effect from July 30,2019.3.It represents the

291、 underlying share interest of RSUs of AGH held by the directors of the Company.Each RSU represents the right to receive an ADS(i.e.8 ordinary shares)of AGH upon its vesting.4.It represents the underlying share interest of exchangeable ordinary shares(“EOS(s)”)of PCIP I Limited(“PCIP I”),a consolidat

292、ed entity of AGH,which are exchangeable into ordinary shares of AGH based on a 1:8 exchange ratio in accordance with the Articles of Association of PCIP I.5.It represents the underlying share interest of 2,900 ADSs of AGH held by Mr.Fan Luyuan.6.It represents the underlying share interest of 24,167

293、RSUs of AGH held by Mr.Fan Luyuan.7.It represents the underlying share interest of 83,333 ADSs of AGH held by a discretionary trust of which Mr.Fan Luyuan is a founder who can influence how the trustee exercises his discretion.8.It represents the underlying share interest of 409,056 EOSs of PCIP I h

294、eld by a discretionary trust of which Mr.Fan Luyuan is a founder who can influence how the trustee exercises his discretion.512020/21中期報告INTERIM REPORTINTERESTS OF DIRECTORS AND CHIEF EXECUTIVE(Continued)Notes:(Continued)9.It represents the underlying share interest of 280,801 ADSs of AGH held by a

295、trust,the beneficiaries of which include Mr.Fan Luyuans children under the age of 18.10.It represents the underlying share interest of 42,450 ADSs of AGH held by Mr.Li Jie.11.It represents the underlying share interest of 38,550 RSUs of AGH held by Mr.Li Jie.12.It represents the underlying share int

296、erest of 4,856 ADSs of AGH held by Mr.Meng Jun.13.It represents the underlying share interest of 7,950 RSUs of AGH held by Mr.Meng Jun.14.It represents the underlying share interest of 2,123 ADSs of AGH held by the spouse of Mr.Meng Jun.15.It represents the underlying share interest of 18,514 ADSs o

297、f AGH held by Mr.Xu Hong.16.It represents the underlying share interest of 42,875 RSUs of AGH held by Mr.Xu Hong.17.It represents the underlying share interest of 117,647 ADSs of AGH held by Mr.Tong Xiaomeng.18.It represents the underlying share interest of 100 ADSs of AGH held by Mr.Johnny Chen.Int

298、erests in the shares and underlying shares of PCIP I,an associated corporation of the Company within the meaning of Part XV of the SFOName of DirectorLong/Short PositionNature of InterestNumber of EOSs of PCIP I heldAggregate InterestsApproximatePercentage of Aggregate Interests to Total Issued EOSs

299、 of PCIP I(Note 1)Fan LuyuanLong PositionFounder of a discretionary trust409,056(Note 2)409,0563.67%Notes:1.Based on a total of 11,141,372 EOSs of PCIP I in issue as at September 30,2020.2.It represents 409,056 EOSs held by a discretionary trust of which Mr.Fan Luyuan is a founder who can influence

300、how the trustee exercises his discretion.Save as disclosed above,as at September 30,2020,none of the directors nor chief executive of the Company had any interests or short positions in any shares,underlying shares or debentures of the Company or any of its associated corporations(within the meaning

301、 of Part XV of the SFO)as recorded in the register maintained by the Company pursuant to Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.522020/21中期報告INTERIM REPORTSHARE INCENTIVE SCHEMES2012 Share Option SchemeThe shareholders of the

302、Company approved the adoption of the share option scheme on June 11,2012(the“2012 Share Option Scheme”).Movements of the Share Options granted by the Company pursuant to the 2012 Share Option Scheme during the six months ended September 30,2020 were as follows:CategoryDate ofgrantExercise priceper s

303、hareClosing price of shares immediately before thedate onwhich the Share OptionsweregrantedWeightedaverageclosingprice ofsharesimmediatelybefore thedate onwhich theShare OptionswereexercisedOutstandingas atApril 1,2020Granted duringthe periodExercised during the periodLapsed during the periodCancell

304、ed during the periodOutstanding as at September 30,2020Vesting period(HK$)(HK$)(HK$)(Notes)DirectorsFan Luyuan05/06/20201.0701.0503,675,0003,675,0001(iv)Li Jie21/05/20180.9120.9105,000,0005,000,0001(ii)31/05/20191.6301.6006,000,0006,000,0001(ii)05/06/20201.0701.05014,000,00014,000,0001(ii)Meng Jun05

305、/06/20201.0701.050780,000780,0001(ii)Employees 28/01/20151.6701.6502,100,0002,100,0001(i)13/04/20161.8801.8905,925,0005,925,0001(ii)03/06/20161.8601.8607,680,0001,500,0006,180,0001(ii)05/12/20161.4941.4701,050,0001,050,0001(ii)05/12/20161.4941.4701,800,0001,200,000600,0001(i)24/10/20171.2761.2707,70

306、0,0001,500,0006,200,0001(ii)18/01/20181.0601.0701.1206,200,0002,500,0002,500,0001,200,0001(i)21/05/20180.9120.9101.12010,700,00010,00010,690,0001(i)21/05/20180.9120.9101.12650,600,0006,400,0006,400,00037,800,0001(ii)26/09/20181.0201.0101.10416,800,0001,201,0004,100,00011,499,0001(i)26/09/20181.0201.

307、01015,600,00015,600,0001(ii)31/05/20191.6301.60011,100,0002,600,0008,500,0001(i)31/05/20191.6301.60044,842,5005,000,00039,842,5001(ii)31/05/20191.6301.6003,600,0003,600,0001(iii)23/09/20191.3401.3201,400,0001,400,0001(i)23/09/20191.3401.32019,800,0001,200,00018,600,0001(ii)15/01/20201.4601.47013,300

308、,0001,500,00011,800,0001(i)05/06/20201.0701.05045,592,4002,722,80042,869,6001(ii)05/06/20201.0701.0501,500,0001,500,0001(i)11/09/20201.1441.10024,700,00024,700,0001(ii)11/09/20201.1441.1002,200,0002,200,0001(i)Total:231,197,50092,447,40010,111,00030,222,800283,311,100532020/21中期報告INTERIM REPORTSHARE

309、 INCENTIVE SCHEMES(Continued)2012 Share Option Scheme(Continued)Notes:1.The Share Options granted under the 2012 Share Option Scheme are subject to a vesting schedule and can be exercised in the following manner:(i)Category AVesting DatePercentage that can be exercisedFirst vesting date(being second

310、 anniversary of employment commencement date)Up to 50%of the Share Options grantedFirst anniversary of first vesting dateUp to 75%of the Share Options grantedSecond anniversary of first vesting dateUp to 100%of the Share Options grantedThe vesting period of the Share Options under Category A commenc

311、es on the date of the relevant grantees commencement of employment,and the first vesting date falls on the second anniversary of the date of commencement of employment.(ii)Category BVesting DatePercentage that can be exercisedFirst vesting date(being first anniversary of promotion effective date or

312、performance incentive effective date)Up to 25%of the Share Options grantedFirst anniversary of first vesting dateUp to 50%of the Share Options grantedSecond anniversary of first vesting dateUp to 75%of the Share Options grantedThird anniversary of first vesting dateUp to 100%of the Share Options gra

313、ntedThe vesting period of the Share Options under Category B commences on promotion effective date,performance incentive effective date or the date of commencement of employment of the relevant grantee,and the first vesting date falls on the first anniversary of the date of commencement of the vesti

314、ng period.(iii)Category CVesting DatePercentage that can be exercisedFirst vesting date(being second anniversary of March 19,2019)Up to 1/3 of the Share Options grantedSecond anniversary of first vesting dateUp to 2/3 of the Share Options grantedFourth anniversary of first vesting dateUp to 100%of t

315、he Share Options grantedThe vesting period of the Share Options under Category C commences on March 19,2019,and the first vesting date falls on the second anniversary of the date of commencement of the vesting period.(iv)Category DVesting DatePercentage that can be exercisedFirst vesting date(being

316、first anniversary of April 1,2020)Up to 1/6 of the Share Options grantedFirst anniversary of first vesting dateUp to 2/6 of the Share Options grantedSecond anniversary of first vesting dateUp to 3/6 of the Share Options grantedThird anniversary of first vesting dateUp to 4/6 of the Share Options gra

317、ntedFourth anniversary of first vesting dateUp to 5/6 of the Share Options grantedFifth anniversary of first vesting dateUp to 100%of the Share Options grantedThe vesting period of the Share Options under Category D commences on April 1,2020,and the first vesting date falls on the first anniversary

318、of the date of commencement of the vesting period.2.The period within which the Share Options must be exercised shall not be more than 10 years from the date of grant.542020/21中期報告INTERIM REPORTSHARE INCENTIVE SCHEMES(Continued)Share Award SchemeThe Board approved the adoption of the share award sch

319、eme of the Company(“Share Award Scheme”)on December 30,2016(“Adoption Date”).During the six months ended September 30,2020,the movements of Awarded Shares granted under the Share Award Scheme were as follows:Date of GrantTotal number ofAwarded Sharesgranted on the date of grantClosing price of share

320、s immediately before the date on which the Awarded Shares were grantedNumber of Awarded Shares outstanding as at April 1,2020Number of Awarded Shares granted during the periodNumber of Awarded Shares vested during the periodNumber ofAwarded Shareslapsed during the periodNumber ofAwarded Sharesoutsta

321、ndingas at September 30,2020(HK$)28/07/2017183,060,0001.3109,488,0007,323,000265,0001,900,000(Notes 1&11)27/10/201779,449,000(Notes 2&11)1.25011,799,0002,472,000761,0008,566,00018/01/201818,320,000(Notes 3&11)1.0706,520,000960,0001,240,0004,320,00021/05/201894,378,600(Notes 4&11)0.91046,769,70013,36

322、9,9003,719,50029,680,30026/09/201850,120,000(Notes 5&11)1.01035,360,00010,240,0005,340,00019,780,00031/05/2019145,872,700(Notes 6&11)1.600132,958,10031,109,5259,849,20091,999,37523/09/201935,870,000(Notes 7&11)1.32035,420,0005,270,00030,150,00015/01/2020 12,850,000 (Notes 8&11)1.470 12,850,000 1,300

323、,000 11,550,000 05/06/2020 127,281,100 (Notes 9&11)1.050 127,281,100 6,840,000 120,441,100 11/09/2020 37,760,000 (Notes 10&11)1.100 37,760,000 840,000 36,920,000 Total:784,961,400291,164,800165,041,10065,474,42535,424,700355,306,775552020/21中期報告INTERIM REPORTSHARE INCENTIVE SCHEMES(Continued)Share A

324、ward Scheme(Continued)Notes:1.Among these Awarded Shares,2,000,000 Awarded Shares were granted to Ms.Zhang Wei,a then executive director of the Company,and a total of 22,266,500 Awarded Shares were granted to three directors of certain subsidiaries of the Company.The remaining 158,793,500 Awarded Sh

325、ares were granted to 297 employees of the Company who are not connected persons of the Company.2.Among these Awarded Shares,2,000,000 Awarded Shares were granted to Ms.Zhang Wei,a then executive director of the Company,and 1,100,000 Awarded Shares were granted to a director of certain subsidiaries o

326、f the Company.The remaining 76,349,000 Awarded Shares were granted to 302 employees of the Company who are not connected persons of the Company.3.These Awarded Shares were granted to 23 employees of the Company who are not connected persons of the Company.4.Among these Awarded Shares,2,500,000 Award

327、ed Shares were granted to Ms.Zhang Wei,a then executive director of the Company,and 1,200,000 Awarded Shares were granted to a director of certain subsidiaries of the Company.The remaining 90,678,600 Awarded Shares were granted to 326 employees of the Company who are not connected persons of the Com

328、pany.5.These Awarded Shares were granted to 85 employees of the Company who are not connected persons of the Company.6.Among these Awarded Shares,3,000,000 Awarded Shares were granted to a person who was a director of the Company within the last 12 months,and 2,400,000 Awarded Shares were granted to

329、 a director of certain subsidiaries of the Company.The remaining 140,472,700 Awarded Shares were granted to 377 employees of the Company who are not connected persons of the Company.7.These Awarded Shares were granted to 79 employees of the Company who are not connected persons of the Company.8.The

330、Awarded Shares were granted to 18 employees of the Company who are not connected persons of the Company.9.Among these Awarded Shares,1,470,000 Awarded Shares and 330,000 Awarded Shares were granted to Mr.Fan Luyuan and Mr.Meng Jun respectively,each an executive director of the Company,and 7,000,000

331、Awarded Shares were granted to a director of certain subsidiaries of the Company.The remaining 118,481,100 Awarded Shares were granted to 335 employees of the Company who are not connected persons of the Company.10.The Awarded Shares were granted to 80 employees of the Company who are not connected

332、persons of the Company.11.The Awarded Shares granted to each grantee have a specific vesting schedule of not more than 6 years,and the grantees are not required to pay for the grant/vesting/exercise of the Awarded Shares.562020/21中期報告INTERIM REPORTARRANGEMENT TO ACQUIRE SHARES OR DEBENTURESSave as d

333、isclosed in the section headed“Share Incentive Schemes”above,at no time during the six months ended September 30,2020 was the Company,any of its holding companies,its subsidiaries or its fellow subsidiaries,a party to any arrangements to enable the directors or chief executive of the Company or their respective associates(as defined under the Listing Rules)to acquire benefits by means of acquisiti