China Digital Video Holdings Limited (“CDV Holdings”) reported FY ended 31 March 2026 results showing sharp revenue contraction and a wider net loss, while its auditor highlighted material uncertainty over the group’s ability to continue as a going concern.

Revenue and Segment Performance • Group revenue slid 62.5% year-on-year to RMB 50.46 million, hit by delayed customer tenders, slower localisation of the video-industry supply chain and intensified competition from new media. • Solutions sales contributed RMB 26.37 million (-48.7%), services RMB 19.54 million (-51.3%) and products RMB 4.55 million (-89.4%). • Revenue recognised at a point in time totalled RMB 30.92 million, while over-time revenue reached RMB 19.54 million.

Profitability • Gross profit declined 36.7% to RMB 18.07 million, yet gross margin improved to 35.8% (FY 2025: 21.3%) on a sharper fall in cost of sales. • Operating cost lines contracted: selling & marketing expenses fell 25.2% to RMB 22.94 million; administrative costs eased 10.8% to RMB 14.02 million; R&D spending dropped 33.7% to RMB 12.16 million. • Finance costs edged up 4.3% to RMB 9.64 million due to higher other borrowings. • Net reversal of impairment on receivables and contract assets amounted to RMB 10.27 million (FY 2025: RMB 4.18 million). • Loss attributable to owners widened to RMB 35.76 million (FY 2025: loss of RMB 28.00 million); basic and diluted loss per share were both RMB 5.78 cents (FY 2025: RMB 4.53 cents).

Balance Sheet and Liquidity • Total assets fell to RMB 284.56 million (FY 2025: RMB 413.73 million) while total liabilities reached RMB 359.00 million, resulting in net liabilities of RMB 74.44 million (FY 2025: RMB 35.99 million). • Current ratio deteriorated to 0.75x; net current liabilities enlarged to RMB 88.52 million. • Cash and cash equivalents declined to RMB 77.18 million (-45.3%). Interest-bearing borrowings stood at RMB 124.75 million, of which RMB 91.79 million were bank loans and RMB 32.95 million were high-cost other borrowings (21.90%–24.00% interest). • Auditor Prism Hong Kong Limited issued an unqualified opinion but drew attention to “material uncertainty related to going concern”, citing recurring losses and negative working capital. Management targets debt renewals, cost controls and product expansion to address liquidity.

Corporate Actions • Disposal of 100% equity in ZhengQi Network generated a gain of RMB 11.49 million. • Step acquisitions lifted holdings in Totem Chuangyi and Beijing Jingqi to 100%, producing a marginal gain on bargain purchase. • Post year-end, CDV BJ agreed to exit 31.47% of Beijing Meishe via a capital reduction for RMB 30 million; the associate will cease to be equity-accounted upon completion.

Capital Expenditure & Dividends • Intangible assets fell to RMB 1.83 million after amortisation and a RMB 0.08 million impairment. • No final dividend declared; no interim dividend paid.

Outlook Management reiterates plans to stabilise liquidity through loan renewals, financial support from the controlling shareholder, cost rationalisation and portfolio expansion, while continuing to serve central- and provincial-level broadcasters and explore strategic investments.