Kuke Music Holding Ltd. has released its annual financial results for the fiscal year ending December 31, 2024. The company reported a revenue of RMB 68.921 million (approximately US$9.578 million), a decrease from RMB 106.937 million in 2023. Cost of sales also saw a reduction, totaling RMB 42.096 million compared to RMB 56.346 million the previous year. Consequently, the gross profit for 2024 stood at RMB 26.825 million, up from RMB 50.591 million in 2023. The company noted a net other expense of RMB 1.539 million, contrasting with a net other income of RMB 3.637 million in the previous year. Selling and distribution expenses were reported at RMB 31.286 million, down from RMB 40.690 million in 2023. Kuke Music Holding Ltd. highlighted that the World Health Organization's declaration in May 2023 that COVID-19 is no longer a public health emergency did not impact their operations for the year ended December 31, 2024. The company continues to derive its revenue from licensing and subscription, smart music learning, and, following an acquisition, live classical music events. The economic environment in China, along with the growth of markets related to classical music and governmental policies, remains a significant influence on the company's operations, although no material adverse effects are anticipated from trends or events since January 2025.
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