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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 IGG INC （於開曼群島註冊成立的有限公司） （股份代號：799） 截至二零二四年十二月三十一日止年度的 年度業績公告 IGG Inc（「本公司」）及其附屬公司（「本集團」）董事會（「董事會」）謹此宣佈本公司及其附屬公司 截至二零二四年十二月三十一日止年度經審計業績。本公告列載本公司二零二四年年度報告全 文，並符合香港聯合交易所有限公司（「聯交所」）證券上市規則中有關年度業績初步公告附載的 資料之要求。 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告書 | 4 | | 管理層討論及分析 | 6 | | 董事及高級管理層簡介 | 18 | | 企業管治報告 | 22 | | 企業社會責任報告 | 37 | | 董事會報告 | 72 | | 獨立核數師報告 | 117 | | 綜合損益表 | 123 | | 綜合全面收益表 | 124 | | 綜合財務狀況表 | 125 | | ...

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].

Financial Performance - The company achieved a profit of HKD 73 million in 2023, reversing the losses of the previous two years[6]. - In 2023, IGG's revenue reached HKD 5.3 billion, marking a 15% year-on-year growth, driven by new strategy games and app business[11]. - The company's revenue for the year ended December 31, 2023, was HKD 5,265,911, representing a 15% increase from HKD 4,591,327 in 2022[21]. - The gross profit for the year was HKD 3,919,057, a 24% increase from HKD 3,151,000 in the previous year, with a gross margin of 74%, up from 69%[24]. - The adjusted net profit for the year was HKD 114,987, compared to a loss of HKD 406,025 in 2022[21]. - The investment business yielded over HKD 55 million in profit due to recognized valuation gains from investment targets[17]. - The company reported other net income of HKD 90,369, a significant recovery from a loss of HKD 263,752 in the previous year[25]. - The company’s capital expenditure for the year included HKD 123,138 for office properties and renovations, with a total capital expenditure of HKD 134,926[32]. - The company reported a total distributable reserve of approximately HKD 2.94 billion as of December 31, 2023, which includes share premium and retained earnings[156]. - The board does not recommend any final dividend for the year ending December 31, 2023[155]. Revenue Sources - The mobile application business revenue share increased from less than 5% at the beginning of the year to over 40% by year-end[6]. - The mobile application business has evolved from initial communication apps to a diverse range of content applications, driving significant growth[6]. - The app business generated HKD 580 million, accounting for 11% of total revenue, with over 350 million registered users and around 9.5 million MAU[16]. - The classic game "King of Kingdoms" contributed over HKD 3.1 billion in revenue, while new titles "Doomsday: Last Survivors" and "Viking Rise" generated approximately HKD 700 million and HKD 400 million, respectively[11]. - The game "King of Kingdoms" has contributed approximately HKD 30 billion in revenue since its launch, maintaining its position as a top strategy game[6]. - Two new strategy games, "Doomsday: Last Survivors" and "Viking Rise," have each generated over HKD 100 million in revenue[6]. User Engagement and Growth - The total user base of IGG exceeds 1.7 billion, with monthly active users (MAU) surpassing 25 million[10]. - The game "Doomsday: Last Survivors" has reached a monthly revenue milestone of HKD 82 million, with expectations to rise to HKD 100 million by March 2024[14]. - The company has implemented innovative gameplay features in its new games to enhance user engagement and retention[8]. - The company emphasizes the importance of user experience in gaming, continuously innovating and updating game content to attract and retain users[115]. - The company hosted player interaction events in 16 countries to celebrate the 7th anniversary of "King of Kingdoms," enhancing player engagement[121]. Research and Development - The company established R&D centers in Shanghai and Chengdu to enhance its development capabilities[6]. - The company is actively integrating AI-generated content (AIGC) technology across various operational aspects to improve efficiency[8]. - The company plans to leverage Artificial Intelligence Generated Content (AIGC) technology to enhance efficiency and profitability[18]. - The company plans to continue its long-term operational strategy to ensure stable revenue growth for its new games[8]. Operational Efficiency and Cost Management - Research and development expenses decreased by 28% to HKD 934,852, reflecting ongoing optimization and cost control efforts[28]. - Sales and distribution expenses increased by 57% to HKD 2,665,908, primarily due to concentrated promotions for new games[26]. - The company aims to navigate industry challenges by focusing on continuous improvement and long-term management strategies[8]. Corporate Governance - The company has adhered to the corporate governance code, except for the deviation regarding the separation of the roles of Chairman and CEO, which are currently held by the same individual, Mr. Cai Zongjian[61]. - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of power and authority[62]. - The board diversity policy was first adopted in September 2013 and has been reviewed annually, with the latest review in March 2022, emphasizing the importance of diversity in board appointments[63]. - The company has confirmed the independence of all independent non-executive directors as of December 31, 2023, in compliance with listing rules[65]. - The audit committee is composed entirely of independent non-executive directors, ensuring unbiased oversight of financial reporting and risk management[76]. Environmental, Social, and Governance (ESG) Initiatives - The company has integrated Environmental, Social, and Governance (ESG) risks into its risk management framework[88]. - The company aims to balance business objectives with stakeholder interests through its ESG policies and practices[96]. - The company has established an ESG working group led by an executive director to oversee ESG strategies and reporting[95]. - The company promotes energy-saving and environmental protection concepts among employees to encourage sustainable living[144]. - The company has established a robust anti-corruption framework, including a dedicated anti-corruption leadership team[110]. Employee Management and Development - The total number of employees decreased to 1,976 as of December 31, 2023, down from 2,503 a year earlier, with total employee-related costs amounting to HKD 1.026 billion compared to HKD 1.3 billion in the previous year[41]. - The overall employee turnover rate is 27%, with a breakdown of 27% for both male and female employees[129]. - 100% of all employees received training, with an average training duration of 44 hours; female employees averaged 57 hours while male employees averaged 38 hours[131]. - The company conducts regular training on workplace issues such as bullying and discrimination to foster a positive work environment[128]. - IGG actively promotes employment opportunities for disabled individuals and collaborates with organizations to support their hiring[127]. Community Engagement and Social Responsibility - The company donated approximately HKD 1.7 million for charitable causes in 2023[139]. - The company supported disaster relief efforts in Turkey and Syria by providing emergency supplies and engaging local players in the initiative[142]. - The company actively participates in community building and social responsibility initiatives[104]. - The company has integrated charitable elements into its games, raising awareness for social causes through in-game events[141]. Shareholder Structure and Equity Management - The company has a significant shareholder structure, with Mr. Cai Zongjian holding 295,559,643 shares, representing 24.91% of the total shares[159]. - The performance incentive shares granted to executives are part of a broader strategy to align interests with shareholders[160]. - The company is actively managing its equity structure to ensure alignment and performance incentives for key personnel[162]. - The overall shareholding percentages indicate a concentrated ownership, which may impact governance and decision-making processes[159]. Compliance and Risk Management - The company emphasizes compliance with local laws and regulations in its global operations, including advertising practices[124]. - The company has established internal policies to ensure proper handling and communication of insider information, with annual training provided to employees[88]. - The company has integrated climate change risks into its risk assessment framework, identifying low overall risk exposure[146]. - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve its strategic objectives[88].

Financial Performance - The company achieved a profit of HKD 73 million for the fiscal year ending December 31, 2023, reversing the losses of the previous two years[7]. - Revenue for the year reached HKD 5.3 billion, a 15% year-on-year increase, driven by new game launches and app business growth[12]. - The company reported a net profit of HKD 73 million for the year, a significant recovery from a loss of HKD 504 million in the previous year[20]. - The gross profit for the year was HKD 3.92 billion, up 24% from HKD 3.15 billion, resulting in a gross margin of 74%, an increase of 5 percentage points from the previous year[25]. - The company reported a total distributable reserve of approximately HKD 29.40 billion as of December 31, 2023[157]. - The board does not recommend any final dividend for the year ending December 31, 2023[156]. Revenue Sources and Growth - The cumulative revenue contribution from the game "King of Kingdoms" reached approximately HKD 30 billion, maintaining its position as a top strategy game for eight years[7]. - The revenue share from new games and app business increased significantly from less than 5% at the beginning of the year to over 40% by year-end[7][8]. - The app business achieved revenue of HKD 580 million, accounting for 11% of total revenue[12]. - "Doomsday: Last Survivors" generated nearly HKD 700 million in revenue, while "Viking Rise" contributed approximately HKD 400 million[12]. - The company expects total revenue for the first quarter of 2024 to approach HKD 1.4 billion, representing a projected growth of approximately 20% year-over-year[19]. User Engagement and Retention - Total user base exceeds 1.7 billion, with monthly active users (MAU) over 25 million[11]. - The company continues to focus on long-term user retention and daily active users, which has been a key strategy since the launch of its first mobile strategy game in 2013[7]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[56]. - User retention rates improved to 85%, reflecting successful engagement strategies implemented in the last quarter[56]. Research and Development - The company established R&D centers in Shanghai and Chengdu to enhance its development capabilities and optimize team structure[7]. - Research and development expenses decreased by 28% to HKD 935 million, reflecting ongoing optimization and cost control measures[29]. - Research and development expenses increased by 10% to support innovation in new technologies[56]. Corporate Governance - The company has adopted a corporate governance code to ensure transparency and accountability to shareholders, with a focus on internal controls and risk management[62]. - The board consists of nine members, including five executive directors and three independent non-executive directors, ensuring a balance of power and authority[63]. - The company has confirmed compliance with the standard code regarding securities trading by all directors for the year ending December 31, 2023[65]. - The board believes that having the same person serve as both chairman and CEO provides strong leadership and effective execution of company plans[62]. - The company aims to maintain high levels of corporate governance in the best interests of shareholders, continuously reviewing and improving governance practices[62]. Environmental, Social, and Governance (ESG) Initiatives - The company has integrated Environmental, Social, and Governance (ESG) risks into its risk management framework, reflecting its commitment to responsible governance[89]. - The board is responsible for the overall ESG strategy and reporting, ensuring compliance with relevant laws and regulations[96]. - The company aims to ensure new office buildings meet China's Green Building Evaluation Standards and promotes energy-saving and waste reduction measures[97]. - The company has established a systematic approach to identifying and prioritizing significant ESG issues and risks[94]. - The company emphasizes the importance of information security and user privacy in its operations[103]. Employee Management and Development - The total number of employees as of December 31, 2023, is 1,976, reflecting a 21% decrease compared to the previous year[129]. - The overall employee turnover rate is 27%, with a breakdown of 27% for both female and male employees[130]. - 100% of all employees received training, with an average training duration of 44 hours[132]. - The company emphasizes employee career development through a structured training management system[131]. - The company provides competitive compensation and benefits to attract and retain talent, including performance bonuses and stock incentive plans[134]. Shareholder Structure and Incentives - The company has a significant ownership structure, with Mr. Cai Zongjian holding 24.91% of shares, equating to 295,559,643 shares[160]. - The ownership structure indicates a concentrated control among a few key individuals, which may impact corporate governance and decision-making[160]. - The company has a strategy of granting performance-based incentives to align management interests with shareholder value[161]. - The share option plan adopted on September 16, 2013, was terminated on June 29, 2023, following a resolution at the annual general meeting[172]. Community Engagement and Social Responsibility - The company donated approximately HKD 1.7 million for charitable causes in 2023[140]. - The company actively participated in disaster relief efforts following the earthquake in Turkey and Syria, providing essential supplies[143]. - The company has established various employee clubs and provided funding for activities, fostering team cohesion[139]. - The company emphasizes compliance training for all employees, focusing on issues like intellectual property infringement and anti-corruption, with specific case studies analyzed[114].