本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 01 日 中 手游(00302.HK) 证券研究报告 IP 价值持续释放，重磅产品《仙剑世 软件开发(HS) 投资评级 买入-A 界》蓄势待发 维持评级 公司发布2023年财报，全年实现总营收26.06亿元，同比下降4%；实现经 6个月目标价 1.82元 调整净利 537.9 万元，扭亏转盈；除去非经营性收支对利润的影响后，实 股价 (2024-03-28) 1.15元 现经营性利润1.07亿元。 交易数据 游戏经营能力稳健，经调整净利扭亏为盈。2023年，公司游戏产品矩阵 总市值(百万元) 3,165.57 有序铺排，存量产品《航海王热血航线》、《新射雕群侠传之铁血丹心》、 《真·三国无双霸》、《斗罗大陆：斗神再临》等表现稳定，新游《新仙剑奇 流通市值(百万元) 3,165.57 侠传之挥剑问情》《我的御剑日记》等表现亮眼，全年发行业务收入达21.33 总股本(百万股) 2,752.67 亿元，自研业务收入达 2.15 亿元，授权业务收入达 2.57 亿元。同时，公 流通股本(百万股) 2,752.67 司积极引入AIG ...

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 2,605.884 million, a decrease of 4.0% compared to RMB 2,713.892 million in 2022[2] - Gross profit for the same period was RMB 943.102 million, down 15.2% from RMB 1,111.695 million in 2022[2] - The adjusted net profit for 2023 was RMB 5.379 million, a significant improvement from a loss of RMB 196.134 million in 2022[2] - Operating profit for 2023, after excluding non-operating income and expenses, was RMB 107.4 million[4] - The company's total revenue for the fiscal year 2023 was RMB 2,605.9 million, representing a year-on-year decline of 4%[7] - The group's gross profit decreased by 15.2% from RMB 1,111.7 million for the year ended December 31, 2022, to RMB 943.1 million for the year ended December 31, 2023, with a gross margin decline from 41.0% to 36.2%[35] - The adjusted net profit for the year was RMB 5.4 million, a significant improvement from a loss of RMB 196.1 million in 2022[30] - The company's annual loss decreased from RMB 216.9 million for the year ended December 31, 2022, to a loss of RMB 38.0 million for the year ended December 31, 2023[49] User Growth and Engagement - The company reported a total of over 92.9 million new registered users in 2023, representing a growth of 9.8% year-on-year[4] - The average monthly active users increased to 17.1 million in 2023 from 15.5 million in 2022, while the total registered users reached 704.4 million[26] Game Development and Releases - The small games segment generated over RMB 600 million in revenue in 2023, becoming a new growth driver for the company[4] - The game "New Legend of Sword and Fairy" achieved strong performance, ranking first in the free charts and fourteenth in the sales charts on the Apple Store in its first month[5] - The company plans to launch multiple new games in 2024, including "Sword World" and "全民街籃," which are currently in testing phases[3][4] - The game "All-Star Battle" achieved first place in the free charts and fifth in the sales charts across five regions in its first month, but failed to maintain high overseas revenue[6] - The game "Douro Continent: Slak Academy" was delayed to January 2024 for launch due to late approval, impacting expected revenue contributions[7] - The game "Lord of the City" is set to launch in November 2023, marking the company's entry into the Three Kingdoms strategy game genre[8] - The game "Xianjian World" has surpassed 4 million pre-registrations and is set to officially launch in 2024 after two testing phases in 2023[13] - The mobile game "Douluo Dalu: Shrek Academy" generated over RMB 100 million in revenue within its first month of launch on January 31, 2024, showcasing strong user demand[17] - The upcoming game "Douluo Dalu: Reverse Time and Space" is set to launch in the first half of 2024, following successful pre-registration activities[17] - The newly launched game "城主天下" has been released in November 2023, marking the company's first strategy game based on the Three Kingdoms theme, with plans to develop a second similar game in 2024[19] Research and Development - Research and development investment reached RMB 370 million in 2023, focusing on enhancing game development efficiency through AIGC technology[3] - R&D investment for 2023 reached RMB 370.3 million, a decrease of 29.7% compared to the previous year, due to the application of AIGC technology[8] - The introduction of AIGC technology in the game "仙劍世界" has reduced art production costs by approximately 50%, significantly improving development efficiency[20] - The company aims to leverage AI and other technologies to improve operational efficiency and reduce costs in its game development processes[16] Intellectual Property and Licensing - The IP licensing revenue for 2023 was RMB 257.0 million, showing a significant increase of 74.7% year-on-year[10] - The company aims to leverage its unique IP resources to enhance collaboration across different sectors, increasing the monetization value of its IPs[4] - The company has a substantial IP reserve, including 60 licensed IPs and 68 proprietary IPs, totaling 128 IPs as of December 31, 2023[24] - Revenue from IP games reached RMB 1,631.3 million for the year ending December 31, 2023, compared to RMB 1,388.1 million in 2022, reflecting a growth in IP game revenue[25] - The company has partnered with top collaborators to develop a comprehensive "Xianjian" IP ecosystem, covering games, films, and merchandise[10] Financial Position and Assets - As of December 31, 2023, the company had cash and cash equivalents of RMB 210.6 million, down from RMB 237.0 million as of December 31, 2022[50] - The company obtained bank loans totaling RMB 609.0 million and repaid RMB 557.6 million in bank and other loans during the year ended December 31, 2023[51] - The company's prepaid expenses as of December 31, 2023, were approximately RMB 1,429.3 million, a decrease of 6.6% compared to December 31, 2022[53] - The current ratio increased to 1.71 as of December 31, 2023, compared to 1.6 as of December 31, 2022[55] - The debt-to-equity ratio rose to 8.7% as of December 31, 2023, from 7.8% as of December 31, 2022[55] - Non-current assets totaled RMB 4,873,581 thousand, a slight decrease from RMB 4,922,728 thousand in the previous year[67] Expenses and Cost Management - The cost of sales increased by 3.8% from RMB 1,602.2 million in 2022 to RMB 1,662.8 million in 2023[34] - Sales and distribution expenses rose by 28.8% from RMB 238.0 million in 2022 to RMB 306.5 million in 2023, driven by significant promotional expenses for new game launches[40] - Administrative expenses decreased by 28.0% from RMB 730.7 million in 2022 to RMB 526.0 million in 2023, mainly due to reduced R&D costs and tighter control over management salaries[42] - The impairment loss on financial and contract assets decreased by 34.4% from RMB 137.0 million in 2022 to RMB 89.9 million in 2023[43] - Other expenses decreased by 23.6% from RMB 193.4 million in 2022 to RMB 147.8 million in 2023, attributed to investment impairment provisions for underperforming subsidiaries[44] - Financing costs decreased by 44.3% from RMB 35.3 million in 2022 to RMB 19.6 million in 2023, primarily due to reduced interest expenses on bank loans[45] Taxation and Compliance - The company's income tax expense for 2023 was RMB 20,116,000, a decrease of 48.6% from RMB 39,140,000 in 2022[95] - The group’s income tax rate in Hong Kong remains at 16.5% for both 2023 and 2022, with a reduced rate of 8.25% applicable to the first RMB 2,000,000 of taxable profits for qualifying entities[92] - The company has requested a super deduction of 200% for R&D expenses for the year ending December 31, 2023, following a new announcement from the State Taxation Administration[94] Awards and Recognition - The company received multiple awards, including the 2023 Social Responsibility Award and the 2023 Most Influential Game Company Award[28] - The company has received multiple awards for "Xianjian World," including recognition as one of the "Most Anticipated Games of 2024" at various gaming events[14] Corporate Governance - The company established a remuneration committee to assist the board in setting and executing a formal and transparent remuneration policy for directors and senior management[61] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, using historical cost accounting, except for certain financial assets measured at fair value[70]

Financial Performance - For the six months ended June 30, 2023, the company's revenue was RMB 1,535.4 million, representing a year-on-year increase of 24.6% compared to RMB 1,232.8 million in the same period of 2022[6]. - The net profit attributable to the owners of the parent company for the same period was RMB 56.8 million, a significant recovery from a loss of RMB 21.9 million in the prior year[6]. - The adjusted net profit for the first half of 2023 was RMB 76.2 million, compared to a loss of RMB 15.7 million in the first half of 2022[6]. - The gross profit for the same period was RMB 516,195 thousand, slightly up from RMB 500,963 thousand in 2022, indicating a stable gross margin[24]. - The company reported a pre-tax profit of RMB 42,572 thousand for the first half of 2023, compared to a loss of RMB 19,372 thousand in the same period of 2022[24]. - The company reported a profit of RMB 50,995,000 for the six months ended June 30, 2023, compared to a loss of RMB 25,408,000 in the same period of 2022, marking a significant turnaround[79]. - Total comprehensive income for the period reached RMB 86,463,000, up from RMB 22,890,000 in the prior year, reflecting a year-over-year increase of approximately 277%[79]. User Engagement - The average monthly active users reached 15.6 million, up from 12.8 million in the previous year, indicating a growth of 22.5%[10]. - The average monthly paying users increased to 1.1 million, compared to 941.4 thousand in the same period last year, reflecting a growth of 20.3%[10]. - The total number of new registered users was 48.7 million, an increase from 38.4 million in the previous year, marking a growth of 26.9%[10]. Game Development and Launches - The company launched 8 new mobile games in the first half of 2023, contributing to its expanding game portfolio[9]. - The game "New Sword and Fairy" launched in June 2023 achieved over 8 million pre-registrations and ranked first in the free category on the Apple Store in mainland China during its first month[11]. - The game "全明星激鬥" ranked first on TapTap's popular list and third on the free list of the Apple Store in mainland China, achieving a peak ranking of 21 on the sales list[12]. - The group successfully launched the role-playing card mobile game "新仙劍奇俠傳之揮劍問情" in June 2023, with several other games in the testing phase[13]. - The game "大富翁 11" has sold over 270,000 copies globally as of June 30, 2023, following its launch on multiple platforms[12]. - The game "全民街籃" is set to launch in 2023, with plans for significant esports events surrounding it[12]. Research and Development - The group's R&D investment reached RMB 266.9 million in the first half of 2023, representing a year-on-year increase of 30.6%[12]. - The group has implemented strict measures for underage players, with less than 0.01% of its gaming revenue coming from players under 18 years old in 2023[18]. - The company is collaborating with Microsoft in cloud computing and AI technology, aiming to enhance the gaming experience in "Xianjian World" through localized AI model deployment[16]. Strategic Partnerships and Collaborations - The group has partnered with Tencent Video for a long-term strategic collaboration on the "仙劍" IP, with the drama "仙劍奇俠傳一" expected to be released in 2023[14]. - The group has collaborated with various well-known partners to launch a series of collectible figures and toys related to the "仙劍" franchise in 2023[15]. - The company is collaborating with leading cloud service provider Weiling Era to develop MR mixed reality content for the "Xianjian Qixia Chuan" IP, enhancing user experience[21]. Financial Position and Assets - As of June 30, 2023, the total cash and cash equivalents of the group amounted to RMB 188.4 million, a decrease of approximately 20.5% compared to RMB 237.0 million on December 31, 2022[44]. - The current ratio as of June 30, 2023, was 2.17, up from 1.6 on December 31, 2022, indicating improved liquidity[44]. - The group's bank borrowings totaled RMB 390.2 million as of June 30, 2023, with an interest rate ranging from 2.50% to 5.00%[45]. - The company's non-current assets totaled RMB 4,868,844,000 as of June 30, 2023, a slight decrease from RMB 4,922,728,000 at the end of 2022[80]. - The company's total assets less current liabilities stood at RMB 6,054,266,000, an increase from RMB 5,794,413,000 at the end of 2022[81]. Shareholder Information - The total number of shares issued as of June 30, 2023, is 2,752,672,000[67]. - Mr. Xiao holds 780,894,067 shares, representing 28.37% of the total shares issued as of June 30, 2023[66]. - Mr. Xian owns 822,137,663 shares, accounting for 29.87% of the total shares issued as of June 30, 2023[66]. - The company has granted a total of 62,077,000 stock options under all adopted stock option plans, representing about 2.26% of the weighted average number of shares issued during the period of 2,752,672,000 shares[63]. Future Outlook - The company provided a positive outlook for the second half of 2023, projecting revenue growth of 20% to 30% based on current market trends and user acquisition strategies[139]. - New product launches are expected to contribute an additional $30 million in revenue, with anticipated release dates in Q3 and Q4 2023[139]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the gaming sector[139].

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Financial Performance - The company reported revenue of RMB 1,535.4 million for the six months ended June 30, 2023, representing a year-on-year increase of 24.6%[2] - The net profit attributable to the owners of the parent company was RMB 56.8 million, compared to a loss of RMB 21.9 million in the same period last year[2] - Adjusted net profit for the period was RMB 76.2 million, recovering from a loss of RMB 15.7 million in the previous year[2] - The gross profit for the same period was RMB 516,195 thousand, compared to RMB 500,963 thousand in 2022, indicating a slight increase of about 3.1%[19] - The adjusted net profit attributable to the owners of the parent company for the six months ended June 30, 2023, was RMB 76,168 thousand, a significant recovery from a loss of RMB 15,654 thousand in the previous year[20] - The company's net profit attributable to ordinary equity holders for the six months ended June 30, 2023, was RMB 56,824,000, compared to a loss of RMB 21,901,000 for the same period in 2022[70] - Profit before tax turned from a loss of RMB 19.4 million to a profit of RMB 42.6 million for the six months ended June 30, 2023[38] - The pre-tax profit for the period was RMB 42,572 thousand, a significant improvement from a pre-tax loss of RMB 19,372 thousand in the same period last year[59] User Engagement and Growth - The average monthly active users reached 15.6 million, up from 12.8 million in the same period last year, marking an increase of 22.5%[4] - The average monthly paying users increased to 1.1 million, compared to 941.4 thousand in the previous year, reflecting a growth of 19.9%[4] - The total number of new registered users was 48.7 million, up from 38.4 million in the same period last year, indicating a growth of 26.5%[4] Game Development and Launches - The company launched 8 new mobile games in the first half of 2023, contributing to its expanding game portfolio[3] - The company plans to officially launch the open-world game "仙劍世界" within 2023, which has received positive feedback during its initial exposure[6] - The game "全民街籃" is expected to launch within 2023 after completing its development and obtaining the necessary approvals[6] - The mobile game "City Lord of the World," developed by the wholly-owned subsidiary Beijing Wenmai Interactive Technology Co., Ltd., successfully obtained its license in February 2023 and is currently in the final testing phase, with plans for exclusive release in the domestic market in the second half of 2023[7] - The group plans to launch several new games in the second half of 2023, including the MMORPG "Douluo Dalu: Shrek Academy" and the simulation game "Country Love Story" in mainland China[15] - The group has successfully developed and is preparing to launch the strategy mobile game "City Lord World" and the esports game "All-Star Street Basketball" within 2023[16] Research and Development - Research and development expenses for the first half of 2023 amounted to RMB 266.9 million, a year-on-year increase of 30.6%[6] - The group aims to enhance the value of its IP "Xianjian Qixia Zhuan" through various collaborations, including a mixed reality interactive game and multiple film adaptations scheduled for release between 2023 and 2024[17] - The group has established strategic partnerships with major companies like Baidu and Microsoft to enhance AI capabilities in the upcoming "Sword and Fairy World" game, aiming for a localized deployment of AI large models[10] - The group has ongoing collaborations with Tencent Video for the production of the "Sword and Fairy" series, with the first installment expected to be released in 2023[9] Financial Management - The group's financing costs decreased to RMB 9,859 thousand in 2023 from RMB 16,340 thousand in 2022, indicating improved financial management[19] - Other income and gains surged by approximately 133.9% from RMB 29.7 million to RMB 69.6 million, driven by strong performance in investments and dividends received[27] - The company incurred financing costs of RMB 9,859 thousand, a decrease from RMB 16,340 thousand in the previous year, indicating a reduction of approximately 39.4%[58] Market Position and Strategy - The company continues to focus on expanding its mobile game publishing and development operations in mainland China, Hong Kong, Taiwan, and South Korea[53] - The group has established a national wind metaverse platform, "Xianjian World," which received dual platform approval in June 2023 and is set to launch by the end of the year[18] - The group has received several awards for its games, including the Outstanding Contribution Award and Social Responsibility Award from the Guangdong Provincial Cultural and Tourism Department in February 2023[11][12] Financial Position - Current assets were approximately RMB 2,195.8 million, with current liabilities of approximately RMB 1,010.4 million, resulting in a current ratio of 2.17 as of June 30, 2023[41] - Total assets as of June 30, 2023, were RMB 6,054,266 thousand, compared to RMB 5,794,413 thousand at the end of 2022[50] - Current liabilities decreased to RMB 1,010,397 thousand from RMB 1,359,341 thousand at the end of 2022, improving the company's liquidity position[50] - The company's equity attributable to owners of the parent increased to RMB 5,798,415 thousand from RMB 5,691,883 thousand[52] Compliance and Governance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[79] - All directors confirmed compliance with the trading standards for securities during the period from January 1, 2023, to June 30, 2023[80] - The audit committee reviewed the unaudited consolidated financial statements and discussed matters related to audit, risk management, and internal controls[81]

Financial Performance - Total revenue for 2022 was RMB 2,713,892 thousand, a decrease of 31.4% from RMB 3,956,570 thousand in 2021[8]. - Gross profit for 2022 was RMB 1,111,695 thousand, down 24.5% from RMB 1,473,490 thousand in 2021[8]. - The company reported a net loss of RMB (216,880) thousand for 2022, compared to a profit of RMB 593,943 thousand in 2021[8]. - Adjusted net loss for 2022 was RMB (196,134) thousand, a significant decline from an adjusted profit of RMB 630,028 thousand in 2021[8]. - Total assets decreased to RMB 7,153,754 thousand in 2022 from RMB 7,841,719 thousand in 2021, reflecting a decline of 8.8%[8]. - Total liabilities decreased to RMB 1,461,871 thousand in 2022 from RMB 2,047,857 thousand in 2021, a reduction of 28.6%[8]. - Total equity for 2022 was RMB 5,691,883 thousand, slightly down from RMB 5,793,862 thousand in 2021[8]. - Basic loss per share for 2022 was RMB (7.42), compared to earnings of RMB 22.85 per share in 2021[8]. - The company did not declare any dividends for 2022, maintaining the same policy as in 2021[8]. Research and Development - R&D investment increased from RMB 310.7 million in 2021 to RMB 526.7 million in 2022, representing a year-on-year growth of 69.5%[11]. - The number of R&D personnel reached 650, representing 55.8% of the total workforce[14]. - The company has focused on increasing its R&D capabilities and leveraging its IP resources to build a competitive game ecosystem[10]. Game Development and Launches - The mobile game "Zhenhun Street: Born to be King" had over 5 million user pre-registrations and achieved over 200,000 new registered users on its first day, generating over RMB 100 million in revenue within the first week[12]. - The game "All-Star Battle" received the 2022 Player's Most Anticipated Mobile Game award and reached the top of the free chart in the Apple Store in mainland China within its first month of launch[12]. - The company plans to launch the game "Xianjian World," which incorporates open-world elements, in 2023, featuring advanced technologies such as AI NPCs and cross-platform support[11]. - The game "Ultraman: Gathering" achieved over 1 million user pre-registrations within a month of opening pre-registrations and ranked second in the Apple Store free chart in its first month of launch[12]. - The game "代號：籃球3v3" is currently in the testing phase and is expected to launch in 2023[15]. - The game "我的御劍日記" launched in November 2022 achieved third place in the Apple Store free chart in Taiwan during its first month[13]. - The game "真 ‧ 三國無雙霸" launched in January 2022 achieved first place in the Apple and Google Store free charts in multiple regions during its first month[13]. - The game "奧特曼：集結" was exclusively released in January 2023, based on the licensed Ultraman IP[13]. - The PC game "仙劍奇俠傳七" sold over 510,000 copies by December 31, 2022[14]. - The mobile game "斗羅大陸：鬥神再臨" launched in March 2022 achieved fourth place in the Apple Store sales chart in Vietnam during its first month[13]. Intellectual Property and Licensing - The company's intellectual property licensing revenue for the first half of 2022 was approximately RMB 147.1 million[16]. - As of December 31, 2022, the group owned a total of 132 IPs, including 64 licensed IPs and 68 proprietary IPs, making it the largest IP holder among Chinese game publishers, excluding Tencent[26]. - The revenue from IP games reached RMB 1,676.3 million in 2022, with 25 IP games operating online[27]. - The company aims to enhance the reputation of "Sword and Fairy" among young consumers through high-quality content and interactive experiences[17]. Market Expansion and Strategy - The company aims to enhance its market presence and explore new product development strategies in the upcoming fiscal year[8]. - The company's overseas business revenue for 2022 was RMB 361.2 million, accounting for 13.3% of total revenue[13]. - The company is set to expand its market presence in Hong Kong, Macau, Taiwan, and overseas, with successful games from mainland China planned for release in these regions in 2023[21]. - The company is exploring new market opportunities to expand its user base and revenue streams[143]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance practices[135]. - The board of directors includes experienced members with backgrounds in business operations, management, and strategic planning[139]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations, and has obtained all necessary licenses and permits for its operations[133]. - The company has received a waiver from the Stock Exchange regarding certain compliance requirements under the Listing Rules, allowing for ongoing related party transactions[127]. Financial Management and Cost Control - The company has implemented cost-cutting measures that are projected to save approximately $10 million annually[146]. - The company experienced a decrease in sales costs, which fell by 35.5% to RMB 1,602.2 million in 2022 from RMB 2,483.1 million in 2021[39]. - The company's sales and distribution expenses decreased by 52.2% from RMB 497.6 million in 2021 to RMB 238.0 million in 2022, primarily due to delays in obtaining game licenses and a reduction in marketing personnel[44]. Social Responsibility and Community Engagement - The company has allocated RMB 1 million to support anti-epidemic efforts in Hong Kong, focusing on vulnerable groups such as the elderly and children[20]. - The company has established ten "Dream Libraries" to support youth reading, with the latest one completed in June 2022 in Guangdong Province[20]. - The company made charitable donations totaling approximately RMB 1,163,000 for the year ended December 31, 2022, compared to RMB 1,097,000 in 2021[74]. Future Outlook - Future guidance indicates an expected revenue growth of 20% for the upcoming fiscal year[148]. - The company plans to launch three new mobile games in the next quarter, aiming to capture a larger market share[147]. - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in user acquisition in that region[146].

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Financial Performance - The company's revenue for the year ended December 31, 2022, was RMB 2,713.9 million, a decrease of 31.4% compared to RMB 3,956.6 million in 2021[2]. - The gross profit for 2022 was RMB 1,111.7 million, down from RMB 1,473.5 million in 2021[2]. - The net loss for the year was RMB 216.9 million, compared to a profit of RMB 593.9 million in 2021[2]. - Adjusted net loss was RMB 196.1 million, down from an adjusted profit of RMB 630.0 million in the previous year[2]. - Revenue from IP games reached RMB 1,388.064 million for the year ended December 31, 2022, down from RMB 2,266.149 million in 2021, indicating a decline of approximately 38.7%[21]. - Revenue from non-IP games was RMB 1,037.559 million for the year ended December 31, 2022, showing an increase from RMB 991.062 million in 2021[21]. - Game publishing revenue fell by 25.0% from RMB 2,819.6 million in 2021 to RMB 2,114.2 million in 2022[28]. - Game development revenue decreased by 50.0% from RMB 905.0 million in 2021 to RMB 452.6 million in 2022[28]. - The company's gross profit for 2022 was RMB 1,111.7 million, down from RMB 1,473.5 million in 2021, reflecting a decline of approximately 24.5%[25]. - The adjusted net loss attributable to the parent company for 2022 was RMB 205.0 million, compared to a profit of RMB 611.8 million in 2021[26]. - The group's profit before tax turned from a profit of RMB 651.1 million for the year ended December 31, 2021, to a loss of RMB 175.5 million for the year ended December 31, 2022[44]. - The company reported a significant increase in financial assets at fair value through profit or loss, rising to RMB 2,099,456 thousand from RMB 1,896,914 thousand[70]. Research and Development - Research and development expenses increased to RMB 526.7 million in 2022, a 69.5% increase from RMB 310.7 million in 2021[4]. - The group has 650 R&D personnel, making up 55.8% of the total workforce[7]. - R&D costs rose significantly to RMB 526,745 in 2022, compared to RMB 310,673 in 2021, reflecting a 69.7% increase[91]. - The company is actively developing a new open-world game titled "Sword and Fairy World," which will incorporate advanced AI technology for enhanced user interaction and content creation, expected to launch in 2023[18]. - The company has partnered with Baidu to utilize its AI technology in the development of "Sword and Fairy World," aiming to provide an immersive experience for players[18]. Game Development and Launches - The company plans to launch the game "Xianjian World," which incorporates open-world elements, in 2023[4]. - The company has seen a gradual normalization in game license approvals since April 2022, allowing for the launch of several new titles[3]. - The mobile game "Zhenhun Street: Born to be King" has over 5 million pre-registrations in mainland China, achieving over 2 million new registrations on its first day and over 100 million in revenue in its first week[5]. - The game "All-Star Battle" won the 2022 Player's Most Anticipated Mobile Game award and achieved the top position on the Apple Store free chart in mainland China in its first month[7]. - The game "My Sword Diary" launched in November 2022 in the Hong Kong, Macau, and Taiwan regions, achieving third place on the Apple Store free chart in Taiwan in its first month[6]. - The group plans to launch the narrative card mobile game "New Sword and Fairy: Swinging Sword to Ask for Love" in the first half of 2023, which has already obtained its license[9]. - The game "Code: Basketball 3v3" is currently in the testing phase and is expected to launch in 2023, developed by a team with experience in competitive sports games[8]. - The game "Ultraman: Gathering" achieved over 1 million pre-registrations within a month of opening pre-registration and launched in January 2023[5]. - The company plans to launch multiple new games in 2023, including "Ultraman: Gathering," "My Sword Diary," and "New Sword and Fairy: Asking for Love," among others, targeting both domestic and international markets[15]. Financial Position and Cash Flow - Cash and cash equivalents decreased from RMB 818.5 million at the end of 2021 to RMB 237.0 million at the end of 2022[47]. - The net cash used in operating activities was RMB 1.9 million for the year ended December 31, 2022, compared to RMB 355.6 million for the year ended December 31, 2021[48]. - The net cash used in investing activities was RMB 176.6 million for the year ended December 31, 2022, primarily due to purchases of financial assets and intangible assets[50]. - The net cash used in financing activities was RMB 409.9 million for the year ended December 31, 2022, mainly due to repayment of bank loans[51]. - The current ratio decreased from 1.9 in 2021 to 1.6 in 2022, while the capital debt ratio improved from 13.2% to 7.8%[53]. - The company reported total revenue of RMB 2,713,892 thousand for the year ended December 31, 2022, a decrease of 31.4% compared to RMB 3,956,570 thousand in 2021[68]. - The company did not recommend a final dividend for the year ended December 31, 2022, due to financial needs for business operations and future development[67]. Corporate Governance and Compliance - The company has established a remuneration committee to assist the board in setting and executing a transparent remuneration policy for directors and senior management[64]. - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2022, with no disagreements on accounting treatments[65]. - The company has complied with the corporate governance code as per the listing rules, except for the separation of the roles of Chairman and CEO[60]. - The group has adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial performance or position for the current or prior periods[77]. Social Responsibility and Community Engagement - In March 2022, the company allocated RMB 1 million to procure anti-epidemic supplies for vulnerable groups in Hong Kong[14]. - The company has established ten "Zhong Shou You Dream Library" projects to promote youth reading, with the tenth library completed in June 2022[14]. - The company is collaborating with various partners to produce new merchandise, including blind box series and traditional cultural figurines[11]. Market Challenges and Future Outlook - The company faced challenges in the overall economic environment and the impact of the COVID-19 pandemic on its business operations[67]. - The average monthly active users decreased from 19,063 thousand in 2021 to 15,523 thousand in 2022, a decline of approximately 18.8%[23]. - The total number of new registered users in 2022 was 84,609 thousand, down from 116,880 thousand in 2021, representing a decrease of about 27.6%[23]. - The company plans to continue expanding its product offerings and enhancing operational capabilities to attract more users[23].

Financial Performance - Total revenue for the first half of 2022 was RMB 1,232.8 million, a decrease of 43.5% compared to RMB 2,180.1 million in the same period of 2021[8]. - The net loss attributable to shareholders for the first half of 2022 was RMB 21.9 million, compared to a profit of RMB 393.5 million in the first half of 2021[8]. - The company's revenue decreased by approximately 43.5% from RMB 2,180.1 million in the six months ended June 30, 2021, to RMB 1,232.8 million in the same period of 2022[30]. - Game publishing revenue fell by about 33.1% from RMB 1,525.3 million to RMB 1,019.9 million, primarily due to delays in obtaining licenses for new games[30]. - Game development revenue decreased by approximately 67.9% from RMB 567.0 million to RMB 182.1 million, attributed to a decline in monthly revenue from existing games and delays in new game launches[31]. - The gross profit dropped by about 40.3% from RMB 839.6 million to RMB 501.0 million, while the gross profit margin increased from 38.5% to 40.6%[34]. - The adjusted net loss attributable to owners of the parent was RMB 15.7 million, compared to a profit of RMB 401.8 million in the previous year[28]. - The company reported a net loss of RMB 25.4 million for the period, compared to a profit of RMB 378.3 million in the same period last year[30]. - The company reported a net amount of HKD 849.15 million for the issuance and development business as of December 31, 2022, compared to HKD 470.90 million for the same period in 2021, reflecting a significant increase[48]. User Metrics - Average monthly active users decreased to 12,780 thousand from 19,084 thousand in the previous year, a decline of 33.8%[10]. - Average monthly paying users fell to 941.4 thousand from 1,442 thousand, a decrease of 34.8%[10]. - The Average Revenue Per Paying User (ARPPU) was RMB 218.3, down from RMB 251.9, a decline of 13.3%[10]. - Total new registered users reached 38,367 thousand, down from 58,014 thousand, a decrease of 33.8%[10]. Research and Development - Research and development expenses totaled RMB 204.3 million, an increase of 65.1% year-on-year[9]. - The company increased its R&D investment to RMB 204.3 million in the first half of 2022, representing a year-on-year growth of 65.1%[12]. - The number of R&D personnel reached 632 in the first half of 2022[12]. - The company plans to enhance its R&D capabilities and expand its product offerings in the future[40]. Product Development and Launches - The company has launched 11 self-developed products and has 10 more in the pipeline[9]. - The company plans to launch multiple new games in the second half of 2022, including "召喚先鋒" and "代號：奇兵"[12]. - The mobile game "太古封魔錄" achieved a monthly revenue exceeding RMB 200 million shortly after its launch[13]. - The game "仙劍奇俠傳七" sold over 450,000 copies for PC and over 210,000 copies for cloud gaming by June 30, 2022[12]. - The game "大富翁10" surpassed 1.23 million copies sold globally by June 30, 2022[12]. - The game "Xianjian World," developed by the company's Mantianxing Studio, is the first domestic open-world game with elements of virtual reality, set to launch in the first half of 2023 after initial testing in late 2022[16]. Strategic Initiatives - The company is expanding its overseas publishing business, with several games launched in multiple regions[9]. - The company plans to focus on expanding its overseas publishing business to increase revenue share from international markets[34]. - The company is implementing a comprehensive overseas strategy, focusing on regions such as Hong Kong, Macau, Taiwan, Southeast Asia, Japan, South Korea, and Europe and America for game development and global distribution[22]. - The company is collaborating with various partners to expand its IP ecosystem, including digital collectibles and VR experiences[14]. Corporate Governance and Management - The company has complied with the applicable provisions of the corporate governance code, except for a deviation regarding the separation of the roles of chairman and CEO[49]. - The company's board consists of three executive directors and three independent non-executive directors, ensuring a high level of independence[49]. - The total remuneration for key management personnel was RMB 13,019,000 for the six months ended June 30, 2022, compared to RMB 10,518,000 in 2021[116]. Social Responsibility - The company has committed to social responsibility by establishing the "Zhong Shou You Dream Library" project, donating two libraries annually, with the tenth library completed in June 2022[19]. - In response to the COVID-19 pandemic, the company allocated RMB 1 million for purchasing anti-epidemic supplies in Hong Kong in March 2022[19]. - The company strictly adheres to regulations regarding underage gaming, with players under 12 prohibited from making in-game purchases, and those aged 12-16 limited to RMB 50 per transaction and RMB 200 monthly[19]. Financial Position - The group's total cash and cash equivalents decreased by approximately 45.5% from RMB 818.5 million on December 31, 2021, to RMB 446.2 million on June 30, 2022[42]. - The group's current ratio was 1.6 times as of June 30, 2022, compared to 1.9 times on December 31, 2021[42]. - The company's net assets as of June 30, 2022, were RMB 5,851,985 thousand, compared to RMB 5,793,862 thousand at the end of 2021[71]. - The group reported trade receivables aging analysis showing RMB 789,437,000 within 6 months, an increase from RMB 620,678,000 in the previous year[98]. Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[49]. - The total number of stock options granted is 50,000,000, with 2,080,000 exercised during the period[51]. - As of June 30, 2022, the company executives hold a total of 853,908,067 shares, representing 30.85% of the total shares issued[54]. - The company has a total of 39,455,000 stock options available for exercise after accounting for 12,625,000 options that have been exercised[51]. Market Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in user acquisition by the end of the fiscal year[131]. - The company is implementing a new marketing strategy focused on social media platforms, aiming for a 30% increase in brand awareness[131].

Financial Performance - In 2021, the total revenue of CMGE reached RMB 3,956.6 million, representing a year-on-year growth of 3.6%[7] - Adjusted net profit for 2021 was RMB 630.0 million, a decrease of 21.9% year-on-year[7] - Revenue from IP games reached RMB 2,965.5 million in 2021, representing a year-on-year growth of 12.4%[23] - Game publishing revenue decreased by 5.3% to RMB 2,819.6 million in 2021 from RMB 2,977.9 million in 2020, primarily due to delays in obtaining licenses for several planned game launches[35] - The company reported a net profit of RMB 593.9 million for the year ended December 31, 2021, compared to RMB 690.2 million for the previous year[32] User Engagement - The total number of newly registered users in 2021 was 116.9 million, an increase of 15.0% year-on-year[7] - Average monthly active users reached 19.1 million, reflecting a year-on-year growth of 3.1%[7] - Average monthly paying users increased to 1.4 million, up by 1.8% year-on-year[7] Research and Development - R&D investment rose to RMB 310.7 million in 2021, marking a 48.9% increase from RMB 208.6 million in 2020[7] - The number of R&D personnel increased by 30.0% to 624 in 2021[7] - The company is committed to long-term development strategies in game publishing and research and development, focusing on enhancing its proprietary R&D capabilities[22] Game Development and Releases - The total number of games operated online reached 83 by the end of 2021[7] - The company launched 20 new games in 2021, with 83 games available for download by the end of the year[26] - The company plans to launch several global-themed strategy games, including "Code: Chibi," "Summon Vanguard," and "Code: Qibing," starting in the first half of 2022[12] IP and Licensing - The group’s self-developed business revenue was RMB 905.0 million in 2021, representing a year-on-year growth of 23.9%[11] - In 2021, the group's IP licensing business revenue reached RMB 231.9 million, a year-on-year increase of 106.9%[15] - The company aims to create a competitive IP game ecosystem by acquiring high-quality licensed IPs, including new licenses such as "DreamWorks All-Stars" and "The King’s Avatar" in 2021[23] International Expansion - Overseas business revenue surged to RMB 458.5 million, a staggering increase of 7,260.0% year-on-year, accounting for 11.6% of total revenue[7] - The overseas publishing business is expected to continue high-speed growth, with "True Three Kingdoms" achieving the top position in the free charts in Hong Kong, Macau, and Singapore in its first month[18] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, as detailed in the annual report[134] - The board of directors includes experienced members, with the CEO having over 10 years of experience in the mobile gaming industry[139] - The company has established compliance procedures to ensure adherence to applicable laws and regulations, and has obtained all necessary licenses and permits for its operations[131] Social Responsibility and ESG - The group has been recognized for its social responsibility, receiving awards such as "Most Socially Responsible Listed Company" at the Golden Unicorn Awards[16] - The company emphasizes sustainable development and corporate social responsibility, integrating environmental management into business decisions[195] - Stakeholder engagement is prioritized, with transparent communication to understand expectations and improve sustainability strategies[197] Financial Management - The company has a total of 123 IPs, including 55 licensed IPs and 68 proprietary IPs, making it the largest IP reserve holder among Chinese game publishers, excluding Tencent Games[22] - The company has a strong focus on risk management and internal controls, as discussed in the audit committee meetings[136] - The company will continue to reassess its dividend policy based on its financial condition and current economic environment[181]