Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of October 2024

 

Commission File Number:

 

Kuke Music Holding Limited

 

Room 303

Beijing Broadcasting Tower,

No. Jia 14, Jianwaidajie

Chaoyang District, Beijing

People’s Republic of China

[phone]

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

Kuke Music Holding Limited, a Cayman Islands exempted company (the “Company”) furnishes under the cover of Form 6-K the following:

 

EXHIBITS

 

99.1		Press Release
99.2		Interim Financial Report
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

1

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Kuke Music Holding Limited
	By:	/s/ Li Li
		Name:	Li Li
		Title:	Chief Financial Officer
		Date:	October 28, 2024

 

2

 

Exhibit 99.1

 

Kuke Reports First Half of 2024 Unaudited Financial Results

 

BEIJING, October 28, 2024 /PRNewswire/ -- Kuke Music Holding Limited (“Kuke”, “we” or the “Company”) (NYSE: KUKE), a leading classical music service platform in China, today announced its unaudited interim financial results for the six months ended June 30, 2024.

 

First Half of 2024 Financial Highlights

 

●

Total revenue was RMB62.6million (US$8.7 million), compared to RMB62.1 million in the same period of 2023.

 

●

Total gross profit was RMB40.7 million (US$5.6 million), compared to RMB42.0 million in the same period of 2023.

 

●

Net profit was RMB5.7million (US$1 million), compared to net profit of RMB9.0 million in the same period of 2023.

 

●

Non-IFRS net profit [1] was RMB15.7 million (US$2.2million), compared to a Non-IFRS net profit of RMB21.1million in the same period of 2023.

 

First Half of 2024 Operational Highlight

 

●

Regarding the subscription business segment, our aggregated institutional subscribers increased to 952 as of the end of the second quarter of 2024 from 880 as of the end of 2023 across China.

 

●

The company successfully completed the “Choral Conducting Teacher Training Program” for music teachers with the China National Youth Palace Association (CNYPA) in May. In August, it also wrapped up the Choral Arts Week Summer Camp project. These activities have strengthened the company’s close collaboration with the China National Youth Palace Association.

 

●

Its newly developed “KUKE Music for Cars” app has completed testing by the end of September. This innovative in-car music application aims to deliver a smarter and more personalized music experience for New Energy Vehicles users.

 

Mr. He Yu, the Chief Executive Officer of Kuke, stated, “We are doing our best to adapt to changes in China’s economic environment by continuing to restructure our business and clean up non-performing assets. In the first six months of 2024, we achieved a total revenue of RMB62.6 million and a net profit of 5.7 million RMB.”

 

Looking ahead, the macroeconomic environment presents us with significant challenges. Nevertheless, we remain committed to enhancing our portfolio of music copyright products and services and advancing the commercialization of classical music across a wider range of settings.

 

 

[1]

Non-IFRS profit/loss of the Company was calculated after excluding the combined effect of amortization and depreciation, share-based compensation, impairment losses on financial assets, net, and the corresponding income tax effects of these non-IFRS adjustments.

 

1

 

 

First Half of 2024 Financial Results

 

Total Revenue

 

Total revenue increased by 0.8% to RMB62.6million (US$8.7 million) from RMB 62.1 million in the same period of 2023.

 

●

Total licensing and subscription segment revenue increased by 42% to RMB58.6million (US$8.1million) from RMB41.3 million in the same period of 2023. Specifically, licensing revenue increased by 49.6% to RMB50.1 million (US$6.9 million) from RMB33.5 million in the same period of 2023, due to the renewal of a large contract. Subscription revenue increased to RMB8.5 million (US$1.2 million) from RMB7.8 million in the same period of 2023, mainly due to the increase in product sales.

 

●

Total smart music learning solutions segment revenue decreased by 77% to RMB4.0 million (US$20.6 million) from RMB17.5 million in the same period of 2023, primarily because the company scaled back its operations from 2023.

 

●

Total live music events segment revenue decreased to RMB0million (US$0million) from RMB3.3 million in the same period of 2023, as a result of the Company’s strategic contraction.

 

Gross Profit and Gross Margin

 

Gross profit in the first half of 2024 decreased to RMB40.6 million (US$5.6 million) from RMB42.0 million in the same period of 2023, which was attributable to the increased costs. Our gross margin remained stable at 64.8% in the first half of 2024, compared to 67.6% in the same period of 2023.

 

●

The gross margin of classical music licensing and subscription segment was 63.0%, compared to70.7% in the same period of 2023. because the gross margin of classical music licensing decreased to 61.2% from 87.1% in the same period of 2023.

 

●

The gross margin of smart music learning solutions segment was 96.4 %, compared to 73.1 % in the same period of 2023, due to a larger share of higher-margin business in our revenue mix compared to the previous year.

 

Operating Expenses

 

Total operating expenses in the first half of 2024 decreased by 1% to RMB32.9 million (US$4.5million) from RMB33.3 million in the same period of 2023.  

 

●

Selling and distribution expenses in the first half of 2024 increased by 25.8% to RMB 17.5million (US$2.4 million) from RMB13.9 million in the same period of 2023. The increase was mainly due to higher operating expenses.

 

●

Administrative expenses in the first half of 2024 decreased by 19.8% to RMB14.0 million (US$1.9 million) from RMB17.5 million in the same period of 2023, due to reduced management costs.

 

2

 

 

Operating Profit

 

Operating profit in the first half of 2024 was RMB9.0 million (US$1.3 million), compared to operating loss of RMB11.6 million in the same period of 2023.

 

Net Profit for the Period

 

Net profit was RMB5.7million (US$00.8 million), compared to net loss of RMB9.0 million in the same period of 2023.

 

Non-IFRS Net Profit for the Period

 

Non-IFRS net profit was RMB15.7 million (US$2.2million), compared to non-IFRS net profit of RMB21.1 million in the same period of 2023.

 

Net Profit per ADS and Non-IFRS Net Profit per ADS

 

Basic and diluted net profit per American Depositary Share (“ADS”) were both RMB0.18 (US$0.02) in the first half of 2024, compared to basic and diluted net profit per ADS of RMB0.25 in the same period of 2023. Basic and diluted non-IFRS net profit per ADS were both RMB0.43 (US$0.06) in the first half of 2024, compared to basic and diluted non-IFRS net profit per ADS of RMB0.71 in the same period of 2023. Each ADS represents one Class A ordinary share of the Company.

 

Balance Sheet

 

As of June 30, 2024, cash and cash equivalents were RMB1.8 million (US$0 million). 

 

Recent Developments

 

Annual General Meeting and the class meeting of holders of Class B ordinary shares

 

The annual general meeting of shareholders and the class meeting of holders of Class B ordinary shares with a par value of US$0.001 each (the “Class B Ordinary Shares”) were held in Beijing, China on September 20, 2024, and each of the following proposed resolutions submitted for shareholder approval has been duly adopted at the respective meeting.

 

●

1. as a special resolution, THAT the voting rights of the Class B Ordinary Shares be amended from each Class B Ordinary Share being entitled to ten (10) votes on all matters subject to a vote at general meetings of the Company to each Class B Ordinary Share being entitled to fifty (50) votes on all matters subject to a vote at general meetings of the Company;

 

3

 

 

●

2. as an ordinary resolution, THAT the authorized share capital of the Company be increased from US$50,000 divided into 50,000,000 shares of a nominal or par value of US$0.001 each, comprising of 41,718,902 Class A ordinary shares of a par value of US$0.001 each (the “Class A Ordinary Shares”) and 8,281,098 Class B ordinary shares of a par value of US$0.001 each, to US$5,000,000 divided into 5,000,000,000 shares of a nominal or par value of US$0.001 each, comprising of 4,961,500,000 Class A ordinary shares of a par value of US$0.001 each and 38,500,000 Class B ordinary shares of a par value of US$0.001 each by creation of 4,919,781,098 Class A Ordinary Shares and 30,218,902 Class B Ordinary Shares; and

 

●

3. as a special resolution, THAT subject to the passing of each of the resolutions above:

 

●

(1) the proposed amendments to the existing second amended and restated memorandum of association and articles of association of the Company (the “Proposed Amendments”), the details of which are set out in Annex I to the notice of the annual general meeting, dated August 21, 2024 (the “Notice of AGM”), be and are hereby approved;

 

●

(2) the third amended and restated memorandum of association and articles of association of the Company (the “New M&A”) in the form set out in Annex II to the Notice of AGM be and are hereby approved and adopted as the new memorandum of association and articles of association of the Company in substitution for and to the exclusion of the existing second amended and restated memorandum of association and articles of association of the Company with effect from the close of the annual general meeting; and

 

●

(3) any director and officer of the Company be and is hereby authorized to do all things necessary to effect and record the Proposed Amendments and the adoption of the New M&A.

 

About Kuke Music Holding Limited

 

Kuke is a leading classical music service platform in China encompassing the entire value chain from content provision to music learning services. By collaborating with its strategic global business partner Naxos, the largest independent classical music content provider in the world, the foundation of Kuke’s extensive classical music content library is its unparalleled access to more than 900 top-tier labels and record companies. Leveraging its market leadership in international copyrighted classical music content, Kuke provides highly scalable classical music licensing services to various online music platforms and classical music subscription services to over 800 universities, libraries, and other institutions across China. In addition, it has hosted the Beijing Music Festival (“BMF”), the most renowned classical music festival in China.

 

For more information about Kuke, please visit https://ir.kuke.com/. The Company routinely provides important updates on its website.

 

4

 

 

Exchange Rate Information

 

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release.

 

Forward-looking Statements

 

This announcement contains forward looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Statements that are not historical facts, including but not limited to statements about Kuke’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including those in Kuke’s registration statement filed with the Securities and Exchange Commission. Further information regarding these and other risks is included in Kuke’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Kuke does not undertakes any obligation to update any forward-looking statement, except as required under applicable law.

 

Use of Non-IFRS Financial Measures

 

The Company uses non-IFRS profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that non-IFRS profit helps management to analyze trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit or loss for the period.

 

Non-IFRS profit for the period should not be considered in isolation or construed as an alternative to net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS profit for the period and the corresponding footnote explaining the calculation of such measure together. Non-IFRS profit for the period presented here may be different to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently and should not be compared to the measure adopted by the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

 

Non-IFRS profit for the period represents profit or loss for the year excluding the combined effect of amortization and depreciation, share-based compensation, impairment losses on financial assets, net, and the corresponding income tax effects of these non-IFRS adjustments.

 

Investor and Media Contact:

 

Kuke Music Holding Limited

 

Email: [e-mail]

 

 

5

 

 

Exhibit 99.2

 

KUKE MUSIC HOLDING LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In thousands)

 

		As of December 31, 2023				As of June 30, 2024				As of June 30, 2024
		RMB				RMB				USD
NON-CURRENT ASSETS
Property, plant and equipment			315				292				40
Intangible assets			165,279				156,373				21,518
Right-of-use assets			3,939				3,302				454
Goodwill			764				764				105
Prepayments, other receivables and other assets			24,460				7,237				996
Deferred tax assets			-				-				-
Equity investment at fair value through profit or loss			-				-				-
Total non-current assets			194,757				167,968				23,113
CURRENT ASSETS
Inventories			-				982				135
Trade receivables			22,844				57,851				7,961
Prepayments, other receivables and other assets			21,112				34,467				4,743
Net investments in subleases
Due from related parties			303				303				42
Due from shareholders			1,913				1,913				263
Cash and cash equivalents			7,574				1,831				252
Total current assets			53,746				97,347				13,396
Total assets			248,503				265,315				36,509
EQUITY
Issued capital			221				258				36
Reserves			21,523				51,705				7,115
Equity attributable to equity holders of the parent			21,744				51,964				7,152
Non-controlling interests			1,813				1,700				234
Total equity			23,557				53,663				7,385
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings			3,000				3,000				413
Contract liabilities			12,376				1,441				198
Deferred tax liabilities
Lease liabilities			2,487				2,490				343
Total non-current liabilities			17,863				6,931				954
CURRENT LIABILITIES
Trade payables			34,818				47,177				6,492
Other payables and accruals			87,859				93,893				12,920
Contract liabilities			6,314				15,286				2,103
Due to a shareholder and			13,097				13,097				1,802
Interest-bearing loans and borrowings			62,226				32,703				4,500
Leased liabilities			1,706				1,163				160
Income tax payable			1,063				1,402				193
Total current liabilities			207,803				204,721				28,170
Total liabilities			224,946				211,652				29,124
Total equity and liabilities			248,503				265,315				36,509

 

1

 

 

KUKE MUSIC HOLDING LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND

UNAUDITED OTHER COMPREHENSIVE INCOME

(In thousands, except for per share data)

 

		For the six months ended June 30
		2023				2024				2024
		RMB				RMB				USD
Revenue			62,131				62,629				8,619
Subscription and licensing			41,280				58,598				8,065
Licensing			33,473				50,086				6,894
Subscription			7,807				8,512				1,171
Smart music learning solutions			17,504				4,031				554
Smart music learning solutions sales			17,241				4,031				554
Smart music learning solutions subscription			263				0				0
Live music events			3,347				0				0
One-time disposal of obsolete inventory			-				-				-
Cost of Goods Sold			(20,103	)			(22,019	)			(3,030	)
Gross profit			42,028				40,610				5,589
Other income, net			2,923				146				20
Selling and distribution expenses			(13,909	)			(17,496	)			(2,408	)
Administrative expenses			(17,510	)			(14,045	)			(1,933	)
Impairment losses on financial assets, net			(1,806	)
Other operating expenses			(100	)			(212	)			(29	)
Operating (loss)/profit			11,626				9,003				1,239
Share of losses of a joint venture			-				-				-
Finance costs			(2,666	)			(3,256	)			(448	)
Finance income			6				1
(Loss)/profit before tax			8,966				5,748				791
Income tax expense			-
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year			8,966				5,748				791
Attributable to:
Equity holders of the parent			7,551				6,395				880
Non-controlling interests			(1,415	)			(647	)			(89	)
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent
Basic			0.25				0.18				0.02
Diluted			0.25				0.18				0.02

 

2

 

 

KUKE MUSIC HOLDING LIMITED

RECONCILIATIONS OF NON-IFRS MEASURES TO THE MOST COMPARABLE IFRS MEASURES

(In thousands)

 

		For the six months ended June 30
		2023				2024				2024
		RMB				RMB				USD
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year			8,966				5,748				791
Adjustments:
Amortization and Depreciation			9,568				8,919				1,227
Share-based compensation			2,196				1,017				140
Impairment losses on financial assets, net			1,806				-				-
Income tax effects			(1,410	)			-				-
Non-IFRS Profit/(loss)			21,126				15,684				2,158

 

3

 

 

KUKE MUSIC HOLDING LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND

UNAUDITED OTHER COMPREHENSIVE INCOME

(In thousands, except for per share data)

 

		For the three months ended June 30
		2023				2024				2024
		RMB				RMB				USD
Revenue			52,204				54,113				7,446
Subscription and licensing			36,199				50,084				6,892
Licensing			32,141				45,732				6,293
Subscription			4,058				4,352				599
Smart music learning solutions			16,005				4,029				554
Smart music learning solutions sales			15,904				4,029				554
Smart music learning solutions subscription			101				0				0
Live music events			-				-				-
One-time disposal of obsolete inventory			-				-				-
Cost of goods sold			(10,371	)			(11,833	)			(12	)
Gross profit			41,833				42,280				5,818
Other income, net			1,196				1,224				(168	)
Selling and distribution expenses			(7,601	)			(6,395	)			(880	)
Administrative expenses			(10,310	)			(6,296	)			(866	)
Impairment losses on financial assets, net			(1,391	)			2,703				372
Other operating expenses			(32	)			(1,889	)			(260	)
Operating (loss)/profit			23,695				29,179				4,015
Share of losses of a joint venture			-				-				-
Finance costs			(1,345	)			(791	)			(109	)
Finance income			4				5				1
(Loss)/profit before tax			22,354				28,383				3,906
Income tax expense			-				-				-
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year			22,354				28,383				3,906
Attributable to:
Equity holders of the parent			20,307				29,711				4,088
Non-controlling interests			2,046				1,328				183
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent
Basic			0.69				1.56				0.22
Diluted			0.69				1.56				0.22

 

4

 

 

KUKE MUSIC HOLDING LIMITED

RECONCILIATIONS OF NON-IFRS MEASURES TO THE MOST COMPARABLE IFRS MEASURES

(In thousands)

 

		For the three months ended June 30,
		2023				2024				2024
		RMB				RMB				USD
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year			22,354				28,383				3,906
Adjustments:
Amortization and Depreciation			4,850				4,502				619
Share-based compensation			1,104				508				70
Impairment losses on financial assets, net			1,391				2,703				372
Income tax effects			(715	)			-				-
Non-IFRS Profit/(loss)			28,983				36,096				4,967

 

5

Document And Entity Information	6 Months Ended
	Jun. 30, 2024
Document Information Line Items
Entity Registrant Name	Kuke Music Holding Limited
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001809158
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-39859

Unaudited Consolidated Statements of Financial Position ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
NON-CURRENT ASSETS
Property, plant and equipment	¥ 292	$ 40	¥ 315
Intangible assets	156,373	21,518	165,279
Right-of-use assets	3,302	454	3,939
Goodwill	764	105	764
Prepayments, other receivables and other assets	7,237	996	24,460
Deferred tax assets
Equity investment at fair value through profit or loss
Total non-current assets	167,968	23,113	194,757
CURRENT ASSETS
Inventories	982	135
Trade receivables	57,851	7,961	22,844
Prepayments, other receivables and other assets	34,467	4,743	21,112
Net investments in subleases
Due from shareholders	1,913	263	1,913
Cash and cash equivalents	1,831	252	7,574
Total current assets	97,347	13,396	53,746
Total assets	265,315	36,509	248,503
EQUITY
Issued capital	258	36	221
Reserves	51,705	7,115	21,523
Equity attributable to equity holders of the parent	51,964	7,152	21,744
Non-controlling interests	1,700	234	1,813
Total equity	53,663	7,385	23,557
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings	3,000	413	3,000
Contract liabilities	1,441	198	12,376
Deferred tax liabilities
Lease liabilities	2,490	343	2,487
Total non-current liabilities	6,931	954	17,863
CURRENT LIABILITIES
Trade payables	47,177	6,492	34,818
Other payables and accruals	93,893	12,920	87,859
Contract liabilities	15,286	2,103	6,314
Due to a shareholder and	13,097	1,802	13,097
Interest-bearing loans and borrowings	32,703	4,500	62,226
Leased liabilities	1,163	160	1,706
Income tax payable	1,402	193	1,063
Total current liabilities	204,721	28,170	207,803
Total liabilities	211,652	29,124	224,946
Total equity and liabilities	265,315	36,509	248,503
Related Party
CURRENT ASSETS
Due from related parties	¥ 303	$ 42	¥ 303

Unaudited Consolidated Statements of Profit or Loss And Unaudited Other Comprehensive Income ¥ in Thousands, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024 CNY (¥) ¥ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 CNY (¥) ¥ / shares	Jun. 30, 2024 CNY (¥) ¥ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 CNY (¥) ¥ / shares
Revenue	¥ 54,113	$ 7,446	¥ 52,204	¥ 62,629	$ 8,619	¥ 62,131
Cost of goods sold	(11,833)	(12)	(10,371)	(22,019)	(3,030)	(20,103)
Gross profit	42,280	5,818	41,833	40,610	5,589	42,028
Other income, net	1,224	(168)	1,196	146	20	2,923
Selling and distribution expenses	(6,395)	(880)	(7,601)	(17,496)	(2,408)	(13,909)
Administrative expenses	(6,296)	(866)	(10,310)	(14,045)	(1,933)	(17,510)
Impairment losses on financial assets, net	2,703	372	(1,391)			(1,806)
Other operating expenses	(1,889)	(260)	(32)	(212)	(29)	(100)
Operating (loss)/profit	29,179	4,015	23,695	9,003	1,239	11,626
Share of losses of a joint venture
Finance costs	(791)	(109)	(1,345)	(3,256)	(448)	(2,666)
Finance income	5	1	4	1		6
(Loss)/profit before tax	28,383	3,906	22,354	5,748	791	8,966
Income tax expense
(Loss)/profit for the period/year and total comprehensive (loss)/income for the period/year	28,383	3,906	22,354	5,748	791	8,966
Attributable to:
Equity holders of the parent	29,711	4,088	20,307	6,395	880	7,551
Non-controlling interests	¥ 1,328	$ 183	¥ 2,046	¥ (647)	$ (89)	¥ (1,415)
(Loss)Earnings per share for class A and class B ordinary shares attributable to ordinary equity holders of the parent
Basic (in Dollars per share and Yuan Renminbi per share) | (per share)	¥ 1.56	$ 0.22	¥ 0.69	¥ 0.18	$ 0.02	¥ 0.25
Diluted (in Dollars per share and Yuan Renminbi per share) | (per share)	¥ 1.56	$ 0.22	¥ 0.69	¥ 0.18	$ 0.02	¥ 0.25
Subscription and Licensing
Revenue	¥ 50,084	$ 6,892	¥ 36,199	¥ 58,598	$ 8,065	¥ 41,280
Licensing
Revenue	45,732	6,293	32,141	50,086	6,894	33,473
Subscription
Revenue	4,352	599	4,058	8,512	1,171	7,807
Smart Music Learning Solutions
Revenue	4,029	554	16,005	4,031	554	17,504
Smart Music Learning Solutions Sales
Revenue	4,029	554	15,904	4,031	554	17,241
Smart Music Learning Solutions Subscription
Revenue	0	0	101	0	0	263
Live Music Events
Revenue				0	0	3,347
One-Time Disposal of Obsolete Inventory
Revenue

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