(25 March 2026, Hong Kong) Television Broadcasts Limited ("TVB" or the "Group", stock code: 00511.HK) today announced its annual results for the year ended 31 December 2025 (the "Year").
- Group EBITDA of HK$365 million (2024: HK$295 million).
- Profit attributable to equity holders of the Company of HK$59 million (2024: loss attributable to equity holders of the Company of HK$491 million).
- Earnings per share of HK$0.13 (2024: Loss per share of HK$1.09).
The Board did not recommend the payment of a dividend for the Year (2024: nil).
BUSINESS HIGHLIGHTS OF 2025
In 2025 we maintained our position as one of the world's leading Chinese-language media and entertainment groups. In Hong Kong, our four self-operated terrestrial TV channels remained the territory's most-watched by a significant margin, reaching 4.9 million in-home viewers on average each week, representing a dominant 79% market share of viewership across all TV channels in the territory. In digital and social media, our assets in Hong Kong and overseas - including streaming and mobile apps, official social media accounts and websites - served over 180 million monthly active visitors in 2025 and garnered nearly 7 billion video views. In the Chinese Mainland, our TV channels are watched by over 20 million viewers each month in the Greater Bay Area, while our dramas reach many millions more nationwide through our coproduction partnerships with Mainland platforms Youku and Tencent Video.
Despite the continuing softness of the Hong Kong advertising market, income from advertisers on our terrestrial TV channels grew by 15% during the Year compared to 2024, helped by firm advertising demand from large corporate clients, and a three-fold rise in the revenue contribution from our Greater Bay Area "B-roll" TV advertising product, which we launched in 2024 after taking back control of advertising sales on our Guangdong channel feeds from our carriage partner. This helped drive a 9% revenue increase for our TV Broadcasting segment in 2025.
As part of the continuing buildout of our Greater Bay Area presence, in June 2025 we held a promotional event "TVB's New Chapter of Local and International Connectivity - GBA Film & Television Showcase" in Guangzhou. This event showcased our content and artistes to key advertising clients, business partners and policy makers from within the GBA. In 2025, we also streamlined and expanded our local advertising sales team in the GBA to improve our market coverage in this large and vibrant market.
In our Digital Media segment, which covers our digital assets in Hong Kong, our myTV SUPER streaming service continued to serve approximately 1.9 million monthly active viewers. Meanwhile our other digital assets including social media accounts and mobile content apps achieved robust growth in traffic with 35.3 million average monthly active visitors (18% higher than 2024) and 1.7 billion video views (43% more than 2024). Advertising revenue in this segment grew by 22% year-onyear, aided by new initiatives such as our launch in May 2025 of "TV 3.0", a free service tier of myTV SUPER that offers ad-supported viewing.
Our Chinese Mainland Operations segment saw a decline in revenue due to a smaller co-production drama slate compared to 2024 and slower overall business activity in this market. Nevertheless, our much-anticipated release of The Queen of News 2 (新聞女王2) in November 2025 was a commercial success that drew substantial advertising and sponsorship revenue both for our co-production partner Youku in Chinese Mainland as well as for us in Hong Kong.
In content production, we broke new ground in 2025 in the use of AI tools for content creation. In September 2025, we released our first AI-generated micro-drama You and Only You (在我心中 - 你是獨一無二) on our TVB Plus and myTV SUPER platforms. It also aired in Chinese Mainland on Tencent Video. Later in the year, a virtual artiste we created for this micro-drama was also selected by a client to feature in an advertisement roll. We have since released further AI-generated drama titles and will continue to do so in 2026.
In 2025, we achieved a 4.9% reduction in total cost (excluding depreciation and amortization) compared to 2024 while maintaining dominant share of TV audience viewership in Hong Kong. This highlights our continued commitment to optimizing our expense base without compromising the appeal and quality of our content production.
OUTLOOK FOR 2026
Global political and economic uncertainties are further elevated in 2026, and Hong Kong's openness as a city means it is affected by external events. Hence, we expect advertising clients to remain cautious as they navigate a complex landscape. Nevertheless, in our TV Broadcasting segment we expect to continue achieving modest growth in advertising income in 2026, aided by growing market recognition of our advertising products for the Greater Bay Area which enable advertisers on both sides of the border to capitalize on rising people flows within this dynamic region.
In our Digital Media segment, we continue to boost viewership and user engagement of our digital assets in Hong Kong through active management and tailored content strategies. For example, in March 2026 we launched a revamped TVB News mobile app. To sell the advertising inventory on this app and our other digital properties more effectively, our sales teams have also created new advertising products and packages for our clients this year. At the same time, we are stepping up our management of artistes' social media accounts for external promotional and branding work. We thus expect advertising and other revenues from our digital media business to be a key driver of growth in 2026 for the Group.
In our Chinese Mainland Operations segment, we have five co-production drama titles currently in various stages of production and scheduled for release in 2026. These are (i) Themis (正義女神), (ii) Mrs. Revenge (夫妻的博弈), and (iii) I Only Live Twice (模仿人生) in partnership with Youku; (iv) Wars of Roses (玫瑰戰爭) in partnership with Tencent Video; and (v) Undertable (枱底) in partnership with Youhug Media (耀客傳媒), a leading Chinese Mainland film and television content production group. While we remain cautious on the outlook for drama co-production in Chinese Mainland, we also expect our revenue from this business to equal or exceed that of 2025.
Since the later part of 2025, we have been pursuing initiatives to increase the monetization of our vast bank of content intellectual properties (IP), especially our drama content. In 2026, we expect to roll out our first batch of micro-drama adaptations made in co-operation with Hongguo, the leading Chinese Mainland short
drama content platform. Through licensing of our content IPs, we are also pursuing initiatives in theme parks, merchandise, apparel and collectibles to engage with our fans and viewers outside of our content productions.
-End-