Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$2.34, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Entertainment industry in Hong Kong. Total loss to shareholders of 77% over the past three years. New Risk • Jun 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: HK$744.7m (US$95.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (38% accrual ratio). Minor Risk Market cap is less than US$100m (HK$744.7m market cap, or US$95.0m). Reported Earnings • Mar 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥0.09 (up from CN¥0.53 loss in FY 2024). Revenue: CN¥862.5m (up 31% from FY 2024). Net income: CN¥31.2m (up CN¥220.4m from FY 2024). Profit margin: 3.6% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 18%. Earnings per share (EPS) also missed analyst estimates by 18%. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Announcement • Mar 25
Linmon Media Limited, Annual General Meeting, May 27, 2026 Linmon Media Limited, Annual General Meeting, May 27, 2026. Announcement • Mar 13
Linmon Media Limited to Report Fiscal Year 2025 Results on Mar 25, 2026 Linmon Media Limited announced that they will report fiscal year 2025 results on Mar 25, 2026 Reported Earnings • Oct 02
First half 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.15 loss in 1H 2024) First half 2025 results: EPS: CN¥0.03 (up from CN¥0.15 loss in 1H 2024). Revenue: CN¥401.3m (up 109% from 1H 2024). Net income: CN¥10.8m (up CN¥63.4m from 1H 2024). Profit margin: 2.7% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Entertainment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 02
First half 2025 earnings released: EPS: CN¥0.03 (vs CN¥0.15 loss in 1H 2024) First half 2025 results: EPS: CN¥0.03 (up from CN¥0.15 loss in 1H 2024). Revenue: CN¥401.3m (up 109% from 1H 2024). Net income: CN¥10.8m (up CN¥63.4m from 1H 2024). Profit margin: 2.7% (up from net loss in 1H 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Entertainment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 41% per year, which means it is significantly lagging earnings. Announcement • Jul 10
Linmon Media Limited Announces Board and Committee Changes, Effective 10 July 2025 The board of directors of Linmon Media Limited announced that Ms. Long Yu has resigned as the independent non-executive director, member of each of the audit committee and nomination committee of the Board and the chairwoman of the remuneration committee of the Board of the Company due to her personal career planning arrangement with effect from 10 July 2025. The Board also announced that Ms. Liang Ning has been appointed as an independent non-executive director, a member of each of the audit committee and nomination committee of the Board and the chairwoman of the remuneration committee of the Board of the Company with effect from 10 July 2025. Ms. Liang Ning, aged 50, has approximately 30 years experience in the IT internet and business management fields, and has become an independent scholar since 2014. She delivered ‘30 Lectures on Product Thinking’ in 2018 and ‘30 Lectures on Growth Mindset’ in 2019 and published her work under the name of ‘Real Demand’ 2024. Ms. in Liang previously worked for Lenovo Group, and then started her own business by founding the tourism website - lvrenw.com, which was acquired by Tencent in 2011. Ms. Liang graduated from Beijing Technology and Business University with a bachelor degree in June 1996. New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: CN¥0.53 loss per share (down from CN¥0.59 profit in FY 2023). Revenue: CN¥657.0m (down 46% from FY 2023). Net loss: CN¥189.1m (down 189% from profit in FY 2023). Revenue missed analyst estimates by 31%. Earnings per share (EPS) were also behind analyst expectations. Announcement • Mar 26
Linmon Media Limited, Annual General Meeting, May 28, 2025 Linmon Media Limited, Annual General Meeting, May 28, 2025. Announcement • Mar 15
Linmon Media Limited to Report Fiscal Year 2024 Results on Mar 25, 2025 Linmon Media Limited announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Mar 25, 2025 Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$3.18, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Entertainment industry in Hong Kong. Total loss to shareholders of 49% over the past year. Announcement • Jan 24
Linmon Media Limited Announces Management Changes The board of directors of Linmon Media Limited announced that Mr. Sun Zhonghuai has resigned as the non-executive director of the Company due to his personal career planning arrangement with effect from 24 January 2025. Mr. Sun Zhonghuai has confirmed that he has no disagreement with the Board, and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. The Board also announced that Ms. Wang Juan has been appointed as a non-executive director of the Company with effect from 24 January 2025. Ms. Wang Juan, aged 47, is currently the vice president of Tencent On-line Video Business Unit. Ms. Wang Juan joined Tencent in 2003 and is currently responsible for the overall strategic planning, content development and production management of the drama series, movies and other businesses of Tencent Video. She leads the drama series and movies business teams of Tencent Video for their continuous efforts in creating diversified and quality contents, having successfully launched a great number of premium works such as "The Three-body Problem", "The Long Season", "Lost You Forever", "Blossoms Shanghai", "Joy of Life Season 2", "The Tale of Rose" and "The Flowers Blooming". Ms. Wang Juan obtained a Master's degree in Business Administration from China Europe International Business School in November 2017. The Board also announced that Mr. Zhou Yuan ("Mr. Zhou") has resigned as the executive director and vice president of the Company due to his personal career planning arrangement with effect from 24 January 2025. Mr. Zhou has confirmed that he has no disagreement with the Board, and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the Company. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to HK$3.62, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Entertainment industry in Hong Kong. Total loss to shareholders of 58% over the past year. New Risk • Oct 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 261% Cash payout ratio: 149% Minor Risk Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$4.30, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Entertainment industry in Hong Kong. Total loss to shareholders of 54% over the past year. Reported Earnings • Aug 29
First half 2024 earnings released: CN¥0.15 loss per share (vs CN¥0.36 profit in 1H 2023) First half 2024 results: CN¥0.15 loss per share (down from CN¥0.36 profit in 1H 2023). Revenue: CN¥192.5m (down 54% from 1H 2023). Net loss: CN¥52.6m (down 140% from profit in 1H 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Entertainment industry in Hong Kong. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$4.21, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Entertainment industry in Hong Kong. Total loss to shareholders of 51% over the past year. Announcement • Aug 15
Linmon Media Limited to Report First Half, 2024 Results on Aug 27, 2024 Linmon Media Limited announced that they will report first half, 2024 results on Aug 27, 2024 Reported Earnings • May 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.59 (up from CN¥2.95 loss in FY 2022). Revenue: CN¥1.22b (up 28% from FY 2022). Net income: CN¥213.6m (up CN¥945.7m from FY 2022). Profit margin: 18% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Entertainment industry in Hong Kong. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$8.65, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Entertainment industry in Hong Kong. Total loss to shareholders of 33% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$13.04 per share. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$7.17, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Entertainment industry in Hong Kong. Total loss to shareholders of 47% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$12.91 per share. Announcement • Mar 29
Linmon Media Limited, Annual General Meeting, Jun 20, 2024 Linmon Media Limited, Annual General Meeting, Jun 20, 2024. Reported Earnings • Mar 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.59 (up from CN¥2.95 loss in FY 2022). Revenue: CN¥1.22b (up 28% from FY 2022). Net income: CN¥213.6m (up CN¥945.7m from FY 2022). Profit margin: 18% (up from net loss in FY 2022). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 3.3%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Entertainment industry in Hong Kong. Announcement • Mar 28
Linmon Media Limited Proposes Ordinary Final Dividend for the Year Ended 31 December 2023, Payable on 19 July 2024 Linmon Media Limited proposed ordinary final dividend of RMB 0.218 per share for the year ended 31 December 2023. Date of shareholders' approval is 20 June 2024; Ex-dividend date is 27 June 2024; Record date is 05 July 2024; Payment date is 19 July 2024. Announcement • Mar 16
Linmon Media Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Linmon Media Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Reported Earnings • Sep 30
First half 2023 earnings released: EPS: CN¥0.36 (vs CN¥0.37 loss in 1H 2022) First half 2023 results: EPS: CN¥0.36 (up from CN¥0.37 loss in 1H 2022). Revenue: CN¥422.1m (down 12% from 1H 2022). Net income: CN¥131.0m (up CN¥196.1m from 1H 2022). Profit margin: 31% (up from net loss in 1H 2022). Revenue is forecast to grow 54% p.a. on average during the next 2 years, compared to a 21% growth forecast for the Entertainment industry in Hong Kong. Reported Earnings • Aug 23
First half 2023 earnings released: EPS: CN¥0.36 (vs CN¥0.37 loss in 1H 2022) First half 2023 results: EPS: CN¥0.36 (up from CN¥0.37 loss in 1H 2022). Revenue: CN¥422.1m (down 12% from 1H 2022). Net income: CN¥131.0m (up CN¥196.1m from 1H 2022). Profit margin: 31% (up from net loss in 1H 2022). Revenue is forecast to grow 52% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Entertainment industry in Hong Kong. Announcement • Aug 11
Linmon Media Limited to Report First Half, 2023 Results on Aug 22, 2023 Linmon Media Limited announced that they will report first half, 2023 results on Aug 22, 2023 Announcement • Jun 22
Linmon Media Limited Announces Executive Changes Linmon Media Limited announced that Ms. Szeto Kar Yee Cynthia has tendered her resignation as the joint company secretary of the Company and the authorized representative for the acceptance of service of process and notices on behalf of the Company in Hong Kong under Part 16 of the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) due to other work arrangements, with effect from 21 June 2023. The company also announced that Ms. Ng Ka Man has been appointed by the Company as the Joint Company Secretary and the Process Agent in replacement of Ms. Szeto, with effect from 21 June 2023. Ms. Li Zhen will continue to serve as the other Joint Company Secretary. Ms. Li was appointed as the Joint Company Secretary on 24 September 2021. She has been serving as the director of the capital and strategy department since June 2017 and the board secretary of Shanghai Linmon Picture Media Co. Ltd. since July 2021. Ms. Li has over 10 years' experience in investment management and corporate governance matters. She worked consecutively as an analyst and an associate director at UBS Securities Co. Ltd., a fully licensed securities firm focusing on securities brokerage, securities investment consultancy and securities underwriting and sponsoring, from July 2012 to May 2015, responsible for providing services with respect to corporate mergers and acquisitions, financing and IPO. She served as an assistant to the chief executive officer of CRP-Fanya Investment Consultants (Beijing) Limited, a subsidiary of China Renaissance Holdings Limited focusing on investment advisory, financial consultancy, business consultancy and market information consultancy, from June 2015 to August 2016, responsible for assisting the chief executive officer in external business development and internal affairs management, and an associate at the investment banking division of China Renaissance Securities (China) Co. Ltd., another subsidiary of CR Holdings focusing on securities brokerage, securities investment consultancy and securities underwriting and sponsoring, from September 2016 to May 2017, responsible for providing services for corporate mergers and acquisitions, financing and IPO. Ms. Li obtained a bachelor's degree of management (major in accounting) from Renmin University of China in July 2011. Ms. Ng is a senior manager of the listing services department of TMF Hong Kong Limited and is responsible for the provision of corporate secretarial and compliance services to listed company clients. She has over 18 years of experience in the company secretarial field. Ms. Ng is an associate member of both The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. The Stock Exchange has granted a waiver to the Company from strict compliance with the requirements under Rules 3.28 and 8.17 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, for the remaining waiver period in relation to Ms. Li's eligibility to act as the Joint Company Secretary, on the conditions that Ms. Li must be assisted by Ms. Ng during the New Waiver Period; the waiver could be revoked if there are material breaches of the Listing Rules by the Company; and the Company will announce the reasons, details and conditions of the waiver, the qualifications and experience of both Ms. Li and Ms. Ng. The Stock Exchange expects that, before the end of the New Waiver Period, the Company must demonstrate and seek the Stock Exchange's confirmation that Ms. Li, having had the benefit of Ms. Ng's assistance during the New Waiver Period, has attained the relevant experience and is capable of discharging the functions of company secretary under Rule 3.28 of the Listing Rules such that a further waiver will not be necessary. The waiver will be withdrawn or changed if the Company's situation changes. Reported Earnings • Apr 01
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CN¥2.95 loss per share (down from CN¥0.61 profit in FY 2021). Revenue: CN¥951.5m (down 24% from FY 2021). Net loss: CN¥732.0m (down CN¥792.9m from profit in FY 2021). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 40% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Entertainment industry in Hong Kong. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). VP & Executive Director Yuan Zhou is the most experienced director on the board, commencing their role in 2021. Independent Non-Executive Director Annabelle Long was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 02
Second quarter 2022 earnings released Second quarter 2022 results: CN¥0.36 loss per share. Net loss: CN¥63.0m (flat on 2Q 2021). Announcement • Aug 19
Linmon Media Limited to Report First Half, 2022 Results on Aug 30, 2022 Linmon Media Limited announced that they will report first half, 2022 results on Aug 30, 2022 Announcement • Aug 10
Linmon Media Limited has completed an IPO in the amount of HKD 420.115575 million. Linmon Media Limited has completed an IPO in the amount of HKD 420.115575 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,222,100
Price\Range: HKD 27.75
Discount Per Security: HKD 0.97125
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,917,200
Price\Range: HKD 27.75
Discount Per Security: HKD 0.97125
Transaction Features: Regulation S Board Change • Aug 10
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Annabelle Long was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
