BEIJING, Aug. 18, 2022 /PRNewswire/ — Maoyan Entertainment (“Maoyan” or the “Company”, 1896.HK), a leading platform providing innovative Internet empowered entertainment services in China, today announced its audited consolidated results for the six months ended June 30, 2022.
First Half 2022 Financial Highlights
Revenue was RMB1,191.4 million, compared with RMB1,799.8 million in the first half year of 2021.
Gross profit was RMB622.4 million, compared with RMB1,045.5 million in the first half year of 2021.
Profit for the period was RMB151.9 million, compared with RMB387.1 million in the first half of 2021.
Adjusted EBITDA was RMB282.0 million, compared with RMB625.7 million in the first half of 2021.
Adjusted net profit was RMB233.7 million, compared with RMB484.2 million in the first half of 2021.
 In the first half of 2022 and 2021, we defined adjusted net profit as net profit for the six months adjusted by adding back share-based compensation and amortization of intangible assets resulting from business combinations.
In the first half of 2022, the entertainment industry faced immense difficulties and challenges due to the resurgence of COVID-19 pandemic. We continued to refine our operations to deliver high-quality products and services and achieved industry-leading performance in both the number of and box office of the movies in which we participated in the first half of 2022. In addition to our abundant content reserves in our pipeline, many movies in which we participated are expected to be released within 2022. Besides, our online entertainment ticketing services remained stable, while our other business lines are maturing. We have enhanced our business resilience and further demonstrated our profitability capability.
Entertainment Content Services
In the first half of 2022, the total box office for the China’s movie market decreased by 37.68% to RMB17.18 billion, compared with the same period last year, resulting from the severe impact brought by the pandemic. In particular, from March to May, with the average operating rate of movie cinemas nationwide once dropping to below 50%, the gross box office suffered a year-over-year drop of about 80%. At the same time, …