Gelonghui April 30, Ali Pictures (01060OnlineholdempokerHK) issued an announcement that the company expects to be owned by the company in the fiscal year ending March 31, 2024 (fiscal year 2023 Universe 2024).OnlineholdempokerThe net profit will not be less than RMB 2Onlineholdempoker60 million yuan, while the record last year belonged to the owner of the company.OnlineholdempokerThe net loss is about 291.1 million yuan. It is expected that the group's overall revenue in 2023amp 2024 will increase by more than 40% compared with 2022amp 2023.
If the barley acquisition takes place in 2022 or April 1, 2023, the adjusted EBITA of the Group in fiscal year 2023 will be not less than RMB 1 billion, an increase of more than 700% over the same period last year.
The Board is of the view that the main reasons for the Group's turnaround compared with the 2022 fiscal year 2023 are: (I) the strong recovery of offline entertainment business and a significant increase in the total national box office during the 2023 fiscal year; and (ii) the excellent business performance of the Group and a significant increase in the number of quality films produced and distributed compared with the same period last year.
In the opinion of the Board, the main reasons for the narrowing of net profit for the 12 months ended 31 March 2024 compared with the six months ended 30 September 2023 include, but are not limited to, (I) the continued absorption of related investment costs by the Group in the second half of 2023 due to the Group's continued commitment to its content business; and (ii) provision for impairment of certain accounts receivable of the Group for prudent consideration.
The group has ample cash reserves and sufficient film and TV series reserves. In the future, the Group will continue to deeply distribute full-category entertainment content, increase the content production capacity of movies, dramas and live performances, and steadily output high-quality content to the market; expand the service scope of technology platform and explore various business forms such as AIGC; at the same time, further consolidate scale advantages and competitive barriers by expanding the influence of barley in the value chain of live entertainment industry.
