Summary by Futu AI
Hongyi Cultural Group (formerly known as Huayi Tencent Entertainment) announced its interim performance for the six months ended June 30, 2024, with total revenue of 0.489 billion Hong Kong dollars, a decrease of 22% compared to the same period last year. The main source of revenue is the digital operation service for the medical industry, "Yi Zhi Nuo," and the smart health service platform, "Lao Ge Health." During the period, revenue from Yi Zhi Nuo decreased by 23% and revenue from Lao Ge Health decreased by 21%, mainly due to the impact of medical reform policies and business restructuring. Entertainment and media businesses did not generate revenue. The operating losses of the ongoing business during the period narrowed to approximately 46.18 million Hong Kong dollars, a decrease of 31% compared to the same period last year. The Group issued 120,000,000 Hong Kong dollars of convertible bonds during the period and carried out business and structural restructuring to enhance operational efficiency and explore new business models.