ALIPICTURES：FINALRESULTSANNOUNCEMENTFORTHEYEARENDEDMARCH312025.pdf

1、Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relian

2、ce upon the whole or any part of the contents of this announcement.(Incorporated in Bermuda with limited liability)(Stock Code:1060)FINAL RESULTS ANNOUNCEMENTFOR THE YEAR ENDED MARCH 31,2025The board(the“Board”)of directors(the“Directors”)of Alibaba Pictures Group Limited(the“Company”,together with

3、its subsidiaries,the“Group”)is pleased to announce the final results of the Group for the year ended March 31,2025(the“Reporting Period”)together with the comparative figures for the year ended March 31,2024(the“Corresponding Period”).FINANCIAL HIGHLIGHTSFor the year ended March 31,20252024ChangeRMB

4、000RMB000%Revenue6,702,3265,035,71333Profit attributable to owners of the Company363,576284,79028Operating profit648,735309,680109Adjusted EBITA809,302503,576611MANAGEMENT DISCUSSION AND ANALYSISOFFLINE ENTERTAINMENT MARKET AND BUSINESS REVIEWFilm MarketSince 2024,growth of the global film industry

5、has slowed,and the Chinese film market has also shown signs of reduced activity compared to the previous year.During the Reporting Period,the Chinese film market recorded total box office revenue of approximately RMB50,500 million,representing a decrease of approximately RMB5,100 million from approx

6、imately RMB55,600 million in the Corresponding Period.Total admissions stood at approximately 1,170 million,down by approximately 160 million from approximately 1,330 million for the Corresponding Period.The decline in both box office and the number of viewers has left movie studios facing a more co

7、mplicated profitability dilemma.Creating sufficient and high-quality films to attract audiences back to cinemas and boost admissions,as well as leveraging AI visual effects technologies such as virtual filming to reduce costs and increase efficiency,so as to improve the film industrys profitability,

8、are the common opportunities and challenges faced by the whole film industry at this stage.Performance MarketDuring the Reporting Period,the market was more active than last year as consumer demand for live entertainment experiences continued to increase.According to a report jointly released by the

9、 China Association of Performing Arts and Beacon Professional,a total of 488,400 commercial performances（excluding entertainment venue performances）were held nationwide in 2024,representing an increase of 10.85%year-over-year.Box office revenue amounted to approximately RMB57,954 million,representin

10、g an increase of 15.37%year-over-year,Notably,box office revenue from top-tier concerts increased by 78.1%year-over-year to over RMB26,000 million,making it the most prominent segment in the market in terms of box office performance.With its abundant product supply and great demand for performance,t

11、he performance industry demonstrated the markets vibrant development and huge growth potential.IP and Licensing MarketUnder the current market conditions,IP merchandising business has demonstrated strong vibrancy and promising prospects.According to the China Licensing Report:White Paper 2025(2025中國

12、品牌授權白皮書),the annual retail sales of licensed products in the Chinese market reached approximately RMB155.09 billion in 2024,with licensing fees totaling approximately RMB5,990 million.The market has maintained steady growth for seven consecutive years and now ranks as the fourth-largest licensing ma

13、rket globally,following the United States,Japan,and the United Kingdom.Driven by the flourishing cultural sector and the ongoing upgrade of the consumer market,IP licensing has become a widely recognized commercial model among consumers.In recent years,the 2D industry,which is built around core cult

14、ural contents such as anime,comics and games,experienced rapid growth.According to iResearch,the scale of Chinas 2D industry expanded from 2approximately RMB18.9 billion in 2016 to approximately RMB221.9 billion in 2023,while the scale of the peripheral and derivative industries grew from approximat

15、ely RMB5.3 billion to approximately RMB102.3 billion,representing a compound growth rate of 53%.Whether in the brand licensing market or the 2D peripheral and derivative sectors,this has presented the Groups IP merchandising business with unprecedented growth opportunities.BUSINESS REVIEWDuring the

16、Reporting Period,the Group remained firmly committed to its dual-approach“Content+Technology”strategy.By focusing on content and IP to explore diversified business models,the Group expanded its derivative business to encompass merchants and channels,sustained the strengths of its performance ticketi

17、ng platform business,while deepening long-term investments in technological innovation.These efforts enabled the Group to proactively optimize its business management strategy and achieve resilient growth in the face of an uncertain market environment.During the Reporting Period,the IP merchandising

18、 business and Damais box office both recorded rapid revenue growth year-over-year.The Group achieved total revenue of approximately RMB6,702 million,representing a year-over-year increase of 33%as compared with approximately RMB5,036 million for the Corresponding Period.Net profit attributable to ow

19、ners of the Company reached approximately RMB364 million,up 28%year-over-year from approximately RMB285 million for the Corresponding Period.Adjusted earnings before interest,taxes and amortization(“adjusted EBITA”,a non-HKFRS financial indicator)amounted to approximately RMB809 million,representing

20、 a year-over-year increase of 61%as compared with approximately RMB504 million for the Corresponding Period.Change in segment informationDuring the Reporting Period,the Group has changed its identification of reportable business segments.In previous year,the Group aggregated its operating segments i

21、nto five reportable segments,namely“Film investment,production,promotion and distribution”,“Film ticketing and technology platform”,“Damai”,“Drama series production”and“IP Merchandising and innovation initiatives”in accordance with its then internal management and reporting structures.During the Rep

22、orting Period,the Group has reaggregated its operating segments into four reportable segments,namely,“Film technology and investment,production,promotion and distribution platform”,“Damai ticketing and live entertainment platform(“Damai”)”,“IP merchandising”and“Drama series production”.The reason fo

23、r making the above business realignments was mainly due to changes in the Groups internal management and reporting structures during the Reporting Period,which were made to more accurately reflect the market position and business direction of the Group.The segment information presented is consistent

24、 with the reports provided to and reviewed by the chief operating decision maker for performance assessment and resource allocation following the internal management restructuring.3For details of the change in segment information,please refer to Note 2.1 to the consolidated financial statements cont

25、ained in this announcement.Non-HKFRS MeasuresTo supplement its consolidated financial statements presented in accordance with the HKFRS,the Group uses adjusted EBITA,believing that it can eliminate the potential impact of items that are,in managements opinion,not indicative of the Groups operating p

26、erformance.This measure facilitates the comparison of operating performances across different periods and among different companies,while also providing investors and others with useful information to understand the core indicators used by management in its financial and operational decision-making.

27、Adjusted EBITA represents net income after excluding the following:financial income and expenses,changes in fair value of listed and unlisted investments,gain or loss on disposal of equity investment,income tax expense,gain or loss on and impairment of equity method investments,certain non-cash expe

28、nses,consisting of share-based compensation expense,amortization and impairment of intangible assets arising from business combinations,impairment of goodwill,allowance for impairment of long-term assets and others,which,in managements view,are not reflective of the Groups core operating performance

29、 during the Reporting Period.The table below sets forth a reconciliation from operating profit to adjusted EBITA for the Reporting Period and the Corresponding Period,along with the performance highlights of the four operating segments of film technology and investment,production,promotion and distr

30、ibution platform;Damai;IP merchandising;and drama series production.For the twelve months ended March 3120252024RMB000RMB000Operating profit648,735309,680Add:Share-based compensation124,815120,274Amortization of intangible assets arising on business combinationsNote 132,86018,003Gains or losses on d

31、isposal of a joint venture(1,991)Change in fair value of listed and unlisted investments4,88355,619 Adjusted EBITA(unaudited)809,302503,576 4Segment InformationFor the twelve months ended March 31Segment revenueSegment results Note 22025202420252024RMB000RMB000RMB000RMB000(audited)(audited)(audited)

32、(audited)Film technology and investment,production,promotion and distribution platform2,711,8092,999,45973,209811,901Damai Note 32,057,205612,5851,230,283280,565IP merchandising1,433,393827,545380,349217,764Drama series production499,919596,12425,40314,459 Total6,702,3265,035,7131,709,2441,324,689 N

33、ote 1:Among the total amortization expenses of intangible assets of approximately RMB36.0 million and approximately RMB20.0 million for the years ended March 31,2025 and 2024(Refer to Note 6 of the consolidated financial statements),amortization expenses of intangible assets arising on business comb

34、ination amounted to approximately RMB33.0 million and approximately RMB18.0 million for the years ended March 31,2025 and 2024,respectively.Note 2:Segment results=Segment revenue Cost of sales and services Selling and marketing expenses allocated to relevant segments.Note 3:Damais data for the Corre

35、sponding Period comprises:1)service fee income and results from the Groups entrusted operation of Damai business for the eight months ended November 30,2023;and 2)Damais fully consolidated operating results in the Groups financial statements for the four months ended March 31,2024,following its acqu

36、isition by the Group as a wholly-owned subsidiary.5I.FILM TECHNOLOGY AND INVESTMENT,PRODUCTION,PROMOTION AND DISTRIBUTION PLATFORMThe film business,including film ticketing,film investment,production,promotion and distribution,as well as technology business,has emerged as a key growth driver for the

37、 Group.During the Reporting Period,despite industry-wide challenges such as declining box office revenues and theater attendance,which pressured profit margins across the industry,the Group adopted a steady yet proactive approach in the film sector,in order to enhance content production capabilities

38、 through partnerships with producers,directors and screenwriters,and to reduce costs via technological innovations.This approach lays the foundation for the recovery of the film industry.(i)Film ticketing businessThe film ticketing,being Tao Piao Piao and Yunzhi,form an integral part of the business

39、 segment and serve as essential infrastructure for the film industry.Tao Piao Piao is a widely recognized film ticketing platform among cinema-goers,while Yunzhi is an industry-leading ticket-issuing system platform for cinemas.Both platforms charge service fees,the former from cinema-goers and the

40、latter from cinemas,for providing online systems and services that enable ticket purchases and issuance,respectively.The“Taomai VIP”membership system,launched by Tao Piao Piao in collaboration with Damai business and the industrys first tiered membership system that connects film viewing and live pe

41、rformance dual consumption scenarios,offered a wide range of member privileges during the Reporting Period,such as“buy 1 get 1 free”,priority ticket purchase for blockbusters,access to star-studded events,and e-ticket collection,all of which had been well received by users.After years of operation,T

42、aomai members have demonstrated exceptionally high loyalty to,and represent the most valuable asset of,both Tao Piao Piao and Damai platforms.Although admissions declined year-over-year during the Reporting Period,the decline in Taomai members,especially frequent users of paid services,was significa

43、ntly smaller in scale compared to the drop in viewership.This reflects the loyalty of high-value consumer groups.Going forward,both the integration of the film and Damai ticketing platforms and the exceptionally high loyalty of Taomai members will help boost the frequency of direct ticket purchases

44、made by consumers on Tao Piao Piao.During the Reporting Period,Yunzhi business continued to rank first nationwide in terms of both the number of ticket-issuing cinemas and the total number of tickets issued.Additionally,Yunzhi has entered into cooperation agreements with cinemas in Hong Kong and oth

45、er parts of Southeast Asia,as part of its proactive drive to expand its overseas presence.6(ii)Film investment,production,promotion and distributionThe film investment,production,promotion and distribution business is a key focus of the Group in the offline entertainment content market.In recent yea

46、rs,the Group aims to secure baseline returns above the industry average by focusing on proactively enhancing its co-production and self-production capabilities,reducing costs through the application of visual effects technologies,such as virtual filming,and investing in top-tier projects with relati

47、vely high profit certainty.Meanwhile,the Group has launched partnerships with producers,directors and screenwriters to enrich its project reserve.During the Reporting Period,the Group released the following major film projects:No.Films NameBox office revenue Mode(RMB billion)1Successor(抓娃娃)3.33produ

48、cer2A Place Called Silence (默殺)1.35producer and joint distributor3Creation of the Gods II:Demon Force (封神第二部：戰火西岐)1.24producer,leading promoter and distributor4The Boy and the Heron (你想活出怎樣的人生)0.79co-introducer and marketer5Big World(小小的我)0.77joint producer6Her Story(好東西)0.72producer,leading promote

49、r and distributor7Formed Police Unit (維和防暴隊)0.51producer,leading promoter and distributor8Moments We Shared (雲邊有個小賣部)0.50producer,leading promoter and distributor9The Last Dance(破地獄)0.21producer10The Sinking of the Lisbon Maru(里斯本丸沉沒)0.05leading promoter and distributor7As of the date of this announ

50、cement,the Group has approximately 40 key films scheduled for release.Among them,around 20 are investment projects pending release and around 20 are self-developed and co-produced projects.These films are either awaiting release scheduling(subject to market conditions)or are currently in the process

51、 of being scheduled.The Group has outlined the key films that have already been scheduled for release below.No.Films NameStateMode1Scare out(驚蟄無聲)filmingproducer,leading promoter and distributor2Dongji Island(東極島)scheduled for releaseproducer,leading promoter and distributor3Shooting Stars (群星閃耀時)sc

52、heduled for releaseproducer,leading promoter and distributor4I Know Who You Are (抓特務)scheduled for releaseproducer,leading promoter and distributor5Blades of the Guardians (鏢人：風起大漠)scheduled for releaseproducer,leading promoter and distributor6Welcome to the Chinese Restaurant (歡迎來龍餐館)scheduled for

53、releaseproducer and joint distributor7A Cool Fish 2/3 (無名之輩 2/3)scheduled for releaseproducer and joint distributor87 Days(7天)scheduled for releaseproducer,leading promoter and distributor9Keep Real(特立獨行)scheduled for releaseproducer,leading promoter and distributor10The Shadows Edge (捕風捉影)scheduled

54、 for releaseproducer,leading promoter and distributorTo further improve its capabilities to produce and develop film content and fully develop its IPs,the Group has launched partnerships with producers,directors and screenwriters,aimed at increasing the production of high-quality film content for th

55、e industry.To date,several projects have either moved into pre-production or begun filming.Additionally,the Group has launched the“HINA International Young Director Program(海納國際青年導演發展計劃)”,which invites Mr.Zhang Yimou,Mr.Huang Jianxin and Mr.Bill Kong to serve as main mentors.The program is dedicated

56、 to nurturing young directors through a series of activities,including masterclasses,short film screenings,roundtable discussions,and on-set trainings.As of the date of this announcement,this program has enrolled a total of 58 young directors,many of whom have begun joining production crews to gain

57、on-set experience.In parallel,the Group has established the“Alibaba Pictures Scholarship”at Hong Kong Baptist University,with a view to fostering collaboration on film and television projects.8(iii)Technology businessWhile continuing to increase its investments in innovative technologies,such as AI,

58、digital human and virtual filming,the Group has pursued solutions for the standardization,streamlining and digitalization of film and television production processes.It has also promoted the application of new technologies in industrialized film and television production.As of the date of this annou

59、ncement,the Group has built and commenced operation of four virtual filming studios in locations such as Hengdian and Zhouzhuang in the Peoples Republic of China(the“PRC”or“China”or“Mainland China”).During the Reporting Period,virtual filming techniques were applied in the production of several film

60、 and drama series projects,including the films“Shooting Stars(群星閃耀時)”and“My Family(根本停不下來)”as well as the drama series“Pull Strings”(師兄太穩健).This significantly reduced set construction costs.Going forward,the Group plans to set up additional virtual filming studios across various regions,aiming to pr

61、omote the application of virtual filming and support the film and television sectors industrial upgrade.In terms of the digital humans business,in addition to Leah(厘里),the first digital human launched by Alibaba Digital Media&Entertainment Group,the Group introduced five new digital humans,achieving

62、 commercial monetization through endorsements and customized collaborations.Notably,after signing a contract with 北京大麥文化傳播有限公司(Beijing Damai Cultural Communication Co.,Ltd.*),Leah not only embarked on its journey in the music industry as a virtual musician but also served as the marketing ambassador

63、 for Tmalls sports and outdoor brands during the“Double 11”shopping festival.Additionally,Leah appeared in“I Am Nobody S2:Battle in Biyou Village(異人之下之決戰！碧游村),an exclusive drama series on Youku,showcasing Chinas leading application of digital human technology.Moreover,“Beacon AI(燈塔AI)”,a data produc

64、t designed to provide intelligent promotion and distribution services for the entertainment industry,now leverages its access to the Tongyi Qianwen model to understand and accurately answer a wide range of general questions about film releases and scheduling analysis.By providing industry participan

65、ts with timely,comprehensive,detailed and condensed summaries of public opinion,more informative box office forecasts,as well as additional support in film promotion,distribution,scheduling decisions,and other tasks,Beacon AI has significantly improved industry participants work efficiency.9Amid a s

66、luggish box office in the film market,the film business experienced an adverse impact on both revenue and profitability.During the Reporting Period,the Groups segment of film technology and investment,production,promotion and distribution platform recorded revenue of approximately RMB2,712 million,r

67、epresenting a decrease of 10%as compared with approximately RMB2,999 million for the Corresponding Period;the segment results recorded was approximately RMB73 million,representing a decrease of 91%as compared with approximately RMB812 million for the Corresponding Period.II.DAMAIDamai is the Groups

68、core business in the live entertainment market.Damai ticketing platform for performances is an industry-leading ticketing platform.Meanwhile,Damai has achieved remarkable success in live entertainment investment and production,establishing itself as one of the top competitors in the live entertainme

69、nt market.(i)Damai ticketing platform businessAs one of the Groups core businesses in the live event ticketing market,Damai maintained its leading position in the live event ticketing market during the Reporting Period.It has served numerous top-tier concerts hosted by domestic and international art

70、ists,such as Jason Zhang,Jay Chou,Stefanie Sun,Ed Sheeran,and Imagine Dragons.This has reinforced its reputation as the preferred ticketing platform.By providing ticketing support for nearly all major concerts in China,Damai delivered rapid growth in gross merchandise value(GMV)for two consecutive y

71、ears.Additionally,Damai delivered over 3,800 high-profile projects in the segment of on-site event services.These projects have ensured secure and stable event operations without incidents and have garnered praise from partners.During the Reporting Period,Damai established in-depth cooperation with

72、multiple top-tier venues across Mainland China,Hong Kong and Macau,securing its core competitive advantage in accessing key venues.The Group continues to increase investment in core technology research and development,integrating computing power and upgrading cloud resources to enhance data processi

73、ng capability and the functionality of its ticketing system.This ensures stable performance and seamless transactions under high-concurrency scenarios,even when large numbers of users are simultaneously scrambling for tickets,thereby reinforcing its leadership in ticketing services through a superio

74、r user experience.During the Reporting Period,over a thousand events saw peak concurrent ticket-buying users exceed 100,000 per second,marking a 63%growth compared to the Corresponding Period.10During the Reporting Period,Damai expanded into tourist attraction entertainment performance and broadened

75、 its reach to include more overseas projects,allowing domestic users to conveniently purchase tickets for international concerts.By driving further product upgrades,Damai successfully integrated a unified ticketing services platform for both film and live events,thereby covering a broader range of e

76、ntertainment ticketing scenarios.This expansion aims to strengthen Damais brand influence as the preferred platform for ticket purchases,underscoring its commitment to establishing itself as a leading comprehensive ticketing services provider.(ii)Live entertainment contentIn recent years,Damai busin

77、ess has continued to deepen its presence in the live entertainment content segment.As of the date of this announcement,Damai has established a total of six key performance content brands,including Xiami Music Entertainment,Mailive,“Dang Ran You Xi(當然有戲)”and“Ku Xiao Mai(酷小麥)”.The live entertainment c

78、ontent business has been involved in the investment and production of over 120 IPs,spanning a diverse range of categories,including concerts,musical festivals,dramas,exhibitions and talk shows.Through years of hard work,Damai has established a strong brand presence through a variety of projects,incl

79、uding the 2024 Xiami Music&Arts Festival in Aranya(阿那亞蝦米音樂節);major concerts by artists such as Karen Mok,Roy Wang,and Rover Lu;theatrical productions such as“The Summoning of Dunhuang(受到召喚敦煌)”and“The Magic Hour(魔幻時刻)”;as well as talk shows featuring Lan Hu and Xiao Lu.These high-quality performances

80、 and exquisite stage productions have brought the audience an exceptional viewing experience.During the Reporting Period,the Groups Damai segment recorded revenue of approximately RMB2,057 million,representing an increase of 236%as compared with approximately RMB613 million for the Corresponding Per

81、iod.The segment results recorded were approximately RMB1,230 million,representing an increase of 339%as compared with approximately RMB281 million for the Corresponding Period.This significant increase was attributable to the fact that the data for the Corresponding Period did not fully consolidate

82、Damais operating results.11III.IP MERCHANDISINGAs a core segment,the IP merchandising business helps support the Group in expanding its presence within the entertainment industry.Its principal activities include:(1)the AliFish sub-licensing business,which acquires multiple premium IPs from upstream

83、copyright holders and sublicenses them to downstream merchants in exchange for licensing fees;(2)joint operations of the Tmall pop toys category and IP-themed flagship e-commerce stores;and(3)the“KOITAKE”business,which integrates pop toys IP with various films,drama series and variety shows to devel

84、op and commercialize pop toys.As a leading IP licensing management and commercialization platform in China,Alifish has partnered with hundreds of domestic and international quality IPs,as well as thousands of brands and channel merchants since it was established in 2016.AliFish boasts an IP matrix t

85、hat spans a broad range of categories,including 2D space,cultural heritage and innovation,film,television and variety shows,education,and sports.It has entered into contracts with numerous top-tier,globally-renowned IPs,such as Sanrio,Pokmon,Universal Studios,Crayon Shin-chan,and Chiikawa.With a foc

86、us on IP licensing,operation and commercialization,AliFish has developed a proprietary full-chain service model that encompasses IP material development and gallery design,supervision and approval processes,product supply to channels,and IP-centric integrated marketing.This model provides brand part

87、ners with comprehensive solutions for IP licensing and collaboration.During the Reporting Period,the retail sales of licensed IP merchandise from Alifish saw a substantial year-over-year increase,driving an over 90%growth in AliFishs revenue compared to the Corresponding Period,which enabled copyrig

88、ht holders,merchants and other partners to meet their goals on diversified value enhancement.AliFish has drawn significant attention amid the rapid expansion of the 2D-related merchandise sector.Looking ahead,it will continue to strengthen its channels with a focus on e-commerce,leverage category op

89、erations to capture product trends,and incubate consumer-facing brands.12The Group has established a pop toy brand“KOITAKE”,which integrates pop toys IP with numerous films,drama series and variety shows to create a host of distinctive pop toys.To date,“KOITAKE”has developed or signed contracts in r

90、espect of over 10 original pop-toy IPs and 2D-related IPs.Notable original pop-toy IPs include promising titles such as“Kayla-X(凱拉十世)”and“PiPi”;while 2D-related IPs include titles like“The Demon Hunter(滄元圖)”(an exclusive anime on Youku)and gaming IP“Mr Love:Queens Choice(戀與製作人)”.“KOITAKE”has also fo

91、rmed collaborations on contents from more than 40 films and television programs,including“Love Game in Eastern Fantasy(永夜星河)”(an exclusive drama series on Tencent Video),“Moonlight Mystique(白月梵星)”(an exclusive drama series on iQIYI),“Empresses in the Palace(甄嬛傳)”,and“The Story of Minglan(知否知否應是綠肥紅瘦)

92、”(classic Chinese drama series).During the Reporting Period,the Groups IP merchandising business segment generated revenue of approximately RMB1,433 million,representing an increase of 73%as compared with approximately RMB828 million for the Corresponding Period.The segment results increased by 75%t

93、o approximately RMB380 million from approximately RMB218 million for the Corresponding Period.IV.DRAMA SERIES PRODUCTIONIn the drama series production sub-segment,the Group continued to invest in high-quality content through its studio operations,aiming to create emotionally resonant and widely popu

94、lar works that are well-received by both audiences and the market.During the Reporting Period,several critically acclaimed drama series produced by the Group,including“Blossoms in Adversity(惜花芷)”,were successfully broadcast.Meanwhile,multiple titles,such as“In the Name of Justice(以法之名)”,“Unveil:Jade

95、wind(唐宮奇案之青霧風鳴)”and“Wild Ambition Bloom(灼灼韶華)”,have completed filming and are awaiting release.At present,the drama studio has a pipeline of over 20 key projects,with more than 30 projects in active development.During the Reporting Period,the Groups drama series production segment recorded revenue o

96、f approximately RMB500 million,representing a year-over-year decrease of 16%as compared with approximately RMB596 million for the Corresponding Period.The segment results recorded approximately RMB25 million,representing a year-over-year increase of 76%as compared with approximately RMB14 million fo

97、r the Corresponding Period.13PROSPECTSAs a player in the entertainment industry,which is booming yet complicated and dynamic,the Group is confident about the future.Going forward,the Group is committed to building a comprehensive entertainment ecosystem and evolving into a diversified entertainment

98、platform.Empowered by technological innovation,the Group strives to offer consumers a richer,more interactive,and immersive entertainment experience.The Group will continue to advance the following strategic plans:1.Content leadership:The Group will enhance production capacities in a diverse range o

99、f content categories,including films,TV dramas and live performances,while achieving end-to-end integration of virtual production technologies.The Group set out to foster IP synergy across films,live entertainment,TV dramas and derivatives,with a view to amplify commercial value and deliver a steady

100、 stream of quality content to the market.2.User growth:The Group will accelerate the integration of film and performance ticketing services,increase its efforts to speed up user penetration,and launch a new Damai app.The Group will continue to enhance the privileges under and brand influence of the“

101、Taomai VIP”membership program,aiming to cover all ticketing categories except transport tickets,and to establish a globally leading one-stop ticketing platform in terms of user scale and service breadth.3.Commercial derivatives:The Group will continue to strengthen platform capabilities and its pres

102、ence across IP development,merchandise channels and user engagement,thereby further scaling up our IP merchandising business.4.Overseas expansion:Starting with the Guangdong Hong Kong Macao Greater Bay Area,the Group will expand its international footprint,tapping into Asian and global markets.The G

103、roup will introduce more premium global content to the Chinese audience,provide ticketing services in China for overseas performances,and integrate with leading venue systems worldwide.The Group expects to finance its business initiatives in the coming year with its own internal resources,and may se

104、ek external financing if appropriate opportunities and conditions arise.14FINANCIAL REVIEWRevenue and ProfitDuring the Reporting Period,driven by its focused execution of the“content+technology”strategy and continued efforts to diversify its business structure,the Group recorded revenue of approxima

105、tely RMB6,702 million,an increase of 33%year-over-year from approximately RMB5,036 million for the Corresponding Period.Adjusted EBITA rose by 61%year-over-year from approximately RMB504 million for the Corresponding Period to approximately RMB809 million,while net profit attributable to owners of t

106、he Company reached approximately RMB364 million,representing an increase of 28%year-over-year from approximately RMB285 million for the Corresponding Period.During the Reporting Period,the Group recorded earnings per share(basic and diluted)of approximately RMB1.23 cents,achieving a year-over-year i

107、ncrease of 19%from approximately RMB1.03 cents for the Corresponding Period.Selling,Marketing and Administrative ExpensesDuring the Reporting Period,selling and marketing expenses of the Group amounted to approximately RMB789 million,representing a year-over-year increase of 11%when compared with ap

108、proximately RMB710 million for the Corresponding Period.The proportion of selling and marketing expenses in revenue decreased from 14%for the Corresponding Period to 12%,primarily due to the optimization of promotion strategies and the adoption of a more prudent approach to marketing expenses.During

109、 the Reporting Period,the Groups administrative expenses increased from approximately RMB978 million for the Corresponding Period to approximately RMB1,237 million,representing an increase of 27%year-over-year,which was primarily attributable to the growth in operating expenses resulting from the ac

110、quisition of Damai business.Net Finance IncomeDuring the Reporting Period,the Group recorded net finance income of approximately RMB193 million,which included interest income on bank deposits and loss on foreign exchange.As the Groups cash reserves are held in multiple currencies,the exchange loss r

111、esulted mainly from the volatility of RMB against U.S.dollar(“USD”)during the Reporting Period.Material InvestmentsAs of March 31,2025,the Group held 20 investments in joint ventures and associates,all of which were accounted for using the equity method,with a total book value of approximately RMB91

112、5 million.The Group also held 11 investments in unlisted companies and one investment in listed companies,all of which were classified as financial assets at fair value through profit or loss,with a total book value of approximately RMB610 million.15The Groups three largest investments were YH Enter

113、tainment Group,Bona Film Group Co.,Limited and Shanghai Tingdong Film Co.,Ltd.(上海亭東影業有限公司),all of which were engaged in the film production and distribution business,artist management and other pan-entertainment businesses.As at March 31,2025,there is no investment held by the Group with a value of

114、5%or more of the total assets of the Group.The Group adopted a conservative investment strategy to manage its investment portfolio during the Reporting Period.As of March 31,2025,the Group did not have any plans for material investments and capital assetsFinancial Resources and LiquidityAs of March

115、31,2025,the Group held cash and cash equivalents and bank deposits with maturity within one year of approximately RMB3,365 million(March 31,2024:approximately RMB6,715 million),which were denominated in RMB,USD and Hong Kong dollar.As at March 31,2025,the Groups short-termborrowings amounted to appr

116、oximately RMB397 million(March 31,2024:nil),which borne an interest rate ranging from 1.0%to 1.2%per annum.All the Groups borrowings were secured by discounted bills and will be settled within one year.The Groups borrowings are denominated in RMB.As of March 31,2025,the Group had a net cash position

117、 with a gearing ratio(calculated as net borrowings over total equity,where net borrowings equal total borrowings net of cash and cash equivalents)of nil(March 31,2024:nil).The Group actively and regularly reviews and manages its capital structure to maintain a balance between shareholder returns and

118、 a sound capital position.The Group may make adjustments,where necessary,to maintain an optimal capital structure and to reduce the cost of capital.Further,the Group may purchase wealth management products,where appropriate,in line with its treasury and investment policies,after taking into account,

119、among other things,level of risk,return on investment,liquidity and term of maturity.Foreign Exchange RisksWhile the majority of the Groups production costs and administrative costs are denominated and settled in RMB,the Group requires foreign currencies for some of its offshore investments and coll

120、aborations with studios outside Mainland China.The Group will continue to closely monitor its capital needs and manage foreign exchange risks accordingly.As of March 31,2025,the Group did not have a foreign currency hedging policy nor had it used any currency hedging instruments or financial instrum

121、ents for hedging purpose,but will closely monitor its foreign currency exposure in a cost-effective manner.Charge on AssetsAs of March 31,2025,the Group did not have any indebtedness secured by assets(March 31,2024:nil).16Contingent LiabilitiesAs of March 31,2025,the Group did not have any material

122、contingent liabilities(March 31,2024:nil).Material Acquisitions and DisposalsOn July 23,2024,北京阿里巴巴影業文化有限公司(Beijing Alibaba Pictures Culture Co.,Ltd.*)(“Beijing Alibaba”),an indirect wholly-owned subsidiary of the Company entered into a sale and purchase agreement with 浙江東陽美拉傳媒有限公司(Zhejiang Dongyang

123、 Meila Media Company Limited*)(“Dongyang Meila”),北京美拉文化傳媒有限公司(Beijing Meila Media Company Limited*),海南美拉傳媒有限公司(Hainan Meila Media Company Limited*)and 華誼兄弟傳媒股份有限公司(Huayi Brothers Media Corporation*)(“Huayi Brothers”),whereby Beijing Alibaba agreed to purchase,and Huayi Brothers agreed to sell,70%of

124、the entire equity interest in Dongyang Meila at a total consideration of RMB350,000,000,for the purpose of setting-off the loan amounting to RMB350,000,000 due and owed by Huayi Brothers to the Group(the“Acquisition”).The Acquisition was completed in November 2024.Details of the Acquisition are set

125、out in the announcement of the Company dated July 23,2024.During the Reporting Period,save as disclosed above,the Group did not have any material acquisitions or disposals of subsidiaries,associates or joint ventures.Employees and Remuneration PoliciesAs of March 31,2025,the Group had 1,733 employee

126、s(March 31,2024:1,455 employees).The total employee benefit expenses of the Group were approximately RMB885 million for the Reporting Period(March 31,2024:approximately RMB880 million).The remuneration policies of the Group are determined based on prevailing market rates and the performance of the G

127、roup and individual employees.These policies are reviewed on a regular basis.The Group strongly believes that its staff are an invaluable asset and play a vital role in its business.Therefore,the Group recognizes the importance of maintaining a good relationship with employees.In addition to salary,

128、the Group also provides its employees with other fringe benefits,including among others,year-end bonuses,discretionary bonuses,contributions to provident and social security funds,medical benefits and training.The Group further offers various remunerative tools,such as share options under the Compan

129、ys share option schemes,and awarded shares under the Companys share award scheme.Subsequent EventsThere has been no important event that might affect the Group since March 31,2025,and up to the date of this announcement.17CONSOLIDATED STATEMENT OF PROFIT OR LOSSFor the year ended March 31,20252024No

130、teRMB000RMB000Continuing operationsRevenue36,702,3265,035,713Cost of sales and services6(4,224,196)(3,018,670)Gross profit2,478,1302,017,043Selling and marketing expenses6(789,313)(710,002)Administrative expenses6(1,237,422)(977,868)Reversal of impairment losses/(impairment losses)on financial asset

131、s,net112,270(52,635)Other income439,82157,366Other gains/(losses),net545,249(24,224)Operating profit648,735309,680Finance income7239,314182,614Finance expenses7(45,940)(781)Finance income,net193,374181,833Share of loss of investments accounted for using the equity method10(120,488)(78,616)Impairment

132、 of investments accounted for using the equity method10(427,629)(112,552)Profit before income tax293,992300,345Income tax credit892,40058,610 Profit from continuing operations386,392358,955 Loss from discontinued operation(61,486)Profit for the year386,392297,469 Profit attributable to:Owners of the

133、 Company363,576284,790Non-controlling interests22,81612,679 Profit attributable to owners of the Company:Continuing operations363,576 334,583Discontinued operation(49,793)Earnings per share from continuing operations attributable to owners of the Company for the year (expressed in RMB cents per shar

134、e)9 Basic1.231.21 Diluted1.231.21 Earnings per share attributable to owners of the Company for the year(expressed in RMB cents per share)9 Basic1.231.03 Diluted1.231.03 18CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFor the year ended March 31,20252024NoteRMB000RMB000Profit for the year386,392297,4

135、69Other comprehensive income:Items that may be reclassified to profit or lossShare of other comprehensive(loss)/income of associates10(2,338)6,120Currency translation differences attributable to owners of the Company48,204110,996Items that may not be reclassified to profit or lossCurrency translatio

136、n differences attributable to non-controlling interests2941,158 Other comprehensive income for the year,net of tax46,160118,274 Total comprehensive income for the year432,552415,743 Total comprehensive income for the year attributable to:Owners of the Company409,442401,906 Non-controlling interests2

137、3,11013,837 Total comprehensive income for the year432,552415,743 Total comprehensive income for the year attributable to owners of the Company:Continuing operations409,442451,699 Discontinued operation(49,793)409,442401,906 19CONSOLIDATED BALANCE SHEETAs of March 31,20252024NoteRMB000RMB000AssetsNo

138、n-current assetsProperty,plant and equipment115,32838,423Investment properties396,498443,546Goodwill3,844,1253,554,882Intangible assets458,189234,004Right-of-use assets230,1506,566Deferred income tax assets198,69094,718Investments accounted for using the equity method10914,7481,672,220Film and TV ri

139、ghts and investments2,6522,894Bank deposits4,239,9251,217,522Financial assets at fair value through profit or loss610,148700,629Trade and other receivables,and prepayments11350,170400,820 11,360,6238,366,224 Current assetsInventories41,09331,100Film and TV rights and investments3,602,3892,228,853Tra

140、de and other receivables,and prepayments114,323,2533,412,739Current income tax recoverable9,567Structured deposits797,847706,196Bank deposits856,9122,296,932Restricted cash1,8914,159Cash and cash equivalents2,505,8084,413,697 12,138,76013,093,676 Total assets23,499,38321,459,900 20As of March 31,202

141、52024NoteRMB000RMB000LiabilitiesNon-current liabilitiesDeferred income tax liabilities121,05756,925Lease liabilities229,42958,408Trade and other payables,and accrued charges125,287 355,773115,333 Current liabilitiesBorrowings396,685Trade and other payables,and accrued charges125,406,6065,094,022Cont

142、ract liabilities623,027415,029Current income tax liabilities17,1681,089Lease liabilities35,2755,897Film investments from business partners199,5497,650 6,678,3105,523,687 Total liabilities7,034,0835,639,020 EquityEquity attributable to owners of the CompanyShare capital6,078,7026,026,151Reserves10,14

143、8,8589,696,245 16,227,56015,722,396Non-controlling interests237,74098,484 Total equity16,465,30015,820,880 Total equity and liabilities23,499,38321,459,900 21Notes to the consolidated financial statements1 GENERAL INFORMATIONAlibaba Pictures Group Limited(the“Company”)and its subsidiaries(together,t

144、he“Group”,each,a“Group Entity”)form an integrated platform with content and technology as the core,covering content production,promotion and distribution,IP merchandising,licensing and commercial management,cinema and entertainment event ticketing management,and Internet data services for the entert

145、ainment industry.The Company is a limited liability company incorporated in Bermuda.The address of its registered office is Clarendon House,2 Church Street,Hamilton,Pembroke,HM 11,Bermuda.The shares of the Company are listed on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).As of March

146、 31,2025,the Company is approximately 53.85%owned by Alibaba Group Holding Limited(“Alibaba Holding”),of which 13,488,058,846 shares are held by Ali CV Investment Holding Limited(“Ali CV”)and 2,513,028,847 shares are held by Alibaba Investment Limited(“AIL”).Ali CV is a wholly-owned subsidiary of AI

147、L which is in turn wholly-owned by Alibaba Holding.These consolidated financial statements are presented in Renminbi(“RMB”)unless otherwise stated.2 SUMMARY OF ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below

148、.These policies have been consistently applied to all the years presented,unless otherwise stated.2.1 Basis of preparation and change in accounting policiesThe consolidated financial statements of the Group have been prepared in accordance with Hong Kong Financial Reporting Standards(HKFRS Accountin

149、g Standards)as issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance Cap.622.HKFRS Accounting Standards comprise the following authoritative literature:Hong Kong Financial Reporting Standards Hong Kong Accounting Standa

150、rds Interpretations developed by the Hong Kong Institute of Certified Public Accountants.The financial statements have been prepared on a historical cost basis,except for certain financial assets are measured at fair value.During the year ended March 31,2024,the Company disposed certain subsidiaries

151、 operating the film screening business,which was regarded as discontinued operation during the year ended March 31,2024 and the related revenue,expenses and income tax are presented as a single amount in the statement of profit or loss under“Loss from discontinued operation”.22Change in segment info

152、rmationDuring the financial year ended March 31,2025,the Group has changed its identification of reportable business segments.In the previous year,the Group aggregated its operating segments into five reportable segments,namely“Film investment,production,promotion and distribution”,“Film ticketing a

153、nd technology platform”,“Damai”,“Drama series production”and“IP Merchandising and innovation initiatives”in accordance with its then internal management and reporting structures.In order to reflect a more accurate market positioning of the Group,the Group changed its internal management and reportin

154、g structures in the financial year ended March 31,2025 and reaggregated its operating segments into“Film technology and investment,production,promotion and distribution platform”,“Damai”,“IP merchandising”and“Drama series production”.The represented segment information is consistent with the reports

155、 provided to and reviewed by the chief operating decision-maker(“CODM”)for performance assessment and resources allocation after the change of internal management restructuring.The comparative segment information has been restated.Further information is detailed in Note 3 below.(a)New amendment to s

156、tandards or interpretations adopted by the GroupThe Group has applied the following new and amended standards for its annual reporting period commencing April 1,2024:Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants Amendments to HKAS 1;Presentation o

157、f Financial Statements Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause Hong Kong Interpretation 5(Revised);Lease Liability in Sale and Leaseback Amendments to HKFRS 16;and Supplier Finance Arrangements Amendments to HKAS 7 and HKFRS 7.As a result of the adopt

158、ion of the amendments to HKAS 1,the Group changed its accounting policy for the classification of borrowings as below:“Borrowings are classified as current liabilities unless,at the end of the reporting period,the Group has a substantive right to defer settlement of the liability for at least 12 mon

159、ths after the reporting period.”This new policy did not result in a change in the classification of the Groups borrowings in current period and in prior periods.The other amendments or interpretations listed above did not have any material impact on the amounts recognized in prior periods and are no

160、t expected to significantly affect the current year or future years.23(b)New and amended standards and interpretations not yet adoptedCertain new accounting standards,amendments to accounting standards and interpretations have been published that are not mandatory for the financial year ended March

161、31,2025 and have not been early adopted by the Group.Effective forannual periodsbeginning on or afterAmendments to HKAS 21Lack of ExchangeabilityApril 1,2025Amendments to HKFRS 9 and HKFRS 7Amendments to the Classification and Measurement of Financial InstrumentsApril 1,2026Amendments to HKFRS 10 an

162、d HKAS 28Sale or Contribution of Assets between an Investor and its Associate or Joint VentureTo be determinedAnnual Improvements to HKFRS Accounting StandardsAnnual Improvements to HKFRS Accounting Standards Volume 11 April 1,2026HKFRS 18Presentation and Disclosure in Financial StatementsApril 1,20

163、27HKFRS 19Subsidiaries without Public Accountability:DisclosuresApril 1,2027These standards,amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions,except for HKFRS 18 Presentation and Di

164、sclosure in Financial Statements.HKFRS 18 will replace HKAS 1 Presentation of financial statements,introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users.Even though HKFRS 1

165、8 will not impact the recognition or measurement of items in the financial statements,its impacts on presentation and disclosure are expected to be pervasive,in particular those related to the statement of financial performance and providing management-defined performance measures within the financi

166、al statements.Management is currently assessing the detailed implications of applying the new standard on the Groups consolidated financial statements.From the high-level preliminary assessment performed,the following potential impacts have been identified:Although the adoption of HKFRS 18 will have

167、 no impact on the Groups net profit,the Group expects that grouping items of income and expenses in the statement of profit or loss into the new categories will impact how operating profit is calculated and reported.The line items presented on the primary financial statements might change as a resul

168、t of the application of the concept of useful structured summary and the enhanced principles on aggregation and disaggregation.24 The Group does not expect there to be a significant change in the information that is currently disclosed in the notes because the requirement to disclose material inform

169、ation remains unchanged;however,the way in which the information is grouped might change as a result of the aggregation/disaggregation principles.In addition,there will be significant new disclosures required for:management-defined performance measures;a break-down of the nature of expenses for line

170、 items presented by function in the operating category of the statement of profit or loss this break-down is only required for certain nature expenses;and for the first annual period of application of HKFRS 18,a reconciliation for each line item in the statement of profit or loss between the restate

171、d amounts presented by applying HKFRS 18 and the amounts previously presented applying HKAS 1.The Group will apply the new standard from its mandatory effective date of April 1,2027.Retrospective application is required,and so the comparative information for the financial year ending March 31,2027 w

172、ill be restated in accordance with HKFRS 18.3 REVENUE AND SEGMENT INFORMATIONThe CODM has been identified as the Board of Directors of the Company.Management has determined the operating segments based on the information reviewed by the Board of Directors of the Company for the purposes of allocatin

173、g resources and assessing performance.The Board of Directors of the Company considers the business from perspective of types of goods or services delivered or provided.During the year ended March 31,2025,the Group reaggregated its operating segments into 4 reportable segments due to the change of in

174、ternal management and reporting structures and the comparative segment information has been restated to conform with the current presentation:Film technology and investment,production,promotion and distribution platform:mainly comprises investment,production,promotion and distribution of films,and t

175、icketing and technology platform services provided by Tao Piao Piao,Yunzhi,and Beacon AI.Damai:engaged in the full life cycle of live performances from the venue operations to the organization,investment,production and promotion of the performance contents,and the ticketing of performances,on-site s

176、ervices,ticketing issuance system.IP merchandising:backed by the Groups licensing and marketing capabilities,the Group integrated resources within or outside the Alibaba Ecosystem to provide comprehensive distribution channels connecting with both corporate customers and individual consumers(“IP2B2C

177、”).Drama series production:the investment and production of drama series.25The Group derives revenue from the transfer of goods and services over time and at a point in time in the following major product lines:For the year ended March 31,2025Film technology and investment,production,promotion and d

178、istribution platformDamaiIP merchandisingDrama series productionTotalRMB000RMB000RMB000RMB000RMB000Segment revenueRevenue from contract with customers under HKFRS 15 recognized at a point in time1,540,4372,057,2051,367,284499,9195,464,845 recognized over time1,171,37262,8691,234,241 2,711,8092,057,2

179、051,430,153499,9196,699,086Film and TV related investment income3,2403,240 Total segment revenue from continuing operations2,711,8092,057,2051,433,393499,9196,702,326 Including:revenue recognized that was included in the contract liabilities balance at the beginning of the year78,56411,137317,3288,0

180、00415,029 26For the year ended March 31,2024(restated,Note 2)Film technology and investment,production,promotion and distribution platformDamaiIP merchandisingDrama series productionTotalRMB000RMB000RMB000RMB000RMB000Segment revenueRevenue from contract with customers under HKFRS 15 recognized at a

181、point in time1,976,394394,277756,400596,1243,723,195 recognized over time1,023,065218,30868,7421,310,115 2,999,459612,585825,142596,1245,033,310Film and TV related investment income2,4032,403 Total segment revenue from continuing operations2,999,459612,585827,545596,1245,035,713 Including:revenue re

182、cognized that was included in the contract liabilities balance at the beginning of the year90,24879,751406170,405 27Segment revenue and resultsFor the year ended March 31,2025Film technology and investment,production,promotion and distribution platformDamaiIP merchandisingDrama series productionTota

183、lRMB000RMB000RMB000RMB000RMB000Segment revenue2,711,8092,057,2051,433,393499,9196,702,326Cost of sales and services(1,953,528)(748,482)(1,047,670)(474,516)(4,224,196)Allocated selling and marketing expenses(685,072)(78,440)(5,374)(768,886)Segment results73,2091,230,283380,34925,4031,709,244 Unalloca

184、ted selling and marketing expenses(20,427)Administrative expenses(1,237,422)Reversal of impairment losses on financial assets,net112,270Other income39,821Other gains,net45,249Finance income239,314Finance expenses(45,940)Share of loss of investments accounted for using the equity method(120,488)Impai

185、rment of investments accounted for using the equity method(427,629)Profit before income tax293,992 28For the year ended March 31,2024(restated,Note 2)Film technology and investment,production,promotion and distribution platformDamaiIP merchandisingDrama series productionTotalRMB000RMB000RMB000RMB000

186、RMB000Segment revenue2,999,459612,585827,545596,1245,035,713Cost of sales and services(1,551,907)(322,364)(562,734)(581,665)(3,018,670)Allocated selling and marketing expenses(635,651)(9,656)(47,047)(692,354)Segment results811,901280,565217,76414,4591,324,689 Unallocated selling and marketing expens

187、es(17,648)Administrative expenses(977,868)Impairment losses on financial assets,net(52,635)Other income57,366Other losses,net(24,224)Finance income182,614Finance expenses(781)Share of loss of investments accounted for using the equity method(78,616)Impairment of investments accounted for using the e

188、quity method(112,552)Profit before income tax300,345 During the years ended March 31,2025 and 2024,all of the segment revenue reported above was from external customers and there were no inter-segment sales.Segment results represent the gross profit generated by each segment after allocation of cert

189、ain 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 or provided to the Board of Directors of the Company and therefore inf

190、ormation of separate segment assets and liabilities is not presented.Most of the Groups segment revenue is derived from the Mainland of PRC except certain revenue from film technology and investment,production,promotion and distribution platform and Damai.29As of March 31,2025 and 2024,the Groups no

191、n-current assets,other than financial instruments and deferred income tax assets,were substantially located in the Mainland of the PRC.For the year ended March 31,2025,no single customer contributed 10%or more of the Groups revenue(2024:approximately 13%of the total revenues of the Group were derive

192、d from one external customer).4 OTHER INCOMEFor the year ended March 31,20252024RMB000RMB000Interest income on loan receivables27,33935,376Local government grants3,8739,611Rental income3,0691,185Refund of service fee for withholding IIT2,7871,464Additional deduction of input VAT7,031Sundry income2,7

193、532,699 39,82157,366 5 OTHER GAINS/(LOSSES),NETFor the year ended March 31,20252024RMB000RMB000Change in fair value of listed investment 36,525(22,469)Change in fair value of structured deposits 22,30512,655Net gains on disposal of film and TV rights and investments13,8299,748Other payable waived10,

194、586Net gains/(losses)on disposal of property,plant and equipment and investment properties2,251(1,309)Change in fair value of film and TV investments,measured at fair value 1,99211,151Gain on disposal of a joint venture1,991Change in fair value of unlisted investments(41,408)(33,150)Others(2,822)(85

195、0)45,249(24,224)306 EXPENSE BY NATUREFor the year ended March 31,20252024RMB000RMB000Cost of inventories,intellectual property licenses and other services recognized as cost of sales and services2,416,6771,030,214Film and TV rights recognized as cost of sales and services 1,640,9811,679,568Employee

196、benefit expense 885,189879,733Marketing and promotion expenses789,313710,002Payment processing and other service fees169,129109,310Technology service fees88,70283,359Amortization of intangible assets 35,55720,039SMS platform service and customer service support fees35,15212,649Depreciation of proper

197、ty,plant and equipment 34,64615,521Depreciation of investment property 32,2234,031Travel and entertainment fees30,94327,712Depreciation of right-of-use assets 5,06914,316Auditors remunerations Audit services4,6704,430Rental expense for short-term and low-value leases 2,3861,862Others80,294113,794 To

198、tal cost of sales and services,selling and marketing expenses and administrative expenses6,250,9314,706,540 Note:The amount of Film and TV rights recognized as cost of sales and services included an impairment loss on film and TV rights of RMB152,608,000 for the year ended March 31,2025(2024:RMB204,

199、643,000).7 FINANCIAL INCOME AND EXPENSESFor the year ended March 31,20252024RMB000RMB000Finance income Interest income on bank deposits239,314180,516 Exchange gain,net2,098 239,314182,614 Finance expenses Exchange loss,net(39,661)Interest expenses on bank borrowings(3,858)Interest expenses on lease

200、liabilities(2,421)(781)(45,940)(781)Finance income,net193,374181,833 318 INCOME TAX CREDITFor the year ended March 31,20252024RMB000RMB000Current income tax expense(8,473)(48,463)Deferred income tax credit100,873107,073 92,40058,610 The Company is incorporated in Bermuda as an exempted company with

201、limited liability under the Companies Law of Bermuda and accordingly,is exempted from Bermuda income tax.Some of the subsidiaries are incorporated in the British Virgin Islands(“BVI”)as exempted companies with limited liability under the Companies Law of BVI and accordingly,are exempted from BVI inc

202、ome tax.Provision for the PRC enterprise income tax is calculated based on the statutory tax rate of 25%(The year ended March 31,2024:25%)on the assessable income of each of the group companies,except that:(1)two subsidiaries of the Group are taxed at preferential tax rates of 15%(The year ended Mar

203、ch 31,2024:two subsidiaries of the Group are taxed at preferential tax rates of 15%)under the relevant PRC tax rules and regulations;(2)one subsidiary of the Group,incorporated in Horgos,Xinjiang Province,is exempted from income taxes from the first year of generating revenue before December 31,2030

204、 and the exemption period is five years according to the relevant PRC tax rules and regulations;and(3)certain subsidiaries of the Group are small low-profit enterprises,followed by a reduced tax rate of 20%(The year ended March 31,2024:20%).329 EARNINGS PER SHARE(a)BasicBasic earnings per share is c

205、alculated by dividing the profit 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 year.For the year ended March 31,20252024Profit from continuing operations attributable to owners of the Company(RMB000

206、)363,576334,583Loss from discontinued operations attributable to owners of the Company(RMB000)(49,793)Weighted average number of ordinary shares in issue less shares held for share award scheme(thousands)29,467,84527,651,787 Basic earnings per share for profit attributable to the owners of the Compa

207、ny(expressed in RMB cents)From continuing operations1.231.21From discontinued operations(0.18)Total basic earnings per share1.231.03 (b)DilutedFor the years ended March 31,2025 and 2024,diluted earnings per share is calculated based on the profit for the year attributable to owners of the Company an

208、d the weighted average number of ordinary shares outstanding after adjustment for unvested awarded shares granted to employees.The Group also has share options in issuance,however,as the exercise price was much higher than the average share price of the Company,the inclusion of the share options wou

209、ld be anti-dilutive.33For the year ended March 31,20252024Profit from continuing operations attributable to the owners of the Company(RMB000)363,576334,583Loss from discontinued operations attributable to the owners of the Company(RMB000)(49,793)Weighted average number of ordinary shares in issue le

210、ss shares held for share award scheme(thousands)29,467,84527,651,787Bonus element of the unvested awarded shares assumed vested(thousands)198,13097,389 Weighted average number of ordinary shares for calculation of diluted earnings per share(thousands)29,665,97527,749,176 Diluted earnings per share f

211、or profit attributable to the owners of the Company(expressed in RMB cents)From continuing operations1.231.21From discontinued operations(0.18)Total diluted earnings per share1.231.03 10 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODFor the year ended March 31,20252024RMB000RMB000At beginning of

212、the year1,672,2201,827,249Capital injection6,810Transfers to financial assets at fair value through profit or loss(Note a)(189,780)Disposal of investment in a joint venture(28,009)Share of loss of investments(Note b)(120,488)(78,616)Share of other comprehensive(loss)/income of associates(2,338)6,120

213、Share of changes of other reserves of associates2,628(471)Reduction(3,000)Impairment(Note c)(427,629)(112,552)Currency translation differences4,33430,490 At end of the year914,7481,672,220 34(a)During the year ended March 31,2025,certain investments were no longer eligible for using the equity metho

214、d considering the latest arrangements thus the Group transferred the related carrying value from investments accounted for using the equity method to financial assets at fair value through profit or loss.(b)When the most recently available financial statements of associates or joint ventures are dif

215、ferent 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 ventures based on the financial statements drawn up to a non-coterminous period end where th

216、e 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 year end date of the Group is March 31,which is different from those of the associates

217、and joint ventures of the Group.Except Bona Film Group Co.,Limited(“Bona Film”)which is listed on Shenzhen Stock Exchange and could provide its financial statements as of March 31,2025 before the results announcement of the Group,the financial information of other associates and joint ventures as of

218、 March 31,2025 and 2024 are not available.As a result,the Group records its share of profit or loss of investments accounted for using the equity method for those associates and joint ventures on one quarter in arrear basis for the years ended March 31,2025 and 2024.(c)The Group regularly reviews wh

219、ether there is any indication of impairment in accordance with relevant accounting standards.When impairment indicators were identified,management determined the recoverable amounts,which was the higher of its fair value less costs of disposals and its value in use.When value in use calculations wer

220、e undertaken,management estimated the present value of estimated future cash flows expected to arise from their businesses.When fair value less costs of disposals calculations were undertaken,management estimated the fair value using market approach.In respect of the recoverable amount determined wi

221、th reference to the value in use assessment result,the estimated cash flows used in the assessments were based on assumptions,such as long-term growth rates,pre-tax discount rates,forecasted revenue and gross margin,with reference to the business plans and prevailing market conditions.As of March 31

222、,2025,the pre-tax discount rates were 16.5%-17.3%.In respect of the recoverable amount determined with reference to the fair value less costs of disposals assessment result,the estimated fair values were based on the active market quotes as of March 31,2025.Based on the assessment results,the Group

223、recognized an impairment loss of RMB427,629,000 for the investments accounted for using the equity method of the Group for the year ended March 31,2025(2024:RMB112,552,000).3511 TRADE AND OTHER RECEIVABLES,AND PREPAYMENTSAs of March 31,2025As of March 31,2024Current Non-currentTotalCurrentNon-curren

224、tTotalRMB000RMB000RMB000RMB000RMB000RMB000Trade receivables(Note a)Related parties1,371,2181,371,2181,187,0941,187,094 Third parties1,300,4361,300,436776,962776,962Less:allowance for impairment of trade receivables(172,320)(172,320)(124,254)(124,254)Trade receivables net2,499,3342,499,3341,839,8021,

225、839,802 Notes receivable87,95487,954 Prepayments for licensed IPs195,846195,846133,285133,285Prepayment for property,plant and equipment84,00784,0074,4124,412Prepaid TV and film deposits67,54822,77690,32412,50034,00046,500Prepayments for entertainment events59,26459,26496,32196,321Other prepayments1

226、23,545123,545118,490118,490Other receivables arising from:Receivables from related parties115,86420,335136,19955,37255,372 Loan receivables345,947195,397541,344413,354338,707752,061 Receivables in relation to other film and TV investments273,384273,384266,646266,646 Receivables in respect of reimbur

227、sed film distribution expenses242,187242,187308,365308,365 Receivables in respect of live performance expenses216,127216,127334,198334,198 Deductible VAT input152,206152,206180,366180,366 Interest income receivables63,24763,24758,22258,222 Receivables from non-controlling interest47,61047,610 Others

228、168,86228,491197,35392,13723,701115,838Less:allowance for impairment of prepayments and other receivables(335,672)(836)(336,508)(496,319)(496,319)Other receivables and prepayments net1,735,965350,1702,086,1351,572,937400,8201,973,757 Total trade and other receivables,and prepayments4,323,253350,1704

229、,673,4233,412,739400,8203,813,559 36The fair values of the current portion of trade and other receivables approximate their carrying value.Note:(a)Trade receivablesThe normal credit period granted to the debtors of the Group is generally within 1 year.Before accepting any new debtor,the Group assess

230、es 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 gross trade receivables based on recognition date:As of March 31,20252024RMB000RMB0000 90 days1,062,632467,78791 180 days168,53568

231、6,900181 365 days433,165129,529Over 365 days1,007,322679,840 2,671,6541,964,056 3712 TRADE AND OTHER PAYABLES,AND ACCRUED CHARGESAs of March 31,20252024RMB000RMB000Trade payables(Note a)Related parties104,059101,002 Third parties597,789363,742 701,848464,744 Notes payable14,992480,000 Other payable

232、and accrued charges:Amounts due to related parties 209,080171,931Payables in relation to distribution of entertainment events tickets2,846,1452,808,251Payables in relation to distribution of films873,021533,535Payroll and welfare payable237,317230,125Accrued marketing expense193,808134,008Other tax

233、payable93,07178,456Amounts received on behalf of cinema ticketing system providers63,23249,573Professional fees payable43,61745,997Accrued construction expense23,352Deposit from customers9,62712,278Amounts received on behalf of cinemas8,9797,140Others93,80477,984 4,695,0534,149,278 Total trade and o

234、ther payables,and accrued charges5,411,8935,094,022Less：non-current portion(5,287)Current portion5,406,6065,094,022 38(a)Trade payablesAs of March 31,2025 and 2024,the aging analysis of the trade payables based on invoice date is as follows:As of March 31,20252024RMB000RMB0000 90 days543,717361,6129

235、1 180 days79,18849,195181 365 days39,31226,579Over 365 days39,63127,358 701,848464,744 13 DIVIDENDThe Board of Directors of the Company has resolved not to recommend the payment of a dividend for the year ended March 31,2025(2024:nil).14 BUSINESS COMBINATION(a)Acquisition of Zhejiang Dongyang Meila

236、Media Company Limited(“Dongyang Meila”)On July 23,2024,Beijing Alibaba Pictures Culture Co.,Ltd.(“Beijing Alibaba”),being an indirect wholly-owned subsidiary of the Company,entered into a Sale and Purchase Agreement with Huayi Brothers Media Corporation(“Huayi Brothers”),pursuant to which,Beijing Al

237、ibaba agreed to purchase,and Huayi Brothers agreed to sell,70%of the entire equity interest in Dongyang Meila at a total consideration of RMB350,000,000,subject to the terms and conditions of the Sale and Purchase Agreement,for the purpose of setting-off the loan amounting to RMB350,000,000 due and

238、owed by Huayi Brothers to the Group.The above acquisition was completed in November 2024.Details of the purchase consideration,the net assets acquired and goodwill are as follows:RMB000Purchase consideration:Amount of the loan owed by Huayi Brothers that was settled by the acquisition350,000 39The a

239、ssets and liabilities recognized as a result of the acquisition are as follows:Fair valueRMB000Cash and cash equivalents104,885Trade and other receivables,and prepayments144,672Film and TV rights222,955Property,plant and equipment954Right-of-use assets2,153Intangible assets21Deferred income tax asse

240、ts6,517Trade and other payables,and accrued charges(17,583)Deferred income tax liabilities(10,968)Contract liabilities(48,585)Lease liabilities(2,153)Film investments from business partners(103,351)Net identifiable assets acquired299,517Less:Non-controlling interests(89,855)Add:goodwill140,338 Net a

241、ssets acquired350,000 40(b)Acquisition of Beijing Tianhao Shengshi Entertainment Culture Company Limited(“Tianhao Shengshi”)On April 3,2024,Zhejiang Dongyang Alibaba Pictures Co.,Ltd.(“Dongyang Alibaba”),being an indirect wholly-owned subsidiary of the Company,entered into a Sale and Purchase Agreem

242、ent with Hainan Tianhao Baochuan Entertainment Culture Development Centre(Limited Partnership)and Mr.Zhou Hao(together the“Seller”),pursuant to which,Dongyang Alibaba agreed to purchase,and the Seller agreed to sell,51%of the entire equity interest in Tianhao Shengshi at a total consideration of RMB

243、200,000,000,subject to the terms and conditions of the Sale and Purchase Agreement.This acquisition was completed in January 2025.Note:Since all of the applicable percentage ratios set out in Rule 14.07 of the Listing Rules in respect of this acquisition are less than 5%,the entering into of this ac

244、quisition and the transactions contemplated under the Sale and Purchase Agreement do not constitute a notifiable transaction for the Company under Charter 14 of the Listing Rules.Details of the purchase consideration,the net assets acquired and goodwill are as follows:RMB000Purchase consideration:Ca

245、sh consideration200,000 The assets and liabilities recognized as a result of the acquisition are as follows:Fair valueRMB000Cash and cash equivalents79,653Trade and other receivables,and prepayments142,623Film and TV rights166,528Property,plant and equipment8,661Right-of-use assets15,678Deferred inc

246、ome tax assets8,018Intangible assets:Customer and supplier relationship258,400Trade and other payables,and accrued charges(342,492)Deferred income tax liabilities(64,600)Contract liabilities(174,585)Lease liabilities(15,678)Net identifiable assets acquired82,206Less:non-controlling interests(31,111)

247、Add:goodwill148,905 Net assets acquired200,000 41FINAL DIVIDENDThe Board has resolved that no final dividend will be declared for the year ended March 31,2025(For the year ended March 31,2024:nil).CORPORATE GOVERNANCEThe Company is committed to maintaining high standards of corporate governance to s

248、afeguard the interests of the shareholders of the Company(the“Shareholders”)and to enhance corporate value and accountability.It has adopted the Corporate Governance Code(“CG Code”)as set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange(the“Listing Rules”).Du

249、ring the Reporting Period,the Company has complied with all applicable code provisions as set out in the CG Code,save as disclosed below:Pursuant to code provision C.2.1 of the CG Code,the roles of chairman and chief executive should be separate and should not be performed by the same individual.The

250、 Company does not have a separate chairman and chief executive officer and Mr.Fan Luyuan currently performs both two roles.The Board considers that vesting the roles of both chairman and chief executive officer in the same person will facilitate the development and execution of the Groups business s

251、trategies,which will help the Company overcome market challenges and create more value for the Shareholders.The Board believes that the balance of power and authority for the present arrangement would not be impaired given that there are sufficient checks and balances in the Board as a decision to b

252、e made by the Board requires approval by a majority of the Directors and such balance is ensured by the Board which comprises experienced and high caliber individuals and three of whom are independent non-executive Directors.MODEL CODE FOR DIRECTORS SECURITIES TRANSACTIONSThe Company has adopted its

253、 own code of conduct regarding Directors securities transactions on terms no less exacting than the required standard set out in the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)set out in Appendix C3 to the Listing Rules.Having made specific enquiry of all D

254、irectors,each of the Directors confirmed that he/she has complied with the required standard set out in the Model Code and the Companys code of conduct regarding Directors securities transactions during the Reporting Period.42REVIEW OF ANNUAL RESULTSThe consolidated annual results of the Group for t

255、he Reporting Period have been reviewed by the audit committee of the Company.The financial figures in respect of the Groups consolidated balance sheet as at March 31,2025,consolidated statement of profit or loss,consolidated statement of comprehensive income and the related notes thereto for the yea

256、r ended March 31,2025 as set out in this announcement have been compared by the Groups external auditor,PricewaterhouseCoopers(“PwC”),to the amounts set out in the Groups audited consolidated financial statements for the year and the amounts were found to be in agreement.The work performed by PwC in

257、 this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing,Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has be

258、en expressed by PwC on this announcement.PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECURITIESNeither the Company nor any of its subsidiaries purchased,sold or redeemed any of the listed securities of the Company(including sale of treasury shares as defined in the Listing Rules(if any)during

259、 the Reporting Period.As at the year ended March 31,2025,there were no treasury shares(as defined in the Listing Rules)held by the Company.43PUBLICATION OF FINAL RESULTS ANNOUNCEMENT AND ANNUAL REPORTThe final results announcement is published on the websites of the HKEXnews operated by Hong Kong Ex

260、changes and Clearing Limited(www.hkexnews.hk)and the Company(),respectively.The annual report of the Group for the Reporting Period will be sent to the Shareholders and published on the above websites in accordance with the Listing Rules in due course.By order of the BoardAlibaba Pictures Group Limi

261、tedFan LuyuanChairman&Chief Executive OfficerHong Kong,May 19,2025As at the date of this announcement,the Board comprises Mr.Fan Luyuan,Mr.Li Jie and Mr.Meng Jun as the executive directors;and Ms.Song Lixin,Mr.Tong Xiaomeng and Mr.Johnny Chen as the independent non-executive directors.*For identification purposes only44