UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2023

 

Commission File Number: 001-39859

 

Kuke Music Holding Limited

 

Room 303
Beijing Broadcasting Tower,

No. Jia 14, Jianwaidajie
Chaoyang District, Beijing
People’s Republic of China
+86-010-6561 0392

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

Kuke Music Holding Limited, a Cayman Islands exempted company (the “Company”) furnishes under the cover of Form 6-K the following:

 

EXHIBITS

 

99.1   Press Release
99.2   Interim Financial Report
101.INS   Inline XBRL Instance Document.
101.SCH   Inline XBRL Taxonomy Extension Schema Document.
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Kuke Music Holding Limited
     
  By: /s/ Li Li
    Name:  Li Li
    Title: Chief Financial Officer
    Date: December 27, 2023

 

 

2

 

 

Kuke Music Holding Ltd

Exhibit 99.1

 

Kuke Reports First Half of 2023 Unaudited Financial Results

 

NEW YORK, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Kuke Music Holding Limited (“Kuke” or the “Company”) (NYSE: KUKE), a leading classical music service platform in China, today announced its unaudited interim financial results for the six months ended June 30, 2023.

 

First Half of 2023 Financial Highlights

 

●Total revenue was RMB62.1million (US$8.6 million), compared to RMB80.5 million in the same period of 2022.
●Total gross profit was RMB42.0 million (US$5.8 million), compared to RMB29.1 million in the same period of 2022.
●Net profit was RMB9.0 million (US$1.2 million), compared to net loss of RMB31.6 million in the same period of 2022.
●Non-IFRS net profit [1] was RMB21.1 million (US$2.9 million), compared to a Non-IFRS net loss of RMB0.2 million in the same period of 2022.

 

First Half of 2023 Operational Highlight

 

●During the first two quarters of 2023, the Company added an additional nearly 73,000 tracks of classical music to its content offering. The Company’s copyrighted classical music content now includes over 3.06 million music tracks as of June 30, 2023. This is comprised of more than 2.17 million tracks of classical music, more than 890 thousand tracks of jazz, world, folk and other genres of music, as well as over 2,900 video titles, more than 4200 spoken content albums and more than 5,750 volumes of sheet music. These contents span across more than 410 thousand musicians, more than 2 thousand musical instruments and more than 200 countries and regions.
●In addition, the company has added more long-form videos including opera, live concert, ballet, documentary, master class, international competition, live streaming to further enrich its classical music library and capture the growth opportunities in the market.
●Regarding the subscription business segment, our aggregated institutional subscribers increased to 863 as of the end of the second quarter of 2023 from 846 as of the end of 2022 across China.

 

Mr. He Yu, the Chief Executive Officer of Kuke, stated, “First and foremost, as the economic climate gradually improves, we are steadily overcoming past challenges. In response to these shifts, we have strategically restructured our business, moving from a reliance on physical asset-based operations such as childhood musical education to a greater focus on music copyright management. At the same time, we compressed the operating expenses. In the first six months of 2023, we achieved a total revenue of RMB62.1 million and a net profit of 9.0 million RMB.

 

Looking ahead, despite the challenges presented by the broader macroeconomic environment, we remain committed to enhancing our portfolio of music rights-related products and services. Simultaneously, we are implementing further cost-saving measures to achieve an even more efficient cost structure. These steps are crucial for our continuous growth and maintaining resilience in an ever-changing market environment.”

 

[1]Non-IFRS profit/loss of the Company was calculated after excluding the combined effect of amortization and depreciation, share-based compensation, impairment losses on financial assets, net, and the corresponding income tax effects of these non-IFRS adjustments.

 

1

 

First Half of 2023 Financial Results

 

Total Revenue

 

Total revenue decreased by 22.8% to RMB62.1million (US$8.6 million) from RMB 80.5 million in the same period of 2022.

 

●Total licensing and subscription segment revenue increased by 7.5% to RMB41.3million (US$5.7 million) from RMB38.4 million in the same period of 2022. Specifically, licensing revenue increased by 11.2% to RMB33.5 million (US$4.6 million) from RMB30.1 million in the same period of 2022, due to renew a large contract. Subscription revenue decreased to RMB7.8 million (US$1.1 million) from RMB8.3 million in the same period of 2022, mainly due to the decrease in sales of hardware products.
●Total smart music learning solutions segment revenue increased by 10.1% to RMB17.5 million (US$2.4 million) from RMB15.9 million in the same period of 2022. Specifically, smart music learning solutions sales revenue from public schools and commercial clients increased by 228.0% to RMB17.2 million (US$2.4 million) from RMB5.3 million in the same period of 2022, mainly due to the increased sales to commercial clients. Smart music learning solutions subscription revenue from kindergarten students decreased by 97.5% to RMB0.3 million (US$0.0 million) from RMB10.6 million in the same period of 2022, due to the strategic contraction of our private kindergarten business starting from 2022.
●Total live music events segment revenue decreased to RMB3.3 million (US$0.5 million) from RMB25.7 million in the same period of 2022, due to the strategic contraction.

 

Gross Profit and Gross Margin

 

Gross profit in the first half of 2023 increased to RMB42.0 million (US$5.8 million) from RMB29.1 million in the same period of 2022, which was largely attributable to the decreased costs. Gross margin was 67.6%, compared to 36.1% in the same period of 2022.

 

●The gross margin of classical music licensing and subscription segment was 70.7%, compared to 71.0% in the same period of 2022. Specifically, the gross margin of classical music licensing increased to 87.1% from 79.4% in the same period of 2022. The gross margin of classical music subscription decreased to 0.4% from 40.7% in the same period of 2022, due to the higher linear amortization costs of royalty payments.

 

2

 

●The gross margin of smart music learning solutions segment was 73.1%, compared to (4.1) % in the same period of 2022. Specifically, the gross margin of smart music learning solution sales increased to 79.0% from 41.4% in the same period of 2022, due to higher-margin business representing a larger percentage of our revenue mix compared to the previous year. The gross margin of smart music learning solution subscriptions from private kindergarten students was (310.3) %, compared to (26.6) % in the same period of 2022 due to business strategy contraction revenues are falling faster than costs are falling.

 

Operating Expenses

 

Total operating expenses in the first half of 2023 decreased by 50.9% to RMB33.3 million (US$4.6 million) from RMB67.9 million in the same period of 2022.   

 

●Selling and distribution expenses in the first half of 2023 decreased by 2.9% to RMB13.9 million (US$2.0 million) from RMB14.0 million in the same period of 2022. The increase was mainly due to compressed related operating expenses.
●Administrative expenses in the first half of 2023 decreased by 60.2% to RMB17.5 million (US$6.1 million) from RMB44.0 million in the same period of 2022, due to reduced management costs.
●Impairment losses on financial assets in the second quarter of 2023 decreased by 79.6% to RMB1.8 million (US$0.2 million) from RMB8.8 million in the same period of 2022. This was mainly due to the collection of accounts receivable having improved.

 

Operating Profit

 

Operating profit in the first half of 2023 was RMB11.6 million (US$1.7 million), compared to operating loss of RMB32.2 million in the same period of 2022.

 

Net Profit for the Period

 

Net profit was RMB9.0 million (US$1.2 million), compared to net loss of RMB31.6million in the same period of 2022.

 

Non-IFRS Net Profit for the Period 

 

Non-IFRS net profit was RMB21.1 million (US$2.9 million), compared to non-IFRS net loss of RMB0.2 million in the same period of 2022.

 

3

 

Net Profit per ADS and Non-IFRS Net Profit per ADS

 

Basic and diluted net profit per American Depositary Share (“ADS”) were both RMB0.25 (US$0.04) in the first half of 2023, compared to basic and diluted net profit per ADS of RMB(1.05) in the same period of 2022. Basic and diluted non-IFRS net profit per ADS were both RMB0.71 (US$0.10) in the first half of 2023, compared to basic and diluted non-IFRS net profit per ADS of RMB0.01 (US$0.01) in the same period of 2022. Each ADS represents one Class A ordinary share of the Company.

 

Balance Sheet

 

As of June 30, 2023, cash and cash equivalents were RMB3.0 million (US$0.4 million). 

 

Recent Developments

 

Appointment of New CFO

 

Mr. Li Li, aged 41, joined the Company in October 2023 as Chief Financial Officer. Mr. Li has over 20 years of financial management and audit working experience. Mr. Li had worked as audit and risk advisory manager for several CPA firms for more than 10 years, such as Deloitte, EY and Grant Thornton. Since then, he served as Finance Director for Secoo and Yuanzhi Technology Group. Mr. Li received a bachelor’s degree in accounting from Zhongnan University of Shanghai for Science and Technology and a bachelor’s degree in economics from Wuhan University in 2003.

 

Closing of KOLO Purchase

 

On August 25, 2023, the Company completed the acquisition of a 49% equity stake in KOLO.Market for $3.185 million by issuing 3.185 million Class A ordinary shares at a price of $1.00 per share. Additionally, the Company retains the option to acquire the remaining 51% equity stake. KOLO.Market is a vertically integrated Web 3.0 platform specializing in classical music. As of August 25, 2023, the Company has a total outstanding of 33,251,723 shares, consisting of 24,970,625 Class A ordinary shares and 8,281,098 Class B ordinary shares.

 

About Kuke Music Holding Limited

 

Kuke is a leading classical music service platform in China encompassing the entire value chain from content provision to music learning services. By collaborating with its strategic global business partner Naxos, the largest independent classical music content provider in the world, the foundation of Kuke’s extensive classical music content library is its unparalleled access to more than 900 top-tier labels and record companies. Leveraging its market leadership in international copyrighted classical music content, Kuke provides highly scalable classical music licensing services to various online music platforms and classical music subscription services to over 800 universities, libraries, and other institutions across China. In addition, it has hosted the Beijing Music Festival (“BMF”), the most renowned classical music festival in China.

 

For more information about Kuke, please visit https://ir.kuke.com/ The Company routinely provides important updates on its website.

 

4

 

Exchange Rate Information

 

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2513 to US$1.00, the noon buying rate in effect on June 30, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

 

Forward-looking Statements

 

This announcement contains forward looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Kuke’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including those in Kuke’s registration statement filed with the Securities and Exchange Commission. Further information regarding these and other risks is included in Kuke’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Kuke does not undertakes any obligation to update any forward-looking statement, except as required under applicable law.

 

Use of Non-IFRS Financial Measures

 

The Company uses non-IFRS profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that non-IFRS profit helps management to analyze trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit or loss for the period.

 

Non-IFRS profit for the period should not be considered in isolation or construed as an alternative to net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS profit for the period and the corresponding footnote explaining the calculation of such measure together. Non-IFRS profit for the period presented here may be different to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently and should not be compared to the measure adopted by the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

Non-IFRS profit for the period represents profit or loss for the year excluding the combined effect of amortization and depreciation, share-based compensation, impairment losses on financial assets, net, and the corresponding income tax effects of these non-IFRS adjustments.

 

Investor and Media Contact:

 

Kuke Music Holding Limited

 

Email: ir@kuke.com 

 

 

5

 

Exhibit 99.2

 

KUKE MUSIC HOLDING LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In thousands)

 

   As of
December 31,
2022		   As of
June 30,
2023		   As of
June 30,
2023		 
   RMB   RMB   USD 
NON-CURRENT ASSETS            
Property, plant and equipment   9,110    7,814    1,078 
Intangible assets   66,212    163,849    22,596 
Right-of-use assets   7,149    5,221    720 
Goodwill   764    764    105 
Prepayments, other receivables and other assets   110,236    5,255    725 
Deferred tax assets   
-
    
-
    
-
 
Equity investment at fair value through profit or loss   
-
    
-
    
-
 
Total non-current assets   193,471    182,903    25,224 
CURRENT ASSETS               
Inventories   778    3,959    546 
Trade receivables   9,279    31,797    4,385 
Prepayments, other receivables and other assets   35,311    38,148    5,261 
Net investments in subleases   
-
    
-
    
-
 
Due from related parties   2,377    2,454    338 
Due from shareholders   99    
-
    
-
 
Cash and cash equivalents   5,425    2,989    412 
Total current assets   53,269    79,347    10,942 
Total assets   246,740    262,250    36,166 
EQUITY               
Issued capital   194    194    27 
Reserves   58,266    69,669    9,608 
Equity attributable to equity holders of the parent   58,460    69,863    9,635 
Non-controlling interests   2,328    3,743    516 
Total equity   60,788    73,606    10,151 
NON-CURRENT LIABILITIES               
Interest-bearing loans and borrowings   
-
    
-
    
-
 
Contract liabilities   415    272    38 
Deferred tax liabilities   
-
    
-
    
-
 
Lease liabilities   4,650    3,491    481 
Total non-current liabilities   5,065    3,763    519 
CURRENT LIABILITIES               
Trade payables   35,012    36,356    5,014 
Other payables and accruals   50,651    84,685    11,677 
Contract liabilities   20,688    12,259    1,691 
Due to a shareholder   325    325    45 
Interest-bearing loans and borrowings   69,045    48,614    6,704 
Leased liabilities   4,123    1,579    218 
Income tax payable   1,043    1,063    147 
Total current liabilities   180,887    184,881    25,496 
Total liabilities   185,952    188,644    26,015 
Total equity and liabilities   246,740    262,250    36,166 

 

1

 

 

KUKE MUSIC HOLDING LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND

UNAUDITED OTHER COMPREHENSIVE INCOME

(In thousands, except for per share data)

 

   For the six months ended June 30 
   2022   2023   2023 
   RMB   RMB   USD 
Revenue   80,514    62,131    8,568 
Subscription and licensing   38,394    41,280    5,693 
Licensing   30,111    33,473    4,616 
Subscription   8,283    7,807    1,077 
Smart music learning solutions   15,903    17,504    2,413 
Smart music learning solutions sales   5,256    17,241    2,377 
Smart music learning solutions subscription   10,647    263    36 
Live music events   25,709    3,347    462 
One-time disposal of obsolete inventory   508    
-
    
-
 
Cost of Goods Sold   (51,418)   (20,103)   (2,772)
Gross profit   29,096    42,028    5,796 
Other income, net   6,537    2,923    403 
Selling and distribution expenses   (14,325)   (13,909)   (1,918)
Administrative expenses   (44,029)   (17,510)   (2,415)
Impairment losses on financial assets, net   (8,836)   (1,806)   (249)
Other operating expenses   (679)   (100)   (14)
Operating (loss)/profit   (32,236)   11,626    1,603 
Share of losses of a joint venture   
-
    
-
    
-
 
Finance costs   (2,295)   (2,666)   (368)
Finance income   20    6    1 
(Loss)/profit before tax   34,511    8,966    1,236 
Income tax expense   (2,899)   
-
    
-
 
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year   (31,612)   8,966    1,236 
Attributable to:               
Equity holders of the parent   (31,021)   7,551    1,041 
Non-controlling interests   591    (1,415)   (195)
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent               
Basic   (1.05)   0.25    0.04 
Diluted   (1.05)   0.25    0.04 

 

2

 

 

KUKE MUSIC HOLDING LIMITED

RECONCILIATIONS OF NON-IFRS MEASURES TO THE MOST COMPARABLE IFRS MEASURES

(In thousands)

 

   For the six months ended June 30 
   2022   2023   2023 
   RMB   RMB   USD 
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year   (31,612)   8,966    1,236 
Adjustments:               
Amortization and Depreciation   18,101    9,568    1,319 
Share-based compensation   7,265    2,196    303 
Impairment losses on financial assets, net   8,836    1,806    249 
Income tax effects   (2,828)   (1,410)   (194)
Non-IFRS Profit/(loss)   (238)   21,126    2,913 

 

3

 

 

KUKE MUSIC HOLDING LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND

UNAUDITED OTHER COMPREHENSIVE INCOME

(In thousands, except for per share data)

 

   For the three months ended June 30 
   2022   2023   2023 
   RMB   RMB   USD 
Revenue   54,441    52,204    7,199 
Subscription and licensing   33,943    36,199    4,992 
Licensing   29,070    32,141    4,432 
Subscription   4,873    4,058    560 
Smart music learning solutions   8,471    16,005    2,207 
Smart music learning solutions sales   4,115    15,904    2,193 
Smart music learning solutions subscription   4,356    101    14 
Live music events   11,921    
-
    
-
 
One-time disposal of obsolete inventory   106    
-
    
-
 
Cost of goods sold   (25,540)   (10,371)   (1,430)
Gross profit   28,901    41,833    5,769 
Other income, net   3,315    1,196    165 
Selling and distribution expenses   (5,988)   (7,601)   (1,048)
Administrative expenses   (19,346)   (10,310)   (1,422)
Impairment losses on financial assets, net   (2,203)   (1,391)   (192)
Other operating expenses   (300)   (32)   (4)
Operating (loss)/profit   (4,379)   23,695    (3,268)
Share of losses of a joint venture   
-
    
-
    
-
 
Finance costs   (1,216)   (1,345)   (185)
Finance income   8    4    1 
(Loss)/profit before tax   3,171    22,354    3,084 
Income tax expense   (195)   
-
    
-
 
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year   3,366    22,354    3,084 
Attributable to:               
Equity holders of the parent   3,757    20,307    2,800 
Non-controlling interests   (391)   2,046    282 
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent               
Basic   0.13    0.69    0.09 
Diluted   0.13    0.69    0.09 

 

4

 

 

KUKE MUSIC HOLDING LIMITED

RECONCILIATIONS OF NON-IFRS MEASURES TO THE MOST COMPARABLE IFRS MEASURES

(In thousands)

 

   For the three months ended June 30, 
   2022   2023   2023 
   RMB   RMB   USD 
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year   3,366    22,353    3,083 
Adjustments:               
Amortization and Depreciation   9,058    4,850    669 
Share-based compensation   3,652    1,104    152 
Impairment losses on financial assets, net   2,203    1,391    192 
Income tax effects   (1,412)   (715)   (99)
Non-IFRS Profit/(loss)   16,867    28,983    3,997 

 

 

5

 

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v3.23.4
Document And Entity Information
 6 Months Ended
Jun. 30, 2023
Document Information Line Items  
Entity Registrant Name Kuke Music Holding Ltd
Document Type 6-K
Current Fiscal Year End Date --12-31
Amendment Flag false
Entity Central Index Key 0001809158
Document Period End Date Jun. 30, 2023
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q2
Entity File Number 001-39859
v3.23.4
Unaudited Consolidated Statements of Financial Position
¥ in Thousands, $ in Thousands
Jun. 30, 2023
CNY (¥)
Jun. 30, 2023
USD ($)
Dec. 31, 2022
CNY (¥)
NON-CURRENT ASSETS      
Property, plant and equipment ¥ 7,814 $ 1,078 ¥ 9,110
Intangible assets 163,849 22,596 66,212
Right-of-use assets 5,221 720 7,149
Goodwill 764 105 764
Prepayments, other receivables and other assets 5,255 725 110,236
Deferred tax assets
Equity investment at fair value through profit or loss
Total non-current assets 182,903 25,224 193,471
CURRENT ASSETS      
Inventories 3,959 546 778
Trade receivables 31,797 4,385 9,279
Prepayments, other receivables and other assets 38,148 5,261 35,311
Net investments in subleases
Due from shareholders 99
Cash and cash equivalents 2,989 412 5,425
Total current assets 79,347 10,942 53,269
Total assets 262,250 36,166 246,740
EQUITY      
Issued capital 194 27 194
Reserves 69,669 9,608 58,266
Equity attributable to equity holders of the parent 69,863 9,635 58,460
Non-controlling interests 3,743 516 2,328
Total equity 73,606 10,151 60,788
NON-CURRENT LIABILITIES      
Interest-bearing loans and borrowings
Contract liabilities 272 38 415
Deferred tax liabilities
Lease liabilities 3,491 481 4,650
Total non-current liabilities 3,763 519 5,065
CURRENT LIABILITIES      
Trade payables 36,356 5,014 35,012
Other payables and accruals 84,685 11,677 50,651
Contract liabilities 12,259 1,691 20,688
Due to a shareholder 325 45 325
Interest-bearing loans and borrowings 48,614 6,704 69,045
Leased liabilities 1,579 218 4,123
Income tax payable 1,063 147 1,043
Total current liabilities 184,881 25,496 180,887
Total liabilities 188,644 26,015 185,952
Total equity and liabilities 262,250 36,166 246,740
Related Party      
CURRENT ASSETS      
Due from related parties ¥ 2,454 $ 338 ¥ 2,377
v3.23.4
Unaudited Consolidated Statements of Profit or Loss And Unaudited Other Comprehensive Income
¥ in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
CNY (¥)
¥ / shares
Jun. 30, 2023
USD ($)
$ / shares
Jun. 30, 2022
CNY (¥)
¥ / shares
Jun. 30, 2023
CNY (¥)
¥ / shares
Jun. 30, 2023
USD ($)
$ / shares
Jun. 30, 2022
CNY (¥)
¥ / shares
Revenue ¥ 52,204 $ 7,199 ¥ 54,441 ¥ 62,131 $ 8,568 ¥ 80,514
Cost of goods sold (10,371) (1,430) (25,540) (20,103) (2,772) (51,418)
Gross profit 41,833 5,769 28,901 42,028 5,796 29,096
Other income, net 1,196 165 3,315 2,923 403 6,537
Selling and distribution expenses (7,601) (1,048) (5,988) (13,909) (1,918) (14,325)
Administrative expenses (10,310) (1,422) (19,346) (17,510) (2,415) (44,029)
Impairment losses on financial assets, net (1,391) (192) (2,203) (1,806) (249) (8,836)
Other operating expenses (32) (4) (300) (100) (14) (679)
Operating (loss)/profit 23,695 (3,268) (4,379) 11,626 1,603 (32,236)
Share of losses of a joint venture
Finance costs (1,345) (185) (1,216) (2,666) (368) (2,295)
Finance income 4 1 8 6 1 20
(Loss)/profit before tax 22,354 3,084 3,171 8,966 1,236 34,511
Income tax expense (195) (2,899)
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year 22,354 3,084 3,366 8,966 1,236 (31,612)
Attributable to:            
Equity holders of the parent 20,307 2,800 3,757 7,551 1,041 (31,021)
Non-controlling interests ¥ 2,046 $ 282 ¥ (391) ¥ (1,415) $ (195) ¥ 591
Class A and Class B Ordinary Shares            
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent            
Basic (in Dollars per share and Yuan Renminbi per share) | (per share) ¥ 0.69 $ 0.09 ¥ 0.13 ¥ 0.25 $ 0.04 ¥ (1.05)
Diluted (in Dollars per share and Yuan Renminbi per share) | (per share) ¥ 0.69 $ 0.09 ¥ 0.13 ¥ 0.25 $ 0.04 ¥ (1.05)
Subscription and Licensing            
Revenue ¥ 36,199 $ 4,992 ¥ 33,943 ¥ 41,280 $ 5,693 ¥ 38,394
Licensing            
Revenue 32,141 4,432 29,070 33,473 4,616 30,111
Subscription            
Revenue 4,058 560 4,873 7,807 1,077 8,283
Smart Music Learning Solutions            
Revenue 16,005 2,207 8,471 17,504 2,413 15,903
Smart Music Learning Solutions Sales            
Revenue 15,904 2,193 4,115 17,241 2,377 5,256
Smart Music Learning Solutions Subscription            
Revenue 101 14 4,356 263 36 10,647
Live Music Events            
Revenue 11,921 3,347 462 25,709
One-Time Disposal of Obsolete Inventory            
Revenue ¥ 106 ¥ 508
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