FINAL RESULTS ANNOUNCEMENTFOR THE YEAR ENDED MARCH 31, 2024

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 reliance upon the whole or any part of the contents of this announcement.(Incorporated in Bermuda with limited liability) (Stock Code: 1060) FINAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED MARCH 31 2024 The board (the “Board”) of directors (the “Directors”) of Alibaba Pictures Group Limited (the “Company” together with its subsidiaries the “Group”) is pleased to announce the final results of the Group for the year ended March 31 2024 (the “Reporting Period”) togetherwith the comparative figures for the year ended March 31 2023 (the “CorrespondingPeriod”).FINANCIAL HIGHLIGHTS For the year ended March 31 2024 2023 Change RMB’000 RMB’000 % Revenue 5035713 3500553 44 Profit/(loss) attributable to owners of the Company 284790 (291132) NM Operating profit/(loss) 309680 (203139) NM Adjusted EBITA 503576 312910 61 1MANAGEMENT DISCUSSION AND ANALYSIS OFFLINE ENTERTAINMENT (FILM AND PERFORMANCE) INDUSTRIES OVERVIEW During the Reporting Period there was a rapid recovery of the entertainment consumer market and vibrant development of film and performance industries. For the film market the total box office revenue in Mainland China during the Reporting Period was RMB55.6 billion representing an increase by 75% (or a year-over-year increase of approximately RMB23.8 billion); the number of viewers was 1.33 billion representing an increase by 80% (or a year-over-year increase of 590 million); box office and the number of viewers basically recovered to the level of 2017. Meanwhile during the Reporting Period the national box office set a number of records. For example the total box office revenue in Mainland China during the 2023 summer movie season reached RMB20.6 billion an all-time high in the summer season. During the Reporting Period with a box office share of 85% the box office of domestic films in the year set records exceeding RMB47 billion delivering an outstanding performance. At the same time on the supply side of films according to the announcement of the China Film Administration the total number of film scripts filed and projects launched during the Reporting Period surpassed 2500 representing a near 50% increase over the past financial year basically restoring it to the level of 2019. In the performance market the market achieved explosive growth during the Reporting Period as consumer demand for live entertainment experiences increased. According to 2023 National Performance Market Development Briefing of the China Association of Performing Arts the total revenue from the box office for the national performance market reached approximately RMB50.232 billion in 2023 representing a growth of 150.65% from 2019. One of the largest categories in the performance market large and medium- scale commercial performance grossed a box office of approximately RMB20.171 billion representing a growth of 373.60% from 2019 also setting a record.In summary with its abundant product supply diverse forms of expression and great demand for film and performance the film and performance industry demonstrated the market’s vibrant development and huge growth potential.During the Reporting Period the Group continued to maintain the strengths of its online platform business and curate positive cultural content for the industry under the empowerment of innovative technology. Meanwhile it proactively optimised its business management strategy and achieved business breakthrough and growth. 2Material Acquisitions: Acquisition of Damai On November 30 2023 the Group completed the acquisition of the entire issued share capital of Pony Media Holdings Inc. (“Pony Media”) from Alibaba Investment Limited a direct wholly-owned subsidiary of Alibaba Group Holding Limited (the “Acquisition”).Upon completion of the Acquisition Pony Media became a wholly-owned subsidiary of the Group. Pony Media and its subsidiaries operate under the trade name “Damai” (“Damai”) which is a leading provider of live performances including concerts musical festivals live house performances plays sports events and exhibitions in the PRC and established the “Damai Brand”.Damai was the general ticketing agent for numerous top-tier concerts (such as those of Jay Chou Mayday Joker Xue JJ Lin and Jason Zhang) and users’ preferred ticketing platform for performances. During the Reporting Period the gross merchandise value (GMV) of the Damai business grew rapidly registering a year-over-year growth of over 500%. Damai enjoyed an absolutely leading edge in respect of the ticket agency in the market particularly so for concerts as its core business which covered nearly 100% of top-tier concerts.Moreover Damai’s business had a deep layout of performance content ticketing system and other non-ticketing-agency areas. Damai successfully organised mega shows involving Han Hong Wallace Chung Ele Yan and other artists. It also explored content development production and investment of performances promoting its brand awareness in recent years with various self-produced stage plays/dramas immersive plays as well as the Xiami Music & Arts Festival in Aranya (阿那亚虾米音乐节). Meanwhile Damai exclusively provided the 19th Hangzhou Asian Games with a technology-driven ticketing platform for offline entertainment which was a cloud-based digital ticketing system characterised by speed and stability.During the Reporting Period the Group has consolidated the financial position and results of operation of the Damai business from December 2023 to March 2024 into the financial statements of the Group. Had completion of the Acquisition occurred on April 1 2022 or 2023 the respective unaudited combined operating results of the Group and Damai for each of the year ended March 31 2023 and March 31 2024 would have been as follows. 3For the year ended March 31 Combined operating results The Group 2024202320242023 RMB’000 RMB’000 RMB’000 RMB’000 (Unaudited) (Unaudited) (Audited) (Audited) Revenue 5904062 3423501 5035713 3500553 Film investment production promotion and distribution 2071949 1229080 2071949 1229080 Film ticketing and technology platform 920216 522093 920216 522093 Damai 1481820 293878 394277 – Drama series production 596124 780885 596124 780885 IP merchandising and innovation initiatives 833953 597565 1053147 968495 Gross profit 2811893 1296907 2017043 1116989 Adjusted EBITA (Unaudited) 1163023 143031 503576 312910 During the Reporting Period the unaudited combined EBITA grew significantly year-over- year over 700%. Such encouraging operating results were achieved due to the booming performance market and the Group’s ongoing development and forward-looking planning in film content.The following table sets forth key indicators of the Group’s financial results for the periods indicated: For the year ended March 31 20242023 RMB’000 RMB’000 Operating profit/(loss) 309680 (203139) Add: Share-based compensation 120274 147152 Amortization of intangible assets arising on business combinations 18003 12669 Profit or loss on equity investment and change in fair value net 5561 9 35622 8 Adjusted EBITA 50357 6 31291 0 4Film investment production promotion and distribution The content investment strategy of the Group is to build up its reserve by acquiring more investments and projects involving leading promoters and distributors every year with an aim of covering important timeslots and top-tier projects and securing basic yields. Based on guaranteed coverage and yields the Group proactively enhances its co-production and self-production capabilities to gradually establish the brand’s presence thereby achieving a powerful and high-yielding film investment portfolio and further increasing the Group’s profit margin in content investment business.During the Reporting Period the Group continued to step up its investment in self-production and co-production projects strengthen its role as the leading promoter and distributor and reinforce its core competency in investment and distribution services. By partaking in the projects at an early stage the Group participated in production with other presenters from IP procurement storyline design casting to selection and matching of actors. Meanwhile the Group leveraged its seasoned distribution team and mature promotion and distribution system to finalize promotion and distribution plans achieving a profitable combination of film content and assets. During the Reporting Period the Group integrated the promotion and distribution of film and drama series IPs and realized basically consistent broadcasting schedules for the Chinese Lunar New Year film “Peagasus 2 (飞驰人生2)” and the exclusive drama series on Youku “Peagasus (飞驰人生热爱篇)” in which the Group participated in the production of the former and self-produced the latter. Apart from complementary car racing element and shared material library the overlapping and resonance in the popularity of the IPs was also materialized in the process of promotion and distribution.During the Reporting Period the Group presented and distributed over 60 films (including nearly 30 films with the Group as the leading promoter and distributor and six films with the Group as the self-producer and co-producer) accounting for over 60% of the total box office. Fifteen of them ranked among the top 20 films released during the same period in terms of box office and achieved a higher return on investment compared with the industry peers. 5During the Reporting Period major film projects released by the Group are set out below: Box office revenue No. Film’s Name (RMB billion) Mode 1 No More Bets (孤注一掷) 3.85 co-producer 2 Lost in the stars (消失的她) 3.52 co-producer leading promoter and distributor 3 YOLO (热辣滚烫) 3.46 main producer and distributor 4 Pegasus 2 (飞驰人生2) 3.39 joint producer and joint distributor 5 Boonie Bears: Time Twist 1.99 joint producer and joint distributor (熊出没*逆转时空) 6 Chang’an (长安三万里) 1.83 joint producer leading promoter and distributor 7 Godspeed (人生路不熟) 1.18 joint producer and joint distributor 8 The Ex-File 4 1.01 main producer leading promoter (前任4：英年早婚) and distributor 9 One and Only (热烈) 0.91 joint producer and joint distributor 10 Born to Fly (长空之王) 0.85 co-producer leading promoter and distributor 11 Endless Journey (三大队) 0.71 joint producer leading promoter and distributor 12 The Pig the Snake and 0.67 buyout leading promoter and the Pigeon (周处除三害) distributor 6As of the date of the announcement the Group has more than 80 films scheduled for release of which more than 50 are investment projects pending release and more than 30 are self-developed and co-produced projects. The above films scheduled for release will either be scheduled for release (subject to market conditions) or are in the process of being scheduled. The Group lists key films that have already been released or are in the process of being scheduled as follows.No. Film’s Name* State Mode 1 The Boy and the Heron released buyout leading promoter and (你想活出怎样的人生) distributor 2 Formed Police Unit released joint producer leading (维和防暴队) promoter and distributor 3 Creation of the Gods scheduled for main producer leading (封神第二部) release promoter and distributor 4 Dongji Island (东极岛) scheduled for main producer release 5 Shooting Stars (群星闪耀时) scheduled for self-producer co-producer release leading promoter and distributor 6 No Regrets (无悔追踪) scheduled for main producer release 7 Blades Of The Guardians scheduled for self-producer co-producer (镖人：风起大漠) release leading promoter and distributor 8 Welcome to the Chinese scheduled for joint producer and joint Restaurant (欢迎来龙餐馆) release distributor 9 Decoded (解密) scheduled for joint producer and joint release distributor 10 White Snake 3 (白蛇：浮生) scheduled for joint producer release 11 Sheep Without a Shepherd III scheduled for joint producer (误杀3) release 12 Customs Frontline (海关战线) scheduled for joint producer leading release promoter and distributor 13 The Trier of Fact (守阙者) scheduled for self-producer co-producer release leading promoter and distributor 14 Upstream (逆行人生) scheduled for joint producer leading release promoter and distributor 15 The Blood of Youth (少年歌行) scheduled for self-producer co-producer release leading promoter and distributor 16 The Stage (戏台) scheduled for main producer leading release promoter and distributor 7No. Film’s Name* State Mode 17 A Place Called Silence (默杀) scheduled for joint producer and joint release distributor 18 The Incontrollable Family (失控 scheduled for self-producer co-producer 家族) release leading promoter and distributor 19 Break Up List (分手清单) scheduled for self-producer co-producer release leading promoter and distributor 20 Welcome to My Side (欢迎来到 scheduled for self-producer co-producer 我身边) release leading promoter and distributor 21 Seven Days (7天) scheduled for self-producer co-producer release leading promoter and distributor * For identification purpose only To further improve its capabilities to produce and develop film content and fully develop its IPs the Group initiated collaborations with external studios aimed at increasing its production of high-quality film content for the industry. Additionally the Group launched the “HINA International Young Director Program (海纳国际青年导演发展计划)” through which it has invited Mr. Zhang Yimou Mr. Huang Jianxin and Mr. Bill Kong as main instructors and recruited 20 outstanding directors to nurture youth directors and promote collaboration on film and television projects.During the Reporting Period the Group’s film investment production promotion and distribution segment recorded revenue of approximately RMB2.072 billion an increase of around 69% compared with approximately RMB1.229 billion for the Corresponding Period. The segment results recorded was approximately RMB467 million an increase of around 78% compared with approximately RMB263 million for the Corresponding Period.FILM TICKETING AND TECHNOLOGY PLATFORM Film ticketing platform business The film ticketing and technology platform being Tao Piao Piao Yunzhi and digitalization business are an integral part of the Group’s film business and the infrastructure of the film industry. As the film ticketing platform for cinema-goers well-received by the market and the industry-leading ticket-issuing system platform for cinemas respectively Tao Piao Piao and Yunzhi which charged cinema-goers and cinemas service fees for the provision of online systems and services that allowed users to purchase tickets and cinemas to issue tickets were one of the product combinations that generated the highest gross margin for the Group. 8During the Reporting Period Tao Piao Piao and the Damai business joined hands in further enhancing the “Taomai VIP” membership system through which members can enjoy better consumer experience and ticketing privileges ranging from early online purchase for blockbusters and promotional offers to offline fast pass and access to star-studded events. Up to the date of this announcement the Group has also entered into cooperation agreements with cinemas in Macau China and other regions of Southeast Asia as part of Yunzhi’s proactive drive to expand its overseas presence which has laid the foundation for subsequent market development in other countries and regions. During the Reporting Period the number of “Taomai VIP” members remained stable and showed an upward trend while Yunzhi continued to rank first in terms of the number of ticket-issuing cinemas and tickets issued.Technology Business With a comprehensive application of artificial intelligence (“AI”) business by the digitalisation business “Beacon AI (灯塔AI)” a data product designed to provide intelligent promotion and distribution services for the entertainment industry was launched in 2023.It mainly included four functions: box office prediction smart enquiry for promotion and distribution public opinion analysis distribution materials for AI. Through simulating and analysing abundant historical data the “Beacon AI” provided T+3 days and total box office forecasts efficiently solving promotion and distribution problems while receiving timely comments and market feedback across the internet so as to rapidly produce promotion posters and copywriting content. These intelligent tools provided industry participants with timely comprehensive detailed and condensed summary of public opinion more informative box office forecasts and more help for the films’ promotion and distribution scheduling decisions and other work significantly improving the efficiency.The Company also launched the first digital human Leah (厘里) from Alibaba Digital Media & Entertainment Group. Since the launching of Leah in 2022 the Company has not only cooperated with a number of international renowned brands and IPs such as Taomai VIP Tmall and Huawei but also debuted in “I Am Nobody (异人之下)” an exclusive drama series on Youku as well as acted in “Mystery in the Box (盒子里的猫)” and “EconomicsUnbound (万物经济学)” on Youku. It is the first digital actress to act in a drama series and a reality show. Meanwhile the Company invested in innovation areas such as virtual studios promoting digital filming solutions in the film and television industry while contributing to the promotion and application of AI and new technologies as well as reducing costs and increasing efficiency. 9During the Reporting Period the film ticketing and technology platform segment recorded revenue of approximately RMB920 million an increase of around 76% compared with approximately RMB522 million for the Corresponding Period. The segment results recorded was approximately RMB346 million an increase of around 52% compared with approximately RMB228 million for the Corresponding Period.Drama series production During the Reporting Period the Group’s drama studios continued to create works which are widely-recognized by the Chinese market. The Group will continue to invest in high- quality content that enhances consumer engagement and create timeless touching and popular works. Up to the date of this announcement a number of projects of the Group’s drama studio were released such as the heroine-focused “The Story of Hua Zhi (惜花芷)” the motivational motor racing drama “Pegasus (飞驰人生热爱篇)” and the medical-themed “Surgery Live Room (手术直播间)”. Currently the studio is developing 35 projects which will be successively introduced to the audience.Due to the timing of release of drama series the Group’s drama series production segment recorded revenue of approximately RMB596 million for the Reporting Period a decrease of around 24% compared with approximately RMB781 million for the Corresponding Period. The segment results recorded was approximately RMB14 million a decrease of around 74% compared with approximately RMB55 million for the Corresponding Period. 10IP merchandising and innovative initiatives As core operations IP merchandising and other business help the Group to expand its presence in the entertainment industry with the IP merchandising business being mainly focused on the Alifish business and creation of pop toys.Alifish is the Group’s professional platform focusing on IP operation licensing and commercialisation and development. Since its establishment in 2016 Alifish has cooperated with hundreds of domestic and international quality IPs and nearly 10000 brands and channel merchants. The Group has managed to build up an enormous and rich IP matrix including Sanrio Pokémon Kakao Universal Studios and Saint Seiya. During the Reporting Period the Group’s revenue from the sub-licensing business grew significantly by 77% year-over-year. The compound growth rate of the revenue from the sub-licensing business reached approximately 60% over the past five years showcasing a resilient performance in business growth.The “Top Global Licensing Agents Report 2024” released by “LICENSE GLOBAL” the licensing industry magazine under the Global Licensing Show showed that the total retail sales of global licensing agents in 2023 surpassed RMB93.63 billion with the top 20 companies accounted for more than 90% of the retail sales. Moving up from the 25th in 2022 Alifish ranked the 11th entering the top 20 on the list for the first time. As the largest platform for IP-licensing agents in China not only has Alifish provided more high- quality IP-licensed products and enriched entertainment experience for consumers it has also achieved a win-win situation with its business partners. 11Leveraging its rich IP matrix direct and distribution channels the Group has established a pop toy brand “KOITAKE” which combines independent pop toys IP with a number of movies drama series and variety shows to create a host of distinctive pop toys. So far “KOITAKE” has accumulated over 10 self-produced pop toys IPs with fair performance in “Kayla-X (凯拉十世)” and “PiPi” which have been integrated with the contents of more than 40 films and television programs including “Lost in the Stars (消失的她)” and “Oneand Only (热烈)” (films) “Till The End of The Moon (长月烬明)” and “The Legend ofAnle (安乐传)” (exclusive drama series on Youku) “Mysterious Lotus Casebook (莲花楼)” (an exclusive drama series on iQIYI) “The Longest Promise (玉骨遥)” (an exclusive drama series on Tencent Video) and “Empresses in the Palace (甄嬛传)” and “The Storyof Minglan (知否知否应是绿肥红瘦)” (classic Chinese drama series).During the Reporting Period the Group’s IP merchandising and innovative initiatives segment registered revenue of approximately RMB1.053 billion an increase of around 9% compared with approximately RMB968 million in the Corresponding Period. The segment results recorded was approximately RMB243 million an increase of around 9% compared with approximately RMB224 million for the Corresponding Period.PROSPECTS The entertainment industry is booming yet complicated and volatile but the Group remains confident for the future. The Group will pursue its business growth by carrying on with its investment in high-quality content innovations customer value as well as the development in AI and other digital initiatives.Looking ahead the Group will continue to: 1. make significant investments in a full range of entertainment content and improve its capabilities to produce a broader set of content including films drama series and live performances with a view to delivering high-quality content to the market steadily; 2. expand the scope of its technology platform services and explore multiple business models including AI; and 3. strengthen benefits of scale and barriers to entry by expanding the presence of Damai along the value chain of the live entertainment industry.The Group expects to finance its business initiatives in the coming year with its own internal resources but may seek external financing if appropriate opportunities and conditions arise. 12FINANCIAL REVIEW Revenue and Profit During the Reporting Period the Group recorded revenue of approximately RMB5036 million representing an increase of 44% year-over-year. The adjusted EBITA for the Reporting Period reached approximately RMB504 million an increase of 61% year-over- year. Thanks to a flourishing business development and a diversified business structure net profit attributable to owners of the Company reached approximately RMB285 million for the Reporting Period achieving a significant turnaround from a net loss of approximately RMB291 million for the Corresponding Period.Earnings per share (basic and diluted) of the Group reached approximately RMB1.03 cents for the Reporting Period compared with loss per share (basic and diluted) of approximately RMB1.09 cents for the Corresponding Period.Selling Marketing and Administrative Expenses During the Reporting Period selling and marketing expenses of the Group amounted to approximately RMB710 million representing a year-over-year increase of 104% when compared with approximately RMB348 million for the Corresponding Period. The proportion of selling and marketing expenses in revenue increased from 10% for the Corresponding Period to 14%. Administrative expenses of the Group increased to approximately RMB978 million from approximately RMB737 million for the Corresponding Period representing a year-over-year increase of 33%. This was primarily due to the increase in activities-related marketing and administrative expenses of business operations brought by the recovery in the entertainment industry.Net Finance Income During the Reporting Period the Group recorded net finance income of approximately RMB182 million which included interest income on bank deposits and gains on foreign exchange. As the Group’s cash reserves are held in multiple currencies the exchange gain resulted mainly from the depreciation of RMB against U.S. dollar (“USD”) during the Reporting Period. 13Material Investments As of March 31 2024 the Group held 17 investments in joint ventures and associates all of which were accounted for using the equity method with a total book value of approximately RMB1672 million; the Group also held 9 investments in unlisted companies and one investment in a listed company all of which were classified as financial assets at fair value through profit or loss with a total book value of approximately RMB701 million.The Group’s three largest investments were Bona Film Group Co. Limited Shanghai Tingdong Film Co. Ltd. (上海亭东影业有限公司) and YH Entertainment Group all of which were engaged in the film production and distribution business artist management and other pan-entertainment businesses.As at March 31 2024 there is no investment held by the Group with a value of 5% or more of the total asset of the Group.The Group adopted a conservative investment strategy to manage its investment portfolio during the Reporting Period. Save as disclosed in this announcement the Group did not have other plans for material investments and capital assets as of March 31 2024.Financial Resources and Liquidity As of March 31 2024 the Group held cash and cash equivalents and bank deposits with the maturity within one year of approximately RMB6715 million (March 31 2023: RMB3922 million) which were denominated in currencies including RMB USD and Hong Kong dollar. As of March 31 2024 the Group had a net cash position with a gearing ratio (being net borrowings over total equity) of nil (March 31 2023: nil). The Group actively and regularly reviews and manages its capital structure to maintain a balance between shareholder returns and 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 among other things level of risk return on investment liquidity and term of maturity. 14Foreign Exchange Risks While the majority of the Group’s production costs and administrative costs are denominated and settled in RMB the Group requires foreign currencies for some of its offshore investments and collaborations 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 2024 the Group did not have a foreign currency hedging policy nor has it used any currency hedging instruments or financial instruments for hedging purpose but will closely monitor its foreign currency exposure in a cost-effective manner.Charge on Assets As of March 31 2024 the Group did not have any indebtedness secured by assets (March 31 2023: nil). Contingent Liabilities As of March 31 2024 the Group did not have any material contingent liabilities (March 31 2023: nil). Material Acquisitions and DisposalsSave for the Acquisition as disclosed in the section headed “MANAGEMENT DISCUSSIONAND ANALYSIS – Material Acquisitions: Acquisition of Damai” of this announcement during the Reporting Period the Group did not have any material acquisitions or disposals of subsidiaries associates or joint ventures.Employees and Remuneration Policies As of March 31 2024 the Group had 1455 employees (March 31 2023: 1328 employees).The total employee benefit expenses of the Group were approximately RMB880 million for the Reporting Period (March 31 2023: approximately RMB852 million). The remuneration policies of the Group are determined based on prevailing market rates and the performance of the Group and individual employees. These policies are reviewed on a regular basis. The Group strongly believes that its staff is an invaluable asset to the Group and is significant to the Group’s business. Therefore the Group recognizes the importance of maintaining a good relationship with employees. In addition to salary the Group also provides its employees with fringe benefits including year-end bonuses discretionary bonuses share options under the Company’s share option schemes awarded shares under the Company’s share award scheme (the “Share Award Scheme”) contributory provident fund social security fund medical benefits and training.Subsequent Events There was no important event which might affect the Group after March 31 2024 and up to the date of this announcement. 15CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended March 31 20242023 Note RMB’000 RMB’000 Revenue 3 5035713 3500553 Cost of sales and services 6 (3018670) (2383564) Gross profit 2017043 1116989 Selling and marketing expenses 6 (710002) (348315) Administrative expenses 6 (977868) (737328) (Impairment losses)/reversal of impairment losses on financial assets net (52635) 56 Other income 4 57366 48614 Other losses net 5 (24224) (283155) Operating profit/(loss) 309680 (203139) Finance income 7 182614 117107 Finance expenses 7 (781) (1022) Finance income net 181833 116085 Share of loss of investments accounted for using the equity method 10 (78616) (39472) Impairment of investments accounted for using the equity method 10 (112552) (127589) Profit/(loss) before income tax 300345 (254115) Income tax credit 8 58610 415 Profit/(loss) from continuing operations 358955 (253700) Loss from discontinued operation 14 (61486) (25207) Profit/(loss) for the year 297469 (278907) Profit/(loss) attributable to: Owners of the Company 284790 (291132) Non-controlling interests 12679 12225 Profit/(loss) attributable to owners of the Company: Continuing operations 334583 (273521) Discontinued operations (49793) (17611) Earnings/(loss) per share attributable to owners of the Company for the year (expressed in RMB cents per share) 9 – Basic 1.03 (1.09) – Diluted 1.03 (1.09) 16CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended March 31 20242023 Note RMB’000 RMB’000 Profit/(loss) for the year 297469 (278907) Other comprehensive income: Items that may be reclassified to profit or loss Share of other comprehensive income/(loss) of associates 10 6120 (4958) Currency translation differences attributable to owners of the Company 110996 151657 Items that may not be reclassified to profit or loss Currency translation differences attributable to non-controlling interests 1158 2256 Other comprehensive income for the year net of tax 118274 148955 Total comprehensive income/(loss) for the year 415743 (129952) Attributable to: – Owners of the Company 401906 (144433) – Non-controlling interests 13837 14481 Total comprehensive income/(loss) for the year 415743 (129952) Total comprehensive income for the period attributable to equity holders of the company arising from: – Continuing operations 451699 (126822) – D iscontinued operations (49793) (17611) 401906(144433) 17CONSOLIDATED BALANCE SHEET As of March 31 20242023 Note RMB’000 RMB’000 Assets Non-current assets Property plant and equipment 38423 17517 Investment properties 443546 20238 Goodwill 3554882 3551116 Intangible assets 234004 99750 Right-of-use assets 6566 115509 Deferred income tax assets 94718 14003 Investments accounted for using the equity method 10 1672220 1827249 Film and TV rights and investments 2894 141375 Bank deposits with the maturity over one year 1217522 300880 Financial assets at fair value through profit or loss 700629 760321 Trade and other receivables and prepayments 11 400820 222111 83662247070069 Current assets Inventories 31100 38744 Film and TV rights and investments 2228853 1834661 Trade and other receivables and prepayments 11 3412739 2706499 Structured deposits 706196 – Cash and cash equivalents 4413697 3919526 Bank deposits with the maturity over three months 2296932 – Restricted cash 4159 2139 130936768501569 Total assets 21459900 15571638 18As of March 31 20242023 Note RMB’000 RMB’000 Liabilities Non-current liabilities Deferred income tax liabilities 56925 48373 Lease liabilities 58408 118566 115333166939 Current liabilities Trade and other payables and accrued charges 12 5094022 1083571 Contract liabilities 415029 170405 Current tax liabilities 1089 261 Lease liabilities 5897 27201 Financial liabilities at fair value through profit or loss 7650 13050 55236871294488 Total liabilities 5639020 1461427 Equity Equity attributable to owners of the Company Share capital 6026151 5452976 Reserves 9696245 8616859 1572239614069835 Non-controlling interests 98484 40376 Total equity 15820880 14110211 Total equity and liabilities 21459900 15571638 19Notes to the consolidated financial statements 1 GENERAL INFORMATION Alibaba Pictures Group Limited (the “Company”) and its subsidiaries (together the “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 entertainment 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 “StockExchange”). As of March 31 2024 the Company is approximately 54.26% owned by Alibaba Group Holding Limited (“Alibaba Holding”) of which 13488058846 shares are held by Ali CV Investment Holding Limited (“Ali CV”) and 2513028847 shares are held by Alibaba Investment Limited (“AIL”).Ali CV is a wholly-owned subsidiary of AIL which is in turn wholly-owned by Alibaba Holding.On November 30 2023 the Group completed the acquisition of the entire issued share capital of Pony Media Holdings Inc. (“Pony Media”) from AIL (the “Acquisition”). Upon completion of the Acquisition Pony Media became a wholly-owned subsidiary of the Group. Pony Media and its subsidiaries operate under the trade name “Damai” (“Damai”) which is a leading provider of live performances including concerts musical festivals live house performances plays sports events and exhibitions in the PRC and established the “Damai Brand”.These consolidated financial statements are presented in Renminbi (“RMB”) unless otherwise stated. 202 SUMMARY OF ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated. 2.1 Basis of preparation and change in accounting policies The consolidated financial statements of the Group have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) as issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance Cap. 622.HKFRS comprise the following authoritative literature: * Hong Kong Financial Reporting Standards * Hong Kong Accounting Standards * Interpretations developed by the Hong Kong Institute of Certified Public Accountants.The financial statements have been prepared on a historical cost basis except for the following: * certain financial assets and liabilities – measured at fair value or revalued amount.During the year ended March 31 2024 the Company decided to dispose one of its subsidiaries operating the film screening business. Accordingly this operation is considered as discontinued operation during the year ended March 31 2024 and the related revenue expenses and income taxare presented as a single amount in the statement of profit or loss under “Loss from discontinuedoperations”. Comparative figures are also reclassified for consistent presentation purpose. 21(a) New and amended standards adopted by the Group The Group has applied the following new and amended standards for its annual reporting period commencing April 1 2023: * HKFRS 17 Insurance Contracts * Definition of Accounting Estimates – amendments to HKAS 8 * International Tax Reform – Pillar Two Model Rules – amendments to HKAS 12 * Deferred Tax related to Assets and Liabilities arising from a Single Transaction – amendments to HKAS 12 * Disclosure of Accounting Policies – Amendments to HKAS 1 and HKFRS Practice Statement 2.Except for the Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to HKAS 12 the amendments listed above did not have any impact on the amounts recognised in prior periods or current period and are not expected to significantly affect future periods.The amendments to HKAS 12 Income Taxes require the recognition of deferred tax assets (to the extent that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with right-of-use assets and lease liabilities. The Group therefore changed its accounting policies as a result of adopting this amendment to HKAS 12. The Group elected to adopt the new rules retrospectively but recognised the cumulative effect of initially applying the new standard on April 1 2023. There was no impact on retained earnings on April 1 2023.Year ended March 31 20242023 Deferred income tax assets 16137 1924 Deferred income tax liabilities (16137) (1924) (b) New and amended standards and interpretation not yet adopted Certain new accounting standards amendments to accounting standards and interpretations have been published that are not mandatory for March 31 2024 reporting periods and have not been early adopted by the Group. These 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. 223 REVENUE AND SEGMENT INFORMATION The chief operating decision-maker 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 allocating 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 2024 the Group’s operating and reportable segments are as follows: – Film investment production promotion and distribution: the investment production promotion and distribution of film related entertainment contents both domestically and internationally.– Film ticketing and technology platform: mainly comprises Tao Piao Piao Yunzhi and Beacon AI.– Damai: engaged in the full life cycle of live performances from the ticketing of performances on-site services ticketing issuance system and venue operations to the organization investment production and promotion of the performance contents.– Drama series production: the production and distribution of online drama series and TV dramas.– IP merchandising and innovative initiatives: backed by the Group’s licensing and marketing capabilities the Group could integrate resources within or outside the Alibaba Ecosystem to provide comprehensive distribution channels connecting with both corporate customers and individual consumers (“IP2B2C”). 23The 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 2024 Film investment IP production Film merchandising promotion ticketing and and and technology Drama series innovation distribution platform Damai production initiatives Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue – recognized at a point in time 1065109 903991 394277 596124 763694 3723195 – recognized over time 1006840 16225 – – 287050 1310115 207194992021639427759612410507445033310 Film and TV related investment income – – – – 2403 2403 Total segment revenue from continuing operations 2071949 920216 394277 596124 1053147 5035713 Including: revenue recognized that was included in the contract liabilities balance at the beginning of the year 57828 32420 – 40679751170405 For the year ended March 31 2023 Film investment IP production merchandising promotion Film ticketing and and and technology Drama series innovation distribution platform Damai production initiatives Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue – recognized at a point in time 713199 513471 – 780885 540836 2548391 – recognized over time 515881 8622 – – 417375 941878 1229080522093–7808859582113490269 Film and TV related investment income – – – – 10284 10284 Total segment revenue from continuing operations 1229080 522093 – 7808859684953500553 Including: r evenue recognized that was included in the contract liabilities balance at the beginning of the year 9020 30025 – 9748014342150867 24Segment revenue and results For the year ended March 31 2024 Film investment IP production Film merchandising promotion ticketing and and and technology Drama series innovation distribution platform Damai production initiatives Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue 207194 9 92021 6 39427 7 59612 4 105314 7 503571 3 Segment results 46749 0 34642 2 25327 7 1445 9 24304 1 132468 9 Unallocated selling and marketing expenses (17648) Administrative expenses (977868) Impairment losses on financial assets net (52635) Other income 57366 Other losses net (24224) Finance income 182614 Finance expenses (781) Share of loss of investments accounted for using the equity method (78616) Impairment of investments accounted for using the equity method (112552) Profit before income tax 300345 For the year ended March 31 2023 Film investment IP production Film merchandising promotion ticketing and and and technology Drama series innovation distribution platform Damai production initiatives Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue 122908 0 52209 3 – 78088 5 96849 5 350055 3 Segment results 26308 5 22845 0 – 5534 7 22381 6 77069 8 Unallocated selling and marketing expenses (2024) Administrative expenses (737328) Reversal of Impairment losses on financial assets net 56 Other income 48614 Other losses net (283155) Finance income 117107 Finance expenses (1022) Share of loss of investments accounted for using the equity method (39472) Impairment of investments accounted for using the equity method (127589) Loss before income tax (254115) 25During the years ended March 31 2024 and 2023 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 certain 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 to the Board of Directors of the Company and therefore information of separate segment assets and liabilities is not presented.Most of the Group’s segment revenue is derived from the Mainland of PRC except certain revenue from the film investment production promotion and distribution and Damai segment.As of March 31 2024 the Group’s non-current assets other than financial instruments and deferred income tax assets were located in the Mainland of the PRC and other regions amounting to RMB5492860000 and RMB456781000 respectively.For the year ended March 31 2024 approximately 13% of the total revenues of the Group were derived from one external customer (2023: approximately 18% and 11% of the total revenues of the Group were derived from two external customers). Other than this customer no other customer contributed 10% or more of the Group’s revenue during the years ended March 31 2024 and 2023. Comparative figures have been reclassified to conform with the changes in presentation adopted for the current year. 4 OTHER INCOME For the year ended March 31 20242023 RMB’000 RMB’000 Interest income on loan receivables 35376 28952 Local government grants 9611 1432 Additional deduction of input VAT 7031 14071 Refund of service fee for withholding IIT 1464 1526 Rental income 1185 – Sundry income 2699 2633 5736648614 265 OTHER LOSSES NET For the year ended March 31 20242023 RMB’000 RMB’000 Change in fair value of structured deposits 12655 8700 Change in fair value of film and TV investments at fair value 11151 73787 Net gains on disposal of film and TV rights and investments 9748 14310 Change in fair value of unlisted investments (33150) (239316) Change in fair value of listed investment (22469) 14064 Net losses on disposal of property plant and Equipment (1309) (3174) Change in fair value of investment in wealth management products – 63 Compensation fee – (18744) Loss on dilution of investments accounted for using the equity method – (130976) Others (850) (1869) (24224)(283155) 276 EXPENSE BY NATURE For the year ended March 31 20242023 RMB’000 RMB’000 Film and TV copyrights recognized as cost of sales and services 1679568 1375990 Cost of inventories intellectual property licenses and other services recognized as cost of sales and services 1030214 607733 Employee benefit expense 879733 851588 Marketing and promotion expenses 710002 348315 Payment processing and other service fees 109310 57798 Technology service fees 83359 82691 Travel and entertainment fees 27712 12288 Amortization of intangible assets 20039 14211 Depreciation of property plant and equipment 15521 12066 Depreciation of right-of-use assets 14316 32309 SMS platform service and customer service support fees 12649 893 Auditor’s remunerations – Audit services 4430 3500 Rental expense for short-term and low-value leases 1862 1226 Others 117825 68599 Total cost of sales and services selling and marketing expenses and administrative expenses 4706540 3469207 Note: The amount of ‘Film and TV copyrights recognized as cost of sales and services’ included an impairment loss on film and TV rights of RMB204643000 for the year ended March 31 2024 (2023: RMB58052000). 287 FINANCIAL INCOME AND EXPENSES For the year ended March 31 20242023 RMB’000 RMB’000 Finance income – Interest income on bank deposits 180516 101655 – Exchange gain net 2098 15452 182614117107 Finance expenses – Interest expenses on lease liabilities (781) (1007) – Interest expenses on bank borrowings – (15) (781)(1022) Finance income net 181833 116085 8 INCOME TAX CREDIT For the year ended March 31 20242023 RMB’000 RMB’000 Current income tax expense (48463) (1116) Deferred income tax credit 107073 1531 58610415 29The tax on the Group’s profit/(loss) before income tax from continued operations differs from the theoretical amount that would arise using the PRC statutory tax rate as follows: For the year ended March 31 20242023 RMB’000 RMB’000 Profit/(loss) from continued operation before income tax 300345 (254115) Tax calculated at a tax rate of 25% (2023: 25%) 75086 (63529) Tax effects of: – Effect of different tax rates of subsidiaries (103918) 46034 – Associates’ and joint ventures’ results reported net of tax 16536 42757 – I ncome not subject to tax (14750) (3308) – A dditional deduction in relation to research and development costs (5543) (2987) – Expenses not deductible for tax purposes 5670 7297 – Refund of income tax from previous years (78) (840) – Utilization of previously unrecognized temporary differences (220569) (231273) – R ecognition of temporary differences that have not been recognized in the previous periods (84615) – – Temporary differences and tax losses for which no deferred income tax asset was recognized 273571 205434 Tax credit (58610) (415) The Company is incorporated in Bermuda as an exempted company with 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 income tax.Provision for the PRC enterprise income tax is calculated based on the statutory tax rate of 25% (The year ended March 31 2023: 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 March 31 2023: one under 25% and the other under 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 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 2023: 20%).No provision for Hong Kong and the USA profit tax has been made as the group companies operating in Hong Kong and the USA did not have any assessable profit for both years. 309 EARNINGS/(LOSS) PER SHARE For the year ended March 31 20242023 RMB cents RMB cents Basic earnings/(loss) per share 1.03 (1.09) Diluted earnings/(loss) per share 1.03 (1.09) (a) Basic Basic earnings/(loss) per share is calculated by dividing the profit/(loss) 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 20242023 Profit/(loss) from continuing operations attributable to owners of the Company (RMB’000) 334583 (273521) Loss from discontinued operation attributable to owners of the Company (RMB’000) (49793) (17611) Weighted average number of ordinary shares in issue less shares held for share award scheme (thousands) 27651787 26790977 For the year ended March 31 20242023 RMB cents RMB cents From continuing operations attributable to the owners of the Company 1.21 (1.02) From discontinued operation (0.18) (0.07) Total basic earnings per share attributable to the owners of the Company 1.03 (1.09) (b) Diluted Diluted earnings or loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potential dilutive ordinary shares. The Company had two categories of potential ordinary shares during the years ended March 31 2024 and 2023 which are share options and unvested awarded shares. 31For the year ended March 31 2024 diluted earnings per share is calculated based on the profit for the year attributable to owners of the Company and the weighted average number of ordinary shares outstanding after adjustment for unvested awarded shares and share options granted to employees.The computation of diluted loss per share for the year ended March 31 2023 did not assume the issuance of any dilutive potential ordinary share since they were antidilutive which would decrease the loss per share.For the year ended March 31 2024 From continuing operations attributable to the owners of the Company 334583 From discontinued operation (49793) Weighted average number of ordinary shares in issue less shares held for share award scheme (thousands) 27651787 Unvested awarded shares assumed vested (thousands) 97389 Weighted average number of ordinary shares for calculation of diluted earnings per share (thousands) 27749176 For the year ended March 31 2024 RMB cents From continuing operations attributable to the owners of the Company 1.21 From discontinued operation (0.18) Total diluted earnings per share attributable to the owners of the Company 1.03 3210 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD For the year ended March 31 20242023 RMB’000 RMB’000 At beginning of the year 1827249 1723173 Additions – 1375 Transfers – 380996 Share of loss of investments (Note a) (78616) (39472) Loss on dilution of interest in associates – (130976) Share of other comprehensive income/(loss) of associates 6120 (4958) Share of changes of other reserves of an associate (471) 1481 Impairment (Note b) (112552) (127589) Currency translation differences 30490 23219 At end of the year 1672220 1827249 (a) When the most recently available financial statements of associates or joint ventures are different from the Group’s 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 the 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 and joint ventures of the Group. The financial information of certain of the Group’s associates and joint ventures as of March 31 2024 and 2023 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 2024 and 2023. Bona Film Group Co. Limited (“Bona Film”) was listed on Shenzhen Stock Exchange on August 18 2022 and could provide its financial statements as of March 31 2024 before the results announcement of the Group. The Group ceases to take advantage of the non-coterminous period end provision for this investment upon its listing and included the attributable share of profit or loss of this investment based on its financial statements drawn up to a coterminous period end with the Group from this consolidated financial statements for the year ended March 31 2024. 33(b) The Group determines whether interests in the investments accounted for using the equity method are impaired by regularly reviewing whether there is any indication of impairment in accordance with relevant accounting standards.When impairment indicators of the investments accounted for using the equity method 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 were 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.Based on the assessment results the Group recognized an impairment loss of RMB112552000 (2023: RMB127589000) for the investments accounted for using the equity method of the Group for year ended March 31 2024.In respect of the recoverable amount determined with 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. 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 assumptions such as selection of comparable companies and liquidity discount for lack of marketability.(c) The Directors of the Company are of the view that none of the Group’s associates or joint ventures was individually material to the Group as of March 31 2024.As of March 31 2024 the aggregate carrying amounts of individually immaterial associates and joint ventures were RMB1631361000 and RMB40859000 respectively (2023: RMB1773865000 and RMB53384000).During the year ended March 31 2024 the aggregate amounts of the Group’s share of loss from continuing operations of individually immaterial associates and joint ventures were RMB71953000 and RMB6663000 respectively (2023: RMB32370000 and RMB7102000). 3411 TRADE AND OTHER RECEIVABLES AND PREPAYMENTS As of March 31 2024 As of March 31 2023 Current Non-current Total Current Non-current Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Trade receivables (Note a) – R elated parties 1187094 – 1187094 942431 – 942431 – Third parties 776962 – 776962 627036 – 627036 Less: allowance for impairment of trade receivables (124254) – (124254) (115211) – (115211) Trade receivables – net 1839802 – 1839802 1454256 – 1454256 Prepaid film deposits 12500 34000 46500 – 49796 49796 Prepayments for licensed assets 133285 – 133285 6700 – 6700 Prepayments for entertainment events 96321 – 96321 – – – Other prepayments 118490 4412 122902 66851 – 66851 Other receivables arising from: – Receivables from related parties 55372 – 55372 61549 – 61549 – L oan receivables 413354 338707 752061 768319 147960 916279 – Receivables in respect of reimbursed live performance expenses 334198 – 334198 – – – – R eceivables in respect of reimbursed film distribution expenses 294890 – 294890 155206 – 155206 – Receivables in relation to other film and TV investments 266646 – 266646 344420 – 344420 – Deductible VAT input 180366 – 180366 138466 – 138466 – Interest income receivables 58222 – 58222 31975 – 31975 – Receivables in relation to tickets 13475 – 13475 – – – – Deposits receivables 10801 – 10801 12398 – 12398 – O thers 81336 23701 105037 106560 24355 130915 Less: allowance for impairment of prepayments and other receivables (496319) – (496319) (440201) – (440201) Other receivables and prepayments – net 1572937 400820 1973757 1252243 222111 1474354 Total trade and other receivables and prepayments 3412739 400820 3813559 2706499 222111 2928610 35The fair values of the current portion of trade and other receivables approximate their carrying value. Note: (a) Trade receivables The normal credit period granted to the debtors of the Group is generally within 1 year. Before accepting any new debtor the Group assesses the potential debtor’s credit quality and defines credit limits by debtor. Credit limits granted to debtors are reviewed regularly.The following is an aging analysis of trade receivables based on recognition date: As of March 31 20242023 RMB’000 RMB’000 0 – 90 days 467787 697032 91 – 180 days 686900 67150 181 – 365 days 129529 140693 Over 365 days 679840 664592 19640561569467 3612 TRADE AND OTHER PAYABLES AND ACCRUED CHARGES As of March 31 20242023 RMB’000 RMB’000 Trade payables (Note a) – Related parties 101002 52229 – T hird parties 363742 313744 464744365973 Notes payables 480000 – Other payable and accrued charges: Amounts due to related parties 171931 58950 Payables in relation to distribution of entertainment events tickets 2808251 – Payables in relation to distribution of films 533535 195690 Payroll and welfare payable 230125 152514 Accrued marketing expense 134008 101293 Other tax payable 78456 84484 Amounts received on behalf of cinema ticketing system providers 49573 44265 Professional fees payable 45997 11725 Deposit from customers 12278 7624 Amounts received on behalf of cinemas 7140 3020 Others 77984 58033 4149278717598 Total trade and other payables and accrued charges 5094022 1083571 (a) Trade payables As of March 31 2024 and 2023 the aging analysis of the trade payables based on invoice date is as follows: As of March 31 20242023 RMB’000 RMB’000 0 – 90 days 361612 267893 91 – 180 days 49195 44818 181 – 365 days 26579 25398 Over 365 days 27358 27864 464744365973 13 DIVIDEND The Board of Directors of the Company has resolved not to recommend the payment of a dividend for the year ended March 31 2024 (2023: nil). 3714 DISCONTINUED OPERATION (i) Description During the year ended March 31 2024 the Group disposed one of its subsidiaries operating the film screening business Tianjin Junsheng Film Management Co. Ltd (“Tianjin Junsheng”).Tianjin Junsheng is the holding company of Hangzhou Xingji Movie&TV Culture Co. Ltd. and Nanjing Pairui Cinema Management Co.. Tianjin Junsheng was disposed in February 2024 and is reported in the current period as a discontinued operation. Financial information relating to the discontinued operation for the period to the date of disposal is set out below.(ii) Financial performance and cash flow information For the year ended March 31 20242023 RMB’000 RMB’000 Revenue 16592 19804 Other (losses)/gains (18) 775 Expenses (65591) (38787) Other income 80 375 Finance expense (net) (3580) (7374) Loss before income tax (52517) (25207) Income tax expense 6162 – Loss after income tax of discontinued operation (46355) (25207) Loss on sale of the subsidiary after income tax (15131) – Loss from discontinued operation (61486) (25207) Net cash inflow from operating activities 9604 8813 Net cash inflow from investing activities – 3945 Net cash outflow from financing activities (9264) (18281) Net increase in cash generated by the subsidiary 340 (5523) (iii) Details of the sale of the subsidiary For the year ended March 31 20242023 RMB’000 RMB’000 Total disposal consideration 4000 – Carrying amount of net assets sold (19131) – Loss on sale (15131) – 3815 BUSINESS COMBINATION On September 19 2023 the Company entered into the Share Purchase Agreement pursuant to which the Company had conditionally agreed to acquire and Alibaba Investment Limited (the “Seller”) had conditionally agreed to sell at the closing date the entire issued share capital of Pony Media Holdings Inc. (the “Target Company”) in consideration for the issue of 2513028847 Shares in aggregate by the Company to the Seller. The closing date of the transaction was November 30 2023.Details of the purchase consideration the net assets acquired and goodwill are as follows: RMB’000 Purchase consideration: Ordinary shares issued 1192204 The fair value of 2513028847 shares issued as the consideration paid of US$167 million for the Target Company (equivalent to approximately RMB1192 million) was based on the results arrived at after arm’s length negotiations between the Company and the Seller taking into account various factors including the average Volume Weighted Average Price for the 30 consecutive trading days up to and include the Last Trading Day etc.The assets and liabilities recognised as a result of the acquisition are as follows: Fair value RMB’000 Cash and cash equivalents 2075033 Bank deposits with the maturity over one year 200000 Financial assets at fair value through profit or loss 1300000 Trade and other receivables and prepayments 510726 Property plant and equipment 28884 Investment property 19077 Current income tax recoverable 805 Right-of-use assets 1617 Intangible assets: Patent 6005 Intangible assets: Brand name 38285 Intangible assets: Customer Relationship 115720 Trade and other payables and accrued charges (3038262) Deferred income tax liabilities (41071) Contract liabilities (26614) Lease liabilities (1767) Net identifiable assets acquired 1188438 Add: goodwill 3766 Net assets acquired 1192204 39The goodwill is attributable to the high profitability of the acquired business. It will not be deductible for tax purposes.There were no acquisitions in the year ended March 31 2023.Revenue and profit contribution The acquired business contributed revenues of RMB394277000 and net profit of RMB224296000 to the Group for the period from December 1 2023 to March 31 2024.If the acquisition had occurred on April 1 2023 consolidated pro-forma revenue and profit for the year ended March 31 2024 would have been RMB5904062000 and RMB980077000 respectively.These amounts have been calculated using the subsidiary’s results and adjusting them for: * differences in the accounting policies between the Group and the subsidiary and * the additional depreciation and amortization that would have been charged assuming the fair value adjustments to property plant and equipment and intangible assets had applied from April 1 2023 together with the consequential tax effects. Acquisition-related costs Acquisition-related costs of RMB7990000 that were not directly attributable to the issue of shares are included in administrative expenses in the statement of profit or loss and in operating cash flows in the statement of cash flows. 40FINAL DIVIDEND The Board has resolved that no final dividend will be declared for the year ended March 31 2024 (For the year ended March 31 2023: nil). CORPORATE GOVERNANCE The Company is committed to maintaining high standards of corporate governance to safeguard 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”). During 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 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 Group’s business strategies 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 be 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 TRANSACTIONS The Company has adopted its 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 Directors each of the Directors confirmed that he/she has complied with the required standard set out in the Model Code and the Company’s code of conduct regarding Directors’ securities transactions during the Reporting Period.REVIEW OF ANNUAL RESULTS The consolidated annual results of the Group for the Reporting Period have been reviewed by the audit committee of the Company. 41The financial figures in respect of the Group’s consolidated balance sheet as at March 31 2024 consolidated statement of profit or loss consolidated statement of comprehensive income and the related notes thereto for the year ended March 31 2024 as set out in this announcement have been compared by the Group’s external auditor PricewaterhouseCoopers (“PwC”) to the amounts set out in the Group’s audited consolidated financial statements for the year and the amounts were found to be in agreement. The work performed by PwC in 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 been expressed by PwC on this announcement.PURCHASE SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES The trustee of the Share Award Scheme purchased a total of 3000000 Shares from the market at a total consideration of HK$1855900 to satisfy the awarded Shares granted to connected employees of the Company upon vesting pursuant to the terms of such scheme.Save as disclosed above neither the Company nor any of its subsidiaries purchased sold or redeemed any of the listed securities of the Company during the Reporting Period.PUBLICATION OF FINAL RESULTS ANNOUNCEMENT AND ANNUAL REPORT The final results announcement is published on the websites of the HKEXnews operated by the Stock Exchange (www.hkexnews.hk) and the Company (www.alibabapictures.com) 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 Board Alibaba Pictures Group Limited Fan Luyuan Chairman & Chief Executive Officer Hong Kong May 29 2024 As at the date of this announcement the Board comprises Mr. Fan Luyuan Mr. Li Jie and Mr. Meng Jun as the executive Directors; Mr. Tung Pen Hung as the non-executive Director; and Ms. Song Lixin Mr. Tong Xiaomeng and Mr. Johnny Chen as the independent non-executive Directors.* For identification purposes only 42