在确定目标的同时，还需界定管理体系的范围。这包括确定纳入管理体系的部门、场所、生产流程以及产品或服务。企业可以从供应链上游的原材料采购， 到中游的生产制造，再到下游的产品销售与售后，进行全面梳理，确保整个产业链条中的关键环节都在管理体系覆盖范围内。对于跨国企业或拥有多个生产 基地的企业，更要明确各分支机构在管理体系中的职责与分工，避免出现管理盲区。 二、组建专业管理团队 专业的管理团队是HIGG验厂管理体系有效运行的核心保障。企业应成立专门的可持续发展管理小组，成员涵盖高层管理人员、生产部门负责人、环保专 员、人力资源专员、采购人员等多部门代表。高层管理人员负责制定战略方向和资源调配，为管理体系的运行提供支持；生产部门负责人要确保生产过程符 合HIGG标准；环保专员需关注环境指标，提出节能减排方案；人力资源专员则要保障劳工权益，规范用工制度；采购人员要筛选符合可持续发展要求的供 应商。 此外，企业还可以邀请外部专家或咨询机构参与，为管理团队提供专业指导。这些专家和机构拥有丰富的HIGG验厂经验和专业知识，能够帮助企业快速掌 握HIGG标准的核心要点，发现管理体系中的潜在问题，并提供针对性的解决方案。同时，定期 ...

Revenue Growth - In 2024, the company achieved a significant revenue increase of 67% from its three major projects, contributing to 49% of total revenue, up from 32% in 2023[9] - The new games "Doomsday: Last Survivors" and "Viking Rise" generated approximately HKD 1 billion and HKD 700 million in revenue respectively, together accounting for 30% of the group's total revenue[10] - The long-standing game "King of Kingdoms" continued to perform well, generating nearly HKD 2.6 billion in revenue in its ninth year[10] - The company's APP business accumulated 62 million monthly active users and generated approximately HKD 1.1 billion in revenue, contributing significantly to the group's diversified growth[10] - In 2024, the company achieved a revenue of HKD 5.737 billion, a 9% increase from HKD 5.266 billion in 2023, driven by the success of new games and the APP business[33] - The new games "Doomsday: Last Survivors" and "Viking Rise" contributed approximately HKD 1.021 billion and HKD 0.680 billion respectively, while the APP business generated about HKD 1.088 billion, accounting for 19% of total revenue[34] - The classic game "King of Kingdoms" celebrated its 9th anniversary, generating nearly HKD 2.589 billion, representing 45.1% of total revenue[34] Profitability - The company reported a profit of HKD 580 million in 2024, a substantial increase of 697% compared to the previous year[13] - The company reported a profit of HKD 582.6 million in 2024, a significant increase of 697% year-on-year, with core business profit soaring 3,626% to HKD 655.5 million[18] Future Plans - The company plans to launch a series of new strategy games in 2025, leveraging its strengths in the strategy game sector[13] - The company plans to launch two major strategy games, "Frozen War" and "PSS project," along with a casual game "Tycoon Master" in 2025, aiming for continued growth in gaming and APP sectors[28] User Engagement - The company has established a global presence with approximately 1.5 billion total game users and over 17 million monthly active users[16] - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[76] - The company has achieved a customer satisfaction rate of 90%, reflecting strong user engagement and loyalty[76] Cost Management - The sales cost for 2024 was HKD 1.126 billion, a decrease of 16% from HKD 1.347 billion in 2023, attributed to reduced operational costs[35] - The net cash inflow from operating activities for the year ended December 31, 2024, was HKD 1.121 billion, significantly up from HKD 128.6 million for the year ended December 31, 2023, primarily due to increased revenue and reduced operating costs[49] Corporate Governance - The company emphasizes effective corporate governance to create shareholder value and has implemented good governance practices[86] - The board consists of nine directors, including five executive directors and three independent non-executive directors, ensuring a balance of power and authority[89] - The company has complied with the listing rules by appointing at least three independent non-executive directors, with independent directors making up one-third of the board[90] - The board has established a three-year term for both executive and non-executive directors, with automatic renewal unless terminated with appropriate notice[107] Environmental, Social, and Governance (ESG) Initiatives - The company has integrated Environmental, Social, and Governance (ESG) risks into its risk management framework[128] - The company aims to ensure new office buildings meet China's Green Building Evaluation Standards and promotes energy-saving and waste reduction measures[145] - The company has established an ESG working group directly led by the board to effectively implement and oversee governance related to ESG matters[143] Risk Management - The board has reviewed the implementation of the shareholder communication policy and found it effective during the year[135] - The company’s internal audit department conducts independent reviews of internal control systems and operational activities, reporting results to the Board[131] - The board is responsible for overseeing risk management and evaluating the nature and extent of risks the group is willing to accept to achieve strategic goals[155] Employee Management - As of December 31, 2024, the group had 2,028 employees, with total employee-related costs amounting to HKD 935 million, a decrease from HKD 1.026 billion in the previous year[59] - The group has a 100% training coverage for all employees on anti-corruption regulations and reporting channels[174] Market Expansion - The company plans to expand its market presence by entering three new countries by the end of the fiscal year[76] - New product launches are expected to contribute an additional $50 million in revenue, with a projected market expansion into Southeast Asia[76] Technology and Innovation - The company has introduced AI-generated content (AIGC) technology to enhance efficiency in code development, art design, and marketing, leading to a reduction in development cycles[190] - The company is investing $10 million in research and development for new technologies aimed at enhancing user experience[76] Community Engagement - The company organized multiple offline esports events and player meetups in 2024, including the first global offline esports competition for "King of Kingdoms" and "Doomsday: Last Survivors" in Thailand, as well as over ten events in Brazil, China, Spain, Turkey, Japan, and South Korea[197] - The company engages with stakeholders through various channels to understand and respond to their expectations, enhancing its sustainable development capabilities[156]

最近几年中国血统的电商平台进入美国，美国整体电商市场快速增长，对物流效率的高要求催生了中国 血统的落地配企业的快速发展，降维打击Fedex、USPS等传统企业。Piggy在这个阶段初步构建了配送 能力、网络布局，并锻炼了团队。被中通系看好，并于今年 4 月确定入股 PIGGY，为其在美国的竞争 力注入极大的支持。 此次 PIGGY升级：首先是中通系的资金的注入，中国客情的支持；其次是以康朵（原菜鸟 CTO，曾任 职Google，阿里技术高层，在AI和算法、大模型软件系统方面有着深厚的经验）为代表的AI算法团队 能力的加持，让该企业快速嫁接最先进的技术，最后是跨境物流领域顶尖团队的加入，升级了仓、关 、系统支付和服务等全栈能力，实现智能仓配一体化，让物流更高效。 - 车队数量翻倍，并采用"自营+众包"混合运力模式，把大型车辆的配送能力和众包车队的数量优势整 合发挥出来。 - 依托自研AI调度系统与路径优化引擎，末端准时率从99.2%达到99.7%。 PIGGY目前在全美有50个仓库，覆盖超过40%的人口区域，具备日均处理25万单的稳定能力。PIGGY在 洛杉矶、芝加哥和旧金山设有三条自动化分拣带，自有车辆包含数 ...

过去一年，全球游戏行业经历结构性调整，叠加DeepSeek等AI大模型重构游戏开发范式，竞争愈发激烈，买量成本攀 升，各大游戏厂商普遍面临内容创新与成本控制的双重挑战。 在此大环境下，IGG交出一份超预期成绩单。 2024年，公司营业收入同比增长9%至57.4亿港元，净利润同比激增697%至5.8亿港元，基本每股收益为0.51港元，并 且计划派发第二次分红每股0.064港元，连同上半年派发的分红每股0.085港元，全年分红比率为30%。 （数据来源： IGG 财报） 从财务健康度来看，公司经营性现金流净额达11.2亿港元，现金储备增至22.5亿港元，为新品的"饱和式推广"提供充足 弹药。 在与IGG执行董事兼首席运营官许元先生的访谈中，我们得以深入解读这份财报背后的战略逻辑。 紧抓玩家需求变化，通过经典产品长线运营、多品类新游矩阵突破、AI技术降本增效等多方面驱动，IGG在SLG赛道 头部效应加剧、行业买量成本攀升的背景下，实现了利润端的跨越式增长。 长线运营与创新融合，多品类产品矩阵构筑护城河 当然，经典产品的长线运营能力构成了IGG最稳固的护城河。 财报显示，上线近十年的《王国纪元》依然保持着强劲生命力， ...

IGG(00799)发布年度业绩，经调整净利润6.07亿港 元 同比增加427.9% 智通财经APP讯，IGG(00799)发布截至2024年12月31日止年度业绩，该集团取得收入57.37亿港元，同 比增加8.95%;股东应占溢利5.81亿港元，同比增加694.87%;经调整净利润6.07亿港元，同比增加427.9%; 每股盈利0.5061港元。 营收方面，2024年《Doomsday：Last Survivors》、《Viking Rise》以及APP业务分别贡献约10亿港元、 7亿港元及11亿港元，推动集团全年收入同比增长9%至57.4亿港元。上述项目收入占比自2023年的32% 增长至2024年的49%，助力集团实现多元化增长。集团经典产品《王国纪元》迎来上线9周年，稳健长 青，为集团贡献重大收入，达近26亿港元。收入区域分布方面，来自亚洲、欧洲及北美市场的收入分别 占集团收入的42%、34%及20%。 集团利润方面，得益于前述业务的拓展，以及AI技术的深度应用，2024年集团实现盈利55.8亿港元，同 比大幅增长697%。其中，主营业务利润同比大幅增长3626%，攀升至6.5亿港元;投资业务受投资标 ...

Revenue and Profit Growth - In 2024, the revenue from the new games "Doomsday: Last Survivors" and "Viking Rise" reached approximately HKD 1 billion and HKD 700 million respectively, contributing to a total revenue increase of 67% year-on-year, with their combined revenue share rising from 32% in 2023 to 49% in 2024[11]. - The long-standing game "King of Kingdoms" generated nearly HKD 2.6 billion in revenue this year, maintaining a stable income stream for the company after nine years of operation[12]. - The APP business achieved approximately 11 billion HKD in revenue, supported by a user base of 62 million monthly active users, further solidifying the company's diversified growth strategy[12]. - The company reported a significant profit increase of 697% year-on-year, reaching HKD 580 million in 2024, following a profit of HKD 73 million in 2023[15]. - In 2024, IGG's revenue increased by 9% year-on-year to HKD 5.74 billion, driven by new games and stable APP business growth[19]. - The contribution from new games "Doomsday: Last Survivors" and "Viking Rise" along with APP business accounted for 49% of total revenue, up from 32% in 2023[19]. - The group achieved a profit of HKD 582.6 million in 2024, a significant increase of 697% year-on-year, with core business profit soaring by 3,626% to HKD 655.5 million[20]. Game Performance - "King of Kingdoms" celebrated its 9th anniversary with 740 million registered users and over 9 million monthly active users[21]. - "Doomsday: Last Survivors" saw a 50% year-on-year revenue growth, attracting 73 million players[22]. - "Viking Rise" experienced a 66% year-on-year revenue increase, with over 40 million players engaged[23]. - The gaming business revenue breakdown includes: "Kingdoms Rise" at HKD 2.589 billion (45.1%), "Doomsday: Last Survivors" at HKD 1.021 billion (17.8%), and "Viking Rise" at HKD 680 million (11.8%) for the year ended December 31, 2024[36]. Research and Development - The introduction of innovative gameplay features and AI-assisted development has enhanced product competitiveness and reduced R&D costs[13]. - Research and development expenses for the year ended December 31, 2024, were HKD 787 million, a 16% decrease from HKD 935 million, representing 14% of revenue, down from 18%[42]. - The company plans to launch a series of new strategy games in 2025, leveraging its strengths in the strategy game sector to drive further growth[15]. - The company plans to launch two major strategy games and one casual game in 2025, aiming for sustained growth in gaming and APP business[30]. Financial Position and Cash Flow - The company's revenue for the year ended December 31, 2024, was HKD 5.737 billion, an increase of 9% compared to HKD 5.266 billion for the year ended December 31, 2023[35]. - Gross profit for the year ended December 31, 2024, was HKD 4.611 billion, an 18% increase from HKD 3.919 billion in the previous year, with a gross margin of 80%, up from 74%[38]. - The company reported a net cash inflow from operating activities of HKD 1.121 billion for the year ended December 31, 2024, compared to HKD 128 million in the previous year[51]. - The company's cash and cash equivalents increased to HKD 2.446 billion as of December 31, 2024, from HKD 1.475 billion a year earlier[49]. - The income tax expense for the year ended December 31, 2024, was HKD 97 million, a 304% increase from HKD 24 million in the previous year[46]. - The company’s capital debt ratio was 29.3% as of December 31, 2024, compared to 26.0% a year earlier[49]. Corporate Governance - The company is committed to maintaining high standards of corporate governance, ensuring transparency and accountability to shareholders[88]. - The board currently does not separate the roles of chairman and CEO, with Mr. Cai Zongjian serving in both capacities, which the board believes provides strong leadership[89]. - The company has adhered to the corporate governance code, except for the provision C.2.1 regarding the separation of the roles of chairman and CEO[88]. - The board consists of five executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of power and authority[89]. - The company has appointed at least three independent non-executive directors, meeting the requirements of the listing rules[92]. - The board diversity policy was first adopted in September 2013 and reviewed annually, with the latest review in March 2022[95]. - The company has established a dividend policy aimed at providing consistent dividends to shareholders while preserving liquidity for future growth opportunities[105]. Risk Management and Compliance - The company has established a risk management and internal control system to ensure effective management of business risks[127]. - The company monitors various indicators such as game data, player feedback, and employee turnover rates to identify potential risks[133]. - The company has established a comprehensive risk management framework that incorporates ESG factors, with the board responsible for overseeing risk management and internal control effectiveness[157]. - The company emphasizes the importance of information security and user privacy protection as a key expectation from its users[159]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an ESG working group led by the board to effectively implement and oversee ESG matters[145]. - The company aims to ensure that new office buildings meet China's Green Building Evaluation Standards and promotes energy-saving and waste reduction measures[147]. - The company received the "Annual Corporate Governance Award" at the ESG100 Green Development Awards in November 2024, highlighting its integration of corporate governance and sustainable development practices[153]. - The company actively participates in public welfare activities and charitable donations while leveraging the influence of games to fulfill social responsibilities[147]. Supplier and Procurement Management - The company has approximately 400 major suppliers, with 76% located in Asia, 13% in North America, and 10% in Europe[180]. - The company conducts regular audits of supplier performance to ensure product and service quality, utilizing various assessment indicators[180]. - The company has established a procurement management system to ensure transparency and fairness in procurement processes[180]. Customer Engagement and Support - The company has a customer service center that operates 24/7, handling over 959,000 inquiries and more than 640,000 online chat interactions in 2024, ensuring timely and accurate support[197]. - The company actively collects player feedback through various channels to improve product quality and enhance player engagement[194]. - The company is continuously optimizing customer service and quality inspection systems to enhance service efficiency and quality[198].

Investment Rating - The report maintains a "Buy" rating for IGG (799.HK) with a target price of HKD 4.2, representing a potential upside of 13% from the current price of HKD 3.73 [4][5]. Core Insights - The company is expected to see a revenue growth of 9% year-on-year in 2024, reaching RMB 5.72 billion, with an adjusted net profit of RMB 614 million and an adjusted net profit margin of 10.7% [3][4]. - The core product, "King of Avalon," is anticipated to maintain stable revenue in the second half of 2024 due to gameplay adjustments and content updates [3]. - New game products "Doomsday: Last Survivors" (DLS) and "Viking Rise" (VR) are projected to contribute significantly to revenue growth in the second half of 2024, offsetting declines from older games [3][4]. - The company's APP business has transitioned to focus on content-driven applications, particularly in news services, which is expected to drive strong revenue growth in the second half of 2024 [3]. Financial Projections - Revenue and profit forecasts for IGG are as follows: - FY22 Revenue: HKD 4,591 million - FY23 Revenue: HKD 5,266 million - FY24E Revenue: HKD 5,720 million - FY25E Revenue: HKD 6,136 million - FY26E Revenue: HKD 6,348 million - Adjusted Net Profit for FY24E: HKD 614 million, with a target PE of 8.0x [5][4].

Financial Performance - The company reported a revenue of HKD 2,735,274,000 for the six months ended June 30, 2024, representing a 9% increase compared to HKD 2,499,020,000 in the same period of 2023[5]. - The group achieved a profit of HKD 330,945,000 in the first half of 2024, a significant recovery from a loss of HKD 359,798,000 in the previous year[6]. - The main business profit for the period was HKD 356,298,000, compared to a loss of HKD 360,765,000 in the same period last year[5]. - The gross profit for the period was HKD 2.155 billion, representing a 19% increase year-on-year, with a gross margin of 79%[17]. - The total comprehensive income for the period was HKD 298,642,000, which includes other comprehensive losses of HKD 32,303,000[114]. - For the six months ended June 30, 2024, the company reported a profit attributable to equity shareholders of HKD 330,945,000, compared to a loss of HKD 359,798,000 for the same period in 2023, indicating a significant turnaround[133]. Revenue Breakdown - The mobile game "Doomsday: Last Survivors" and "Viking Rise" contributed approximately HKD 500,000,000 and HKD 300,000,000 in revenue, respectively, driving growth[8]. - The APP business generated HKD 400,000,000 in revenue, accounting for 15% of the total revenue, marking a significant recovery after a business transformation[8]. - Revenue distribution by region shows that Asia, Europe, and North America contributed 41%, 34%, and 21% of total revenue, respectively[8]. - Revenue from mobile games was HKD 2,326,208, slightly up from HKD 2,309,934 in the previous year, with significant contributions from titles such as "King of Kingdoms" and "Doomsday: Last Survivors"[122]. Cash Flow and Assets - The group reported a net cash inflow from operating activities of HKD 603 million for the period, compared to a net cash outflow of HKD 44 million in the same period last year[24]. - As of June 30, 2024, the group had a net current asset value of HKD 1.406 billion, an increase from HKD 1.115 billion as of December 31, 2023[23]. - The group has cash and cash equivalents of HKD 1.940 billion as of June 30, 2024, up from HKD 1.470 billion as of December 31, 2023[23]. - Cash generated from operating activities was HKD 583,492,000, a significant improvement from cash used in operations of HKD 47,998,000 in the previous year[116]. - Cash and cash equivalents totaled HKD 1,940,320,000 as of June 30, 2024, up from HKD 1,481,464,000 at the end of June 2023[117]. Expenses and Cost Management - Sales and distribution expenses decreased by 20% to HKD 1.221 billion, attributed to a shift in promotional strategy as games gained traction[19]. - Research and development expenses were reduced by 21% to HKD 395 million, reflecting ongoing optimization of existing teams[20]. - Employee costs totaled HKD 462,715 for the six months ended June 30, 2024, down from HKD 541,339 in the previous year, reflecting a reduction in salaries and benefits[127]. - Total advertising and promotion expenses decreased to HKD 1,193,878,000 from HKD 1,483,886,000, reflecting a reduction of approximately 19.5% year-over-year[129]. Dividends and Share Repurchase - The company declared an interim dividend of HKD 0.085 per share, which accounts for 30% of the profit for the first half of 2024[6]. - The board declared an interim dividend of HKD 0.085 per share, totaling approximately HKD 100 million, marking a return to dividend payments after no dividends were declared in the same period last year[29]. - The company repurchased shares totaling nearly HKD 33,000,000 in the first half of 2024, which, along with dividends, accounted for 40% of the half-year profit[6]. - The company repurchased a total of 9,895,000 shares at a total cost of HKD 32,862,730, with all repurchased shares being canceled[91]. Investments and Financial Assets - The group experienced a slight loss of HKD 25,353,000 in investment-related activities due to fair value changes[6]. - The group reported a net income of HKD 8 million from associated companies, a 22% increase compared to HKD 6.5 million in the previous year[20]. - The group reported a net loss of HKD 45,345 from fair value losses on investments for the six months ended June 30, 2024, compared to a loss of HKD 7,775 in the same period last year[126]. - The fair value of financial assets and liabilities as of June 30, 2024, included bonds and other investments valued at HKD 17,612,000 and listed equity securities at HKD 4,827,000[168]. Corporate Governance - The group has maintained a high level of corporate governance, with the board consisting of five executive directors, one non-executive director, and three independent non-executive directors[40]. - The audit committee, composed entirely of independent non-executive directors, has reviewed the interim financial report and confirmed compliance with applicable accounting standards[92]. Structural Contracts and Regulatory Compliance - The company has established a new structural contract with Fuzhou Tianmeng to comply with Chinese laws regarding foreign ownership in value-added telecommunications services[93]. - The company confirmed that the structural contracts have not faced any challenges from Chinese authorities, ensuring uninterrupted operations through Fuzhou Tianmeng and Xinhang Liaokuo[103]. - The company acknowledges that future changes in laws and regulations may impact the recognition of structural contracts as foreign investments, potentially requiring the sale of its interests in Fuzhou Tianmeng and Xinhang Liaokuo[105]. Share Incentive Plans - The company aims to retain and attract talent through its share incentive plan, which does not require performance targets for the shares granted during the six months ending June 30, 2024[62]. - The share incentive plan was adopted on June 29, 2023, aimed at motivating eligible individuals to enhance their contributions to the company[84]. - The total number of shares that can be issued under the share incentive plan is capped at 119,800,659 shares, representing approximately 10.20% of the issued shares as of the report date[85]. - The company has not granted any options or reward shares to directors or senior management during the reporting period[89].

Investment Rating - The report maintains a "Buy" rating for IGG (799.HK) with a target price of HKD 4.0, representing a potential upside of 21% from the current price of HKD 3.3 [2][4]. Core Insights - IGG's strong performance in both gaming and app businesses is identified as a new growth driver, with a 9% year-on-year revenue increase to HKD 2.7 billion in 1H24 [2]. - The gross margin improved by 6.5 percentage points to 78.8%, primarily due to the increased revenue share from the app business [2]. - Adjusted net profit for 1H24 was HKD 350 million, with an adjusted net profit margin of 12.7% [2]. Revenue Breakdown - Gaming revenue reached HKD 2.3 billion in 1H24, showing a slight increase of 1% year-on-year [2]. - The core product, "King of Kingdoms," experienced a 19% decline in revenue to HKD 1.3 billion, while new games "Doomsday: Last Survivors" and "Viking Rise" generated revenues of HKD 500 million and HKD 300 million, respectively, marking year-on-year growth of 97% and 151% [2]. - The new games accounted for 34% of total gaming revenue, effectively offsetting the decline from older titles [2]. App Business Performance - The app business generated HKD 400 million in revenue during 1H24, reflecting a significant year-on-year growth of 116% and increasing its revenue share to 15% [2]. - Following a business transformation earlier in the year, the app segment focused on content service-oriented applications, leading to a recovery in revenue and user engagement [2]. - Monthly revenue from the app business reached HKD 120 million in July, with expectations for continued high performance in the second half of the year [2]. Financial Projections - The report projects revenues of HKD 5.8 billion and HKD 6.4 billion for FY24E and FY25E, respectively, with adjusted net profits expected to be HKD 650 million and HKD 850 million [2][4].

Financial Performance - For the six months ended June 30, 2024, IGG Inc reported revenue of HKD 2,735,274,000, a 9% increase from HKD 2,499,020,000 in the same period of 2023[6]. - The group achieved a profit of HKD 330,945,000 for the first half of 2024, compared to a loss of HKD 359,798,000 in the previous year, marking a significant turnaround[7]. - The gross profit for the period was HKD 2.155 billion, a 19% increase from HKD 1.806 billion in the previous year, with a gross margin of 79%[18]. - The company reported a total comprehensive income of HKD 298,642 for the period, compared to a loss of HKD 404,783 in the previous year[111]. - For the six months ended June 30, 2024, the company reported a net profit of HKD 330,945,000, compared to a loss of HKD 359,798,000 for the same period in 2023[114][115]. - Basic earnings per share for the six months ended June 30, 2024, was HKD 0.2880, compared to a loss per share of HKD 0.3080 in 2023[110]. - The company reported a net unrealized loss of HKD (46,159,000) for the period, which is a significant increase compared to the previous year's loss of HKD (7,730,000)[175]. Revenue Breakdown - The classic game "King of Kingdoms" contributed HKD 1.338 billion, accounting for 48.9% of total revenue, while "Doomsday: Last Survivors" and "Viking Rise" contributed HKD 492.85 million (18.0%) and HKD 308.515 million (11.3%) respectively[17]. - Revenue from mobile games was HKD 2,326,208, slightly up from HKD 2,309,934 in the previous year, with significant contributions from titles like "King of Kingdoms" and "Doomsday: Last Survivors"[122]. - Revenue from the mobile application business reached HKD 409,066, a substantial increase from HKD 189,086 in the prior year, reflecting a growth of 116%[122]. - The revenue distribution by region shows that Asia, Europe, and North America contributed 41%, 34%, and 21% respectively to the total revenue[16]. Expenses and Costs - Sales and distribution expenses decreased by 20% to HKD 1.221 billion, compared to HKD 1.521 billion in the same period last year, due to adjusted promotional efforts[20]. - The group’s R&D expenses for the first half of 2024 were HKD 394,508,000, down from HKD 500,419,000 in the same period of 2023[6]. - Employee costs for the six months ended June 30, 2024, totaled HKD 462,715, down from HKD 541,339 in the same period last year, indicating a reduction of 14.5%[127]. - Total advertising and promotion expenses decreased to HKD 1,193,878,000 from HKD 1,483,886,000, reflecting a reduction of approximately 19.5%[129]. Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 1.94 billion as of June 30, 2024, from HKD 1.47 billion as of December 31, 2023[24]. - Net cash inflow from operating activities was HKD 603 million, compared to a net cash outflow of HKD 44 million in the same period of 2023, driven by increased game revenue and reduced promotional expenses[25]. - The company reported a net cash inflow from financing activities of HKD 60,184,000, compared to an outflow of HKD 39,210,000 in the previous year[117]. Shareholder Returns - The company declared an interim dividend of HKD 0.085 per share, representing approximately 30% of the profit for the first half of 2024[7]. - The board declared an interim dividend of HKD 0.085 per share, totaling approximately HKD 100 million, compared to no dividend in the same period of 2023[30]. - The group repurchased 9,895,000 shares for approximately HKD 33 million, with total outflows for share repurchase and declared dividends amounting to HKD 133 million, representing 40% of the current period's profit[31]. Investments and Fair Value - The investment business experienced a slight loss of approximately HKD 25 million due to fair value changes of investment targets[14]. - The fair value changes of financial assets measured at fair value through profit or loss resulted in a loss of HKD 25,353,000 for the six months ended June 30, 2024, compared to a profit of HKD 967,000 in the same period of 2023[34]. - The group's investment in MFund, L.P. has a fair value of HKD 147,148,000 as of June 30, 2024, down from HKD 186,261,000 as of December 31, 2023, reflecting an unrealized loss of HKD 39,019,000[36]. Corporate Governance - The board of directors has not separated the roles of chairman and CEO, which is a deviation from corporate governance code C.2.1[41]. - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance during the reporting period[42]. - The company has established an audit committee to oversee financial reporting and risk management, composed entirely of independent non-executive directors[92]. Regulatory Compliance - The company confirmed that as of the report date, there are no regulatory challenges regarding its structured contracts from Chinese authorities[103]. - The company is subject to ongoing compliance with the "Negative List" which prohibits foreign investment in certain internet cultural operations[104]. - The company acknowledges that future changes in laws and regulations could adversely impact its business operations and financial performance[106].