STAR CM Holdings Limited reported first-half 2026 revenue of RMB45.90 million, down 22.2% from RMB59.04 million a year earlier. Gross profit dropped 53.6% to RMB10.24 million, while the net loss widened to RMB40.82 million from RMB11.15 million, mainly on fewer variety-program deliveries and a RMB13.40 million fair-value loss on listed equity investments.

Segment performance showed mixed trends: • Variety-program IP revenue slid 77.2% to RMB3.10 million, turning a RMB3.23 million gross profit into a RMB6.39 million gross loss (-206.5% margin). • Music IP revenue declined 26.6% to RMB4.66 million, yet the gross-profit margin expanded to 70.2% on a greater share of catalogue licensing. • Film and drama series IP revenue fell 29.9% to RMB17.85 million, with margin contracting to 47.2%. • Other IP-related business (artist management, concerts and offline events) grew 49.3% to RMB20.29 million, lifting margin to 24.1%.

Operating costs were mixed: selling and distribution expenses fell 25.3% to RMB6.25 million, while administrative expenses edged up 2.3% to RMB22.20 million. Impairment charges on financial assets totalled RMB2.92 million versus a RMB1.40 million reversal in the prior period.

Cash and cash equivalents increased to RMB454.61 million from RMB427.39 million at end-2025, and the gearing ratio remained low at 0.04%. Property, plant and equipment rose 21.4% to RMB217.96 million, reflecting continued investment in the Songjiang production base.

A restructuring agreement signed on 2 June 2026 to swap STAR CM’s 17.59% stake in Shanghai Binqiao for full ownership of SH Xingkongshui’an closed on 12 August 2026; Shanghai Binqiao has ceased to be an associate.

No interim dividend was declared. Management plans to accelerate IP creation, integrate AI into content production, expand international distribution and pursue selective acquisitions, while targeting full deployment of remaining IPO proceeds (RMB63.90 million) by December 2027.